/raid1/www/Hosts/bankrupt/TCRAP_Public/200811.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, August 11, 2020, Vol. 23, No. 160

                           Headlines



A U S T R A L I A

AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB'
CRK HOLDINGS: First Creditors' Meeting Set for Aug. 18
PEPPER RESIDENTIAL 27: S&P Assigns Prelim. BB- Rating on F Notes
QUEENSLAND HERITAGE: Second Creditors' Meeting Set for Aug. 17
SEAFOLLY PTY: Acquires Rival Jets After DOCA Approval

SOUND DIAGNOSTICS: Second Creditors' Meeting Set for Aug. 17
STAMFORD HOUSE: Second Creditors' Meeting Set for Aug. 17
[*] AUSTRALIA: Regulator Braces for Waves of COVID-19 Insolvencies


C H I N A

PUJIANG INTERNATIONAL: S&P Assigns 'B' LT Issuer Credit Rating


I N D I A

AASTHA INFRACITY: ICRA Moves B on INR48cr Loans to Not Cooperating
ADLABS ENTERTAINMENT: ICRA Keeps D Debt Rating in Not Cooperating
ANUBHA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
BANWARI PAPER: ICRA Hikes Rating on INR8cr Cash Loan to C
BFG INT'L: ICRA Withdraws D Rating on INR10cr Loan

BHARGAVA EDUCATIONAL: Ind-Ra Keeps 'B+' Rating in Non-Cooperating
CARPET INDUSTRIES: CARE Lowers Rating on INR4.08cr Loan to C
ECONOMY SALES: CARE Lowers Rating on INR9cr LT Loan to C
EMS AND EXPORTS: CARE Keeps C on INR45cr Loans in Not Cooperating
ERODE TEXTILE: ICRA Lowers Rating on INR45cr LT Loan to B+

FIBREMARX PAPERS: ICRA Hikes Rating on INR32cr Cash Loan to C
G.G. EXPORTS: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Stable
GARDEN SILK: CARE Keeps D Debt Ratings in Not Cooperating
GUJARAT AMBUJA: NCLAT Sets Aside to Insolvency Plea vs. Firm
HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating

HIGHBAR TECHNOLOGIES: CARE Reaffirms D Rating on INR11cr Loan
HIRA AUTOMOBILES: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
MOHAN MOTOR: CARE Keeps D on INR60cr Loans in Not Cooperating
MOSAVI ENTERPRISES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
NEHA EXPORTS: CARE Keeps C on INR15cr Loans in Not Cooperating

NEOTECH EDUCATION: ICRA Keeps D on INR15.9cr Loan in NonCooperating
OM BESCO RAIL: CARE Keeps D on INR46cr Loans in Not Cooperating
PANNU STONE: CARE Lowers Rating on INR9.75cr LT Loan to C
PARADISE POLYMERS: CARE Keeps D on INR10cr Loans in Not Cooperating
PARAMOUNT INT'L: ICRA Keeps D on INR10.8cr Loan in Not Cooperating

PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to D
PIONEER FOOD: CARE Keeps D on INR30cr Loans in Not Cooperating
PRASAD MULTI: ICRA Keeps D on INR19.16cr Loans in Not Cooperating
RASHMI MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Neg.
SAI ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

SARVESH BLISS: ICRA Keeps B on INR11.7cr Loans in Not Cooperating
SCS CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
SEAWAYS SHIPPING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
SHANTI G.D.: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
SHIVASHAKTI SUGARS: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating

SHRIMATI JWELLERY: Insolvency Resolution Process Case Summary
SIKKIM HYDRO: Insolvency Resolution Process Case Summary
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
TULSYAN NEC: CARE Keeps D on INR830.8cr Loans in Not Cooperating
VENKATESWARA AQUA: ICRA Reaffirms B+ Rating on INR12cr LT Loan

VISHWA INFRASTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
YASHASHREE TUBES: ICRA Keeps D on INR9.7cr Loans in Not Cooperating
YOGESH TRADING: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating


I N D O N E S I A

AGUNG PODOMORO: Fitch Cuts IDR to C, Places USD Notes on Watch Neg.
MNC INVESTAMA: Moody's Withdraws Caa1 CFR Amid Insufficient Info


M A L A Y S I A

MALAYSIA: Bursa May Give PN17/GN3 Firms More Time to Submit Plan


N E W   Z E A L A N D

Z ENERGY: To Cancel Forecourt Concierge Service; May Axe 100 Jobs


P H I L I P P I N E S

BOSS NETWORK: Shut Down by SEC Philippines for Fraud


S R I   L A N K A

ORIENT FINANCE: ICRA Lanka Revises Issuer Rating to [SL]BB


X X X X X X X X

BOND PRICING: For the Week Aug. 3 to Aug. 7, 2020

                           - - - - -


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

AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB'
----------------------------------------------------------
S&P Global Ratings lowered its ratings to 'BB (sf)' from 'BB+ (sf)'
on the class B notes issued by Perpetual Trustee Co. Ltd. as
trustee of AIMS 2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1
Trust.

The lowered ratings on the class B notes reflect:

-- The small and increasingly concentrated nature of the pools. As
of June 30, 2020, AIMS 2004-1 Trust has a remaining mortgage
balance of A$8.7 million comprising 173 loans, AIMS 2005-1 Trust
has a remaining mortgage balance of A$9.5 million comprising 151
loans, and AIMS 2007-1 Trust has a remaining mortgage balance of
A$10.6 million comprising 163 loans.

-- S&P siad, "That as outstanding assets and notes decrease
significantly, tail risk takes greater precedence in both
transactional performance and our rating analysis. Yield strain
could occur as the portfolios continue to amortize, given each
trust's ability to generate sufficient income to cover expenses and
losses is reduced with the smaller remaining pool balance. The 'BB
(sf)' ratings reflect our view that the portfolios are currently
generating a sufficient level of excess spread, despite their small
pool size in the medium to long term under our cash-flow modeling.
We also take the view that potential adverse economic conditions
and changing circumstances (event risk) at the tail end of the
transaction's life could weaken the capacity for the trusts to meet
their financial commitments as the pools become smaller and further
concentrated."

-- The concentrations in the pools. The top 10 borrowers accounted
for over 30.2% of the pool balance for AIMS 2004-1 Trust, 28.3% for
AIMS 2005-1 Trust, and 28.2% for AIMS 2007-1 Trust.

-- S&P's assessment of pool concentrations by applying an
additional minimum loss projection when determining the expected
loss for each pool. Under this scenario, the two largest loans at
the 'BB' rating level are assumed to have defaulted and are
recovered upon. The loss severity for each loan is the higher of
50%, the loan's loss severity, and the pool's weighted-average loss
severity. The expected loss for the pool is the higher of that
number, and the number sized applying our standard credit analysis
as per S&P's "Australian RMBS Rating Methodology And Assumptions"
criteria, published Sept. 1, 2011.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put liquidity strain on the
transaction and raises the probability of upward pressure on
mortgage arrears over the longer term. As of July 30, 2020,
borrowers with COVID-19-related hardship arrangements make up 5.8%
of the pool balance in AIMS 2004-1 Trust, 11.3% of the pool balance
in AIMS 2005-1 Trust, and 20.0% of the pool balance in AIMS 2007-1
Trust.

-- That arrears in these transactions have been volatile due to
the small number of loans in the portfolio and are at high levels.
As of June 30, 2020, loans more than 30 days in arrears (excluding
loans under a COVID arrangement) total 7.4% in AIMS 2004-1 Trust,
6.0% in AIMS 2005-1 Trust, and 7.8% in AIMS 2007-1 Trust.

-- Losses as a percentage of the original note balance have been
steady since our last review at 0.14% for AIMS 2004-1 Trust, 0.47%
for AIMS 2005-1 Trust, and 0.91% for AIMS 2007-1 Trust.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

  RMBS Arrears Statistics: Australia, published monthly

  RATINGS LOWERED

  AIMS 2004-1 Trust
  Class     Rating To     Rating From
  B         BB (sf)       BB+ (sf)

  AIMS 2005-1 Trust
  Class     Rating To     Rating From
  B         BB (sf)       BB+ (sf)

  AIMS 2007-1 Trust
  Class     Rating To     Rating From
  B         BB (sf)       BB+ (sf)


CRK HOLDINGS: First Creditors' Meeting Set for Aug. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of CRK Holdings
Pty Ltd will be held on Aug. 18, 2020, at 2:30 p.m. via virtual
Zoom meeting.

Chris Chamberlain of Chamberlain's SBR was appointed as
administrator of CRK Holdings on Aug. 6, 2020.


PEPPER RESIDENTIAL 27: S&P Assigns Prelim. BB- Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No. 27. Pepper
Residential Securities Trust No. 27 is a securitization of
nonconforming and prime residential mortgages originated by Pepper
Homeloans Pty Ltd.

The preliminary ratings reflect:

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

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

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

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

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

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears. As of July 31, 2020, borrowers with
COVID-19 related hardship arrangements make up 5.35% of the closing
pool balance."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. We are using this assumption in assessing
the economic and credit implications associated with the pandemic
(see our research here: www.spglobal.com/ratings). As the situation
evolves, we will update our assumptions and estimates accordingly.

PRELIMINARY RATINGS ASSIGNED

Pepper Residential Securities Trust No. 27

Class      Rating         Amount
                         (mil. A$)
A1-s       AAA (sf)       148.55
A1-a       AAA (sf)       201.45
A2         AAA (sf)        77.50
B          AA (sf)         27.50
C          A+ (sf)         15.00
D          BBB+ (sf)       11.00
E          BB+ (sf)         6.50
F          BB- (sf)         4.55
G          NR               7.95

NR--Not rated.


QUEENSLAND HERITAGE: Second Creditors' Meeting Set for Aug. 17
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Queensland
Heritage Pty Ltd has been set for Aug. 17, 2020, at 3:00 p.m. at
the offices of BDO Offices, Level 10, at 12 Creek St., in Brisbane
City, Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2020, at 5:00 p.m.

Andrew Peter Fielding of BDO was appointed as administrator of
Queensland Heritage on July 13, 2020.


SEAFOLLY PTY: Acquires Rival Jets After DOCA Approval
-----------------------------------------------------
Inside Retail reports that despite being in a state of
administration, swimwear brand Seafolly has picked up
also-collapsed rival Jets a week after a unanimous vote to approve
former (and now current) owner L Catterton's deed of company
arrangement.

According to the report, administrator Scott Langdon of KordaMentha
said it makes sense for the two businesses to exist under the same
banner as they served different market segments.

"The combination presents clear and material synergies around
design, wholesale and supply chain," the report quotes Mr. Langdon
as saying.

Jets, which is currently owned by PAS Group, will be run primarily
as an e-commerce and wholesale business under Seafolly, the report
says.

Inside Retail relates that negotiations between the two business
wrapped up over the weekend and began while both were in
administration, with KordaMentha also conducting the sale process
that ultimately led to L Catterton to resume control of what
remained of Seafolly.

Prior to administration Seafolly traded in 44 stores locally and 12
overseas, and now trades across 20 stores and employs "more than
110" staff from around 400.

An unnamed source told AFR that L Catterton had driven the business
into the ground and made hundreds of its workers redundant, and was
now buying it back "for cents on the dollar," Inside Retail
relays.

The source also expressed concern that the administration process
was merely a formality and that the restructure had already been
agreed on before the business went down.

Inside Retail has not been able to verify these claims.

According to Inside Retail, KordaMentha said the DOCA was a
terrific result for the business, and that it was in the best
interest of all creditors and staff.

It's not clear when L Catterton's DOCA will be executed, the report
notes.

                          About Seafolly

Seafolly is an Australian swimwear brand with a local market share
of 35%.  Seafolly has a retail network of 44 stores throughout
Australia and 12 stores overseas.  Seafolly was founded in 1975 by
Peter and Yvonne Halas.

Scott Langdon and Rahul Goyal of KordaMentha Restructuring were
appointed Voluntary Administrators of Seafolly on June 29, 2020.
The appointment includes the entities relating to the Sunburn
business.

The company's creditors has voted in favor of a "rescue" proposal
by private equity firm L Catterton, which is the owner and major
creditor, following intervention by the Australian Securities and
Investments Commission (ASIC).


SOUND DIAGNOSTICS: Second Creditors' Meeting Set for Aug. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Sound
Diagnostics Pty Ltd has been set for Aug. 17, 2020, at 2:00 p.m.
via virtual meeting.

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 Aug. 14, 2020, at 5:00 p.m.

Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol were
appointed as administrators of Sound Diagnostics on May 25, 2020.


STAMFORD HOUSE: Second Creditors' Meeting Set for Aug. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Stamford House 88 Pty Ltd;
   -- Golden Carlingford Pty Ltd;
   -- Pennant Hills Estates 88 Pty Ltd; and
   -- Rainbowforce Pty Ltd

has been set for Aug. 17, 2020, at 11:00 a.m. at the offices of HLB
Mann Judd NSW, Level 19, 207 Kent Street, in Sydney, NSW.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2020, at 5:00 p.m.

Todd Gammel & Barry Taylor of HLB Mann Judd(NSW) were appointed as
administrators of Stamford House on July 13, 2020.


[*] AUSTRALIA: Regulator Braces for Waves of COVID-19 Insolvencies
------------------------------------------------------------------
Clancy Yeates at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission (ASIC) is
preparing for potential waves of small business insolvencies in
2021 and beyond, as regulators also consider moves to manage the
large numbers of borrowers falling into financial strife.

With AUD274 billion in mortgages and small business loans deferred
as an emergency response to the pandemic, ASIC commissioner Sean
Hughes told a parliamentary hearing on Aug. 5 that the regulator
was in daily contact with banks and other lenders to understand how
many borrowers could be in hardship, SMH relates.

A critical question for the financial system is what proportion of
the deferred loans will end up in distress in 2021, when deferral
periods end and the government is scheduled to withdraw support for
stricken firms, according to the report.

"We are certainly looking out beyond the pandemic, and in
particular to where the waves of potential insolvencies in small
business sectors may emerge into 2021 and 2022," SMH quotes
Mr. Hughes as saying in a response to Labor MP Anne Aly.

"We'e very mindful of the impact not only families and small
business, but also the impact on the insolvency profession and the
volume of work that is going to be flowing in that direction. But
it's certainly something we will be keeping a very close eye on
over the coming months and it's fair to say years."

Other financial experts have predicted the extent of banks' bad
loans will not become apparent until next year, SMH states.

SMH says Australian Prudential Regulation Authority (APRA) deputy
chairman John Lonsdale also told the House of Representatives
economics committee hearing that APRA expected a rise in impaired
loans, albeit from a "very very low" level of soured loans
currently.

According to SMH, Mr. Lonsdale said APRA had given banks temporary
capital concessions for deferred loans until March next year, which
would give banks time to work with customers and determine who
could resume repayments.

In response to a question on how APRA could protect borrowers when
insolvencies occurred, Mr. Lonsdale said regulators had a role in
"easing the transition" for loans that could not be repaid, given
the number of financially stressed borrowers.

"When you look at impairments, there is a role for us, and we are
doing that with other regulators, to think what other collective
action can we take to ease the transition for loans that cannot be
repaid?" Mr. Lonsdale, as cited by SMH, said.

"I should say this is something that banks do in the ordinary
course, what's unusual about this though, is the volumes that we
are talking about and that will need to be monitored and carefully
handled."

SMH relates that Mr. Lonsdale said the issue was being discussed
with banks and the Council of Financial Regulators - a body that
also includes ASIC, the Reserve Bank and the federal Treasury.

According to SMH, APRA figures last week showed the stock of
deferred loans was still rising in June, despite some people
resuming repayments, and Jefferies analyst Brian Johnson said it
was likely Victoria's latest lockdown had caused more people to
pause repayments.

APRA chairman Wayne Byres also defended the regulator's move to
soften its guidance for bank dividends last week, saying a setback
to the economy from Victoria's latest lockdown would not change its
view on banks making the payouts.

"We feel we've allowed for a significant deterioration in activity
in thinking about the right policy setting for dividends and
capital management," Mr. Byres said, SMH relays.




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

PUJIANG INTERNATIONAL: S&P Assigns 'B' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings, on Aug. 10, 2020, assigned its 'B' long-term
issuer credit rating to Pujiang International Group Ltd., a
manufacturer of bridge cables and prestressed materials.

The rating reflects S&P's view of Pujiang's small scale and limited
product and geographical diversity. The company's heavy reliance on
short-term debt weakens its capital structure and liquidity,
constraining the rating. Offsetting these weaknesses are Pujiang's
leadership position in the global bridge cables market, strong
technological capabilities, and good growth prospects.

Pujiang's businesses are likely to remain small in the global
metals production and processing industry, with limited product and
geographical diversity. S&P said, "We forecast revenue from
Pujiang's bridge cables and prestressed materials businesses to
grow to Chinese renminbi (RMB) 2.2 billion-RMB3.4 billion over
2020-2022, from RMB1.8 billion in 2019 due to business expansion.
However, its scale will remain small globally. Moreover, Pujiang
has limited product diversity given it mainly operates in the niche
market of bridge cables. We forecast revenue contribution from its
bridge cables and prestressed materials, mainly rare earth coated
prestressed products, will be about 61% and 39% over 2020-2022. We
expect the company will continue to focus on high-margin cables and
galvanized prestressed products over the period. Pujiang's
international exposure is also limited with 92% of revenues
generated from China in 2019. We estimate the company's overseas
profit contribution will remain limited in the next one to two
years."

S&P said, "We expect Pujiang to maintain its leadership position in
the bridge cables market globally in the next two years. The
company is one of the two players in the oligopolistic market of
super-long-span bridge cables globally, accounts for about half of
the market share, and has a satisfactory track record. Given the
high entry barriers in this niche market, we expect Pujiang will
remain a key player. The company leverages on its advanced
technology and strong expertise, which enabled it to achieve a high
tender success rate of 72.8% over 2016-2019. We believe the company
will continue its focus on technological development, and expect it
to spend RMB90 million-RMB130 million on research and development
over 2020-2021, representing over 4% of its revenue during the
period.

"In our view, Pujiang has good growth prospects over the next one
to two years. We expect the company will grow its business through
capacity and salesforce expansion, given the favorable environment
for infrastructure development in China. We forecast the company's
adjusted EBITDA will grow by 30% in 2020 and over 40% in 2021
through expanding its high-margin businesses. Ageing large bridges
entering into a phase of cable replacement will also provide
Pujiang with new growth opportunities in the medium term.

"We believe Pujiang's substantial short-term debt will continue to
weigh on its capital structure. As of Dec. 31, 2019, the company's
debt has a weighted average maturity of 1.1 years, lower than our
threshold of two years for a neutral capital structure assessment.
A significant reduction of short-term loans and securing long-term
financing is essential for Pujiang to improve its capital structure
and liquidity.

"We expect Pujiang's adjusted debt-to-EBITDA ratio to be 3.0x-4.0x
over 2020-2021, and operating cash flow to remain negative on
working capital requirements. We forecast the company's EBITDA to
improve on the expansion of the bridge cables and prestressed
materials businesses. However, operating cash flow will remain
negative due to significant working capital requirements mainly
driven by large prepayments and deposits over its business cycle.
At the same time, Pujiang's debt is likely to increase to support
business growth. Significant working capital outflows on the
company's ongoing business expansion is likely to bring volatility
to its financial risk profile, especially given its small scale.

"The stable outlook reflects our view that Pujiang will maintain
its leading market position in the super-long-span bridge cable
market globally and in the prestressed materials market in China
over the next one to two years. We also expect the company to
expand both its businesses over the period to generate steady funds
from operations. However, the company's scale will remain small in
the global metals production and processing industry. The increase
in operating cash flow will be offset by higher debt resulting in
largely stable leverage ratios.

"We could lower the rating on Pujiang if the company's
profitability deteriorates which weakens its business and financial
risk profiles. This could be driven by persistent pricing pressure
due to competition, below average capacity utilization, or weakened
ability to secure raw materials at reasonable prices. We could
lower the rating if Pujiang's debt-to-EBITDA ratio rises above 4.0x
for a sustained period.

"We could also lower the rating on Pujiang if the company's
liquidity deteriorates significantly. This could happen if the
company's operating cash flow weakens, short-term debt increases,
or banking relationships worsen significantly.

"We could upgrade Pujiang if the company improves its capital
structure by replacing short-term debt with long-term debt, such
that its weighted maturity of debt improves to above two years.

"We could also upgrade Pujiang if the company's debt-to-EBITDA
ratio falls below 3.0x and it maintains positive operating cash
flows for a sustained period. This could happen if: (1) Pujiang's
profitability improves significantly on better-than-expected
business expansion and its ability to control costs; or (2) the
company significantly reduces its debt by repaying it with
operating cash flows or equity financing."




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

AASTHA INFRACITY: ICRA Moves B on INR48cr Loans to Not Cooperating
------------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Aastha Infracity Limited (AIL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based–       48.00      [ICRA]B (Stable) ISSUER NOT
   Term Loan                    COOPERATING, Rating Moved to
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in 2010, AIL has started developing a residential
project — Aastha Greens — in Greater Noida West, Uttar Pradesh
in June 2015. The project has G+19 floors with a total of 636 units
spread over ~12.2 lakh sq ft of saleable area. The project cost is
estimated at INR182.7 crore and is envisaged to be funded by debt
of INR48 crores, customer advances of INR90.7 crore and promoter
funds of INR44.0 crore. The company is promoted by Mr. Sanjay Kumar
and Mr. Arun Kumar.


ADLABS ENTERTAINMENT: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR1100.00 crore bank facilities of
Adlabs Entertainment Limited to remain under Issuer Not Cooperating
category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        1,100      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based TL                Rating continue to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and Novotel,
a 4-star hotel - all under the Imagica Umbrellaat Khopoli, spread
over an area of 140 acres, with another surplus area of 170 acres.
The project was started in April 2011. The theme park commenced
partial operations and after a soft launch on April 18, 2013, it
commenced full scale operations from November 01, 2013. The water
park was commissioned from October 1, 2014, and the first phase of
the hotel, comprising 116 rooms, commenced in September 2015. The
snow park started operating from the first week of April 2016.
Currently, Novotel has 287 rooms.


ANUBHA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anubha
Industries Private Limited's (AIPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR800 mil. Fund based working capital limits downgraded with
     IND BB/Negative rating;

-- INR592.2  mil. (reduced from INR771.9 mil.)  Term loans due on

     September 2023 downgraded with IND BB/ Negative rating; and

-- INR35.5 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

The downgrade and the Negative Outlook reflect Ind-Ra's expectation
of deterioration in AIPL's revenue and liquidity profile in FY21,
owing to the persisting slowdown in the textile sector, coupled
with the ongoing economic downturn, exacerbated by the COVID-19-led
business disruptions.

KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectation of a decline in AIPL's
revenue in FY21 due to the lockdown in most of 1QFY21 and subdued
demand likely in 2QFY21. In FY20, the scale of operations remained
medium even as the revenue grew 7.4% yoy to INR3,070 million (FY19:
down 4.9% yoy).

Liquidity Indicator - Stretched: Ind-Ra expects the company's
liquidity position to deteriorate in FY21 on lower revenue and
continued high utilization of the working capital limits owing to
the challenging COVID-19 led economic situation. The average
maximum utilization of AIPL's bank limits against the sanctioned
limits was 96.8% over the trailing 12 months ended June 2020.

The net working capital cycle remained elongated at 135 days due to
the higher inventory towards the end of March 2020 at 167 days
because of a delay in the shipment of finished goods because of the
lockdown. The goods are likely to be shipped by September 2020;
however, a part of the orders is likely to be cancelled. AIPL's
cash flow from operations turned positive in FY20 after remaining
negative over FY15-FY19 due to its high working capital requirement
on high inventory holdings and increased debtor days. The company
infused equity of nearly INR330 million over FY19-FY20 to meet its
working capital requirements.

At FYE20, AIPL's cash and cash equivalents stood at INR12.3 million
(FYE19: INR0.8 million). The company has availed of the Reserve
Bank of India-prescribed moratorium over March-August 2020.

AIPL's credit metrics are likely to deteriorate in FY21 due to the
sharp decline in the revenue and absolute EBITDA because of the
persisting slowdown and low demand and disruptions caused by
COVID-19. The credit metrics remained weak despite improving in
FY20 due to an improvement in the absolute EBITDA to INR302 million
(FY19: INR258 million). The net leverage (adjusted net
debt/operating EBITDAR) was 5.6x in FY20 (FY19: 7.3x) and the
interest coverage (operating EBITDAR/gross interest expense +
rents) was 1.5x (1.2x).

AIPL's EBITDA margin is likely to be impacted in FY21 if the demand
does not pick up in 2HFY21 with the further easing of the lockdown.
The margin remained modest despite improving to 9.65% in FY20 due
to the low cotton prices (FY19: 8.8%, FY18: 12.4%), which are
likely to remain low even in FY21. The return on capital employed
was at 7.7% in FY20 (FY19: 6.1%).

The ratings are also constrained by AIPL's increasing customer
concentration with its top 10 customers contributing about 57% to
the total revenue in FY20 (FY19: 47%). The contribution of exports
increased to about 50% of the revenue in FY20 from 9.0% in FY19;
however, the company faces geographical concentration and country
risk too as a significant portion of the exports is to Bangladesh.
This risk is partially mitigated as the company takes export orders
that are fully backed by letters of credit.

The company executed job work of manufacturing personal protective
equipment in April and May 2020 and has further received another
order of INR70 million, likely to marginally supplement the revenue
lost due to the lockdown. AIPL was operating at 20%-25% capacity in
July 2020.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position while
maintaining the revenue and EBITDA margin, leading to an
improvement in the interest coverage above 1.5x, will be positive
for the ratings.

Negative: A further stretch in the liquidity position, or a decline
in the revenue or EBITDA margin, resulting in deterioration in the
interest coverage below 1.5x will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Aditya Goyal is the managing director.


BANWARI PAPER: ICRA Hikes Rating on INR8cr Cash Loan to C
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Banwari
Paper Mills Limited (BPML), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       8.00       [ICRA]C; revised from [ICRA]D   

   Term Loan         6.30       [ICRA]C; revised from [ICRA]D

   Short-term
   Non-fund Based    0.70       [ICRA]A4; revised from [ICRA]D

Rationale

The revision in ratings of BPML takes into account the written
feedback received from the banker stating no delays or default in
principal and/or interest payment in the last six months. The
ratings also positively factor in the extensive experience of the
promoters in the paper industry.

However, the ratings continue to be constrained owing to the
moderate scale of BPML's current operations which, coupled with
moderate operating margins, have resulted in moderate cash accruals
in the past few years.

Moreover, the financial profile remains modest as reflected by high
gearing, working capital-intensive nature of operations and weak
debt coverage indicators. The liquidity of the company also remains
stretched as reflected by low unutilised bank limits and high debt
repayments in the next few years. ICRA has also taken into account
the susceptibility of BPML's profitability to volatility in raw
material prices as well as intense competition in the industry,
which limits its pricing flexibility.

Key rating drivers and their description

Credit strength

* Experienced management with an established track record in paper
industry: The management of BPML is well qualified and the
promoters have experience of over three decades in the paper
industry.

Credit challenges

* Decline in sales and cash accruals in FY2020: As per the key
financials submitted by the company's management for FY2020, its
sales declined to INR41.35 crore on account of production stoppage
caused by machine failure. The deterioration in the top line has
also resulted in a decline in cash accruals to INR1.57 crore in
FY2020.

* Weak liquidity due to full utilisation in working capital limits:
There have been continuously full utilisation in the
working capital limits on account of higher inventory days.
* Highly fragmented and intensely competitive industry with a few
large paper mills and various smaller competitors: BPML's presence
in the highly fragmented paper industry characterised by intense
competition limits its pricing flexibility and hence, its ability
to effectively pass on the increase in raw material prices to
customers.

* Profitability exposed to volatility in waste paper prices and
ability to pass on increase in waste paper prices: Waste paper is
the key raw material of the company. Raw material cost forms a
major portion of the average selling price and the contribution
levels thus remain exposed to the movement in the same.
Accordingly, BPML's ability to effectively pass on the increase in
the raw material cost to its customers is critical.

Liquidity position: Poor

The working capital limit was almost fully utilised in the last six
months that ended in June 2020. The company's overall liquidity is
expected to remain poor due to scheduled debt repayment
obligations; thus, generation of adequate cash accruals will remain
crucial. However, given the past track record, the promoters are
expected to provide funding support for any cash flow mismatch over
the medium term.

Rating sensitivities

Positive triggers: An upward movement in rating may happen if there
is substantial and sustained growth in revenue and profitability
along with improved liquidity condition on a sustained basis.

Negative triggers: Negative pressure on company's ratings could
arise if further decline in revenues and profitability results in
lower cash accruals than repayment obligation on a sustained
basis.

BPML was initially established by Mr. R.N. Lakhotia and his family
in 1980. It was then purchased by Mr. Jasbir Singh Goraya and his
family the following year. Since then, the company is run by the
Goraya family in Kashipur. It manufactures writing papers, printing
papers and newsprint. The company has been operational for the past
39 years and usually manufactures papers from recycled wastes of
52, 56 and 58 grams per square metre (GSM) with brightness of
72–82%.


BFG INT'L: ICRA Withdraws D Rating on INR10cr Loan
--------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Bfg
International Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term         3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Withdrawn
   Term Loan          

   Long Term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Withdrawn
   Facility          
                                
   Short Term-        1.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Withdrawn
                                
   Long Term/         0.25      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Withdrawn
   Unallocated        
                                
Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension based on the No Due Certificate.

ICRA is withdrawing the rating and that it does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.

Key rating drivers

The key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Liquidity position

Liquidity position has not been captured as the rated instruments
are being withdrawn.

Rating sensitivities

Rating sensitivities have not been captured as the rated
instruments are being withdrawn

BFG is engaged in the manufacture of products made of fiberglass
reinforced plastic (FRP). Its manufacturing facility is located in
Sricity Special Economic Zone, Chitoor. It has the capability to
manufacture products that cater to a wide range of industries
including but not limited to defense, wind energy, construction,
aviation, transportation and marine. Currently the company's major
focus has been on transportation and wind energy sectors. The
Company is a wholly owned subsidiary of BFG International WLL,
Bahrain (BFG Bahrain).


BHARGAVA EDUCATIONAL: Ind-Ra Keeps 'B+' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhargava
Educational Society's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR58 mil. Term loan maintained in non-cooperating category
     with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Working capital facility maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhargava Educational Society has a registered office in Banga,
Punjab, and was established in 2011 under the Societies
Registration Act, 1860. It runs one school – Darrick
International School - in Gunachaur, Punjab.


CARPET INDUSTRIES: CARE Lowers Rating on INR4.08cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ideal Carpet Industries (ICI), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       4.08      CARE C; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B; Stable;
                                  Issuer Not Cooperating; based
                                  on best available information

   Short-term Bank      8.00      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ICI to monitor the rating(s)
vide e-mail communications/letters dated July 14, 2020, July 13,
2020, July 9, 2020, July 8, 2020, July 6, 2020, July 3, 2020, June
29, 2020, June 19, 2020, June 16, 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 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 the banker could not be contacted.  The rating on the
firm's bank facilities will now be denoted as CARE C; Stable;
ISSUER NOT COOPERATING/CARE A4; 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 have been revised by taking into account
non-availability of information and no due-diligence conducted due
to
non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further the rating continues to remain constrained on account of
its small scale of operations, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained by
its presence in the highly fragmented & competitive nature of
carpet and hotel Industry and its constitution being a partnership
firm. The ratings, however, continue to take comfort from the
experienced management along with long track record of operations.

Detailed description of the key rating drivers

At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations:  ICI's scale of operations continues
to remain small and stagnant on account of low to moderate
utilization/occupancy levels.  Despite the presence in the industry
since 1971, firm scale of operations continues to remain small
which restrict financial flexibility in case of exigency.

* Leveraged capital structure: Firm's capital structure continues
to remain leveraged evident from overall gearing on account of low
partner capital base which resulted into increasing reliance on
outside borrowings in order to support routine operations of the
entity.

* Constitution as partnership: ICI'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 the firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, the partnership firms have restricted access to
external borrowing which limits their growth opportunities to some
extent.

* Foreign exchange fluctuation risk: The firm mainly exports
carpets and rug to international market. With initial cash outlay
for procurement in domestic currency and sales realization in
foreign currency, the firm is exposed to the fluctuation in
exchange rates which firm does not hedge. Hence margins remain
susceptible to the exchange rate movements.

* Fragmented and competitive carpet and hotel Industry: The Indian
carpet industry is characterized by numerous small players and is
concentrated in Northern part of India which includes Kashmir,
Jaipur, Agra and Bhadohi - Mirzapur. Bhadohi, Uttar Pradesh
contributes a significant portion of India's total carpet
production. Low entry barriers and low investment requirement makes
the hand knotted/tufted carpet industry highly lucrative and thus
competitive. ICI correspondingly faces stiff competition in the
export market from countries like Turkey, Iran, etc.

Key Rating Strengths

* Experienced partners: Mr. L R Maurya and Mr. S R Maurya, partner
of ICI are post graduates by qualification and have more than four
decades of experiences in the carpet manufacturing industry through
their association with ICI. Besides, both the partners are also
engaged in hotel business for past two decades through iHI. Mr.
Tushar and Mr. Kundan Arya, other partners in ICI, are also post
graduate by qualification and has nearly a decade of experience in
the carpet and hotel industry through their association with ICI.
All the partners collectively look after the overall operations of
the firm.

* Favorable location of Hotel "Rivatas by Ideal": ICl's hotel is
located in Varanasi, Uttar Pradesh. Varanasi is counted among most
popular cities of Uttar Pradesh. This city is believed to be among
oldest cities of world and is located on the bank of holy river
'Ganga'. Tourism controls approximately 50% of the city economy.
Many other sectors are dependent on tourism industry like hotels,
lodges, restaurants, handicrafts, handloom, transport, aviation,
etc. Furthermore, Union government is considering several projects
that would boost Varanasi tourism. Besides there are many other
site seeing attractions in Varanasi such as Kashi Vishwanath
Temple, St. Mary's Church, Manikarnik" Ghat, Sharat Kala Shavan,
Ramnagar Fort, Chunar Fort, Sarnath, Kaathwala Temple, Lakhania
Dari Caves and Waterfall, etc., that continues to enthral
travellers.

Uttar Pradesh-based ICI was established in 1971 as a partnership
firm by Maurya family. The firm is being managed by Mr. L R Maurya,
Mr. S R Maurya, Mr. Tushar, Mr. Kundan Arya and Mr. Sudhir sharing
profit and loss in the ratio of 25%, 25%, 25%, 12.5% and 12.5%,
respectively. The firm was primarily engaged into manufacturing of
hand-knotted carpets. Besides, ICI also entered into the hotel
industry and running hotel under the name of "Rivatas by Ideal"
since October 2012 in Varanasi (Uttar Pradesh). The firm majorly
exports its carpet products to overseas destination like USA,
European nations, etc. The firm has two other associates concerns
namely; Ideal Carpets Limited (ICL) (engaged in manufacturing of
carpet) and Ideal Hotels and Industries Limited (engaged in hotel
business).


ECONOMY SALES: CARE Lowers Rating on INR9cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Economy Sales, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE C; Stable/CARE A4;
   Facilities-                    ISSUER NOT COOPERATING;
   Proposed                       Revised from CARE B; Stable/
                                  CARE A4; Issuer Not Cooperating;

                                  based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Economy Sales to monitor the
rating(s) vide e-mail communications/letters dated July 23, 2020,
July 22, 2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3,
2020, June 29, 2020, June 19, 2020, June 16, 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 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, the banker could not be contacted.  The rating on
the firm's bank facilities will now be denoted as CARE C; Stable/
CARE A4; 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 have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
The revision in the long term rating assigned to the bank
facilities of Economy Sales (ES) mainly takes into account decline
in total operating income, net losses, decline in profitability
margins, deterioration in capital structure and coverage
indicators. The ratings further continue to remain constrained by
working capital intensive nature of operations, weak liquidity
position presence in highly competitive industry. The ratings,
however, continue to draw comfort from the experienced partners.

Detailed description of the key rating drivers

At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Small though fluctuating scale of operations: The scale of
operations of the firm has remained small marked by total operating
income of INR17.49 crore and negative gross cash accruals of
INR1.23 crore during FY18 (refers to the period April 1 to March
31). Further, the firm's net worth base stood relatively small at
INR0.18 crore as on March 31, 2018. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. Further the scale of operations of the firm
has been fluctuating for the past three financial years i.e.
FY16-FY18. The total operating income of the firm grew by 13.11% in
FY17 but declined by 32.96% in FY18. During 9MFY19 (refers to the
period April 01 to December 31; based on provisional results) the
firm has achieved a total operating income of around INR18.00
crore.

* Deterioration in the overall financial risk profile: The firm
reported net losses of INR1.30 crore during FY18. PBILDT margins
also registered a dip from 5.59% in FY17 to 0.53% in FY18.
Deterioration was primarily on account of high inventory holding of
traded goods and increased interest expenses. As on March 31, 2018,
the total debt of the firm comprises of term loans of INR1.77
crore, unsecured loans of INR0.10 crore and Working capital limits
of INR8.61 crore. The capital structure of the firm deteriorated
and continues to remain leveraged marked by overall gearing of
57.60x as on March 31, 2018 as against 5.18x as on March 31, 2017.
The deterioration in the capital structure is mainly on account of
erosion of net worth base due to net losses incurred in FY18. The
debt service coverage indicators deteriorated marked by interest
coverage ratio and total debt/GCA of 0.07x and -8.53x respectively
in FY18 as against 1.16x and 42.08x in FY17 on account of
operational losses and low GCA levels.

* Elongated inventory holding: For FY18, the current ratio remained
moderate at 1.13x. However, the quick ratio was very low at 0.59x
attributed to high inventory holding period. Being a readymade
garment retailer, it is critical for ES to maintain wide range of
color, designs, size to meet the immediate demand of its customers.
This resulted in significant finished good inventory leading to
high working capital intensity of business operations (inventory
days of 168 days in FY18). The firm sells and purchase mainly on
cash and advance basis. The working capital requirements were met
largely through bank borrowings which resulted in an average
utilization of almost 100% of its working capital limits for the
last 12 months period ended December 31, 2018.

