/raid1/www/Hosts/bankrupt/TCRAP_Public/220712.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, July 12, 2022, Vol. 25, No. 132

                           Headlines



A U S T R A L I A

BRC PROPERTY: Second Creditors' Meeting Set for July 18
C & K GROUP: First Creditors' Meeting Set for July 18
COLLECTION HOUSE: Calls in Administrators; Sale to Launch
CROWN RESORTS: Fitch Lowers IDR to 'BB-', Still On Watch Negative
HUMM ABS 2022-1: Fitch Affirms BB Rating on Class E-G Debt

MH 1: First Creditors' Meeting Set for July 18
MOOSTAG PTY: First Creditors' Meeting Set for July 20
SYDNEY SHADE: Second Creditors' Meeting Set for July 19
VESTONE CAPITAL 2: Fitch Assigns 'BB' Rating on Class E Notes


C H I N A

CHINA EVERGRANDE: Bondholders Reject Further Extension Plan
HELENBERGH CHINA: Fitch Cuts Foreign Curr. IDR to B-, On Watch Neg.


I N D I A

AIRVISION INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
AKAL SPRING: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating
ARIHANT PLASTICS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
BALBIR ALLOYS: ICRA Withdraws B Rating on INR4.0cr Cash Loan

BALBIR FOOD: ICRA Reaffirms B Debt Rating on INR6.0cr LT Loan
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
BOXOVIA PRIVATE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
BVL GRANITES: ICRA Raises Rating on INR30cr LT Loan from B+
DANU WIND: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating

DODDANAVAR GLOBAL: Ind-Ra Lowers Term Loan Rating to 'BB+'
GMW PRIVATE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating
ICON PETROLEUM: ICRA Withdraws D Debt Rating on INR17cr Loans

INDIRA PRIYADARSHINI: Ind-Ra Keeps 'D' Rating in Non-Cooperating
INDORE TABLE: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
INDUS INTEGRATED: ICRA Lowers Rating on INR6.0cr Cash Loan to D
INFRAZONE PRIVATE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
JAYASWAL NECO: ICRA Withdraws D Rating on INR2,982.01cr Term Loan

KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
KARTHIK: ICRA Keeps D Debt Ratings in Not Cooperating Category
KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KNOWLEDGE EDUCATION: Ind-Ra Keeps 'D' Rating in Non-Cooperating
KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating

LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
NEW WIN WIN: ICRA Keeps D Debt Ratings in Not Cooperating
NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ORIILON INDIA: Ind-Ra Withdraws BB+ Rating to Non-Cooperating

PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
RAMJI DAS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
SADBHAV BHAVNAGAR: Ind-Ra Lowers Term Loan Rating to 'BB+'
SADBHAV RUDRAPUR: Ind-Ra Lowers Term Loan Rating to 'BB-'

SAFE PARENTERALS: ICRA Lowers Rating on INR20cr LT Loan to D
SAIKRUPA COTGIN: ICRA Withdraws D Debt Rating on INR15cr LT Loan
SARASWATI MEDICAL: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
SHELADIA DEVELOPERS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
SHYAM POLYCOAT: ICRA Withdraws B+ Rating on INR2.0cr LT Loan

SIDDHESHWAR CONSTRACTION: CRISIL Moves D Rating to Not Cooperating
SIXTH ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SMILE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SOUTH EAST UP: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
STEELFAB ENGINEERING: ICRA Cuts Rating on INR60cr Term Loan to D

VASAN HEALTH: NCLT Seeks Sources of Funding for ASG Hospital's Bid
WINWIND POWER: ICRA Keeps D Debt Ratings in Not Cooperating
YCD INDUSTRIES: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating


N E W   Z E A L A N D

HERA LIMITED: Creditors' Proofs of Debt Due on Aug. 3
KESHAVJIVAN NZ: Court to Hear Wind-Up Petition on Aug. 5
OLLIVER TRUSTEE: PwC Appointed as Receivers
SKM MAGIC: Court to Hear Wind-Up Petition on Aug. 5
YOSHAN NEW ZEALAND: Court to Hear Wind-Up Petition on Aug. 5



P A K I S T A N

PAKISTAN: Surprises With 125 Basis Point Rate Hike to Curb Prices


S I N G A P O R E

GOH & FOONG: Court Enters Wind-Up Order
GS HOLDINGS: Reports SGD3.7 Million Loss in Audited FY21 Results
LIPPO MALLS: Fitch Lowers LongTerm IDR to B, Outlook Stable
NANOTEC PREVENTIVE: Commences Wind-Up Proceedings
RYDER SINGAPORE: Creditors' Proofs of Debt Due on Aug. 8

THREE ARROWS: Liquidators May Seize Assets Owned by Co-Founders
TRADERS GEMS: Court Enters Wind-Up Order
WIRECARD SINGAPORE: Creditors' Proofs of Debt Due on Aug. 8


S R I   L A N K A

SRI LANKA: IMF Hopes for Crisis Resolution to Allow Bailout Talks


X X X X X X X X

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

                           - - - - -


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

BRC PROPERTY: Second Creditors' Meeting Set for July 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of BRC Property
Maintenance Ltd. has been set for July 18, 2022, at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2022, at 11:00 a.m.

Ryan Bradbury of Nicols + Brien was appointed as administrator of
the company on June 11, 2022.

C & K GROUP: First Creditors' Meeting Set for July 18
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - C & K Group Investments Pty Ltd;
     - CBD Development Group Pty Ltd;
     - CBD Development Holdings Pty Ltd;
     - CHEN Corporate Holdings Pty Ltd;
     - CHENLI Pty. Ltd. ATF The Chen Family Trust; and
     - The Bentleigh Centre Pty Ltd

will be held on July 18, 2022, at 2:30 p.m. via Zoom Meetings.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of the company on July 6, 2022.


COLLECTION HOUSE: Calls in Administrators; Sale to Launch
---------------------------------------------------------
Business News Australia reports that a recapitalisation plan has
failed to save debt collector Collection House after it languished
for two years in COVID-induced doldrums and a weak national
economic situation, with the company announcing it has appointed
administrators.

BNA relates that the Brisbane-based company on June 30 requested
its securities be suspended from trading on the ASX and has
appointed FTI Consulting as voluntary administrators who now have
the ironic task of protecting Collection House from creditors
chasing up debts of their own.

According to the report, CLH said the decision came after
"exhaustive attempts to restructure the business and raise
additional funding were unsuccessful". This included multiple
divestments of assets including its debt ledger book to Credit Corp
Group.

However, it was the company's debt facility with now-collapsed Volt
Bank, secured against CLH's substantial investment in the neobank,
which may have been its undoing after the challenger bank announced
on June 29 it was returning its banking licence and asking users to
withdraw all funds, the report relays.

Collection House made an AUD8.5 million investment in Volt in
January 2019, one day after the neobank had been given its
authorised deposit-taking institution (ADI) licence, BNA recalls.
By mid-2020 the value of that investment had declined to AUD4.86
million, dropping further to AUD3.5 million by mid-2021.

Voluntary administrators John Park, Ben Campbell and Kelly
Trenfield will now conduct an independent assessment of the
business, engage with key stakeholders regarding funding options,
and run an expedited sale and recapitalisation process for the
company, according to BNA.

"Our intention is to undertake an urgent process seeking options to
restructure and recapitalise the Collection House business," BNA
quotes Mr. Park as saying.

BNA says the voluntary administration comes after the company
struggled to regain momentum following the COVID-19 pandemic and
the impact it had on the national economy.

Lingering effects of the health crisis meant general levels of
activity in the debt collection sector remained depressed according
to CLH's latest half year report, which described the company's
performance as "disappointing, with little improvement from the
previous six-month period," the report relays.

"General levels of activity in the receivables management sector
over the last six months remain depressed, as clients continued to
implement conservative customer engagement strategies in response
to the longer than anticipated COVID-19 impacts, with revenue
remaining significantly lower than pre-COVID levels," CLH said in
February this year.

That half year report was a harbinger of things to come for CLH,
which saw its loss worsen significantly by 570.3% to AUD63.7
million, compared to a AUD9.5 million loss in the prior
corresponding half year period, BNA says.

Revenue was also weaker in the six months to 31 December 2021, down
42.7 per cent from AUD46.2 million to just AUD26.4 million.

Two attempts to recapitalise and resuscitate the business appear to
have been somewhat futile too. Over the past two years, more than
AUD170 million of sales to Credit Corp Group have been completed,
the latter of which brought CLH's cash reserves to AUD9 million,
the report notes.

Headquartered in Newstead, Australia, Collection House Limited
(ASX:CLH) -- https://www.collectionhouse.com.au/ -- provides debt
collection and receivables management services in Australia, New
Zealand, and the Philippines. The company operates in two segments,
Purchased Debt Ledgers and Collection Services. It offers debt
collections services to clients in the Australasian financial
services, insurance, public utility, credit, and government
enterprise markets; and debt purchasing services for banking,
finance, telecommunications, and energy sectors. The company also
provides repayment arrangement management, asset location recovery
and sale, hardship management, legal and insolvency, credit
management training, finance brokerage, and business process
outsourcing services.


CROWN RESORTS: Fitch Lowers IDR to 'BB-', Still On Watch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Crown Resorts Limited's Issuer Default
Rating to 'BB-' from 'BBB' and the senior unsecured rating on the
financing entity, Publishing and Broadcasting (Finance) Limited.
Both ratings have been maintained on Rating Watch Negative (RWN).

The downgrade reflects the deterioration in Crown's financial
profile following the completion of the acquisition by new owner
Blackstone BidCo, based on the more aggressive capital structure
put in place to fund the transaction, as disclosed in the scheme
booklet, published in March 2022. Fitch expects that this will form
the basis of Crown's capital structure under the new ownership.

The maintenance of the RWN reflects our view that Crown's rating
could be downgraded further following the completion of
Blackstone's review of Crown's future operations. However, Fitch
expects that limited information will be made public to enable a
full assessment of Crown's business and financial profile once the
review is complete, following Crown's delisting from the Australian
Stock Exchange and Blackstone's intention to operate it as a
private company.

As a result, Fitch has withdrawn the ratings as Crown has chosen to
stop participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Crown and the related entities.

KEY RATING DRIVERS

Aggressive Capital Structure: Blackstone's more aggressive capital
structure for Crown is the main driver of the rating downgrade.
Blackstone disclosed that it would debt finance AUD5.4 billion of
the estimated AUD8 billion purchase price, and would allow entities
in the new group to obtain commitments for a further AUD500 million
under a super senior revolving credit facility to finance its
business operations.

As a result, Fitch expects Crown's leverage (total adjusted
debt/operating EBITDAR) to deteriorate to around 7.5x on a
normalised basis, based on the initial funding for the transaction
only, which is more comparable with 'b' category rated gaming peers
(pre-pandemic financial year ended June 2019 (FY19): 0.9x).

Strategy Not Finalised: Blackstone has stated that it expects to
maintain Crown's strategic direction, but that it is reviewing
Crown's business operations and organisational structure following
the completion of the acquisition. Fitch expects that Crown's
business profile will retain many of its strong structural
features, including the overall licencing and regulatory regime in
Australia, and support its business profile. However, uncertainty
remains around the final strategy and funding levels required,
which could see Crown's leverage be sustained at levels higher than
we currently expect.

As a result, Fitch has chosen to withdraw Crown's rating on RWN to
reflect these risks. However, we also expect that limited
information will be made public to enable a full assessment of
Crown's business and financial profile once the review is complete,
following Crown's delisting from the Australian Stock Exchange and
Blackstone's intention to operate it as a private company.

Easing of Pandemic Restrictions Drives Recovery: The closure of
Crown's Melbourne property for 160 days and other restrictions as
well as higher compliance costs led to a loss of around AUD260
million in FY21. The Melbourne property started to reopen at
end-October 2021, with most areas of the complex now operating. We
expect Crown's performance to recover from 2HFY22, but this will
not be enough to offset the more aggressive capital structure's
effect on leverage and will most likely see it sustained at levels
not commensurate with an investment-grade rating.

Limited VIP: VIP demand at Crown's Melbourne and Perth properties
has dropped, given their reliance on inbound domestic and
international visitors, and airline capacity. Crown's gaming
declines have been less severe than some competitors' because VIP
revenue has made up less than 25% of normalised group revenue since
FY16. Crown Melbourne and Perth, which have accounted for over 90%
of revenue since FY18, have generated stable cash and EBITDA in the
past decade from predictable local markets and Crown's position as
sole licensee in each region.

DERIVATION SUMMARY

Crown's 'BB-' rating reflects its aggressive capital structure
following the completion of the acquisition by Blackstone. The
extent of the impact of the deterioration of Crown's financial
profile on its overall credit profile was partly offset by Fitch's
expectation that Crown will retain its strong business profile. We
expect Crown to continue to benefit from its diversification across
Australia in favourable regulatory regimes that have a stable and
mature demand profile, and from being the sole licenced casino
operator in Victoria and Western Australia.

Nevertheless, the uncertainty over the final make-up of Crown's
strategy and financial profile under its new ownership is reflected
in the RWN on its rating. Fitch believes that Crown could be rated
lower should Blackstone's final strategy lead to further sustained
deterioration of Crown's financial profile, or the pursuit of a
more aggressive strategy.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

-- Revenue to increase by around 15% in FY22, reflecting the
    reopening of Crown Melbourne from the end of 2021. Revenue to
    increase by around 50% in FY23 and 10% in FY24 with properties

    expected to be open for the entire year and any lasting
    restrictions removed, and by around 2% in FY25;

-- Australian property normalised EBITDA margin of around 25%
    from FY23 to FY25, excluding the effect of any variance from
    the theoretical win-rate and including commencement of gaming
    operations at Crown Sydney (FYE21: 4%);

-- Capex of around AUD170 million in FY22, AUD100 million in FY23

    and AUD150 million each in FY24 and FY25, before apartment
    sales at Crown Sydney;

-- No dividends to be paid;

-- Crown's outstanding debt to be paid down before FYE22 and
    replaced with the Blackstone-disclosed capital structure to
    fund the transaction.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant due to the withdrawal
of the ratings.

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

New Capital and Liquidity Structure: Blackstone BidCo has entered
into a debt commitment letter with Blackstone FinCo, under which
FinCo will enter into a senior syndicated facilities agreement of
AUD5.4 billion, the proceeds of which can be used to refinance the
existing debt of the Crown group. Blackstone BidCo and other
members of the new Crown/Blackstone group are also permitted to
obtain commitments for a super senior revolving credit facility of
up to AUD500 million, to finance working capital and general
corporate purposes.

ISSUER PROFILE

Crown, one of Australia's leading gaming operators, owns and
operates properties in its two main markets, Melbourne and Perth.
It recently completed the construction of a new VIP-only casino in
Sydney.

SUMMARY OF FINANCIAL ADJUSTMENTS

50% Equity Credit Removed: Fitch has removed the 50% equity credit
on Crown's hybrid securities upon the takeover by Blackstone. The
scheme document stated that Blackstone intends to use its initial
funding to remove Crown's existing debt, and Crown has elected to
redeem the subordinated notes as part of its restructure. As a
result, Fitch does not expect the securities to remain a permanent
part of its capital structure, resulting in the securities not
being eligible under Fitch's rating criteria for equity credit.

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.

Fitch has revised its assessment of both Governance Structure and
Management Strategy to '3' from '5'. The revision of our assessment
reflects the following: there is new management; new ownership with
Blackstone having been successfully vetted by the regulatory
authorities and has committed to completing the remediation
programme; the approval of the New South Wales regulators to allow
Crown Sydney to open its gaming operations; and our view that Crown
can transition its operations and service its debt at a level
commensurate with its new rating level in the event that it does
not complete its remediation to the satisfaction of regulators and
loses its licence at the end of the two-year period.

Our previous scores reflected the weaknesses in the former
management and governance structures that led to various inquiries
into Crown in each of its jurisdictions, and resulted in it being
found as not suitable to hold a licence in all jurisdictions in
which it operates. The scores also reflected the execution risks
over the completion of the remediation required for Crown to retain
its licences, all of which had a negative impact on the credit
profile, and were highly relevant to the rating.

   DEBT                 RATING                  PRIOR
   ----                 ------                  -----
Crown Resorts         LT IDR   BB-   Downgrade   BBB
Limited

                      LT IDR   WD    Withdrawn   BB-

Publishing and Broadcasting (Finance) Limited

   senior unsecured   LT       BB-   Downgrade   BBB

   senior unsecured   LT       WD    Withdrawn   BB-


HUMM ABS 2022-1: Fitch Affirms BB Rating on Class E-G Debt
----------------------------------------------------------
Fitch Ratings has upgraded eight note classes and affirmed 16 from
four Flexi and humm ABS Trusts. The transactions consist of notes
backed by a pool of Australian unsecured consumer receivables
originated by humm BNPL Pty Ltd (formerly Certegy Ezi-Pay Pty Ltd),
a wholly owned subsidiary of Humm Group Limited. The notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee.

The upgrade of Flexi ABS Trust 2019-2's C-G, D-G and E-G notes;
Flexi ABS Trust 2020-1's D-G notes; and humm ABS Trust 2021-1's
B-G, C-G, D-G and E-G notes reflects asset performance that has
been better than Fitch expected at closing.

