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

                     A S I A   P A C I F I C

          Tuesday, February 16, 2021, Vol. 24, No. 28

                           Headlines



A U S T R A L I A

SARACENS INVESTMENTS: Second Creditors' Meeting Set for Feb. 23
YOGURTLAND AUSTRALIA: To Close All Stores as JobKeeper Ends


H O N G   K O N G

NUTRYFARM INT'L: Net Loss Narrows to HK$0.96MM in Q1 Ended Dec. 31


I N D I A

AJAB SINGH: CRISIL Reaffirms B+ Rating on INR18cr Cash Loan
APOORVA CONSTRUCTION: CRISIL Withdraws B+ Rating on INR14cr Loan
ASHTVINAYAK LEISURE: CARE Cuts Rating on INR10.58cr Loan to B-
BHANSALI PACKING: CARE Lowers Rating on INR12cr Loan to B+
C K FOOD: CARE Reaffirms B+ Rating on INR12.32cr LT Loan

CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating
GODOLO AND GODOLO: CRISIL Cuts Rating on INR5.5cr Loan to B+
GUJARAT STEEL: CARE Keeps D Debt Rating in Not Cooperating
JAY SOMNATH: CARE Lowers Rating on INR11.21cr LT Loan to B
JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to B

KARPAGAM MILLS: CRISIL Withdraws D Rating on INR36.25cr Loan
LAKSHMI FLOAT: CRISIL Withdraws FB+ Fixed Deposit Rating
LOURDES MATHA: CRISIL Withdraws D Rating on INR8.5cr Loans
MARUTI NANDAN: CRISIL Raises Rating on INR20cr Loans to B
MERCATOR LIMITED: Insolvency Resolution Process Case Summary

PARI AGRO: CARE Moves B Debt Rating to Not Cooperating Category
PRAG ELECTRICALS: CRISIL Assigns D Rating to INR15cr Loans
PREETHI HOSPITALS: Ind-Ra Hikes LT Issuer Rating to 'BB'
QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
QUALITY MINT: CRISIL Reaffirms B+ Rating on INR6cr Loans

RAYUDU LABORATORIES: CRISIL Assigns B Rating to INR5cr LT Loan
SAI LEASING: CARE Moves D Debt Rating to Not Cooperating
SAI SPACECON: CRISIL Assigns B- Rating to INR15cr Loans
SANJEEV CATERERS: CRISIL Assigns B Rating to INR9.16cr LT Loan
SARE HOMES: Insolvency Resolution Process Case Summary

SELVE CASHEWS: CARE Lowers Rating on INR5cr LT Loan to B-
SESHASAI SPINNING: CARE Reaffirms B+ Rating on INR16.95cr Loan
SIVA ENGINEERING: CRISIL Migrates B- Ratings to Not Cooperating
SKILLED CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR4.95cr Loans
SPACE REALCON: Insolvency Resolution Process Case Summary

TAHIR CONSTRUCTION: CARE Lowers Rating on INR9.9cr Loan to B+
THREE C: NCLT Rejects Resolution Plan; Set to be Liquidated
VELLAPALLY BROTHERS: CRISIL Assigns B+ Rating to INR7.50cr Loan
WEST COAST: CRISIL Withdraws B+ Rating on INR29cr Cash Loan


I N D O N E S I A

GARUDA INDONESIA: Told to Break Lease Over 12 Bombardier Aircraft


J A P A N

UNIZO HOLDINGS: Under Pressure to Consider Filing for Bankruptcy


P H I L I P P I N E S

ARCADIA GROUP: To Close Down Topshop Stores in the Philippines


T H A I L A N D

THAILAND: Economy Shrinks Most Since 1997 on Tourism Collapse


X X X X X X X X

[*] BOND PRICING: For the Week Feb. 8, 2021 to Feb. 12, 2021

                           - - - - -


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

SARACENS INVESTMENTS: Second Creditors' Meeting Set for Feb. 23
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Saracens
Investments Pty Ltd has been set for Feb. 23, 2021, at 12:00 p.m.
via virtual meeting via Microsoft Teams.

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 Feb. 22, 2021, at 4:00 p.m.

Stephen James Duncan of DuncanPowell was appointed as administrator
of Saracens Investments on Jan. 18, 2021.

YOGURTLAND AUSTRALIA: To Close All Stores as JobKeeper Ends
-----------------------------------------------------------
SmartCompany reports that Yogurtland Australia has announced it
will permanently close all of its stores across New South Wales,
the Australian Capital Territory and Queensland because of the
economic fallout associated with COVID-19.

"After eight years of making bad days good and good days great, we
have made the difficult decision to close all Yogurtland Australia
stores," the company said in a post on Facebook, SmartCompany
relays.

"The ongoing ban of our self-serve model and economic impact of
COVID-19 have taken their toll and despite our best efforts, we are
unable to move forward."

According to SmartCompany, the last day of trading at Yogurtland's
11 stores coincides with the end of the JobKeeper wage subsidy,
which provided a lifeline to small businesses impacted by the
coronavirus.

The final phase of the AUD90 billion JobKeeper program winds up on
March 28, 2021, the report notes.

The popular frozen yoghurt chain opened in Australia in 2013, after
Newcastle accountant Paul Siderovski bought the rights from the US
franchise, SmartCompany discloses.

Mr. Siderovski's ambition plan was to open up to 50 Yogurtland
stores across Australia within five years.

Due to coronavirus restrictions enforced in April last year,
Yogurtland temporarily closed its stores. When it reopened, the
stores had to change the self-serve model due to health and hygiene
guidelines, the report notes.



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

NUTRYFARM INT'L: Net Loss Narrows to HK$0.96MM in Q1 Ended Dec. 31
------------------------------------------------------------------
Nisha Ramchandani at The Business Times reports that Nutryfarm
International narrowed losses to HK$0.96 million for the three
months ended Dec. 31, 2020, from a net loss of HK$3.14 million a
year ago.

Revenue for Q1 FY21 rose 12 per cent year-on-year to HK$14.69
million, with revenue generated solely by its subsidiary NFC, BT
discloses.

Loss per share worked out to 0.91 HK cent, compared to a loss per
share of 3.26 HK cents a year ago. Administrative expenses also
eased by 37 per cent to HK$3.49 million during the quarter under
review due to reduced staff costs and travelling expenses, which
also helped to curb losses.

In an update, NutryFarm said that economic activities have slowly
restarted in China, and that NFC is looking at ways to turn the
business around, BT relates.

Meanwhile, NutryFarm has also incorporated a subsidiary in
Singapore which has entered into four agreements totalling CNY962
million to sell fresh durians to major Chinese fruit importers. It
added that it believes the fruit business could make "reasonable"
profit contributions as well as generate positive cash flow to the
group.

Based in Hong Kong, NutryFarm International Limited operates as a
holding company. The Company, through its subsidiaries,
manufactures and develops nutritional and herbal supplement
products.




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

AJAB SINGH: CRISIL Reaffirms B+ Rating on INR18cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
rating on the long-term facilities of Ajab Singh And Company
(ASCO).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        31         CRISIL A4 (Reaffirmed)
   Cash Credit           18         CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations, high
geographical concentration in revenue, exposure to intense
competition and low order pipeline resulting in modest revenue
visibility. These weaknesses are partially offset by the extensive
experience of its partners in the civil construction business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders.
Accordingly, revenue and profitability have been INR14-68 crore and
9.8-49.6% in the three fiscals through 2020.

* Working capital intensive operations: Operations are working
capital intensive, with gross current assets of 1209 days as on
March 31, 2020, driven, by sizeable security deposits (earnest
money, retention money, and input tax), extensive credit offered to
customers and moderate work-in-progress inventory.

Strengths:

* Extensive experience of the partners: Benefits from the partners'
three decade-long experience in the industry and Mr. Ajab Singh's
healthy relationships with customers should continue to support the
business.

* Moderate financial risk profile: Financial risk profile is
moderate marked by total outside liabilities to adjusted networth
ratio of 1.61 times as on March 31, 2020. Further, debt protection
metrics are above-average, with interest coverage and net cash
accrual to total debt ratios of 1.78 times and 0.08 time,
respectively, in fiscal 2020.

Liquidity: Poor

Bank limit utilisation is high at around 95 percent for the past
twelve months ended November 2020. Cash accrual are expected to be
over INR213 lakhs which are sufficient against term debt obligation
of INR40 lakhs over the medium term. Current ratio are healthy at
2.2 times as on March 31, 2020. The promoters are likely to extend
support in the form of equity and unsecured loans to meet its
working capital requirements and repayment obligations.

Outlook Stable

CRISIL Ratings believes ASCO will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity factors

Upward factors

* Sustainable increase in scale of operations marked by 20%
year-on-year (y-o-y) growth along with stability in margin.
* Improvement in financial risk profile along with efficient
capital management.

Downward factors

* Decline in profitability exceeding 100 bps or intrest coverage
less than 2 times.
* Stretch in working capital cycle weakening the financial risk
profile, especially liquidity.

Set up in 2009, ASCO is partnership firm of Mr. Ajab Singh and Mr.
Deepak Chaudhary and Mr. Harish Chaudhary. Prior to this, it was a
proprietary concern of Mr. Ajab Singh. The firm is involved in the
construction of sewer line, roads and other civil engineering
projects in Delhi/National Capital Region.

APOORVA CONSTRUCTION: CRISIL Withdraws B+ Rating on INR14cr Loan
----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated the
ratings of Apoorva Construction Co (ACC) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its ratings on the bank facilities of ACC following a
request from the firm and on receipt of a no-objection certificate
from the banker.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         28       CRISIL A4 (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            14       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable ISSUER
                                   NOT COOPERATING; Rating
                                   Withdrawn)

Consequently, CRISIL Ratings is migrating the ratings on the bank
facilities from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'
to 'CRISIL B+/Stable/CRISIL A4'. The rating action is in line with
CRISIL Ratings' policy on withdrawal of bank loan ratings.

Established in 1997 as a proprietorship firm named Mahindra
Construction, ACC was later reconstituted as a partnership firm
with the current name in 2010. The firm is promoted by Mr.
Palakshaiah B. It undertakes construction of commercial and
institutional buildings for local government entities and public
institutes in Karnataka.

ASHTVINAYAK LEISURE: CARE Cuts Rating on INR10.58cr Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashtvinayak Leisure Private Limited (ALPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.58      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated February 24, 2020, had placed
the ratings of ALPL under the 'Issuer Non-cooperating' category as
the company had failed to provide information for monitoring of the
ratings. ALPL continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
January 12, 2021, January 13, 2021 and January 18, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of ALPL have been
revised on account of non-availability of requisite information and
CARE's inability to carry out due diligence with lender. The
ratings assigned to the bank facilities of ALPL continue to remain
constrained on account of project implementation risk associated
with its debt funded project and presence in the cyclical and
competitive nature of the industry with dependence on tourist
arrivals. The rating, however, continues to derive strength from
experienced management along with tie up for marketing and
management of the hotel and location advantage.

Detailed description of the key rating drivers

At the time of last rating on February 24, 2020, the following were
the rating weaknesses and strengths (updated based on best
available information):

Key Rating Weaknesses

* Project implementation risk: The company envisaged total cost of
the project of INR50.27 crore to be funded through promoter fund of
INR15.00 crore, term loan of INR20.00 crore and remaining through
unsecured loan of INR15.27 crore. The project is envisaged to be
completed till December 2019. Till August 12, 2019, the company has
incurred total cost of INR33.22 crore towards the project which was
funded through term loan of INR12.66 crore, promoter's fund of 9.00
crore and balance through unsecured loan where the civil work have
been completed and interior work of hotel property is remaining.

* Cyclical and Competitive nature of the industry with dependence
on tourist' arrivals: The hospitality industry is highly sensitive
to the untoward events such as slowdown in the economy. Hotel
industry is primarily dependent on tourist arrivals which in turn
are dependent on the global economy. Further, the hotel is located
at Indore hence it will have to face stiff competition from
well-established hotels as well as from other small hotels.

Key Rating Strengths

* Experienced management with tie up for marketing and management
of the hotel: The promoters of the company have relevant experience
in the industry. Mr. Prem Chand Goyal, Director, has more than
three decades of experience in the hotel industry whereas Mr. Anand
Goyal, Director, has more than a decade of experience in the
industry and looks after the finance function of the hotel. The
promoters have also promoted Golden Leaves which is engaged in the
hotel business. Further, it has entered into an agreement with The
Park for marketing and management of the hotel which will lead to
high average room rent and occupancy rate.

* Location Advantage: The hotel property is located at Indore which
is the major tourist destination in Madhya Pradesh. In recent
times, it has also become a key MICE (Meetings, Incentives,
Conferences and Exhibitions) destination catering to large
incentive tours, corporate residential meetings and weddings. The
major tourist attractions like Rajwada, Chhtari Bagh, Kanch Mandir
and Lal Bagh Palace. The educational institutes like IIT Indore and
IIM Indore and also cities like Ujjain and Mhow cantonment are an
hour distance from the hotel.

Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited
(ALPL) was incorporated in 2010 by Mr. Anand Goyal along with other
family members with an objective to establish a hotel. The hotel
facility will be constructed at 4,147.24 sq. meter having total 102
rooms which includes standard, deluxe and suite. Further, the hotel
property will have a cafeteria, restaurants and three banquet halls
each with capacity of 1000, 800 and 300 persons each. ALPL
undertook the project in May, 2015 and envisaged total project cost
of INR50.90 crore towards the project to be funded through term
loan of INR20.00 crore, promoter's capital of INR25.00 crore and
remaining through  unsecured loans from promoters and relatives.
The company was expected to start its operations from December,
2019.

BHANSALI PACKING: CARE Lowers Rating on INR12cr Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhansali Packing Service (BPS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           2.00       CARE B+; Stable Assigned

   Long Term Bank      12.00       CARE B+; Stable Revised from
   Facilities                      CARE B; Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of BPS
factors in the y-o-y improvement in the profit margins, capital
structure and debt coverage indicators in FY20 (refers to April 1,
2019 to March 31, 2020) over FY19. The improvement in the rating
also factors in the increase in the scale of operations in 9MFY21
(refers to the period April 1 to December 31). The rating, however,
continues to be constrained by small scale of operations with
moderate profitability margins, leveraged capital structure, weak
debt coverage indicators, working capital intensive nature of
operations and stretched liquidity position. The rating further
continues to be constrained by profitability margins remained
susceptible to adverse fluctuations in raw material prices and
fragmented & competitive nature of Industry and constitution of
entity being partnership firm. The rating, however, continues to
derive strength from established track record of operations,
experienced management and established relations with reputed
clientele.

Rating Sensitivities

Positive Factors

* Increase in the scale of operations with a total operating income
exceeding INR50.00 crore with tangible networth base exceeding
INR12.00 crore on a sustained basis.

* Improvement in the profit margins with PBILDT margin and PAT
margin exceeding 10% and 3% on a sustained basis.

* Improvement in the capital structure with the overall gearing
reaching below 1.00 times on a sustained basis.

* Improvement in the debt coverage indicators with interest
coverage ratio exceeding 3 times with total debt to GCA
reaching below 4 times on a sustained basis.

Negative Factors

* Deterioration in working capital cycle beyond 100 days on
sustained basis

* Average utilization of the working capital limits exceeding 90%
on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations of BPS stood
relatively small with the total operating income (TOI) ranging from
INR31.20 crore to INR36.79 crore over FY18 to FY20. Moreover, the
same has been almost stagnant in FY20 over FY19 owing to lower
demand from its customers. However, during 9MFY21, the company
posted net sales of INR32.22 crore, whereas the significant
improvement was observed owing to increase in demand from
pharmaceuticals and consumer goods manufacturers on the back of
high supply during COVID-19 pandemic period. Nevertheless, the
operations continue to remain small with low tangible networth base
of INR8.23 crore as on March 31, 2020 which limits the financial
flexibility of the firm.

* Moderate profit margins with y-o-y improvement in the same:
PBILDT margin has improved on y-o-y basis and stood at 8.73% in
FY20 (vis-à-vis 7.98% in FY19) owing to decrease in raw material
cost from 77% of the TOI in FY19 to 73% of the TOI in FY20.
However, the said decrease was offset to a greater extent due to
increase in the employee cost (constituting 3.68% in FY19 to 4.18%
in FY20) due to increase the salaries and wages during the year.
Further, other manufacturing expenses viz.  job work charges etc.
have also increased (constituting 4.68% in FY19 to 5.44% in FY20)
during the year. The said reasons resulted to marginal improvement
in the PBILDT margin during FY20. Further, the PAT margin also
improved and stood at 1.85% in FY20 vis-à-vis 0.93% in FY19 in
line with the improvement in PBILDT margin.

* Leveraged capital structure and weak debt coverage indicators:
BPS's capital structure stood leveraged during the period FY18-20
on account of higher reliance on external debt to fund its business
operations and low net worth base. However, the capital structure
has improved as reflected by overall gearing of 2.67 times as on
March 31, 2020 vis-à-vis 3.98 times as on March 31, 2019 on
account of infusion made by the partner's capital. Furthermore, the
debt coverage indicators marked by interest coverage has slightly
improved albeit stood weak at 1.64x in FY20 (vis-à-vis 1.53x for
FY19) owing to improvement in operating profit during FY20.
However, despite of improvement in cash accruals total debt to GCA
has increased from 15.73x in FY19 to 17.43x in FY20 owing to
increase in the debt level during that period.

* Working capital intensive nature of operations: The operating
cycle of the firm has deteriorated in FY20 over FY19 due to
deterioration in inventory period in FY20. The inventory days stood
at 67 days in FY20 vis-à-vis 49 days in FY19 mainly due to slower
momentum in the inventory in the month of March due to lockdown
imposed by the government. Further the collection period also
remained moderate at 57 days in FY20 (vis-à-vis 52 days in FY19)
since the firm extends 60-90 days of credit to customers to
maintain long standing relationship with its customers coupled with
low bargaining power against reputed customers. On the other hand a
moderate credit period of 60 to 90 days is extended by suppliers to
the company due to long-standing relationship resulting into
average creditor period of 30 days in FY20 as against 54 days in
FY19.

Liquidity position: Stretched

The liquidity position of the firm remained stretched marked by
tightly matched accruals vis-à-vis repayment obligations. Its bank
limits are utilized maximum to the extent of 91.55% during past 12
months ended December 31, 2020. The cash and bank balance stood at
INR1.55 crore as on March 31, 2020. The cash flow from operating
activities stood positive at INR0.19 crore in FY20 (vis-à-vis
positive of INR1.82 crore in FY19).

* Susceptibility to volatile raw material prices: The procurement
of most of its material (Kraft paper) is based on estimates and
expected demands, due to which BPS has to procure raw materials in
advance to meet the demand of the client. As a result, BPS may have
to absorb any adverse fluctuations in prices and the same may
impact the profitability margins of the company. However, over the
past years BPS has been able to pass on the increase in raw
material prices to its customers.

Going forward, the ability of the firm to continue to improve its
profitability and also effectively pass on the increase in price
shall be critical from credit perspective.

* Fragmented and competitive nature of operations of industry: The
packaging industry has minimal entry barriers, leading to large
number of small-sized players in the unorganized sector. This
increases the intensity of competition in the industry. The access
to modern technology has improved, enabling advanced set ups by new
players. Many small units set up plants near the premises/ plant of
the user company to save transportation costs. The user companies
require higher level of customization across packaging products.

* Partnership nature of its constitution: Due to BPS being a
partnership firm, it has limited ability to raise capital as it has
restricted access to external borrowings where personal networth
and credit worthiness of partners affects decision of
prospective lenders. Further, it is susceptible to risks of
withdrawal of partners' capital at time of personal peril and poor
succession decisions may raise the risk of dissolution of the
firm.

Key rating Strengths

* Established track record of operations with experienced and
resourceful management: The promoter of the firm Mr. Ojas P
Bhansali is having around two decades of extensive experience in
packing industry and looks after overall management of the firm
with adequate support from other partners namely Mrs. Purvi
Bhansali & Mrs. Varsha P. Bhansali. Further BPS has experienced and
qualified second line of management to carry out the day to day
operations of the company. Over the years, BPS has received funding
support from the partners which is evident from infusion of funds
in the form of unsecured loans and capital infusion to support the
business operations.

* Established relationship with reputed clientele: BPS deals with
various customers situated across the country and gets repetitive
regular orders from them. Over the years, firm has expanded its
client portfolio and added reputed and leading players from various
sectors namely Pharmaceuticals and FMCG industry. BPS deals with
reputed clients namely, Cipla Limited, Syngenta India Limited,
Novartis India Ltd., Pelltech healthcare Pvt. Ltd, M.K Print & Pack
Pvt Ltd and Ambe Packaging Industries, Sandoz Private Ltd, Shri
Damodar Yarns, Girnar Foods & Beverages Pvt Ltd.

Bhansali Packing Service (BPS) was established in the year 1981 as
a partnership firm by Bhansali family. BPS is engaged in
manufacturing of all kinds of paper board and corrugated boxes used
for packaging. BPS mainly supplies corrugated boxes to
multinationals, exporters, pharmaceuticals and consumer goods
manufacturers. BPS has its ISO 9001, 14001, 18001, 27001 certified
unit located at Vapi, Gujarat with installed capacity of 2000
Metric tons corrugated boxes per month which was utilized at around
60% during FY20. BPS procures raw materials kraft paper from
domestic market and sells its product to domestic only.

