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

                     A S I A   P A C I F I C

          Tuesday, August 16, 2022, Vol. 25, No. 157

                           Headlines



A U S T R A L I A

ARROW PLASTICS: Second Creditors' Meeting Set for Aug. 22
EAGLE SAAS: First Creditors' Meeting Set for Aug. 22
PALACIO PROPERTY: First Creditors' Meeting Set for Aug. 24
PARAMOUNT HAIR: Second Creditors' Meeting Set for Aug. 23
THREE'S A CROWD: First Creditors' Meeting Set for Aug. 23



C H I N A

SEECO: Files for Bankruptcy for the Second Time


I N D I A

ABSOLUTE PROJECTS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
BAFNA MOTORS: ICRA Moves D Debt Ratings to Not Cooperating
BETAM WIND: Ind-Ra Lowers Long-Term Issuer Rating to BB+
CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
CRAVE CLOTHING: Ind-Ra Keeps B+ LT Issuer Rating in NonCooperating

FORTUNE FOAM: ICRA Cuts Rating on INR18cr LT Loan to B+
FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
GEETANJALI UNIVERSITY: ICRA Withdraws B+ Rating on INR39cr Loan
GMR AMBALA-CHANDIGARH: ICRA Reaffirms D Rating on Term Loan
GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category

HANIEF MOTORS: ICRA Moves B Debt Rating to Not Cooperating
JAI MAHARASHTRA: ICRA Moves D Debt Rating to Not Cooperating
KARANJA TERMINAL: ICRA Assigns B Rating to INR406.48cr Term Loan
KARNA INTERNATIONAL: ICRA Reaffirms B Rating on INR12.50cr Loan
LAKSHMI SRINIVAS: ICRA Moves B- Debt Ratings in Not Cooperating

M S RAMAIAH: ICRA Moves D Debt Ratings to Not Cooperating
POWER RESEARCH: ICRA Reaffirms B+ Rating on INR7cr LT Loan
PRAVEEN ELECTRICAL: ICRA Withdraws D Rating on INR5cr LT Loan
RIYA IMPEX: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
RKM POWERGEN: ICRA Raises Rating on INR846.06cr Term Loan from B+

SAHYADRI RENEWABLE: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
SANKALP ENGINEERING: ICRA Withdraws D Rating on INR45cr Cash Loan
SIR BIOTECH: ICRA Withdraws D Rating on INR9cr Long Term Loan
SPRAY ENGINEERING: ICRA Withdraws D Rating on INR21cr LT Loan
SUMANGLAM WOOD: ICRA Withdraws B- Rating on INR6cr LT Loan

TCP LIMITED: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
TIJARIA POLYPIPES: ICRA Moves B Debt Ratings to Not Cooperating
TOPWORTH URJA: NCLT Admits Firm Under Insolvency Process
WESTERN HILL: ICRA Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

ABBOTT TRANSPORT: Court to Hear Wind-Up Petition on Aug. 23
KTJS CONTRACTING: Court to Hear Wind-Up Petition on Aug. 23
NYTON LOG: Court to Hear Wind-Up Petition on Aug. 23
REAL ELECTRICAL: Creditors' Proofs of Debt Due on Sept. 10
WHAKATANE HI: Court to Hear Wind-Up Petition on Aug. 23



S I N G A P O R E

MYHEALTH SENTINEL: Commences Wind-Up Proceedings
PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Aug. 26
PRISM DYNAMICS: Court Enters Wind-Up Order
TRIYARDS HOLDINGS: Court to Hear Wind-Up Petition on Aug. 24
VAULD: India Seizes $46MM from Unit in Money-Laundering Probe

ZIPMEX PTE: High Court Grants 3-Month Moratorium Extension
ZIPMEX PTE: Investors Seek CEO Marcus Lim's Resignation


T H A I L A N D

THAI AIRWAYS: Operating Loss Narrows to THB1.2 Billion in Q2


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 8, 2022 to Aug. 12, 2022

                           - - - - -


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

ARROW PLASTICS: Second Creditors' Meeting Set for Aug. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Arrow Plastics
Pty Limited has been set for Aug. 22, 2022, at 4:00 p.m. via Zoom
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 19, 2022, at 5:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on July 1, 2022.


EAGLE SAAS: First Creditors' Meeting Set for Aug. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Eagle Saas
Pty Ltd will be held on Aug. 22, 2022, at 12:00 p.m. via virtual
meeting technology and at HWT Tower at 6F/40 City Road in
Southbank.

John Raymond Gibbons of Restructuring Works was appointed as
administrator of the company on Aug. 10, 2022.


PALACIO PROPERTY: First Creditors' Meeting Set for Aug. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Palacio
Property Group Pty Ltd will be held on Aug. 24, 2022, at 11:30 a.m.
at the offices of SV Partners at 22 Market Street in Brisbane.

Anne Meagher and Adam Peter Kersey of SV Partners were appointed as
administrators of the company on Aug. 12, 2022.


PARAMOUNT HAIR: Second Creditors' Meeting Set for Aug. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Paramount Hair
Extensions Qld Pty Ltd has been set for Aug. 23, 2022, at 10:00
a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2022, at 5:00 p.m.

Michael Caspaney of Menzies Advisory was appointed as administrator
of the company on July 19, 2022.


THREE'S A CROWD: First Creditors' Meeting Set for Aug. 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Three's A
Crowd Group Pty Limited will be held on Aug. 23, 2022, at 10:00
a.m. at the offices of O'Brien Palmer at Level 9, 66 Clarence
Street in Sydney.

Liam Bailey and Daniel Frisken of O'Brien Palmer were appointed as
administrators of the company on Aug. 11, 2022.




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

SEECO: Files for Bankruptcy for the Second Time
-----------------------------------------------
Inside Retail reports that Nasdaq-listed e-commerce luxury goods
retailer Secoo has reportedly filed for bankruptcy with the First
Intermediate People's Court of Beijing Municipality - seven months
after its last filing, according to Tianyancha.

The company has not yet responded to media enquiries for further
information.

According to the report, LegalDaily said Secoo earlier this year
filed for bankruptcy on the grounds it was unable to pay off its
debts. The petition was subsequently withdrawn.  

Last week, the company lost a legal dispute with Prada, where the
luxury house demanded Shanghai Jiading District People's Court
freeze more than US$1.6 million of Secoo's assets for a period of
one year, the report relates. Prada is not the only company that
Secoo has contractual disputes with.

Inside Retail, citing Secoo's 2021 financial report, discloses that
the company recorded a 48% year-on-year drop in revenue last year,
experiencing a net loss of $88.8 million - more than six times
higher than its loss in 2020.

The company made its Nasdaq debut in 2017, raising about $140
million. Secoo received a delisting warning from the stock exchange
last year after the company's share price dropped below $1 for 30
consecutive business days, according to Inside Retail.

Established in 2008, Secoo is known as one of China's leading
online luxury goods retailers, operating experience centres across
Beijing, Shanghai, Chengdu, Qingdao, Tianjin, Xiamen, Hong Kong and
Malaysia, per the company's website.




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

ABSOLUTE PROJECTS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Absolute Projects
(India) Limited's (APIL)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:

-- INR95 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating; and


-- INR380 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 6, 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 1995, APIL is promoted by R.S. Ola. The company
executes turnkey projects such as erection and commissioning of
substations, civil work for extension of switch yard, shifting of
lines, and manufacturing electrical goods such as conductors,
transformers, switches and switchgear. It has two manufacturing
units in Greater Noida and Roorkee.


BAFNA MOTORS: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Bafna Motors
(Mumbai) Private Limited (BMMPL) to the 'Issuer Not Cooperating
category'. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term:         59.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund-based–                    Rating moved to the 'Issuer Not

   Working Capital                Cooperating' category

   Long-term:        150.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating moved to the 'Issuer Not
   Term Loan                      Cooperating' category

As part of its process and in accordance with its rating agreement
with BMMPL, 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 furnished limited
information. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. 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.

BMMPL is an authorised dealer of TML, dealing in the OEM's
commercial vehicles as well as in its spare parts and servicing.
The company serves the three regions of Mumbai, Thane and Raigad
district in Maharashtra. It was established on November 5, 2001,
with its registered office at World Trade Centre, Cuffe Parade,
Mumbai. The Bafna Group was promoted by Mr. M. C. Bafna, with its
first dealership in Nanded, Maharashtra.


BETAM WIND: Ind-Ra Lowers Long-Term Issuer Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Betam Wind
Energy Private Limited's (BWEPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND A-' while placing it on Rating Watch Evolving (RWE).
The Outlook was Stable.

The instrument-wise rating actions are:

-- INR1,271.2 bil. (reduced from INR1,440.0 bil.; outstanding as
     of March 31, 2022) Senior project bank loan downgraded;
     placed on RWE with IND BB+/RWE rating; and

-- INR30.0 mil. Cash credit facility downgraded; placed on RWE
     with IND BB+/RWE rating.

Analytical Approach: For arriving at the ratings, Ind-Ra continues
to take a consolidated view of the cash flows and debt position of
BWEPL and all its 100% owned special purpose vehicles (Vivid
Solaire Energy Private Limited (VSEPL; 'IND D'), Canny Windfarms
Private Limited and Anurudra Renewables Pvt Ltd), as they have
significant business, financial, and managerial links with each
other. BWEPL, as a holding company, has provided support
undertakings to VSEPL and has a track record of supporting the
group entities through investor-backed funding lines. There are no
operations in Canny Windfarms and Anurudra Renewables as on date.

BWEPL directly owns and operates wind power projects with a total
capacity of 29.9MW. It cumulatively owns 250.2MW through VSEPL
under Solar Energy Corporation of India's (SECI) III (50.2MW) and
IV (200MW) allocations. While the entire SECI III is operational,
and 168MW of SECI IV is operational.

The downgrade reflects the continuing low power generation,
stretched liquidity and inadequate clarity on funding the balance
capex and capex creditors in VSEPL. BWEPL has created a debt
service reserve account (DSRA), and has been meeting debt servicing
and funding part of the cost overrun in VSEPL using the
investor-backed funding.

Ind-Ra has placed BWEPL on RWE to monitor the management's plan for
meeting the fund requirement for BWEPL and VSEPL and because of the
uncertainty around capex completion in VSEPL and internal
liquidity.

Key Rating Drivers

Generation Lower than P90 Estimate: In FY22, the 29.9MW project
under BWEPL reported an average plant load factor (PLF) 26% lower
than the P90 estimate, due to the low wind speed. The average PLF
improved in 1QFY23 by 18% compared to 1QFY22. In FY22, the 168MW
operational capacity under VSEPL was also performing 22% below the
P90 PLF estimates, due to the low wind speed. The machine
availability and grid availability have been satisfactory in both
BWEPL and VSEPL since commissioning.

The debt service coverage ratio of BWEPL for FY21 and FY22 was
below the financial covenant and the management has confirmed that
there has been no adverse action taken till date. Subdued PLF
levels leading to a continuous debt service shortfall may affect
the ratings.

Liquidity Indicator - Stretched: Based on the PLF trend till
1QFY23, Ind-Ra expects BWEPL and VSEPL to have a shortfall in
meeting debt service in FY23. BWEPL and VSEPL had a total cash
balance of INR289.6 million on July 27, 2022. As per the agreement,
BWEPL has created a full DSRA, equivalent to six months of debt
obligations in the form of bank guarantee. There is also a
substantial funding requirement of capex in VSEPL. Management has
represented that they are evaluating a plan to meet the funding
requirement. Meanwhile, the investor-backed funding line will be
available for meeting project development and short-term cash
mismatches of BWEPL and its 100% subsidiaries. Management plans for
meeting the liquidity requirement is a key monitorable.