   DEBT                RATING                 PRIOR
   ----                ------                 -----

Flexi ABS Trust 2019-2

A1 AU3FN0051660      LT   AAAsf    Affirmed   AAAsf

A1-G AU3FN0051678    LT   AAAsf    Affirmed   AAAsf

B-G AU3FN0051686     LT   AAAsf    Affirmed   AAAsf

C-G AU3FN0051694     LT   AA+sf    Upgrade    AA-sf

D-G AU3FN0051702     LT   Asf      Upgrade    BBBsf

E-G AU3FN0051710     LT   BBB+sf   Upgrade    BB+sf

Flexi ABS Trust 2020-1

A1 AU3FN0056537      LT   AAAsf    Affirmed   AAAsf

A1-G AU3FN0056545    LT   AAAsf    Affirmed   AAAsf

B-G AU3FN0056552     LT   AAAsf    Affirmed   AAAsf

C-G AU3FN0056560     LT   AA+sf    Affirmed   AA+sf

D-G AU3FN0056578     LT   AA-sf    Upgrade    A+sf

E-G AU3FN0056586     LT   A-sf     Affirmed   A-sf

humm ABS Trust 2021-1

A1 AU3FN0060810      LT   AAAsf    Affirmed   AAAsf

A1-G AU3FN0060752    LT   AAAsf    Affirmed   AAAsf

B-G AU3FN0060760     LT   AAAsf    Upgrade    AA+sf

C-G AU3FN0060778     LT   AA+sf    Upgrade    A+sf

D-G AU3FN0060786     LT   Asf      Upgrade    BBBsf

E-G AU3FN0060794     LT   BBB+sf   Upgrade    BB+sf

humm ABS Trust 2022-1

A1 AU3FN0066551      LT   AAAsf    Affirmed   AAAsf

A1-G AU3FN0066569    LT   AAAsf    Affirmed   AAAsf

B-G AU3FN0066577     LT   AAsf     Affirmed   AAsf

C-G AU3FN0066585     LT   Asf      Affirmed   Asf

D-G AU3FN0066593     LT   BBBsf    Affirmed   BBBsf

E-G AU3FN0066601     LT   BBsf     Affirmed   BBsf

KEY RATING DRIVERS

Resilient Asset Performance: Obligor default is a key input in
Fitch's quantitative analysis. The performance of the underlying
assets has been better than Fitch's base-case expectations. Fitch's
remaining default rate assumptions (and 'AAAsf' rating stress
multiples) for this analysis are:

-- Flexi 2019-2: 2.8% (5.5x)

-- Flexi 2020-1: 3.6% (5.4x)

-- humm 2021-1: 3.7% (5.3x)

As of end-May 2022, 30+ day arrears were 2.0%, 2.0%, 2.0% and 1.8%
for Flexi 2019-2, 2020-1, humm 2021-1 and humm ABS Trust 2022-1,
respectively. Cumulative losses to date were 3.3%, 2.4%, 1.7% and
0.1% of the original portfolio balances and have been covered by
excess spread.

The Stable Outlook is supported by Australia's ongoing recovery
from the Covid-19 pandemic. Fitch expects the country's strong
labour market and GDP growth to support transaction performance,
despite Fitch's forecast that interest rates will reach 1.85% and
inflation 5.5% by year-end. Fitch expects GDP to expand by 4.0% in
2022, with an unemployment rate of 3.9%. GDP growth and inflation
should normalise to 2.5% and 2.1%, respectively, in 2023, with an
unemployment rate of 4.0%, while Fitch forecasts interest rates to
reach 2.5%.

Limited Liquidity Risk: Structural features include liquidity
facilities that are sufficient to cover liquidity shortfalls and
payment interruption risk. The transactions also feature derivative
reserve accounts that trap excess spread to cover swap payments to
the extent that voluntary prepayments and defaults cause the
transactions to be overhedged.

Fitch completed full cash-flow modelling for Flexi 2019-2, 2020-1
and humm 2021-1 and determined that full and timely payment of
principal and interest was made to the notes in all cash-flow
modelled scenarios at the respective rating levels. Updated cash
flow modelling was not performed for humm 2022-1, as the
transaction only recently closed and none of the variables
affecting transaction performance have changed beyond that expected
at closing.

Low Servicing Risk: All receivables were originated by humm. Fitch
undertook an operational review and found that the operations of
Flexirent Capital Pty Limited, the servicer, were comparable with
market standards.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with higher delinquencies and
defaults, which could reduce the credit enhancement that is
available to the notes.

Downgrade Sensitivity

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when one
assumption - the default rate - is modified, while holding others
equal. The modelling process uses the modification of default
assumptions to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Flexi 2019-2

Note classes: A1 / A1-G / B-G / C-G / D-G / E-G

Rating: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBB+sf

Increase defaults by 10%: AAAsf / AAAsf / AAAsf / AAsf / A-sf /
BBBsf

Increase defaults by 25%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf /
BBB-sf

Increase defaults by 50%: AAAsf / AAAsf / AA+sf / A-sf / BBB-sf /
BB+sf

Flexi 2020-1

Note classes: A1 / A1-G / B-G / C-G / D-G / E-G

Rating: AAAsf / AAAsf / AAAsf / AA+sf / AA-sf / A-sf

Increase defaults by 10%: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBB+sf

Increase defaults by 25%: AAAsf / AAAsf / AAAsf / AA-sf / Asf /
BBB-sf

Increase defaults by 50%: AAAsf / AAAsf / AA+sf / Asf / BBB+sf /
BB+sf

humm 2021-1

Note classes: A1 / A1-G / B-G / C-G / D-G / E-G

Rating: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBB+sf

Increase defaults by 10%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf

Increase defaults by 25%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBB-sf

Increase defaults by 50%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf /
BB+sf

See Fitch Assigns Final Ratings to humm ABS Trust 2022-1; Outlook
Stable for more information on rating sensitivities for humm
2022-1.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's expectations or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

The class A1, A1-G and B-G notes for Flexi 2019-2, 2020-1 and humm
2021-1 are at the highest level on Fitch's scale and cannot be
upgraded. Therefore, upgrade sensitivity stresses are not
relevant.

Upgrade Sensitivity

Flexi 2019-2

Classes: C-G / D-G / E-G

Rating: AA+sf / Asf / BBB+sf

Decrease defaults by 10%: AA+sf / A+sf / A-sf

Flexi 2020-1

Classes: C-G / D-G / E-G

Rating: AA+sf / AA-sf / A-sf

Decrease defaults by 10%: AAAsf / AAsf / A-sf

humm 2021-1

Classes: C-G / D-G / E-G

Rating: AA+sf / Asf / BBB+sf

Decrease defaults by 10%: AA+sf / AA-sf / A-sf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none were available.

As part of its ongoing monitoring, Fitch reviewed of a small
targeted sample of humm's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolios.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

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.

MH 1: First Creditors' Meeting Set for July 18
----------------------------------------------
A first meeting of the creditors in the proceedings of MH 1 Pty Ltd
will be held on July 18, 2022, at 11:00 a.m. via teleconferencing
facilities.

Liam Bailey of O'Brien Palmer was appointed as administrator of the
company on July 7, 2022.

MOOSTAG PTY: First Creditors' Meeting Set for July 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Moostag Pty
Ltd (trading as Central Technologies Aus, Central Technologies QLD,
Funki Mobiles, Mobile Central, Mobile Central Technologies and
Mobile Central Connect) will be held on July 20, 2022, at 10:30
a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of the company on July 8, 2022.


SYDNEY SHADE: Second Creditors' Meeting Set for July 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Sydney Shade
Sails (NSW) Pty. Ltd. has been set for July 19, 2022, at 2:30 p.m.,
via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2022, at 4:00 p.m.

Edwin Narayan and Grahame Ward of Mackay Goodwin were appointed as
administrators of the company on June 15, 2022.


VESTONE CAPITAL 2: Fitch Assigns 'BB' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to Vestone Capital ABS
Warehouse Trust No. 2's floating-rate notes. The notes are backed
by a pool of first-ranking Australian equipment and software lease
and loan receivables originated by Vestone Capital Pty Limited. The
notes are issued by Perpetual Corporate Trust Limited as trustee
for the Vestone Capital ABS Warehouse Trust No. 2.

   DEBT    RATING             PRIOR
   ----    ------             -----

Vestone Capital ABS Warehouse Trust No. 2

A   LT   AAAsf   New Rating   AAA(EXP)sf

B   LT   AAsf    New Rating   AA(EXP)sf

C   LT   Asf     New Rating   A(EXP)sf

D   LT   BBBsf   New Rating   BBB(EXP)sf

E   LT   BBsf    New Rating   BB(EXP)sf

F   LT   NRsf    New Rating   NR(EXP)sf

G   LT   NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

This is a warehouse transaction featuring an initial 24-month
revolving period with an extension option.

KEY RATING DRIVERS

Forward-Looking Approach to Derive Base Case Loss: The Vestone
portfolio's historic vintage default performance has typically
tracked between 1% and 2%. Fitch analysed annual default rates
associated with the underlying portfolio to derive a one-year
default probability assumption for each asset group, which was
incorporated into Fitch's proprietary Portfolio Credit Model (PCM).
The one-year probabilities of default ranged from 0.5% for
PC-Hardware to 1.4% for Other Equipment.

The transaction's eligibility criteria and portfolio parameters
shaped the proxy portfolio used to drive the asset analysis. The
proxy portfolio reflects the assumption that the portfolio's
characteristics may migrate towards the limits during the revolving
period, including limits on borrower type, asset group and residual
value outstanding.

Portfolio Concentration Risk: The transaction documentation
includes pool parameters that limit the portfolio's largest obligor
and largest five obligors to 3% and 7.5% of the pool, respectively,
as well as limits on the largest industry group and aggregate
exposure of the largest three industry groups to 22.5% and 47.5%,
respectively. The proxy portfolio's composition was stressed close
to the parameter limits for each of these characteristics and
incorporated in Fitch's PCM analysis.

Commingling Risk Addressed: The commingling risk due to the
presence of the Bill & Collect receivables is mitigated by the
commingling reserve, funded by Vestone and required to be at least
4% of the aggregate outstanding balance of the Bill & Collect
receivables. In addition, the transaction's counterparty risk is
mitigated by structural mechanisms that ensure remedial actions
take place should ratings of the swap provider or trust account
bank fall below a certain level.

Residual Value Risk: Residual value (RV) risk is present as the
portfolio may include operating leases with an aggregate RV of up
to 7.5% of the portfolio. Historic performance of sales proceeds
versus the initial RV was used to assign a base-case RV assumption
of 60%. Fitch applies a 'AAAsf' RV haircut of 50%, which reflects
the nature of the asset class and the RV performance history of
other equipment-lease receivable transactions. No benefit was given
to inertia payments from the obligor after the end of the lease's
contractual term.

Stable Origination, Underwriting and Servicing: Vestone has
demonstrated adequate abilities as originator, underwriter and
servicer, as is evident from the historical delinquency and loss
performance of its lease portfolio. Servicer disruption risk is
mitigated by back-up servicing arrangements, with Perpetual being
the nominated back-up servicer.

Fitch undertook an operational and file review and found that the
operations of the originator and servicer were comparable with
those of other SME lenders.

SME Loan Recovery Rates: Fitch analysed Vestone's historic
equipment recovery rates to arrive at base recovery rates ranging
from 0% for Energy and Software to 15% for Other Equipment. A
recovery haircut of 50% at 'AAAsf' was applied, which reflects the
expected recoveries relative to the economic cycle and the
stability of the collateral characteristics.

Economic Growth Supports Outlook: The Stable Outlook is supported
by Australia's ongoing recovery. Fitch expects the country's strong
labour market and GDP growth to support transaction performance,
despite Fitch's forecast that interest rates will reach 1.85% and
inflation 5.5% by year-end. Fitch expects GDP to expand by 4.0% in
2022, with an unemployment rate of 3.9%. GDP growth and inflation
should normalise to 2.5% and 2.1%, respectively, in 2023, with an
unemployment rate of 4.0%, while Fitch forecasts interest rates to
reach 2.50%.

Cash Flow Analysis

Fitch customises its proprietary cash-flow model to replicate the
flow of funds outlined in the documentation after an amortisation
event has occurred. Performance variables include loss
distribution, losses, prepayment rates and coupon rates.

From a cash-flow perspective, the collateral balance is reduced
either through principal collections or losses, both of which are
passed through to investors as principal payments or realised
losses. Given that no interest is collected on delinquent lease and
loan receivables, excess spread is compressed in this environment,
and collateral life is shortened through high losses and
prepayments. A shortfall in principal payments to investors will
occur unless excess spread is sufficient to cover losses.

Fitch also stressed factors such as the timing of losses and
recovery periods. A worst-case scenario results in more defaults in
the early period of the deal and fewer defaults in the latter
period. Such a scenario results in a slower build-up of credit
enhancement over time.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Downgrade Sensitivity

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when assumptions - weighted-average
foreclosure frequency, weighted-average recovery rate or net sales
proceeds - are modified, while holding others equal. The modelling
process uses the modification of default, loss and sales proceeds
assumptions to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Fitch conducted sensitivity analysis by increasing gross default
levels, decreasing recovery rates and decreasing net sales proceeds
over the life of the transaction.

Downgrade Sensitivity:

Notes: A/B/C/D/E

Rating: AAAsf/AAsf/Asf/BBBsf/BBsf

Increase mean defaults by 25%: AA+sf/AA-sf/Asf/BBB-sf/BB-sf

Increase mean defaults by 50%: AAsf/A+sf/A-sf/BBB-sf/B+sf

Reduce recoveries by 25%: AAAsf/AAsf/Asf/BBBsf/BBsf

Reduce recoveries by 50%: AAAsf/AAsf/Asf/BBBsf/BBsf

Increase mean defaults by 25% and reduce recoveries by 25%:
AA+sf/AA-sf/A-sf/BBB-sf/BB-sf

Increase mean defaults by 25% and reduce recoveries by 50%:
AAsf/A+sf/A-sf/BBB-sf/Bsf

Reduce sale proceeds by 10%: AAAsf/AAsf/Asf/BBBsf/BBsf

Reduce sale proceeds by 25%: AAAsf/AAsf/Asf/BBB-sf/BB-sf

Reduce sale proceeds by 50%: AA+sf/AA-sf/A-sf/BBB-sf/B+sf

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

Upgrade Sensitivity:

Notes: A/B/C/D/E

Decrease mean defaults by 25%, increase recoveries by 25% and
increase sale proceeds by 25%: AAAsf/AAAsf/AA-sf/BBB+sf/BBB-sf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

CRITERIA VARIATION

The quantitative assumptions described in the Consumer ABS Rating
Criteria - Residual Value Addendum are applicable to vehicles;
therefore Fitch has derived residual value assumptions for this
transaction that are comparable to the U.S. Equipment Lease and
Loan ABS Rating Criteria assumptions in relation to giving credit
to residual values. Credit to residual values was 50% at 'AAAsf',
60% at 'AAsf', 70% at 'Asf', 80% at 'BBBsf', 85% at 'BBsf' and 90%
at 'Bsf'.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

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.



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

CHINA EVERGRANDE: Bondholders Reject Further Extension Plan
-----------------------------------------------------------
Bloomberg News reports that holders of a yuan-denominated bond from
China Evergrande Group rejected a plan by the distressed developer
to further extend payment on the note past a July 8 deadline.

The firm's main onshore unit Hengda Real Estate held a meeting last
week to delay the repayment deadline by another six months,
according to a filing, Bloomberg relay.

A credit crunch at the Chinese property giant roiled markets last
year as authorities embarked on a sweeping clampdown of the
nation's debt-saddled real estate sector, the report notes.
Evergrande has so far avoided defaulting on its local bonds by
securing delays on its payment deadlines, even after it skipped
payment on its dollar notes in December.  

Both onshore and offshore investors are closely watching what could
be one of the nation's biggest debt restructurings, as they prepare
for a lengthy battle over who gets paid from what remains.
Evergrande has more than $300 billion in liabilities.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific on June
7, 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'.

Fitch has withdrawn the ratings as Evergrande and its
subsidiarieshave chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for Evergrande and
its subsidiaries.


HELENBERGH CHINA: Fitch Cuts Foreign Curr. IDR to B-, On Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Helenbergh China Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-',
from 'B+'. The ratings have been placed on Rating Watch Negative
(RWN).

The downgrade reflects the homebuilder's weakening liquidity
headroom and rising refinancing risk, as Fitch believes its
capital-market access will remain limited in near term.
Helenbergh's available cash should be sufficient to cover its debt
repayment needs in 2022, but the company's reliance on internal
cash generation to make repayments will pressure its liquidity
buffer.

The RWN reflects the rising uncertainty over the repayment of debt
obligations in 2023, including offshore capital-market maturities
totalling CNY3.9 billion.

KEY RATING DRIVERS

Large Short-Term Maturities: Helenbergh has CNY1.3 billion in
capital-market maturities due in the rest of 2022 and has CNY2.7
billion of bank loans and CNY2.6 billion of trust loans that need
to be refinanced or repaid during the year. It has large
capital-market maturities totalling CNY3.9 billion in 2023,
including USD350 million of notes due March and USD270 million due
October.

Limited Funding Access: Fitch expects Helenbergh's capital-market
access to remain limited till 1H23, leading to reliance on cash on
hand and cash generation from contracted sales to fund debt
repayments. Fitch believes Helenbergh has preserved its solid
relationships with onshore banks, non-bank financial institutions
and asset management companies, allowing it to roll over or
refinance loans at project companies, as it has refinanced around
half of its trust loans and convertible bonds with loans from asset
management companies.