C K FOOD: CARE Reaffirms B+ Rating on INR12.32cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Raisen-based (Madhya Pradesh), C K Food Industries (CKF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           12.32      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CKF continue to
remain constrained on account of its nascent stage of operation
with low profitability, leveraged capital structure with modest
debt coverage indicators along with stretched liquidity in
5MFY20(Audited, refers to period November 1, 2019 to March 31,
2020). The ratings also continue to remain constrained on account
seasonality associated with agro commodities in the highly
fragmented and government regulated industry and its constitution
as partnership firm. The rating, however, continues to draw comfort
from the experienced promoters.

Rating Sensitivities

Positive factors

* Increase in scale of operations by more than 4 folds with
achieving increase in cash accruals by more than 2.50 folds

* Improvement in capital structure as marked by overall gearing of
lower than 2 times with improvement in debt coverage indicators
marked by interest coverage ratio of more than 3 times with Total
Debt to GCA ratio of less than 7 times

* Achieving and sustaining positive cash flow from operation

Negative factors

* Increase in raw material prices by more than 5% putting pressure
on profitability

* Execution of any major debt funded capex led to deterioration in
capital structure with putting pressure on profitability and
liquidity

Detailed description of the key rating drivers

Key Rating Weaknesses

* Nascent stage of operation with low profitability, leveraged
capital structure with modest debt coverage indicators: CKF has
successfully completed project for setting Rice Mill having total
cost of INR12.45 crore funded through term loan of INR6.32 crore
and rest through promoter's infusion inform of capital as well as
unsecured loan. CKF has commenced its commercial operation from
November 2019 onwards and during 5MFY20 (A), CKF achieved TOI of
INR13.87 crore with profitability marked by PBILDT of INR1.16 crore
and PAT of INR0.03 crore. Resultantly, gross cash accruals also
remained low at INR0.73 crore in 5MFY20. Further, in
H1FY21(Provisional) CKF has reported PBDT of INR1.15 crore on TOI
of INR27.96 crore.  The capital structure of CKF remained leveraged
mainly on account of high debt level in its initial stage of
operation with moderate net worth base marked by an overall gearing
ratio of 3.25 time times as on March 31, 2020.

Further, Capital structure has been improved on back of decrease in
unsecured loan along with increase in networth base as on September
30, 2020 but remained at 2.91 times.

Further, on back of low profitability with leveraged gearing
position, the debt coverage indicators remained modest as marked by
Interest coverage ratio of 2.69 time and total debt to GCA 13.10
times as on March 31, 2020. Further, it has improved marginally on
back of decrease in debt level but remained modest marked by TDGCA
of 9.69 times (annualized) and interest coverage of 2.42 times in
H1FY21.

* Seasonality associated with agro commodities in highly fragmented
and government regulated industry: As the firm is engaged in the
business of processing of agriculture commodities, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the firm is exposed to
vulnerability in prices of agriculture commodities. The rice
milling industry is characterized by limited value addition, highly
fragmented and competitive in nature as evident by the presence of
numerous unorganized and few organized players. The entry barriers
in this industry are very low on account of low capital investment
and technological requirement. Due to this, the players in the
industry do not have any pricing power. Further, the industry is
characterized by high degree of government control both in
procurement and sales for rice. Government of India (GoI) decides
the Minimum Support Price (MSP) payable to farmers and also
procures rice under the levy route from rice mills.

* Constitution as a partnership concern: Being a partnership firm,
ACO is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency, and firm being dissolved
upon the death/retirement/insolvency of key partner.

Key Rating Strengths

* Experienced promoters: CKF was formed by Mr. Sunil Sharma and Mr.
Gourav Sharma, both are jointly liable for overall management of
the firm. Mr. Sunil Sharma is graduate by profession and has
experience of more than two decades in the same industry. Mr.
Gourav Sharma is, Bachelor in Engineering (B.E.) by profession and
has experience of around 8 years in the same industry. Hence, the
promoters are well-versed with the industry which will help CKF in
establishing its customer base.

Liquidity Analysis: Stretched liquidity

Liquidity remained stretched as marked by inadequate cash accruals
against its repayment obligation, negative cash flow from
operation, low cash and bank balance on hand along with moderate
utilization of its working capital limit. Its cash accruals
remained low at INR0.73 crore against its repayment obligation of
INR0.84 crore for FY21. However, CKF are managed to generate
sufficient cash flow from operation tol fund its balance repayment.
Further, cash and bank balance on hand remained low at INR0.10
crore as on March 31, 2020 and INR0.54 crore as on September 30,
2020, while its cash flow from operating activity remained negative
of INR16.91 crore in FY20. However, average utilization of its
working capital limit remained moderate at 75% for past one year
ended November 2020. Further, CKF has availed moratorium as per
Government Guidelines under COVID relief Package for the period of
6 months i.e. March 2020 to August 2020 in its term loan as well
cash credit limit.

Raisen-based (Madhya Pradesh), C K Food Industries (CKF) was
established in April, 2017 as a partnership concern by Mr. Sunil
Sharma and Mr. Gourav sharma sharing profit & loss in the ratio of
51:49. The firm was formed with an objective to set up a Rice Mill.
The activity includes mainly processing of rice and CKF is
operating through its sole manufacturing facility at Mandideep,
Raisen with an installed capacity of processing of 5 metric ton per
hour. It procures the raw material i.e. raw paddy from local
farmers and will sell all over India. Further, it will sell its
product under the brand name of "Golden Bird".

CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CHD
Developers Limited (CDL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       235.30     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   Category

   Fixed Deposit         38.15     CARE D (FD); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING Category

   Fixed Deposit          7.37     CARE D (FD); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 4, 2019 placed the
ratings of CDL under the 'issuer non-cooperating' category as CDL
had failed to provide information for monitoring of the rating. CDL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 11, 2021, January 7, 2021, January 5,
2021. 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 all bankers 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 ratings.

The rating has been assigned by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by CDL 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
ratings continue to remain constrained owing by delays in servicing
of debt obligations, Slow momentum of project sales and
collections, Disclosures in audit report, Moderate capital
structure and weak debt coverage metrics, High dependence on
customer advances and Subdued industry scenario.

The ratings, however, continue to take comfort from experienced
promoters and management team coupled with long track record in
real estate and hospitality industry.

Detailed description of the key rating drivers

At the time of last rating on December 4, 2019 the following were
the rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: There have been delays
in debt servicing towards bankers as well as to the FD holders by
CHD Developers on account of stretched liquidity position of the
company.

* Slow momentum of project sales and collections:  Currently, CHD
is developing a total saleable area of 58.59 lakh square feet
(lsf), out of which about 55% of the area i.e. 3 2.43 lsf has been
sold as on March 31, 2019. Further, as on March 31, 2019, out of
the total sale value of the sold area of INR1349 Cr, CHD has
received INR1086 Cr which is ~80.5% of the total sale value.
However, during the last 10 months ended March 2019, the
incremental sales stood at 2.33 lakh square feet for value of
INR58.38 Cr depicting slow momentum of fr esh sales of projects
given the subdued industry scenario. Further, during this period,
the company has received INR66.34 Cr as project collections
delivering average monthly collections of INR6.6 Cr.

* Disclosures in audit report: In FY19 audit report, the auditor's
opinion is qualified mainly on the basis of negative operating
cashflows of the company f or last three years amounting to INR41
Cr (FY17), INR61 Cr (FY18) and INR47 Cr (FY19) which may affect
entity's ability to continue as a going concern. The auditor has
also emphasized that the company has not rec eived 75% of amount
against share warrants (Rs.49 Cr). As per management, the said
amount is expected to be received by Aug. 2019. Timely receipt
of the same shall be crucial for the credit profile of CHD, going
forward.

* Moderate capital structure and weak debt coverage metrics: As on
March 31, 2019, there has been deterioration in the capital
structure of company as reflected by debt-equity ratio of 1.04x
(PY: 0.97x), overall gearing of 1.61x (PY: 1.28x) and interest
coverage ratio of 1.24x (PY: 1.33x). The total debt of company has
increased to 265.56 Cr (PY: INR207.51Cr) as on March 31, 2018
Furthermore, the company has outstanding EDC/IDC liabilities
amounting to INR135.61 Cr as on March 31, 2019.

* High dependence on customer advances: As on March 31, 2019, the
company has funded about 83% of the total project cost incurred
INR1086 Cr through its customer advances received from sale of
projects. Further, as on March 31, 2019, there are customer
advances receivable of INR263 Cr, majority of which are
construction linked and would be realized with the progress in the
construction stages of projects. Thus, high dependence on customer
advances amid on-going slow execution of projects exposes company
to funding risk.

* Subdued industry scenario: In real estate sector, prices are
likely to remain stagnant and developers will continue to focus on
clearing existing inventory rather than launching new projects as
they continue to grapple with regulatory changes like Real Estate
(Regulation and development) Act, 2016 (RERA), Goods and Services
Tax (GST) and overall subdued demand. In fact, 2020 is expected to
be another tough year for real estate developers, given the
on-going liquidity issues in the NBFC sector.

Analytical Approach: Consolidated

For arriving at the ratings, CARE has combined the business and
financial risk profiles of CHD Developers Limited and its nine
subsidiaries namely, CHD Facility Management Pvt. Ltd., CHD Infra
Projects Pvt. Ltd., CHD Blueberry Realtech Pvt. Ltd., CHD Elite
Realtech Pvt. Ltd., Delight Spirits Pvt. Ltd., International
Infratech Pvt. Ltd., Empire Realtech Pvt. Ltd., CHD Hospitality
Pvt. Ltd. and Golden Infracon Pvt. Ltd. All the entities have a
common management team and are in the same line of business.

CHD Developers Limited (CHD) incorporated in 1990, is promoted by
Mr. Rajinder Kumar Mittal (Chairman), having more than three
decades of experience in the real estate industry. CHD is listed on
Bombay Stock Exchange (BSE) since 1995.

The company is engaged in development of real estate (residential
and commercial) in the National Capital Region (NCR) including
Karnal, Gurgaon and Sohna (Haryana). The company has long-standing
presence and established brand in Gurgaon and Karnal. In the past,
the company has completed several residential and commercial real
estate projects with total saleable area of 54.92 lsf.

GODOLO AND GODOLO: CRISIL Cuts Rating on INR5.5cr Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Godolo and Godolo Exports Pvt Ltd (GGEPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.3      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     0.2      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects the weakening of GGEPL's business risk
profile and liquidity profiles. Covid-19 outbreak and subsequent
impact on imports put substantial pressure on its top line in
fiscal 2021. The company has booked around INR3.75 crore of the
revenue till December 2020 which is much lower than previous
fiscal. This will lead to pressure on NCA as well as company's debt
protection metrics over the medium term as there are scheduled debt
repayment obligations as well.

The rating continues to reflect the modest scale of operations and
large working capital requirements. These rating strengths are
partially offset by the extensive experience of the promoters in
the fabric industry, healthy relationships with customers, and
moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With turnover of INR18.25 crore in
fiscal 2020, scale remains small in the fragmented fabric trading
industry, which has low entry barriers and limited value addition.
Furthermore, scale of operation expected to decline in fiscal 2021
as the company has booked around INR3.75 crore of the revenue till
dec'20 due to Covid-19 outbreak.

* Large working capital requirement: High credit extended to a
majority of strong customers led to stretched receivables of 73
days as on March 31, 2020. Also, inventory is 109-192 days on
average. Against this, moderate credit of 63-107 days from
suppliers partly supports the working capital requirement.
Operations should remain working capital-intensive over the medium
term.

Strengths

* Extensive experience of the promoters: Benefits from the
three-decade-long experience of the promoters, their strong grasp
over the industry dynamics, and healthy relationships with
customers and suppliers should continue to support the business
risk profile.

* Moderate financial risk profile: Financial risk profile is
moderate, indicated by networth and gearing of INR5.31 crore and
1.75 times, respectively, as on March 31, 2020. Debt protection
metrics are average, as reflected in interest coverage and net cash
accrual to total debt ratios of 2.08 times and 0.10 time,
respectively, in fiscal 2020.

Liquidity: Poor

Bank limit utilisation is high at around 97.56 percent for the past
twelve months ended December 2020. Cash accrual are expected to be
over INR40 Lakh which are sufficient against term debt obligation
of INR33 Lakh over the medium term. Current ratio are moderate at
1.25 times on March 31, 2020

Outlook Stable

CRISIL Ratings believes GGEPL will continue to benefit from the
promoters' extensive experience.

Rating Sensitivity factors

Upward factors

* Increase in revenue by more than 30% and stable margin leading to
accrual of over INR60 lakh

* Improvement in the financial risk profile and efficient working
capital management

Downward factors

* Decline in the profitability by more than 200 basis points or
interest coverage less than 1.25 times

* Substantial increase in working capital requirement or withdrawal
of unsecured loans weakening the financial risk profile, especially
liquidity

Incorporated in 1995, GGEPL trades in fabrics, such as non-woven
interlinings, suit and shirt interlinings, and cloth accessories,
such as polyurethane tape, water soluble backings, embroidery
felts, and marking products. Mr. Ved Pal Kapur, the promoter,
manages operations along with Mr. Sandeep Kapur and Mr. Vishal
Kapur.

GUJARAT STEEL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Steel & Pipes (GSP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short-     24.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 10, 2020, continued
the rating of GSP under the 'Issuer Non Co-operating' category as
GSP had failed to provide information for monitoring of the rating.
GSP continues to be non-cooperative despite repeated requests for
submission of information through e-mail communication dated
January 25, 2021 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.

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 February 10, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Delays in servicing of debt obligations: Due to weak liquidity
position of the firm, there have been delays in servicing of debt
obligations.

Constituted in 1983, Ahmedabad based Gujarat Steel & Pipes (GSP)
was promoted by Mr. Rajnikant P. Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets, angles,
beams, bloom, pipes, sheets, plates, TMT bars and wires.

JAY SOMNATH: CARE Lowers Rating on INR11.21cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jay
Somnath Paper Mill (JSPM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.21      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated March 5, 2020, had placed the
ratings of JSPM under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings. JSPM continues to be non-cooperative despite requests for
submission of information through phone calls and e-mails dated
January 12, 2021, January 13, 2021 and January 18, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of JSPM have been
revised on account of non-availability of requisite information and
CARE's inability to carry out due diligence with lender. The
ratings assigned to the bank facilities of JSPM continue to remain
constrained on account net losses during FY18 (April 01 to March
31) and moderate capital structure. Further, the rating also
continues to remain constrained on account of its presence in
highly competitive paper industry, along with susceptibility of
profitability to volatility in prices of raw material and
partnership nature of its constitution. Rating further derives
strength from stabilization of operation with moderate scale of
operations and debt coverage indicators as well as diversified
experience of partners.

Detailed description of the key rating drivers

At the time of last rating on March 5, 2020, the following were the
rating weaknesses and strengths (updated based on best available
information):

Key Rating Weaknesses

* Net losses incurred during the year: Operating profitability of
JSPM remained moderate as marked by PBILDT margin of 6.58% during
FY18 (A). However, owing to higher depreciation and interest costs
incurred during the year, JSPM has incurred net losses of INR1.35
crore during FY18 (A) with a meager cash profit of INR1.67 crore
during FY18 (A).

* Moderate capital structure: Owing to high debt level due to high
working capital utilization as on balance sheet date; coupled with
moderate net-worth base, JSPM's capital structure stood moderate
marked by an overall gearing ratio of 1.89 times as on March 31,
2018 (A).

* Partnership nature of its constitution: The constitution as a
partnership firm restricts JSPM's overall financial flexibility in
terms of limited access to external funds for any future expansion
plans. Further, there is inherent risk of possibility of withdrawal
of capital and dissolution of the firm in case of death/insolvency
of partner.

* High competitive intensity of paper industry along with
susceptibility to volatility in prices of raw material: JSPM
operates in a competitive segment of kraft paper industry which is
affected from low profitability due to highly fragmented industry,
low entry barriers, presence of large number of unorganized players
with capacity additions by existing players as well as new
entrants. Accordingly profitability of small sized kraft paper
producers is affected who have limited bargaining power with their
customers. Raw-material accounts for around 60-70% of the total
manufacturing cost for waste paper-based kraft paper producers.
Accordingly profitability of small sized kraft paper producers
remain vulnerable to volatile raw material prices due to limited
bargaining power with their customers.

Key Rating Strengths

* Diversified experience of promoters: The management of JSPM rests
in the hands of seven partners viz. Mr. Girishbhai Kathiriya, Mr.
Jayrajbhai Kathiriya, Mr. Vijaybhai Kathiriya, Mr. Bakulbhai
Viradiya, Mr. Kantilal Vaghasiya, Mr Pravin Divaskar and Mr.
Rashmin Viradiya who have experience in diversified industries such
as construction, trading of copper wire, parts of submersible
pumps. Overall, operations at JSPM are being managed by all
partners.

* Stabilization of operations with moderate scale and moderate debt
coverage indicators: The scale of operation stood moderate as
marked by total operating income stood at INR32.50 crore owing to
stabilization of operation in FY18. The operations of JSPM
commenced from April, 2017 onwards, hence FY18 was the first full
year of operations. Further, debt coverage indicators of the JSPM
also remained moderate marked by total debt to GCA of 7.16 times as
on March 31, 2018 (A) and interest coverage of 2.41 times in FY18
(A) owing to moderate operating profitability.

Rajkot-based (Gujarat), JSPM was established in January 2016 by Mr.
Rashmin Viradiya, Mr. Bakulbhai Viradiya, Mr. Girishbhai Kathiriya,
Mr. Vijaybhai Kathiriya, Mr. Jayraj Kathiriya, Mr. Kanthibhai
Vagasiya and Mr. Mayurbhai Movaliyato carry out business of
manufacturing kraft paper. JSPM has completed a green-field project
to manufacture kraft paper with an installed capacity of 21,000 MT
per annum at its manufacturing facilities located at Rajkot,
Gujarat. JSPM is commenced operations from end of April 2017
onwards.

JONAS WOODHEAD: CARE Lowers Rating on INR7.05cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jonas Woodhead and Sons India Limited (JWSIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.05      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 March 3, 2020, placed the
rating(s) of JWSIL under the 'issuer non-cooperating' category as
JWSIL had failed to provide information for monitoring of the
rating.  JWSIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 28, 2021. 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 rating takes into account the non-availability
of requisite information due to non- cooperation by JWSIL with
CARE's efforts to undertake a review of the outstanding ratings as
CARE views information availability risk as key factor
in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on March 3, 2020, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operation with fluctuating total operating income:
The scale of operations of the firm marked by TOI remained small
at 14.61 crore albeit improved during FY19.

* Decline in PBILDT margin and net loss reported during FY19: The
company's PBILDT margin declined and stood at 7.40% in FY19 (17.09%
in FY18) and has reported a net loss of INR0.22 crore in FY19
against net profit of INR0.40 crore in FY18.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure marked by debt equity and overall gearing
remained leveraged albeit improved at 12.57x and 15.19x
respectively as on March 31, 2019.  The debt coverage marked by
interest coverage and TD/GCA deteriorated and stood at 2.14x and
18.75x respectively in FY19.

* Working capital intensive nature of operations: The nature of
operations of the firm remained to be working capital intensive
marked by its operating cycle at 208 days in FY19 (253 days in
FY18). The average utilization of working capital limits for the
last twelve months ended January 31, 2020 stood at 50%.

* Exposure to volatile raw material prices: The volatility in steel
prices driven by demand and supply conditions in the global as well
as local markets exposes the company to any adverse price movement
on raw material inventory as well as finished goods inventory of
steel scrap.

Key Rating Strengths

* Established track record of operations and vast experience of
management team: The company was incorporated in 1963 and has been
operational for more than five decades. It is currently being
managed by Mr. Naresh P. Modi, Chairman who has experience of
nearly four decades and Mr. Abhishek Modi, Managing Director.
They look after the overall business operations of the company and
are supported by a second-tier management team which is comprised
of members having requisite experience in their respective fields.

Jonas Woodhead and Sons India Limited (JWSIL) was established in
1963, engaged in manufacture parabolic & leaf spring and spring
assemblies. The manufactured components are being supplied to OEM's
(Heavy and light commercial vehicles) dealers and distributions.
The company has its registered office and plant location in Chennai
and has four sales office in Madurai, Bangalore, Calicut and
Vijayawada.  

KARPAGAM MILLS: CRISIL Withdraws D Rating on INR36.25cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sri Karpagam Mills India Private Limited (SKMPL) on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          36.25       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Letter of Credit     13.45       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Long Term Loan        8.20       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Long Term    2.00       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Working Capital       5.00       CRISIL D (ISSUER NOT
   Demand Loan                      COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with SKMPL for
obtaining information through letters and emails dated January 20,
2021 and January 26, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKMPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SKMPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SKMPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SKMPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

SKMPL, incorporated in 2005 at Udayampalyam (Tamil Nadu),
manufactures cotton yarn of counts 10-60s, majorly 30-40s with a
capacity of 43200 spindles. It is managed by Mr. Krishnaswamy and
his brothers.