Fully PPA Tied-up Capacity: For the 29.9MW wind power project
located in Gujarat, BWEPL has a 25-year power purchase agreement
(PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL). VSEPL operates
a 250.2MW project (218MW commissioned) in Tamil Nadu, and has a
25-year PPA with SECI. GUVNL is regular in making payments in about
10 days on an average since project commissioning. However, GUVNL
has not yet created the letter of credit/bank guarantee backed
payment security mechanism, a requirement under PPA, as of 31 March
2022.

SECI-III (50.2MW) and commissioned capacity under SECI-IV of 168MW
under VSEPL have been generating cash accruals, and SECI has been
making payments within 20 days of raising invoices. Additionally,
the SECI PPA provides for generation compensation for off-take
constraints due to grid unavailability and backdown, which
mitigates grid curtailment risks to an extent. A letter of credit
equivalent to one month's billing amount for project has already
been created for the 50.2MW SECI-III PPA.

Sponsor Plans Critical: BWEPL is the holding company for Engie
group's wind power business in India. The promoter of BWEPL (Pawan
India B.V.) has provided support undertakings for funding cost
overruns, creation of DSRA and debt prepayment for limited amount,
in case the actual generation is lower than a defined level. BWEPL
obligations for projects under VSEPL shall fall-off upon achieving
perfection of the security to the satisfaction of the lenders or
achievement of the commercial operations date (COD), whichever is
later. Also, investors of BWEPL have provided a corporate guarantee
for a funding line in BWEPL and loans to fund short-term mismatches
and cost overrun. However, given the continuing PLF
underperformance in BWEPL and VSEPL and further funding requirement
for VSEPL's capex, Ind-Ra will critically evaluate the sponsor
plans to support the debt service and capex. Support undertakings
have been factored in while arriving at the rating. Investors
(Engie Global Developments B.V and STOA S.A.) have supported BWEPL
and VSEPL for various requirements in the past.

The sponsor group has an experience of commissioning and operating
about 1GW solar capacity across India and a global experience of
developing/operating 30GW renewable capacity. Ind-Ra considers the
group's experience in operating large-scale renewable projects to
be adequate.

Implementation Risk in Balance 32MW Under Construction: As per
management, 168MW out of 200MW under SECI-IV has been installed and
commissioned as of 22 October 2021. Management has indicated that
equipment for the balance 32MW under VSEPL's SECI IV is in the
project site. The scheduled COD under financing document has been
extended until February 25, 2022. The project was delayed due to
various reasons including land clearances, other approvals and
COVID-19 induced delays and management has requested an extension
of scheduled COD under PPA. VSEPL has requested for a further
extension in timelines. Debt disbursement for SECI III and SECI IV
was limited to the proportion of capacity commissioned. The 29.9MW
project under BWEPL and 50.2MW under SECI-III achieved COD in
November 2019.

Moderate Technology and Operating Risks: Given BWEPL owns a wind
power project, it is exposed to the revenue risks arising from
volatility in wind availability. BWEPL has deployed Senvion make
wind turbine generators and VSEPL has deployed Vestas make wind
turbine generators, with a hub height as well as rotor diameter of
120m. Ind-Ra considers the wind turbine technology employed by
BWEPL and VSEPL to be standard. The possibility of shortcomings in
the O&M however cannot be completely ruled out. The management has
asserted that it would constantly monitor the O&M activities round
the year.

Stable Financial Performance: In FY22, BWEPL provisionally reported
the revenue of INR169.9 million (FY21: INR148.2 million; FY20:
INR173.1 million), EBITDA of INR151.2 million (INR114.9 million;
INR148.3 million) and EBITDA margins of  89% (78%, 86%) at the
standalone level. As of March 31, 2021, the company reported
contingent liabilities in the financial statements relating to
Canny Windfarms which could materialize depending on outcome in
regulatory proceedings.  

Moderate Debt Structure: BWEPL's project term loan of INR1,271.2
million outstanding as of March 31, 2022 is repayable over 78
structured quarterly instalments, which started from the quarter
ended 30 September 2020. The project loan has standard project
finance features, including a waterfall mechanism, a DSRA
equivalent to two quarter's principal and interest payments and
restricted payment conditions which provides comfort. While the
sanctioned funding line backed by the corporate guarantee of the
investors of BWEPL is INR5,000 million, utilization was about
INR3,321 million as of June 30, 2022. BWEPL also availed as of June
30, 2022 an INR780 million term loan and an INR530.6 million
non-fund-based facility. VSEPL had a term loan of INR12,182.1
million outstanding as of March 31, 2022 for which repayment have
commenced from May 2022. Management expects to meet project
development and short-term cash mismatches of BWEPL and its 100%
subsidiaries from corporate guarantee-backed debt facilities. Plan
for meeting additional fund requirement is a key monitorable.

Rating Sensitivities

The RWE indicates that the rating may be affirmed, downgraded or
upgraded, based on following factors.

Funding plan for meeting debt service and capex requirement
Clarity on completion of the under-construction project in VSEPL

Company Profile

BWEPL is 99.99% held by Pawan India B.V. (promoter) which is 50%
owned by Engie Global Developments B.V (sponsor) and 50% owned by
STOA S.A. The sponsor is a step-down wholly owned subsidiary of
Engie SA, held through intermediary companies. The former is the
latter's investment vehicle in Netherlands, holding its
international power assets in various geographies including Asia,
South Africa, Turkey and United Kingdom.

BWEPL operates a 29.9MW wind power project in Gujarat, apart from
250.2MW project under VSEPL. Other projects are under various
stages of planning. The project cost is being funded through debt
to equity ratio of 80:20.


CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Choudhary
Fashions' (CF) Long-Term Issuer Rating at 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR12.40 mil. Term loans due on July 2024 affirmed with IND
     BB+/Stable rating; and

-- INR197.50 mil. Fund-based facilities affirmed with IND BB+/
     Stable/IND A4+ rating.

Key Rating Drivers

The affirmation reflects CF's continued small  scale of operations,
as indicated by revenue of INR820.91 million in FY22 (FY21:
INR565.82 million). The revenue increased in FY22 as demand
recovered from the impact of pandemic-led disruptions. In 1QFY23,
CF booked revenue of INR250 million. Ind-Ra expects the firm's
revenue to witness stable growth in FY23 in view of continued
demand recovery. FY22 numbers are provisional in nature.

The ratings reflect in CF's average EBITDA margins. The margin fell
to 7.51% in FY22 (FY21: 7.94%) due to a rise in raw material costs
and a fall in the share of exports, which typically offer higher
margins. The ROCE was  13.7% in FY22 (FY21: 9.4%). Ind-Ra expects a
slight improvement in the margins in FY23 on the bank of a likely
increase in the share of exports in the total revenue.

The ratings further reflect CF's modest credit metrics due to high
debt levels. The metrics improved in FY22 due to an increase in the
absolute EBITDA to INR61.62 million (FY21: INR44.94 million), a
decrease in the total adjusted debt to INR319 million (INR350
million), and the consequent fall in gross interest expenses to
INR25.99 million ( FY21: INR26.28 million).The interest coverage
(operating EBITDA/gross interest expense) was 2.37x in FY22 (FY21:
1.71x) and the net financial leverage (adjusted net debt/operating
EBITDAR) was 4.87x  (6.47x). In FY23, Ind-Ra expects the credit
metrics to improve further owing to higher absolute EBITDA, the
scheduled debt repayments, and the absence of any major debt-led
capex plans.

Liquidity Indicator - Stretched: The firm does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. CF's maximum utilization of
fund-based limits was 87.24% during the 12 months ended June 2022.
The cash flow from operations remained negative but improved
slightly  to INR11.27 million in FY22 (FY21: negative INR13.96
million), mainly on account of the increase in the absolute EBITDA.
The working capital cycle remained elongated at 178 days in FY22
(FY21: 181 days, FY20: 150 days) on account of the stretched
inventory holding period (FY20: 149 days, FY21: 112 days, FY22: 172
days), as a large order had to be delivered in April 2022.  The
cash and cash equivalents stood at INR1.18 million in FY22 (FY21:
INR38.27 million). The company has scheduled repayment obligations
of INR23.5 million, INR24.8 million and INR13.6 million in FY23,
FY24 and FY25, respectively.

The ratings continue to be constrained by CF's high customer
concentration. The top two customers accounted for 70% of the
company's export revenue in FY21.

The ratings, however, continue to be supported by the partners'
experience of more than four decades in the textile industry, which
has led to longstanding relationships with customers and
suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics, both on a sustained basis,
could be negative for the ratings.

Positive: A substantial rise in the scale of operations, leading to
an improvement in the credit metrics, with the interest coverage
exceeding 2.5x and improvement in liquidity, all on a sustained
basis, could be positive for the ratings.

Company Profile

CF  was established in 1999 as a partnership firm. The firm
manufactures and exports woven garments for women across the casual
and fashion wear segments. It also has a knitwear segment. Its head
office is located in Mumbai and all its manufacturing units are
located in Jaipur.


CRAVE CLOTHING: Ind-Ra Keeps B+ LT Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Crave Clothing
Company Private Limited's Long-Term Issuer Rating of 'IND B+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based facilities* maintained in non-
     cooperating category and withdrawn; and

-- INR19 mil. Term loan* due on December 2022 maintained in non-
     cooperating category and withdrawn.

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because 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 2003, Mumbai-based Crave Clothing Company is a
garments manufacturer. The company has two units in Daman with a
total installed capacity of 12,70,000 units.


FORTUNE FOAM: ICRA Cuts Rating on INR18cr LT Loan to B+
-------------------------------------------------------
ICRA has revised ratings on certain bank facilities of Fortune Foam
Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable)and
                                   Moved to the 'Issuer Not
                                   Cooperating' Category

   Long Term-          9.51        [ICRA]B+ (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable)and
                                   Moved to the 'Issuer Not
                                   Cooperating' Category

   Long-term/          4.49        [ICRA]B+ (Stable)/[ICRA] A4
   Short-term–                     ISSUER NOT COOPERATING;
   Unallocated                     Rating downgraded from
   Limits                          [ICRA]BB- (Stable) and moved
                                   to the 'Issuer Not
                                   Cooperating' category
Rationale

The rating downgrade is because of lack of adequate information
regarding Fortune Foam Pvt. Ltd. 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 Fortune Foam Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Fortune Foam Private Limited (FFPL) was incorporated in 2003 and is
engaged in the manufacturing of PU (Polyurethane) foam and
(Expanded Polyethylene Foam) used for making mattresses, pillows,
cushions, leather jackets, roll foam for lamination of apparels.
Besides foam, the company also manufactures mattresses and sells
them under "Sleepkraft" brand. FFPL started its commercial
production from August 2015. FFPL has manufacturing capacity of
6,000 MTPA for foam at its manufacturing facility located in
Hyderabad.

FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Future
Education and Research Trust 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–         6.50       [ICRA]D; ISSUER NOT COOPERATING;

   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       112.27       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term–         0.93       [ICRA] D ISSUER NOT COOPERATING;

   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term–       (37.00)      [ICRA] D ISSUER NOT COOPERATING;

   Interchangeable               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-      (37.00)      [ICRA] D ISSUER NOT COOPERATING;
   Interchangeable               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.

Incorporated in 2001, Future Education And Research Trust (FERT)
had set up its first college in 2002 under the name, Future
Institute of Engineering and Management (FIEM), in Sonarpur, near
Kolkata, catering to undergraduate and postgraduate courses across
streams including engineering and management. In 2005, the trust
had set up a school under the name Future Campus School, affiliated
to the Central Board of Secondary Education (C.B.S.E.). In 2015,
the trust had set up another college in Garia, Kolkata named Future
Institute of Technology (FIT), which offers B. Tech courses across
various streams. Both FIEM and FIT are approved by the AICTE and
are affiliated to the Maulana Abul Kalam Azad University of
Technology, West Bengal, formerly West Bengal University of
Technology (WBUT). In 2019, the trust set up another school in
Garia, Kolkata named Future Think School (FTS). In addition, FERT
is in the process of setting up an oncology hospital in Sonarpur,
near Kolkata.


