/raid1/www/Hosts/bankrupt/TCRAP_Public/220412.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, April 12, 2022, Vol. 25, No. 67

                           Headlines



A U S T R A L I A

BIG UN: Ex-Auditor Charged With Making False/Misleading Statement
ELPHINSTONE ENTERPRISES: First Creditors' Meeting Set for April 26
HOME INNOVATION: Builder Calls In Liquidators
LUCASWORKS PTY: First Creditors' Meeting Set for April 21
MACLEAY VALLEY: First Creditors' Meeting Set for April 26

NEW SENSATION: Goes Into Liquidation as Cost Crunch Hits Industry
NUTRAMIX PTY: First Creditors' Meeting Set for April 19
RESIMAC BASTILLE 2: S&P Affirms BB Rating on Class E Notes
SPHERE HEALTHCARE: First Creditors' Meeting Set for April 20


C H I N A

COUNTRY GARDEN: S&P Affirms 'BB+' LT ICR & Alters Outlook to Stable
HONGHUA GROUP: Fitch Cuts Foreign Curr. IDR to 'B-', On Watch Neg.
R&F PROPERTIES: S&P Cuts ICR to 'SD' on Distressed Debt Extension
ZHENRO PROPERTIES: Misses Interest Payments for Two Offshore Bonds


I N D I A

A2Z INFRASERVICES: CARE Reaffirms D Rating on INR3.33cr LT Loan
ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR45cr LT Loan
DASHMESH RUBBER PRODUCTS: CARE Reaffirms B+ Rating on LT Loan
DASHMESH RUBBER: CARE Reaffirms B+ Rating on INR11.40cr LT Loan
FANIDHAR ENTERPRISES: CRISIL Assigns B Rating to INR21cr Loan

FUTURE RETAIL: Fitch Affirms LT Issuer Default Rating at RD
GKC PROJECTS: ICRA Raises Rating on INR546.50cr Loan to B+
GOPAL SHIVHARE: CARE Reaffirms C Rating on INR5.0cr LT Loan
HYDERABAD WINE: CRISIL Lowers Rating on LT/ST Loan to D
JINDAL INDIA: CARE Hikes Rating on INR1,443.75cr LT Loan from D

KAMLA SHIVHARE: CARE Reaffirms C Rating on INR4.70cr LT Loan
KESAR ENTERPRISES: CARE Reaffirms D Rating on INR107.26cr Loan
LAXMI NARSIMHA: CARE Reaffirms B+ Rating on INR25cr LT Loan
LEXUS MOTORS: ICRA Withdraws B Rating on INR67cr Cash Loan
OMAR INTERNATIONAL: CRISIL Withdraws B+ Long Term Rating

PHADNIS CLINIC: CRISIL Assigns B+ Rating to INR52cr Loans
REAL GRANITO: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
SANT DAMAJI: CRISIL Lowers Rating on INR13cr Loans to D
SOLID PROPERTIES: ICRA Withdraws B Rating on INR75cr NCD
SONU REALTOR: CARE Moves B+ Debt Rating to Not Cooperating

VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

GOLDEN ENERGY MINES: Fitch Alters Outlook on 'B+' IDR to Positive


N E W   Z E A L A N D

ASH CONSTRUCTION: Court to Hear Wind-Up Petition on May 6
ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on May 13


P H I L I P P I N E S

BANCO FILIPINO: Appellate Court Upholds Liquidation


S I N G A P O R E

AGRIFERT LIVEN: Creditors' Proofs of Debt Due on May 9
ANIMAL WORLD: Creditors' Meetings Set for April 27
GOLDEN ENERGY: Fitch Alters Outlook on 'B+' IDR to Positive
INDIABULLS PROPERTY: Commences Wind-Up Proceedings
MCL LOGISTICS: Creditors' Proofs of Debt Due on May 9

NUTRYFARM INT'L: Seeks Trading Halt Pending Review of Concerns
SOLARE POWER: Creditors' Proofs of Debt Due on May 9
YONG SERVICES: Court to Hear Wind-Up Petition on April 22


X X X X X X X X

[*] BOND PRICING: For the Week April 4, 2022 to April 8, 2022

                           - - - - -


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

BIG UN: Ex-Auditor Charged With Making False/Misleading Statement
-----------------------------------------------------------------
In a press release, the Australian Securities & Investments
Commission (ASIC) related that on April 8, 2022, the former auditor
of Big Un Limited, Graham Rothesay Swan, appeared in the Perth
Magistrates Court charged with making a false or misleading
statement in his independent audit report of Big Un for the
financial year ended June 30, 2017.

As lead auditor for the 2017 audit of Big Un, Mr. Swan allegedly
signed an independent auditor's report which stated that the
financial report of Big Un gave a true and fair view of the group's
financial position and of its financial performance for the
financial year ending June 30, 2017 and that it complied with the
Corporations Act and with Australian Accounting Standards.  By
signing this report, ASIC alleges Mr. Swan made a statement that
was false or misleading.

Big Un was placed in a trading halt and suspended from quotation in
February 2018.  In August 2018, administrators were appointed and
Big Un was removed from the official ASX list.  ASIC's
investigation into Big Un continues.

Auditors are important gatekeepers to the market and play a key
role in ensuring that financial statements are accurately stated so
that investors can rely upon them when making decisions to invest
in a company.

The maximum penalty for a breach of s1308(2) of the Corporations
Act when prosecuted on indictment is five years imprisonment or a
fine of AUD42,000, or both.

The charge was adjourned to June 2, 2022 and Mr. Swan was released
on bail.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

In March 2022, the Companies Auditors Disciplinary Board (CADB)
suspended the registration of Jakin Leong Loke for 12 months due to
his involvement in the 2017 audit of Big Un.

Mr. Swan voluntarily cancelled his registration as a company
auditor in October 2020.

This is the second time ASIC has brought criminal charges arising
from the failure to comply with auditing standards.  On August 17,
2021, former auditors of Halifax Investment Services Pty Ltd, Mr.
Robert James Evett and EC Audit Pty Ltd (formerly Bentleys NSW
Audit Pty Ltd) were convicted and sentenced to pay a fine of
AUD10,000 and AUD40,000 respectively for failing to conduct audits
in accordance with auditing standards.


ELPHINSTONE ENTERPRISES: First Creditors' Meeting Set for April 26
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Elphinstone
Enterprises Pty Ltd will be held on April 26, 2022, at 10:00 a.m.
via meeting technology.

Benjamin Ismay and Scott Newton of Shaw Gidley were appointed as
administrators of Elphinstone Enterprises on April 11, 2022.


HOME INNOVATION: Builder Calls In Liquidators
---------------------------------------------
The Daily Telegraph reports that Australian building companies
continue to fall like dominoes with a second Perth construction
firm going under in a matter of days.

According to the report, clients of the Perth-based Home Innovation
Builders were on April 11 facing a nervous wait after the official
appointment of liquidators GTS Advisory.

Documents lodged with the securities and investment watchdog ASIC
show the application was made on April 8, the same day another
Western Australian company - New Sensation Homes - was placed in
the hands of WA Insolvency Solutions.

Daily Telegraph says the Western Australian firms join a growing
list of construction companies to bite the dust in recent months as
soaring material and labour costs are exacerbated by Covid-19
delays, eating into builders' profits and leaving them unable to
complete their jobs.

Gold Coast firm Condev, Brisbane-based Probuild, and Hobart's
Hotondo Homes are among the other companies to collapse in 2022 as
thousands of Australians find themselves in limbo and unsure when
they will ever be able to move into their dream homes.

Directors of Home Innovation Builders were yet to comment on April
11 but client Tiarna Nouwland told The West Australian she
suspected the company had been in strife for some time.

The report relates Ms. Nouwland said she and her husband had no
choice but to move into a 108 sqm shed on the site of their
incomplete new home at Gabbadah, near Guilderton, north of Perth.

The move was originally scheduled to be complete this month, after
the contract was signed in March last year.

The couple told the publication they were hopeful other builders
and labourers could complete the project, the report relates.


LUCASWORKS PTY: First Creditors' Meeting Set for April 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Lucasworks
Pty Ltd will be held on April 21, 2022, at 11:00 a.m. via Microsoft
Teams.

Daniel Obrien and Danny Vrkic of DV Recovery Management were
appointed as administrators of Lucasworks Pty on April 8, 2022.


MACLEAY VALLEY: First Creditors' Meeting Set for April 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Macleay
Valley Property Group Pty Ltd ATF Macleay Valley Property Group
Unit Trust will be held on April 26, 2022, at 12:00 a.m. at Level
9, 66 Clarence Street, in Sydney, NSW.

Daniel Frisken and Christopher John Palmer of O'Brien Palmer were
appointed as administrators of Macleay Valley on April 11, 2022.


NEW SENSATION: Goes Into Liquidation as Cost Crunch Hits Industry
-----------------------------------------------------------------
The Sydney Morning Herald reports that the collapse of a small
Perth builder has left the construction of 53 homes in limbo and 20
direct employees out of a job.

The voluntary wind-up of New Sensation Homes on April 8 took place
as the broader commercial and residential building industry faces
pressures around rising costs and logistics delays and difficulties
when it comes to obtaining materials.

Major Australian construction companies like Probuild, Pindan and
Gold Coast-based Condev have all gone under in the past year, the
report notes.

According to SMH, Mendelawitz Morton commercial lawyers director
Ben Morton released a statement for New Sensation Homes saying its
director Danny Coyne had resolved it was best for the company to go
into liquidation due to the economic environment facing the
business.

"After an exhaustive examination of the company's affairs and
options, Mr. Coyne considered it was in the best interests of the
employees, clients (a lot of them first home buyers),
subcontractors and suppliers, insurance providers and other key
stakeholders to appoint liquidators," the report quotes Mr. Morton
as saying.

"He [Mr. Coyne] said the headwinds faced by the company in terms of
rising costs, skilled labour shortages, supply delays, ill timed
government stimulus packages and the tightening of indemnity
insurance policies against fixed price building contracts all
created the perfect storm.

"Arrangements are being made for the completion of existing builds
as quickly as possible and to minimise disruption for the
homeowners."

SMH relates that Mr. Morton said there was no association between
the business and other companies owned by Mr. Coyne's father John.

Danny and John Coyne were equal shareholders in New Sensation
Homes, which was registered in 2017, although John ceased to be a
director in 2020.

SMH says the business's website is down but archived pages include
a blog post from February that said the business had hired extra
support staff and started up its own team of bricklayers to tackle
its workload.

Affected customers have been told to get in touch with the
liquidator WA Insolvency Solutions who took over the company on
April 8, according to SMH.

WAIS managing partner Jimmy Trpcevski said he understood it was a
difficult time for all the people impacted by the collapse of the
company and the liquidator would be liaising with impacted parties
in the coming days, adds SMH.


NUTRAMIX PTY: First Creditors' Meeting Set for April 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Nutramix Pty
Ltd will be held on April 19, 2022, at 2:30 p.m. virtual meeting
technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Nutramix Pty on April 6, 2022.


RESIMAC BASTILLE 2: S&P Affirms BB Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - Warehouse Series No.2.

The rating affirmations follow a review of the transaction due to
an increase in the size of the collateral pool following the
purchase of loans by the warehouse facility, funded by note
issuance. During the transaction's 12-month revolving period, the
acquisition of assets by the trust can be funded by additional note
issuance. S&P assesses the minimum levels of credit support,
liquidity, and yield that are commensurate with our ratings on the
notes before any such sales into the trust. This is because the
credit support and liquidity requirement can change, depending on
the characteristics of the portfolio.

The rating affirmations reflect:

-- The credit risk of the underlying collateral portfolio, which
has increased to A$490 million. The weighted-average loan-to-value
ratio of the loans now in the portfolio is 70.5% and the
weighted-average seasoning is 4.8 months.

-- That the proportion of loans in the portfolio to borrowers
whose income has not been fully verified has increased to 97.6%
from 95.3% in the previous review. While these borrowers have not
provided definitive proof of their income, RESIMAC Ltd. has carried
out a range of checks to determine the reasonableness of their
declared incomes. S&P Global Ratings has adjusted the minimum
credit support for partially verified loans to reflect the lower
standard of debt-servicing assessment on these loans.

-- That loans comprising 85.3% of the pool are to self-employed
borrowers, up from 81.9% previously. Where RESIMAC has been unable
to provide employment data, S&P has assessed a portion as being
self-employed. S&P Global Ratings expects self-employed borrowers
to experience higher cash-flow variability and, consequently,
higher loan arrears, making them more susceptible to defaults
should there be a downturn in the Australian economy. S&P Global
Ratings assumes higher default frequencies for these loans.

-- That loans representing 0.8% of the portfolio are insured by a
primary lenders' mortgage insurance (LMI) policy provided by a
rated mortgage insurer. The LMI policies cover the outstanding
mortgage loan principal, accrued interest, and any reasonable
enforcement expenses on the defaulted mortgage loans.

-- That the credit support provided to each class of notes is
commensurate with the ratings assigned and the rated notes can meet
timely payment of interest and ultimate payment of principal under
the rating stresses. Key rating factors are the level of
subordination provided, which has increased since the last review,
the size of the liquidity facility, the principal draw function,
the amortization amount built from excess spread if an amortization
event is subsisting, and the provision of an extraordinary expense
reserve.

  Ratings Affirmed

  RESIMAC Bastille Trust - Warehouse Series No.2

  Class A: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)


SPHERE HEALTHCARE: First Creditors' Meeting Set for April 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sphere
Healthcare Pty. Limited will be held on April 20, 2022, at 11:00
a.m. via virtual meeting technology.

Philip Campbell Wilson and John McInerney of Grant Thornton
Australia were appointed as administrators of Sphere Healthcare on
April 6, 2022.




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C H I N A
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COUNTRY GARDEN: S&P Affirms 'BB+' LT ICR & Alters Outlook to Stable
-------------------------------------------------------------------
S&P Global Ratings, on April 8, 2022, revised the outlook on
Country Garden Holdings Co. Ltd. to stable from positive. At the
same time, S&P affirmed the 'BB+' long-term issuer credit rating on
Country Garden.

S&P said, "The stable outlook reflects our view that the company's
leverage will stay relatively stable because its continuous debt
deduction should partly offset a decline in sales and margin over
the next 12 months.

"We revised the rating outlook on Country Garden back to stable
given the softer sales outlook. We believe this sales outlook would
make it harder for the company to further deleverage partly via
continued earnings improvement like we previously expected. Its
margin pressure also contributed to our view because pricing
pressure typically accompany slowing sales.

"The rating reflects our expectation that Country Garden will
continue its effective debt management. The company will continue
to cut its debt proactively to avoid leverage deterioration; it was
one of the first companies to start doing so some years back. Since
2019, Country Garden was among the very few property companies to
commit to cutting its debt despite its growing contracted sales
scale over the last few years. Its total adjusted debt dropped from
Chinese renminbi (RMB) 380 billion in 2019 to RMB348 billion in
2020, and further down to RMB321 billion in 2021. This helped the
company to keep its ratio of debt to EBITDA below 4.0x over the
past few years.

"We estimate Country Garden's debt to decline by about RMB30
billion a year in 2022 and 2023. This is partly supported by its
high cash collection ratio of 90%, despite the slowing sales.
Country Garden will also trim its land acquisition budget to as low
as 28%-30% of cash receipts in 2022 and 2023, similar to the level
in 2021 but lesser than the more than 30% before 2020.

"In our view, Country Garden's leverage will remain relatively
stable in 2022. With almost 8% decline in adjusted debt, its
leverage, as measured by debt-to-EBITDA ratio, was 3.7x in 2021,
only slightly higher than our expected ratio of 3.5x-3.6x. Its 2022
leverage will remain largely stable, given ongoing debt reduction,
albeit slowing sales and margin decline.

"We expect Country Garden's 2022 sales to fall by 15%-17%. We
currently don't believe sales will slump, because we expect the
market to start to stabilize going into the second half. However,
the downside risk still exists because the company's contracted
sales dipped by 29% in the first quarter of the year. Country
Garden's exposure to lower-tier cities is also high with about 67%
of newly launched saleable resources mainly in these areas, where
property demand is generally more volatile and weaker."

Recent policy relaxations should help the company to cushion its
sales decline. The sector's policy relaxation, mostly in lower-tier
cities, including lower down payment and mortgage rates, loosening
home purchase restrictions, should all help to gradually stabilize
property demand in these regions. S&P said, "Nevertheless, we
believe it will unlikely be a quick recovery. In addition, buyers
are likely to go for financially healthy developers, such as
Country Garden, to ensure deliveries for their housing units. As a
result, we expect the company's sales to stabilize in 2023, with a
further decline of 1%-3% at most."

Country Garden's margin is likely to face ongoing pressure amid
slowing sales. S&P projects its gross margin will still be weak in
2022 and 2023. That factors in more discounts currently needed to
drive volume, and the lower-margin sales will be largely recognized
over the next two years. Its average selling price fell 4.3% in
2020 and a further 1% in 2021.

Country Garden's recent access to onshore and offshore financing
demonstrates its funding capability. Unlike most of the privately
owned developers, Country Garden was still able to issue onshore
bonds over the past several months. In terms of the merger and
acquisition loan quotas, the company obtained a RMB15 billion quota
from China Merchant Bank and a further RMB20 billion quota from
Agricultural Bank of China, which highlights its ability to access
bank funding. Its issuance of HK$3.9 billion in convertible bonds
in January also demonstrates the company's stronger-than-peer
funding capacity in a volatile funding environment.

S&P said, "The stable outlook reflects our expectation that Country
Garden's leverage will stay relatively stable because its
continuous debt deduction should partly offset weaker sales and
margin over the next 12 months. However, given its large exposure
to lower-tier cities, which are currently under more pressure, we
expect the company's operating performance to be more volatile than
that of higher-rated peers.

"We could downgrade Country Garden if its debt-to-EBITDA ratio
deteriorates to more than 5x on a sustained basis. This could
happen if: (1) its revenue slippage is materially higher than we
expect with sales declining more than our projection, or a deeper
cut in construction spending, or its margin drops well below our
forecast; or (2) the company's debt-funded expansion becomes more
aggressive than we expect.

"We could upgrade Country Garden if it demonstrates a longer record
of operational stability and financial discipline, such that it
builds a cushion against operational volatility in the lower-tier
cities." This cushion is vital if sales scale downward aggressively
over the next one to two years. This operational stability could be
demonstrated by its debt-to-EBITDA ratio staying at about 3.5x,
while the company keeps its return on capital ratio comparable with
its closest investment-grade peers. Its liquidity should also
remain adequate.

ESG credit indicators: E-3, S-3, G-3


HONGHUA GROUP: Fitch Cuts Foreign Curr. IDR to 'B-', On Watch Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Chinese oilfield equipment and service
provider Honghua Group Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B-', from 'B'. The agency has also
downgraded the company's senior unsecured rating and US
dollar-denominated bond rating to 'B-', from 'B', with a Recovery
Ratings of 'RR4'. All ratings remain on Rating Watch Negative.

The downgrade reflects Fitch's re-assessment of Honghua's
Standalone Credit Profile (SCP) to 'ccc+', from 'b-', driven by
heightened liquidity risk and business performance deterioration.
Honghua faces the maturity of its USD200 million bond in August
2022, with the repayment hinging on parental support. Fitch expects
heightened leverage and weak coverage, despite a sustained oil
price recovery, after Honghua reported weaker revenue and a lack of
meaningful profit in 2021.

The Rating Watch Negative reflects the uncertain parental support
to address the upcoming bond maturity, as the delayed transfer of
Honghua's ownership is still pending regulatory approval.

KEY RATING DRIVERS

Ownership Transfer Pending: Fitch believes Honghua's pending
shareholder change makes parental support for the repayment of its
US-dollar bond less certain, with Honghua's cash and refinancing
sources being insufficient to make the payment. The timing of the
shareholder change, which is pending approval from the State-owned
Assets Supervision and Administration Commission, will determine
which parent will extend support.

Honghua says Dongfang Electric Corporation (DEC) plans to provide
support upon the completion of the share transfer, but it is also
seeking help from China Aerospace Science and Technology
Corporation (CASIC) should the transfer be delayed till after the
bond maturity. Honghua announced CASIC's proposed transfer of its
entire 29.98% stake to DEC in November 2021, with CASIC aiming to
streamline its non-defence and non-aerospace businesses. Fitch will
resolve the Rating Watch Negative upon evidence of parental support
to address the bond maturity, from either CASIC or DEC.

Potential Parental Support: Fitch believes both CASIC and DEC have
stronger credit profiles than Honghua's SCP due to their solid
market positions, solid balance sheets with net cash and implicit
support from the central government. Fitch assesses linkages and
the incentive to provide support by evaluating evidence and
expectation of legal aspects, operational synergies, financial
support and strategic alignment. Fitch will reassess linkage
between Honghua and DEC once the shareholding transfer is
complete.

Growth Lags Oil Price Rise: Fitch expects moderate revenue growth
of 11% in 2022 and 5% in 2023 amid high oil prices, following a 20%
revenue drop in 2021. Honghua's business was heavily impacted by
muted downstream capex needs due to the previously low oil price
and the Covid-19 pandemic, but orders rebounded in 4Q21. Honghua
had an order backlog of around CNY3 billion in March 2022, which
should support near-term revenue generation. Fitch also expects
Honghua's expanding fracturing and offshore wind businesses to
support revenue.

Volatile Operating Profit: Fitch forecasts a recovery in Honghua's
profit margin, with operating EBITDA trending towards 9% in 2022,
compared with an operating EBITDA loss of CNY289 million in 2021
due to weak volume, higher sales from low-margin products, intense
competition and large impairment losses. Honghua incurred an
impairment loss of CNY363 million on financial and contract assets,
of which around CNY270 million was trade receivable related. The
adjusted operating EBITDA loss excluding the impairment loss was
CNY19 million.

Weak Coverage, High Leverage: Honghua's weak coverage and high
leverage are likely to continue constraining its SCP at 'ccc+'.
Both ratios were not meaningful in 2021, due to a negative
operating EBITDA figure. Honghua's profit recovery should improve
the EBITDA-based net leverage and coverage ratios to 15x and 1.2x,
respectively, in 2022. Fitch forecasts EBITDA net leverage to trend
down to 12x in 2023-2025, with coverage remaining at 1.2x-1.5x.

China Concentration Beneficial: Fitch expects Honghua's high
concentration in China to improve its receivables quality and
revenue recognition, compared with orders from regions with high
geo-political risk. China accounted for 74% of 2021 revenue,
similar to the 2020 level, in rising domestic demand and the
pandemic's impact on overseas projects. Concentration in China is
likely to stay high, particularly with domestic business referrals
from shareholders. Fitch expects the overseas business recovery
trend to continue in 2022, benefiting from the high oil price.

DERIVATION SUMMARY

Honghua's rating incorporates a one-notch uplift for parental
support from CASIC, or potentially DEC. It also reflects Fitch's
expectation that the company will maintain liquidity and sufficient
interest coverage for its debt obligations in the medium term.

Honghua's weak SCP, which is constrained by poor coverage, high
leverage, a small scale and large exposure to the volatile oil and
gas industry, justifies a multiple-notch difference with 'B'
category peers operating in the oil and gas exploration industry,
such as Precision Drilling Corporation (B+/Stable) and CGG SA
(B-/Positive). Honghua's business profile is also weaker than that
of US drilling company, Nabors Industries, Inc. (CCC+), although
both companies have high leverage. Nabors also has meaningful
refinancing risk and a complicated capital structure.

Fitch assesses Honghua's SCP as weaker than that of Chinese
industrial peers, such as eHi Car Services Limited (B+/Stable) and
China Grand Automotive Services Group Co., Ltd. (B-/Rating Watch
Negative), due to greater cyclicality, smaller size, higher
leverage and weaker coverage.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- 11% revenue growth in 2022 and single-digit growth in 2023-
    2025.

-- Operating EBITDA margin to recover towards 9%-10%.

-- Capex of CNY150 million a year in 2022-2025.

-- No dividend pay-out

Recovery Rating Assumptions:

Fitch's recovery analysis is based on liquidation value, which is
derived from the value of balance-sheet assets that can be realised
in a sale or liquidation process, and a 10% administrative claim.
This is due to Honghua's extremely volatile EBITDA generation
record and a large receivable amount on the balance sheet from
downstream oil and gas companies, which can generate a high
recovery value for the company's creditors.

Fitch also assumes:

-- a 50% recovery rate for trade receivables;

-- a 40% recovery rate for inventory required for oil exploration
    and production activities; and

-- a 40% recovery rate for net property, plant and equipment, of
    which the majority is machinery, equipment and buildings.

The Recovery Rating assigned to Honghua's senior unsecured debt is
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

-- Fitch will resolve the Rating Watch Negative upon evidence of
    parental support from CASIC or DEC in addressing the repayment
    of the US-dollar bond maturity in August.

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

-- Evidence or expectation of weaker linkage with CASIC or
    potentially DEC.

-- Deterioration in Honghua's liquidity position due to shrinking
    funding access.

-- An EBITDA/interest paid ratio that remains below 1.0x for a
    sustained period (2021: negative).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Reliance on Banks, Parent: Honghua had CNY5.1 billion of short-term
debt at end-2021, after the auditor reclassified around CNY1.1
billion in long-term loan as short-term due to a financial covenant
breach. This was more than the combined amount of Honghua's free
cash on hand, which comprised CNY703 million of available cash and
CNY3.8 billion of undrawn borrowing facilities. These facilities
are uncommitted, as committed credit facilities are uncommon in the
Chinese banking environment.