* Intense competitive pressure in highly fragmented industry: ES
operates in highly fragmented and unorganized market of trading of
readymade clothes marked by large number of smallsized players. The
industry is characterized by low entry barrier due to minimal
capital requirement and easy access to customers and supplier.

* Industry risk: Apparel sector is highly dependent on fashion
trends, consumer spending habits as well as economic cycles.
Therefore, the companies need to manage their inventories according
to fashion and changing trends. At times, a fashion is short-lived,
thus there is a risk of inventory getting obsolete and does not
meet the taste and preferences of the customers leading to losses.

Key Rating Strengths

* Experienced partners:  The operations of the firm are currently
being managed by Mr. Ravi Kishor Gupta, Mr. Kunal Gupta and Mr.
Gaurav Gupta.  Mr. Ravi Kishor Gupta is having an experience of
around three decades in trading industry through his association
with ES. Mr. Kunal Gupta and Mr. Gaurav Gupta both have an
experience of almost one and a half decade through their
association with ES.

Delhi-based, Economy Sales (ES) is a partnership firm established
in 1990 and is currently being managed by Mr. Ravi Kishor Gupta,
Mr. Kunal Gupta and Mr. Gaurav Gupta. The firm trades in readymade
branded clothes from its six retail outlet located in Delhi NCR
region (Jhandewalan, Lajpat Nagar, Noida, etc.).


EMS AND EXPORTS: CARE Keeps C on INR45cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of EMS and
Exports (EAE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        2.00      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      43.00      CARE A; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 21, 2017, placed the
rating(s) of EAE under the 'issuer noncooperating' category as EAE
had failed to provide information for monitoring of the rating. EAE
continues to be noncooperative despite repeated requests for
submission of information through email dated July 8, 2020;
July 14, 2020 and July 21, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 3, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Moderate financial risk profile characterized by low
profitability margins: The operations of the group are
characterized by low profitability margins. Combined PBILDT and PAT
margins remained at similar levels in FY16 (refers to the period
April 1 to March 31) at 3.88% (PY: 3.80%) and 0.90% (PY: 0.80%)
respectively. On account of increase in scale of operations of the
group, combined GCA increased from INR5.94 crore in FY15 to INR8.38
crore in FY16.  During FY17, the PBILDT margin and PAT margin of
EMS stood at 3.88% and 0.90%, respectively.

* Working capital intensive operations: Since the group is involved
in the exports of public address equipments, its operations are
working capital intensive. Average working capital cycle of EMS
stood at 114 days as on 31 March 2016.

* Foreign exchange fluctuation risk owing to exports: 5 core group
is exposed to foreign exchange fluctuation risk on account of
export-oriented business.

* Presence in highly competitive and fragmented industry: The group
operates in a highly competitive electronic industry wherein there
is presence of a large number of players in the unorganized and
organized sectors.

* Constitution of the entity being a partnership firm: EMS's
constitution as a partnership firm has the inherent risk of
withdrawal of the partner's capital at the time of personal
contingency.

Key Rating Strengths

* Experienced Promoters: 5 core group is promoted by Mr. Amarjit
Singh Kalra and his wife, Ms. Surinder Kaur Kalra. Mr. Amarjit
Singh Kalra has more than two decades of experience in the
manufacturing of electronic goods (home theaters, car speakers,
public address systems etc). He handles the overall operations of
the all the group companies along with his wife Ms. Surinder Kaur
Kalra, who is having an experience of more than 13 years in the
consumer electronics segment.

* Strong presence and established brand name of "5 core" in the
export market for consumer electronics: During FY16, 5 Core group
reported total combined operating income of INR587.91 crore as
compared to total combined operating income of INR484.51 crore in
FY15, registering y-o-y growth of around 21%. Further during FY16,
EMS reported total operating income of INR105.07 crore as against
total operating income of INR91.33 crore in FY15, registering y-o-y
growth of around 15.04%.

* Established relationship with distributors along with diverse
customer base: The 5 core group has a strong network of
distributors for its brand "5 core", who act as an intermediary
between the group and its customers. Furthermore, the group has a
diverse customer base in more than 55 countries.

EMS was incorporated on January 1, 2009 by Mr. Amarjit Singh Kalra.
The firm is involved in the manufacturing and assembling of public
address (PA) systems and components, including loud speakers,
amplifiers, microphones, and woofers, and related electronic and
electrical equipment. The firm commenced operations in January 2009
and its manufacturing facility is located in Kashipur,
(Uttaranchal). EMS belongs to the 5 core group, based in New Delhi.
The 5 core group was established in 1983 and apart from EMS, the
group has six other companies namely, Indian Acoustics Private
Limited, Visual & Acoustics Corporation LLP, 5 Core Acoustics
Private Limited, Five Core Electronics Limited, Happy Acoustics
Private Limited and Digi Export Venture Private Limited which are
all involved in the same line of business. During FY16
(provisional), EMS reported total operating income of INR105.07
crore and PAT of INR1.21 crore as against total operating income of
INR91.33 crore and PAT of INR0.98 crore during FY15.


ERODE TEXTILE: ICRA Lowers Rating on INR45cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Erode
Textile Mall Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        45.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based                   COOPERATING; Rating downgraded
                                from [ICRA]BB (Stable)
                                ISSUER NOT COOPERATING and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

Rationale

The rating is downgraded because of lack of adequate information
regarding Erode Textile Mall Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Incorporated in FY2009, Erode Textile Mall Private Limited is a SPV
that was formulated to set up a textile market complex at Erode,
approved under Comprehensive Power-loom Cluster Development Scheme
(CPCDS) of the Ministry of Textiles. The textile market complex is
being developed under the name of Texvalley and is located near
Erode, Tamil Nadu. On full completion, the project envisages the
textile market complex to contain 1,600 marts, 940 weekly market
spaces, exposition hall, warehouse, communication centre, etc.
Texvalley is designed to be the one-stop destination for the entire
range of wholesale textile goods.

Mr. P. Periyaswamy of the Lotus Group is the Chairman of the
company and is involved in business activities including
transportation business, TVS auto dealership, commercial
bus-transportation service, financial services etc. Mr. C.
Devarajan (Managing Director of URC Construction Ltd.) is the Vice
Chairman of the company And Mr. P. Raajasekhar of the Lotus Group
is the Managing Director.


FIBREMARX PAPERS: ICRA Hikes Rating on INR32cr Cash Loan to C
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Fibremarx Papers Private Limited (FPPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       32.00      [ICRA]C; revised from [ICRA]D

   Term Loan         17.50      [ICRA]C; revised from [ICRA]D

   Short-term
   Non-fund Based     2.50      [ICRA]A4; revised from [ICRA]D

Rationale

The revision in ratings of FPPL take into account the written
feedback received from banker stating no delays or default in
principal and/or interest payment in the last six months. The
ratings also positively factor in the extensive experience of the
promoters in the paper industry.

However, the ratings continue to be constrained owing to moderate
scale of FPPL's current operations which, coupled with moderate
operating margins, have resulted in moderate cash accruals in the
past few years. Moreover, the financial profile remains modest as
reflected by high gearing, working capital intensive nature of
operations and weak debt coverage indicators. The liquidity of the
company also remains stretched as reflected by low unutilized bank
limits and high debt repayments in the next few years. ICRA has
also taken into account the susceptibility of FPPL's profitability
to volatility in raw material prices as well as intense competition
in the industry, which limits its pricing flexibility.

Key rating drivers and their description

Credit strength

* Experienced management with an established track record in paper
industry: The management of FPPL is well qualified and the
promoters have experience of over three decades in the paper
industry.

Credit challenges

* Modest scale of operations: The operating income (OI) was
moderate at INR152.72 on account of intense competition from
regional domestic players and low pricing power.

* Full utilisation in working-capital limits in last six months:
The working capital limits of the company remained fully utilised
in the last six months that ended in June 2020 on account of high
inventory days and debtor days.

* Highly fragmented and intensely competitive: FPPL's presence in
the highly fragmented paper industry characterised by intense
competition limits its pricing flexibility and in turn, its ability
to effectively pass on the increase in raw material prices to
customers.

* Profitability exposed to volatility in waste paper prices and
ability to pass on increase in waste paper prices: Waste paper is
the key raw material of the company. Raw material cost forms a
major portion of the average selling price and thus, the
contribution levels remain exposed to the movement in the same.
Accordingly, the ability of the company to effectively pass on the
increase in the raw material cost to its customers is critical.

Liquidity position: Poor

The working capital limit was almost fully utilised in the last six
months that ended in June 2020. The company's overall liquidity is
expected to remain poor due to scheduled debt repayment obligations
and thus, generation of adequate cash accruals will remain crucial.
However, given the past track record, the promoters are expected to
provide funding support for any cash flow mismatch over the medium
term.

Rating sensitivities

Positive triggers: An upward movement in rating may happen if there
is substantial and sustained growth in revenues and profitability
along with improved liquidity condition on a sustained basis.

Negative triggers: Negative pressure on the company's ratings could
arise if there is further decline in revenues and profitability
thus, resulting in lower cash accruals than repayment obligation on
a sustained basis.

FPPL started operations in 2006 to manufacture paper for writing,
printing and newsprint. The initial capacity was 33,000 metric
tonnes (MT) per annum, which was subsequently increased over the
years and is currently 60,000 MT per annum. The company
manufactures 60-80 grams per square metre (GSM) of writing paper,
45-50 GSM of newsprint and its customer mix consists of publishers,
retailers, wholesalers.


G.G. EXPORTS: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded G.G. Exports'
(GGE) Long-Term Issuer Rating to 'IND BB' from 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR1.0 bil. Fund-based working capital limits Long-term rating

     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating.

KEY RATING DRIVERS

The downgrade reflects GGE's weak operating performance in FY20 and
Ind-Ra's expectation of a continued stretched liquidity position in
the near term, on account of likely negative cash flow from
operations in FY21 owing to the COVID-19 led lockdown. According to
FY20 provisional financials, revenue declined 30.7% YoY to
INR2,766.5 million, mainly due to the subdued demand for diamonds,
on account of the COVID-19 pandemic and the overall slowdown in the
industry. The firm continued to report lower sales of INR146.73
million in 1QFY21 (1QFY20: INR731.65 million), as its operations
remained closed during April to May 2020 due to the COVID-19 led
lockdown. GGE's scale of operations remains medium. Ind-Ra expects
the revenue to decline further in FY21 on account of the continued
slowdown in the global market. The firm derived 43% of the revenue
from exports to majorly Hong Kong and the US in FY20 (FY19: 35%)
and the remaining from the domestic market.

The firm's EBITDA margin declined to 3.6% in FY20 (FY19: 6.7%) on
account of its high fixed-cost structure. The margin remained
modest with a return on capital employed of 4.7% in FY20 (FY19:
13.5%). Moreover, the margin is vulnerable to price movements of
rough, and cut and polished diamonds, and forex volatility (FY20:
forex gains of INR32.64 million; FY19: forex losses of INR36.93
million). Any decline in the price of cut and polished diamonds,
with the price of rough diamonds remaining constant could exert
pressure on GGE's EBITDA margins. The firm uses forward cover,
which mitigates the forex risk to some extent. Ind-Ra expects the
EBITDA margin to remain low during FY21 on account of lower sales.

Liquidity Indicator - Stretched: GGE is entirely dependent upon its
cash flow from operations (FY20: INR45.14 million, FY19: INR492.62
million) to meet its financial liabilities. Hence, any adversity in
the operations would lead to near-term cash flow mismatch. The
firm's free cash flow turned negative to INR15.8 million in FYF20
(FY19: INR488.7 million), on account of around INR61.7 million of
capex incurred towards the upgradation of its machines. Moreover,
its net working capital cycle elongated to 190 days in FY20 (FY19:
135 days) due to high inventory holding period of 190 days (138
days) and average debtor period of 60-70 days. However, Ind-Ra
expects the working capital cycle to improve to some extent from
FY21 on account of the modernization of the machineries, which
would result in an improvement in the overall yield and a reduction
in the overall lead time.

The firm had sanctioned INR750 million of working capital limits
available. GGE's average use of the working capital limits was 53%
during the 12 months ended June 2020. The firm had kept its overall
working capital utilization low in FY20 to improve its net profits.
The firm did not have any long-term loans on its book at 1QFYE21.
It had cash and cash equivalents of INR49.6 million and INR304.5
million of unutilized working capital limits at FYE20. The firm
also has INR300 million of sanctioned working capital limits, which
were unutilized as of end-July 2020. The firm does not anticipate
any major debt-funded capex plans in the near-to-medium term.

The ratings continue to factor in the partnership nature of the
organization.

However, the rating remain supported by GGE's comfortable credit
metrics, despite deterioration in the gross coverage (operating
EBITDA/gross interest expense) to 2.8x in FY20 (FY19: 3.5x) and net
leverage (Ind-Ra-adjusted net debt/operating EBITDAR) to 4.8x
(1.7x). The deterioration in the metrics was on account of 13.8%
yoy increase in the debt levels to INR520 million and a decline in
EBITDA to INR98.37 million in FY20 (FY19: INR267.68 million).  The
firm's interest expense reduced in FY20 due to the shift to rupee
loans from foreign currency-denominated loans. As a result, Ind-Ra
expects the interest expenses to remain low in FY21. The firm has
not availed the Reserve Bank of India-prescribed moratorium on its
loans. However, the agency expects the credit metrics to weaken
further in FY21 on account of the likely lower earnings and the
firm's continued high reliance on external borrowings to fund its
working capital requirement.

The ratings also remain supported by the partner's nearly four
decades of experience in the diamond trading and manufacturing
business, leading to longstanding relationships with its customers
and suppliers.

Furthermore, the ratings continue to benefit from the firm's
diversified customer base, whereby no single customer accounting
for more than 10% of the total revenue in FY19-FY20.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
efficient managing of the net working capital cycle, leading to the
gross coverage sustaining above 2.5x and an improvement in the
liquidity position, would lead to positive rating action.

Negative: A stretch in the net working capital cycle or a sustained
decline in the operating performance, leading to the gross coverage
reducing below 1.5x and a substantial deterioration in the
liquidity position, all on a sustained basis, would lead to
negative rating action.

COMPANY PROFILE

Formed in 2010, GGE is a partnership firm wholly owned and managed
by the Zadaphia family. The firm is engaged in the cutting and
polishing of 0.01-3.00-carat-sized diamonds. It has a manufacturing
facility in Surat, Gujarat, and a registered office in Mumbai,
Maharashtra.


GARDEN SILK: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garden Silk
Mills Limited (GSML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     1,779.32     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-Term Bank      532.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GSML to monitor the rating
vide e-mail communications dated July 9, 2020, July 10, 2020 and
July 14, 2020.  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 GSML 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 assigned to Garden Silk Mills Limited continue to
factors in debt in debt servicing obligations as well as NPA
classification by lenders. The company has been admitted into the
Corporate Insolvency Resolution Process (CIRP).

Detailed description of the key rating drivers

Key Rating weakness:

* Delay in debt servicing obligations: Due to the weakened
liquidity position there are on-going delays in servicing of
interest and default in repayment of debt obligation by the
company. The company has initiated Corporate Insolvency Resolution
Process as per NCLT order dated June 24, 2020. Further, as per
exchange filling dated February 6, 2020 on BSE, the company has
informed that Deed of Assignments of Debt was executed between
lenders of the company and Invent Assets Securitization and
Reconstruction Pvt. Ltd. (ARC) whereby consortium debt of
INR1679.87 crore payable by Garden Silk Mills Ltd. has been
assigned in favor of Invent ARC.

Incorporated in 1979, Garden Silk Mills Limited (GSML) is engaged
in manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli, they deal in wide range of
Polyester Chips, Polyester Filament Yarns (PFY), Preparatory Yarns,
Woven (grey) Fabric as well as Dyed and Printed Sarees and Dress
Materials The manufacturing facilities are located in Vareli
(weaving unit) and Jolwa (manufacturing unit of chips and yarn), in
Surat District. The company is currently under insolvency
resolution process.


GUJARAT AMBUJA: NCLAT Sets Aside to Insolvency Plea vs. Firm
------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has upheld an NCLT order setting aside a plea to
initiate insolvency proceedings against Gujarat Ambuja Exports Ltd
(GAEL).

A three-member NCLAT bench upheld the order of the Ahmedabad bench
of the National Company Law Tribunal (NCLT), which had set aside
the plea of Samay Impex, an operational creditor of Gujarat Ambuja
Exports Ltd (GAEL), Business Standard relates.

Earlier on Feb. 17, 2020, the NCLT had dismissed the plea of Samay
Impex to initiate corporate insolvency resolution process (CIRP)
against GAEL on the ground of pre-existing dispute regarding the
supply of goods, the report recalls.

"We find no legal infirmity in the impugned order. The appeal is
accordingly dismissed at the very pre-admission stage," said the
NCLAT bench headed by Acting Chairperson Justice B L Bhat.

Business Standard says the NCLAT order came over the petition filed
by Samay Impex, challenging the NCLT order before it.

According to the report, the appellate tribunal said dispute raised
by GAEL over the demand notice and payment made after
reconciliation and settlement of accounts between the two parties
is of much before the issuance of demand notice.

"Such dispute, being pre-existing i.e. prior to issuance of demand
notice and corporate debtors plea of having satisfied the
operational debt after reconciliation of accounts and rebate
allowed cannot be resolved in CIRP. In the given circumstances, the
Adjudicating Authority (NCLT) was right in declining to initiate
CIRP against the corporate debtor," it said.

Samay Impex had claimed default of an operational debt of Rs 9.39
lakh over supply of steam coal, the report notes.

However, Gujarat Ambuja Exports submitted before the NCLAT that the
accounts are stood fully settled and paid after reconciliation
based on the consideration of the debit note and the rebate given
later through the credit note.

"Appellant could not satisfy us as to how the corporate debtor
could be held to be in default after reconciliation followed by
last payment effected through cheque . . .," it said.

It further said that the rebate given later through the credit note
cannot be said to be illusory or moonshine, Business Standard
relays.

Gujarat Ambuja Exports Ltd (GAEL), which is in the agro-processing
business, caters to food, pharmaceutical and feed industry.


HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hema
Construction (HC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-Term Bank       4.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 4, 2019 placed the
rating(s) of HC under the 'Issuer not Cooperating' category as HC
had not provided requisite information and fees for monitoring of
the rating for the rating exercise as agreed to in its rating
agreement. HC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/email dated July 20, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on July 2, 2019, the following were
weaknesses.

Key Rating Weaknesses

* Irregularity in debt serving:  There were irregularity in debt
servicing in past

Udaipur-based (Rajasthan) Hema Construction (HC) was formed in 1978
by Mr. Harish Gaurav as a proprietorship concern.  HC is mainly
engaged in the business of construction, installation and
commissioning of water supply lines, construction of sewage lines
and sewage treatment plants and construction & repair of roads.


HIGHBAR TECHNOLOGIES: CARE Reaffirms D Rating on INR11cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Highbar Technologies Limited (HTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     11.00      CARE D; Issuer not cooperating;
   Fund-based LT-                  Rating reaffirmed; Based on
   Term loan                       best available information

Details of instruments/facilities in Annexure-1

CARE had, vide its press release dated July 2, 2019, placed the
rating of HTL under the 'issuer non-cooperating' category as HTL
had failed to provide information for monitoring of the rating. HTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 20, 2020, July
17, 2020, and July 16, 2020. 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.

The ratings assigned to the bank facilities of HTL factors in the
ongoing delay in debt servicing on the rated term loan due to the
weak liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on 02-July-19 following were the key
strengths and weaknesses:

Key rating weakness

* Ongoing delay in debt servicing: The weak liquidity position has
constrained the company's ability to service its debt in a timely
manner and there have been continuing delays in servicing of debt
obligations to the lenders.

Highbar Technologies Limited (HTL), a 100% subsidiary of Hindustan
Construction Company Ltd (HCC; rated CARE D for its bank facilities
and instruments), was formed in 2009 by spinning off the IT
department of HCC-one of the largest infrastructure development
companies which has implemented Enterprise Resource Planning (ERP)
as well as other Information Technology (IT) solutions to connect
all its project locations on SAP platform. Information technology
is very crucial for the infrastructure sector, considering multiple
locations and projects that the companies operate in. Thus, HCC
leveraged its technical expertise in the infrastructure sector to
provide end to end IT services to infrastructure clients.

HTL's business mainly involves developing, designing, marketing of
supporting services, products and accessories used in field of IT.


HIRA AUTOMOBILES: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hira Automobiles
Limited's (HAL) Long-Term Issuer Rating to 'IND B+ (ISSUER NOT
COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating action is:

-- INR400 mil. Fund-based limits downgraded with IND B+ (ISSUER
     NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.

KEY RATING DRIVERS

The downgrade reflects substantial deterioration in HAL's revenue,
EBITDA and credit metrics in FY20, according to publicly available
data. The revenue declined around 25% yoy to INR2,770.19 million in
FY20 due to the economic slowdown and COVID-19 disruptions at
year-end and consequently, EBITDA also deteriorated 31% yoy to
INR75.82 million. The company's modest EBITDA margin declined to
2.74% in FY20 from 2.97% in FY19 due to the low fixed cost
absorption resulting from the fall in top line. The return on the
capital employed was 6.09% in FY20 (FY19: 9.26%).

Despite the decline in interest cost to INR73.86 million in FY20
(FY19: INR80.84 million) and debt to INR774 million (INR913.35
million), the credit metrics substantially deteriorated due to the
significant decline in EBITDA. The interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.03x in FY20 (FY19:
1.35x; FY18: 1.37x) and the net leverage (adjusted net
debt/operating EBITDA) to 9.96x (7.81x; 8.01). Ind Ra expects the
credit metrics to deteriorate further in FY21, led by weakened
operations due to the COVID-19 disruptions and the global economic
slowdown.

Liquidity Indicator - Stretched: HAL's liquidity position is
stretched due to the thin EBITDA, low cash position and an increase
in the working capital cycle. The working capital cycle elongated
to 93 days in FY20 from 74 days in FY19 due to the increase in the
inventory days to 63 (53) and debtor days to 32 (22). However, the
cash flow from operations turned positive in FY20 to INR61.39
million due to the positive change in working capital.

HAL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. The company has not provided
information such as audited financials, interim financials,
utilization reports and key details required for the surveillance
exercise.

COMPANY PROFILE

Incorporated in 1989, HAL started its operations as a Maruti Suzuki
car dealer with one showroom and a workshop in Patiala. The company
has dealerships at nine locations in Punjab - Patiala, Muktsar,
Rajpura, Nabha, Malout, Devigarh, Gidderbaha, Bhadson and Samana.
Besides selling cars and related accessories, it provides financing
and insurance solutions for the same. HAL is listed on BSE Ltd.


MOHAN MOTOR: CARE Keeps D on INR60cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       60.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
ratings of MMUPL under the 'issuer non-cooperating' category as
MMUPL 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. MMUPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email communications
dated July 9, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on 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.

Detailed description of the key rating drivers

At the time of last rating on May 6, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weakness

* Ongoing delays in the account: The ratings assigned to the bank
facilities of Mohan Motor Udyog Private Limited takes into account
ongoing delay in account for more than 30 days in debt servicing.

Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorised dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorised dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.



MOSAVI ENTERPRISES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mosavi
Enterprises Private Limited's (Mosavi) Long-Term Issuer Rating of
'IND BB' on Rating Watch Negative (RWN).

The instrument-wise rating action is:

-- INR960 mil. Non-convertible debentures (NCDs)ISIN INE280Y07017

     1% coupon rate issued on August 10, 2017, due on August 9,
     2022 maintained on RWN with IND BB/RWN rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Mosavi, Seaways Shipping and Logistics Limited ('IND BB/RWN'),
and the subsidiaries of Seaways to arrive at the rating, on account
of operational, management, legal and financial linkages among the
entities. Mosavi is wholly owned by the promoters of Seaways.

KEY RATING DRIVERS

The maintenance of RWN reflects a similar rating action on Seaways,
with which Mosavi has strong legal linkages. A cross-default clause
is applicable to the debt raised by way of NCDs by Mosavi. The NCDs
have been secured by an 87.8% share pledge of Seaways. The agency
expects Seaways to provide the required assistance to Mosavi, in
case of its inability to timely service the debt repayment.

The NCDs worth INR960 million have a staggered repayment schedule
over three years with its last installment due on August 9, 2022.
The first installment payment towards these NCDs, originally due on
August 9, 2020, has now been postponed to January 9, 2021. However,
there are no changes in the due date for the repayment of the
balance installments and the same has to be paid as per the
original due date.

As per the provisional financials, Mosavi reported a revenue of
INR83 million in FY20 (FY19: INR116 million) and EBITDA of INR4
million (INR9 million).

Mosavi does not have any other debts except NCDs.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments at Seaways
on the stake sale of its key subsidiary - Maxicon Container Line
Pte Ltd - and will take an appropriate rating action by December
2020 – January 2021 on receiving adequate clarity on the
deleveraging process and the liquidity profile of Seaways. The
rating of Mosavi will follow a similar action with that of
Seaways.

COMPANY PROFILE

Incorporated in May 2017, Mosavi is engaged in material handling
operations, transportation, and storage across ports. The company
commenced commercial operations in September 2017.

Mosavi also leases equipment used for lifting cargo onto ships and
unloading cargo from ships, transport vehicles that move
goods/cargo between ships and warehouses, and others.


NEHA EXPORTS: CARE Keeps C on INR15cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neha
Exports continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.00      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      14.00      CARE A; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2017, placed the
rating(s) of Neha Exports under the 'issuer noncooperating'
category as Neha Exports had failed to provide information for
monitoring of the rating. Neha Exports continues to be
non-cooperative despite repeated requests for submission of
information through email dated July 8, 2020; July 14, 2020 and
July 21, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 3, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate financial risk profile characterized by low
profitability margins:  During FY16 (refers to the period April1 to
March 31), PBILDT margin stood at 2.85% (PY: 2.71%). PAT margin
improved from 0.72% in FY15 to 1.06% in FY16 on account of increase
in PBILDT margin as well as lower interest expenses. Overall
gearing improved from 2.03x as on March 31, 2015 to 1.01x as on
March 31, 2016.

* Working capital intensive operations:  Since the firm is involved
in the exports of public address equipments, its operations are
working capital intensive. During the FY16, average working capital
cycle stood at 110 days.

* Constitution of the entity being a proprietorship firm:  Neha
Exports' constitution as a proprietorship firm has the inherent
risk of withdrawal of the proprietor's capital at the time of
personal contingency.

* Foreign exchange fluctuation risk owing to exports:  Neha Exports
is exposed to foreign exchange fluctuation risk on account of
export-oriented business.

* Presence in highly competitive and fragmented industry:  The firm
operates in a highly competitive electronic industry wherein there
is presence of a large number of players in the unorganized and
organized sectors.

Key Rating Strengths

* Experienced Promoters:  Neha Exports was incorporated on December
20, 2006 by Ms. Madhu Gulati. Ms. Madhu Gulati has more than thirty
years of experience in the manufacturing, assembling and export of
electronic goods (home theaters, car speakers, public address
systems etc).

* Established presence in the export market for consumer
electronics:  During FY16, 5 Core group reported total combined
operating income of INR587.91 crore as compared to total combined
operating income of INR484.51 crore in FY15, registering y-o-y
growth of around 21%. Further during FY16, the firm reported total
operating income of INR63.05 crore as against total operating
income of INR60.07 crore in FY15, registering y-o-y growth of
around 5%.

* Established relationship with distributors along with diverse
customer base:  The firm has a strong network of distributors who
act as an intermediary between the firm and its customers.
Furthermore, the group has a diverse customer base in more than 55
countries.

Neha Exports was incorporated on December 20, 2006 by Ms. Madhu
Gulati. The firm is involved in the manufacturing, assembling and
export of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipments. The firm commenced operation
in 2008 and its manufacturing facility is located in Dharuhera,
Haryana.

Ms Madhu Gulati is sister of the promoter of the '5 Core' group
i.e. Amarjit Singh Kalra. The '5 core' group was established in
1983 apart from Neha Exports, the group has six other companies
namely, Indian Acoustics Private Limited, Visual & Acoustics
Corporation LLP, 5 Core Acoustics Private Limited, Five Core
Electronics Limited, Happy Acoustics Private Limited and Digi
Export Venture Private Limited which are all involved in the same
line of business.. Neha Exports is also using the brand name '5
Core' for marketing and selling its products. During FY16 (refers
to the period April 1 to March 31), Neha Exports reported total
operating income of INR63.05 crore and PAT of INR0.67 crore as
against total operating income of INR60.07 crore and PAT of INR0.43
crore during FY15.


NEOTECH EDUCATION: ICRA Keeps D on INR15.9cr Loan in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR15.90 crore of
Neotech Education Foundation (NEF) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       15.90      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. The
college offers civil, electrical and mechanical engineering courses
at undergraduate level. Additionally, the college also started
offering Diploma courses in civil, computer, electrical and
mechanical streams with the total intake of 300 students per batch
from academic year 2014-15.


OM BESCO RAIL: CARE Keeps D on INR46cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Besco
Rail Products Limited (OBRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       46.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated December 1, 2017, placed the
ratings of OBRPL under the 'issuer non-cooperating' category as
OBRPL 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. OBRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email communications
dated July 17, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on 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.

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weakness

* Ongoing delays in the account: The ratings assigned to the bank
facilities of Om Besco Rail Products Limited takes into account
ongoing delay in debt servicing due to stretched liquidity position
of the company.

Om Besco Rail Products Ltd. (Om Besco) was promoted by Shri Madhu
Sudan Tantia (son of Shri O.P Tantia) in March 2008. The company,
after incorporation, remained dormant for about 4 years. In 2012,
Om Besco ventured into setting up manufacturing facility of alloy
steel casting products (bogies, couplers, draft gears) to be used
in railway freight wagons with a plant capacity of 16,100 MTPA in
Jharkhand. The project is backward integration to meet the raw
material requirement of the flagship company - Besco Ltd (Wagon
division) [Besco].


PANNU STONE: CARE Lowers Rating on INR9.75cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pannu Stone Crusher (PSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.75      CARE C; ISSUER NOT COOPERATING;
   Facilities-                     Revised from CARE B; Stable;
   Proposed                        Issuer Not Cooperating; based
                                   on best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PSC to monitor the rating(s)
vide e-mail communications/letters dated July 14, 2020, July 13,
2020, July 9, 2020, July 8, 2020, July 6, 2020, July 3, 2020, June
29, 2020, June 19, 2020, June 16, 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 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 the firm's bank facilities will now be denoted as CARE C;
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 ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, both banker and auditor confirmed the non-establishment of
the operational functions of the firm and the firm still being in
its project phase constrained by project execution and
stabilization risk associated with debt funded project coupled with
debt funding yet to be tied up, regulatory risk pertaining to
environmental issues, highly competitive nature of the industry and
constitution of the entity being a partnership firm. Going forward;
achievability of envisaged revenue and profitability given
debt-funded capex would be a key rating sensitivity. Ability of the
firm for timely and successful completion of the remaining project
within envisaged cost would be another key rating sensitivity.

Detailed description of the key rating drivers

At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Project execution and stabilization risk with debt funding yet to
be tied up: PSC is setting up manufacturing and processing unit for
stone crushing in Nainital, Uttarakhand with total project cost of
INR5.50 crore. The project is proposed to be funded through term
loan of INR3.60 crore and balance through promoters' contribution
in form of partners' capital. The debt for the same is yet to be
tied up. As on August 31, 2018, out of the total project cost, cost
incurred by the firm stood at INR1.10 crore towards construction of
Factory building which was funded through internal accruals. The
production was expected to commence from October, 2018. This
exposes the firm towards project execution in terms and completion
of the project with-in the envisaged time and cost. Furthermore,
project stabilization risk of the manufacturing facilities to
achieve the envisaged scale of business and off- take risk
associated with the sale of its products in the light of
competitive nature of industry remains crucial for the company.

* Regulatory risk pertaining to environmental issues: The firm is
engaged in crushing and processing of river bed materials (RBD)
which are extracted from river bed and banks. Any delays faced by
the suppliers in getting approvals from the concerned government
authority will lead to delay in raw material procurement by PSC;
consequently, affecting revenue generation of the firm.

* Highly competitive nature of the industry: PSC operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized sectors. There are number of
small and regional players catering to the same market which has
limited the bargaining power of the firm and has exerted pressure
on its margins.

* Constitution of the entity being a partnership firm:  PSC
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 partners: The firm is being managed by Mr. Arvind
Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and Mr. Ranbir
Singh. All the partners' possess considerable experience of around
one and half decade in construction and real estate business
through their association with M/s Krishna Colonizer. They have
nearly three years of experience in stone crusher business through
their association with M/s Naini Stone Crushers (operations
discontinued in 2016).

* Location Advantage: The firm has its manufacturing facility is
located in Nainital, Uttarakhand. Location advantage ensures
uninterrupted supply of raw material, along with savings in freight
cost and reduction in lead time.

Nainital, Uttarakhand based Pannu Stone Crusher (PSC) was
established in July, 2016. The firm is currently being managed by
Mr. Arvind Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and
Mr. Sukhveer Singh Pannu. The firm was established with the
objective of stone crushing, washing, grading & natural screening
of stones. The main raw material of the product will be stone and
river bed material (RBM), which firm plans to procure from private
contractor (truckers) who procure the material through payment of
royalty to Uttarakhand Forest Department for Koshi River and Dabka
River.


PARADISE POLYMERS: CARE Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paradise
Polymers Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       8.10       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Long-term/Short      2.00       CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2019, placed the
rating(s) of PPL under the 'issuer non-cooperating' category as PPL
had failed to provide information for monitoring of the rating. PPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 9, 2020. 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.

The rating takes into account delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 23, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays in debt servicing: As per the interaction with the
banker, the account has been classified as NPA by the bank with
effect from September 2018.

Incorporated in 1988 by Mr. Randhirsingh Patil, Paradise Polymers
Limited (PPL) is engaged in manufacturing of various flexible
packaging material, viz., PVC lamination, PVC confectionery films,
PVC cling films and reprocessed rim, finding application in
packaging vegetables, fruits, various food stuffs, frozen products,
candies, sweets & confectioneries, etc. PVC lamination films are
sold under the brand "Paradise", whereas PVC cling films are sold
through its associate concerns namely Simor-Tech Polymers Limited
under the brand "Tazza" and Solanki Polymers Private Limited under
the brand "Oxiwrap". The rest of the products are sold directly by
PPL. It has a wide dealer network of over 50 dealers across India.
The manufacturing facility of the company is located at MIDC in
Jalgaon, Maharashtra.


PARAMOUNT INT'L: ICRA Keeps D on INR10.8cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for INR10.80-crore bank facility of Paramount
International (PI) continues to the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         10.80      [ICRA]D ISSUER NOT COOPERATING;
   Fund-based                   Rating moved to 'Issuer Not
                                Cooperating' category

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

Paramount International (PI) was incorporated on 2008. It is
involved in manufacturing of handicrafts like Candle Stands, Lamps,
Christmas Ornaments etc. made of brass, colored glass, iron,
aluminum etc. The raw materials used at present are Timber, Iron
and Glass. The firm's factory is in Moradabad, U.P. also known as
"Brass City or Peetal Nagri". The firm has no retails outlets and
all the sales are exported mainly to the USA and some European
countries.


PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Peninsula Land Limited (PLL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible    530.53      [ICRA]D ISSUER NOT COOPERATING;
   Debenture                      Rating downgraded from [ICRA]C
   Programme                      ISSUER NOT COOPERATING and
                                  continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The ratings of PLL are downgraded due to delays in debt servicing
as per publicly available information. PLL continues to be in
'Issuer Not Cooperating' on account of lack of adequate information
regarding the company and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its 'Policy in respect of noncooperation by the rated entity'. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated on August 10, 1871 as a public limited company,
Peninsula Land Limited (PLL) is a part of the Ashok Piramal Group.
The company is in to real estate development with a portfolio
comprising commercial, residential and retail developments. The
projects include PLL's 'Ashok' product line in the residential
sector and 'Peninsula' in the commercial sector. Since 1997, PLL
has developed over 7.8 million square feet of real estate projects
in Mumbai. Most of the development by PLL in the past has been
either on the former textile mill lands owned by the group, or in
joint development with the land owners. PLL has initiated the
diversification of its operations outside of Mumbai by undertaking
projects in cities such as Pune, Nashik, Lonavala, Bangalore and
Goa. PLL also manages a Real Estate fund through a subsidiary,
having co-invested in five projects with the fund.


PIONEER FOOD: CARE Keeps D on INR30cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pioneer
Food & Agro Industries Private Limited (PFA) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short-term Bank      30.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2019, placed the
rating(s) of PFA under the 'issuer non-cooperating' category as PFA
had failed to provide information for monitoring of the rating. PFA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 9, 2020. 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.

The rating takes into account delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 17, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays in debt servicing: As per the interaction with the
banker, the account has been classified as NPA.

Mumbai (Maharashtra) based Pioneer Food & Agro Industries Private
Limited (PFA), initially established as a partnership firm in 2007
and later on in July 2014 was converted into private limited
company. PFA is engaged in the processing of the raw honey wherein
it procures raw honey through its network of traders
&collectors(from Punjab, Haryana, Uttarakhand, Uttar Pradesh, Bihar
and West Bengal) and decrystallize it (reduces the moisture
content) to improve the quality of honey and finally exports the
processed honey (export only to USA). The company has its sole
processing facility located at Mathura (Uttar Pradesh) with the
accreditation from ISO 22000, HACCP & USFDA.


PRASAD MULTI: ICRA Keeps D on INR19.16cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said rating for the bank facilities for INR19.16 crore of
Prasad Multi Services Pvt. Ltd. (PMSPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/D ISSUER NOT COOPERATING".

