/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/201222.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, December 22, 2020, Vol. 23, No. 255 Headlines A U S T R A L I A CHINA SOUTHERN: Grant Thornton Appointed as Liquidators FAR LTD: Gets US$159.2MM Buyout Offer From Remus Horizons HUME INDUSTRIAL: Second Creditors' Meeting Set for Jan. 13 OLD PORT: Worrells Solvency Appointed as Voluntary Administrators SOMARK GROUP: Second Creditors' Meeting Set for Dec. 31 C H I N A CHINA: Central Bank Pumps CNY950BB of Funds After Bond Defaults I N D I A ADHUNIK POWER: CARE Keeps D Debt Ratings in Not Cooperating ALEPH ENTERPRISES: CARE Lowers Rating on INR1cr LT Loan to D CADCHEM LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating DECCAN HYDERABAD: CARE Keeps D on INR10cr Loans in Not Cooperating DEESAN COTEX: CARE Reaffirms D Ratings on INR9cr Loans EUROLIFE HEALTHCARE: Ind-Ra Cuts LongTerm Issuer Rating to 'D' GALI JAGADISH: CARE Keeps B- Debt Rating in Not Cooperating GMR WARORA: CARE Lowers Rating on INR2,785cr LT Loan to D GRAMCO INFRATECH: CARE Withdraws D Rating on Bank Loans GREENERIES AGRO: CARE Lowers Rating on INR10cr LT Loan to D INFUTEC HEALTHCARE: CARE Reaffirms D Rating on INR49.27cr Loan KRISHNA EDUCATIONAL: CARE Moves D Debt Ratings to Not Cooperating M.P MINING: CARE Keeps D Rating on INR10cr Loans in Not Cooperating MAROLI NH: Ind-Ra Affirms 'BB' Rating on Senior Project Bank Loan MARUTI NANDAN: CARE Keeps D on INR15cr Loans in Not Cooperating MATA RANI: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating NANDI GRAIN: CARE Keeps D Debt Ratings in Not Cooperating Category OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating PPN POWER: CARE Raises Rating on INR174.85cr LT Loan to B+ RADHARAMAN COTGIN: CARE Cuts Rating on INR9.0cr LT Loan to D RAJ REGENCY: CARE Keeps D on INR6.61cr Loans in Not Cooperating RAJAGANAPATHI TRADING: CARE Cuts Rating on INR8cr Loan to D RAMAYANI CREATIONS: CARE Lowers Rating on INR15cr LT Loan to C RANGOTSAV SAREES: CARE Keeps D on INR23cr Loans in Not Cooperating REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category ROSMERTA TECHNOLOGIES: Ind-Ra Assigns 'BB' LongTerm Issuer Rating S.K. RICE: CARE Keeps D on INR10cr Loans in NonCooperating SAI MAATARINI: CARE Reaffirms D Rating on INR1,397.35cr LT Loan SAISONS TRADE: CARE Lowers Rating on INR35cr LT Loan to C SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating SARASWATI EXIM: CARE Lowers Rating on INR8cr LT Loan SHIVAJIRAO BHOSALE: State Co-op Dept Seeks to Liquidate Bank SIMPLEX INFRASTRUCTURES: CARE Assigns D Rating to INR75.40cr Loan SREI INFRASTRUCTURE: Lenders Mull Forensic Audit of 2 Group Firms UNIVERSAL EDUCATIONAL: Ind-Ra Cuts & Reassigns Loan Rating to 'C' VARDHMAN BUILDPROP: CARE Keeps D on INR35cr Debt in Not Cooperating VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A MALAYSIA AIRLINES: Restructuring Set to be Completed by Dec. 31 S O U T H K O R E A SSANGYONG MOTOR: Files for Court Receivership X X X X X X X X [*] BOND PRICING: For the Week Dec. 14, 2020 to Dec. 18, 2020 - - - - - ================= A U S T R A L I A ================= CHINA SOUTHERN: Grant Thornton Appointed as Liquidators ------------------------------------------------------- At a general meeting of the members of China Southern West Australian Flying College Pty Ltd held on December 21, 2020, it was resolved that the Company be wound up and that David Hodgson, Matthew Byrnes and Said Jahani of Grant Thornton Australia be appointed liquidators. The Liquidators may be reached at: Grant Thornton Australia Level 43, 152-158 St Georges Terrace Perth, WA Email: jack.marwick@au.gt.com FAR LTD: Gets US$159.2MM Buyout Offer From Remus Horizons --------------------------------------------------------- Reuters reports that Far Ltd said on Dec. 17 it received a AUD209.6 million (US$159.15 million) all-cash takeover proposal from private investment firm Remus Horizons PCC Ltd. The offer values Far at 2.1 Australian cents per share, representing a premium of 90.9% to the company's shares last closing price of 1.1 Australian cents, Reuters says. According to Reuters, cash-strapped Far has struggled due to the coronavirus-induced downturn in the oil and gas industry, with the Africa-focused explorer defaulting in June on its contributions to the Sangomar oil project off Senegal's shore. The company exited the project in November, agreeing to sell its 15% stake to a unit of India's ONGC Videsh Ltd for $45 million. Reuters relates that Far said Remus Horizons was willing to hold talks on a loan of up to $50 million from the date of the binding offer to enable the company to meet its funding obligations towards its interest in the Rufisque, Sangomar, and Sangomar Deep project. Far also said it was seeking clarifications from Remus Horizons on the proposal and had decided to postpone its shareholder meeting scheduled for Dec. 21 to Jan. 21, 2021, Reuters adds. FAR Limited (ASX:FAR) -- https://www.far.com.au/ -- is an oil and gas exploration company. The principal activities of the Company include conducting exploration for oil and gas deposits; conducting activities to identify and evaluate new exploration projects, and monetization of oil exploration and production interests. HUME INDUSTRIAL: Second Creditors' Meeting Set for Jan. 13 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Hume Industrial Pty Ltd has been set for Jan. 13, 2021, at 10:00 a.m. via teleconference only. 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 Jan. 12, 2020, at 4:00 p.m. Gavin Moss and Desmond Teng of Chifley Advisory were appointed as administrators of Hume Industrial on Sept. 30, 2020. OLD PORT: Worrells Solvency Appointed as Voluntary Administrators ----------------------------------------------------------------- Ivan Glavas and Nathan Deppeler of Worrells Solvency and Forensic Accountants, on Dec. 4, 2020, were appointed voluntary administrators of Old Port Road Pty Ltd. Concurrently, Ivan Glavas was appointed as liquidator of Bradanna Pty Ltd, trading as the Port Albert Seabank Caravan Park. The Port Albert Seabank Caravan Park dates back to 2002 and is located at 95 Old Port Road, Langsborough, a coastal town in Victoria. Set on 18 acres, it has 130 large powered sites, on-site cabins, vans and units, camping, boating, amenities, facilities. Seven permanent residents call the caravan park home. The insolvent position for both entities was escalated by the COVID-19 pandemic restrictions, where annual park holders and casuals were unable to access the park intermittently throughout this period. Compounding the effects from the trade restrictions was a building rectification order issued by the local council, which also prohibited caravan park operations unless the defects were rectified. Mr. Deppeler said, "Unfortunately, this forced the director and members to appoint external administrators to deal with the insolvent position of the Companies. "We are now in the process of seeking to sell the property and/or the business to hopefully give this beautiful property a new lease on life." There were no employees of either entity at the time of each insolvency appointment. The companies engaged contractors to assist in running the caravan park. "Worrells appreciates and understands the impact the appointment will have on all stakeholders and the community as a whole. Worrells advises the administration is in its infancy and its teams are working hard to assess and determine all aspects of the business position and operations," Worrells said. Customers, creditors, and any parties interested in submitting an offer for the caravan park property and business and/or its assets are invited to email melbourne@worrells.net.au. Proofs of debt can be lodged via the Worrells website www.worrells.net.au. SOMARK GROUP: Second Creditors' Meeting Set for Dec. 31 ------------------------------------------------------- A second meeting of creditors in the proceedings of Somark Group Pty Ltd has been set for Dec. 31, 2020, at 12:00 p.m. via Zoom video-conference. 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 Dec. 30, 2020, at 4:00 p.m. Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as administrators of Somark Group on Nov. 25, 2020. ========= C H I N A ========= CHINA: Central Bank Pumps CNY950BB of Funds After Bond Defaults --------------------------------------------------------------- Reuters reports that China's central bank made its biggest ever injection of medium-term funds on Dec.15 to shore up liquidity, after recent corporate bond defaults shattered investor confidence and scuppered new issuances. According to Reuters, the People's Bank of China (PBOC) said in a statement it had issued CNY950 billion (US$145 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions to keep the "banking system liquidity reasonably ample". It kept the interest rate unchanged for an eighth straight month at 2.95%, the report says. Market players expect no change in the benchmark loan prime rate (LPR) at its monthly fixing next Monday. Reuters notes that the injection comes on the heels of high-profile defaults by top-rated state-owned enterprises last month that sparked heavy selling in the corporate bond market. The defaults prompted investigations into issuers and underwriters and widespread cancellation of bond issuance, weighing on credit growth. "We've seen so many cancelled issuances, particularly from local government entities and such that clearly need the funds, so I think until that gets back to normal we'll probably continue to see the PBOC on a slightly more accommodative stance," Thomas Gatley, China corporate analyst at Gavekal in Beijing, told Reuters. Reuters relates that the PBOC has made two cuts to the borrowing cost of MLF loans this year totalling 30 basis points, while the fresh fund injection far exceeds two batches of MLF loans worth a total of CNY600 billion set to expire in December. The latest injection has eased some worries about liquidity at the year end, when demand for cash typically rises, traders said. The move comes even as senior central bank officials repeatedly raise the topic of exiting monetary easing policies, Reuters relays. According to Reuters, dollar/yuan swap points fell after the huge cash injection, with the one-year tenor easing to the lowest in more than four months. Key interbank borrowing costs also eased. The PBOC move is aimed at keeping the bond market stable while keeping long-end market liquidity reasonably abundant, said Yan Se, chief economist at Founder Securities in Beijing, Reuters relays. "Further widening of the yield spread between China and the United States will affect foreign exchange and exports," Reuters quotes Mr. Yan as saying. "Therefore, we believe that (the authorities) should be cautious about raising interest rates." The PBOC also said it injected another CNY10 billion via seven-day reverse repurchase agreements on Dec. 15, keeping the rate unchanged, Reuters adds. The MLF, among PBOC's main tools in managing longer-term liquidity in the banking system, serves as a guide for the LPR, which is set monthly using assessments from 18 banks, Reuters notes. ========= I N D I A ========= ADHUNIK POWER: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Adhunik Power & Natural Resources Ltd (APNRL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2,836.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Short Term Bank 226.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE had vide its press release dated September 17, 2019 placed the ratings of APNRL under the 'issuer non cooperating category' as APNRL 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. APNRL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated November 5, 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 September 16, 2019 the following were the rating strengths and weaknesses (updated for the information available from Registrar of companies): Key Rating Weaknesses * On-going delays in debt servicing: APNRL's debt servicing track record is characterized by delays in servicing of its debt obligations. The increase in raw material prices on account of de-allocation of coal mines led to negative cash accruals. Further the company continues to have elongated operating cycle of the company as characterised through its extended debtor's collection period which has resulted in a stretched liquidity position of the company. Incorporated on May 3, 2005 and promoted by the Kolkata-based Adhunik group, APNRL (erstwhile known as Adhunik Thermal Energy Ltd.), operates a 540 MW coal-based thermal power plant in Kandra, Saraikela district of Jharkhand. The plant has been set up at a cost of INR3,376.7 crore (i.e.; INR6.25 crore per MW), being financed at a debt-equity ratio of 2.74:1. The plant had been commissioned in two phases - Phase I (270 MW) was commissioned in Jan 2013; and Phase II (270 MW) got commissioned in May 2013.Adhunik group is engaged in manufacturing of steel with interests in coal, manganese & iron ore mining. The company has gone under Strategic Debt Restructuring (SDR) in December 2015. ALEPH ENTERPRISES: CARE Lowers Rating on INR1cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Aleph Enterprises (APE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B Long Term/Short 7.00 CARE D; ISSUER NOT COOPERATING Term Bank Rating continues to remain Facilities Under ISSUER NOT COOPERATING Category and Revised from CARE B/CARE A4 Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated September 25, 2019 placed the rating(s) of APE under the 'issuer non-cooperating' category as APE had failed to provide information for monitoring of the rating. APE continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and email dated December 8, 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 revision in the ratings assigned to the bank facilities of Aleph Enterprises takes into account of ongoing delays in the servicing of debt obligations. Detailed description of the key rating drivers Key Rating Weakness * Delay in debt servicing: The lender has confirmed that the firm has delays in servicing of debt obligations owing to its stretched liquidity position. Key Rating Strengths * Long experience of promoter's family in cashew processing: Mr. John M. George has three decades of experience in the cashew market derived from the experience of his family business. After completing his post-graduation in mechanical engineering he worked as a faculty in TKM College of Engineering, Kollam, Kerala and retired as Head of Department of mechanical engineering in April 2014 and simultaneously managed the operation of APE. APE's operations are supported by 1500 labourers of which 1100 labourers are directly employed and remaining 400 are employed on contract basis depending on the requirement for production. Presently, the other entity in which the promoter family is involved in cashew business is 'JL Cashews Private Limited' (JLCPL)wherein Mr. and Mrs. John M. George are Directors. JLCPL was established in 2011. Aleph Enterprises (APE) was established in 1996 as a proprietorship concern for processing and exports of cashew. Mrs. Leelama John is the proprietor. The operations are also supported by her husband Mr. John. M. George. The firm owns three processing units located in Mampuzha, Puthensagatm and Villur in Kerala with a combined installed capacity of 2000 MT (80 kg per bag). All the three processing units are semi-automated. APE also purchases and sells cashew kernel from other processing units in Kerala when the particular variety ordered by customers is not available with APE and to fulfill the demand of customers in a timely manner. Some of the cashew varieties processed is white wholes (W180, W210, W240, W280, W320, and W450), butts, splits, pieces, small pieces, baby bits etc. The products are packed in 25 and 50 pounds packs and then into cartons and exported depending upon the requirement of customers. CADCHEM LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Cadchem Laboratories Limited (CLL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 9.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated September 20, 2019, placed the rating of CLL under the 'issuer non-cooperating' category as CLL had failed to provide information for monitoring of the rating. CLL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 23, 2020, October 14, 2020, and October 13, 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). At the time of last rating in September 20, 2019 the following were the rating strengths and weaknesses: Detailed description of the key rating drivers * Instances of delays in debt servicing: There were instances of delays in servicing of the debt obligation. Cadchem Laboratories Limited (CLL) was originally incorporated September 9, 1985 under the name of Chandigarh Drugs Private Limited by Mr. J.J. Sharma and Ms. Meena Singla. Subsequently in 1995 the name changed to CLL. The company is currently being managed by Mr. Navneet Gupta, Mrs. Neeru Gupta, Mr. Kishor Deshmukh. CLL is engaged in manufacturing of active pharmaceutical ingredients (API's) at its manufacturing facility located in Mohali, Punjab. The company started commercial production in 1988 with ISONIAZID (anti-tuberculosis), NIACINAMIDE (vitamin) drug as main products, whereas currently the company is supplying API's for formulations present across therapy areas including pain killer and blood thinning agent. DECCAN HYDERABAD: CARE Keeps D on INR10cr Loans in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Deccan Hyderabad Trade Impex Private Limited (DHTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers: CARE had, vide its press release dated November 18, 2019, placed the rating(s) of DHTPL under the 'issuer non-cooperating' category as DHTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DHTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 30, 2020, October 30, 2020, November 23, 2020 and November 30, 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 takes in to account delays in debt servicing due to stretched liquidity position. Detailed description of the key rating drivers At the time of last rating on November 18, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses * Delays in debt servicing owing to stretched liquidity position: Due to delay in recovery of sales receivable, DHTPL's liquidity position was stretched which resulted in instances of devolvement of Letter of Credit. Further, as per due diligence, lender has confirmed the account continues to remain Non-Performing Asset (NPA). Deccan Hyderabad Trade Impex Private Limited (DHTPL), incorporated in 2013, is promoted by Mr. Kristam Srinivasa Rani Rama Charan and Mr. Vanga Seshi Reddy. The company belongs to the Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced operation in May, 2013 and is into trading business of Poly vinly chloride (PVC) Resin. The company imports the PVC resins mainly from Taiwan and Korea and sells it to indigenous customers. DEESAN COTEX: CARE Reaffirms D Ratings on INR9cr Loans ------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Deesan Cotex Private Limited (DCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Short Term Bank 1.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of DCPL takes into account of delays in debt servicing marked by overdraws in working capital limit owing to weak liquidity position. The rating derives strength from experienced promoters and their financial support in the past and operational support from group entities with presence across textile value chain and location advantage. Key Rating Sensitivities Positive Factors * Timely servicing of debt obligations along with efficient utilization of its working capital limits on sustained basis. Detailed description of the key rating drivers Key rating Weakness * Delay in debt servicing: As per banker feedback there is continuous overutilization for more than 30 days in its fund-based limits on account of on account of a stretched liquidity position due to carried forward losses. The account is classified as SMA1 since December 1, 2020. * Working capital intensive nature of operations: The operations continue to remain working capital intensive in nature with funds blocked in receivables, further collection period stood high at 223 days in FY20 as DCPL offers its customers an extended credit period owing to an established relationship as well as intense competition prevalent in the industry. Further inventory period also remained high at 201 days in FY20 as manufacturing, inspection and packaging process takes around 30-45 days depending upon the type of final product. On account of this, the operating cycle remained high at 109 days in FY20, as a result of the same its cash credit limit of INR15.25 crore was utilized at around 97 percentages over the past 12 months ended September, 2020. Liquidity Position: Poor – Liquidity position of DCPL remains weak owing to continuous overdrawing in cash credit limit due to stretched liquidity position and also current ratio and quick ratio stood below unity level at 0.80x times and 0.57x times respectively in FY20 (Prov.) {vis-à-vis 0.75x times and 0.48x times respectively in FY19 (A)} owing to higher reliance on unsecured loans from related parties and higher utilization of working capital limits coupled with higher inventory amount as on balance sheet date. Further the investment in net working capital as a percentage of total capital employed stood at 49.89% as on March 31, 2020, whereas the net cash flow from operating activities stood negative at INR2.05 crore as on March 31, 2020. The unencumbered cash & bank balance was around INR0.77 crore as on March 31, 2020. Further company has requested for Covid19 emergency credit line to business for up 20% of the outstanding credit as on February 29, 2020 and availed fresh sanctioned of STDL of INR1.00 crore under Baroda Covid19 Emergency Credit Line (BCECL) Scheme). Further both the requests has been approved and disbursed by the bank. Key rating Strengths * Vast experience of promoters in the textile industry: DCPL is promoted by Mr. Amrish Patel has an experience of more than two decades, and he is assisted by his son Mr. Chintan Patel who has experience of a decade in textile business. Furthermore, Mr. Ashok Kalal, director has around two decades of experience in the textile industry and looks after plant operations of company. Further DCPL has experienced and specialized second line of management who are specialized in respective fields to carry out day to day activities. * Operational support from group entities: DCPL is a part of the Deesan group which has been in the business of textile manufacturing since 1996 and has various companies operating under it (including DCPL). It has presence in all segments of cotton textiles starting from cultivation of cotton to manufacturing of garments. DCPL receives operational support from the other group companies in terms of procurement of materials and building customers. Incorporated in 2007, Deesan Cotex Private Limited (DCPL) is engaged in manufacturing and processing of terry towels, trading of grey fabric and job work of yarn doubling. Company procures woven fabric from domestic suppliers and exports finished towel. DCPL has its plants located at Dhaiwad, Dhule, Maharashtra with an installed capacity of 15 tonnes per day for terry towel. DCPL is a part of the Deesan group which has been in the business of textile manufacturing since 1996 and has various companies operating under it (including DCPL). Deesan group has presence in all segments of cotton textiles starting from cultivation of cotton to manufacturing of garments. DCPL receives operational support from the other group companies in terms of procurement of materials and building customers. EUROLIFE HEALTHCARE: Ind-Ra Cuts LongTerm Issuer Rating to 'D' -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Eurolife Healthcare Pvt. Ltd's (EHPL) Long-Term Issuer Rating to 'IND D' from 'IND BB+'. The Outlook was Positive. The instrument-wise rating actions are: -- INR620 mil. Fund-based working capital limit (Long-term/Short- term) downgraded with IND D rating; -- INR287.7 mil. Long-term Loan (Long-term)due on June 2022 downgraded with IND D rating; and -- INR100 mil. Non-fund-based limit (Short-term) downgraded with IND D rating. KEY RATING DRIVERS The downgrade reflects EHPL's delays in debt servicing over the two months ended November 2020 due to cash flow mismatches and liquidity issues. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months will be positive for the ratings COMPANY PROFILE EHPL was established in 2001 by Sandeep Toshniwal. The Mumbai-based specialty pharmaceutical company manufactures and distributes an exclusive portfolio of healthcare formulations, intravenous infusions, ophthalmic, sterilized water for injections, nebules, tablets, capsules, ointment, and creams. GALI JAGADISH: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gali Jagadish Chandra Prakash (GJCP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.53 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 4, 2019, placed the ratings of GJCP under the 'issuer non-cooperating' category as GJCP had failed to provide information for monitoring of the rating. GJCP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated from January 2020 to November 19, 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. Detailed description of the key rating drivers At the time of last rating on October 4, 2019, the following were the rating strengths and weaknesses: Key Rating Weakness * Small Scale of operations with highly fluctuating revenue profile: The scale of operations of the entity marked by total operating income (TOI), remained small at INR2.23 crore in FY15 coupled with low net worth base of INR0.07 crore as on March 31, 2015 as compared to other peers in the industry. Further, the firm had minimal operations during FY16 and FY17 as the firm did not receive any major orders from Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL), its sole customer. However, in FY18 (Prov.), the firm achieved a total operating income of INR6.39 crore at the back of handling and transportation receipt from A.P. State Warehousing Corporation. * Highly fragmented industry with intense competition from large number of players: The firm is engaged into the business of providing cold storage facilities on rental basis to farmers where the profitability margins compared to other industries are generally low. Apart from that there are numerous organized and unorganized players entering into the market which makes the industry competitive in nature. * Constitution of the entity as a proprietorship firm with inherent risk of withdrawal of capital: The firm being a Limited Liability proprietorship firm is exposed to inherent risk of capital withdrawal by proprietor due its nature of constitution. Any substantial withdrawals from capital account would impact the net worth and thereby the gearing levels. * Geographic concentration risk: The client profile of GJCP is limited to the state of Andhra Pradesh, exposing the firm to geographical concentration risk. The two godowns of the firm are all located in Andhra Pradesh and concentrated in area surrounding Chittor District. Key Rating Strengths * Reasonable track record of the entity and experience of the proprietor for more than one decade in the agriculture sector: Gali Jagadish Chandra Prakash was established as a proprietorship firm in the year 2002 and is promoted by Mr. G. Jagadish Chandra Prakash. The proprietor of the firm has more than two decades of experience in the agricultural industry. Through the vast experience gained in the agricultural sector, the proprietor has established healthy relationship with farmers and local traders, which is expected to benefit him in the future. * Stable outlook of warehousing industry: Warehousing Market in India states that the demand for good quality state-of-the-art warehouses will be a major requirement in the country given the growing logistics industry. The evolution from storage godowns to multipurpose logistic centers is highly desired. Warehouses form a crucial supply chain element which is key to both customer satisfaction and cost reduction. Warehouses today serve as a stocking point as well as consolidation centers for multiple sourcing locations which provide cross docking facilities to retail distributors, sorting centers for customer deliveries, and assembly facilities for final packaging and bundling. The organized sector has a minor market share, but claims a major portion of the revenue. The warehouse market is subjected to stringent regulations and policies regarding licensing, performance, and accountability. The current fragmented state of the sector coupled with growth in the overall economy provides tremendous potential for the warehousing sector to flourish. Andhra Pradesh based, Gali Jagadish Chandra Prakash was established as a proprietorship firm in the year 2002 and is promoted by Mr. G. Jagadish Chandra Prakash. The firm is engaged in providing ware housing services (lease/rental basis) to Andhra Pradesh State Civil Supplies Corporation Limited (APSCSCL) under the name of 'Jagadish Warehousing Corporation'. The warehouse is built on total land area of 30 acres comprising of 2 warehouses having a cumulative storage capacity of 10,000 MT and 18,000 MT (proposed). GMR WARORA: CARE Lowers Rating on INR2,785cr LT Loan to D --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of GMR Warora Energy Limited (GWEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2,785.00 CARE D Revised from CARE C Facilities (Term Loan) Short term Bank 215.00 CARE D