GEETANJALI UNIVERSITY: ICRA Withdraws B+ Rating on INR39cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Geetanjali University at the request of the company and based on
the No Objection Certificate/Closure Certificates 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–        39.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund based                    COOPERATING; Withdrawn  
   Term Loan                     

   Long-term–        21.16       [ICRA]B+ (Stable); ISSUER NOT
   Fund based                    COOPERATING; Withdrawn
   Cash Credit                  

   Short Term-Non    20.00       [ICRA]A4; ISSUER NOT
   Fund Based                    COOPERATING; Withdrawn

Geetanjali University is an Udaipur (Rajasthan) based private
university promulgated through an ordinance (The Geetanjali
University, Udaipur Act, 2012) passed in March 2012 by the Governor
of Rajasthan. GU's campus is spread over ~35 acres. It runs five
medical colleges and three hospitals. Till 2011, all the colleges
and hospitals operated under a trust, Geetanjali University Trust
(sponsoring body of the university), formed in 2006 by Mr J. P.
Agarwal and his family. However, as the result of a stipulated
condition of the ordinance, the colleges and hospitals of the trust
were transferred to GU. 2 GU's five colleges include—Geetanjali
Medical Colleges and Hospital, Geetanjali Dental Research
Institute, Geetanjali College of Physiotherapy, Geetanjali
Institute of Pharmacy and Geetanjali College and School of Nursing.
It offers ~30 different courses, including diploma, graduate,
post-graduate and doctorate courses. It operates hospital as well,
consisting of 32 departments such as cancer centre, cardiac centre
and super speciality department, etc. It is a 1,150-bed tertiary
care hospital with multi-super speciality services with all medical
modalities.


GMR AMBALA-CHANDIGARH: ICRA Reaffirms D Rating on Term Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of GMR
Ambala-Chandigarh Expressways Private Limited (GACEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–         245.15       [ICRA]D; reaffirmed
   Fund-based–
   Term loans         

Rationale

The rating reaffirmation reflects the continued irregularities in
servicing of term loan obligations by GACEPL due to its inadequate
cash flows to meet the negative grant and debt servicing
obligations. In FY2021, the arbitration case between GACEPL and the
National Highway Authority of India (NHAI) was awarded in favour of
the NHAI. The pending negative grant liability payable to the NHAI
has impacted its liquidity position. As per the escrow agreement
and cash flow waterfall mechanism, the negative grant payments have
priority over debt servicing. Hence, the company's cash flows are
likely to remain constrained and inadequate for debt servicing.
Furthermore, the collections from the project stretch was also
affected by toll suspension because of the farmers' protests in the
last financial year. The rating is also constrained by the
traffic-related risks inherent in a toll road project, including
the risk of traffic diversion, resistance of users to pay toll and
growth in toll-paying traffic. This apart, GACEPL is exposed to the
operations and maintenance (O&M) risk associated with the project,
and its ability to undertake routine and periodic maintenance
within the budgeted cost and time will be a monitorable.

Key rating drivers and their description

Credit strengths
Not Applicable

Credit challenges

* Delays in debt servicing due to lower-than-expected traffic;
adverse arbitration outcome: There has been continued
irregularities in servicing of term loan obligations by GACEPL
because of its inadequate toll collections leading to poor
liquidity position. The company reported significantly lower toll
collections of INR18.95 crore and INR22.28 crore in FY2022 and
FY2021, respectively, against INR60 crore in FY2020 primarily due
to the toll suspension related to the farmers' protests. Further,
in FY2021, the arbitration case between GACEPL and the NHAI was
awarded in favour of the NHAI. The company has to pay the pending
negative grant liability (of INR66.41 crore plus interest). As per
the escrow agreement and cash flow waterfall mechanism, the
negative grant payments have priority over debt servicing, which
will keep its liquidity position constrained. The project had a
debt servicing reserve (DSR), which has already been exhausted.

* Exposure to risks inherent in BOT road projects: Like any toll
road project, the company remains exposed to the risks inherent in
BOT road projects such as political acceptability of rate hikes
linked to WPI year after year over the concession period,
challenges arising from non-completion of adjacent/contiguous
routes and risks related to traffic leakage, traffic diversion,
user resistance to pay toll, etc. It also faces O&M risk associated
with the project, and its ability to undertake the routine and
periodic maintenance within the budgeted cost and time will be a
monitorable. GACnEPL's cash flows are also exposed to interest rate
risk, given the floating nature of interest rates for the term
loans.

Liquidity position: Poor

The company's liquidity position is poor with the cash flow from
operations net of negative grant payments expected to be
insufficient to meet its near-term debt servicing obligation.

Rating sensitivities

Positive factors – The rating could be upgraded if the company
demonstrates sustained track record of regular debt servicing.

Negative factors – Not applicable.

GACEPL is a special purpose vehicle (SPV) set up by the GMR Group
for executing a build operate transfer (BOT) toll-based project on
a 20-year concession agreement (ending in May 2026) with the NHAI.
The project scope entails improvement and O&M including
strengthening, widening of the existing two-lane road to a
four-lane dual carriageway for 35 km stretch on the
Ambala-Chandigarh (NH-21/NH-22) highway. The project was completed
on schedule and achieved commercial operation date (COD) on
November 14, 2008. The toll collection on the project highway
started from December 10, 2008.


GVK JAIPUR: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of GVK Jaipur
Expressway Private Limited (GVKJEPL) in the 'Issuer Not
Cooperating' category due to non-submission of information. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        209.64      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple requests by
ICRA, the entity's management has remained non-cooperative. The
current rating action has been taken by ICRA based on 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.

GVKJEPL is a special purpose vehicle promoted by GVK Transportation
Pvt Ltd (GVKTPL, 100% shareholding) for widening the existing
two-lane section of NH 8 between Jaipur and Kishangarh (from km
273.500 to 363.885) to six lane in Rajasthan through design, build,
finance, operate and transfer (DBFOT - toll) model. The project was
received in 2002 and the concession period is for 20 years
(including a construction period of 2 years), which is ending by
March 2023. The total project cost incurred was INR622.30 crore,
which was funded through INR121.17-crore equity, INR211 crore of
grant from the National Highways Authority of India (NHAI), INR7.8
crore of internal accruals and INR282.33 crore of debt. From May
2016 onwards, the toll collections on GVKJEPL's project stretch
were split into two toll plazas instead of one earlier.


HANIEF MOTORS: ICRA Moves B Debt Rating to Not Cooperating
----------------------------------------------------------
ICRA moved the ratings for the bank facilities of Hanief Motors in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple 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.

Hanief Motors (HM), initially named National Cycle Works, was
incorporated in 1980 as a partnership firm by Mr Abdul Rahim. In
1981, its name was changed to the current one by Mr. Mohammad
Hanief, son of Mr. Rahim. The firm is the authorised dealer for
Yamaha Motors Limited for sales of motorcycles, mopeds and scooters
along with spares and services in four locations in J&K, namely
Srinagar, Anantnag, Pulwama and Sangrama. The company also deals in
agri-equipment and gensets and has a Panasonic store in Srinagar.


JAI MAHARASHTRA: ICRA Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the NCDs of Jai Maharashtra Nagar
Development Private Limited (JMNDPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Non-Convertible     78.0      [ICRA]D; ISSUER NOT COOPERATING;
   Debenture (NCD)               Rating moved to the 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with JMNDPL, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. However, despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category. 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.

Jai Maharashtra Nagar Development Private Limited is a special
purpose vehicle promoted by Shubh Group, a Mumbai-based developer
Group, for the redevelopment of the Jai Maharashtra Nagar
Co-operative Housing Federation Limited—a federation of eight
societies in Mumbai. The redevelopment project entailed
rehabilitation of the existing society tenants as part of the
free-sale component of the project, with a sale component of about
1.23 million square feet of saleable area. As on date, the
redevelopment agreement stands terminated.


KARANJA TERMINAL: ICRA Assigns B Rating to INR406.48cr Term Loan
----------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Karanja Terminal
and Logistics Private Limited (KTLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-
   Long Term-
   Term Loan          406.48       [ICRA]B (Stable); assigned

   Fund Based-
   Long Term-
   Funded Interest
   Term Loan           49.30       [ICRA]B (Stable); assigned

   Fund Based-
   Long Term-
   Others               9.38       [ICRA]B (Stable); assigned

   Unallocated
   Limits-
   Long Term            1.84       [ICRA]B (Stable); assigned

   Issuer Rating          -        [ICRA]B (Stable); reaffirmed

Rationale

The assigned rating considers the strategic location of KTLPL's
facility in proximity to the industrial hinterland and two major
ports (JNPT and Mumbai Port Trust) that provide a good catchment
area for cargo handling and logistics services, and its good
connectivity to the national and state highways. Further, being a
non-major port, the facility will also have the flexibility to set
tariffs based on market rates. However, ICRA notes that the
facility is in early stages of operations, after witnessing
significant delays in project completion. While there has been a
moderate ramp-up in cargo volumes handled since the commencement of
operations, currently there are only a few contracted customers
with committed volumes.

ICRA notes that the company is in talks with several customers for
contracts and is also in the process of starting a container
freight station (CFS) facility. The finalisation of such contracts,
the volumes committed and the company's ability to attract
container cargo at the CFS facility once all the approvals are in
place will be the key monitorables. The company has also leased
part of the land to a customer for 40 months since April 2021,
which has been giving stable rental income. Due to the subdued
ramp-up in volumes, the financial performance remains weak with
modest revenue growth and operating losses.

ICRA also note that the company had witnessed delays in debt
servicing in the past due to liquidity issues arising from cost
escalations and delays in project completion. Subsequently, as part
of the RBI's one-time restructuring (OTR) scheme related to
Covid-19, the company got its debt restructured in June 2021. Under
the OTR, the company's loan tenure was extended and the interest
rates were reduced. However, ICRA notes that the moratorium on
interest payments has ended and the principal repayments are also
increasing in the current fiscal, leading to high repayment
obligations.

The company's promoters infused equity worth INR27.5 crore in
FY2022 against the OTR requirement of INR7.0 crore, which was used
to meet the repayment obligations and create a DSRA for one
quarter. However, ICRA notes that inability to adequately scale up
operations and generate sufficient cash to meet the large and
increasing debt servicing obligations will necessitate additional
support from the promoters; hence, the timeliness and quantum of
such support remains critical. Further, the company may also have
to incur additional capex at the facility, although it may have
some flexibility to align the same with the ramp-up in operations.
ICRA notes that the promoter entity has periodically raised funds
to support KLTPL. However, depending on the pace of ramp-up in
financial performance, the promoter entity might have to raise
additional funds to provide continued support and is a sensitivity
factor.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that the company's financial performance will improve in the medium
term, benefiting from its strategic location.

Key rating drivers and their description

Credit strengths

* Strategic location of the terminal with good connectivity:
KTLPL's port and logistics facility is strategically located at
Karanja Creek in Navi Mumbai, in proximity to the industrial
hinterland and two major ports – JNPT and Mumbai Port. Further,
the facility comes under the Jawahar Lal Nehru Customs House
(JNCH), which does the clearing for JNPT. This, coupled with good
connectivity to the state and national highways, with no evacuation
restrictions and less congestion should help attract bulk and
container cargo. Further, there are also several infrastructure
projects which are going on/planned in the vicinity, which will
provide opportunity for bulk cargo for these projects. The facility
has currently leased around 25 acres out of the 100 acres of
reclaimed land developed for phase 1 of the project for 40 months,
which provides a stable rental income. KTLPL has approvals in place
to develop 200 acres of reclaimed land and the lease with
Maharashtra Maritime Board (MMB) is till 2059. The company is
currently in the process of getting approval for additional land
reclamation, which should aid future expansion of the project.