LAKSHMI FLOAT: CRISIL Withdraws FB+ Fixed Deposit Rating
--------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Lakshmi Float Glass Ltd (LFGL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating     -           CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

   Fixed Deposits       12          FB+/Stable (Migrated from
                                    'FB+/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the long-term bank facilities and fixed deposits of LFGL
to 'CRISIL B+/FB+/Stable Issuer Not Cooperating'. However, the
management has now shared the information required for carrying out
a comprehensive review of the ratings. Consequently, CRISIL Ratings
has migrated its ratings to 'CRISIL B+/FB+/Stable' and has
subsequently withdrawn the ratings at LFGL's request and on receipt
of a no-objection certificate from the bankers and a no dues
certificate from the auditors for the Fixed Deposits. The
withdrawal is in line with CRISIL Ratings' policy on withdrawal of
bank loan ratings.

LFGL was established as a partnership firm named Lakshmi Traders in
1970 and was reconstituted as a private limited company in fiscal
1992 and later as a closely held public limited company. The
company trades in float glass. Operations are managed by Mr Amit
Gupta and Mr Lakshmi Narain Agarwal.

LOURDES MATHA: CRISIL Withdraws D Rating on INR8.5cr Loans
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Lourdes Matha Catholic Educational Society (LMCES), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan        2.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with LMCES for
obtaining information through letters and emails dated May 13, 2020
and May 18, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the manageLMCESnt, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LMCES. This restricts CRISIL
Rating's ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on LMCES is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
LMCES to 'CRISIL D Issuer not cooperating'.

Established in 2002, Lourdes operates an engineering college and a
hotel management college in Trivandrum (Kerala).

MARUTI NANDAN: CRISIL Raises Rating on INR20cr Loans to B
---------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Maruti Nandan Oils Private Limited (MOPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term     2.4       CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Warehouse Financing   10.1       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects steady business risk profile with revenue of
INR55.6 crore in fiscal 2020. Operating margin has also improved to
3.08% in fiscal 2020 (2.36% in fiscal 2019) as the company started
trading mustard oil and its de-oiled cakes along with rice bran
oil. Revenue of around INR40 crore was booked till December 31,
2020. Operating margin is expected to remain at similar level over
the medium term. Further, the rating upgrade also reflects improved
liquidity supported by moderate bank limit utilisation and
sufficient accrual against no debt obligation.

The rating also reflects MOPL's low profitability and modest
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the oil trading
business and healthy working capital cycle.

Analytical Approach

Unsecured loans of INR0.38 crore as on March 31, 2020, extended by
the promoters have been treated as debt as these loans may be
withdrawn over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:
* Low profitability: Intense competition and the tender-based
nature of operations along with low value-addition in products may
continue to constrain scalability, pricing power, and
profitability. Though profitability has improved to 3.08% in fiscal
2020, it is expected to remain at similar levels over the medium
term.

* Modest financial risk profile: In the absence of major
debt-funded capital expenditure, financial risk profile is expected
to improve slightly over the medium term. Total outside liabilities
to adjusted networth ratio was high at 1.67 times as on March 31,
2020. Further, debt protection metrics were average, with interest
coverage and net cash accrual to adjusted debt ratios of 1.19 times
and 0.02 time, respectively, in fiscal 2020.

Strengths:
* Extensive experience of the promoters: The promoters' experience
of over a decade, their strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business. Company has also started trading
in mustard oil and its de-oiled cakes and has acquired customers in
Gujarat and Rajasthan.

* Moderate working capital cycle: Operations are moderately working
capital intensive as reflected in gross current assets (GCAs) of
138 days as on March 31, 2020, driven by inventory and debtors of
72 and 21 days, respectively. Payables of 15-30 days support
working capital. GCAs are expected to remain at 120-130 days over
the medium term.

Liquidity: Adequate
Bank lines were utilised 87% in the 12 months through September
2020.  Cash accrual, expected to be over INR0.3 crore per annum
should be sufficient to meet incremental working capital
requirements in the absence of term debt obligations. Current ratio
was healthy at 1.61 times as on March 31, 2020.

Outlook: Stable

CRISIL Ratings believes MOPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors

* Increase in revenue by over 20% and stable profitability leading
to improved cash accrual.

* Prudent working capital management with GCAs of less than 90
days.

Downward factors

* Stretch in working capital cycle with GCAs of over 180 days,
leading to weakening in liquidity risk profile.

* Lower-than-expected revenue or steep decline in margins leading
to modest cash generation.

MOPL, incorporated in 2008, is a Mansa (Punjab)-based company that
is engaged in trading of rice bran oil and de-oiled cakes and
mustard oil and de-oiled cakes.

MERCATOR LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mercator Limited
        83-87, 8th Floor
        Mittal Towers B-Wing
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: February 8, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 7, 2021
                               (180 days from commencement)

Insolvency professional: Girish Sriram Juneja

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

                            - and -

                         Kuresh Khambati/Virali Shah
                         Grant Thornton, 11th Floor
                         Tower II, One International Center
                         S B Marg, Elphinstone (W)
                         Mumbai 400013
                         E-mail: rp.mercator@in.gt.com

Last date for
submission of claims:    February 23, 2021


PARI AGRO: CARE Moves B Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Pari
Agro Exports (PAE) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.46      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PAE to monitor the rating
vide letter dated January 14, 2021 and e mail communications dated
January 13, 2021, January 12, 2021, January 5, 2021, November 5,
2021 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 Pari Agro
Exports bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the last time of rating December 27, 2019; following Strengths
and Weaknesses were considered:

Key Rating Weaknesses

* Foreign currency fluctuation risk: The income from exports
constituted approx. 35% of the total income in FY18 while the raw
material procurement is done completely from the domestic market,
thereby exposing the firm to risks associated with adverse
fluctuations in the foreign currency. With cash outlay for
procurement in domestic currency & chunk of sales realization in
foreign currency and in the absence of any hedging mechanism, the
firm is exposed to the fluctuation in exchange rates.

* Partnership nature of constitution: PAE's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partner. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders. The firm has
availed the moratorium (March-20 to August-20) offered by RBI in
light of Covid-19.

Key Rating Strengths

* Experienced promoters: Mr. Vaneet Sachdeva has an experience of
around two decades and Mr. Varun Sachdeva has nearly 16 years of
experience and has been associated with PAE since its inception.
The partners have adequate acumen about various aspects of business
which is likely to benefit PAE in the long run.

* Favorable manufacturing location: PAE's manufacturing unit is
located in Amritsar, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability. The presence of PAE
in the vicinity of paddy-producing regions gives it an advantage
over competitors operating elsewhere in terms of easy availability
of the raw material as well as favorable pricing terms.

Pari Agro Exports (PAE) is Amritsar (Punjab) based, partnership
firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun
Sachdeva sharing profit and loss equally. The firm is engaged in
the processing of paddy and has two manufacturing facilities, one
located at Tarn Taran (rented facility), Punjab and another at
Ajnala Road (owned facility), Punjab having a total installed
capacity of 62500 Tonnes of paddy Per Annum, as on September 30,
2019. PAE procures paddy directly from local grain markets through
commission agents located in Punjab. The firm majorly exports rice
to Middle East, Europe, North America, Africa, South East Asia and
Australia through several distributors and also sells directly to
several big retailers. The firm sells rice under the brand name of
'Pari', 'Kitchen King', 'Vani', 'Bells' and 'Regal' in seven states
including Punjab, Gujarat, Himachal Pradesh, Rajasthan,
Maharashtra, Tamil Nadu and NCR through dealers.

PRAG ELECTRICALS: CRISIL Assigns D Rating to INR15cr Loans
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to the
bank facilities of Prag Electricals Private Limited (PEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL D (Assigned)

   Cash Credit            5         CRISIL D (Assigned)

   Letter of Credit       1         CRISIL D (Assigned)

The ratings reflect PEPL's irregular account conduct and continuous
overdrawal in its cash credit limit. These weaknesses are partially
offset by the extensive experience of the promoters in the
transformer manufacturing industry.

CRISIL Ratings has considered the impact of the Covid-19 pandemic
and the measures taken by PEPL to mitigate the impact. The pandemic
has majorly affected the company's scale of operations. The primary
clientele includes state electricity boards, who have now diverted
the funds towards healthcare because of the Covid-19 pandemic
leaving reduced budgets for electrification purposes, thereby
negatively impacting PEPL. This has resulted in stretched
liquidity. The company availed of moratorium on its debt obligation
under the Reserve Bank of India's Covid-19 Regulatory Package.

Key Rating Drivers & Detailed Description

Strength:

* Extensive experience of the promoters: The 45-year-long
experience of the promoters has helped them develop strong insights
into the business and establish healthy relationships with clients
as well as suppliers.

Weakness:

* Irregular account conduct and overdrawn cash credit: PEPL has
continuously overdrawn its cash credit limit over the 12 months
through December 2020. Moreover, the account conduct has been
irregular, and it has been classified as an SMA 2 account, as
reported by the banker.

Liquidity: Poor

Bank limit was overutilized over the 12 months through December
2020. Cash accrual is expected to be small at INR0.23 crore in
fiscal 2021, with the absence of any debt obligation. Current ratio
was average at 1.32 times as on March 31, 2020.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing and regular account conduct
for 90 days or more

* Significant infusion of equity or timely realisation of payments
from customers

Incorporated in 1976 by Mr. Monoj Kanti Deb, PEPL manufactures
transformers ranging from 5-5,000 kilovolt-ampere in its plant at
Guwahati. The company also undertakes rural electrification
projects in the north-east, including supply, erection and
commissioning of sub-stations.

PREETHI HOSPITALS: Ind-Ra Hikes LT Issuer Rating to 'BB'
--------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Preethi Hospitals
Private Limited's (PHPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Positive.

The instrument-wise rating actions are:

-- INR447.4 mil. (reduced from INR479 mil.) Term loan due on
     March 2032 upgraded with IND BB/Positive rating; and

-- INR70 mil. (increased from INR30 mil.) Fund-based facilities
     Long-term upgraded and short-term affirmed with IND BB/
     Positive/IND A4+ rating.

The upgrade reflects the improvement in PHPL's EBITDA margins and
credit metrics in 9MFY21. The Positive Outlook reflects the
likelihood of an increase in the number of operational beds in the
hospital as well as the launch of other potentially
revenue-generating segments over the near-to-medium term.

KEY RATING DRIVERS

PHPL's EBITDA margin rose to a modest 38.4% in 9MFY21 (FY20: 26%;
FY19: 29%) due to a decline in surgical and other operating
expenses. The company's return on capital was 9% in 9MFY21 (FY20:
4%; FY19: 3%). Ind-Ra expects the EBITDA margin to improve over the
medium term due to company's plan to increase the number of
operational beds.

Furthermore, despite an increase in the debt levels (9MFY21:
INR474.2 million; FY20: INR534 million; FY19: INR501 million), the
credit metrics improved during 9MFY21 due to an increase in the
absolute EBITDA to INR90 million (FY20: INR78 million; FY19: INR77
million). The interest coverage (operating EBITDA/interest
expenses) was 2.5x in 9MFY21 (FY20: 1.4x; FY19: 1.4x) and the
annualized net financial leverage (adjusted net debt / operating
EBITDA) was 3.8x (6.4x; 6.3x). Although the debt levels are likely
to remain high, Ind-Ra expects the credit metrics to improve over
the medium term due to the likely increase in the EBITDA margins.

The ratings reflect PHPL's continued small scale of operations, as
indicated by revenue of INR235.2 million in 9MFY21 (FY20: INR300
million; FY19: INR263 million). The revenue had increased in FY20
due to an increase in occupancy levels as well as revenue per
in-patient and growth in the pharma division's income to INR41
million in FY20 (FY19: INR31 million). Ind-Ra expects the revenue
to remain stable on a yoy basis in FY21 owing to the business's
dependence on a single property.  However, the revenue is likely to
improve from FY22 due to starting of the transplantation and
oncology division and likely to improve the number of operational
beds.

Liquidity Indicator - Adequate: PHPL's average utilization of the
fund-based limits was 35% over the 12 months ended December 2020.
The net working capital cycle is comfortable due to the low debtors
and the nature of the inventory, though it deteriorated slightly to
a negative five days in 9MFY21 (FY20: negative 11 days; FY19:
negative eight days), resulting from an increase in the debtor days
to 20 days (14 days; 10 days). The cash flow from operations
improved slightly to INR47 million (FY20: INR44 million; FY19:
INR14 million) due to the rise in the absolute EBITDA. The company
had a cash balance of INR11 million in 9MFY21 (FY20: INR8 million;
FY19: INR14 million). PHPL's debt service coverage ratio, which
stood at 1.4x in 9MFY21 (FY20:1.0x), is likely to be at comfortable
levels of 1.25x - 1.45x  in the near-to-medium term owing to the
likely improvement in the absolute EBITDA.  

The ratings derive comfort from the promoter's experience of over
two decades. Furthermore, the reputation of the promoter has helped
the hospital establish a strong position in the multi-specialty
space in the Madurai region.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margins, leading to
a substantial deterioration in the liquidity, or the interest
coverage falling below 2.5x, on sustained basis could lead to the
Outlook being revised back to Stable.  

Positive: A substantial increase in the revenue while maintaining
the operating profitability, leading to the interest coverage
remaining at 2.5x, and debt service coverage ratio of 1.25x, will
be positive for the ratings.

COMPANY PROFILE

PHPL was incorporated in 1997 and is engaged in the business of
healthcare services in Madurai. Its key specialties are
orthopedics, cardiology, and gynecology.


QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadsel
Systems Private Limited (QSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.35      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.00      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 March 3, 2020, placed the
rating(s) of QSPL under the 'Issuer non-cooperating' category as
QSPL had failed to provide information for monitoring of the rating
QSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 28, 2021. 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 March 3, 2020 the following were the
rating weaknesses:

Key Rating weaknesses

* Delays in servicing debt obligations due to stressed liquidity
position: The company has ongoing delays in term loan installment
repayments along with servicing of interest obligations due to
stressed liquidity position.

Quadsel Systems Private Limited (QSPL) is a Chennai based company
which was incorporated in the year 1995 by Mr. Girish Madhavan
(Managing Director) and other 3 directors. Later in the year 1998,
the constitution of QSPL changed and the current directors are Mr.
Girish Madhavan and Mrs. Dhanamani Madhavan. The registered office
of QSPL is located at Chennai, whereas the company has branches in
Hyderabad, Kerala and Bengaluru. QSPL is engaged in the business of
IT Infrastructure i.e., software development and various IT
services such cloud management, network management, printing
services, DBMS, ERP's etc., providing end to end solutions and
products and services to various organizations. DSPL is an ISO
9001:2015 Certification and ISO 27001:2013 Certification certified
company. QSPL is a dealer and channel partner of HewlettPackard,
Microsoft, and DELL etc.

The financial performance marked by total operating income has
improved from INR17.48 crores in FY18 to INR18.14 crores in
FY19.The profit after tax (PAT) stood at INR0.03 crores for FY19.
The networth of the firm stood at INR2.34 crores as on March 31,
2019. The overall gearing deteriorated and stood at 5.66x as on
March 31, 2019 and the interest coverage ratio also deteriorated
and stood at1.26x in FY19.

QUALITY MINT: CRISIL Reaffirms B+ Rating on INR6cr Loans
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Quality Mint & Allied Chemicals
(QMAC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       3         CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                 3         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect susceptibility to climatic
conditions, volatility in raw material prices, weak debt protection
metrics, and a modest scale of operations. These weaknesses are
partially offset by the experience of its partners in the mint and
allied products manufacturing business.

Key rating drivers & detailed description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and favourable climatic condition. Thus, the
firm is exposed to the risk of limited availability of its key raw
material. Also, production may be impacted by pests or crop
infection, leading to higher unpredictability in production and
pricing of agro commodities and derived products.

* Weak debt protection metrics: Interest coverage and net cash
accrual to total debt ratios were 4.13 times and 0.11 time,
respectively, for fiscal 2020.

* Modest scale of operations: Revenue was subdued at INR25.66 crore
in fiscal 2020 because of intense competition in the mint business.
The small scale will continue to limit operating flexibility.

Strength

* Extensive experience of the partners: An industry presence of
over a decade has enabled the partners to understand market
dynamics and establish a strong relationship with suppliers and
customers.

Liquidity: Stretched

Bank limit utilisation was low at around 57.44% during the 12
months through December 2020. Cash accrual is expected at over
INR0.37 crore per fiscal against nil term debt obligation over the
medium term. The current ratio was healthy at 2.49 times on March
31, 2020. Low gearing and a moderate networth support financial
flexibility, and provide the financial cushion in case of any
adverse conditions or downturns in the business.

Outlook Stable

QMAC should continue to benefit from the extensive experience of
the partners and established client relationship.

Rating sensitivity factors

Upward factors

* Sustenance of the operating margin and improvement in the
operating income to above INR60 crore per fiscal

* Sustenance of the healthy financial risk profile

Downward factors

* A decline in the operating margin to less than 1%, leading to
lower cash accrual

* Any debt-funded capital expenditure, further weakening the
capital structure

QMAC was established in 2009 as a partnership firm by Mr. Mukul
Kumar Gupta and Ms Meenal Gupta. The firm manufactures, trades in,
and exports menthol, essential oils, and mint derivatives. The
facility in Moradabad, Uttar Pradesh, has an installed capacity of
60 tonne per annum.

RAYUDU LABORATORIES: CRISIL Assigns B Rating to INR5cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Rayudu Laboratories Ltd (RLL).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable (Assigned)

The rating reflects RLL's modest scale of operations and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the indelible ink segment.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: RLL's business profile is constrained
by modest scale of operations. Operating income was INR5.29 crore
in fiscal 2020 and the company achieved a revenue of only INR0.25
crore till December 2020. Revenue was significantly affected by the
Covid-19 pandemic and subsequent lockdown, which has led to delay
in vaccination programmes and elections in many countries. RLL's
subdued scale will continue limit its operating flexibility.

* Below-average financial risk profile: Networth was moderate at
INR11.4 crore as on March 2020 and it is expected to remain at
similar level on account of average profitability. Furthermore, the
company has extended substantial loans and advances (outstanding at
INR15.26 crore as on March 31, 2020) to related concern, thereby
constraining its own financial flexibility.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over four decades in manufacturing indelible
ink. This has given them an understanding of the market dynamics
and enabled them to establish strong relationships with suppliers
and customers.

Liquidity: Stretched

Liquidity is stretched with no working capital limits. Cash accrual
is expected to be INR0.25-0.40 crore in fiscals 2021 and 2022 with
no term loan obligation.

Outlook Stable

CRISIL Ratings believes RLL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Significant increase in revenue with stable operating margin at
around 10%
* Receipt of loans and advances provided to the related concern

Downward factors

* Decline in profitability or stretch in the working capital cycle
* Large, debt-funded capital expenditure weakening the capital
structure with total outside liabilities to tangible networth ratio
above 3 times

Incorporated in 1996, RLL manufactures and exports indelible ink
and indelible ink markers under its brand, Rayudu. The company's
manufacturing facility is located in Hyderabad, Telangana, with
installed capacity of 1,000 kilogram. The company is owned and
managed by Mr. Veera Venkata Satyanarayana Rayudu and Mr. Satya
Prabha Rayudu.

SAI LEASING: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sai
Leasing Company (SLC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.28      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SLC to monitor the rating
vide letter dated January 19, 2021 and e mail communications dated
January 18, 2021, January 12, 2021, January 5, 2021 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 Sai Leasing Company bank
facilities will now be denoted as CARE D; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the last time of rating November 14, 2019; following Strengths
and Weaknesses were considered:

Key Rating Weaknesses

* On-going delays in debt servicing: There are on-going delays in
the repayment of term debt obligation. The delays are on account of
weak liquidity as the firm is unable to generate sufficient funds
on timely manner.

* Fragmented nature of the construction sector: Indian construction
industry is characterized by fragmented and competitive nature as
there are a large number of players at the regional level. Hence,
going forward, due to increasing level of competition, the profits
margins are likely to be range bound. Further, delays in obtaining
statutory clearances and increasing working capital needs have put
pressure on the financial profile of the companies in this sector.

* Partnership nature of constitution: SLC's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factor affecting credit decision of the lenders.

Key Rating Strengths

* Experienced partners in the construction industry: Mr. Mohit
Dabra has total work experience of 8 years which he gained through
his association with Dabra Weighbridge, engaged in manufacturing
weighbridges (capital goods) and Jai Financing Company, engaged in
providing financial services, as an employee. On the other hand,
Mrs. Pakija Arora has total work experience of around one decade in
the construction industry. She gained this experience through her
association with R K City Developers Private Limited (RKC) as
employee. Both the partners have adequate acumen about various
aspects of business.

Sai Leasing Company (SLC) was established in September, 2016 as a
partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing
profit and losses equally. SLC is engaged in providing of
construction material like aluminum scaffoldings, shuttering
plates, planks and other equipment's such as cranes to various
contractors, builders and developers located in the Chandigarh
Tricity area (Chandigarh, Panchkula and Mohali) on rental basis.
The premises of the firm are based in Zirakpur, Punjab. The firm
started its commercial operations in April, 2019.

