/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230124.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 24, 2023, Vol. 26, No. 18 Headlines A U S T R A L I A BROSA DESIGN: Second Creditors' Meeting Set for Jan. 31 CLOUGH LTD: Owes Creditors AUD248 Million GLASS TECH: First Creditors' Meeting Set for Feb. 1 PLENTI PL-GREEN 2022-1: Moody's Ups Rating on Cl. F Notes to Ba3 SOUTHSIDE VETERINARY: Commences Wind-Up Proceedings TILTON GROUP: Commences Wind-Up Proceedings UNISON HOMES: Commences Wind-Up Proceedings C H I N A CAR INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR I N D I A ADVAITH INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating AGARWAL ROCKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating AHUJA BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating ALSTONE INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating AMRUTVA EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating ANNAPURNA AGRO: CARE Keeps B- Debt Rating in Not Cooperating ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Rating ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating ASTON CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating ATR MALLEABLE: CRISIL Keeps B Debt Ratings in Not Cooperating BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category BANSAL SEEDS: CARE Keeps B- Debt Rating in Not Cooperating BERHAMPORE BANK: India's Oldest Pending Case Finally Settled BHAURAM JODHRAJ: CARE Lowers Rating on INR15.00cr LT Loan to B+ CASTLE SHIPS: CRISIL Withdraws B Rating on INR60cr LT Loan CHOUNDESHWARI SAHAKARI: Ind-Ra Assigns BB Long Term Issuer Rating DIAMOND ITINFRACON: Insolvency Resolution Process Case Summary FALCON STEELS: CARE Lowers Rating on INR5.98cr LT Loan to B- GANESH POLY: CARE Keeps D Debt Rating in Not Cooperating Category GAYATRI PROJECTS: SC Junks Promoters' Plea vs. Insolvency Order GRP CIRCULAR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating INDEXPORT LEATHER: Ind-Ra Cuts LT Issuer Rating to 'D' JKR TECHNO: Insolvency Resolution Process Case Summary LUMIFORD PRIVATE: Insolvency Resolution Process Case Summary M. S. ELASTIC: CARE Lowers Rating on INR12.77cr LT Loan to B+ MEGHRAJ INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating MIL INDUSTRIES: Ind-Ra Affirms BB+ Long Term Issuer Rating N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating NACHIKETA PAPERS: Insolvency Resolution Process Case Summary NAHORJAN TEA: Insolvency Resolution Process Case Summary NATIONAL STEEL: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating NIKKA MAL: CARE Keeps B+ Debt Rating in Not Cooperating Category NTPC BHEL: Insolvency Resolution Process Case Summary PALATHRA CONSTRUCTIONS: CARE Withdraws B Rating on Long Term Loan RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category ROLTA INDIA: NCLT Admits Union Bank's Insolvency Plea vs. Company SABITRI INDUSTRIES: Insolvency Resolution Process Case Summary SADANAND RADHIKA: CARE Lowers Rating on INR30.0cr LT Loan to B SANGHI INDUSTRIES: Ind-Ra Affirms BB+ Long Term Issuer Rating SGRD HEALTHCARE: CRISIL Keeps B+ Debt Rating in Not Cooperating SPACE TECH: CARE Lowers Rating on INR3.25cr LT Loan to D STATE BANK OF INDIA: Moody's Ups Add'l Tier 1 Securities to (P)B1 UR SINTER: Insolvency Resolution Process Case Summary YADAV SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating YOGESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ZYCUS INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating I N D O N E S I A PERUSAHAAN PENGELOLA: S&P Withdraws 'BB/B' Issuer Credit Ratings J A P A N RAKUTEN GROUP: Shutters 20% of Stores in Bid to Reach Profit Goal N E W Z E A L A N D BUILD MONSTER: Creditors' Proofs of Debt Due on Feb. 28 CRYPTOPIA: Liquidators Spent NZD20M While Customers Wait for Funds SHARAN CIVIL: Court to Hear Wind-Up Petition on March 2 SMARTBOY CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 13 T&S DRYWALL: Court to Hear Wind-Up Petition on Feb. 23 WHITELABELNZ LIMITED: Creditors' Proofs of Debt Due on Feb. 24 S I N G A P O R E CANTON-I PTE: Creditors' Proofs of Debt Due on Feb. 22 DERMATOLOGY & SURGERY: Court to Hear Judicial Mgmt Bid on Feb. 8 ERC UNICAMPUS: Creditors' Proofs of Debt Due on Feb. 20 HODLNAUT: Creditors Seek Liquidation, Reject Restructuring Plan IBC CAPITAL: Moody's Withdraws 'B3' Long Term Corp. Family Rating JCM LOGISTICS: Creditors' Proofs of Debt Due on Feb. 20 TEE INT'L: Enters SGD1.8 Million Loan Deal to Fund Restructuring YANG KEE: Court to Hear Judicial Management Bid on Feb. 6 X X X X X X X X [*] BOND PRICING: For the Week Jan. 16, 2023 to Jan. 20, 2023 - - - - - ================= A U S T R A L I A ================= BROSA DESIGN: Second Creditors' Meeting Set for Jan. 31 ------------------------------------------------------- A second meeting of creditors in the proceedings of Brosa Design Pty Ltd has been set for Jan. 31, 2023, at 12:00 p.m. via virtual meeting via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Jan. 30, 2023, at 12:00 p.m. Richard Tucker and Michael Korda of KordaMentha were appointed as administrators of the company on Dec. 14, 2022. CLOUGH LTD: Owes Creditors AUD248 Million ----------------------------------------- Australian Financial Review reports that collapsed construction group Clough Ltd owes hundreds of creditors some AUD248 million, including AUD88.7 million to the joint venture building the federal government's Snowy 2.0 hydropower project, new regulatory filings showed. AFR relates that the disclosure comes as Clough's administrators, Deloitte, finalise negotiations with the company's joint venture partner on Snowy 2.0, Italy's Webuild, over how many construction projects the Italian group will take over. According to AFR, Webuild has already agreed to take full control of the Snowy 2.0 and Inland Rail projects following Clough's slide into administration last month, and has been evaluating what other projects to pick up. Spanish contractor Acciona is taking over Clough's AUD165 million Stephenson Avenue freeway project in Perth, but other contracts held by Clough, including the AUD2.3 billion Project EnergyConnect interconnector cable between South Australia and NSW and the AUD768 million Waitsia gas project for Mitsui and Beach Energy in Western Australia, have been in limbo, the report notes. Last week, Webuild said it was close to signing an agreement that would allow it to add additional Clough projects, but did not disclose which ones, AFR relates. It is expected to provide more details shortly. New filings with the Australian Securities and Investments Commission detail payments owed to Clough's creditors, including payables to the Snowy 2.0 joint venture of AUD88.7 million, AFR discloses. The joint venture is Clough's biggest creditor, while AWE Perth - a subsidiary of Mitsui E&P Australia Holdings - is owed more than AUD12 million for work on WA's Waitsia gas project, according to the filings cited by AFR. AFR says Waitsia is due to start producing gas for processing into liquefied natural gas in the second half of 2023. Some Clough workers on the project left over Christmas amid fears they will not be paid all the entitlements they are owed, unions say. Clough has hundreds of small creditors, including many suppliers of materials and equipment. The ASIC filings showed that Clough owes its employees, who are considered priority creditors under Australian law, some AUD15.6 million, AFR relays. This is mostly due to unpaid entitlements such as holiday pay, long service leave and superannuation, rather than unpaid wages. The filings have redacted how much money is owed to Clough and the value of assets owned by the company, which include diesel generators, trucks and excavators, as well as office furniture and computers. Webuild's global chief boss Pietro Salini told The Australian Financial Review in December that the company wanted to acquire Clough's contracts and hire its workers so it could strengthen the Italian group's operations in Australia. AFR relates that Mr. Salini pointed to Clough's US$1.35 billion (AUD2 billion) contract to develop a new urea plant for Perdaman Industries on Western Australia's Burrup Peninsula, in a joint venture with Saipem, as an example of the kind of future projects Webuild would like to be involved in, given the world's need for fertiliser. Webuild's global scale - it operates in dozens of countries and has secured some EUR24 billion (AUD37.6 billion) in new orders over the past two years, including work on the Inland Rail and the Sydney Metro - is expected to help protect it from some of the risks encountered by Clough, which struggled with cost blowouts. Webuild and Clough won a AUD5.1 billion fixed-price contract to build Snowy 2.0 in 2018, but have been trying to claim back close to AUD1 billion of extra costs. Snowy Hydro will have a new boss from February when the former head of New Zealand's Contact Energy, Dennis Barnes, becomes chief executive. Mr Barnes replaces Paul Broad, who exited in August after a clash with Federal Energy and Climate Change Minister Chris Bowen, AFR notes. About Clough Ltd Clough Ltd -- http://www.clough.com.au/-- is an engineering and construction contractor providing full project lifecycle solutions primarily to the oil and gas industry in Australia and South East Asia. Its services range from front-end engineering design, construction, installation and commissioning to long-term operations and asset management. On Dec. 5, 2022, Clough Group went into voluntary administration after a takeover deal with WeBuild fell through, leaving its 1,250 employees uncertain about their future. Clough's South African owners, Murray & Roberts, appointed Sal Algeri, Jason Tracy, David Orr and Glen Kanevsky of Deloitte as voluntary administrators, news.com.au disclosed. GLASS TECH: First Creditors' Meeting Set for Feb. 1 --------------------------------------------------- A first meeting of the creditors in the proceedings of Glass Tech Management Australia Pty Ltd and Glass Tech Group Pty Ltd will be held on Feb. 1, 2023, at 2:00 p.m. and 2:30 p.m., respectively, at the offices of Beacon Advisory, Level 6, AMP Building, 1 Hobart Place, in Canberra, ACT, and via Zoom. Anthony Lane of Beacon Advisory was appointed as administrator of the companies on Jan. 19, 2023. PLENTI PL-GREEN 2022-1: Moody's Ups Rating on Cl. F Notes to Ba3 ---------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on five classes of notes issued by Plenti PL-Green ABS 2022-1 Trust. The affected ratings are as follows: Issuer: Plenti PL-Green ABS 2022-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Mar 10, 2022 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Mar 10, 2022 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Mar 10, 2022 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Mar 10, 2022 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Mar 10, 2022 Definitive Rating Assigned B2 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the good collateral performance to date. Following the January 2023 payment date, the credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 24.2%, 17.3%, 13.7%, 9.3% and 4.2%, respectively, from 16.3%, 11.5%, 9.0%, 6.0% and 2.5% at closing. As of end-December 2022, 2.3% of the outstanding pool was 30-plus day delinquent, and 0.9% was 90-plus day delinquent. The deal has incurred of 0.4% of gross losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's has updated its expected default assumption to 5.0% of the current pool balance (equivalent to 3.5% of the closing pool balance). At deal close, Moody's expected default assumption was 5.5% of closing pool balance. Moody's has lowered the Aaa portfolio credit enhancement (PCE) to 25.5% from 28% at closing. Moody's has also considered sensitivity scenarios with higher expected default rate and Aaa PCE. The transaction is a cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in December 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. SOUTHSIDE VETERINARY: Commences Wind-Up Proceedings --------------------------------------------------- Members of Southside Veterinary Group Pty Ltd on Jan. 23, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Barry Anthony Taylor Chew Mar HLB Mann Judd Level 5 10 Shelley Street Sydney, NSW 2000 TILTON GROUP: Commences Wind-Up Proceedings ------------------------------------------- Members of Tilton Group Pty Ltd and related entities on Jan. 23, 2023, passed a resolution to voluntarily wind up the company's operations. The related entities are: - AGKP Management Pty Limited - AK Commercial Pty Limited - AK Commercial Construction Pty Ltd - AK Commercial Construction (ACT) Pty Ltd - AK Commercial Interiors Pty Ltd The group's liquidators are: Frank Lo Pilato Jonathon Colbran Richard Stone RSM Australia Partners Equinox Building 4, Level 2 70 Kent Street Deakin, ACT 2600 UNISON HOMES: Commences Wind-Up Proceedings ------------------------------------------- Members of Unison Homes Australia Pty Ltd on Jan. 23, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Darren John Vardy Insolvency Options Suite 38, 3 Box Rd Caringbah, NSW 2229 ========= C H I N A ========= CAR INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR --------------------------------------------------------- S&P Global Ratings revised the rating outlook on CAR Inc. to negative from stable. At the same time, S&P affirmed its 'B-' long-term issuer credit rating on the company. The negative outlook reflects CAR's increasing liquidity pressure come March 2023. The company has begun to explore financing options, but the execution risk is high. CAR's liquidity needs will significantly increase when its US$250 million senior unsecured notes become current at the end of March 2023. The company would face a liquidity shortfall of Chinese renminbi (RMB) 400 million-RMB500 million by March 2024, when its senior notes and other short-term debt mature. S&P said, "This is based on our view that CAR's cash fund from operations (FFO) will recover to above RMB1.7 billion in 2023 from about RMB1.3 billion in 2022, given China's loosening of COVID-19 restrictions. Our view also considers the RMB1.3 billion in unrestricted cash as of Sept. 30, 2022, and potential disposal of 25,000 vehicles. The company is exploring several financing options, but we consider the execution risk to be high, given elevated interest rates (particularly overseas) and volatile capital markets." CAR can narrow a chunk of its liquidity gap through increased disposal of used cars. Based on our estimates, additional sales of 6,000-8,000 vehicles may enable the company to cover a sizable portion of its maturities. That involves some risks. First, the execution risk in terms of valuation and increasing the sales volume. Second, the effect on operations stemming from higher vehicle disposal with the Chinese public looking to travel again. CAR's leeway for gaining liquidity from selling used cars has shrunk as a sizable portion of its fleet is already pledged. The company heavily relied on finance leases and sale-and-leaseback to obtain new cars in 2022 to reduce its cash outlay. As a result, right-of-use (ROU) asset (via finance lease) has expanded to RMB2.1 billion from RMB339 million in 2021. And pledged vehicles (via sale-and-leaseback) now account for 45% of its fleet value, or RMB3.0 billion; it did not have any at the end of 2021. In addition, half of the unpledged vehicles are Borgward cars, which are more difficult to sell. CAR disposed about 6,000 units of Borgward cars in the first nine months of 2022. The progress on disposal is slower than the company's initial expectation of 20,000 units for the full year. CAR's reliance on leases, which require small upfront payment, also means that a potential slowdown in new car addition may only moderately reduce its cash needs. CAR did repay its May 2022 US-dollar-denominated notes. The US$280 million in unsecured notes were repaid through a mix of operating cash flow, used car disposal, and new secured borrowings. CAR is highly focused on liquidity management. However, the company's ability to refinance may be less favorable owing to higher funding cost and an increasing proportion of pledged assets. S&P said, "Our negative outlook reflects the increasing liquidity pressure, especially when CAR's US$250 million notes become current at the end of March 2023. The company has begun to explore financing options, but the execution risk is high. "We could lower the rating to 'CCC' category if CAR does not make substantial progress on securing sufficient long-term funding for its maturing U.S.