Helenbergh's other borrowings (excluding bank loans, corporate
bonds and convertible bonds) accounted for 29% of its total debt at
end-2021.

Weakening Liquidity: Fitch estimates Helenbergh's available cash to
be sufficient to cover its debt repayment needs for the rest of
2022. However, the repayments will weaken its liquidity buffer.
Helenbergh's total cash balance fell to CNY15.4 billion by end-May
2022, from CNY17.8 billion at end-2021. Fitch estimates it had over
CNY9 billion of available cash for repaying debt at the holding
company at end-May, including CNY1.3 billion at the holding-company
level and CNY8 billion at the project level.

Milder Sales Decline: Helenbergh's contracted sales fell by 27% yoy
in 5M22 to CNY17.6 billion amid weak consumer confidence and
demand. However, the decline was milder than the market's average
drop of around 50%. Sales in April and May 2022 rose by 22% and 21%
month-on-month, respectively, indicating some recovery. However,
Fitch believes a broader recovery in sales growth in 2H22 remains
uncertain and forecast Helenbergh's full-year contracted sales to
fall by around 25%. This will pressure the company's cash flow
generation and liquidity.

Weaker Business Profile: Helenbergh's EBITDA margin after adding
back capitalised interest in cost of goods sold deteriorated to 12%
in 2021, from 19% in 2020, following the delivery of lower-margin
projects and heightening selling costs. The margin may improve
slightly in the next two years as the company expects to deliver a
higher portion of projects in Tier 1 and 2 cities, which have a
higher gross margin. Fitch estimates Helenbergh's land bank life to
decline, given minimal land acquisitions in 2022, but it should
remain above four years thanks to ample land reserves.

Doubt Over Going Concern Capability: Helenbergh's auditor, Ernst &
Young, indicated in the audited financial statements that there is
material uncertainty about whether Helenbergh can continue as a
going concern. The company's short-term debt amounted to CNY15.1
billion at end-2021, while readily available cash and cash
equivalents totalled CNY10.9 billion. This may cast significant
doubt on the company's ability to continue as a going concern but
the auditor's opinion is not modified in respect of this matter.

ESG - Financial Transparency: Helenbergh has an ESG Relevance Score
of '4' for Financial Transparency, as the company, which is not
publicly listed, has limited public disclosure of financial
information. This has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Fitch believes Helenbergh's liquidity position is comparable with
peers Hong Yang Group Company Limited (B-/RWN) and KWG Group
Holdings Limited (B-/RWN). Both Helenbergh and Hong Yang have
sufficient cash available to cover debt repayment needs for the
rest of 2022, but there is greater uncertainty over their ability
to repay capital-market debt due in 2023. KWG has larger and more
imminent maturities than Helenbergh in 2022, but Fitch believes it
may have more diversified refinancing channels, helped by a more
geographically diversified and better-quality asset portfolio than
Helenbergh.

Helenbergh has a business profile similar to Hong Yang's, as both
companies are exposed mainly to Tier 2 and 3 cities and have total
contracted sales of around CNY80 billion.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to decline by 25% in 2022,
    before increasing by 3% a year in 2023-2025;

-- Contracted average selling price to decrease by 12% in 2022,
    then recover to 2% growth in 2023-2025;

-- EBITDA margin after adding back capitalised interest of around

    13% in 2022-2023;

-- Minimal land acquisitions in 2022 to preserve cash outflow.

RATING SENSITIVITIES

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

-- The RWN will be resolved if the negative sensitivities are not

    met.

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

-- Deterioration in liquidity or funding access to address debt
    obligations for the rest of 2022 and 1H23;

-- Significant decline in contracted sales or cash collection.

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

Tight Liquidity: Helenbergh's total cash balance fell to CNY17.8
billion in 2021, from CNY21.0 billion in 2020, while its liquidity
ratio (available cash/short-term debt) weakened to 0.72x, from
0.76x. Fitch estimates available cash for repaying debt at end-May
2022 is sufficient to cover debt repayment needs for the remainder
of 2022. However, it may be insufficient for the large offshore
capital-market maturities of CNY3.9 billion in 2023.

Fitch thinks the group's access to capital markets will probably
remain limited in the near term, and it will have to rely on
internal cash to repay debt. This will hamper its available cash
balance and reduce its liquidity buffer.

ISSUER PROFILE

Helenbergh indirectly owns 100% of Guangdong Helenbergh Real Estate
Group, which was founded in 2005 by Mr. Huang Chiheng. The company
expanded into Kunming and Wuhan in 2009, when it started to build a
nationwide presence. Its projects are mainly located in Tier 2 and
3 cities, including Huizhou, Kunming, Wuhan, Zhongshan and
Langfang.

ESG CONSIDERATIONS

Helenbergh has an ESG Relevance Score of '4' for Financial
Transparency due to its limited public financial disclosure, which
has a negative impact on the credit profile, and is relevant to 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.

   DEBT               RATING                    PRIOR
   ----               ------                    -----

Helenbergh China    LT IDR   B-    Downgrade    B+
Holdings Limited



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

AIRVISION INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the bank facilities of Airvision India
Private Limited (AIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        19.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

The rating continues to be under 'Issuer Not Cooperating' category
because of lack of adequate information regarding Airvision India
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Airvision India Private Limited (AIPL), ICRA has been trying
to seek information from the entity so as to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Incorporated in 1995, AIPL is among one of the five Group concerns
of the Noble Group. The company manufactures printed circuit boards
(PCB) used in LED televisions and compact fluorescent light bulbs.
Along with manufacturing PCBs, it is also involved in cooler
assembling.


AKAL SPRING: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akal Spring
Limited (ASL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:   

-- INR110 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR46 mil. Term loans due on March 2025 assigned with IND BB /

     Stable rating.

Key Rating Drivers

The ratings reflect ASL's small scale of operations, as indicated
by revenue of INR821.70million in FY22 (FY21: INR497.24 million).
In FY22, the revenue improved as company expanded its overseas
market, launched new products such as U-bolts and also commenced
fabrication work on auto components.  Ind-Ra expects the revenue to
improve further in the near term, given ASL's plan to ensure
optimum utilization of the available manufacturing capacity, backed
by the orders from newly added customers coupled with repeat orders
from existing customers.

The ratings also factor in ASL's modest EBITDA margin due to the
nature of the business. The margin declined to 3.20% in FY22 (FY21:
4.55%) due to an increase in operational expenses. The ROCE was 4%
in FY22 (FY21: 3.8%). Ind-Ra expects the EBITDA margin to remain at
similar levels in FY23.

The ratings also reflect ASL's moderate credit metrics owing to the
modest margins.  The interest coverage (operating EBITDA/gross
interest expense) remained fairly stable at 3.18x in FY22 (FY21:
3.13x) due to an increase in the absolute EBITDA to INR26.28
million (INR22.62 million).  The net financial leverage (adjusted
net debt/operating EBITDAR) weakened to 4.84x in FY22 (FY21:
3.89x), primarily on account of the decrease  in the cash balance.
Ind-Ra believes the firm's metrics will deteriorate in the near
term, given the proposed term loan for the planned capex in FY23.

Liquidity Indicator - Stretched: ASL does not have any capital
market exposure and relies on the promoters, banks and financial
institutions to meet its funding requirements. The company's
average maximum utilization of the fund-based limits was 80.94% and
that of the non-fund-based limits was nil during the 12 months
ended March 2022. The cash flow from operations turned positive at
INR6 million in FY22 (FY21: negative INR4.64million), due to
improved operating performance. The free cash flow remained
negative at INR3.04 million in FY22 (FY21: negative INR15.07
million) due to unfavorable changes in the working capital. The net
working capital cycle improved to 70 days in FY22 (FY21: 101days)
due to a decrease in inventory and debtor days. The unrestricted
cash and cash equivalents stood at INR1.80 million at FYE22 (FYE21:
INR6.13 million). ASL plans to undertake capex of INR25 million in
FY23 for the installation of parabolic suspension machines; this
capex will be funded by term loan of INR19 million and promoter
contribution of INR6 million. ASL has repayment obligations of
INR8.10 million in FY23 and INR7.40 million in FY24.

The ratings, however, are supported by the promoters' experience of
nearly three decades in the leaf spring manufacturing industry,
which has helped the company establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Negative: A significant decline in the scale of operations, leading
to deterioration in the credit metrics, or further weakening of the
liquidity position, could lead to a negative rating action.

Positive: An improvement in the scale of operations, leading to an
improvement in the overall credit metrics with the net leverage
ratio reducing below 4x, along with an improvement in the liquidity
position, all on a sustained basis will be positive for ratings.

Company Profile

ASL is a deemed limited family-owned company, situated at Focal
Point, Ludhiana. The company was incorporated in 1974 and commenced
commercial production in 1980. ASL manufactures suspension parts,
such as leaf spring assemblies, for automobiles. Jaspal Kaur,
Sandeep Riat, Amrit Pal Singh and Harpreet Kaur Riat are the
directors of the company.


ANGIKA DEVELOPMENT: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Angika
Development Society (ADS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               6.4       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               8.0       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ADS for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 ADS, which restricts CRISIL
Ratings' ability to take a forward-u looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADS continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2004, ADS manages a DPS franchise school and a
teacher training institute, VBCE, in Bhagalpur. The society added
one more school in Ranchi, Jharkhand, in 2016 under the DPS brand.
Operations are managed by the chairman, Mr Shekhar Dutt (retired
Indian Administrative Service officer, former governor of
Chhattisgarh, and defense secretary, Government of India), and
secretary, Mr Rajesh Kumar Srivastava.


ARIHANT PLASTICS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arihant Plastics a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR65 mil. Term loan due on February 2026 assigned with
     IND BB+/Stable rating.

The ratings reflect Arihant's average EBITDA margins and modest
credit metrics.

Key Rating Drivers

Arihant has a small scale of operations with its revenue growing
INR357 million in FY22 (FY21: INR211 million), on the back of an
increase in the capacity of its new unit in Sonipat. Established in
FY21, the unit, which was impacted by COVID-19, was fully
operational in FY22. Ind-Ra expects its revenue to increase in the
medium term, as the new unit is fully operational.

The rating also factors Arihant's average EBITDA margin of 13.63%
in FY22 (FY21:15.56%) with a return on capital employed of 14.7%.
The marginal deterioration in its EBITDA margin was due to an
increase in its administrative expenses. Ind-Ra expects the EBITDA
margin to remain at the similar level.

Arihant has modest credit metrics with the interest coverage
(operating EBITDA/gross interest expenses) at 5.46x in FY22
(FY21:4.29x) and the net leverage (total adjusted net
debt/operating EBITDAR) at 1.95x (3.46x). Ind-Ra expects the credit
metrics to remain at the similar level as it is not planning any
capex.

Liquidity Indicator - Stretched: Arihant does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. Arihant's average maximum
utilization of its fund-based limits was 96.01% during the 12
months ended May 31, 2022. The cash flow from operations stood at
INR28.30 million in FY22 (FY21: negative INR1.7). The free cash
flow stood at INR24.91 million in FY22 (FY21: negative INR12.80)).
The net working capital cycle stood at 61 days in FY22 (FY21: 108
days). The cash and cash equivalents stood at INR14.60 million at
FYE22 (FYE21: INR10.69 million).

However, the ratings are supported by the promoters' nearly 25
years of experience in the plastics manufacturing industry, leading
to established relationships with its customers and suppliers.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the net leverage
above 4.5x and the liquidity profile, could lead to a negative
rating action.

Company Profile

Nangloi, Delhi-based Arihant was incorporated in 1997. The company
manufactures plastics speakers. It has three units, with two units
in Nangloi and one in Sonipat, Haryana.


BALBIR ALLOYS: ICRA Withdraws B Rating on INR4.0cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Balbir Alloys Private Limited at the request of the company and
based on the No Due Certificate/Closure Certificate received from
the banker. 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, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         4.00        [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-Fund Based      1.50        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Withdrawn

Balbir Alloys Private Limited was incorporated in 1991 and it is a
part of the Balbir Group of companies. The company manufactures
mild steel (MS) ingots. It had its manufacturing plant in Murbad
(Thane) till August 2017. From September 3, 2017, the company took
over the existing running unit (with all its assets and attached
rights) of Balbir Steel Rolling Private Limited in Silvassa (Dadra
and Nagar Haveli). Consequently, its installed capacity changed
from 79,200 MTPA (Murbad) to 18,000 MTPA (Silvassa).


BALBIR FOOD: ICRA Reaffirms B Debt Rating on INR6.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Shree
Balbir Food Product Private Limited (SBFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable); Reaffirmed
   Fund Based/CC                    

   Long Term-          1.09        [ICRA]B (Stable); Reaffirmed
   Fund Based/TL                    

   Short-term          1.00        [ICRA]A4; Reaffirmed
   Non-fund
   Based Limits        

Rationale

The ratings reaffirmation for SBFPL reflects its weak financial
risk profile, characterised by thin profitability and modest scale
of operations worth INR87.7 crore. The ratings continue to remain
constrained by the highly fragmented nature of the flour-milling
industry, resulting in intense competition as well as SBFPL's
exposure to agro-climatic risks. The company also remains exposed
to regulatory risks wherein government policies can impact the
availability and prices of raw materials, affecting its revenues
and profitability.

The ratings, however, favorably factor in the financial assistance
provided by the Group companies by extending interest free
unsecured loan to SBFPL.

The Stable outlook on the long-term rating indicates ICRA's
expectation that the credit profile of the company will remain
supported by healthy demand outlook and interest-free unsecured
loans from the Group companies.

Key rating drivers and their description

Credit strengths

* Interest-free unsecured loan extended by Group companies –
SBFPL is a wholly-owned subsidiary of Balbir Structures Private
Limited. The company benefits from the financial support extended
by the parent company through unsecured loans. Interestfree
unsecured loans from the holding company stood at INR6.5 crore as
on March 31, 2022, accounting for 45% of the total debt.

Credit challenges

* Modest scale of operations and low operating profitability due to
commoditised nature of final product: The scale of operations
remains modest with revenues of INR87.71 crore in FY2022. The
company is involved in milling wheat into wheat and refined wheat
flour, which is a low-margin business. The small scale of business
further restricts the company's profitability.

* Weak capital structure due to low net worth base; subdued
financial profile: SBFPL had a modest net worth of INR0.88 crore as
on March 31, 2022. The company's debt as on March 31, 2022 stood at
INR14.53 crore, which comprised term loan of INR0.87 crore, INR8.52
crore of unsecured loans largely from its holding company and
INR5.14 crore of working capital facility. This in turn translates
into a stretched capital structure. The financial profile is also
subdued with total debt vis-à-vis the operating profit of 6.52
times as on March 31, 2022 and net cash accruals vis-à-vis the
total debt of 10%.

* Intense competition owing to high fragmentation in the industry
and low product differentiation; profitability exposed to
agro-climatic risks and government policies: The flour-milling
industry is very competitive with the presence of many organised
and unorganised players. Stiff competition, coupled with the
limited value-additive nature of the business, limits pricing
flexibility and margins. Moreover, the flour-milling industry is
susceptible to agro-climatic risks, which can affect the
availability of wheat in adverse weather conditions. Being an
essential commodity in India, any unfavourable change in the
policies and fluctuations in supply due to adverse weather
conditions, exposes the company to volatility in scale and
profitability.

Liquidity position: Stretched

The liquidity position of the company is stretched given the modest
cash flows and thin cash and bank balance of ~INR0.19 crore as on
March 31, 2022. Moreover, the limit utilisation during the last 12
months stood at 70%, with a modest buffer of INR2.1 crore as on
March 31, 2022. The company plans to incur maintenance capex of
INR0.5 crore in FY2023, INR1.0 crore in FY2024 and INR1.5 crore in
FY2025. It has debt repayment obligation of INR0.36 crore each year
in FY2023 and FY2024, and INR0.09 crore in FY2025.

Rating sensitivities

Positive factors – An improvement in the net worth position along
with a sustained growth in its operating income and profitability,
thereby strengthening the coverage indicators and liquidity
position, would remain key factors for ratings upgrade.

Negative factors – A sharp decline in its scale of operations or
profitability and/or a deterioration in the liquidity profile would
be the key triggers for ratings downgrade.

Shree Balbir Food Product Private Limited is promoted by the Balbir
Vikas Bhushan Group. The Group manufactures and trades in steel
products such as thermo-mechanically-treated (TMT) bars, mild steel
angles, channels and beams, among others. The Group ventured into
manufacturing of food products with the establishment of Shree
Balbir in 2015. It is a wholly-owned subsidiary of Balbir
Structures Private Limited (BSPL). Its manufacturing facilities are
located at Silvassa (Dadra and Nagar Haveli). The mill has an
installed capacity of 200 MT per day (72,000 MTPA). The first full
year of operations for the company was FY2019.

BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benara Autos
Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.50       CRISIL D (Issuer Not
                                     Cooperating)
   Foreign Bill
   Discounting            0.50       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         1.50       CRISIL D (Issuer Not
                                     Cooperating)

   Standby Fund-
   Based Limits           0.40       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.


BOXOVIA PRIVATE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Boxovia Private
Limited's (BPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR850 mil. Term loans due on March 2029 affirmed with IND BB-
     /Stable rating.