* Tariff flexibility from being a non-major port: The company is a
non-major port and has the flexibility to set the tariff based on
market conditions and competition. The tariff charged will depend
on the services provided and may include any discounts for
committed volumes with specific customers.

Credit challenges

* Weak financial profile: The facility commenced operations since
September 2019, when it achieved CoD after facing several delays
and cost escalations in project execution. The ramp-up in volumes
has been subdued and the financial performance remains weak with a
moderate revenue growth of INR22.6 crore in FY2022 against INR10.2
crore in FY2021, with major contribution from rental income from
leased land. The company also continued to report operating losses.
In the current fiscal, during the first quarter, while there has
been some ramp-up in cargo volumes and revenue, the financial
profile remains subdued.

* Risk of stabilisation of operations and ability to attract cargo
volumes: Post commencement of operations, the ramp-up in cargo
volumes has been subdued. It is crucial for the company to achieve
a healthy ramp-up in cargo volumes and service contracts to improve
its financial profile and meet its debt servicing obligations.
However, while the company is in talks with several customers, it
now has only a few contracted customers with committed volumes. Its
ability to attract new customers and the quantum of volume and
profitability from such contracts remain the key monitorables.

* CFS facility yet to commence operations: The facility will also
operate a container freight station. The operations are yet to
start as some approvals are pending, although the management
expects to get them shortly. Timely commissioning of the CFS
operations and a ramp-up in container volumes remain sensitivity
factors.

Liquidity position: Poor

The company had witnessed liquidity constraints in the past due to
delays in project execution and cost overruns, leading to instances
of delays in debt servicing. However, post OTR, the company got
relief in terms of an extended repayment tenure, moratorium on
interest and principle payment and reduction in interest rates. The
moratorium, coupled with the creation of DSRA for one quarter of
repayment obligation backed by a fund infusion of ~Rs. 27.5 crore
by promoter entity in FY2022, has provided some support and the
company has been regular in debt servicing since then. However, the
liquidity position remains constrained due to inadequate
improvement in financial performance.

The debt servicing obligations have increased in the current fiscal
with the interest moratorium being over from March 2022 and the
principal repayment obligations on terms loans to commence from Q3
FY2023. The overall long-term loan repayment obligation is expected
to be INR10.4 crore in FY2023 and INR26.7 crore in FY2024. To meet
the high repayment obligations, the company will have to achieve
significant growth in revenue and profits in the current fiscal,
and in case of an inadequate ramp-up in financial performance, it
will have to depend on timely support from the promoter entity.
ICRA notes that the promoter entity has periodically raised funds
to support KLTPL; however, depending on the pace of ramp-up in
financial performance, the promoter entity might have to raise
additional funds to provide continued support and is a sensitivity
factor.

Rating Sensitivities

Positive factors – ICRA could upgrade the rating if KTLPL shows a
healthy ramp-up in revenue and cash accruals on a sustained basis.
A specific credit metric that can lead to an upgrade includes the
interest coverage improving to more than 1 time on a sustained
basis.

Negative factors – ICRA could downgrade the rating if KTLPL shows
a slower-than-expected ramp-up in operations due to
lower-than-expected profitability and revenue. A stretch in the
working capital cycle, further weakening the liquidity, will also
affect the rating.

Karanja Terminal & Logistics Private Limited (KTLPL, the company)
is an SPV formed by Mercantile Ports and Logistics Limited (MERCPL)
(erstwhile SKIL Ports and Logistics Limited) to develop an
all-weather port and a logistics facility at Karanja Creek, Chanje
Village, Raigad district, Maharashtra. A concession agreement (CA)
was entered into between KTLPL and Maharashtra Maritime Board (MMB)
on August 31, 2009, granting KTLPL the right to develop the Karanja
port on a built-own-operatetransfer (BOOT) basis for a total lease
period of 30 years (including two years construction period).
Subsequently, in May 2018, MMB gave an in-principle approval to
extend the concession to 50 years. The approvals are for 200 acres
of reclaimed land and 1000m waterfront. However, currently 100
acres of land have been reclaimed and developed, with 800m of
berthing space. The port has a draft of 6m and can accommodate
vessels of up to 5,000 DWT at the port and 60,000 DWT at
anchorage.


KARNA INTERNATIONAL: ICRA Reaffirms B Rating on INR12.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Karna
International's (KI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–
   Fund-based         12.50        [ICRA]B (Stable); Reaffirmed

Rationale

The rating continues to factor in KI's modest scale of operations,
its high working capital intensity due to elongated receivable days
and stretched liquidity profile. Despite the healthy recovery in
FY2022 (61% YoY growth to an estimated INR86 crore), the firm's
scale of operations remains modest. Further, the rating is
constrained by the geographical concentration risk as exports to
the United Kingdom (UK) market account for ~90-95% of its business.
KI is also exposed to the foreign currency risk with the major
portion of earnings generated in pound sterling with no established
hedging policy. ICRA also notes that the firm is exposed to raw
material price fluctuation risk in the absence of price variation
clauses in the agreements with its customers. Moreover, the rating
factors in high customer concentration risk with its top five
customers accounting for 90% of its revenues in FY2022, and stiff
competition in the field.

The rating, however, positively considers the promoters' experience
of about three decades in the fasteners industry, resulting in
high-value repeat orders from some of its customers over the past
many years. The rating also takes into consideration the firm's
comfortable capital structure with a gearing of 0.9 times as on
March 31, 2022 (provisional estimate, PE). While ICRA has noted the
firm's capex plans and resultant moderation in its capitalisation
and debt coverage metrics in the current fiscal, these are expected
to improve from FY2024 with increase in the scale of operations.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that comfortable utilisation of its existing capacities together
with ramp-up of the new unit will support a steady revenue growth
for the firm. However, thin profitability and elongated working
capital cycle are expected to keep the firm's coverage indicators
modest and liquidity position stretched.

Key rating drivers and their description

Credit strengths

* Experienced management with long track record in fasteners
industry: Established in 1992, KI's promoters have extensive
experience of almost three decades in the fasteners industry, which
has enabled them to establish a network of suppliers and customers.
Further, the firm has been able to secure regular repeat orders
from its established customer base.

* Comfortable capital structure: The firm's capital structure
remains comfortable with a gearing (Total debt/ Tangible Net Worth)
of 0.9 times as on March 31, 2022 (PE). Out of the total debt of
INR15.0 crore outstanding in the firm's books as on March 31, 2022,
loan under the Emergency Credit Line Guarantee Scheme (ECGLS) stood
at INR3.4 crore and working capital loan at INR11.6 crore. Even
though the scale has improved, an estimated decline in
profitability in FY2022 amid high raw material prices resulted in a
moderation in debt coverage indicators for the year, with interest
coverage of 1.5 times, Total Debt/OPBITDA of 13.6 times and
NCA/Total Debt of 6% in FY2022E. The interest coverage, Total
Debt/OPBITDA and NCA/Total Debt stood at 2.9 times, 5.2 times and
10%, respectively in FY2021. While ICRA has noted the firm's capex
plans and the resultant moderation in its capitalisation and debt
coverage metrics in the current fiscal, these are expected to
improve and be adequate from FY2024 with increase in the scale of
operations.

Credit challenges

* Modest scale of operations: Despite an improvement in the firm's
operating income to INR86 crore in FY2022 (PE) from Rs. 54 crore in
FY2021, its scale remained modest. This constrains KI's ability to
benefit from the economies of scale and weighs on its competitive
position vis-à-vis the large-sized entities. Further, a modest
scale exposes the firm to the risk of regional weakness or business
downturn and impacts its ability to absorb a temporary disruption
and leverage fixed costs. However, ICRA has noted the ongoing capex
towards setting up of a new plant, which is expected to support
growth in the company's scale of operations in the medium term. The
said capex is expected to be funded by a mix of both term loans and
internal accruals.

* High working capital intensity: The firm's working capital cycle
remains high, with elongated credit period extended to customers
and prompt payments made to suppliers. The firm offers a credit
period of about 100-110 days to its existing clientele to retain
the same. The working capital intensity (NWC/OI) stood at ~23% in
FY2022 (PE) against 26% in FY2021.

* Profitability remains exposed to price variation and foreign
currency risks: The firm manufactures a wide range of mild steel
and iron-based products, making its profitability vulnerable to
adverse fluctuations in the key raw material prices. Further, due
to absence of any price-variation clause in its orders and low
bargaining power of the firm, the profitability remains thin, as
reflected in an operating margin of ~1.3% in FY2022 (PE). The same
declined from 3.3% in FY2021 owing to a sharp increase in raw
material prices. Further, its sales are exposed to forex risk as
the firm is mainly an export-oriented unit and has no formal
hedging policy. However, the firm has not recorded any major forex
losses in the past eight years on the foreign exchange front.

* High client-concentration risk: The customer profile of KI
consists of buyers in the foreign market, primarily the UK. The
customer concentration is high with the top five customers
accounting for ~90% of sales in FY2022. However, the same is
mitigated to some extent by the firm's established relationship
with these clients and repeat orders secured from them.

* Stiff competition puts pressure on profitability: The firm faces
stiff competition from fastener manufacturing companies in both
indigenous and international markets. As a result, the firm resorts
to increased usage of sales promotion activities and attractive
credit terms to attain competitive edge.

Liquidity position: Stretched

The firm's liquidity position is stretched with low cushion
available in the working capital limits in the 12-month period
ending in March 2022. Further, the firm has capex plans of INR6
crore in the current fiscal, which is expected to be funded by term
loan of INR4 crore and interest free unsecured loans of INR2 crore.
Timely mobilisation of funds will remain crucial for the firm's
liquidity. The firm also has repayment obligations of INR0.57 crore
in FY2023. However, net cash accruals are expected to be sufficient
for servicing the debt obligations.

Rating sensitivities

Positive factors – ICRA could upgrade the long-term rating if the
firm demonstrates a healthy and sustained improvement in its scale
and profitability, along with an improvement in the working capital
intensity and liquidity position.

Negative factors – A significant decline in OI or operating
profitability, a stretch in the working capital cycle, significant
withdrawal of capital or any deterioration in the firm's liquidity
position could exert pressure on the firm's rating.

KI was established in 1992 as a partnership concern with Mr.
Karnajit Lamba and Ms. Monica Lamba as partners. The firm is a
Government of India-recognised export house and an ISO 9001:2008
certified unit. The firm manufactures cold and hot forged bolts,
nuts, washers, fasteners, anchors, brackets and other equipment,
which are used in hardware item manufacturing, and architectural
and construction activities. Its manufacturing facility is located
in the Ludhiana district of Punjab. The firm derives most of its
revenues from export sales, primarily in the UK.


LAKSHMI SRINIVAS: ICRA Moves B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has moved the rating assigned to the bank facilities of Sri
Lakshmi Srinivas Parboiled (SLSP) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B- (Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term-          6.91      [ICRA]B-(Stable) ISSUER NOT    
   Fund Based–                   COOPERATING; Rating moved to
   Working Capital               'Issuer Not Cooperating'
                                 Category

   Term Loan           3.72      [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based      0.87      [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple 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.