Honghua disclosed that it breached a financial covenant in some of
its domestic bank loans in 2021, but none of the affected banks
intend to ask for early repayment. The company subsequently renewed
and obtained new borrowings of CNY548 million in 1Q22. Fitch
expects Honghua to maintain and roll-over existing facilities due
to its partial state-ownership background and business recovery
trend. Fitch also expects Honghua to rely on shareholder support
for the repayment or refinance of its US-dollar bond maturing in
August 2022.

ISSUER PROFILE

Honghua is an oil and gas equipment manufacturer and service
provider in China.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Honghua's ratings incorporate a one-notch uplift for potential
support of its parent.

ESG CONSIDERATIONS

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


R&F PROPERTIES: S&P Cuts ICR to 'SD' on Distressed Debt Extension
-----------------------------------------------------------------
S&P Global Ratings affirm the rating on R&F Properties (HK) Co.
Ltd. (R&F HK) at 'CC'. The negative outlook reflects its view that
the company is highly vulnerable to default, in particular on its
offshore U.S.-dollar senior notes due in July.

S&P said, "We lowered the rating on Guangzhou R&F following the
completion of the company's extension of the maturity on its
Chinese renminbi (RMB) 1.95 billion onshore corporate bond due
April 7, 2022.

"We view the transaction as a distressed restructuring tantamount
to a default. Had it not extended, Guangzhou R&F likely would have
lacked the resources and funding options to fully repay the
maturing renminbi bonds. The issuer has delayed repayment of the
principal by up to a year without adequately compensating
investors, in our view.

Guangzhou R&F and its offshore subsidiary and financing platform,
R&F HK, will further face sizable repayment pressure over the rest
of 2022, including about RMB8 billion of onshore bonds that are
maturing or are puttable in the year, and offshore senior notes of
over US$ 1.2 billion that are coming due in the period. S&P
believes the companies have limited capacity to repay upcoming
maturities with internal resources amid exceptionally weak
liquidity and little access to new funding. As such, it may further
seek creditors' consent for debt extensions and related
restructuring, in our view.

The delay in publishing audited financial results suggests weakened
internal controls and governance at Guangzhou R&F. As such, S&P has
revised its assessment of management and governance to weak from
fair.

S&P will reassess Guangzhou R&F's credit profile when it does not
expect further maturity extensions or debt restructurings on
maturing debt, upon which it will reassess Guangzhou R&F's
financial and liquidity position.

ESG credit indicators: To E-3, S-2, G-5; From E-3, S-2, G-4

S&P said, "Governance factors are now a very negative consideration
in our credit rating analysis of Guangzhou R&F, following the delay
in releasing audited results. This also reflects its board
structure and the strong influence of its controlling
shareholders--Li Sze Lim and Zhang Li--who also act as co-chairmen,
owning 29.0% and 27.5% of the firm, respectively. A weaker risk
management and culture relative to peers has also contributed to
the firm's liquidity strains, we believe. The divestment of
Guangzhou R&F's property management service business to its major
shareholders also raised governance concerns."

Environmental factors are a moderately negative consideration.
However, the company faces environmental and social risks in line
with sector peers.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Transparency and reporting

R&F Properties (HK) Co. Ltd.

S&P said, "The negative outlook reflects our view that the company
is highly vulnerable to default on its outstanding obligations.

"We could downgrade R&F HK if the company defaults or undergoes
distressed restructuring on its obligations, including its offshore
senior notes.

"We may raise the rating if R&F HK resolves the repayment pressure
and improves its liquidity."


ZHENRO PROPERTIES: Misses Interest Payments for Two Offshore Bonds
------------------------------------------------------------------
Reuters reports that Zhenro Properties said it has missed interest
payments on two offshore bonds and expects four more defaults in
the coming months due to the lockdown in Shanghai, but added that
it plans to make the payments by the end of May.

Shares in the country's 30th-largest developer slid 10% on April 11
trade while its bond prices also tumbled, the report says.

"During the past few weeks due to the COVID lockdown situation in
Shanghai, some of the company's operations have been halted and the
progress of sales and asset disposals have been delayed," it said
in a filing on April 10.

It was not able to pay $20.4 million in combined interest for its
May 2020 and June 2021 notes within the 30-day grace period after
they were due on March 10.

The two notes together are worth $540 million, Reuters discloses.

According to Reuters, Zhenro also flagged that it might miss
interest payments on its September 2020, June 2020 and January 2020
notes that have grace periods ending respectively on April 10,
April 14 and May 14. It might also default on the $23.4 million
principal of April 2021 notes due April 13, it said.

Those four bonds combined are worth more than $860 million.

The January 2020 bond due April 2024 was trading at 13.006 cents on
the dollar compared to 15.443 cents on April 8, the report notes.

Zhenro plans to extend maturity of its onshore and offshore debt
and dispose of assets worth up to 4 billion yuan ($630 million) in
the first half, sources told Reuters in February.

                       About Zhenro Properties

Zhenro Properties Group Limited is an investment holding company
principally engaged in the sale of properties. Along with its
subsidiaries, the Company provides sales of properties, property
leasing business, provision of commercial property management
services, and sales of goods and provision of design consultation
services.

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, Fitch Ratings has downgraded Zhenro Properties Group
Limited's Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted
Default) from 'C' on the completion of an exchange offer and
consent solicitation in accordance with the agency's rating
definitions.

Zhenro's senior unsecured rating has been affirmed at 'C', with a
revised Recovery Rating of 'RR5' from 'RR4'.




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

A2Z INFRASERVICES: CARE Reaffirms D Rating on INR3.33cr LT Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
A2Z Infraservices Limited (A2Z), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.81      CARE C; Stable; Reaffirmed
   Facilities                         

   Long Term Bank
   Facilities            3.33      CARE D Reaffirmed

   Short Term
   Bank Facilities      14.41      CARE A4 Reaffirmed
                                   
Detailed Rationale & Key Rating Drivers

The ratings to the bank facilities of A2Z continue to consider the
ongoing delays in the debt obligations of the term loan. Further,
the ratings continue to remain constrained on account of declining
scale of operations & elongated operating cycle, competitive nature
of the industry and dependence on availability of manpower and high
attrition. The ratings, however, draw comfort from by experienced
promoter group and geographically diversified operations and
reputed customer base.

Rating Sensitivities

Positive Factors:
* Improvement in liquidity position as reflected by the timely
repayment of debt obligations.

Negative Factors:
* Decline in scale of operations as marked by total operating
income below INR130 crore on sustained basis.

Outlook: Stable

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: The company did have
entered OTS with the banker for settling off the outstanding due of
INR10 cr. at one time settlement amount of INR5 crores repayment of
which is spread across 7 tranches till June’2022. However, the
company has still not paid the instalment of Feb’2022 due on Feb
28, 2022 till date i.e. March 30, 2022.

* Declining scale of operations and elongated operating cycle: The
total operating income of the company declined to the levels of
INR159.32 crore in FY21 as against INR242.88 crore in FY20. The
average collection period has also increased to 161 days in FY21 as
against 116 days in FY20 which has resulted in elongated operating
cycle to the level of 45 days in FY21 increasing from 19 days in
FY20. The decline in scale of operations and elongated operating
cycle has resulted in tight liquidity state for the company.

* Competition from organized and unorganized players: The company
operates in a highly fragmented industry marked by the presence of
a large number of players in the organized and unorganized sector.
Small and medium sized unorganized players with few clients and
services dominate the market. International players have also
entered the Indian market to tap the growing opportunity which
makes the market even more competitive.

* Dependence on availability of manpower and high attrition:
AZIL’s services are totally dependent on availability of the
requisite manpower. To meet the increasing need of the manpower,
the company recruits through references from its existing
employees. The company recruits semi-skilled or unskilled labour
and provides them training. The prominent concern for the company
is employee attrition as majority of the laborers are
unskilled/semi-skilled and belonging to generally daily/weekly wage
type category.

Key Rating Strengths

* Geographically diversified operations and reputed customer base:
AZIL has a pan-India presence with offices in 13 locations
including Bangalore, Chennai, Hyderabad, Kolkata, Bhubaneshwar,
Delhi, Noida, Pune, Ahmedabad, Mumbai, Punjab, Coimbatore and
Indore. The company serves customers across sectorslike telecom,
information technology, transportation, oil and gas, cement,
hospitality, power, healthcare, infrastructure, and Banking &
Finance. Its major customers include the Indian Railways Integral
Coach Factory, Society of Integrated Coastal Management, GMR (Delhi
International Airport, T-3), Tata Consultancy services, Delhi Metro
Rail Corporation, etc.

* Experienced promoter group: The company is a part of the A2Z
group, which includes multiple entities providing engineering
procurement and construction for power transmission & distribution
Lines, facility management services, renewable energy generation,
and municipal solid waste (MSW) management services etc. The
flagship company of the group, A2Z Infra Engineering Limited (AIEL)
was incorporated in 2002 and provides design, testing,
installation, construction and commissioning services on a turnkey
basis in the power distribution and transmission sector. The
services provided by the company include commissioning of
sub-stations and transmission lines, cabling and rural
electrification.

Liquidity: Poor

There are ongoing delays in servicing of debt obligation for Term
loan (OTS) availed by the company from YES Bank. However, there are
no overdraws in cash credit limits and invocation in BG from SBI
and RBL.

A2Z Infraservices Ltd (AZIL), a wholly-owned subsidiary of A2Z
Infra Engineering Limited (AIEL) (erstwhile A2Z Maintenance and
Engineering Services Ltd) (rated CARE D) was initially incorporated
in April 2008 as A2Z Facilities Management Services Private
Limited. The company was incorporated with the objective of taking
over the Facility Management Services (FMS) business of AIEL. AZIL
is engaged in providing facility management, security management
and property management services such as housekeeping services,
security services, operations and maintenance (O&M), cleaning
services etc.


ANKIT INTERNATIONAL: ICRA Reaffirms B Rating on INR45cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ankit
International (AI), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term,           (45.0)      [ICRA] B(Stable); reaffirmed
   Fund-based
   Limits               

   Short Term,           45.0       [ICRA] A4; reaffirmed
   Non-fund
   Based Limits          

   Unallocated            0.5       [ICRA] B(Stable)/[ICRA] A4;
   Amount                           Reaffirmed

Rationale

The ratings continue to remain constrained by AI's weak financial
profile and a stretched liquidity position due to low profitability
on account of limited value addition in the business and high
working capital intensity of operations. Intense competition in the
business also limits pricing flexibility. Besides, sizeable loans
and advances (accounting for 91% of its net worth) extended by the
firm to related and unrelated parties also limit its financial
flexibility. Being a proprietorship firm, AI remains exposed to the
risk of withdrawals from the capital account, which could affect
its capital structure. The ratings, however, continue to take
comfort from the extensive experience and established track record
of AI's promoters in the trading industry as well as its reputed
customer profile.

The Stable outlook on the long-term rating reflects ICRA's opinion
that AI will continue to sustain its credit profile in the near
term, benefitting from the extensive experience of the promoter.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in metal trading business: AI
was established in 2010. The firm's operations are managed by Mr.
Pranav Jain, under the guidance of his father, Mr. Arun Jain, who
has an experience of more than 40 years in the trading business.

* Location-specific advantage owing to proximity to customer base:
AI's customers are traders, manufacturers and companies involved in
construction and engineering activities, located primarily in
Maharashtra and Gujarat. The firm enjoys location-specific
advantages due to proximity to its customer base.

Credit challenges

* Limited financial flexibility owing to sizeable loans and
advances: AI has extended significant loans and advances to its
related and unrelated parties, limiting its financial flexibility.
Most of the loans extended by the firm are interest free. Loans and
advances stood at INR23.6 crore as of March 31, 2021, of which
~INR13.7 crore were given to related parties (58% of total loans
and advances). The same had increased to INR36.5 crore as of
December 31, 2021.

* Weak financial profile: AI's financial profile is weak,
characterized by thin operating profit margins and high debt levels
due to working capital intensive nature of operations. The former
is on account of the low value additive nature of the trading
business as well as intense competition in the industry. In
addition, the firm's operations are working capital intensive in
nature due to high inventory holding and receivable period.
Consequently, the firm reported modest coverage indicators with an
interest coverage ratio of 3.4 times in 9M FY2022.

* Risk of capital withdrawal in proprietorship concern: Given AI's
constitution as a proprietorship concern, it is exposed to discrete
risks, including the possibility of capital withdrawal by the
proprietor (as experienced in the past) and the dissolution of the
firm upon death, retirement, or insolvency of the proprietor.

* Cyclicality inherent in the steel industry, which is likely to
keep cash flows volatile: The firm's profitability and cash flows
remain vulnerable to the cyclicality inherent in the steel trading
business. The firm's profit margins remained volatile during the
period under review owing to a changing demand-supply scenario and
prices in domestic as well as international markets.

Liquidity position: Stretched

AI's liquidity profile is stretched, characterised by modest cash
flows and high working capital intensity of operations.
Additionally, the firm has extended loans and advances over the
last three fiscals to its group companies and related parties,
which is further restricting its financial flexibility, However,
comfort can be drawn from the undrawn working capital limit of
Rs. 33 crore as on December 31, 2021. The firm has no term loan
repayment obligations or capital expenditure (capex) plans
in the near-to-medium term.

Rating sensitivities

Positive factors – ICRA could upgrade AI's ratings if the firm
demonstrates a consistent growth in its revenues coupled with
higher profits on a sustained basis. Improved liquidity will also
be a positive factor for ratings upgrade.

Negative factors – The ratings could be downgraded if a
substantial decline in revenues along with lower profitability
leads to a sustained deterioration in the firm's liquidity position
and credit metrics. Pressure on the ratings could arise if there
are any substantial withdrawals from the capital account or any
increase in loans and advances to Group companies, resulting in a
further stretch in liquidity.

Established in 2010, AI is a proprietorship concern, owned and
managed by Mr. Pranav Jain. Its primary business was ship breaking.
However, due to weak market conditions, the concern shifted its
focus to the trading of steel pipes, ferrous, nonferrous metals,
and scrap. AI has also started trading in duty credit scrips from
FY2020. The firm purchases from local markets as well as imports
from the US, Hong Kong, China, Belgium, Estonia, among others,
before selling them in the domestic market. The firm's registered
office is in Mumbai, while its warehouse is in Navi Mumbai.


DASHMESH RUBBER PRODUCTS: CARE Reaffirms B+ Rating on LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Dashmesh Rubber Products (DRP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.12       CARE B+; Stable; Reaffirmed
   Facilities                         

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DRP continued to
remain constrained on account of small scale of operations with
operational losses booked, moderate capital structure, weak debt
coverage indicators with stretched liquidity position during FY21
(Audited, refers to period April 1 to March 31). The rating is
further constrained on account of partnership nature of
constitution, fragmented nature of rubber industry leading to
intense competition as well as exposure to volatility in prices of
rubber. The rating however, take into consideration improved in
scale of operations with moderate profitability during 10MFY22
(Provisional). The rating also derive comfort from experienced
promoters of DRP.

Rating Sensitivities

Positive Factors:

* Increase in scale of operations marked by Total Operating Income
(TOI) above INR60 crore while reported PBILDT margin above 6%
* Improvement in capital structure marked by overall gearing below
1.50 times

Negative Factors:

* Decline in TOI by more than 20%.
* Deterioration in capital structure marked by overall gearing
ratio of higher than 2.5 times

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations with operational losses booked: The
scale of operations of DRP marked by TOI continued to remain small
at INR6.09 crore during FY21 as against INR14.12 crore during FY20
owing to disruption of operations due to fire broke out in the
plant on June 26, 2020. The unit was shut down due to fire from
June 26, 2020 to March 31, 2021. However, the operations were
normalized from April 01, 2021 and it reported TOI of INR49.84
crore during 10MFY22 (Provisional). The profitability position of
the entity remained weak as marked by operating loss of INR1.09
crore during FY21 as against INR2.58 crore during FY20. However,
during 10MFY22 (Provisional) the profitability position of the
entity improved substantially and remained moderate as marked by
PBILDT margin at 5.54% and PAT margin at 0.32%.

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the entity remained moderate as marked by an
overall gearing ratio of 1.87x as on March 31, 2021 as against
1.42x as of March 31, 2020 mainly due to increase in the total debt
level led by fresh availment of term loan and General Emergency
covid loan during FY21. The debt coverage indicators of the company
deteriorated and remained weak as marked by total debt to Gross
cash accruals (TDGCA) of 7.23 years as of March 31, 2021 as against
2.52 years as of March 31, 2020 mainly due to increase in the total
debt level. Interest coverage ratio deteriorated and remained weak
due to operating losses booked in FY21 as against 5.53x during
FY20.

* Partnership Nature of constitution: DRP being a partnership firm
is exposed to inherent risk of the partner's capital being
withdrawn at the time of contingency and limit the ability to raise
the capital. The partners may withdraw capital from the business as
when it is required, which may put pressure on the capital
structure of the firm. Further, during FY21, the partners have
infused capital of INR0.14 crore.

* Fragmented nature of rubber reclamation industry leading to
intense competition: DRP operates in a highly competitive and
fragmented rubber industry. The company has witnessed intense
competition from both organized players & unorganized players. This
fragmented and highly competitive industry results into price
competition thereby affecting the profit margins of the companies
operating in this industry.

* Exposure to volatility in prices of rubber: DRP’s rubber
products is manufactured from different type of rubber spreads,
mainly those discarded after use in tyre industry, as they have
higher recyclable contents with better quality of rubber crumbs.
This exposes the company to volatility in the prices of
natural/synthetic rubber (NR/SR), as any decline in the price of
NR/SR would translate into pressure on the prices of rubber.

Key Rating Strengths

* Experienced promoters: DRP was incorporated by Mr. Ashneetkaur
Popli and Mr. Amritpal Popli in 2019. Promoters have more than two
decades of experience in the manufacturing and trade of rubber
products through their associate entity named Dashmesh Rubber
Industries Private Limited (rated: CARE B+; Stable/ CARE A4). Also,
the firm has established marketing network through this
associate concern.

Liquidity: Stretched

Liquidity position of DRP remained stretched during FY21 marked by
negative cash flow from operations of INR2.85 crore during FY21
which declined from negative of INR0.91 crore during FY20 mainly
due to operating losses reported during FY21. Working capital cycle
remained elongated at 60 days during FY21 from 45 days during FY20.
The current ratio continued to remain moderate at 1.34 times as of
March 31, 2021 as against 1.90 times as on March 31, 2020. Average
working capital limits utilization remained moderate at around 70%
during past twelve months period ended February 2022. Cash and bank
balance remained modest at INR0.01 crore as of March 31, 2021
(INR0.08 crore as on March 31, 2020). GCA level remained at INR1.04
crore during FY21 as against principal debt repayments of INR1.28
crore arising in FY22. DRP has availed moratorium benefit from
March 2020 to August 2020 in line with RBI announcement in wake of
Covid pandemic for its bank facilities. Also, the firm has availed
Covid Emergency Credit Line Scheme (CECL) of INR0.88 crore during
July 2020 and extension of CECL of INR0.78 crore during November
2021.

Valsad (Gujarat) based Dashmesh Rubber Products (DRP) was formed as
a partnership firm in April 2019 by Mr. Amritpal Singh Popli and
Mr. Ashneet Kaur Popli. DRP is engaged in the manufacturing of
rubber chips, granules and crumb powder. Its manufacturing facility
is located at Sarigam(Valsad) with a manufacturing capacity of
10,000 MT per month. DRP has an associate company named Dashmesh
Rubber Industries Private Limited (Rated: CARE B+; Stable/ CAREA4)
which is into the business of manufacturing of reclaim rubber and
other rubber products.


DASHMESH RUBBER: CARE Reaffirms B+ Rating on INR11.40cr LT Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Dashmesh Rubber Industries Private Limited (DRIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.40      CARE B+; Stable; Reaffirmed
   Facilities                         

   Short Term Bank
   Facilities            0.80      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DRIPL continued to
remain constrained on account of moderate profitability, leveraged
capital structure and weak debt coverage indicators along with its
stretched liquidity during FY21 (audited, FY refers to the period
from April 1 to March 31). The ratings are further constrained on
account of its fragmented nature of rubber reclamation industry
leading to intense competition as well as exposure to volatility in
prices of rubber. The ratings, however, derive strength from
increased scale of operations and experienced promoters.

Rating Sensitivities

Positive Factors:

* Growth in scale of operations marked by Total Operating Income
(TOI) by more than 20% with reporting PBILDT margin 6% or more
* Improvement in capital structure marked by overall gearing below
2 times

Negative Factors:

* Decline in total operating income by 30%
* Deterioration in liquidity indicators with a further elongation
in operating cycle by more than 30 days than current level

Detailed description of the key rating drivers

Key Rating Weakness

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to remain leveraged
as marked by an overall gearing of 2.33 times as of March 31, 2021,
as against 2.31 times as of March 31, 2020. The debt coverage
indicators of DRIPL continued to remain weak marked by total debt
to gross cash accruals (TDGCA) of 16.13 years as of March 31, 2021,
which however marginally improved from 16.38 years as of March 31,
2020. The interest coverage ratio continued to remain moderate at
1.61 times during FY21 as against 1.59 times during FY20.

* Fragmented nature of rubber reclamation industry leading to
intense competition: The fortunes of the rubber reclamation
industry are closely tied to tire manufacturing, which in turn is
highly dependent upon the growth in the automotive industry. This
coupled with increased capacities of the existing entities and new
entrants in the reclaimed rubber industry, has intensified the
competition in the industry.

* Exposure to volatility in prices of rubber: DRIPL’s reclaim
rubber is manufactured from recycle end of life tires (ELT), mainly
those discarded after use in Medium and Heavy Commercial Vehicles
(MHCV), as they have higher recyclable contents with better quality
of rubber. This exposes the company to volatility in the prices of
natural/synthetic rubber (NR/SR), as any decline in the price of
NR/SR would translate into pressure on the prices of reclaimed
rubber. Also, as the product differentiation in reclaimed rubber is
also limited, the realizations of the same would also be dependent
on the market demand/supply scenario.

Key Rating Strengths

* Increased scale of operations albeit moderate profitability: The
scale of operations of DRIPL improved and remained moderate marked
by TOI of INR43.88 crore during FY21 as against INR29.20 crore
during FY20 due to increase in the demand from its existing
customers. However, profitability declined marked by PBILDT margin
at 5.67% during FY21 as against 8.07% during FY20 mainly due to
increase in the costs of consumption of raw material. Consequently,
PAT margin remained thin at 0.16% during FY21 as against 0.40%
during FY20.

* Experienced promoters: DRIPL was incorporated by Mr. Ashneetkaur
Popli, Mr. Amritpal Popli and Mr. Rajinder Singh in 2010. Promoters
have more than two decades of experience in the manufacturing and
trading of rubber reclaim and rubber crumb.

Liquidity: Stretched

Liquidity position of DRIPL continued to remain stretched during
FY21 marked by elongated working cycle of 98 days in FY21 which
albeit improved from 141 days in FY20 mainly due to increase in the
amount of trade receivables with improvement in TOI. Average
working capital limits utilization remained high at around 85%
during past twelve months period ended February 2022. Cash and bank
balance remained modest at INR0.09 crore as on March 31, 2021. Net
cash flow from operating activities deteriorated marginally and
remained at INR1.38 crore during FY21 as against INR1.57 crore in
FY20 mainly because of advances given to supplier. The current
ratio remained moderate at 1.67 times as of March 31, 2021, as
against 1.57 times as on March 31, 2020. GCA level remained
inadequate at INR0.83 crore during FY21 as against principal debt
repayments of INR0.94 crore arising in FY22.

DRIPL has availed moratorium of 6 months from March 2020 to August
2020 under COVID-19 relief measures. It had also availed two WCDLs
under Covid Emergency Credit Line Scheme of INR0.78 crore and
INR1.64 crore respectively.

Valsad (Gujarat) based Dashmesh Rubber Industries Private Limited
(DRIPL) was incorporated as a private limited company in September
2010. It is an ISO 9001: 2008 certified company and is engaged in
the manufacturing of reclaim rubber with a manufacturing capacity
of 1500 MT per month as of March 31, 2021.


FANIDHAR ENTERPRISES: CRISIL Assigns B Rating to INR21cr Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Fanidhar Enterprises Private Limited
(FEPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            21        CRISIL B/Stable (Assigned)
   Proposed Fund-
   Based Bank Limits      2.36      CRISIL B/Stable (Assigned)

   Working Capital
   Term Loan              0.64      CRISIL B/Stable (Assigned)

The rating reflects the moderate scale of operations, highly
leveraged capital structure and large working capital requirement
of FEPL. These weaknesses are partially offset by the extensive
experience of the promoters in the agro commodity industry.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of FEPL.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operations: Intense competition in the
agro-trading industry limits scalability and operating flexibility.
Small initial investment and low complexity of operations have
attracted several small entities, leading to significant
fragmentation and muted profitability.

* Highly leveraged capital structure: Financial risk profile is
marked by a modest networth of INR2.62 crore as on March 31, 2021.
Gearing and total outside liabilities to adjusted networth ratio
were high at 8.54 times and 23.95 times, respectively, as on the
same date. Debt protection metrics have also been weak in the past
due to high gearing and low accrual from operations. Interest
coverage and net cash accrual to total debt ratios stood at 1.14
times and 0.01 time, respectively, for fiscal 2021, and may remain
constrained by the high debt levels.