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

   Fund based–       9.78       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-fund          2.27       [ICRA]D ISSUER NOT COOPERATING;
   based Bank                   Rating continues to remain under  
   Guarantee                    'Issuer Not Cooperating' category

   Unallocated       1.11       [ICRA]D/D ISSUER NOT
   Limit                        COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Incorporated in 1999, Prasad Multi Services Private Limited is
primarily involved in the construction and infrastructure
equipments rental business to reputed companies like Larsen & Turbo
(L&T), Reliance Industries Limited (RIL), TATA Steel, Adani Group
etc. PMS also provides other facilities like ready mix concrete
(RMC), operations and maintenance (O&M) and annual maintenance
contract (AMC) services. PMS was promoted by Kavar family, who have
more than a decade of experience in the construction equipment
solution business through their associations with PMS Piling &
Infrastructure Pvt. Ltd., Shree Buildcon, Prasad Marine Services
Pvt. Ltd. and PMS Infotech Pvt. Ltd.


RASHMI MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Neg.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised M/S Rashmi Motors'
(Rashmi) Outlook to Negative from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument wise rating action is:

-- INR428 mil. Fund-based limits affirmed; Outlook revised to
     Negative from  Stable; with IND BB+/Negative rating.

KEY RATING DRIVERS

The Outlook revision reflects a year-on-year deterioration in
Rashmi's revenue in FY20 and the likelihood of it declining steeply
in FY21 due to the downward trend in the domestic automobile demand
scenario, which intensified during the nationwide lockdown in wake
of COVID-19 pandemic. According to the provisional results for
FY20, Rashmi's revenue declined 18% YoY to INR3,025.22 million due
to a fall in the volumes and a shift to Bharat Stage VI from Bharat
Stage IV vehicles, which saw low production despite adequate demand
during 4QFY20. The scale of operations continues to be medium. The
firm booked a topline of INR103.31 million in 1QFY21. After a halt
in operations in the last week of March 2020, the company restarted
operations from 1 April 2020 with 50% manpower; it is now operating
at full capacity. Around 72% of Rashmi's revenue is contributed by
the sale of heavy and medium commercial vehicles, 11% by a light
commercial vehicle, and rest by the sale of services and spares.

Rashmi's moderate credit metrics have remained range-bound since
FY17. The gross EBITDA interest coverage (operating EBITDA/gross
interest expense) marginally improved to 2.92x in FY20 (FY19:
2.82x, FY18: 2.80x, FY17: 3.00x) and the net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) improved significantly to
0.17x (3.08x, 5.53x, 3.43x) due to a fall in the short term debt to
INR16.89 million (INR401.30 million) on the back of a huge release
of working capital during March 2020.

The firm's healthy EBITDA margin deteriorated to 3.48% in FY20
(FY19: 3.73%) mainly due to a fall in the number of vehicles sold.
The return on capital employed was 28.9% in FY20 (FY19: 29%). The
stress on the EBITDA margin in FY20 was lower than expected by
Ind-Ra due to the several cost reduction measures such as
restricting operations in the workshop to one shift only and salary
reductions to staff adopted by the firm.  Moreover, from April
2020, Ashok Leyland revised the discount allowed to customers and
fixed the minimum operating price for the dealers, thereby
improving Rashmi's margin per model sold to INR60,000 from
INR30,000. The dealership margin also improved to INR50,000 per
model from INR30,000 per model in FY21. Therefore, in FY21, the
margins are likely to be range-bound despite the likely steep fall
in the revenue. Also, Rashmi enjoyed a waiver of the lease rental
payment for April 2020.

Liquidity Indicator - Adequate: The average maximum utilization of
Rashmi's fund-based limits for the 12 months ended June 2020 was
45.08%. Rashmi's cash flow from operations turned positive to
INR388.97 million in FY20 from negative INR60.60 million in FY19
mainly due to favorable changes in its working capital. The working
capital cycle improved to a day in FY20 (FY19: 47 days) on the back
of a huge release of working capital to clear the Bharat Stage IV
vehicles. In FY19, the company incurred CAPEX of INR11.70 million
to construct a machine shop; it was funded by internal accruals. It
had an unencumbered cash of INR0.17 million at FYE20.  Rashmi has
not availed the Reserve Bank of India-prescribed moratorium.

The ratings remain constrained by the partnership nature of the
organization.

The ratings continue to take into account three decade long
experiences with its original equipment manufacturers (Ashok
Leyland) and product portfolio (medium and heavy and light
commercial vehicle).

RATING SENSITIVITIES

Positive:  An improvement in the scale of operations while
maintaining the liquidity profile and the interest coverage
sustaining above 2x could lead to positive rating action.

Negative: Deterioration in the scale of operations, coupled with
the resultant stress on the EBITDA margin, leading to the interest
coverage of under 2x on a sustained basis could lead to negative
rating action.

COMPANY PROFILE

Incorporated in 1995 in Cuttack, Odisha, Rashmi is an authorized
dealer of Ashok Leyland. It is managed by Rajat Kumar Baliarsinha
and his wife Babita Baliarsinha.


SAI ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Enterprises'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- The 'IND BB' rating on the INR1.30 bil. Proposed term loan* is
withdrawn.

The provisional rating has been withdrawn as it was outstanding for
over 180 days.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 4, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, Sai Enterprises is engaged in real estate
development. Basantraj Sethia and Sethia Infrastructure Pvt Ltd.
are the partners.


SARVESH BLISS: ICRA Keeps B on INR11.7cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the bank facilities for INR11.70 crore of
Sarvesh Bliss Healthcare Private Limited (SBH), continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       9.20       [ICRA]B (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Fund Based–       1.50       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Short Term–       1.00       [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund                     Rating continues to remain in
   Based                        the 'Issuer Not Cooperating'
                                category

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

Incorporated in 2014, SBH a private limited company is promoted and
closely held by Aurangabad based Deshpande family. The company was
set up with an objective to manufacture contraceptives, viz
condoms.


SCS CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SCS
Constructions India Private Limited's (SCS) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR14.26 mil. (reduced from INR19.17 mil.) Term loan due on
     September 2025 downgraded with IND BB/Stable rating;

-- INR58 mil. (increased from INR50 mil.) Fund-based working
     capital limits downgraded with IND BB/Stable rating; and

-- INR122.6 mil. (increased from INR35 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator – Poor: The downgrade reflects instances of
overutilization of the fund-based limits by SCS, although
regularized within three-to-six days, during the 12 months ended
June 2020. As per FY20 provisional financials, the company's cash
flow from operations improved to INR39.90 million (FY19: INR15.45
million) on account of an increase in absolute EBITDA, along with
positive changes in working capital. This coupled with low capex
caused free cash flow to turn positive to INR26.68 million in FY20
(FY19: negative INR31.42 million). Furthermore, SCS's net cash
cycle remained negative at 63 days in FY20 (FY19: negative, 118
days) on account of lower inventory days and stretched creditor
period. The cash and cash equivalents stood at INR22.96 million at
FYE20 (FYE19: INR7.16 million) against debt of INR191.34 million
(INR195.98 million). SCS does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

The ratings remain constrained by SCS' small scale of operations,
despite an improvement in its revenue to INR612.11 million in FY20
(FY19: INR491.97 million). The increase in revenue was primarily
driven by the execution of a higher number of work orders. The
company achieved revenue of INR90 million in 1QFY21. As of June
2020, it had a modest order book of INR948.46 million (1.55x of
FY20 total revenue), to be executed by December 2021.

The ratings continue to factor in the company's modest credit
metrics as indicated by gross interest coverage (operating
EBITDA/gross interest expense) of 3.83x in FY20 (FY19: 4.38x) and
net financial leverage (adjusted net debt/operating EBITDA) of
3.49x (4.48x). The deterioration in the interest coverage was due
to an increase in interest expense on account of a rise in the term
debt, partially offset by the increase in the absolute EBITDA.
However, the net leverage improved because of the rise in the
absolute EBITDA.

Despite the increase in EBITDA, the EBITDA margin declined to 7.89%
in FY20 (FY19: 8.57%), although remained modest, on account of an
increase in the cost of raw materials. The company's return on
capital employed was 12% in FY20 (FY19: 13%).

The ratings also remain constrained by SCS' high geographical and
sector concentration as 100% of its pending orders are from Odisha
for the construction of roads.

However, the ratings continue to be supported by the company's
promoter's more than three decades of experience in the civil
construction business.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, would lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 1.8x and/or further pressure on the
liquidity position, will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2016, SCS is primarily engaged in the construction
of roads, bridges and irrigation projects in Odisha. It is
registered as a Super Class contractor with the government of
Odisha and its registered office is in Bhubaneshwar. Suresh Chandra
Sahoo is the promoter. The company also operates a fuel station
near Puri in Odisha.


SEAWAYS SHIPPING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Seaways Shipping
and Logistics Limited's (Seaways) Long-Term Issuer Rating of 'IND
BB' on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR640 mil. Non-convertible debenture (NCD) INE286U07012
     issued on August 11, 2017 13.5% coupon rate due on August 10,

     2022 maintained on RWN with IND BB/RWN rating;

-- INR250 mil. NCD INE286U07020 issued on September 8, 2017 6%
     coupon rate due on August 10, 2021 maintained on RWN IND BB
     /RWN rating;

--  INR250 mil. Fund-based limits maintained on RWN with IND BB/
      RWN/IND A4+/RWN rating; and

-- INR50 mil. Non-fund-based limits maintained on RWN with IND
     A4+/RWN rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Seaways, its subsidiaries and Mosavi Enterprises Private Limited
(Mosavi; 'IND BB'/RWN), which is wholly owned by the promoters of
Seaways, to arrive at the ratings, on account of operational,
management and financial linkages among the entities.

The maintenance of RWN reflects a delay in the stake sale of
Seaways' key subsidiary - Maxicon Container Line Pte Ltd (Maxicon)
- the proceeds of which shall be used to repay debt. The stake
sale, that the management of Seaways expected to have been
completed by July 2020, has been delayed amid the challenging
economic environment dragged by the outbreak of COVID-19. In the
meanwhile, Seaways has been granted moratorium from its NCD
investors for five months for the repayment of principal.
Additionally, the company has also availed of a moratorium towards
the coupon payment for April-August 2020 and the coupon accrued
during the moratorium period shall be capitalized with the
principal and repaid over the tenure of the NCDs. The ratings also
take into account the tight liquidity position of the company.

The NCDs worth INR640 million have a staggered repayment schedule
over three years with its last installment due on August 10, 2022,
while INR250 million has to be repaid over two years with the last
installment due on August 10, 2021. The first installment payment
towards these NCDs, which was originally due on August 10, 2020 has
now been postponed to January 10, 2021. However, there are no
changes in the due date for the repayment of the balance
installments and the same have to be paid as per the original due
date.

Seaways continues to be in discussions with the investors for the
proposed transaction and the same is likely to be completed before
the revised due date of the first installment of the debentures.
Any delay in the closure of the transaction, beyond the envisaged
timeline, shall be negative for the ratings.

KEY RATING DRIVERS

Subdued Operating Performance: Seaways' consolidated FY20 revenue
declined 6.3% to INR5,670 million (FY19: INR6,052 million)
primarily on account of the sustained decline in the revenue of
freight forwarding and bulk cargo logistics segment. However,
non-vessel operating common carrier (NVOCC) segment revenue raised
2.4% yoy in FY20. FY20 financials are provisional.

The company's EBITDA margin is likely to have expanded to 1.2% in
FY20 (FY19: 0.2%) supported by the cost rationalization measures,
however the same remains weak. Management believes the
profitability margin is likely to improve yoy in FY21 supported by
improvement in the performance of different business verticals
coupled with focus towards cost rationalization.

Stretched Credit Metrics: Seaways' consolidated debt is likely to
have increased to INR2,644 million, as at FYE20 (FYE19: INR2,526
million) primarily on account of the increase in the short-term
borrowings while long-term borrowings remained at around a similar
level.

Seaways' credit metrics, although stretched, is likely to have
witnessed an improvement on account of improvement in
profitability. The consolidated interest coverage ratio
(EBITDA/gross interest expenses) is estimated to have been at 0.20x
in FY20 (FY19: 0.03x) and net leverage (debt less cash and
bank/EBITDA) at 36.73x (260.22x). Overall, the debt of Seaways
(including subsidiaries) increased to INR1,684 million as at FYE20
(FYE19:INR1,566 million) while the debt of Mosavi remained at
INR960 million over the last three years.

Liquidity Indicator - Poor: Seaways' utilization of fund-based
facility of INR250 million remains about fully utilized. The
company also has sanctioned factoring facilities of INR130 million
to meet its working capital requirement. Seaways and Mosavi has a
lumpy repayment schedule over the next three years.

During FY18, Seaways and Mosavi had cumulatively availed of NCDs of
INR1,850 million, which along with the accrued interest is
scheduled for repayment in a staggered manner over the next three
years commencing January 2021. The company's liquidity profile
remains poor as the cash flows are expected to remain inadequate
considering the debt servicing obligations of about INR1 billion in
FY21 (including about INR0.92 billion towards the repayment of NCDs
and accrued interest in January 2021).

While the agency is in cognizance of the company's discussion with
investors for the stake sale in Maxicon, the proceeds of which will
be utilized to pare debt, timely completion of the sale process
remains a major challenge given the outbreak of COVID-19, which has
led to widespread operational disruption. Hence, the timely
infusion of funds amidst pandemic and subsequent debt repayment
remains a key rating sensitivity.

Susceptible to EXIM Volumes, Volatility in Freight Rates: Seaways'
operating performance remains susceptible to the export-import
(EXIM) volumes, which is linked to global-macro economic
conditions. A slowdown in the global growth and consequently, the
EXIM volumes could impact the company's operating performance.
Further, the company's operating performance also remains exposed
to volatile movement in the freight rates.

Established Market Presence: Seaways provides ocean logistics
services and has an operational track record of three decades. The
company has an established domestic and international presence and
enjoys a strong network of own offices and exclusive agents. The
company has a presence across 26 locations in India, and it has an
international presence with operations in Singapore, Malaysia,
Dubai, Hong Kong and Zambia through its different subsidiaries. The
company, through its Singapore-based subsidiary Maxicon carries out
its NVOCC business, which is present in 23 countries, namely
Singapore, India, Malaysia, China, Indonesia, Oman, Myanmar, and
United Arab Emirates among others.

Diversified Revenue Profile: Seaways' operates across four major
business verticals- freight forwarding, NVOCC, bulk cargo
logistics, and warehousing. Additionally, the company also provides
services of project cargo logistics and offshore logistics. The
revenue from NVOCC, freight forwarding, bulk cargo logistics, and
warehousing accounted for 63%, 19%, 10%, and 6%, respectively,
during FY20 (FY19: 58%, 24%, 13%, and 5%, respectively). Healthy
revenue from the NVOCC segment amid a revenue decline in the
freight forwarding and bulk cargo logistics segments has led to a
sustained increase in the NVOCC revenue's contribution to overall
revenue to 63% in FY20 (FY17: 43%).

Cross-Default Clause: A cross-default clause is applicable to the
debt raised by way of NCDs by Mosavi. Mosavi's debt (NCDs) has been
secured by an 87.8% share pledge of Seaways. Any default by Mosavi
Enterprises in debt repayment would result in Seaways playing the
part.

Standalone Performance of Seaways: The agency estimates Seaways'
operating performance to have declined primarily on the decline in
revenue from the freight forwarding and bulk cargo logistics
segments. However, as indicated by the management, the bulk cargo
logistics segment has witnessed traction over the last few months
and the same is likely to remain better in FY21. The company's
standalone debt is estimated to have increased to INR1,574 million
as at FYE20 (FYE19: INR1,361 million) in view of the increase in
both long- as well as short-term borrowings.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments on the
stake sale process and will take an appropriate rating action by
December 2020 - January 2021 on adequate clarity on the
deleveraging process and the liquidity profile of the company.

COMPANY PROFILE

Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services in India. Its wholly-owned subsidiary in
Singapore, Maxicon is intra-Asia non-vessel operating common
carrier.

Maxicon operates over 16,000 containers, around 60% of which are
owned by its Singapore subsidiary and the group.


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

The instrument-wise rating actions are:

-- INR195.6 mil. Term loan* due on December 2021 maintained in
     non-cooperating and withdrawn; and

-- INR240 mil. Fund-based limit * maintained in non-cooperating
     and withdrawn.

* Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because 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 ratings 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

Incorporated in 1994, Shanti G.D. Ispat & Power operates a 15MW
biomass-based power plant in Champa, Chhattisgarh.


SHIVASHAKTI SUGARS: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Shivashakti Sugars
Limited's (SSL) Outlook to Negative from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR200 mil. Term loan due on April 2023 affirmed; Outlook
     revised to Negative from Stable with IND BB+/Negative rating;

     and

-- INR2.30 bil. Fund-based limits affirmed; Outlook revised to
     Negative from Stable with IND BB+/Negative rating.

KEY RATING DRIVERS

The Negative Outlook reflects Ind-Ra's expectation of a further
stretch in SSL's liquidity position in FY21-FY22, owing to high
repayment obligations.

Liquidity Indicator - Stretched: SSL's average use of the
fund-based limits was 76% over the 12 months ended June 2020 with
99% utilization in May and June 2020. The company had an elongated
net working capital cycle of 194 days in FY20 (FY19: 161 days)
because of the high inventory that it needs to maintain during the
crushing season. Its cash and cash equivalents stood at INR37.1
million at FYE20 (FYE19: INR81.3 million). SSL has scheduled debt
repayments of INR196 million in FY21, which Ind-Ra expects to be
tightly matched with cash accrual as well as a normal sugar season
in FY21. Furthermore, the company has a high debt repayment of
INR429.8 million in FY22, which will keep its liquidity under
pressure. The company has availed the Reserve Bank of
India-prescribed moratorium for interest and principal repayments
on the working capital limits and term loan for April to July
2020.

The ratings continue to be constrained by SSL's weak credit metrics
owing to the company's high debt levels of INR5,203 million in FY20
(FY19: INR5,808 million), resulting from the debt-funded capex
undertaken by it in the preceding years. SSL's EBITDA interest
coverage (operating EBITDA/gross interest expense) improved to 1.3x
in FY20 (FY17: 1.2x) and the net leverage (total adjusted net
debt/operating EBITDA) improved to 8.6x (9.3x) on account of lower
debt at the end of the year and the consequent reduction in
interest expense. Ind-Ra expects the credit metrics to remain weak
in FY21 owing to the high debt levels.

The ratings continue to reflect SSL's modest EBITDA margins of
13.6% in FY20 (FY19: 11.7%) with a return on capital employed of 9%
(8%). The rise in margins was attributed to an increase in
realization. Ind-Ra expects the FY21 margins to remain in line with
FY20.

The ratings also factor in SSL's continued medium scale of
operations. The revenue declined to INR4,391 million in FY20 (FY19:
INR5,182 million) due to lower crushing and the consequent lower
electricity generation from the cogeneration plant. The drought
succeeded by floods in FY20 resulted in a shortage of sugarcane.
The company achieved revenue of INR450 million in 1QFY21. SSL
derived 40% of the revenue from Hindustan Coca-Cola Beverages
Private Limited in FY20. Ind-Ra believes the lower demand for sugar
from institutional buyers due to the COVID-19 led lockdown could
impact the company's sugar sales in FY21.

However, the ratings are supported by the promoters' experience of
more than two decades in the sugar industry.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led CAPEX, leading to a further stretch in
liquidity position or indication of the interest coverage remaining
below 1.75x in FY22 could result in a downgrade.

Positive: Any improvement in the revenue or operating margins,
resulting in an improvement in the liquidity position and the
interest coverage increasing above 1.75x, on a sustained basis,
could result in the Outlook revision back to Stable.

COMPANY PROFILE

Incorporated in 1995 by Dr. Prabhakar B Kore, SSL operates a sugar
unit with a crushing capacity of 10,000 tons of canes per day and a
37MW cogeneration plant.


SHRIMATI JWELLERY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shrimati Jwellery House Pvt. Ltd.
        E-5/17, Bitten Market
        Arera Colony
        Bhopal 462012
        India

Insolvency Commencement Date: February 20, 2020

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: February 3, 2021
                               (180 days from commencement)

Insolvency professional: Amresh Shukla

Interim Resolution
Professional:            Amresh Shukla
                         F-05, Jaideep Complex
                         112, Zone-II
                         M.P. Nagar
                         Bhopal 462011
                         E-mail: insolvencyprofessionalindia@
                                 gmail.com
                                 cirp.shrimati@gmail.com

Last date for
submission of claims:    August 21, 2020


SIKKIM HYDRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sikkim Hydro Power Ventures Limited

        Registered office:
        2nd Floor, Plot No. 360
        Block-B, Sector 19
        New Delhi 110075
        IN

        Corporate office:
        Orbit Plaza, 5th Floor
        Plot No. 925/954
        New Prabhadevi Road
        Prabhadevi
        Mumbai 400025

Insolvency Commencement Date: July 30, 2020

Court: National Company Law Tribunal, New Delhi Bench-IV

Estimated date of closure of
insolvency resolution process: January 25, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Diwan Chand Arya

Interim Resolution
Professional:            Mr. Diwan Chand Arya
                         Flat No. B2A-102
                         Golf Links Residency
                         Sector 18 B, Dwarka
                         New Delhi 110075
                         National Capital Territory of Delhi
                         110075
                         E-mail: aumdcarya@gmail.com
                                 shpvl.cirp2020@gmail.com

Last date for
submission of claims:    August 19, 2020


SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR835.00-crore bank facilities and
INR225.0-crore Fixed Deposit (FD) programme of SRS Limited
continues to remain under 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]D/D ISSUER NOT COOPERATING" and
"MD ISSUER NOT COOPERATING" for the bank facilities and FD
programme, respectively.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term        350.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Long Term         10.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Term Loan                    'Issuer Not Cooperating' category

   Short Term       238.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund                     Rating continues to remain under
   Based                        'Issuer Not Cooperating' category

   Long term/       237.00      [ICRA]D/[ICRA]D ISSUER NOT
   short Term                   COOPERATING; Rating continues
   Fund Based/                  to remain under 'Issuer Not
   Non Fund Based               Cooperating' category

   Medium-Term      225.00      MD ISSUER NOT COOPERATING;
   Fixed Deposit                Rating continues to be under
   Programme                    'Issuer Not Cooperating'     
                                category

Rationale

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

SRS Limited was incorporated as SRS Commercial Company Limited in
August 2000. It was renamed to SRS Limited in July 2009. The
company has been involved in the retail/ wholesale sale of
jewellery, besides operating a chain of modern format retail stores
and a chain of cinemas. SRS Limited is presently undergoing
liquidation vide order of Hon'ble National Company Law Tribunal
(NCLT) Chandigarh dated 15.10.2019 under the provisions of
Insolvency and Bankruptcy Code, 2016.


TULSYAN NEC: CARE Keeps D on INR830.8cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tulsyan NEC
Ltd (TNEC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      830.82      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     142.16      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 2, 2019, placed the
rating(s) of TNEC under the 'issuer noncooperating' category as
TNEC had failed to provide information for monitoring of the
rating. TNEC continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/email(s) dated July 14, 2020 and July 17, 2020. 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 rating continues to take into account ongoing delays in the
debt servicing by the company due to poor liquidity position.

Detailed description of the key rating drivers

At the time of last rating on May 2, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange filings):

Key Rating Weaknesses

* On-going delays in debt servicing:  TNEC approached the bankers
for Corporate Debt Restructuring (CDR) in May 2014 which was
formulated and approved by the bankers on March 26, 2015. However,
on account of subdued demand and unfavorable industry scenario the
company's liquidity position remained stretched, resulting in
delays. The account has been classified as NPA.

* Weak financial and operational risk profile:  The TOI of the
company increased by 18.48% to INR 842.8 crore in FY19 as against
INR 711.37 crore in FY18. Power Division sales increased from INR
124.84 cr in FY18 to INR 159.36 cr in FY19. However, company
registered a net loss of INR 222.59 crore in FY19 (FY18: net loss
of INR 157.54 crore) on account of increase in interest cost.

Key Rating Strengths

* Experienced management team with reasonable track record of
operations:  Over the years, under the leadership of Mr. Lalit
Kumar Tulsyan and Mr. Sanjay Tulsyan the company has grown into a
major producer of secondary steel products like TMT Bars in the
southern region. The management team has over three decades of
experience in the steel business.

Incorporated in the year 1947 under the name National Engineering
Company Limited (NECL), the company was taken over by the Tulsyan
group of companies in 1986. TNEC isinto manufacturing of TMT bars
and billets, High Density Poly Ethelene (HDPE)/ Poly Propylene (PP)
sacks and Flexible Intermediate Bulk Containers (FIBC) in the
region. TNEC approached the bankers for Corporate Debt
Restructuring (CDR) in May 2014. However, continued unfavourable
industry scenario led to the company's liquidity position remaining
stretched, resulting in delays. Account has been classified as
NPA.


VENKATESWARA AQUA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sri
Venkateswara Aqua Culture (SVAC), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–         12.0      [ICRA]B+ (Stable); Reaffirmed
   fund-based/CC      

Rationale

The rating reaffirmation is constrained by SVAC's sharp decline in
operating income (OI) to INR34.5 crore in FY2020 from INR48.9 crore
in FY2019 due to subdued demand of shrimp feed from farmers and
operational challenges faced with the demise of its Managing
Partner. The rating remains constrained by SVAC's weak financial
risk profile with interest coverage of 1.6 times and Total
Debt/OPBDITA of 8.4 times in FY2020 and low profit margins of 3.8%
in FY2020 owing to the trading nature of its operations. Besides,
the industry is exposed to the inherent vulnerability in demand,
revenues and margins to adverse climatic conditions and disease
outbreaks. The rating further considers the risks inherent to the
partnership nature of the business.

The rating, however, positively factors in the firm's extensive
experience in the shrimp feed industry. Further, long relationship
with suppliers such as CPF (India) Private Limited (CPFIPL) and
Avanti Feeds Limited (AFL) ensure continuous
supply of feed for trading. SVAC has a low customer concentration
risk, with the firm supplying the feed to a large number of farmers
located in East and West Godavari districts of Andhra Pradesh.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SVAC will continue to benefit from its extensive experience in
the shrimp feed trading and the long-term association with its
customers and suppliers.

Key rating drivers and their description

Credit strengths

* Extensive track record in shrimp feed trading: The firm is in the
business of shrimp feed trading for more than two decades. The firm
trades in feed of CPFIPL and AFL. The established relationships
with its customers and suppliers supported its revenues over the
years.

* Presence in major aquaculture belt of Andhra Pradesh: The firm is
based out of East Godavari district in Andhra Pradesh, a major
aquaculture belt, resulting in continuous demand for shrimp feeds.
The proximity to aquaculture belt helps in saving freight costs.

Credit challenges

* Sharp decline in OI with thin profitability margins: The firm's
scale of operations was modest with an OI of INR34.5 crore in
FY2020, which declined from INR48.9 crore in FY2019 due to lower
sales volume owing to subdued demand of shrimp feed and operational
challenges faced with the demise of its Managing Partner. As SVAC's
geographical reach is limited to the regions of East Godavari and
West Godavari districts of Andhra Pradesh, its scale of operations
would continue to be modest. Although the operating profit margin
improved to 3.8% in FY2020 from 1.4% in FY2019, it remains low
owing to the trading nature of operations.

* Weak financial risk profile: The firm's financial risk profile is
weak, as reflected by interest coverage of 1.6 times and Total
Debt/OPBDITA of 8.4 times in FY2020. The debt is primarily working
capital in nature. The business is working capital-intensive in
nature owing to high debtor days, as farmers usually pay after the
harvesting of shrimps, which takes around three months.

* Vulnerability of demand, revenues and margins as inherent in
aquaculture industry: The risk of adverse climatic conditions and
disease outbreaks are inherent concerns in shrimp farming. Adverse
climate can result in higher mortality rates and affect the quality
of shrimp farmed. The aquaculture industry and auxiliary industries
such as feed manufacturing remain vulnerable to disease outbreaks.

* Risk related to partnership nature of firm: SVAC is exposed to
the risks inherent to the partnership nature of the firm, including
the possibility of capital withdrawal by the partners and the risk
of dissolution of the firm upon the death, retirement or insolvency
of partners.

Liquidity position: Stretched

SVAC's liquidity position is stretched, as evident from high
average utilisation of its fund-based limits between April 2019 and
June 2020. Further, the firm has limited free cash and bank balance
of INR0.03 crore as on March 31, 2020. It does not have any
external term loans on its books as on March 31, 2020.

Rating sensitivities

Positive triggers - ICRA could upgrade the rating if the firm
demonstrates a healthy improvement in its scale of operations,
while improving its profitability and strengthening its liquidity
position on a sustained basis. Moreover, interest coverage ratio
higher than 2.0 times, on a sustained basis, may trigger a rating
upgrade.

Negative triggers - Negative pressure on the rating could arise if
decrease in scale of operations or profitability margin results in
material decline in cash flows. Moreover, stretch in the working
capital cycle, weakening the liquidity position
may trigger a downward revision in rating.

Founded in 2000 as a partnership firm, SVAC trades in shrimp feed
from CPFIPL and AFL in Andhra Pradesh. The registered office is
located in Penuguduru village of East Godavari district in Andhra
Pradesh. The firm's operations are overseen by the Managing
Partner, Mr. Chirla Satyanarayana Reddy, who has been involved in
the aquafeed industry for around two decades. The firm operates
several branches within the East Godavari district in Andhra
Pradesh.


VISHWA INFRASTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwa
Infrastructures and Services Private limited (VISPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      482.71      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     494.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2018, placed the
ratings of VISPL under the 'issuer non-cooperating' category as
VISPL had failed to provide information for monitoring of the
rating. VISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 21, 2020. 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.

The rating factors in stretched liquidity position with delays in
debt servicing.

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating weakness:

* Stretched liquidity position with delays in debt servicing: The
total operating income of VISPL had declined by 12.95% to INR
395.19 crore during FY16 due to slower execution of work orders.
Given the reduced revenue and high fixed overhead, the company
reported loss at PBILDT level. This coupled with high interest
expense resulted in net loss and cash loss for the company. The
cash loss reported in FY16 almost doubled vis-à-vis FY15. The
liquidity position of the company deteriorated further in FY16 due
to stretched receivable days with substantial delay in receipt of
payment for the Government projects executed leading to delays in
debt servicing post commencement of debt servicing obligation as
per the approved CDR package. The financial performance further
deteriorated during the period FY16-FY18 with VISPL reporting
decline in revenue by about 77% to INR91.62 crore in FY18 leading
to higher cash loss during FY18.

Key rating strengths:

* Experienced Promoters: VISPL belongs to Vishwa Group promoted by
Mr. Yerra Srinivas, a first generation entrepreneur. The company's
core team members have been involved in the Infrastructure business
for over a decade.

Vishwa Infrastructure & Services Pvt Ltd (VISPL) started its
operations as Vishwa Construction Company (VCC) in 1992 and was
converted into private limited in December 2004. The company is
involved mainly in the execution of water supply and sewerage
infrastructure projects. VISPL is also into manufacturing of Ms.
Pipes (Mild Steel Pipes), PSC Pipes (Pre Stressed Concrete Pipes)
and RCC Pipes (Reinforced Cement Concrete Pipes).


YASHASHREE TUBES: ICRA Keeps D on INR9.7cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR9.70 crore of
Yashashree Tubes Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term         5.50       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain in
   Term loan                    the 'Issuer Not Cooperating'
                                category

   Long term         3.20       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain in
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short-term        1.00       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund                     Rating continues to remain in
   Based                        the 'Issuer Not Cooperating'
                                category

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

Incorporated in 2011, Yashashree Tubes Private Limited (YTPL/The
Company) is engaged in manufacturing of cold drawn seamless tubes
ranging from outside diameter of 16 mm to 110mm. The company has
its manufacturing facility at Ahmednagar (Maharashtra) which
commenced commercial operations from February 2013 with an annual
installed capacity of 8400 MT.


YOGESH TRADING: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yogesh Trading
Co.'s (YTC) Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR350 mil. Fund-based working capital limit maintained in
     non-cooperating category IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

New Delhi-based YTC is engaged in the wholesale trading of denim
and non-denim fabrics. The firm is managed by Mr. Deepak Gambhir.




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

AGUNG PODOMORO: Fitch Cuts IDR to C, Places USD Notes on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's Long-Term Issuer Default Rating to 'C' from
'CCC-'. At the same time, the USD300 million notes due in 2024,
issued by a wholly owned subsidiary and guaranteed by APLN, have
been placed on Rating Watch Negative.

The downgrade follows disclosure made by APLN that its 58%-owned
subsidiary, PT Sinar Menara Deli, has signed an indicative term
sheet to extend maturity of IDR350 billion medium-term notes to
August 22, 2021 from the original due date on August 26, 2020.
Fitch regards the restructuring of SMD's MTNs as a distressed debt
exchange under its criteria, because it is done to avoid a payment
default and there is material reduction in terms. SMD is a
restricted subsidiary under APLN's US dollar notes documentation
and therefore APLN's IDR has been downgraded to 'C' to reflect the
likelihood of impending default.

The rating on APLN's US dollar notes is unaffected by the DDE
proposal at SMD, as the DDE at SMD has not yet triggered the
cross-default clause under APLN's US dollar notes documentation.
The rating has been placed on RWN to reflect the risk of a default
under SMD's MTNs, which could therefore lead to cross-acceleration
of APLN's US dollar notes.

KEY RATING DRIVERS

Announcement of DDE: Fitch believes SMD sought extension of the
MTNs to avoid payment default in August 2020 when the MTNs mature,
given the company's tight liquidity. SMD had only around IDR50
billion cash as of end-June, and does not have another source of
liquidity to repay the MTNs. SMD's operating profile has weakened
significantly amid challenging property conditions in Indonesia.

Reduction in Terms. Fitch believes the extension of the MTNs'
maturity represents a material reduction in terms for the note
holders, as it is one of the key terms under the MTNs. Fitch
regards any change to key terms as a material reduction unless
there is clear evidence that investors would be indifferent between
original and new terms.

APLN in its 1H20 financial report also disclosed that its 63%-owned
subsidiary, PT Bali Perkasasukses, which owns Indigo Hotel,
received relaxation on term loans instalments from PT Bank QNB
Indonesia for three months until July 2020. APLN confirmed that BPS
is current in interest payments. The amendment in terms for this
loan is not considered a DDE because the flexibility of loans,
compared with bonds, make it difficult to have a categorical
determination of a DDE for this loan. This view is supported by the
fact that the extension does not include the introduction of
payment-in-kind interest or an exchange of debt for equity -
features in bank loans that would be considered as DDE.

Weak Liquidity, Pending Divestment: APLN's liquidity profile is
weak, as the coronavirus pandemic has presented challenges across
its property portfolio and delayed its plan to divest investment
properties. APLN reported a depleting consolidated cash balance of
IDR492 billion as of end-June, from IDR767 billion as of end-March.
Fitch estimates that APLN's liquidity at the holding company is
tight such that it might be unable to meet the USD12 million coupon
payment due in December 2020 on its US dollar notes. Fitch believes
its ability to meet this coupon payment is dependent on the
completion of the sale of investment property or other external
support is forthcoming.

ESG - Governance: APLN's weak financial discipline and operational
execution led to the delays in securing the requisite funds for
refinancing near-term maturities, and improving its capital
structure. As a result, APLN has an ESG Relevance Score of 4 for
Management Strategy and Governance Structure under Fitch's
Environmental, Social and Governance framework. The governance
score of 4 has a negative effect on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Weak Links with Parent: Fitch assesses APLN's linkage with PT
Indofica, a closely held business of the sponsor's family that owns
80% of APLN, as weak, and therefore rate APLN at the standalone
level. Indofica has not extracted meaningful cash flow from APLN
over the last few years aside from limited dividends, and there is
protection in place for bondholders in bond documents and local
regulatory oversight of related-party transactions. Nevertheless,
Fitch may reassess its approach in assessing APLN's ratings if the
parent and subsidiary demonstrate a change in cash-flow movement.

DERIVATION SUMMARY

APLN's downgrade to 'C' reflects announcement of a DDE at its
subsidiary, SMD. Upon completion of the DDE, the rating will be
lowered to 'RD' and Fitch will reassess APLN's profile post
restructuring.

KEY ASSUMPTIONS

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

  - Holding company end-June cash balance of IDR50 billion

  - Holding company cash inflows of IDR150 billion in 2H20

  - Holding company operating costs and interest payments of IDR323
billion in 2H20

  - No asset or bulk land sales in 2H20

Key Recovery Rating Assumptions

The recovery analysis assumes that APLN will be liquidated in
bankruptcy rather than reorganised, because it is an asset-heavy
company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

The estimate reflects Fitch's assessment of the value of trade
receivables under a liquidation scenario at 75% advance rate,
inventory at 75% advance rate, fixed assets and investment
properties at 60% advance rate, and investments in associates at
100% advance rate.

Fitch assumes high inventory recovery because land is recognised at
the historical acquisition cost, and the current market value is
considerably higher. Fitch has also deducted from inventory
balance, advances from customer and balance from island G, I, F due
to uncertainty with regards to its development prospects.

Fitch has added committed undrawn construction facilities totalling
IDR1 trillion as part of secured debt and inventory, and the net of
accounts payable and cash as part of secured debt.

The estimates result in a recovery rate corresponding to an 'RR2'
Recovery Rating for APLN's unsecured notes. Nevertheless, Fitch
rates the senior notes at 'CCC-' with a Recovery Rating of 'RR4'
because under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

Fitch will reassess APLN's capital structure and cashflows after
the completion of the debt restructuring, or if the restructuring
is not completed, to determine its IDR and rating on the USD
notes.

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

Fitch will downgrade APLN's IDR to 'RD' if DDE is completed, or if
APLN experiences uncured payment default. Fitch will reassess
APLN's IDR once debt restructuring is completed.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity, Near-Term Maturities: APLN's liquidity profile is
weak due to its MTNs' maturity of IDR350 billion due on the August
26, 2020, as well as its estimate that the company may not have
sufficient cash to meet the USD12 million coupon payment due in
December 2020. The company's consolidated amortising loans at the
project level, totalling IDR63 billion in 2H20, appear manageable,
supported by consolidated cash balance totalling IDR492 billion as
of end-June. Fitch estimates IDR430 billion in negative cash flow
from operations in 2H20, including IDR690 billion of construction
costs, which APLN can fund using undrawn construction lines of
around IDR1 trillion as of end-June. APLN also has a USD127 million
loan due in March 2021, which the company plans to repay using the
proceeds from the sale of its investment property.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

APLN has an ESG Relevance Score of 4 for Management Strategy and
Governance Structure. APLN's weak financial discipline and
operational execution led to the delays in securing the requisite
funds for refinancing near-term maturities, and improving its
capital structure.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or the way in which they
are being managed by the entity(ies).