Revised from CARE C Facilities (BG) Long term/Short 405.00 CARE D/CARE D Revised from term Bank CARE C/CARE A4 Facilities (CC/LC) Non-Convertible Debentures (NCD) 75.00 CARE C Reaffirmed Detailed Rationale & Key Rating Drivers CARE has revised the ratings for bank facilities S.No. (i) to (iii) of GWEL to 'CARE D'. Facilities with this rating are in default or are expected to be in default soon. The revision in the ratings of bank facilities of GWEL takes into account the delay in servicing of debt obligations by the company. The rating reaffirmation of NCD S.No. (iv) takes into account the timely servicing of the due debt obligations which were due on September 25, 2020. The rating continues to remain constrained by GWEL's weak financial risk profile characterized by high overall gearing, increased power off-take risks for the untied capacity after expiration of power purchase agreement (PPA) with DNH and relatively weak credit risk profile of its off-takers. The ratings continue to derive strength from the experience of its promoters in operating power projects and Fuel Supply Agreement (FSA) for coal supply with South Eastern Coalfields Ltd (SECL). Rating Sensitivities Negative Factors * Timely servicing of debt obligations for more than 3 months. Detailed description of the key rating drivers Key Rating Weaknesses * Instances of delay in servicing of debt obligations: The company has reported instances of delays in servicing of its debt obligations related to bank facilities S.No (i) to (iii) as confirmed by the lenders and the company. The company has serviced its debt obligations till October 2020 with some delays but the debt obligations due for the month of November remained unpaid as on date as confirmed by the lenders. The company faced delay in realization of receivables from TANGEDCO and Dadra and Nagar Haveli (DNH) leading to deterioration in its liquidity profile and subsequent delay in servicing of debt obligations. * Increased off-take risk with expiration of PPA with DNH: Currently, GWEL has long term PPA for only 63% of the total capacity as the PPA with DNH has expired in June 2020, which exposes the company to increased power off-take risks. Earlier, GWEL had long term PPA for the entire capacities with Tamil Nadu Generation and Distribution Limited (TANGEDCO) for 150 MW, Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 200 MW and DNH for 200 MW, while the balance power was for auxiliary consumption. Nevertheless, all the remaining PPAs continue to provide tariff recoverable in the form of capacity charge & energy charges. The un-tied capacity exposes the company to risk related to merchant sales. Tie up of long term PPA for the un-tied capacity shall remain monitorable going forward. * Weak Financial risk profile marked by leveraged capital structure: GWEL has weak financial risk profile characterized by high overall gearing and moderate debt coverage indicators. The overall gearing of the company deteriorated from 5.22x in FY19 to 7.17x in FY20, largely on account of decreased net worth due to net losses in FY20. The erosion of net worth was on account of loss reported at the net level of INR213.82 crore as on March 31, 2020 due to change in taxation policy opted by the company. The interest coverage ratio slightly moderated from 1.22x as on March 31, 2019 to 1.17x as on March 31, 2020. The debt levels remained consistently high at INR3,155 crore as on March 31, 2020. The company reported total operating income of INR733.69 crore and a net loss of INR10.33 crore respectively for H1FY21 (refers to the period April 1 to September 30). * Counterparty credit risks leading to delay in receivables: GWEL is supplying power to MSEDCL and TANGEDCO. Among the two utilities, TANGEDCO is having a relatively weak financial profile as reflected by high AT&C losses, significant subsidy support from the government, and relatively long payable cycle. The payments from the counterparties especially TANGEDCO are being received in a delayed manner and have started piling up due to the current on-going situation of COVID-19. The overall debtors continued to remain at elevated levels and have increased from ~Rs. 636 crore as on March 31, 2020 to ~Rs. 856 crore as on June 30, 2020. Key Rating Strengths * Experienced promoter group with experience in developing power projects: GWEL is a part of GMR group which is a major player in the infrastructure sector through its flagship company GMR Infrastructure Limited (GIL) and has been developing projects in India and abroad in areas such as airports, energy, transportation, etc. Over the years GMR group has successfully implemented various power projects and has substantial experience in developing and operating diversified fuel based power projects. * Fuel Supply Agreement (FSA) in place with SECL: GWEL has FSA with SECL for feeding both the units of 300 MW each available only for long term PPAs. Presence of FSA with SECL safeguards GWEL against any fuel supply risks. In case of any short supply from SECL, GWEL meets the same through eauction and imported coal. Liquidity - Stretched Liquidity profile of the GWEL remains stretched as characterized by delay in receipt of receivables (both change in law as well as normal) and high working capital utilization. GWEL's utilization of fund based working capital limit is on the high with average utilization during the last 12 months of ~97% ending April 2020. TThe company has availed the moratorium on their payment obligations as per RBI package with respect to bank facilities due in the period March 2020 to August 2020, and the same has been approved by the lenders. GWEL was previously known as EMCO Energy Limited (EEL) - a Special Purpose Vehicle (SPV) promoted by the EMCO group on August 4, 2005 to set up a 2x135 MW coal based power plant at Maharashtra Industrial Development Corporation (MIDC), Warora, Maharashtra. The promoters of EEL sold the entire stake to GMR Energy Limited in July 2009 making it a 100% subsidiary of GEL. After the acquisition, scope of the project was enhanced from 2x135 MW to 2x300 MW in view of the demand for power in western India. The Unit 1 and Unit 2 (each having capacity of 300 MW) achieved COD on March 19, 2013 and September 1, 2013 respectively. GRAMCO INFRATECH: CARE Withdraws D Rating on Bank Loans ------------------------------------------------------- CARE has reaffirmed the rating assigned to the bank facilities of Gramco Infratech Private Limited (GIPL) to 'CARE D' and has simultaneously withdrawn it, with immediate effect. The rating reaffirmation factors in the delays in servicing of its debt obligations. The rating withdrawal is at the request of GIPL and 'No Objection Certificate' received from the bank that has extended the facilities rated by CARE. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in debt servicing: As per banker interaction, there have been delays in repayment of the term loan obligation due to poor liquidity position of company. The same is on account of delays in receipt of dues from its customers/clients. GIPL had availed moratorium benefit for its bank facilities from March 2020 to August 2020. Indore (Madhya Pradesh) based Gramco Infratech Private Limited (GIPL) was incorporated in 2009 by Mr. Ramnik Singh Saluja along with his family members. The company is engaged in providing integrated post-harvest management solutions to the farmers such as warehousing, grading, soil testing, seeds multiplication program and financing activities against warehouse receipts as well as trading of agro commodities. The company has seven warehouse located at Pivday, Tinonia, Attotkhas, Binjal, Nanded, Titwas and Piplyanath. Further, it has tied up with Bank of India for financing services to farmers against warehouse receipts. The company is accredited with National E-Repository Limited (NERL) that provides a platform issuing negotiable warehouse receipts and financing farmers and other depositors. GREENERIES AGRO: CARE Lowers Rating on INR10cr LT Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Greeneries Agro Private Limited (GAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE C; Stable Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 17, 2019, placed the rating(s) of GAPL under the 'issuer non-cooperating' category as Greeneries Agro Private Limited had failed to provide information for monitoring of the rating. Greeneries Agro Private Limited continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated October 30, 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. The ratings have been revised on account of on-going delays in debt servicing. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in debt servicing: As per the interaction with the banker, the account has been classified as NPA. Incorporated in April 2015, Greeneries Agro Private Limited (GAPL); started its operations in agriculture retailing business under the leadership of Mr. Sachin Chavan and its engaged into bulk purchasing of farm produce of fruits and vegetables (namely Onion, Potato, Garlic) directly from farmers and does the value addition to its like quality control checks, packing, grading, labelling etc. and selling it to retail business and thereby acting as channel between farmers and retailers. It procures 52% of goods directly from domestic farmers and 48% imports from USA, Itali, Chilly, Iran, South Africa etc. In April 2015, GAPL was converted into private Limited company. Prior to it was partnership firm of "M/s Sachin's Suppliers" was established in the year 2011 and later in February 2016 it has took over Proprietorship firm of its one of the director of Mr. Sachin Chavan of "M/s Sachin Fresh". GAPL has its registered office located at Vashi, Navi Mumbai and seven more branches at New Delhi, Pune, Hubali, Bengaluru, Kochi, Hyderabad and Chennai out of which at four places has its own cold storage and rest three are on rental basis. Being a perishable nature of products and to avoid risk of damaging of goods, GAPL have specifically designed warehouses, own logistics, in-house sourcing and sorting. INFUTEC HEALTHCARE: CARE Reaffirms D Rating on INR49.27cr Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Infutec Healthcare Limited (IHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 49.27 CARE D Reaffirmed Long Term/ Short Term Bank Facilities 14.50 CARE D/CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of IHL continue to factor in on-going delays in servicing of debt obligation owing to its poor liquidity arising due to weak financial performance marked by negative profitability in FY20 (FY refers to period April 1 to March 31). Rating Sensitivities * Positive Factors: Sustained track record of timely servicing of debt obligations for a minimum period of 90 days from the date of last delay/defaults Detailed description of the key rating drivers Key Rating Weakness * On-going delays in servicing of debt obligation: There are on-going delays in servicing of debt obligations owing to IHL's poor liquidity followed by weak financial performance during FY20. IHL reported 10% y-o-y growth in its total operating income during FY20. However, the profitability of the company remained weak marked by loss at PAT level during FY20. Liquidity: Poor Due to loss incurred by IHL during FY20, the liquidity of the company remains poor leading to full utilisation of fund based working capital limits apart from instances of over drawings. Moreover, IHL has availed moratorium for 6 months i.e. March 2020 to August 2020 as a Covid-19 relief measure under the guidelines of RBI for the interest and principal repayments on its existing bank facilities. IHL (erstwhile Goa Formulations Ltd) was a wholly-owned subsidiary of Indore-based Parental Drugs India Limited (PDIL). IHL is engaged in manufacturing of pharmaceutical products mainly into intravenous fluids at its plant located at Hoshiarpur, Punjab. As on July 10, 2018, one of the investor i.e. Mahaganpati Investment Private Limited (MIPL) converted preference share of INR48.50 crore (book value) into equity share leading to dilution of the shareholding of PDIL. As on March 31, 2020, PDIL holds 12.24% equity stake in the company whereas the majority holding of 87.76% equity stake is held by MIPL. KRISHNA EDUCATIONAL: CARE Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Shree Krishna Educational and Charitable Society (SKE) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.61 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 1.85 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from SKE to monitor the rating vide letter dated November 9, 2020 and e mail communications dated November 4, 2020, November 2, 2020, August 14, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Shree Krishna Educational & Charitable Society 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 ratings. Detailed description of the key rating drivers At the last time of rating October 1, 2019, the following strength and weaknesses were considered: Key Rating Weaknesses * Instances of delays in the servicing of debt obligation: There were instances of delays in the servicing of term debt obligation. Also, there were instances of over utilization of overdraft limit for more than 30 days in the past. Increasing competition and limited reach of the society Both the institutes of the SKE are in Barnala, i.e., single location of Punjab which limits the penetration level for the trust to tap opportunities. Further, due to increasing focus on technical education in India, a number of colleges have been opened up in the close proximity. This exposes the revenue of SKE to competition from other colleges. * High Regulation in educational sector in India: The educational institutes are regulated by respective state governments with respect to the number of management seats, amount of the tuition fees charged for the government quota and management quota. The factors have a significant impact on the revenue and profitability of the institutions. However, the state and central government have provided thrust to demand for engineering colleges by introducing policy changes like abolition of entrance exams for admission in professional course. However, the education industry remains highly regulated industry with constant intervention from the central state government and other regulatory bodies. Key Rating Strengths * Experienced trustees with competent teaching staff: The trust is managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr. Inderpal Goyal as Chairman, General Secretary and Joint Secretary respectively. The members have work experiences of more than 2 decades in education industry which they have gained through SKE and other institutes. Further, SKE has employed a highly experienced and qualified teaching staff to support the academic requirements of the trust. Apart from the key faculty members, SKE has employed a competent administrative staff to run day to day operations. Shree Krishna Educational and Charitable Society (SKE) got registered under the Society Registration Act – 1860 in 2008 and is currently being managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr. Inderpal Goyal. The society was formed with an objective to provide higher education in the field of engineering, computer science, management, agriculture etc. The society has established two separate colleges, namely, Aryabhatta Engineering College and Aryabhatta Group of Colleges. Both the colleges of SKE are in Barnala, Punjab. SKE offers graduate and post graduate courses like B.A., B.Com, B.C.A., B.B.A., B.Sc. (Non-Medical), B.Sc. (Agriculture), B.Tech (Computer Science and Engineering, Mechanical Engineering, Electronics and Communications and Electricals), M.B.A., M.Com, M.Sc. (Mathematics), M.A. (English), M.A. (Economics), M.Sc. (IT), PGDCA (+1 & +2). The different courses offered are duly approved by AICTE (All India Council of Technical Education) and UGC (University Grants Commission). SKE is also affiliated to Maharaja Ranjit Singh Punjab Technical University, Bathinda (MRSPTU). M.P MINING: CARE Keeps D Rating on INR10cr Loans in Not Cooperating ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M.P Mining and Energy Limited (MEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE has been seeking information from MEPL to monitor the rating vide e-mail communications/letters dated November 6, 2020, November 9, 2020, November 12, 2020 and numerous phone calls. However, despite repeated requests, the Entity has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on MEPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker could not be contacted. 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 Key Rating Weaknesses At the time of last rating in September 20, 2019 the following was the rating weaknesses. * On-going delays: The rating takes into account ongoing delay in the servicing of the bank debt obligations on account of the stretch liquidity position of the company Incorporated in September 2011, M.P Mining and Energy Limited (MPME) is engaged in manufacturing of steel shot and grit which is used in the process of metal surface cleaning, metal surface finishing, improving the surface tension of metal and it also finds application in construction, automobile and steel industry etc. The facility of the company is located at Deoghar, Jharkhand with an aggregate installed capacity of 9,000 Metric Tonne Per Annum (MTPA). The company started its commercial operations from February 2016. Mr. Rajesh Bajoria, having around two decades of experience in the steel industry, looks after the overall management of the company along with the other directors Mr. Rajiv Tekriwal and Mr. Puneet Jain and supported by the team of experienced professionals. MAROLI NH: Ind-Ra Affirms 'BB' Rating on Senior Project Bank Loan ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Maroli NH Road Private Limited's (MNRPL) senior project bank loan at 'IND BB'. The rating is: -- USD3.9 mil. (INR223.9 mil.) Senior project bank loan* affirmed with IND BB/Negative rating. * INR136.4 million outstanding on August 31, 2020 The affirmation reflects the presence of liquidity to carry out major maintenance, timely receipt of annuities from the government of Gujarat (GoG)without any substantial deductions, timely sponsor support and FY20 coverages in line with the base case estimates. The Negative Outlook reflects Ind-Ra's expectation of weak coverage ratios in FY21 FY22, where he major maintenance expenses are to be incurred. KEY RATING DRIVERS The agency expects MNRPL's debt service coverage ratio to be thin ( MARUTI NANDAN: CARE Keeps D on INR15cr Loans in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maruti Nandan Food Products Private Limited (MNFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from MNFPPL to monitor the rating vide e-mail communications/letters dated November 6, 2020, November 9, 2020, November 12, 2020 and numerous phone calls. However, despite repeated requests, the Entity has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on MNFPPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker could not be contacted. 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 Key Rating Weaknesses: * On-going delays in debt servicing: Sluggish demand with high competition has resulted in stressed liquidity position which led to delay in debt servicing obligation of the bank facility. Maruti Nandan Food Products Pvt. Ltd (MNFP), incorporated in July, 2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both Roller Flour Mill and Atta 'Chakki'). The company is engaged in manufacturing of different flour qualities like "Atta", "Maida" and "Suzi". MNFP commenced commercial production on February 9, 2011, upon commissioning of its plant at Arrah (Bihar). MNFP's manufacturing facility is well equipped with modern amenities which have been reflected from the ISO 22000:2005 certification that it has received for maintaining a standard quality system. MNFP procures wheat from wholesalers and commission agents present in local grain markets and sell its products to wholesale traders in the states of Bihar, Orissa and West Bengal. The day-to-day affairs of the company are looked after by Shri Abhimanyu Kumar Singh, with adequate support from other two directors and a team of experienced personnel. MATA RANI: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Mata Rani Trust'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 rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR291 mil. Term loan (Long-term) maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 13, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in 2009, Mata Rani Trust is a non-government, social service organization, formed as a trust for the primary purpose of imparting education to the new generation. The trust has a K-8 school and a polytechnic institute. NANDI GRAIN: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Nandi Grain Derivatives Private Limited (NGDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 69.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Short Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 2, 2017, placed the ratings of NGDPL under the 'issuer non-cooperating' category as NGDPL had failed to provide information for monitoring of the rating. NGDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 17, 2020 and December 07, 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 take into account delays in debt servicing obligation. Detailed description of the key rating drivers At the time of last rating in November 18, 2019, the following were the rating strengths and weaknesses: Key rating weakness: * Stretched liquidity position: The company has been facing liquidty stretch with delays in debt servicing obligation. Key rating strengths: * Experienced promoter group: The company is a part of Nandyal based Nandi group of companies which has diversified business interest and long presence in the industry. Established in June 2010, Nandi Grain Derivatives Private Limited (NGDPL) is part of Nandi Group of Industries based out of Nandyal in Andhra Pradesh. The group since 1978 has built a diversified presence of businesses such as cement, dairy, PVC pipes, construction, TMT bars etc. NGDPL is engaged in manufacturing of liquid starch using maize (wet milling process) as raw material with an installed milling capacity of 400 tons per day. Gluten, germs, corn steep soluble and fiber are the other by-products produced in the wet milling process which constitutes about 35% of the throughput. OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ocean Healthcare Private Limited (OHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated September 24, 2019, placed the rating(s) of OHPL under the 'issuer non-cooperating' category as OHPL had failed to provide information for monitoring of the rating. OHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated December 2, 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. Detailed description of the key rating drivers The rating takes into account of non-availability of requisite information due to non-cooperation by Ocean Healthcare Private Limited (OHPL) with CARE's efforts to undertake a review of the outstanding rating as CARE views information availability risk as a key factor in its assessment of credit risk. The rating assigned to the bank facilities of Ocean Healthcare Private Limited (OHPL) continues to be tempered by delay in debt servicing. The rating, however, continues to derive strength from experienced promoters in Pharmaceuticals industry, demonstrated promoters companies support and positive outlook of Indian Pharmaceutical industry. Key Rating Weakness * Delay in Debt servicing: Ocean Healthcare Private Limited has been facing liquidity issues due to which the company is unable to service the interest and principal obligation on term loan facility. There are ongoing delays in serving the debt obligation in term loan facility. Key rating strengths * Experienced promoters in Pharmaceuticals industry: Mr. Siddharth Baid and Mr. Venkateesh Veera are currently managing the business operations of OHPL. Mr. Siddharth Baid is a Master of Business Administration (MBA) by qualification and has an experience of around two decade through his employment with various companies such as Tamil Nadu Pharmaceuticals (P) Ltd, Sun Pharmaceuticals Industries Ltd etc. He held various responsibilities during his tenure with these companies which included activities related to production, marketing of bulk drugs and pharmaceutical intermediaries, formulations and others in India and aboard. Mr Venkateesh Veera is a Bachelor of Medicine and Bachelor of Surgery (MBBS) and has an experience of around a decade in the pharmaceutical industry through his association with various entities such as "Johnson & Johnson Medical". He has been a consultant with Mayo Clinic, Rochester, USA and has been involved in liaising with various government authorities. * Demonstrated promoters companies support: The promoter company of OHPL includes Medinomics Healthcare Private Limited and Hayat Pharmaceutical Industries Co. Plc. Medinomics Healthcare Private Limited (MHP) started its operations in 1996 and has a commercial presence in more than 30 countries across the world. Hayat Pharmaceuticals Industries Co. Plc. (HPI) was established in 1994 and is based in Amman, Jordan. OHPL has received demonstrated support from its group companies in terms of financial assistance, and product off take. The corporate promoters will provide the product formula for development of the products as well as aid in research and development activities of OHPL. These promoter companies would also aid the company in stabilization of operations through majority product off-take and will get the product sold in African and Middle East countries through their marketing network. Positive outlook of Indian Pharmaceutical industry due to COVID-19 The operations of pharma industry being considered necessary came under the ambit of essential manufacturing during the lockdown induced by Covid-19. This had kept production activities at many pharma companies largely unaffected. Also easing of restrictions in different phases of lockdown is believed to have supported the operations of pharma companies. During this period, while the domestic market for antibiotics, cold and cough gained traction, demand from segments like women healthcare and orthopaedic were impacted as the treatment for such ailments were believed to be kept on hold. Also, inbound logistics constraints restricted the movement in exports to an extent during lockdown. With relief in various restrictions, the industry is expected to see pent up demand for treatments that were postponed which will support the demand for drugs. Moreover, the demand for medicines will increase during the monsoon season as the distributors and retailers normally stock drugs for the season. These parameters will augur well for pharma industry. In addition to this, the industry will continue to see demand from the domestic as well as international markets for some of the antivirals, antimalarial and antibiotics given the spread of Covid-19. Apart from this, the huge population of the India combined with rise in medical problems, greater insurance coverage, enhanced medical treatment facilities to treat both acute and chronic diseases and government raising the health care spending automatically provides further significant growth opportunities for retail chain pharmacies. Apart from above increase in health care spending, change in consumer attitude, etc., has significantly contributed in rapid growth of this segment. Ocean Healthcare Private Limited (OHP) was incorporated in 2013 and is currently being managed by Mr. Siddharth Baid and Mr. Venkateesh Veera. The company started trial productions in December 2015 with commercial productions from April 2016. OHP is engaged in manufacturing of pharmaceutical formulations which are available in multiple dosage forms including tablets, capsules, gels and dry powder. PPN POWER: CARE Raises Rating on INR174.85cr LT Loan to B+ ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of PPN Power Generating Company Private Limited (PPN), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 174.85 CARE B+; Stable Revised from Facilities CARE D Long Term/Short 49.50 CARE B+; Stable/CARE A4 Revised Term Bank From CARE D/CARE D Facilities Detailed Rationale & Key Rating Drivers The revision in ratings assigned to the bank facilities of PPN takes into account the debt servicing track record of the company since March 2020 supported by improved liquidity position with resumption in payment of Annual Fixed Capacity Charges (AFCC) by its customer Tamil Nadu Generation and Distribution Company Limited (TANGEDCO). The ratings are constrained by client concentration risk, counterparty credit risk associated with exposure to TANGEDCO, stretched collection period and dependence on Naphtha due to unavailability of Natural gas impacting its cost competitiveness. The ratings draw strength from the long track record of the company, experienced promoters, two part tariff structure and comfortable capital structure. Rating Sensitivities Positive Factors: Factors that could lead to positive rating action/upgrade * Signing of FSA for supply of Natural gas/R-LNG along with improvement in collections from TANGEDCO Negative Factor: Factors that could lead to negative rating action/downgrade: * Significant delay in payment of Annual Fixed Capacity charges Detailed description of the key rating drivers Key Rating Weaknesses * Concentration Risk and Counterparty risk associated with its customer TANGECO: PPN has entered to 30 year power