Sri Lakshmi Srinivas Parboiled (SLSP) was established as a
partnership firm in October 2018 by Mr. T Subramanyam and his
family members. The firm started its commercial production in June
2020 for the production and processing of polished rice and rice
products with the processing capacity of 5MT/Hr in Manchalapur
district of Raichur, Karnataka. The firm's major products include
boiled rice, raw rice, bran, broken rice and husk. The firm sells
its products, mainly Sona Masoori and Voda Kollam rice, under
various brands.

M S RAMAIAH: ICRA Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of M S Ramaiah
Foundation' to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         20.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Term Loan                     Cooperating' category


   Long-term–         1.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Cash Credit                   'Issuer Not Cooperating'
                                 Cooperating' category

   Long-term–         3.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating moved to the 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with M S Ramaiah Foundation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Despite multiple 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.
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 ratings action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

M S Ramaiah Foundation was established as a charitable trust in
2007 to focus on the business education sector. The trust offers
undergraduate and post-graduate courses in the fields of business
management, commerce, arts and law. Dr. M R Pattabiram is the
Managing Trustee of the foundation and the Founder Director of all
the institutions under MSRF. In FY2019, the trust reported a net
profit of INR1.9 crore on an OI of INR26.1 crore compared to a net
profit of INR4.1 crore on an OI of INR29.2 crore in FY2018.


POWER RESEARCH: ICRA Reaffirms B+ Rating on INR7cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Power
Research and Development Consultants Private Limited (PRDC), as:
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) reaffirmed
   Fund Based                        
   Cash Credit                     

Rationale

The rating reaffirmation of PRDC continues to factor in the
company's stretched liquidity position owing to high debt servicing
obligations and fully utilised working capital limits. The rating
is also constrained by weak debt coverage metrics with DSCR1 at
1.03 times in FY2021, which further deteriorated to 0.97 in FY2022.
Besides, the rating is constrained by the company's stretched
receivables and delays in project execution, leading to an elevated
working capital intensity. The rating is also tempered by the
company's high sectoral concentration with the major portion of its
revenues derived from the power system domain. ICRA notes that
small scale of operations exposes the company to the risks
associated with a prolonged industry downturn. ICRA notes that the
revenue of the company is yet to touch the pre-Covid level as the
pandemic has adversely impacted PRDC's performance in FY2021 and
FY2022, leading to weak order inflow, a slowdown in order
execution, and a build-up of receivables.

The rating, however, continues to derive comfort from the extensive
experience of its promoters in the power systems design and
consulting segment. The rating also factors in the potential
revenue growth in the software development segment, supported by
the company's ability to develop indigenous products at competitive
pricing. This rating favourably considers PRDC's reputed customer
base including government entities, which reduces its counterparty
credit risk. The rating also considers the company's modest order
book position of ~Rs. 30 crore as on March 31, 2022, providing
revenue visibility for the next twelve months. While the
performance has been muted since FY2021, the management expects an
improvement in performance in FY2023, supported by better order
visibility, faster project execution following relaxation of travel
restrictions and collection of overdue receivables.

The Stable outlook on the long-term rating reflects ICRA's opinion
that PRDC will continue to benefit from the extensive experience of
its promoters in the power systems design and consulting segment.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: PRDC's Managing Director, Dr.
R. Nagaraja, has an extensive experience of over two decades in the
power systems industry. The extensive industry knowledge of the
promoters and the proven operational track record of PRDC enabled
the company in establishing strong relationships with key customers
and suppliers. The rating takes comfort from the company's high
level of competency in the field of power consultancy and its
continuous research towards new product development, beneficial
largely to power utility companies.

* Comfortable order book position provides revenue visibility for
next 12 months: The order execution got delayed owing to the
pandemic, followed by lockdown and travel restrictions. The
company's staff faced difficulties in travelling for onsite
installation and maintenance, resulting in lower revenue in FY2021
and FY2022. However, ICRA notes that order inflows have started
picking up gradually, with the company having an order book of
INR30 crore as on March 31, 2022, providing reasonable revenue
visibility in the next 12 months. PRDC is further expecting
sizeable orders in software development and system study in FY2023
amounting to INR25 crore. Consequently, revenues in the software
division are expected to double in FY2023 to INR10 crore
approximately from INR5.10 crore in FY2022.

* Reputed customer base: The customers of PRDC are government-owned
power utility companies like North Eastern Regional Power
Committee, Odisha Power Transmission Corporation Limited, Karnataka
Power Transmission Corporation Limited (KPTCL), Bangalore
Electricity Supply Company Limited (BESCOM) etc., which reduces the
counterparty credit risk, as evident from its low bad debt in the
previous years. This apart, the company has been consistently
adding new customers to reduce the concentration risk. The company
is looking to increasingly collect advances from customersto ease
the pressure on working capital.

* Company's ability to develop indigenous software products at
competitive prices increases revenue growth potential: The
Dynamic Security Assessment is an indigenously developed solution
by PRDC with no domestic competitors, which could become a key
growth driver over the medium term. ICRA notes that the package
cost for this solution is around INR3 crore, which is significantly
cost competitive compared to the imported software having similar
features costing around INR9 crore.

Credit challenges

* Modest capital structure and weak debt coverage indicators:
PRDC's capital structure remained modest at 1.09 times in FY2021
and deteriorated to 1.25 times in FY2022 because of increased
long-term borrowings. The debt coverage indicators remained weak
with DSCR of 0.97 times and Total Debt/OPBITDA of 4.53 times as on
March 31, 2022.

* Significantly high receivables leading to elevated working
capital intensity: PRDC's customer profile mainly comprises state
utilities and other government clients because of which the
receivables cycle remains stretched and leads to high working
capital intensive nature of operations. Given the milestone-based
contracts and delays in project execution, PRDC's unbilled revenue
also remains elevated, increasing the working capital intensity,
and in turn leading to weak free cash flow generation.

* High sectoral concentration: Large exposure of the company's
revenues to the power systems domain leads to significant sectoral
concentration risks. However, the Dynamic Security Assessment
software remains a key focus area of growth for the company, which
would reduce the sectoral concentration risk to an extent.

* Small scale of operations exposes the company to risks associated
with a prolonged industry downtrend: Small scale of the company's
operations makes it more vulnerable to the risk of a prolonged
industry downward.

Liquidity position: Stretched

PRDC's liquidity remained stretched with low free cash balance of
INR0.02 crore as on March 31, 2022. PRDC's retained cash flow
declined due to low cash flow from operations, which was fully
utilised towards capex and repayment of the term loan. The
company's CC limits of INR9.00 crore from Canara Bank were fully
utilised in the last 12 months. The company has taken term loans
from various banks and NBFCs with a tenure ranging from two to
three years, entailing high repayment obligation in the next two
years. This would continue to strain the liquidity position, unless
the profits and free cash flows meaningfully increase from the
previous levels.

Rating sensitivities

Positive factors – ICRA may upgrade PRDC's rating if the company
improves its order book position, resulting in a substantial growth
in revenue and profitability along with an improvement in the
working capital intensity and liquidity. Specific credit metrics
that could lead to a rating upgrade include interest coverage of
more than 2 times on a sustained basis.

Negative factors – Pressure on PRDC's rating could arise if there
is a significant decline in revenues and profitability or a further
decline in its liquidity position.

Established in 1994 and promoted by Dr. R Nagaraja, PRDC is
involved in power systems consultancy services. PRDC also develops
software for power network design and analysis in the name of
MiPower, Mi AFAS, Mi DS2 etc. PRDC further provides automation and
power system solutions, wherein the company designs the embedded
systems as per customer requirements, while the manufacturing
process is outsourced. The company carries out projects for state
electricity boards and utilities, independent power producers and
companies in other industries such as cement, steel and sugar. It
has also been recognised by the Visvesvaraya Technological
University as an affiliated research centre, which allows PRDC to
provide training to power engineers working in state/regional
electricity boards, generation, transmission and distribution
companies, among others.


PRAVEEN ELECTRICAL: ICRA Withdraws D Rating on INR5cr LT Loan
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Praveen
Electrical Works 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–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         9.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non-Fund Based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         6.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   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.

Praveen Electrical Works (PEW) was established as a proprietorship
firm in the year 1994 by Mr. Prakash. C.
Angadi. The firm is an electrical contractor and is a registered
Class I contractor with Government of Karnataka. The firm
undertakes internal and external electrification works and caters
to various Government departments in Karnataka such as Hubli
Electricity Supply Company Limited, Karnataka Slum Development
Board, Public Works Department and The Karnataka Power Transmission
Corporation Limited among others.


RIYA IMPEX: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Riya Impex's (RI)
Long-Term Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits affirmed with
     IND B/Stable rating; and

-- INR180 mil. Non-fund-based working capital limits affirmed
     with IND A4 rating.

Key Rating Drivers

The affirmation reflects RI's continued modest EBITDA margin of
0.76% in FY22 (FY21: 0.56%). The return on capital employed
improved to 7.7% in FY22 (FY21: 5.6%). In FY23, Ind-Ra expects the
EBITDA margin to remain at similar level due to similar nature of
operations. FY22 numbers are provisional in nature.

The ratings also reflect RI's continued small scale of operations
despite a marginal improvement in the revenue to INR1,295.71
million in FY22 (FY21: INR1,110.74 million) due to a recovery of
operations post the pandemic. During 1QFY23, RI achieved a revenue
of INR406.10 million. In FY23, Ind-Ra expects the revenue to remain
at similar level due to similar nature of operations. RI continues
to face high customer concentration risk as the firm derives 61.99%
of its turnover from the US-based ADK India LLC and 38.01% from
Dubai-based Puppy General Trading FZE. The top two customers
contributed 100% to the revenue in FY22 (FY21: 98.07%).

Liquidity Indicator – Poor: The cash flow from operations
deteriorated to negative INR24.84 million in FY22 (FY21: negative
INR21 million) due to an increase in the long-term loans and
advances to INR46.075 million in FY22 (FY21: INR5.1 million) for
entering the trading business in the domestic market in the year
end, which led to deterioration of free cash flow to negative
INR24.84 million in FY22 (FY21: negative INR21 million). The
comfortable net working capital cycle was sustained at 10 days in
FY22 (FY21: 11 days). Moreover, RI does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. RI's average maximum utilization of its
interchangeable fund-based and non-fund-based limits was 78.14%
during the 12 months ended June 2022. The cash and cash equivalents
stood at INR0.66 million at FYE22 (FYE21: INR7.01 million).

The ratings further reflect RI's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 1.49x in FY22 (FY21: 1.17x) and the net financial
leverage (adjusted net debt/operating EBITDA) improved of 15.65x
(26.84x) due to increase in absolute EBITDA to INR9.8 million in
FY22 (FY21: INR6.17 million). Over the short term, Ind-Ra expects
the credit metrics to remain largely unchanged due to stable EBITDA
and non-fund limits utilization and the absence of any major
debt-led capex plans.

However, the ratings continue to be supported by the proprietor's
experience of over two decades in the trading of agricultural
products such as cashew nuts and cocoa beans.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, and a further stress
in the liquidity position, will be negative for the ratings.

Positive: An increase in the scale of operations, along with the
gross interest coverage improving above 1.7x, and/or an improvement
in the liquidity position, all on a sustained basis, would lead to
a positive rating action.

Company Profile

Incorporated in 2010, RI is a proprietorship firm situated in New
Delhi and engages in the import and export of agricultural products
such as cashews and cocoa beans.