SAI SPACECON: CRISIL Assigns B- Rating to INR15cr Loans
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of Sai Spacecon India Private Limited
(SSIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.50       CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    9.98       CRISIL B-/Stable (Assigned)

   Term Loan             2.52       CRISIL B-/Stable (Assigned)

The rating reflects the company's modest scale of operations amid
intense competition and susceptibility to cyclicality inherent in
the real estate industry. These weaknesses are partially offset by
the extensive experience of the promoters.

Analytical Approach:

Unsecured loans of INR32.75 crores (as on March 31, 2020) have been
treated as Neither Debt nor Equity (NDNE), as they are expected to
be retained in business over medium term.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations amid intense competition: Scale of
operations is modest on account of sluggish occupancy levels and
large inventory, as reflected in revenue of INR5.0 crore in fiscal
2020. Further sell-out of inventory in residential projects will
remain a key monitorable over the medium term.

* Susceptibility to cyclicality inherent in the real estate
industry: The real estate sector is affected by volatility in
prices, opaque transactions and intense competition. Moreover,
multiplicity of property laws and non-standardised government
regulations can affect the tenure of project execution. This risk
is compounded by aggressive completion timelines and shortage of
manpower (project engineers and skilled labour) in this sector. The
credit risk profile is expected to be driven by the level of
economic activity and the outlook for the real estate sector, and
any adverse impact of changes in the overall economic environment
is likely to affect the segment. For instance, slowdown in the real
estate market has resulted in high unsold inventory, thus weakening
the financial risk profile and liquidity.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the real estate industry will
continue to support the company's business risk profile.

Liquidity: Stretched

Bank limit utilisation averaged 90% over the 12 months through
December 2020. The liquidity has remained stretched historically
with fully utilized bank lines. Although lease generated from
commercial estates remains adequate for covering the debt
obligation, liquidation of residential inventory and moderate
occupancy in commercial estate will remain critical for sustaining
liquidity for upcoming projects.

Outlook: Stable

SSIPL will continue to benefit from the promoters' extensive
experience.

Rating sensitivity factors

Upward factors

* Improved occupancy levels of more than 90% leading to higher
rentals income and healthy selling of residential flats
* Strengthening of the financial risk profile

Downward factors

* Unanticipated debt-funded project leading to stretch in the
overall liquidity, with debt service coverage ratio of less than
1.1 times Stretched working capital cycle

SSIPL was established as a proprietorship firm by Mr. Subhash Nelge
in 1993 and was reconstituted as a private limited company in May
2011. It is part of the Pune-based Sai group and is engaged in
residential and commercial real estate development, primarily in
Pune and the vicinity. Operations are managed by Mr. Subhash Nelge,
Mr. Shivkumar Nelge and Ms Babita Nelge.

SANJEEV CATERERS: CRISIL Assigns B Rating to INR9.16cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Sanjeev Caterers (SC; part of the Sanjeev
Group).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.60       CRISIL B/Stable (Assigned)

   Long Term Loan        9.16       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    5.24       CRISIL B/Stable (Assigned)

The ratings reflect SC's exposure to intense competition,
vulnerability to cyclicality in hospitality industry, modest scale
of operations and weak operating efficiencies. These weakness are
partially offset by the extensive industry experience of the
promoters and moderate financial profile.

Analytical Approach

For the purpose of arriving at the rating of SC, CRISIL has
combined the business and financial risk profile of SC with that of
Anutham Hotels & Resorts (AHR) and Sanjeev Prabhakar Mess
Contractor (SPMC). That's because all the three entities, promoted
by common promotor (Mr. Sanjeev Prabhakar), have a common
management, and significant operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition and vulnerability to cyclicality
in hospitality industry: Due to presence of large number of
organized & unorganized players in the segment driven by low
capital requirement, the industry is exposed to intense
competition. Therefore, scale of operations determines the
negotiating power with suppliers and customers, and ability to
withstand business downturns. The hotel and catering industry is
vulnerable to changes in the domestic and international economy.
Entities which have a high financial leverage are more vulnerable
to cyclicality due to their fixed financial commitments.           
                         


* Modest scale of operations: The group's business profile is
constrained by its modest scale of operations in the intensely
competitive hospitality industry. The group's scale of operations
will continue to limit its operating flexibility. The operations
were also hit amid lockdown due to covid-19. On consolidated basis,
it clocked revenue of around INR4-5 crore during first 9 months of
Fiscal 2021 (Apr-Dec 2020) with around INR2-2.5 crore each in hotel
(re-opened in Sept 2020) and catering business, while no operations
in mess contracting business. Fiscal 2020 was the first full year
of hotel operations (started in Dec 2018) where consolidated
revenue was INR13 as against INR7 crore in Fiscal 2019.

* Weak operating efficiencies: The group has weak operating
efficiencies, marked by low return on capital employed (RoCE),
driven by low capacity utilisation and sluggish demand.
Profitability is also modest due to initial years of operations of
hotel business.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in hospitality industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

* Moderate financial profile: The group's capital structure have
been at moderate level due to limited reliance on external funds
yielding gearing of 0.83 times and total outside liabilities to adj
tangible networth (TOL/ANW) of 0.95 for year ending on 31st March,
2020. The interest coverage and net cash accrual to total debt
(NCATD) ratio are at 1.18 times and 0.01 times for fiscal 2020. The
group debt protection measures are expected to remain at similar
level over medium term.

Liquidity: Poor

Though the bank limit utilisation (of sanctioned INR60 Lakh) was
low at around 32 percent for the past twelve months ended December
2020, expected cash accruals would be inadequate against term debt
obligation of INR0.75-0.80 crore in Fiscal 2021 and INR1.25-1.30
crore in Fiscal 2022. Currently ratio was also weak at 0.27 times
as on March 31, 2020.

Though the management expects revival of hospitality industry and
their business with gradual opening up of economy, additional
capital infusion from promoters may be anticipated in case of any
cashflow mismatches.

Outlook Stable

CRISIL Ratings believes the group will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in margins to 12% and scale, leading to
higher cash accruals.

* Improvement in working capital cycle, with gross current assets
improve to 90 days

Downward factor

* Large debt-funded capital expenditure weakens capital structure

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Established in 1992, SC is engaged in the business of providing
food catering services in Jammu. The firm is promoted by Mr.
Sanjeev Prabhakar.


SARE HOMES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sare Homes Project Services Private Limited
        7, 383C Bank Street
        Munirka, South Delhi
        New Delhi 110067
        India

Insolvency Commencement Date: February 4, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 2, 2021

Insolvency professional: Mr. Anil Kumar Sharma

Interim Resolution
Professional:            Mr. Anil Kumar Sharma
                         A 47 Kailash Colony
                         New Delhi 110048
                         E-mail: mikonict@gmail.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi
                         Delhi 110048
                         E-mail: anilsharma@aaainsolvency.com
                                 sarehome@aaainsolvency.com

Last date for
submission of claims:    February 19, 2021


SELVE CASHEWS: CARE Lowers Rating on INR5cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Selve Cashews (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 February 24, 2020 placed the
rating(s) of SC under the 'issuer noncooperating' category as SC
had failed to provide information for monitoring of the rating. SC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 28, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
SC 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.

Detailed description of the key rating drivers

At the time of last rating on February 24, 2020 the following were
the rating strengths and weaknesses:

Key Rating weaknesses

* Small Scale of operation with partnership nature of constitution:
SC was established in March, 2010 and the commercial operation of
the entity were also started during the same period. The firm has
relatively small scale of operation with the total operating income
(TOI) of INR8.50 crores in FY18, when compared to
other peers in the industry. The net worth as on March 31, 2018
stood low at INR0.75 crore. The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits.  Further, being a proprietorship firm, SC is exposed to
inherent risk of partners' capital being withdrawn at a time of
personal contingency and firm being dissolved upon the
death/retirement and insolvency of the proprietor. Moreover,
proprietorship business has restricted avenues to raise capital
which could prove hindrance to its growth. Further, the tangible
net worth has increased due to accretion of profit to business.

* Financial risk profile marked by leveraged capital structure and
weak debt coverage ratio: The capital structure of the SC stood
leveraged marked by overall gearing of 7.12x respectively as on
March 31, 2018 due to the high portion of total debt compared to
its net worth. However, the overall gearing has improved from 9.05x
as on March 31, 2017 to 7.12x as on March 31, 2018 due to accretion
of profits to reserves and repayment of debts on timely manner. The
debt profile of the firm majorly consist of cash credit of INR4.99
crore, unsecured loan of INR0.36 crore as on March 31, 2018. The
debt coverage indicators of the company marked by TD/GCA and
interest coverage stood weak at 37.02x and 1.24x
respectively in FY18 due to low profitability.

* Working capital intensive nature of operation: The firm's working
capital cycle stood high at 272 days in FY18 as compared to 233
days in FY16, on account of increased inventory period. The firm
procures raw cashew fruits from its suppliers and avails a credit
period of upto 60 days and on sales extends credit upto 60 days to
its customers. Due to the elongated processing which includes
boiling, shelling, husking and grading of the raw cashew nut, the
firm requires to hold inventory for longer period. The inventory
period stood at 256 days as on March 31, 2017 due to the low
orders. The average working capital utilization of SCF stood high
at 90-95% for the last one year ended December 31, 2018.

* Risk of raw material and foreign exchange price fluctuation: The
sales realization of cashews largely depends upon the cost of the
raw cash nut. The cost of raw cashew nuts constitutes around 95% of
the cost of sales of SC. Any change in the demand and supply of
this material has an impact on the profitability of the firm. The
firm imports about 90% of its raw material requirement from West
Africa. However, the firm exports around 50% of its production to
countries like Singapore, Malaysia and Dubai and remaining are
being sold in domestic market thus exposing it to exchange rate
fluctuation risks in the absence of any natural hedge on the sales
and purchases. The firm's ability to manage such fluctuations has a
bearing on its profitability.

* Fragmented and competitive business segment: The firm is into a
fragmented business segment and competitive industry. The market
consists of several small to mediumsized companies that compete
with each other along with several large enterprises. Further, with
low entry barriers due to low value addition associated with
manufacturing of cashew based products, the competition among these
players is increasing year on year.

Key Rating Strengths

* Experience of the proprietor over a decade in the cashew nut
processing industry: The managing partner of SC, Ms. R. Kalai Selvi
has experience of more than one decade in trading and processing of
cashew nuts business. Due to long term presence in the market, the
proprietor have established healthy relations with their customers
and suppliers.

* Satisfactory profit margins during review period: Profit margin
for SC stood satisfactory during review period and stood between
5.20%-8.60% for PBILDT margin and 1.50%-1.60% for PAT margins.
Further the PBILDT margins and PAT margins improved marginally and
stood at 8.66% and 1.50% respectively in FY18 compared to 8.58% and
1.42% respectively in FY17 on account of decrease in manufacturing
expenses i.e. processing and grinding and decrease in financial
expenses.

* Growing demand for cashew based products across the globe: India
accounts for about 65 per cent of global cashew exports and exports
cashew kernels to over 60 countries. Its major markets are the US,
the Netherlands, Japan, Spain, France, Germany, the UK as well as
Middle East countries such as the UAE and Saudi Arabia. By 2021,
cashews are expected to take over 29% of nut market. The prices are
expected to remain high with increase in demand. India is one of
the top producers of cashew in the world and has a niche market for
its product in the global platform.

Cuddalore (Tamil Nadu) based Selve Cashews (SC) is a proprietorship
firm established by Ms. R. Kalai Selvi in March 2010. The promoter
has an experience of over a decade similar line of business. SC is
into Processing and trading of raw cashew nuts.

The firm procures its raw material, the raw nuts, from West Africa
and export around 50% of its production to countries like
Singapore, Malaysia and Dubai and remaining are being sold in
domestic market. The firm has an installed capacity of 1.5 tons per
day for the processing of nuts. Presently, the day to day
operations are managed by Ms. R. Kalai Selvi. The firm has not
availed any moratorium amid COVID-19 RBI guidelines.

SESHASAI SPINNING: CARE Reaffirms B+ Rating on INR16.95cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Sri
Seshasai Spinning Mills Private Limited (SSSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           16.95      CARE B+; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of SSSMPL continues to
be constrained by Small scale of operations and low net worth base,
working capital intensive nature of operation, leveraged capital
structure and weak debt coverage indicators. The rating also takes
into account decline in total operating income during FY20. The
rating, however, to derive its strengths from experienced promoters
in manufacturing cotton yarn, Satisfactory profitability margin
albeit thin PAT margin in during review period and Stable outlook
of cotton industry.

Key rating sensitivities

Positive Rating Factors

* Consistent increase in the company's scale of operations by more
than INR75.00 crores while improving its profitability margins
leads substantial increase in GCA

* Improvement in capital structure and debt coverage indicators
marked by overall gearing ratio below 2.00x and Total debt/GCA by
8.00x respectively

* Improvement in inventory days up to 30 days leads substantial
increase in GCA.

Negative Rating Factors

* decline in profitability margins by 500 bps
* Any un-envisaged debt funded capex/additional debt availed by the
company resulting in deterioration of solvency ratios

Detailed description of the key rating drivers

Key Rating Weaknesses

* Decline in total operating income with Small scale of operations
and low net worth base: The total operating income of the company
has decreased from INR61.74 crore in FY19 to INR43.50 crore in FY20
due to low orders from its customers. The scale of operations of
the company marked by total operating income remained small at
INR43.50 crore with low and thin net worth base of INR0.12 crore as
on March 31, 2020 as compared to other peers in the industry.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
debt equity and overall gearing ratio during the review period.
However, the overall gearing ratio has improved and stood at
321.33x as on March 31, 2020 due to increase in tangible net worth
at back of accretion to profits in FY20. Further total debt
consists of significant portion of unsecured loans i.e, INR19.83
crore as on March 31, 2020 (PY: INR19.83 crore) which were utilized
towards meeting day to day operations, besides working capital
borrowings.  The debt coverage indicators of the firm continues to
remain weak although improved in FY20. The total debt/GCA improved
from 56.15x in FY19 to 29.26x in FY20 due to increase in Increase
in gross cash accruals in FY20.  The PBILDT/Interest coverage ratio
has marginally improved from 1.17x in FY19 to 1.33x in FY20 due to
increase in the PBILDT levels.

The total debt/CFO has significantly improved and stood at 9.50x in
FY20 due to increase in cash flow operation at back decrease in
working capital changes.

* Working capital intensive nature of operations: The operating
cycle of the company is working capital intensive nature of
operations increasing from 57 days in FY19 to 108 days in FY20
mainly on account of increase in inventory period from 92 days in
FY19 to 166 days in FY20. The company avails credit period of about
60-90 days. While on sales, it provides credit of around 20-35 days
to its customers. Since the manufacturing process has to undergo
various stages like blowing, cording, drawing, spinning, packing
etc. the inventory is stocked for 2-3 months period. Furthermore,
the raw materials are stocked up at the start of the harvesting
season for its fine quality. The utilization of working capital
bank borrowings stood at ~90 per cent in the last 12 months ended
with January 29, 2021.

* Impact of COVID-19: Due to the lockdown on account of COVID-19,
the operations of SSSMPL were impacted due to migration of labor
leading on account shut down of all major operations from March 23,
2020 to June 9, 2020. However, SSSMPL resumed the operation from
June 10, 2020 and gradually improved the labour strength and also
executed few operations during Q1FY21.

Key Rating Strengths

* Experienced promoters in manufacturing cotton yarn: Mr. Jamili
Pardha Saradhi, the Managing Director of (SSSMPL), has experience
of more than three decades in the cotton industry. Through their
vast experience in the industry they have established good
relationship with customers and suppliers.

* Satisfactory profitability margin albeit thin PAT margin during
review period: The PBILDT margin of the company has increased from
7.85% in FY19 to 12.45% in FY20 due to decrease in total cost at
back of high closing stock during FY20 resulted in higher PBILDT.
Furthermore, the company has turnaround from loss to profit and
achieved the PAT margin of 0.29% in FY20 due to increase in PBILDT
in absolute terms coupled with decrease in interest cost in FY20.

* Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide spectrum
of variations from 24% to 42%.The purpose of ginning is to separate
cotton fibres from the seed. The ginning process is the most
important mechanical treatment that cotton undergoes before it is
converted into yarns and fabrics. Any damage caused to the quality
of fibres during ginning cannot be rectified later in the spinning
or subsequent processes. Most of the ginneries in India were in
primitive condition and running with poor efficiency. There are
over 3500 factories in India dispersed in nine major cotton-growing
states. Out of these, over 2600 factories perform only ginning
operation and over 2000 factories has installed capacity of as
small as 6-12 double roller gins. With these developments, ginning
infrastructure in the country seems to be well on its way to secure
a firm foundation. The cotton textile industry in India can look
forward to meet its major raw material requirements through
indigenous supply of clean cotton.

Liquidity: Stretched:

The liquidity profile of the company stood stretched. Liquidity is
marked by tightly matched accruals to repayment obligations, low
cash balance of INR1.30 crore as on March 31, 2020. Current ratio
of the company stood at 0.93x as on March 31, 2020. The unsecured
loans from the promoters stood at INR19.83 crore as on March 31,
2020. The company has not availed moratorium on loans. However,
moratorium has availed on working capital term loans (COVID-19
loans).Furthermore, the average utilization of working capital
limit for the last 12 month ended i.e., December 31, 2020 remained
at~ 90%

Sri Seshasai Spinning Mills Private Limited (SSSMPL) was
incorporated on July 15, 2005 by Mr. Jamili Pardha Saradhi and his
family members in Guntur, Andhra Pradesh. The company is engaged in
the manufacturing of cotton yarn which finds its application
primarily in manufacturing of cotton clothes. SSSMPL manufactures
40s and 50s count yarns. The installed capacity of SSSMPL stood at
approximately 25 tons per day as of January 30, 2021. SSSMPL
procures around 23% of raw material, being raw cotton, from
associate entity i.e. Sri Balaji and Company and Sri Sai Balaji in
which directors of SSSMPL are partners and balance raw cotton
requirements are met through dealers located at Andhra Pradesh and
Telangana. The yarn is supplied to different states including
Maharashtra, Tamil Nadu and Kerala.

SIVA ENGINEERING: CRISIL Migrates B- Ratings to Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its rating on the long term bank
facilities of Siva Engineering Company (Siva) to 'CRISIL D; Issuer
Not cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL Ratings
is migrating the ratings on the bank facilities of BSBMPL to
'CRISIL B-/Stable/CRISIL A4 ' from 'CRISIL D/CRISIL D; Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL A4 (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.34      CRISIL B-/Stable (Migrated
   Bank Loan Facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Secured Overdraft     17.00      CRISIL B-/Stable (Migrated
   Facility                         from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Term Loan              3         CRISIL B-/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The ratings continue to reflect the modest scale of operations,
below average financial risk profile, and susceptibility to risks
inherent in tender-based operations in a highly competitive
segment. These weakness are partially offset by the extensive
experience of the promoters in the electrical contracts segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: The business risk profile is
constrained by modest scale of operations in the intensely
competitive infrastructure construction sector. Revenues stood at
INR38 crores for fiscal 2020.Business performance continues to
improve despite disruptions due to COVID backed by healthy order
book position. The company has made revenues of about INR48 crores
during April–December 2020.  The small scale will continue to
limit operating flexibility.

* Below average financial risk profile: The financial risk profile
is constrained by leveraged capital structure, as indicated by
networth and gearing of INR13.79 crore and 2.27 times,
respectively, as on March 31, 2020. Debt protection metrics is also
modest, as reflected in interest coverage of 1.06 times for fiscal
2020.

* Susceptibility to risks inherent in tender-based operations in a
highly competitive segment: Revenue and profitability depend
entirely on ability to win tenders. Also, entities in this segment
face intense competition, and have to bid aggressively to get
contracts, which restricts the operating margin. Also, given the
cyclicality inherent in the construction industry, ability to
maintain profitability through operating efficiency becomes
critical.

Strength

* Extensive industry experience of the promoters: The promoters'
experience of over three decades in the infrastructure construction
business which has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

Liquidity: Poor

While the repayment obligations are being met on a timely basis
over the past 12 months; the firm's liquidity continues to remain
weak, largely on account of modest cash accruals and long
collection cycle impacting the cash flows and modest unencumbered
cash balances. The cash accruals have remained low in the past and
despite growth in business, they are likely to remain low in the
medium term. The collection cycle remain long for the firm at over
100 days as on 31 March, 2020. With stretch in collections and to
meet working capital requirements, the firm has also availed COVID
emergency loans in this fiscal, whose repayments will be high at
about INR1 crore per annum, over the next 2-3 years. Nevertheless,
the firm's liquidity is supported by moderate utilization at around
71% on sanctioned limits of INR17 crore, on an average over the
past 12 months. Promoter loans outstanding at INR5.5 Crore as on
end fiscal 2020, to also support the liquidity.

Outlook: Stable

CRISIL believe Siva will continue to benefit from the extensive
experience of its promoters and their established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Steady revenue growth and improvement in operating profitability
to over 12% leading to higher cash accruals
Improvement in interest coverage to over 2 times

Downward factors

* Decrease in revenues and/or profitability leading to decline in
cash accruals to below INR1 crore

* Deterioration in liquidity and financial risk profile due to
substantial increase in working capital requirement or debt funded
capex plans.