* Working capital-intensive operations: Gross current assets were
high at 226 days as on March 31, 2021, led by the large receivables
and inventory.

Strength:

* Extensive experience of the promoters: The decade-long experience
of the promoters in the agro commodity trading business, their
strong understanding of market dynamics and established
relationships with suppliers and customers, will continue to
support the business risk profile.

Liquidity: Stretched

Liquidity remains stretched marked by fully utilization of the bank
limit in the 10 months ended December 31, 2021. Cash accrual of
INR0.50-1.0 crore expected over the medium term, should comfortably
cover the yearly debt of INR0.40 crore. Current ratio was low at
0.90 time as on March 31, 2021.

Outlook Stable

FAPL will continue to benefit from the extensive experience of its
promoters in the agro commodity trading business.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenue by 20% and operating margin, leading
to higher cash accrual
* Efficient working capital management, with no further increase in
gross current assets and lower reliance on bank debt

Downward factors

* Sustained decline in revenue by 20% and operating margin, leading
to lower cash accrual
* Stretch in working capital cycle or any large, debt-funded
capital expenditure, weakening the financial risk profile

Incorporated in 2009, FEPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains, cluster beans, cattle feeds, etc. It is part of the
Ahmedabad-based Fanidhar group, promoted by Mr. Krunal Patel and
Mr. Rushab Patel.


FUTURE RETAIL: Fitch Affirms LT Issuer Default Rating at RD
-----------------------------------------------------------
Fitch Ratings has affirmed Indian retailer Future Retail Limited's
(FRL) Long-Term Issuer Default Rating (IDR) at 'RD' (Restricted
Default). Fitch has also affirmed FRL's USD500 million 5.6% senior
secured notes due 2025 at 'C', with a Recovery Rating of 'RR5'.

The 'RD' rating reflects the uncured default in meeting repayment
obligations on the bulk of FRL's onshore debt that was restructured
under the Indian central bank's August 2020 One Time Restructuring
(OTR) framework. Fitch downgraded FRL to 'RD' in April 2021 after
it completed the restructuring, as Fitch viewed it a distressed
debt exchange (DDE). However, the resultant debt structure and
maturity profile remained unsustainable and did not meaningfully
address FRL's financial stress, which is required for an upgrade
after the completion of a DDE.

The 'RD' IDR on the international scale indicates an issuer that,
in Fitch's opinion, has experienced an uncured payment default or a
distressed debt exchange on a bond, loan or other material
financial obligation, but that has not entered into bankruptcy
filings, administration, receivership, liquidation or other formal
winding-up procedure, and has not otherwise ceased business.

KEY RATING DRIVERS

Uncured Default: FRL failed to repay INR88 billion in recast
obligations under the OTR, comprising INR35 billion due on 31
December 2021, for which the grace period expired in January 2022,
and INR53 billion due on 31 March 2022. This followed persistent
operating losses since the financial year ending March 2020 (FY20)
and ongoing litigation that has hampered FRL's ability to generate
funds from alternative sources.

The obligations under default constituted 80% of FRL's restructured
debt, underscoring its unsustainable maturity profile. FRL was also
unable to pay the coupon on a INR2 billion domestic bond on 31
March 2022.

Risk of Deeper Restructuring: The risk of FRL undergoing a deeper
restructuring or formal insolvency proceedings has risen in view of
its default and the ongoing uncertainty in completing an announced
business sale to an indirect subsidiary of Reliance Industries Ltd
(RIL; BBB/Negative). A more conservative approach by onshore
lenders, particularly after the closure of stores that accounted
for 55%-65% of revenue in March due to non-payment of sub-lease
rentals to RIL entities, can limit FRL's ability in managing its
daily liquidity needs, including servicing debt outside the OTR.

Falling confidence by lenders may present additional hurdles in
obtaining lender approval for the sale.

ESG - Management Strategy: FRL has an ESG Relevance Score of '5'
for Management Strategy. Fitch believes management continues to
face multiple challenges. Persistently weak profitability since the
onset of the Covid-19 pandemic and poor liquidity has impaired
FRL's financial flexibility, leading to default on restructured
debt obligations under OTR. Ongoing litigation and delays around
the sale transaction pose significant impediments to management's
strategy to improve financial flexibility. This has a negative
impact on the credit profile and is highly relevant to the rating.

ESG - Governance: FRL has an ESG Relevance Score of '5' for
Governance Structure. The Biyani family pursued growth investment
at its operating companies rather than limiting leverage and
preserving balance-sheet flexibility at the holding company. This
is evident from significant reduction in FRL's main shareholder -
Future Corporate Resources Pvt Ltd's (FCRPL) stake after lenders
invoked share pledges. The reduced stake may present additional
hurdles in securing shareholder approvals for the sale transaction.
This has a negative impact on the credit profile and is highly
relevant to the rating.

Fitch believes the restrictions in the bond documentation limit the
risk of cash leakage to shareholders. Nonetheless, distress at
shareholders has caused reputational damage, constraining FRL's
access to funding and liquidity.

DERIVATION SUMMARY

FRL's rating reflects the uncured default on its onshore debt.

KEY ASSUMPTIONS

-- Sales to drop by 51% in FY23 in view of store closures and
    poor liquidity;

-- EBITDAR margin to remain negative at -16.2% in FY23 (FY22
    estimate: -16.6%);

-- No dividends.

Recovery Analysis Assumptions

-- Fitch's recovery analysis assumes that FRL would be considered
    a going-concern in bankruptcy and would be reorganised rather
    than liquidated. Fitch assumes a 10% administrative claim.

-- The going-concern value is based on a going concern EBITDA of
    INR4 billion and a 4x multiple.

-- The going concern EBITDA assumption is about 60% lower than
    the INR10.4 billion EBITDA generated in FY19 - the last
    financial year prior to the impact of pandemic. Fitch's lower
    EBITDA assumption underscore a deterioration in FRL's market
    position following a significant number of store closures. The
    going concern estimate is higher than actual performance since
    FY21, with FRL reporting persistent losses due to the impact
    of the pandemic and poor liquidity. This reflects Fitch's view
    that FRL's business model remains redeemable post
    restructuring and normalisation post pandemic.

-- The 4.0x multiple is lower than the 5.5x median multiple for
    retail going-concern reorganisations to reflect FRL's mid-tier
    market position in India after considering store closures and
    intense multi-channel competition.

-- Fitch used FRL's post OTR debt structure, which includes
    accrued liabilities. Secured working capital and secured US
    dollar notes account for the majority of FRL's debt. Fitch
    assumes that available but undrawn lines, if any, will be
    fully drawn.

-- The recovery waterfall results in a recovery-rate estimate
    corresponding to a 'RR5' Recovery Rating for the USD500
    million secured notes.

RATING SENSITIVITIES

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

-- Positive rating action will require a resolution of default on
    FRL's debt. Fitch believes this is unlikely in the near term
    considering the lack of visibility around an improvement in
    FRL's liquidity profile and potential debt restructuring.

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

-- The IDR will be downgraded to 'D' (Default) if FRL enters into
    bankruptcy proceedings, administration, receivership,
    liquidation or other formal winding-up procedure or if it
    ceases operation.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Persistent Liquidity Crunch: Sustained operating losses have
impaired FRL's liquidity and debt-servicing ability, leading to a
default on its onshore debt obligations. FRL has managed to pay the
coupons on the US-dollar notes, but only after the scheduled date.
The risk of non-payment of coupon on the notes has increased after
store closures and further risks could arise if onshore lenders
impose additional restrictions.

ESG CONSIDERATIONS

FRL has an ESG Relevance Score of '5' for Management Strategy,
which reflects the limitations on management's ability to implement
its strategy amid poor liquidity and ongoing litigation delaying
the progress on the sale of the business. This has a negative
impact on the credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of '5' for Governance Structure, due
to the shareholding concentration and presence of highly leveraged
related parties. This has a negative impact on the credit profile
and is highly relevant to the rating.

FRL has an ESG Relevance Score of '4' for Social Impact, reflecting
the risk to its business from a shift by consumers towards online
shopping. This has a negative impact on the credit profile and is
relevant in the rating in conjunction with other factors.

FRL has an ESG Relevance Score of '4' for Financial Transparency,
reflecting limited disclosure and delays. This has a negative
impact on the credit profile and is relevant in the rating in
conjunction with other factors.

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


GKC PROJECTS: ICRA Raises Rating on INR546.50cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of GKC
Projects Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Issuer Rating        -          [ICRA]B+ (Stable); assigned

   Working Capital    334.08       [ICRA]B+ (Stable) ISSUER NOT
   Facilities                      COOPERATING; rating upgraded
                                   from [ICRA]D ISSUER NOT
                                   COOPERATING

  Term Loans          546.50       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; rating upgraded
                                   from [ICRA]D ISSUER NOT
                                   COOPERATING

  Bank Guarantee    1,116.83       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; rating upgraded
                                   from [ICRA]D ISSUER NOT
                                   COOPERATING    

  Letter of Credit    195.00       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; rating upgraded
                                   from [ICRA]D ISSUER NOT
                                   COOPERATING

  Unallocated Limits    7.52       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; rating upgraded
                                   from [ICRA]D ISSUER NOT
                                   COOPERATING

Rationale

The rating action factors in GKC's timely debt servicing since
April 2021, post the company's takeover by SMC Infrastructures
Private Limited (SMC, rated [ICRA]BBB (Stable)/[ICRA]A3+) as per
the National Company Law Tribunal's (NCLT) order dated March 30,
2021. The resolution applicant (SMC) proposed a resolution amount
of INR428.3 crore for secured financial creditors, which includes:
(i) upfront payment of INR20 crore, (ii) issue of non-convertible
debentures (NCDs) of INR62 crore and (iii) bank guarantees (BGs)
worth INR346.3 being protected from invocation thereof by the
respective beneficiaries of these BGs and to be returned within 48
months from the NCLT approval date. GKC has made an upfront payment
of INR20 crore as per the resolution plan and has repaid INR55.2
crore of NCDs (out of total INR62 crore) as of March 31, 2022 to
the secured financial creditors through fund infusion from the
resolution applicant and realisation of old receivables. Further,
out of INR346.3-crore protected BGs, the company has got back BGs
worth INR195.4 crore as on December 31, 2021. The rating factors in
GKC's established track record of over two decades in executing
various projects under highways, irrigation and water supply
segments. The unexecuted order book of INR762.3 crore as of
September 30, 2021 provides medium-term revenue visibility.

The rating, however, remains constrained by the expected weak
operating performance as project execution was significantly
disrupted due to delays in securing necessary approvals and high
cost escalations resulting in continued operating losses. Further,
in absence of adequate working capital facilities, the company is
not able to bid and secure new orders resulting in a stretched
liquidity position. Its order book is exposed to high sector and
project concentration risk. ICRA notes that GKC has provided a
corporate guarantee for its subsidiary Bidar Solar Power Plant Pvt.
Ltd's (BSPPL) loans in December 2021, which is operating a 10-MW
solar power plant in Karnataka. BSPPL's debt servicing is
regularised since January 2022 post timely receipt of payments from
discom and its cash flows are expected to be sufficient for debt
servicing. Further, BSPPL also has created a debt service reserve
account (DSRA) of three months' debt obligation.

The Stable outlook reflects ICRA's opinion that GKC will benefit
from its technical capabilities in execution of highways and water
supply works and healthy outstanding order book.

Key rating drivers and their description

Credit strengths

* Established track record in highways, irrigation and water supply
works: The company's management has over two decades
experience and has successfully executed projects related to
highways, irrigation and water supply works.

* Healthy order book position: GKC reported a healthy outstanding
order book of INR762.3 crore (OB/OI of 2.4 times) as of September
30, 2021, thereby providing medium-term revenue visibility.

Credit challenges

* Continued operating losses: The company's project execution was
hampered due to delays in securing necessary approvals. Further,
delays in realisation of claims resulted in cost escalations and
continued operating losses. Given this, it is expected to report
weak operating profits from the ongoing projects.

* Lack of working capital limits constraining liquidity position:
The company does not have any sanctioned working capital
facilities, which constrains its ability to bid and secure new
projects. Also, majority of the ongoing projects are sub-contracted
due to lack of working capital limits. Timely sanction of working
capital limits remains critical to support its growth prospects.

* High order book concentration: GKC's order book is concentrated
towards highways (constituting 76% of orders) and water segment,
which accounted for 24% of order book as on September 30, 2021.
Further, the top three projects account for 75% outstanding order
book, thereby exposing it to project concentration risk.

Liquidity position: Stretched

GKC's liquidity position is stretched, in absence of any sanctioned
working capital facilities and limited liquidity available with the
company. It has INR4-crore NCD repayment obligation for FY2023,
which can be met through the existing liquidity and estimated cash
flow from operations. Timely sanction of working capital limits
remains important for securing and executing new orders.

Rating sensitivities

Positive factors – ICRA could upgrade the rating if the company
demonstrates healthy growth in operating profitability and
improvement in liquidity position, on a sustained basis, supported
by order book addition and securing working capital limits.

Negative factors – Pressure on the rating could arise if the
operating losses continue or elongation in the working capital
cycle adversely impacting its liquidity position. Further, GKC's
inability to secure new orders or working capital limits may result
in a rating downgrade.

For arriving at the ratings, ICRA has consolidated the financials
of the Bidar Solar Power Plant Pvt Ltd (BSPPL) with the standalone
financials of GKC Projects Limited as the latter has provided a
corporate guarantee to the loan of BSPPL.

GKC was originally set up as a proprietorship firm, Gokul Krishna
Constructions, in 1996, in Hyderabad. The firm was reconstituted as
a private limited company and renamed Gokul Krishna Constructions
Pvt Ltd (GKCPL) in 2004, following an increase in its scale of
operations and then reconstituted as a public limited company in
2008 as GKC Projects Limited. The company has ongoing projects in
two verticals: highways and urban water supply. Based on NCLT's
order dated March 30, 2021, GKC was acquired by SMC Infrastructure
Pvt Ltd.

GOPAL SHIVHARE: CARE Reaffirms C Rating on INR5.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Gopal Shivhare (GOPAL) (Partner in Shivhare Liquor (SL) and Shriram
and Co (SAC)), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; Stable; Reaffirmed
   Facilities                         

   Long Term/          12.00       CARE C; Stable/CARE A4
   Short Term                      Reaffirmed
   Bank Facilities     
                                   
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Gopal engaged into
the business of retailing of alcohol are primarily constrained on
account of uncertainty in allocation/distribution of liquor shop
license during auction process, high business risk due to regulated
nature of liquor industry along with proprietorship nature of
constitution. Further, the ratings remained constrained due to
negligible income with no shop allocation during FY21 along with
moderate networth as on March 31, 2021 (Provisional; refers to the
period April 1 to March 31). However, the ratings derive strength
from experienced proprietor along with moderate overall risk
profile SL and SAC. Further, the ratings take into consideration
favourable demand outlook with steady increase in consumption of
alcohol.

Rating Sensitivities

Positive Factor

* Improvement in Total Operating Income (TOI) with TOI more than
INR50 crore

* Sustained improvement in PBILDT margin above 4%

* Sustained improvement in capital structure with overall gearing
less than 5 times

* Efficient management of its fund based and non-fund based limits

Negative Factor

* Decrease in licenses received for retail shops and any changes in
government regulation which adversely impacts the operations

* Deterioration of liquidity position

* Deterioration of solvency position with overall gearing more than
10 times

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest income with no shop allocation: During FY21, GOPAL has not
generated any income from operations on account of non-allotment of
licence to trade as per change in government policy as against
INR71.65 crore in FY20. However, it registered income from other
sources at INR0.95 crore (interest income from FD, profits from
partnership firm etc). Further, tangible networth remained at
INR2.20 crore as on March 31, 2021 and reported net profit of
INR0.14 crore for FY21. Further during 9MFY22 (Provisional), GOPAL
registered TOI of INR5.26 crore.

* Uncertainty in allocation/distribution of liquor shop license
during auction process: As per liquor policy of Madhya Pradesh
Government, every year shop licenses are issued through tender and
successful bidders get license for trading for a period of one year
for a specific location and have to go through similar process
every year for renewal of licenses. For the licenses, bidders have
to pay certain amount of advance fees in cash and certain
percentage of bank guarantee (BG). Every year as per policy, the
liquor shop operators in every district are given option for
auto-renewal of licenses with stipulated escalation subject to
receipt of consent of minimum 70% of shop operators else all shops
would go for normal auction process resulting in uncertainty on
renewal of licenses.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The State
Governments levy various duties license fee, state level import and
export duty, bottling fee, welfare levy, assessment fee, franchise
fee, turnover tax, surcharge etc. The state governments are also
given liberty to enact the bye-laws for liquor industry on their
own; hence any significant policy changes adversely affect the
whole industry.

Key Rating Strengths

* Moderate financial risk profile of SAC and SL: During FY21,
GOPAL's bank facilities were used for his other partnership firms
viz. SAC and SL in order to make then eligible to bid tenders. SAC
has generated TOI of INR358.07 crore and SL has generated TOI of
INR767.05 crore. During FY21, Profitability remained thin being it
a trading nature of business marked by PBILDT margin 1.55% (SAC)
and 1.32% (SL) along with PAT margin of 0.79% (SAC) and 1.01 (SL).
The capital structure of both the firm remained comfortable marked
by overall gearing of 0.37 times (SAC) and 0.42 times (SL) as on
March 31, 2021. Debt coverage indicators also remained comfortable
marked by interest coverage of 5.12 times (SAC) and 4.44 times (SL)
during FY21 and TDGCA of 1.30 times (SAC) and 1.57 times (SL) as on
March 31, 2021.

* Vast experience of partners in liquor trading business:  The
management of the company has vast experience in the liquor
industry, being present in the industry since long period of time
through the group - Shivhare. The group has other associate
concerns namely Ram Swaroop Shivhare, Gopal Shivhare, Laxmi Narayan
Shivhare, Kalpna Shivhare, Kamla Shivhare, Vinum Traders Pvt Ltd,
Ranjeet Shivhare and Rahul Shivhare which are engaged in similar
business activity. The overall affairs of the firm are managed by
Mr Rahul Shivhare. Further, the proprietor is assisted by a team of
experienced personnel.

* Favorable demand outlook with steady increase in consumption of
alcohol: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. Country Liquor (CL) shares more than 50% of total
liquor consumption on account of low cost and easy availability.
However, in last five years Indian Made Foreign Liquor (IMFL)
segment has seen higher growth rate of around 10- 12% than CL whose
growth rate was around 5-8%. The factors such as rising income
levels and changing mind-sets which are more open to the
consumption of alcoholic beverages drives the growth of IMFL
segment. In addition, changing consumer preference towards premium
varieties have resulted in improvement in sales mix of industry.
Hence, Indian liquor industry is envisaged to continue the trend of
steady growth supported by increasing demand led volume growth.

Liquidity: Stretched

Average utilization of fund-based and non-fund-based working
capital limit remained full for the past 12 months ending February
2022. During FY21, GOPAL’s bank facilities has been a support for
his other partnership firms namely Shriram and Company (SAC) and
Shivhare Liquors (SL) in order to cater the orders received by
them.

Madhya Pradesh-based Gopal Shivhare (GS) was formed in 2006 as a
proprietorship concern by Mr Gopal Shivhare. He is engaged in
Liquor Trading business and the shops are allotted in Madhya
Pradesh by the state government through a competitive bidding
process for a period of one year. The firm’s product profile
comprises almost all the major brands of Indian Made Foreign Liquor
(IMFL) such as Seagram, Signature, Mc Dowells No.1, DIG whisky
among others. However, due to change in government policy during
FY21, Gopal Shivhare was not allotted licence to trade liquor.
Further business activity was executed through two other
partnership firms "Shriram & Co and Shivhare Liquors" for FY21
where GOPAL is a partner. Shivhare Liquor group has entities namely
Ram Swaroop Shivhare, Gopal Shivhare, Laxminarayan Shivhare,
Kalpana Shivhare, Kamla Shivhare, Gopal Shivhare, Vinum Traders Pvt
Ltd, Ranjeet Shivhare, Shriram & Co, Shivhare Liquors, Prabha Star
and Rahul Shivhare which are engaged in similar business activity.


HYDERABAD WINE: CRISIL Lowers Rating on LT/ST Loan to D
-------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Hyderabad Wine Mart (HWM) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligations.
                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with HWM for
obtaining information through letters and emails dated April 26,
2021 and March 14, 2022 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 HWM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HWM
is consistent with 'Assessing Information Adequacy Risk'.

Based on last available information, CRISIL Ratings has downgraded
the ratings on the bank facilities of HWM to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' due to delays in servicing debt obligations.
Established in Oct 2017, HWM is engaged in the retailing of
alcohol. It has 4 stores in Hyderabad.


JINDAL INDIA: CARE Hikes Rating on INR1,443.75cr LT Loan from D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jindal India Thermal Power Limited (JITPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,443.75     CARE BBB-; Stable Rating
   Facilities                      removed from ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE D; Stable
                                   outlook assigned

   Short Term Bank      241.27     CARE A3 Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   And Revised from CARE D/CARE D

   Short Term Bank        8.73     CARE A3 Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Revised from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the ratings of JITPL factor in the improvement in
the business risk profile of JITPL with increase in its tied-up
capacity to 1,095 MW (i.e 91.25% of installed capacity) under
long-term and medium-term power purchase agreements (PPAs) from 256
MW tied up under long-term PPAs in FY16 (refers to the period from
April 1 to March 31), thereby minimizing the risk of vagaries of
merchant market risk. The revision in rating also takes note of the
improved availability of coal through linkage and e-auction at
competitive rates due to its strategic location as well as the
resolution of coal transportation and logistical issues to a large
extent. Despite competitively bid PPAs, CARE notes that the spread
between the current tariff and unit cost of coal for the generated
power is reasonable, which ensures healthy profitability. The
revision in the ratings also factor in the improvement in the
operational performance characterized by comfortable plant load
factor (PLF), especially during 9MFY22 (refers to the period from
April 1 to December 31) along with realization of reasonable tariff
on merchant basis.

The ratings also factor in the substantial reduction in debt on
account of successful implementation of one-time settlement (OTS)
with lenders of JITPL along with prepayment of debt during FY22
which has led to superior coverage metrics. Since the signing of
Master Resolution Agreement (MRA), the company has been regular in
servicing of its debt obligations, as confirmed by all the lenders.
The ratings take note of JITPL being part of a resourceful promoter
group.

The rating, however, continues to remain constrained by weak
leverage metrics of the company marked by negative net worth as on
March 31, 2021 on account of high accumulated losses in the past
along with significant contingent liabilities and its capex plans
which may lead to moderation in projected coverage metrics, limited
tie up of capacity under long term PPAs and weak financial risk
profile of some of its off-takers.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Tie up of power at remunerative tariff for longer tenor with
off-taker having comfortable credit profile
* Material improvement in coverage metrics

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Significant decline in PAF and PLF of the plant or
non-availability of coal availability at competitive rate,
impacting the coverage metrics.

* Higher than envisaged amount payable upon the resolution of
disputes w.r.to statutory demands and demands from capital
creditors.

* Material deterioration in the credit profile of off-taker and
elongation of average collection period on sustained basis

Detailed description of the key rating drivers

Key Rating Strengths

* Higher tie up of capacity under long term/medium term PPAs,
improving revenue visibility: JITPL has long term PPA of 400 MW
(aggregating to 33.3% of the total capacity) with Kerala State
Electricity Board Limited and Bihar State Power Holding Company
Limited. It also has 695 MW of PPAs with PTC, Indian Railways and
Gujarat Urja Vikas Nigam Limited (GUVNL) on medium term basis. With
this, JITPL has enhanced its tied-up capacity to 91.25% under long
term and medium term PPAs from 256 MW tied up under long term PPAs
in FY16. Tariff for all the PPAs of JITPL are competitively bid
basis. The power from the balance untied capacity is being sold on
exchange/merchant basis. Apart from this, the company also has PPA
with GRIDCO to supply power at variable charge basis, however sale
of power under the same is under dispute.

* Improved fuel availability through linkage coal and e-auction at
competitive rates: The aggregate coal requirement for JITPL's 1,200
MW plant at 85% PLF is estimated at 6.56 million tonnes per annum
(MTPA). Based on the same, JITPL executed a 25 years FSA with MCL
with annual contracted quantity (ACQ) of 2.661 MTPA. The
development and capacity expansion in the Talcher and Kaniha mines
have improved the availability of coal (under linkage as well as
e-auction) for JITPL, which alleviates the coal shortage it used to
face due to de-allocation of the captive mine in the past. The
competitive blended cost of coal for JITPL provides it an advantage
for selling power under long/short term PPAs and on exchange. The
low cost of generation results in JITPL getting a favourable
position in merit order position while supplying to state
utilities. Further, on account of improvement in demand of power,
JITPL has been able to sell power from its untied capacity on
exchanges at healthy tariff during FY21 and 9MFY22. Average
realization of the company for FY21 and 9MFY22 stood at INR3.72 per
unit and INR3.39 per unit.

* Moderate yet improving operational performance: JITPL has
exhibited reasonable operational performance characterized by
efficient auxiliary power consumption (i.e below 6.25%) and healthy
station heat rate (SHR) (i.e below 2,350 Kcal/unit) during FY21 and
9MFY22. Plant load factor (PLF) which was lower at around 40.08% in
FY19 and 49.33% in FY20 during periods of financial stress has
substantially improved to 56.47% in FY21 and 79.28% in 9MFY22.