Change in Analytical Approach: To arrive at the ratings, Ind-Ra has
factored in the availability of support to BPL from its sister
concern, Udit Packaging Private Limited (UPPL) in view of the
moderate legal and operational linkages and strong strategic
linkages between the entities, against the previous standalone
approach. The ratings are supported by UPPL's customers shifting to
BPL, FY23 being the first full year of operations, and the
management's plan to avail working capital facilities in line with
the company's requirement.

BPL commenced operations in September 2021.

Key Rating Drivers

The affirmation reflects the continued small scale of operations,
as indicated by revenue of INR145.76 million in FY22 (provisional
numbers). The company commenced commercial operations in September
2021, against the scheduled period of May 2021. According to the
management, the delay was caused by the unavailability of technical
support for installation of machineries, due to
covid-led-disruptions. Consequently, the revenue was much lower
than the management's expectation of INR902.4 million. BPL booked
revenue of INR46 million in April 2022.The management expects to
receive orders of INR50 million a month from June 2022 and expects
the orders to increase to INR100 million a month by end-March 2023.
Ind-Ra expects the scale of operations to remain small in FY23 but
the revenue is likely to increase on a yoy basis as FY23 would be
the first full year of operations.

The ratings reflect the modest EBITDA margins due to the nature of
the business. BPL achieved margins of 15.2% in FY22, with ROCE of
2%. Ind-Ra expects the margins to be stable in FY23, as the company
does not intend to change the cost structure.

The ratings reflect the weak credit metrics due to the modest
margins. The gross coverage (operating EBITDA/gross interest
expense) was 0.39x in FY22 and net leverage (total adjusted net
debt/operating EBITDA) was 40.24x. Ind-Ra expects the credit
metrics to improve in FY23 on the back of increase in the EBITDA,
led by revenue growth. However, the metrics will continue to be
weak in the medium term due to the external debt of INR624.5
million, with repayments starting from January 2023.

Liquidity indicator - Poor: The debt repayment schedule has been
deferred by six months and will commence from January 2023. BPL
availed an overdraft loan of INR95 million against UPPL's fixed
deposits of UPPL in FY22. In FY22, the company's total capex
increased to INR1,370 million from INR1,265.7 million, which was
funded by promoters' contribution. Out of the bank loan of INR850
million, BPL had utilized only INR624.5 million at FYE22; the
remaining capex was funded by preference shares of INR300 million
and unsecured loans of INR177.4 million from promoters and related
parties. BPL has long-term creditors of INR81.76 million, as 30% of
the purchase cost is to be paid post the installation of
machineries, provided the company does not face any issues after
the installation. BPL had goods and service tax credit receivables
of INR100 million at end-FY22. If the goods and service tax credit
is received in FY23, BPL might not avail the undisbursed loan
amount of INR225.5 million. The working capital cycle stood at 29
days in FY22.

The ratings are supported by BPL's linkages with UPPL. In FY20,
UPPL infused INR300 million in FY20 in the form of non-convertible
redeemable preference shares in BPL. During FY22, BPL was the sole
supplier for UPPL, with sales to UPPL accounting for 90% of BPL's
revenue. In FY22 (provisional numbers), UPPL's revenue was
INR593.92 million and EBITDA was INR468.21 million. It's a
debt-free company.  

The rating benefits from the promoters' experience of over four
decades in the manufacturing of corrugated boxes. Furthermore, The
promoters infused unsecured loans of INR177.4 million and equity of
INR15.81 million during FY22. The management has informed the
agency that the promoters will infuse funds in BPL as and when
required.

Rating Sensitivities

Negative: Deterioration in EBITDA margins and absence of unsecured
loans from promoters, affecting the company's debt serviceability,
would be negative for the ratings.

Positive: Substantial improvement in the operating performance,
leading to the net leverage falling below 5x and an improvement in
the liquidity position, would be positive for the ratings.

Company Profile

Incorporated in December 2017, BPL manufactures corrugated boxes
and boards. The company is based in Ahmednagar, Maharashtra. It has
an installed capacity of 72,000 metric ton per annum.


BVL GRANITES: ICRA Raises Rating on INR30cr LT Loan from B+
-----------------------------------------------------------
ICRA has upgraded the ratings assigned to BVL Granites (BVL) bank
lines and removed it from Issuer Not Cooperating (INC) category, as
the firm has cooperated in concluding the rating exercise. The
ratings note the extensive experience of BVL's promoters in the
granite processing industry and the firm's established ties with
its customers across different countries, as exports contribute
100% of its orders.  

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-        30.00        [ICRA]BB- (Stable); Rating  
   Fund-based-                    upgraded from [ICRA]B+ (Stable)
   CC                             and removed from Issuer Not
                                  Cooperating

   Long-term:         3.22        [ICRA]BB- (Stable); rating
   Fund based–                    upgraded from [ICRA]B+
(Stable)
   Term loan                      and removed from Issuer Not
                                  Cooperating

   Short-term–        1.00        [ICRA]A4; rating reaffirmed
   Non-fund based                 and removed from Issuer Not
                                  Cooperating

However, the ratings are constrained by the firm's modest scale of
operation with a turnover of INR29.3 crore in FY2022, which
declined from INR41 crore in FY2019 due to lower orders and
shortage of availability of raw materials. Its revenues are
expected to be in the range of INR30-35 crore in FY2023. BVL has a
stretched liquidity position and high working capital intensity as
it maintains huge stocks of different varieties of granites,
leading to high inventory holding. The ratings factor in the
intense competition in the granite processing industry from
domestic players as well as other granite exporting countries
(China and Brazil), which impact its revenues and margins.

ICRA notes that the margins are vulnerable to foreign exchange
fluctuations as BVL does not hedge its receivables. ICRA also
factors in the risks of capital continuity associated with
partnership firms.

The Stable outlook on the [ICRA]BB- rating reflects ICRA's opinion
that BVL will benefit from its promoters' experience in the granite
processing industry.

Key rating drivers and their description

Credit strengths

* Extensive experience in granite processing industry – BVL has
15 years of experience in granite quarrying, processing and export.
Exports contribute 100% to the firm's sales. BVL has established
strong ties with its customers across the UAE, Algeria, Romania,
the Netherlands and the US.

Credit challenges

* Modest scale of operations and stretched working capital cycle:
BVL has a modest turnover of INR29.3 crore in FY2022, marked by a
decline by 1.3% from the previous years. Its revenue dropped from
INR41 crore in FY2019 due to lower orders and shortage of
availability of raw materials. The firm has a high working capital
intensity, primarily on the back of huge stocks of different
varieties of granites, leading to high inventory holding.

* Stiff competition in granite processing industry and earnings
exposed to volatility in foreign exchange rates: The industry is
characterised by intense competition owing to the presence of
several domestic players. It also faces stiff competition from
other granite exporting countries (China and Brazil), limiting the
pricing power, growth potential and margins. The firm's margins are
vulnerable to foreign exchange fluctuations, as over 90% of its
revenues are derived from exports and BVL does not hedge its
receivables.

* Risks arising due to partnership constitution of the firm: Given
BVL is a partnership firm, it is exposed to discrete risks
including the possibility of capital withdrawal by the partners and
the risk of dissolution of the firm upon the death, retirement or
insolvency of the partners.

Liquidity position: Stretched

The firm's liquidity position remains stretched with debt
repayments of INR1.1 crore in FY2023, low fund flow operations and
high working capital intensity. This is reflected by high
utilisation of ~100% of its working capital limits during the last
12 months ending March 2022. Higher credit period from one of its
Group companies supports its liquidity to an extent. The firm has
no major capex plans in FY2023.

Rating sensitivities

Positive factors – ICRA could upgrade the ratings if there is a
significant increase in its scale and earnings and an improvement
in liquidity position, supported by reduction in inventory and
better working capital management.

Negative factors – Any decline in scale impacting the
profitability or coverage indicators, or any further stretch in
liquidity because of inventory pile up or stretched debtors, may
lead to a rating downgrade.

Established in 2007 as a partnership firm, BVL Granites is involved
in granite processing and export. The firm's plant, in Prakasam,
Andhra Pradesh, is spread over 18.75 acres with an overall
production capacity of 750,000 sqm/annum. BVL Granites is a part of
the BVL Group of Companies, based in Ongole, Andhra Pradesh, India.
The Group has major presence in tobacco processing and export,
construction, real estate and in granite quarrying, processing and
exporting. However, each firm operates independently and
transactions, if any, are carried out at arm's length.


DANU WIND: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Danu Wind Parks
Private Limited's term loan in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR2,676.3 bil. Term loan due on March 31, 2034 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
6, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Danu Wind Parks was formed in 2011 to build and operate wind power
plant in Kurnool, Andhra Pradesh.


DODDANAVAR GLOBAL: Ind-Ra Lowers Term Loan Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Doddanavar
Global Energy Private Limited's (DGEPL) term loan to 'IND BB+' from
'IND BBB' with a Stable Outlook as follows:

-- INR657.67 mil. (reduced from INR762.2 mil.) Term loan due on
     June 2029 downgraded with IND BB+/Stable rating.

The downgrade reflects DGEPL's moderate operational performance in
FY22 as compared to Ind-Ra's estimates, with its power generation
levels below the P90 level and lower machine availability for 15MW
Sinovel turbines and the availing of additional debt worth INR120
million. The absence of a long-term power purchase agreement (PPA)
is also the major risk for the project. The rating reflects DGEPL's
consistent ability to tie up power sale, and a stable receivable
position. The practice of repaying its shareholder loans during
FY23 also constrains the liquidity position.

Key Rating Drivers

Weaker-than-expected Operational and Financial Performance: DGEPL's
power generation remained subdued at 17.67% in FY22 (FY21: 17.94%)
compared with the average plant load factor of 22.18% during
FY17-FY20. The company reported operating income of INR299 million
in FY22 (FY21: INR288 million; FY20: INR343.5 million). The decline
from FY20 was primarily due to a reduction in the wind speed, heavy
rain and lightning during monsoons, and a reduced machine
availability for the turbines manufactured by Sinovel Wind Group
Company Limited (FY22: 88%; FY20: 87%; FY19: 96%). 32MW GE India
Industrial Private Limited turbines reported the machine
availability of 99.15% in FY22 (FY21: 99%; FY20: 98%; FY19: 99%).

Moderate Operating Risk: DGEPL has installed 32MW capacity (1.6MW x
20), with turbines manufactured by GE India Industrial Private
Limited, and 15MW capacity (1.5MW x 10), with turbines manufactured
by Sinovel Wind Group Company. The company signed the operations
and maintenance (O&M) contract with GE India Industrial until 2025
(likely to be renewed with GE India until the duration of the loan
tenor) for 32MW. The O&M contract for GE India turbines is
comprehensive and inclusive of spare parts supply. The contract
price for GE India was set at INR1.82 million per turbine in April
2017, with an annual escalation of 4.5% per annum. The company also
signed another O&M contract for the 15MW Sinovel turbines with
Windplus and is valid until March 31, 2023 to be renewed each year.
The O&M contract with Windplus includes majorly services and
specifies fixed charge of INR0.3 million per turbine (10 turbines)
for Sinovel turbines. The spare parts for Sinovel turbines are
arranged by DGEPL. The absence of typical clauses levying
liquidated damages for the non-achievement of desired machine
availability level would elevate the risk of reduced machine
availability.

DGEPL registered high turbine availability of about 99.15% for GE
India turbines and moderate turbine availability of 88.16% for
Sinovel turbines in FY22. As per the management, some machines
broke down due to lightening in FY22. The uneven machine
availability for Sinovel turbines is a concern. Any sustained
increase in the O&M expenses beyond Ind-Ra's base case estimates
and the sustained under performance in machine availability are key
monitorables.

Liquidity Indicator - Stretched: Ind-Ra expects the debt service
coverage ratio (DSCR) to be muted between FY23 and FY24 and sees
promoters supporting the project in debt servicing in times of
cash-flow mismatches. No surplus cash was available as of June 6,
2022. However, the term deposit of INR63.2million was available as
on June 6, 2022, translating into the debt servicing for just more
than a quarter. An escrow mechanism has been established as per the
debt terms and all revenue is received in the same. DGEPL requires
the lender's concurrence for any payments to the sponsor after
meeting operating expenses and the debt service obligation.

Price Risk to Continue: The weighted average of tariff is
INR4.43/kWh. The effective tariff for the customer after the
inclusion of cross-subsidy charges and the additional subsidy is
fixed to provide substantial savings, compared to its customers'
landed cost of power supply by Karnataka distribution companies.
Any increase in the transmission charges, cross-subsidy charges and
additional surcharge can affect the tariff charged by DGEPL. On the
other hand, any increase in the industrial and commercial tariff by
Karnataka discoms will enable room for maintaining the tariff
realization for DGEPL.

Limited Structural Features in Debt Structure: The loan is
scheduled to amortize in structured monthly instalments, ending in
1QFY30. The repayment tenor ends in 1QFY30, instead of 4QFY30 as
DGEPL prepaid INR75.0 million in February 2021 as part of a cash
sweep. This has been done on forward maturity basis. Additionally,
DGEPL has availed emergency credit line guarantee scheme (COVID-19
loan) in January 2021. The loan is repaid in 48 monthly
installments of INR2.5million post-moratorium of 12 months from the
date of the first disbursement. The loan tenure ends in FY26. The
debt structure includes a mandatory cash sweep of minimum 50%
excess cash accruals after meeting operating expenses and debt
service.

The debt structure does not include the typical feature of project
finance such as trust and retention accounts defining a cashflow
waterfall and a debt service reserve with the mechanism to access
it before the debt service due date. Ind-Ra has relied on the
escrow mechanism, to an extent, which indicates the prioritizing of
the debt service. DGEPL has pledged INR63.2 million (equivalent to
close to four months of debt servicing requirement) of the term
deposits as per the security requirement of the term loan lender
(no pre-default accessing mechanism defined). Also, there is no
stipulation of financial covenants basis the sanction letter.
Continuing guarantee provided towards Indaco Metal Coats Pvt Ltd, a
group entity, for loan of INR98.5 million also constrains the
rating.

DGEPL has a 99.7% shareholding in an upcoming wind project which is
likely to be on a group captive basis. Management stated that DGEPL
may infuse equity and provide a corporate guarantee.

Diversified Consumer Base: DGEPL ties up offtake for its entire
47MW wind project on a short-term basis regularly. KIOCL Limited
and AT & S India Pvt. Ltd., its largest customers, together
accounted for only 20% of the power sale tie-up in FY22. The rest
of the capacity is tied up with nine other customers. The power
sale tie-ups are renewed on a monthly and yearly basis. Ind-Ra
takes comfort from DGEPL's demonstrated ability to tie up the
short-term power sale over the past few years and that the target
customer base of industrial and commercial consumers in Karnataka
provides for a large opportunity for power sale tie-up. However,
there is no long-term PPA available for the project.

Consistent Debtors Position: The presence of a diversified offtaker
base partly reduces the receivable risk, thus avoiding dependence
on any single consumer. The receivable days were between 20 to 22
days over FY18-FY22. The short-term revenue certainty, along with a
diversified counterparty base for the entire capacity, augurs well
for the rating.

Rating Sensitivities

Positive: The following developments could, individually or
collectively, lead to a positive rating action:

-- the creation of one quarter of debt service reserve with the
pre-default access mechanism

-- two consecutive years of sustained plant operations with the
plant load factor of above 20%

-- average DSCR of above 1.1x

Negative: The below developments could, individually or
collectively, lead to a negative rating action:

-- a fall in the average project tariff to below INR4.20/kWh

-- an inability to tie up sale of at least 90% of capacity

-- an increase in the average receivable days beyond 60 and
consequent liquidity stress

-- absence of sponsor support for debt servicing

-- additional debt or commitment towards other group entities

Company Profile

DGEPL has developed and commissioned a 47MW wind power project at
the Belgaum District in Karnataka. The project is operational since
2010. DGEPL's sponsors, namely Praveen Vrishabhanath Doddanavar,
Vinod Pushpadant Doddanavar, Ramesh Pushpadant Doddanavar,
Pushpadant Parisappa Doddanavar and Vrishabhanath Parisappa
Doddanavar, are also involved in mining, sugar mills, granites and
constructions businesses.


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

The instrument-wise rating actions are:      

-- INR50 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR520 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR12.6 mil. Term loans due on March 2027 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR80 mil. Proposed non-fund-based working capital limits
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
25, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

GMW executes various power projects on engineering, procurement and
construction basis. The head office is located at Vadodara
(Gujarat).


H. K. TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H. K. Timbers
Private Limited (HKTPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       8.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HKTPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 HKTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HKTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HKTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

HKTPL, set up in December 2012, is promoted by the Rudani family.
It has taken over the business of its group entity, HKT, engaged in
processing and sale of timber. HKTPL has a timber processing
facility in Gandhidham, Gujarat.


HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hotel Rathi
Residency (HRR) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan                6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HRR for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 HRR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRR continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2010 as a partnership firm by Mr. Vijay Sheena Shetty and
Mr. Anil Savale, HRR runs a hotel in Chikhali, Pune, which offers
lodging services, multi-cuisine restaurant, and bar. The operations
of the hotel started in fiscal 2016.