In Siva, set up in 1978 as a partnership firm, constructs bridges,
buildings, and water-treatment plants, primarily in Tamil Nadu. Its
operations are managed by Mr. R Muthuswamy and Mr. Siva
Subramaniam.

SKILLED CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR4.95cr Loans
-------------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Skilled Construction Company Limited (SCCL) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.80       CRISIL A4 (Reaffirmed)

   Overdraft Facility    1.74       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2.34       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan             0.87       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SCCL's susceptibility to
tender-based operations, modest scale of operations and modest
financial risk profile. These weaknesses are partially offset by
its extensive industry experience of the promoters

Analytical Approach

Unsecured loans of INR1.05 crore from the directors of the company,
as on 31st March 2020, have been treated as NDNE (Neither Debt
Neither Equity) as the same is subordinate to debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to Tender-based Operations: Revenue and
profitability entirely depend on the company's ability to win
tenders. Also, entities in this segment face intense competition,
thus requiring SCCL to bid aggressively to get contracts, which
restricts the operating margins to a moderate level. Also, given
the cyclicality inherent in the construction industry, the ability
to maintain margins through operational efficiencies becomes
critical.

* Modest Scale of Operations: SCCL's business risk profile is
constrained by its moderate scale of operations, marked by revenues
of INR5.54 crores in FY2020. The company's net worth was also
modest at INR2.49 crores as on 31st March 2020. SCCL's modest scale
of operations is expected to continue to limit its operating
flexibility.

* Modest Financial Risk Profile: Gearing and TOL TNW were high at
1.46 and 1.88 times respectively on 31st March 2020. The company's
debt protection metrics were modest as reflected in interest
coverage and NCATD of -0.98 and -0.41 times in FY2020. The figures
were negative due to loss reported in FY2020. SCCL's financial risk
profile is expected to be modest over the medium term.

Strength:

* Extensive Industry Experience of the Promoters: The promoters of
SCCL have an experience of more two decades in the civil
construction industry. This has given them an understanding of the
dynamics of the market, and has enabled them to establish strong
relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilization was high at over 90 percent in the twelve
months ending December 2020. Cash accruals are expected to be
sufficient against minimal term debt obligation over the medium
term. The company has availed interest moratorium on its bank
facilities for 6 months. Current ratio was moderate at 1.39 times
on March 31, 2020. The promoters are likely to extend support in
the form of equity and unsecured loans to meet its working capital
requirements and repayment obligations, should the need arise.

Outlook Stable

CRISIL Ratings believes SCCL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.

Rating Sensitivity factors

Upward factor

* Improvement in revenues by over 25% and margin above 12%, leading
to higher cash accruals
* Improvement in working capital cycle with Gross Current Asset
Days of less than 180 days

Downward factor

* Decline in profitability below 6% leading to fall in cash
accruals.
* Any large, debt-funded capital expenditure that weakens capital
structure
* Stretch in working capital cycle, thus causing strain to the
company's liquidity risk profile

Incorporated in the year 1991, SCCL is a Kochi-based
civil-construction player that is owned and managed by Mrs. Sobha
Sunil, Mr. R. Prasad, Mr. Jose Philip and Mr. Roney Siby Jacob.
SCCL is engaged in civil construction activities, such as
construction of bridges and roads for government agencies.

SPACE REALCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Space Realcon India Private Limited

        Registered office:
        63, Ada Bazar
        Indore
        Madhya Pradesh 452007

        Principal office:
        G-2, Jaora Tower
        22/2, Manoramaganj
        Indore
        Madhya Pradesh 452001

Insolvency Commencement Date: February 8, 2021

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: August 7, 2021

Insolvency professional: Vichitra Narayan Pathak

Interim Resolution
Professional:            Vichitra Narayan Pathak
                         120, Jharneshwar Colony
                         Madhuban Vihar
                         Near Public School
                         Hoshangabad Road, Bhopal
                         Madhya Pradesh 462047
                         E-mail: drvnpathak@yahoo.co.in

                            - and -

                         8/28, 3rd Floor, WEA
                         Abdul Aziz Road
                         Karol Bagh
                         New Delhi 110005
                         E-mail: cirp.space@avmresolution.com

Classes of creditors:    Home Buyers under the Real Estate Project
                         (Financial Creditord) of the Corporate
                         Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Jeena Agrawal
                         Sajjan Kumar Dokania
                         Rahul Anand

Last date for
submission of claims:    February 25, 2021


TAHIR CONSTRUCTION: CARE Lowers Rating on INR9.9cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tahir Construction (TC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.90      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TC to monitor the ratings
vide e-mail communications/ letters dated January 19, 2021, January
12, 2021, January 7, 2021, December 16, 2020, September 30, 2020,
September 15, 2020 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on TC's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to no due diligence conducted due to
non-cooperation by Tahir Construction 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 of the firm continues to be
restricted by small though growing scale of operations with low
networth base, fluctuating profitability margins, constitution of
the entity being a proprietorship firm and business risk associated
with tender-based orders. However, the rating continues to draw
comfort from experienced proprietor, moderate capital structure and
debt coverage indicators, moderate though concentrated order book
position and comfortable operating cycle.

Detailed description of the key rating drivers

At the time of last rating on November 14, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small though growing scale of operations with low Net worth base:
The ability of the firm to scale up to larger-sized contracts
having better operating margins is constrained by its small net
worth of INR1.88 crore as on March 31, 2019 (based on provisional
result) and total operating income of INR11.48 crore in FY19 as
against INR3.92 crore in FY18. Though, the risk is partially
mitigated by growing scale of operations, which grew from INR3.56
crores in FY17 to INR11.48 crores in FY19 (based on provisional
results). The small scale of operations in a competitive industry
limits the bidding capability, pricing power and benefits of
economies of scale.

* Fluctuating profitability margins: The PBILDT margin of the firm
stood thin at 3.01% in FY19 (based on provisional result) as
against 11.56% in FY18. Decline in profitability is on account of
execution of contracts with low margins in order to increase the
scale of operations. Similarly, PAT margin of the firm stood at
3.77% in FY19 (based on provisional results) as against 6.68% in
FY18.

* Constitution of the entity being a proprietorship: The
constitution of Tahir Construction is proprietorship firm which has
the inherent risk of possibility of withdrawal of the proprietor
capital at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of proprietor.
Moreover, proprietorship firms have restricted access to external
funds as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

* Business risk associated with tender-based orders: The firm
undertakes government projects, which are awarded through the
tender-based/bidding system. The firm is exposed to the risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder. Hence, going forward, due to increasing level of
competition and aggressive bidding, the profits margins are likely
to be under pressure in the medium term.

Key Rating Strengths

* Experienced proprietor: Tahir Construction was constituted in
2014 as a proprietorship firm and is currently managed by Mr. Tarik
Ameer who is post graduate by qualification and has more than 2
decades of experience in construction industry.

* Moderate capital structure and debt coverage indicators: The
capital structure of the firm stood moderate on past three balance
sheet dates ending March 31, 2019 on account low debt levels.
Overall gearing ratio stood at 0.49x as on March 31, 2019 (based on
provisional results) as against 0.94x as on March 31, 2018; the
improvement in gearing levels was on account of timely repayments
of term loan and unsecured loans from related parties. Further,
owing to low interest obligation, the debt service coverage
indicators as marked by interest coverage and total debt to GCA
stood moderate at 3.15x and 1.83x during FY19 (based on provisional
results) as against 4.21x and 4.27x in FY18.

* Moderate though concentrated order book position:  As on
September 1, 2019, Tahir construction had an unexecuted order book
of around ~INR120 crore (out of which orders amounting to
~INR110.00 crores are acquired in FY20) which is to be executed by
FY21. The tenor of the contracts to be executed varies up to
maximum of 3-4 years depending upon the type of contract bid and
awarded. The moderate order book provides revenue visibility in the
short to medium term for the firm. The order book of the firm
remained concentrated as Tahir Construction receives most of its
business from AMRUT and Neer- Nirmal due to which, the firm is
exposed to risk of any unfavourable changes in the government
policies. Furthermore, effective and timely execution of the orders
has a direct bearing on the total income and margins of the firm.
However, in the absence of latest details, CARE is unable to
comment on the same.

* Comfortable operating cycle: The operating cycle of the firm
stood negative for past three balance sheet date i.e. from FY17(A)-
FY19(P). The firm raises bills on millstone basis i.e., the
completion of certain percentage of work and thereon which gets
acknowledge by customer after necessary inspection of work done.
Post the inspection, department clears the payment within 15-20
days by deducting 5% of bill amount in the form of retention money,
which they refund after one year from the completion of
order/contract or submission of bank guarantee. The average
utilization of working capital limits remained fully utilized for
past 12 months ending September, 2019.

Liquidity position: Stretched- The firm has stretched liquidity
position supported by low cash accruals of INR0.50 crore during
FY19 (based on provisional results) against that of Rs 0.35 crore
during FY18. The current and quick ratios stood above unity at
1.22x and 1.21x respectively as on March 31, 2019(Prov.). The
unencumber cash & bank balance stood at INR0.33 crore as on March
31, 2019. The operating cycle stood negative as on last 3 balance
sheet dates i.e. from March 31, 2017 till March 31, 2019 (on
provisional basis) on account of better management of inventories
and timely payments from the debtors. Further the Working capital
limits stood 50% utilised for the past twelve months ended
December, 2020. Further, in line with RBI guidelines in wake of
COVID-19 pandemic, the company has availed moratorium period for
its facilities provided by the bank.

Tahir Construction was constituted in 2014 as a proprietorship firm
and is currently managed by Mr. Tarik Ameer who has more than 2
decades of experience in construction industry. Tahir construction
is involved in civil construction and bids only from government
projects for water and sewage schemes. It has undertaken number of
contracts for Atal Mission For Rejuvenation and Urban
Transformation (AMRUT; Ministry of Housing and Urban Affairs,
Government of India) and Neer Nirmal Pariyojana (providing clean
drinking waters to villages).

THREE C: NCLT Rejects Resolution Plan; Set to be Liquidated
-----------------------------------------------------------
VCCircle.com reports that Three C Homes (3C) Private Limited, the
Delhi NCR based real estate developer once sought after by multiple
private equity investors, is headed for liquidation after the
bankruptcy tribunal rejected a proposed resolution offer, which was
less than 20% of the liquidation value.

According to VCCircle.com, the bankruptcy proceedings have been
underway at the New Delhi bench of the National Company Law
Tribunal (NCLT) since September 2019, on a plea by Arun Kumar
Sinha, one of the home buyers for the company's Lotus City project
in Greater Noida, Uttar Pradesh. In 2011, the project was sold to
over 512 homebuyers but did not kick start due to land disputes.

In June 2020, four prospective bidders showed interest -- East
India Udyog Limited, in a joint venture with Ashiana Housing
Limited; Noida-based Ace Infracity Developers Private Limited; N S
Software (a partnership between Rajdarbar Infotech Private Limited,
Sharada Erectors Private Limited and three individuals); and
Bengaluru-based developer RMZ Corp's former executive Harshavardhan
Reddy, VCCircle.com discloses.

Of the four, only the former two entities -- East India Udyog and
Ace Infracity Developers -- were considered eligible by the
resolution professional.

At the bidding stage in August last year, Ace Infracity Developers
offered INR180.34 crore, of which INR85 crore were sought to be
collected from the allottees, as per the order dated February 8,
2021. The developer said it would infuse around INR95 crore over a
period of two years, VCCircle.com relates.

The overall offer stood at one-fifth of the liquidation value of
INR480.70 crore.

Meanwhile, the admitted claims of the homebuyers (financial
creditors) stood at INR118 crore of the claimed INR128 crore,
VCCircle.com discloses.

Sinha, the petitioner, along with other homebuyers, disapproved of
the plan, stating that it offered 19.77% of the liquidation value,
says VCCircle.com. The NCLT bench favored the argument, stating
that the plan "seems to be totally inequitable, unjust and highly
objectionable as the resolution applicant is taking away the
corporate debtor at a value which is nothing but just a pittance".

VCCircle.com relates that the creditor also raised objections that
the resolution plan was non-compliant as it was based on
assumptions and did not meet the norms of the amendments made under
the Insolvency and Bankruptcy Code (IBC) and there was no provision
of payments to be made to dissenting creditors.

Accepting most objections and rejecting the Ace Infracity offer,
the insolvency tribunal ordered the liquidation of 3C Homes
stating, "In view of the reasons mentioned above, we are unable to
persuade ourselves that the resolution plan has any potential to
fulfill the dream of the homebuyers, which is just 19.77% of the
liquidation value of the corporate debtor," VCCircle.com reports.

VCCircle.com, citing a Times of India report, relates that Ace
Infracity's CMD has said that the company would move the National
Company Law Appellate Tribunal against the order with the backing
of 94% vote by the Committee of Creditors.

Part of the Three C Real Estate Group, Three C Homes (3C) was
started in 2011 with a mandate to develop residential, multi-storey
apartments and commercial projects, including information
technology (IT) parks and SEZs, schools, hospitals and exhibition
centres. Some of the group's more well known projects included
Lotus City, Green Boulevard, Oxygen Boulevard, Patni Knowledge
Center, Wipro Technologies and Wipro Campus.

Three C Homes (3C), led by Vidur Bharadwaj, Surpreet Suri and
Nirmal Singh, got into financial trouble after a law and order
dispute with farmers, since the launch in 2011, who did not allow
it to develop its projects, VCCircle.com recalls. The firm
subsequently failed to repay the money it had raised from
homebuyers.

VCCircle.com relates that the Three C Real Estate Group has been
actively courted by multiple private equity investors. In 2007,
Kotak India Real Estate Fund I picked up a 35% state in the group's
Green Boulevard project for INR65 crore. Kotak, according to a
report in Mint, sold its stake in 2012 via a promoter buyback.

In September 2013, real estate dedicated private equity firm Red
Fort Capital invested a INR365-crore in a Gurgaon-based township
project. Red Fort had previously also invested INR1,000 crore in
various projects by Lotus Green Developers, founded by Nirmal
Singh, one of the co-promoters of Three C Homes (3C).

In October 2014, VCCircle reported that private equity giant
Blackstone and RMZ Group were in the fray to acquire an office
asset of Three C Company (3C). In December 2014, it sealed a mega
deal with Blackstone and sold its IT park Oxygen Boulevard for
around INR650 crore. RMZ pulled out of the race over valuation
mismatch.

VELLAPALLY BROTHERS: CRISIL Assigns B+ Rating to INR7.50cr Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Vellapally Brothers (VB).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       16.55       CRISIL A4 (Assigned)

   Cash Credit           5.00       CRISIL B+/Stable (Assigned)

   Overdraft Facility    7.50       CRISIL B+/Stable (Assigned)

The ratings reflect the extensive industry experience of VB's
partners and moderate financial risk profile. These strengths are
partially offset by the company's susceptibility to tender-based
operations and working capital intensive operations

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to Tender-based Operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts. This may restrict operating
margins to a moderate level. Also, given the cyclicality inherent
in the construction industry, the ability to sustain profit margins
through operating efficiency becomes critical.

* Working Capital Intensive Operations: Gross current asset days
were between 341 and 401 days over the three fiscals ending March
31, 2020. The large working capital requirement arise from the
company's high debtor and inventory levels. The company is required
to extend long credit period to its customers. Furthermore, due to
the nature of operations, VB is required to hold large work in
process and inventory levels.

Strength:

* Extensive Industry Experience of the Partners: The partners at
Vellapally Brothers have an extensive experience in civil
construction industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

* Moderate Financial Risk Profile: VB's capital structure is marked
by gearing of 1.35 times and total outside liabilities to adjusted
tangible net worth (TOL/ANW) of 2.1 times for the year ending on
31st March 2020. VB's debt protection measures have been moderate
despite leverage due to sustained operating margins. The interest
coverage and net cash accrual to total debt (NCATD) ratio were at
2.08 times and 0.08 times for fiscal 2020. VB's debt protection
measures are expected to remain at similar levels over the medium
term.

Liquidity: Stretched

Bank limit utilisation was high at over 95% percent for the past
twelve months ending December 2020. Cash accruals along with
existing cash and bank balances are expected to be sufficient to
honour term debt obligations over the near term. The company has
availed interest moratorium on its bank sanctioned facilities for 6
months in FY2021. Current ratio was moderate at 1.2 times as on
March 31, 2020.

Outlook Stable

CRISIL Ratings believes that VB will continue to benefit from the
extensive experience of its partners, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Improvement in operating margins to over 12% and scale of
operations to over INR40 crore revenue per year, leading to higher
cash accruals.
* Improvement in working capital cycle, with gross current assets
improve to less than 200 days

Downward factor

* Decline in operating margins to less than 9% on a sustained
basis
* Any large debt-funded capital expenditure that weakens capital
structure
* A substantial increase in the company's working capital
requirements thus weakening its liquidity and financial risk
profile.

Established as a partnership firm in 1932, VB is engaged in
executing various construction activities such as construction of
colleges, schools, hospital, theatres and commercial buildings. The
firm is located in Kerala and is owned and managed by Mr. Mathew
Alex Vellapally, Ms. Bindhu Mathew Vellapally and Mr. Alex Mathew
Vellapally.


WEST COAST: CRISIL Withdraws B+ Rating on INR29cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn the rating on certain bank facility of
West Coast Logistics (WCL), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            29       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with WCL for
obtaining information through letters and emails dated December 31,
2019 and May 11, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WCL. This restricts CRISIL
Rating's ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on WCL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
WCL to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
WCL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank

WCL, based in Mumbai, was established in 2003 as a partnership firm
by Mr. Ashish Oberoi and his brother, Mr. Pankaj Oberoi. The firm
provides road transportation services and warehousing facility. WCL
has a fleet of 226 owned vehicles which includes trucks, single
axle, multi axle, LCVs, containerized vehicles, and trailers. It
has around 15 branches across India.



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

GARUDA INDONESIA: Told to Break Lease Over 12 Bombardier Aircraft
-----------------------------------------------------------------
The Jakarta Post reports that the State-Owned Enterprises (SOEs)
Ministry has ordered Garuda Indonesia to terminate its lease over
one dozen Bombardier CRJ1000 NextGen planes and return the aircraft
amid the flag carrier's ailing finances and a corruption probe that
has implicated the Canadian aircraft manufacturer.

The Jakarta Post relates that SOEs Minister Erick Thohir said on
Feb. 10 that Garuda was negotiating with the aircraft's lessor,
Denmark's Nordic Aviation Capital (NAC), on early termination of
its contract, slated to end in 2027.

According to The Jakarta Post, Erick said the 12 leased CRJ1000s
represented a major cost-cutting opportunity because Garuda found
the aircraft especially unprofitable during the COVID-19 pandemic
and because of the ongoing bribery investigation into the
aircraft's procurement.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.



=========
J A P A N
=========

UNIZO HOLDINGS: Under Pressure to Consider Filing for Bankruptcy
-----------------------------------------------------------------
The Financial Times reports that a Japanese real estate developer
that pulled off a $1.9 billion employee buyout with U.S. private
equity firm Lone Star is under pressure from a leading creditor to
consider filing for bankruptcy protection.

Unizo, which owned a portfolio including hotels and central Tokyo
office space, was at the centre of a 2019 bidding war between
SoftBank-backed Fortress and other potential buyers including
Blackstone and local property companies, having attracted
high-profile interest in a market where real estate assets are only
occasionally sold as a bloc, the FT recalls.

The FT relates that Lone Star eventually emerged as the winner last
year but the saga made headlines because of a governance outcry
over the handling of the rival bids by Unizo, and was all the more
surprising for having initially been triggered by an extremely rare
domestic hostile bid.

In a letter sent last week to Unizo and Lone Star, Asia Research
and Capital Management (ARCM), a $3 billion hedge fund based in
Hong Kong, said it had reason to believe that the company was
likely insolvent, even accounting for the assets it still owns
after it sold most of its prime real estate portfolio, according to
the FT.

"Creditors, including ARCM, are at substantial risk of suffering
material damage unless immediate action is taken to remedy this
situation," the fund said, estimating that Unizo had about 100
creditors including Japanese regional banks, the FT relays.

ARCM owns JPY4.7 billion ($45 million) of Unizo bonds. Shares in
the group were delisted last year as part of the Lone Star-backed
buyout via a new entity formed by employees called Chitocea
Investment.

Part of the bitterness surrounding the Unizo saga relates to its
history as a property offshoot of the Japanese bank Mizuho, and the
tense relationship between the two, the FT says. The creditors'
campaign has revealed that a number of already fragile regional
banks with ties to Mizuho are exposed to a potential Unizo
default.

Echoing concerns that had already surfaced in the credit market,
ARCM also alleged that Unizo may not have enough capital to repay
its bondholders, having provided JPY216 billion in short-term loans
to Chitocea. That money, it said, appears to have been used to pay
Lone Star for financing and preferred shares in early October, the
FT relates.

Unizo declined to comment on the letter, but added the company was
not insolvent, the FT relays. Lone Star, which stepped down from
Chitocea's board in mid-January, also declined to comment.