MNC INVESTAMA: Moody's Withdraws Caa1 CFR Amid Insufficient Info
----------------------------------------------------------------
Moody's Investors Service withdrew the Caa1 corporate family rating
of MNC Investama Tbk. (P.T.) and Caa2 senior secured ratings with
negative outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Headquartered in Jakarta, MNC Investama Tbk. (P.T.) is a listed
investment holding company, with strategic investments in operating
companies in media, financial services, energy and real estate. In
addition to P.T. Media Nusantara Citra Tbk and P.T. MNC Vision
Networks Tbk, BHIT's other operating companies include P.T. MNC
Kapital Indonesia Tbk and P.T. MNC Land. The company also has
portfolio investments in other private and public companies
operating in transport, infrastructure and other industries.

BHIT is controlled by Mr. Hary Tanoesoedibjo.




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

MALAYSIA: Bursa May Give PN17/GN3 Firms More Time to Submit Plan
----------------------------------------------------------------
Niam Seet Wei & Zairina Zainudin at Bernama reports that Bursa
Malaysia Bhd will consider granting further extension of time for
companies, which have triggered the criteria of Practice Note 17
(PN17) and Guidance Note 3 (GN3) from Jan. 2, 2019 to Dec. 31,
2020, to enable them to submit their regularisation plan to the
Securities Commission Malaysia (SC) or the exchange after the
24-month grace period.

Nevertheless, this would only be done on a case-by-case basis and
based on the requirements made by the companies, the report says.

According to the report, the local stock exchange operator said it
is cognisant that the Covid-19 pandemic would have a material
impact on the efforts and ability of PN17/GN3 companies to
regularise their financial condition.

"As such, we introduced a relief measure on March 26, 2020, whereby
companies that trigger any of the criteria of PN17/GN3 between Jan.
2, 2019 and Dec. 31, 2020 are accorded a longer period of 24
months, instead of the existing 12 months, to submit their
regularisation plan to the SC or the exchange.

"The exchange will consider granting further extension of time
(after the 24 months) if required on a case-by-case basis, taking
into account the justifications and material developments at that
point in time," Bursa told Bernama in an email interview recently.

Meanwhile, additional relief measures were also announced on April
16, 2020, whereby Bursa said companies that trigger any of the
suspended criteria between April 17, 2020 and June 30, 2021 would
not be classified as a PN17 or GN3 company for 12 months, Bernama
says.

This aims to provide greater flexibility to the affected listed
companies to focus on sustaining their businesses and operations
and regularise their financial condition thereon.

"After the 12-month period, the affected listed companies will be
required to reassess their condition to see if it continues to
trigger any of the criteria of PN17 or GN3.

"If it continues to trigger any of the said criteria, they will be
classified as PN17 or GN3 [companies] and will be required to
comply with the obligations," it said, Bernama relays.

PN17 classification involves financially distressed companies
listed on Bursa's Main Market, while GN3 status refers to those
listed on the ACE Market.

Meanwhile, Bernama reports that six companies, which account for
0.67% of total listed companies on Bursa, had triggered the
suspended criteria of PN17 and GN3 as at July 28, 2020.

This includes five Main Market-listed companies and one ACE
Market-listed firm, Bursa said.

"Apart from AirAsia Group Bhd, the other four Main Market companies
that had triggered the suspended criteria of PN17 as at April 17,
2020 were GETS Global Bhd, Ikhmas Jaya Group Bhd, Khee San Bhd and
Cymao Holdings Bhd, while Bahvest Resources Bhd had triggered the
suspended criteria of GN3," it said, Bernama relays.

However, Bursa said these companies would not be classified as
PN17/GN3 companies, and would not be required to comply with the
obligations under Paragraph/Rule 8.04 of PN17 or GN3 of the Listing
Requirements for 12 months, following the relief measures announced
by the exchange on April 16, 2020.

For the record, Bursa said 23 companies had been classified under
PN17 and three companies under GN3 as at July 28, 2020,
representing 2.89% of the total companies listed on the local
exchange during the period, Bernama discloses.




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

Z ENERGY: To Cancel Forecourt Concierge Service; May Axe 100 Jobs
-----------------------------------------------------------------
Stuff.co.nz reports that Z Energy's plans to cancel its service
station forecourt concierge service from October 1 may leave up to
100 people out of jobs.

Stuff relates that the company said it was cancelling the service
because its research showed customers prioritised speed and price,
over the need for forecourt helpers.

According to Stuff, Z Energy retail general manager Andy Baird said
while "a friendly face on the forecourt was a key point of
difference" for Z when the service was introduced, times were
changing.

Mr. Baird said in some areas, staff decided to cut hours in order
to save jobs.

"Then as staff naturally turnover in the future their hours may
increase. Many sites are likely to manage it entirely through
normal staff turnover. Given the varying approaches, it may be up
to 100 roles that are made redundant," Stuff quotes Mr. Baird as
saying.

"While our retailers are working through what this change means at
each site, Z is very mindful that this change may impact those
customers who rely on the concierge service. The company is
currently working through what assistance can be provided for those
that need it. More details of what that may look like will be
shared in the coming months as they are finalised."

Mr. Baird said service station workers were employed by its
retailers and consultation was ongoing.

In-store roles would be retained, Mr. Baird said.

In May, Z Energy reported a NZD88 million loss in the year to March
31, due to writedowns, market competition and low refining margins,
Stuff discloses.

At the company's annual meeting in June, chairwoman Abby Foote said
last year's results were disappointing and that prior to the
Covid-19 crisis, the company completed a thorough review of its
strategy to become "a leaner, more agile and focussed company,"
adds Stuff.

Staff were told of the decision on July 27, the report notes.

Z Energy received NZD3.4 million from the Government's wage subsidy
for 491 staff, Stuff says.




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

BOSS NETWORK: Shut Down by SEC Philippines for Fraud
----------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Philippine Securities and Exchange Commission (SEC) has ordered the
shutdown of Building Our Success Stories Network, Inc. (BOSS
Network), which it said is fooling investors that it runs a
multi-level marketing program.

In a statement over the weekend, the SEC said it had issued a +June
18 a cease-and-desist order to BOSS Network for soliciting
investments from the public without authorization from the
regulator, according to BusinessWorld.

Its collaborator 101Upper Class Corp., which Boss Network runs an
unauthorized investment scheme with named BOSS Ultimate Program
(BOSS UP), is also covered by the order.

BusinessWorld says the involved parties must immediately stop
offering securities to the public and refrain from transacting any
business involving funds in depository banks.

"It is clear that BOSS Network is soliciting investments from the
public in the guise of operating a multi-level marketing business,
with a promise of guaranteed high return of investment," the SEC
said.

BOSS Network was found by the regulator offering investment
opportunities through social media, masking itself as a multi-level
marketing program for personal care products, relays
BusinessWorld.

Its "member-investors" are promised to earn points from buying
personal care packages and from recruiting more investors into the
company, according to BusinessWorld. These points are supposedly
convertible to incentives, which the SEC said is equivalent to
selling securities in the form of investment contracts.

However, BOSS Network is only registered as a corporation engaged
in the direct selling of goods and merchandise. Its certification
of incorporation prohibits it from soliciting investments and
issuing investment contracts, as this activity would require a
secondary license from the SEC.

BusinessWorld says the regulator flagged BOSS Network's activities
as having the features of a Ponzi scheme.

"Clearly, BOSS Network's business model and capitalization cannot
sustain the promised returns on investment, especially if no new
investors will come in," SEC, as cited by BusinessWorld, said.

"Payouts for investors are financed from investments of new
recruits/investors. This is a fraudulent scheme which will likely
cause grave or irreparable injury or prejudice to the investing
public," it added.

Aside from violating the Securities Regulation Code for selling
securities without a registration statement, two of BOSS Network's
incorporators were also found by the SEC as submitting and using
invalid Tax Identification Numbers.

BOSS Network was reached out to for comment on the shutdown order
but was not able to respond, the report states.

BusinessWorld notes that the SEC regularly issues warnings on its
website about groups that maliciously offer investment
opportunities to the public. It has said in several advisories that
one of the red flags should be any promise of "ridiculous rates of
return with little or no risks."




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

ORIENT FINANCE: ICRA Lanka Revises Issuer Rating to [SL]BB
----------------------------------------------------------
ICRA Lanka Limited has revised the issuer rating of Orient Finance
PLC (OFP) to [SL]BB from [SL]BB+. The outlook on the rating
continues to be Negative.

Rationale

The rating downgrade factors the sharp deterioration in OFP's asset
quality indicators, weak profitability, and moderate liquidity
profile. OFP's gross NPA ratio increased from 10.9% in March 2019
to 18.8% in March 2020. However, ICRA Lanka takes a note of the
decline in lending portfolio that has also contributed to the
increase in the NPA ratio. The rating is also affected by the weak
profitability of the Company, mainly on account of higher credit
cost (provisioning cost). Credit provisioning cost/ATA increased to
5.8% during the first 9M of FY2020 vis-a-vis 3,2% in FY2019;
provisions and loan losses were LKR 726 million for the 9M ended
December 2019 vis-à-vis  LKR569 million in FY2019. The rating also
factors the impact the CBSL debt moratorium is likely to have on
loan collections and the overall liquidity profile of the Company
over the next 6M. The rating continues to take comfort from the
support from the parent company, Janasjakthi PLC (JPLC), which is
rated BBB- (Negative) by ICRA Lanka. Over the last 9M, JPLC has
provided additional capital support totaling close to LKR1 billion,
in the way of a right's issue and conversion of preference shares.

Going forward, it is imperative the OFP controls incremental loan
slippages and improve the overall asset quality of the Company.
Also, the Company's ability to meet the on-going regulatory capital
requirements will be crucial from a rating point of view.

Outlook: Negative

The Negative outlook reflects weak asset quality, subdued
profitability, and modest overall financial risk profile of the
entity. The outlook may be revised to Stable in case of substantial
improvement in the capital structure, asset quality, and earnings
profile of OFP. The rating may be revised further downwards, in
case the asset quality continues to deteriorate and in case of less
than expected capital support from the parent entity.  

Key rating drivers

Credit strengths

* Part of the Janashakthi group: OFP is over 90% owned by JPLC, the
holding Company of the Janasakthi group. Janashkthi Group has
significant interests in the financial services sector through it's
controlling interests in Janashaki Insurance PLC (life insurance),
First Capital PLC (primary dealership and investment banking), and
Orient Finance PLC (non-banking financial services). JPLC has
demonstrated a track-record of providing capital and managerial
support for OFP, especially in terms of meeting the regulatory
capital requirements. Over the last nine months, JPLC has provided
capital support to the NBFI subsidiary through a rights issue of
LKR507 million and conversion of LKR476 million preference shares
(which was classified as part of debt capital) to ordinary shares.
Going forward, it will be crucial for the parent company to provide
capital support on a timely basis, if required.  

Credit challenges

* Sharp deterioration of asset quality levels: Since March 2018,
asset quality levels of the Company had significantly deteriorated,
as witnessed by the higher NPAs across all major asset classes.
Asset quality levels deteriorated further in March 2020 with
closing gross NPAs standing at LKR2,779 million vis a vis LKR1,698
million in March 2019; the gross NPA ratio increased to 18.78% in
March 2020 (higher than the systemic average) from 10.96% in March
2019. Moderation of the overall portfolio as well as incremental
slippages, especially in the passenger vehicle, commercial vehicle
and, business lending portfolios have contributed to the increase
in the gross NPA ratio. Going forward, the management's ability to
control new slippages and improve overall asset quality levels will
be crucial, from a rating point of view.

* Weak profitability indicators: Profitability in FY2020 was
significantly affected by higher credit cost, due to the
deterioration of asset quality levels. Credit provisioning cost/ATA
increased to 5.8% during the first 9M of FY2020 vis-à-vis 3.2% in
FY2019; provisions and loan losses were LKR726 million for the 9M
ended December 2019 vis-à-vis LKR569 million in FY2019. For the 9M
ended December 2019, OFP reported a net loss of LKR350 million
compared to the marginal profit of LKR32 million in FY2019 and a
net loss of LKR110 million in FY2018. ICRA Lanka expects OFP to
benefit from the current low-interest rate regime, as the
relatively short-tenured deposit base will be repriced at much
lower rates. Also, going forward, the impact of incremental credit
cost on overall profitability could be moderate, as the loan loss
provisioning has increased to about 71% (as a % gross NPA) in
FY2020 from about 56% in FY2019.

* Moderate capitalization profile: OFP's capitalization profile has
improved with successive capital enhancement initiatives over the
last nine months that added close to LKR1 Bn to the core capital of
the Company. Core capital adjusted for revaluation reveres, and
deferred tax assets stood at about LKR2.2 Bn vis-à-vis the
regulatory minimum of LKR2 Bn. However, ICRA Lanka takes cognizance
of the sizable intangible assets (goodwill and brand value of about
LKR800 million) on the Company's balance sheet. The rating also
factors the additional capital requirement of about LKR300 million,
in order to comply with the LKR2.5 billion regulatory capital
requirement by December 2021. OFP will have to resort to external
capital infusions to comply with the same as the internal
generation is likely to be modest over the next 12M. Therefore,
going forward, the parent company's ability to provide capital
support in a timely manner will be crucial from a rating point of
view. The risk-weighted Tier-1 capital adequacy ratio of the
Company has improved to 10.2% in March 2020, from 5.47% in March
2019, following the recent capital infusions; regulatory CAR is
6.5% for Tier 1. OFP's ability to maintain the capital adequacy
ratios at comfortable levels will be a rating key monitorable.   

* Stretched liquidity profile: ICRA Lanka expects the liquidity
position to weaken during the next 6M, as a result of lower loan
recoveries due to Covid-19 impact and debt moratoriums introduced
by the CBSL. As per the management estimates, about 20% of OFP's
loan portfolio is affected by the proposed debt moratorium, and
overall recoveries could be slower over the next 6M. The
availability of undrawn sanction limits and the reduction of the
statutory liquidity requirement by the CBSL provide some comfort
from a liquidity point of view. However, ICRA Lanka will continue
to monitor actual loan recovery levels continuously, as it is a key
rating driver.

Analytical approach: For arriving at the ratings, ICRA has applied
its ratings methodologies as indicated below.

Orient Finance PLC (formerly known as Bartleet Finance PLC, BFP,
prior to the acquisition of erstwhile –Orient Finance PLC and its
subsequent merger process) was incorporated in 1981. The Company is
a registered finance company and is licensed by the Monetary Board
of Sri Lanka to accept Fixed Deposits from the public. The Company
was listed on the Main Board of the Colombo Stock Exchange in June
2011.

In July 2015, BFP acquired erstwhile-Orient Finance PlC after
paying close to LKR1.70 billion in cash and 1,213 Bartleet shares
to the erstwhile-Orient Finance Plc shareholders. After the merger,
the Company was renamed as Orient Finance PLC and Janashakthi PLC
became the main shareholder of the Company with 99.9% shareholding.
In January 2015, OFP made an initial public offer (IPO) of about
LKR1.0 billion. Objective of the IPO was to improve the capital
structure of the Company and settle the short term loan obtained
from Orient Capital Limited (a fully owned sub-subsidiary of
Janashakthi PLC) for the acquisition. As of December 2019,
Janashakthi PLC held 91.4% shareholding in OFP.

Recent Results

For the 9M ended December 2019, OFP reported a net loss of LKR350
million on a total asset base of LKR15.9 billion, as compared to
the net profit of LKR29 million reported in FY2019, on a total
asset base of LKR17.4 billion.

Janashakthi PLC (Parent Company)

Janashakthi PLC is an investment holding company incorporated in
the year 1994. The company is owned and managed by the Schaffter
family (Mr. Prakash Schaffter 50%, Mr. Ramesh Schaffter 50%).
Subsidiaries include Janashakthi Insurance PLC, which is an
established insurance company in Sri Lanka operating for over two
decades and Orient Finance PLC, which is a listed finance company
in Sri Lanka. In September 2018, JPLC also acquired a 41.1% stake
in Dunamis Capital PLC (DCP), an investment holding company with
exposure to the real estate and finance sectors, and subsequently
concluded a voluntary offer in December 2018 to obtain the
remaining 58.9% shareholding. On October 29, 2019 shareholder
approval was obtained for the amalgamation of DCP and JPLC. Full
amalgamation was completed in December 2019, resulting in DCP
ceasing to exist and its subsidiaries (namely, First Capital
Holdings and Kelsey Development PLC) becoming the step-down
subsidiaries of JPLC.

During the financial year ended March 31, 2019 Janashakthi PLC
reported a standalone net loss of LKR672 million, on a total
operating income of LKR364 million, compared to the net profit of
LKR8 million on a total operating income of LKR1,314 million in the
corresponding period of the previous fiscal.

On a consolidated basis, Janashakthi group reported a net profit of
1,689 million on a total operating income of LKR10,497 million in
FY2019, compared to a net profit of LKR8,563 million on a total
operating income of LKR7,807 million in the previous fiscal.

For the 9M ended December 2019, JPLC reported a standalone net loss
of LKR517 million on an operating income of LKR673 million and a
consolidated loss of LKR65 million on an operating income of
LKR9,148 million.




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

BOND PRICING: For the Week Aug. 3 to Aug. 7, 2020
-------------------------------------------------
Issuer                   Coupon    Maturity    Currency   Price
------                   ------    --------    --------   -----

  AUSTRALIA
  ---------


CLEAN SEAS SEAFOOD LTD       8.00      11/18/22    AUD     1.04
CLIME CAPITAL LTD/FUND       6.25      11/30/21    AUD     0.98
KEYBRIDGE CAPITAL LTD        7.00      07/31/20    AUD     0.95
MIDWEST VANADIUM PTY LTD    13.25      02/15/18    USD     0.17
MIDWEST VANADIUM PTY LTD    13.25      02/15/18    USD     0.17
PALADIN ENERGY LTD          10.00      02/01/23    USD    60.63
PALADIN ENERGY LTD          10.00      02/01/23    USD    60.63
VIRGIN AUSTRALIA HOLDINGS    8.08      03/05/24    AUD    15.65
VIRGIN AUSTRALIA HOLDINGS    7.88      10/15/21    USD    15.42
VIRGIN AUSTRALIA HOLDINGS    8.25      05/30/23    AUD    15.23
VIRGIN AUSTRALIA HOLDINGS    7.88      10/15/21    USD    15.15
VIRGIN AUSTRALIA HOLDINGS    8.13      11/15/24    USD    15.00
VIRGIN AUSTRALIA HOLDINGS    8.13      11/15/24    USD    15.00
VIRGIN AUSTRALIA HOLDINGS    8.00      11/26/24    AUD     6.82