RKM POWERGEN: ICRA Raises Rating on INR846.06cr Term Loan from B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of RKM
Powergen Private Limited (RKMPPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–         846.06      [ICRA]BB (Stable); upgraded
   Term Loan                       from [ICRA]B+ (Stable)

   Non-Fund Based–    1,029.61     [ICRA]BB (Stable); upgraded
   Bank Guarantee/                 from [ICRA]B+ (Stable)
   Letter of Credit
                                 
   Fund Based–          436.32     [ICRA]BB (Stable); upgraded
   Cash Credit                    from [ICRA]B+ (Stable)

Rationale

The rating upgrade factors in the improved performance of RKMPPL's
1,440-MW thermal power plant in FY2022 and Q1 FY2023, led by higher
demand and a sharp increase in tariffs in the short-term power
trading market, which improved its credit metrics and liquidity
position. Further, the signing of a medium-term power purchase
agreement (PPA) with Haryana state distribution utilities (discoms)
at a remunerative tariff for 350-MW capacity has improved the
visibility on the company's revenues and cash flows over the medium
term. The power supply under this PPA is expected to commence from
August 2022. RKMPPL is currently supplying to Uttar Pradesh
distribution utilities (UP discoms) under a long-term (25-year) PPA
for a net capacity of 350 MW, taking the share of long-term and
medium-term PPAs to 53% of project capacity.

The company has stopped supplying power to the Telangana discoms
under the three-year PPA with PTC India Limited (PTC; aggregator)
for 550 MW, which was slated to expire in February 2023, due to
payment delays from the customer. The balance capacity is being
sold in the short-term power market, based on the tariff economics
and coal availability. The plant load factor (PLF) for the project
has improved to 54.5% in FY2022 from 38.2% in FY2021 and 17.20% in
FY2020 following the recovery in electricity demand in the country,
leading to higher demand for power in the short-term market. The
improvement in the PLF levels has also been supported by the
implementation of the resolution plan for the company in September
2020 and enhanced working capital funding. The ability of the
company to secure long-term/medium-term PPAs for the balance
capacity, remunerative tariffs from sale in the short-term market
and timely payments by the offtakers will remain the key
monitorables.

However, the rating remains constrained by the lack of long-term or
medium-term PPAs for ~47% of the project capacity, exposing the
company to volume and tariff risks in the short-term market. While
the company has benefited from the high tariffs in the short-term
market in recent months, the sustainability of the same over a
longer period remains to be seen.

Further, ICRA takes note of the counterparty credit risks arising
out of its exposure to UP discoms, which have a weak financial
profile. The collection efficiency from UP discoms remained modest
at 84% in FY2022, though the same improved in the first two months
of FY2023.

Further, ICRA takes note of the project's fuel cost pass-through
risks for the sale of power in the short-term market as the coal
requirement for short-term sales is met through e-auctions and the
short-term tariff remains exposed to demand-supply trends.
Moreover, the lack of railway siding adversely impacts the cost
competitiveness of tariffs offered by the project. The company's
enhanced liquidity position is expected to aid in funding the
additional capex to complete the auxiliary works related to railway
siding and towards complying with the revised emission norms over
the next two to three years. The timely completion of the capex and
within the budgeted costs remains important.

The Stable outlook on the long-term rating reflects the visibility
on the company's revenues offered by the long-term and medium-term
PPAs for ~53% of the capacity and the remunerative tariffs in the
short-term market in the near term.

Key rating drivers and their description

Credit strengths

* Operational coal-based project with long-term PPA with Uttar
Pradesh discoms and medium-term PPA with Haryana discoms: The
entire 1,440 MW-power generation capacity of RKMPPL was
commissioned by March 2019. The company is supplying power to Uttar
Pradesh discoms under a 25-year long-term PPA for 350 MW. The
company has also signed a threeyear PPA with Uttar Haryana Bijli
Vitran Nigam Limited (UHBVNL) and Dakshin Haryana Bijli Vitran
Nigam Limited (DHBVNL) through Haryana Power Purchase Centre (HPPC)
for the supply of 350 MW of power; the power supply under this PPA
is expected to commence from August 2022. The fuel for the project
is met through a mix of linkage coal and e-auction coal. The
long-term and medium-term PPAs provide visibility on the company's
revenues over the medium term.

* Improved performance strengthens credit metrics and liquidity:
The plant load factor (PLF) for the project has improved to 54.5%
in FY2022 from 38.2% in FY2021 and 17.20% in FY2020, led by the
recovery in electricity demand. The improved demand, along with
higher tariffs in the short-term market, led to a ~45% growth in
revenues from the sale of power to INR2,623.9 crore in FY2022 from
INR1,804.9 crore in FY2021. Also, the operating profit improved by
26% to INR1,096.8 crore in FY2022 from INR869.3 crore in FY2021,
improving the credit metrics with the interest coverage ratio at
1.63x in FY2022 against 1.26x in FY2021. The company's performance
has further improved in the current fiscal, with the company
reporting a revenue of ~Rs. 1,200.0 crore in Q1 FY2023 (provisional
figures) with a profit before tax of ~Rs 516.0 crore. The higher
tariffs in the shortterm market and commencement of supply to the
Haryana discoms from August 2022 is expected to improve the
financial performance in FY2023 over FY2022.

Credit challenges

* Lack of long-term PPA for entire operational capacity; subdued
PLF because of inadequate power offtake: Despite the improvement in
PLF in recent period, the PLF levels of the project have remain
subdued owing to the lack of PPAs for the entire project capacity,
given the non-operationalisation of the long-term PPA with the
Chhattisgarh state utility and lack of progress in signing new
long-term PPAs. As a result, the company remains exposed to volume
and tariff risks in the short-term market, as well as the
availability and pricing of coal from the open market. A
sustainable improvement in the operating performance would remain
contingent on the company's ability to renew medium-term
PPAs/tie-up new PPAs, along with sales through the short-term route
at remunerative tariffs.

* High counterparty credit risks: The counterparty credit risks
remain high for RKMPPL because of the exposure to UP discoms, which
have weak financial health. Notwithstanding this, the undisputed
receivables from UPPCL stood moderate at ~Rs. 338.0 crore as of
March 31, 2022, of which, ~88% were outstanding for a period of
0-60 days and ~60% were outstanding for a period of within 30 days.
Further, as PTC defaulted on its payment to the company owing to
non-receipt of funds from the Telangana discoms, the company
stopped supplying power to them since October 2021 under the under
the three-year 550-MW PPA with PTC India Limited (aggregator),
which was slated to expire in February 2023. The total receivables
from PTC were ~Rs. 336.0 crore as of July 2022 (including an
interest penalty of around INR32.0 crore). Going forward, a
sustained track record of timely collections from the PPA
counterparties (UP and Haryana discoms - new PPA) would remain
critical for the company to maintain its liquidity
position.

* Relatively moderate tariff cost competitiveness: The company's
variable cost of generation is relatively high due to the
dependence on open-market purchases for a portion of the fuel
requirement, lack of railway siding and moderate operating
efficiencies in terms of station heat rate and auxiliary
consumption. This affects the cost competitiveness of the tariffs
offered by the project, impacting its merit order dispatch position
and ability to secure PPAs for the untied capacity.

* Capex required to comply with revised emission norms and complete
pending auxiliary works: The company is required to incur
additional capex of around INR900-950.0 crore to complete the
auxiliary works related to railway siding and comply with the
revised emission norms (FGD) over the next two to three years. The
ability of the company to fund the stated capex will remain
important from a credit standpoint. Nonetheless, the enhanced
liquidity position provides comfort with respect to the adequacy of
funding tie-up for the capex.

Liquidity position: Adequate
The company's liquidity position remains adequate, marked by free
cash and bank balance of INR1,061.0 crore as of June 30, 2022.
Also, apart from the free cash and bank balances, the company is
maintaining a DSRA balance of INR140.0 crore which is equivalent to
one quarter's debt servicing (principal + interest).

Rating sensitivities

Positive factors - Tie-up of new long-term PPAs at remunerative
tariffs and operationalization of the long-term PPA signed with the
Chhattisgarh state utility could lead to a rating upgrade. A
sustained improvement in the operating performance of the plant
coupled with timely payments by the offtakers on a sustained basis,
resulting in enhanced liquidity and improved credit metrics, may
also trigger a rating upgrade.

Negative factors - Negative pressure on the rating could emerge if
any significant deterioration in the operating performance of the
plant or build-up of receivables due to delayed payments by the
offtakers impacts the company's credit metrics and liquidity
position. A specific credit metric that could lead to a rating
downgrade is the DSCR remaining below 1.10 times on a sustained
basis.

RKMPPL is a special purpose vehicle promoted by the Chennai-based
R.K. Powergen Group, Malaysia-based Mudajaya Group and Enerk
International Holdings Limited for the development of a 1,440-MW
domestic coal-based power project in Janjgir Champa district of
Chhattisgarh. The first unit of the project was commissioned in
November 2015, followed by unit-2 in February 2016, unit-3 in
November 2017 and unit-4 in March 2019. The project cost stood at
INR13,827.71 crore (INR9.60 crore per MW) as of March 2019 against
the appraised cost of INR6,653.60 crore (INR4.62 crore per MW). The
project has a long-term PPA for 350 MW with Uttar Pradesh Power
Corporation Limited (UPPCL) and a medium-term PPA (for a period of
three years) for 350 MW with Uttar Haryana Bijli Vitran Nigam
Limited (UHBVNL) and Dakshin Haryana Bijli Vitran Nigam Limited
(DHBVNL) through Haryana Power Purchase Centre (HPPC). While the
company had also signed a PPA with Chhattisgarh State Utility for
30% of its gross capacity under the implementation agreement with
the state government, the PPA currently remains non-operational.
The company has signed FSAs with SECL for 4.07 MTPA (million tonnes
per annum) of coal.


SAHYADRI RENEWABLE: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sahyadri
Renewable Energy Private Limited's Long-Term Issuer Rating of 'IND
D (ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR90.78 mil. Term loan due on June 2024 maintained in non-
     cooperating category and withdrawn.

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because 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 a no objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

Company Profile

Sahyadri Renewable Energy has identified a site for hydro power
development on Bhatsa river, located around 10km downstream of the
Bhatsa Dam and around 5km downstream of the existing Vajra-I hydro
power project near Kasgaon village in Shahapur taluk of Thane
district in Maharashtra.


SANKALP ENGINEERING: ICRA Withdraws D Rating on INR45cr Cash Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sankalp Engineering and Services Private Limited (erstwhile Sankalp
Forgings Pvt Ltd) at the request of the company and based on the No
Objection certificate (NOC) 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–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn.
   Cash Credit                  

   Long-term–        39.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn.  
   Term Loan                     

Incorporated in 1996, SESPL manufactures couplings under the
tubular division and forged components under the nontubular
division. The products of SESPL find their applications in diverse
industries such as oil and gas, automobile and general engineering.
SESPL is a subsidiary of Innoventive Industries Limited (IIL),
which acquired 51% of Sankalp Engineering and Services Private
Limited's equity in the year 2008.


SIR BIOTECH: ICRA Withdraws D Rating on INR9cr Long Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sir Biotech India Limited at the request of the company and based
on the No Objection 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:         90.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                    Withdrawn

Sir Biotech India Limited (SBTIL) was incorporated on May 15, 1995
as a Public Limited Company in the name of Raghunath Textiles
Limited. The name of the company was changed to Sir Biotech India
Limited on October 20, 2006. The company is part of the Raghunath
Group of companies which is engaged in the manufacturing of various
FMCG products, herbal and botanical activities, natural dyes and
clothing, international trade, agro commodities and internet
commerce. It has operations and offices at Goa, Haridwar, Delhi,
Port Blair, Dehradun, Almora, Mumbai and Milan. The company has
tied up with the Carlson Group to operate a 5-star hotel in
Dehradun under the brand of "Radisson".