* Successful implementation of one-time settlement (OTS) with
lenders leading to substantial reduction in debt: JITPL had
submitted resolution plan to its lenders which was approved by all
the lenders and Master Resolution Agreement (MRA) was signed on May
29, 2021. As per the same the settlement amount was agreed at
INR2,450 cr. As per the scheme, JITPL had to make upfront payment
of INR1,080 crore with balance payment of INR1,370 crore on a
quarterly basis within 4 years from the date of payment of the
entire upfront amount. As confirmed by the lenders, JITPL has been
regular in servicing of its debt obligations since the signing of
MRA. As on March 30, 2022, the outstanding debt stood at INR968.75
crore.

* Part of resourceful promoter group: JITPL is a part of SS Jindal
group and was originally promoted by flagship company of the group
i.e Jindal Poly Films Limited having vintage of over three decades.
The company is a global flexible packaging solutions provider with
manufacturing operations in India, Europe and US with sales
footprint in over 40 countries. Though the promoter has had limited
exposure in setting up and operating power project, it has arranged
fund in the form of equity and unsecured loan for implementation of
the project. The promoter has also infused unsecured loan of INR410
cr in the project in conformity with the MRA.

Liquidity – Adequate

The projected gross cash accrual of JITPL is expected to adequately
cover its debt repayment obligations for FY23 and FY24. Though the
company does not have any fund based working capital limit
currently, average collection period has been in control. As of
March 30, 2022, the company is maintaining cash and bank balance of
INR240 cr along with debt service reserve account (DSRA) equivalent
to one quarter of debt servicing.

Key Rating Weaknesses

* Weak leverage metrics due to losses in past, significant
contingent liabilities: JITPL has weak leverage metrics marked by
negative net worth due to high accumulated losses in the past.
However, due to the OTS plan implemented during FY22, total
external debt of the company has significantly reduced. Term Debt
/PBILDT is expected to be below 1.5x, which is comfortable.
Further, the company has significant contingent liabilities on its
books which are largely not provided for. The same are projected to
be resolved with the respective parties in phases over the medium
term. Although the impact of same has been considered in the cash
flows (in line with estimates of management), any major negative
deviation with respect to same would be a credit negative.

* Envisaged debt-funded capex for implementation of FGD: JITPL has
been notified to installed Flue Gas Desulphurization (FGD) systems
to adhere to new emission norms. The project is expected to be
funded through a mix of debt and internal accruals. The company has
envisaged to incur capex of INR700 cr (INR 0.58 cr/MW) which is
projected to be funded in Debt: Equity ratio of 7:3. As on date,
the company has not incurred any cost. Financial closure is
pending. Tenders have been invited for. Since majority of the cost
is not expected to be passed though, especially for the medium term
PPAs, efficient management of time overrun, cost overrun and IDC
will be key for the project going forward.

* Counterparty credit risk: JITPL has long-term PPAs with the state
discoms of Kerala, Bihar and Odisha and short-term PPAs with PTC,
Indian Railways and GUVNL besides engaging in merchant sales. The
weak credit profile of some of the off takers exposes JITPL to
risks related to delay in receivables. Although, during the current
year, the offtakers has been paying the company relatively on time,
the timely receipt of billed invoices on an ongoing basis shall
remain a key monitorable.

* Industry risk: Thermal PLF has been continuously declining in the
past few years. With resumption of industrial and commercial
activities post the 2nd wave of covid’19, base energy demand has
witnessed sharp increase. As a result, thermal plants are receiving
higher schedule and are expected to clock improved PLF for FY22 and
FY23. Lag in coal production/transportation to match up the high
consumption level along with higher peak demand has firmed up
merchant rates which augurs well for plants with untied capacity.
There are numerous and inter-connected challenges for the sector.
The sector is expected to witness FGD capex of ~Rs. 1 lakh crore in
the medium term where the progress in terms of financial closure
and project implementation have been slow. Lastly, the payables of
the discoms have continuously increased over the past. Till the
time structural changes are successfully implemented for the
discoms, the gencos are expected to have high working capital
requirement.

Jindal India Thermal Power Ltd (JITPL) was originally promoted by
Jindal Poly Films Ltd (JPFL) and Jindal Photo Limited (JPL) through
Jindal India Powertech Ltd (JIPL, a holding company). It has
implemented 1,200 MW green field thermal power plant (as 2 units of
600 MW each) at district Angul in Odisha. The project entails a
total estimated cost of INR7,537 crores being funded through a debt
(including subordinate debt and unsecured loans) of INR5,900 crore
and the promoter’s contribution of INR1,637 crore.


KAMLA SHIVHARE: CARE Reaffirms C Rating on INR4.70cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Kamla Shivhare (Kamla) (Partner in Shivhare Liquor (SHL) and Prabha
Stars (PS)), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.70       CARE C; Stable; Reaffirmed
   Facilities                         

   Long Term/           7.36       CARE C; Stable/CARE A4
   Short Term                      Reaffirmed  
   Bank Facilities      
                                   
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Kamla engaged into
the business of retailing of alcohol are primarily constrained on
account of nil income during FY21 (Provisional, FY refers to April
2020 to March 2021) as no shops were allocated to Kamla. The
ratings are constrained due to uncertainty in
allocation/distribution of liquor shop license during auction
process, high business risk due to regulated nature of liquor
industry along with proprietorship nature of constitution. However,
the ratings derive strength from experienced proprietor along with
moderate overall risk profile SHL and PS (where kamla is partner
and bank facilities of kamla are utilised to bid tender). Further,
the ratings take into consideration favorable demand outlook with
steady increase in consumption of alcohol.

Rating Sensitivities

Positive Factor

* Improvement in Total Operating Income (TOI) with TOI more than
INR70 crore
* Sustained improvement in PBILDT margin above 4%
* Sustained improvement in capital structure with overall gearing
less than 3 times.
* Efficient management of its fund based and non-fund based limits

Negative Factor

* Decrease in licenses received for retail shops and any changes in
government regulation which adversely impacts the operations
* Deterioration of liquidity position
* Deterioration of solvency position with overall gearing more than
10 times

Detailed description of the key rating drivers

Key Rating Weaknesses

* No shop allocation during FY21: During FY21, Kamla has not
generated any income from operations on account of non-allotment of
licence to trade as per change in government policy. It reported
TOI of INR56.17 during FY20. Further during 9MFY22 (Provisonal),
Kamla registered TOI of INR7.40 crore.

* Uncertainty in allocation/distribution of liquor shop license
during auction process: As per liquor policy of Madhya Pradesh
Government, every year shop licenses are issued through tender and
successful bidders get license for trading for a period of one year
for a specific location and have to go through similar process
every year for renewal of licenses. For the licenses, bidders have
to pay certain amount of advance fees in cash and certain
percentage of bank guarantee (BG). Every year as per policy, the
liquor shop operators in every district are given option for
auto-renewal of licenses with stipulated escalation subject to
receipt of consent of minimum 70% of shop operators else all shops
would go for normal auction process resulting in uncertainty on
renewal of licenses.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The State
Governments levy various duties license fee, state level import and
export duty, bottling fee, welfare levy, assessment fee, franchise
fee, turnover tax, surcharge etc. The state governments are also
given liberty to enact the bye-laws for liquor industry on their
own; hence any significant policy changes adversely affect the
whole industry.

Key Rating Strengths

* Moderate financial risk profile of SL and PS: During FY21,
Kamla’s bank facilities were used for her partnership firms viz.
SL and PS in order to make then eligible to bid tenders. PS has
generated income of INR543.24 crore and SL has generated income of
INR767.05 crore. During FY21, profitability remained thin being it
a trading nature of business marked by PBILDT margin 0.86% (PS) and
1.32% (SL) along with PAT margin of 0.67% (PS) and 1.01 (SL). The
capital structure of both the firm remained comfortable marked by
overall gearing of 0.87 times (PS) and 0.42 times (SL) as on March
31, 2021. Debt coverage indicators also remained comfortable marked
by interest coverage of 4.56 times (PS) and 4.44 times (SL) during
FY21 and TDGCA of 1.26 times (PS) and 1.57 times (SL) as on March
31, 2021.

* Vast experience of partners in liquor trading business: The
management of the company has vast experience in the liquor
industry, being present in the industry since long period of
time through the group - Shivhare. The group has other associate
concerns namely Ram Swaroop Shivhare, Gopal Shivhare, Laxmi Narayan
Shivhare, Kalpna Shivhare, Kamla Shivhare, Vinum Traders Pvt Ltd,
Ranjeet Shivhare and Rahul Shivhare which are engaged in similar
business activity. The overall affairs of the firm are managed by
Mr Rahul Shivhare. Further, the proprietor is assisted by a team of
experienced personnel.

* Favourable demand outlook with steady increase in consumption of
alcohol: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. Country Liquor (CL) shares more than 50% of total
liquor consumption on account of low cost and easy availability.
However, in last five years Indian Made Foreign Liquor (IMFL)
segment has seen higher growth rate of around 10- 12% than CL whose
growth rate was around 5-8%. The factors such as rising income
levels and changing mind-sets which are more open to the
consumption of alcoholic beverages drives the growth of IMFL
segment. In addition, changing consumer preference towards premium
varieties have resulted in improvement in sales mix of industry.
Hence, Indian liquor industry is envisaged to continue the trend of
steady growth supported by increasing demand-led volume growth.

Liquidity: Stretched

Average utilization of fund based and non-fund based working
capital limit remained full for the past 12 months ending February
2022. During FY21, Kamla's bank facilities has been a support for
his other partnership firms namely Prabha Stars (PS) and Shivhare
Liquors (SL) in order to cater the orders received by them.

Madhya Pradesh based Kamla Shivhare (Kamla) was formed in 1995 as a
proprietorship concern by Mrs Kamla Shivhare. The shops are
allotted in Madhya Pradesh by the state government through a
competitive bidding process for a period of one year. The company's
product profile comprises almost all the major brands of IMFL such
as Seagram, Signature, Mc Dowells No.1, DIG whisky among others.
The firm has license of 8 shops in FY19-20. However, due to change
in government policy during FY21, Kamla Shivhare was not allotted
licence to trade liquor. Further business activity was executed
through two other partnership firms "Prabha Star (PS) and Shivhare
Liquors (SL)" for FY21. Shivhare Liquor group has entities namely
Ram Swaroop Shivhare, Gopal Shivhare, Laxminarayan Shivhare,
Kalpana Shivhare, Kamla Shivhare, Gopal Shivhare, Vinum Traders Pvt
Ltd, Ranjeet Shivhare, Shriram & Co, Shivhare Liquors, Prabha Star
and Rahul Shivhare which are engaged in similar business activity.

KESAR ENTERPRISES: CARE Reaffirms D Rating on INR107.26cr Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Kesar Enterprises Limited (KEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities-
   Term Loan           107.26      CARE D Reaffirmed

   Long Term Bank
   Facilities Fund
   Based-Cash Credit    63.30      CARE D Reaffirmed

   Short Term Bank
   Facilities Non-
   Fund Based-LC/BG      0.20      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KEL continues to
reflect the ongoing delays in the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in Debt Servicing: There are on-going delays in servicing
of interest and principal. The account has been classified as
Non-Performing Asset (NPA) by the bankers.

Kesar Enterprises Ltd (KEL), formerly known as Kesar Sugar Works
Ltd was originally promoted by Kilachand Group in October 1933. In
1985, the promoters renamed it to its present name. The company is
part of the Kilachand Group, one of the old and well-established
Industrial Houses in India having diversified interest in sugar,
distillery, renewable energy, storage and other agro products. KEL
is a fully-integrated sugar company operating its sugar unit with a
capacity of 7,200 TCD (Tonnes Crushed per Day), cogeneration power
plant of 44 MW, and a distillery unit producing industrial alcohol
with capacity of 50,000 KLPD (Kilo Litres per Day). The company's
integrated sugar plant is located at Baheri, Uttar Pradesh. The
power plant is a fully automated bagasse fired co-generation power
plant. The plant can operate at high pressure of 115 kg/cm2. The
company has entered into a PPA (Power Purchase Agreement) with
Uttar Pradesh Power Corporation Limited (UPPCL) for sale of power
for 20 years. Besides, the company produces open pollinated and
hybrid seeds under its brand name "Kesar seeds". The company has an
in-house research division at Hyderabad where the seeds are
developed.

LAXMI NARSIMHA: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Sri Laxmi Narsimha Homes Private Limited (SLNH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE B+; Stable; Reaffirmed
   Facilities                         

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities of
SLNH is primarily constrained by the exposure to risk relating to
Joint Development Agreements (JDA), construction risk, funding risk
with high dependence on promoter contribution and partial debt
tie-up, highly regulated real estate market with exposure to
inherent competition and cyclicality and subdued sales albeit
having selling arrangement. However, the rating derives strength
from the experienced & resourceful promoters, reasonable
construction status of ongoing project, statutory approvals in
place, favourable location of the project albeit geographical
concentration of operations.

Rating Sensitivities

Positive rating sensitivities

* Achieving the envisaged sales and realization as per the
estimates on a sustained basis

Negative rating sensitivities

* Deterioration in the credit risk profile of NCL Industries
Limited.

* Substantial delay leading to cost overrun leading to weakening
credit profile

Detailed description of the key rating drivers

Key Rating Weaknesses

* Exposure to risk relating to JDAs: The benefits relating to JDA
agreements remain limited to upfront capital commitments and
thereby lower project costs, some of its major drawbacks are risks
relating to loss of refundable deposits, payment penalties in case
of delays and disputes with Joint Development partners in case of
unfavorable unforeseen circumstances. Construction Risk: The
company estimates to complete Block -C by Q1FY23 and Block -C by
Q4FY23 and Block-A commencement will be decided in the future
course. In order to complete within the envisaged timelines, the
company has appointed SLICK Architects, which has experience in
architect and MEP services for execution of the project. Further,
the company has appointed project management team to carry out the
planned activities. Further, construction risk is partially
mitigated to a large extent due to timely availability of raw
materials at lower cost than market such as bricks, cements, panel
boards and doors as such all these materials are manufactured by
NCL industries in which Mr. P. Narsimha Raju is one of the
directors. Moreover, the company does not face any problem with
regard to availability of sand (price per ton varies from INR510 to
INR795 depending on the stock point and location from the river)
the project is located in the vicinity of river Krishna coupled
with new policies supporting the same have been launched by the
Government of Andhra Pradesh (GoAP) where the officials have
arranged stock points and kept ready about 11 lakh tons of sand at
various stock points and reaches in Krishna district to supply to
consumers.

* Funding Risk with high dependence on promoter contribution and
partial debt tie-up: Initially, the company estimated project cost
for Block – C & B at INR55.72 crore, however, the same has been
revised to INR62.58 crore (12%) due to revision in input costs and
the company expects to pass on the inputs costs to the customers.
The same is envisaged to be funded by promoter contribution of
INR29.30 crore (47%), term loans of INR25.00 crore (40%) and
balance from customer advance of INR8.28 crore (13%). SLNH is
exposed to project implementation risk considering heavy reliance
on promoter support and partial tie-up of debt of INR12.55 crore
against the requirement of INR25 crore. SLNH has applied for
balance term loan from the existing lenders. If the company is
unable to tie-up debt, promoters shall fund the same in the form
unsecured loans. The company has incurred 95% (i.e INR28.12) of the
estimated project cost of INR29.65 crore for Block-C, which has
been funded by term loan of INR12.55 crore, customer advance of
INR1.27 crore and balance INR15.83 crore from promoter funds as on
March 9,2022. Block-C is ready for occupation pending minimal
works. The Company plans to commence construction of Bloc-B from
Q1FY23 onwards. Tie-up of funds and timely availability of
resources are critical in executing the project within the
envisaged timelines and cost.

* Highly regulated real estate market with exposure to inherent
competition and cyclicality: Executing a Real estate project
requires various statutory approvals which includes building plan
approval, No objection certificate from Fire and Emergency services
department, power supply agreement with discoms. With Real Estate
Regulation Act coming into force the cost for developers will
increase as sales can only happen post registration with Real
Estate Regulatory Authority, which is possible only after project
receives requisite approvals from various government departments.
The company is exposed to the cyclicality associated with the real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals. In case of real estate
companies, the profitability is highly dependent on property
markets.

* Subdued sales albeit having selling arrangement: Post change in
state government during 2019, the government announced shift in
capital from Vijayawada, Andhra Pradesh (project location) to 3
different regions in Andhra Pradesh coupled with covid-19 pandemic
have severely affected the demand in real estate in Vijayawada over
uncertainty. With economic activity back on track post covid-19 and
announcement of six-laning near project site has evinced interest
from buyers. However, as on March 8,2022, the company has sold 3
units in Block-B and has received entire sale value of INR1.27
crore. Going forward, achieving the sales estimates, and realizing
will be critical from credit perspective. Mr. P. Narsimha Raju's
long association with NCL industries, the company has access to
around 1500-2000 distributors of NCL industries.

Key Rating Strengths

* Experienced and resourceful promoters: The Company is promoted by
Mr.P. Narsimha Raju and his wife Mrs. P. Vara Laxmi. Mr. P.
Narsimha Raju is one of the promoter directors of NCL Industries;
He has experience of around four decades in construction industry.
He was Director (works) from the year 1985 to 1989 and Executive
Director from the year 2006 to 2015 in NCL Industries Limited
having vast experience in managing and executing various
construction projects. The promoters have infused INR3.64 crore
worth of interest-free unsecured loans aggregating to INR5.39 crore
of unsecured loan as on March 31, 2020. During FY21, as on February
28, 2021, the promoters have infused additional INR2.53 crore
through unsecured loans.

* Reasonable construction status of ongoing project: The company
has incurred 95% (i.e INR28.12) of the estimated project cost of
INR29.65 crore for Block-C, which has been funded by term loan of
INR12.55 crore, customer advance of INR1.27 crore and balance
INR15.83 crore from promoter funds as on March 9,2022. Block-C is
ready for occupation pending minimal works. Earlier, the demand for
residential was subdued due to impact of covid-19 and change in
capital announcement post change in government in Andhra Pradesh.
Currently, the project has started receiving interest post-covid
and announcement of infrastructure projects near the project
location. The company expects to generate revenue of INR32 crore
from Block-C. The project cost of Block-B is estimated at INR32.93
crore, which is being funded by term loan of INR12.45 crore,
promoter contribution of INR13.47 crore and balance of INR7.01
crore from customer advance. The company has commenced works in
Q1FY23 and it is expected to complete by- Q4FY23.

* Favourable location of the project albeit geographical
concentration of operations: Project location is more favourable as
it is in the vicinity of NH-65 connecting Hyderabad to Vijayawada.
Further, the site is expected to be connected with the proposed
expansion of the highway and it is 4.5 km from State Assembly of
Andhra Pradesh post construction of the bridge connecting the
Ibrahimpatnam and 4km from Vijayawada Thermal Power Station (VTPS),
one of the major thermal power stations of the state is located in
Ibrahimpatnam. Schools, hospitals, commercial areas, accessibility
of main roads, availability of public transportation, all the areas
are well connected. Further, presence of a good & developing social
infrastructure in the vicinity makes the location attractive for
residential project. As the ongoing project is the sole project
under development by the SLNH, hence, operations remain
geographically concentrated Vijayawada real-estate market. Any
adverse development in the region can impact the execution and
sales levels of its projects.

* Statutory approvals in place: The company has received approval
for its master plan from Andhra Pradesh Capital Region Development
Authority for the development and RERA approval (RERA No.-
P06080120258) from Andhra Pradesh Real Estate Regulatory Authority
(AP RERA). Further, the Company has obtained approval from Revenue
Divisional Officer along with multiple approvals from various
agencies for commencement of construction.

Liquidity analysis: Stretched.

Stretched liquidity is marked by subdued sales of 3 units since
launch of sales in 2020 and heavy reliance on promoter contribution
and debt for construction of the project within the revised costs
and times. Further, the company has availed covid loans and
reschedule of the existing loans due to impact of covid resulting
in mismatch in cashflows on account of subdued sales. Sale of units
as per the estimates and realization of customer advance is
critical from credit perspective. Analytical approach: Standalone.
CARE has analysed standalone financials of Sri Laxmi Narasimha
Homes Private Limited (SLNH) are considered in the analysis while
factoring the strong linkages of promoters of the company with NCL
Industries Limited.

Sri Laxmi Narsimha Homes Private Limited (SLNH) was incorporated on
July 27, 2015, having corporate office at Hyderabad is being
promoted by Mr. P. Narasimha Raju and his wife Mrs. P. Vara
Lakshmi. Mr. P. Narasimha Raju has more than 4 decades of
experience in civil construction industry and is one of the
promoter directors of NCL Industries Ltd. SLNH has ventured into
its maiden real estate development at Ibrahimpatnam, Vijayawada,
Andhra Pradesh in February, 2019.


LEXUS MOTORS: ICRA Withdraws B Rating on INR67cr Cash Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Lexus Motors Limited based on the No Objection Certificate from the
Banker and in accordance with ICRA's policy on withdrawal and
suspension. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Key Financial Indicator,
Liquidity Position, Rating Sensitivities, and the related
instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        67.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-Fund Based–
   Bank Guarantee      0.50        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Withdrawn

   Unallocated        32.50        [ICRA]B (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Withdrawn

Incorporated in 1991, Lexus Motors Limited (LML) is involved in the
business of automobile dealership and is an authorised dealer of
Tata Motors Limited (TML). LML started its operations with light
commercial vehicle and was subsequently given the franchise of
multi-utility vehicles, medium and heavy commercial vehicles and
passenger cars of TML. Since FY2011, LML also started dealing in
the models of Jaguar Land Rover (JLR) in arrangement with TML. LML
is the sole dealer for the JLR.


OMAR INTERNATIONAL: CRISIL Withdraws B+ Long Term Rating
--------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Omar International Private
Limited (OIPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of OIPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of OIPL
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.

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

   Short Term Rating      -        CRISIL A4 (Migrated from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

Established in 2012 and promoted by Mr. Ateeq Ahmed, Bijnor (Uttar
Pradesh)-based OIPL processes and exports frozen buffalo meat. The
integrated processing capacity is 75 tonne per day.


PHADNIS CLINIC: CRISIL Assigns B+ Rating to INR52cr Loans
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Phadnis Clinic Pvt Ltd (PCPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12.5       CRISIL B+/Stable (Assigned)
   Term Loan             39.5       CRISIL B+/Stable (Assigned)

The rating reflects the company's modest scale of operations,
geographical concentration in revenue and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the healthcare industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and geographical concentration in
revenue: With operating income of INR42.74 crore in fiscal 2021 and
combined capacity of 110 beds, scale remains modest. The company
operates only two hospitals in a single location (Pune), which
limits growth in the image-sensitive healthcare industry.

* Average financial risk profile: Networth was negative INR5.58
crore as on March 31, 2021 (against negative INR6.56 crore as on
March 31, 2020). Debt protection metrics were weak due to losses in
the previous fiscal. However, the metrics are expected to improve
over the medium term with better cash accrual, loan repayment and
absence of any debt-funded capital expenditure (capex) over the
medium term.

Strength:

* Extensive experience of the promoters: Business risk profile will
continue to be backed by strong regional presence, promoters'
industry experience of over three decades, efficient management of
the hospitals and established relationships with doctors practicing
in the vicinity.

Liquidity: Stretched

Bank limit utilisation was moderate at around 63% for the 12 months
through August 2021. Expected annual cash accrual of INR2-3 crore
will tightly match yearly term debt obligation of INR2-3 crore,
over the medium term. Cash and bank balance stood at INR0.34 crore
as on March 31, 2021.  

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters.

Rating Sensitivity Factors

Upward factors:

* Increase in revenue and profitability backed by improved
occupancy leading to net cash accrual of more than INR5 crore
* Better liquidity with higher cash and bank balance, lower
reliance on external debt or equity infusion

Downward factors:

* Decline in revenue and profitability resulting in net cash
accrual below INR2 crore
* Large, debt-funded capex further weakening financial risk
profile

Incorporated in 1991 and promoted by Dr Amita Phadnis and Dr
Avinash Phadnis, PCPL operates two 110-bed multi-speciality
hospitals in Shivaji Nagar, Pune. The hospitals provide pediatric,
gynaecology and obstetrics, cardiology, orthopedics, ophthalmology
and dental services.


REAL GRANITO: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Real
Granito Pvt. Ltd. (RGPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-
   Term Loan           3.85       [ICRA]B+ (Stable) reaffirmed

   Fund Based-
   Cash Credit        12.00       [ICRA]B+ (Stable) reaffirmed

   Non-fund Based-
   Letter of Credit/
   Bank Guarantee      2.00       [ICRA]A4 reaffirmed

Rationale

The ratings remain constrained by RGPL's moderate financial risk
profile, characterised by its modest scale operations, a moderate
capital structure and coverage indicators, along with a high
working capital intensity. The ratings factor in the intense
competition in the ceramic industry and the exposure of the
company's profitability to the volatility in raw material and fuel
prices. The ratings further note that RGPL's operations and cash
flows are exposed to the cyclicality in the real estate industry,
which is the main end-user sector.

The ratings, however, favourably factor in the extensive experience
of the promoters in the ceramic industry and the proximity to raw
material sources, by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that RGPL is expected to maintain its business position.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: The company is managed by
directors who have an extensive experience in the ceramic industry
through their association with other entities involved in the
ceramic business.

* Location-specific advantage: The company benefits from low
transportation costs and easy access to quality raw materials, and
power and fuel sources, owing to the plant's strategic location in
the Morbi region of Gujarat, which is considered to be the ceramic
hub of India.