  CHINA
  -----

AKESU DISTRICT GREEN INDU    4.09      03/11/23    CNY    59.75
AKESU DISTRICT GREEN INDU    4.09      03/11/23    CNY    59.69
AKESU XINCHENG ASSET INVE    6.40      04/20/22    CNY    40.24
AKESU XINCHENG ASSET INVE    6.40      04/20/22    CNY    40.12
ALTAY PREFECTURE STATE-OW    4.85      01/22/23    CNY    60.70
ALTAY PREFECTURE STATE-OW    4.85      01/22/23    CNY    59.30
AN SHUN YU KUN REAL ESTAT    5.48      11/10/21    CNY    69.32
ANHUI FOREIGN ECONOMIC CO    7.30      07/13/21    CNY    70.01
ANHUI JIANGNAN INDUSTRIAL    4.76      07/08/23    CNY    59.01
ANHUI JIANGNAN INDUSTRIAL    4.76      07/08/23    CNY    58.93
ANHUI PINGTIANHU INVESTME    7.40      10/23/20    CNY    20.08
ANHUI PINGTIANHU INVESTME    7.40      10/23/20    CNY    19.60
ANHUI PROVINCE TONGLING I    7.30      05/13/21    CNY    27.18
ANHUI PROVINCE TONGLING I    7.30      05/13/21    CNY    20.32
ANJI COUNTY STATE-OWNED C    8.30      04/24/21    CNY    24.57
ANJI COUNTY STATE-OWNED C    8.30      04/24/21    CNY    20.65
ANJI NORTHWEST DEVELOPMEN    5.90      07/18/23    CNY    59.63
ANLU CONSTRUCTION DEVELOP    5.45      06/15/23    CNY    60.83
ANLU CONSTRUCTION DEVELOP    5.45      06/15/23    CNY    60.82
ANQING ECONOMIC&TECHNOLOG    4.09      03/09/23    CNY    60.02
ANQING ECONOMIC&TECHNOLOG    4.09      03/09/23    CNY    58.79
ANQING URBAN CONSTRUCTION    6.01      04/27/22    CNY    41.14
ANQING URBAN CONSTRUCTION    6.01      04/27/22    CNY    40.00
ANSHUN STATE-RUN ASSETS M    4.48      07/18/23    CNY    56.50
BAOJI HI-TECH INDUSTRIAL     8.25      04/21/21    CNY    20.38
BAOJI HI-TECH INDUSTRIAL     8.25      04/21/21    CNY    20.00
BAOTOU CITY SCIENCE EDUCA    6.48      03/25/22    CNY    45.50
BAOTOU CITY SCIENCE EDUCA    6.48      03/25/22    CNY    41.45
BAOYING CITY CONSTRUCTION    4.50      03/24/23    CNY    60.47
BAOYING CITY CONSTRUCTION    4.50      03/24/23    CNY    60.32
BAYAN ZHUOER HETAO WATER     8.54      03/31/22    CNY    31.30
BAZHONG STATE-OWNED ASSET    5.13      12/02/22    CNY    60.00
BAZHONG STATE-OWNED ASSET    5.13      12/02/22    CNY    58.54
BAZHONG STATE-OWNED ASSET    8.50      04/25/21    CNY    21.20
BAZHONG STATE-OWNED ASSET    8.50      04/25/21    CNY    20.70
BEIJING BIOMEDICINE INDUS    6.35      07/23/20    CNY    20.40
BEIJING BIOMEDICINE INDUS    6.35      07/23/20    CNY    19.99
BEIJING CAPITAL DEVELOPME    6.50      02/27/21    CNY    20.83
BEIJING CAPITAL DEVELOPME    6.50      02/27/21    CNY    20.39
BEIJING CAPITAL DEVELOPME    7.19      01/15/21    CNY    20.33
BEIJING CAPITAL DEVELOPME    7.19      01/15/21    CNY    20.00
BEIJING CHANGXIN CONSTRUC    6.74      04/22/21    CNY    20.49
BEIJING CHANGXIN CONSTRUC    6.74      04/22/21    CNY    20.41
BEIJING FUTURE SCIENCE PA    4.20      08/13/22    CNY    60.45
BEIJING GUCAI GROUP CO LT    6.60      09/06/20    CNY    23.68
BEIJING GUCAI GROUP CO LT    6.60      09/06/20    CNY    20.12
BEIJING HAIDIAN STATE-OWN    5.50      08/07/20    CNY    20.01
BEIJING HAIDIAN STATE-OWN    5.50      08/07/20    CNY    20.01
BEIJING JINGMEI GROUP CO     6.14      09/09/20    CNY    20.27
BEIJING JINGMEI GROUP CO     6.14      09/09/20    CNY    20.05
BEIJING JINLIYUAN STATE-O    7.00      10/28/20    CNY    20.11
BEIJING JINLIYUAN STATE-O    7.00      10/28/20    CNY    20.00
BEIJING SHIJINGSHAN STATE    6.08      08/18/21    CNY    43.87
BEIJING SHIJINGSHAN STATE    6.08      08/18/21    CNY    40.51
BEIJING XINCHENG INFRASTR    7.50      04/21/21    CNY    20.61
BEIJING XINGZHAN INVESTME    6.66      04/24/21    CNY    20.40
BEIJING XINGZHAN INVESTME    6.66      04/24/21    CNY    20.00
BEIPIAO CITY CONSTRUCTION    6.70      03/25/23    CNY    62.03
BEIPIAO CITY CONSTRUCTION    6.70      03/25/23    CNY    52.22
BENGBU GAOXIN INVESTMENT     8.70      04/17/21    CNY    20.44
BENGBU GAOXIN INVESTMENT     8.70      04/17/21    CNY    20.00
BENXI URBAN CONSTRUCTION     6.24      01/22/22    CNY    40.02
BENXI URBAN CONSTRUCTION     6.24      01/22/22    CNY    40.00
BIJIE CONSTRUCTION INVEST    6.50      01/28/22    CNY    45.65
BIJIE CONSTRUCTION INVEST    6.50      01/28/22    CNY    41.30
BIJIE KAIYUAN CONSTRUCTIO    7.78      02/25/21    CNY    30.00
BIJIE KAIYUAN CONSTRUCTIO    7.78      02/25/21    CNY    20.31
BINZHOU HI-TECH DEVELOPME    8.60      01/10/21    CNY    23.40
BINZHOU HI-TECH DEVELOPME    8.60      01/10/21    CNY    20.26
BINZHOU ZHONGHAI VENTURE     6.65      04/13/22    CNY    40.47
BINZHOU ZHONGHAI VENTURE     6.65      04/13/22    CNY    40.00
BORALA MONGOL AUTONOMOUS     5.77      08/26/22    CNY    60.42
BORALA MONGOL AUTONOMOUS     5.77      08/26/22    CNY    59.00
BORALA MONGOL AUTONOMOUS     7.18      08/09/20    CNY    20.02
BORALA MONGOL AUTONOMOUS     7.18      08/09/20    CNY    19.90
BOZHOU URBAN CONSTRUCTION    4.78      04/14/23    CNY    60.62
BOZHOU URBAN CONSTRUCTION    4.78      04/14/23    CNY    60.50
CANGNAN COUNTY STATE OWNE    5.58      11/11/22    CNY    68.00
CANGNAN COUNTY STATE OWNE    5.58      11/11/22    CNY    60.85
CEFC SHANGHAI INTERNATION    4.98      12/10/20    CNY    61.29
CEFC SHANGHAI INTERNATION    4.08      09/09/21    CNY    60.00
CHANG DE DING LI INDUSTRY    4.30      03/10/23    CNY    60.19
CHANG DE DING LI INDUSTRY    4.30      03/10/23    CNY    59.93
CHANGCHUN MODERN AGRICULT    7.00      07/25/21    CNY    40.21
CHANGDE ECONOMIC CONSTRUC    7.00      03/24/21    CNY    21.40
CHANGDE ECONOMIC CONSTRUC    7.00      03/24/21    CNY    20.47
CHANGDE URBAN CONSTRUCTIO    3.59      01/12/23    CNY    60.00
CHANGDE URBAN CONSTRUCTIO    3.59      01/12/23    CNY    59.87
CHANGLE COUNTY NEWTOWN DE    5.18      12/16/22    CNY    62.03
CHANGLE COUNTY NEWTOWN DE    5.18      12/16/22    CNY    59.78
CHANGSHA COUNTY XINGCHENG    7.90      03/25/22    CNY    41.86
CHANGSHA COUNTY XINGCHENG    7.90      03/25/22    CNY    41.80
CHANGSHA ECONOMIC & TECHN    8.45      04/13/22    CNY    30.93
CHANGSHA FURONG CITY DEVE    3.88      01/26/23    CNY    60.67
CHANGSHA FURONG CITY DEVE    3.88      01/26/23    CNY    60.30
CHANGSHA METRO GROUP CO L    5.97      04/03/25    CNY    72.69
CHANGSHA METRO GROUP CO L    5.40      07/14/25    CNY    71.74
CHANGSHA METRO GROUP CO L    5.40      07/14/25    CNY    70.00
CHANGSHA METRO GROUP CO L    6.20      04/23/23    CNY    46.65
CHANGSHA TIANXIN CITY CON    4.20      11/06/22    CNY    60.10
CHANGSHA TIANXIN CITY CON    4.20      11/06/22    CNY    59.96
CHANGSHA YUHUA URBAN CONS    3.80      01/28/23    CNY    60.17
CHANGSHA YUHUA URBAN CONS    3.80      01/28/23    CNY    59.77
CHANGSHA YUHUA URBAN CONS    7.17      04/18/21    CNY    24.00
CHANGSHA YUHUA URBAN CONS    7.17      04/18/21    CNY    20.55
CHANGSHU BINJIANG URBAN C    6.39      09/11/21    CNY    40.60
CHANGSHU BINJIANG URBAN C    6.39      09/11/21    CNY    40.00
CHANGSHU DONGNAN ASSET IN    6.53      03/26/22    CNY    47.32
CHANGSHU DONGNAN ASSET IN    6.53      03/26/22    CNY    41.10
CHANGSHU TRANSPORTATION S    7.00      04/29/21    CNY    27.00
CHANGSHU TRANSPORTATION S    7.00      04/29/21    CNY    20.57
CHANGXING COMMUNICATIONS     7.88      04/30/21    CNY    30.30
CHANGXING COMMUNICATIONS     6.75      06/16/21    CNY    20.70
CHANGXING COMMUNICATIONS     7.88      04/30/21    CNY    20.55
CHANGXING COMMUNICATIONS     6.75      06/16/21    CNY    19.94
CHANGXING URBAN CONSTRUCT    6.00      12/03/21    CNY    40.45
CHANGXING URBAN CONSTRUCT    6.00      12/03/21    CNY    39.00
CHANGZHOU BINHU CONSTRUCT    8.04      12/12/20    CNY    20.34
CHANGZHOU BINHU CONSTRUCT    8.04      12/12/20    CNY    20.30
CHANGZHOU PUBLIC HOUSING     6.64      07/02/21    CNY    20.20
CHANGZHOU PUBLIC HOUSING     6.64      07/02/21    CNY    20.19
CHANGZHOU TIANNING CONSTR    6.48      02/12/22    CNY    41.01
CHANGZHOU TIANNING CONSTR    6.48      02/12/22    CNY    40.00
CHAOHU URBAN TOWN CONSTRU    6.50      04/30/22    CNY    42.10
CHAOHU URBAN TOWN CONSTRU    6.50      04/30/22    CNY    41.16
CHENGDU ECONOMIC & TECHNO    6.90      05/30/21    CNY    26.00
CHENGDU ECONOMIC & TECHNO    6.90      05/30/21    CNY    20.49
CHENGDU GARDEN WATER CITY    6.15      05/03/23    CNY    60.42
CHENGDU GARDEN WATER CITY    6.15      05/03/23    CNY    60.04
CHENGDU KONGGANG CITY CON    6.92      07/30/20    CNY    25.05
CHENGDU KONGGANG CITY CON    6.92      07/30/20    CNY    25.00
CHENGDU LONGBO INVESTMENT    8.10      04/24/21    CNY    20.46
CHENGDU PIDU DISTRICT STA    6.95      04/01/22    CNY    48.83
CHENGDU PIDU DISTRICT STA    6.95      04/01/22    CNY    41.44
CHENGDU PIDU DISTRICT STA    7.25      10/15/20    CNY    20.11
CHENGDU SHUZHOU CITY CONS    6.58      05/26/22    CNY    40.74
CHENGDU SHUZHOU CITY CONS    6.58      05/26/22    CNY    39.30
CHENGDU XINGCHENGJIAN IND    6.00      03/20/22    CNY    40.92
CHENGDU XINGCHENGJIAN IND    6.00      03/20/22    CNY    40.00
CHENGDU XINKAIYUAN URBAN     5.29      04/27/23    CNY    59.92
CHENGDU XINKAIYUAN URBAN     5.29      04/27/23    CNY    59.58
CHENGDU XINKAIYUAN URBAN     7.43      08/12/21    CNY    41.00
CHENGDU XINKAIYUAN URBAN     7.43      08/12/21    CNY    40.60
CHENGFA INVESTMENT GROUP     6.87      04/30/21    CNY    20.52
CHENZHOU BAIFU INVESTMENT    4.96      03/22/26    CNY    73.33
CHENZHOU BAIFU INVESTMENT    6.54      08/28/21    CNY    40.25
CHENZHOU BAIFU INVESTMENT    6.54      08/28/21    CNY    40.12
CHENZHOU FUCHENG HIGH TEC    4.73      01/22/23    CNY    59.82
CHENZHOU FUCHENG HIGH TEC    4.73      01/22/23    CNY    59.80
CHENZHOU INDUSTRY INVESTM    6.45      01/23/22    CNY    40.36
CHENZHOU XINTIAN INVESTME    5.38      03/08/26    CNY    73.87
CHENZHOU XINTIAN INVESTME    5.38      03/08/26    CNY    73.12
CHENZHOU XINTIAN INVESTME    6.15      04/24/22    CNY    39.78
CHINA MINSHENG INVESTMENT    7.00      12/26/20    CNY    36.65
CHINA OCEANWIDE HOLDINGS     8.60      09/21/21    CNY    68.00
CHINA OCEANWIDE HOLDINGS     8.90      12/13/21    CNY    63.00
CHINA SECURITY CO LTD        4.45      11/11/19    CNY    31.00
CHINA YIXING ENVIRONMENT     7.10      10/18/20    CNY    20.40
CHINA YIXING ENVIRONMENT     7.10      10/18/20    CNY    20.14
CHONGQIN BAIYAN INVESTMEN    5.75      05/03/23    CNY    61.50
CHONGQIN BAIYAN INVESTMEN    5.75      05/03/23    CNY    60.47
CHONGQIN XINLIANG INVESTM    4.76      08/26/23    CNY    56.48
CHONGQIN XINLIANG INVESTM    4.76      08/26/23    CNY    56.41
CHONGQING BANAN ECONOMIC     7.00      08/20/21    CNY    41.10
CHONGQING BANAN ECONOMIC     6.17      03/13/22    CNY    41.00
CHONGQING BANAN ECONOMIC     6.17      03/13/22    CNY    40.77
CHONGQING BANAN ECONOMIC     7.00      08/20/21    CNY    40.73
CHONGQING BEICHENG CONSTR    7.30      10/16/20    CNY    20.30
CHONGQING BEICHENG CONSTR    7.30      10/16/20    CNY    20.15
CHONGQING BISHAN DISTRICT    4.93      03/29/23    CNY    60.52
CHONGQING BISHAN DISTRICT    4.93      03/29/23    CNY    60.16
CHONGQING CHANGSHOU ECO&T    7.20      07/15/21    CNY    20.34
CHONGQING CHANGSHOU ECO&T    7.20      07/15/21    CNY    20.00
CHONGQING CHANGSHOU ECO-T    7.10      06/19/21    CNY    20.29
CHONGQING CHANGSHOU ECO-T    7.10      06/19/21    CNY    20.00
CHONGQING DASUN ASSET DEA    6.98      09/10/20    CNY    20.07
CHONGQING DAZU INDUSTRIAL    6.30      04/28/22    CNY    40.38
CHONGQING DAZU INDUSTRIAL    6.30      04/28/22    CNY    40.00
CHONGQING ECO&TECH DEVELO    3.95      04/13/23    CNY    60.80
CHONGQING ECO&TECH DEVELO    3.95      04/13/23    CNY    60.13
CHONGQING FULING DISTRICT    7.89      03/20/21    CNY    27.33
CHONGQING FULING DISTRICT    7.89      03/20/21    CNY    20.42
CHONGQING FULING TRAFFIC     6.68      02/03/22    CNY    40.66
CHONGQING FULING TRAFFIC     6.68      02/03/22    CNY    40.00
CHONGQING GAOXIN ZONE DEV    7.80      04/25/21    CNY    30.80
CHONGQING GAOXIN ZONE DEV    7.80      04/25/21    CNY    20.58
CHONGQING GARDENING INDUS    8.45      06/03/21    CNY    20.63
CHONGQING GARDENING INDUS    8.45      06/03/21    CNY    20.00
CHONGQING HAOJIANG CONSTR    8.05      03/06/21    CNY    20.24
CHONGQING HAOJIANG CONSTR    7.99      11/22/20    CNY    20.16
CHONGQING HAOJIANG CONSTR    8.05      03/06/21    CNY    20.00
CHONGQING HAOJIANG CONSTR    7.99      11/22/20    CNY    20.00
CHONGQING HECHUAN CITY CO    7.30      07/07/21    CNY    21.00
CHONGQING HECHUAN CITY CO    7.30      07/07/21    CNY    20.70
CHONGQING INTERNATIONAL L    7.08      10/18/20    CNY    20.29
CHONGQING INTERNATIONAL L    7.08      10/18/20    CNY    20.13
CHONGQING JIANGBEIZUI CEN    6.50      07/21/21    CNY    20.51
CHONGQING JIN TONG INDUST    4.44      11/16/23    CNY    74.76
CHONGQING JINYUN ASSET MA    4.50      12/31/22    CNY    60.04
CHONGQING JINYUN ASSET MA    4.50      12/31/22    CNY    60.01
CHONGQING JIULONG HI-TECH    6.60      08/19/21    CNY    40.55
CHONGQING KAIQIAN INVESTM    4.64      03/21/23    CNY    58.88
CHONGQING KAIQIAN INVESTM    4.64      03/21/23    CNY    58.76
CHONGQING LAND PROPERTIES    3.36      03/21/23    CNY    60.57
CHONGQING LAND PROPERTIES    3.36      03/21/23    CNY    60.10
CHONGQING LAND PROPERTIES    6.30      08/22/20    CNY    20.06
CHONGQING LAND PROPERTIES    6.30      08/22/20    CNY    20.00
CHONGQING LIANGJIANG NEW     3.10      08/05/21    CNY    70.10
CHONGQING LIANGJIANG NEW     5.88      09/16/21    CNY    40.73
CHONGQING LIANGJIANG NEW     3.60      04/19/21    CNY    40.60
CHONGQING LIANGJIANG NEW     3.60      04/19/21    CNY    40.14
CHONGQING LIANGJIANG NEW     3.17      01/13/21    CNY    40.05
CHONGQING LIANGJIANG NEW     3.17      01/13/21    CNY    40.00
CHONGQING LIANGJIANG NEW     6.70      04/25/21    CNY    20.56
CHONGQING MAIRUI URBAN CO    4.95      04/21/23    CNY    60.99
CHONGQING MAIRUI URBAN CO    4.95      04/21/23    CNY    60.44
CHONGQING NANCHUAN CITY C    4.20      07/11/23    CNY    59.90
CHONGQING NANCHUAN CITY C    4.20      07/11/23    CNY    59.23
CHONGQING QIANJIANG CITY     8.00      03/21/21    CNY    21.70
CHONGQING QIANJIANG CITY     8.00      03/21/21    CNY    20.25
CHONGQING SHUANGFU CONSTR    7.49      10/23/20    CNY    20.15
CHONGQING SHUANGFU CONSTR    7.49      10/23/20    CNY    20.00
CHONGQING SHUANGQIAO ECON    5.99      11/19/21    CNY    46.25
CHONGQING SHUANGQIAO ECON    5.99      11/19/21    CNY    39.69
CHONGQING TAX FREE PORT A    7.50      04/24/21    CNY    21.70
CHONGQING TAX FREE PORT A    7.50      04/24/21    CNY    20.47
CHONGQING TEA GARDEN INDU    7.70      05/20/21    CNY    20.34
CHONGQING TONGLIANG JINLO    6.59      04/08/22    CNY    40.67
CHONGQING TONGLIANG JINLO    6.59      04/08/22    CNY    40.00
CHONGQING TONGNAN DISTRIC    4.99      12/31/22    CNY    60.76
CHONGQING TONGNAN DISTRIC    4.99      12/31/22    CNY    60.00
CHONGQING WANSHENG ECO &     6.95      08/25/21    CNY    45.00
CHONGQING WANSHENG ECO &     6.95      08/25/21    CNY    40.22
CHONGQING WANSHENG ECO &     8.19      04/08/21    CNY    23.90
CHONGQING WANSHENG ECO &     8.19      04/08/21    CNY    20.33
CHONGQING WANSHENG ECO DE    5.40      11/18/21    CNY    69.73
CHONGQING WANZHOU SANXIA     4.95      08/25/22    CNY    60.66
CHONGQING XINGRONG HOLDIN    4.86      03/31/23    CNY    58.79
CHONGQING XINGRONG HOLDIN    4.86      03/31/23    CNY    58.50
CHONGQING XIYONG MICRO-EL    6.58      07/25/21    CNY    42.33
CHONGQING XIYONG MICRO-EL    6.58      07/25/21    CNY    40.63
CHONGQING YONGCHUAN HUITO    7.28      05/30/21    CNY    21.60
CHONGQING YONGCHUAN HUITO    7.28      05/30/21    CNY    20.65
CHONGQING YUELAI INVESTME    6.09      04/29/22    CNY    41.08
CHONGQING YUELAI INVESTME    6.09      04/29/22    CNY    40.00
CHONGQING YUNAN ASSET MAN    7.05      06/17/21    CNY    20.76
CHONGQING YUNAN ASSET MAN    7.05      06/17/21    CNY    20.39
CHONGQING YUZHONG STATE-O    7.25      02/26/21    CNY    20.57
CHONGQING YUZHONG STATE-O    7.25      02/26/21    CNY    20.38
CHUN'AN XINANJIANG DEVELO    6.10      03/11/22    CNY    44.55
CHUN'AN XINANJIANG DEVELO    6.10      03/11/22    CNY    40.85
CHUZHOU CITY CONSTRUCTION    6.40      08/22/21    CNY    40.71
CITIC GUOAN GROUP CORP       4.49      03/08/21    CNY    18.25
CITIC GUOAN GROUP CORP       4.23      12/15/20    CNY    18.25
CITIC GUOAN GROUP CORP       5.80      12/15/19    CNY    18.25
CITIC GUOAN GROUP CORP       4.90      11/06/19    CNY    18.25
CIXI CITY CONSTRUCTION IN    6.18      08/18/21    CNY    48.80
CIXI CITY CONSTRUCTION IN    6.18      08/18/21    CNY    40.59
DALI ECONOMIC DEVELOPMENT    8.30      12/11/20    CNY    20.60
DALI ECONOMIC DEVELOPMENT    8.30      12/11/20    CNY    20.27
DALI ECONOMIC DEVELOPMENT    7.90      03/04/21    CNY    20.26
DALI ECONOMIC DEVELOPMENT    7.90      03/04/21    CNY    20.00
DALI HAIDONG DEVELOPMENT     6.01      01/25/23    CNY    61.26
DALI HAIDONG DEVELOPMENT     6.01      01/25/23    CNY    59.82
DALIAN PULANDIAN CONSTRUC    3.80      01/25/23    CNY    58.42
DALIAN RONGDA INVESTMENT     5.69      12/05/21    CNY    40.53
DALIAN RONGQIANG INVESTME    7.92      04/14/21    CNY    20.35
DALIAN RONGQIANG INVESTME    7.92      04/14/21    CNY    20.35
DALIAN RONGQIANG INVESTME    8.60      01/20/21    CNY    20.30
DALIAN RONGQIANG INVESTME    8.60      01/20/21    CNY    20.30
DALIAN SHITAI CITY CONSTR    4.50      02/01/23    CNY    58.70
DALIAN SHITAI CITY CONSTR    4.50      02/01/23    CNY    57.73
DALIAN SHITAI CITY CONSTR    7.09      02/20/21    CNY    20.07
DANDONG PORT GROUP CO LTD    5.50      01/27/21    CNY    59.00
DANGTU COUNTY CONSTRUCTIO    5.38      08/10/22    CNY    61.40
DANGTU COUNTY CONSTRUCTIO    5.38      08/10/22    CNY    60.61
DANGYANG XINYUAN INVESTME    4.97      03/29/23    CNY    59.81
DANGYANG XINYUAN INVESTME    4.97      03/29/23    CNY    59.37
DANGYANG XINYUAN INVESTME    7.99      05/23/21    CNY    20.00
DANYANG HI-TECH INDUSTRY     6.40      04/24/22    CNY    40.00
DANYANG HI-TECH INDUSTRY     6.40      04/24/22    CNY    39.71
DANYANG INVESTMENT GROUP     3.99      01/25/23    CNY    59.51
DANYANG INVESTMENT GROUP     6.90      10/23/20    CNY    20.14
DATONG ECONOMIC CONSTRUCT    4.49      10/22/22    CNY    60.28
DAWA COUNTY CITY CONSTRUC    6.29      06/12/22    CNY    39.30
DAWA COUNTY CITY CONSTRUC    6.29      06/12/22    CNY    38.92
DAYE ZHENHENG CITY DEVELO    4.50      03/28/23    CNY    59.06
DAYE ZHENHENG CITY DEVELO    4.50      03/28/23    CNY    58.92
DAYE ZHENHENG CITY DEVELO    7.30      03/03/21    CNY    23.53
DAYE ZHENHENG CITY DEVELO    7.30      03/03/21    CNY    20.33
DAYE ZHENHENG CITY DEVELO    7.95      11/27/20    CNY    20.26
DAZHOU DEVELOPMENT HOLDIN    5.10      11/27/22    CNY    60.45
DAZHOU DEVELOPMENT HOLDIN    5.10      11/27/22    CNY    60.00
DAZHOU DEVELOPMENT HOLDIN    6.55      01/14/22    CNY    40.83
DAZHOU DEVELOPMENT HOLDIN    6.55      01/14/22    CNY    40.00
DEHONGZHOU HONGKANG INVES    6.68      01/23/22    CNY    40.33
DEHONGZHOU HONGKANG INVES    6.68      01/23/22    CNY    40.33
DEXING INVESTMENT HOLDING    5.99      03/21/23    CNY    60.58
DEXING INVESTMENT HOLDING    5.99      03/21/23    CNY    59.78
DEYANG ECONOMIC DEVELOPME    7.90      04/28/21    CNY    28.26
DEYANG ECONOMIC DEVELOPME    7.90      04/28/21    CNY    20.34
DONGLING GROUP INC CO        8.00      07/14/22    CNY    41.26
DONGLING GROUP INC CO        8.00      07/14/22    CNY    40.00
DONGTAI UBAN CONSTRUCTION    7.58      04/23/21    CNY    28.48
DONGTAI UBAN CONSTRUCTION    7.58      04/23/21    CNY    20.52
DONGTAI UBAN CONSTRUCTION    8.65      01/13/21    CNY    20.35
DONGYING CITY URBAN ASSET    5.57      03/31/22    CNY    41.58
DONGYING CITY URBAN ASSET    5.57      03/31/22    CNY    40.61
DONGZHI COUNTY CITY OPERA    4.88      06/20/23    CNY    60.31
DONGZHI COUNTY CITY OPERA    4.88      06/20/23    CNY    60.27
DUJIANGYAN XINGYAN INVEST    6.10      03/12/22    CNY    39.46
DUNYUN STATE-OWNED ASSETS    6.60      12/28/22    CNY    59.10
EASTAR HOLDINGS GROUP CO     7.30      10/31/20    CNY    63.00
ENSHI URBAN CONSTRUCTION     7.50      06/03/21    CNY    27.54
ENSHI URBAN CONSTRUCTION     7.50      06/03/21    CNY    20.52
EZHOU CITY CONSTRUCTION I    6.68      09/19/21    CNY    41.00
EZHOU CITY CONSTRUCTION I    6.68      09/19/21    CNY    40.22
EZHOU CITY CONSTRUCTION I    7.76      05/15/21    CNY    26.50
EZHOU CITY CONSTRUCTION I    7.76      05/15/21    CNY    20.65
FANGCHENGGANG GANGFA HOLD    8.09      04/16/21    CNY    22.00
FANGCHENGGANG GANGFA HOLD    8.09      04/16/21    CNY    20.44
FEICHENG CITY ASSETS MANA    4.04      03/23/23    CNY    59.48
FEICHENG CITY ASSETS MANA    4.04      03/23/23    CNY    59.42
FEIXI COUNTY URBAN & RURA    4.45      06/03/23    CNY    61.24
FEIXI COUNTY URBAN & RURA    4.45      06/03/23    CNY    60.42
FENG COUNTY ECONOMIC DEVE    5.18      06/21/23    CNY    59.40
FENG COUNTY ECONOMIC DEVE    5.18      06/21/23    CNY    58.77
FENGCHENG CITY CONSTRUCTI    6.49      02/10/22    CNY    44.49
FENGCHENG CITY CONSTRUCTI    6.49      02/10/22    CNY    41.02
FENGCHENG CITY MODERN IND    5.76      12/17/22    CNY    60.00
FENGCHENG CITY MODERN IND    5.76      12/17/22    CNY    59.35
FENGXIAN URBAN INVESTMENT    4.23      07/13/21    CNY    54.79
FENGXIAN URBAN INVESTMENT    6.48      03/20/22    CNY    40.33
FENGXIAN URBAN INVESTMENT    6.48      03/20/22    CNY    40.00
FENGXIAN URBAN INVESTMENT    4.23      07/13/21    CNY    19.73
FUGU COUNTY STATE-OWNED A    8.69      12/16/20    CNY    20.24
FUGUINIAO CO LTD             6.30      04/22/20    CNY    13.00
FUJIAN JINJIANG INDUSTRIA    7.08      06/27/21    CNY    20.65
FUJIAN JINJIANG INDUSTRIA    7.08      06/27/21    CNY    20.55
FUJIAN PROVINCE LIANJIANG    6.29      04/30/22    CNY    40.53
FUJIAN PROVINCE LIANJIANG    6.29      04/30/22    CNY    40.00
FUJIAN ZHANGLONG GROUP CO    4.99      08/07/22    CNY    60.74
FUJIAN ZHANGLONG GROUP CO    4.99      08/07/22    CNY    60.00
FUNING URBAN INVESTMENT D    7.19      08/15/21    CNY    41.15
FUNING URBAN INVESTMENT D    7.19      08/15/21    CNY    40.50
FUQING CITY STATE-OWNED A    5.94      11/26/22    CNY    56.18
FUQING CITY STATE-OWNED A    6.66      03/01/21    CNY    25.18
FUXIN INFRASTRUCTURE CONS    6.18      03/18/22    CNY    40.39
FUXIN INFRASTRUCTURE CONS    6.18      03/18/22    CNY    40.03
FUZHOU CHANGLE DISTRICT S    4.50      04/11/23    CNY    59.95
FUZHOU CHANGLE DISTRICT S    4.50      04/11/23    CNY    58.80
FUZHOU LINCHUAN URBAN CON    5.68      07/05/23    CNY    61.34
FUZHOU LINCHUAN URBAN CON    5.68      07/05/23    CNY    61.04
FUZHOU URBAN AND RURAL CO    5.48      01/26/22    CNY    40.67
FUZHOU URBAN AND RURAL CO    4.89      07/08/22    CNY    40.57
FUZHOU URBAN AND RURAL CO    4.89      07/08/22    CNY    40.55
FUZHOU URBAN AND RURAL CO    5.48      01/26/22    CNY    40.00
GANZHOU CITY DEVELOPMENT     5.50      06/16/22    CNY    40.93
GANZHOU CITY DEVELOPMENT     5.50      06/16/22    CNY    40.00
GANZHOU DEVELOPMENT ZONE     7.43      02/19/21    CNY    20.27
GANZHOU DEVELOPMENT ZONE     7.43      02/19/21    CNY    19.00
GAOMI STATE-OWNED ASSETS     4.69      01/26/23    CNY    60.68
GAOMI STATE-OWNED ASSETS     4.69      01/26/23    CNY    60.08
GAOYOU CITY CONSTRUCTION     5.48      09/15/22    CNY    60.78
GAOYOU CITY CONSTRUCTION     5.48      09/15/22    CNY    60.00
GOLMUD INVESTMENT HOLDING    8.70      12/30/20    CNY    20.26
GOLMUD INVESTMENT HOLDING    8.70      12/30/20    CNY    20.00
GONGQINGCHENG FINANCIAL M    5.85      03/25/23    CNY    61.13
GONGQINGCHENG FINANCIAL M    5.85      03/25/23    CNY    58.93
GOOCOO INVESTMENT CO LTD     8.00      02/01/21    CNY    50.00
GUANGAN DEVELOPMENT AND C    6.39      03/24/22    CNY    44.00
GUANGAN DEVELOPMENT AND C    6.39      03/24/22    CNY    41.21
GUANGAN ECONOMIC & TECHNO    5.16      04/14/23    CNY    59.56
GUANGAN ECONOMIC & TECHNO    5.16      04/14/23    CNY    59.35
GUANGAN ECONOMIC & TECHNO    7.10      09/22/21    CNY    40.34
GUANGAN ECONOMIC & TECHNO    7.10      09/22/21    CNY    40.34
GUANGDONG HUIZHOU COMMUNI    4.16      05/17/23    CNY    60.30
GUANGDONG HUIZHOU COMMUNI    4.16      05/17/23    CNY    60.06
GUANGXI BAISE DEVELOPMENT    7.27      06/20/21    CNY    20.10
GUANGXI BAISE DEVELOPMENT    7.27      06/20/21    CNY    20.00
GUANGXI LAIBIN INDUSTRIAL    5.97      11/26/21    CNY    40.59
GUANGXI LAIBIN INDUSTRIAL    5.97      11/26/21    CNY    40.00
GUANGXI LIUZHOU DONGCHENG    7.40      10/29/20    CNY    21.00
GUANGXI LIUZHOU DONGCHENG    7.40      10/29/20    CNY    20.16
GUANGXI QINZHOU LINHAI IN    7.68      02/20/21    CNY    24.77
GUANGXI QINZHOU LINHAI IN    7.68      02/20/21    CNY    20.25
GUANGXI URBAN CONSTRUCTIO    7.59      04/14/21    CNY    23.00
GUANGXI URBAN CONSTRUCTIO    7.59      04/14/21    CNY    20.45
GUANGYUAN INVESTMENT HOLD    7.30      04/22/21    CNY    21.15
GUANGYUAN INVESTMENT HOLD    7.30      04/22/21    CNY    20.44
GUANGYUAN YUANQU CONSTRUC    4.48      03/10/23    CNY    59.17
GUANGYUAN YUANQU CONSTRUC    4.48      03/10/23    CNY    59.16
GUANGYUAN YUANQU CONSTRUC    8.35      08/26/21    CNY    47.00
GUANGYUAN YUANQU CONSTRUC    8.35      08/26/21    CNY    40.99
GUANGZHOU HUANTOU NANSHA     6.38      11/18/24    CNY    73.48
GUANGZHOU HUANTOU NANSHA     6.38      11/18/24    CNY    72.93
GUANGZHOU METRO GROUP CO     6.45      04/02/24    CNY    63.07
GUANGZHOU METRO GROUP CO     6.05      06/03/24    CNY    62.87
GUANGZHOU METRO GROUP CO     6.45      04/02/24    CNY    60.00
GUILIN CITY INVESTMENT AN    6.90      06/13/21    CNY    20.39
GUILIN CITY INVESTMENT AN    6.90      06/13/21    CNY    20.00
GUILIN ECONOMIC CONSTRUCT    5.60      04/22/22    CNY    40.90
GUILIN ECONOMIC CONSTRUCT    5.60      04/22/22    CNY    40.00
GUIRENNIAO CO LTD            7.00      12/03/19    CNY    49.50
GUIYANG BAIYUN INDUSTRY D    7.30      03/27/22    CNY    45.00
GUIYANG BAIYUN INDUSTRY D    7.30      03/27/22    CNY    40.51
GUIYANG GUANSHANHU DISTRI    4.87      01/28/23    CNY    59.26
GUIYANG GUANSHANHU DISTRI    4.48      03/09/23    CNY    58.89
GUIYANG GUANSHANHU DISTRI    4.87      01/28/23    CNY    58.87
GUIYANG GUANSHANHU DISTRI    4.48      03/09/23    CNY    58.40
GUIYANG URBAN CONSTRUCTIO    5.23      12/02/22    CNY    60.90
GUIYANG URBAN CONSTRUCTIO    5.23      12/02/22    CNY    60.00
GUIZHOU EAST LAKE CITY CO    5.18      01/06/23    CNY    60.72
GUIZHOU EAST LAKE CITY CO    5.18      01/06/23    CNY    58.09
GUIZHOU FANJINGSHAN INVES    6.95      01/28/22    CNY    41.21
GUIZHOU FANJINGSHAN INVES    6.95      01/28/22    CNY    40.00
GUIZHOU GUIAN CONSTRUCTIO    4.17      10/28/22    CNY    61.00
GUIZHOU GUIAN CONSTRUCTIO    4.17      10/28/22    CNY    60.20
GUIZHOU GUILONG INDUSTRIA    7.80      04/28/22    CNY    51.28
GUIZHOU GUILONG INDUSTRIA    7.80      04/28/22    CNY    49.65
GUIZHOU HONGCAI INVESTMEN    6.00      06/07/23    CNY    48.84
GUIZHOU HONGCAI INVESTMEN    6.00      06/07/23    CNY    48.41
GUIZHOU RAILWAY INVESTMEN    7.50      04/23/24    CNY    63.72
GUIZHOU RAILWAY INVESTMEN    7.20      03/27/22    CNY    41.50
GUIZHOU RAILWAY INVESTMEN    7.20      03/27/22    CNY    41.38
GUIZHOU SHUICHENG CITY IN    4.98      11/22/23    CNY    73.66
GUIZHOU SHUICHENG CITY IN    4.98      11/22/23    CNY    73.34
HAIAN COUNTY DEVELOPMENT     5.45      04/13/23    CNY    59.32
HAIAN COUNTY DEVELOPMENT     5.45      04/13/23    CNY    59.24
HAIAN URBAN DEMOLITION &     5.08      11/27/22    CNY    60.91
HAIAN URBAN DEMOLITION &     5.08      11/27/22    CNY    60.88
HAICHENG URBAN JINCAI LAN    8.56      12/19/20    CNY    20.22
HAICHENG URBAN JINCAI LAN    8.17      04/16/21    CNY    20.22
HAICHENG URBAN JINCAI LAN    8.17      04/16/21    CNY    20.10
HAICHENG URBAN JINCAI LAN    8.56      12/19/20    CNY    20.00
HAIFENG MARINE INFRASTRUC    6.84      04/29/22    CNY    40.63
HAIKOU MEILAN INTERNATION    5.25      09/06/19    USD    55.18
HAIMEN CITY DEVELOPMENT G    6.22      04/03/22    CNY    42.20
HAIMEN CITY DEVELOPMENT G    6.22      04/03/22    CNY    41.16
HAINING CITY DEVELOPMENT     5.58      10/22/21    CNY    40.67
HAINING CITY JIANSHAN DIS    6.90      11/04/20    CNY    21.42
HAINING CITY JIANSHAN DIS    6.90      11/04/20    CNY    20.18
HAIXI STATE-OWNED CAPITAL    8.60      01/02/21    CNY    20.30
HAIXI STATE-OWNED CAPITAL    8.60      01/02/21    CNY    20.30
HAIYAN COUNTY STATE-OWNED    7.00      09/04/20    CNY    20.20
HAIYAN COUNTY STATE-OWNED    7.00      09/04/20    CNY    20.07
HANDAN CONSTRUCTION & INV    5.48      05/27/22    CNY    47.20
HANDAN CONSTRUCTION & INV    5.48      05/27/22    CNY    40.73
HANGZHOU CITY CONSTRUCTIO    3.80      03/14/23    CNY    60.05
HANGZHOU CITY CONSTRUCTIO    3.80      03/14/23    CNY    60.00
HANGZHOU FUYANG CITY CONS    7.20      03/19/21    CNY    20.45
HANGZHOU FUYANG CITY CONS    7.20      03/19/21    CNY    20.45
HANGZHOU FUYANG DEVELOPME    4.76      01/27/23    CNY    60.12
HANGZHOU FUYANG DEVELOPME    4.76      01/27/23    CNY    59.16
HANGZHOU FUYANG DEVELOPME    7.70      04/28/21    CNY    29.00
HANGZHOU FUYANG DEVELOPME    7.70      04/28/21    CNY    20.57
HANGZHOU GONGSHU DISTRICT    6.90      07/21/21    CNY    40.40
HANGZHOU GONGSHU DISTRICT    6.90      07/21/21    CNY    20.67
HANGZHOU METRO GROUP CO L    5.97      09/17/24    CNY    72.89
HANGZHOU WEST LAKE INVEST    4.30      04/25/23    CNY    61.22
HANGZHOU WEST LAKE INVEST    4.30      04/25/23    CNY    60.62
HANGZHOU XIAOSHAN ECO&TEC    6.90      05/13/21    CNY    20.56
HANGZHOU XIAOSHAN QIANJIA    4.00      03/22/23    CNY    60.27
HANGZHOU XIAOSHAN QIANJIA    4.00      03/22/23    CNY    60.15
HANGZHOU YUHANG CITY CONS    7.00      03/03/21    CNY    20.49
HANGZHOU YUHANG CITY CONS    7.00      03/03/21    CNY    20.44
HANGZHOU YUHANG ECONOMIC     7.45      03/03/21    CNY    20.75
HANGZHOU YUHANG ECONOMIC     7.45      03/03/21    CNY    20.48
HANGZHOU YUHANG TRANSPORT    7.19      04/18/21    CNY    21.85
HANGZHOU YUHANG TRANSPORT    7.19      04/18/21    CNY    20.56
HANJIANG STATE-OWNED-ASSE    7.30      11/11/20    CNY    26.60
HANJIANG STATE-OWNED-ASSE    7.30      11/11/20    CNY    20.32
HAWTAI MOTOR GROUP LTD       6.10      10/26/21    CNY    74.00
HAWTAI MOTOR GROUP LTD       7.20      04/14/21    CNY    60.00
HEBEI ZHONGYUE CITY CONST    4.10      11/16/21    CNY    59.92
HEBEI ZHONGYUE CITY CONST    4.10      11/16/21    CNY    59.70
HEBI INVESTMENTS GROUP CO    7.88      08/01/21    CNY    40.99
HEBI INVESTMENTS GROUP CO    7.88      08/01/21    CNY    40.59
HECHI CITY CONSTRUCTION I    5.58      11/13/22    CNY    62.42
HECHI CITY CONSTRUCTION I    5.58      11/13/22    CNY    60.46
HEFEI CONSTRUCTION INVEST    7.20      04/29/24    CNY    64.27
HEFEI XINCHENG STATE-OWNE    4.13      07/15/23    CNY    59.36
HEFEI XINCHENG STATE-OWNE    4.13      07/15/23    CNY    59.10
HEILONGJIANG HECHENG CONS    5.60      11/11/21    CNY    40.22
HEILONGJIANG HECHENG CONS    5.60      11/11/21    CNY    40.00
HEILONGJIANG HECHENG CONS    7.05      06/21/22    CNY    30.93
HEILONGJIANG HECHENG CONS    7.05      06/21/22    CNY    30.80
HEILONGJIANG POST-DISASTE    7.10      11/19/20    CNY    25.22
HEILONGJIANG POST-DISASTE    7.10      11/19/20    CNY    18.55
HEILONGJIANG POST-DISASTE    7.06      11/20/20    CNY     6.81
HEILONGJIANG POST-DISASTE    7.06      11/20/20    CNY     6.74
HEISHAN TONGHE ASSET MANA    6.79      09/18/22    CNY    59.28
HEISHAN TONGHE ASSET MANA    6.79      09/18/22    CNY    59.05
HENGYANG BAISHAZHOU DEVEL    6.87      08/22/21    CNY    44.50
HENGYANG BAISHAZHOU DEVEL    6.87      08/22/21    CNY    40.10
HENGYANG COMMUNICATION IN    4.28      01/21/23    CNY    60.00
HENGYANG COMMUNICATION IN    4.28      01/21/23    CNY    59.75
HENGYANG XIANGJIANG WATER    7.40      04/23/21    CNY    21.10
HENGYANG XIANGJIANG WATER    7.40      04/23/21    CNY    20.39
HETIAN YUXIN STATE-OWNED     4.65      03/28/23    CNY    59.84
HETIAN YUXIN STATE-OWNED     4.65      03/28/23    CNY    59.67
HEYUAN CITY RUNYE INVESTM    6.20      12/03/21    CNY    45.88
HEYUAN CITY RUNYE INVESTM    6.20      12/03/21    CNY    40.68
HEZE INVESTMENT DEVELOPME    7.14      03/24/21    CNY    20.40
HEZHOU URBAN CONSTRUCTION    8.16      05/16/21    CNY    20.80
HEZHOU URBAN CONSTRUCTION    8.16      05/16/21    CNY    20.52
HNA GROUP CO LTD             7.10      04/15/20    CNY    70.00
HNA GROUP CO LTD             5.99      11/27/22    CNY    29.10
HUACHEN ENERGY CO LTD        6.63      05/18/20    USD    31.83
HUAIAN CITY HUAIAN DISTRI    4.63      05/03/23    CNY    64.10
HUAIAN CITY HUAIAN DISTRI    4.63      05/03/23    CNY    60.12
HUAIAN CITY URBAN ASSET O    5.70      04/23/22    CNY    41.54
HUAIAN CITY URBAN ASSET O    5.70      04/23/22    CNY    40.90
HUAIAN CITY XUYI URBAN AS    5.10      04/15/23    CNY    59.79
HUAIAN CITY XUYI URBAN AS    5.10      04/15/23    CNY    59.21
HUAI'AN DEVELOPMENT HOLDI    7.30      03/10/21    CNY    27.84
HUAI'AN DEVELOPMENT HOLDI    7.30      03/10/21    CNY    20.42
HUAIAN HONGRI TRANSPORTAT    5.09      04/20/23    CNY    58.85
HUAIAN HONGRI TRANSPORTAT    5.09      04/20/23    CNY    58.01
HUAIAN HONGZE DISTRICT UR    4.37      07/18/23    CNY    58.96
HUAI'AN NEW CITY INVESTME    6.95      07/28/21    CNY    47.50
HUAI'AN NEW CITY INVESTME    6.95      07/28/21    CNY    40.52
HUAI'AN NEW CITY INVESTME    7.45      03/04/21    CNY    20.33
HUAI'AN NEW CITY INVESTME    7.45      03/04/21    CNY    20.00
HUAIHUA CITY INDUSTRIAL P    7.70      10/29/20    CNY    20.11
HUAIHUA CITY INDUSTRIAL P    7.70      10/29/20    CNY    20.10
HUAIHUA ECONOMIC DEVELOPM    6.80      03/26/22    CNY    40.34
HUAIHUA ECONOMIC DEVELOPM    6.80      03/26/22    CNY    40.00
HUAIHUA TRANSPORTATION CO    4.96      04/12/23    CNY    59.65
HUAIHUA TRANSPORTATION CO    4.96      04/12/23    CNY    59.26
HUAINAN URBAN CONSTRUCTIO    6.79      07/09/21    CNY    21.65
HUAINAN URBAN CONSTRUCTIO    6.79      07/09/21    CNY    20.60
HUANGGANG CITY CONSTRUCTI    4.08      01/18/23    CNY    60.27
HUANGGANG CITY CONSTRUCTI    8.60      12/25/20    CNY    20.60
HUANGGANG CITY CONSTRUCTI    7.45      03/04/21    CNY    20.42
HUANGGANG CITY CONSTRUCTI    8.60      12/25/20    CNY    20.37
HUANGSHAN CHENGTOU GROUP     5.95      05/06/22    CNY    41.14
HUANGSHAN CHENGTOU GROUP     5.95      05/06/22    CNY    40.65
HUANGSHI CIHU HIGH-TECH D    4.50      06/08/23    CNY    63.00
HUANGSHI CIHU HIGH-TECH D    4.97      06/08/23    CNY    60.41
HUANGSHI CIHU HIGH-TECH D    4.50      06/08/23    CNY    60.17
HUANGSHI CIHU HIGH-TECH D    4.97      06/08/23    CNY    60.05
HUANGSHI CIHU HIGH-TECH D    9.30      01/21/21    CNY    20.44
HUANGSHI CIHU HIGH-TECH D    8.70      12/05/20    CNY    20.25
HUANGSHI URBAN CONSTRUCTI    5.99      04/29/22    CNY    41.29
HUANGSHI URBAN CONSTRUCTI    5.99      04/29/22    CNY    40.00
HUAWEN MEDIA GROUP           6.00      04/04/21    CNY    45.50
HUBEI PROVINCE CHANGJIANG    6.15      04/03/22    CNY    42.40
HUBEI PROVINCE CHANGJIANG    6.15      04/03/22    CNY    41.28
HULUDAO INVESTMENT GROUP     7.50      10/18/23    CNY    62.24
HULUDAO INVESTMENT GROUP     7.05      10/18/20    CNY    20.52
HULUDAO INVESTMENT GROUP     7.05      10/18/20    CNY    20.11
HULUNBEIER INVESTMENT CO     6.31      04/30/22    CNY    40.57
HULUNBEIER INVESTMENT CO     6.31      04/30/22    CNY    40.00
HUNAN CHANGDE DEYUAN INVE    6.50      06/16/21    CNY    22.25
HUNAN CHANGDE DEYUAN INVE    6.50      06/16/21    CNY    20.48
HUNAN CHUZHISHENG HOLDING    5.60      12/18/22    CNY    61.09
HUNAN CHUZHISHENG HOLDING    5.60      12/18/22    CNY    60.06
HUNAN JINYANG INVESTMENT     4.37      01/19/23    CNY    59.84
HUNAN JINYANG INVESTMENT     4.37      01/19/23    CNY    59.82
HUNAN JINYANG INVESTMENT     4.39      04/06/23    CNY    59.54
HUNAN JINYANG INVESTMENT     4.39      04/06/23    CNY    58.73
HUNAN JINYANG INVESTMENT     5.70      11/27/21    CNY    40.22
HUNAN JINYANG INVESTMENT     5.70      11/27/21    CNY    38.60
HUNAN LOUDI ECONOMIC & TE    4.89      03/30/23    CNY    56.50
HUNAN LOUDI ECONOMIC & TE    4.89      03/30/23    CNY    56.48
HUNAN LOUDI ECONOMIC & TE    6.36      03/13/22    CNY    47.00
HUNAN LOUDI ECONOMIC & TE    6.36      03/13/22    CNY    39.47
HUNAN PROVINCIAL RAILWAY     6.09      04/30/25    CNY    74.05
HUNAN PROVINCIAL RAILWAY     6.09      04/30/25    CNY    70.00
HUNAN SHAODONG ECO-INDUST    6.50      01/11/23    CNY    61.84