-dollar notes and other short-term debt liabilities within the next three to four months. "We could revise the outlook to stable if CAR makes meaningful progress in its refinancing efforts and we believe the company would be able to manage its sizable near-term maturities." ESG credit indicators: E-2; S-3; G-4 ========= I N D I A ========= ADVAITH INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Advaith International (AI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.23 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 1, 2021, placed the rating(s) of AI under the 'issuer non-cooperating' category as AI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 17, 2022, October 27, 2022, November 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ludhiana-based (Punjab) AI was established in 1996, as a partnership concern. The current partners of the firm are Mr Pankaj Kumar, Mr Anand Kumar and Ms Mona Makkar. AI is engaged in the manufacturing and trading of readymade garments and knitted cloth. Its manufacturing unit located in Ludhiana, Punjab. AGARWAL ROCKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Agarwal Rocks LLP (ARLLP) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.4 CRISIL B+/Stable (Issuer Not Cooperating) Packing Credit 0.3 CRISIL A4 (Issuer Not in Foreign Currency Cooperating) Packing Credit 0.45 CRISIL A4 (Issuer Not in Foreign Currency Cooperating) Proposed Long Term 0.65 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.4 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ARLLP for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ARLLP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ARLLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ARLLP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Set up in October 2017, ARLLP processes natural stones. The firm is based at Bagru in Jaipur, and is promoted by Mr Om Prakash Agarwal and Mr Amit Agarwal. Operations started in July 2018. AHUJA BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ahuja Builders (AB) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL A4 (Issuer Not Cooperating) Overdraft Facility 7.5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AB for obtaining information through letters and emails dated October 21, 2022 and December 30, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AB continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Established in 1981 by the late Mr. Manmohan Ahuja, undertakes civil construction in the real estate (commercial and residential), industrial, and institutional segments. The firm is managed by Mr. Sharad Ahuja, son of Mr. Manmohan Ahuja. ALSTONE INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Alstone Industries Private Limited (AIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.03 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 3 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AIPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2013 and promoted by Mr Pawan Garg, AIPL manufactures building materials, which include silicon sealants and wood polymer composites (WPC; contributing to 60 percent of total sales). In 2015, the company has also added a coating line for the WPC division. Furthermore, it has set up a capacity for manufacturing unplasticised polyvinyl chloride (UPVC) profile laminations. The company's plant is in Rajasthan. AMRUTVA EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amrutva Exports Private Limited (AEPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Credit Limit 2.8 CRISIL B/Stable (Issuer Not Under Gold Card Cooperating) Packing Credit 12 CRISIL B/Stable (Issuer Not Cooperating) Packing Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Proposed Short Term 0.2 CRISIL A4 (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AEPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. AEPL, incorporated in 2002 by Mr Alkesh Patel, trades in agro-commodities such as spices, food grains, pulses, and oil seeds. AMSAT INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Amsat Industries Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.20 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 08, 2021, placed the rating(s) of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 24, 2022, October 4, 2022, October 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Amsat Industries Private Limited (AIPL) was incorporated in 2009 by Mr. Kuldip Singh Dalal and Ms. Cornolia Dalal and started its commercial operations in 2012. The company is being managed by Mr. Kuldip Singh Dalal. The company is engaged in manufacturing of heat sink and metal cabin. A heat sink is a component used in electrical machine to lower the temperature of an electronic device by dissipating heat into the surrounding air. The manufacturing facility of AIPL is located at Jhajhar, Haryana. ANNAPURNA AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Annapurna Agro Foods (AAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.36 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 10, 2021, placed the rating(s) of AAF under the 'issuer non-cooperating' category as AAF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AAF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 26, 2022, November 5, 2022, November 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Annapurna Agro Foods was established in June 2017 with an objective to enter into the rice milling and processing business. However, the entity has started commercial operation from November 2018. The manufacturing unit of the entity is located at Bainsia, Dist: Dhenkanal, Odisha with an installed capacity of 23040 metric tons per annum (MTPA). The entity is procuring raw paddy from the local farmers and small paddy agents. The entity is also engaged in custom milling activities on behalf of Odisha government. ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Ansal Housing Limited's (AHL) Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR750 mil. Secured overdraft limits (Long-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; -- INR716.3 mil. Non-fund-based limits (Short-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; and -- INR1.40 bil. Fixed deposit programme (Long-term) affirmed with IND Td (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING, Issuer did not cooperate; based on best available information Key Rating Drivers The affirmation reflects AHL's continued delays in debt servicing, which is also highlighted by the statutory auditor in the FY22 audited report, owing to the company's stressed liquidity position. AHL has also made disclosures of default in debt servicing on National Stock Exchange Limited and BSE Ltd, dated October 31, 2022 and December 31, 2022, respectively. Company Profile Incorporated in 1983, AHL operates a real estate business with a key focus on northern India. The company primarily operates in Delhi National Capital Region, Mumbai, and Tier II and Tier III towns. ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Aran Kitchen World India Private Limited (AKWIPL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with AKWIPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AKWIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AKWIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKWIPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. AKWIPL was incorporated as a joint venture between Aran Cucine (49% of the shareholding) and Bohra Kitchenware Pvt Ltd (51% of the shareholding) in 2008. The company distributes Italian-made modular kitchens. ASTON CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aston Ceramic (Aston) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.4 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Aston for obtaining information through letters and emails dated October 21, 2022 and December 30, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Aston, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Aston is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Aston continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. Aston, a Morbi, Gujarat-based partnership firm set up in 2014, manufactures digital wall tiles. The promoters have been involved in the ceramic industry for over decade through associate concerns. ATR MALLEABLE: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ATR Malleable Casting Private Limited (ATR) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL A4 (Issuer Not Cooperating) Long Term Loan 0.44 CRISIL B/Stable (Issuer Not Cooperating) Packing Credit 0.5 CRISIL A4 (Issuer Not Cooperating) Proposed Fund- 2.06 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) CRISIL Ratings has been consistently following up with ATR for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ATR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ATR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ATR continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. ATR was set up in December 1994, by the promoters, Mr A K Modi and Mr Anil Modi. The company manufactures steel and iron malleable castings largely for the railways, heavy engineering industries, and the power sector. It also manufactures fabrication for the power segment. Unit is in Howrah, West Bengal. BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Balaji Tech (SBT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 15, 2021, placed the rating(s) of SBT under the 'issuer non-cooperating' category as SBT had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SBT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 1, 2022, October 11, 2022, October 21, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sri Balaji Tech (SBT) was established as a proprietorship concern by Mr. Ramanthan in 1978. Later after the demise of Mr. Ramanathan, Mr. Sriram took over the concern. Later in the year 1996, Mr. K. Suresh Kumar joined and the entity was reconstituted as a partnership concern. Presently the firm has three partners namely, Mr. R. Sriram, Mr. K. Suresh Kumar and Mr. B. Srinivasan with the profit-sharing ratio of 2:4:4 respectively. SBT is into manufacturing of ferrous and non-ferrous based castings and forged valves and pumps. The raw material is first checked for quality before processing. The raw material undergoes various stages like melting, moulding and cutting. One cycle takes about 45 days without third party check and 120 days with third party check. SBT exports around 35% of its produce to UK, USA and Gulf countries. SBT has its registered office at Ambattur, Chennai, and Tamil Nadu. BANSAL SEEDS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bansal Seeds Private Limited (BSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 8, 2021, placed the rating(s) of BSPL under the 'issuer non-cooperating' category as BSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 24, 2022, October 4, 2022, October 14, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kashipur-based (Uttarakhand) BSPL was incorporated in November 1999 by the Agarwal family headed by Mr. Mukesh Kumar Agarwal, Managing Director. The company is engaged in processing and trading of wheat and paddy seeds. BSPL sells certified seeds in the brand name of 'Bansal Seeds' through distributors in Bihar & Uttar Pradesh. BERHAMPORE BANK: India's Oldest Pending Case Finally Settled ------------------------------------------------------------ The Times of India reports that India's oldest litigation at 72 years was disposed of earlier in January by a bench of the country's oldest high court, whose current Chief Justice Prakash Shrivastava was born a full decade after the case had been filed in 1951. While the Calcutta high court would be relieved that the litigation pertaining to liquidation proceedings of the erstwhile Berhampore Bank Ltd is finally out of the way, it still has two of the next five oldest pending cases in the country to deal with -- all of them filed in 1952, a year after the one at the top of the pile made its entry. Of the remaining three cases, two are civil suits being heard in civil courts in Bengal's Malda and one is pending in the Madras high court. The Malda courts have lined up hearings in March and November to try and settle these sticky litigations. According to the report, the Berhampore case finds mention in the National Judicial Data Grid as the oldest one to be heard in any Indian court until January 9, when Justice Ravi Krishan Kapur's disposal order of September 19 last year was signed, sealed and delivered with a typographical correction. The genesis of the case was a November 19, 1948, order of the Calcutta high court to wind up the then insolvent and litigation-mired Berhampore Bank, TOI recalls. A petition challenging the liquidation proceedings was filed on January 1, 1951, and registered the same day as "Case No. 71/1951". The Berhampore Bank had been entangled in multiple litigations to recover money from debtors. Several of these debtors moved court, challenging the bank's claims, the report notes. According to records, the petition challenging the bank's liquidation came up for hearing in the HC twice last September, but nobody apparently turned up, TOI relays. Justice Kapur then sought a report from the court's liquidator. On September 19, the assistant liquidator told the bench that the case had been disposed of in August 2006. It transpired that this wasn't updated in the records, ensuring that the case remained on the pending list. Of the two second oldest cases that are still pending in the HC, Justice Kapur had last heard one on August 23, 2022, the report says. He directed an advocate and a special officer to meet all parties and suggest modalities to bring the protracted litigation to an end. There is very little data available on the other 1952 case. BHAURAM JODHRAJ: CARE Lowers Rating on INR15.00cr LT Loan to B+ --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bhauram Jodhraj (BJ), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from BJ to monitor the rating(s) vide e-mail communications dated July 12, 2022, September 9, 2022, October 7, 2022, and December 6, 2022, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating based on the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Further, BJ has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on BJ's bank facilities will now be denoted as CARE B+; Stable /CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BJ have been revised and moved to ISSUER NOT COOPERATING category on account of lack of availability of adequate information. The rating continues to be constrained by its small scale of operations, partnership nature of constitution, working capital- and labour-intensive nature of operations, low profitability, thin debt coverage indicators, stretched liquidity position with high working capital utilization, fragmented and competitive nature of industry, volatility associated with tea prices and susceptible to vagaries of nature. However, the aforesaid constraints are partially offset by extensive experience of the promoters in the tea industry, improvement in financial performance in FY21, comfortable gearing, satisfactory capacity utilization and recovery rate and diversified geographical presence along with satisfactory distribution network. Detailed description of the key rating drivers At the time of last rating on November 16, 2021, the following were the rating strengths and weaknesses (updated for information available): Analytical approach: Standalone Key Rating Weaknesses * Small scale of operations: The scale of operations of the firm continues to remain small marked by total operating income of INR34 crore in FY21 (A) as against INR21.91 crore in FY20. The small size restricts the financial flexibility of the firm in times of stress and deprives it from benefits of economies of scale. * Partnership nature of constitution: BJ, being a partnership firm, is exposed to inherent risk of partners' capital being withdrawn at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Furthermore, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. * Working capital- and labour-intensive nature of operations: BJ's business, being manufacturing and processing of tea, is working capital intensive in nature. Different types of processes are involved in tea manufacturing like withering, fixing, oxidation, rolling, drying and aging. The operations of the firm are working capital intensive as marked by moderate operating cycle of 94 days in FY21, ranging between 76 days to 94 days during the period FY18 to FY21. The moderate operating cycle days are on account of high inventory days of 73 in FY21. The firm has to maintain the requisite inventory due to seasonal availability of tea and also to meet export demands. The average collection day stands moderate in the range of 37-61 days during the period FY18 to FY21. Furthermore, the perennial nature of the tea industry is highly labour intensive, entailing sizeable expenditure on employees (by way of salaries & wages, various employee welfare facilities, etc). Though the entity has not experienced any such labour problem during last few years, it remains a key factor in the smooth running of the business. * Fragmented and competitive nature of industry: While the tea industry is an organized agro-industry, it is highly fragmented in India with presence of many small, mid-sized and large players. There are about 1000 of tea brands in India, of which 90% of the brands are represented by regional players while the balance of the 10% is dominated by big corporate houses. This, coupled with the growing shift from loose to branded tea among consumers, would further intense the competition for the firm. * Volatility associated with tea prices: The prices of tea are linked to the auctioned prices, which in turn, are linked to prices of tea in the international market. Hence, significant adverse price movement in the international tea market affects BJ's profitability margins. Further, tea prices fluctuate widely with