SPRAY ENGINEERING: ICRA Withdraws D Rating on INR21cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn Long Term and Short term the ratings assigned to
Spray Engineering Devices Limited at the request of the company and
based on the No Objection certificate (NOC) 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–        21.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   

   Long-term–         4.96       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                     

   Short Term-       16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                      Withdrawn
   Based Others      

SEDL was formed by the merger of two partnership firms- namely
Spray Engineering Devices and C&C Systems which came into effect
from December 1, 2004. The company is involved in the manufacturing
of equipment for sugar mills, mainly energy saving devices,
automation devices and condensers. The company's manufacturing
facilities are located at Baddi, Himachal Pradesh. The company is
promoted by Verma family and had received an investment of INR30
crore in the year 2006.


SUMANGLAM WOOD: ICRA Withdraws B- Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has withdrawn long term and Short term ratings of Sumanglam
Wood Products (India) Private Limited at the request of the company
and based on the No Objection certificate (NOC) 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–         6.00       [ICRA]B- (Stable); ISSUER NOT
   Fund based                    COOPERATING; Withdrawn
   Cash Credit                  

   Short Term-Non    10.00       [ICRA]A4; ISSUER NOT
   Fund Based                    COOPERATING; Withdrawn
   Others

Incorporated in 1994 by Mr. Ratan Sharma, SWPL is a private limited
company currently engaged in trading of lumbers, and manufacturing
of packing boxes and pallets as well as trading of chemicals like
PVC Suspension & Ethyl Venyl Accetate (EVA). Trading of lumbers
contributes to 90% of the total revenues. In 1996, company
established its saw mill at Gandhidham, Gujarat and from 1998
onwards, it started importing timber from New Zealand and other
South Asian and African countries. The company imports teak wood
from Latin America and has also forayed into trading in PVC
Suspension and Ethyl Venyl Acetate used by plastic and footwear
manufacturers. These compounds are imported from countries like
Taiwan and China. Besides its saw mill at Gandhidham, company also
has a registered office in Assam Timber Market, Mundka, New Delhi
and a branch office at Gurgaon which was opened in FY2012. However,
the Gurgaon branch was closed in FY2014 as it turned out to be
economical unfeasible to operate.


TCP LIMITED: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned TCP Limited (TCPL)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:  

-- INR360 mil. Fund-based working capital limits assigned with
     IND BB-/Stable rating;

-- INR92 mil. Non-fund based working capital limits assigned with
     IND A4+ rating; and

-- INR98 mil. Term loans due on FY26 assigned with IND BB-/Stable

     rating.

Key Rating Drivers

Medium Scale of Operations; Revenue Declined during FY19-FY22: TCPL
generates its revenue mainly from two divisions - chemical and
power. The company's total revenue declined to INR1,792.57 million
in FY22 (FY21: INR1,951.15 million) due to a fall in sales volumes
as well as realizations in the power division. In FY22, the revenue
from the power division declined by 59% yoy to INR516 million,
primarily because the company was unable to pass on the rise in
coal prices to its customers. The power division's operations shut
down in March 2022, and are likely to remain shut in FY23, as the
sales realization are insufficient for it to break even. FY22
financials are provisional.

The revenue from the chemicals segment surged by 94% yoy to
INR1,192 million owing to an improvement in sales volumes as well
as sales realizations, driven by the imposition of antidumping duty
by the government of India on imported chemicals. The company's
overall revenue is likely to decline in FY23, given the closure of
the power division. However, the chemical's division revenue is
likely to rise further in FY23.

Liquidity Indicator – Stretched: TCPL's average utilization of
the sanctioned fund based working capital facilities of INR360
million was 75.4% over the 12 months ended June 2022. The net cash
conversion cycle remained elongated at 232 days in FY22 (FY21: 238
days) on account of the stretched inventory holding period (FY22:
152 days; FY21:141 days) and elongated collection period (F22: 131
days FY21: 165 days). Of the total inventory balance, 69% of
inventory is in the form of stores and spares. Of the total
receivables outstanding, 45% of the dues are from the power
division, and this entire amount is more than 180 days past due.
The pending receivables in this division are mainly from two group
companies-Thiruuvalluvar Textiles Pvt Ltd and Sri Narasimha Mills
Pvt Ltd. The realization of these receivables appears unlikely,
considering the poor operational performance of these companies.

The cash flow from operations turned positive at INR188 million in
FY22 (FY21: negative INR134 million) on account of realization of
receivables. The company has scheduled repayments of INR27.5
million in FY23 and INR27.2 million in FY24, which are likely to be
met from internal accruals. As per the management, the company had
unencumbered cash and equivalents of around INR5.6 million at FYE22
(FYE21: INR13.65 million).   

Investment in Associate Companies: At FYE22, TCPL had investments
of over INR2,192 million in its associate companies, Binny Mills
Ltd and Thiruvalluvar Textiles. The capital employed in these
investments provides low returns, leading to the company's overall
ROCE being poor.

Margins Likely to Improve in FY23: TCPL's operating EBITDA turned
positive at INR11.47 million in FY22 (FY21: EBITDA loss of INR79.71
million) due to improved sales realizations from the chemicals
division. The company's overall operating EBITDA margin stood at a
modest 0.64% in FY22. The ROCE remained negative in FY22 (FY21:
negative ROCE). TCPL achieved an operating EBITDA of INR83.7
million in 1QFY23 itself, supported by the operating performance of
the chemicals division; consequently, the agency expects the
overall EBITDA to be higher on a yoy basis in FY23, though the
margins would remain modest.

Weak Credit Metrics; Improvement Likely in FY23: TCPL's credit
metrics were weak during FY21-FY22 on account of the operating
losses incurred in FY21 and the thin margins recorded in FY22. The
gross interest coverage (operating EBITDA/gross interest expense)
stood at 0.16x in FY22, and the net leverage (total adjusted net
debt/operating EBITDA) stood at 46.66x. With the likely  
improvement in profitability and minimal external borrowings with
the company, the credit metrics are likely to improve in FY23.

Rating Sensitivities

Negative: Deterioration in the liquidity profile of the company
will be negative for the ratings.

Positive: Improvement in the profitability and liquidity position
of the company and the interest coverage exceeding 2x, on a
sustained basis, will be positive for the rating.

Company Profile

Incorporated on June 8, 1971, TCPL manufactures sodium
hydrosulphite, liquid sulphur dioxide, sodium formate, sodium
sulphite and sodium thiosulphate. The company had been generating
power through a thermal power plant (63MW) and windmill (16.6MW),
but the power division was shut down temporarily post FYE22.


TIJARIA POLYPIPES: ICRA Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA moved the ratings for the bank facilities of Tijaria Polypipes
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     'Issuer Not Cooperating'
                                   category

   Long Term-         56.27        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Term Loan                       'Issuer Not Cooperating'
                                   category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple 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.

Tijaria Polypipes Limited (TPL) was incorporated in 2006 by the
conversion of a partnership firm (named Tijaria Overseas Vinyl),
which was established in 2000. The company manufactures high-grade
HDPE, PVC, MDPE and LDPE plastic pipes and sprinkler systems under
the brand names of Tijaria and Vikas. Its products are used in
irrigation, telecommunication, industrial, infrastructure and
housing sectors. In addition, the company operates a textile
division, wherein it manufactures mink blankets. The manufacturing
units of the company is located at Jaipur, Rajasthan.


TOPWORTH URJA: NCLT Admits Firm Under Insolvency Process
--------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) has admitted Mumbai-based Topworth Urja & Metals
under the Corporate Insolvency Resolution Process (CIRP) and
appointed Alok Kailash Saksena as an interim resolution
professional for the company.

ET relates that state-owned lender Bank of Baroda had approached
the bankruptcy court in 2018 against Abhay Lodha- promoted Topworth
Urja & Metals after it defaulted on its dues of about INR218 crore.


"The application made by the financial creditor is complete in all
respects as required by law. It clearly shows that the corporate
debtor is in default of a debt due and payable, and the default is
in excess of the minimum amount stipulated under the IBC
(Insolvency and Bankruptcy Code)," a bench of justices PN Deshmukh
and Shyam Babu Gautam said in its 23-page order, ET relays.

Topworth Urja & Metals manufactures high-quality range of steels,
pipes and tubes.


WESTERN HILL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and short term rating of Western
Hill Foods Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        15.81       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         3.19       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   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.

Western Hill Foods Ltd. was established in 2008 by Mr. Bhagwan
Bende along with Mr. Girishkumar Samdadia and Mr. Vivek Walsepatil.
The company's facility is located at Pune, Maharashtra. The closely
held company is engaged in processing and exporting of Individual
Quick Freezer (IQF) Frozen Fruits, Vegetables.



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

ABBOTT TRANSPORT: Court to Hear Wind-Up Petition on Aug. 23
-----------------------------------------------------------
A petition to wind up the operations of Abbott Transport Limited
will be heard before the High Court at Rotorua on Aug. 23, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2022.

The Petitioner's solicitor is:

          T. Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


KTJS CONTRACTING: Court to Hear Wind-Up Petition on Aug. 23
-----------------------------------------------------------
A petition to wind up the operations of KTJS Contracting Limited
will be heard before the High Court at Rotorua on Aug. 23, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 16, 2022.

The Petitioner's solicitor is:

          T. Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


NYTON LOG: Court to Hear Wind-Up Petition on Aug. 23
----------------------------------------------------
A petition to wind up the operations of Nyton Log Transport Limited
will be heard before the High Court at Rotorua on Aug. 23, 2022, at
10:00 a.m.

Kraft Group Limited filed the petition against the company on June
1, 2022.

The Petitioner's solicitor is:

          Fraser Wood
          Tompkins Wake
          1105 Arawa Street
          Rotorua


REAL ELECTRICAL: Creditors' Proofs of Debt Due on Sept. 10
----------------------------------------------------------
Creditors of Real Electrical Automation Limited are required to
file their proofs of debt by Sept. 10, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2022.

The company's liquidators are:

          Adam Botterill
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


WHAKATANE HI: Court to Hear Wind-Up Petition on Aug. 23
-------------------------------------------------------
A petition to wind up the operations of Whakatane Hi Trim
Contractors Limited will be heard before the High Court at Rotorua
on Aug. 23, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 4, 2022.

The Petitioner's solicitor is:

          T. Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton




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

MYHEALTH SENTINEL: Commences Wind-Up Proceedings
------------------------------------------------
Members of Myhealth Sentinel Pte Ltd, on Aug. 4, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Lai Seng Kwoon
          10 Anson Road
          #31-01 International Plaza
          Singapore 079903


PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Aug. 26
---------------------------------------------------------------
A petition to wind up the operations of:

   - Pharmatech Resources (FE) Pte Ltd;
   - Lijing Holidays Pte Ltd;
   - Ease Manage Pte Ltd;
   - Duta Freight International Pte Ltd; and
  - Beach Hotel Pte Ltd

will be heard before the High Court of Singapore on Aug. 26, 2022,
at 10:00 a.m.

GC Lease Singapore Pte Ltd filed the petition against the company
on Aug. 4, 2022.

The Petitioner's solicitor is:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908


PRISM DYNAMICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Aug. 5, 2022, to
wind up the operations of Prism Dynamics Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


TRIYARDS HOLDINGS: Court to Hear Wind-Up Petition on Aug. 24
------------------------------------------------------------
A petition to wind up the operations of Triyards Holdings Limited
will be heard before the High Court of Singapore on Aug. 24, 2022,
at 2:30 p.m.

Goh Thien Phong and Chan Kheng Tek filed the petition against the
company on July 29, 2022.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay #10-01
          Ocean Financial Centre
          Singapore 049315


VAULD: India Seizes $46MM from Unit in Money-Laundering Probe
-------------------------------------------------------------
TechCrunch reports that India's anti-money laundering agency has
frozen assets worth $46.4 million from the local entity of Vauld
for facilitating "crime-derived" proceeds from predatory lending
firms in the latest headache for the crypto exchange that filed for
protection from creditors last month.