purchase agreement (PPA) with TANGEDCO for supply of power by virtue of same its entire sales is limited to one customer TANGEDCO. TANGEDCO's financial risk profile continue to witness deterioration in the past two years ended March 2019 with increase in operating loss, high accumulated losses & weak capital structure. During FY19, TANGEDCO reported total income of INR61,667 crore and after tax loss of INR12,623 crore. Payments by TANGEDCO to PPN continue to remain irregular. * Stretched collection period: TANGEDCO has stopped payment of AFCC since June 2016 due to which collection period stretched to 922 days as on March 31, 2020 from 760 days as on March 31, 2019. As on March 31, 2020, amount of receivables outstanding from TANGEDCO stood at INR489 crore as against INR462 crore as on March 31, 2019. During the period from March 2020 to September 2020, PPN has witnessed collections aggregating INR152 crore from TANGEDCO. * Dependence of Naphtha due to unavailability of Natural Gas impacting its cost competitiveness: Since FY14, the plant was running 100% on Naphtha. As the gas supply dropped below the minimum technical specification of 17,000 MMBTU, PPN expressed its inability to draw gas from the off shore PY-01 well. Hence, PPN has been operating on Naphtha entirely from May 2013, onwards. On account of the plant being run entirely through Naphtha, PPN's variable cost per unit stood relatively high as compared to other sources. This has resulted in NIL offtake from its customer TANGEDCO from January 2017. As per last billing, variable cost per unit stood at INR7.31/kWh in FY17. Though Naptha prices witnessed dip since January 2017 variable cost per unit continues to remain high. As per the PPN's understanding with TANGEDCO, PPN agreed to switch to Natural Gas/ Liquefied Natural Gas (R-LNG: Cheaper source) within 24 months from the date of amendment of existing PPA. PPN has identified various sources for supply of Natural gas/R-LNG. Ability of the company to secure adequate supply of natural gas/R-LNG by means of FSA within a period of two years is crucial for the long term prospects of the company. Key Rating Strengths * Long track record of operations and experienced Promoters: PPN is one of the largest IPPs situated in the State of Tamil Nadu. PPN was originally promoted by Apollo Hospitals group along with Marubeni Corporation (Japan), El Paso Corporation (USA) and PSEG Global Inc. (USA). In March 2005, M/s. El Paso Corporation sold its entire shareholding to Apollo Hospitals group and two other financial institutions. Apollo Infrastructure Projects Finance Company Private Limited held 71.26% stake as on March 31, 2020 along with Marubeni holding 26% stake in PPN. * Debt servicing track record: TANGEDCO has also agreed to pay AFCC (including interest compensation on delayed receipt) pertaining to the period June 2016 to January 2020 after availing one time discount of INR120 crore along with regular monthly AFCC from February 2020 for a period of two years from the date of signing of amendment to the PPA. After the end of two years, AFCC will be paid only after PPN switchover to natural gas/LNG completely. In the month of March 2020, TANGEDCO has paid around INR100 crore out of which INR75 crore pertains to settlement of past AFCC arrears and the remaining INR25 crores pertains to the AFCC charged for the month of February and March 2020. During H1FY21, PPN has collected around INR52 crore as against billing of INR78 crore. Post resumption of AFCC, debt servicing has witnessed improvement with March 14, 2020 being last instance of delay in debt servicing. Total debt as on September 30, 2020 dropped to INR123.82 crore from INR176.62 crore as on March 31, 2020. * Two part tariff structure: The tariff structure is based on the two part tariff formula of the GoI policy relating to Independent Power Projects. Tariff = Fixed Capacity charge + Variable Fuel charge + Incentive/disincentive The company can recover all the fixed capacity charges at a normative PLF of 68.5%. It may be noted that as normative PLF is inclusive of deemed generation, PPN will be able to recover all the fixed charges even if the actual PLF is less than 68.5%, irrespective of the fuel used. However, fall in PLF because of non-availability of plant will result in under recovery of charges when the total PLF drops below 68.5%. Incentives are applicable when the actual PLF is more than 68.5%. * Comfortable capital structure: Total debt as on March 31, 2020 stood at INR214 crore (PY: INR183 crore) which includes a long term debt of INR38 crore and short term debt of INR176 crore. Overall gearing as on March 31, 2020 stood comfortable at 0.16x (PY: 0.14x). Interest coverage ratio during FY20 stood at 4.38x (5.01) and total debt to GCA stood at 2.55x as on March 31, 2020 (PY: 1.56x). Liquidity: Adequate Post resumption in payment of AFCC by TANGEDCO the debt servicing of PPN has witnessed improvement with the company having satisfactory debt servicing track record since March 2020. Total scheduled repayment for FY21 is INR20.60 crore, of which around INR10.75 crore has been repaid till September 30, 2020. Total cash and bank balance as on September 30, 2020 stood at INR39.50 crore. It is to be noted that PPN has availed moratorium for both interest and principle component for the period of June to August 2020. PPN Power Generating Company Private Limited (PPN) is an Independent Power Producer (IPP) with generating station at Nagapattinam district in the state of Tamilnadu. PPN is one of the largest Independent Power Projects situated in the state. The Combined Cycle Power Plant of PPN has a total capacity of 330.5 MW. The primary fuel of the plant is Natural gas, the alternate fuel being Naphtha. The plant is also capable of running on other fuels like Condensate and also on a combination of Naphtha and Natural Gas. Apollo Infrastructure Projects Finance Company (Apollo Infra) Private Limited held 71.26% equity stake in PPN as on March 31, 2020. It may be noted that Apollo Infra is part of the Apollo Hospitals group. Out of the rest, 26% is held by Marubeni Corporation and 2.74% is held by HDFC Standard life Insurance Company. RADHARAMAN COTGIN: CARE Cuts Rating on INR9.0cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Radharaman Cotgin Private Limited (RCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D Revised from CARE B+; Facilities Stable Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities RCPL takes into account delays in debt servicing of the company within a period of last 90 days as on December 3, 2020. Key Rating sensitivities * Positive: Default free track record of debt servicing for more than 90 days on sustained basis. Detailed description of the key rating drivers Key Rating Weaknesses * Instances of past delays in debt servicing: As per the bank statement received, there are instances of past delays in the cash credit account as observed through continuous overdrawal in the cash credit account from September 30, 2020 to November 17, 2020 which was regularized on November 18, 2020 with the cash credit account remaining overdrawn for more than 30 days. Liquidity: Poor - Poor liquidity marked by fully utilized bank limits and modest cash balance. This could constrain the ability of the company to repay its debt obligations on a timely basis. The company has not availed any moratorium from its lender in terms of COVID-19 Regulatory Package announced by the Reserve Bank of India. Moreover, they have applied for ECL COVID loan INR1.76 crore from its lender for funding raw material required for the company. There are instances of continuous overdrawal in the cash credit account for more than 30 days. Incorporated in December 2012, Radharaman Cotgin Private Limited (RCPL) was promoted by Mr. Monoj Kumar Biswal and Mr. Adarsh Agrawal. The company has been engaged in manufacturing of ginning and pressing of cotton bales. The manufacturing facility of the company is located at Belpada, Odisha with installed capacity of 2000 quintals per day. RCPL procures cotton from local farmers and agents and sells its products through the wholesalers and distributors located in Punjab, Haryana, Rajasthan, Delhi and Kolkata. RAJ REGENCY: CARE Keeps D on INR6.61cr Loans in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raj Regency (RR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE has been seeking information from RR to monitor the rating vide e-mail communications/letters dated December 7, 2020, December 8, 2020, December 9, 2020 and numerous phone calls. However, despite repeated requests, the Entity has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on RR's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker could not be contacted. 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 in October 4, 2019 the following was the rating weaknesses. Key Rating Weaknesses * Ongoing delays in debt servicing: As reported by the banker, as on July 7, 2018, there are on-going delays in servicing of term loans. This apart, there is continuous overdrawal in the cash credit account for more than 30 days. The delays were due to stretched liquidity position owing to lower accruals from business operations and higher dependence on external borrowings. * Partnership nature of constitution: Raj Regency, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Furthermore, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit. Raj Regency was established in September, 2013, as a partnership entity, however started operation from June 2016 by three partners namely Smt. Surindar Kaur Bhatia, Mr. Harjeet Singh Bhatia and Mr. Jasvinder Singh Bhatia. The entity started commercial operation from April 01, 2016. The entity is currently operating with 50 rooms which include 46 deluxe rooms, 03 presidential rooms and one honeymoon suits. The hotel also has banquet hall, an air conditioned multi cuisine restaurant, bar, private dining, swimming pool and spa. The room rent of the Raj Regency on normal season is INR3000 per day and INR3500 per day on peak season. The occupancy rate of the hotel averagely remained at around 25%- 30% throughout the year, which increases to around 50% during peak season (in the month of October to February). RAJAGANAPATHI TRADING: CARE Cuts Rating on INR8cr Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shri Rajaganapathi Trading Corporation (SRTC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 23, 2019 placed the rating(s) of SRTC under the 'issuer non-cooperating' category as SRTC had failed to provide information for monitoring of the rating. SRTC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated December 8, 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 revision in the ratings assigned to the bank facilities of Shri Rajaganapathi Trading Corporation takes into account of ongoing delays in the servicing of debt obligations. Detailed description of the key rating drivers Key Rating Weakness * Delay in debt servicing: The lender has confirmed that the firm has delays in servicing of debt obligations owing to its stretched liquidity position. Key Rating Strength * Qualified and experienced managing partner in the agro industry: Mr. B K Venkatachalam possesses an under graduate degree in Food Service Management and an MBA in Marketing. He has about 13 years of experience in trading agro commodities. He entered the trading sector in 2005. Later he established SRK Traders and Sri Rajaganapathy Traders in 2008 and VT Traders in 2009. Ms. V Tamilayshhwarya looks after the day-to-day activities along with Mr. B K Venkatachalam and was associated since the inception of SRK Traders in 2008. SRK Traders, VT Traders and Sri Rajaganapathy Traders were established in 2008, 2009 and 2008 respectively by Mr. B K Venkatachalam and Ms. V Tamilayshhwarya. The entities were engaged in trading of Rice, turmeric and grams. Later on January 1, 2012, Shri Rajaganapathi Trading Corporation (SRTC) was established as a partnership concern with Mr. B K Venkatachalam and Ms. V Tamilayshhwarya as partners with the profit sharing ratio of 60:40 and the three existing entities was merged into one entity. SRTC is engaged in trading of para-boiled rice, commonly referred to as 'Ponni' variety and split red gram. The firm purchases the goods from suppliers located in different districts of Tamil Nadu and wholesales them to retailers located in Erode, Avinashi, among other places in Tamil Nadu. The firm has one associate concern namely, Shri Shivvishnu Traders engaged in similar line of business. The registered office and two warehouses of SRTC are located in Erode, Tamil Nadu. RAMAYANI CREATIONS: CARE Lowers Rating on INR15cr LT Loan to C -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Ramayani Creations (RMC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 16, 2019, placed the rating(s) of RMC under the 'issuer non-cooperating' category as Ramayani Creations had failed to provide information for monitoring of the rating. Ramayani Creations continues to be non-cooperative despite repeated requests for submission of information through e-mail communications/letters dated Nov. 11, 2020, Nov. 10, 2020, Nov. 6, 2020, Nov. 4, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, the banker could not be contacted. The rating on the firm's bank facilities will now be denoted as CARE C; 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 Ramayani Creations 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 is constrained by the firm's post implementation project risk associated with newly setup debt-funded manufacturing unit and presence in competitive industry and cyclical textile processing industry along with associated regulatory risk. The ratings however, draw comfort from experienced partners in the textile industry. Detailed description of the key rating drivers At the time of last rating on October 16, 2019, the following were the rating weaknesses and strengths: Key Rating Weaknesses * Post implementation project risk associated with newly setup debt-funded manufacturing unit: The firm had incurred an expenditure of INR12.87 crore for setting up of unit and the same has been funded through term loan of INR8.50 crore and balance is funded through partners contribution (including unsecured loans) and term loans of INR4.37 crore and INR8.50 crore respectively. The firm commenced its commercial operations from September, 2015. Being a new unit, the stabilization and streamlining of production remains to be seen. Furthermore, the operations of the firm are at a nascent stage and have achieved a total operation income of INR3.50 crore from September 1, 2015 till December 31, 2015. * Presence in competitive industry and cyclical textile processing industry along with associated regulatory risk: The textile processing industry is highly fragmented in nature due to the presence of large number of unorganized players leading to high competition in the industry. Smaller standalone processing units are more vulnerable to intense competition, which constrains their profitability as compared to larger integrated textile companies who have better operating efficiencies. Furthermore, textile is a cyclical industry and closely follows the macroeconomic business cycles. The prices of raw materials and finished goods are also determined by global demand-supply scenario. Hence, any shift in the macroeconomic environment globally would have an impact on the domestic textile industry. Key Rating Strengths * Experienced partners in textile industry: The firm is promoted by Mr. Jitender Bansal, Mr. Sanjeev Jindal, Mr. Vipin Mehta and Mr. Sunil Gupta. Mr. Jitender Bansal, Mr. Sanjeev Jindal and Mr. Vipin Mehta have more than one and a half decade of experience in manufacturing of readymade garments through their association with Instyle Embroideries Private Limited (ISE), engaged in similar line of business. Mr. Sunil Gupta also has close to two decades of experience in textile industry through his association with other family concern i.e. Shubh Laxmi Embroideries. Furthermore, being a group entity, RMC is expected to benefit from the marketing setup and established relationships of ISE with its customers and suppliers which have been in the textile industry since, 1998. Bhiwadi-based, (Rajasthan) RMC was established as a partnership firm in 2015, by Mr. Jitender Bansal, Mr. Sanjeev Jindal, Mr. Vipin Mehta and Mr. Sunil Gupta with equal profit loss sharing ratio. RMC was established with an objective to manufacture readymade garments for ladies. The firm is setting up a manufacturing unit at Bhiwadi, Rajasthan. The commercial operations are expected to commence from June, 2015. RANGOTSAV SAREES: CARE Keeps D on INR23cr Loans in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rangotsav Sarees Pvt. Ltd. (RSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 6, 2018, placed the rating of RSPL under the 'issuer non-cooperating' category as RSPL 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. RSPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated December 3, 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. The rating on Rangotsav Sarees Private Limited's bank facilities will continue to 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). At the time of last rating on September 30, 2019, the following were the rating strengths and weaknesses (updated for the information received from Registrar of Companies). Detailed description of the key rating drivers Key Rating Weaknesses * Ongoing delays in the account: The ratings assigned to the bank facilities of Rangotsav Sarees Private Limited takes into account the ongoing delays in debt servicing. * Loss reported in FY18 and FY19: The company has incurred operating loss to the tune of INR3.51 crore and INR3.12 crore in FY19 and FY18 respectively. The company has also incurred cash loss of INR5.82 crore and INR3.62 crore in FY18 and FY19 respectively. Rangotsav Sarees Pvt. Ltd. was incorporated by Mr. Narendra Kumar Agarwal in the year 1999. It started under the name of ' Rangbirangee Sarees Pvt. Ltd.', later on changing it to 'Rangotsav Sarees Pvt. Ltd'.The company deals in silk fabrics (crepe and georgette), sarees, fabrics and dress materials. In its initial years of operations, the company was involved in trading activities, but it commenced manufacturing activities in the year 2010 by starting its own factory unit at Kolkata. All activities viz. designing, dyeing, threading and priniting are conducted in-house completely in the factory, without outsourcing any of the activities. RSPL also undertakes job work at its factory for other manufacturers. Trading and manufacturing accord for 70% and 30% share respectively in the business. The company has one retail outlet showroom located at Park Street. The company has its website to facilitate online shopping, ensured by a fully insured delivery process and hassle-free return and refund policy. REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Real Grow Exims Private Limited (RGEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 29.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 30, 2019, placed the rating(s) of RGEPL under the 'issuer non-cooperating' category as RGEPL had failed to provide information for monitoring of the rating. RGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated October 27, 2020, November 2 2020, and December 1, 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 October 30, 2019 the following were the rating weaknesses (updated for the information available from Registrar of Companies): Key Rating Weaknesses * Delays in meeting of debt obligations: The company had strained liquidity position during the year which resulted in delays in meeting debt obligations. Further, the account is classified as an NPA. Liquidity: Poor Poor liquidity marked by cash loss and free cash & bank balance of INR3,47,418. Real Grow Exim Private Limited (RGEPL), incorporated in May 2012, is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL commenced its operations from June 2014 and is engaged in trading of aqua feed for fish and prawns feeds in and around West Godavari district, Andhra Pradesh. The promoters have long established presence in the fish feed industry through several other group companies viz. Reddy and Reddy Imports and Exports, Nutrient Marine Foods Limited, Reddy and Reddy Motors, Reddy and Reddy Automobiles and Nexus Feeds Ltd. Which are engaged in fish and prawns feed/shrimp processing business. ROSMERTA TECHNOLOGIES: Ind-Ra Assigns 'BB' LongTerm Issuer Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Rosmerta Technologies Limited (RTL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR290 mil. Non-fund based limit assigned with IND A4+ rating; and -- INR10 mil. Fund-based limit assigned with IND BB/Stable rating. KEY RATING DRIVERS The ratings reflect RTL's medium scale of operations as indicated by revenue of INR1,448 million in FY20 (FY19: INR1,220 million). The rise in the revenue was due to an increase in the number of orders received for issuance of smart cards and registration of high security registration plates. FY20 financials are provisional. The ratings also factor in the company's modest credit metrics with interest coverage (operating EBITDA/gross interest expense) of 2.4x in FY20 (FY19: 2.2x) and net financial leverage (total adjusted net debt/operating EBITDAR) of 3.12x (2.65). The improvement in the interest coverage was due to a decline in interest expense, resulting from a decline in the debt. However, the net financial leverage deteriorated on account of a decline in EBITDA to INR97 million in FY20 (FY19: INR109.62 million). Ind-Ra expects the credit metrics to remain at similar levels in the near term on the back of the low debt levels and modest EBITDA. The ratings reflect RTL' modest operating EBITDA margin of 6.8% in FY20 (FY19: 8.98%) with a return on capital employed of 3% (2%). Liquidity Indicator - Stretched: The company's cash flow from operations declined to INR15 million in FY20 (FY19: INR92.15 million), due to unfavorable changes in working capital. RTL had a comfortable working capital cycle of negative 34 days during FY20 (FY19: negative 64 days), despite an increase in the collection period to 94 days (49 days) due to the sudden lockdown and delayed payments from the state transport departments. Its fund-based limits remained unutilized during the 12 months ended November 2020. The company had cash and cash equivalent of INR8.6 million at FYE20 (FYE19: INR9.54 million), against the debt of INR315 million (INR300.38 million ). The company did not avail the Reserve Bank of India prescribed moratorium for debt repayments under the COVID-19 relief package. However, the ratings are supported by the promoter's more than one decade of experience in the same line of business. The ratings also benefit from RTL's strong order book of INR5,500 million as of 30 September 2020 and long-term contracts and orders with transport departments of different states, which are to be executed in the next two-to-three years. RATING SENSITIVITIES Positive: An improvement in the scale of operations and profitability, while maintaining the credit metrics, all on a sustained basis, will be positive for the ratings. Negative: A decline in the revenue or the net financial leverage remaining above 2.5x or a stretch in the liquidity, all on a sustained basis, will be negative for the ratings. COMPANY PROFILE Incorporated in 2006, RTL is engaged in the business of issuing smart card-based driving license, property card, security system integration, and high security registration plates. The company has also started manufacturing personal protective equipment kits and masks from April 2020. Pankaj Madan is the promoter. S.K. RICE: CARE Keeps D on INR10cr Loans in NonCooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.K. Rice Industries (SKRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had vide its press release dated October 16, 2019, placed the rating(s) of SKRI under the 'issuer noncooperating' category as SKRI had failed to provide information for monitoring of the rating. SKRI continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated November 17, 2020 to November 24, 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. Detailed description of the key rating drivers At the time of last rating on October 16, 2019, the following were the rating strengths and weaknesses Key Rating Weaknesses * Overdrawals in the working capital facility: There are overdrawals in the working capital facility due to stressed liquidity position. Key Rating Strengths * Reasonable track record of the firm and experience of Partners for more than two decades in rice milling industry: SKRI was established in the year 2008 by Mr. Syed Altaf Ahamed (Managing Partner), Mr. Syed Israr Ahamed (Partner) and Mrs. Syeda Rehana (Partner). Mr. K. Syed Altaf Ahmed has over two decades of experience in rice milling industry as he was in the same business with his father, prior to establishing SKRI. Through their experience in the rice processing, the partners have established healthy relationship with key suppliers, customers, local farmers, dealers and also with the brokers facilitating the rice business within the state and other neighboring states. S.K. Rice Industries was Established in the year 2008 as a partnership firm. The firm is engaged in the milling of paddy for producing raw rice. SKR is promoted by Mr. Syed Altaf Ahamead (partner), Mr. Syed Israr Ahamead (Partner) and Mrs. Syed Rehana (Partner). Mr. K. Syed Altaf Ahamead has over two decades of experience in rice milling industry as he was in the same business with his father. The rice mill is located at Davangere district, Karnataka. SAI MAATARINI: CARE Reaffirms D Rating on INR1,397.35cr LT Loan --------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Sai Maatarini Tollways Limited (SMTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 1,397.35 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The reaffirmation in rating assigned to bank facilities of SMTL is on account of continuous delays in debt servicing on account of lower than envisaged toll collections resulting cash flow mismatches coupled with termination of the project by NHAI. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * The company regularizing the existing irregularity and continuous to be delay free for minimum of 90 days Detailed description of the key rating drivers Key rating weaknesses * Delays in debt servicing: Auditor has qualified in the annual report FY20 that the company has defaulted in payment of interest to the Banks and Financial Institutions. Further, the account continuous to be NPA with all the lenders. * Termination of the project: The company and NHAI have both issued termination notices to the other party and the company has on January 31, 2020 handed over the project to NHAI. Thereby, the company is no more operating the stretch. Both the parties are currently pursuing settlement through a Conciliation Committee of Independent Experts, constituted in June 2020. * Lower than envisaged toll collections: The toll revenues are lower than that envisaged projected revenues at the time of financial closure on account of: - Quantum of iron ore production has dropped significantly after induction of Shah Commission. - Due to mining ban as directed by Hon'ble Supreme Court, iron ore production has completely stalled. - In Odisha state carrier buses were not paying the toll fee and there was agitation for collecting the same. Claims on this account are being submitted to NHAI and approval is still pending with NHAI. - During FY19 the company has collected toll of INR30 lakh per day against estimated toll collection of INR90.00 lakh per day. Key rating strengths * Established track record of EPC as a developer of various BOT-based roads: SMTL has entered into fixed price EPC contract with Gayatri Projects Limited (CARE D; as on November 15, 2019) for INR2020 crore. GPL is a prominent infrastructure construction company with over 40 years of experience in executing various infrastructure projects, especially road and irrigation segment. GPL, an ISO 9001-2000 company, is engaged in execution of major Civil Works including Concrete/Masonry Dams, Earth Filling Dams, National Highways, Bridges, Canals, Aqueducts, Ports, etc. The company has successfully undertaken and completed road projects in the past. Liquidity: Poor: The company's average daily toll collection was around Rs 30 lac/day, which is significantly lower (1/3th of the envisaged toll collection of INR90/day) than the estimated toll collections resulting in poor liquidity thereby having continuous default in debt servicing. Further, the NHAI has issued termination based on that the assets have been transferred to NHAI and company ceases to stop toll collection and the matter is in arbitration. On the basis of the contract termination and transfer of assets, the banks have demanded immediate repayment of loans, which has further aggravated the liquidity position. Sai Maatarini Tollways Limited (SMTL), an SPV entered into Concession Agreement (CA) on September 28, 2011 with National Highways Authority of India (NHAI)/Authority for developing 4 laning of Panikoili-Remuli section of NH-215 (from 0.00 Km to 163.00 Km; Design Length: 166.17 km.) in the state of Orissa under DBFOT (toll) basis for a period of 24 years including construction period of 910 days.The estimated project cost for the stretch is about Rs 2306.16 crore, which has been envisaged to be funded by way of equity/quasi equity of Rs 360.32 core, Grant from NHAI of Rs 548.49 core and balance by way term loans of Rs 1397.35 crore. SMTL has entered into fixed price EPC contract with Gayatri Projects Limited for INR2020 crore. The Company received PCOD on August 8, 2017 by completing stretch of 145.123 km (87.04%) against the SCOD of October 28, 2015 on account of delay in RoW from NHAI and commenced toll collection from August 17, 2017. The company has approached NHAI for one time fund infusion for completing the balance works, IE recommendation for the same is pending with the NHAI since December 2017. The company has submitted the escalation cost claims amounting to INR974.50 crore to NHAI, stating "Concessionaire's right to recover losses/damages from the authority on account of material defaults of the Authority vide letter dated March 13, 2019. Further The company had issued "Termination Notice for force Majeure (Political Event) on March 27, 2019 to NHAI in-order to terminate the concession agreement with the NHAI. The company and NHAI have both issued termination notices to the other party and the company has on January 31, 2020 handed over the project to NHAI. Thereby, the company is no more operating the stretch. Both the parties are currently pursuing settlement through a Conciliation Committee of Independent Experts, constituted in June 2020. SAISONS TRADE: CARE Lowers Rating on INR35cr LT Loan to C --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Saisons Trade & Industry Private Limited (STPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE BB; Stable Short term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 5, 2018, placed the ratings of STPL under the 'issuer non-cooperating' category as STPL 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. STPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated November 3, 2020; November 5, 2020; November 06, 2020 and a letter dated November 10, 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 ratings. The ratings have been revised on account of publicly available information with regards to company's stretched liquidity position. Detailed description of the key rating drivers (Updated for the information available Registrar of Companies and other publicly available information) Key Rating Weaknesses * Stretched liquidity: As per publicly available information the company has recorded a delay in the interest payments on its debentures. * Leverage capital structure and weak debt coverage indicators: The company continues to have leveraged capital structure with overall gearing at 1.67x as on March 31, 2019 although improved from 2.37x as on March 31, 2018. STPL's debt coverage indicators are weak with total debt/GCA of 13.81x and interest coverage of 1.37x during FY19 on account of high dependence on WC bank facilities and low cash accruals. * Working capital intensive nature of operations: The company operates in a high working capital intensive nature of business with funds being blocked in receivables and inventory. The company relies heavily on its WC bank facilities to support the continuously growing scale of operations. Key Rating Strength * Significant experience of promoters having demonstrated financial support in the past: STPL has an established position in the electric equipment industry marked by the long standing experience of its promoters. The promoter director Mr. Siddharth Shah has around 15 years of experience in the business. STPL's provides customized product offerings across different industries. Furthermore, the promoters have demonstrated financial support to fund the operations by regular infusion of funds by equity/unsecured loan. STPL incorporated in 1999, by Mr. Siddharth Shah, is engaged in manufacturing of various electrical and engineering products like electrical panel, fire panel & accessories, wire harness, accessories for telecom tower and fabrication of various products. SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sanaka Educational Trust (SET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.42 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 16, 2018, placed the rating(s) of SET under the 'issuer non-cooperating' category as SET 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. SET continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated October 20, 2020 and July 28, 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. The rating on Sanaka Educational Trust's bank facilities will continue to 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). At the time of last rating on September 16, 2019, the following were the rating strengths and weaknesses. Detailed description of the key rating drivers Key Rating Weaknesses * Ongoing delays in the account: The ratings assigned to the bank facilities of Sanaka Educational Trust takes into account the ongoing delays in debt servicing. * Limited experience in healthcare segment: The promoters lack the experience of managing a hospital. * Small scale of operations: SET's scale of operations has increased over the last three years; however, it continues to be a relatively small player in the education and healthcare sector with total operating income of INR30.21 crore in FY17. * Constitution as a Trust: SET being formed as a trust is subjected to lesser level of regulations and lacks the flexibility to raise capital. * High vulnerability to treatment-related risks: Healthcare is a highly sensitive sector where any mishandling of a case or negligence on the part of any doctor and/or staff of the unit can lead to distrust among the masses. SET, registered under Indian Trust Act, 1882, was established in December 2006 by Durgapur-based Mr. Tapan Kr Pobi along with his family members for the purpose of imparting education and other charitable purposes. Currently, SET had undertaken a project for creating requisite infrastructure for setting up a Medical College cum Hospital, Sri Ramkrishna Institute of Medical Sciences (SRIMS) and Sanaka Hospitals in phases at Durgapur, West Bengal. They have received permission to commence academic program for the year 2019-2020 for Sri Ramkrishna Institute of Medical Sciences (SRIMS) and Sanaka Hospitals. Sanaka Hospitals started operations with 330 beds in January 2016. SARASWATI EXIM: CARE Lowers Rating on INR8cr LT Loan ---------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Saraswati Exim Private Limited (SWEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Detailed Rationale & Key Rating Drivers CARE has been seeking information from SWEPL to monitor the rating vide e-mail communications/letters dated Nov. 10, 2020, Nov. 12, 2020, Nov. 17, 2020 and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on SWEPL's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers Key Rating Weaknesses * Moderate scale of operation with moderate profitability: SWEPL is a relatively small player in agro product trading business. The total operating income of the company deteriorated to INR45.03 crore with PAT of INR0.03 crore in FY19. PAT margin remains below unity and stood at 0.07% during FY19. PBILDT margin stood at 1.22 % in FY19. * Volatile agro-commodity prices with linkages to vagaries of the monsoon and regulated nature of the industry: SWEPL is primarily engaged in trading of agro products. Wheat and rice being an agricultural produce and staple food, its price is subject to intervention by the government. In the past, the prices of the same have remained volatile mainly on account of the government policies in respect of Minimum Support Price (MSP) & controls on its exports. Further to be noted, the prices of both the commodities are also sensitive to seasonality, which is highly dependent on monsoon. Any volatility in the prices will have an adverse impact on the performance of the same. * Intensely competitive nature of the industry with presence of many unorganised players: Agro products trading is highly fragmented and competitive due to presence of many players operating in this sector owing to its low entry barriers, due to low capital and technological requirements. Kolkata and nearby districts and states of West Bengal are a major paddy and wheat and other agro commodities growing area with many processing unit operating in the area. High competition restricts the pricing flexibility of the industry participants and has a negative bearing on the profitability. * Foreign exchange fluctuation risk: Due to the export nature of business, the company is inherently exposed to foreign exchange fluctuation risk. The company usually raises its export bill at spot price on the date of receipt of order; however, the payment for the same is received after delivery of goods thus exposing it to a time lag. Any adverse movement in the currency rate during this period can impact the profitability of the company. Key Rating Strengths * Experienced promoter: The company is managed by Mr. Amit Ghosh, director, with the help of other two directors. The directors are having around a decade of experience in trading and export operation. * Satisfactory capital structure coupled with satisfactory interest coverage and current ratio: Overall gearing ratio has deteriorated to 1.52x as on March 31, 2019, on account of increase in debt. Interest coverage ratio has declined to 1.09x on account of increase in interest expense and PBILDT level. Current ratio remains comfortable as on March 31, 2019. * High growth prospects of the industry: Agro products have large consumption across the domestic and foreign market in the form of direct consumption, bakery products, cakes, biscuits and different types of food dishes in home and restaurants. The demand has been driven by the rapidly changing food habits of the average consumer, dictated by the lifestyle changes in the urban and semi-urban regions. Comment on Liquidity position: Not available as the company is not cooperating. Incorporated in January 2011, Saraswati Exim Pvt Ltd (SWEPL) is engaged in trading and exports of agro based commodities (viz., Maize, Wheat, Rice etc.). The company is located at Kolkata. The company sells its products in domestic market and export (i.e. 22.8% of total sales during FY15) as well (to the countries like Bangladesh, Dubai, Malaysia etc). The day-to-day affairs of the company are looked after by Mr. Amit Ghosh, with adequate support from the other two directors and a team of experienced personnel. SHIVAJIRAO BHOSALE: State Co-op Dept Seeks to Liquidate Bank ------------------------------------------------------------ Hindustan Times reports that the State Co-operative Department has submitted a proposal to the Reserve Bank of India (RBI) seeking liquidation of the Shivajirao Bhosale Co-operative Bank. The proposal, if okayed by the apex bank, will ensure the return of the minimum deposit of INR5 lakh to bank's depositors, the report says. Hindustan Times, citing information from the co-op department received on Dec. 13, relates that each depositor is likely to get a return of INR5 lakh, but those who have invested more than this will receive at least INR5 lakh. As many as 71,000 investors have invested a fixed deposit of INR5 lakh, while 8,000 investors invested more than INR5 lakh in the form of various deposits, the report notes. In January, the Pune Police registered a case against Maharashtra State Legislative Council (MLC) and bank chairman Anil Bhosale , bank director Suryaji Jadhav, chief accountant Shailesh Bhosale and chief executive officer Tanaji Padwal, recalls Hindustan Times. A case has also been registered Bhosale's wife Reshma Bhosale, who is also an accused in the case. Apart from these, charges of alleged forgery, misappropriation and cheating have been filed against 15 others. Hindustan Times says the case was registered under sections 406, 408, 468, 471 and 34 of IPC and relevant sections of Maharashtra Protection of Interest of Depositors (MPID). At the directions of the RBI, the complainant, identified as an independent chartered accountant Yogesh Lakade (29), conducted a financial audit in 2018-19 and found INR71 78 crore underreported in the "cash in hand" segment of the bank, according to Hindustan Times. In October 2019, the state co-op department had dismissed the bank's board of directors and appointed an administrator to look after the daily affairs of the bank, the report notes. Hindustan Times notes that the audit report revealed that Bhosale and other accused prepared forged and fraudulent entries, wherein the facts were fudged to manipulate the accounts of the bank. Police investigations led to the seizure of three cars belonging to arrested MLC Bhosale, the report says. Eleven accounts belonging to the accused were found to have forged entries with the intention of cheating. The bank has 14 branches with 95,000 deposits. Loans worth INR12 crore have been recovered till date, Hindustan Times notes. The bank had deposits worth INR432 crore and the non-performing assets stand at INR294 crore, Hindustan Times discloses. SIMPLEX INFRASTRUCTURES: CARE Assigns D Rating to INR75.40cr Loan ----------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Simplex Infrastructures Limited (SIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 75.40 CARE D Assigned Long Term Bank Facilities 2,600.00 CARE D Reaffirmed Long Term/ Short Term Bank Facilities 7,900.00 CARE D/CARE D Reaffirmed Non Convertible Debentures 170.00 CARE D Reaffirmed Non Convertible Debentures 200.00 CARE D Reaffirmed Non Convertible Debentures 75.00 CARE D Reaffirmed Non Convertible Debentures 50.00 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SIL continues to be constrained by the ongoing delays in debt servicing due to stressed liquidity position on account of slowdown in recoveries from clients along with delays in approvals of bills. Rating Sensitivities Positive Factors – Factors that could lead to positive rating action/upgrade: * Regularization of debt servicing for a continuous period of 3 months. * Company earning sufficient cash accruals so as to meet its debt repayment obligations. Detailed description of the key rating drivers Key Rating Weakness * Delay in servicing of debt obligations: There are on-going delays in debt servicing obligation of the company. The slowdown in recoveries from clients, delays in approvals of bills from government clients resulted in stretched liquidity position of the company, thus resulting into delays. The total overdue stood at INR1,388.52 crore (including interest) as on September 30, 2020 in its cash credit account, defaults in redemption of NCDs and term loan repayment obligations. * Stable industry outlook: The focus of the government on infrastructure development is expected to translate into a significant business potential for the construction industry in the long-run. In the short to medium term, projects from infrastructure sector are expected to dominate the overall business for construction companies. Liquidity Position - Poor The company has poor liquidity position and there have been on-going delays in the debt servicing. The company incurred cash loss of INR346 crore in FY20 vis-à-vis debt repayment obligation of INR175.46 crore in FY20. The company has total overdue of INR1,388.52 crore (including interest) as on September 30, 2020. The company has a scheduled debt repayment obligation of INR305.38 crore in FY21. SIL, incorporated in 1924, is one of the leading construction companies of the country, belonging to Mundhra family of Kolkata. The company is primarily engaged in EPC contracts, turnkey projects related to civil construction across various sectors. Over the decades, Simplex has completed large number of prestigious contracts and has received commendation certificates from many of its clients. The company also has overseas presence in countries like Saudi Arabia, Bangladesh, Bahrain, UAE, Qatar, Ethiopia and Sri Lanka. SREI INFRASTRUCTURE: Lenders Mull Forensic Audit of 2 Group Firms ----------------------------------------------------------------- Livemint.com reports that lenders to Srei group are planning to conduct forensic audits of two companies, Srei Infrastructure Finance and Srei Equipment Finance, two people aware of the development said. A final decision will be taken at a core group meeting of lenders to be held in the coming weeks, according to the people cited by Livemint.com. "The audit is being considered after an agency for specialized monitoring (ASM) appointed for Srei's loans raised some queries," said a banker, one of the two people cited above. "Such agencies are used by lenders to monitor cash inflows, outflows and several other parameters, to submit detailed reports on borrowers. We want to dig deeper into queries raised by the ASM report," the banker said, adding a forensic audit may take about three months to be completed, Livemint.com relays. Livemint.com relates that a Srei spokesperson said in an emailed response: "As we have mentioned to you on multiple occasions, there is a motivated campaign to spread fabricated and false information. We will request you to not pay heed to any unsubstantiated claims made by individuals/groups who choose to stay anonymous and are not able to provide documentary evidence in support of their claims." According to the first person, lenders on Dec. 16 also voted against Kolkata-based Srei's proposal to consolidate its lending business into Srei Equipment Finance. According to Livemint.com, the Kolkata bench of the National Company Law Tribunal had set two dates for creditor meetings on December 16 and December 23, meant to ratify the proposal to transfer assets between two Srei firms. Asked about the voting, the Srei spokesperson said the company cannot comment on the matter as it is sub judice. Srei is fully engaged with creditors, and expects an orderly outcome in the best interest of all stakeholders, the person, as cited by Livemint.com, said. Livemint.com, citing Care Ratings, discloses that Srei Infrastructure's long- and short-term bank facilities stood at INR11,117.71 crore and at INR16,912.21 crore for Srei Equipment Finance. A forensic audit studies financial records to check for possible evidence for use in a legal proceeding, the report notes. To be sure, banks often order such audits before they restructure loans, and some forensic reports also turn out to be inconclusive. However, in some cases, banks have relied on forensic audits to report loan fraud to the Reserve Bank of India (RBI). A recent case is Punjab National Bank (PNB) classifying its exposure to Reliance Home Finance as fraud, prompting the borrower to approach the Delhi high court in August. In September, markets regulator Securities and Exchange Board of India (Sebi) said there is a concern of information asymmetry when it comes to a forensic audit of listed firms, Livemint.com says. Sebi mandated that listed entities would need to disclose any audit initiated, the final report and management commentary to the stock exchanges. Only the audits initiated by regulators and enforcement agencies need not be disclosed. According to Livemint.com, the National Company Law Appellate Tribunal (NCLAT) on December 14 declined to stay a Kolkata tribunal order that initiated the process of transfer of assets between two Srei firms. The appeal was filed by lenders claiming Srei group did not take their nod before consolidating its lending business into Srei Equipment Finance. Meanwhile, Care Ratings on December 14 said the consensus of creditors in the proposed meetings is critical for the consolidated credit risk profile of the company amid stressed liquidity position, Livemint.com relays. "There is no clarity as yet on the stance of the consortium on the slump exchange and restructuring scheme. Meanwhile, Care understands that the lenders have maintained status quo in terms of reporting on the accounts of the group even in case of overdues," the rating agency said. SREI Infrastructure Finance Ltd. is a non-banking financial institution. The company has three principal lines of business in financing: infrastructure equipment finance, infrastructure projects finance and renewable energy product finance. Infrastructure equipment finance is the largest business division of the Company. UNIVERSAL EDUCATIONAL: Ind-Ra Cuts & Reassigns Loan Rating to 'C' ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Universal Educational Society's bank facilities to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra has reassigned Universal Educational Society's bank facilities 'IND C (ISSUER NOT COOPERATING)'. The detailed rating actions are: -- INR335.53 mil. Term loans* due on June 2027 downgraded and reassigned with IND C (ISSUER NOT COOPERATING) rating; and -- INR35.00 mil. Overdraft* downgraded and reassigned with IND C (ISSUER NOT COOPERATING) rating. *Reassigned 'IND C (ISSUER NOT COOPERATING)' after being downgraded to 'IND D (ISSUER NOT COOPERATING)' Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information KEY RATING DRIVERS The downgrade to 'IND D' reflects delay in servicing of term loan during October-November 2019, the details of which are unavailable. The reassignment of 'IND C' reflects timely debt servicing during the 12 months ended August 2020. RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months will be positive for the ratings. COMPANY PROFILE Incorporated in 2008, Universal Educational Society manages and operates the Universal group of institutes in Mohali District, Punjab. VARDHMAN BUILDPROP: CARE Keeps D on INR35cr Debt in Not Cooperating ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Vardhman Buildprop Private Limited (SVBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 35.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated December 27, 2019; placed the rating(s) of SVBPL under the 'issuer non-cooperating' category as SVBPL had failed to provide information for monitoring of the rating. SVBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2020; November 11, 2020 and November 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 December 27, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses * Ongoing delays in debt servicing: As per the information received from the debenture trustee, the company has delayed in debt servicing of the interest payments falling due on June 28, 2019. * Subdued industry scenario: With the on-going economic conditions, the real estate industry is currently facing issues on many fronts, including subdued demand, curtailed funding options, rising costs, restricted supply due to delays in approvals, etc. thereby resulting in stress on cash flows of developers. The industry has seen low demand in the recent past, primarily due to factors like sustained high level of inflation leading to high interest rates and adverse impact on the buying power and affordability for the consumers. Key Rating Strengths * Experienced promoters with established track record of operations: Shree Vardhman Buildprop Pvt. Ltd. is a real estate development company, incorporated in 2010. It belongs to 'Shree Vardhman group' and is promoted by Mr. Sandeep Jain who has an experience of about two decades in the real estate industry. The promoter through other group companies have launched and successfully delivered several real estate development projects through different SPV's (Special Purpose Vehicles) in Sonepat, Kurukshetra and Gurgaon (constituting a total saleable area of 13.34 lsf). Shree Vardhman Buildprop Private Limited (SVBPL), incorporated in 2010 is engaged in development of real estate through construction of residential and commercial property in the Delhi/NCR region. SVBPL a part of 'Shree Vardhman group', is currently involved in execution of a residential cum commercial project 'Mantra', with the total saleable area of 9.95 lsf, located at Sector-67, Gurgaon. VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Vardhman Infraheights Private Limited (SVIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 140.00 CARE D; ISSUER NOT COOPERATING Debentures Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated December 27, 2019; placed the rating of SVIPL under the 'issuer non-cooperating' category as SVIPL had failed to provide information for monitoring of the rating. SVIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 3, 2020; November 11, 2020 and November 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 December 27, 2019 the following were the rating strengths and weaknesses: Key Rating Weaknesses * Ongoing delays in debt servicing: As per the information received from the debenture trustee, the company has delayed in debt servicing of the interest payments falling due on June 28, 2019. * Subdued industry scenario: With the on-going economic conditions, the real estate industry is currently facing issues on many fronts, including subdued demand, curtailed funding options, rising costs, restricted supply due to delays in approvals, etc. thereby resulting in stress on cash flows of developers. The industry has seen low demand in the recent past, primarily due to factors like sustained high level of inflation leading to high interest rates and adverse impact on the buying power and affordability for the consumers. Key Rating Strengths * Experienced promoters: Shree Vardhman Infraheights Pvt Ltd is a real estate development firm, incorporated in 2011, and is part of 'Shree Vardhman group'. The company was founded by Mr. Sandeep Jain & Mr. Sachin Jain, who have experience in the real estate industry. 'Shree Vardhman' group has been engaged in real estate development and is developing several projects through different SPV (Special Purpose Vehicle). Shree Vardhman Infraheights Pvt Ltd is a real estate development company, incorporated in 2011. It belongs to 'Shree Vardhman group' and is incorporated for the residential project 'Victoria' located in Gurgaon, having total saleable are of 13.42 lsf (SVIPL's share of 11.73 lsf). The company was founded by Mr. Sandeep Jain & Mr. Sachin Jain, who have experience in the real estate industry. =============== M A L A Y S I A =============== MALAYSIA AIRLINES: Restructuring Set to be Completed by Dec. 31 --------------------------------------------------------------- The Star reports that the restructuring exercise involving Malaysia Airlines Berhad (MAB) is expected to be finalised by Dec. 31, Datuk Abd Rahim Bakri said. According to the report, the Deputy Finance Minister said the government has taken measures to hold discussions on the debts and leasing made by the national carrier under the exercise. "I can see some progress and the discussion is expected to be finalised by the end of the month," he said in his reply to a supplementary question by Datuk Jalaluddin Alias (BN-Jelebu) during Question Time, The Star relays. The Star relates that Abd Rahim said MAB, along with other carriers around the world, was also badly hit by the impact of the Covid-19 pandemic. Currently, the airline is operating with 75% of its aircraft grounded due to travel restrictions, and this has impacted its capacity and income. He said prior to the pandemic, the financial position of the Malaysia Aviation Group Berhad (MAGB) had already dropped between 2015 and 2018, the report relays. "In 2015, the group recorded a loss of MYR1.15 billion, MYR0.7 billion in 2016, MYR1.2 billion in 2017 and MYR1.3 billion in 2018," The Star quotes Abd Rahim as saying. As of Aug. 31, the liquidity position of the MAGB group of companies stood at MYR366 million apart from the MYR578 million available from funds allocated by Khazanah Nasional, The Star discloses. "In order to overcome the financial problems of the MAGB and MAB, the government will hold further talks with Khazanah to find out the direction of the company, especially in strengthening the position of its finances and identify the best strategic solutions," he said. About Malaysia Airlines Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines -- http://www.malaysiaairlines.com/-- engages in the business of air transportation and the provision of related services. As reported in the Troubled Company Reporter-Asia Pacific on March 19, 2020, The Malaysian Reserve said that Malaysia Airlines Bhd (MAB) is at risk of bankruptcy and staff are encouraged to take the voluntary unpaid leave programme, said the group CFO Boo Hui Yee in an internal memo addressed to the airline's 13,000 staff. Khazanah is the sole shareholder of MAB after taking the airline private in 2014. The sovereign wealth fund injected MYR6 billion into the airline to keep it afloat. From its delisting from Bursa Malaysia from 2015 to 2017, MAB had registered a loss of MYR2.3 billion due to the ringgit's weakness and higher jet fuel costs. According to Reuters, the Malaysian government has been seeking a strategic partner for its national airline, which has struggled to recover from two tragedies - the mysterious disappearance of flight MH370 and the shooting down of flight MH17 over eastern Ukraine. ===================== S O U T H K O R E A ===================== SSANGYONG MOTOR: Files for Court Receivership --------------------------------------------- Choi Kyong-ae at Yonhap News Agency reports that SsangYong Motor Co. on Dec. 21 filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic, sources said. Yonhap says the decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay KRW60 billion (US$54.8 million) worth of debts to its three creditor banks last week. The state-run Korea Development Bank, the main creditor of SsangYong, reportedly was scheduled to decide on whether to roll over KRW90 billion in loans due Dec. 21, Yonhap notes. According to Yonhap, the SUV-focused carmaker logged operating losses in the past 15 consecutive quarters due to lack of new models and tougher competition with local rivals. As a result, its vehicle sales fell 19 percent on-year to 96,763 units in the January-November period. In 2011, Mahindra acquired a 70 percent stake in SsangYong Motor for KRW523 billion and now holds a 74.65 percent stake in the carmaker. Mahindra has said it does not have a plan to inject fresh capital into SsangYong and will give up its status as the biggest shareholder of the Korean unit if it finds a new investor, adds Yonhap. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. engages in the manufacture and sale of automobiles. The Company mainly manufactures and sells recreational vehicles (RVs), sports utility vehicles (SUVs), multi-purpose vehicles (CDVs) and passenger cars under the brand name of rexton sports, korando, korando sports, korando turismo, tivoli, tivoli air and others. The Company also provides automobile parts. The Company distributes its products within domestic market and to overseas markets. The auditor of SsangYong Motor Co. on Aug. 14, 2020, refused to deliver an opinion on the carmaker's ability to remain a going concern. KPMG Samjong Accounting Corp. declined to give its opinion on SsangYong Motor's earnings results for the January-June period. Samjong was also skeptical about SsangYong Motor's ability to continue operations after the company continued to report net losses in the January-March period, according to Yonhap News Agency. SsangYong has reported net losses in the past 14 quarters through the second quarter of this year. Its net losses narrowed to KRW8.85 billion in the second quarter from KRW51.45 billion a year earlier, Yonhap disclosed. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Dec. 14, 2020 to Dec. 18, 2020 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15 ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15 BOART LONGYEAR MANAGEME 10.00 12/31/22 USD 72.23 CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.07 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.30 PALADIN ENERGY LTD 10.00 02/01/23 USD 58.19 PALADIN ENERGY LTD 10.00 02/01/23 USD 58.19 VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 5.02 VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 7.93 VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 8.00 VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 9.01 VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 8.08 VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 7.98 VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 8.25 CHINA ----- AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.44 AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.47 AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.14 AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.24 ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 59.22 AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 39.67 ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01 ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 58.97 ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 58.98 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 20.32 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 24.57 ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.61 ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 60.00 ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.24 ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.25 ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.66 ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.83 ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00 ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.63 ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 65.00 ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 55.51 ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 57.40 ANSHUN TRANSPORTATION D 7.50 10/31/24 CNY 65.00 ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 57.01 ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 58.65 BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.00 BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.15 BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 40.10 BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 45.50 BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 59.64 BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.06 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 30.56 BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 38.57 BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 40.00 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.10 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.35 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 20.09 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.00 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.04 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.21 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.37 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.04 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.10 BEIJING HAIDIAN STATE-O 5.20 03/25/22 CNY 55.00 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.24 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.24 BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.22 BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 59.78 BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 61.19 BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.00 BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.23 BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.00 BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.05 BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 40.19 BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 45.65 BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 56.75 BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 59.20 BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 56.41 BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 58.66 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 20.06 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 30.00 BIJIE QIXINGGUAN DISTRI 7.60 09/08/24 CNY 74.38 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 20.03 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 23.40 BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 57.75 BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 57.91 BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.00 BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.32 BOHAI LEASING CO LTD 7.00 06/20/21 CNY 30.00 BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.00 BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 40.06 BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 59.40 BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 60.30 BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.17 BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.60 BRILLIANCE AUTO GROUP H 5.80 06/17/24 CNY 60.78 BRILLIANCE AUTO GROUP H 5.80 03/20/24 CNY 54.80 BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 44.72 BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 59.80 BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 44.75 BRILLIANCE AUTO GROUP H 5.40 09/14/23 CNY 55.80 BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 56.93 BRILLIANCE AUTO GROUP H 6.50 06/03/22 CNY 44.75 BRILLIANCE AUTO GROUP H 6.50 04/18/22 CNY 44.75 BRILLIANCE AUTO GROUP H 6.50 03/13/22 CNY 44.75 BRILLIANCE AUTO GROUP H 6.50 01/22/22 CNY 44.75 BRILLIANCE AUTO GROUP H 5.30 10/23/20 CNY 44.75 CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.40 CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00 CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29 CHANG DE DING LI INDUST 4.30 03/10/23 CNY 59.78 CHANG DE DING LI INDUST 4.30 03/10/23 CNY 59.88 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.36 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50 CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 67.02 CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.14 CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.30 CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 59.57 CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 60.00 CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.20 CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.34 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 59.95 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 60.41 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.16 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.16 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 30.57 CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 59.85 CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.67 CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00 CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 72.31 CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 72.80 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 45.87 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 48.35 CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 58.99 CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.83 CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 39.79 CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 40.10 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 58.93 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 58.98 CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.62 CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.98 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 20.19 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 24.00 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.20 CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 40.67 CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.23 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00 CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.03 CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.20 CHANGXING COMMUNICATION 7.88 04/30/21 CNY 20.24 CHANGXING COMMUNICATION 7.88 04/30/21 CNY 30.30 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 19.00 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 20.30 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.07 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.08 CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.00 CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.56 CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 58.86 CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.01 CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.24 CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.29 CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.87 CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10 CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.15 CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00 CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.40 CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.18 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.16 CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 40.00 CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 48.83 CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.02 CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50 CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.00 CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.55 CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 58.47 CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 59.22 CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.53 CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.53 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.17 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.14 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37 CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 73.02 CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 73.63 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 19.47 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.00 CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.49 CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.55 CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 39.96 CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 48.60 CHENZHOU WENLV INDUSTRY 5.34 11/28/23 CNY 58.05 CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 73.07 CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 75.96 CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.20 CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.25 CHINA MINSHENG INVESTME 7.00 12/26/20 CNY 36.65 CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 60.00 CHINA OCEANWIDE HOLDING 8.60 09/21/21 CNY 62.00 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.20 CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.20 CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.00 CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.52 CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 51.44 CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.86 CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 39.20 CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 40.29 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.00 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.24 CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 58.20 CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.79 CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.88 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.15 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.40 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.02 CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 39.22 CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00 CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 59.84 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 20.13 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 27.33 CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.00 CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.36 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 20.25 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 30.80 CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00 CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.36 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.00 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.13 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.43 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.49 CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.33 CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.34 CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 55.97 CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 57.13 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 59.73 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 59.89 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.25 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.26 CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.06 CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.31 CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 59.67 CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.10 CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.27 CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.70 CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.83 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.19 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 22.72 CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.00 CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.60 CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 39.97 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.29 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.34 CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 58.96 CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.62 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.00 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.07 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 57.97 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.13 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 20.02 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 26.25 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 20.17 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 21.70 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.12 CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.00 CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.45 CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 59.24 CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 60.00 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.13 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.13 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90 CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 37.44 CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.21 CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80 CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.50 CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.59 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.27 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.27 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60 CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00 CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.45 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.25 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.13 CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.62 CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.92 CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 40.31 CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 44.55 CHUZHOU CITY CONSTRUCTI 6.30 11/30/21 CNY 30.58 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.30 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.31 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 6.18 08/18/21 CNY 20.25 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80 DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 57.77 DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 58.85 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.00 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.08 DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 59.82 DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 60.05 DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 57.34 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 20.26 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.12 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.13 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.05 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.05 DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 55.10 DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 55.61 DALIAN SHITAI CITY CONS 7.09 02/20/21 CNY 19.76 DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00 DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.30 DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.19 DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.21 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.27 DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 39.59 DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00 DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 58.15 DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 59.29 DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.03 DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.13 DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.30 DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 69.92 DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 70.12 DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 57.90 DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.29 DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.68 DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 59.02 DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 20.04 DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 23.53 DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.00 DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.14 DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.00 DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.30 DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.15 DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.17 DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 58.39 DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.04 DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 59.94 DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 60.58 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.14 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.86 DONGTAI STATE-OWNED ASS 3.04 11/16/23 CNY 58.39 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 20.18 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 28.48 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 20.04 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 20.50 DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 40.30 DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 41.58 DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 59.73 DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.07 DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 37.30 DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 38.93 DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 59.50 ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.34 ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.52 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.25 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.30 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.20 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50 FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.24 FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.20 FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.41 FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 60.19 FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24 FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.12 FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.36 FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.23 FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 44.49 FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 59.72 FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 60.00 FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.00 FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.16 FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.81 FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.83 FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.17 FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.71 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.00 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.00 FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00 FUJIAN FUSHENG GROUP CO 7.90 12/17/21 CNY 70.99 FUJIAN FUSHENG GROUP CO 7.90 11/19/21 CNY 60.00 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.19 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65 FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.46 FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00 FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.53 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.22 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.36 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15 FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 40.82 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 25.03 FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 39.95 FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 58.94 FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.87 FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.24 FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.35 FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.61 FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.72 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.29 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.37 GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 72.16 GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00 GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.43 GANZHOU DEVELOPMENT INV 8.10 12/11/23 CNY 84.42 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 19.00 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 20.09 GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.73 GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 60.44 GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00 GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.43 GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.35 GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.00 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.01 GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 58.83 GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.13 GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 59.14 GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 59.96 GOOCOO INVESTMENT CO LT 8.00 02/01/21 CNY 50.00 GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 40.36 GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 44.00 GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 58.80 GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.41 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.18 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.18 GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 59.19 GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 59.89 GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.15 GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 59.54 GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.00 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.00 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.11 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.00 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.12 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.04 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 20.12 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 23.00 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 20.18 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 21.15 GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.40 GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.41 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.30 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00 GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.55 GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.71 GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.30 GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.51 GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 60.00 GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 62.69 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.13 GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.00 GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.40 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.93 GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.95 GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 72.16 GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.92 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 40.01 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 45.00 GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.66 GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.81 GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.60 GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.63 GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 58.98 GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 58.99 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.65 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 40.00 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 58.60 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 60.32 GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00 GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.17 GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 40.08 GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 41.00 GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 24.73 GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.79 GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.45 GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.73 GUIZHOU LIUPANSHUI PAND 7.30 07/24/24 CNY 53.80 GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 62.47 GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 40.10 GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 40.73 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.37 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.44 GUIZHOU XINDONGGUAN CIV 7.70 09/05/24 CNY 70.05 GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.38 GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 59.58 HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.33 HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.55 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 57.91 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.36 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.60 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88 HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.82 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 20.12 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 20.01 HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.37 HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 52.86 HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 40.66 HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 42.20 HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 