demand-supply imbalances arising out of both domestic and international scenarios. Tea is a perishable product and demand is relatively price inelastic, as it caters to all segments of the society. While demand has a strong growth rate, supply can vary depending on climatic conditions in the major tea growing countries. Unlike other commodities, tea price cycles have no linkage with the general economic cycles, but with agro-climatic conditions. * Susceptible to vagaries of nature: Tea production, besides being cyclical, is susceptible to vagaries of nature. BJ's tea processing unit is located in Kamrup district of Assam, the second largest tea producing state in India. However, the region has sometimes witnessed erratic weather conditions in the past. Though demand for tea is expected to have a stable growth rate, supply can vary depending on climatic conditions in the major tea growing areas. Therefore, adverse natural events have negative bearing on the productivity of tea gardens in the region and accordingly the firm is exposed to vagaries of nature. Key Rating Strengths * Extensive experience of the promoters in the tea industry: Bhauram Jodhraj, a partnership firm was incorporated on April 1, 1995. Earlier, the business was being carried on in the name of the HUF. The firm has been engaged in growing and manufacturing of tea since 1962 when it acquired Amchong Tea Estate in Kamrup district of Assam. The manufacturing unit of the firm is located at Kamrup district of Assam with an installed capacity of 1000000 Kgs per annum. Mr. Ajjay Khemka (Partner) has more than 25 years of experience in the tea industry and looks after the day-to-day operation of the firm. Mr. Ajjay Khemka is well supported by other partners Mrs. Anju Khemka, Surajkumar Saraogi, Mr. Ananya Khemka and Arpit Khemka who all actively take part in the business activities. * Improvement in financial performance in FY21 albeit low profitability: The firm generated total operating income of INR34 crore in FY21 (FY20: INR 21.91 Crore) with a PAT of INR0.32 crore in FY21 (FY20: INR0.22 crore) and cash profit of INR1.37 crore in FY21 (FY20: INR1.29 crore). There has been improvement in total operating income due to increase in tea prices during FY21 along with pick up in volumes. The operating margins stood at 7.30% in FY21 as against 8.48% in FY20. The PAT margins stood at 0.94% in FY21 (FY20: 0.99%). During Q1FY22, the firm has generated operating profit of INR0.92 crore on an operating income of INR12.74 crore. * Comfortable capital structure albeit thin debt service coverage indicator: The capital structure of the firm was comfortable marked by overall gearing ratio of 1.25x as on March 31, 2021 (1.46x as on March 31, 2020) on account of repayment of loans and reduction in debt along with accretion of profits to net worth. From FY22 onwards till the repayment of the term loan, the debt protection metrics is going to improve as unsecured loans of INR15.70 crore has been converted into Quasi Equity, resulting in higher net worth. The overall gearing ratio is likely to improve to 0.51x as on March 31, 2022. The firm's interest coverage ratio was satisfactory at 2.46x while total debt to GCA ratio was high at 19.83x in FY21. Moreover, the firm's debt service coverage ratio was thin at around unity levels. * Satisfactory capacity utilization and recovery rate: BJ's capacity utilization of the tea processing unit of the firm has been on a declining trend over the last fouryear period (FY18- FY21) due to increase in installed capacity during FY20 and FY21. The utilization levels stood at 78.73% in FY21 as against 79.79% in FY20, marginal decrease on account of increase in installed capacity. Furthermore, the recovery rate of green leaf consumed remained at satisfactory levels in the range of 22-24% over a four-year period (FY18- FY21), while the consumption of owned tea leaf was more than 45% during FY18-FY21. * Diversified geographical presence along with satisfactory distribution network: The firm has diversified geographical presence and has its footsteps in 11 states, catering on a pan India basis with a total customer base of 154. It has 7 dealers and distributors to facilitate uninterrupted distribution and supply of products. The firm has a strong presence in Eastern part of India, generating more than 40% of its revenue during FY21 from the said region. Adding to it, BJ started export to Middle East during the year 2019 and plans to generate more than 50% of its total revenue from exports. In 1962, BJ (partnership firm since April 1995) acquired Amchong Tea Estate in Assam. Amchong Tea Estate is located near Guwahati, Assam and is spread over 1782 acres, currently producing around 10,00,000 Kgs of tea. Majority of production pertains to Orthodox tea. The firm also offers for its end customers single estate tea brand called "AM'cha" which is a blend of CTC and orthodox teas. BJ has recently ventured into importing of Fresh fruits from Vietnam, Turkey, Iran, Kenya & Egypt. The day-to-day operations of the firm are looked after by the partners, Anju Khemka, Ajjay Khemka, Surajkumar Saraogi, Ananya Khemka and Arpit Khemka. CASTLE SHIPS: CRISIL Withdraws B Rating on INR60cr LT Loan ---------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Castle Ships Private Limited (CSPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 5.42 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 60 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 42.58 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 23.34 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with CSPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CSPL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on CSPL is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continues the ratings on the bank facilities of CSPL to 'CRISIL B/Stable Issuer not cooperating'. CSPL, incorporated in 2006 is engaged in the business of owing and chartering ships. Company currently has four ships, three oil tanker and one passenger ship. Company has three directors Mr. Rajiv Bhatia, Mr. Ravi Bhatia and Mr. Dilip Desa who have extensive experience in shipping business through group companies Ind-Aust Maritime Pvt. Ltd. CHOUNDESHWARI SAHAKARI: Ind-Ra Assigns BB Long Term Issuer Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Choundeshwari Sahakari Soot Girani Ltd. a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument-wise rating action is: -- INR200 mil. Proposed fund-based working capital limit assigned with IND BB/Stable IND A4+ rating. Key Rating Drivers The ratings reflect CSSGL's small scale of operations with a revenue of INR1,262.97 million in FY22 (FY21: INR731.08 million). In FY22, the revenue improved year-on-year due to the recovering of business operations after COVID-19 and increasing textile activities after the incentives provided by the government. During 8MFY23, CSSGL had booked a revenue of INR605.03 million. In FY23, Ind-Ra expects the revenue to decline year-on-year as the high prices of cotton domestically have reduced the export demand. The ratings also factor in the CSSGL's modest EBITDA margin of 7.8% in FY22 (FY21: 10.97%) with a return on capital employed of 4.4% (3.1%). In FY22, the EBITDA margin declined due to an increase in the prices of cotton and CSSGL was unable to pass on the price hike. In FY23, Ind-Ra expects the EBITDA margin to improve slightly due to the stabilizing prices of cotton and other raw materials. The ratings also reflect CSSGL's modest credit metrics with an interest coverage (operating EBITDA/gross interest expenses) of 1.5x in FY22 (FY21: 1.35x) and a net leverage (adjusted net debt/operating EBITDAR) of 4.74x (6.67x). In FY22, the interest coverage and the net leverage improved due to an increase in the absolute EBITDA and a reduction in the debt obligation. In FY23, Ind-Ra expects the credit metrics to decline slightly as the company availed a proposed fund-based facility of INR200 million for working capital requirements. Liquidity Indicator – Stretched: CSSGL does not have any fund-based facility for its day-to-day operations. CSSGL has term loan repayments of INR4.61 million each in FY23 and FY24. The cash and cash equivalents stood at INR4.77 million at FYE22 (FYE21: INR9.7 million). The cash flow from operations turned positive at INR74.75 million in FY22 (FY21: negative INR23.09 million), due to favorable changes in the working capital. The net working capital cycle shortened to four days in FY22 (FY21: 13 days), due to a reduction in the inventory days to 41 (50). Trade creditors are mainly members and weavers who provide credit period on an average of 37 days in FY22 (FY21: 42 days). Furthermore, CSSGL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. However, the ratings are supported by the organization's nearly three decades of experience in the yarn manufacturing industry. This has facilitated the company to establish strong relationships with customers as well as suppliers. Rating Sensitivities Positive: An increase in the scale of operations, along with an improvement in the overall credit metrics with the interest coverage above 2.0x and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or further pressure on the liquidity position, could lead to negative rating action. Company Profile Registered in 1991, CSSGL is a co-operative organization formed under the leadership of the Devang Koshti Samaj and its steering committee and commenced its operations in 1996. All its members are weavers and it is based in Maharashtra, and manufactures 100% cotton yarn with capacity of 25,000 spindles. DIAMOND ITINFRACON: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Diamond Itinfracon Private Limited C-10/3, First Floor, Vasant Vihar New Delhi North East DL 110057 Insolvency Commencement Date: January 3, 2023 Estimated date of closure of insolvency resolution process: July 2, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Rajiv Bajaj B-269, Lower Ground Floor, Chhatarpur Enclave, Phase-2, New Delhi-110074 Email: rbajajip@gmail.com Email: cirpdiamond@gmail.com Last date for submission of claims: January 17, 2023 FALCON STEELS: CARE Lowers Rating on INR5.98cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Falcon Steels (FS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.98 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 20, 2021, placed the rating(s) of FS under the 'issuer non-cooperating' category as FS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. FS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 5, 2022, November 15, 2022, November 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Falcon Steels (FCS) was established as a partnership firm in February 2016 and is currently being managed by Mr. Akhil Singhal, Mr. Raj Kumar, Mr. Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr. Sanchit Singhal as its partners. The commercial operations of the firm started in April 2017. FCS is engaged in manufacturing of Stainless steel (SS) products at its facility located in Kaithal, Haryana. The main products include Stainless steel (SS) tubes, SS Pipes, SS circles, SS rounds and SS squares. GANESH POLY: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ganesh Poly Plast Private Limited (SGPPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 1, 2021, placed the rating(s) of SGPPPL under the 'issuer non-cooperating' category as SGPPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SGPPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 17, 2022, September 27, 2022, October 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shree Ganesh Poly Plast Private Limited (SGP) was incorporated in May, 2006 and is currently being managed by Mr Divender Mehta and Mr Ankur Mehta. SGP is engaged in the manufacturing of corrugated boxes and plastic sheets used for packaging. The company has its manufacturing facility located at Sirmour, Himachal Pradesh. GAYATRI PROJECTS: SC Junks Promoters' Plea vs. Insolvency Order --------------------------------------------------------------- Moneycontrol reports that the Supreme Court has quashed a plea of the Hyderabad-headquartered Gayatri Projects' promoters against a National Company Law Appellate Tribunal (NCLAT) order that upheld the corporate insolvency resolution process (CIRP) of the bankrupt infrastructure firm. On January 20, a Supreme Court bench comprising Justices Ajay Rastogi and Bela M Trivedi heard and dismissed the appeal filed by promoters led by TV Sandeep Kumar Reddy, Moneycontrol relates. "We find no ground to interfere with the impugned order passed by the National Company Law Appellate Tribunal," said the court. Senior advocate Mukul Rohatgi and others appeared for the promoters. Early this month, NCLAT's Chennai bench turned down the promoters' appeal against the National Company Law Tribunal's (NCLT) order to initiate insolvency proceedings against the firm, the report recalls. Following the order, the lenders on January 14 invited expressions of interest (EoIs) for the resolution of the bankrupt infrastructure firm, which is into roads, railways, land development, power, irrigation and mining projects, among others. The firm, with an annual turnover of INR3,463 crore and INR5,864 crore worth of assets on a standalone basis in the financial year 2019, was admitted for CIRP proceedings in November 2022 by the NCLT on an application filed by the State Bank of India under the Insolvency and Bankruptcy Code, 2016. The public sector bank claimed that the infrastructure firm defaulted on INR242.33 crore loans. GRP CIRCULAR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned GRP Circular Solutions Limited (GRPCSL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR100 mil. Term loan due on September 2028 assigned with IND BB+/Stable rating; and -- INR25 mil. Fund based limit assigned with IND BB+/Stable/IND A4+ rating. ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of GRPCSL and its 100% parent GRP Limited (GRPL) as both the companies share top management and treasury; and have strong legal linkages. GRPL has extended irrevocable, irredeemable corporate guarantees to GRPCSL covering the latter's 100% debt. GRPCSL will operate on the land provided by GRPL on sub-lease. Key Rating Drivers The ratings reflect the construction stage of GRPCSL's 500 ton per month plastic polyolefin recycling unit. The construction of the unit has begun, with essential machining equipment being acquired. GRPCSL is expected by the management to start commercial operations from February 2023. The management expects to expand its capacity gradually. Liquidity Indicator: Stretched: The total project cost is INR150 million; out of this INR50 million will be funded by the promoters in the form of capital infusions, and the balance will be funded through a bank debt of INR100 million. GRPCSL has a sanctioned term loan of INR100 million term loan and a working capital facility of INR25 million, both will be disbursed post the commencement of operations. GRPCSL has already incurred an amount of INR58.78 million for the capex, which was funded through a term loan disbursement of INR22.69 million and a capital infusion of INR36.09 million. However, Ind-Ra believes that any costs over run, delay in execution of the project or delay in achieving stability of operations will affect the liquidity position of the company. Parent's Profile: The ratings however are supported by GRPL being one of the top three manufacturers of reclaimed rubber globally, and the largest in India. Also, the promoters have an extensive experience of more than four decades in the processing of circular materials namely tire, nylon, and plastic. The company manufactures recycled rubber from end-of-life tires and tubes. It also recycles nylon and plastic materials. GRPL provides technical know-how to GRPSCL on the manufacturing processes. GRPL earned revenue of INR3,884.24 million in FY22 (FY21: INR2,797.73 million) and INR2,410.29 million in 1HFY23, with an EBITDA of INR231.99 million (INR169.18 million). GRPL's credit metrics was modest with net leverage (adjusted net debt/operating EBITDAR) of 3.63x in FY22 (FY21: 3.39x) and gross interest coverage (operating EBITDA/gross interest expense) of 5.14x (3.13x). On a consolidated basis, Ind-Ra expects the credit metrics to remain at a similar level, despite additional term loan for capex in GRPCSL, as a result of scheduled repayment and stable EBITDA. GRPL's cash flow from operations on a consolidated basis turned negative INR26.76 million in FY22 (FY21: INR200.73 million) due to unfavorable changes in working capital requirement. The free cash flow was negative INR270.71 million in FY22 (FY21: INR164.93 million) due to the capex amounting to INR240.51 million been incurred. At FYE22, the company's cash and cash equivalents along with liquid investments stood at INR154.39 million (FYE21: INR137.37 million). Its average utilization of the fund-based and non-fund-based limit was at 71% and 36%, respectively, for the 12 months ended December 2022. Ind-Ra expects the free cash flow to remain negative due to major capex being incurred in FY23, on a consolidated basis. Rating Sensitivities Negative: Any delay in the commencement of commercial operations and achieving stability in the operating performance with cost and time