ICON PETROLEUM: ICRA Withdraws D Debt Rating on INR17cr Loans
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Icon Petroleum Corporation Limited at the request of the company
and based on the No Due Certificate received from its banker.
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, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term–
   Fund Based          7.00       [ICRAD; ISSUER NOT COOPERATING;
                                  Withdrawn

   Short Term–
   Non Fund Based      1.00       [ICRAD; ISSUER NOT COOPERATING;
                                  Withdrawn

Established in 2005, Icon Petroleum Corporation Limited (IPCL) is a
manufacturer of a wide range of high quality and high performance
automotive oils, industrial oils, metal working oils, rubber
process oils, transformer oils, white oils, liquid paraffin,
petroleum jelly, greases, engine coolants, fluids, synthetic
lubricants, speciality oils and allied products. IPCL's products
are formulated with selected virgin base stocks & imported base
oils and are formulated with internationally proven multifunctional
additives packages meeting the standards of American Petroleum
Institute, SAE International, ASTM International, Bureau of Indian
Standards, Japanese, European Standards and U.S Military
Specifications. The lube manufacturing plant is spread over 10
acres of land, equipped with modern manufacturing and blending
facilities with the state-of-the-art technology with an installed
production capacity of 1,00,000 MT per annum. It is centrally
located at KIADB Industrial Area, Hoskote, Bangalore, India. IPCL
is ISO 9001:2015, ISO 14001:2015 accredited, OHSAS 18001:2007
accredited and GMP Certified.


INDIRA PRIYADARSHINI: Ind-Ra Keeps 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indira
Priyadarshini Hydro Power Private Limited's term loan in the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR238.4 mil. Term loan (Long-term) due on August 2028
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING; The rating was last reviewed on March
14, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Indira Priyadarshini Hydro Power is sponsored by the Ind-Barath
group of companies, which is mainly engaged in the power
development business. The company was incorporated to set up a
4.8MW run-of-the-river hydel power plant in Kangra, Himachal
Pradesh.


INDORE TABLE: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indore Table
Tennis Trust's bank loans in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as at
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR72.2 mil. Term loans (Long-term) due on April 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR0.54 mil. Working capital facility (Long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

Company Profile

Formed in December 1994, Indore Table Tennis Trust runs the Abhay
Prashal Sports Club, which provides table tennis and other indoor
game facilities. In addition, it has a swimming pool, banquet halls
and an upcoming auditorium.


INDUS INTEGRATED: ICRA Lowers Rating on INR6.0cr Cash Loan to D
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Indus
Integrated Information Management Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund-based-        6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Proposed                      Rating downgraded from
   Cash Credit                   [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund-based-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Proposed                      Rating downgraded from
   Term Loan                     [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non-fund           0.40       [ICRA]D ISSUER NOT COOPERATING;
   based Bank                    Rating downgraded from [ICRA]A4
   Guarantee                     and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based     0.60       [ICRA]D ISSUER NOT COOPERATING;
   Proposed Bank                 Rating downgraded from [ICRA]A4
   Guarantee                     and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

Material event

There is public announcement by Insolvency and Bankruptcy Board of
India (IBBI) on June 16, 2022. Ganpati Stocks Private Limited has
made an application in IBBI against Indus Integrated Information
Management Limited. The IBBI has mentioned December 11, 2022 as the
estimated date closure of insolvency resolution process.

Impact of material event

The amount and nature of claim made by Ganpati Stocks Private
Limited is uncertain.

The rating is based on limited information on the entity's
performance since the time it was last rated on February 2021. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated in 2003, Indus Integrated Information Management
Limited is based out of Kolkata, West Bengal. The company is
engaged in skilled workforce development and training across
various sectors viz. information technology, beauty and wellness,
security and surveillance, travel and tourism, steel, automobile
and healthcare. These projects are funded primarily by the National
Skill Development Corporation and other government departments.


INFRAZONE PRIVATE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded S.S Infrazone
Private Limited's (SIPL) Long-Term Issuer Rating to 'IND D' from
'IND BB (ISSUER NOT COOPERATING)'.

The instrument wise rating actions are as follows:

-- INR5 mil. Fund-based working capital limits downgraded with
     IND B-/Stable/IND A4 rating; and

-- INR495 mil. Non-fund-based limits downgraded with IND A4
     rating.

The downgrade of the Long-Term Issuer Rating reflects SSIPL's
delays in the repayment of principal and interest on its vehicle
loan (not rated by Ind-Ra) during October-November 2021, January
2022 and May 2022 due to stretched liquidity, on account of an
increase in its receivables. The downgrade of rating of the working
capital limits reflects a stretch in the company's liquidity
position as reflected by the full utilization of its working
capital limits coupled with instances of overutilization of 22 days
in February 2022.

Key Rating Drivers

Liquidity Indicator - Poor:  SSIPL's average maximum utilization of
the fund-based facilities was 85% for the 12 months ended May 2022
with a few instances of overutilization.  

The ratings remain constrained by SSIPL's continued small scale of
operations and modest credit metrics. As per FY22 provisional
financials, the revenue declined to INR469.8 million (FY21:
INR796.7 million, FY20: INR1,156.4 million) on the back of low
execution of work orders, interest coverage (operating EBITDA /
gross interest expense) improved to 7.29x (7.10x) because of a fall
in interest expenses and net leverage (net debt/operating EBITDA)
reduced to negative 1.26x (negative 2.30x) on account of an
increase in the total debt position. As of April 2022, it had an
order book of INR3,142.1 million (6.7x of FY22 revenue), to be
executed by June 2026.

The ratings also remain constrained by the company's limited track
record of operations of around nine years and its high
susceptibility to government regulations due to the tender-based
nature of business.

However, the ratings continue to benefit from SSIPL's promoters'
experience of more than two decades in the construction business.

Rating Sensitivities

Positive: Any significant improvement in liquidity while
maintaining the scale of operations and credit metrics would be
positive for the ratings.

Negative: Any further deterioration in liquidity and credit
metrics, along with a further decline in the scale of operations
would be negative for the ratings.

Company Profile

Formed in 2012, SSIPL undertakes construction contracts mainly for
UP Works Department. The company has been classified as Class-I
under Central Public Works Department, India (B&R) since 1990 and
Class-IA Municipal Corporation of Delhi since 1981.


JAYASWAL NECO: ICRA Withdraws D Rating on INR2,982.01cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Jayaswal Neco Industries Limited (JNIL) at the request of the
company and based on the No Objection Certificate received from its
lender. 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 instrument is
being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–      2,982.01      [ICRA]D; withdrawn;
   Fund based                    
   Term Loan                    

JNIL, incorporated in 1972, began operations with the foundry units
in Nagpur and subsequently integrated backward by setting up a pig
iron (with captive power) manufacturing unit in Raipur
(Chhatisgarh) in 1995. Following the mergers, expansions, and group
restructuring, JNIL operates a 0.75-mtpa pig iron unit/hot metal
facility, 0.2-mtpa coke oven plant, 0.8- mtpa sinter plant,
0.25-mtpa sponge iron unit, 1.2-mtpa pelletisation unit, 1.0-mtpa
billet making unit and rolling mills, 54.5-MW captive thermal/waste
heat recovery-based power plants and iron ore mines in Metabodeli
and Chhotedongar, Chhattisgarh. It also has an iron and steel
castings capacity of 0.08 mtpa, with its facilities located in
Nagpur, Bhilai and Anjora.


KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Karthik
Roofings And Structurals Pvt Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/ [ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         4.17       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Short-term         3.83       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

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

Karthik Roofings(KR) was established in the year of 2001 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture
preengineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd.

Facilities KR's and KRSPL's, products are fabricated at the plant
at Tumkur, Bangalore and facilities are spreads over 25,000 sq.
feet & 60,000 sq. feet respectively, which enables company to
design and manufacture products of highest quality. The products
are manufactured using internationally accepted engineering
practices in production, planning and control.


KARTHIK: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Karthik
Roofings in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.73       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Short-term         2.77       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

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

Karthik Roofings(KR) was established in the year of 2001 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture
preengineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd.

KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khanna
Properties and Infrastructures Private Limited (KPIPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       0.7       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                9.5       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               25         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KPIPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 KPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KPIPL continues to be 'CRISIL D Issuer Not Cooperating'.

KPIPL was set up in 2006 and is a part of the Jabalpur-based Khanna
group. The company develops residential real estate, primarily in
Jabalpur. It has six ongoing projects, with a total of 649 units in
Jabalpur: Sukh Sagar Blue, Sukh Sagar Solitaire, Sukh Sagar
Platinum, Sukh Sagar Sapphire, Sukh Sagar Lifestyle, and Sukh Sagar
Lifespace.


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

The instrument-wise rating actions are:

-- INR38.63 mil. Term loan (long-term) due on February 2019
     maintained in Non-Cooperating Category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR15 mil. Working capital facility (long-term) maintained in
     non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Knowledge Education Foundation is a registered foundation that,
along with Delhi Public School Society, runs a Central Board of
Secondary Education-affiliated school under the name Delhi Public
School in Bikaner.


KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kothainayagi A
(KA) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan            8       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KA for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 KA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KA
continues to be 'CRISIL D Issuer Not Cooperating'.

KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started
commercial operations from June 2017. Its operations are run by Mr
Ayyasamy and his son, Mr Annadurai.


LEMON ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lemon
Electronics Limited (LEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        35        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      55        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LEL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 LEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LEL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Fastrack was incorporated in February 2008 in Noida, Uttar Pradesh.
The company imports mobile phones from China and Taiwan, and sells
these in India under the Lemon brand. It commenced operations in
June 2008. Fastrack was founded by Mr. Sandeep Mushran, Mr. M S
Malik, and Mr. Gopal Kalra, to tap into opportunities in the mobile
handset segment in India. In June 2015, the company ventured into
marketing of other electronic products such as LED bulbs, LED TVs,
and music systems under the same brand.


NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nafref
Engineers Private Limited (NAFREF; part of the NAFREF group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          2.6       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             3.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NAFREF for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 NAFREF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NAFREF is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NAFREF continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of National Ref and Air Cond
Engg (National) and NAFREF. This is because the two companies,
together referred to as the NAFREF group, have a common management
and are in the same business. Moreover, NAFREF was incorporated to
take over the business of National, which is likely to be wound up
within a couple of years.

Incorporated in 2013 and promoted by Mr Bal and his family, NAFREF
is engaged in engineering, procurement, and construction of air
conditioning plants and fire-fighting systems, and has also started
undertaking civil construction contracts for government
authorities. The company is also empanelled with Military
Engineering Services. Operations are managed by Mr Sital Singh
Bal.


NEW WIN WIN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of New Win
Win Feeds Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        2.83       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-        4.05       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        7.83       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund           0.29       [ICRA]D ISSUER NOT COOPERATING;
   Based–Bank                    Rating continues to remain
under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2012, New Win Win Feeds Pvt. Ltd. (NWWFPL) is
involved in the production of poultry feed as well as broiler
farming at its facilities located in Murshidabad, West Bengal.


NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NTS Dairy and
Foods Private Limited (NTS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            0.2        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              5.6        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NTS for
obtaining information through letters and emails dated March 14,
2022 and May 24, 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 NTS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NTS continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T
Sonawane, NTS currently processes and distributes milk and milk
products. It has a milk processing capacity of 20,000 litres per
day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a new
unit at the same location for an additional milk processing
capacity of 50,000 lpd and a facility to manufacture value-added
products.


ORIILON INDIA: Ind-Ra Withdraws BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oriilon India
Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR150 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB+' rating on the INR150 mil. INR180 mil. Term loan
     due on December 2023 is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-due certificates from the company's lenders.

Company Profile

Incorporated in 2008, Oriilon India (erstwhile Vandana Suppliers
Pvt. Ltd. involved in trading of polyester) manufactures nylon
filament yarn, mainly used in the textile industry for high-end
special apparels. The company's 5,475MTPA manufacturing facility is
located in Surat, Gujarat.


PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of Paratus Real Estates Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        18.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

PREPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
holding 50.74% and 49.26% stake, respectively. It is developing a
residential project, 'Mega County', in Dehradun, Uttarakhand with a
saleable area of 174,335 square feet. The project consists of one
hundred and nineteen 2/3 BHK flats, in two towers, of six floors
each. The construction started in 2013-14 and as of Feb, 2016, ~70%
of the estimated construction cost had been incurred and 77% area
had been sold. The total project cost is estimated at INR62.48
crore, with INR18.00 crore proposed to be funded through bank loan,
INR12.10 crore through promoter's contribution and the remaining
through customer advances.


PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pv Knit
Fashions in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         0.09       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         7.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

   Long-term–         3.58       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Short-term         0.15       [ICRA]D; ISSUER NOT COOPERATING;
   Facilities                    Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category



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

PV Knit Fashions, incorporated in the year 1989 by Mr Ramasamy, is
engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like
T-shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric per
day and 250 sewing units to manufacture up-to 10,000 pieces of
garments (basic style).


RAMJI DAS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ramji Das Dhal
Construction Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits (Long-term/Short-
     term)* maintained in non-cooperating category and withdrawn;
     and

-- INR400 mil. Non-fund-based limits (Short-term)** maintained in

     non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
requests by the agency and has not provided information pertaining
to full-year financial performance for FY21, sanctioned bank
facilities and utilization, business plan and projections for the
next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

Company Profile

Incorporated in 1998 as a partnership firm, Ramji Das Dhal
Construction specializes in civil and structural contracts
including accommodation, military hospitals, military colleges and
technical buildings, among others.


SADBHAV BHAVNAGAR: Ind-Ra Lowers Term Loan Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav
Bhavnagar Highway Private Limited's (SBHPL) rupee term loan (RTL)
rating to 'IND BB+' from 'IND BBB' and maintains it on Rating Watch
Negative (RWN).

The detailed rating action is:

-- INR3.931 bil. RTL-I due on April 2034* downgraded; maintained
     on RWN with IND BB+/RWN rating.

*Based on the actual scheduled commercial operations date (COD)

Analytical Approach: Ind-Ra has analyzed SBHPL's standalone credit
profile to arrive at the rating. The unsecured loans are fully
subordinated to the senior ranking RTL, and therefore, have not
been considered as additional debt in Ind-Ra's analysis. Any
deviation from this arrangement will be negative for the rating.

The rating action reflects the poor project progress despite
limited pending works and the weakened credit profile of the
sponsor - Sadbhav Infrastructure Project Limited (SIPL; rated
‘IND BB+/RWN), leading to the non-creation as well as negating
the possibility of timely creation of debt service reserve account
(DSRA). SBHPL is also exposed to the inherent risk of deduction in
annuities due to the sluggish project progress which can weaken its
debt coverage indicators. The project progress has been below par,
largely due to a weakening of the engineering, procurement and
construction (EPC) contractor's - Sadbhav Engineering Limited (SEL;
rated 'IND BB+/RWN') - credit profile.

The rating at this level are supported by the receipt of a
provisional COD on the partial length effective February 28, 2020
and four annuities from the National Highways Authority of India
(NHAI; 'IND AAA'/Stable), limited balance construction risk, a
stable revenue stream by it being based on a hybrid annuity model
(HAM) based NHAI project and the availability of adequate
liquidity. SBHPL however remains exposed to the inherent project
execution risk elevated by inordinate delays in project execution,
interest rate risk and operations and maintenance (O&M) risk.

Ind-Ra will resolve the RWN once the project receives the final
completion certificate from NHAI, clarity on the extension of
project completion time (EOT) and settlement of penalty, if any.

Key Rating Drivers

Significant Delay in Project Execution: According to the settlement
agreement, the company was awarded provisional COD for 34km
effective from February 28, 2020, and the entire project was to be
completed by September 30, 2021. However, SBHPL has sought EOT
until February 28, 2022, as recommended by the independent
engineer, on account of force majeure events (COVID-19, cyclone).
The grace period available for the revised milestone was90 days
until May 31, 2022. As per the management, 100% of the work front
was available and 95% (45km) of the work had been completed by May
31, 2022. The construction progress has been sluggish in the past
six months with limited incremental works, majorly due to stretched
liquidity at SEL. The cost of the remaining work is INR640 million,
including a change of scope works amounting to INR220.2 million,
and is likely to be funded by the balance debt to be drawn under
RTL-I of INR307.8 million, RTL-II of INR204.0 million and the
change of scope amount to be reimbursed by the NHAI. Major pending
work includes one major bridge, reinforced earth wall, pavement
quality concrete/ dry lean concrete work on 3km of land that was
made available recently, and certain punch list items.  

Management expects project completion by July 2022 except for one
major bridge which would be completed by September 2022. Management
had earlier mentioned May 2022 as the timeline for project
completion.

Ind-Ra will monitor the progress of the project in September 2022
and any significant delays beyond the stipulated timelines would be
a rating sensitivity. Considering the EOT recommended by the
independent engineer and the further EOT being sought by SBHPL in
view of the impact of the second covid wave and the Tauktae
cyclone, the approval from the NHAI with respect to the EOT will be
a key determinant of the materiality of penalty related to the
significant delay in project completion.

SBHPL has signed a fixed-price construction contract with SEL which
has an extensive experience in constructing roads across the
country. However, significant delays are observed in the timely
completion of various other projects of the sponsor. SBHPL faced
delays in the past on account of multiple issues such as delays in
land handover by NHAI (delay due to higher compensation sought by
land owners, multiple owners' issues), sponsor liquidity issues and
other force majeure events (heavy rains, COVID-19). The company has
received all the grants. Ind-Ra believes some construction risk
persists as not much incremental progress has been seen during the
past six months, and because of the deteriorating financial profile
and stretched liquidity experienced by the sponsor - SIPL and EPC
contractor - SEL.