HUNAN SHAODONG ECO-INDUST    6.50      01/11/23    CNY    59.31
HUNAN TIER GROUP CO LTD      4.20      03/17/23    CNY    58.30
HUNAN TIER GROUP CO LTD      4.20      03/17/23    CNY    57.50
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY    22.72
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY    20.36
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY    20.36
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY    20.20
HUNAN XIANGJIANG NEW AREA    7.36      03/17/21    CNY    20.42
HUNAN XIANGJIANG NEW AREA    7.36      03/17/21    CNY    20.00
HUNAN YOUZHOU INVESTMENT     4.80      07/07/23    CNY    60.17
HUNAN YOUZHOU INVESTMENT     4.80      07/07/23    CNY    60.16
HUZHOU URBAN CONSTRUCTION    6.48      08/28/21    CNY    42.38
HUZHOU URBAN CONSTRUCTION    6.48      08/28/21    CNY    40.78
HUZHOU WUXING NANTAIHU CO    8.79      01/16/21    CNY    20.40
HUZHOU XISAISHAN DEVELOPM    7.80      04/29/21    CNY    20.38
HUZHOU XISAISHAN DEVELOPM    7.80      04/29/21    CNY    20.00
INNER MONGOLIA JINLONG IN    7.30      11/19/22    CNY    60.20
INNER MONGOLIA JINLONG IN    7.30      11/19/22    CNY    59.50
INNER MONGOLIA KE'ERQIN U    6.45      04/30/22    CNY    40.00
INNER MONGOLIA KE'ERQIN U    6.50      03/11/22    CNY    40.00
INNER MONGOLIA KE'ERQIN U    6.50      03/11/22    CNY    39.06
INNER MONGOLIA KE'ERQIN U    6.45      04/30/22    CNY    38.90
INNER MONGOLIA SHENGXIANG    8.18      08/21/21    CNY    44.00
INNER MONGOLIA SHENGXIANG    8.18      08/21/21    CNY    40.10
INNER MONGOLIA ZHUNGEER S    6.54      12/31/21    CNY    42.10
INNER MONGOLIA ZHUNGEER S    6.54      12/31/21    CNY    41.02
JIAN CITY JINGANGSHAN DEV    4.87      01/27/23    CNY    59.80
JIAN CITY JINGANGSHAN DEV    4.87      01/27/23    CNY    58.86
JIAN CITY JINGANGSHAN DEV    7.99      06/03/21    CNY    20.87
JIAN CITY JINGANGSHAN DEV    7.99      06/03/21    CNY    20.43
JIANAN INVESTMENT HOLDING    4.30      03/08/23    CNY    60.27
JIANAN INVESTMENT HOLDING    4.30      03/08/23    CNY    60.26
JIANAN INVESTMENT HOLDING    6.85      05/23/21    CNY    26.50
JIANAN INVESTMENT HOLDING    6.85      05/23/21    CNY    20.44
JIANGDONG HOLDING GROUP C    7.14      04/24/21    CNY    20.48
JIANGMEN NEW HI-TECH INDU    6.03      04/22/22    CNY    41.10
JIANGMEN NEW HI-TECH INDU    6.03      04/22/22    CNY    40.99
JIANGMEN NEW HI-TECH INDU    7.39      11/04/20    CNY    20.19
JIANGSU BEIGU INDUSTRIAL     5.80      06/20/23    CNY    61.28
JIANGSU BEIGU INDUSTRIAL     5.80      06/20/23    CNY    60.32
JIANGSU HAIZHOU DEVELOPME    4.67      06/06/23    CNY    61.51
JIANGSU HAIZHOU DEVELOPME    4.67      06/06/23    CNY    60.41
JIANGSU HAIZHOUWAN DEVELO    5.37      03/29/23    CNY    45.00
JIANGSU HANRUI INVESTMENT    4.63      04/15/23    CNY    61.00
JIANGSU HANRUI INVESTMENT    4.63      04/15/23    CNY    60.54
JIANGSU JINGUAN INVESTMEN    7.90      04/08/21    CNY    20.80
JIANGSU JINGUAN INVESTMEN    7.90      04/08/21    CNY    20.50
JIANGSU JINTAN GUOFA INTE    6.85      05/30/21    CNY    20.61
JIANGSU JINTAN GUOFA INTE    6.85      05/30/21    CNY    20.00
JIANGSU JURONG FUDI BIO-T    7.70      03/21/21    CNY    40.84
JIANGSU NANTONG NO2 CONST    8.10      07/10/21    CNY    20.22
JIANGSU NEWHEADLINE DEVEL    7.00      08/27/20    CNY    29.90
JIANGSU NEWHEADLINE DEVEL    7.00      08/27/20    CNY    25.06
JIANGSU RUNCHENG ASSET OP    7.88      04/16/21    CNY    28.80
JIANGSU RUNCHENG ASSET OP    7.88      04/16/21    CNY    20.49
JIANGSU RUNQI WANGUO INDU    4.14      10/21/21    CNY    59.88
JIANGSU RUNQI WANGUO INDU    4.14      10/21/21    CNY    58.98
JIANGSU SUHAI INVESTMENT     7.28      05/29/21    CNY    25.00
JIANGSU SUHAI INVESTMENT     7.28      05/29/21    CNY    20.34
JIANGSU TAICANG PORT DEVE    7.40      04/28/21    CNY    20.42
JIANGSU TAICANG PORT DEVE    7.40      04/28/21    CNY    20.00
JIANGSU WANGTAO INVESTMEN    6.82      09/15/20    CNY    26.10
JIANGSU WANGTAO INVESTMEN    6.82      09/15/20    CNY    25.07
JIANGSU WUZHONG ECONOMIC     5.49      11/19/21    CNY    40.69
JIANGSU WUZHONG ECONOMIC     5.49      11/19/21    CNY    40.32
JIANGSU XISHAN ECONOMIC D    5.78      07/20/22    CNY    40.91
JIANGSU YANGKOU PORT CONS    6.23      04/10/22    CNY    47.50
JIANGSU YANGKOU PORT CONS    6.23      04/10/22    CNY    40.78
JIANGSU YIXING ECONOMIC D    7.69      04/18/21    CNY    30.19
JIANGSU YIXING ECONOMIC D    7.69      04/18/21    CNY    20.51
JIANGSU ZHANGJIAGANG ECON    3.95      03/22/23    CNY    60.00
JIANGSU ZHANGJIAGANG ECON    3.95      03/22/23    CNY    59.99
JIANGSU ZHUFU INDUSTRIAL     4.47      07/20/23    CNY    58.33
JIANGSU ZHUFU INDUSTRIAL     4.93      12/29/20    CNY    40.18
JIANGXI HEJI INVESTMENT C    5.09      12/17/22    CNY    60.00
JIANGXI HEJI INVESTMENT C    5.09      12/17/22    CNY    59.62
JIANGXI HUIHENG PROPERTY     4.43      08/30/21    CNY    70.07
JIANGXI HUIHENG PROPERTY     4.43      08/30/21    CNY    69.59
JIANGXI LONGHU MOUNTAIN T    4.35      03/16/23    CNY    59.70
JIANGXI LONGHU MOUNTAIN T    4.35      03/16/23    CNY    59.37
JIANGXI PINGXIANG CHANGSH    8.18      05/22/21    CNY    29.34
JIANGXI PINGXIANG CHANGSH    8.18      05/22/21    CNY    20.45
JIANGXI PROVINCE SITONG R    8.20      04/18/21    CNY    20.56
JIANGXI PROVINCE SITONG R    8.20      04/18/21    CNY    20.56
JIANGYIN LINGANG NEW CITY    7.10      11/07/20    CNY    21.00
JIANGYIN LINGANG NEW CITY    7.10      11/07/20    CNY    20.15
JIANGYOU HONGFEI INVESTME    6.55      09/02/22    CNY    60.66
JIANGYOU HONGFEI INVESTME    6.55      09/02/22    CNY    60.31
JIANHU COUNTY DEVELOPMENT    7.29      09/25/21    CNY    42.75
JIANHU COUNTY DEVELOPMENT    7.29      09/25/21    CNY    40.47
JIANHU URBAN CONSTRUCTION    3.28      10/13/21    CNY    71.00
JIANHU URBAN CONSTRUCTION    3.28      10/13/21    CNY    69.27
JIANHU URBAN CONSTRUCTION    6.30      06/01/22    CNY    42.86
JIANHU URBAN CONSTRUCTION    6.30      06/01/22    CNY    39.81
JIAXING ECONOMIC&TECHNOLO    7.89      03/05/21    CNY    21.13
JIAXING ECONOMIC&TECHNOLO    7.89      03/05/21    CNY    20.30
JIAXING NANHU INVESTMENT     7.45      02/26/21    CNY    21.80
JIAXING NANHU INVESTMENT     7.45      02/26/21    CNY    20.55
JIAXING XIANGJIADANG DEVE    4.13      07/20/23    CNY    59.79
JIAYU COUNTY URBAN TOWN C    5.70      01/19/23    CNY    60.89
JIAYU COUNTY URBAN TOWN C    5.70      01/19/23    CNY    60.89
JIAYUGUAN CITY INFRASTRUC    7.83      09/23/21    CNY    40.47
JIAYUGUAN CITY INFRASTRUC    7.83      09/23/21    CNY    40.00
JIEYANGSHI CHENGSHI TOUZI    6.55      08/27/21    CNY    40.55
JILIN CITY CONSTRUCTION H    3.80      01/27/23    CNY    59.95
JILIN CITY CONSTRUCTION H    3.80      01/27/23    CNY    59.90
JILIN ECONOMIC AND TECHNO    6.20      04/29/23    CNY    60.54
JILIN ECONOMIC AND TECHNO    6.20      04/29/23    CNY    59.22
JILIN NORTHEAST SOCK INDU    7.50      05/19/22    CNY    71.71
JILIN NORTHEAST SOCK INDU    6.80      12/19/21    CNY    69.84
JILIN RAILWAY INVESTMENT     7.18      03/04/21    CNY    20.11
JINAN CITY CONSTRUCTION I    6.80      03/20/21    CNY    20.49
JINAN CITY CONSTRUCTION I    6.80      03/20/21    CNY    20.48
JINAN CITY LICHENG DISTRI    5.00      06/23/22    CNY    39.61
JINAN CITY LICHENG DISTRI    5.00      06/23/22    CNY    39.61
JINAN HI-TECH HOLDING GRO    6.38      06/19/21    CNY    20.37
JINCHANG CONSTRUCTION INV    6.79      12/21/22    CNY    60.60
JINCHANG CONSTRUCTION INV    6.79      12/21/22    CNY    60.00
JINCHENG STATE-OWNED CAPI    4.99      11/11/21    CNY    40.50
JINCHENG STATE-OWNED CAPI    4.99      11/11/21    CNY    40.34
JINGDE TAOCI CULTURAL TOU    5.38      11/27/22    CNY    60.04
JINGDE TAOCI CULTURAL TOU    5.38      11/27/22    CNY    60.00
JINGHONG STATE-OWNED ASSE    8.08      05/23/21    CNY    20.33
JINGHONG STATE-OWNED ASSE    8.08      05/23/21    CNY    20.00
JINGJIANG CITY INVESTMENT    4.55      03/30/23    CNY    59.58
JINGJIANG CITY INVESTMENT    4.55      03/30/23    CNY    59.52
JINGJIANG HARBOUR GROUP C    7.30      08/05/21    CNY    48.68
JINGJIANG HARBOUR GROUP C    7.30      08/05/21    CNY    40.14
JINGMEN CITY CONSTRUCTION    6.85      07/09/22    CNY    31.76
JINGMEN CITY CONSTRUCTION    6.85      07/09/22    CNY    30.99
JINGMEN CITY CONSTRUCTION    7.00      10/17/20    CNY    20.15
JINGMEN CITY CONSTRUCTION    7.00      10/17/20    CNY    18.57
JINGMEN DONGBAO DISTRICT     4.44      07/22/23    CNY    20.00
JINGMEN HIGH-TECH DEVELOP    5.48      08/11/22    CNY    60.70
JINGMEN HIGH-TECH DEVELOP    5.48      08/11/22    CNY    59.80
JINGZHOU DEVELOPMENT ZONE    8.20      12/09/20    CNY    21.80
JINGZHOU DEVELOPMENT ZONE    8.20      12/09/20    CNY    20.27
JINGZHOU URBAN CONSTRUCTI    3.97      03/10/23    CNY    59.96
JINGZHOU URBAN CONSTRUCTI    3.97      03/10/23    CNY    59.68
JINHU COUNTY STATE-OWNED     7.75      08/25/21    CNY    41.33
JINHU COUNTY STATE-OWNED     7.75      08/25/21    CNY    40.86
JINING CITY SHIZHONG DIST    6.39      01/29/22    CNY    44.44
JINING CITY SHIZHONG DIST    6.39      01/29/22    CNY    40.73
JINING HIGH TECH URBAN CO    6.09      04/30/22    CNY    41.50
JINING HIGH TECH URBAN CO    6.09      04/30/22    CNY    41.02
JINTANG MODERN AGRICULTUR    5.49      07/14/23    CNY    58.31
JINTANG MODERN AGRICULTUR    5.49      07/14/23    CNY    57.68
JINZHAI URBAN DEVELOPMENT    5.90      04/25/23    CNY    61.36
JINZHAI URBAN DEVELOPMENT    5.90      04/25/23    CNY    60.92
JINZHOU CITY INVESTMENT C    6.44      08/18/21    CNY    44.91
JINZHOU CITY INVESTMENT C    6.44      08/18/21    CNY    40.28
JINZHOU CITY INVESTMENT C    8.50      12/27/20    CNY    20.60
JINZHOU CITY INVESTMENT C    8.50      12/27/20    CNY    20.29
JINZHOU HUAXING INVESTMEN    8.38      02/25/21    CNY    25.00
JINZHOU HUAXING INVESTMEN    9.10      01/21/21    CNY    20.90
JINZHOU HUAXING INVESTMEN    9.10      01/21/21    CNY    20.32
JINZHOU HUAXING INVESTMEN    8.38      02/25/21    CNY    20.32
JISHOU HUATAI STATE OWNED    7.18      02/09/22    CNY    42.82
JISHOU HUATAI STATE OWNED    7.18      02/09/22    CNY    39.97
JIUJIANG CITY CONSTRUCTIO    5.50      05/22/22    CNY    40.92
JIUJIANG CITY CONSTRUCTIO    5.50      05/22/22    CNY    39.55
JIUJIANG LAND INVESTMENT     6.20      03/23/22    CNY    40.88
JIUJIANG LAND INVESTMENT     6.20      03/23/22    CNY    40.36
JIUJIANG LIANXI DISTRICT     4.58      03/30/23    CNY    59.49
JIUJIANG LIANXI DISTRICT     4.58      03/30/23    CNY    59.40
JIUQUAN ECONOMIC DEVELOPM    7.40      02/26/21    CNY    20.60
JIUQUAN ECONOMIC DEVELOPM    7.40      02/26/21    CNY    20.39
JIXI STATE OWN ASSET MANA    6.87      01/19/22    CNY    40.85
JIXI STATE OWN ASSET MANA    6.87      01/19/22    CNY    40.13
KAIFENG URBAN OPERATION I    6.35      03/23/22    CNY    40.24
KAIFENG URBAN OPERATION I    6.35      03/23/22    CNY    40.23
KAIFU CITY DEVELOPMENT CO    4.20      01/21/23    CNY    60.10
KAIFU CITY DEVELOPMENT CO    4.20      01/21/23    CNY    60.10
KAILI GUIZHOU TOWN CONSTR    5.29      12/17/22    CNY    60.00
KAILI GUIZHOU TOWN CONSTR    5.29      12/17/22    CNY    58.26
KANGMEI PHARMACEUTICAL CO    6.33      01/27/22    CNY    36.69
KANGMEI PHARMACEUTICAL CO    5.50      04/20/21    CNY    24.15
KANGMEI PHARMACEUTICAL CO    6.28      03/20/21    CNY    24.15
KANGMEI PHARMACEUTICAL CO    6.10      03/28/21    CNY    22.30
KANGMEI PHARMACEUTICAL CO    5.47      09/15/22    CNY    21.25
KANGMEI PHARMACEUTICAL CO    5.29      08/16/22    CNY    21.25
KANGMEI PHARMACEUTICAL CO    5.20      07/17/22    CNY    21.25
KANGMEI PHARMACEUTICAL CO    6.80      06/28/21    CNY    21.25
KANGMEI PHARMACEUTICAL CO    7.00      06/21/21    CNY    21.25
KASHI URBAN CONSTRUCTION     5.80      07/20/22    CNY    60.87
KASHI URBAN CONSTRUCTION     5.80      07/20/22    CNY    40.00
KUNMING DONGJUN REAL ESTA    4.50      11/02/21    CNY    49.38
KUNSHAN COMMUNICATION DEV    6.95      05/22/21    CNY    25.45
KUNSHAN COMMUNICATION DEV    6.95      05/22/21    CNY    20.45
KUNSHAN HIGH TECHNOLOGY G    7.10      03/26/21    CNY    20.45
LAIWU CITY ECONOMIC DEVEL    7.08      02/28/21    CNY    20.60
LAIWU CITY ECONOMIC DEVEL    7.08      02/28/21    CNY    20.35
LANZHOU STATE OWNED ASSET    6.32      09/10/21    CNY    40.16
LANZHOU STATE OWNED ASSET    6.32      09/10/21    CNY    34.90
LAOHEKOU CITY CONSTRUCTIO    6.75      08/12/22    CNY    60.59
LAOHEKOU CITY CONSTRUCTIO    6.75      08/12/22    CNY    60.39
LEIYANG CITY AND RURAL CO    7.80      04/10/22    CNY    41.54
LEIYANG CITY AND RURAL CO    7.80      04/10/22    CNY    41.53
LEQING CITY STATE OWNED I    5.99      10/20/21    CNY    40.85
LEQING CITY STATE OWNED I    5.99      10/20/21    CNY    40.65
LESHAN STATE-OWNED ASSET     5.68      10/22/21    CNY    45.60
LESHAN STATE-OWNED ASSET     5.68      10/22/21    CNY    40.62
LIANYUNGANG TRANSPORT GRO    5.47      11/17/21    CNY    45.00
LIANYUNGANG TRANSPORT GRO    5.47      11/17/21    CNY    40.31
LIAOCHENG ANTAI URBAN RUR    5.16      04/11/23    CNY    60.45
LIAOCHENG ANTAI URBAN RUR    5.16      04/11/23    CNY    60.29
LIAOCHENG ANTAI URBAN RUR    4.58      04/11/23    CNY    60.11
LIAOCHENG ANTAI URBAN RUR    4.58      04/11/23    CNY    59.94
LIAOCHENG XINGYE ECONOMIC    5.20      04/13/23    CNY    60.68
LIAOCHENG XINGYE ECONOMIC    5.20      04/13/23    CNY    58.54
LIAONING COASTAL ECONOMIC    8.90      04/01/21    CNY    11.24
LIAONING COASTAL ECONOMIC    8.90      04/01/21    CNY     3.63
LIAONING YAODU DEVELOPMEN    6.50      04/29/23    CNY    60.77
LILING HIGH-TECH INDUSTRI    4.93      01/19/23    CNY    59.28
LILING HIGH-TECH INDUSTRI    4.93      01/19/23    CNY    58.75
LINFEN YAODU DISTRICT INV    7.19      03/13/22    CNY    40.55
LINFEN YAODU DISTRICT INV    7.19      03/13/22    CNY    40.49
LINFEN YAODU DISTRICT INV    6.99      09/27/20    CNY    20.11
LINFEN YAODU DISTRICT INV    6.99      09/27/20    CNY    20.10
LISHUI CITY CONSTRUCTION     5.67      08/13/22    CNY    61.09
LISHUI CITY CONSTRUCTION     5.67      08/13/22    CNY    60.00
LIUPANSHUI DEVELOPMENT IN    3.74      01/20/23    CNY    60.57
LIUPANSHUI MINSHENG INVES    5.08      01/29/23    CNY    58.68
LIUPANSHUI MINSHENG INVES    5.08      01/29/23    CNY    58.66
LIUYANG MODERN MANUFACTUR    4.72      01/19/23    CNY    59.12
LIUYANG MODERN MANUFACTUR    4.72      01/19/23    CNY    59.11
LIUYANG NEW INDUSTRIAL CI    4.43      10/23/22    CNY    60.30
LIUYANG NEW INDUSTRIAL CI    4.43      10/23/22    CNY    60.10
LIUYANG URBAN CONSTRUCTIO    4.45      05/24/23    CNY    60.43
LIUYANG URBAN CONSTRUCTIO    4.45      05/24/23    CNY    60.39
LIUYANG URBAN CONSTRUCTIO    6.98      08/22/21    CNY    40.77
LIUZHOU CITY INVESTMENT C    7.18      12/31/22    CNY    46.17
LIUZHOU INVESTMENT HOLDIN    4.28      03/08/23    CNY    59.46
LIUZHOU INVESTMENT HOLDIN    4.28      03/08/23    CNY    59.45
LIUZHOU LONGJIAN INVESTME    8.28      04/30/24    CNY    63.68
LIYANG KUNLUN URBAN CONST    5.90      10/24/21    CNY    40.44
LIYANG KUNLUN URBAN CONST    5.90      10/24/21    CNY    38.00
LONGHAI STATE-OWNED ASSET    6.58      08/15/21    CNY    40.45
LONGYAN RAILWAY CONSTRUCT    4.98      04/13/23    CNY    59.30
LONGYAN RAILWAY CONSTRUCT    4.98      04/13/23    CNY    59.24
LOUDI CITY CONSTRUCTION I    7.95      04/15/21    CNY    30.31
LOUDI CITY CONSTRUCTION I    7.95      04/15/21    CNY    20.47
LOUDI TIDU INVESTMENT DEV    4.83      01/20/23    CNY    59.81
LOUDI TIDU INVESTMENT DEV    4.83      01/20/23    CNY    59.43
LOUDI TIDU INVESTMENT DEV    7.18      08/27/21    CNY    40.42
LOUDI WANBAO NEW DISTRICT    5.13      02/01/23    CNY    59.56
LOUDI WANBAO NEW DISTRICT    5.13      02/01/23    CNY    59.40
LU'AN CITY CONSTRUCTION I    5.05      04/26/21    CNY    50.59
LU'AN CITY CONSTRUCTION I    3.97      02/22/21    CNY    50.20
LU'AN CITY CONSTRUCTION I    5.20      09/25/20    CNY    50.20
LUJIANG CITY CONSTRUCTION    6.70      04/16/22    CNY    40.96
LUJIANG CITY CONSTRUCTION    6.70      04/16/22    CNY    40.00
LUOHE CITY INVESTMENT HOL    5.25      09/11/20    CNY    40.07
LUOYANG CITY COUNTRY CONS    4.28      04/26/23    CNY    60.38
LUOYANG CITY COUNTRY CONS    4.28      04/26/23    CNY    60.10
LUOYANG CITY DEVELOPMENT     4.47      12/02/22    CNY    60.64
LUOYANG CITY DEVELOPMENT     4.47      12/02/22    CNY    60.00
LUZHOU XINGLU INVESTMENT     6.41      04/23/25    CNY    74.03
LUZHOU XINGLU INVESTMENT     6.41      04/23/25    CNY    70.00
LUZHOU XINGYANG INVESTMEN    4.87      01/28/23    CNY    59.58
LUZHOU XINGYANG INVESTMEN    4.87      01/28/23    CNY    59.57
MA'ANSHAN CIHU HIGH TECHN    6.85      09/09/21    CNY    43.00
MA'ANSHAN CIHU HIGH TECHN    6.85      09/09/21    CNY    40.61
MAANSHAN ECONOMIC TECHNOL    6.49      03/06/22    CNY    44.99
MAANSHAN ECONOMIC TECHNOL    6.49      03/06/22    CNY    40.64
MAANSHAN HUASHAN DISTRICT    6.07      04/20/22    CNY    41.83
MAANSHAN HUASHAN DISTRICT    6.07      04/20/22    CNY    41.20
MEISHAN ASSET MANAGEMENT     7.84      02/26/21    CNY    20.38
MEISHAN CITY DONGPO DEVEL    5.90      06/30/23    CNY    59.36
MEISHAN CITY DONGPO DEVEL    5.90      06/30/23    CNY    59.14
MEISHAN HONGDA CONSTRUCTI    4.18      03/28/23    CNY    60.04
MEISHAN HONGDA CONSTRUCTI    4.18      03/28/23    CNY    59.08
MEIZHOU CITY XIN JIN YE D    6.02      04/22/22    CNY    45.32
MEIZHOU CITY XIN JIN YE D    6.02      04/22/22    CNY    40.84
MEIZHOU KANGDA HIGHWAY CO    6.95      09/10/20    CNY    20.09
MEIZHOU KANGDA HIGHWAY CO    6.95      09/10/20    CNY    20.07
MEIZHOU MEI COUNTY DISTRI    5.00      12/30/22    CNY    60.00
MEIZHOU MEI COUNTY DISTRI    5.00      12/30/22    CNY    59.79
MUDANJIANG AREA URBAN DEV    6.48      06/30/22    CNY    45.00
MUDANJIANG AREA URBAN DEV    6.48      06/30/22    CNY    41.33
MUDANJIANG STATE-OWNED AS    7.70      04/14/21    CNY    20.29
MUDANJIANG STATE-OWNED AS    7.70      04/14/21    CNY    20.29
MUNICIPALITY OF SHENZHEN     3.00      03/29/22    CNY    60.00
MUNICIPALITY OF SHENZHEN     3.00      03/29/22    CNY    60.00
NANCHONG AIRPORT INVESTME    6.80      01/26/22    CNY    40.53
NANCHONG AIRPORT INVESTME    6.80      01/26/22    CNY    40.39
NANCHONG ECONOMIC DEVELOP    8.28      04/21/21    CNY    31.20
NANCHONG ECONOMIC DEVELOP    8.28      04/21/21    CNY    20.58
NANJING BAIXIA STATE-OWNE    3.98      03/29/23    CNY    60.72
NANJING BAIXIA STATE-OWNE    3.98      03/29/23    CNY    60.04
NANJING HEXI NEW TOWN ASS    3.20      07/22/21    CNY    70.01
NANJING HEXI NEW TOWN ASS    3.47      06/17/21    CNY    40.10
NANJING JIANGNING ECONOMI    7.94      04/14/24    CNY    65.41
NANJING JIANYE SCIENCE &     4.37      06/24/23    CNY    60.57
NANJING JIANYE SCIENCE &     4.37      06/24/23    CNY    59.89
NANJING LISHUI ECONOMIC A    6.27      09/22/21    CNY    41.29
NANJING LISHUI ECONOMIC A    6.27      09/22/21    CNY    40.74
NANJING LISHUI URBAN CONS    4.97      04/28/23    CNY    60.60
NANJING LISHUI URBAN CONS    4.97      04/28/23    CNY    59.64
NANJING QIXIA STATE-OWNED    4.10      06/24/23    CNY    60.15
NANJING QIXIA STATE-OWNED    4.10      06/24/23    CNY    59.76
NANJING STATE OWNED ASSET    5.60      03/06/23    CNY    46.17
NANJING TANGSHAN CONSTRUC    6.80      06/30/21    CNY    26.80
NANJING TANGSHAN CONSTRUC    6.80      06/30/21    CNY    20.59
NANNING HI-TECH INDUSTRIA    4.28      03/25/23    CNY    59.12
NANNING HI-TECH INDUSTRIA    4.28      03/25/23    CNY    55.20
NANNING LVGANG CONSTRUCTI    7.30      06/27/21    CNY    24.80
NANNING LVGANG CONSTRUCTI    7.30      06/27/21    CNY    20.49
NANPING CITY WUYI NEW DIS    4.96      09/28/22    CNY    60.60
NANPING CITY WUYI NEW DIS    4.96      09/28/22    CNY    60.54
NANPING CITY WUYI NEW DIS    6.70      08/06/20    CNY    20.08
NANPING CITY WUYI NEW DIS    6.70      08/06/20    CNY    20.03
NANTONG CHONGCHUAN URBAN     7.15      04/18/21    CNY    25.40
NANTONG CHONGCHUAN URBAN     7.15      04/18/21    CNY    20.46
NANTONG CITY GANGZHA DIST    3.80      09/06/21    CNY    69.96
NANTONG CITY GANGZHA DIST    3.80      09/06/21    CNY    69.93
NANTONG CITY TONGZHOU DIS    3.75      07/07/23    CNY    61.50
NANTONG CITY TONGZHOU DIS    3.75      07/07/23    CNY    59.46
NANTONG HIGH TECHNOLOGY D    5.00      10/19/22    CNY    61.52
NANTONG HIGH TECHNOLOGY D    5.00      10/19/22    CNY    60.82
NANTONG SUTONG SCIENCE &     6.20      03/18/22    CNY    40.57
NANTONG SUTONG SCIENCE &     6.20      03/18/22    CNY    40.00
NANYANG HIGH-TECH DISTRIC    6.45      04/29/23    CNY    61.88
NANYANG HIGH-TECH DISTRIC    6.45      04/29/23    CNY    60.80
NANYANG INVESTMENT GROUP     7.05      10/24/20    CNY    20.16
NANYANG INVESTMENT GROUP     7.05      10/24/20    CNY    20.00
NEIJIANG INVESTMENT HOLDI    7.99      04/24/21    CNY    28.53
NEIJIANG INVESTMENT HOLDI    7.99      04/24/21    CNY    20.68
NEIJIANG STATE-OWNED ASSE    6.20      04/12/23    CNY    59.44
NEIJIANG STATE-OWNED ASSE    6.20      04/12/23    CNY    59.43
NEIJINAG CONSTRUCTION ENG    5.03      12/25/22    CNY    59.61
NEIJINAG CONSTRUCTION ENG    5.03      12/25/22    CNY    56.36
NEOGLORY HOLDING GROUP CO    8.10      11/23/18    CNY    72.00
NEOGLORY HOLDING GROUP CO    8.00      09/25/20    CNY    60.00
NEOGLORY HOLDING GROUP CO    8.00      10/22/20    CNY    56.00
NINGBO CITY HAISHU GUANGJ    7.75      03/06/21    CNY    26.30
NINGBO CITY HAISHU GUANGJ    7.75      03/06/21    CNY    20.47
NINGBO CITY ZHENHAI INVES    5.85      12/04/21    CNY    40.84
NINGBO CITY ZHENHAI INVES    5.85      12/04/21    CNY    40.67
NINGBO ECONOMIC & TECHNIC    7.09      04/21/21    CNY    29.00
NINGBO ECONOMIC & TECHNIC    7.09      04/21/21    CNY    20.42
NINGBO MEISHAN ISLAND DEV    6.27      03/23/22    CNY    48.29
NINGBO MEISHAN ISLAND DEV    6.27      03/23/22    CNY    41.32
NINGGUO CITY STATE OWNED     8.70      04/28/21    CNY    20.66
NINGGUO CITY STATE OWNED     8.70      04/28/21    CNY    20.00
NINGHAI COUNTY URBAN INVE    8.00      01/02/21    CNY    25.00
NINGHAI COUNTY URBAN INVE    7.99      04/16/21    CNY    20.70
NINGHAI COUNTY URBAN INVE    7.99      04/16/21    CNY    20.69
NINGHAI COUNTY URBAN INVE    8.00      01/02/21    CNY    20.30
NINGXIANG CITY CONSTRUCTI    6.70      01/20/22    CNY    41.10
NINGXIANG CITY CONSTRUCTI    6.70      01/20/22    CNY    40.20
NINGXIANG ECONOMIC TECHNO    3.87      01/27/23    CNY    60.40
NINGXIANG ECONOMIC TECHNO    3.87      01/27/23    CNY    59.79
NINGXIANG ECONOMIC TECHNO    8.20      04/16/21    CNY    20.54
NINGXIANG STATE-OWNED ASS    4.89      06/03/23    CNY    60.27
NINGXIANG STATE-OWNED ASS    4.89      06/03/23    CNY    59.03
ONE BELT ONE ROAD JIANGSU    4.70      07/15/23    CNY    60.18
ONE BELT ONE ROAD JIANGSU    4.70      07/15/23    CNY    60.18
PANJIN CITY SHUANGTAIZI D    7.25      01/22/22    CNY    40.76
PANJIN CITY SHUANGTAIZI D    7.25      01/22/22    CNY    40.38
PANSHAN COUNTY STATE-OWNE    7.48      01/21/22    CNY    40.73
PANSHAN COUNTY STATE-OWNE    7.48      01/21/22    CNY    40.71
PANZHIHUA STATE OWNED ASS    8.18      03/13/22    CNY    41.92
PANZHIHUA STATE OWNED ASS    8.18      03/13/22    CNY    41.00
PANZHIHUA STATE OWNED ASS    7.60      03/05/21    CNY    20.45
PANZHIHUA STATE OWNED ASS    7.60      03/05/21    CNY    20.32
PANZHIHUA STATE OWNED ASS    5.41      07/29/20    CNY    19.30
PEIXIAN CITY INVESTMENT D    5.20      11/10/22    CNY    60.36
PEIXIAN CITY INVESTMENT D    5.20      11/10/22    CNY    60.00
PEKING UNIVERSITY FOUNDER    6.30      03/04/24    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.50      11/16/23    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.68      08/09/23    CNY    49.00
PEKING UNIVERSITY FOUNDER    5.80      01/28/22    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.10      08/22/21    CNY    49.00
PEKING UNIVERSITY FOUNDER    4.80      07/26/21    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.30      09/12/20    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.15      07/23/20    CNY    49.00
PEKING UNIVERSITY FOUNDER    6.20      05/31/20    CNY    49.00
PEKING UNIVERSITY FOUNDER    5.99      11/02/21    CNY    11.00
PINGHU CITY INVESTMENT DE    5.13      04/29/23    CNY    61.16
PINGHU CITY INVESTMENT DE    5.13      04/29/23    CNY    60.61
PINGHU ECONOMIC DEVELOPME    7.99      04/17/21    CNY    20.66
PINGHU ECONOMIC DEVELOPME    7.99      04/17/21    CNY    20.36
PINGLIANG CHENGXIANG CONS    7.10      09/17/20    CNY    20.08
PINGLIANG CULTURAL & TOUR    6.85      11/30/22    CNY    59.33
PINGTAN COMPREHENSIVE PIL    3.92      01/29/23    CNY    60.07
PINGTAN COMPREHENSIVE PIL    3.92      01/29/23    CNY    60.00
PINGXIANG CHANGXING INVES    5.26      04/11/23    CNY    59.60
PINGXIANG CHANGXING INVES    5.26      04/11/23    CNY    58.74
PINGXIANG HUIFENG INVESTM    6.60      01/26/22    CNY    40.54
PINGXIANG HUIFENG INVESTM    6.60      01/26/22    CNY    40.21
PINGYANG STATE-OWNED ASSE    4.97      01/08/23    CNY    60.00
PINGYANG STATE-OWNED ASSE    4.97      01/08/23    CNY    59.77
PIZHOU CITY HENGRUN INVES    6.46      12/05/21    CNY    42.46
PIZHOU CITY HENGRUN INVES    6.46      12/05/21    CNY    40.85
PIZHOU ECONOMIC DEVELOPME    5.00      10/29/22    CNY    60.00
PIZHOU ECONOMIC DEVELOPME    5.00      10/29/22    CNY    59.58
PIZHOU RUNCAI ASSET MANAG    5.90      12/18/20    CNY    50.19
PUTIAN HIGH TECHNOLOGY IN    5.90      05/03/22    CNY    50.44
PUTIAN HIGH TECHNOLOGY IN    5.90      05/03/22    CNY    50.19
PUYANG INVESTMENT GROUP C    8.00      12/11/20    CNY    20.29
PUYANG INVESTMENT GROUP C    8.00      12/11/20    CNY    20.00
QIANAN URBAN CONSTRUCTION    7.19      08/11/21    CNY    40.60
QIANAN URBAN CONSTRUCTION    7.19      08/11/21    CNY    40.00
QIANAN URBAN CONSTRUCTION    8.88      01/23/21    CNY    20.39
QIANAN URBAN CONSTRUCTION    8.88      01/23/21    CNY    20.00
QIANAN XINGYUAN WATER IND    6.25      04/22/22    CNY    46.90
QIANAN XINGYUAN WATER IND    6.25      04/22/22    CNY    40.87
QIANDONGNAN TRANSPORTATIO    5.79      12/21/22    CNY    57.68
QIANDONGNAN TRANSPORTATIO    5.79      12/21/22    CNY    56.65
QIANJIANG URBAN CONSTRUCT    5.19      12/21/22    CNY    60.00
QIANJIANG URBAN CONSTRUCT    5.19      12/21/22    CNY    59.98
QIANJIANG URBAN CONSTRUCT    8.38      04/22/21    CNY    21.00
QIANJIANG URBAN CONSTRUCT    8.38      04/22/21    CNY    20.63
QIANNANZHOU INVESTMENT CO    6.43      03/09/22    CNY    39.60
QIANXINAN AUTONOMOUS REGI    5.90      06/22/23    CNY    59.13
QIANXINAN AUTONOMOUS REGI    5.90      06/22/23    CNY    58.70
QIDONG COMMUNICATIONS INV    4.00      03/18/23    CNY    60.75
QIDONG COMMUNICATIONS INV    4.00      03/18/23    CNY    59.95
QIDONG STATE-OWNED ASSET     4.00      03/09/23    CNY    60.01
QIDONG STATE-OWNED ASSET     4.00      03/09/23    CNY    59.30
QIDONG STATE-OWNED ASSET     7.30      11/20/22    CNY    46.61
QIDONG URBAN CONSTRUCTION    8.20      04/04/21    CNY    20.61
QIDONG URBAN CONSTRUCTION    7.90      04/28/21    CNY    20.59
QIDONG URBAN CONSTRUCTION    8.20      04/04/21    CNY    20.52
QIHE CITY OPERATION CONST    5.10      03/07/23    CNY    59.92
QIHE CITY OPERATION CONST    5.10      03/07/23    CNY    59.41
QINGDAO CONSON DEVELOPMEN    6.40      12/12/22    CNY    47.20
QINGDAO CONSON DEVELOPMEN    6.40      12/12/22    CNY    46.38
QINGDAO HICREAT DEVELOPME    6.88      04/25/21    CNY    20.46
QINGDAO JIAOZHOU BAY DEVE    6.33      09/18/21    CNY    41.30
QINGDAO JIAOZHOU BAY DEVE    6.33      09/18/21    CNY    40.64
QINGDAO JIMO CITY TOURISM    5.47      11/17/21    CNY    41.00
QINGDAO JIMO CITY TOURISM    5.47      11/17/21    CNY    40.65
QINGDAO LAIXI CITY ASSET     7.50      03/06/21    CNY    28.79
QINGDAO LAIXI CITY ASSET     7.50      03/06/21    CNY    20.39
QINGDAO OCEAN INVESTMENT     4.36      05/12/23    CNY    60.40
QINGDAO OCEAN INVESTMENT     4.36      05/12/23    CNY    59.67
QINGDAO WEST COAST DEVELO    4.26      06/06/23    CNY    60.51
QINGDAO WEST COAST DEVELO    4.26      06/06/23    CNY    59.95
QINGHAI PROVINCIAL INVEST    7.88      03/22/21    USD    35.40
QINGHAI PROVINCIAL INVEST    6.40      07/10/21    USD    35.20
QINGHAI STATE-OWNED ASSET    5.40      05/21/23    CNY    56.23
QINGHAI STATE-OWNED ASSET    5.90      12/17/22    CNY    56.20
QINGYANG CITY ECONOMIC DE    7.98      04/16/21    CNY    20.31
QINGYANG CITY ECONOMIC DE    7.98      04/16/21    CNY    20.31
QINGYUAN TRANSPORTATION D    8.20      12/19/20    CNY    20.30
QINGZHOU HONGYUAN PUBLIC     7.59      05/29/21    CNY    27.50
QINGZHOU HONGYUAN PUBLIC     7.59      05/29/21    CNY    20.34
QINHUANGDAO CITY DEVELOPM    4.69      04/14/23    CNY    60.87
QINHUANGDAO CITY DEVELOPM    4.69      04/14/23    CNY    59.02
QINHUANGDAO DEVELOPMENT Z    8.45      04/18/21    CNY    21.28
QINHUANGDAO DEVELOPMENT Z    8.45      04/18/21    CNY    20.41
QINHUANGDAO DEVELOPMENT Z    8.00      12/17/20    CNY    20.23
QINHUANGDAO DEVELOPMENT Z    8.00      12/17/20    CNY    20.00
QINZHOU BINHAI NEW CITY A    7.00      08/27/20    CNY    20.04
QINZHOU BINHAI NEW CITY A    7.00      08/27/20    CNY    20.00
QINZHOU BINHAI NEW CITY Z    6.99      07/07/21    CNY    20.15
QINZHOU BINHAI NEW CITY Z    6.99      07/07/21    CNY    20.00
QIONGLAI CITY CONSTRUCTIO    6.98      03/25/22    CNY    40.80
QIONGLAI CITY CONSTRUCTIO    6.98      03/25/22    CNY    40.73
QUANJIAO URBAN INFRASTRUC    5.10      05/18/23    CNY    59.35
QUANJIAO URBAN INFRASTRUC    5.10      05/18/23    CNY    59.34
QUJING CITY QILIN DISTRIC    5.37      11/26/22    CNY    61.95
QUJING CITY QILIN DISTRIC    5.37      11/26/22    CNY    59.17
QUJING DEVELOPMENT INVEST    7.48      04/28/21    CNY    22.55
QUJING DEVELOPMENT INVEST    7.48      04/28/21    CNY    20.38
QUJING ECO TECH DEVELOPME    5.75      06/01/23    CNY    59.56
QUJING ECO TECH DEVELOPME    5.75      06/01/23    CNY    59.15
QUJING ECO TECH DEVELOPME    7.48      07/21/21    CNY    40.51
QUJING ECO TECH DEVELOPME    7.48      07/21/21    CNY    20.33
QUZHOU STATE OWNED ASSET     7.20      04/21/21    CNY    23.42
QUZHOU STATE OWNED ASSET     7.20      04/21/21    CNY    20.59
RENHUAI CITY DEVELOPMENT     5.12      04/14/23    CNY    59.32
RENHUAI CITY DEVELOPMENT     5.12      04/14/23    CNY    59.03
RENHUAI CITY DEVELOPMENT     8.09      05/16/21    CNY    20.61
RENHUAI CITY DEVELOPMENT     8.09      05/16/21    CNY    20.61
RENQIU CONSTRUCTION INVES    5.68      11/18/22    CNY    59.86
RENQIU CONSTRUCTION INVES    5.68      11/18/22    CNY    58.22
RENSHOU DEVELOPMENT OF IN    6.42      12/22/22    CNY    60.72
RENSHOU DEVELOPMENT OF IN    6.42      12/22/22    CNY    60.00
REWARD SCIENCE AND TECHNO    6.40      03/03/22    CNY    70.00
REWARD SCIENCE AND TECHNO    5.53      07/05/21    CNY    29.10
RIGHT WAY REAL ESTATE DEV    8.00      07/15/21    CNY    43.89
RIZHAO CITY CONSTRUCTION     3.98      12/07/22    CNY    60.54
RUDONG COUNTY DONGTAI SOC    6.99      06/20/21    CNY    25.90
RUDONG COUNTY DONGTAI SOC    6.99      06/20/21    CNY    20.59
RUDONG COUNTY JINXIN TRAF    8.08      03/03/21    CNY    24.03
RUDONG COUNTY JINXIN TRAF    8.08      03/03/21    CNY    20.42
RUDONG COUNTY KAITAI CITY    4.57      01/08/23    CNY    60.29
RUDONG NEW WORLD INVESTME    4.37      07/18/23    CNY    78.32
RUGAO COMMUNICATIONS CONS    3.74      03/23/23    CNY    59.81
RUGAO ECONOMIC & TRADE DE    3.95      03/24/23    CNY    60.05
RUGAO ECONOMIC & TRADE DE    3.95      03/24/23    CNY    59.85
RUGAO ECONOMIC & TRADE DE    8.30      01/22/21    CNY    29.00
RUGAO ECONOMIC & TRADE DE    8.30      01/22/21    CNY    20.45
RUGAO YANJIANG DEVELOPMEN    8.60      01/24/21    CNY    20.93
RUGAO YANJIANG DEVELOPMEN    8.60      01/24/21    CNY    20.48
RUIAN STATE OWNED ASSET I    4.56      01/27/23    CNY    60.54
RUIAN STATE OWNED ASSET I    4.56      01/27/23    CNY    58.97
RUICHANG CITY INVESTMENT     5.68      03/25/23    CNY    59.93
RUICHANG CITY INVESTMENT     5.50      06/17/23    CNY    59.76
RUICHANG CITY INVESTMENT     5.68      03/25/23    CNY    59.32
RUICHANG CITY INVESTMENT     5.50      06/17/23    CNY    58.90
RUZHOU CITY XINYUAN INVES    6.30      09/16/21    CNY    53.30
RUZHOU CITY XINYUAN INVES    6.30      09/16/21    CNY    50.66
SANMEN COUNTY STATE-OWNED    6.85      10/29/21    CNY    40.86
SANMEN COUNTY STATE-OWNED    6.80      03/18/22    CNY    40.58
SANMEN COUNTY STATE-OWNED    6.80      03/18/22    CNY    40.00
SANMEN COUNTY STATE-OWNED    6.85      10/29/21    CNY    40.00
SANMING TRANSPORTATION CO    3.68      03/29/23    CNY    59.44
SHAANXI ANKANG HIGH TECH     8.78      09/17/21    CNY    47.00
SHAANXI ANKANG HIGH TECH     8.78      09/17/21    CNY    40.68
SHAANXI XIXIAN NEW AREA F    6.85      08/15/21    CNY    45.50
SHAANXI XIXIAN NEW AREA F    6.85      08/15/21    CNY    40.42
SHAANXI XIXIAN NEW AREA J    6.89      01/05/22    CNY    43.10
SHAANXI XIXIAN NEW AREA J    6.89      01/05/22    CNY    40.80
SHAANXI XIXIAN NEW AREA Q    5.15      11/27/22    CNY    61.01
SHAANXI XIXIAN NEW AREA Q    5.15      11/27/22    CNY    60.06
SHANDONG BORUN INDUSTRIAL    6.50      11/02/21    CNY    66.04
SHANDONG BOXING COUNTY XI    8.00      12/22/21    CNY    41.95
SHANDONG BOXING COUNTY XI    8.00      12/22/21    CNY    41.24
SHANDONG CENTURY SUNSHINE    8.19      07/21/21    CNY    40.77
SHANDONG CENTURY SUNSHINE    8.19      07/21/21    CNY    20.78
SHANDONG FUYU CHEMICAL CO    7.70      09/18/22    CNY    70.00
SHANDONG GAOCHUANG CONSTR    6.05      06/18/22    CNY    42.45
SHANDONG GAOCHUANG CONSTR    6.05      06/18/22    CNY    41.01
SHANDONG HONGHE HOLDINGS     8.50      06/23/21    CNY    24.00
SHANDONG HONGHE HOLDINGS     8.50      06/23/21    CNY    20.78
SHANDONG JINMAO TEXTILE C    8.00      09/25/20    CNY    35.84
SHANDONG JINMAO TEXTILE C    6.97      04/01/21    CNY    20.70
SHANDONG RENCHENG RONGXIN    7.30      10/18/20    CNY    23.40
SHANDONG RENCHENG RONGXIN    7.30      10/18/20    CNY    20.10
SHANDONG RUYI TECHNOLOGY     7.90      09/18/23    CNY    52.10
SHANDONG SNTON GROUP CO L    6.20      05/30/21    CNY     9.50
SHANDONG SNTON GROUP CO L    5.18      09/08/21    CNY     8.52
SHANDONG TAIYANG INDUSTRY    5.97      03/02/21    CNY    42.86
SHANDONG TENGJIAN INVESTM    6.00      06/08/22    CNY    40.36
SHANDONG TENGJIAN INVESTM    6.00      06/08/22    CNY    40.00
SHANDONG WANTONG PETROLEU    7.97      11/29/21    CNY    18.95
SHANGHAI CAOHEJING HI-TEC    7.24      04/09/21    CNY    20.42
SHANGHAI CAOHEJING HI-TEC    7.24      04/09/21    CNY    20.42
SHANGHAI JIADING ROAD CON    6.80      04/23/21    CNY    20.75
SHANGHAI JIADING ROAD CON    6.80      04/23/21    CNY    20.52
SHANGHAI LAKE DIANSHAN NE    5.95      01/30/21    CNY    25.75
SHANGHAI LAKE DIANSHAN NE    5.95      01/30/21    CNY    25.27
SHANGHAI MINHANG URBAN CO    5.63      04/20/22    CNY    40.90
SHANGHAI MINHANG URBAN CO    5.63      04/20/22    CNY    40.79
SHANGHAI MUNICIPAL INVEST    4.80      11/05/24    CNY    71.64
SHANGHAI NANHUI URBAN CON    6.04      08/20/21    CNY    40.68
SHANGHAI NANHUI URBAN CON    6.04      08/20/21    CNY    40.49
SHANGHAI PUTAILAI NEW ENE    5.50      03/19/21    CNY    66.67
SHANGHAI URBAN CONSTRUCTI    3.50      01/06/23    CNY    61.07
SHANGHAI URBAN CONSTRUCTI    3.50      01/06/23    CNY    59.75
SHANGLUO CITY CONSTRUCTIO    7.05      09/09/20    CNY    25.40
SHANGLUO CITY CONSTRUCTIO    7.05      09/09/20    CNY    20.14
SHANGRAO CITY STATE-OWNED    4.65      01/29/23    CNY    60.80
SHANGRAO CITY STATE-OWNED    4.65      01/29/23    CNY    60.34
SHANTOU CITY CONSTRUCTION    8.57      03/23/22    CNY    31.53
SHANTOU INVESTMENT & FINA    7.99      03/04/24    CNY    64.64
SHANXI INTERNATIONAL ELEC    5.88      05/24/22    CNY    62.60
SHANXI XIANG KUANG GROUP     8.80      02/11/22    CNY    69.90
SHANXI XIANG KUANG GROUP     8.80      02/11/22    CNY    54.50
SHAOWU URBAN CONSTRUCTION    5.88      09/11/22    CNY    63.39
SHAOWU URBAN CONSTRUCTION    5.88      09/11/22    CNY    60.54
SHAOXING CHENGZHONGCUN RE    6.09      04/27/22    CNY    40.83
SHAOXING CHENGZHONGCUN RE    6.09      04/27/22    CNY    40.00
SHAOXING CITY INVESTMENT     5.75      04/17/22    CNY    48.00
SHAOXING CITY INVESTMENT     5.75      04/17/22    CNY    41.35
SHAOXING CITY KEQIAO DIST    6.40      08/20/21    CNY    40.62
SHAOXING JINGHU NEW DISTR    6.13      04/30/22    CNY    41.07