over runs; or deterioration in liquidity and leverage exceeding 5x on a consolidated basis; or a weakening of the linkages with the parent, could be negative for the ratings. Positive: Strengthening of the linkages with the parent or timely commencement of operations and stabilization of operational performance without cost overruns, while maintaining the liquidity and sustaining the leverage below 4x on a consolidated basis, will be positive for the ratings. Company Profile Established in September 2022, GRPCSL is setting up a unit for recycling plastic polyolefin with a total capacity of 500 tons per month in Solapur, MIDC. It is a part of GRP group promoted by Rajendra V Gandhi, who has an experience of more than four decades in the waste recycling industry. H.D. OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree H.D. Overseas (SHO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.57 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 17, 2021, placed the rating(s) of SHO under the 'issuer non-cooperating' category as SHO had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SHO continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 2, 2022, November 12, 2022, November 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shree H.D. Overseas (SHD) was established in April, 2016 as partnership firm by Mr. Kailash Singla and his brother Mr. Vijay Singla and their wives, Mrs. Ritu Singla and Mrs. Poonam Singla. The firm commenced operations in November, 2016. SHD is engaged in processing of paddy at its unit located at Karnal, Haryana. INDEXPORT LEATHER: Ind-Ra Cuts LT Issuer Rating to 'D' ------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Indexport Leather Export Private Limited's (ILEPL) Long-Term Issuer Rating to 'IND D' from 'IND B+ (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- INR86.4 mil. Fund-based working capital limit (Long-term) downgraded with IND D (ISSUER NOT COOPERATING) rating; and -- INR4.5 mil. Term loan (Long-term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Key Rating Drivers The downgrade reflects ILEPL's delays in debt servicing, the details of which are not available. Company Profile Established in 1988, Kolkata-based ILEPL manufactures leather and leather handbags, wallets and other leather accessories, primarily for the European and American markets. JKR TECHNO: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: JKR Techno Engineers Private Limited B-87/4, (F-1) Dilshad Colony, New Delhi-110095 Insolvency Commencement Date: January 3, 2023 Estimated date of closure of insolvency resolution process: July 1, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Durga Das Agrawal KBL Agarwal & Co., 413, Vikasdeep Building, Laxmi Nagar, District- Centre, New Delhi- 110092 Email: cadda.ip@gmail.com Email: ip.jkrtechno@gmail.com Last date for submission of claims: January 21, 2023 LUMIFORD PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Lumiford Private Limited H.NO. 8-2-594/A, Road No.10 Banjara Hills Hyderabad Hyderabad TG 500034 Insolvency Commencement Date: January 5, 2023 Estimated date of closure of insolvency resolution process: July 5, 2023 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Pesaladinne Madhusudan Reddy TirumalaClassicApts, St No3, West Maredpally, Secunderabad, Hyderabad-500026 Email: pmreddy2000@gmail.com 1-10-17,301 Chap as Prashanthi Niketan, St.NoA, Ashok Nagar Hyderabad - 500 020 Email: ip.lumiford@gmail.com Last date for submission of claims: January 20, 2023 M. S. ELASTIC: CARE Lowers Rating on INR12.77cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of M. S. Elastic And Tapes Private Limited (MSETPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.77 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 29, 2021, placed the rating(s) of MSETPL under the 'issuer non-cooperating' category as MSETPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MSETPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 14, 2022, September 24, 2022, October 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MSETPL have been revised on account of non-availability of requisite information. The ratings also consider decline in overall profitability and increase in total debt during FY22 and FY21 over FY20. Incorporated in April 2005, M. S. Elastic And Tapes Private Limited (MSETPL) was promoted by Baijnath Chowdhary, Mr. Piyush Chowdhary, Ms. Priyanka Chowdhary, Mr. Ram Awatar Chowdhary, Ms. Ankita Chowdhary, Mr. Sourav Kumar Pugalia and Mr. Bharat Kumar Samsukha based out of West Bengal. The company has been engaged in manufacturing of elastic tapes which are mainly used in innerwear garments. The manufacturing facility of the company is located in the state of West Bengal with an aggregate installed capacity of 3500 metric tons per annum (MTPA). Further, the entity has not availed the moratorium for interest on working capital under the terms of recent RBI circular. MEGHRAJ INTERNATIONAL: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Meghraj International (MI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 21, 2021, placed the rating(s) of MI under the 'issuer non-cooperating' category as MI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 6, 2022, November 16, 2022, November 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Meghraj International (MGI) is a partnership firm established in June, 2009 by Mr Ramesh Jindal and Mr Ashish Jindal, sharing profit and loss equally. The firm is engaged in manufacturing of guar gum and guar meal at its manufacturing facility located at Hisar, Haryana. MIL INDUSTRIES: Ind-Ra Affirms BB+ Long Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed MIL Industries Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR22 mil. Fund-based facilities affirmed with IND BB+/Stable rating; and -- INR75 mil. (Increased from INR65 mil.) Non-fund-based Facilities affirmed with IND A4+ rating. Key Rating Drivers The affirmation reflects MIL's continued small scale of operations, with its revenue improving to INR535.54 million in FY22 (FY21: INR419.22 million), due to its production, operations and supply chain recovering from the impact of COVID-19-led disruptions. During 9MFY23, MIL achieved revenue of INR261 million and had an orderbook of INR193.7 million, which is scheduled be executed in the next three months. However, Ind-Ra expects MIL's revenue to decline in FY23, due to the demerger of the polytetrafluoroethylene (PTFE) business from the rubber lining business in August 2022. MIL's PTFE business was incorporated under MIL Industries and Aerospace Limited. The ratings reflect MIL's continued healthy EBITDA margin that declined to 15.26% in FY22 (FY21: 21.6%), due to higher rubber prices (major raw material) due to the ongoing Russia-Ukraine war. The return over capital employed was 14.5% in FY22 (FY21: 19.7%). Ind-Ra expects the EBITDA margin to remain at a similar level in FY23. The ratings also reflect MIL's continued comfortable credit metrics, owing to its low dependence on external debt. The gross interest coverage (operating EBITDA/gross interest expense) improved to 30.38x in FY22 (FY21: 29.43x), due to lower utilization of the non-fund-based facilities, and the net leverage (total adjusted net debt/operating EBITDAR) improved to negative 2.51x (negative 1.85x), due to an increase in the cash and cash equivalents to INR222.56 million (INR172.71 million). Ind-Ra expects the credit metrics to remain comfortable due to the absence of any major debt-led capital expenditure. Liquidity Indicator –Adequate: MIL's average maximum utilization of the fund-based limits was 69.32% and non-fund-based limits was 59.48% during the 12 months ended December 2022. The cash flow from operations improved to INR65.8 million in FY22 (FY21: INR34.93 million), due to favorable changes in the working capital cycle. The net working capital cycle, although elongated, shortened to 216 days in FY22 (FY21: 388 days) due to a fall in the inventory days to 204 days (396 days). The agency expects the working capital cycle to shorten further in FY23 following the demerger of the PTFE business from MIL's rubber lining business as lesser inventory of 90 days is maintained for rubber. The cash and cash equivalents stood at INR222.56 million at FYE22 (FYE21: INR172.71 million). MIL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. However, the ratings are supported by MIL promoters' over five decades of experience in manufacturing rubber and polytetrafluoroethylene lining, leading to established relationships with customers and suppliers. Rating Sensitivities Negative: A decline in the scale of operations, leading to a deterioration in liquidity and the credit metrics, will be negative for the ratings. Positive: A significant increase in the scale of operations and stable operating profitability resulting in comfortable credit metrics, on a sustained basis, will be positive for the ratings. Company Profile Established in 1966, MIL manufactures anti-corrosion and anti-abrasion lining and products, such as rubber lining for fertilizer, chemical and tire manufacturing industries. N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of N. P. Construction (NPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.81 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2021, placed the rating(s) of NPC under the 'issuer non-cooperating' category as NPC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NPC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 18, 2022, October 28, 2022, November 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in 1991, N. P. Construction (NPC) was promoted by Mr. Pramod Singh based out of Bokaro, Jharkhand. Since its inception, the firm has been engaged in structural fabrication, erection, installation, plant setup, setting up of coke oven, conveyor building, gas piping work on turkey project basis. The firm mainly provides its services to Steel Authority of India Limited (Bokaro), Mecon Limited, Bengal tools Limited etc. NACHIKETA PAPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Nachiketa Papers Ltd Registered Office: Mubarukbar Tehsil Rajpura Patiala, Punjab-140201 Branch Office: Soc 703, Nac, Manimajara, Chandigarh-160101 Insolvency Commencement Date: January 5, 2023 Estimated date of closure of insolvency resolution process: July 4, 2023 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Dharmendra Kumar Bhasin #191, Mamta Enclave, Dhakoli Sas Nagar, Punjab-140603 Email: ipdkbhasin@gmail.com Email: cirp.nachiketa@gmail.com Last date for submission of claims: January 19, 2023 NAHORJAN TEA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Nahorjan Tea Co. Pvt Ltd 33A, Chowringhee Road, Chatterjee International Centre, 20th Floor, Kalkata WB 700071 Insolvency Commencement Date: January 4, 2023 Estimated date of closure of insolvency resolution process: July 3, 2023 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Vasudeo Agarwal 5, Fancy Lane, 3RD Floor, Room No-9, Kolkata, West Bengal-700001 Email: vdainfo@gmail.com 5 Fancy Lane, 3rd Floor, Room No-9, Kolkata, West Bengal- 70001 Email: cirp.ntcpl@gmail.com Last date for submission of claims: January 19, 2023 NATIONAL STEEL: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained National Steel and Agro Industries Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR2.006 bil. Fund-based working capital limits (long term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR89.4 mil. Term loans (long-term) issued on April 2019 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR11.995 bil. Non-fund-based working capital limits (short- term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 5, 2020. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile National Steel and Agro Industries manufactures cold-rolled sheet (capacity: 300,000 metric tons per annum (mtpa)), galvanized plain and corrugated sheets (330,000mtpa) and color-coated sheets and coils (170,000mtpa) at its plant in the Dhar district of Madhya Pradesh. Moreover, it trades agro and steel products, and has a captive 6MW gas-based power plant. NIKKA MAL: CARE Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nikka Mal Pyare Lal Jain (NMPLJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 22, 2021, placed the rating(s) of NMPLJ under the 'issuer non-cooperating' category as NMPLJ had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NMPLJ continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 7, 2022, November 17, 2022, November 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Nikka Mal Pyare Lal Jain (NMP), a partnership concern, was established in April 2010. However, the firm commenced its operations from June 2011. NMP is engaged in bullion trading and manufacturing of gold and diamond jewellery at its retail outlet/showroom located at Ludhiana, Punjab. NTPC BHEL: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: NTPC Bhel Power Projects Private Limited NTPC Bhawan, Core-7, Scope Complex 7, Institutional Area, Lodi Road New Delhi DL110003 Y.S.R Puram, Village Mannavaram, Sri, Kalahasti Mandal, Chittoor 517620 AP Insolvency Commencement Date: January 3, 2023 Estimated date of closure of insolvency resolution process: July 2, 2023 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Varun Sethi B1, First Floor, C85A, Street No. 7 C Block, Phase 2, Chhatarpur Enclave, Near 100ft Road, Chhatarpur, South West, National Capital Territory of Delhi-110074 Email: ca.varun.sethi.81@gmail.com B1, 1603 Puri Emerald Bay, Dwarka Expressway Sector 104, Tower B, Gurugram 122006 Email: cirp.ntcpbhel.powerprojects@gmail.com Last date for submission of claims: January 17, 2023 PALATHRA CONSTRUCTIONS: CARE Withdraws B Rating on Long Term Loan ----------------------------------------------------------------- CARE Ratings Ltd. has revised the ratings from 'CARE BB-; Stable' to 'CARE B; Stable' and simultaneously withdrawn the ratings of assigned to the bank facilities of Palathra Constructions Private Limited (PCPL) with immediate effect. The action has been taken at the request of PCPL and 'No Objection Certificate' received from the banks that have extended the facilities rated by CARE Ratings Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank - Revised to CARE B; Stable Facilities from CARE BB-; Stable and Withdrawn Analytical approach: Standalone Key weaknesses * Moderate scale of operations with moderate and concentrated order book position: The scale of operations of the company remained moderate with total operating income of INR86.16 crore in FY22 as against INR93.07 crore in FY21. The order book of the company stood moderate at INR52.27 crore as on December 15, 2021 to be executed before August 2022 which translates 0.55 times of FY21's turnover. All the projects taken up by the company are restricted to few districts of Kerala and are confined to road work only. The fact of limited geographical as well as customer concentration exposes the company to concentration risks and political risks. * Weak capital structure and moderate debt coverage indicators: The capital structure remained weak with overall gearing of 2.54x as of March 31, 2022 (Prov.) as against 4.66x as of March 31, 2021. The company had availed emergency covid loans of INR16.30 crore in FY21 to manage working capital requirements. The company does not rely on any mobilisation advances. The debt coverage indicators of the company remained moderate marked with Total debt/GCA of 9.29x as of March 31, 2022 as against 23.39x as on March 31, 2021. As per publicly available information from CRISIL rationale, due to closure of current business operations, the company is currently doing accelerated debt reduction and the company would mainly use its debtor realization to pre-payment of debts availed. * Highly competitive tender based industry: There is limited revenue diversity, as contracts are executed mostly in Kerala. Revenue is thus not only vulnerable to progress on these projects but also to local socio-economic-political factors. Most of its work orders are tender-based and the revenues are dependent on the company's ability to bid successfully for these tenders. Profitability margins come under pressure because of this competitive nature of the industry. There are numerous fragmented & unorganized players operating in the industry which makes the civil construction space highly competitive. Key strengths * Experienced promoters: The Palathra Group of Concerns was founded by Mr.P. P. Mathew in 1975 by incorporating a proprietorship concern 'Palathra Constructions', which undertakes road construction projects. Later on, his sons incorporated PCPL during December 2012 which mainly undertakes road construction works in Kerala. The promoters each have nearly four decades of experience in civil construction works. PCPL had successfully completed various projects including major roads, bridges, irrigation projects, mobile towers, check dams, etc. * Comfortable profit margins: The PBILDT margin of the company has been comfortable albeit volatile in the range of 2.35 % to 2.67 % over the past three years ended FY22 as the company bids and executes high margin road projects. Palathra Constructions Private Limited (PCPL) was incorporated on December 12, 2012 by Mr. Sony Mathew and his two brothers. PCPL, based at Changanacherry, Kerala is engaged in construction of roads for Public Work Departments (PWD), State Government of Kerala. The stones for laying of roads are procured from its own quarry located at Kerala. RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rake Power Limited (RPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 17, 2021, placed the rating(s) of RPL under the 'issuer non-cooperating' category as RPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 3, 2022, October 13, 2022, October 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rake Power Limited (RPL) incorporated on June 20, 2000, is a subsidiary of Shalivahana Green Energy Limited (SGEL) and has Setup a biomass-based 10.00 MW power plant at Ramtek Tehsil, Nagpur, Maharashtra. The project achieved Commercial Operations Date (COD) on July 25, 2008 and the project was completed at total cost of INR41 crore. The company has entered in to Energy Purchase Agreement (EPA) with Maharashtra State Electricity Distribution Company (MSEDCL) for a period of 13 years from COD. At present, the company is billing as per the tariff of INR6.73 per kWh. Hyderabad based Shalivahana group has multiple business operations in construction, real estate, power generation and education. RPL is currently in talks for liquidation, however, the same has not been finalized yet. ROLTA INDIA: NCLT Admits Union Bank's Insolvency Plea vs. Company ----------------------------------------------------------------- The Economic Times of India reports that a bankruptcy court on Jan. 19 admitted Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm, ET discloses. Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over INR1,413 crore to the lender, the report notes. According to ET, the lender's counsel, Rohit Gupta, had argued that the company owed more than INR5,523 crore to its financial creditors and that it was a fit case for the tribunal to admit for the resolution process. He said the petition was filed almost three years ago and that it was necessary to initiate CIRP to save the company and its assets. The NCLT's detailed order was not available until the time of going to press on Thursday. As per a stock exchange filing, the company reported a loss of INR606.14 crore on revenue of INR7.53 crore in fiscal year 2022. Rolta India is a technology company with operations in 40 locations across India, North America, Europe, the Middle East and Australia. It provides IT solutions to various federal, state and local governments; defense and security agencies; utilities; financial services, manufacturing, retail and healthcare companies; and others. SABITRI INDUSTRIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sabitri Industries Pvt Limited Girima Ward No. 12, Karanjia, Crissa 7577037 Insolvency Commencement Date: June 6, 2022 Estimated date of closure of insolvency resolution process: November 30, 2022 Court: National Company Law Tribunal, Cuttack Bench Insolvency Professional: Mr. Sambhu Lal Agrawal Sambhu and Associates, Kolkata Bazar Building, 2nd floor, Nayapara, Sambalpur-768001 Email: sambhuandassociates@gmail.com Sambhu and Associates Kolkata Bazar Building 2nd Floor, Nayapara, Sambalpur-768001 Email: cirpsabitri@gmail.com Last date for submission of claims: June 23, 2022 SADANAND RADHIKA: CARE Lowers Rating on INR30.0cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Sadanand Radhika Mangal Charitable Trust (SRMCT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2021, placed the rating(s) of SRMCT under the 'issuer non-cooperating' category as SRMCT had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SRMCT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 18, 2022, October 28, 2022, November 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SRMCT have been revised on account of non-availability of requisite information. Established in 2019, Sadanand Radhika Mangal Charitable Trust (SRMCT) was promoted by Mr. Dilip Sharma and his spouse Mrs. Babita Sharma for imparting primary and secondary education. SRMCT has entered into an MOU with the Delhi World Foundation (DWF; owns Delhi World Public School" brand) to run the school under its brand name of "Delhi World Public School" in Siliguri, West Bengal. The trustees of DWF are Salman Khurshid (Former External Affairs Minister, Government of India), Montek Singh Ahluwalia (Former Deputy Chairman, Planning Commission), Ashok Gandotra, Louise Khurshid (Chairperson of DWF) and Rajeev Talwar are well known names in the education sector. SRMCT is setting up a school with all modern amenities and hostel facilities at Araji with an aggregate project cost of INR44.17 crore. The project is estimated to be funded through term loan of INR30.00 crore, unsecured loans of INR7.09 crore and Trustee capital of INR7.09 crore. The financial closure for the debt portion of the project has already been tied-up and SRMCT has completed construction of the school and only some interior work including assembling of furniture is under process. The school is run and managed through a board of management which has 9 members. Mr. Dilip Sharma (Managing Trustee) who has around three decades of experience in trading and hotel business looks after overall management of the trust. He is supported by other trustee and a qualified and experienced board of management. SANGHI INDUSTRIES: Ind-Ra Affirms BB+ Long Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sanghi Industries Limited's (SIL) Long-Term Issuer Rating at 'IND BB+' while resolving the Rating Watch with Negative Implications. The Outlook is Stable. The instrument-wise rating actions are: -- INR5.783 bil. (reduced from INR7.945 bil.) Term loan due on FY31 affirmed; off Rating Watch with Negative Implications with IND BB+/Stable rating; -- INR2.80 bil. (reduced from INR3.050 bil.) Non-convertible debentures (NCDs) INE999B07036 issued on February 23, 2021 14/15/16/18* due on February 23, 2027 affirmed; off Rating Watch with Negative Implications with IND BB+/Stable rating; -- INR1.850 bil. (reduced from INR2.850 bil.) Fund-based limits affirmed; off Rating Watch with Negative Implications with IND BB+/Stable rating; and -- INR1.40 bil. (increased from INR400 mil.) Non-fund-based limits^ affirmed; off Rating Watch with Negative Implications with IND A4+ rating. ^INR400 million interchangeable with fund-based limits *first 12 months/13-24 months/25-36 months/37th month onwards The affirmation and resolution of the Rating Watch with Negative Implications reflect the possible improvement in SIL's near-term liquidity and Ind-Ra's assessment of the company's credit profile following a fund infusion. Key Rating Drivers Liquidity Indicator - Stretched; Fund Infusion Improves Near-term Liquidity, but Significant EBITDA Growth Needed over Medium Term: In November 2022, SIL raised INR5 billion through the issuance of NCDs to Kotak Special Situations Fund and INR0.5 billion through an equity infusion from the promoters, leading to an improvement in its liquidity position. Of the total NCD proceeds, around INR2.1 billion was used for prepaying the principal obligations of SIL's term debt, post which the company has negligible repayment obligations in FY24 (INR20 million-25 million towards vehicle and equipment loans). Out of the funds raised, SIL maintains INR0.5 billion in cash (as on 16 January 2023) while the balance has been used for reducing the working capital debt (INR1 billion) and to fund operational requirements, including a reduction of trade payables while the equity proceeds largely remain as cash and equivalents. With the resolution of SIL's immediate liquidity challenges, Ind-Ra expects the company to be able to ramp-up its volume and profitability FY24 onwards. Also, given the negligible repayment obligations in FY24, the company is likely to be able to meet its interest obligations (1HFY23: INR0.9 billion) through internal accruals. Thereafter, the company has scheduled repayment of around INR1.7 billion in FY25 in addition to the interest expense. A significant increase in EBITDA (1HFY23: INR0.2 billion; FY22: INR1.9 billion; FY21: INR2.4 billion) will be needed for the company to be able meet both through internal accruals. The NCDs issued in November 2022 have a three-year bullet maturity and the company would need a large fund infusion to meet the same. SIL's average utilization of its working capital limits of INR3.2 billion was around 95% during the 12 months ended December 2022. While the total working capital limits remain unchanged, the fund-based limits have been reduced by INR1 billion to INR1.85 billion (from INR2.8 billion) while the non-fund based limits have been increased by the same amount. SIL's cash flow from operations (post net interest expense) rose to INR3,241 million in FY22 (FY21: INR2,372 million), mainly due to a reduction in working capital owing to an increase in trade payables. With high input costs affecting profits and a likely reduction in creditor days, Ind-Ra expects the cash flow from operations to turn negative in FY23 before normalizing in FY24. The free cash balance increased to around INR0.5 billion at end-December 2022 (FYE22: INR1.4 million), primarily led by the equity infusion. Ind-Ra understands from the management that the company intends to keep around INR0.3 billion of free cash in addition to the debt service reserve account of around INR0.2 billion at end-December 2022 (mid-September 2022: INR0.3 billion). Input Cost Headwinds to Hit EBITDA in FY23, Recovery likely in FY24: SIL continued to witness a fall in profitability, with EBITDA/metric ton (mt) declining sharply to INR163 in 1HFY23 (1HFY22: INR1,043/mt, FY22: INR821/mt, FY21: INR1,120/mt) owing to a sharp rise in power and fuel cost/mt and sub-optimal input procurement, due to the tight liquidity position. As a result, the overall EBITDA contracted to INR0.2 billion in 1HFY23 (1HFY22: INR1.1 billion). The total sale volumes (cement and clinker) grew 2% yoy to 1.03 million tons (mnt) in 1HFY23, while cement sale volumes grew 13% yoy. With EBITDA losses in 2QFY23 and working capital challenges for a large part of 3QFY23 affecting production, Ind-Ra expects SIL's overall EBITDA generation in FY23 to fall short of the agency's expectations in its last review despite the cost-reduction measures undertaken by the management. However, the improvement in the liquidity position would enable the company to ramp-up its capacity utilization in FY24 (1HFY23: 33%). This in addition to the correction in the cost structure with the optimized sourcing and a gradual softening of input costs might result in a healthy double-digit growth for the company in the year. The extent of the growth in EBITDA would be contingent on SIL's ability to regain market share and EBITDA/mt; this remains a key monitorable. High Debt Burden keeps Leverage Elevated; Pace of Deleveraging Contingent on EBITDA Growth: SIL had completed a large capex towards its 3.3mnt clinker and 2mnt grinding unit in Kutch in February 2021 (after a delay of around a year exacerbated by COVID-19). However, with the new unit being under the stabilization process till 3QFY22 and a slow recovery in demand in the western region post COVID-19, SIL's total sales volumes stood at 2.3mnt during FY22 (FY21: 2.1mnt), lower than the annual sales volumes of 2.4-2.9mnt over FY17-FY19. The capex of around INR16.6 billion over FY19-FY22 (including the expansion), the production issues faced by the company and the hit on sales demand due to COVID-19 led to the deterioration in the net leverage (net debt/EBITDA) from a comfortable level of 1.5x in FY18 to a peak of 6.2x in FY20. After improving to 5.7x in FY21, the net leverage deteriorated to 7.0x in FY22, due to the decline in the EBITDA. Furthermore, given the weak performance in 1HFY23, the net leverage shot up to 12.7x at end-September 2022. While the fund infusion has improved the near-term liquidity position, the net debt increased to around INR15 billion at end-December 2022 (FY22: INR13.3 billion, 1HFY23: INR13.1 billion) as 90% of the fund infusion of INR5.5 billion was in the form of debt. Notwithstanding the likelihood of a meaningful improvement in FY24, Ind-Ra expects the net leverage to remain high, with the pace of deleveraging contingent on the growth in EBITDA. SIL's EBITDA interest coverage (EBITDA/interest expense) fell to 0.2x in 1HFY23 (FY22: 2.3x, FY21: 3.3x) as the EBITDA plummeted and the company stopped interest capitalization of the debt for the new unit. The interest coverage is likely to remain weak in FY23, post which it could improve in FY24, supported by higher EBITDA. Robust Business Profile despite Limited Geographical Diversification: SIL is the third-largest cement company in Gujarat. Furthermore, its market share is likely to strengthen over the medium term with the smooth operations of the existing plants and a gradual ramp-up of its expanded capacity. The company completed its capex in February 2021, which resulted in a significant increase in its grinding capacity to 6.1mnt from 4.1mnt and clinker capacity to 6.6mnt from 3.3mnt. The management plans to increase its clinker exports, since the capacity has expanded to a level that is not commensurate with the growth in the grinding capacity. Post the capex completion, SIL has a 130MW multi-fuel captive thermal power plant and a 13MW waste heat recovery system, which fulfil its entire power requirements. Also, SIL has a multi-fuel kiln (pet coke, coal, and lignite), which enables it to switch fuels depending on their prices. Moreover, the company can source lignite at competitive rates, given its proximity to Gujarat Mineral Development Corporation's lignite mines. SIL also has a private jetty for exporting clinkers to countries such as Sri Lanka, the UAE and Africa. The private jetty also assists SIL in accessing other Indian states on the coastal line for clinker sales and import pet coke and coal directly to the plant. While SIL is a strong player in Gujarat, its geographical presence remains limited, as the state constitutes 80%-85% of the company's total cement sales. The company also sells cement in the markets of Rajasthan, Maharashtra and Kerala. The management expects sales in Kerala and Maharashtra, and clinker exports to improve over the medium term due to the increased capacity. However, Ind-Ra believes the company will continue to focus on Gujarat, given its established market position and freight cost advantage. Rating Sensitivities Positive: Growth in EBITDA, leading to a significant and sustained improvement in the financial profile and liquidity, with EBITDA interest coverage of more than 2x, on a sustained basis, could lead to a positive rating action. Negative: Continued weakness in profitability and/or a sharper-than-expected increase in working capital requirements, leading to a deterioration in the liquidity position, could be negative for the ratings. ESG Issues ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this section, the ESG issues are credit neutral or have only a minimal credit impact on SIL, due to either their nature or the way in which they are being managed by the entity. For more information on Ind-Ra's ESG Relevance Disclosures, please click here. Company Profile Incorporated in 1985, SIL has a grinding capacity of 6.1mmtpa and a clinker capacity of 6.6mmtpa. It also has a 130MW captive thermal power plant, captive mines, a water de-salination facility, and a captive port in Kutch which can handle 1mmtpa of cargo. SIL sells ordinary portland cement, portland pozzolana cement and portland slag cement in Gujarat, Rajasthan, Maharashtra and Kerala and international markets of the Middle East, Africa and the Indian sub-continent. SGRD HEALTHCARE: CRISIL Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of SGRD Healthcare Private Limited (SGRD) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15.4 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SGRD for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SGRD, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGRD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGRD continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SGRD was incorporated in 2011, by promoters, Mr Amarjit Singh Sabharwal and his brother, Mr Tejinder Singh Sabharwal. The company has set up a 130-bedded multi-specialty hospital at Amritsar. Work commenced in April 2012 and operations have started from August 2015. SGRD has entered into an agreement with IVY Health & Life Sciences Pvt Ltd (IVY), to manage the entire operations of the hospital for a period of 10 years. SPACE TECH: CARE Lowers Rating on INR3.25cr LT Loan to D -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Space Tech Equipments And Structurals Private Limited (STESPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable Long Term/ 4.75 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable/ CARE A4 Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 8, 2021, placed the rating(s) of STESPL under the 'issuer non-cooperating' category as STESPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. STESPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 24, 2022, October 4, 2022, October 15, 2022 and January 12, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The rating revision also considers frequent instances