Moderate Revenue Risk: The rating reflects the pre-agreed
semi-annual annuities (every May and November from FY21) to be
received from NHAI. SBHPL shall receive three revenue streams,
adjusted for Price Index Multiple (PIM), from NHAI post COD
achievement, namely: i) 60% of bid project cost spread over a
period of 15 years after COD, ii) interest on balance annuity
payments on a reducing balance basis at bank rate plus 300bp, and
iii) the first year's O&M plus inflation bid quote of INR105
million per annum. The PIM comprises 70% of Wholesale Price Index
and 30% of Consumer Price Index.

SBHPL has received four annuities with the next annuity due in the
last week of August 2022. SBHPL has received four annuities without
any major deductions, except for the first annuity, which saw a
minor deduction of 1% towards damages for the non-completion of
certain punch list works in a timely manner. The annuity amount is
computed based on the length of the project completed as on the due
date of the annuity. The first annuity was received with some
delay; however, the subsequent three annuities were received within
15-25 days from the annuity due date. As per the management, the
delay in approval of the first annuity by NHAI was due to the
delays related to determining the percentage of completion. The
subsequent annuities, however, have been received in a timely
manner. The arrears of previous annuities have also been received
along with subsequent annuity for the incremental length completed.


Weakening Profile of Sponsor and EPC Contractor: SIPL has
undertaken to infuse any cost overruns beyond the projected cost
and any escalation of completed cost on account of the price index
multiple (PIM) beyond RTL-II (INR413.7 million). The undertaking
extends to meeting shortfalls in debt servicing in the event of a
deduction/a shortfall/a delay in the receipt of annuities and to
fund the debt service reserve account in the form of a bank
guarantee, any increase in O&M expenses required for the overlay of
the project and also infuse amounts equivalent to working capital
requirements of the project. The undertaking further states that
the unsecured loan brought in at all times shall be subordinate to
the rated facility.

However, the credit profile of both SEL and SIPL has weakened on
account of a continuous decline in the consolidated revenue, delays
in the implementation of asset monetization plans, resulting in
deterioration in the liquidity position and a further elongation in
the working capital cycle, all on a consolidated basis. A sustained
delay in the scaling-up of operations owing to slow order
execution, which have been accentuated by high working capital
lock-up and unavailability of additional banking limits and cost
overruns in ongoing HAM projects, has resulted in the stretched
liquidity on a prolonged basis. Also, the agency has been informed,
the company is pursuing monetizing of its portfolio assets, where
the cash inflows would be used to deleverage the balance sheet. Any
delay in the receipt of cash flows could result in further
deterioration in the liquidity profile and would be a key rating
sensitivity.

Modest O&M Risk: SBHPL has entered into a fixed-price O&M contract
with SIPL for taking up routine and major maintenance expenses. The
duration of the O&M contract shall be for the entire concession
period. Any cost overrun beyond the contracted costs would be borne
by the sponsor. The concession agreement has listed the time limit
against each type of repair and ratification of defects and
deficiencies. The independent engineer will determine whether any
delay has occurred while conducting remedial work on these defects
and shall determine any damage caused by poor maintenance of the
roads. The project stretch has a rigid pavement, leading to lower
O&M requirements. SIPL has a reasonable experience in operating and
maintaining road projects. However, with the deteriorating profile
of O&M contractor, the maintenance of the project stretch in line
with the concession agreement will be a key rating monitorable.

Liquidity Indicator – Stretched: The project has a DSR in the
form of fixed deposit receipts worth INR107.6 million, while INR9.8
million (on 13 June 2022) was also available in the escrow account
post repayment of principal instalment in May 2022 despite the
non-receipt of fifth annuity due in end-April 2022. The total
liquidity available in the project is sufficient to meet interest
servicing until September 2022. With the next annuity due in August
2022 and two months cushion available in principal repayment, risk
of delay in annuity leading to cashflow mismatch is mitigated to
some extent. SBHPL created a DSR for six months upon receiving the
annuity; however, servicing of interest obligations for the next
six months the could lead to DSR depletion. The DSR would be
reinstated upon the receipt of subsequent annuity. The coverage
indicators of the project are over 1.05x, on account of the recent
increase in bank rates. Management targets building up a static DSR
within 12 months from the date of final completion of the project.
Any significant deductions and delay in the receipt of annuity can
impact the liquidity and will be key rating monitorable.

Modest Debt Structure: The rated debt comprises an RTL-I of
INR3,931.2 million and RTL-II of INR413.7 million. A DSR for six
months needs to be created within two months post the COD; this is
yet to be created. Financial risks take the form of an annual
variable interest rate, which is linked to the marginal cost of
funds-based lending rate or prime lending rate of the lenders. The
management has indicated that they are in talks with the lenders
for a reduction in the interest rate; this would be a key
monitorable. The financial covenants include a minimum debt service
coverage ratio of 1.10x for every financial year commencing from
the COD. The tenor of the loan is 14 years and the loan will be
repaid in 28 unequal half yearly instalments.

Rating Sensitivities

The RWN indicates that the rating may be either downgraded or
affirmed. Ind-Ra will resolve the RWN after completion of balance
works within the stipulated timelines, the receipt of one full
annuity without any deduction and the ability of the sponsor to
honor its support undertaking towards any penalty imposed by NHAI
for delay in project completion.  

Company Profile

SBHPL, a special purpose vehicle sponsored by SIPL, has been
granted a 15-year concession (post COD) by NHAI. The project
involves expansion of two lane to four lane of an existing road on
the Bhavnagar – Taleja section of National Highway 8 E in Gujarat
on design, build, operate and transfer basis. The total length of
the road to be developed is 48.045km (7.090km to 54.585km).

The concession agreement was signed in 19 July 2016 and the
appointed date was achieved on 7 February 2017. The project
achieved PCOD on 24 February 2020. The lenders have approved the
bid project cost of INR8,190 million, to be funded with promoter's
contribution, RTL and NHAI contribution debt and construction grant
of INR982.8 million, INR3,931.20 million and INR3,276 million,
respectively.


SADBHAV RUDRAPUR: Ind-Ra Lowers Term Loan Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav Rudrapur
Highway Private Limited's (SRHPL) rupee term loan (RTL) rating to
'IND BB-' from 'IND BBB' and maintains it on Rating Watch Negative
(RWN).

The detailed rating action is:

-- INR3,542.4 bil. RTL due on November 2033* downgraded; RWN
     maintained with  IND BB-/RWN rating.

*Based on the actual scheduled commercial operations date (COD)

Analytical Approach: Ind-Ra has analyzed SRHPL's standalone credit
profile to arrive at the rating. The unsecured loans were fully
subordinated to the senior ranking RTL, and therefore, have not
been considered as additional debt in Ind-Ra's analysis. Any
deviation from this arrangement will be negative for the rating.

The rating action reflects the poor project progress; the sponsor's
weakened credit profile of the sponsor - Sadbhav Infrastructure
Project Limited (SIPL; rated 'IND BB+/RWN'), leading to the
non-creation as well as negating the possibility of timely creation
of debt service reserve account (DSRA); and receipt of a cure
period notice. SRHPL is also exposed to the inherent risk of
deduction in annuities due to the sluggish project progress which
can weaken its debt coverage indicators. The project progress has
been below par, largely due to a weakening of the engineering,
procurement and construction (EPC) contractor's - Sadbhav
Engineering Limited (SEL; rated 'IND BB+/RWN) - credit profile.

The rating at this level are supported by the receipt of a
provisional COD on the partial length effective October 31, 2019
and four annuities from the National Highways Authority of India
(NHAI; 'IND AAA'/Stable) albeit with some deductions, a stable
revenue stream by it being based on a hybrid annuity model (HAM)
based NHAI project, and the availability of adequate liquidity.
SRHPL however remains exposed to the inherent project execution
risk elevated by inordinate delays in project execution, negative
outcome of cure period notice, interest rate risk and operations
and maintenance (O&M) risk.

Ind-Ra will resolve the RWN once the project receives the final
completion certificate from NHAI, clarity on the outcome of cure
period notice, extension of project completion time (EOT) and
settlement of penalty, if any.

Key Rating Drivers

Significant Delay in Project Execution: According to the settlement
agreement, the company was awarded a provisional COD for 31.4km
effective October 31, 2019 and the entire project was to be
completed by June 30, 2021 and rail over bridges (ROBs) by 31
October 2021. However, as confirmed by management, SRHPL is seeking
EOT until June 30, 2022 for the entire project, except ROB which is
expected to be completed by January 11, 2023, due to a change in
general arrangement drawings. As per management, 100% of the work
front is available and 80% (38km) of work was completed by May 31,
2022. The project has not seen any meaningful progress over the
past six months. The cost of remaining work is INR1,300.8 million,
including the change of scope works amounting to INR175.6 million.
Ind-Ra expects it to be funded from the final grant to be released
by NHAI, undrawn debt drawl and reimbursement from NHAI towards
change of scope work. Major pending work includes Bilaspur Bypass,
RE Wall and certain punch list items which are expected to be
completed by July 31, 2022 and ROBs by December 31, 2022 as per
management. Considering the EOT being sought by SRHPL towards the
second covid wave and floods, approval from NHAI with respect to
EOT will be a key determinant for materiality of penalty due to
significant delays in project completion.

SRHPL has signed a fixed-price construction contract with SEL which
has an extensive experience in constructing roads across the
country. However, significant delays are observed in the timely
completion of various other projects of the sponsor. SRHPL faced
delays on account of multiple issues such as delay in land handover
by NHAI, liquidity issues with the sponsor and EPC contractor along
with some force majeure events (heavy rains, COVID-19). The company
has received four grants with no de-linking of land. Ind-Ra
believes the construction risk persists with 20% work still to be
executed along with the deteriorating financial profile and
stretched liquidity experienced by the sponsor - SIPL - and EPC
contractor - SEL.

Risk of Termination due to Issuance of Cure Period Notice: NHAI
issued a cure period notice to SRHPL on April 13, 2022, reflecting
the concessionaire default under the concession agreement. The cure
period notice was served considering the non-compliance of
timelines with respect to project completion in line with the
timelines mentioned in the settlement agreement as well as with
regard to the maintenance related issues, despite several reminders
from the independent engineer and NHAI. As per the notice, SRHPL
would need to rectify the necessary defects as mentioned in the
notice within the cure period of 60 days i.e. by June 12, 2022.
SRHPL has provided representation on the cure period notice issued
by NHAI on June 13, 2022. NHAI regional office within 15 days from
the receipt of letter would take a necessary action, i.e. to either
continue with the existing contractor or substitute the contractor.
Ind-Ra will monitor the progress of the project along with the
outcome of notice. Any significant delay beyond the stipulated
timelines or negative outcome would be a rating sensitivity.

Moderate Revenue Risk: The rating reflects the pre-agreed
semi-annual annuities (every May and November from FY21) to be
received from NHAI. SRHPL shall receive three revenue streams,
adjusted for Price Index Multiple (PIM), from NHAI post COD
achievement, namely: i) 60% of bid project cost spread over a
period of 15 years after COD, ii) interest on balance annuity
payments on a reducing balance basis at bank rate plus 300bp, and
iii) the first year's O&M plus inflation bid quote of INR76 million
per annum. The PIM comprises 70% of Wholesale Price Index and 30%
of Consumer Price Index.  

SRHPL has received four annuities; the fifth annuity due in the
first week of May 2022 however is yet to be received. Basis the
management's discussion with NHAI's project director, annuity is
expected to be released by end-June 2022. SRHPL has received the
first two annuities without any deduction, however, the subsequent
annuities saw deductions in the range of 14%-17% towards damages
for the non-completion of certain punch list works in a timely
manner. SRHPL is also exposed to inherent risk of deduction in
annuities due to the sluggish project progress and non-maintenance
of project stretch in line with concession agreement which can
weaken its debt coverage indicators.

Annuities received are computed based on the length of the project
completed on the due date of annuity. Arrears of previous annuities
have been received along with subsequent annuity for the
incremental length completed. The annuities were received with some
delay due to the pre-dated PCOD of October 31, 2019 for the
completed length of 31.4km awarded to SRHPL only in November 2020.
Timeliness of upcoming annuities without any major deduction would
be a key monitorable.

Weakening Profile of Sponsor and EPC Contractor: The sponsor has
provided an undertaking to meet shortfalls in debt servicing in the
event of a deduction/a shortfall/a delay in the receipt of
annuities and to fund DSRA, any increase in O&M expenses (including
any expense required for overlay or major maintenance) and also to
fund the working capital requirements for the O&M expenses of the
project. The undertaking further states that the unsecured loan
brought in at all times shall be subordinated to the rated
facility. The sponsor had earlier provided funds to meet the debt
obligation of the company in a timely manner prior to the receipt
of the first two annuities in February 2021.

However, the credit profile of both SEL and SIPL has weakened on
account of a continuous decline in the consolidated revenue, delays
in the implementation of asset monetization plans, resulting in
deterioration in the liquidity position and a further elongation in
the working capital cycle, all on a consolidated basis. A sustained
delay in the scaling-up of operations owing to slow order
execution, which have been accentuated by high working capital
lock-up and unavailability of additional banking limits and cost
overruns in ongoing HAM projects, has resulted in the stretched
liquidity on a prolonged basis. Also, the agency has been informed,
the company is pursuing monetizing of its portfolio assets, where
the cash inflows would be used to deleverage the balance sheet. Any
delay in the receipt of cash flows could result in further
deterioration in the liquidity profile and would be a key rating
sensitivity.

Modest O&M Risk: SRHPL has entered into a fixed-price O&M contract
with SIPL for taking up routine and major maintenance expenses. The
duration of the O&M contract shall be for the entire concession
period. Any cost overrun beyond the contracted costs would be borne
by the sponsor. The concession agreement has listed the time limit
against each type of repair and ratification of defects and
deficiencies. The independent engineer will determine whether any
delay has occurred while conducting remedial work on these defects
and shall determine any damage caused by poor maintenance of the
roads. The project stretch has a rigid pavement, leading to lower
O&M requirements. SIPL has a reasonable experience in operating and
maintaining road projects. However, with the deteriorating profile
of O&M contractor, the maintenance of the project stretch in line
with the concession agreement will be a key rating monitorable.

Liquidity Indicator – Stretched: The project has a DSR in the
form of fixed deposit receipts worth INR136 million, while INR42
million (on June 13, 2022) was also available in the escrow account
post repayment of principal instalment in May 2022 despite the
non-receipt of fifth annuity due in end-April 2022. The total
liquidity available in the project is equivalent to next four
months of interest servicing. SRHPL created a DSR for nine months
upon receiving the annuity; however, servicing of interest
obligations for the next six months the could lead to DSR
depletion. The DSR would be reinstated upon the receipt of
subsequent annuity. The coverage indicators of the project are over
1.10x, on account of the recent increase in bank rates and
reduction in interest cost. Management targets building up a static
DSR within 12 months from the date of final completion of the
project. Any significant deductions and delay in the receipt of
annuity can impact the liquidity and will be key rating
monitorable.

Modest Debt Structure: The rated debt comprises an INR3,542.4
million term loan. A DSR for nine months' debt servicing has been
created from the annuities received, however, the same is being
utilized to meet the debt service obligations of six months post
annuity receipt date. Financial risks take the form of an annual
variable interest rate, which is linked to the marginal cost of
funds-based lending rate or prime lending rate of the lenders. The
management has indicated that the lead lender has reduced the
interest rate and other consortium lenders are bringing down the
interest rate. The financial covenants include a minimum debt
service coverage ratio of 1.10x for every financial year commencing
from the COD. The tenor of the loan is 14 years and the loan will
be repaid in 28 unequal half yearly instalments.

Rating Sensitivities

The RWN indicates that the rating may be either downgraded or
affirmed. Ind-Ra will resolve the RWN after completion of balance
works within the stipulated timelines, achieving a positive outcome
of the cure period notice, the receipt of one full annuity without
any deduction and the ability of the sponsor to honor its support
undertaking towards any penalty imposed by NHAI for delay in
project completion.  

Company Profile

SRHPL, a special purpose vehicle of SIPL, has been granted a
17-year concession (including construction period of 730 days) by
NHAI for the four-laning of 43.446km of the Rampur-Kathgodam
section package-1 of National Highway-87 (New National Highway-9)
in Uttar Pradesh under National Highways Development Programme
Phase III on a design, build, operate and transfer hybrid annuity
basis. SEL is the he EPC contractor of the project. The total
length of the road to be developed is 43.45km.

The concession agreement was signed in June 2016 and the appointed
date was achieved on March 31, 2017. The project achieved
provisional COD on October 31, 2019 for a length of 31.4km. The
total bid project cost is INR7,380 million. The appraised project
cost is INR7,380 million, funded by an NHAI grant of INR2,952
million, equity/subordinated debt of INR885.6 million and a term
loan of INR3.542.5 million.


SAFE PARENTERALS: ICRA Lowers Rating on INR20cr LT Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Safe
Parenterals Private Limited (SPPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.00       [ICRA]D; downgraded from;
   Fund based                    [ICRA]B+ (Stable)
   Cash Credit                    

   Long-term–        17.00       [ICRA]D downgraded from
   Fund-based-                   [ICRA]B+ (Stable)
   Term Loan         
                      
Rationale

The rating downgrade of SPPL factors in the instances of delays in
debt servicing since November 2021 on account of poor liquidity
position which was impacted high working capital requirements
because of high debtor and increased scale. The company's bank
statements indicate delays in interest and principal payments and
continuous overutilisation of cash credit limits for over 30 days,
which has been confirmed by the lenders. The company's financial
profile continues to remain stretched with negative net worth and
weak coverage indicators. While the company's revenues improved
significantly by ~366% in FY2022, albeit on a low base, improvement
in operating margins was lower than ICRA's expectations.