Credit challenges

* Moderate financial risk profile: RGPL's scale of operations
remains moderate with an operating income of INR47.5 crore in
FY2021. In 11M FY2022, the company has achieved revenues of INR55.8
crore (on a provisional basis). Further, its operating and net
profitability was moderate at 12.8% and 3.4%, respectively, in
FY2021. RGPL's net worth was eroded due to net losses in FY2018 and
FY2019, which coupled with high debt levels, has led to an adverse
capital structure. The coverage indicators also remained moderate
with total debt/OPBDITA at 4.2 times and NCA/TD at 15% in FY2021.
Further, the working capital intensity remained high with NWC/OI at
31% in FY2021, because of elongated receivables and high inventory
holding. Consequently, the creditors also remained stretched to
support the liquidity.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material (body clay, feldspar and
glazed frit) and fuel (PNG) are the two major cost components for
the company and thus, its profitability remains susceptible to the
fluctuations in raw material and fuel prices, given its limited
ability to pass on the rise to customers amid the intense industry
competition. Further, ICRA notes that the gas prices have witnessed
significant upsurge in the recent past. Despite the periodic price
revisions undertaken by the company, its ability to continue to
pass on the same in a timely manner remains to be seen and could
exert pressure on its margins in FY2022.

* Intense competition and cyclicality in real estate industry: The
ceramic tile industry is characterised by stiff competition because
of low entry barriers. The presence of both organised and numerous
unorganised players in the industry limits RGPL's pricing
flexibility and the bargaining power with customers, thereby
putting pressure on its revenues and margins. Further, the real
estate industry is the major end-user of ceramic tiles, and hence
the company's profitability and cash flows are highly vulnerable to
the cyclicality in the real estate industry.

Liquidity position: Stretched

RGPL's liquidity is stretched because of high working capital
requirements, which has resulted in full utilisation of its working
capital limits. In FY2022, the liquidity was supported by an
emergency credit line of ~Rs. 1.5 crore. Going forward, timely
support from promoters through equity infusion/unsecured loans will
remain critical in case of any cash flow mismatches.

Rating sensitivities

Positive factors - ICRA could upgrade RGPL's ratings if sustained
increase in revenues and profitability leads to higher-than
expected cash accruals. This, along with better working capital
management and significant improvement in net worth, leading to an
improvement in the overall financial risk profile, may also result
in a rating upgrade.

Negative factors - Pressure on RGPL's ratings could arise if a
decline in revenues and profitability leads to lower-than-expected
cash accruals, or if any major debt-funded capital expenditure, or
stretch in the working capital cycle, further weakens the company's
capital structure and liquidity profile.

Real Granito Pvt. Ltd., incorporated in 2010, was involved in the
manufacture of single-charge vitrified tiles before it started
manufacturing glaze vitrified tiles in FY2019. Its manufacturing
facility is at Morbi, Rajkot (Gujarat), with an installed capacity
of ~75,000 MTPA (~21 lakh boxes per annum). The company is managed
by Directors who have an extensive experience in the ceramic
industry through their association with other entities involved in
the ceramic business.

SANT DAMAJI: CRISIL Lowers Rating on INR13cr Loans to D
-------------------------------------------------------
CRISIL Ratings has downgraded the rating of Shri Sant Damaji
Sahakari Sakhar Karkhana Limited (SSDSSKL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating' as
there have been delays in debt servicing.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         12.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SSDSSKL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 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
failed to receive any information on either the financial
performance or strategic intent of Rangoli. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL Ratings believes that rating action on SSDSSKL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable Issuer Not Cooperating' as there have been delays
in debt servicing.

SSDSSKL, set up in 1989, is a cooperative sugar mill situated at
Mangalveda in Solapur (Maharashtra). It manufactures sugar and
allied products. The day-to-day operations of the society are
managed by its chairman, Mr. Shivajirao Kalunge, along with support
from other functional personnel.


SOLID PROPERTIES: ICRA Withdraws B Rating on INR75cr NCD
--------------------------------------------------------
ICRA has withdrawn the rating assigned to the Non-Convertible
Debenture Programme of Solid Properties (P) Ltd. (SPPL) based on
the No Dues certificate/and full repayment certificate for
non-convertible debenture received from the lender/investor, and in
accordance with ICRA's policy on withdrawal of credit rating.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, have
not been captured as the rated instruments are being withdrawn.  

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-Convertible       75.0       [ICRA]B (Stable); Withdrawn
   Debenture
   Programme             

Incorporated in 1988, Solid Properties (P) Ltd. (SPPL) is a part of
Express Projects (P) Ltd. It is involved in the development of real
estate projects since 1980 and till date has delivered 40 million
square feet area in various cities like Ajmer, Bangalore,
Ghaziabad, Mathura, Sonipat and Noida. SPPL was formed with a view
to develop real estate in Delhi/NCR. The company is currently in
the process of developing a single project in Vasundhra, namely
Express One. The project consists of three towers with G+26 floors
each and spread across of 360 units over an area of ~4.64 lakh
square feet.


SONU REALTOR: CARE Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sonu
Realtors Private Limited (SRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       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 SRPL to monitor the
rating(s) vide e-mail communications/letters dated November 11,
2021, November 29, 2021, December 10, 2021, February 3, 2022,
February 7, 2022 among others and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Sonu
Realtor Private Limited bank facilities will now be denoted as CARE
B+; Stable; ISSUER NOT COOPERATING.

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

The rating take into account Pending regulatory approvals, project
execution and funding risk, marketing risk pertaining to Kukreja
Residency & Haji Malang projects and risk associated with SRA
project. The rating, however, continues to derive strength from the
resourceful and considerable track record of Kukreja group in the
real estate industry and favorable location of the projects.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2021, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Pending regulatory approvals: Haji Malang-The construction for B
Wing (Rehab Building) has completed and handed over to the slum
dwellers however and the occupation certificate (OC) is expected to
be received by end of April, 2021. Further, for C & D Wing
(Saleable Building), the construction is completed upto 13th slab
and commencement certificate (CC) is received till 13th floors only
and construction will be completed by May 2021. Thus, the timely
completion the construction for balance floors will be critical
from credit perspective. Vijay Nagar & Kokan Nagar-The Letter of
Intent (LOI) and Intimation of Approval (IOA) for Vijay Nagar
project as well as Kokan Nagar project has been received however
the commencement certificate (CC) for saleable building for both
the projects has not yet received. Thus, SRPL's ability to vacate
the slum-dwellers and timely receive the commencement certificate
(CC) for both the projects in the timely manner would be critical
from credit perspective.

* Project execution and funding risk: SRPL is executing three
projects namely Vijay Nagar, Haji Malang and Kokan Nagar under SRA
(Slum Rehabilitation Authority) scheme. The estimated total cost of
the above three projects is INR487.93 crore which will be funded in
the ratio of 0.28:0.67:0.05 (debt: equity: customer advances). Till
Dec 31st, 2020, SRPL has incurred a total cost of INR64.65 crore
which was funded through promoter’s funds and proceeds from sale
of one flat under Haji Malang Project. Thus going forward, the
timely receipt of the CC and arrangement of sufficient funds to
complete the construction of the project without any time and cost
overrun will be critical from credit perspective.

* Marketing risk pertaining to Kukreja Residency & Haji Malang
projects: In Kukreja residency SRPL has booked 153 flats (out of
the total 162 flats to be booked) till Dec 31st 2020 and have 2
flats leased out to Sankirtan Seva Trust on a threeyear lease with
monthly rental income of INR125,000. In Haji Malang out of 94 flats
to be developed, SRPL are liable to sell only 89 flats with total
saleable area of 44,305 sq. ft. and balance flats will be given to
existing owners, since it is redevelopment project Moreover as on
December 31, 2020 SRPL has booked 3 flat and received customer
advances amounting to INR1.13 crore and INR2.04 crore is yet to be
received. Going forward SRPL’s ability to book the balance flats
and complete the construction to receive the customer advances of
flat already booked will be crucial.

* Risk associated with SRA projects: Timely receipt of the
regulatory approval from the concerned regulatory authority and
payment of the land premium (if the land belongs to collector or
Municipal Authority) along with timely competition of the projects
are the key risks pertaining to SRA project.

Key Rating Strengths

* Resourceful and considerable track record of Kukreja group in the
real estate industry: Directors of SRPL are reasonably experienced
with Mr Sunil Kukreja and Mr Mohan Kukreja having more than two
decades of experience in the construction of residential and
commercial projects and real estate sector; moreover, the group has
around six decades of experience. Further, the promoters are
resourceful and infusing funds regularly to support the business
operations.

* Location advantage: The projects are located in the prime
locality of Mahalaxmi & Chembur in Mumbai. Further the projects
have good connectivity with the railway station, road and mono
rail. Furthermore, the project is located in close proximity to
banks, schools, restaurants and hospitals.

Liquidity: Stretched

Liquidity remains stretched due to slowdown in real estate sector
but the same is likely to be picked up in the upcoming quarters and
company’s Cash coverage ratio also remains moderate during the
next three quarters and after availment of the bank borrowing it is
expected to remain above unity level. SRPL’s has moderate level
of accruals of INR4.44 crore and free cash & bank balance & Fixed
deposits with bank of INR7.99 crore as on March 31, 2020 against
nil repayment obligations due to non availment of external debt.
SRPL isheavily dependent on promotors fund to execute the ongoing
projects in envisaged timeline. However, generation of sufficient
cash flows to support pending construction cost is crucial from
credit perspective.

Incorporated in 1984, Sonu Realtors Private Limited (SRPL) is
set-up by Kukreja group which is into developing of real estate
properties. Kukreja group was founded in 1947 to develop properties
in the area of Mumbai. Currently, SRPL is executing three projects
namely Vijay Nagar, Haji Malang and Kokan Nagar under SRA (Slum
Rehabilitation Authority) scheme.


VATIKA INFRACON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Infracon Private Limited (VIPL) continues to remain in the 'Issuer
Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     128.90      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

The rating has been reaffirmed on account of ongoing delays in
servicing of its debt obligations due to stressed liquidity
position. There have been instances of continuous delays in
interest servicing for NCDs for last 4 quarters and ongoing delays
as well.

Rating Sensitivities

Positive Factors:

* Timely repayment of its debt on timely basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project execution and salability risk: The company is yet to
start the construction of its upcoming project- Vatika City 2. The
company proposes to avail construction finance of INR400 crore for
the project while total cost is INR3397 crore. The project was
expected to launch in Q3FY20 as earlier expected in Q3FY19, due to
delay in receipt of licenses. Thus, the company is exposed to
project execution risk. Also, on account of subdued industry
scenario, the project is exposed to salability risk after the
launch of the project. CARE is unable to comment on the present
status of the projects, due to noncooperation from the client.

* Excessive dependence on customer advances: VIPL has shown
excessive dependence on customer advances as a means for project
execution. For the upcoming project, VIPL has projected to fund
about 71.46% of the total project cost by utilizing proceeds from
customer advances. Excessive dependence on customer advances for
project execution might impact the schedule of the project if the
sales momentum is not as expected. CARE is unable to comment on the
present scenario, due to non-cooperation from the client.

* Subdued industry scenario: The real estate sector during the
recent years witnessed a slowdown owing to various government
reforms. Demonetization & GST implementation were some of the
factors which even though aimed at curbing the black money menace,
hit the sector hard through sale stagnation leading to a dip in
prices. However, with the introduction of the RERA Act, it forced
the builders in timely completion and delivery of projects which is
in the interest of both consumers as well as for real estate
sector. The affordable housing sector, owing to governmental thrust
was the only segment that showed some improvement. However, with
the effect of these reforms stabilizing, the sector is expected to
witness small but sustainable improvement during FY20.

Liquidity: Weak

The liquidity profile of Vatika Infracon Private Limited remains
weak. Due to mismatch between project receipts vis a vis the debt
repayment obligations the liquidity of Vatika Infracon Private
Limited remains constrained.

Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for
the purpose of real estate development. The company is a step-down
subsidiary of Vatika Ltd (Vatika rated- CARE BB; Stable), Vatika
Group’s flagship company. VIPL is developing a 77 acres gated
township ‘Vatika City 2’ as the final phase of Vatika India
Next (An integrated township with area spanning over 77 acres
having residential- floors, plots, villas, group housing, gated
towns and commercial projects) in Sector 89, Gurgaon with saleable
area of 68.02 lakh square feet (lsf). The project will be developed
in 4 phases and the land for the project has already been acquired
with licenses for phase 1 already received.




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

GOLDEN ENERGY MINES: Fitch Alters Outlook on 'B+' IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Golden Energy Mines Tbk
(GEMS) to Positive from Stable, and affirmed the Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B+'. At the same
time, Fitch Ratings Indonesia has revised the Outlook on GEMS to
Positive from Stable, and affirmed the National Long-Term Rating at
'A(idn)'.

The Outlook revision reflects Fitch's expectation that GEMS' credit
profile is likely to improve over the next 12 months with
production scale reaching a level commensurate with that for 'BB-'
rated peers in Indonesia. The rating reflects GEMS' competitive
cost position, long reserve life and strong financial profile.

GEMS' ratings reflects its Standalone Credit Profile, in line with
Fitch's updated Parent and Subsidiary Linkage (PSL) Rating
Criteria. Fitch assesses the credit profiles for both GEMS and its
parent, Golden Energy and Resources Limited (GEAR, B+/Positive), at
the same level.

'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Increasing Production Scale: Fitch expects GEMS' credit profile to
improve, driven by the operational scale with production rising
close to 36 million tonnes per annum (mtpa) in 2022 (2021: 30mtpa,
2020: 34mtpa). Fitch also expects GEMS' annual production to
continue ramping up to 50-55mtpa over the medium term, in line with
management guidance, subject to regulatory approvals on production
quotas.

Limited Capex: GEMS' capex on infrastructure to support the higher
volume will be minimal, about USD20 million-25 million annually
over the next three years to upgrade the capacity of hauling roads,
coal-handling plants and barge-loading facilities. Fitch expects
GEMS' robust operating cash flow and limited capex to support its
strong financial profile with a net cash position.

Cost flexibility: Fitch expects GEMS' flexibility to manage its
costs to move in line with coal prices and its low-cost structure
with a life-of-mine strip ratio of 4.5x (2021: 4.6x) for its key
mine to supports its operating cash flow through the commodity
cycle. The miner has been able to sustain its EBITDA per tonne
above USD4, even during previous market turns, displaying its
competitive cost position and its ability to meaningfully manage
costs.

Limited Mine Diversity: GEMS' mine, PT Borneo Indobara (BIB),
accounts for more than 90% of its total production and above 67% of
proven and probable (2P) reserves. BIB's production ramp-up plans
mean the contribution from GEMS' other mines will remain small, at
least until 2024. The reserve concentration risk is partly offset
by geographical diversification, with about 30% of the 2P reserves
outside the island of Kalimantan.

Fitch believes the operational risk is mitigated by GEMS' contracts
with leading Indonesian mining contractors, such as PT Saptaindra
Sejati, a subsidiary of PT Adaro Indonesia (BBB-/Stable), PT Putra
Perkasa Abadi and PT Cipta Kridatama, a subsidiary of PT ABM
Investama Tbk (B+/Stable)

Long Reserve Life: GEMS has the fourth-largest reserves in
Indonesia, with proven reserves of around 800 million tonnes and
proven and probable reserves of about 1,000 million tonnes, which
translates to a reserve life of 20 years. GEMS' BIB mine
contributes to 72% of the proven reserves at about 580 million
tonnes, with a second-generation licence valid until 2036.

Conservative Financial Profile: Fitch expects GEMS to be able to
maintain a conservative financial profile on account of strong
operating cash flow from increasing volumes coupled with minimal
capex requirements. This is even as Fitch expects GEMS to continue
its policy of paying about 80% of its free cash flow as dividends
to its shareholders. Fitch forecasts GEMS' gross leverage, defined
by gross debt/EBITDA, to remain below 0.2x and maintain its net
cash position throughout Fitch's over the next four years.

DERIVATION SUMMARY

GEMS' closest peers are PT Indika Energy Tbk (BB-/Negative) and PT
Bayan Resources (BB-/Postitive). Fitch thinks both GEMS and Indika
have a competitive cost position and adequate reserve life for
their key mines. Indika's larger scale and well-established
operations justify the one-notch difference in their IDRs. However,
Fitch's expectation that GEMS' production scale will be similar to
that of Indika in the next 12 months is reflected in Fitch's
Positive Outlook on GEMs. The Negative Outlook on Indika reflects a
weaker financial profile and uncertainties around its investment
plans in non-coal businesses, but the current high coal prices
should improve the buffer in its financial profile to support such
investments.

Bayan's higher rating reflects its better cost structure, larger
production and earning scale and higher profitability, which is
also on account of the higher calorific value of its coal. However,
Fitch thinks that the difference in their scale will be comparable
in the next 12 months, and is reflected in Fitch's Positive Outlook
on GEMS. Both entities have a strong financial profile.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Volume reaching 36mtpa in 2022 (2021: 29mtpa) and thereby
    increasing by 4-5mtpa until 2025. Fitch then expects volumes
    to remain flat;

-- Coal prices in line with the coal price deck on an energy
    adjusted basis. Fitch assumes an average selling price of
    USD55/tonne (t) in 2022 (2021: USD53.5/t), USD46.2/t in 2023,
    USD41/t in 2024 and USD38.3/t in 2025;

-- Strip ratio for the BIB mine to increase to about 4.5x-4.6x in
    2022-2026;

-- Cash cost, excluding royalties, to remain between USD26/t and
    USD29/t until 2025;

-- Annual capex to remain between USD25 million-27 million in
    2022 and 2023, with capex then settling at about USD12
    million.

-- Dividends payout ratio of 85% in 2022 in light of the high
    coal prices. Thereafter maintained at 80%, in line with the
    shareholder agreement.

RATING SENSITIVITIES

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

-- Increase in scale to about 35mtpa while maintaining its
    financial profile with net debt/EBITDA below 2.0x;

-- GEAR's IDR remains at 'B+' or above.

Factor that could, individually or collectively, lead to negative
rating action:

-- Fitch would revise the Outlook back to Stable if the positive
    sensitivities are not met.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable liquidity: GEMS has improving cash flow generation,
moderate debt levels and well-distributed amortising debt, which
support its comfortable liquidity position. Fitch does not expect
the debt at GEMS to increase over the next three to four years
because of its modest capex requirements. The entity's short-term
debt is about USD59 million, which is easily covered by its cash
position of about USD193 million as of end-2021.

ISSUER PROFILE

GEMS is a coal mining company in Indonesia with the fourth-largest
coal reserves in the country. GEMS operates three mining
concessions, with BIB the largest. Its 1P reserve life is 21 years
and 2P reserve life is 25 years. Singapore-based GEAR owns 64.5% of
GEMS and Indian entity GMR Coal Resources 30%.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Rating of PT Golden Energy Mines Tbk, is subject to a cap of
"consolidated +1" based on Fitch's Parent Subsidiary Linkage
criteria. Hence the rating of GEMS cannot be more than 1 notch
higher than the rating of its parent Golden Energy and Resources
Limited (B+/Positive).

ESG CONSIDERATIONS

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




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

ASH CONSTRUCTION: Court to Hear Wind-Up Petition on May 6
---------------------------------------------------------
A petition to wind up the operations of Ash Construction &
Interiors Limited will be heard before the High Court at Auckland
on May 6, 2022, at 10:00 a.m.

Aaron Jason Honey filed the petition against the company on Jan.
24, 2022.

The Petitioner's solicitor is:

          Meggan Staines
          c/o McVeagh Fleming
          Level 9, 188 Quay Street
          Auckland


ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------------------
A petition to wind up the operations of Ecolibrium Biologicals
Holdings Limited will be heard before the High Court at Auckland on
May 13, 2022, at 10:00 a.m.

William Peter Summerville, Janet Elsie Summerville, Eric Blair
Summerville and Susan Lorraine Summerville (as trustees of the
Summerville Trust #2) filed the petition against the company on
Feb. 8, 2022.

The Petitioner's solicitor is:

         Michael Gerard Anderson
         TWA Legal Limited
         Level 9, 38 Wyndham Street
         Auckland 1010




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

BANCO FILIPINO: Appellate Court Upholds Liquidation
---------------------------------------------------
The Court of Appeals (CA) has upheld the liquidation of the closed
Banco Filipino Savings and Mortgage Bank (Banco Filipino) by
Statutory Receiver, state deposit insurer Philippine Deposit
Insurance Corporation (PDIC).

In its Resolution dated Oct. 14, 2021, the Court of Appeals'
Special Former Special Ninth Division denied the motion for
reconsideration filed by the bank's majority stockholder,
Metropolis Development Corporation (MDC) for lack of merit and for
the inability of MDC to raise new issues that can persuade the CA
to modify or reverse its Resolution.  The decision was in relation
to the court's previous order that upheld Monetary Board (MB)
Resolution No. 1635 dated Oct. 27, 2011 placing Banco Filipino
under the PDIC's liquidation.  

The CA in an earlier Resolution dated Sept. 7, 2020 dismissed the
petition of MDC citing that the expiration of Banco Filipino's
corporate life on June 25, 2014 rendered moot the majority
stockholder's petition for certiorari.  MDC had claimed in its
denied motion that it can continue existing for up to three years
after dissolution to wind up its affairs and that the MB Resolution
placing the bank under liquidation within just seven months from
its closure diminished their rights as stockholders over the bank's
assets.  The CA, however, did not give credence to MDC's argument
and instead, bolstered the propriety of the issuance of the MB
Resolution.




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

AGRIFERT LIVEN: Creditors' Proofs of Debt Due on May 9
------------------------------------------------------
Creditors of Agrifert Liven International Pte Ltd are required to
file their proofs of debt by May 9, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2022.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          C/o Baker Tilly TFW LLP
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


ANIMAL WORLD: Creditors' Meetings Set for April 27
--------------------------------------------------
Animal World Pte Limited will hold a meeting for its creditors on
April 27, 2022, at 3:00 p.m.

Agenda of the meeting includes:

   a. to consider the statement of affairs of the Company together

      with a list of the creditors of the Company and the
      estimated amount of their claims;

   b. to consider the nomination of Mr. Yin Kum Choy and Mr. R S
      Ramasamy of M/s. MIRAI Consulting SG Pte. Ltd., of 120 Lower
      Delta Road, #09-12 Cendex Centre, Singapore 169208, being
      Licensed insolvency practitioners, or such other approved
      person(s) to be the Liquidator(s), subject to their Consent
      to Act, for the purpose of winding up the affairs and
      distributing the assets of the Company; and

   c. to consider the nomination of creditors to a Committee of
      Inspection.

Mr. Yin Kum Choy and Mr. R S Ramasamy of M/s. MIRAI Consulting SG
were appointed the Joint and Several Provisional Liquidators of the
Company on March 28, 2022.


GOLDEN ENERGY: Fitch Alters Outlook on 'B+' IDR to Positive
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Golden Energy and
Resources Limited (GEAR) to Positive from Stable, and affirmed the
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The
agency also affirmed the rating on GEAR's USD375 million notes due
2026 at 'B+', with Recovery Rating of 'RR4'.

The Outlook revision reflects Fitch's expectation that credit
profile of GEAR's key subsidiary, Indonesia-based PT Golden Energy
Mines Tbk (GEMS, B+/Positive), is likely to improve over the next
12 months with production scale reaching a level commensurate with
that for 'BB-' rated peers in Indonesia.

Fitch assesses that the credit profile of GEAR's other key
subsidiary, Australia-based Stanmore Resources, will benefit from
the USD1.3 billion acquisition of Dampier Coal, which owns 80% in
BMC's metallurgical coal operations in Australia. The transaction
will increase Stanmore's scale and diversity. However, these
business-profile improvements will be partially offset by the
holding structure, with debt-servicing requirements at the
acquiring-entity level.

KEY RATING DRIVERS

Improving Credit Profile at GEMS: Fitch expects GEMS' credit
profile to improve the operational scale sustainably and become
comparable with other 'BB-' peers over the next 12 to 18 months.
GEMS' IDR at 'B+' is constrained mainly by its production despite
its financial profile being quite conservative.

Fitch also expects GEMS' annual production to continue ramping up
to 50-55 million tonnes per annum (mtpa) over the medium term, in
line with management guidance. This, along with the miner's
flexibility to manage costs to move in line with coal prices and
its low-cost structure with a life of mine strip ratio of 4.5x,
should lead to a sustainable increase in its operating cash flow.

Dampier Acquisition, Credit Neutral: The Dampier acquisition will
improve Stanmore's financial and operational scale; metallurgical
coal sales volume will substantially increase to 12.6 mtpa (2021
pre-acquisition: 2.3mpta) while proved reserves will rise to 145
million tonnes (2021 pre-acquisition: 33.8 million tonnes) with
output from three mines versus one currently. Fitch expects the
EBITDA for BMC mines to be around USD1.2 billion in 2022. The
acquired mines have competitive cost positions. Stanmore's business
profile will be comparable with that of mid-to-low 'BB' rated
mining peers.

Acquisition Debt: Fitch expects the improvement in Stanmore's
business profile to be partly offset by an increase in debt for the
acquisition. The debt's features include an amortising structure
with back-ended repayment profile, cash-sweep sharing of excess
cash and covenant restrictions on dividend payments to Stanmore. As
a result, dividend payouts will depend on commodity prices. Fitch
does not expect Dampier to pay any material dividends after 2023,
when Fitch factors in lower coal prices as per Fitch's commodity
price deck and the loan's increasing amortising principal
repayments.