of delays in debt servicing as recognized from publicly available information i.e. FY20 and FY21 audit report available from MCA. Incorporated in the March 1992, Space Tech Equipment and Structural Private Limited (STES) is engaged into manufacturing and supply of a broad array of critical equipment and structures viz. pressure vessel, air receiver, gas holder erection & installation, process equipment, fertilizers & chemicals storage and installation, process columns & tower which finds application in petroleum, fertilizers, chemical, cement, steel, and ceramics industry. STES has its plant located at Ambernath, Thane, Maharashtra. STATE BANK OF INDIA: Moody's Ups Add'l Tier 1 Securities to (P)B1 ----------------------------------------------------------------- Moody's Investors Service has affirmed the Baa3 long-term local and foreign currency bank deposit ratings of State Bank of India (SBI). Moody's has also upgraded SBI's Baseline Credit Assessment (BCA) and additional tier 1 securities (AT1) program rating to ba1 and (P)B1 from ba2 and (P)B2, respectively. At the same time, Moody's has upgraded the long-term local and foreign currency bank deposit ratings of Bank of Baroda (BOB), Canara Bank, and Punjab National Bank (PNB) to Baa3 from Ba1. The BCAs of these three banks were also upgraded to ba3 from b1. The outlooks on the long-term ratings of all four banks remain stable. A List of Affected Credit Ratings is available at https://bit.ly/3D68Vt6 RATINGS RATIONALE The affirmation of SBI's long-term deposit ratings at Baa3 and upgrade of BOB's, Canara's and PNB's long-term deposit ratings to Baa3 from Ba1 reflect an improvement in India's Macro Profile to Moderate+ from Moderate, the improving credit metrics of the four banks and Moody's continued assumption of a very high level of government support to the banks in times of need. Credit conditions in India have gradually improved, with a significant reduction in the banks' stock of legacy problem loans over the past three years. Corporates' financial health has also improved following a decade of deleveraging, while stress among non-bank financial institutions has abated. In addition, retail loans have performed well despite pandemic-induced economic stresses, indicating better underwriting quality and relatively low household leverage in India compared to those in many other Asian countries. Still, loans to small and medium-size enterprises continue to pose risks to the banks' asset quality because Moody's expects this segment to be the most vulnerable to interest rate rises. Furthermore, while India's economic growth will moderate driven by rising rates and a global slowdown, the Indian economy will perform better than emerging market peers. Because of these factors, the operating environment will remain supportive for banks. The BCA upgrades of the four banks reflect their improved asset quality and profitability. The gross nonperforming loan (NPL) ratios as of the end of September 2022 for SBI, BOB, Canara and PNB declined sharply to 3.5%, 5.3%, 6.4% and 10.5%, respectively, from 10.9%, 12.3%, 11.9% and 18.4% as of the end of March 2018. There has been a corresponding improvement in their net NPL formation rates as well. Moody's expects the banks' asset quality to be healthy over the next 12-18 months, helped by a supportive operating environment, improved corporate balance sheets, and better retail underwriting quality. The improvement in asset quality has translated into higher profitability because of lower credit costs. Moody's expects this increase in profitability to be sustainable over the next 12-18 months. The banks' capitalization has increased over the past two years, driven by capital raisings from equity markets. Their capitalization will remain stable over the next 12-18 months. Funding and liquidity will remain key credit strengths of these banks given their status as public sector banks in India and linkages with the government, which result in good deposit franchises. Moody's continues to assume a very high level of government support in these banks' ratings, leading to a one-notch uplift for SBI and three-notch uplift for the three other banks' deposit ratings from their BCAs. SBI is the largest bank in India by deposit market share, while the other three rank among the seven biggest banks in India, with deposit market shares ranging between 6% and 7%. Their systemic importance is further enhanced by the strong links to the government. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The deposit ratings of these four banks are already at the level of India's sovereign rating of Baa3. As such, the ratings could only be upgraded if the sovereign rating is upgraded. Moody's could further upgrade SBI's BCA if SBI's core equity capital improves materially, while the bank maintains asset quality and profitability at current levels. The BCAs of BOB, Canara and PNB could be further upgraded if their asset quality improves structurally, with net NPL formation rates of less than 1% of gross loans on a sustainable basis. Improvements in capital will also be positive for the BCAs. WHAT COULD CHANGE THE RATING DOWN Moody's could downgrade the BCAs of the four banks if their asset quality deteriorates materially, as reflected in net NPL formation rates being above 2% for a prolonged period, which in turn affects profitability and capital. Moody's could downgrade the deposit ratings of BOB, Canara and PNB if their BCAs are downgraded. SBI's deposit ratings could be downgraded if there is a multi-notch downgrade of the BCA. The deposit ratings of the four banks will be downgraded if the sovereign rating is downgraded. The principal methodology used in these ratings was Banks Methodology published in July 2021. State Bank of India is headquartered in Mumbai and reported consolidated assets of INR56.0 trillion ($688.6 billion) as of September 30, 2022. Bank of Baroda is headquartered in Mumbai and reported consolidated assets of INR13.9 trillion ($171.9 billion) as of September 30, 2022. Punjab National Bank is headquartered in New Delhi and reported consolidated assets of INR14.0 trillion ($172.3 billion) as of September 30, 2022. Canara Bank is headquartered in Bangalore and reported consolidated assets of INR13.3 trillion ($163.5 billion) as of September 30, 2022. UR SINTER: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: U'R Sinter Private Limited Village Bumblo, Tehsil Amb, Opposite RTO Hoshiarpur Road Amb Una-174303, Hp, India Insolvency Commencement Date: January 4, 2023 Estimated date of closure of insolvency resolution process: July 3, 2023 Court: National Company Law Tribunal, Chandigardh Bench Insolvency Professional: Vikas Aggarwal 288, Second Floor, Sector 32-A, Chandigarh – 160030 Email: ipvikas.aggarwal@gmail.com 3rd Floor, Plot No. D-190, Sector-74, Phase 8B Industrial Area, Mohali-160071 Distt. SAS Nagar, Punjab Email: cirp.ursinter@gmail.com Last date for submission of claims: January 18, 2023 YADAV SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Yadav Solvex Private Limited (YSPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 7.15 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with YSPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of YSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on YSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of YSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. YSPL was incorporated in 2003 by Mr. Bhagwan Singh and his family. The firm processes basmati rice at its plant at Muktsar in Punjab. YSPL has a total milling and sorting capacity of 4.5 tonne per hour each. YOGESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Yogesh Poultry and Breeding Farm (YPBF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.04 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 20, 2021, placed the rating(s) of YPBF under the 'issuer non-cooperating' category as YPBF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. YPBF continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 5, 2022, November 15, 2022, November 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Haryana-based, Yogesh Poultry and Breeding Farm (YPBF) was established in February 2014 as a partnership firm by Mr. Rajesh Kumar and Mrs. Savita Devi, the firm has succeeded an erstwhile proprietorship firm, Yogesh Poultry Farm established in 1997. YPBF is engaged in poultry business which includes broiler farming, layer farming, and broiler hatchery which involves growing of one day chick into egg laying birds. The processing facility of the firm is located at Bhiwani, Haryana. ZYCUS INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Zycus Infotech Private Limited (ZIPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 12.7 CRISIL B/Stable (Issuer Not Overdraft facility Cooperating) CRISIL Ratings has been consistently following up with ZIPL for obtaining information through letters and emails dated October 21, 2022 and December 15, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ZIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ZIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ZIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. For arriving at its ratings, CRISIL Ratings has consolidated the business and financial risk profiles of Zycus, and its 4 wholly owned subsidiaries - Zycus Inc, Zycus Infotech Singapore PTE Ltd, Zycus Infotech Netherlands B.V. and Zycus Infotech FZ LLC respectively. CRISIL considers these entities as being strategic to Zycus in view of their strong integration with Zycus's operations. ZIPL, incorporated in September 1997 and promoted by Mr. Aatish Dedhia, develops software solutions for procurement performance, spend analysis, and contract and supplier management. The company is based in Mumbai and has a marketing subsidiaries in US, Zycus Inc and in Dubai, Zycus Infotech FZ LLC. ================= I N D O N E S I A ================= PERUSAHAAN PENGELOLA: S&P Withdraws 'BB/B' Issuer Credit Ratings ---------------------------------------------------------------- S&P Global Ratings withdrew its 'BB/B' long- and short-term issuer credit ratings on Perusahaan Pengelola Aset (Persero) PT at the company's request. The outlook on the long-term rating was stable at the time of the withdrawal. ========= J A P A N ========= RAKUTEN GROUP: Shutters 20% of Stores in Bid to Reach Profit Goal ----------------------------------------------------------------- Nikkei Asia reports that Rakuten Group will shutter 20% of its mobile phone stores, the Japanese technology conglomerate announced on Jan. 20, as it scrambles to meet profitability goals for this year. The number of locations will be reduced from 1,261 to about 1,000. Nikkei Asia relates that the stores to be closed are all located inside post offices, where Rakuten had set up application counters to take advantage of the capital and business alliance with Japan Post Group. The company had counters in 280 post offices. The company will instead place flyers at 20,000 post offices nationwide, directing potential customers to more profitable online sign-ups, the report says. "We aim to increase points of contact with consumers and further improve recognition," Nikkei Asia quotes a Rakuten representative as saying. Regarding the fate of stand-alone locations and those in electronics stores, the company said it will continue to adjust to customer needs, the report relates. The company has seen customer flow at stores dropped sharply since the company ended its zero-yen plan that offered free data for light users. According to Nikkei Asia, the closures come as the company appears to be grasping at straws to reach its profitability goals. Another move to boost sales and gain customers in Japan's highly competitive mobile market is calling on employees to enlist friends and family as new customers. Rakuten rapidly expanded its store network after entering the mobile phone business in April 2020, aiming to improve name recognition. Now it is making profitability a priority. Rakuten is not the only mobile company closing shops, Nikkei Asia notes. Store visits have declined industrywide due to changes in consumer behavior such as not going out as much because of the pandemic and an overall decline in smartphone sales. NTT Docomo, Japan's leading mobile carrier, is also planning to close stores and focus on customer acquisition via the internet. However, Rakuten's situation appears more dire, the report states. Investments in its mobile phone business have piled up, with the company's consolidated net loss for the January-September 2022 period reaching JPY258 billion ($2 billion). About Rakuten Japan-based Rakuten Group provides e-commerce, fintech, digital content, and communications products and services. As recently reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings affirmed its 'BB' issue credit rating to Rakuten Group Inc.'s (BB/Negative/--) U.S. dollar-denominated senior unsecured bonds ($500 million; issued in November 2022; due in 2024) following the company's announcement of a potential additional issuance. ===================== N E W Z E A L A N D ===================== BUILD MONSTER: Creditors' Proofs of Debt Due on Feb. 28 ------------------------------------------------------- Creditors of Build Monster Limited are required to file their proofs of debt by Feb. 28, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 17, 2023. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 CRYPTOPIA: Liquidators Spent NZD20M While Customers Wait for Funds ------------------------------------------------------------------ Martin Van Beynen at Stuff.co.nz reports that customers of hacked crypto-exchange Cryptopia are still waiting for their funds despite a four-year wait and NZD20 million already spent by liquidators. Christchurch-based Cryptopia was put into liquidation by its shareholders in May 2019 after a drop in business in 2018 and a disastrous hack in January 2019 which stole currency then worth about NZD25-to NZD30 million, about 15% of all clients' funds. The exchange was holding cryptocurrencies worth about NZD170 million and had 800,000 account holders with a positive coin balance. According to Stuff, the liquidators' - David Ruscoe and Malcolm Moore of Grant Thornton - latest report shows that nearly four years after the liquidation not a single account holder has got their crypto-money back despite the accountancy firm spending NZD20.3 million on the liquidation, including NZD5.78 million on its own fees and NZD3.4 million on legal fees. Unsecured creditors (those with no priority claim) are owed nearly NZD3 million. Most of the account holders live overseas, Stuff notes. The liquidators' spending has mainly been funded by converting crypto-assets to mainstream currency (NZD14.3 million) and funds recovered (NZD5 million). But, according to the report, the end appears to be in sight, Stuff notes. The liquidators will apply for court orders in the next few months to get clarity on funds that have not been claimed, the distribution model and setting a cut-off date for claims to be received and assessed. In December 2021, the liquidators said the court applications would be made in the first half of 2022. Since appointment, the liquidators have had to reconstruct the exchange's infrastructure because the source of the original hack remains unknown and malicious code could still be embedded, the report said, Stuff relays. They hired international cybersecurity experts to secure wallets (separate storage devices for each account holder) and transfer assets to a secure environment. "This has been a complex and lengthy process." Administrative failures by Cryptopia meant they had to reconstruct wallets and corroborate transactions to ensure account holders had the correct balance, the liquidators, as cited by Stuff, said. In the four years since liquidation, the liquidators set up processes for the registration of claims and verifying the account holders' identities, Stuff states. The latest step involved account holders agreeing with their balances. By the end of November last year, 72 per cent of users contacted had confirmed their balances. Many cryptocurrency owners who banked at the Cryptopia don't seem worried about claiming their coin, Stuff adds. ". . . there remains a material amount of cryptocurrency attributed to account holders who have not yet participated in the claims process or identified themself (sic)," the liquidators' latest report showed. "While we have made significant progress on the claims process by value, we still have a large number of unclaimed holdings." According to Stuff, the liquidators said they continue to work with the New Zealand police and international authorities to find the source of the hack. Recovery actions had been filed in the United States, Malaysia and Singapore to track the movement of the assets post-hack, Stuff says. They had also asked US law enforcement agencies to lift freezing orders so stolen assets could be returned. So far about NZD3,000 has been repatriated. An exchange in Singapore had received a number of stolen assets and was co-operating. Legal action in Malaysia had stalled, the report said. About Cryptopia Limited Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- was a cryptocurrency exchange based in New Zealand. On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton were appointed as liquidators to wind up the company's affairs. Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York Case No. 19-11688) on May 24, 2019. Timothy E. Graulich, Esq., Davis Polk & Wardwell LLP, in New York, is the U.S. counsel. SHARAN CIVIL: Court to Hear Wind-Up Petition on March 2 ------------------------------------------------------- A petition to wind up the operations of Sharan Civil And Maintenance Limited will be heard before the High Court at Auckland on March 2, 2023, at 10:00 a.m. PSGL Limited (trading as Pit Stop Grey Lynn) filed the petition against the company on Nov. 21, 2022. The Petitioner's solicitor is: Bruce Murray Vallant Hooker and Partners Upper Level, 19 Blake Street Ponsonby, Auckland 1011 SMARTBOY CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 13 ---------------------------------------------------------------- A petition to wind up the operations of Smartboy Construction Limited will be heard before the High Court at Hamilton on Feb. 13, 2023, at 10:45 a.m. Hamilton Hardware Retail Limited (trading as Mitre 10 Mega Hamilton) filed the petition against the company on Dec. 7, 2022. The Petitioner's solicitor is: Catherine Louise Waugh Credit Consultants Group NZ Limited Level 12, 15 Willeston Street Wellington Central Wellington 6011 T&S DRYWALL: Court to Hear Wind-Up Petition on Feb. 23 ------------------------------------------------------ A petition to wind up the operations of T&S Drywall Limited will be heard before the High Court at Christchurch on Feb. 23, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 25, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 WHITELABELNZ LIMITED: Creditors' Proofs of Debt Due on Feb. 24 -------------------------------------------------------------- Creditors of Whitelabelnz Limited are required to file their proofs of debt by Feb. 24, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 20, 2023. The company's liquidator is: Bryan Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 ================= S I N G A P O R E ================= CANTON-I PTE: Creditors' Proofs of Debt Due on Feb. 22 ------------------------------------------------------ Creditors of Canton-I Pte. Ltd., Nan Fung (Singapore), and Greenview Residences Pte. Ltd. are required to file their proofs of debt by Feb. 22, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 14, 2023. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 DERMATOLOGY & SURGERY: Court to Hear Judicial Mgmt Bid on Feb. 8 ---------------------------------------------------------------- A petition to place the operations of Dermatology & Surgery Clinic (Orchard) Pte. Ltd. under Judicial Management will be heard before the High Court of Singapore on Feb. 8, 2023, at 10:00 a.m. Loh Teck Hiong filed the application to place the company under Judicial Management on Nov. 28, 2022. Mr. Saw Meng Tee and Mr. Ong Shyue Wen of EA Consulting Pte. Ltd. have been nominated as the Judicial Managers. ERC UNICAMPUS: Creditors' Proofs of Debt Due on Feb. 20 ------------------------------------------------------- Creditors of ERC Unicampus Pte. Ltd. are required to file their proofs of debt by Feb. 20, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 17, 2023. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa c/o Baker Tilly Reid 600 North Bridge Road #05-01 Parkview Square Singapore 188778 HODLNAUT: Creditors Seek Liquidation, Reject Restructuring Plan --------------------------------------------------------------- Bloomberg News reports that key creditors of embattled crypto lender Hodlnaut Pte rejected a proposed restructuring plan and prefer to liquidate the company. They said their interests are best served by winding the firm up, according to a Jan. 11 filing by Hodlnaut's court-appointed interim judicial managers seen by Bloomberg News. Such a step should be taken as soon as possible "to maximize the company's remaining assets available for distribution," Algorand Foundation, one of the creditors, wrote in the filing, Bloomberg relays. Singapore-based Hodlnaut, which also has operations in Hong Kong, halted withdrawals in August 2022 and was granted protection from creditors. Bloomberg says the firm downplayed its exposure to crypto fugitive Do Kwon's collapsed Terra digital-token ecosystem but in reality suffered a near-SGD190 million loss. A number of crypto lenders worldwide imploded in last year's digital-asset rout. According to Bloomberg, the group of creditors objected to a provision in the restructuring plan that would allow the directors who presided over Hodlnaut's stumble to continue managing the business. Singapore's police force said in November that it's investigating Hodlnaut and its directors for potential cheating and fraud. The question mark over the suggested restructuring adds to the uncertainty about the company's future. Meanwhile, a hearing on Jan. 13 rejected an application to remove the interim judicial managers, Bloomberg adds. About Hodlnaut Trading Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a Singapore-based platform that provides innovative financial services for individual investors who can earn interest on their cryptocurrencies. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 6, 2022, the Singapore High Court granted judicial management to Hodlnaut, giving the struggling crypto lender additional breathing space to come up with a recovery plan. According to Bloomberg, Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY Corporate Advisors Pte as the interim judicial managers, Hodlnaut said in a statement on its website on Aug. 30. In an earlier application, Hodlnaut had proposed Tam Chee Chong of Kairos Corporate Advisory Ltd. as the interim judicial manager. The court announced the decision on Aug. 29, Hodlnaut added. IBC CAPITAL: Moody's Withdraws 'B3' Long Term Corp. Family Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn IBC Capital Limited's (Goodpack) B3 long-term corporate family rating. The rating outlook prior to withdrawal was stable. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. COMPANY PROFILE IBC Capital Limited (Goodpack) was acquired by Kohlberg Kravis Roberts & Co L.P. (KKR) in September 2014 for $1.4 billion and is an indirect wholly-owned subsidiary of a fund affiliated and advised by KKR. Headquartered in Singapore, Goodpack owns a fleet of more than 4 million intermediate bulk containers used for the packaging, transportation and storage of cargo; primarily natural rubber and synthetic rubber. JCM LOGISTICS: Creditors' Proofs of Debt Due on Feb. 20 ------------------------------------------------------- Creditors of JCM Logistics & Warehousing Private Limited are required to file their proofs of debt by Feb. 20, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 13, 2023. The company's liquidator is: Ng Choon Heng c/o 600 North Bridge Road #05-01 Parkview Square Singapore 188778 TEE INT'L: Enters SGD1.8 Million Loan Deal to Fund Restructuring ---------------------------------------------------------------- The Business Times reports that Tee International has entered an agreement for a term loan of up to SGD1.8 million with Meta5, an entity that had previously subscribed to its shares, the mainboard-listed company announced in a Jan. 20 bourse filing. BT relates that the proceeds will fund costs associated with Tee International's restructuring, as well as mortgage loan installments and the company's operating expenses. In August last year, Tee International entered a conditional subscription agreement with Meta5 to issue new shares in the company worth SGD7.5 million. It had earlier planned to raise up to SGD14 million through new share subscription and issue, but this fell through after two investors decided not to proceed. Trading in Tee International's shares has been suspended since June 2021, the report notes. About Tee International TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/-- an investment holding company, engages in engineering, real estate, and infrastructure businesses. TEE International Limited has operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong, Australia, and New Zealand. The company was founded in 1980 and is headquartered in Singapore. TEE International reported net losses of SGD7.60 million, SGD18.17 million and SGD59.55 million for years ended May 31, 2018, 2019, and 2020, respectively. YANG KEE: Court to Hear Judicial Management Bid on Feb. 6 --------------------------------------------------------- A petition to place the operations of Yang Kee Logistics (Singapore) Pte. Ltd. under Judicial Management will be heard before the High Court of Singapore on Feb. 6, 2023, at 10:00 a.m. Koh Kien Chon filed the application to place the company under Judicial Management on Dec. 27, 2022. Mr. Wong Joo Wan of Alternative Advisors has been nominated as the Judicial Manager. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Jan. 16, 2023 to Jan. 20, 2023 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.26 ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.26 APA INFRASTRUCTURE LTD 1.25 03/15/33 EUR 74.00 APA INFRASTRUCTURE LTD 2.50 03/15/36 GBP 67.70 AUSNET SERVICES HOLDINGS 2.57 08/07/35 AUD 69.57 AUSNET SERVICES HOLDINGS 2.57 08/07/35 AUD 69.22 AUSNET SERVICES HOLDINGS 3.16 08/07/40 AUD 65.80 AUSTRALIA & NEW ZEALAND B 1.86 02/28/44 EUR 75.24 AUSTRALIA & NEW ZEALAND B 2.57 11/25/35 USD 73.99 AUSTRALIA & NEW ZEALAND B 2.57 11/25/35 USD 73.95 AUSTRALIA & NEW ZEALAND B 3.40 12/20/39 AUD 67.07 AUSTRALIA & NEW ZEALAND B 1.23 02/18/50 EUR 64.51 AUSTRALIA & NEW ZEALAND B 3.00 12/17/40 AUD 61.91 AUSTRALIA & NEW ZEALAND B 2.92 12/22/40 AUD 60.17 AUSTRALIA GOVERNMENT BOND 1.75 06/21/51 AUD 65.72 CLIME CAPITAL LTD/FUND 5.25 11/30/25 AUD 0.98 COMMONWEALTH BANK OF AUST 3.10 11/30/41 AUD 74.73 COMMONWEALTH BANK OF AUST 1.34 05/17/49 EUR 73.72 COMMONWEALTH BANK OF AUST 3.66 09/23/34 AUD 72.76 COMMONWEALTH BANK OF AUST 3.00 03/20/35 AUD 71.90 COMMONWEALTH BANK OF AUST 3.30 05/28/35 AUD 71.83 COMMONWEALTH BANK OF AUST 1.01 07/19/44 EUR 71.25 COMMONWEALTH BANK OF AUST 3.31 03/11/41 USD 69.79 COMMONWEALTH BANK OF AUST 3.31 03/11/41 USD 69.78 COMMONWEALTH BANK OF AUST 0.69 11/15/39 EUR 68.73 COMMONWEALTH BANK OF AUST 2.71 10/29/49 AUD 66.84 COMMONWEALTH BANK OF AUST 2.70 09/18/49 AUD 66.62 COMMONWEALTH BANK OF AUST 2.66 11/26/49 AUD 66.18 COMMONWEALTH BANK OF AUST 2.60 09/27/49 AUD 65.17 COMMONWEALTH BANK OF AUST 0.48 07/30/43 EUR 65.15 COMMONWEALTH BANK OF AUST 0.48 07/29/41 EUR 64.05 COMMONWEALTH BANK OF AUST 3.00 12/10/40 AUD 63.87 COMMONWEALTH BANK OF AUST 2.45 10/18/49 AUD 63.22 COMMONWEALTH BANK OF AUST 3.20 08/27/40 AUD 62.96 COMMONWEALTH BANK OF AUST 3.30 09/24/41 AUD 61.79 COMMONWEALTH BANK OF AUST 3.30 08/26/50 AUD 61.57 COMMONWEALTH BANK OF AUST 3.12 08/27/41 AUD 59.72 COMMONWEALTH BANK OF AUST 1.90 03/12/50 AUD 54.68 EDITH COWAN UNIVERSITY 3.40 07/15/41 AUD 69.50 EXCHANGE TRADED AUSTRALIA 1.75 06/21/51 AUD 65.41 FLAGSHIP INVESTMENTS LTD 5.50 10/01/26 AUD 2.56 GENERAL PROPERTY TRUST 2.21 12/04/35 HKD 72.77 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 8.55 GLOBAL MASTERS FUND LTD/F 5.50 11/24/26 AUD 3.10 MACQUARIE BANK LTD 3.05 03/03/36 USD 73.31 MACQUARIE BANK LTD 3.05 03/03/36 USD 73.23 MACQUARIE GROUP LTD 2.67 10/27/36 USD 72.38 MACQUARIE GROUP LTD 2.60 10/08/36 USD 71.81 MACQUARIE GROUP LTD 2.50 09/24/36 USD 70.95 MACQUARIE GROUP LTD 2.22 06/26/39 SEK 54.39 MACQUARIE UNIVERSITY 3.05 05/20/40 AUD 74.33 MACQUARIE UNIVERSITY 3.10 11/22/44 AUD 69.98 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.85 NATIONAL AUSTRALIA BANK L 3.30 06/09/35 AUD 73.94 NATIONAL AUSTRALIA BANK L 4.10 02/24/42 AUD 73.31 NATIONAL AUSTRALIA BANK L 2.76 01/21/40 AUD 73.02 NATIONAL AUSTRALIA BANK L 2.64 12/16/39 AUD 72.25 NATIONAL AUSTRALIA BANK L 2.68 01/22/40 AUD 72.23 NATIONAL AUSTRALIA BANK L 2.60 01/28/40 AUD 71.21 NATIONAL AUSTRALIA BANK L 3.71 11/25/41 AUD 70.47 NATIONAL AUSTRALIA BANK L 2.48 12/05/39 AUD 70.01 NATIONAL AUSTRALIA BANK L 3.37 05/25/46 USD 69.60 NATIONAL AUSTRALIA BANK L 3.40 06/30/40 AUD 68.22 NATIONAL AUSTRALIA BANK L 3.35 07/17/40 AUD 67.94 NATIONAL AUSTRALIA BANK L 3.35 07/24/40 AUD 64.19 NATIONAL AUSTRALIA BANK L 2.65 01/14/41 USD 62.83 NATIONAL AUSTRALIA BANK L 2.65 01/14/41 USD 62.74 NEW SOUTH WALES TREASURY 2.25 11/20/40 AUD 71.12 NEW SOUTH WALES TREASURY 2.25 05/07/41 AUD 70.63 NEW SOUTH WALES TREASURY 2.25 05/20/42 AUD 69.00 NEW SOUTH WALES TREASURY 2.45 08/24/50 AUD 65.81 NEW SOUTH WALES TREASURY 0.61 02/24/50 EUR 64.25 QUEENSLAND TREASURY CORP 2.25 04/16/40 AUD 71.97 QUEENSLAND TREASURY CORP 2.25 11/20/41 AUD 70.19 QUEENSLAND TREASURY CORP 2.25 10/28/50 AUD 63.00 QUEENSLAND TREASURY CORP 0.69 06/01/50 EUR 60.65 RIO TINTO FINANCE USA LTD 2.75 11/02/51 USD 71.22 SOUTH AUSTRALIAN GOVERNME 2.00 05/23/36 AUD 73.98 SOUTH AUSTRALIAN GOVERNME 2.25 05/24/40 AUD 70.08 STOCKLAND TRUST MANAGEMEN 2.62 03/19/36 HKD 72.98 TASMANIAN PUBLIC FINANCE 1.75 01/22/36 AUD 72.24 TASMANIAN PUBLIC FINANCE 2.35 08/23/41 AUD 69.53 TREASURY CORP OF VICTORIA 2.00 11/20/37 AUD 71.83 TREASURY CORP OF VICTORIA 2.25 11/20/40 AUD 70.55 TREASURY CORP OF VICTORIA 2.25 11/20/41 AUD 69.20 TREASURY CORP OF VICTORIA 2.25 11/20/42 AUD 68.16 TREASURY CORP OF VICTORIA 2.40 08/18/50 AUD 64.51 TREASURY CORP OF VICTORIA 0.60 02/24/50 EUR 61.66 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 0.56 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 0.51 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 0.51 VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 0.38 VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 0.37 VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 0.37 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 0.27 WESTERN AUSTRALIAN TREASU 2.25 07/23/41 AUD 71.03 WESTPAC BANKING CORP 0.38 09/22/36 EUR 69.87 WESTPAC BANKING CORP 2.35 02/27/40 AUD 68.68 WESTPAC BANKING CORP 3.13 11/18/41 USD 68.59 WESTPAC BANKING CORP 2.96 11/16/40 USD 67.70 CHINA ----- AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 20.03 AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 19.95 AKESU TEXTILE CITY DEVELO 7.50 06/21/24 CNY 41.00 AKESU TEXTILE CITY DEVELO 7.50 06/21/24 CNY 40.99 ALETAI CITY JUJIN URBAN C 7.73 10/26/24 CNY 51.87 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 20.05 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 20.00 ANHUI DANGTU ECO DEVELOPM 6.00 09/11/24 CNY 40.77 ANHUI DANGTU ECO DEVELOPM 6.00 09/11/24 CNY 40.00 ANHUI HUAAN FOREIGN ECONO 7.30 07/13/21 CNY 70.01 ANHUI HUAINING URBAN & RU 5.80 08/28/24 CNY 40.77 ANHUI HUAINING URBAN & RU 5.80 08/28/24 CNY 40.00 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 19.93 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 19.91 ANHUI LANGCHUAN HOLDING G 6.13 12/11/24 CNY 41.65 ANHUI LANGCHUAN HOLDING G 6.13 12/11/24 CNY 41.21 ANHUI LEXING CITY CONSTRU 6.05 11/01/24 CNY 41.15 ANJI CONSTRUCTION INVESTM 7.20 05/02/25 CNY 63.06 ANJI CONSTRUCTION INVESTM 7.49 09/25/25 CNY 62.91 ANJI CONSTRUCTION INVESTM 7.20 05/02/25 CNY 61.85 ANJI CONSTRUCTION INVESTM 7.49 09/25/25 CNY 60.00 ANJI COUNTY INDUSTRY INVE 7.00 11/19/25 CNY 62.10 ANJI COUNTY INDUSTRY INVE 7.00 11/19/25 CNY 60.00 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 20.12 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 19.93 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 20.12 ANNING DEVELOPMENT INVEST 8.80 09/11/25 CNY 63.87 ANNING DEVELOPMENT INVEST 8.00 12/04/25 CNY 63.49 ANNING DEVELOPMENT INVEST 8.00 12/04/25 CNY 60.00 ANNING DEVELOPMENT INVEST 8.80 09/11/25 CNY 55.50 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 20.01 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 19.98 ANQING WANJIANG HIGH TECH 6.50 08/02/24 CNY 40.34 ANQING WANJIANG HIGH TECH 6.50 08/02/24 CNY 40.00 ANQIU HUAAN STATE OWNED A 7.00 09/14/24 CNY 39.81 ANQIU HUAAN STATE OWNED A 7.00 09/14/24 CNY 38.00 ANSHUN CITY CONSTRUCTION 7.30 09/15/24 CNY 41.14 ANSHUN CITY XIXIU INDUSTR 8.00 01/29/26 CNY 69.30 ANSHUN CITY XIXIU INDUSTR 8.00 01/29/26 CNY 68.00 ANSHUN CITY XIXIU INDUSTR 7.90 11/15/25 CNY 63.27 ANSHUN CITY XIXIU INDUSTR 7.90 11/15/25 CNY 50.00 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 19.96 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 19.83 ANSHUN TRANSPORTATION DEV 7.50 10/31/24 CNY 38.23 ANSHUN TRANSPORTATION DEV 7.50 10/31/24 CNY 35.50 ANSHUN XIXIU CITY INVESTM 4.70 11/22/23 CNY 19.97 ANSHUN XIXIU CITY INVESTM 4.70 11/22/23 CNY 17.54 ANYUE XINGAN CITY DEVELOP 7.50 01/30/25 CNY 61.62 ANYUE XINGAN CITY DEVELOP 7.50 01/30/25 CNY 61.61 AOYUAN CORP GROUP LTD 5.65 08/06/25 CNY 59.71 AOYUAN CORP GROUP LTD 6.60 09/03/23 CNY 38.00 AOYUAN CORP GROUP LTD 5.50 03/03/25 CNY 25.50 BAOJI INVESTMENT GROUP CO 5.05 04/18/24 CNY 40.24 BAOTOU AFFORDABLE HOUSING 5.25 07/27/24 CNY 40.80 BAOTOU AFFORDABLE HOUSING 5.31 08/10/24 CNY 40.22 BAOTOU AFFORDABLE 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XINLIANG INVESTM 4.76 08/26/23 CNY 19.89 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 19.83 CHONGQING BAYUAN CONSTRUC 4.99 08/16/23 CNY 19.82 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 20.08 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 19.99 CHONGQING DAZU YONGSHENG 6.48 07/24/24 CNY 40.65 CHONGQING DAZU YONGSHENG 6.48 07/24/24 CNY 40.65 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 