Low profitability resulted in net losses and impacted the company's
cash flows. The ratings, however, consider the significant
experience of the promoters in the pharmaceutical industry for over
2 decades which lead to healthy growth in order inflow.

Key rating drivers and their description

Credit strengths

* Significant experience of promoters in the pharmaceutical
industry for over 2 decades: The promoters have more than 2 decades
of experience in the pharmaceutical industry which led to
established relationships with its key customers and ensured repeat
orders from clients.

Credit challenges

* Delays in debt servicing of both principal and interest
obligations: There are ongoing delays in debt servicing; delays
have been observed in interest and principal payments of term
loans. Moreover, working capital limits have been continuously
overdrawn for more than 30 days in recent past due to poor
liquidity position.

* Small scale of operations: The company's scale of operations
continues to remain small with revenues of INR31.3 crore in FY2022,
despite the strong growth of 366% witnessed during the year.
Moreover, improvement in operating margin has been lower than
ICRA's expectations, which resulted in net losses.

* Stretched financial risk profile with negative net worth and weak
coverage indicators: Net losses incurred by the company over the
past few years resulted in negative networth and stretched
financial risk profile. Its coverage indicators continue to remain
weak with TOL/TNW at -4.64 times, Total Debt/OPBDIT at 12.6 times,
NCA/TD at 1.9% and DSCR at 0.7 times in FY2022. While ICRA notes
that the promoters supported the operations through infusion on
unsecured loans, the same has been
inadequate to improve its liquidity position or ensure timely debt
servicing.

Liquidity position: Poor

SPPL's liquidity is poor as evident from low cash balances, zero
buffer in working capital limits and expected negative retained
cash flows while its repayment obligations remain high at INR2.06
crore for FY2023.

Rating sensitivities

Positive factors – ICRA could upgrade SPPL's rating if the
company is timely in its debt servicing on a sustained basis and
its liquidity position improves with improved earnings and cash
flows.

Safe Parenterals Private Limited (SPPL) was incorporated on
December 14, 1992. The Company is engaged in manufacturing wide
range of injectables using aseptic filling/terminal sterlization.
The existing unit is situated in 4 acres of land, having three
separate production blocks with all infrastructure facilities and
supporting equipments. Its manufacturing facility is located at
Gollapadu Village, Guntur district, Andhra Pradesh. The company was
incorporated and operated by Dr. Siva Rama Krishna and his family
till May 2020. However, the company was acquired by Pranaya
Pharmaceuticals group in FY2021. Ex-promoters still hold 22%
shareholding in the company but are not involved in the day-to-day
operations. The company's operations are now being managed by Mr. S
Sridhar Reddy.

SAIKRUPA COTGIN: ICRA Withdraws D Debt Rating on INR15cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Saikrupa Cotgin Private Limited (SCPL) at the request of the
company and based on the No Objection Certificate received 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, liquidity position, rating
sensitivities, key financial indicators have not been captured as
the related instruments are being withdrawn.  

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          15.00      [ICRA]D; Withdrawn
   fund-based
   limit              

   Unallocated
   Limit              35.00      [ICRA]D/[ICRA]D; Withdrawn

Saikrupa Cotgin Private Limited was incorporated in 2009. It is
entirely a family owned company engaged in ginning and pressing raw
cotton. The company also crushes cottonseed for extracting
cottonseed oil and cottonseed cake. The factory, located at Wani in
Yavatmal district of Maharashtra, is equipped with an annual
installed production capacity of 97,500 metric tonne (MT) of cotton
bales and 8,000 MT of cottonseeds. Its annual production capacity
for cottonseed oil and cakes are 5,054 MT and 34,830 MT,
respectively. SCPL procures raw cotton from local farmers and sells
the cotton bales and seeds to end users like spinning mills and
local ginners, through brokers'.


SARASWATI MEDICAL: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saraswati
Medical & Dental College's bank facility rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR40 mil. Overdraft maintained in non-cooperating category
     with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

Company Profile

Saraswati Medical & Dental College was incorporated under the
Societies Registration Act, 1860, and was founded by Late Colonel
(Dr) TS Mathur in May 1995.


SHELADIA DEVELOPERS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R. Sheladia
Developers' Long-Term Issuer Rating of 'IND B+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:           

  -- The 'IND B+' rating on the INR100 mil. Term loan due on
      September 2020 is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no due certificates from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

Company Profile

R. Sheladia Developers is a partnership firm engaged in the
construction of residential and commercial real estate projects in
Ahmedabad, Gujarat. The firm is managed by Akshay R Sheladia and
Ramniklal M Sheladia.


SHYAM POLYCOAT: ICRA Withdraws B+ Rating on INR2.0cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shri Shyam Polycoat Pvt. Ltd. at the request of the company and
based on the No Due Certificate/Closure Certificate received from
the banker. 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, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-          2.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                      

   Long Term/          0.45        [ICRA]B+(Stable)/[ICRA]A4  
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Withdrawn

Incorporated in 2009, SSPPL commenced commercial production of PVC
leather (rexine) from April 1, 2012. The company's sole
manufacturing unit is located at Bahadurgarh, Haryana in close
proximity to the footwear park which houses majority of the end
users of its products. Rexine or artificial leather, made by
coating PVC on textile fabric, is a versatile product with
application in multiple products like shoes, wallets, purses, car
seat/sofa covers, belts jackets, upholstery and furnishings etc.


SIDDHESHWAR CONSTRACTION: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Siddheshwar Constraction Company (SCC) to 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Overdraft Facility       8       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SCC for
obtaining information through letters and emails dated April 29,
2022 and May 30, 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 SCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SCC to 'CRISIL D Issuer not cooperating'.

SCC was established in 2008 as a partnership firm and is owned and
managed by Mr Bipindendra Yadav and Mr Mukesh Sharma. The firm is
located in Jhansi, Madhya Pradesh. SCC is engaged in civil
construction works through sub contract, sand mining, and transport
businesses.


SIXTH ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sixth Energy
Technologies Private Limited's (SETPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. (increased from INR80.6 mil.) Fund-based facilities

     affirmed with IND BB+/Stable rating;

-- INR50 mil. (reduced from INR59.4 mil.) Fund-based facilities
     (packing credit) affirmed with IND BB+/Stable rating; and

-- INR179.21 mil. (reduced from INR227.6 mil.) Term loan due on
     November 2026 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The affirmation reflects SETPL's continued small scale of
operations, even as its revenue increased to INR433.09 million in
FY22 (FY21: INR380.27 million) primarily due to a higher number of
orders executed and the return to normalcy of operations post
COVID-19. Ind-Ra expects the scale of operations to remain small in
FY23. The company has an outstanding order book of INR270 million,
to be executed by September 2022. SETPL's EBITDA margin remained
modest and largely unchanged yoy at 24.43% in FY22 (FY21: 24.14%).
The return on capital employed was 9.6% in FY22 (FY21: 7.8%). The
management expects the margins to decrease slightly in FY23 with a
decline in the servicing work. FY22 numbers are provisional in
nature.

Liquidity Indicator - Stretched: SETPL's average maximum
utilization of the fund-based working capital limits was high at
96.4% for the 12 months ended March 2022. The use is likely to have
been on similar lines in April 2022. However, the cash flow from
operations remained low despite turning positive at INR86.06
million in FY22 (FY21: negative INR96.77 million) due to favorable
changes in the working capital; the fund flow from operations also
remained low despite doubling to INR126.17 million (INR60.36
million). Moreover, the working capital cycle remained long,
despite improving to 241 days (323 days) resulting from a reduction
in the inventory days to 197 (FY21: 325). At FYE22, the company's
cash balance was just INR24.12 million (FYE21: INR10.92 million).
Furthermore, the company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

The ratings are, however, supported by the company's improving
credit metrics. In FY22, the interest coverage (operating
EBITDA/gross interest expense) improved to 3.46x (FY21: 2.61x) and
the net leverage (adjusted net debt/operating EBITDA) to 2.8x
(3.56x), due to an increase in the absolute EBITDA to INR105.8
million (INR91.79 million).

The ratings continue to be supported by the directors' experience
of more than a decade in the field of machine data technology.

Rating Sensitivities

Negative: Deterioration in the scale of operations, liquidity,
profitability and credit metrics, all on a sustained basis, could
be negative for the ratings.

Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics, with the net leverage
reducing below 2.5x, all on a sustained basis, could be positive
for the ratings.

Company Profile

Incorporated in 2003, Bangalore-based SETPL provides end-to-end
remote management solutions for data centers, businesses, banks and
telecom sectors, and enterprise infrastructures. The company
remotely monitors and manages power and cooling equipment in
telecom towers (base station controller, base transceiver
stations), telecom switching centers (mobile switching center),
data centers, industrial locations, enterprise buildings, and
off-grid and grid-tie renewable energy power stations.


SMILE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Smile
Ceramic in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.68        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.50        [ICRA]A4 ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based Others                    to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.32        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Smile Ceramic manufactures body clay, a key input in manufacture of
ceramic wall tiles, by using spray dryer technology. Its
manufacturing facility is located at Rajkot in Gujarat production
capacity of 1,50,000 metric tonnes per annum (MTPA) of body clay.
The promoters of the firm have extensive experience in the ceramic
industry. The firm was taken over by Detroja family in 2009, as a
partnership firm, and it is managed by Mr. Jagdish Patoliya and Mr.
Bharat Detroja along with his relatives and friends.

SOUTH EAST UP: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained South East U.P.
Power Transmission Company Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR37.132 bil. Senior project bank loans (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING; The rating was last reviewed on May
25, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Incorporated on September 11, 2009, South East U.P. Power
Transmission Company is a wholly-owned subsidiary of Mainpuri Power
Transmission Private Limited.


STEELFAB ENGINEERING: ICRA Cuts Rating on INR60cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Steelfab
Engineering Corporation, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       60.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from [ICRA]B+
                                 (Stable) and Continues to remain
                                 under ‘Issuer Not Cooperating’

                                 category
Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on May 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".

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

Promoted by Late Pramod Shah in 1970, Steelfab Engineering
Corporation was originally engaged in designing, engineering,
detailing, manufacturing, erecting, and cladding of pre-engineered
buildings. In 1994, however, the promoters shifted these operations
to other sister concerns and ventured into the real estate sector.
The firm is currently managed by Mr. Jignesh P. Shah, Mr. Chirag P.
Shah and Mrs. Jyoti P. Shah. The firm commenced developmenof its
first independent real estate project under its division, ANA
Realty, in January 2014. The project is proposed to include six
residential towers and one commercial tower and is proposed to be
developed in phases. Phase I is proposed to comprise 176 flats in
two towers of 22 floors each.


VASAN HEALTH: NCLT Seeks Sources of Funding for ASG Hospital's Bid
------------------------------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT),
Chennai, has asked ASG Hospital for the sources of funds for its
about INR520-crore bid for Vasan Health Care Pvt. Ltd. under the
corporate insolvency and resolution process.

According to the legal proceedings, the committee of creditors had
approved the Rajasthan-based ASG Hospital's resolution plan with
97.9% voting in favour of the bid and sought the NCLT's approval.
At the hearing on July 8, the resolution professional told the NCLT
that the bid was three times more than the liquidation value, The
Hindu relays. He said the UAE-based Foundation Holdings, which
already has a 40% stake in ASG Hospital, had committed itself to
fund the acquisition.

According to The Hindu, the resolution professional said ASG
Hospital is focused on eyecare like Vasan and has over 50 eye
hospitals across India. It plans to integrate the over 90 chains of
Vasan Health Care with it after the plan is approved.

The Hindu says the NCLT asked the resolution professional for the
sources and break-down of funds and the unconditional letter of
commitments from the parties that ASG Hospital is relying on for
the funding. According to the report, sources said the other
bidders in the fray included MGM Healthcare's managing director
M.K. Rajagopalan in his personal capacity, Dr. Agarwal's Health
Care Ltd. and iLabs India Special Situations Fund.

In 2017, the NCLT ordered the commencement of insolvency
proceedings against Vasan Health Care on a petition filed by Alcon
Laboratories (India) Pvt. Ltd., one of its suppliers. This was the
first case to be admitted by NCLT, Chennai, under the Insolvency
and Bankruptcy Code, 2016.

The Hindu, citing information available on Vasan Eye Care's
website, discloses that that the company's financial creditors have
a claim of INR1,368.90 crore. With the other creditors included,
the total admitted claims stand at over INR2,000 crore.

Last year, the National Company Law Appellate Tribunal, Chennai,
allowed an appeal filed by the lenders against an NCLT order that
refused to extend the time frame under the insolvency resolution
process. It ordered filing for liquidation of the company.

Mr. Rajagopalan has sought to file a petition against the lenders
choosing ASG Hospital's plan, which would be taken up by the NCLT
in the course of its hearing on the resolution plan. It has posted
the case for further hearing on July 28.

                         About Vasan Health

Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.

In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan Health
Care, in a petition filed by Alcon Laboratories (India) Pvt. Ltd.,
one of its suppliers. Later the proceedings were stayed by a single
judge of Madras High Court. Nearly two years later, in October
2019, the Division Bench had vacated the stay and the case was back
at NCLT.


WINWIND POWER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of in the
'Issuer Not Cooperating' Winwind Power Energy Private Limited
category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        150.0       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

   Long-term–       288.22       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loans                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term:      169.94       [ICRA]D ISSUER NOT COOPERATING;
   Non fund based                Rating Continues to remain under
   facilities                    'Issuer Not Cooperating'
                                 Category

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

Winwind Power Energy Private Limited (WPEPL) was incorporated in
India in July 2007 as a 100% subsidiary of Winwind OY (WWO) - a
Finland based wind turbine manufacturer, established in the year
2000. WWO, a relatively recent entrant in the European Wind Energy
market, offers two WTG models – WWD1 with a 1 MW capacity and
WWD3 with a 3 MW capacity. It has supplied approximately 328 MW of
wind power capacity in markets such as Finland, Sweden, Estonia,
Portugal, France, and Czech Republic. WPEPL commissioned its
manufacturing and assembly plant in Vengal, Tamil Nadu in June 2009
for producing the WWD1 model and currently possesses a production
capacity of 4 WWD1 WTGs per day. WWO was acquired by the Chennai
based Siva Ventures Ltd. (SVL) in October 2006. SVL is a wholly
owned subsidiary of Siva Industries and Holdings Ltd. (SIHL,
erstwhile Sterling Infotech Limited), which was promoted by Mr. C.
Sivasankaran in 1994. SVL is the principal investment arm of The
Siva Group (SG).


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

The instrument-wise rating actions are:

-- INR290 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR99.3 mil. Term loan due on March 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated in 1992, YCD Industries manufactures cotton and
polyester yarn. The company is located in Rupnagar, Punjab.




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

HERA LIMITED: Creditors' Proofs of Debt Due on Aug. 3
-----------------------------------------------------
Creditors of Hera Limited and NZDMG Appliance Limited are required
to file their proofs of debt by Aug. 3, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 6, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


KESHAVJIVAN NZ: Court to Hear Wind-Up Petition on Aug. 5
--------------------------------------------------------
A petition to wind up the operations of Keshavjivan NZ Limited will
be heard before the High Court of New Zealand at Auckland on Aug.
5, 2022, at 10:00 a.m.

Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


OLLIVER TRUSTEE: PwC Appointed as Receivers
-------------------------------------------
John H. Fisk and Richard J. Nacey of PricewaterhouseCoopers on July
8, 2022, were appointed as joint and several receivers of Olliver
Trustee Limited and St Heliers Capital Limited.

The Receivers may be reached at:

          PwC
          PO Box 243
          Wellington 6140


SKM MAGIC: Court to Hear Wind-Up Petition on Aug. 5
---------------------------------------------------
A petition to wind up the operations of SKM Magic Interior and
Exterior Limited will be heard before the High Court of New Zealand
at Auckland on Aug. 5, 2022, at 10:00 a.m.

Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


YOSHAN NEW ZEALAND: Court to Hear Wind-Up Petition on Aug. 5
------------------------------------------------------------
A petition to wind up the operations of Yoshan New Zealand Limited
will be heard before the High Court of New Zealand at Auckland on
Aug. 5, 2022, at 10:00 a.m.

Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




===============
P A K I S T A N
===============

PAKISTAN: Surprises With 125 Basis Point Rate Hike to Curb Prices
-----------------------------------------------------------------
Bloomberg News reports that Pakistan's central bank raised
borrowing costs more than expected to quell Asia's second-fastest
inflation and meet conditions for a loan from the International
Monetary Fund.

State Bank of Pakistan lifted the target rate by 125 basis points
to 15% on July 7, Bloomberg reltes. The move was predicted by only
three of 24 economists in a Bloomberg survey with most forecasting
smaller increases.

Inflation, due in part to pent-up demand, high global commodity
prices and rising imports, surged to a 13-year high of 21.32% in
June, Bloomberg says. Pakistan's central bank joins nearly 60
monetary authorities, including the Federal Reserve, in raising
policy rates.

Prior to the decision, the State Bank of Pakistan had increased
rates by 400 basis points since the start of the year, according to
Bloomberg.