SHAOXING KEQIAO ECONOMIC     7.00      12/10/21    CNY    40.93
SHAOXING KEQIAO ECONOMIC     7.00      12/10/21    CNY    40.00
SHAOXING KEYAN CONSTRUCTI    6.28      03/24/22    CNY    41.56
SHAOXING KEYAN CONSTRUCTI    6.28      03/24/22    CNY    40.00
SHAOXING PAOJIANG INDUSTR    6.98      05/29/21    CNY    23.90
SHAOXING PAOJIANG INDUSTR    6.98      05/29/21    CNY    20.32
SHAOXING SHANGYU ECONOMIC    4.76      04/11/23    CNY    60.33
SHAOXING SHANGYU ECONOMIC    4.76      04/11/23    CNY    60.32
SHAOXING SHANGYU HANGZHOU    6.95      10/11/20    CNY    20.55
SHAOXING SHANGYU HANGZHOU    6.95      10/11/20    CNY    20.12
SHAOXING SHANGYU URBAN CO    6.80      08/07/21    CNY    40.61
SHAOYANG CITY CONSTRUCTIO    8.58      01/17/21    CNY    20.32
SHAOYANG DULIANG INVESTME    5.50      04/13/23    CNY    59.77
SHAOYANG DULIANG INVESTME    5.50      04/13/23    CNY    57.99
SHENGZHOU INVESTMENT HOLD    7.60      07/17/21    CNY    20.78
SHENGZHOU INVESTMENT HOLD    7.60      07/17/21    CNY    20.69
SHENMU CITY STATE-OWNED A    7.28      06/23/21    CNY    20.53
SHENYANG DADONG STATE-OWN    6.05      03/20/22    CNY    41.00
SHENYANG DADONG STATE-OWN    6.05      03/20/22    CNY    40.00
SHENYANG ECONOMIC AFFORDA    7.17      04/29/22    CNY    41.26
SHENYANG ECONOMIC AFFORDA    7.17      04/29/22    CNY    39.73
SHENYANG TIEXI STATE-OWNE    6.00      01/14/22    CNY    47.50
SHENYANG TIEXI STATE-OWNE    6.00      01/14/22    CNY    40.59
SHENZHEN METRO GROUP CO L    6.75      01/24/24    CNY    63.79
SHENZHEN METRO GROUP CO L    5.40      03/25/23    CNY    46.42
SHIJIAZHUANG HUTUO NEW DI    5.28      12/24/25    CNY    63.25
SHIJIAZHUANG HUTUO NEW DI    5.28      12/24/25    CNY    62.50
SHIJIAZHUANG STATE-OWNED     5.75      04/09/22    CNY    47.20
SHIJIAZHUANG STATE-OWNED     5.75      04/09/22    CNY    40.91
SHIJIAZHUANG URBAN CONSTR    6.55      03/09/21    CNY    41.40
SHISHI CITY CONSTRUCTION     6.10      05/04/22    CNY    41.17
SHIYAN STATE-OWNED CAPITA    6.58      08/20/21    CNY    40.71
SHIYAN STATE-OWNED CAPITA    6.58      08/20/21    CNY    40.00
SHIYAN STATE-OWNED CAPITA    6.88      10/11/20    CNY    20.68
SHIYAN STATE-OWNED CAPITA    6.88      10/11/20    CNY    20.12
SHOUGUANG CITY CONSTRUCTI    7.10      10/18/20    CNY    22.87
SHOUGUANG CITY CONSTRUCTI    7.10      10/18/20    CNY    20.07
SHUCHENG COUNTY URBAN CON    5.50      04/29/23    CNY    61.24
SHUCHENG COUNTY URBAN CON    5.50      04/29/23    CNY    61.23
SHUYANG JINGYUAN ASSET OP    5.49      09/11/22    CNY    66.00
SHUYANG JINGYUAN ASSET OP    5.49      09/11/22    CNY    60.53
SHUYANG JINGYUAN ASSET OP    7.39      04/14/21    CNY    20.47
SHUYANG JINGYUAN ASSET OP    7.39      04/14/21    CNY    20.00
SICHUAN CHENG'A DEVELOPME    7.18      09/12/20    CNY    20.06
SICHUAN COAL GASIFICATION    7.00      04/18/23    CNY    60.32
SICHUAN COAL INDUSTRY GRO    7.70      01/09/18    CNY    45.00
SICHUAN LANGZHONG FAMOUS     5.60      04/19/23    CNY    59.85
SICHUAN LANGZHONG FAMOUS     5.60      04/19/23    CNY    59.51
SICHUAN LONGYANG TIANFU N    5.45      05/27/23    CNY    60.87
SICHUAN LONGYANG TIANFU N    5.45      05/27/23    CNY    59.92
SICHUAN NAXING INDUSTRIAL    6.80      08/18/22    CNY    74.73
SICHUAN NAXING INDUSTRIAL    6.80      08/18/22    CNY    74.72
SICHUAN NAXING INDUSTRIAL    4.68      03/31/23    CNY    58.53
SICHUAN NAXING INDUSTRIAL    4.68      03/31/23    CNY    57.62
SICHUAN NAXING INDUSTRIAL    7.17      09/11/21    CNY    40.42
SICHUAN TIANYIN INDUSTRIA    6.79      03/25/22    CNY    48.00
SICHUAN TIANYIN INDUSTRIA    6.79      03/25/22    CNY    40.84
SIHONG COUNTY HONG YUAN P    6.15      03/16/22    CNY    40.77
SIHONG COUNTY HONG YUAN P    6.15      03/16/22    CNY    40.00
SIHUI STATE OWNED ASSETS     4.59      01/14/23    CNY    59.73
SIHUI STATE OWNED ASSETS     4.59      01/14/23    CNY    59.30
SIYANG COUNTY MINKANG RUR    4.94      01/21/23    CNY    60.56
SIYANG COUNTY MINKANG RUR    4.94      01/21/23    CNY    60.06
SLENDER WEST LAKE TOURISM    6.80      06/25/21    CNY    20.58
SLENDER WEST LAKE TOURISM    6.80      06/25/21    CNY    20.00
SONGYUAN URBAN DEVELOPMEN    5.79      12/04/21    CNY    40.78
SONGYUAN URBAN DEVELOPMEN    5.79      12/04/21    CNY    40.63
SUINING CITY HEDONG DEVEL    8.36      04/17/21    CNY    27.82
SUINING CITY HEDONG DEVEL    8.36      04/17/21    CNY    20.58
SUINING COUNTY RUNQI INVE    5.42      11/20/22    CNY    60.45
SUINING COUNTY RUNQI INVE    5.42      11/20/22    CNY    60.00
SUINING COUNTY RUNQI INVE    7.10      06/25/21    CNY    20.42
SUINING FUYUAN INDUSTRY C    6.39      03/17/22    CNY    44.18
SUINING FUYUAN INDUSTRY C    6.39      03/17/22    CNY    39.85
SUINING KAIDA INVESTMENT     4.89      04/08/23    CNY    59.19
SUINING KAIDA INVESTMENT     4.89      04/08/23    CNY    58.41
SUINING KAIDA INVESTMENT     8.69      04/21/21    CNY    20.48
SUINING KAIDA INVESTMENT     8.69      04/21/21    CNY    20.00
SUIZHOU DEVELOPMENT INVES    8.50      12/20/20    CNY    21.83
SUIZHOU DEVELOPMENT INVES    8.40      04/30/21    CNY    20.71
SUIZHOU DEVELOPMENT INVES    8.40      04/30/21    CNY    20.70
SUIZHOU DEVELOPMENT INVES    8.50      12/20/20    CNY    20.38
SUIZHOU HIGH-TECH INDUSTR    4.47      03/25/23    CNY    59.55
SUIZHOU HIGH-TECH INDUSTR    4.47      03/25/23    CNY    59.17
SUIZHOU URBAN CONSTRUCTIO    7.18      09/02/21    CNY    41.20
SUIZHOU URBAN CONSTRUCTIO    7.18      09/02/21    CNY    40.67
SUIZHOU YULONG WATER SUPP    6.10      03/28/23    CNY    59.76
SUNSHINE KAIDI NEW ENERGY    6.12      08/23/20    CNY    40.06
SUNSHINE KAIDI NEW ENERGY    6.12      08/23/20    CNY    29.01
SUQIAN CITY CONSTRUCTION     6.88      10/29/20    CNY    20.15
SUZHOU CITY CONSTRUCTION     3.89      03/24/23    CNY    59.97
SUZHOU CITY CONSTRUCTION     3.89      03/24/23    CNY    59.94
SUZHOU CITY HENGCHENG CON    4.40      03/01/23    CNY    60.07
SUZHOU CITY HENGCHENG CON    4.40      03/01/23    CNY    60.06
SUZHOU FENHU INVESTMENT G    7.49      02/28/21    CNY    20.80
SUZHOU FENHU INVESTMENT G    7.49      02/28/21    CNY    20.39
SUZHOU NEW & HIGH-TECH IN    4.18      03/23/23    CNY    59.66
SUZHOU NEW & HIGH-TECH IN    4.18      03/23/23    CNY    59.06
SUZHOU NEW DISTRICT ECONO    6.20      07/22/21    CNY    40.47
SUZHOU WUJIANG COMMUNICAT    6.80      10/31/20    CNY    25.53
SUZHOU WUJIANG COMMUNICAT    6.80      10/31/20    CNY    25.23
SUZHOU WUJIANG DISTRICT I    5.25      07/08/22    CNY    40.98
SUZHOU XIANGCHENG URBAN C    6.95      03/19/21    CNY    22.60
SUZHOU XIANGCHENG URBAN C    6.95      03/19/21    CNY    20.40
TAIAN TAISHAN HOLDINGS CO    5.50      04/26/23    CNY    60.62
TAIAN TAISHAN HOLDINGS CO    5.50      04/26/23    CNY    59.76
TAICANG ASSETS MANAGEMENT    7.00      02/27/21    CNY    20.70
TAICANG ASSETS MANAGEMENT    7.00      02/27/21    CNY    20.16
TAICANG SCIENCE EDUCATION    5.54      08/28/22    CNY    64.65
TAICANG SCIENCE EDUCATION    5.54      08/28/22    CNY    61.22
TAIXING CITY CHENGXING ST    8.30      12/12/20    CNY    20.31
TAIXING CITY HONGQIAO YUA    5.03      10/29/22    CNY    63.87
TAIXING CITY HONGQIAO YUA    5.03      10/29/22    CNY    59.74
TAIYUAN ECONOMIC TECHNOLO    7.43      04/24/21    CNY    20.39
TAIYUAN ECONOMIC TECHNOLO    7.43      04/24/21    CNY    20.00
TAIYUAN HIGH-SPEED RAILWA    5.18      09/06/20    CNY    40.10
TAIYUAN HIGH-SPEED RAILWA    6.50      10/30/20    CNY    25.19
TAIYUAN STATE-OWNED INVES    7.20      03/19/21    CNY    26.50
TAIYUAN STATE-OWNED INVES    7.20      03/19/21    CNY    20.42
TAIZHOU CITY CONSTRUCTION    6.92      10/16/23    CNY    63.45
TAIZHOU HAILING CITY DEVE    4.60      12/14/22    CNY    60.14
TAIZHOU HAILING CITY DEVE    4.60      12/14/22    CNY    60.00
TAIZHOU JIAOJIANG STATE O    6.18      07/06/22    CNY    44.00
TAIZHOU JIAOJIANG STATE O    6.18      07/06/22    CNY    41.27
TAIZHOU JIAOJIANG STATE O    7.46      09/13/20    CNY    26.00
TAIZHOU JIAOJIANG STATE O    7.46      09/13/20    CNY    25.12
TAIZHOU JINDONG URBAN CON    5.10      06/02/23    CNY    60.78
TAIZHOU JINDONG URBAN CON    5.10      06/02/23    CNY    59.56
TAIZHOU JINDONG URBAN CON    7.10      09/03/20    CNY    20.60
TAIZHOU JINDONG URBAN CON    7.10      09/03/20    CNY    20.07
TAIZHOU XINBINJIANG DEVEL    7.60      03/05/21    CNY    21.00
TAIZHOU XINBINJIANG DEVEL    7.60      03/05/21    CNY    20.28
TAIZHOU XINTAI GROUP CO L    4.07      03/23/23    CNY    59.99
TAIZHOU XINTAI GROUP CO L    4.07      03/23/23    CNY    59.95
TANGSHAN CAOFEIDIAN DEVEL    7.50      10/15/20    CNY    20.10
TIANJIN BAOXING INDUSTRY     7.10      10/17/20    CNY    20.19
TIANJIN BAOXING INDUSTRY     7.10      10/17/20    CNY    20.09
TIANJIN BEICHEN DISTRICT     7.00      04/21/21    CNY    27.15
TIANJIN BEICHEN DISTRICT     7.00      04/21/21    CNY    20.22
TIANJIN BEICHEN TECHNOLOG    6.87      08/20/21    CNY    40.06
TIANJIN BINHAI NEW AREA C    6.10      11/23/21    CNY    43.90
TIANJIN BOHAI STATE-OWNED    3.82      04/18/23    CNY    59.69
TIANJIN BOHAI STATE-OWNED    3.82      04/18/23    CNY    59.25
TIANJIN DONGFANG CAIXIN I    5.19      01/29/22    CNY    40.24
TIANJIN DONGFANG CAIXIN I    5.19      01/29/22    CNY    39.59
TIANJIN DONGLI CITY INFRA    4.28      12/02/22    CNY    59.51
TIANJIN ECONOMIC TECHNOLO    6.50      12/03/22    CNY    46.30
TIANJIN ECONOMIC TECHNOLO    6.50      12/03/22    CNY    45.65
TIANJIN GUANGCHENG INVEST    5.40      04/20/23    CNY    58.36
TIANJIN GUANGCHENG INVEST    5.40      04/20/23    CNY    57.75
TIANJIN GUANGCHENG INVEST    7.45      07/24/21    CNY    49.00
TIANJIN GUANGCHENG INVEST    6.97      02/22/23    CNY    44.47
TIANJIN GUANGCHENG INVEST    7.45      07/24/21    CNY    39.74
TIANJIN GUANGCHENG INVEST    6.97      02/22/23    CNY    39.00
TIANJIN HARBOR CONSTRUCTI    6.29      10/21/21    CNY    70.37
TIANJIN HARBOR CONSTRUCTI    8.80      01/24/21    CNY    40.87
TIANJIN HARBOR CONSTRUCTI    8.00      04/01/21    CNY    40.83
TIANJIN HI-TECH INDUSTRY     6.65      09/12/21    CNY    40.36
TIANJIN HUANCHENG URBAN I    5.75      04/27/22    CNY    41.70
TIANJIN HUANCHENG URBAN I    5.75      04/27/22    CNY    40.59
TIANJIN HUANCHENG URBAN I    7.20      03/21/21    CNY    20.35
TIANJIN HUANCHENG URBAN I    7.20      03/21/21    CNY    20.24
TIANJIN INFRASTRUCTURE CO    5.70      02/26/23    CNY    46.10
TIANJIN INFRASTRUCTURE CO    5.70      02/26/23    CNY    46.00
TIANJIN JINNAN CITY CONST    6.50      06/03/21    CNY    20.38
TIANJIN JINNAN CITY CONST    6.50      06/03/21    CNY    20.00
TIANJIN LINGANG INVESTMEN    7.75      02/26/21    CNY    20.20
TIANJIN LINGANG INVESTMEN    7.75      02/26/21    CNY    20.19
TIANJIN NINGHE DISTRICT X    7.00      05/30/21    CNY    27.50
TIANJIN NINGHE DISTRICT X    7.00      05/30/21    CNY    20.44
TIANJIN NINGHE INVESTMENT    5.50      04/22/23    CNY    60.92
TIANJIN NINGHE INVESTMENT    5.50      04/22/23    CNY    60.02
TIANJIN RAILWAY CONSTRUCT    5.58      04/13/25    CNY    73.17
TIANJIN REAL ESTATE TRUST    8.59      03/13/21    CNY    20.39
TIANJIN RESIDENTIAL CONST    8.00      12/19/20    CNY    20.03
TIANJIN STATE-OWNED CAPIT    1.60      12/17/39    USD    73.92
TIANJIN WATER INVESTMENT     6.60      07/28/21    CNY    41.80
TIANJIN WATER INVESTMENT     6.60      07/28/21    CNY    39.20
TIANJIN WATER INVESTMENT     8.40      01/15/21    CNY    24.94
TIANJIN WUQING STATE-OWNE    4.15      11/17/22    CNY    60.60
TIANJIN WUQING STATE-OWNE    4.15      11/17/22    CNY    59.77
TIANJIN WUQING STATE-OWNE    8.00      12/17/20    CNY    20.76
TIANJIN WUQING STATE-OWNE    7.18      03/19/21    CNY    20.40
TIANJIN WUQING STATE-OWNE    8.00      12/17/20    CNY    20.34
TIANJIN WUQING STATE-OWNE    7.18      03/19/21    CNY    20.32
TIANMEN CITY CONSTRUCTION    8.20      08/28/21    CNY    45.16
TIANMEN CITY CONSTRUCTION    8.20      08/28/21    CNY    41.00
TIANRUI GROUP CEMENT CO L    5.95      09/25/20    CNY    50.00
TONGLING CONSTRUCTION INV    4.12      03/14/23    CNY    60.00
TONGLING CONSTRUCTION INV    4.12      03/14/23    CNY    59.63
TONGLING CONSTRUCTION INV    6.98      08/26/20    CNY    22.50
TONGLING CONSTRUCTION INV    6.98      08/26/20    CNY    20.09
TONGLU STATE-OWNED ASSET     8.09      04/18/21    CNY    20.98
TONGLU STATE-OWNED ASSET     8.09      04/18/21    CNY    20.61
TSINGHUA UNIGROUP CO LTD     5.20      12/10/23    CNY    65.51
TULUFAN DISTRICT STATE-OW    6.20      03/19/22    CNY    41.38
TULUFAN DISTRICT STATE-OW    6.20      03/19/22    CNY    40.85
TUNGHSU GROUP CO LTD         6.55      03/13/22    CNY    45.00
ULANQAB CITY INVESTMENT D    8.39      04/25/22    CNY    51.68
ULANQAB JINING DISTRICT G    6.16      03/24/23    CNY    61.51
ULANQAB JINING DISTRICT G    6.16      03/24/23    CNY    58.74
URUMQI ECO&TECH DEVELOPME    6.40      04/13/22    CNY    41.19
URUMQI ECO&TECH DEVELOPME    6.40      04/13/22    CNY    40.00
WAFANGDIAN COASTAL PROJEC    3.98      02/01/23    CNY    58.46
WAFANGDIAN COASTAL PROJEC    3.98      02/01/23    CNY    58.28
WANGCHENG ECONOMIC DEVELO    3.75      07/13/23    CNY    61.05
WANGCHENG ECONOMIC DEVELO    3.75      07/13/23    CNY    59.77
WANGCHENG ECONOMIC DEVELO    6.57      01/22/22    CNY    48.81
WANGCHENG ECONOMIC DEVELO    6.57      01/22/22    CNY    41.07
WEIFANG BINHAI INVESTMENT    6.16      04/16/21    CNY    25.35
WEIHAI LANCHUANG CONSTRUC    4.80      12/17/22    CNY    59.39
WEIHAI LANCHUANG CONSTRUC    4.80      12/17/22    CNY    59.18
WEIHAI URBAN CONSTRUCTION    3.33      03/02/23    CNY    59.13
WEIHAI URBAN CONSTRUCTION    3.33      03/02/23    CNY    58.40
WEIHAI WENDENG URBAN PROP    4.80      05/26/23    CNY    59.02
WEIHAI WENDENG URBAN PROP    4.80      05/26/23    CNY    58.50
WEINAN CITY INVESTMENT GR    6.09      03/11/22    CNY    40.86
WEINAN CITY INVESTMENT GR    6.09      03/11/22    CNY    40.00
WENDENG GOLDEN BEACH INVE    3.97      03/21/23    CNY    59.41
WENDENG GOLDEN BEACH INVE    3.97      03/21/23    CNY    58.48
WENZHOU CITY CONSTRUCTION    5.00      04/26/23    CNY    61.78
WENZHOU CITY CONSTRUCTION    5.00      04/26/23    CNY    61.45
WENZHOU CITY CONSTRUCTION    4.05      01/25/23    CNY    60.69
WENZHOU CITY CONSTRUCTION    4.05      01/25/23    CNY    60.22
WENZHOU GANGCHENG DEVELOP    5.19      03/29/23    CNY    60.46
WENZHOU GANGCHENG DEVELOP    5.19      03/29/23    CNY    60.19
WENZHOU HIGH-TECH INDUSTR    7.30      05/30/21    CNY    20.63
WENZHOU HIGH-TECH INDUSTR    7.30      05/30/21    CNY    20.60
WENZHOU HIGH-TECH INDUSTR    7.95      03/21/21    CNY    20.60
WENZHOU HIGH-TECH INDUSTR    7.95      03/21/21    CNY    20.59
WENZHOU LUCHENG CITY DEVE    5.58      11/03/21    CNY    40.40
WINTIME ENERGY CO LTD        7.50      04/04/21    CNY    43.63
WINTIME ENERGY CO LTD        7.90      03/29/21    CNY    43.63
WINTIME ENERGY CO LTD        7.90      12/22/20    CNY    43.63
WINTIME ENERGY CO LTD        7.50      12/06/20    CNY    43.63
WINTIME ENERGY CO LTD        7.50      11/16/20    CNY    43.63
WINTIME ENERGY CO LTD        7.70      11/15/20    CNY    43.63
WINTIME ENERGY CO LTD        7.00      04/26/19    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
WINTIME ENERGY CO LTD        6.78      10/23/18    CNY    43.63
WINTIME ENERGY CO LTD        7.00      08/25/18    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
WUHAI CITY CONSTRUCTION I    8.19      04/21/21    CNY    20.50
WUHAI CITY CONSTRUCTION I    8.19      04/21/21    CNY     5.39
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY    20.96
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY    20.38
WUHAN CITY HUANPI DISTRIC    6.43      09/17/21    CNY    43.02
WUHAN CITY HUANPI DISTRIC    6.43      09/17/21    CNY    40.68
WUHAN JIANGXIA URBAN CONS    4.80      06/03/23    CNY    60.53
WUHAN JIANGXIA URBAN CONS    4.80      06/03/23    CNY    60.32
WUHAN JIANGXIA URBAN CONS    8.99      01/20/21    CNY    20.40
WUHAN METRO GROUP CO LTD     5.25      04/14/22    CNY    40.46
WUHU COMMUNICATIONS INVES    4.50      04/28/23    CNY    60.05
WUHU COMMUNICATIONS INVES    4.50      04/28/23    CNY    59.99
WUHU COUNTY CONSTRUCTION     6.60      12/08/21    CNY    46.35
WUHU COUNTY CONSTRUCTION     6.60      12/08/21    CNY    40.70
WUHU JINGHU CONSTRUCTION     4.37      07/20/23    CNY    59.59
WUHU JIUJIANG CONSTRUCTIO    3.96      03/21/23    CNY    59.78
WUHU JIUJIANG CONSTRUCTIO    8.49      04/14/21    CNY    20.68
WUHU JIUJIANG CONSTRUCTIO    8.49      04/14/21    CNY    20.00
WUHU XINMA INVESTMENT CO     4.87      11/04/22    CNY    60.56
WUHU XINMA INVESTMENT CO     4.87      11/04/22    CNY    59.50
WUHU YIJU INVESTMENT GROU    6.45      08/11/21    CNY    41.45
WUHU YIJU INVESTMENT GROU    6.45      08/11/21    CNY    40.69
WUWEI CITY ECONOMY DEVELO    8.20      04/24/21    CNY    20.51
WUWEI CITY ECONOMY DEVELO    8.20      12/09/20    CNY    20.40
WUWEI CITY ECONOMY DEVELO    8.20      12/09/20    CNY    20.27
WUWEI CITY ECONOMY DEVELO    8.20      04/24/21    CNY    20.10
WUXI HUIKAI ECONOMIC DEVE    4.16      04/08/23    CNY    60.07
WUXI HUIKAI ECONOMIC DEVE    4.16      04/08/23    CNY    59.83
WUXI HUNING METRO HUISHAN    4.38      06/08/21    CNY    40.45
WUXI HUNING METRO HUISHAN    4.38      06/08/21    CNY    40.02
WUXI MUNICIPAL DEVELOPMEN    6.10      10/11/20    CNY    20.13
WUXI MUNICIPAL DEVELOPMEN    6.10      10/11/20    CNY    20.11
WUXI TAIHU NEW CITY DEVEL    4.49      05/03/23    CNY    61.05
WUXI TAIHU NEW CITY DEVEL    4.49      05/03/23    CNY    60.64
WUYANG CONSTRUCTION GROUP    7.80      09/11/20    CNY    32.48
WUZHONG URBAN RURAL CONST    7.18      10/12/20    CNY    20.12
WUZHONG URBAN RURAL CONST    7.18      10/12/20    CNY    20.11
XIAMEN TORCH GROUP CO LTD    7.49      04/21/21    CNY    20.53
XIAN FENGDONG DEVELOPMENT    4.67      01/08/23    CNY    59.46
XIAN FENGDONG DEVELOPMENT    4.67      01/08/23    CNY    59.46
XI'AN INTERNATIONAL HORTI    6.20      10/21/21    CNY    41.46
XI'AN INTERNATIONAL HORTI    6.20      10/21/21    CNY    40.40
XI'AN INTERNATIONAL INLAN    7.90      09/23/21    CNY    42.28
XIANGSHUI GUANJIANG HOLDI    4.98      12/24/22    CNY    63.20
XIANGSHUI GUANJIANG HOLDI    4.98      12/24/22    CNY    59.68
XIANGTAN CITY CONSTRUCTIO    7.60      04/02/22    CNY    64.80
XIANGTAN HI-TECH GROUP CO    8.16      02/25/21    CNY    28.99
XIANGTAN HI-TECH GROUP CO    8.16      02/25/21    CNY    20.17
XIANGTAN JIUHUA ECONOMIC     6.59      01/21/22    CNY    37.79
XIANGTAN JIUHUA ECONOMIC     7.15      10/15/20    CNY    19.75
XIANGTAN JIUHUA ECONOMIC     7.15      10/15/20    CNY    19.73
XIANGTAN LIANGXING SOCIET    7.89      04/23/21    CNY    20.26
XIANGTAN WANLOU XINCHENG     6.90      01/14/22    CNY    39.96
XIANGTAN ZHENXIANG STATE-    6.60      08/07/20    CNY    20.00
XIANGTAN ZHENXIANG STATE-    6.60      08/07/20    CNY    19.99
XIANGXIANG URBAN CONSTRUC    5.84      05/18/23    CNY    60.30
XIANGXIANG URBAN CONSTRUC    5.84      05/18/23    CNY    59.54
XIANGYANG CITY XIANGZHOU     5.18      04/28/23    CNY    60.88
XIANGYANG CITY XIANGZHOU     5.18      04/28/23    CNY    60.66
XIANGYANG HIGH TECH STATE    7.00      05/29/21    CNY    23.38
XIANGYANG HIGH TECH STATE    7.00      05/29/21    CNY    20.42
XIANGYANG STATE-OWNED CAP    4.62      01/25/23    CNY    60.15
XIANGYANG STATE-OWNED CAP    4.62      01/25/23    CNY    59.97
XIANNING HIGH-TECH INVEST    6.29      02/10/22    CNY    45.00
XIANNING HIGH-TECH INVEST    6.29      02/10/22    CNY    40.60
XIANTAO CITY CONSTRUCTION    4.59      04/18/23    CNY    60.27
XIANTAO CITY CONSTRUCTION    4.59      04/18/23    CNY    59.95
XIANTAO CITY CONSTRUCTION    8.15      02/24/21    CNY    20.50
XIANTAO CITY CONSTRUCTION    8.15      02/24/21    CNY    20.45
XIAOGAN GAOCHUANG INVESTM    6.87      09/22/21    CNY    46.69
XIAOGAN GAOCHUANG INVESTM    6.87      09/22/21    CNY    40.46
XIAOGAN GAOCHUANG INVESTM    7.43      06/23/21    CNY    32.72
XIAOGAN GAOCHUANG INVESTM    7.43      06/23/21    CNY    20.52
XIAOGAN URBAN CONSTRUCTIO    3.94      07/05/21    CNY    63.12
XIAOGAN URBAN CONSTRUCTIO    6.89      05/29/21    CNY    20.51
XIAOXIAN COUNTY DEVELOPME    4.85      06/22/23    CNY    60.54
XIAOXIAN COUNTY DEVELOPME    4.85      06/22/23    CNY    60.42
XINDONGGANG HOLDING GROUP    5.53      04/27/23    CNY    60.16
XINDONGGANG HOLDING GROUP    5.53      04/27/23    CNY    59.81
XINGAN LEAGUE URBAN DEVEL    6.18      12/21/22    CNY    42.71
XINGAN LEAGUE URBAN DEVEL    6.18      12/21/22    CNY    41.82
XINGHUA CITY ECONOMIC DEV    5.28      06/13/22    CNY    49.71
XINGHUA CITY ECONOMIC DEV    5.28      06/13/22    CNY    49.21
XINGYI XINHENG URBAN CONS    5.40      12/16/22    CNY    60.00
XINGYI XINHENG URBAN CONS    5.40      12/16/22    CNY    58.46
XINJIANG KAIDI INVESTMENT    7.80      04/22/21    CNY    21.35
XINJIANG KAIDI INVESTMENT    7.80      04/22/21    CNY    20.40
XINMI CAIYUAN CITY CONSTR    4.35      02/28/23    CNY    59.83
XINMI CAIYUAN CITY CONSTR    4.35      02/28/23    CNY    59.81
XINMIN CITY LUXIN MUNICIP    6.41      07/29/21    CNY    34.44
XINMIN CITY LUXIN MUNICIP    6.41      07/29/21    CNY    33.49
XINTAI CITY COORDINATING     6.35      03/23/22    CNY    40.75
XINTAI CITY COORDINATING     6.35      03/23/22    CNY    40.73
XINYANG HONGCHANG PIPE GA    6.49      06/20/20    CNY    72.87
XINYANG HUAXIN INVESTMENT    7.55      04/15/21    CNY    26.30
XINYANG HUAXIN INVESTMENT    7.55      04/15/21    CNY    20.49
XINYI CITY INVESTMENT & D    4.30      01/19/23    CNY    60.00
XINYI CITY INVESTMENT & D    4.30      01/19/23    CNY    59.27
XINYI CITY INVESTMENT & D    7.39      10/15/20    CNY    20.32
XINYI CITY INVESTMENT & D    7.39      10/15/20    CNY    20.14
XINYI URBAN TRANSPORTATIO    6.14      02/06/22    CNY    41.53
XINYI URBAN TRANSPORTATIO    6.14      02/06/22    CNY    40.93
XINYU CHENGDONG CONSTRUCT    8.48      05/27/21    CNY    27.00
XINYU CITY SHANTYTOWN ZON    6.42      12/09/20    CNY    40.24
XINYU CITY YUSHUI DISTRIC    7.70      06/24/22    CNY    41.39
XINYU CITY YUSHUI DISTRIC    7.70      06/24/22    CNY    40.95
XINZHENG NEW DISTRICT DEV    6.40      01/29/21    CNY    25.25
XINZHOU ASSET MANAGEMENT     7.90      02/21/21    CNY    21.07
XINZHOU ASSET MANAGEMENT     7.90      02/21/21    CNY    20.37
XINZHOU ASSET MANAGEMENT     8.50      12/18/20    CNY    20.28
XIUSHAN INDUSTRY DEVELOPM    5.85      04/14/23    CNY    60.10
XIUSHAN INDUSTRY DEVELOPM    5.85      04/14/23    CNY    59.32
XIWANG GROUP CO LTD          7.80      12/03/22    CNY    49.94
XUANCHENG CITY ECONOMY DE    7.95      09/22/21    CNY    46.00
XUANCHENG CITY ECONOMY DE    7.95      09/22/21    CNY    40.78
XUANCHENG STATE-OWNED ASS    4.12      04/07/23    CNY    60.32
XUANCHENG STATE-OWNED ASS    4.12      04/07/23    CNY    60.15
XUANCHENG STATE-OWNED ASS    7.95      03/27/21    CNY    26.00
XUANCHENG STATE-OWNED ASS    7.95      03/27/21    CNY    20.67
XUZHOU BOCHANT DEVELOPMEN    5.69      07/28/21    CNY    66.34
XUZHOU CITY JIAWANG CONST    4.00      03/23/23    CNY    59.60
XUZHOU CITY TONGSHAN DIST    5.23      09/18/22    CNY    61.00
XUZHOU CITY TONGSHAN DIST    5.23      09/18/22    CNY    60.78
XUZHOU CITY TONGSHAN DIST    6.60      08/08/20    CNY    20.66
XUZHOU CITY TONGSHAN DIST    6.60      08/08/20    CNY    20.03
XUZHOU ECONOMIC TECHNOLOG    7.35      04/21/21    CNY    20.49
XUZHOU HI-TECH INDUSTRIAL    7.86      04/22/21    CNY    31.50
XUZHOU HI-TECH INDUSTRIAL    7.86      04/22/21    CNY    20.59
XUZHOU TRANSPORTATION HOL    7.09      05/15/21    CNY    21.00
XUZHOU TRANSPORTATION HOL    7.09      05/15/21    CNY    20.60
XUZHOU XINSHENG INVESTMEN    5.13      08/12/22    CNY    64.46
XUZHOU XINSHENG INVESTMEN    5.13      08/12/22    CNY    61.06
YA'AN DEVELOPMENT INVESTM    7.00      09/13/20    CNY    20.05
YA'AN DEVELOPMENT INVESTM    7.00      09/13/20    CNY    20.05
YANCHENG CITY TINGHU DIST    7.95      11/15/20    CNY    20.15
YANCHENG CITY TINGHU DIST    7.95      11/15/20    CNY    18.30
YANCHENG DAFENG DISTRICT     8.70      01/24/21    CNY    20.97
YANCHENG DAFENG DISTRICT     8.50      12/30/20    CNY    20.60
YANCHENG DAFENG DISTRICT     8.70      01/24/21    CNY    20.44
YANCHENG DAFENG DISTRICT     8.50      12/30/20    CNY    20.37
YANCHENG HIGH-TECH ZONE I    3.90      12/14/22    CNY    60.40
YANCHENG HIGH-TECH ZONE I    3.90      12/14/22    CNY    60.05
YANCHENG ORIENTAL INVESTM    6.48      09/15/21    CNY    40.33
YANCHENG SOUTH DISTRICT D    6.70      07/30/21    CNY    40.63
YANCHENG YANDU DISTRICT S    3.67      03/17/23    CNY    58.92
YANCHENG YANDU DISTRICT S    3.67      03/17/23    CNY    58.56
YANGJIANG HENGCAI CITY IN    6.24      04/14/22    CNY    41.17
YANGJIANG HENGCAI CITY IN    6.85      09/09/20    CNY    20.15
YANGJIANG HENGCAI CITY IN    6.85      09/09/20    CNY    20.07
YANGZHONG CITY INVESTMENT    5.15      06/03/23    CNY    60.95
YANGZHONG TRANSPORTATION     4.98      04/07/23    CNY    60.70
YANGZHONG TRANSPORTATION     4.98      04/07/23    CNY    60.43
YANGZHONG TRANSPORTATION     4.95      04/07/23    CNY    60.36
YANGZHONG TRANSPORTATION     4.95      04/07/23    CNY    59.55
YANGZHOU CHEMICAL INDUSTR    8.58      01/24/21    CNY    26.00
YANGZHOU CHEMICAL INDUSTR    8.58      01/24/21    CNY    20.40
YANGZHOU ECONOMIC & TECHN    7.40      03/05/21    CNY    40.89
YANGZHOU ECONOMIC & TECHN    7.40      03/05/21    CNY    40.00
YANGZHOU HANJIANG CONSTRU    5.88      06/15/22    CNY    46.63
YANGZHOU HANJIANG CONSTRU    5.88      06/15/22    CNY    41.14
YANGZHOU JIANGDU YANJIANG    7.48      07/29/20    CNY    25.03
YANGZHOU JIANGDU YANJIANG    7.48      07/29/20    CNY    25.00
YI CHENG CONSTRUCTION INV    5.44      04/27/23    CNY    60.03
YI ZHENG CITY DEVELOPMENT    4.63      01/08/23    CNY    60.00
YI ZHENG CITY DEVELOPMENT    4.63      01/08/23    CNY    59.99
YI ZHENG CITY DEVELOPMENT    8.60      01/09/21    CNY    29.30
YI ZHENG CITY DEVELOPMENT    8.60      01/09/21    CNY    20.30
YICHANG HIGH-TECH INVESTM    4.80      12/15/22    CNY    60.63
YICHANG HIGH-TECH INVESTM    4.80      12/15/22    CNY    60.00
YICHUN URBAN CONSTRUCTION    7.09      05/15/21    CNY    23.47
YICHUN URBAN CONSTRUCTION    7.09      05/15/21    CNY    20.47
YICHUN VENTURE CAPITAL CO    6.70      03/23/22    CNY    40.70
YICHUN VENTURE CAPITAL CO    6.70      03/23/22    CNY    40.61
YIHUA ENTERPRISE GROUP CO    7.00      04/29/22    CNY    54.00
YIHUA ENTERPRISE GROUP CO    6.80      03/15/21    CNY    47.99
YIHUA ENTERPRISE GROUP CO    5.99      11/26/20    CNY    30.00
YIHUA LIFESTYLE TECHNOLOG    6.88      07/16/20    CNY    35.90
YIHUA LIFESTYLE TECHNOLOG    6.88      07/23/20    CNY    35.00
YILI KAZAKH AUTONOMOUS PR    7.68      02/28/21    CNY    20.41
YINCHUAN URBAN CONSTRUCTI    6.88      05/12/21    CNY    20.53
YINGKOU COASTAL DEVELOPME    6.45      01/26/22    CNY    40.29
YINGKOU COASTAL DEVELOPME    6.45      01/26/22    CNY    39.17
YINGKOU LAOBIAN CITY CONS    4.98      03/11/23    CNY    60.00
YINGKOU LAOBIAN CITY CONS    5.63      12/16/22    CNY    60.00
YINGKOU LAOBIAN CITY CONS    5.63      12/16/22    CNY    59.79
YINGKOU LAOBIAN CITY CONS    4.98      03/11/23    CNY    58.48
YINGTAN INVESTMENT CO        3.63      08/12/21    CNY    69.99
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY    46.85
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY    46.85
YINGTAN LONGGANG ASSET OP    6.75      07/31/22    CNY    61.18
YINGTAN LONGGANG ASSET OP    6.75      07/31/22    CNY    60.90
YINING CITY STATE OWNED A    5.37      09/24/22    CNY    60.00
YINING CITY STATE OWNED A    5.37      09/24/22    CNY    59.85
YINING CITY STATE OWNED A    8.90      01/23/21    CNY    29.95
YINING CITY STATE OWNED A    8.90      01/23/21    CNY    20.51
YIWU CITY CONSTRUCTION IN    4.31      12/07/22    CNY    60.40
YIWU CITY CONSTRUCTION IN    4.31      12/07/22    CNY    60.27
YIWU URBAN & RURAL NEW CO    4.25      11/24/21    CNY    50.03
YIXING CITY CONSTRUCTION     6.16      03/30/22    CNY    41.10
YIXING CITY CONSTRUCTION     6.16      03/30/22    CNY    40.00
YIXING TUOYE INDUSTRIAL C    7.60      05/28/21    CNY    23.50
YIXING TUOYE INDUSTRIAL C    7.60      05/28/21    CNY    20.37
YIYANG ADVANCED INDUSTRY     7.00      03/30/22    CNY    48.00
YIYANG ADVANCED INDUSTRY     7.00      03/30/22    CNY    40.62
YONG ZHOU CITY CONSTRUCTI    7.30      10/23/20    CNY    20.13
YONGJIA INVESTMENT GROUP     6.50      11/12/21    CNY    40.69
YONGJIA INVESTMENT GROUP     6.50      11/12/21    CNY    40.00
YONGXING YINDU CONSTRUCTI    5.60      03/24/23    CNY    59.86
YONGXING YINDU CONSTRUCTI    5.60      03/24/23    CNY    59.42
YONGZHOU ECONOMIC CONSTRU    3.55      01/14/23    CNY    60.50
YONGZHOU ECONOMIC CONSTRU    3.55      01/14/23    CNY    59.30
YUANAN COUNTY QIFENG CITY    5.50      05/27/23    CNY    59.79
YUANAN COUNTY QIFENG CITY    5.50      05/27/23    CNY    59.79
YUEYANG CITY DONGTING NEW    6.15      03/20/22    CNY    40.39
YUEYANG CITY DONGTING NEW    6.15      03/20/22    CNY    40.18
YUEYANG HUILIN INVESTMENT    5.50      11/03/21    CNY    40.07
YUEYANG HUILIN INVESTMENT    5.50      11/03/21    CNY    40.00
YUEYANG YUNXI CITY CONSTR    6.00      07/08/23    CNY    78.50
YUEYANG YUNXI CITY CONSTR    6.00      07/08/23    CNY    60.28
YUHUAN CITY COMMUNICATION    5.65      11/03/21    CNY    44.50
YUHUAN CITY COMMUNICATION    6.18      03/20/22    CNY    44.47
YUHUAN CITY COMMUNICATION    6.18      03/20/22    CNY    40.83
YUHUAN CITY COMMUNICATION    5.65      11/03/21    CNY    40.55
YUHUAN CITY CONSTRUCTION     5.10      05/03/23    CNY    61.30
YUHUAN CITY CONSTRUCTION     5.10      05/03/23    CNY    60.50
YUNNAN METROPOLITAN CONST    6.77      05/23/21    CNY    20.50
YUYAO CITY CONSTRUCTION I    7.09      05/19/21    CNY    20.63
YUZHOU GENERAL INVESTMENT    4.68      01/19/23    CNY    60.09
YUZHOU GENERAL INVESTMENT    4.68      01/19/23    CNY    60.00
ZAOYANG CITY CONSTRUCTION    5.50      03/22/23    CNY    60.45
ZAOYANG CITY CONSTRUCTION    5.50      03/22/23    CNY    60.43
ZHANGJIAGANG FREE TRADE Z    7.10      08/23/20    CNY    26.04
ZHANGJIAGANG FREE TRADE Z    7.10      08/23/20    CNY    20.05
ZHANGJIAGANG JINCHENG INV    6.88      04/28/21    CNY    20.41
ZHANGJIAJIE ECONOMIC DEVE    7.80      04/17/21    CNY    20.50
ZHANGSHU STATE-OWNED ASSE    4.80      06/22/23    CNY    62.67
ZHANGSHU STATE-OWNED ASSE    4.80      06/22/23    CNY    60.14
ZHANGYE CITY INVESTMENT G    6.92      09/22/21    CNY    40.90
ZHANGYE CITY INVESTMENT G    6.92      09/22/21    CNY    40.70
ZHANGZHOU ECONOMIC DEVELO    6.17      04/27/22    CNY    40.93
ZHANGZHOU ECONOMIC DEVELO    6.17      04/27/22    CNY    40.00
ZHANGZHOU JIULONGJIANG GR    6.48      06/20/21    CNY    20.60
ZHANGZHOU JIULONGJIANG GR    6.48      06/20/21    CNY    20.47
ZHANJIANG INFRASTRUCTURE     6.93      10/21/20    CNY    20.15
ZHAOQING GAOYAO DISTRICT     6.68      04/14/22    CNY    41.28
ZHAOQING GAOYAO DISTRICT     6.68      04/14/22    CNY    40.00
ZHEJIANG BINHAI NEW CITY     4.65      12/23/22    CNY    60.49
ZHEJIANG BINHAI NEW CITY     4.65      12/23/22    CNY    60.00
ZHEJIANG CHANGXING JINGKA    7.99      03/03/21    CNY    30.00
ZHEJIANG CHANGXING JINGKA    7.99      03/03/21    CNY    20.40
ZHEJIANG GUOXING INVESTME    6.94      08/01/21    CNY    48.50
ZHEJIANG GUOXING INVESTME    6.94      08/01/21    CNY    40.52
ZHEJIANG HANGZHOU QINGSHA    7.90      04/23/21    CNY    24.00
ZHEJIANG HANGZHOU QINGSHA    7.90      04/23/21    CNY    20.63
ZHEJIANG HUISHENG INVESTM    4.49      03/15/24    CNY    70.03
ZHEJIANG HUISHENG INVESTM    4.49      03/15/24    CNY    70.00
ZHEJIANG OUHAI CONSTRUCTI    4.83      01/21/23    CNY    60.48
ZHEJIANG OUHAI CONSTRUCTI    4.83      01/21/23    CNY    60.00
ZHEJIANG OUHAI CONSTRUCTI    6.45      04/23/22    CNY    41.06
ZHEJIANG OUHAI CONSTRUCTI    6.45      04/23/22    CNY    40.00
ZHEJIANG PROVINCE XINCHAN    5.88      10/30/21    CNY    41.06
ZHEJIANG PROVINCE XINCHAN    6.95      12/31/21    CNY    41.03
ZHEJIANG PROVINCE XINCHAN    5.88      10/30/21    CNY    40.72
ZHENGZHOU JINGKAI INVESTM    5.48      07/31/22    CNY    61.03
ZHENGZHOU JINGKAI INVESTM    5.48      07/31/22    CNY    60.00
ZHENGZHOU MOUZHONG DEVELO    4.59      04/18/23    CNY    60.45
ZHENGZHOU MOUZHONG DEVELO    4.59      04/18/23    CNY    60.02
ZHENGZHOU MOUZHONG DEVELO    7.48      12/11/21    CNY    46.20
ZHENGZHOU MOUZHONG DEVELO    7.48      12/11/21    CNY    41.08
ZHENJIANG CITY CONSTRUCTI    7.90      12/18/20    CNY    28.50
ZHENJIANG CITY CONSTRUCTI    8.20      01/13/21    CNY    28.49
ZHENJIANG CITY CONSTRUCTI    8.20      01/13/21    CNY    20.39
ZHENJIANG CITY CONSTRUCTI    7.90      12/18/20    CNY    20.30
ZHENJIANG DANTU DISTRICT     5.89      11/03/21    CNY    40.13
ZHENJIANG DANTU DISTRICT     5.89      11/03/21    CNY    39.60
ZHENJIANG NEW AREA URBAN     5.31      07/14/23    CNY    60.81
ZHENJIANG NEW AREA URBAN     5.31      07/14/23    CNY    58.76
ZHENJIANG NEW AREA URBAN     8.35      02/26/21    CNY    20.36
ZHENJIANG NEW AREA URBAN     8.99      01/16/21    CNY    20.34
ZHIJIANG STATE-OWNED ASSE    4.38      03/28/23    CNY    64.70
ZHIJIANG STATE-OWNED ASSE    4.38      03/28/23    CNY    60.49
ZHIJIANG STATE-OWNED ASSE    4.78      01/11/23    CNY    60.00
ZHIJIANG STATE-OWNED ASSE    4.78      01/11/23    CNY    59.87
ZHONGGUANCUN DEVELOPMENT     4.20      08/12/22    CNY    60.42
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    40.49
ZHONGSHAN TRANSPORTATION     5.25      11/26/21    CNY    40.00
ZHONGTIAN FINANCIAL GROUP    7.00      10/15/20    CNY    23.88
ZHOUKOU INVESTMENT GROUP     7.49      04/21/21    CNY    20.27
ZHOUSHAN DINGHAI CITY CON    6.67      07/20/22    CNY    40.62
ZHOUSHAN DINGHAI STATE-OW    7.13      08/04/21    CNY    41.40
ZHOUSHAN DINGHAI STATE-OW    7.13      08/04/21    CNY    40.70
ZHOUSHAN DINGHAI STATE-OW    7.25      08/31/20    CNY    26.65
ZHOUSHAN DINGHAI STATE-OW    7.25      08/31/20    CNY    25.12
ZHOUSHAN ISLANDS NEW DIST    6.98      10/22/22    CNY    56.42
ZHOUSHAN ISLANDS NEW DIST    6.98      10/22/22    CNY    55.80
ZHOUSHAN PUTUO DISTRICT S    7.18      06/20/22    CNY    41.90
ZHOUSHAN PUTUO DISTRICT S    7.18      06/20/22    CNY    41.66
ZHUHAI HUIHUA INFRASTRUCT    4.70      06/27/23    CNY    60.63
ZHUHAI HUIHUA INFRASTRUCT    4.70      06/27/23    CNY    60.26
ZHUHAI HUIHUA INFRASTRUCT    7.15      09/17/20    CNY    21.15
ZHUHAI HUIHUA INFRASTRUCT    7.15      09/17/20    CNY    20.09
ZHUJI CITY YUEDU INVESTME    6.38      04/07/22    CNY    41.16
ZHUJI CITY YUEDU INVESTME    8.20      12/12/20    CNY    24.50
ZHUJI CITY YUEDU INVESTME    8.20      12/12/20    CNY    20.28
ZHUZHOU CITY CONSTRUCTION    8.36      11/10/21    CNY    43.75
ZHUZHOU CITY CONSTRUCTION    6.95      10/16/20    CNY    20.16
ZHUZHOU GECKOR GROUP CO L    6.95      08/11/21    CNY    40.86
ZHUZHOU GECKOR GROUP CO L    6.38      04/17/22    CNY    40.85
ZHUZHOU GECKOR GROUP CO L    6.95      08/11/21    CNY    40.55
ZHUZHOU GECKOR GROUP CO L    6.38      04/17/22    CNY    40.00
ZHUZHOU RECYCLING ECONOMI    4.38      03/24/23    CNY    57.46
ZHUZHOU RECYCLING ECONOMI    4.38      03/24/23    CNY    57.04
ZHUZHOU XIANGJIANG SCENIC    5.39      11/25/22    CNY    60.78
ZHUZHOU XIANGJIANG SCENIC    5.39      11/25/22    CNY    60.15
ZIBO BANYANG CITY URBAN A    5.50      09/09/22    CNY    60.42
ZIBO BANYANG CITY URBAN A    5.50      09/09/22    CNY    60.00
ZIYANG WATER INVESTMENT C    3.97      03/17/23    CNY    58.74
ZIYANG WATER INVESTMENT C    3.97      03/17/23    CNY    58.46
ZIYANG WATER INVESTMENT C    7.40      10/21/20    CNY    20.15
ZIYANG WATER INVESTMENT C    7.40      10/21/20    CNY    20.00
ZIZHONG COUNTY XINGZI INV    5.97      01/18/23    CNY    59.68
ZIZHONG COUNTY XINGZI INV    5.97      01/18/23    CNY    58.49
ZUNYI ECONOMIC DEVELOPMEN    4.87      01/22/23    CNY    60.00
ZUNYI ECONOMIC DEVELOPMEN    4.87      01/22/23    CNY    57.36
ZUNYI HONGHUAGANG CITY DE    5.05      06/27/23    CNY    59.03
ZUNYI HONGHUAGANG CITY DE    5.05      06/27/23    CNY    56.21
ZUNYI NEW DISTRICT DEVELO    5.99      04/07/26    CNY    69.70
ZUNYI NEW DISTRICT DEVELO    5.99      04/07/26    CNY    67.66
ZUNYI ROAD & BRIDGE CONST    6.10      04/27/23    CNY    57.96
ZUNYI ROAD & BRIDGE CONST    6.10      04/27/23    CNY    52.98