54.01 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.29 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.70 HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.03 HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.20 HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.03 HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.55 HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 56.88 HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.09 HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 58.73 HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.17 HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.53 HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20 HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 58.89 HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.13 HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 59.84 HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.00 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.14 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.15 HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.09 HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.16 HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.26 HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.25 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40 HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.28 HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.51 HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.19 HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.38 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.14 HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 59.86 HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 59.92 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 20.10 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.14 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.75 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 20.15 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 21.85 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 CON 4.10 11/16/21 CNY 19.83 HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.85 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.29 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 39.73 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 42.42 HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 57.63 HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.37 HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 62.71 HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.15 HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.52 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.36 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 20.00 HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28 HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.31 HENAN ENERGY & CHEMICAL 6.98 10/31/23 CNY 28.74 HENAN ENERGY & CHEMICAL 6.98 11/02/21 CNY 29.07 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 20.12 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 59.60 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 20.19 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 21.10 HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.28 HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 80.15 HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.15 HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.63 HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.03 HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.36 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 20.17 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 25.88 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.12 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.95 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.19 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 21.00 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 34.83 HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 59.71 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.55 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 41.54 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.34 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.78 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 20.15 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 27.84 HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 58.01 HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 58.79 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.56 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.61 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.25 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.00 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.09 HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.41 HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.64 HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.00 HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.21 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.29 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.32 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26 HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 59.88 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.11 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.30 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 20.03 HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.54 HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65 HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.66 HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.90 HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 59.92 HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 20.07 HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.00 HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.51 HUAWEN MEDIA GROUP 6.00 04/04/23 CNY 68.70 HUAWEN MEDIA GROUP 5.45 11/08/22 CNY 63.41 HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 40.56 HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 42.40 HUBEI SUPPLY AND MARKET 6.70 08/23/24 CNY 74.78 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 46.27 HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.05 HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.36 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.16 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 22.25 HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.49 HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.58 HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.18 HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.30 HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 59.56 HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 59.59 HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 18.60 HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 20.07 HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.87 HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.92 HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.14 HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.14 HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 58.70 HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 59.15 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.63 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 57.73 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 38.96 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00 HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00 HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.95 HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00 HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 61.64 HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 59.24 HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 59.31 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.66 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.71 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.14 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.30 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.05 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.00 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.18 HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.74 HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.75 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.25 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.00 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.06 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.26 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.92 INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 38.92 INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00 INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 39.09 INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 40.00 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.04 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 40.53 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 42.10 JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.26 JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.79 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.15 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87 JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.24 JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.28 JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.46 JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 61.00 JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 59.86 JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 59.91 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.17 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 20.17 JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 40.56 JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 41.10 JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.11 JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.63 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.64 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.82 JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.29 JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.29 JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.13 JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.22 JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.00 JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 61.51 JIANGSU HAIZHOUWAN DEVE 5.37 03/29/23 CNY 44.20 JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.62 JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 58.76 JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 59.95 JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.51 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.18 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.80 JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.75 JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 59.22 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.19 JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.25 JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.28 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.16 JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.19 JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80 JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.34 JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.92 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.12 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.16 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.28 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.32 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.00 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.57 JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 40.44 JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 47.50 JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.66 JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.99 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 20.21 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 30.19 JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 59.92 JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.00 JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30 JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.53 JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 40.02 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 59.94 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 60.00 JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.31 JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.99 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.44 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.45 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 20.30 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 29.34 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.31 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.37 JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31 JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.53 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.18 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75 JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 39.67 JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86 JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 39.29 JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 41.00 JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 56.96 JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.70 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 20.10 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 21.13 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.08 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 21.80 JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 57.98 JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 59.36 JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.58 JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.61 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.35 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.35 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.13 JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.18 JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.40 JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.39 JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.90 JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.68 JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 60.20 JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 71.10 JILIN NORTHEAST SOCK IN 6.80 12/19/21 CNY 70.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 20.09 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.12 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.26 JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.63 JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 40.26 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.14 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.00 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.44 JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.09 JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 39.83 JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 40.00 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 19.94 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00 JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.67 JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.71 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.18 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 28.68 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.00 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.63 JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.70 JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 59.09 JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80 JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.98 JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 58.69 JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 59.75 JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.58 JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.68 JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.68 JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.83 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.35 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33 JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 58.92 JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 40.30 JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 44.44 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.53 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50 JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.66 JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.80 JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.51 JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 59.25 JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.86 JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.97 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 20.02 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.00 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.02 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 20.09 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 25.00 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.06 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.90 JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 40.15 JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 42.82 JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55 JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.57 JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.36 JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.51 JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.26 JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.30 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.07 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.60 JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.00 JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.85 JIZHONG ENERGY FENGFENG 6.43 05/08/22 CNY 92.33 JIZHONG ENERGY GROUP CO 6.05 08/13/22 CNY 59.79 JIZHONG ENERGY GROUP CO 6.50 01/19/21 CNY 75.20 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.09 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.09 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.00 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.15 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 58.50 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 59.79 KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 55.61 KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 56.22 KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 58.35 KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 60.00 KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 31.88 KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 31.91 KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 31.88 KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 31.88 KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 31.88 KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.09 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 31.88 KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 31.88 KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00 KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.27 KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 24.65 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.27 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 19.80 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 20.14 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.12 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.60 LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90 LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 19.99 LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.24 LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.34 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.99 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.99 LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 58.62 LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 59.13 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.35 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.85 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.00 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.26 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 20.19 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 25.00 LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 59.10 LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.57 LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 59.97 LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 60.03 LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 58.78 LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 60.41 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 3.63 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.03 LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.53 LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.75 LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 60.60 LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.17 LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.86 LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.45 LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.49 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.08 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.39 LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.36 LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 59.65 LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 58.74 LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.46 LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.04 LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.23 LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.05 LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.08 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.37 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 45.35 LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.36 LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.87 LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.61 LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.99 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 62.19 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 18.00 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 20.16 LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.20 LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.38 LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.68 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 20.20 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 30.31 LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.55 LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.71 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 19.91 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00 LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.44 LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.61 LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.41 LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.51 LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.16 LU'AN CITY CONSTRUCTION 3.97 02/22/21 CNY 50.00 LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.00 LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.53 LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 58.85 LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.15 LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.00 LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.20 LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.70 LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.85 LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 70.00 LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 73.40 LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.28 LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.33 MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 59.05 MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 60.40 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.26 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00 MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 40.24 MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 44.99 MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.57 MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.60 MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.60 MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.86 MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.41 MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 59.19 MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.10 MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.46 MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.15 MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 58.99 MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.00 MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 40.45 MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 45.32 MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 59.93 MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 60.00 MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 40.09 MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.11 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.11 MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00 MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00 NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.19 NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.30 NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.08 NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.18 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 20.17 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 31.20 NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 59.72 NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 59.75 NANJING JIANGNING ECONO 7.94 04/14/24 CNY 63.50 NANJING JIANGNING ECONO 7.94 04/14/24 CNY 63.52 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 58.42 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.32 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 59.80 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 59.95 NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.15 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.27 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29 NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.12 NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.29 NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.48 NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 59.63 NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.08 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 45.73 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.26 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80 NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 57.87 NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.30 NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 55.20 NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 59.10 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 20.05 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80 NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.18 NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.60 NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00 NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 71.00 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 20.26 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 25.40 NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.68 NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.78 NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.51 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 40.36 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 41.52 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.50 NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.26 NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 61.08 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 57.85 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.03 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 20.18 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 28.53 NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.33 NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.41 NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 56.36 NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 59.86 NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 20.13 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 26.30 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.24 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.30 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 20.18 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 29.00 NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 40.38 NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 48.29 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.20 NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.19 NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.70 NINGHAI CITY INVESTMENT 8.00 01/02/21 CNY 20.02 NINGHAI CITY INVESTMENT 8.00 01/02/21 CNY 25.00 NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.20 NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.58 NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.50 NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.58 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 20.20 NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 58.46 NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 59.38 NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.10 NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.58 ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 59.78 ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 59.93 PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.02 PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.76 PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 57.01 PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 59.28 PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.34 PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.35 PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.00 PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.89 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.07 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.32 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.00 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.12 PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00 PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00 PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 56.57 PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 57.97 PINGDINGSHAN TIANAN COA 5.07 04/17/23 CNY 74.09 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.36 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.39 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.13 PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 36.00 PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 40.52 PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 59.86 PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 59.90 PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.47 PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.79 PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 39.98 PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.54 PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 59.98 PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 60.00 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 20.19 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 22.46 PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 39.31 PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 40.00 PIZHOU RUNCAI ASSET MAN 5.90 12/18/20 CNY 50.00 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.55 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.66 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.18 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.07 QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.32 QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 46.90 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.20 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.48 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 64.79 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 65.38 QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 60.00 QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 60.08 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.17 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.35 QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.90 QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.60 QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.73 QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.47 QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.78 QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 59.61 QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 60.00 QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.30 QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.92 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.00 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.32 QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.17 QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.27 QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.43 QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.82 QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 58.89 QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.27 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 46.11 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.12 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13 QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.28 QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.25 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 21.00 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 20.11 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 28.79 QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.39 QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.99 QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.64 QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.93 QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 35.76 QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 34.49 QINGHAI STATE-OWNED ASS 6.70 10/10/29 CNY 33.50 QINGHAI STATE-OWNED ASS 7.20 11/25/28 CNY 33.50 QINGHAI STATE-OWNED ASS 6.38 08/14/28 CNY 33.50 QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 11.30 QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 33.55 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.12 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.13 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 20.00 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 20.00 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.13 QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 59.09 QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 60.12 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.63 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 58.27 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 20.23 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 21.28 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 19.99 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 20.00 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.03 QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.29 QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.80 QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.96 QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.97 QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 39.59 QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 41.95 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.10 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55 QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.31 QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.88 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.23 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 20.24 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 23.42 RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.41 RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.44 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.29 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.30 RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 40.66 RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 41.09 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.40 REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00 REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10 RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89 RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.50 RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.54 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.20 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90 RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.27 RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.47 RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.55 RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.79 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 20.11 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 24.03 RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 60.02 RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.28 RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.64 RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.10 RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.53 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.59 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.76 RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.07 RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.05 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.09 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 59.63 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 59.89 RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 59.42 RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 60.73 RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 59.88 RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 60.74 RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.36 RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.57 RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.01 RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.13 RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 24.99 SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.00 SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.75 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.00 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.35 SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.50 SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.52 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.62 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00 SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.21 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 40.35 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 43.10 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 39.81 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 41.01 SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 32.93 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 40.69 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.43 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.43 SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.62 SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.40 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00 SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70 SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10 SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52 SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50 SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 42.72 SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00 SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.07 SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 0.20 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.17 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.17 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.20 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.75 SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.04 SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.75 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.64 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79 SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 60.80 SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.30 SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.27 SHANGHAI PUTAILAI NEW E 5.50 03/19/21 CNY 66.67 SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 59.80 SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 59.90 SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.01 SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.24 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 30.90 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 31.01 SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 64.33 SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 62.60 SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 54.50 SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 68.88 SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.30 SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.45 SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.23 SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39 SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.41 SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 40.68 SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 48.00 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.08 SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.56 SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 58.73 SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 58.85 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.00 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.47 SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.00 SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.68 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.08 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90 SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 59.96 SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.31 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.34 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.10 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.17 SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 58.65 SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 59.68 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.40 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.27 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.60 SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.00 SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.24 SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 37.50 SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 39.63 SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 40.13 SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 47.50 SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 64.34 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 46.81 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.97 SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 40.51 SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 47.20 SHIJIAZHUANG URBAN CONS 6.55 03/09/21 CNY 40.26 SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.59 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 58.89 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.03 SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.00 SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.32 SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00 SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.71 SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.71 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.46 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 46.00 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.16 SICHUAN COAL GASIFICATI 7.00 12/14/23 CNY 61.35 SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 59.15 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.33 SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.76 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.16 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.40 SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 58.92 SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 59.55 SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.14 SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.51 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.06 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.44 SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 40.47 SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 48.00 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.00 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.25 SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 58.98 SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 59.73 SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.53 SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.56 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.31 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 19.85 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 20.78 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 20.15 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 27.82 SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.00 SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.01 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.13 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.25 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 57.69 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 59.00 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 39.56 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 44.18 SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 57.82 SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 57.82 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.00 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.24 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.21 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 20.04 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 21.83 SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.94 SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.95 SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.34 SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20 SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 59.96 SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 59.83 SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 59.84 SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 59.73 SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 59.89 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.08 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.45 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.65 SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.17 SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.45 SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.50 SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.57 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 20.14 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 22.60 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 59.67 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.15 TAIANTANG GROUP CO LTD 8.00 01/28/21 CNY 71.00 TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.07 TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.20 TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.40 TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65 TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 39.63 TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 43.87 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.00 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.15 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 20.18 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 26.50 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.03 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.10 TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.00 TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.80 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 40.75 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00 TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.63 TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.66 TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 20.13 TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 21.00 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.59 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.71 TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 55.51 TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 59.09 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 19.97 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 27.15 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 19.84 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00 TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 24.36 TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.01 TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.59 TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.83 TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 39.90 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 30.44 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 31.30 TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.37 TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.45 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 44.33 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 19.99 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00 TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 39.68 TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 40.06 TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 40.06 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 19.53 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 19.98 TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.23 TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 41.70 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.09 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.35 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 45.69 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 19.98 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.04 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.21 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 69.98 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 20.00 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50 TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 59.29 TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.33 TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 71.92 TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 73.40 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 19.50 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 20.00 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.59 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80 TIANJIN WATER INVESTMEN 8.40 01/15/21 CNY 25.02 TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 39.00 TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 39.88 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.03 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.00 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.76 TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.00 TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.01 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.47 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16 TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 59.49 TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 60.00 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.24 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.98 TSINGHUA HOLDINGS CORP 5.30 03/26/23 CNY 34.90 TSINGHUA HOLDINGS CORP 4.95 08/08/22 CNY 36.40 TSINGHUA HOLDINGS CORP 3.15 10/25/21 CNY 48.64 TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77 TSINGHUA UNIGROUP CO LT 5.11 01/25/24 CNY 13.00 TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 11.65 TSINGHUA UNIGROUP CO LT 6.00 08/14/22 CNY 45.75 TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 45.75 TSINGHUA UNIGROUP CO LT 4.94 03/25/22 CNY 16.55 TSINGHUA UNIGROUP CO LT 6.15 12/26/21 CNY 45.75 TSINGHUA UNIGROUP CO LT 6.20 03/16/21 CNY 45.75 TSINGHUA UNIGROUP CO LT 5.60 11/15/20 CNY 45.75 TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.31 TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.39 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 50.99 ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 58.87 ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 60.19 URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.00 URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.64 WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.70 WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.84 WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 59.72 WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05 WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 40.48 WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 48.81 WEICHI HOLDING GROUP CO 5.40 12/21/20 CNY 60.00 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 25.04 WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.39 WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.50 WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 58.40 WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 59.34 WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.48 WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 59.10 WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.08 WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.39 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.30 WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 58.88 WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.16 WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.66 WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.92 WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.73 WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 61.35 WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 59.84 WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 60.11 WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.05 WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.44 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.17 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.15 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.26 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.18 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.18 WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63 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 8.19 04/21/21 CNY 5.42 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 20.14 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.13 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96 WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.37 WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 23.02 WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.03 WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.32 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 20.09 WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.19 WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.90 WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93 WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.01 WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.21 WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.56 WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.57 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 20.17 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 26.35 WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.39 WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.93 WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 57.60 WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 59.56 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.00 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.28 WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 39.50 WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.26 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.30 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.31 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10 WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.83 WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.98 WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 39.99 WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45 WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.15 WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50 WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.00 WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.05 WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.31 WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.33 WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 20.19 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 24.88 XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 59.92 XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 60.10 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 20.10 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 21.46 XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28 XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 58.98 XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 61.50 XIANGTAN CITY CONSTRUCT 7.80 03/12/22 CNY 53.40 XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 54.60 XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 56.58 XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 57.81 XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 57.86 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.07 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 28.99 XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 69.60 XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 39.33 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.00 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.07 XIANGTAN PROPERTY OPERA 7.50 01/30/22 CNY 98.25 XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 35.49 XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 39.63 XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 56.96 XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.16 XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.78 XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 60.50 XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.10 XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.24 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.14 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38 XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.61 XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.67 XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.39 XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.56 XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.58 XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.91 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.00 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.13 XIAOCHANG SHUNHE DEVELO 4.15 10/17/23 CNY 57.64 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.23 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.07 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72 XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.84 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.24 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.40 XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.05 XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.17 XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.53 XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.72 XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.91 XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.44 XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.30 XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.58 XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.68 XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 50.00 XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 58.40 XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 58.70 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 20.06 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 21.35 XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.55 XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.58 XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.55 XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.87 XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.34 XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.75 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 20.21 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 26.30 XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 58.75 XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 60.00 XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 40.49 XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 41.53 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.22 XINYU CITY SHANTYTOWN Z 6.50 11/13/22 CNY 71.50 XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 40.99 XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39 XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 25.04 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 20.08 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 21.07 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.00 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.08 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.39 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00 XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 59.77 XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 59.87 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 20.21 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 26.00 XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 32.82 XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 59.55 XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.00 XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.25 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.22 XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 58.90 XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 58.99 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 20.25 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 31.50 XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.15 XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.20 XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.47 XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46 YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.09 YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.97 YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.03 YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.60 YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.84 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.05 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.16 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.32 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.40 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.44 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.46 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.63 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.20 YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.73 YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.92 YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.04 YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.28 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 20.05 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 26.00 YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.00 YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.24 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.70 YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.66 YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63 YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 59.89 YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 59.83 YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 60.00 YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 20.03 YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 29.30 YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.53 YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.54 YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.34 YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 60.00 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.15 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.50 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61 YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00 YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99 YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00 YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.10 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.20 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.00 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.21 YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 38.99 YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 40.29 YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 57.68 YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 57.84 YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 58.58 YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 60.00 YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 59.96 YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.79 YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18 YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02 YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02 YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 39.77 YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.00 YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.11 YINING CITY STATE OWNED 8.90 01/23/21 CNY 19.92 YINING CITY STATE OWNED 8.90 01/23/21 CNY 20.05 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.00 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40 YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.87 YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.00 YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.67 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.19 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50 YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 40.11 YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 48.00 YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.12 YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.45 YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.42 YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 57.68 YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 67.24 YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 69.33 YONGCHENG COAL & ELECTR 6.25 01/20/23 CNY 43.20 YONGCHENG COAL & ELECTR 6.25 11/29/22 CNY 42.70 YONGCHENG COAL & ELECTR 7.50 02/02/21 CNY 40.40 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.00 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.31 YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 59.95 YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.31 YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 59.34 YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 60.50 YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.17 YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.29 YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.05 YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.08 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 19.80 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 20.07 YUEYANG YUNXI CITY CONS 5.18 11/21/23 CNY 57.16 YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.52 YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 60.08 YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 40.40 YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 44.47 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.21 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22 YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 58.51 YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 59.09 YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 59.98 YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.43 YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 57.55 YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 58.58 YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.75 YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.80 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.29 YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 59.54 YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 60.00 ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 59.93 ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.26 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.22 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 20.12 ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.16 ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.19 ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.43 ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.28 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90 ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.20 ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.52 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.19 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.30 ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.00 ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.64 ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 58.85 ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.01 ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 59.50 ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 60.25 ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 20.08 ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 30.00 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.29 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50 ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 20.25 ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 24.00 ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 69.71 ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.00 ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 60.25 ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.59 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 40.58 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 41.20 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 20.30 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 21.06 ZHEJIANG YATAI PHARMACE 0.50 04/02/25 CNY 69.75 ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.18 ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.29 ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00 ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.56 ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 59.92 ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 59.93 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 20.44 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 26.20 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 20.04 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 28.49 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 20.01 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 28.50 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 19.80 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 20.00 ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 58.75 ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.64 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 20.06 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 20.05 ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 59.24 ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 64.70 ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 59.67 ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 60.00 ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 39.85 ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.15 ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49 ZHONGRONG XINDA GROUP C 7.10 01/22/21 CNY 33.70 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.00 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.25 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 20.10 ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.26 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.33 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.80 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.98 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.07 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90 ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 59.60 ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 59.78 ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.34 ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 40.69 ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 23.75 ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.45 ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.99 ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.00 ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.33 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.24 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86 ZHUZHOU HI-TECH AUTO EX 4.47 11/03/23 CNY 73.58 ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.28 ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.83 ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 39.40 ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 40.63 ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 39.65 ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00 ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.71 ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.74 ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 58.38 ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 59.68 ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 57.79 ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 60.00 ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 56.69 ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 59.20 ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 67.54 ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 70.01 ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 52.42 ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 57.96 ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 70.05 HONG KONG --------- CAIYUN INTERNATIONAL IN 5.50 04/08/22 USD 70.52 DR PENG HOLDING HONGKON 7.55 12/01/21 USD 70.25 HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 56.06 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 9.88 ACME MEDAK SOLAR ENERGY 0.01 08/29/46 INR 12.07 ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 11.94 AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 25.89 AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 25.94 APG HABITAT PVT LTD 1.00 09/09/28 INR 61.75 APG INTELLI HOMES PVT L 1.25 02/04/35 INR 43.63 APG INTELLI HOMES PVT L 1.25 02/04/35 INR 43.81 AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 62.58 AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 62.96 BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 45.58 BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.50 CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 47.31 CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 70.88 CUMULUS TRADING CO PVT 0.01 05/21/32 INR 39.37 CUMULUS TRADING CO PVT 0.01 01/23/30 INR 63.32 DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 26.42 DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 46.63 DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 47.12 DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 49.22 DLF HOMES SERVICES PVT 0.01 06/29/30 INR 45.58 DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 47.26 DLF RECREATIONAL FOUNDA 0.01 10/15/30 INR 44.93 DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 45.59 DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 47.28 DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 47.39 DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 47.37 EDELWEISS ASSET RECONST 2.00 07/22/29 INR 64.51 EDELWEISS ASSET RECONST 2.00 03/28/29 INR 65.70 EDELWEISS ASSET RECONST 2.00 01/15/29 INR 66.51 EDELWEISS ASSET RECONST 2.00 10/07/28 INR 67.62 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 71.29 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 73.84 ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 49.76 ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 49.76 GREEN URJA PVT LTD 0.01 02/14/30 INR 49.18 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 5.65 HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 64.34 HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 60.48 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.54 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 28.04 JTPM ATSALI LTD 0.01 08/29/48 INR 11.25 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 26.84 KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 72.99 MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 69.65 MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 45.87 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 45.87 MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 31.56 MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 28.89 MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 28.89 NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 12.07 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 27.63 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 44.62 PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 47.45 PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 50.73 PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 54.31 PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 58.24 PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 62.49 PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 67.08 PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 71.96 PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 12.07 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 28.53 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 68.74 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 73.42 REI AGRO LTD 5.50 11/13/14 USD 0.96 REI AGRO LTD 5.50 11/13/14 USD 0.96 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 8.94 REWANCHAL SOLAR POWER P 0.01 08/29/46 INR 12.07 SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 47.27 SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 45.70 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63 SUNWORLD SOLAR POWER PV 0.01 08/31/46 INR 11.94 SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 70.11 SUTARA ROADS & INFRA LT 0.01 08/31/30 INR 55.05 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.42 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.42 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 11/23/25 INR 70.16 TATA SMARTFOODZ LTD 0.01 07/15/25 INR 72.38 TN URJA PVT LTD 0.10 02/22/36 INR 29.68 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.88 WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 58.55 WS T&D LTD 0.10 03/24/29 INR 53.61 ZYDUS FOUNDATION 0.10 03/25/25 INR 74.23 INDONESIA --------- ALAM SUTERA REALTY TBK 6.25 11/02/25 USD 70.84 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.54 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.54 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 4.13 DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 7.83 MEDIKALOKA HERMINA TBK 8.00 09/08/23 IDR 53.00 MNC INVESTAMA TBK PT 9.00 05/11/21 USD 66.08 WAHANA OTTOMITRA MULTIA 9.15 05/29/21 IDR 60.01 JAPAN ----- AVANSTRATE INC 0.15 10/29/32 JPY 9.75 HIS CO LTD 0.58 02/19/27 JPY 55.81 HIS CO LTD 0.44 02/20/24 JPY 73.15 MITSUI E&S HOLDINGS CO 0.70 09/15/23 JPY 68.94 MITSUI E&S HOLDINGS CO 0.62 12/15/22 JPY 73.17 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 1.50 11/26/27 JPY 39.31 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 39.76 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 40.00 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 49.57 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 52.05 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 53.40 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 58.43 UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 61.92 UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 66.89 UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 72.16 MALAYSIA -------- ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.64 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.35 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.23 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.12 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.47 HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.42 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.33 MEX II SDN BHD 6.40 04/28/34 MYR 74.94 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 67.92 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 68.22 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 4.20 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 74.45 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.17 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.13 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.13 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.60 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.60 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.08 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.08 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 30.64 ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 65.45 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GEO COAL INTERNATIONAL 8.00 10/04/22 USD 72.00 GEO COAL INTERNATIONAL 8.00 10/04/22 USD 72.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 13.00 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00 JGC VENTURES PTE LTD 10.75 08/30/21 USD 40.50 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 19.31 MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 43.21 MULHACEN PTE LTD 6.50 08/01/23 EUR 57.23 MULHACEN PTE LTD 6.50 08/01/23 EUR 57.53 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 58.22 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.26 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 68.23 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.52 SSMS PLANTATION HOLDING 7.75 01/23/23 USD 66.40 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.12 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 SOUTH KOREA ----------- ECOMAISTER CO LTD 2.00 10/11/22 KRW 29.35 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 44.30 HMM CO LTD 1.00 04/07/21 KRW 68.41 KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 70.77 KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 72.03 KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 72.87 KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 73.58 KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 68.10 LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.63 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 62.27 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 SP 5.00 02/27/24 KRW 68.95 SINBO SECURITIZATION SP 3.00 01/29/24 KRW 66.01 SINBO SECURITIZATION SP 4.00 01/29/24 KRW 67.97 SINBO SECURITIZATION SP 4.00 01/29/24 KRW 67.97 SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.90 SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.90 SINBO SECURITIZATION SP 5.00 12/25/23 KRW 70.15 SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.02 SINBO SECURITIZATION SP 5.00 11/21/23 KRW 68.30 SINBO SECURITIZATION SP 5.00 10/24/23 KRW 68.62 SINBO SECURITIZATION SP 5.00 10/24/23 KRW 68.62 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.04 SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.04 SINBO SECURITIZATION SP 5.00 07/24/23 KRW 68.40 SINBO SECURITIZATION SP 5.00 06/27/23 KRW 68.71 SINBO SECURITIZATION SP 5.00 03/20/23 KRW 72.26 SINBO SECURITIZATION SP 5.00 02/28/23 KRW 72.41 SINBO SECURITIZATION SP 5.00 01/29/23 KRW 69.52 SINBO SECURITIZATION SP 5.00 01/25/23 KRW 67.11 SINBO SECURITIZATION SP 5.00 12/25/22 KRW 69.77 SINBO SECURITIZATION SP 5.00 09/28/22 KRW 74.41 SINBO SECURITIZATION SP 5.00 09/26/22 KRW 66.85 SINBO SECURITIZATION SP 5.00 08/31/22 KRW 65.93 SINBO SECURITIZATION SP 5.00 08/29/22 KRW 65.92 SINBO SECURITIZATION SP 5.00 07/26/22 KRW 66.24 SINBO SECURITIZATION SP 5.00 07/24/22 KRW 66.26 SINBO SECURITIZATION SP 5.00 06/29/22 KRW 74.33 SINBO SECURITIZATION SP 5.00 06/27/22 KRW 66.62 SINBO SECURITIZATION SP 5.00 02/28/22 KRW 72.02 SINBO SECURITIZATION SP 5.00 02/23/22 KRW 64.54 SINBO SECURITIZATION SP 5.00 01/26/22 KRW 64.12 SINBO SECURITIZATION SP 5.00 01/25/22 KRW 64.10 SINBO SECURITIZATION SP 5.00 12/27/21 KRW 72.71 SINBO SECURITIZATION SP 5.00 08/31/21 KRW 62.58 SINBO SECURITIZATION SP 5.00 07/26/21 KRW 63.11 SINBO SECURITIZATION SP 5.00 06/29/21 KRW 73.79 SINBO SECURITIZATION SP 5.00 03/21/21 KRW 67.61 SINBO SECURITIZATION SP 5.00 12/21/20 KRW 71.34 SRI LANKA --------- SRI LANKA DEVELOPMENT B 4.91 01/22/25 USD 55.44 SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 58.06 SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 58.17 SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 59.39 SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 60.03 SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 60.16 SRI LANKA DEVELOPMENT B 6.82 01/22/25 USD 60.20 SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 60.33 SRI LANKA DEVELOPMENT B 4.14 05/01/23 USD 64.29 SRI LANKA DEVELOPMENT B 4.18 05/01/23 USD 64.36 SRI LANKA DEVELOPMENT B 5.66 05/01/23 USD 66.91 SRI LANKA DEVELOPMENT B 6.69 05/01/23 USD 68.67 SRI LANKA DEVELOPMENT B 6.70 05/01/23 USD 68.69 SRI LANKA DEVELOPMENT B 6.71 05/01/23 USD 68.71 SRI LANKA DEVELOPMENT B 4.27 03/16/23 USD 65.67 SRI LANKA DEVELOPMENT B 6.62 03/16/23 USD 69.53 SRI LANKA DEVELOPMENT B 4.30 01/22/23 USD 67.16 SRI LANKA DEVELOPMENT B 4.49 01/22/23 USD 67.46 SRI LANKA DEVELOPMENT B 5.94 01/22/23 USD 69.71 SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 56.49 SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 56.55 SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 56.62 SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 56.68 SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 56.44 SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 56.60 SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 56.44 SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 56.60 SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 57.12 SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 57.61 SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 59.36 SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 59.50 SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 59.90 SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 59.97 SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 60.24 SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 60.30 SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 60.88 SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 61.00 SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 65.21 SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 65.22 SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 69.85 SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 70.20 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 55.32 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.55 MDX PCL 4.75 09/17/03 USD 22.88 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***