According to the FT, ARCM has demanded that Unizo provide evidence
of Chitocea's ability to pay back the loans by Feb. 22. If the
loans cannot be recovered, the fund said the company should
consider entering court insolvency proceedings. This would be a
very unusual step by an activist bondholder in Japan, and could set
legal precedent, said people directly involved, the FT relays.

Market concerns about Unizo's finances had grown after the Japan
Credit Rating Agency took the unusual step of downgrading the
company's rating twice in December to junk status, the FT notes.

Unizo's latest financial figures show its cash and deposits shrank
from JPY163 billion at the end of March 2020 to JPY55 billion by
the end of September, the FT discloses. It also reported it had
sold all of its real estate assets - with a book value of JPY143
billion - that were on the market. The proceeds were used to
provide loans to Chitocea.

UNIZO Holdings Company, Limited is a holding company, which manages
operations for its subsidiaries. Group companies operate leasing
office buildings and managing golf course and hotel.



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

ARCADIA GROUP: To Close Down Topshop Stores in the Philippines
--------------------------------------------------------------
MSN reports that a representative from Topshop's franchise holder
in the Philippines confirmed on February 15 that Arcadia-owned
retail brands Topshop, Topman, Dororthy Perkins, and Burton will be
closing down all their stores in the Philippines. The
representative noted that all branches will be completely closed
down by April, MSN says.

In early February, it was reported that online fashion retailer
ASOS purchased Topshop and Topman from Arcadia while Boohoo,
another e-commerce platform, purchased Dorothy Perkins and Burton,
MSN recalls. The Guardian noted that the purchasing deals do not
include Arcadia's physical stores or warehouses, leaving thousands
of jobs at risk worldwide, MSN relates. Boohoo stated that they had
agreed to buy only "the e-commerce and digital assets and
associated intellectual property rights, including customer data,
related business information, and inventory."

Topshop was founded in 1964 and by 2015, had 510 stores across 58
countries. Along with its male counterpart Topman, the brand has
long been known for their irreverent and forward-thinking approach
to fashion trends, once recognized for being at the forefront of
what is known in Britain as "high street fashion" or fashion
readily available for purchase in cities and commercial areas, MSN
says. However, the brand struggled as they entered the 2010s with
more and more retailers turning to online operations to meet
consumer needs—a vital strategy that many businesses have used to
stay afloat amidst COVID-19 pandemic.

MSN relates that Topshop's sister brand Dorothy Perkins is geared
more towards classic and versatile fashion finds made for every day
while menswear brand Burton is known for stylish but functional
men's clothing, both formal and casual.

                        About Arcadia Group

Arcadia Group Limited is the UK's largest privately owned fashion
retailer with seven major high street brands: Burton, Dorothy
Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis, along
with its out-of-town fashion destination Outfit.

On Nov. 30, 2020, Matthew David Smith, Daniel Francis Butters and
Robert Scott Fishman of Deloitte LLP were appointed as Joint
Administrators of Arcadia Group.

Matthew David Smith, Daniel Francis Butters and Daniel James Mark
Smith of Deloitte LLP were appointed as Joint Administrators of
A.G. Clothing Limited, Arcadia Group Fashion Holdings Limited, Top
Shop/Top Man Properties Limited, Miss Selfridge Properties Limited,
Evans Retail Properties Limited, Wallis Retail Properties Limited,
Outfit Retail Properties Limited, Burton/Dorothy Perkins Properties
Limited, Redcastle (Holdings) Ltd, Redcastle Finance Ltd, Redcastle
(TCR) Ltd, Redcastle (TS/TM) Ltd, Redcastle (Freeholds) Ltd and
Redcastle Ltd on Nov. 30, 2020.

Matthew David Smith, Daniel Francis Butters and Gavin Maher of
Deloitte LLP were appointed as Joint Administrators of Zoom.CO.UK
Limited, Arcadia Group Brands Limited, Top Shop/Top Man Limited,
Top Shop/Top Man (Wholesale) Limited, Top Shop/Top Man (Germany)
Limited, Top Shop/Top Man (Trinity) Limited, Miss Selfridge Retail
Limited, Dorothy Perkins Trading Limited, Burton Trading Limited,
Evans Retail Limited, Wallis Retail Limited and Outfit Retail
Limited on Nov. 30, 2020.



===============
T H A I L A N D
===============

THAILAND: Economy Shrinks Most Since 1997 on Tourism Collapse
-------------------------------------------------------------
Channel News Asia reports that Thailand's pandemic-shattered
economy suffered its worst full-year performance in more than two
decades, data showed Feb. 15, with officials citing the toll of
both a gutted tourism industry and ongoing political upheaval.

Last year's 6.1 per cent contraction was the worst since a 7.6 per
cent decline during the Asian financial crisis in 1997 and
officials said they expect the economy to expand at a much slower
pace than initially predicted in 2021, CNA says.

CNA relates that the downgrade - to 2.5 to 3.5 per cent growth from
a previous estimate of 3.5 to 4.5 per cent - came despite a slight
improvement in the final three months of the year.

"It has rebounded from the previous quarter due to the government's
stimulus package that boosted spending," the report quotes Danucha
Pichayanan, the secretary general of the Office of the National
Economic and Social Development Council (NESDC), as saying at a
news conference.

Although the kingdom was largely spared the worst of the virus,
pandemic-spurred partial lockdowns have hit the economy hard, the
report states.

Thailand has registered more than 24,500 COVID-19 cases, with a
jump of about 20,000 infections since late last year, after a
second wave that stemmed from the country's largest seafood market,
CNA discloses.

According to CNA, some 40 million tourists had been expected to
arrive in 2020, but as international travel ground to a trickle,
their absence hammered the country's services sector, bruising
entertainment, retail, hotels and restaurants.

CNA says the kingdom's freefalling economy has been a factor in the
youth-led protest movement that is calling for premier Prayut
Chan-O-Cha's resignation, constitutional reform and changes to the
once-untouchable monarchy.

Asked about the political climate, Danucha implied it was
delivering a further blow.

"The Thai economy relies on investment and exports. The political
situation will affect investors' confidence," he said, CNA relays.

The country's economy was struggling even before the pandemic,
which laid bare the deep inequality between the haves and have-nots
of Thai society, adds CNA.



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

[*] BOND PRICING: For the Week Feb. 8, 2021 to Feb. 12, 2021
------------------------------------------------------------
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
CLEAN SEAS SEAFOOD LTD      8.00    11/18/22       AUD       1.06
CLIME CAPITAL LTD/FUND      6.25    11/30/21       AUD       0.98
GLENNON SMALL COS LTD       5.60    09/30/30       AUD      10.43
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.30
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.50
VIRGIN AUSTRALIA HOLDIN     8.25    05/30/23       AUD       8.39
VIRGIN AUSTRALIA HOLDIN     8.08    03/05/24       AUD       9.39
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.42
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.63
VIRGIN AUSTRALIA HOLDIN     8.00    11/26/24       AUD       5.02