  HONG KONG
  ---------

HNA GROUP INTERNATIONAL C    6.25      10/05/21    USD    75.00
DR PENG HOLDING HONGKONG     7.55      12/01/21    USD    71.48


  INDIA
  -----

ABM INVESTAMA TBK PT         7.13      08/01/22    USD    67.09
ABM INVESTAMA TBK PT         7.13      08/01/22    USD    65.58
BERAU COAL ENERGY TBK PT     7.25      03/13/17    USD    40.00
BERAU COAL ENERGY TBK PT     7.25      03/13/17    USD    40.00
DAVOMAS INTERNATIONAL FIN   11.00      05/09/11    USD     0.44
DAVOMAS INTERNATIONAL FIN   11.00      05/09/11    USD     0.44
DAVOMAS INTERNATIONAL FIN   11.00      12/08/14    USD     0.43
DAVOMAS INTERNATIONAL FIN   11.00      12/08/14    USD     0.43
DELTA MERLIN DUNIA TEKSTI    8.63      03/12/24    USD    10.92
DELTA MERLIN DUNIA TEKSTI    8.63      03/12/24    USD    10.78
GAJAH TUNGGAL TBK PT         8.38      08/10/22    USD    67.77


  INDONESIA
  ---------

3I INFOTECH LTD              2.50      03/31/25    USD     4.27
AMPSOLAR SOLUTION PVT LTD    0.01      10/27/37    INR    24.80
AMPSOLAR SOLUTION PVT LTD    0.01      11/03/37    INR    24.76
APG HABITAT PVT LTD          1.00      09/09/28    INR    58.45
APG INTELLI HOMES PVT LTD    1.25      02/04/35    INR    42.31
APG INTELLI HOMES PVT LTD    1.25      02/04/35    INR    40.52
AUTOMOTIVE EXCHANGE PVT L    4.00      06/01/30    INR    61.94
AUTOMOTIVE EXCHANGE PVT L    4.00      10/11/30    INR    61.78
BRITANNIA INDUSTRIES LTD     8.00      08/28/22    INR    30.95
CREIXENT SPECIAL STEELS L    0.01      08/28/25    INR    66.57
CUMULUS TRADING CO PVT LT    0.01      01/23/30    INR    60.51
CUMULUS TRADING CO PVT LT    0.01      05/21/32    INR    37.55
DEWAN HOUSING FINANCE COR    8.50      04/18/23    INR    26.17
DLF EMPORIO RESTAURANTS L    0.01      06/29/30    INR    44.15
DLF HOME DEVELOPERS LTD      0.01      06/29/30    INR    46.92
EDELWEISS ASSET RECONSTRU    2.00      03/28/27    INR    69.72
EDELWEISS ASSET RECONSTRU    2.00      11/20/27    INR    67.38
EDELWEISS ASSET RECONSTRU    2.00      10/07/28    INR    64.09
EDELWEISS ASSET RECONSTRU    2.00      01/15/29    INR    63.13
EDELWEISS ASSET RECONSTRU    2.00      07/22/29    INR    61.38
FUTURE RETAIL LTD            5.60      01/22/25    USD    64.42
FUTURE RETAIL LTD            5.60      01/22/25    USD    58.28
GREEN URJA PVT LTD           0.01      02/14/30    INR    46.68
GTL INFRASTRUCTURE LTD       6.73      10/26/22    USD     4.00
HINDUSTAN CONSTRUCTION CO    0.01      01/05/27    INR    58.94
HITODI INFRASTRUCTURE LTD    0.01      06/30/27    INR    55.19
INDIABULLS HOUSING FINANC    6.38      05/28/22    USD    72.79
JAIPRAKASH ASSOCIATES LTD    5.75      09/08/17    USD    55.13
JAIPRAKASH POWER VENTURES    7.00      05/15/17    USD     3.22
JCT LTD                      2.50      04/08/11    USD    25.75
JSM CORP PVT LTD             0.01      08/31/36    INR    26.84
JTPM ATSALI LTD              0.01      08/29/48    INR    10.98
KANAKADURGA FINANCE LTD      0.01      04/15/36    INR    25.50
KRIBHCO INFRASTRUCTURE LT    1.00      04/15/26    INR    72.34
MARIS POWER SUPPLY CO PVT    2.00      04/18/28    INR    66.62
MYTRAH AADHYA POWER PVT L    0.01      07/05/35    INR    30.05
MYTRAH ADVAITH POWER PVT     0.01      07/13/36    INR    27.55
MYTRAH AKSHAYA ENERGY PVT    0.01      07/13/36    INR    27.55
ORIGAMI CELLULO PVT LTD      0.01      11/14/36    INR    26.42
PRAKASH INDUSTRIES LTD       5.25      04/30/15    USD    22.63
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/26    INR    70.17
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/27    INR    65.42
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/28    INR    60.97
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/29    INR    56.83
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/30    INR    53.01
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/31    INR    49.56
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/32    INR    46.44
PUNJAB INFRASTRUCTURE DEV    0.40      10/15/33    INR    43.64
PYRAMID SAIMIRA THEATRE L    1.75      07/04/12    USD     0.26
R L FINE CHEM PVT LTD        0.10      08/19/36    INR    27.23
REDKITE CAPITAL PVT LTD      2.50      01/15/28    INR    69.66
REDKITE CAPITAL PVT LTD      2.50      03/30/29    INR    65.67
REI AGRO LTD                 5.50      11/13/14    USD     0.56
REI AGRO LTD                 5.50      11/13/14    USD     0.56
RELIANCE COMMUNICATIONS L    6.50      11/06/20    USD    11.64
SINTEX INDUSTRIES LTD        3.50      05/25/22    USD    48.63
SURBHI INVESTMENTS & TRAD    2.50      10/21/28    INR    67.08
SUZLON ENERGY LTD            5.75      07/16/19    USD    25.54
SUZLON ENERGY LTD            5.75      07/16/19    USD    25.54
SVOGL OIL GAS & ENERGY LT    5.00      08/17/15    USD     0.61
TN URJA PVT LTD              0.10      02/22/36    INR    29.18
VIDEOCON INDUSTRIES LTD      2.80      12/31/20    USD    30.25
WATSUN INFRABUILD PVT LTD    4.00      10/16/37    INR    56.26
WS T&D LTD                   0.10      03/24/29    INR    50.57
ZYDUS FOUNDATION             0.10      03/25/25    INR    70.08


  INDONESIA
  ---------

AVANSTRATE INC               0.10      10/29/32    JPY     9.75
TKJP CORP                    0.58      03/26/21    JPY     2.02
TKJP CORP                    0.85      03/06/19    JPY     2.02
TKJP CORP                    1.02      12/15/17    JPY     0.50
UNIZO HOLDINGS CO LTD        0.99      11/27/26    JPY    73.14
UNIZO HOLDINGS CO LTD        1.20      05/28/27    JPY    67.88
UNIZO HOLDINGS CO LTD        1.50      11/26/27    JPY    66.72


  SOUTH KOREA
  -----------

ECOMAISTER CO LTD            2.00      10/11/22    KRW    60.98
HEUNGKUK FIRE & MARINE IN    5.70      12/29/46    KRW    46.42
KIBO ABS SPECIALTY CO LTD    5.00      09/11/20    KRW    75.01
KIBO ABS SPECIALTY CO LTD    5.00      08/28/21    KRW    72.52
KIBO ABS SPECIALTY CO LTD    5.00      02/24/22    KRW    71.76
KIBO ABS SPECIALTY CO LTD    5.00      02/28/22    KRW    70.93
KIBO ABS SPECIALTY CO LTD    5.00      02/24/23    KRW    69.67
KIBO ABS SPECIALTY CO LTD    5.00      02/26/21    KRW    63.39
LOTTE CARD CO LTD            3.95      06/28/49    KRW    38.65
POSCO ENERGY CO LTD          5.21      08/29/43    KRW    61.91
SAMPYO CEMENT CO LTD         8.10      06/26/15    KRW    70.00
SAMPYO CEMENT CO LTD         8.10      04/12/15    KRW    70.00
SAMPYO CEMENT CO LTD         8.30      09/10/14    KRW    70.00
SAMPYO CEMENT CO LTD         7.50      07/20/14    KRW    70.00
SAMPYO CEMENT CO LTD         8.30      04/20/14    KRW    70.00
SINBO SECURITIZATION SPEC    5.00      09/28/22    KRW    73.25
SINBO SECURITIZATION SPEC    5.00      06/29/22    KRW    73.15
SINBO SECURITIZATION SPEC    5.00      06/29/21    KRW    72.71
SINBO SECURITIZATION SPEC    5.00      12/27/21    KRW    71.61
SINBO SECURITIZATION SPEC    5.00      02/28/23    KRW    71.29
SINBO SECURITIZATION SPEC    5.00      03/20/23    KRW    71.14
SINBO SECURITIZATION SPEC    5.00      02/28/22    KRW    70.92
SINBO SECURITIZATION SPEC    5.00      07/24/23    KRW    69.29
SINBO SECURITIZATION SPEC    5.00      08/29/23    KRW    69.12
SINBO SECURITIZATION SPEC    5.00      08/29/23    KRW    69.12
SINBO SECURITIZATION SPEC    5.00      09/26/23    KRW    68.99
SINBO SECURITIZATION SPEC    5.00      09/26/23    KRW    68.99
SINBO SECURITIZATION SPEC    5.00      09/26/23    KRW    68.99
SINBO SECURITIZATION SPEC    5.00      01/25/23    KRW    68.82
SINBO SECURITIZATION SPEC    5.00      06/27/23    KRW    68.30
SINBO SECURITIZATION SPEC    5.00      08/29/22    KRW    67.10
SINBO SECURITIZATION SPEC    5.00      08/31/22    KRW    67.10
SINBO SECURITIZATION SPEC    5.00      09/26/22    KRW    67.08
SINBO SECURITIZATION SPEC    5.00      07/26/22    KRW    67.07
SINBO SECURITIZATION SPEC    5.00      07/24/22    KRW    67.07
SINBO SECURITIZATION SPEC    5.00      01/25/22    KRW    66.75
SINBO SECURITIZATION SPEC    5.00      01/26/22    KRW    66.74
SINBO SECURITIZATION SPEC    5.00      02/23/22    KRW    66.38
SINBO SECURITIZATION SPEC    5.00      06/27/22    KRW    66.06
SINBO SECURITIZATION SPEC    5.00      12/21/20    KRW    64.30
SINBO SECURITIZATION SPEC    5.00      08/31/21    KRW    64.09
SINBO SECURITIZATION SPEC    5.00      07/26/21    KRW    63.13
SINBO SECURITIZATION SPEC    5.00      03/21/21    KRW    62.72


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT BON    5.66      05/01/23    USD    74.36
SRI LANKA DEVELOPMENT BON    4.57      01/22/23    USD    73.78
SRI LANKA DEVELOPMENT BON    4.38      01/22/23    USD    73.73
SRI LANKA DEVELOPMENT BON    4.35      03/16/23    USD    72.52
SRI LANKA DEVELOPMENT BON    4.26      05/01/23    USD    71.48
SRI LANKA DEVELOPMENT BON    4.22      05/01/23    USD    71.39
SRI LANKA DEVELOPMENT BON    6.87      01/22/25    USD    70.12
SRI LANKA DEVELOPMENT BON    6.75      01/22/25    USD    69.75
SRI LANKA DEVELOPMENT BON    6.50      01/22/25    USD    68.98
SRI LANKA DEVELOPMENT BON    6.02      01/22/25    USD    67.51
SRI LANKA DEVELOPMENT BON    5.98      01/22/25    USD    67.39
SRI LANKA DEVELOPMENT BON    4.90      01/22/25    USD    63.84
SRI LANKA GOVERNMENT INTE    5.75      04/18/23    USD    73.17
SRI LANKA GOVERNMENT INTE    5.75      04/18/23    USD    73.06
SRI LANKA GOVERNMENT INTE    6.85      03/14/24    USD    71.56
SRI LANKA GOVERNMENT INTE    6.85      03/14/24    USD    71.49
SRI LANKA GOVERNMENT INTE    6.35      06/28/24    USD    71.43
SRI LANKA GOVERNMENT INTE    6.35      06/28/24    USD    71.26
SRI LANKA GOVERNMENT INTE    6.85      11/03/25    USD    67.50
SRI LANKA GOVERNMENT INTE    6.13      06/03/25    USD    67.43
SRI LANKA GOVERNMENT INTE    6.85      11/03/25    USD    67.17
SRI LANKA GOVERNMENT INTE    6.13      06/03/25    USD    66.98
SRI LANKA GOVERNMENT INTE    6.83      07/18/26    USD    66.61
SRI LANKA GOVERNMENT INTE    6.83      07/18/26    USD    66.50
SRI LANKA GOVERNMENT INTE    7.85      03/14/29    USD    64.97
SRI LANKA GOVERNMENT INTE    7.85      03/14/29    USD    64.88
SRI LANKA GOVERNMENT INTE    6.20      05/11/27    USD    64.50
SRI LANKA GOVERNMENT INTE    6.20      05/11/27    USD    64.38
SRI LANKA GOVERNMENT INTE    6.75      04/18/28    USD    64.25
SRI LANKA GOVERNMENT INTE    6.75      04/18/28    USD    63.98
SRI LANKA GOVERNMENT INTE    7.55      03/28/30    USD    63.56
SRI LANKA GOVERNMENT INTE    7.55      03/28/30    USD    63.43
SRILANKAN AIRLINES LTD       7.00      06/25/24    USD    51.00


  MALAYSIA
  --------

AEON CREDIT SERVICE M BHD    3.50      09/15/20    MYR     0.85
ASIAN PAC HOLDINGS BHD       3.00      05/25/22    MYR     0.52
BERJAYA CORP BHD             5.00      04/22/22    MYR     0.24
BERJAYA CORP BHD             2.00      05/29/26    MYR     0.10
ELK-DESA RESOURCES BHD       3.25      04/14/22    MYR     1.01
HIAP TECK VENTURE BHD        5.00      06/23/21    MYR     0.16
HUME INDUSTRIES BHD          5.00      05/29/24    MYR     1.50
MALAYAN FLOUR MILLS BHD      5.00      01/24/24    MYR     1.01
PMB TECHNOLOGY BHD           3.00      07/12/23    MYR     2.62
SENAI-DESARU EXPRESSWAY B    1.35      12/31/29    MYR    74.53
SENAI-DESARU EXPRESSWAY B    1.35      06/28/30    MYR    73.38
SENAI-DESARU EXPRESSWAY B    1.35      12/31/30    MYR    72.10
SENAI-DESARU EXPRESSWAY B    1.35      06/30/31    MYR    70.84
VIZIONE HOLDINGS BHD         3.00      08/08/21    MYR     0.03


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z    4.80      09/27/21    NZD     1.17


  PHILIPPINES
  -----------

BAYAN TELECOMMUNICATIONS    15.00      07/15/06    USD    22.75


  SINGAPORE
  ---------

ALAM SYNERGY PTE LTD         6.63      04/24/22    USD    50.54
APL REALTY HOLDINGS PTE L    5.95      06/02/24    USD    51.27
ASL MARINE HOLDINGS LTD      3.00      10/01/26    SGD    42.64
ASL MARINE HOLDINGS LTD      3.00      03/28/25    SGD    42.63
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD     0.50
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD     0.50
BERAU CAPITAL RESOURCES P   12.50      07/08/15    USD    39.54
BERAU CAPITAL RESOURCES P   12.50      07/08/15    USD    39.54
BLD INVESTMENTS PTE LTD      8.63      03/23/15    USD     4.88
BLUE OCEAN RESOURCES PTE     8.00      12/31/21    USD    28.97
BLUE OCEAN RESOURCES PTE     8.00      12/31/21    USD    28.97
BLUE OCEAN RESOURCES PTE     8.00      12/31/21    USD    28.97
ENERCOAL RESOURCES PTE LT    9.25      08/05/14    USD    45.75
ETERNA CAPITAL PTE LTD       7.50      12/11/22    USD    50.67
ETERNA CAPITAL PTE LTD       8.00      12/11/22    USD    27.38
EZRA HOLDINGS LTD            4.88      04/24/18    SGD     5.00
GEO COAL INTERNATIONAL PT    8.00      10/04/22    USD    51.89
GEO COAL INTERNATIONAL PT    8.00      10/04/22    USD    46.51
GOLDEN ENERGY & RESOURCES    9.00      02/14/23    USD    73.94
HYFLUX LTD                   4.60      09/23/19    SGD    38.63
HYFLUX LTD                   4.20      08/29/19    SGD    38.63
HYFLUX LTD                   4.25      09/07/18    SGD    38.63
INDO INFRASTRUCTURE GROUP    2.00      07/30/10    USD     1.00
INNOVATE CAPITAL PTE LTD     6.00      12/11/24    USD    31.05
ITNL OFFSHORE PTE LTD        7.50      01/18/21    CNY    15.00
JGC VENTURES PTE LTD        10.75      08/30/21    USD    77.65
MICLYN EXPRESS OFFSHORE P    8.75      11/25/18    USD    22.55
MODERNLAND OVERSEAS PTE L    6.95      04/13/24    USD    29.23
MULHACEN PTE LTD             6.50      08/01/23    EUR    41.76
MULHACEN PTE LTD             6.50      08/01/23    EUR    41.30
NT RIG HOLDCO PTE LTD        7.50      12/20/21    USD    59.92
ORO NEGRO DRILLING PTE LT    7.50      01/24/19    USD    14.69
PACIFIC RADIANCE LTD         4.30      03/31/20    SGD    10.00
RICKMERS MARITIME            8.45      05/15/17    SGD     5.00
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD    67.56
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD    62.17
SSMS PLANTATION HOLDINGS     7.75      01/23/23    USD    46.62
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          5.55      10/10/16    SGD    12.25
SWIBER HOLDINGS LTD          7.75      09/18/17    CNY     7.75
SWIBER HOLDINGS LTD          7.13      04/18/17    SGD     7.75


  THAILAND
  --------

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



                           *********


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

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

Copyright 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.



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