Flipvolt Technologies, the India registered entity of
Singapore-headquartered Vauld, was used to deposit 3.7 billion
Indian rupees by 23 entities, including non-banking financial
companies and fintech firms, into the wallets controlled by Yellow
Tune Technologies, the Enforcement Directorate said on Aug. 12 of
its ongoing investigation, TechCrunch relates.

According to TechCrunch, the agency said the Indian entity of Vauld
maintains "very lax KYC norms, no EDD mechanism, no check on the
source of funds of the depositors, no mechanism of raising STRs,
etc," factors that led the accused firms in "avoiding regular
banking channels" and able to "easily take out all the fraud money
in the form of crypto assets."

Vauld's India entity failed to provide the agency with a complete
trail of crypto transactions made by Yellow Tune and also could not
supply KYC details of the wallets, ED said.

"Lax KYC norms, loose regulatory control of allowing transfers to
foreign wallets without asking any reason/declaration/KYC,
non-recording of transactions on Blockchains to save costs etc, has
ensured that Flipvolt is not able to give any account for the
missing crypto assets," it added (PDF).

"It has made no sincere efforts to trace these crypto assets. By
encouraging obscurity and having lax AML norms, it has actively
assisted M/s Yellow Tune in laundering the proceeds of crime worth
Rs 370 Crore using the crypto route."

TechCrunch adds that the agency said it has frozen assets from
Vauld's India entity till it provides a complete fund trail.

Vauld is a Singapore-based crypto platform that enables customers
to buy, lend, borrow and trade crypto assets from one unified
platform.

Vauld, which suspended its customers from withdrawing, trading and
depositing on its eponymous platform last month, recently filed for
bankruptcy and reportedly owes creditors $363 million, TechCrunch
discloses citing news outlet The Block, which cited legal documents
it obtained. The startup counts Coinbase Ventures, Pantera Capital
and Peter Thiel-backed Valar Ventures among its backers.


ZIPMEX PTE: High Court Grants 3-Month Moratorium Extension
----------------------------------------------------------
The Business Times' Garage reports that cryptocurrency exchange
Zipmex, crippled by its exposure to crypto companies Babel Finance
and Celsius Network, has been given a 3-month extension of its
moratorium by the Singapore High Court.

Zipmex disclosed in July that it had US$48 million of exposure to
Babel and US$5 million with Celsius, becoming the latest victim of
a crypto contagion sparked by the collapse of the TerraUSD
stablecoin.

According to the report, the company filed an application on July
22 for moratoria shielding Zipmex Asia and key operating
subsidiaries from potential creditor lawsuits. The other entities
named in the application are Zipmex Pte Ltd (the Singapore entity),
Zipmex Company Limited (the Thai entity), Zipmex Australia Pty Ltd,
and PT Zipmex Exchange Indonesia.

BT relates that Zipmex had sought a 5-month extension, but Justice
Aedit Abdullah on Aug. 15 raised concerns about the group's
insufficient engagement with creditors, particularly customers in
Thailand. He granted a 3-month extension to Dec. 2 for the group to
sort out the matters raised, with the possibility of a further
extension later.

According to the report, Justice Aedit pointed out that a town hall
with creditors has not been held. And while Zipmex's counsel noted
that no Thai creditors have filed affidavits objecting to the
group's application, Justice Aedit said more must be done to engage
them.

"It's not enough to say that no objections were received, because
if we're dealing with lay creditors, it will be difficult for them
to file affidavits in Singapore. And I also appreciate that there
might be language issues . . . Nonetheless, they have an
entitlement to object and to make it known what their concerns
are," the report quotes Justice Aedit as saying.

This is a stark contrast to Defi Payments' moratorium application
hearing on Aug. 1, in which Justice Aedit noted the crypto
platform's efforts at engaging creditors, the report notes.

BT says three investment proposals are currently on the table for
Zipmex. The company has signed a memorandum of understanding (MOU)
with 2 investors, and received a non-binding letter of offer from
another investor.

Each of the investors intends to inject capital into the company,
either through the purchase of shares in Zipmex Asia, or the
injection of crypto assets into the company in exchange for shares,
said Zipmex's lawyer Jonathan Tang from Morgan Lewis Stamford, BT
relays.

There are discussions about incoming funds for working capital, and
2 of the proposals involve US$2.5 million being injected into the
company.

The 3 investors' main intention is to plug "the liquidity hole"
caused by Babel and allow customer withdrawals to resume, said
Tang. Zipmex halted withdrawals in July, but has since let users
partially withdraw Ether from Aug. 11 and Bitcoin from Aug. 16.

Negotiations regarding vendor creditors are ongoing, BT says. It is
unclear how they will be repaid - whether in full, or through a
scheme of arrangement where they take a haircut.

"In each of the MOUs and the non-binding offer, there is the
expectation that any shareholding of Zipmex Asia that goes to the
new investor will come debt-free. Which means that regardless,
there has to be some compromise or some repayment to all the vendor
creditors," BT quotes Tang as saying.

According to BT, Zipmex's Singapore entity has not received any
objections or support through affidavits filed. There are around 60
objections primarily from Thailand-based creditors who have assets
governed by Zipmex Pte Ltd due to the group's operational
structure.

The objections represent an aggregate value of about US$1.1 million
of debt. The impact of Zipmex's struggles on Thai consumers has
been closely watched, with Thailand's Securities and Exchange
Commission announcing on Jul 25 it was working with law enforcement
to look into potential losses among the public.

Over a Zoom hearing on Aug. 15, Tang said that following the
Singapore entity's outreach to its top 20 creditors, support for
the restructuring has been garnered from creditors representing
about US$6.5 million of debt. Excluding related creditors, or
shareholders, the company has 3 creditors holding US$2.6 million of
debt supporting the restructuring.

Zipmex's Australia entity has received 7 emails of support
including from its second-largest creditor. In Indonesia, 3 out of
the top 20 creditors have indicated support for the restructuring
and moratorium extension.

BT relates that Tang said a creditor town hall has yet to be held
as the group is still in the process of engaging a restructuring
adviser with the resources to engage a large body of creditors. He
proposed that a town hall be held within 1 month.

BT adds that Justice Aedit asked for a formal update in 6 weeks,
and directed that the Thailand-based creditors in particular should
be informed what the proceedings in Singapore mean to them. He
added that the town hall should address the state of the investment
proposals and how concrete they are, as well as when the creditors
will be able to access their wallets.

Zipmex is to consider whether a creditor's committee should be
established, especially for Thailand. The group also has to report
its management accounts to the courts and creditors every month,
the report adds.

                             About Zipmex

Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
1, 2022, Southeast Asia-focused cryptocurrency exchange Zipmex said
it had filed for bankruptcy protection in Singapore, becoming the
latest victim of the global downturn in digital currencies.

Zipmex resumed withdrawals, a day after suspending them on  July
20, and said it was working to address its exposure of US$53
million to crypto lenders Babel Finance and Celsius, Reuters said.

Zipmex's solicitors submitted five applications on July 22 seeking
moratoriums to prohibit legal proceedings against Zipmex for up to
six months, the cryptocurrency exchange said on July 27.


ZIPMEX PTE: Investors Seek CEO Marcus Lim's Resignation
-------------------------------------------------------
Bloomberg News reports that some shareholders and potential
investors in Asian crypto exchange Zipmex Pte are urging Chief
Executive Officer Marcus Lim to step down over management decisions
they argue led to a severe cash crunch, people familiar with the
matter said.

Bloomberg relates that Zipmex, which capped withdrawals last month
after exposure to troubled crypto lender Babel Finance hurt its
finances, on Aug. 15 was granted more than three months of
protection from creditors by Singapore's High Court. The reprieve
will give the firm additional breathing room to come up with a
funding plan.

One large Zipmex shareholder has written to Lim asking him to
resign, citing a loss of trust among partners and the fallout from
the Babel exposure, one of the people said. It wasn't clear how
many investors support the effort to remove Lim, Bloomberg relays.

"The internal matter of senior executive positions (including
responses to this letter) is being handled by the board and
shareholders," Lim said in a statement to Bloomberg. "We will be
dealing with this privately and after we have resolved the
operational issues." The management team is focused on executing
the company's recovery plan, Lim added.

While the company has allowed clients to withdraw some tokens, any
complete easing would require a capital infusion into Zipmex,
according to the people. Some potential investors in Zipmex's
proposed fundraising want Lim to resign before agreeing to put in
money, they said, asking not to be named discussing private
deliberations.  

The company will hold an extraordinary general meeting on Aug. 17
to discuss the situation, the people, as cited by Bloomberg, said.
Lim owns almost 25% of Zipmex.

Zipmex is in talks with several investors to raise money and is
going through due diligence, according to a statement on its
website, Bloomberg relays. The management team is trying to wrap up
a deal quickly so it can provide liquidity to customers, said Proud
Limpongpan, Zipmex's chief marketing officer.

"There has been a lot of investor interest in Zipmex," Bloomberg
quotes Proud as saying. "At the core, we are still very strong as a
company. However, it is not abnormal for there to be requested
changes at the management level."

Zipmex joined crypto firms including Celsius Network, Voyager,
Vauld and Hodlnaut in facing a liquidity crunch, Bloomberg notes.
Their troubles followed a $2 trillion digital-asset market meltdown
that caused leveraged bets to implode across the industry,
triggering a chain reaction of defaults.

                             About Zipmex

Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
1, 2022, Southeast Asia-focused cryptocurrency exchange Zipmex said
it had filed for bankruptcy protection in Singapore, becoming the
latest victim of the global downturn in digital currencies.

Zipmex resumed withdrawals, a day after suspending them on July 20,
and said it was working to address its exposure of US$53 million to
crypto lenders Babel Finance and Celsius, Reuters said.

Zipmex's solicitors submitted five applications on July 22 seeking
moratoriums to prohibit legal proceedings against Zipmex for up to
six months, the cryptocurrency exchange said on July 27.




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

THAI AIRWAYS: Operating Loss Narrows to THB1.2 Billion in Q2
------------------------------------------------------------
Bangkok Post reports that Thai Airways International (THAI)
improved its performance in the second quarter of this year with
revenue totalling THB21.5 billion, up 282% on the same period last
year.

The national carrier, going through financial rehabilitation,
reported a jump in revenue from passenger and cargo services of
619.3%, at THB19,803 million. The rise was attributed chiefly to
higher factory production and cargo volumes, the report discloses.


Total operating expenses, excluding one-time transactions, were
THB22.8 billion, or 126.3% higher than the same period last year.

Higher expenses were blamed particularly on the sharp hike in
aviation fuel prices, which rose by 104.1% resulting in THB8.9
billion in aircraft fuel expenses, or 39.2% of total operating
expenses.

According to Bangkok Post, THAI also announced a drop in personnel
expenses thanks to cost reduction programmes demanded by the
court-approved rehabilitation plan.

They contributed a narrowing of the operating loss at THB1.2
billion, a big drop on the same period last year when the operating
loss amounted to THB4.4 billion, Bangkok Post discloses.

Also, profit from Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA) after deduction of aircraft leases stood at
THB168 million, a big improvement from last year's EBITDA's loss of
THB9.2 billion. It was the first such profit after the company
entered rehabilitation

Bangkok Post says THAI and its subsidiaries reported their
financial costs at THB3.1 billion and had one-time transactions
with net profit totalling THB1.9 billion, consisting of profits
from debt restructuring, organizational restructuring, a personnel
compensation structure, and sales of investment and assets, despite
losses from asset impairment and the foreign exchange rate.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.




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

[*] BOND PRICING: For the Week Aug. 8, 2022 to Aug. 12, 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
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Information contained herein is obtained from sources believed
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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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