   CHINA
   -----

AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.56
AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.63
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.15
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.24
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      37.70
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      39.28
AN SHUN YU KUN REAL EST     5.48    11/10/21       CNY      39.99
ANHUI HUAAN FOREIGN ECO     7.30    07/13/21       CNY      70.01
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.09
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.22
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      20.14
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      24.57
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      59.84
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      60.03
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.69
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.70
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.50
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.73
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.00
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.66
ANQIU HUAAN STATE OWNED     7.00    09/14/24       CNY      75.00
ANSHUN CITY CONSTRUCTIO     7.30    09/15/24       CNY      59.18
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.19
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.53
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      57.02
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      58.74
BANK OF CHINA LTD/PARIS     0.95    09/21/23       USD      50.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.12
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      40.08
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      45.50
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      59.94
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      60.17
BAYAN ZHUOER HETAO WATE     8.54    03/31/22       CNY      30.70
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.06
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.35
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      38.68
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      40.00
BEIJING CAPITAL DEVELOP     6.50    02/27/21       CNY      20.05
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.19
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.37
BEIJING CULTURAL INVEST     5.10    04/28/22       CNY      67.00
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.10
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.26
BEIJING HAIDIAN STATE-O     5.40    12/26/21       CNY      64.10
BEIJING HAIDIAN STATE-O     5.20    03/08/22       CNY      63.58
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      20.31
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      23.87
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.18
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.20
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.13
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.20
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      60.51
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      61.22
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.00
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.11
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      19.76
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      20.00
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      40.24
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      45.65
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      57.22
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      58.70
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      54.02
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      59.21
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      20.01
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      30.00
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      57.71
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      58.32
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.00
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.26
BOHAI LEASING CO LTD        7.00    06/20/21       CNY      50.00
BOHAI LEASING CO LTD        7.00    09/10/21       CNY      56.20
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      39.00
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      40.04
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      59.41
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      60.27
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.52
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.66
BRILLIANCE AUTO GROUP H     5.30    10/23/20       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    01/22/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    03/13/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    04/18/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    06/03/22       CNY      68.50
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     6.30    09/14/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      59.80
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    03/20/24       CNY      54.80
BRILLIANCE AUTO GROUP H     5.80    06/17/24       CNY      60.78
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.00
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.41
CEFC SHANGHAI INTERNATI     4.98    12/10/20       CNY      61.29
CEFC SHANGHAI INTERNATI     4.08    09/09/21       CNY      60.00
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.82
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.87
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.33
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.50
CHANGDE DE YUAN SHANTY      5.33    09/13/23       CNY      66.41
CHANGDE ECONOMIC CONSTR     7.00    03/24/21       CNY      20.08
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      39.91
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      40.00
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.21
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.26
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      39.87
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      40.41
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA ECONOMIC & TEC     8.45    04/13/22       CNY      30.52
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.26
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.67
CHANGSHA METRO GROUP CO     6.20    04/23/23       CNY      46.35
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.41
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.60
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      70.00
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      72.67
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.00
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.56
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      39.82
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      40.10
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.03
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.13
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.04
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.30
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      20.12
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      24.00
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.92
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.98
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.00
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.16
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      40.49
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      47.32
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      20.20
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      27.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      19.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      20.27
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.00
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.49
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.39
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.40
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.18
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.42
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      40.68
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      42.10
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      20.22
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      26.00
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      59.76
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      60.20
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.11
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.45
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      40.44
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      48.83
CHENGDU SHUZHOU CITY CO     6.58    05/26/22       CNY      40.26
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      40.51
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      58.72
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      59.45
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      20.11
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      21.00
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.57
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.60
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      20.16
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      21.37
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      19.66
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      20.00
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.01
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.88
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      39.33
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      59.76
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      39.82
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      48.60
CHENZHOU WENLV INDUSTRY     5.34    11/28/23       CNY      59.51
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      67.73
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      73.48
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      58.92
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      59.00
CHINA FORTUNE LAND DEVE     5.80    05/23/22       CNY      28.00
CHINA FORTUNE LAND DEVE     5.00    05/30/22       CNY      68.15
CHINA FORTUNE LAND DEVE     5.50    03/23/25       CNY      27.50
CHINA FORTUNE LAND DEVE     5.17    04/20/25       CNY      25.00
CHINA OCEANWIDE HOLDING     8.90    12/13/21       CNY      62.00
CHINA SECURITY CO LTD       4.45    11/11/19       CNY      31.00
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.36
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.44
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.58
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.67
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      56.91
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      57.48
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.00
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      39.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      40.21
CHONGQING BAYUAN CONSTR     4.99    08/16/23       CNY      57.76
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.92
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.96
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.13
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.17
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.00
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.04
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.00
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.19
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      59.73
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      60.05
CHONGQING FULING DISTRI     7.89    03/20/21       CNY      20.09
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      40.28
CHONGQING GAOXIN ZONE D     7.80    04/25/21       CNY      20.21
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      20.28
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.00
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.06
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      20.30
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      21.00
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.56
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.67
CHONGQING JIANGBEIZUI C     6.50    07/21/21       CNY      20.18
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      56.76
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      57.59
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.85
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.89
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.10
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.26
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.18
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.29
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.06
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.10
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.03
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.60
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.15
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.45
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.70
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.88
CHONGQING LIANGJIANG NE     5.88    09/16/21       CNY      20.29
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.44
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.47
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      58.94
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      59.04
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.00
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.04
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.03
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.28
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      19.90
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      26.25
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      20.13
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      21.70
CHONGQING TEA GARDEN IN     7.70    05/20/21       CNY      20.11
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.00
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.35
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      39.69
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      40.00
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      20.09
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      23.90
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      20.12
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      25.00
CHONGQING WANSHENG ECO      5.40    11/18/21       CNY      39.43
CHONGQING WANZHOU SANXI     4.95    08/25/22       CNY      40.18
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      20.33
CHONGQING XIYONG MICRO-     6.58    07/25/21       CNY      22.33
CHONGQING YONGCHUAN HUI     7.28    05/30/21       CNY      20.18
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      40.54
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.18
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.76
CHONGQING YUZHONG STATE     7.25    02/26/21       CNY      20.08
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      40.35
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      44.55
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.83
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.94
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.00
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.33
CHUZHOU CITY CONSTRUCTI     6.30    11/30/21       CNY      30.58
CITIC GUOAN GROUP CORP      4.90    11/06/19       CNY      18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19       CNY      18.25
CITIC GUOAN GROUP CORP      4.23    12/15/20       CNY      18.25
CITIC GUOAN GROUP CORP      4.49    03/08/21       CNY      89.00
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      20.25
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      28.80
CULTURAL INVESTMENT HOL     5.45    10/26/22       CNY      55.00
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      58.31
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      59.17
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.00
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.04
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      40.05
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      59.82
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      59.61
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      60.00
DALIAN RONGDA INVESTMEN     5.69    12/05/21       CNY      20.28
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN SHITAI CITY CONS     7.09    02/20/21       CNY      19.93
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      56.61
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      57.32
DANDONG PORT GROUP CO L     5.50    01/27/21       CNY      59.00
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.38
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.45
DANGYANG XINYUAN INVEST     7.99    05/23/21       CNY      20.00
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      59.28
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      60.35
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      39.76
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      40.00
DANYANG INVESTMENT GROU     3.99    01/25/23       CNY      39.80
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.23
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.31
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      70.88
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      74.43
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      20.03
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      23.53
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      58.47
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      59.12
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.15
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.39
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.00
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.37
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.00
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.19
DAZHOU INVESTMENT CO LT     3.99    11/04/26       CNY      74.85
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      20.10
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      40.15
DEQING CONSTRUCTION INV     3.60    11/11/23       CNY      58.63
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      59.97
DEYANG ECONOMIC DEVELOP     7.90    04/28/21       CNY      20.11
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      40.78
DONGTAI STATE-OWNED ASS     3.04    11/16/23       CNY      57.13
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      20.11
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      28.48
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      40.28
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      41.58
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      59.94
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      60.05
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      37.30
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      39.16
DUNYUN STATE-OWNED ASSE     6.60    12/28/22       CNY      40.26
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      20.24
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      27.54
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      57.94
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      58.57
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      20.18
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      26.50
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.23
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.53
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.10
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.50
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.39
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.61
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      60.07
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      61.24
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      58.53
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      59.44
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      39.83
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      40.00
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.00
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.06
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      58.83
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      59.12
FUGUINIAO CO LTD            6.30    04/22/20       CNY      13.00
FUJIAN FUSHENG GROUP CO     7.90    11/19/21       CNY      60.00
FUJIAN FUSHENG GROUP CO     7.90    12/17/21       CNY      70.99
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.25
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.65
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.71
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.86
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.00
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.44
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.00
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.48
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      20.35
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      21.15
FUQING CITY STATE-OWNED     6.66    03/01/21       CNY      25.02
FUQING CITY STATE-OWNED     5.94    11/26/22       CNY      40.89
FUXIN INFRASTRUCTURE CO     6.18    03/18/22       CNY      39.74
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.06
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.81
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23       CNY      59.18
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.41
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.44
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.00
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.50
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.48
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.55
GANSU PROVINCIAL HIGHWA     6.58    09/24/22       CNY      72.38
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.00
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.71
GANZHOU DEVELOPMENT INV     8.10    12/11/23       CNY      64.65
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      19.00
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      20.02
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.89
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.96
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.00
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.38
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      59.28
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      60.00
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.21
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.35
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.58
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.59
GOOCOO INVESTMENT CO LT     8.00    02/01/21       CNY      50.00
GOTION HIGH-TECH CO LTD     6.50    04/13/23       CNY      61.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      40.35
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      44.00
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.49
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.50
GUANGAN TRANSPORTATION      5.39    12/01/23       CNY      60.48
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.25
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.37
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGRAO COUNTY ECONOMI     3.61    09/08/23       CNY      59.27
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      20.10
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.00
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.14
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      20.01
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      24.77
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      20.11
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      23.00
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      20.05
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      21.15
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      20.20
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      27.00
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.50
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.52
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.54
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.65
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      60.00
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      62.78
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.63
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.70
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.00
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.06
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      58.87
GUIXI CITY CONSTRUCTION     4.18    08/18/23       CNY      58.97
GUIYANG BAIYUN CITY CON     4.75    09/13/26       CNY      74.85
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      40.06
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      45.00
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.64
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.70
GUIYANG GUANCHENG INDUS     7.50    12/25/22       CNY      70.95
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.13
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.34
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      58.86
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      59.00
GUIYANG URBAN CONSTRUCT     5.23    12/02/22       CNY      39.85
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      38.47
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      40.31
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      40.03
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      41.00
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.44
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.71
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.53
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.57
GUIZHOU LIUPANSHUI PAND     7.30    07/24/24       CNY      60.01
GUIZHOU RAILWAY INVESTM     7.20    03/27/22       CNY      40.73
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      60.60
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      62.99
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      54.41
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      56.52
GUIZHOU SHUICHENG WATER     8.00    11/27/25       CNY      61.00
GUIZHOU XINDONGGUAN CIV     7.70    09/05/24       CNY      70.05
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      58.43
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      59.80
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.47
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.65
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.16
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.31
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.53
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.88
HAICHENG URBAN JINCAI L     8.17    04/16/21       CNY      20.06
HAICHENG URBAN JINCAI L     5.37    08/10/23       CNY      59.85
HAIFENG MARINE INFRASTR     6.84    04/29/22       CNY      40.35
HAIKOU MEILAN INTERNATI     5.25    09/06/19       USD      46.65
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      40.67
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      42.20
HAINAN AIRLINES HOLDING     6.20    05/24/21       CNY      45.00
HAINING CITY DEVELOPMEN     5.58    10/22/21       CNY      20.31
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.17
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.75
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      56.93
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      57.29
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      58.86
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      59.38
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      40.63
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      47.20
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.00
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.19
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      20.22
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      29.00
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.02
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.21
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.35
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.40
HANGZHOU METRO GROUP CO     5.97    09/17/24       CNY      62.65
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      59.98
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      60.58
HANGZHOU XIAOSHAN ECO&T     6.90    05/13/21       CNY      20.17
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.14
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.23
HANGZHOU YUHANG CITY CO     7.00    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.75
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      20.18
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      21.85
HAWTAI MOTOR GROUP LTD      7.20    04/14/21       CNY      60.00
HAWTAI MOTOR GROUP LTD      6.10    10/26/21       CNY      74.00
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.84
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.89
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      39.74
HECHI CITY CONSTRUCTION     5.58    11/13/22       CNY      42.42
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.21
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.39
HEFEI CONSTRUCTION INVE     7.20    04/29/24       CNY      63.55
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.36
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.63
HEILONGJIANG HECHENG CO     5.60    11/11/21       CNY      20.01
HEILONGJIANG HECHENG CO     7.05    06/21/22       CNY      30.34
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.28
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.63
HENAN ENERGY & CHEMICAL     6.98    11/02/21       CNY      37.87
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.40
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.80
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      19.97
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      24.50
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      40.00
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      59.78
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      20.13
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      21.10
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.21
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.68
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.65
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.71
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.10
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.38
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      20.28
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      25.88
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.10
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.95
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      20.14
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      21.00
HNA GROUP CO LTD            7.10    04/15/20       CNY      70.00
HNA GROUP CO LTD            5.99    11/27/22       CNY      29.10
HONGHEZHOU DEVELOPMENT      5.90    07/12/24       CNY      71.00
HUACHEN ENERGY CO LTD       6.63    05/18/20       USD      34.50
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.00
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.20
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      40.65
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      41.54
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.44
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.81
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      20.07
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      27.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      57.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      59.01
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.69
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.74
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.00
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.04
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      20.30
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      27.50
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.49
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.70
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      39.96
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      40.00
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.24
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.26
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      39.95
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      40.10
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      59.85
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      59.95
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23       CNY      59.99
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      63.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.52
HUAWEN MEDIA GROUP          5.45    11/08/22       CNY      72.07
HUAWEN MEDIA GROUP          6.00    04/04/23       CNY      45.10
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      40.47
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      42.40
HULUDAO INVESTMENT GROU     7.50    10/18/23       CNY      46.09
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      39.92
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      40.36
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      20.21
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      22.25
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.50
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.55
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      18.60
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      20.10
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.51
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.70
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.39
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.58
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.87
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.94
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      57.90
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      58.64
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.14
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.18
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      39.21
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      47.00
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      56.56
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      58.32
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      70.00
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      72.85
HUNAN SENTE INDUSTRIAL      6.90    11/28/24       CNY      40.00
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.31
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.45
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.06
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.30
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      57.93
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      58.87
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.00
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.14
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.90
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.91
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      20.24
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      22.38
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.00
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.15
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.50
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.51
INNER MONGOLIA KE'ERQIN     6.50    03/11/22       CNY      39.21
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      39.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      40.00
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      20.10
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      24.00
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      20.41
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      22.10
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.21
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.87
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      58.90
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      59.93
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      20.21
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      26.50
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      59.89
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      60.08
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      59.45
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      61.00
JIANGDONG HOLDING GROUP     7.14    04/24/21       CNY      20.15
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      40.55
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      41.10
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.47
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.73
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.97
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.99
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.29
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.59
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.44
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.45
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      59.95
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      61.51
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.20
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.51
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.69
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.72
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.13
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.80
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.00
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.21
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.85
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.86
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.18
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.25
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.00
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.16
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      20.12
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      28.80
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      29.72
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      30.00
JIANGSU SUHAI INVESTMEN     7.28    05/29/21       CNY      20.10
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      20.14
JIANGSU WUZHONG ECONOMI     5.49    11/19/21       CNY      20.21
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      40.67
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      40.41
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      47.50
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.67
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.69
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      20.15
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      30.19
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.00
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.12
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      56.30
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      58.41
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      39.38
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      40.00
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      29.61
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      40.08
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.12
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.62
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      20.23
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      29.34
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.10
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.37
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.05
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.31
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      20.17
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      22.75
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      39.42
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      41.00
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      39.91
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      42.86
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.35
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.87
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      20.09
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      21.13
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.04
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.07
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.53
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.73
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      58.12
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      59.53
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      40.41
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      60.00
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      61.67
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      80.44
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.00
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.05
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.27
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.30
JILIN CITY CONSTRUCTION     3.80    01/27/23       CNY      59.06
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      59.40
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      60.18
JILIN NORTHEAST SOCK IN     7.50    05/19/22       CNY      71.02
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      19.85
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      20.05
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.08
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.26
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      39.69
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      40.41
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.20
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.22
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.00
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.46
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.00
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.15
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      39.84
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      40.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.01
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.65
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.77
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.00
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.57
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      39.80
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      40.13
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      58.87
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      59.01
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      58.70
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      59.78
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.70
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.82
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      20.33
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      21.33
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.71
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.99
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      40.09
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      44.44
JINING CITY SHIZHONG DI     3.52    09/14/23       CNY      58.99
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      40.55
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      41.50
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      58.78
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      59.19
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      58.90
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      59.42
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.88
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.93
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      19.96
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      24.91
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      20.04
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      25.00
JISHOU HUATAI STATE OWN     7.18    02/09/22       CNY      40.17
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      40.51
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.36
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.52
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.11
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.54
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.03
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.60
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      19.88
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      20.85
JIZHONG ENERGY GROUP CO     6.05    08/13/22       CNY      59.77
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.10
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.11
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      38.50
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      59.86
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.30
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.39
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      38.53
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      40.00
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.70
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.97
KANGMEI PHARMACEUTICAL      6.28    03/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.10    03/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      5.50    04/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      7.00    06/21/21       CNY      18.95
KANGMEI PHARMACEUTICAL      6.80    06/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.33    01/27/22       CNY      36.69
KANGMEI PHARMACEUTICAL      5.20    07/17/22       CNY      20.34
KANGMEI PHARMACEUTICAL      5.29    08/16/22       CNY      20.13
KANGMEI PHARMACEUTICAL      5.47    09/15/22       CNY      20.13
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.00
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.33
KUNMING DONGJUN REAL ES     4.50    11/02/21       CNY      24.75
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      20.24
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      25.45
KUNSHAN HIGH TECHNOLOGY     7.10    03/26/21       CNY      20.10
LAIWU CITY ECONOMIC DEV     7.08    02/28/21       CNY      20.06
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      19.79
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      39.99
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      40.33
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      58.69
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      59.30
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      20.16
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      20.15
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      25.00
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      59.28
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.74
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.82
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      60.11
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      59.00
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      60.54
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY       3.63
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY      10.99
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.65
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.80
LIAONING YAODU DEVELOPM     6.50    04/29/23       CNY      60.60
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      38.84
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      39.97
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.39
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.49
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.14
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.69
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      39.93
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      40.50
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      38.38
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      39.57
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      52.88
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      59.56
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.24
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.37
LIUYANG URBAN CONSTRUCT     6.98    08/22/21       CNY      20.38
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.36
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.41
LIUZHOU CITY INVESTMENT     7.18    12/31/22       CNY      30.12
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.03
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.09
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.81
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.83
LIUZHOU LONGJIAN INVEST     8.28    04/30/24       CNY      61.99
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      18.00
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      20.22
LONGHAI STATE-OWNED ASS     6.58    08/15/21       CNY      20.20
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.45
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.60
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      20.14
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      30.31
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      19.95
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      20.00
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.60
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.75
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.42
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.51
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.36
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.72
LU'AN CITY CONSTRUCTION     3.97    02/22/21       CNY      50.03
LU'AN CITY CONSTRUCTION     5.05    04/26/21       CNY      50.17
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.00
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.61
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.26
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.54
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.00
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.28
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.26
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.27
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      70.00
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      73.70
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.37
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.73
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      20.16
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      23.00
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      59.09
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      60.40
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      40.21
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      44.99
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.46
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.60
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.41
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.69
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.04
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.71
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.00
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.05
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.39
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.54
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.17
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.23
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      40.48
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      45.32
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.00
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.13
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      40.00
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      45.00
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
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      59.40
NANCHANG ECONOMY TECHNO     3.83    09/22/23       CNY      59.48
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      39.99
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      40.18
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      20.11
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      31.20
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      59.90
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      60.07
NANJING HEXI NEW TOWN A     3.47    06/17/21       CNY      40.01
NANJING HEXI NEW TOWN A     3.20    07/22/21       CNY      39.76
NANJING JIANGNING ECONO     7.94    04/14/24       CNY      64.04
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.46
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.66
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.00
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.12
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      20.23
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      21.29
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.03
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.50
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      59.94
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      60.65
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.40
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.76
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      59.67
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      60.23
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      45.96
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      46.10
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      20.13
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      26.80
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      55.20
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      59.29
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.01
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.41
NANNING LVGANG CONSTRUC     7.30    06/27/21       CNY      19.64
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     7.15    04/18/21       CNY      20.07
NANTONG CHONGCHUAN URBA     7.15    04/18/21       CNY      25.40
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      70.00
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      71.22
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.79
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.85
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      59.44
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      60.13
NANTONG HIGH TECHNOLOGY     5.00    10/19/22       CNY      40.38
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      40.36
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      60.27
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      61.14
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      59.86
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      62.05
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.17
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.29
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      20.10
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      28.53
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.64
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.68
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      36.36
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      39.60
NEOGLORY HOLDING GROUP      8.10    11/23/18       CNY      72.00
NEOGLORY HOLDING GROUP      8.00    09/25/20       CNY      60.00
NEOGLORY HOLDING GROUP      8.00    10/22/20       CNY      56.00
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      20.07
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      26.30
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.32
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.36
NINGBO ECONOMIC & TECHN     7.09    04/21/21       CNY      20.15
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      20.22
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.20
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.70
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.20
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.52
NINGXIANG ECONOMIC TECH     8.20    04/16/21       CNY      20.15
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      59.63
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      60.00
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.20
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.53
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      58.89
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      59.02
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.12
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.19
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.02
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.76
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      56.98
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      59.33
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.06
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.32
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.00
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.70
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.18
PEKING UNIVERSITY FOUND     6.20    05/31/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.15    07/23/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    09/12/20       CNY      11.00
PEKING UNIVERSITY FOUND     4.80    07/26/21       CNY      11.00
PEKING UNIVERSITY FOUND     6.10    08/22/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.99    11/02/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.80    01/28/22       CNY      11.00
PEKING UNIVERSITY FOUND     6.68    08/09/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.50    11/16/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    03/04/24       CNY      11.00
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      57.19
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      58.09
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.51
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.58
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.10
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.66
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      36.00
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      40.46
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.00
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.14
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.12
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.51
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.01
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.54
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.00
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.15
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      20.20
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      22.46
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      39.49
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      40.00
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.21
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      40.34
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      46.90
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.20
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.78
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.88
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.98
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.17
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.35
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      39.96
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      40.00
QIANNANZHOU INVESTMENT      6.43    03/09/22       CNY      39.58
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.05
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.83
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.60
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.81
QIDONG COMMUNICATIONS I     4.00    03/18/23       CNY      59.75
QIDONG STATE-OWNED ASSE     7.30    11/20/22       CNY      31.01
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      59.30
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      60.05
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.20
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.46
QIDONG URBAN CONSTRUCTI     7.90    04/28/21       CNY      20.14
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.51
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.61
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.17
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.20
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      20.13
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      21.13
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      20.35
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      21.30
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      20.29
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      21.00
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      20.08
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      28.79
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      59.57
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      60.20
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      59.68
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      60.08
QINGHAI PROVINCIAL INVE     7.25    02/22/20       USD      29.41
QINGHAI PROVINCIAL INVE     7.88    03/22/21       USD      30.00
QINGHAI PROVINCIAL INVE     6.40    07/10/21       USD      31.16
QINGHAI STATE-OWNED ASS     5.90    12/17/22       CNY      56.00
QINGHAI STATE-OWNED ASS     5.40    05/21/23       CNY      30.45
QINGHAI STATE-OWNED ASS     6.38    08/14/28       CNY      44.63
QINGHAI STATE-OWNED ASS     7.20    11/25/28       CNY      44.63
QINGHAI STATE-OWNED ASS     6.70    10/10/29       CNY      44.63
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGZHOU HONGYUAN PUBLI     7.59    05/29/21       CNY      20.06
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      59.19
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      60.11
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      20.15
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      21.28
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      57.57
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      58.39
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.36
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.80
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      59.90
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      60.11
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      39.67
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      41.95
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      20.13
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      22.55
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      19.92
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      20.04
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.44
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.92
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      20.19
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      23.42
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.24
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.25
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.39
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.41
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      40.81
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      41.09
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.00
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.14
REWARD SCIENCE AND TECH     5.53    07/05/21       CNY      29.10
REWARD SCIENCE AND TECH     6.40    03/03/22       CNY      70.00
RIGHT WAY REAL ESTATE D     8.00    07/15/21       CNY      43.89
RIZHAO CITY CONSTRUCTIO     3.98    12/07/22       CNY      39.63
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      20.17
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      25.90
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 JINXIN TR     3.80    07/26/23       CNY      59.45
RUDONG COUNTY JINXIN TR     3.80    07/26/23       CNY      59.62
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.73
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.77
RUDONG COUNTY KAITAI CI     4.57    01/08/23       CNY      39.88
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.50
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.66
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.53
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.88
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      59.87
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      60.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.05
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      59.79
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      60.23
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      59.94
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      60.69
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     6.30    09/16/21       CNY      25.12
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.18
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.20
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.00
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.26
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.00
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.69
SANMING TRANSPORTATION      3.68    03/29/23       CNY      59.53
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      20.38
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      27.00
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.33
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.35
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      19.80
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      20.06
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      20.12
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      23.10
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      39.83
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      41.01
SHANDONG BORUN INDUSTRI     6.50    11/02/21       CNY      33.24
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.58
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.62
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.36
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.37
SHANDONG FUYU CHEMICAL      7.70    09/18/22       CNY      70.00
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      40.50
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      42.45
SHANDONG HONGHE HOLDING     8.50    06/23/21       CNY      20.29
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     6.20    05/30/21       CNY       9.50
SHANDONG SNTON GROUP CO     5.18    09/08/21       CNY       8.52
SHANDONG TAIYANG INDUST     5.97    03/02/21       CNY      42.70
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.00
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.12
SHANDONG WANTONG PETROL     7.97    11/29/21       CNY       0.20
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.17
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.75
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      24.99
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      25.75
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.55
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.79
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.30
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.60
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.31
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.33
SHANGHAI PUTAILAI NEW E     5.50    03/19/21       CNY      66.67
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      39.40
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      40.03
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.02
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.22
SHANTOU CITY CONSTRUCTI     8.57    03/23/22       CNY      30.88
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.50
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.55
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      70.29
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.56
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.68
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      40.08
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      43.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.51
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      40.75
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      48.00
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.22
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.48
SHAOXING JINGHU NEW DIS     6.13    04/30/22       CNY      40.57
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.17
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.26
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.00
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.45
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.00
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.44
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      20.16
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      23.90
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      59.73
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      60.13
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      20.26
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      21.15
SHAOYANG BAOQING INDUST     5.78    07/04/26       CNY      69.31
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      58.94
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      59.74
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.39
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.59
SHENMU CITY STATE-OWNED     7.28    06/23/21       CNY      20.22
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      40.37
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      38.00
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      39.71
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      20.02
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      27.50
SHENZHEN METRO GROUP CO     5.40    03/25/23       CNY      45.38
SHENZHEN METRO GROUP CO     6.75    01/24/24       CNY      46.80
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.00
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.50
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      40.60
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      47.20
SHIJIAZHUANG URBAN CONS     6.55    03/09/21       CNY      40.24
SHISHI CITY CONSTRUCTIO     6.10    05/04/22       CNY      40.62
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.11
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.35
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.00
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.31
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      69.72
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      70.00
SHIZHU TUJIA HONGSHENG      7.00    11/13/24       CNY      64.00
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.67
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.68
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.00
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.12
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      40.20
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      46.00
SICHUAN COAL GASIFICATI     7.00    04/18/23       CNY      59.65
SICHUAN COAL GASIFICATI     7.00    12/14/23       CNY      61.23
SICHUAN COAL INDUSTRY G     7.70    01/09/18       CNY      45.00
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.54
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.81
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      59.74
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      60.48
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      19.98
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      20.00
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      58.94
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      60.15
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      40.28
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      48.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.30
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.35
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.31
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.92
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      40.56
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      59.52
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.00
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.29
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      19.86
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      20.78
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      20.14
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      27.82
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.16
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.25
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      39.95
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      40.00
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      39.78
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      44.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      57.32
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      59.15
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.00
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.18
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      57.97
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      58.02
SUINING ROUGANG INVESTM     5.65    01/24/24       CNY      58.93
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.17
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.71
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.07
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.08
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      20.30
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      21.20
SUIZHOU YULONG WATER SU     6.10    03/28/23       CNY      60.05
SUNING.COM CO LTD           5.00    03/13/23       CNY      65.00
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      60.70
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      61.34
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.00
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.05
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.36
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.76
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.25
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.45
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.60
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.72
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      20.08
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      22.60
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      59.73
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      60.16
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.04
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.07
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      40.55
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      44.65
TAIXING CITY HONGQIAO Y     5.03    10/29/22       CNY      39.53
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      20.12
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      20.11
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      26.50
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.27
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.55
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      39.00
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      40.02
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      40.81
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      44.00
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.48
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.98
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      20.08
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      21.00
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.80
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.88
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      55.31
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      59.12
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      20.00
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      27.15
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      19.81
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      27.00
TIANJIN BOHAI STATE-OWN     3.82    04/18/23       CNY      59.13
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.59
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.98
TIANJIN DONGLI CITY INF     4.28    12/02/22       CNY      39.96
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      30.47
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      31.30
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      19.98
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      29.00
TIANJIN GUANGCHENG INVE     6.97    02/22/23       CNY      44.24
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.04
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.59
TIANJIN HARBOR CONSTRUC     8.80    01/24/21       CNY      39.99
TIANJIN HARBOR CONSTRUC     8.00    04/01/21       CNY      40.05
TIANJIN HARBOR CONSTRUC     6.29    10/21/21       CNY      39.60
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.03
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.35
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.03
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.50
TIANJIN INFRASTRUCTURE      5.70    02/26/23       CNY      44.75
TIANJIN JINNAN CITY CON     6.50    06/03/21       CNY      19.93
TIANJIN LINGANG INVESTM     7.75    02/26/21       CNY      20.02
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      20.05
TIANJIN NINGHE DISTRICT     7.00    05/30/21       CNY      27.50
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      59.31
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      60.45
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      71.98
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      73.40
TIANJIN REAL ESTATE GRO     4.50    09/29/20       USD      73.75
TIANJIN REAL ESTATE TRU     8.59    03/13/21       CNY      19.50
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      19.46
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      21.80
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.53
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.97
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.00
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.07
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      39.00
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      40.03
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      20.37
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      25.16
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.08
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.29
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      59.67
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      60.00
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.17
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.98
TSINGHUA HOLDINGS CORP      4.10    08/24/21       CNY      66.77
TSINGHUA HOLDINGS CORP      3.15    10/25/21       CNY      48.64
TSINGHUA HOLDINGS CORP      4.95    08/08/22       CNY      36.40
TSINGHUA HOLDINGS CORP      5.30    03/26/23       CNY      42.00
TSINGHUA UNIGROUP CO LT     5.60    11/15/20       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.20    03/16/21       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.15    12/26/21       CNY      12.96
TSINGHUA UNIGROUP CO LT     4.94    03/25/22       CNY      16.55
TSINGHUA UNIGROUP CO LT     5.85    03/27/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.00    08/14/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     5.20    12/10/23       CNY      11.65
TSINGHUA UNIGROUP CO LT     5.11    01/25/24       CNY      13.00
TULUFAN DISTRICT STATE-     6.20    03/19/22       CNY      40.33
TUNGHSU GROUP CO LTD        6.55    03/13/22       CNY      45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22       CNY      50.90
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.14
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.33
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.00
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.68
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      58.40
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      60.00
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      20.42
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      28.81
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      59.67
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      61.05
WEIFANG BINHAI INVESTME     6.16    04/16/21       CNY      25.07
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.24
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.39
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      58.40
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      59.58
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.51
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.72
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.18
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.36
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.00
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.33
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      58.87
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      59.39
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.06
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.76
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.00
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.21
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.86
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.97
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      19.80
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      20.12
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.00
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.16
WENZHOU LUCHENG CITY DE     5.58    11/03/21       CNY      20.22
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.31
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.51
WINTIME ENERGY CO LTD       7.00    07/05/18       CNY      43.63
WINTIME ENERGY CO LTD       7.30    08/06/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    08/25/18       CNY      43.63
WINTIME ENERGY CO LTD       6.78    10/23/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    12/15/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    03/19/19       CNY      43.63
WINTIME ENERGY CO LTD       7.00    04/26/19       CNY      43.63
WINTIME ENERGY CO LTD       7.70    11/15/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    11/16/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    12/06/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    12/22/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    03/29/21       CNY      43.63
WINTIME ENERGY CO LTD       7.50    04/04/21       CNY      43.63
WINTIME ENERGY CO LTD       4.75    07/07/22       CNY      43.63
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY       5.42
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY      20.12
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.06
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.96
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      20.28
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      23.02
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.21
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.27
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.18
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.58
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      58.93
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      59.44
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.73
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.74
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.08
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.12
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      20.20
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      26.35
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.48
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.67
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.00
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.19
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      57.60
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      59.70
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.00
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.58
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.30
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.33
WUWEI CITY ECONOMY DEVE     8.20    04/24/21       CNY      20.08
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      59.86
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.05
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.45
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.01
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.77
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.43
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.55
WUYANG CONSTRUCTION GRO     7.80    09/11/20       CNY      32.48
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      20.14
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      24.88
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.62
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.65
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      20.22
XI'AN INTERNATIONAL INL     7.90    09/23/21       CNY      22.28
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      36.60
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      39.22
XIANGTAN CITY CONSTRUCT     7.80    01/30/22       CNY      54.50
XIANGTAN CITY CONSTRUCT     7.60    04/02/22       CNY      44.70
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      56.76
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      58.02
XIANGTAN CITY'S CONSTRU     3.60    08/04/23       CNY      59.50
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      20.03
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      28.99
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      18.52
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      19.40
XIANGTAN JIUHUA ECONOMI     5.00    07/25/26       CNY      71.53
XIANGTAN LIANGXING SOCI     7.89    04/23/21       CNY      20.11
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      15.49
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      19.72
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.03
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.13
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.45
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.79
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.37
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.38
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      20.12
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      23.38
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      39.69
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      59.74
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.44
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.56
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.00
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.09
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      59.73
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      60.28
XIAOCHANG SHUNHE DEVELO     4.15    10/17/23       CNY      57.68
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      20.06
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      32.72
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      20.11
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      26.69
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.21
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.40
XIAOGAN URBAN CONSTRUCT     3.94    07/05/21       CNY      62.90
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.11
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.17
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.38
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.45
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      57.85
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      58.85
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      27.97
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      28.78
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.75
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.78
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.40
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.59
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      20.07
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      21.35
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.68
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.70
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.72
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.87
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.25
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.75
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      20.15
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      26.30
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      38.89
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      40.00
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      40.47
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      41.53
XINYU CHENGDONG CONSTRU     8.48    05/27/21       CNY      20.17
XINYU CITY SHANTYTOWN Z     6.50    11/13/22       CNY      71.53
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      40.62
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      41.39
XINZHENG NEW DISTRICT D     6.40    01/29/21       CNY      25.00
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      20.08
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      21.07
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     7.95    03/27/21       CNY      20.13
XUANCHENG STATE-OWNED A     7.95    03/27/21       CNY      26.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.03
XUZHOU BOCHANT DEVELOPM     5.69    07/28/21       CNY      32.31
XUZHOU CITY JIAWANG CON     4.00    03/23/23       CNY      59.69
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.00
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.44
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.20
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.30
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      20.21
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      31.50
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      58.66
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      59.21
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.20
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.24
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      40.61
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      44.46
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.01
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.97
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.90
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.95
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.05
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.13
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.33
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.40
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.21
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.71
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      40.42
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      41.20
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      59.30
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.05
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      60.06
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.28
YANGZHOU CHEMICAL INDUS     8.58    01/24/21       CNY      20.01
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      40.18
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      57.93
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      58.93
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      40.70
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      46.63
YI CHENG CONSTRUCTION I     5.44    04/27/23       CNY      59.62
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      39.98
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.31
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      58.99
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      59.68
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      20.20
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      23.47
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.51
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.61
YIHUA ENTERPRISE GROUP      6.80    03/15/21       CNY      47.99
YIHUA ENTERPRISE GROUP      7.00    04/29/22       CNY      54.00
YIHUA LIFESTYLE TECHNOL     6.88    07/16/20       CNY      35.90
YIHUA LIFESTYLE TECHNOL     6.88    07/23/20       CNY      35.00
YILI KAZAKH AUTONOMOUS      7.68    02/28/21       CNY      20.08
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      20.15
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      39.95
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      40.29
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      58.90
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      59.35
YINGKOU LAOBIAN CITY CO     5.63    12/16/22       CNY      39.99
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      58.38
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      60.00
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      40.80
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      41.18
YINGTAN STATE-OWNED ASS     3.63    08/12/21       CNY      39.89
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINING CITY STATE OWNED     8.90    01/23/21       CNY      19.92
YINING CITY STATE OWNED     8.90    01/23/21       CNY      20.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.11
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      39.95
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      40.40
YIWU URBAN & RURAL NEW      4.25    11/24/21       CNY      24.96
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.00
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.69
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      20.15
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      23.50
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      40.06
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      48.00
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      56.50
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      57.79
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      56.35
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      57.47
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      68.87
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      69.34
YONGCHENG COAL & ELECTR     7.50    02/02/21       CNY      39.88
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.00
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.25
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      59.38
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      60.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.50
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.35
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.41
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.03
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.07
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      19.76
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      20.07
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      59.71
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      60.09
YUEYANG YUNXI CITY CONS     5.18    11/21/23       CNY      57.78
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.14
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.22
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      40.51
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      44.47
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.12
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.45
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      58.75
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      59.36
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      57.60
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      58.63
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      18.00
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      19.85
YUYAO CITY CONSTRUCTION     7.09    05/19/21       CNY      20.24
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      39.54
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      40.00
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      59.80
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      60.12
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.20
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.21
ZHANGJIAJIE ECONOMIC DE     7.80    04/17/21       CNY      20.07
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.30
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.34
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      59.82
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      62.67
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.23
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.90
ZHANGZHOU ECONOMIC DEVE     6.17    04/27/22       CNY      40.52
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.14
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.30
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.79
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.80
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.00
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.59
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.02
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.07
ZHEJIANG BINHAI NEW CIT     4.65    12/23/22       CNY      40.22
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      20.07
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      30.00
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      20.31
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      28.50
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      20.17
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      24.00
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      69.89
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      70.00
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.64
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.66
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      39.89
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      40.36
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      20.24
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      21.06
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      20.49
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      21.20
ZHEJIANG YATAI PHARMACE     0.50    04/02/25       CNY      70.01
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.41
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.42
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.00
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.55
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      20.33
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      26.20
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.00
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.02
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      19.80
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      20.02
ZHENJIANG NEW AREA URBA     8.35    02/26/21       CNY      20.02
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      58.97
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      60.78
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      39.54
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      40.00
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      59.15
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      64.70
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      39.87
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      40.29
ZHONGMINTOU LEASING HOL     7.55    09/21/21       CNY      49.49
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.00
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.20
ZHOUKOU INVESTMENT GROU     7.49    04/21/21       CNY      20.07
ZHOUSHAN DINGHAI CITY C     6.67    07/20/22       CNY      40.25
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.18
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.27
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.80
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.94
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.09
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.90
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      59.96
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      60.00
ZHUJI CITY EAST NEW TOW     3.89    08/26/23       CNY      59.54
ZHUJI CITY YUEDU INVEST     6.38    04/07/22       CNY      40.57
ZHUZHOU CITY CONSTRUCTI     8.36    11/10/21       CNY      23.75
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.17
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.86
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.41
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.59
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.67
ZHUZHOU HI-TECH AUTO EX     4.47    11/03/23       CNY      74.62
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      57.52
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      58.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      39.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      40.58
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      39.75
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      40.00
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.70
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.83
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.64
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.68
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      38.01
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      40.00
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      57.89
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      59.29
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      62.75
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      70.02
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23       CNY      52.51
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      63.74
DR PENG HOLDING HONGKON     7.55    12/01/21       USD      70.25
HNA GROUP INTERNATIONAL     6.25    10/05/21       USD      54.33