Bloomberg relates that the move also comes as authorities inch
closer to a staff agreement with the International Monetary Fund
for a bailout. Pakistan needs around $41 billion to ease its
worsening finances and funds from the Washington-based lender pave
the way for more aid from other friendly nations.

As reported in the Troubled Company Reporter-Asia Pacific in early
June 2022, Moody's Investors Service has affirmed the Government of
Pakistan's B3 local and foreign currency issuer and senior
unsecured debt ratings, the (P)B3 senior unsecured MTN programme
rating, and changed the outlook to negative from stable.




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

GOH & FOONG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Goh & Foong Contractors Pte Ltd.

Ace Integrated Pte Ltd filed the petition against the company.

The company's liquidator is:

          Goh Tiong Hong Jason Gabriel
          Jan Advisory Pte Ltd
          519 Balestier Road, #02-05 Le Shantier,
          Singapore 329852


GS HOLDINGS: Reports SGD3.7 Million Loss in Audited FY21 Results
----------------------------------------------------------------
The Business Times reports that a discrepancy worth SGD3.7 million
in losses was found in the audited FY2021 financial results for GS
Holdings, which the company said was accrued for an impairment loss
on outstanding branding, operations and procurement services in
China.

This additional provision comes in view of the longer period and
higher frequency of lockdowns in China, which adversely affected
the businesses of the branding, operations and procurement outlets
in the country, the report relays. Prior to this, the company also
made a full-year provision of SGD7.6 million for impairment loss on
the entire outstanding branding, operations and procurement
services earlier in December 2021.

Further, GS Holdings also issued comments on the disclaimer of
opinion released by its existing independent auditors, in a bourse
filing on July 5.

In an independent auditor's report dated June 30, the auditors
issued a disclaimer of opinion on 2 matters, according to BT.

One concerned the company's revenue recognition and bank balance of
SGD20.47 million with an encumbrance and trade and other
receivables arising from branding, operations and procurement
services; the other on a reclassification of CNY100 million
(SGD20.8 million) from cash and cash equivalents to other
receivables as amount due from Zhang Rongxuan, non-independent and
non-executive chairman of the group.

BT adds that GS Holdings said it has "taken the necessary actions
to resolve the above audit issues during the preparation of the
financial statements for FY2021", including the reclassification of
the SGD20.47 million received from cash and bank balances to other
receivables.

GS Holdings Limited, an investment holding company, engages in the
leasing, operating, and managing food courts, coffee shops, and
eating houses in Singapore, Brunei, and Qatar. The company operates
two food courts/coffeeshops; a halal eating house; a famous chicken
rice restaurant; and three chicken rice food stalls under the Sing
Swee Kee brand name. It also provides branding, operation, and
procurement services, such as branding management, operational
support, central procurement, recruitment, training, and human
resource development, and management consultancy services.


LIPPO MALLS: Fitch Lowers LongTerm IDR to B, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) to 'B', from 'B+'.
The Outlook is Stable. The agency has also downgraded the rating on
LMIRT's senior unsecured notes due 2024 and 2026 to 'B', from 'B+';
with the Recovery Rating remaining at 'RR4'. The notes are issued
by its wholly owned subsidiary, LMIRT Capital Pte. Ltd.

The downgrade reflects Fitch's expectation that LMIRT's funds from
operation (FFO) fixed-charge cover will fall to around 1.0x-1.1x in
the next 12-18 months, which will no longer be commensurate with a
higher rating. A slow recovery in the trust's operating cash flow
and high exposure to rising interest rates underpins Fitch's
forecast.

The Stable Outlook reflects Fitch's view that the drop in LMIRT's
operating cash flow has bottomed out as Indonesia moves towards
living with Covid-19. Fitch further expects the trust to be able to
manage its liquidity in the next few years, supported by adequate
access to credit markets and the gradual improvement in cash flow.

KEY RATING DRIVERS

Structural Weakening in Occupancy: LMIRT has seen a structural
weakening in the occupancy of its shopping malls amid the Covid-19
pandemic, with several large tenants reducing their footprints due
to rising competition, including from e-commerce, in the last two
years. LMIRT is working on redeveloping some malls to improve their
appeal, with work scheduled to continue throughout 2023-2024. Fitch
expects occupancy to stabilise, but remain below pre-pandemic
levels of over 90% till 2024, and have tightened the positive
rating sensitivities to reflect this.

Stronger Rents, Lower Rebates: Fitch expects net property income
(NPI), excluding guaranteed NPI on Puri Mall of around SGD32
million, to reach SGD97 million in 2022 and SGD110 million in 2023,
as the easing of pandemic-related movement restrictions has reduced
the need to provide rent rebates to tenants. Shopping mall footfall
improved to 58% of pre-pandemic levels in 1Q22, with rebates
falling to less than 5% of rent, compared with 13% in 4Q21. Fitch
has factored in rebates of 5% for the rest of 2022, and no rebates
in 2023, as Fitch does not expect major mobility restrictions.

Thin Fixed-Charge Coverage: Fitch expects rising interest rates to
increase LMIRT's interest payments to SGD58 million in 2022 and
SGD65 million in 2023, from SGD55 million in 2021; 57.5% of LMIRT's
outstanding borrowings are on floating rates, which have risen by
more than 100bp in 1H22. Fitch has factored in a 120bp hike in
average benchmark interest rates in 2022 and a further 150bp in
2023, in line with expectations for US interest rates.

In a stressed scenario, LMIRT can opt not to pay the perpetual
coupons on a non-cumulative basis as per the terms and conditions
of the securities. This would provide the trust with headroom to
manage its cash flows.

High Proportion of Floating-Rate Debt: The ratio of floating-rate
debt has climbed to 57.5% as at end-March 2022, from 5% at end
2020, as the trust allowed existing hedges to expire in a bid to
support fixed-charge coverage amid weak cash flow. LMIRT expects to
increase the proportion of fixed-rate debt towards its long-term
policy of 75%, in tandem with refinancing its term loans due in
November 2022 and November 2023. As a result, Fitch expects
floating-rate debt to stay above 50% of total debt for the next 18
months.

Higher Perpetual Coupons Likely: Fitch assumes that LMIRT will not
call its SGD120 million subordinated perpetual securities at the
first call date on December 19 2022, given weak market sentiment.
This means the coupon rate on the instrument should reset to the
prevailing five-year swap offer rate plus 4.755%. Fitch therefore
forecasts LMIRT's annual perpetual coupon payments to rise to SGD20
million in 2023, from SGD17 million in 2022.

Guaranteed NPI: Fitch forecasts about SGD32 million in annual
guaranteed NPI for Lippo Mall Puri from LMIRT's sponsor , PT Lippo
Karawaci TBK (LPKR, B-/Stable), until 2024. The guaranteed NPI
comprised about 30% of LMIRT's total NPI in 2021. Fitch does not
expect Lippo Mall Puri's underlying NPI to reach the guaranteed
amount in the next few years and therefore believe LPKR will need
to continue to top-up the rent. Fitch expects LPKR to have the
financial capacity to meet this obligation in light of its
improving cash flow.

Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis
due to robust regulatory ringfencing from LPKR. LPKR owns 100% of
the REIT manager, although its stake in LMIRT has fallen to 47%,
from 58%, since December 2021. The Singapore Securities and Future
Act prevents LPKR from holding a majority representation on the
REIT manager's board. As a Singapore REIT, it is also subject to
restrictions on gearing ratios and development activities and
requires minority shareholders to approve related-party
transactions.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss-absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure by issuing
similar instruments or common equity to replace them, if at all, on
their optional call dates. The trust did not call the SGD140
million securities callable in September 2021 amid weak market
sentiment, and is unlikely to call the SGD120 million securities
callable in December 2022.

DERIVATION SUMMARY

PT Pakuwon Jati Tbk (PWON, BB/Stable) is rated three notches higher
than LMIRT due to its stronger investment-property portfolio, which
has larger and better-quality shopping malls located in mixed
developments, supporting stronger occupancy. This, together with
PWON's stronger financial profile, which stems from its
conservative approach to expansion and property development, more
than offsets the risks stemming from its development-property
portfolio. PWON's debt profile is mostly fixed-rate and is
therefore resilient in the current rising interest-rate
environment.

LMIRT is also comparable with Ronesans Gayrimenkul Yatirim A.S.
(RGY; B/Stable), a Turkish property company with 12 destination
shopping centers across seven of Turkey's largest cities. RGY has a
smaller and less-diversified portfolio than LMIRT, but stronger
profitability with a higher EBITDA margin, leading both issuers to
being rated the same.

KEY ASSUMPTIONS

-- No recurrence of large scale, nation-wide lockdowns as
    Indonesia moves to living with Covid-19;

-- Gradual recovery of portfolio occupancy and revenue driving
    EBITDA of SGD112 million in 2022 and SGD124 million in 2023;

-- Common dividends of SGD23 million in 2022 and SGD24 million in

    2023;

-- Annual capex of SGD15 million-20 million.

KEY RECOVERY RATING ASSUMPTIONS

-- Fitch assumes LMIRT will be liquidated in a bankruptcy than
    continue as a going concern, as Fitch believes creditors are
    likely to maximise recoveries by selling the investment
    properties;

-- Fitch calculates a liquidation value under a distressed
    scenario of SGD1.3 billion as of end-March 2022;

-- Fitch uses stressed capitalisation values to arrive at the
    distressed valuation for LMIRT's investment properties. Fitch
    uses a 10% capitalisation rate as a reference, being the
    average of capitalisation rates from recent divestments and
    acquisitions, and apply this to Fitch's 2022 NPI estimate;

-- The estimate also reflects Fitch's assessment of the value of
    trade receivables under a liquidation scenario, with a 75%
    advance rate. Fitch believes a 25% discount is sufficient to
    cover potential bad debt on account of the pandemic. Although
    LMIRT's provision for bad debt has increased significantly
    during the pandemic, Fitch believes its collection is
    improving with easing movement restrictions;

-- These assumptions result in a 'RR1' Recovery Rate for the
    outstanding senior unsecured bonds. Nevertheless, Fitch rates
    the senior unsecured bonds at 'B' with a Recovery Rating of
    'RR4', because, although LMIRT is incorporated in Singapore,
    it derives its entire economic value from assets located in
    Indonesia. Under Fitch's Country-Specific Treatment of
    Recovery Ratings Criteria, Indonesia falls into Group D of
    creditor friendliness, and instrument ratings of issuers with
    assets in this group are subject to a soft cap at the issuer's

    IDR.

RATING SENSITIVITIES

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

-- FFO fixed charge above 1.3x on a sustained basis.

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

-- FFO fixed charge falls below 1.0x for a sustained period.

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: LMIRT's liquidity is supported by a SGD113
million cash balance as at end-March 2022 and SGD23 million in
committed undrawn bank lines to cover Fitch-forecasted negative
free cash flow of SGD29 million and SGD67.5 million in term loans
due in 2022. LMIRT's financial flexibility is also supported by its
ability to tap banks and capital markets, even during the height of
the pandemic, and its pool of unencumbered assets.

LMIRT breached the interest coverage covenants of 2.5x on its term
loans at end-December 2021 and end-March 2022, and has obtained
waivers for the next 12 months. Fitch expects the trust to comply
with the banks' requirement of minimum interest coverage of 1.5x
during the waiver period.

ISSUER PROFILE

LMIRT is a Singapore-listed REIT, with a portfolio of 22 shopping
malls and seven retail spaces in Indonesia, valued at SGD1.8
billion as of end-March 2022.

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.

   DEBT                 RATING                RECOVERY   PRIOR
   ----                 ------                --------   -----
Lippo Malls            
Indonesia Retail
Trust                 LT IDR   B    Downgrade            B+

LMIRT Capital Pte. Ltd.

   senior unsecured   LT       B    Downgrade     RR4    B+


NANOTEC PREVENTIVE: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Nanotec Preventive Healthcare Pte Ltd, on July 1, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Bernard Juay
          Complete Corporate Services
          10 Anson Road, 29-07 International Plaza
          Singapore 079903


RYDER SINGAPORE: Creditors' Proofs of Debt Due on Aug. 8
--------------------------------------------------------
Creditors of Ryder Singapore Pte Ltd and Ryder-Ascent Logistics Pte
Ltd are required to file their proofs of debt by Aug. 8, 2022, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2022.

The company's liquidators are:

          Lin Yueh Hung
          Ng Kian Kiat
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


THREE ARROWS: Liquidators May Seize Assets Owned by Co-Founders
---------------------------------------------------------------
EdgeProp reports that liquidators are trying to seize the assets of
Three Arrows Capital (3AC). Two partners at advisory and consulting
firm Teneo have been appointed to handle 3AC's liquidation.

3AC was put under liquidation by a court in the British Virgin
Islands on June 27, after 3AC failed to repay creditors. On June
30, the Monetary Authority of Singapore (MAS) reprimanded the firm
for providing false information and for breaching fund management
industry licensing rules, the report says.

The firm was co-founded by former Credit Suisse traders Zhu Su and
Kyle Davies at the kitchen table of their apartment in 2012,
EdgeProp discloses citing a Bloomberg story last year.  

Mr. Zhu is co-founder, director, CEO and CIO of 3AC, while Mr.
Davies is co-founder and chairman of the firm. Their crypto assets
had reportedly been worth several billion dollars at one point.

EdgeProp, citing property title, discloses that from 2019 to 2021,
Mr. Zhu purchased three bungalows in Singapore, in his own name and
that of his wife, Tao Yaqiong. The purchases totalled $83.55
million.

EdgeProp relates that the latest acquisition was just last
December, when Zhu and Tao became joint tenants of a Good Class
Bungalow (GCB) purchased in trust of their son, reportedly a
three-year-old toddler. The GCB sits on a 31,863 sq ft, 999-year
leasehold site at Yarwood Avenue in Kilburn Estate, just off
Dunearn Road in prime District 21. The purchase price for the house
was $48.8 million ($1,532 psf), according to a caveat lodged on
Dec. 3, 2021.

Zhu also owns a GCB near Botanic Gardens at Dalvey Road, which is
currently under construction. The property was purchased for $28.5
million ($1,831 psf) in September 2020, according to a caveat
lodged. A property title search shows that it is now held by Tao.

In June 2019, Zhu had purchased a strata bungalow on Balmoral Road
for $6.25 million ($1,192 psf). It is held in his own name,
according to the property title, EdgeProp relays.

Zhu and other parties related to 3AC are known to collectively own
five high-end properties, including three GCBs, a shophouse and a
townhouse. Other assets include a fleet of high end cars and a
yacht, the report notes.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings.  Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.


TRADERS GEMS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 30, 2022, to
wind up the operations of Traders Gems Pte Ltd.

Koh Soon Huat filed the petition against the company.

The company's liquidators are:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte & Touche LLP
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


WIRECARD SINGAPORE: Creditors' Proofs of Debt Due on Aug. 8
-----------------------------------------------------------
Creditors of Wirecard Singapore Pte. Ltd. are required to file
their proofs of debt by Aug. 8, 2022, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Yit Chee Wah
          FTI Consulting (Singapore)  
          One Raffles Quay
          #27-10 South Tower
          Singapore 048583




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

SRI LANKA: IMF Hopes for Crisis Resolution to Allow Bailout Talks
-----------------------------------------------------------------
Reuters reports that the International Monetary Fund (IMF) said it
is hoping for a resolution to Sri Lanka's political turmoil that
will allow a resumption of talks for a bailout package after a
violent day of protests.

According to Reuters, Sri Lanka's President Gotabaya Rajapaksa will
resign on July 13 after thousands of protesters stormed his
official residence and secretariat on July 9, an official said.
Protesters also set fire to Prime Minister Ranil Wickremesinghe's
private residence.

"We hope for a resolution of the current situation that will allow
for resumption of our dialogue on an IMF-supported program," the
IMF said in a statement.

Reuters said in a separate report that Speaker Mahinda Yapa
Abeywardena said in a video statement that Rajapaksa had informed
him that he would step down from his post on July 13.

"The decision to step down on 13 July was taken to ensure a
peaceful handover of power," Reuters quotes Abeywardena as saying.
"I therefore request the public to respect the law and maintain
peace," he said.

Prime Minister Ranil Wickremesinghe also said he was willing to
resign to make way for an all-party government, his office said in
a statement on Saturday evening [July 9].

It was not yet clear if this would quell popular anger, the report
says.

Details of how a transition of power would take place were also not
yet known, although the speaker earlier outlined proposals from a
meeting of political parties on July 9 that would include
parliament picking an acting president within a week.

Reuters notes that the country is struggling under a severe foreign
exchange shortage that has limited essential imports of fuel, food
and medicine, plunging it into the worst economic crisis since
independence in 1948.

Soaring inflation, which reached a record 54.6% in June and is
expected to hit 70% in the coming months, has heaped hardship on
the population, Reuters says.

As recently reported in the Troubled Company Reporter-Asia
Pacific, S&P Global Ratings, on May 27, 2022, affirmed its
long-term and short-term foreign currency sovereign ratings on Sri
Lanka at 'SD/SD.' At the same time, S&P affirmed its 'CCC-'
long-term and 'C' short-term local currency sovereign ratings. The
outlook on the local currency ratings remains negative.

In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:

-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.

S&P's transfer and convertibility assessment at 'CC' is unchanged.



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

[*] BOND PRICING: For the Week July 4, 2022 to July 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.

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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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