High Prices to Accelerate Deleveraging: Stanmore's post-acquisition
cash flow in 2022 should be strong on high coal prices, enabling it
to materially deleverage within the acquisition's first year. Fitch
thinks it can fully repay all its standalone loans, including the
USD120 million for the acquisition and the inter-company loan of
USD70 million to GEAR, and be in net cash by end-2022. Higher coal
prices will also help accelerate deleveraging at the acquiring
entity, where Fitch expects the acquiring entity to repay about
USD100 million of acquisition debt in the first 12 months due to
the loan's cash sweep feature.

Robust Financial Profile: Fitch expects GEAR's consolidated
financial profile to remain robust after the Dampier acquisition,
as sustainably strong earnings from the acquired mines should keep
the group's net debt/EBITDA below 0.5x (proportionately
consolidated for GEMS and Stanmore) over the next four years.
GEAR's consolidated debt will rise by USD835 million upon the
acquisition, which includes a USD120 million new term loan at the
Stanmore level, a USD90 million bond tap by GEAR and a USD625
million acquisition loan by Stanmore's acquiring subsidiary.

Fitch expects that post-acquisition GEAR's standalone interest
cover will remain at 5.0x in 2024 and 4.3x in 2025, after surging
to above 7.0x in 2022 and 2023, on high thermal coal prices,
resulting in strong dividends from GEAR's thermal coal subsidiary,
GEMS.

Increased Buffer for Mid-Sized Acquisitions: Fitch expects GEAR to
have sufficient financial headroom to make mid-sized acquisitions,
while maintaining a conservative financial profile. Fitch expects
the significant increase in commodity prices in 2022 will lead to
higher dividends for GEAR, enabling it to build a comfortable cash
balance to support mid-sized investments. However, any large
acquisition, similar to the Dampier acquisition, will be treated as
an event risk.

Long Reserve Life: GEAR has an adequate reserve life for all its
key mines, including the ones under acquisition. The proved
reserves for the two new BMC mines are adequate, averaging at 11
years. GEMS on the other hand has one of the largest reserves among
coal-mining peers in Indonesia, with proven reserves of around 800
million tonnes (proven and probable reserves: about 1,000 million
tonnes), or a reserve life of 20 years.

DERIVATION SUMMARY

The ratings of GEAR are based on the financial metrics of the
group, adjusted to proportionately consolidate GEMS and Stanmore to
incorporate the presence and influence of significant minority
shareholding. The ratings factor in the group's adequate financial
profile, sufficient reserve base of all its key mining assets and
enough liquidity at the holding company to service its debt.

Fitch thinks that post-acquisition, GEAR's business profile will be
comparable to PT Indika Energy Tbk (BB-/Negative) and PT Bayan
Resources Tbk (BB-/Positive) with better diversification and higher
operational scale. However, this strength is partially offset by
GEAR's distinct group structure, as Fitch does not think the
Dampier acquisition will benefit the credit profile of the holding
company before there is material deleveraging at the acquired
entity level. Even so, Fitch expects the credit profile of GEAR's
other key subsidiary, GEMS, to be on a par with 'BB-' peers because
the operational scale growth coupled with the improving coal prices
is reflected in Fitch's Positive Outlook.

Fitch also thinks GEAR's consolidated operational scale will be
comparable to PT Adaro Indonesia (BBB-/Stable) with 2022
Fitch-expected production size of 36mtpa for thermal coal (Adaro
40mpta) and 13mtpa of metallurgical coal. However, Fitch thinks
Adaro's more robust operations with a much longer record, the
ability to maintain its financial profile in previous market
downturns and no structural subordination of its debt, justifies
the multiple-notch rating difference between the two entities.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

GEMS

-- Volume reaching 36mtpa in 2022 (2021: 29mtpa) and thereby
    increasing by 4-5mtpa until 2025. Fitch then expects volumes
    to remain flat;

-- Coal prices in line with the coal price deck on an energy
    adjusted basis. Fitch assumes an average selling price of
    USD55/tonne (t) in 2022 (2021: USD53.5/t), USD46.2/t in 2023,
    USD41/t in 2024 and USD38.3/t in 2025;

-- Strip ratio for the BIB mine to stay at about 4.5x-4.6x in
    2022-2026;

-- Cash cost, excluding royalties, to remain between USD26/t and
    USD29/t until 2025;

-- Capex to remain between USD25million and USD27 million in 2022
    and 2023, with capex then settling at about USD12 million;

-- Dividend payout ratio of 85% in 2022 on high coal prices.
    Thereafter maintained at 80%, in line with the shareholder
    agreement.

Stanmore Standalone

-- Annual sales volume at 2.3-2.7mtpa;

-- Coal prices in line with the hard coking coal price deck at
    USD300/t in 2022, USD160/t in 2023 and USD140/t thereafter;

-- Total free on board (FOB) cost (ex-royalties) at AUD100-105/t
    in 2022-2023 and thereby increasing to AUD111/t in 2024-2025,
    in line with the mining plan;

-- Capex of AUD70 million in 2022, and then decreasing to AUD10
    million-15 million, in line with mining plan, with no
    expansionary capex requirements.

Dampier Coal (ongoing acquisition)

-- Annual sales volume for Poitrel mine at 4.3mtpa in 2022 and
    2023 and 4.1mtpa thereafter. Annual sales volume for South
    Water creek at 6.0mtpa in 2022, 6.1mtpa in 2023 and 6.3mtpa
    thereafter;

-- Coal prices in line with Fitch's hard coking coal price deck
    at USD300/t in 2022, USD160/t in 2023 and USD140/t thereafter;

-- Poitrel's total FOB cost (excluding royalties) at AUD110-
    112/t. South Creek's FOB cost at AUD89-94/t;

-- Capex estimates in line with management expectations. Total
    capex of AUD110 million-130 million in 2022 and 2023, AUD77
    million in 2024 and AUD50 million in 2025;

-- Payment of the acquisition loan in line with the terms of
    repayment.

GEAR Standalone

-- AUD30 million invested in Ravenswood towards its capex plan;

-- 10% dividend starting 2023 and a 5% dividend payment in 2022,
    given the company is in the middle of the Dampier acquisition.

RATING SENSITIVITIES

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

-- An upgrade of GEMS' IDR;

-- GEAR holding company's standalone EBITDA/interest cover above
    2.5x on a sustained basis;

-- Net adjusted debt/EBITDA of less than 2x, based on a
    proportionate consolidation of GEMS and Stanmore.

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

-- Fitch would revise the Outlook back to Stable if the positive
    sensitivities are not met over the next 12 months.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects the GEAR holding company's
liquidity to remain adequate over the next 12-18 months, given the
extended debt maturity profile and strong dividend generation from
its two subsidiaries in 2022 because of high commodity prices.
GEAR's only sizeable debt maturity is its USD375 million bond due
2026. Fitch expects the dividends from Stanmore to decline from
2022 levels, given the subsidiary's own debt-servicing
requirements, with an amortising loan. Still, sustainable dividends
from GEMS would keep the interest cover for the holding company
above 4x over the next four years, even as Fitch incorporates coal
prices to normalise from current levels based on Fitch's coal price
deck.

GEMS' liquidity is very comfortable and Fitch expects it to be net
cash through over the next four years. The subsidiary has solid
EBITDA generation, in light of the recovery in thermal coal prices,
and minimal capex requirements over the next four years.

Fitch expects Stanmore's consolidated liquidity profile to remain
comfortable in the next 12-18 months, given the strong recovery in
metallurgical coal prices, which should accelerate the subsidiary's
deleveraging. Fitch expects Stanmore's standalone operations to
generate enough free cash flow to repay almost all its existing
debt, including the USD120 million facility it took for the BMC
acquisition. In addition, strong EBITDA generation from the to-be
acquired BMC mines should also be able to repay about USD100
million of the USD625 million acquisition facility in 2022 itself,
as the debt has a cash sweep component along with amortising
principal.

ESG CONSIDERATIONS

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


INDIABULLS PROPERTY: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Indiabulls Property Management Trustee Pte Ltd, on March
31, 2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


MCL LOGISTICS: Creditors' Proofs of Debt Due on May 9
-----------------------------------------------------
Creditors of MCL Logistics Asia Pte Ltd are required to file their
proofs of debt by May 9, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 1, 2022.

The company's liquidators can be reached at:

          Lau Chin Huat
          Technic Inter-Asia Pte Ltd
          c/o 50 Havelock Road #02-767
          Singapore 160050


NUTRYFARM INT'L: Seeks Trading Halt Pending Review of Concerns
--------------------------------------------------------------
The Business Times reports that Nutryfarm International requested
for a trading suspension on the Singapore Exchange (SGX) before the
market opened on April 11, pending a review of ongoing concerns.

Shares of the mainboard-listed durian and health foods distributor
last closed flat at SGD0.085 on April 4, BT says.

It requested for 2 trading halts last week.

BT relates that the first one on April 5 was over an announcement
that its subsidiary LottVision and its corporate secretarial
services provider Lee & Lee had been issued letters of demand from
its creditor Corpbond IV for NutryFarm to pay an outstanding sum of
SGD3.9 million and US$271,849 that were due March 31 this year.

This money is part of the principal amount of a loan, as well as
the interests accrued, that NutryFarm took from Corpbond IV and
Furong Investments on Oct. 30, 2017.

The letter of demand to LottVision, which was issued on April 1,
stated that Corpbond IV will take legal action against the company
if it fails to pay the money it owes within 10 days from the date
when the letter was issued, according to BT.

As for the letter to Lee & Lee, it stated that CorpBond IV will
declare the total debt amount to be immediately due if the
outstanding amount is not paid within 5 days from when the letter
was issued.

According to BT, NutryFarm was recently questioned over the
appointment of its executive chairman Wu Yongqiang, who took on the
role since March 8.

Wu has been a substantial shareholder of NutryFarm since June 30,
2021, and he owns a 13.97 per cent stake in the durian and health
foods distributor as at March 9, 2022.

SGX queried NutryFarm over the suitability of Wu as a board
director given his many ongoing lawsuits in China.

BT relates that NutryFarm responded on March 14 that it is
satisfied with Wu's character and integrity for him to be appointed
as the company's new executive chairman, even though he is involved
in 18 civil suits in China as they have assessed that these cases
are commercial in nature.

It added that the company's nominating committee has reviewed each
of the civil suits, along with an opinion report from Guangdong
Guanghe law firm, and has assessed that they do not involve fraud,
dishonesty, misrepresentation, misconduct or mismanagement on the
part of Wu.

NutryFarm also said there is no potential conflict of interest
between its business and KTL Global, a fresh vegetable and fruits
distributor of which Wu is serving on its board as a non-executive
chairman, BT relays.

In another response to further queries from SGX on the potential
conflict of interest that could arise given Wu's position in both
companies, NutryFarm said in a bourse filing on March 25 that it
intends to appoint more independent directors and retire existing
ones.

It added that any transactions with KTL Global and its subsidiary
Tianci Agritech will also be approved by the board and reviewed by
the audit committee. Wu will abstain from voting on any matters
relating to KTL Global and Tianci Agritech, noted NutryFarm.

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.


SOLARE POWER: Creditors' Proofs of Debt Due on May 9
----------------------------------------------------
Creditors of Solare Power Singapore Pte. Ltd. are required to file
their proofs of debt by May 9, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2022.

The company's liquidators are:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


YONG SERVICES: Court to Hear Wind-Up Petition on April 22
---------------------------------------------------------
A petition to wind up the operations of Yong Services & Trading Pte
Ltd will be heard before the High Court of Singapore on April 22,
2022, at 10:00 a.m.

Vision Laser Pte Ltd filed the petition against the company on
March 30, 2022.

The Petitioner's solicitors are:

          Michael Por Law Corporation
          160 Robinson Road
          #04-06, SBF Center
          Singapore 068914




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

[*] BOND PRICING: For the Week April 4, 2022 to April 8, 2022
-------------------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----

  AUSTRALIA
  ---------

AUSTRALIA & NEW ZEALAND     3.00    12/17/40        AUD     73.83
AUSTRALIA & NEW ZEALAND     2.92    12/22/40        AUD     74.25
CLIME CAPITAL LTD/FUND      5.25    11/30/25        AUD      1.01
COMMONWEALTH BANK OF AUS    3.20    08/27/40        AUD     71.91
COMMONWEALTH BANK OF AUS    3.00    12/10/40        AUD     74.44
COMMONWEALTH BANK OF AUS    3.12    08/27/41        AUD     69.50
COMMONWEALTH BANK OF AUS    3.30    09/24/41        AUD     72.28
COMMONWEALTH BANK OF AUS    3.30    08/26/50        AUD     58.63
GLENNON SMALL COS LTD       5.60    09/30/30        AUD     10.33
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    8.25    05/30/23        AUD      6.14
VIRGIN AUSTRALIA HOLDING    8.08    03/05/24        AUD      6.03
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.00    11/26/24        AUD      4.53