   INDIA
   -----

3I INFOTECH LTD             2.50    03/31/25       USD       9.88
ACME MEDAK SOLAR ENERGY     0.01    08/29/46       INR      12.55
ACME RANGA REDDY SOLAR      0.01    08/31/46       INR      12.43
AMPSOLAR SOLUTION PVT L     0.01    10/27/37       INR      26.39
AMPSOLAR SOLUTION PVT L     0.01    11/03/37       INR      26.34
APG HABITAT PVT LTD         1.00    09/09/28       INR      62.37
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      44.17
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      45.32
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30       INR      63.30
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30       INR      63.00
BREEZE CONSTRUCTIONS PV     0.01    06/29/30       INR      46.52
BRITANNIA INDUSTRIES LT     8.00    08/28/22       INR      31.26
CHANDRAJYOTI ESTATE DEV     0.01    07/06/30       INR      48.00
CREIXENT SPECIAL STEELS     0.01    08/28/25       INR      71.51
CUMULUS TRADING CO PVT      0.01    01/23/30       INR      64.12
CUMULUS TRADING CO PVT      0.01    05/21/32       INR      40.14
DEWAN HOUSING FINANCE C     8.50    04/18/23       INR      25.94
DLF ASPINWAL HOTELS PVT     0.01    10/15/30       INR      43.16
DLF EMPORIO RESTAURANTS     0.01    06/29/30       INR      47.87
DLF EMPORIO RESTAURANTS     0.01    08/12/30       INR      47.41
DLF HOME DEVELOPERS LTD     0.01    06/29/30       INR      49.99
DLF HOMES SERVICES PVT      0.01    06/29/30       INR      46.52
DLF REAL ESTATE BUILDER     0.01    06/23/30       INR      47.94
DLF RECREATIONAL FOUNDA     0.01    10/15/30       INR      45.24
DLF RESIDENTIAL BUILDER     0.01    06/23/30       INR      46.51
DLF RESIDENTIAL DEVELOP     0.01    06/28/30       INR      47.87
DLF SOUTHERN TOWNS PVT      0.01    07/09/30       INR      48.19
DOMUS REAL ESTATE PVT L     0.01    07/11/30       INR      48.09
EDELWEISS ASSET RECONST     2.00    03/28/27       INR      74.66
EDELWEISS ASSET RECONST     2.00    11/20/27       INR      72.32
EDELWEISS ASSET RECONST     2.00    10/07/28       INR      68.92
EDELWEISS ASSET RECONST     2.00    01/15/29       INR      67.89
EDELWEISS ASSET RECONST     2.00    03/28/29       INR      67.18
EDELWEISS ASSET RECONST     2.00    07/22/29       INR      66.07
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
GREEN URJA PVT LTD          0.01    02/14/30       INR      49.83
GTL INFRASTRUCTURE LTD      6.73    10/26/22       USD       6.69
HINDUSTAN CONSTRUCTION      0.01    01/05/27       INR      65.20
HITODI INFRASTRUCTURE L     0.01    06/30/27       INR      61.44
JAIPRAKASH ASSOCIATES L     5.75    09/08/17       USD      55.13
JAIPRAKASH POWER VENTUR     7.00    05/15/17       USD       4.59
JCT LTD                     2.50    04/08/11       USD      25.75
JSM CORP PVT LTD            0.01    08/31/36       INR      28.49
JTPM ATSALI LTD             0.01    08/29/48       INR      11.72
KANAKADURGA FINANCE LTD     0.01    04/15/36       INR      27.27
KRIBHCO INFRASTRUCTURE      1.00    04/15/26       INR      73.51
MARIS POWER SUPPLY CO P     2.00    04/18/28       INR      70.00
MELOSA BUILDERS & DEVEL     0.01    06/29/30       INR      46.69
MENS BUILDCON PVT LTD       0.01    06/29/30       INR      46.69
MYTRAH AADHYA POWER PVT     0.01    07/05/35       INR      31.98
MYTRAH ADVAITH POWER PV     0.01    07/13/36       INR      29.35
MYTRAH AKSHAYA ENERGY P     0.01    07/13/36       INR      29.35
NEEMUCH SOLAR POWER PVT     0.01    08/29/46       INR      12.55
ORIGAMI CELLULO PVT LTD     0.01    11/14/36       INR      28.09
PRAKASH INDUSTRIES LTD      5.25    04/30/15       USD      22.63
PUNJAB INFRASTRUCTURE D     0.40    10/15/26       INR      72.61
PUNJAB INFRASTRUCTURE D     0.40    10/15/27       INR      67.68
PUNJAB INFRASTRUCTURE D     0.40    10/15/28       INR      63.05
PUNJAB INFRASTRUCTURE D     0.40    10/15/29       INR      58.79
PUNJAB INFRASTRUCTURE D     0.40    10/15/30       INR      54.87
PUNJAB INFRASTRUCTURE D     0.40    10/15/31       INR      51.32
PUNJAB INFRASTRUCTURE D     0.40    10/15/32       INR      48.08
PUNJAB INFRASTRUCTURE D     0.40    10/15/33       INR      45.17
PURVANCHAL SOLAR POWER      0.01    08/29/46       INR      12.55
PYRAMID SAIMIRA THEATRE     1.75    07/04/12       USD       0.26
R L FINE CHEM PVT LTD       0.10    08/19/36       INR      28.97
REDKITE CAPITAL PVT LTD     2.50    01/15/28       INR      74.08
REDKITE CAPITAL PVT LTD     2.50    03/30/29       INR      69.54
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       8.61
REWANCHAL SOLAR POWER P     0.01    08/29/46       INR      12.55
SAKET HOLIDAYS RESORTS      0.01    06/29/30       INR      47.88
SHIVAJI MARG MAINTENANC     0.01    06/28/30       INR      46.43
SINTEX INDUSTRIES LTD       3.50    05/25/22       USD      23.63
SUNWORLD SOLAR POWER PV     0.01    08/31/46       INR      12.43
SURBHI INVESTMENTS & TR     2.50    10/21/28       INR      70.57
SUTARA ROADS & INFRA LT     0.01    08/31/30       INR      55.59
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SVOGL OIL GAS & ENERGY      5.00    08/17/15       USD       0.61
TATA SMARTFOODZ LTD         0.01    07/15/25       INR      73.53
TATA SMARTFOODZ LTD         0.01    11/23/25       INR      71.29
TN URJA PVT LTD             0.10    02/22/36       INR      30.14
WATSUN INFRABUILD PVT L     4.00    10/16/37       INR      59.02
WS T&D LTD                  0.10    03/24/29       INR      54.24
ZYDUS FOUNDATION            0.10    03/25/25       INR      74.90


   INDONESIA
   ---------

ALAM SUTERA REALTY TBK      6.25    11/02/25       USD      72.26
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       4.38
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       5.40
MEDIKALOKA HERMINA TBK      8.00    09/08/23       IDR      58.35
MNC INVESTAMA TBK PT        9.00    05/11/21       USD      66.91
WAHANA OTTOMITRA MULTIA     9.15    05/29/21       IDR      70.75


   JAPAN
   -----

AVANSTRATE INC              0.15    10/29/32       JPY       9.75
HIS CO LTD                  0.44    02/20/24       JPY      67.25
HIS CO LTD                  0.58    02/19/27       JPY      50.68
MITSUI E&S HOLDINGS CO      0.70    09/15/23       JPY      70.52
TKJP CORP                   1.02    12/15/17       JPY       0.50
TKJP CORP                   0.85    03/06/19       JPY       2.02
TKJP CORP                   0.58    03/26/21       JPY       2.02
UNIZO HOLDINGS CO LTD       0.51    05/26/21       JPY      71.25
UNIZO HOLDINGS CO LTD       0.43    11/29/21       JPY      59.91
UNIZO HOLDINGS CO LTD       0.52    05/27/22       JPY      45.37
UNIZO HOLDINGS CO LTD       0.75    11/28/22       JPY      39.76
UNIZO HOLDINGS CO LTD       0.85    05/26/23       JPY      35.50
UNIZO HOLDINGS CO LTD       0.80    11/29/23       JPY      30.50
UNIZO HOLDINGS CO LTD       0.89    05/29/24       JPY      28.50
UNIZO HOLDINGS CO LTD       1.10    11/28/24       JPY      26.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26       JPY      22.50
UNIZO HOLDINGS CO LTD       1.20    05/28/27       JPY      20.50
UNIZO HOLDINGS CO LTD       1.50    11/26/27       JPY      19.90


   MALAYSIA
   --------

AEGEAN MARINE PETROLEUM     4.00    11/01/18       USD      24.50
AEGEAN MARINE PETROLEUM     4.25    12/15/21       USD      24.50
ASIAN PAC HOLDINGS BHD      3.00    05/25/22       MYR       0.65
BERJAYA CORP BHD            5.00    04/22/22       MYR       0.23
BERJAYA CORP BHD            2.00    05/29/26       MYR       0.10
ELK-DESA RESOURCES BHD      3.25    04/14/22       MYR       1.11
HIAP TECK VENTURE BHD       5.00    06/23/21       MYR       0.38
HUME CEMENT INDUSTRIES      5.00    05/29/24       MYR       1.33
MALAYAN FLOUR MILLS BHD     5.00    01/24/24       MYR       1.64
PENGURUSAN AIR SPV BHD      1.00    09/28/35       MYR      68.66
PENGURUSAN AIR SPV BHD      1.00    11/05/35       MYR      67.89
PMB TECHNOLOGY BHD          3.00    07/12/23       MYR       5.30
SENAI-DESARU EXPRESSWAY     1.35    06/30/31       MYR      73.58
VIZIONE HOLDINGS BHD        3.00    08/08/21       MYR       0.03


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW     4.80    09/27/21       NZD       1.18


   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD     3.00    03/28/25       SGD      42.13
ASL MARINE HOLDINGS LTD     3.00    10/01/26       SGD      42.13
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAYAN TELECOMMUNICATION    15.00    07/15/06       USD      22.75
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
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
ENERCOAL RESOURCES PTE      9.25    08/05/14       USD      45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22       USD      44.61
EZRA HOLDINGS LTD           4.88    04/24/18       SGD       5.00
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      30.00
MICLYN EXPRESS OFFSHORE     8.75    11/25/18       USD      16.23
MODERNLAND OVERSEAS PTE     6.95    04/13/24       USD      29.85
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.59
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.78
NT RIG HOLDCO PTE LTD       7.50    12/20/21       USD      58.13
ORO NEGRO DRILLING PTE      7.50    01/24/19       USD      14.23
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      69.76
SSMS PLANTATION HOLDING     7.75    01/23/23       USD      69.82
SWIBER CAPITAL PTE LTD      6.25    10/30/17       SGD       4.20
SWIBER CAPITAL PTE LTD      6.50    08/02/18       SGD       4.20
SWIBER HOLDINGS LTD         5.55    10/10/16       SGD      12.25
SWIBER HOLDINGS LTD         7.13    04/18/17       SGD       6.13
SWIBER HOLDINGS LTD         7.75    09/18/17       CNY       6.12


   SOUTH KOREA
   -----------

ECOMAISTER CO LTD           2.00    10/11/22       KRW      73.13
HEUNGKUK FIRE & MARINE      5.70    12/29/46       KRW      43.81
KIBO ABS SPECIALTY CO L     5.00    02/26/21       KRW      68.00
KIBO ABS SPECIALTY CO L     5.00    08/28/21       KRW      73.78
KIBO ABS SPECIALTY CO L     5.00    02/24/22       KRW      73.10
KIBO ABS SPECIALTY CO L     5.00    02/28/22       KRW      72.26
KIBO ABS SPECIALTY CO L     5.00    02/24/23       KRW      71.04
LOTTE CARD CO LTD           3.95    06/28/49       KRW      38.96
POSCO ENERGY CO LTD         5.21    08/29/43       KRW      61.61
SAMPYO CEMENT CO LTD        8.30    04/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        7.50    07/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.30    09/10/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    04/12/15       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    06/26/15       KRW      70.00
SINBO SECURITIZATION SP     5.00    03/21/21       KRW      67.67
SINBO SECURITIZATION SP     5.00    06/29/21       KRW      73.95
SINBO SECURITIZATION SP     5.00    07/26/21       KRW      64.87
SINBO SECURITIZATION SP     5.00    08/31/21       KRW      63.31
SINBO SECURITIZATION SP     5.00    12/27/21       KRW      72.92
SINBO SECURITIZATION SP     5.00    01/25/22       KRW      61.55
SINBO SECURITIZATION SP     5.00    01/26/22       KRW      62.84
SINBO SECURITIZATION SP     5.00    02/23/22       KRW      63.75
SINBO SECURITIZATION SP     5.00    02/28/22       KRW      72.25
SINBO SECURITIZATION SP     5.00    06/27/22       KRW      65.80
SINBO SECURITIZATION SP     5.00    06/29/22       KRW      74.61
SINBO SECURITIZATION SP     5.00    07/24/22       KRW      65.48
SINBO SECURITIZATION SP     5.00    07/26/22       KRW      66.71
SINBO SECURITIZATION SP     5.00    08/29/22       KRW      66.30
SINBO SECURITIZATION SP     5.00    08/31/22       KRW      66.34
SINBO SECURITIZATION SP     5.00    09/26/22       KRW      66.05
SINBO SECURITIZATION SP     5.00    09/28/22       KRW      74.71
SINBO SECURITIZATION SP     5.00    12/25/22       KRW      70.15
SINBO SECURITIZATION SP     5.00    01/25/23       KRW      65.78
SINBO SECURITIZATION SP     5.00    01/29/23       KRW      69.93
SINBO SECURITIZATION SP     5.00    02/28/23       KRW      72.70
SINBO SECURITIZATION SP     5.00    03/20/23       KRW      72.54
SINBO SECURITIZATION SP     5.00    06/27/23       KRW      67.91
SINBO SECURITIZATION SP     5.00    07/24/23       KRW      67.58
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     3.00    11/21/23       KRW      64.49
SINBO SECURITIZATION SP     5.00    11/21/23       KRW      68.85
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     5.00    12/25/23       KRW      70.51
SINBO SECURITIZATION SP     3.00    01/29/24       KRW      66.35
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     5.00    02/27/24       KRW      69.23
SINBO SECURITIZATION SP     4.00    04/15/24       KRW      66.57


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B     6.92    01/01/23       USD      73.67
SRI LANKA DEVELOPMENT B     4.28    01/22/23       USD      69.16
SRI LANKA DEVELOPMENT B     4.48    01/22/23       USD      69.45
SRI LANKA DEVELOPMENT B     5.94    01/22/23       USD      71.73
SRI LANKA DEVELOPMENT B     4.26    03/16/23       USD      67.75
SRI LANKA DEVELOPMENT B     6.62    03/16/23       USD      71.60
SRI LANKA DEVELOPMENT B     4.13    05/01/23       USD      66.44
SRI LANKA DEVELOPMENT B     4.17    05/01/23       USD      66.50
SRI LANKA DEVELOPMENT B     5.66    05/01/23       USD      69.09
SRI LANKA DEVELOPMENT B     6.69    05/01/23       USD      70.80
SRI LANKA DEVELOPMENT B     6.70    05/01/23       USD      70.82
SRI LANKA DEVELOPMENT B     6.71    05/01/23       USD      70.83
SRI LANKA DEVELOPMENT B     4.81    01/22/25       USD      59.18
SRI LANKA DEVELOPMENT B     5.98    01/22/25       USD      61.79
SRI LANKA DEVELOPMENT B     6.02    01/22/25       USD      61.89
SRI LANKA DEVELOPMENT B     6.05    01/22/25       USD      61.97
SRI LANKA DEVELOPMENT B     6.50    01/22/25       USD      63.11
SRI LANKA DEVELOPMENT B     6.75    01/22/25       USD      63.75
SRI LANKA DEVELOPMENT B     6.80    01/22/25       USD      63.88
SRI LANKA DEVELOPMENT B     6.82    01/22/25       USD      63.93
SRI LANKA DEVELOPMENT B     6.87    01/22/25       USD      64.05
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.48
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.60
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.06
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.07
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.73
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.90
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.67
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.72
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.55
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.61
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.35
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.44
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.87
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.90
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.71
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.82
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.62
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.72
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.95
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.96
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.52
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.71
SRILANKAN AIRLINES LTD      7.00    06/25/24       USD      56.82


   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 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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