   CHINA
   -----

AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     39.99
AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     40.17
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     59.80
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     61.40
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.08
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.24
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.87
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.95
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     60.00
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     62.35
ANHUI HUAAN FOREIGN ECON    7.30    07/13/21        CNY     70.01
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.00
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.66
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     39.83
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     40.08
ANHUI LANGCHUAN HOLDING     6.13    12/11/24        CNY     62.94
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     60.90
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     62.05
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.00
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.29
ANLU CONSTRUCTION DEVELO    5.45    06/15/23        CNY     40.08
ANNING DEVELOPMENT INVES    8.80    09/11/25        CNY     65.75
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.15
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.25
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.00
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.09
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     59.40
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     60.00
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     58.80
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     59.20
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     48.72
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     51.10
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     35.72
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     37.39
ANSHUN TRANSPORTATION DE    7.50    10/31/24        CNY     54.97
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     33.72
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     39.84
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     61.36
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     62.76
AOYUAN CORP GROUP LTD       6.60    09/03/23        CNY     38.00
AOYUAN CORP GROUP LTD       5.50    03/03/25        CNY     25.50
AOYUAN CORP GROUP LTD       5.65    08/06/25        CNY     59.71
BANK OF CHINA LTD/PARIS     0.50    03/13/22        EUR     96.01
BAOJI INVESTMENT GROUP C    5.05    04/18/24        CNY     61.22
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     60.94
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     61.50
BAOTOU AFFORDABLE HOUSIN    5.31    08/10/24        CNY     61.01
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.03
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.04
BAOTOU QINSHAN HOUSING D    7.90    12/26/23        CNY     46.10
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     39.85
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     40.31
BAOYING COUNTY DEVELOPME    5.45    08/21/24        CNY     61.51
BAOYING COUNTY DEVELOPME    5.49    10/17/24        CNY     61.69
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.76
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.98
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     18.79
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     19.00
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.49
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.58
BEIJING FUTURE SCIENCE P    4.20    08/13/22        CNY     20.01
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.33
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.61
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.00
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.31
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BIJIE CITY ANFANG CONSTR    7.80    01/18/26        CNY     70.17
BIJIE CONSTRUCTION INVES    5.78    07/06/24        CNY     61.04
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     60.00
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     61.12
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     35.01
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     36.15
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     37.54
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     40.44
BIJIE QIXINGGUAN DISTRIC    7.60    09/08/24        CNY     61.86
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     52.00
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     53.85
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.00
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.06
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.05
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.10
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.17
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.50
BRILLIANCE AUTO GROUP HO    5.30    10/23/20        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    01/22/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    03/13/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    04/18/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    06/03/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.40    09/14/23        CNY     55.80
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     56.93
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     59.80
BRILLIANCE AUTO GROUP HO    5.80    03/20/24        CNY     54.80
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     60.78
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.30
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.33
CEFC SHANGHAI INTERNATIO    4.98    12/10/20        CNY     61.29
CEFC SHANGHAI INTERNATIO    4.08    09/09/21        CNY     60.00
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.23
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.26
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     59.92
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     60.23
CHANGDE DE YUAN SHANTY T    5.33    09/13/23        CNY     39.35
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.00
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.12
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     59.99
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     60.00
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     37.70
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     40.26
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.00
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.41
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA ECONOMIC & TECH    8.45    04/13/22        CNY     15.10
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     60.94
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     61.26
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.12
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.22
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     60.00
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     61.87
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     30.68
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     31.01
CHANGSHA METRO GROUP CO     5.97    04/03/25        CNY     62.84
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     60.00
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     62.60
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.42
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.47
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.00
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.16
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     39.13
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     40.08
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.18
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.21
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.14
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.15
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     20.07
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     27.32
CHANGXING SOUTHERN TAIHU    6.50    11/30/25        CNY     75.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     61.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     61.70
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     39.68
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     40.20
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.17
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.24
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     20.13
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     21.80
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     39.63
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     40.08
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     58.33
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     62.19
CHENGDU LIN JIANG GARDEN    6.75    08/02/24        CNY     60.90
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.09
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.11
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.16
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.50
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.00
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.06
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     39.96
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     40.16
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     60.00
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     61.53
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     59.39
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     60.54
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     59.29
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     60.00
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     39.69
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     40.05
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     57.37
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     64.21
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.10
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.15
CHENZHOU WENLV INDUSTRY     5.34    11/28/23        CNY     40.07
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     56.35
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     60.00
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     64.86
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     65.83
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     39.89
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     40.06
CHINA FORTUNE LAND DEVEL    7.40    03/24/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    7.20    04/18/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.60    09/10/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.80    05/23/22        CNY     20.50
CHINA FORTUNE LAND DEVEL    5.00    05/30/22        CNY     68.15
CHINA GRAND AUTOMOTIVE S    9.13    01/30/24        USD     72.31
CHINA SECURITY CO LTD       4.45    11/11/19        CNY     31.00
CHISHUI CITY CONSTRUCTIO    8.50    01/18/26        CNY     71.10
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.38
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.69
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.13
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.80
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     19.03
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     20.03
CHONGQING BAYUAN CONSTRU    4.99    08/16/23        CNY     39.26
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.35
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.41
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.00
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.08
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.54
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.63
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     59.48
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     61.20
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.07
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.19
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     39.87
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     40.12
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     60.89
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     61.72
CHONGQING HONGYE INDUSTR    6.45    11/27/24        CNY     62.08
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.00
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.53
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     37.36
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     39.70
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     50.00
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     55.10
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.09
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.24
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.52
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.89
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.10
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.13
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.04
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.05
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.30
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.36
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     39.94
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     40.04
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.12
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.43
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.00
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.87
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.00
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.04
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     60.00
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     62.06
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.66
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.71
CHONGQING WANSHENG ECO T    8.50    11/25/25        CNY     56.51
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.20
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.80
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     59.00
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     61.52
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     60.00
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     61.85
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     38.50
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     39.98
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.00
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.12
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.00
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.14
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     61.00
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     64.13
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     20.04
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     24.55
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     39.82
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     40.25
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     60.00
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     62.32
CITIC GUOAN GROUP CORP      4.90    11/06/19        CNY     18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19        CNY     16.70
CITIC GUOAN GROUP CORP      4.23    12/15/20        CNY     18.25
CITIC GUOAN GROUP CORP      4.49    03/08/21        CNY     18.25
CIXI STATE OWNED ASSET I    4.90    04/07/24        CNY     61.09
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     38.80
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     40.54
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     18.80
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     20.07
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     18.64
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.22
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.93
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.98
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.00
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.03
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    5.49    07/18/24        CNY     61.73
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.82    12/01/24        CNY     62.97
DATONG ECONOMIC CONSTRUC    4.49    10/22/22        CNY     20.07
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     19.77
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     20.00
DAWA COUNTY LINGANG ECO     5.99    10/19/24        CNY     60.94
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     38.84
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     40.07
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.53
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.59
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.00
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.24
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     69.50
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     70.11
DEQING CONSTRUCTION INVE    3.60    11/11/23        CNY     40.22
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     40.13
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     43.80
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     60.00
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     62.56
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.00
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.24
DONGTAI STATE-OWNED ASSE    3.04    11/16/23        CNY     39.67
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.06
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.33
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.24
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.38
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     54.00
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     62.53
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.00
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.98
DUNYUN STATE-OWNED ASSET    6.60    12/28/22        CNY     19.49
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.75
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.78
EVERGRANDE REAL ESTATE G    6.98    07/08/22        CNY     27.00
EVERGRANDE REAL ESTATE G    6.27    05/06/23        CNY     30.00
EVERGRANDE REAL ESTATE G    6.80    05/06/24        CNY     35.69
FANTASIA GROUP CHINA CO     7.50    12/17/21        CNY     74.00
FANTASIA GROUP CHINA CO     7.80    11/29/22        CNY     44.83
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     39.70
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     40.13
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     40.53
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     41.24
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     38.96
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     40.02
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     19.52
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     20.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     60.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     62.26
FENGHUANG MINGCHENG CONS    6.50    03/23/24        CNY     60.90
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.47
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.51
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.00
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.04
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.61
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.64
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     39.71
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     40.13
FUJIAN FUSHENG GROUP CO     7.90    11/19/21        CNY     60.00
FUJIAN JINJIANG URBAN CO    3.35    08/24/23        CNY     40.42
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.00
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.13
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.00
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.17
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.62
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.73
FUQING CITY STATE-OWNED     5.94    11/26/22        CNY     25.25
FUXIN INFRASTRUCTURE CON    6.18    03/18/22        CNY     19.96
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.20
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.37
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.83
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.84
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.00
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.69
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     38.89
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     40.12
FUZHOU LINCHUAN URBAN CO    6.50    12/25/24        CNY     56.60
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.10
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.55
GANSU PROVINCIAL HIGHWAY    6.58    09/24/22        CNY     40.80
GANSU PROVINCIAL HIGHWAY    6.20    03/28/23        CNY     71.32
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.00
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.15
GANZHOU DEVELOPMENT INVE    8.10    12/11/23        CNY     42.63
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     59.40
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     60.00
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.55
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.66
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     62.45
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     63.92
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.00
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.28
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.00
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.22
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     61.61
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     62.10
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     39.92
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     40.05
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     20.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     24.00
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     39.98
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     40.11
GUANGAN TRANSPORTATION I    5.39    12/01/23        CNY     34.35
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     59.68
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     60.00
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     60.98
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     61.90
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.37
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.38
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     40.58
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     41.00
GUANGRAO COUNTY ECONOMIC    3.61    09/08/23        CNY     40.27
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.46
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.52
GUANGXI LIUZHOU DONGCHEN    6.50    07/24/24        CNY     71.44
GUANGXI LIUZHOU INVESTME    4.28    03/08/23        CNY     37.94
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.03
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.04
GUANGZHOU HEJING HOLDING    6.15    12/17/22        CNY     73.05
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.67
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.99
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     45.00
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     46.76
GUANGZHOU METRO GROUP CO    6.05    06/03/24        CNY     46.80
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     70.51
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     71.45
GUANGZHOU R&F PROPERTIES    6.70    04/07/22        CNY     55.07
GUANGZHOU R&F PROPERTIES    6.80    05/16/22        CNY     49.00
GUANGZHOU TIMES HOLDING     5.00    02/24/25        CNY     59.20
GUANGZHOU TIMES HOLDING     5.10    03/30/25        CNY     56.01
GUANGZHOU TIMES HOLDING     5.94    07/17/25        CNY     51.02
GUCHENG CONSTRUCTION INV    7.88    04/27/25        CNY     71.76
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.00
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.09
GUIRENNIAO CO LTD           7.00    12/03/19        CNY     49.50
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.66
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.74
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     19.79
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     20.00
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     59.79
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     58.09
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     61.46
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     65.71
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.26
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.44
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.73
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.85
GUIYANG ECONOMIC DEVELOP    6.35    09/21/24        CNY     58.79
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     18.87
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     19.98
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     37.11
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     39.19
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.32
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.48
GUIYANG GUANSHANHU INVES    7.50    12/25/22        CNY     40.84
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.87
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.99
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     19.88
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     20.06
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     60.00
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     61.23
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.00
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.82
GUIZHOU EAST LAKE CITY C    5.18    01/06/23        CNY     18.16
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     20.15
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     21.00
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.02
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.13
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     28.44
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     29.68
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     50.00
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     63.05
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     48.00
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     63.36
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     59.87
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     61.65
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     60.00
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     61.89
GUIZHOU LIUPANSHUI PANDE    7.30    07/24/24        CNY     51.88
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.07
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.22
GUIZHOU RAILWAY INVESTME    7.50    04/23/24        CNY     46.79
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.12
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.69
GUIZHOU SHUICHENG ECONOM    7.50    10/26/25        CNY     39.50
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     59.00
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     73.92
GUIZHOU XINDONGGUAN CIVI    7.70    09/05/24        CNY     55.78
GUIZHOU ZHONGSHAN DEVELO    6.46    11/22/27        CNY     74.74
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.57
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.60
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     60.87
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     64.51
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.66
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.73
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.20
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.32
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.24
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.58
HAICHENG URBAN JINCAI LA    5.37    08/10/23        CNY     40.23
HAIFENG MARINE INFRASTRU    6.84    04/29/22        CNY     20.07
HAIKOU MEILAN INTERNATIO    5.25    09/06/19        USD     15.84
HAINAN AIRLINES HOLDING     6.20    05/24/21        CNY     51.00
HAINING ASSET MANAGEMENT    3.40    08/16/23        CNY     69.60
HAIYAN COUNTY STATE-OWNE    5.80    06/12/24        CNY     62.10
HAMI JIANHUI STATE-OWNED    3.90    09/21/23        CNY     39.95
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     37.48
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     38.81
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     39.93
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     40.01
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     20.14
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     27.20
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.19
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.32
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.00
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.14
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.10
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.12
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.07
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.36
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     39.99
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     40.25
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.63
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.90
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     60.00
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     62.10
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.29
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.91
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     38.88
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     39.47
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.28
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.45
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.00
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.39
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.87
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.88
HEILONGJIANG HECHENG CON    7.05    06/21/22        CNY     15.10
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.28
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.72
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGYANG BINJIANG NEW DI    5.47    07/27/24        CNY     61.83
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     60.58
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     62.97
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.00
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.19
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     39.93
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     40.17
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     40.84
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     41.03
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.70
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.73
HNA GROUP CO LTD            7.10    04/15/20        CNY     70.00
HNA GROUP CO LTD            5.99    11/27/22        CNY     29.10
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     60.00
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     61.57
HONGHEZHOU DEVELOPMENT I    5.90    07/12/24        CNY     62.13
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.06
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.78
HUACHEN ENERGY CO LTD       6.63    05/18/20        USD     52.06
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.12
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.21
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.09
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.13
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.79
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.80
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     39.92
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     40.05
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     60.00
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     61.74
HUAI'AN NEW CITY INVESTM    5.22    09/20/24        CNY     61.89
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.42
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.44
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.55
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.75
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     19.97
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     20.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     59.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     60.31
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.41
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.42
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.03
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.78
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     60.67
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     61.31
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     60.92
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     62.12
HUANGGANG CITY CONSTRUCT    4.08    01/18/23        CNY     20.25
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     62.40
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     62.24
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.14
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.65
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     39.99
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     40.10
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     40.37
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     43.00
HUANGSHI URBAN CONSTRUCT    5.99    04/29/22        CNY     20.12
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.77
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.97
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     20.09
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     22.40
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    4.07    05/07/27        CNY     73.66
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     59.33
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     61.47
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.00
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.94
HULUDAO INVESTMENT GROUP    7.50    10/18/23        CNY     30.66
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     19.80
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     20.12
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.03
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.40
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     59.35
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     61.32
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.09
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.10
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     39.89
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     40.17
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.11
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.18
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.02
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.03
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.54
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.55
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.80
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.95
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     38.33
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     39.69
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     60.00
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     62.83
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     30.00
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     62.65
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     40.86
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     41.22
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.55
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.76
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.21
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.22
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     60.00
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     61.58
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     61.55
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     62.00
INNER MONGOLIA JINLONG I    7.30    11/19/22        CNY     18.28
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.00
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.01
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.05
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.68
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.69
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.28
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.32
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.00
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.33
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.43
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.56
JIANDE STATE-OWNED ASSET    6.69    11/20/24        CNY     63.00
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.11
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.35
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.22
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.48
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.49
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.54
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     39.97
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     40.12
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.07
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.45
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.49
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.50
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     59.57
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     62.04
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     19.10
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     20.06
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     39.82
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     40.45
JIANGSU HAIZHOUWAN DEVEL    5.38    03/29/23        CNY     29.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     39.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     40.34
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.53
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.83
JIANGSU HONGTU HIGH TECH    5.00    07/22/19        CNY     19.80
JIANGSU HONGZE LAKE SHEN    6.50    08/01/24        CNY     60.21
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.53
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.75
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.91
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.92
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     58.35
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     60.00
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.07
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.18
JIANGSU RUNCHENG ASSET O    5.65    04/19/24        CNY     61.75
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.12
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.50
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     20.07
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     27.50
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     38.98
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     39.21
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.28
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.29
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     60.95
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     61.70
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.60
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.94
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     38.41
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     39.50
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     19.79
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     20.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     60.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     62.71
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     60.00
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     62.80
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.00
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.07
JIANGXI XIUSHUI CITY INV    7.40    12/08/24        CNY     61.97
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.10
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.31
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     20.00
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     22.86
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.18
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.19
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.91
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.94
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     60.36
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     61.22
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     61.80
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     62.14
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     39.67
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     40.30
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     39.48
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     40.34
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.09
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.28
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.14
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.23
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JILIN CITY CONSTRUCTION     3.80    01/27/23        CNY     19.94
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.28
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.39
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     60.00
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     63.46
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     19.99
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     20.09
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.00
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.13
JINGJIANG BINJIANG XINCH    5.37    07/25/24        CNY     61.29
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.85
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.92
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.00
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.14
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.67
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.98
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     39.87
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     40.44
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     60.00
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     64.17
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     60.00
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     63.27
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.02
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.60
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.21
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.22
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.70
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.97
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.00
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.04
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     38.80
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     39.42
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     20.09
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     21.50
JINING HIGH TECH URBAN C    5.88    04/25/23        CNY     71.02
JINING MINING GROUP LOGI    7.00    11/27/24        CNY     62.35
JINKE PROPERTIES GROUP C    6.85    05/28/24        USD     57.76
JINKE PROPERTIES GROUP C    6.30    03/04/25        CNY     71.01
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     38.86
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     39.41
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     39.81
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     40.47
JINXIAN COUNTY CITY CONS    6.20    07/24/24        CNY     62.38
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.72
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.73
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     61.12
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     62.50
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     60.00
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     61.87
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     19.55
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     20.12
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     19.98
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     20.07
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.09
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.14
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     59.81
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     62.29
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     62.50
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     61.75
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     19.85
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     20.19
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.05
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.30
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     19.15
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     20.00
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.32
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.65
KANGMEI PHARMACEUTICAL C    6.28    03/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.10    03/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.50    04/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    7.00    06/21/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.80    06/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.33    01/27/22        CNY     36.69
KANGMEI PHARMACEUTICAL C    5.20    07/17/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.29    08/16/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.47    09/15/22        CNY     20.50
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.07
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.10
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.63
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.65
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     61.82
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     64.10
LAOHEKOU CITY CONSTRUCTI    6.75    08/12/22        CNY     20.02
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.00
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.41
LEGEND HOLDINGS CORP        4.60    07/06/26        CNY     75.52
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.79
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.99
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     60.00
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     63.94
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     58.76
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     62.16
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.66
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.79
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.91
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.98
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.60
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.61
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.50
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.82
LIAONING YAODU DEVELOPME    6.50    04/29/23        CNY     40.45
LILING HIGH-TECH INDUSTR    4.93    01/19/23        CNY     20.03
LINFEN YAODU DISTRICT IN    7.19    03/13/22        CNY     20.03
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     52.89
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     60.76
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     60.00
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     61.97
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     39.84
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     40.19
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.25
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.35
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     57.85
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     61.67
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     19.80
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     20.11
LIUPANSHUI MINSHENG INVE    5.08    01/29/23        CNY     17.82
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.92
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.98
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     60.50
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     61.75
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     61.89
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     62.26
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.25
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.44
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     60.00
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     61.93
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.28
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.66
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     38.40
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     39.75
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     39.00
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     45.87
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     60.00
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     63.35
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.06
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.14
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     19.64
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     20.18
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     39.51
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     40.07
LU'AN JIN'AN DISTRICT UR    5.95    07/24/24        CNY     61.02
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.00
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.09
LUOYANG CITY COUNTRY CON    4.28    04/26/23        CNY     40.38
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.00
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.27
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     60.00
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     62.48
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     36.90
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     39.13
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.04
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.16
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.00
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.93
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.36
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.37
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     60.00
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     63.18
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     19.69
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     20.04
MA'ANSHAN CIHU HIGH TECH    3.90    11/28/23        CNY     39.87
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     20.03
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     24.99
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.11
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.16
MAANSHAN NINGBO INVESTME    7.50    04/18/26        CNY     40.00
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     39.17
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     40.07
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.61
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.85
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.51
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.52
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.78
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.79
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     62.17
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     64.26
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     39.30
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     40.04
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.60
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.76
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     60.48
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     61.49
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.22
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.29
MENGCHENG COUNTY URBAN D    5.60    09/21/24        CNY     61.75
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.26
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.29
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     60.00
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     62.79
MIANYANG HUIDONG INVESTM    8.10    02/10/25        CNY     63.90
MILE AGRICULTURAL INVEST    8.00    10/25/25        CNY     75.00
MUDANJIANG AREA URBAN DE    6.48    06/30/22        CNY     19.71
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     63.06
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     70.61
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.18
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.37
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     60.00
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     63.68
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.11
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.19
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     60.00
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     63.13
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.16
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.50
NANJING JIANGNING ECONOM    7.94    04/14/24        CNY     47.02
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     39.75
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     40.23
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.27
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.37
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.00
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.13
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.22
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.49
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.28
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.29
NANJING METRO GROUP CO L    4.22    11/28/23        CNY     71.29
NANJING PUKOU COMMUNICAT    5.46    07/19/24        CNY     61.79
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.26
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.33
NANJING STATE OWNED ASSE    5.60    03/06/23        CNY     30.40
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     60.00
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     62.32
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     35.20
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     39.91
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.50
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.76
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.20
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.21
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.00
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.47
NANTONG CITY TONGZHOU DI    3.75    07/07/23        CNY     40.21
NANTONG CITY TONGZHOU DI    4.88    04/10/24        CNY     61.09
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.20
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.26
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.21
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.26
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     60.90
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     61.49
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.00
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.04
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     55.01
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     60.47
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.39
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.64
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     60.00
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     62.96
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.67
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.69
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.91
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.94
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     16.36
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     19.64
NEOGLORY HOLDING GROUP C    8.10    11/23/18        CNY     72.00
NEOGLORY HOLDING GROUP C    8.00    09/25/20        CNY     60.00
NEOGLORY HOLDING GROUP C    8.00    10/22/20        CNY     56.00
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.07
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.10
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     20.06
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     28.29
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     60.80
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     61.50
NINGGUO CITY STATE OWNED    4.89    10/15/27        CNY     73.06
NINGXIA SHENG YAN INDUST    7.50    09/27/23        CNY     42.45
NINGXIANG CITY CONSTRUCT    6.00    06/02/26        CNY     73.69
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.00
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.13
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     39.92
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     40.11
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     39.48
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     40.08
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.45
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.71
PANJIN WATER GROUP CO LT    5.18    10/28/23        CNY     39.37
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.04
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.19
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.10
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     60.00
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     61.17
PEKING UNIVERSITY FOUNDE    6.20    05/31/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.15    07/23/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    09/12/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    4.80    07/26/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.10    08/22/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.99    11/02/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.80    01/28/22        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.68    08/09/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.50    11/16/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    03/04/24        CNY     11.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     60.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     63.16
PENGSHAN DEVELOPMENT HOL    7.98    05/03/25        CNY     71.81
PENGZHOU STATE-PENGZHOU     3.95    10/20/23        CNY     37.83
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.57
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.58
PINGJIANG COUNTY WATER S    6.64    06/27/26        CNY     73.05
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     19.19
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     20.08
PINGTAN COMPREHENSIVE PI    3.92    01/29/23        CNY     20.10
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     39.78
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     40.04
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.00
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.26
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.00
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.03
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     60.29
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     61.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     60.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     61.60
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     60.00
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     61.32
PUDING YELANG STATE-OWNE    7.79    11/13/24        CNY     59.35
PUDING YELANG STATE-OWNE    8.00    03/13/25        CNY     74.25
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.12
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.15
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.60
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.67
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.06
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.10
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     18.57
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     19.10
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     51.71
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     55.52
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     19.93
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     20.00
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     55.14
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     57.95
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     55.29
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     57.58
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.89
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.97
QIANNANZHOU INVESTMENT C    6.77    07/28/24        CNY     52.07
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     60.00
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     64.05
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     37.41
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     40.24
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     39.67
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     40.06
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.01
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.46
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.22
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.30
QIDONG URBAN CONSTRUCTIO    5.25    08/16/24        CNY     61.70
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.72
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.98
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.74
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.83
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.42
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.63
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.09
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.29
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.00
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.67
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.24
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.28
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     60.62
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     61.45
QINGHAI PROVINCIAL INVES    7.25    02/22/20        USD     34.74
QINGHAI PROVINCIAL INVES    7.88    03/22/21        USD     35.28
QINGHAI PROVINCIAL INVES    6.40    07/10/21        USD     35.88
QINGHAI STATE-OWNED ASSE    5.90    12/17/22        CNY     83.30
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     58.22
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     60.00
QINGZHOU CITY CONSTRUCTI    6.80    08/25/24        CNY     58.89
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     39.97
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     40.42
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.34
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.60
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.07
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.80
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     19.79
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     21.95
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     39.54
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     40.18
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.04
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.05
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.14
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.43
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.00
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.10
REWARD SCIENCE AND TECHN    5.53    07/05/21        CNY     29.10
REWARD SCIENCE AND TECHN    6.40    03/03/22        CNY     70.00
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.08
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.10
RONGXIN FUJIAN INVESTMEN    6.45    07/03/23        CNY     46.52
RONGXIN FUJIAN INVESTMEN    5.60    07/27/24        CNY     43.00
RONGXIN FUJIAN INVESTMEN    5.42    08/19/24        CNY     43.00
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.16
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.20
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.32
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.43
RUDONG COUNTY KAITAI CIT    4.57    01/08/23        CNY     20.28
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.81
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.88
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.18
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.23
RUGAO TRAFFIC INDUSTRY G    3.74    03/23/23        CNY     40.13
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.17
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.25
RUICHANG CITY INVESTMENT    5.68    03/25/23        CNY     39.92
RUICHANG CITY INVESTMENT    5.50    06/17/23        CNY     39.36
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.92
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.98
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.03
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.69
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.06
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.20
SANMING STATE-OWNED ASSE    5.10    04/17/24        CNY     61.35
SANMING TRANSPORTATION C    3.68    03/29/23        CNY     40.12
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     39.94
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     40.01
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.28
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.75
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.40
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.46
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     19.94
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     21.01
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     20.12
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     22.45
SHANDONG RUYI TECHNOLOGY    7.90    09/18/23        CNY     52.10
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.00
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.10
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.12
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.48
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.04
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.11
SHANGHAI SHIMAO CO LTD      3.76    07/07/22        CNY     72.00
SHANGHAI SHIMAO CO LTD      3.94    09/24/22        CNY     61.00
SHANGHAI SHIMAO CO LTD      4.24    10/21/22        CNY     57.94
SHANGHAI SHIMAO CO LTD      4.12    01/09/23        CNY     46.80
SHANGHAI SHIMAO CO LTD      3.60    03/05/23        CNY     58.02
SHANGHAI SHIMAO CO LTD      5.15    03/16/23        CNY     55.97
SHANGHAI SHIMAO CO LTD      5.50    05/06/23        CNY     52.50
SHANGHAI SHIMAO JIANSHE     4.15    10/16/22        CNY     49.00
SHANGHAI SHIMAO JIANSHE     4.30    09/19/24        CNY     50.00
SHANGHAI SHIMAO JIANSHE     4.30    11/11/24        CNY     47.01
SHANGHAI SHIMAO JIANSHE     3.23    03/25/25        CNY     45.00
SHANGHAI SHIMAO JIANSHE     3.90    08/27/25        CNY     42.10
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.08
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.09
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.12
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.25
SHANTOU CITY CONSTRUCTIO    8.57    03/23/22        CNY     15.09
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.27
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.32
SHANWEI INVESTMENT HOLDI    5.68    11/09/24        CNY     62.37
SHANXI INTERNATIONAL ELE    5.88    05/24/22        CNY     29.40
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.97
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.98
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.57
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.59
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     20.09
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     23.39
SHAOXING CHENGZHONGCUN R    6.09    04/27/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     28.00
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     19.13
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     20.10
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.19
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.20
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     60.00
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     62.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.03
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.28
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.36
SHAOYANG BAOQING INDUSTR    5.78    07/04/26        CNY     69.13
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.00
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.46
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     39.35
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     40.09
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     60.00
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     62.70
SHEHONG STATE OWNED ASSE    7.50    08/22/25        CNY     66.01
SHEHONG STATE OWNED ASSE    7.60    10/22/25        CNY     66.53
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.70
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.83
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.00
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.04
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.68
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.79
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.01
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.12
SHIFANG CITY NATIONAL OW    8.00    12/05/25        CNY     69.57
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     45.00
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     46.81
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     20.06
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     27.20
SHISHI CITY CONSTRUCTION    6.10    05/04/22        CNY     20.14
SHISHOU BOYA CITY CONSTR    6.98    06/15/24        CNY     62.08
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.58
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.70
SHIYAN HANJIANG STAR CON    6.40    07/10/24        CNY     61.39
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     60.36
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     62.11
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     48.00
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     62.75
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.00
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.98
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.08
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.62
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.19
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.20
SICHUAN CHENG'A DEVELOPM    7.25    01/28/24        CNY     73.09
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     62.87
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     63.76
SICHUAN COAL GASIFICATIO    7.00    04/18/23        CNY     40.47
SICHUAN COAL INDUSTRY GR    7.70    01/09/18        CNY     45.00
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     60.77
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     61.70
SICHUAN LANGUANG DEVELOP    7.50    07/11/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    6.50    07/29/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    08/12/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.40    09/14/21        CNY     30.45
SICHUAN LANGUANG DEVELOP    7.50    07/23/22        CNY     42.00
SICHUAN LANGUANG DEVELOP    7.00    09/29/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.00    10/26/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    11/22/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.20    03/11/23        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.15    03/16/23        CNY     24.00
SICHUAN LANGUANG DEVELOP    7.20    05/11/23        CNY     12.63
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.02
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.12
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.03
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.04
SICHUAN NAXING INDUSTRIA    6.80    08/18/22        CNY     25.34
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.54
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.69
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     59.51
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     60.00
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     53.50
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     59.62
SICHUAN RENSHOU XINLONG     7.00    06/27/24        CNY     62.18
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     20.06
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     28.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.05
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.35
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.14
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.15
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.33
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.56
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.62
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.63
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.00
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.18
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     59.70
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     61.79
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     19.95
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     24.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     39.74
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     40.15
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     38.95
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     39.13
SUINING ROUGANG INVESTME    5.65    01/24/24        CNY     40.30
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.47
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.48
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     60.77
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     61.16
SUINING TIANTAI INDUSTRI    6.80    11/01/24        CNY     75.00
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.42
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.77
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     60.00
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     61.06
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU YULONG WATER SUP    6.10    03/28/23        CNY     42.95
SUNAC REAL ESTATE GROUP     6.80    01/19/25        CNY     69.52
SUNAC REAL ESTATE GROUP     7.00    04/02/25        CNY     64.71
SUNAC REAL ESTATE GROUP     5.60    05/27/25        CNY     64.50
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.73
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.80
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     60.00
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     63.47
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.61
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.88
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.00
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.33
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     55.80
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     57.01
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     60.86
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     64.26
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.14
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.24
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.19
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.31
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     61.74
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     62.38
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     39.86
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     40.12
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.00
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.88
SUZHOU WUJIANG COMMUNICA    3.75    05/26/23        CNY     52.74
SUZHOU WUJIANG DISTRICT     5.25    07/08/22        CNY     20.20
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.00
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.93
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     60.00
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     63.53
TAHOE GROUP CO LTD          7.50    07/05/20        CNY     20.50
TAHOE GROUP CO LTD          7.50    09/08/20        CNY     20.70
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.04
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.10
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     20.29
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     24.60
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     60.71
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     63.35
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.60
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.83
TAIZHOU CITY CONSTRUCTIO    6.92    10/16/23        CNY     31.35
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     62.31
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     63.60
TAIZHOU CITY HUANGYAN DI    6.22    09/14/24        CNY     62.65
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     60.00
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     64.77
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     61.78
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     63.70
TAIZHOU HAILING CITY DEV    4.60    12/14/22        CNY     20.23
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     20.22
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     24.00
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.23
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.31
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.14
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.29
TANGSHAN FINANCIAL HOLDI    7.60    05/16/25        CNY     72.01
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     60.00
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     63.83
TIANCHANG CITY CONSTRUCT    4.99    12/05/23        CNY     40.11
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.72
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.97
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.00
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.51
TIANJIN DONGLI CITY INFR    4.28    12/02/22        CNY     20.21
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.63
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.93
TIANJIN GUANGCHENG INVES    6.97    02/22/23        CNY     30.32
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.05
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.50
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     29.90
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     30.38
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     60.94
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     64.00
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     39.48
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     40.37
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     59.59
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     60.06
TIANJIN REAL ESTATE GROU    4.50    09/29/20        USD     73.82
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     39.66
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     40.28
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     60.00
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     62.48
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.00
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.28
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     60.00
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     61.97
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.01
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.07
TSINGHUA HOLDINGS CORP L    4.95    08/08/22        CNY     36.40
TSINGHUA UNIGROUP CO LTD    5.60    11/15/20        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.20    03/16/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.15    12/26/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    4.94    03/25/22        CNY     16.55
TSINGHUA UNIGROUP CO LTD    5.85    03/27/22        CNY     16.88
TSINGHUA UNIGROUP CO LTD    6.00    08/14/22        CNY     25.50
TSINGHUA UNIGROUP CO LTD    5.20    12/10/23        CNY     11.65
TSINGHUA UNIGROUP CO LTD    5.11    01/25/24        CNY     13.00
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.04
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.19
TUNGHSU GROUP CO LTD        6.55    03/13/22        CNY     45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22        CNY     25.17
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.00
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.11
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.26
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.30
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.00
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.93
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.98
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.99
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.00
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.04
WEIHAI CITY SHUANGDAO BA    5.32    04/28/24        CNY     61.30
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     60.00
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     61.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.50
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.02
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.05
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.74
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.77
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.50
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.90
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.00
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.02
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.55
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.97
WENS FOODSTUFFS GROUP CO    3.26    10/29/30        USD     72.23
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     37.22
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     39.77
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.17
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.25
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.55
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.65
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.27
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.28
WENZHOU HIGH-TECH INDUST    5.90    09/18/24        CNY     61.23
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     60.00
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     61.55
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.35
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.48
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
WUHAN CITY HUANPI DISTRI    5.48    04/19/24        CNY     61.43
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     60.57
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     62.01
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     60.58
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     62.13
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.00
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.46
WUHAN METRO GROUP CO LTD    5.25    04/14/22        CNY     20.08
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     38.93
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     40.17
WUHAN URBAN CONSTRUCTION    4.99    06/15/24        CNY     75.00
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.16
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.36
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     39.76
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     40.14
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.27
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.33
WUHU JIUJIANG CONSTRUCTI    3.96    03/21/23        CNY     40.26
WUHU XINMA INVESTMENT CO    4.87    11/04/22        CNY     20.21
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     58.40
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     60.84
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     60.00
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     62.23
WUXI FOOD SCIENCE PARK D    5.70    09/28/24        CNY     62.24
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     39.83
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     40.27
WUXI TAIHU NEW CITY DEVE    4.49    05/03/23        CNY     40.41
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     39.50
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     40.09
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.24
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.36
WUYANG CONSTRUCTION GROU    7.80    09/11/20        CNY     32.48
XIAMEN YUZHOU GRAND FUTU    7.50    04/03/24        CNY     39.22
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     19.91
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     20.00
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.56
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.71
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.10
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.90
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     60.00
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     63.18
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     18.00
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     19.35
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     37.43
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.53
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.55
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     38.00
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     64.84
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     70.43
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.47
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.99
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.03
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.04
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     39.37
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     40.44
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     60.00
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     63.24
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     61.00
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     62.84
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.29
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.35
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     19.92
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     20.03
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     60.00
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     61.21
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     71.90
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     72.58
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.35
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.40
XIAOCHANG SHUNHE DEVELOP    4.15    10/17/23        CNY     39.26
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.50
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.58
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.86
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.97
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     39.25
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     40.12
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.36
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.66
XINGHUA CITY ECONOMIC DE    5.28    06/13/22        CNY     25.03
XINGNING YONGYE INFRASTR    5.99    07/24/24        CNY     61.41
XINGYI XINHENG URBAN CON    5.40    12/16/22        CNY     20.05
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.00
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.11
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     60.00
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     62.73
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     60.00
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     62.31
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.11
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.17
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     71.20
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     72.47
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.04
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.75
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     19.44
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     20.00
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     54.50
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     59.38
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     61.49
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     62.57
XINYU CITY SHANTYTOWN ZO    6.50    11/13/22        CNY     40.43
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.26
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.35
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     60.00
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     63.44
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     61.90
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     62.50
XIWANG GROUP CO LTD         7.80    12/03/22        CNY     49.94
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.24
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.26
XUCHANG GENERAL INVESTME    5.74    08/17/24        CNY     62.21
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.11
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.16
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.00
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.24
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.29
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.40
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     20.26
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     24.46
YAN'AN NEW CITY CONSTRUC    5.60    04/21/24        CNY     60.44
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     60.80
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     62.29
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.10
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.13
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.18
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.95
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     20.10
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     21.20
YANGO GROUP CO LTD          7.40    03/24/22        CNY     19.00
YANGO GROUP CO LTD          6.90    10/31/22        CNY     18.98
YANGO GROUP CO LTD          6.80    10/28/24        CNY     18.95
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.60
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.61
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.10
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.21
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.44
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.52
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     61.73
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     62.40
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.25
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.99
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     20.19
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     26.63
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     60.00
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     61.27
YI CHENG CONSTRUCTION IN    5.44    04/27/23        CNY     39.82
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.00
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.14
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.00
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.33
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     39.85
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     40.26
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.41
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.70
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.00
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.07
YIHUA ENTERPRISE GROUP C    7.00    04/29/22        CNY     54.00
YIHUA LIFESTYLE TECHNOLO    6.88    07/16/20        CNY     35.90
YIHUA LIFESTYLE TECHNOLO    6.88    07/23/20        CNY     35.00
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     60.30
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     61.54
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     61.56
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     62.23
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     60.00
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     64.12
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.49
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.75
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.03
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.52
YINGKOU LAOBIAN CITY CON    5.63    12/16/22        CNY     20.13
YINGKOU LAOBIAN CITY CON    4.98    03/11/23        CNY     38.14
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     20.31
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     21.18
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.40
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.99
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     60.00
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     61.68
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.00
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     28.00
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     38.36
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     40.55
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     37.48
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     39.01
YIYUAN HONGDING ASSET OP    7.50    08/17/25        CNY     70.01
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     53.42
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     54.17
YIZHENG SHI'ERWEI NEW AR    6.77    08/22/24        CNY     60.52
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.15
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.60
YONGCHENG COAL & ELECTRI    7.50    02/02/21        CNY     39.88
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.49
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.50
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.19
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     61.67
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     19.72
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     20.08
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.23
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.41
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     62.06
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     62.30
YUEYANG DONGTING XINCHEN    6.15    03/20/22        CNY     20.02
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.15
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.41
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     61.71
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     62.02
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG YUNXI CITY CONST    6.00    07/08/23        CNY     38.53
YUEYANG YUNXI CITY CONST    5.18    11/21/23        CNY     39.00
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     20.04
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     24.47
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.26
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.50
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     39.79
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     40.30
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     38.45
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     39.74
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.04
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.10
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.00
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.13
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.18
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.52
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.00
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.23
ZHANGJIAJIE ECONOMIC DEV    6.47    07/24/27        CNY     73.29
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     39.64
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     40.19
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     40.39
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     42.67
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.13
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.20
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.30
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.31
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.00
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.12
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.01
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.03
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.22
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.30
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.24
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.25
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.00
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.53
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.13
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.20
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.10
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.32
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     60.00
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     62.60
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.31
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.46
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     62.13
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     62.41
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.00
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.21
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.13
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.14
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     59.40
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     62.02
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     39.82
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     40.58
ZHENRO REAL ESTATE HOLDI    5.45    09/14/24        CNY     53.15
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.40
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.90
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.25
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.82
ZHIJIANG WANYUN COMMUNIC    7.00    08/29/24        CNY     62.19
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.12
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.15
ZHONGSHAN TORCH DEVELOPM    5.79    03/23/24        CNY     61.78
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHOUSHAN DINGHAI CITY CO    6.67    07/20/22        CNY     20.15
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.40
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.59
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     25.32
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     26.90
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     60.14
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     61.63
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.23
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.26
ZHUJI CITY EAST NEW TOWN    3.89    08/26/23        CNY     40.23
ZHUJI CITY YUEDU INVESTM    6.38    04/07/22        CNY     20.07
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     61.66
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     62.50
ZHUJI STATE-OWNED ASSETS    5.23    07/18/24        CNY     61.75
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22        CNY     20.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22        CNY     20.07
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23        CNY     39.60
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23        CNY     39.61
ZHUZHOU HI-TECH AUTO EXP    4.47    11/03/23        CNY     50.27
ZHUZHOU LUSONG STATE OWN    7.00    01/30/25        CNY     63.60
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     53.69
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     60.68
ZHUZHOU RAILWAY INDUSTRY    7.50    09/25/24        CNY     60.95
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.48
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.54
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.00
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.31
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.61
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.90
ZHUZHOU YUNLONG DEVELOPM    7.80    03/08/25        CNY     71.84
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.00
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.06
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     60.36
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     61.46
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     61.81
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     64.80
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.20
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.73
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     60.00
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     61.90
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.01
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.22
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     60.00
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     61.86
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.74
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.75
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.55
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.68
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     60.00
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     61.69
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.20
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.25
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     60.00
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     62.72
ZUNYI CITY XIANGJIANG IN    6.99    09/25/24        CNY     61.80
ZUNYI ECONOMIC DEVELOPME    4.87    01/22/23        CNY     18.29
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     49.00
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     56.41
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     38.00
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     39.96
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     56.63
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     61.55
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     47.61
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     50.90
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     34.50
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     36.70
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     72.52
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     73.90


   HONG KONG
   ---------

DR PENG HOLDING HONGKONG    7.55    12/01/22        USD     45.98
HAINAN AIRLINES HONG KON   12.00    10/29/21        USD     30.00
HNA GROUP INTERNATIONAL     6.25    10/05/21        USD     17.30
YANGO JUSTICE INTERNATIO    5.30    01/11/22        USD     18.03
YANGO JUSTICE INTERNATIO   10.25    03/18/22        USD     17.89
YANGO JUSTICE INTERNATIO   10.25    09/15/22        USD     18.06
YANGO JUSTICE INTERNATIO   10.00    02/12/23        USD     17.12
YANGO JUSTICE INTERNATIO    9.25    04/15/23        USD     19.50
YANGO JUSTICE INTERNATIO    8.25    11/25/23        USD     19.50
YANGO JUSTICE INTERNATIO    7.50    04/15/24        USD     17.10
YANGO JUSTICE INTERNATIO    7.88    09/04/24        USD     17.08
YANGO JUSTICE INTERNATIO    7.50    02/17/25        USD     16.38


   INDONESIA
   ---------

BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
DELTA MERLIN DUNIA TEKST    2.50    06/26/28        USD     19.64
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     11.14
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     12.13


   INDIA
   -----

ACME MEDAK SOLAR ENERGY     0.01    08/29/46        INR     15.25
ACME RANGA REDDY SOLAR P    0.01    08/31/46        INR     15.17
AMPSOLAR SOLUTION PVT LT    0.01    10/27/37        INR     30.00
AMPSOLAR SOLUTION PVT LT    0.01    11/03/37        INR     29.95
AMTEK AUTO LTD              0.10    12/07/28        INR     57.29
APG HABITAT PVT LTD         1.00    09/09/28        INR     66.04
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     46.59
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     47.45
ASSETS CARE & RECONSTRUC    1.00    03/30/29        INR     65.37
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/31/30        INR     67.29
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30        INR     64.14
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30        INR     63.73
BODY CUPID PVT LTD          0.01    03/31/31        INR     50.52
BREEZE CONSTRUCTIONS PVT    0.01    06/29/30        INR     50.83
BRITANNIA INDUSTRIES LTD    8.00    08/28/22        INR     30.45
BRITANNIA INDUSTRIES LTD    5.50    06/03/24        INR     29.07
BROIL SOLAR ENERGY PVT L    0.01    09/05/31        INR     48.21
CHANDRAJYOTI ESTATE DEVE    0.01    07/06/30        INR     52.25
CONVERGIA DIGITAL EDUCAT    0.10    09/29/31        INR     56.05
CUMULUS TRADING CO PVT L    0.01    01/23/30        INR     69.94
CUMULUS TRADING CO PVT L    0.01    05/21/32        INR     44.17
DLF ASPINWAL HOTELS PVT     0.01    10/15/30        INR     48.75
DLF EMPORIO RESTAURANTS     0.01    06/29/30        INR     52.60
DLF EMPORIO RESTAURANTS     0.01    08/12/30        INR     52.10
DLF HOME DEVELOPERS LTD     0.01    06/29/30        INR     55.26
DLF HOMES PANCHKULA PVT     0.01    06/29/30        INR     50.96
DLF HOMES SERVICES PVT L    0.01    06/29/30        INR     50.83
DLF LANDS INDIA PVT LTD     0.01    09/29/31        INR     47.20
DLF MIDTOWN PVT LTD         0.01    12/11/27        INR     66.04
DLF REAL ESTATE BUILDERS    0.01    06/23/30        INR     52.30
DLF RECREATIONAL FOUNDAT    0.01    10/15/30        INR     48.76
DLF RESIDENTIAL BUILDERS    0.01    06/23/30        INR     51.08
DLF RESIDENTIAL DEVELOPE    0.01    06/28/30        INR     52.31
DLF SOUTHERN TOWNS PVT L    0.01    07/09/30        INR     52.44
DLF URBAN PVT LTD           0.01    12/11/27        INR     66.04
DOMUS REAL ESTATE PVT LT    0.01    07/11/30        INR     52.37
ECAP EQUITIES LTD           0.01    03/26/31        INR     51.43
EDEL LAND LTD               0.01    03/22/26        INR     73.97
EDELWEISS ASSET RECONSTR    2.00    11/20/27        INR     74.92
EDELWEISS ASSET RECONSTR    2.00    10/07/28        INR     71.23
EDELWEISS ASSET RECONSTR    2.00    01/15/29        INR     70.12
EDELWEISS ASSET RECONSTR    2.00    03/28/29        INR     69.36
EDELWEISS ASSET RECONSTR    2.00    07/22/29        INR     68.17
EDELWEISS RURAL & CORPOR    0.01    03/25/31        INR     52.26
ELP SOLAR ONE PVT LTD       0.25    02/27/31        INR     51.23
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
FUTURE RETAIL LTD           5.60    01/22/25        USD     57.25
FUTURE RETAIL LTD           5.60    01/22/25        USD     59.88
GAMMA GAANA LTD             0.01    07/31/31        INR     48.26
GREEN URJA PVT LTD          0.01    02/14/30        INR     54.30
GTL INFRASTRUCTURE LTD      6.73    10/26/22        USD      9.88
HCL INFOTECH LTD            0.10    03/31/36        INR     34.54
HITODI INFRASTRUCTURE LT    0.01    06/30/27        INR     65.64
JAIPRAKASH ASSOCIATES LT    5.75    09/08/17        USD     55.13
JAIPRAKASH POWER VENTURE    7.00    05/15/17        USD      6.04
JCT LTD                     2.50    04/08/11        USD     25.75
JSM CORP PVT LTD            0.01    08/31/36        INR     32.25
JTPM ATSALI LTD             0.01    08/29/48        INR     13.57
JUNO MONETA TECHNOLOGIES    0.01    05/18/26        INR     74.18
KANAKADURGA FINANCE LTD     0.01    04/15/36        INR     31.06
KUSHALS RETAIL PVT LTD      1.00    05/13/29        INR     63.64
L&T FINANCE LTD             6.25    12/03/24        INR     71.42
LITMUS WORLD MARKETING T    0.01    03/31/28        INR     68.32
MARIS POWER SUPPLY CO PV    2.00    04/18/28        INR     74.05
MELOSA BUILDERS & DEVELO    0.01    06/29/30        INR     50.83
MENS BUILDCON PVT LTD       0.01    06/29/30        INR     50.83
METALITE FUEL INDUSTRIES    0.01    03/31/35        INR     37.14
MYTRAH AADHYA POWER PVT     0.01    07/05/35        INR     35.87
MYTRAH ADVAITH POWER PVT    0.01    07/13/36        INR     33.10
MYTRAH AKSHAYA ENERGY PV    0.01    07/13/36        INR     33.10
NANI VIRANI WIND ENERGY     2.00    06/30/39        INR     45.62
NEEMUCH SOLAR POWER PVT     0.01    08/29/46        INR     15.25
NHAVA SHEVA INTERNATIONA    0.01    04/14/27        INR     69.16
ORIGAMI CELLULO PVT LTD     0.01    11/14/36        INR     31.85
PALIWAL REAL ESTATE LTD     0.01    09/09/31        INR     46.91
PIRAMAL CAPITAL & HOUSIN    8.50    04/18/23        INR     34.23
PRAKASH INDUSTRIES LTD      5.25    04/30/15        USD     22.63
PRUDENT ARC LTD             0.01    09/02/31        INR     47.49
PRUDENT ARC LTD             0.01    10/04/31        INR     45.80
PUNJAB INFRASTRUCTURE DE    0.40    10/15/27        INR     70.52
PUNJAB INFRASTRUCTURE DE    0.40    10/15/28        INR     65.43
PUNJAB INFRASTRUCTURE DE    0.40    10/15/29        INR     60.65
PUNJAB INFRASTRUCTURE DE    0.40    10/15/30        INR     56.18
PUNJAB INFRASTRUCTURE DE    0.40    10/15/31        INR     52.04
PUNJAB INFRASTRUCTURE DE    0.40    10/15/32        INR     48.25
PUNJAB INFRASTRUCTURE DE    0.40    10/15/33        INR     44.80
PURVANCHAL SOLAR POWER P    0.01    08/29/46        INR     15.25
PYRAMID SAIMIRA THEATRE     1.75    07/04/12        USD      0.26
R L FINE CHEM PVT LTD       0.10    08/19/36        INR     32.75
RAMANI ICECREAM CO LTD      0.01    12/29/35        INR     35.13
REDKITE CAPITAL PVT LTD     2.50    03/30/29        INR     72.87
REI AGRO LTD                5.50    11/13/14        USD      0.69
REI AGRO LTD                5.50    11/13/14        USD      0.69
RELIANCE COMMUNICATIONS     6.50    11/06/20        USD      8.04
REWANCHAL SOLAR POWER PV    0.01    08/29/46        INR     15.25
RIVERIA COMMERCIAL DEVEL    0.01    07/08/31        INR     46.32
RMZ ONE PARAMOUNT PVT LT    0.10    03/24/29        INR     58.84
SAKET HOLIDAYS RESORTS P    0.01    06/29/30        INR     52.06
SANJWIN CONSULTING SOLUT    0.01    06/01/28        INR     61.13
SHERISHA ROOFTOP SOLAR S    0.01    08/12/31        INR     45.42
SHIVAJI MARG MAINTENANCE    0.01    06/28/30        INR     51.21
SINTEX INDUSTRIES LTD       3.50    05/25/22        USD     26.24
STPL HORTICULTURE PVT LT    0.01    03/31/31        INR     58.11
SUNWORLD SOLAR POWER PVT    0.01    08/31/46        INR     15.17
SURBHI INVESTMENTS & TRA    2.50    10/21/28        INR     73.74
SUTARA ROADS & INFRA LTD    0.01    08/31/30        INR     58.54
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SVOGL OIL GAS & ENERGY L    5.00    08/17/15        USD      0.61
TATA SMARTFOODZ LTD         0.01    04/18/26        INR     74.48
TATA SMARTFOODZ LTD         0.01    06/28/26        INR     73.27
TATA SMARTFOODZ LTD         0.01    08/19/26        INR     72.38
TN URJA PVT LTD             0.10    02/22/36        INR     34.80


   JAPAN
   -----

AVANSTRATE INC              0.20    10/29/32        JPY      9.75
HIS CO LTD                  0.58    02/19/27        JPY     65.06
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       0.52    05/27/22        JPY     60.00
UNIZO HOLDINGS CO LTD       0.75    11/28/22        JPY     55.06
UNIZO HOLDINGS CO LTD       0.85    05/26/23        JPY     42.43
UNIZO HOLDINGS CO LTD       0.80    11/29/23        JPY     37.62
UNIZO HOLDINGS CO LTD       0.89    05/29/24        JPY     34.38
UNIZO HOLDINGS CO LTD       1.10    11/28/24        JPY     32.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26        JPY     30.00
UNIZO HOLDINGS CO LTD       1.20    05/28/27        JPY     23.55
UNIZO HOLDINGS CO LTD       1.50    11/26/27        JPY     24.20
WATSUN INFRABUILD PVT LT    4.00    10/16/37        INR     62.22
YBRANT ENGINEERING & CON    0.01    05/07/31        INR     50.03


  MALAYSIA
  --------

ASIAN PAC HOLDINGS BHD      3.00    05/25/22        MYR      0.59
BERJAYA CORP BHD            5.00    04/22/22        MYR      0.27
BERJAYA CORP BHD            2.00    05/29/26        MYR      0.26
CAPITAL A BHD               8.00    12/29/28        MYR      0.68
ELK-DESA RESOURCES BHD      3.25    04/14/22        MYR      1.08
HUME CEMENT INDUSTRIES B    5.00    05/29/24        MYR      1.42
MALAYAN FLOUR MILLS BHD     5.00    01/24/24        MYR      1.21
PENGURUSAN AIR SPV BHD      1.00    09/28/35        MYR     64.72
PENGURUSAN AIR SPV BHD      1.00    11/05/35        MYR     64.44
PENGURUSAN AIR SPV BHD      1.00    02/05/36        MYR     64.58
PENGURUSAN AIR SPV BHD      1.00    11/11/36        MYR     62.07
PMB TECHNOLOGY BHD          3.00    07/12/23        MYR     19.30
SCANWOLF CORP BHD           3.00    08/04/26        MYR      0.31
SD INTERNATIONAL SUKUK I    7.00    03/12/25        USD      9.17
SD INTERNATIONAL SUKUK L    6.30    05/09/22        USD      9.89
YB VENTURES BHD             0.10    09/05/26        MYR      0.06


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIONS   15.00    07/15/06        USD     17.28


   SINGAPORE
   ---------

APL REALTY HOLDINGS PTE     5.95    06/02/24        USD     57.57
ASL MARINE HOLDINGS LTD     3.00    03/28/25        SGD     41.51
ASL MARINE HOLDINGS LTD     3.00    10/01/26        SGD     41.50
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BANYAN TREE HOLDINGS LTD    7.50    08/06/22        SGD      1.21
BLD INVESTMENTS PTE LTD     8.63    03/23/15        USD      6.75
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
ENERCOAL RESOURCES PTE L    9.25    08/05/14        USD     45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22        USD     43.43
EZRA HOLDINGS LTD           4.88    04/24/18        SGD      5.00
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     13.85
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     16.45
INDO INFRASTRUCTURE GROU    2.00    07/30/10        USD      1.00
INNOVATE CAPITAL PTE LTD    6.00    12/11/24        USD     36.17
ITNL OFFSHORE PTE LTD       7.50    01/18/21        CNY     15.00
JGC VENTURES PTE LTD        3.00    06/30/25        USD     52.02
MICLYN EXPRESS OFFSHORE     8.75    11/25/18        USD      0.61
MODERNLAND OVERSEAS PTE     3.00    04/30/27        USD     45.61
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.60
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.67
NT RIG HOLDCO PTE LTD       7.50    12/31/23        USD     11.53
ORO NEGRO DRILLING PTE L    7.50    01/24/19        USD      2.23
PACIFIC RADIANCE LTD        4.30    03/31/20        SGD     10.00
RICKMERS MARITIME           8.45    05/15/17        SGD      5.00
SSMS PLANTATION HOLDINGS    7.75    01/23/23        USD     65.78
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      6.13


   SOUTH KOREA
   -----------

FIRST 5G SECURITIZATION     1.71    02/28/25        KRW     27.06
FIRST 5G SECURITIZATION     1.89    11/28/25        KRW     27.42
HEUNGKUK FIRE & MARINE I    5.70    12/29/46        KRW     44.50
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.02
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.89
KIBO ABS SPECIALTY CO LT    5.00    02/09/24        KRW     74.19
KIBO ABS SPECIALTY CO LT    5.00    02/24/24        KRW     70.98
KOREA EAST-WEST POWER CO    1.42    10/07/49        KRW     70.38
KOREA EXPRESSWAY CORP       1.32    08/22/49        KRW     72.36
KOREA HYDRO & NUCLEAR PO    1.58    10/16/49        KRW     74.98
KOREA LAND & HOUSING COR    1.28    08/23/49        KRW     71.36
KOREA MIDLAND POWER CO L    1.53    02/25/50        KRW     72.27
KOREA RAIL NETWORK AUTHO    1.46    09/27/49        KRW     74.86
KOREA RAILROAD CORP         1.44    07/26/49        KRW     73.90
KOREA RAILROAD CORP         1.31    08/29/49        KRW     71.98
KOREA RAILROAD CORP         1.47    09/19/49        KRW     74.94
KOREA SOUTH-EAST POWER C    1.65    06/11/50        KRW     74.29
KOREA SOUTHERN POWER CO     1.29    08/13/49        KRW     67.82
KOREA SOUTHERN POWER CO     1.63    12/19/49        KRW     74.23
KOREA SOUTHERN POWER CO     1.68    06/25/50        KRW     74.84
KOREA TREASURY BOND         1.50    09/10/66        KRW     71.29
KOREA TREASURY BOND         1.63    09/10/70        KRW     73.66
KOREA WATER RESOURCES CO    3.40    05/28/40        KRW     53.88
KOREA WESTERN POWER CO L    1.62    05/28/50        KRW     73.77
KOREA WESTERN POWER CO L    1.68    08/27/50        KRW     74.88
LOTTE CARD CO LTD           3.95    06/28/49        KRW     41.03
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 SPE    5.00    02/23/22        KRW     70.71
SINBO SECURITIZATION SPE    5.00    06/27/22        KRW     64.86
SINBO SECURITIZATION SPE    5.00    07/24/22        KRW     64.06
SINBO SECURITIZATION SPE    5.00    07/26/22        KRW     64.03
SINBO SECURITIZATION SPE    5.00    08/29/22        KRW     64.16
SINBO SECURITIZATION SPE    5.00    08/31/22        KRW     64.26
SINBO SECURITIZATION SPE    5.00    09/26/22        KRW     63.21
SINBO SECURITIZATION SPE    5.00    12/25/22        KRW     72.83
SINBO SECURITIZATION SPE    5.00    01/25/23        KRW     61.75
SINBO SECURITIZATION SPE    5.00    01/29/23        KRW     72.56
SINBO SECURITIZATION SPE    5.00    06/27/23        KRW     65.55
SINBO SECURITIZATION SPE    5.00    06/30/23        KRW     65.53
SINBO SECURITIZATION SPE    5.00    07/24/23        KRW     65.37
SINBO SECURITIZATION SPE    5.00    07/29/23        KRW     65.35
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/29/23        KRW     65.99
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    3.00    11/21/23        KRW     63.61
SINBO SECURITIZATION SPE    5.00    11/21/23        KRW     66.59
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    5.00    12/25/23        KRW     73.05
SINBO SECURITIZATION SPE    5.00    12/29/23        KRW     69.77
SINBO SECURITIZATION SPE    3.00    01/29/24        KRW     68.70
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    5.00    01/29/24        KRW     74.26
SINBO SECURITIZATION SPE    5.00    02/27/24        KRW     66.73
SINBO SECURITIZATION SPE    5.00    02/29/24        KRW     74.25
SINBO SECURITIZATION SPE    4.00    04/15/24        KRW     65.06
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    5.00    06/30/24        KRW     67.55
SINBO SECURITIZATION SPE    4.00    07/29/24        KRW     65.51
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    5.00    08/28/24        KRW     68.26
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    5.00    09/29/24        KRW     67.95
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    01/29/25        KRW     74.66
SINBO SECURITIZATION SPE    4.00    02/28/25        KRW     74.56
SK TELECOM CO LTD           1.56    07/29/49        KRW     73.88


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT BO    4.86    03/16/23        USD     72.81
SRI LANKA DEVELOPMENT BO    6.62    03/16/23        USD     74.47
SRI LANKA DEVELOPMENT BO    4.73    05/01/23        USD     70.48
SRI LANKA DEVELOPMENT BO    4.77    05/01/23        USD     70.52
SRI LANKA DEVELOPMENT BO    5.66    05/01/23        USD     71.34
SRI LANKA DEVELOPMENT BO    6.69    05/01/23        USD     72.27
SRI LANKA DEVELOPMENT BO    6.70    05/01/23        USD     72.28
SRI LANKA DEVELOPMENT BO    6.71    05/01/23        USD     72.29
SRI LANKA DEVELOPMENT BO    7.65    05/01/23        USD     73.13
SRI LANKA DEVELOPMENT BO    7.75    05/01/23        USD     73.22
SRI LANKA DEVELOPMENT BO    7.95    05/01/24        USD     60.54
SRI LANKA DEVELOPMENT BO    7.98    05/01/24        USD     60.59
SRI LANKA DEVELOPMENT BO    7.99    05/01/24        USD     60.60
SRI LANKA DEVELOPMENT BO    8.00    05/01/24        USD     60.74
SRI LANKA DEVELOPMENT BO    5.98    01/22/25        USD     51.71
SRI LANKA DEVELOPMENT BO    6.02    01/22/25        USD     51.78
SRI LANKA DEVELOPMENT BO    6.05    01/22/25        USD     51.83
SRI LANKA DEVELOPMENT BO    5.41    01/22/25        USD     52.24
SRI LANKA DEVELOPMENT BO    6.50    01/22/25        USD     52.62
SRI LANKA DEVELOPMENT BO    6.75    01/22/25        USD     53.06
SRI LANKA DEVELOPMENT BO    6.80    01/22/25        USD     53.15
SRI LANKA DEVELOPMENT BO    6.82    01/22/25        USD     53.18
SRI LANKA DEVELOPMENT BO    6.87    01/22/25        USD     53.27
SRI LANKA DEVELOPMENT BO    6.99    01/22/25        USD     53.48
SRI LANKA DEVELOPMENT BO    7.68    01/22/25        USD     54.69
SRI LANKA DEVELOPMENT BO    7.82    01/22/25        USD     54.93
SRI LANKA DEVELOPMENT BO    7.60    07/30/26        USD     48.73
SRI LANKA DEVELOPMENT BO    8.00    07/30/26        USD     49.64
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.69
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.88
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.49
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.58
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.47
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.61
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.81
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.83
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.59
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.60
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.36
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.43
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.61
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.65
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.56
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.61
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRILANKAN AIRLINES LTD      7.00    06/25/24        USD     52.86


   THAILAND
   --------

G STEEL PCL                 3.00    10/04/15        USD      0.80
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 2022.  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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