20.00 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 19.98 CHONGQING HECHUAN CITY CO 3.95 09/06/23 CNY 19.98 CHONGQING HECHUAN CITY CO 3.95 09/06/23 CNY 19.93 CHONGQING HONGYE INDUSTRY 6.30 08/02/24 CNY 40.59 CHONGQING HONGYE INDUSTRY 6.30 08/02/24 CNY 40.16 CHONGQING HONGYE INDUSTRY 6.45 11/27/24 CNY 40.11 CHONGQING JIANGJIN DISTRI 6.40 09/13/24 CNY 40.64 CHONGQING JIANGJIN DISTRI 6.40 09/13/24 CNY 40.00 CHONGQING JIANGLAI INDUST 7.50 10/26/25 CNY 63.30 CHONGQING JIANGLAI INDUST 7.50 10/26/25 CNY 60.00 CHONGQING JIN TONG INDUST 6.50 08/01/24 CNY 40.69 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 19.92 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 18.94 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 20.09 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 20.01 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 19.99 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 19.97 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 19.95 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 19.95 CHONGQING LIANGJIANG NEW 4.28 02/28/24 CNY 71.40 CHONGQING LIANGJIANG NEW 4.28 02/28/24 CNY 70.54 CHONGQING LIANGSHAN CONST 6.30 10/16/24 CNY 40.76 CHONGQING LIANGSHAN CONST 6.30 10/16/24 CNY 40.76 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 20.04 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 20.03 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 19.96 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 19.92 CHONGQING QIJIANG EAST NE 4.00 09/05/23 CNY 19.87 CHONGQING QIJIANG EAST NE 4.00 09/05/23 CNY 19.76 CHONGQING SHUANGFU CONSTR 6.37 10/13/24 CNY 40.09 CHONGQING SHUANGFU CONSTR 6.37 10/13/24 CNY 40.00 CHONGQING TONGLIANG JINLO 6.80 02/11/25 CNY 61.21 CHONGQING TONGLIANG JINLO 6.80 02/11/25 CNY 60.00 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 19.99 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 19.66 CHONGQING WANSHENG ECO & 7.50 03/27/25 CNY 62.13 CHONGQING WANSHENG ECO & 7.50 03/27/25 CNY 62.00 CHONGQING WANSHENG ECO & 7.09 05/03/25 CNY 61.78 CHONGQING WANSHENG ECO & 7.09 05/03/25 CNY 61.12 CHONGQING WANSHENG ECO DE 6.60 02/17/27 CNY 71.43 CHONGQING WULONG DISTRICT 6.80 12/28/24 CNY 60.00 CHONGQING WULONG DISTRICT 6.80 12/28/24 CNY 59.68 CHONGQING WULONG DISTRICT 6.80 09/21/24 CNY 40.94 CHONGQING WULONG DISTRICT 6.80 09/21/24 CNY 40.00 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 20.00 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 18.50 CHONGQING YINGDI INDUSTRI 7.00 11/07/24 CNY 40.31 CHONGQING YINGDI INDUSTRI 7.00 11/07/24 CNY 40.00 CHONGQING YUDIAN STATE-OW 8.00 11/30/25 CNY 63.05 CHONGQING YUZHONG STATE-O 6.90 02/08/25 CNY 61.64 CHONGQING YUZHONG STATE-O 6.90 02/08/25 CNY 61.00 CHONGREN URBAN CONSTRUCTI 7.00 03/08/25 CNY 61.54 CHUN'AN XINANJIANG DEVELO 3.84 11/04/23 CNY 20.02 CHUN'AN XINANJIANG DEVELO 3.84 11/04/23 CNY 19.83 CHUYING AGRO-PASTORA GROU 8.80 06/26/19 CNY 20.00 CHUZHOU CITY NANQIAO DIST 5.95 10/23/24 CNY 40.77 CHUZHOU CITY NANQIAO DIST 5.95 10/23/24 CNY 40.00 CIFI GROUP CO LTD 3.80 05/29/25 CNY 65.50 CIFI GROUP CO LTD 3.90 09/14/25 CNY 57.50 CIFI GROUP CO LTD 4.75 03/14/26 CNY 50.07 CIFI GROUP CO LTD 4.40 03/12/26 CNY 47.00 CIFI GROUP CO LTD 4.20 07/22/26 CNY 45.50 CIFI GROUP CO LTD 4.50 05/29/25 CNY 41.02 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25 CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25 CIXI STATE OWNED ASSET IN 4.90 04/07/24 CNY 40.18 CIXI STATE OWNED ASSET IN 4.90 04/07/24 CNY 40.16 COUNTRY GARDEN REAL ESTAT 4.98 11/20/23 CNY 80.00 COUNTRY GARDEN REAL ESTAT 4.80 03/12/26 CNY 73.20 COUNTRY GARDEN REAL ESTAT 4.80 06/15/26 CNY 71.32 COUNTRY GARDEN REAL ESTAT 4.50 05/24/25 CNY 60.84 DAFANG COUNTY CONSTRUCTIO 6.00 09/26/23 CNY 20.23 DAFANG COUNTY CONSTRUCTIO 6.00 09/26/23 CNY 19.48 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 20.04 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 19.55 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 20.00 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 19.75 DANGTU COUNTY CONSTRUCTIO 7.47 09/06/25 CNY 62.85 DANGTU COUNTY CONSTRUCTIO 7.47 09/06/25 CNY 60.00 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 20.04 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 19.95 DANYANG INVESTMENT GROUP 5.49 07/18/24 CNY 40.53 DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 19.99 DASHIQIAO URBAN CONSTRUCT 7.59 08/14/24 CNY 41.16 DASHIQIAO URBAN CONSTRUCT 7.59 08/14/24 CNY 41.16 DAWA COUNTY LINGANG ECO N 5.99 10/19/24 CNY 40.55 DAYE ZHENHENG CITY DEVELO 7.20 12/03/25 CNY 67.51 DAYE ZHENHENG CITY DEVELO 7.20 12/03/25 CNY 62.59 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 19.83 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 19.77 DAYE ZHENHENG CITY DEVELO 4.05 08/31/23 CNY 19.50 DAYE ZHENHENG CITY DEVELO 4.05 08/31/23 CNY 19.42 DAZHOU INVESTMENT CO LTD 6.50 04/07/27 CNY 73.13 DAZHOU INVESTMENT CO LTD 6.50 04/07/27 CNY 72.10 DAZHOU INVESTMENT CO LTD 3.99 11/04/26 CNY 59.49 DAZHOU INVESTMENT CO LTD 3.99 11/04/26 CNY 59.20 DEQING CONSTRUCTION INVES 3.60 11/11/23 CNY 19.83 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 25.90 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 20.04 DINGYUAN URBAN RURAL DEVE 7.00 06/27/25 CNY 62.29 DINGYUAN URBAN RURAL DEVE 7.00 06/27/25 CNY 60.00 DINGYUAN URBAN RURAL DEVE 5.80 12/06/24 CNY 40.80 DINGYUAN URBAN RURAL DEVE 5.80 12/06/24 CNY 40.00 DONGTAI STATE-OWNED ASSET 3.04 11/16/23 CNY 20.03 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 20.04 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 19.98 DUJIANGYAN NEW CITY CONST 7.80 10/11/25 CNY 62.97 DUJIANGYAN NEW CITY CONST 7.80 05/02/25 CNY 62.25 DUJIANGYAN NEW CITY CONST 7.80 05/02/25 CNY 60.00 DUJIANGYAN NEW CITY CONST 7.80 10/11/25 CNY 57.50 DUJIANGYAN NEW CITY CONST 6.90 10/19/24 CNY 41.03 DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 19.92 ENSHI URBAN CONSTRUCTION 3.84 11/01/23 CNY 19.74 ENSHI URBAN CONSTRUCTION 3.84 11/01/23 CNY 19.73 EVERGRANDE REAL ESTATE GR 5.80 10/19/25 CNY 70.00 EVERGRANDE REAL ESTATE GR 6.80 05/06/24 CNY 35.69 EVERGRANDE REAL ESTATE GR 5.90 05/26/23 CNY 35.00 EVERGRANDE REAL ESTATE GR 6.27 05/06/23 CNY 30.00 EVERGRANDE REAL ESTATE GR 7.00 04/27/26 CNY 27.68 EVERGRANDE REAL ESTATE GR 6.98 01/08/23 CNY 27.00 EVERGRANDE REAL ESTATE GR 6.98 01/08/23 CNY 8.38 EZHOU CITY CONSTRUCTION I 6.10 07/27/27 CNY 71.29 FANGCHENG GANGSHI WENLV G 7.95 10/11/25 CNY 62.43 FANGCHENG GANGSHI WENLV G 7.95 10/11/25 CNY 60.00 FANTASIA GROUP CHINA CO L 7.50 12/17/23 CNY 74.00 FANTASIA GROUP CHINA CO L 7.80 11/29/24 CNY 44.83 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 19.95 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 19.95 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 27.50 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 20.11 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 20.03 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 19.77 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 20.00 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 19.99 FENGDU COUNTY STATE-OWNED 6.38 09/05/24 CNY 40.36 FENGDU COUNTY STATE-OWNED 6.38 09/05/24 CNY 40.00 FENGHUANG MINGCHENG CONST 6.50 03/23/24 CNY 40.45 FENGTAI HUAXING CITY DEVE 5.60 03/13/24 CNY 40.35 FENGTAI HUAXING CITY DEVE 5.60 03/13/24 CNY 40.27 FENGYANG COUNTY ECONOMY D 6.00 11/16/24 CNY 42.00 FENGYANG COUNTY ECONOMY D 6.00 11/16/24 CNY 41.10 FENYI CITY CONSTRUCTION I 4.54 08/22/23 CNY 19.92 FENYI CITY CONSTRUCTION I 4.54 08/22/23 CNY 19.88 FUJIAN FUSHENG GROUP CO L 7.90 11/19/21 CNY 60.00 FUJIAN JINJIANG URBAN CON 3.35 08/24/23 CNY 20.05 FUJIAN ZHANGZHOU CITY INV 5.73 10/31/25 CNY 61.84 FUJIAN ZHANGZHOU CITY INV 5.73 10/31/25 CNY 60.00 FUNING URBAN INVESTMENT D 6.00 03/14/24 CNY 41.01 FUNING URBAN INVESTMENT D 6.00 03/14/24 CNY 40.49 FUYANG ANJU INVESTMENT MA 5.48 05/02/23 CNY 60.28 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 20.07 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 19.98 FUZHOU DEVELOPMENT ZONE S 3.53 08/25/23 CNY 19.90 FUZHOU DEVELOPMENT ZONE S 3.53 08/25/23 CNY 19.90 FUZHOU DONGXIANG INVESTME 6.20 03/20/24 CNY 40.52 FUZHOU DONGXIANG INVESTME 6.20 03/20/24 CNY 40.20 FUZHOU LINCHUAN URBAN CON 6.50 12/25/24 CNY 60.75 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 20.05 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 20.02 FUZHOU MUNICIPAL STATE OW 5.70 10/30/24 CNY 41.12 FUZHOU MUNICIPAL STATE OW 5.70 10/30/24 CNY 40.00 GANSU PROVINCIAL HIGHWAY 6.20 03/28/23 CNY 40.24 GANZHOU DEVELOPMENT INVES 8.10 12/11/23 CNY 40.94 GANZHOU NANKANG DISTRICT 8.00 10/29/25 CNY 63.30 GANZHOU NANKANG DISTRICT 8.00 09/27/25 CNY 60.24 GANZHOU NANKANG DISTRICT 8.00 10/29/25 CNY 60.00 GANZHOU NANKANG DISTRICT 8.00 09/27/25 CNY 60.00 GANZHOU ZHANGGONG CONSTRU 7.80 10/16/25 CNY 62.68 GANZHOU ZHANGGONG CONSTRU 7.80 10/16/25 CNY 61.60 GAOMI CITY CONSTRUCTION I 5.95 09/18/24 CNY 40.00 GAOMI CITY CONSTRUCTION I 5.95 09/18/24 CNY 39.10 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 19.99 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 19.89 GAOQING LU QING ASSET MAN 7.50 09/27/24 CNY 41.55 GAOQING LU QING ASSET MAN 7.50 09/27/24 CNY 39.97 GAOYOU CITY ECONOMY DEVEL 5.26 07/13/24 CNY 40.46 GAOYOU CITY ECONOMY DEVEL 3.65 09/02/23 CNY 20.00 GAOYOU CITY ECONOMY DEVEL 3.65 09/02/23 CNY 19.92 GLP CHINA HOLDINGS LTD 4.00 07/02/24 CNY 75.00 GLP CHINA HOLDINGS LTD 2.95 03/29/26 USD 71.00 GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00 GONG'AN COUNTY CITY CONST 4.30 08/30/23 CNY 19.92 GONG'AN COUNTY CITY CONST 4.30 08/30/23 CNY 19.85 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 20.06 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 20.05 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 20.01 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 19.97 GUANGAN TRANSPORTATION IN 5.39 12/01/23 CNY 20.10 GUANGAN XINHONG INVESTMEN 7.18 08/28/24 CNY 40.82 GUANGDE CITY STATE-OWNED 5.37 07/18/24 CNY 40.90 GUANGDE CITY STATE-OWNED 5.37 07/18/24 CNY 40.42 GUANGDONG HUIZHOU COMMUNI 4.95 12/27/23 CNY 40.38 GUANGDONG HUIZHOU COMMUNI 4.95 12/27/23 CNY 40.03 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 20.06 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 19.95 GUANGSHUI CITY DEVELOPMEN 6.19 03/01/24 CNY 40.45 GUANGSHUI CITY DEVELOPMEN 6.19 03/01/24 CNY 40.44 GUANGXI BAISE BAI DONG IN 7.90 06/29/25 CNY 62.56 GUANGXI BAISE BAI DONG IN 7.90 06/29/25 CNY 60.00 GUANGXI CHONGZUO URBAN CO 8.50 09/26/25 CNY 62.02 GUANGXI CHONGZUO URBAN CO 8.50 09/26/25 CNY 60.00 GUANGXI LIUZHOU DONGCHENG 6.50 07/24/24 CNY 46.23 GUANGXI LIUZHOU INVESTMEN 4.28 03/08/23 CNY 19.48 GUANGXI NINGMING HUINING 8.50 12/07/25 CNY 80.81 GUANGXI TIANDONG COUNTY L 7.50 06/04/27 CNY 50.00 GUANGYUAN CITY DEVELOPMEN 7.50 10/25/27 CNY 57.10 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 19.98 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 19.94 GUANGZHOU FINELAND REAL E 13.60 07/27/23 USD 45.00 GUANGZHOU HEJING HOLDING 6.19 11/12/25 CNY 75.00 GUANGZHOU HEJING HOLDING 6.00 10/12/25 CNY 58.00 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 30.58 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 30.35 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 30.65 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 30.45 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 30.00 GUANGZHOU PANYU INFORMATI 4.50 09/08/26 CNY 59.75 GUANGZHOU PANYU INFORMATI 4.50 09/08/26 CNY 59.74 GUANGZHOU R&F PROPERTIES 6.70 04/07/23 CNY 59.06 GUANGZHOU R&F PROPERTIES 6.48 05/09/24 CNY 40.00 GUANGZHOU R&F PROPERTIES 7.00 01/03/23 CNY 28.00 GUANGZHOU TIMES HOLDING G 5.24 05/27/25 CNY 28.60 GUANGZHOU TIMES HOLDING G 5.10 03/30/25 CNY 28.20 GUANGZHOU TIMES HOLDING G 5.94 07/17/25 CNY 28.20 GUANGZHOU TIMES HOLDING G 5.00 02/24/25 CNY 28.10 GUCHENG CONSTRUCTION INVE 7.88 04/27/25 CNY 62.39 GUCHENG CONSTRUCTION INVE 7.88 04/27/25 CNY 60.00 GUIXI STATE OWNED HOLDING 4.18 08/18/23 CNY 19.99 GUIXI STATE OWNED HOLDING 4.18 08/18/23 CNY 19.85 GUIYANG BAIYUN INDUSTRY D 8.30 03/21/25 CNY 60.86 GUIYANG BAIYUN INDUSTRY D 8.30 03/21/25 CNY 60.00 GUIYANG BAIYUN URBAN CONS 4.75 09/13/26 CNY 59.75 GUIYANG BAIYUN URBAN CONS 4.75 09/13/26 CNY 56.65 GUIYANG BAIYUN URBAN CONS 7.28 09/25/24 CNY 40.07 GUIYANG BAIYUN URBAN CONS 7.28 09/25/24 CNY 40.00 GUIYANG BAIYUN URBAN CONS 6.48 07/17/24 CNY 40.00 GUIYANG BAIYUN URBAN CONS 6.48 07/17/24 CNY 38.30 GUIYANG CITY CONSTRUCTION 4.37 03/25/26 CNY 57.48 GUIYANG CITY CONSTRUCTION 4.37 03/25/26 CNY 56.91 GUIYANG CITY CONSTRUCTION 4.00 11/14/26 CNY 55.41 GUIYANG CITY CONSTRUCTION 4.00 11/14/26 CNY 55.40 GUIYANG ECONOMIC DEVELOPM 7.50 04/30/26 CNY 70.40 GUIYANG ECONOMIC DEVELOPM 7.90 10/29/25 CNY 63.19 GUIYANG ECONOMIC DEVELOPM 6.35 09/21/24 CNY 38.07 GUIYANG GUANSHANHU DISTRI 6.49 06/22/24 CNY 40.60 GUIYANG GUANSHANHU DISTRI 6.49 06/22/24 CNY 38.25 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 19.98 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 19.92 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 19.90 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 19.80 GUIYANG GUANSHANHU INVEST 8.20 04/30/24 CNY 72.15 GUIYANG GUANSHANHU INVEST 7.50 12/25/22 CNY 40.03 GUIYANG INVESTMENT HOLDIN 4.46 11/17/26 CNY 55.96 GUIYANG INVESTMENT HOLDIN 4.46 11/17/26 CNY 54.19 GUIYANG URBAN CONSTRUCTIO 5.98 07/21/24 CNY 40.16 GUIYANG URBAN CONSTRUCTIO 5.98 07/21/24 CNY 40.00 GUIYANG YUNYAN GUIZHONG R 6.80 11/17/24 CNY 41.04 GUIYANG YUNYAN GUIZHONG R 6.80 11/17/24 CNY 40.00 GUIZHOU EAST LAKE CITY CO 8.00 12/07/25 CNY 63.47 GUIZHOU EAST LAKE CITY CO 8.00 12/07/25 CNY 54.26 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 19.96 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 10.05 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 9.64 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 60.05 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 53.00 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 40.37 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 30.00 GUIZHOU KAILI KAIYUAN CIT 7.28 08/29/24 CNY 41.09 GUIZHOU KAILI KAIYUAN CIT 7.30 05/26/24 CNY 40.85 GUIZHOU KAILI KAIYUAN CIT 7.30 05/26/24 CNY 39.95 GUIZHOU KAILI KAIYUAN CIT 7.28 08/29/24 CNY 36.20 GUIZHOU LIUPANSHUI PANDEN 7.30 07/24/24 CNY 41.07 GUIZHOU LIUPANSHUI PANDEN 7.30 07/24/24 CNY 36.01 GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 30.56 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 20.01 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 19.04 GUIZHOU SHUICHENG ECONOMI 7.50 10/26/25 CNY 62.78 GUIZHOU SHUICHENG ECONOMI 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG WATER I 8.00 11/27/25 CNY 52.62 GUIZHOU SHUICHENG WATER I 8.00 11/27/25 CNY 49.01 GUIZHOU XINDONGGUAN CIVIL 7.70 09/05/24 CNY 41.29 GUIZHOU ZHONGSHAN DEVELOP 6.46 11/22/27 CNY 73.13 GUIZHOU ZHONGSHAN DEVELOP 6.46 11/22/27 CNY 70.00 GULIN STATE-OWNED ASSETS 5.96 07/24/24 CNY 44.51 GULIN STATE-OWNED ASSETS 5.96 07/24/24 CNY 40.55 GULIN STATE-OWNED ASSETS 4.18 08/04/23 CNY 19.92 GULIN STATE-OWNED ASSETS 4.18 08/04/23 CNY 19.64 GUOSHENG FINANCIAL HOLDIN 6.30 12/21/22 CNY 6.70 HAIAN DEVELOPMENT ZONE CO 4.47 11/16/23 CNY 20.02 HAIAN DEVELOPMENT ZONE CO 4.47 11/16/23 CNY 19.96 HAIAN ECONOMIC TECHNOLOGY 5.45 04/13/23 CNY 20.09 HAIAN ECONOMIC TECHNOLOGY 5.45 04/13/23 CNY 20.04 HAIAN URBAN DEMOLITION & 7.74 05/02/25 CNY 61.54 HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 16.14 HAINAN AIRLINES HOLDING C 6.20 05/24/21 CNY 51.00 HAINING CITY DEVELOPMENT 5.47 11/13/25 CNY 61.47 HAINING CITY DEVELOPMENT 5.47 11/13/25 CNY 60.00 HAINING CITY JIANSHAN DIS 6.98 09/10/25 CNY 65.00 HAINING CITY JIANSHAN DIS 6.98 09/10/25 CNY 63.11 HAINING CITY JIANSHAN DIS 6.15 11/15/25 CNY 60.15 HAINING CITY JIANSHAN DIS 6.15 11/15/25 CNY 60.00 HAIYAN COUNTY STATE-OWNED 5.80 06/12/24 CNY 40.65 HAMI JIANHUI STATE-OWNED- 3.90 09/21/23 CNY 19.76 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 19.96 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 19.89 HANCHUAN CITY HANRONG INV 4.25 07/18/23 CNY 19.93 HANCHUAN CITY HANRONG INV 4.25 07/18/23 CNY 19.83 HANGZHOU CANAL COMPREHENS 3.40 10/17/23 CNY 20.03 HANGZHOU CANAL COMPREHENS 3.40 10/17/23 CNY 19.94 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 20.05 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 20.04 HANGZHOU GONGSHU DISTRICT 3.80 03/14/23 CNY 19.99 HANGZHOU GONGSHU DISTRICT 3.80 03/14/23 CNY 19.97 HANGZHOU LIANGZHU CULTURA 6.30 08/23/25 CNY 62.00 HANGZHOU LIANGZHU CULTURA 6.30 08/23/25 CNY 61.98 HANGZHOU LINPING TOURISM 5.57 10/31/25 CNY 61.25 HANGZHOU LINPING TOURISM 5.57 10/31/25 CNY 61.24 HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 30.89 HANGZHOU QIANJIANG CBD IN 5.64 03/19/25 CNY 62.56 HANGZHOU QIANJIANG CBD IN 5.64 03/19/25 CNY 61.33 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 20.03 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 20.00 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 20.02 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 19.99 HANJIANG STATE-OWNED-ASSE 5.40 04/21/24 CNY 40.79 HANJIANG STATE-OWNED-ASSE 5.40 04/21/24 CNY 40.50 HANSHAN CITY CONSTRUCTION 6.20 08/30/24 CNY 40.66 HANSHAN CITY CONSTRUCTION 6.20 08/30/24 CNY 40.00 HARBIN CITY CONSTRUCTION 6.04 03/19/25 CNY 60.88 HARBIN CITY CONSTRUCTION 6.04 03/19/25 CNY 60.00 HARBIN HELI INVESTMENT HO 5.49 12/10/25 CNY 61.15 HECHI STATE-OWNED CAPITAL 4.37 11/04/23 CNY 19.98 HECHI STATE-OWNED CAPITAL 4.37 11/04/23 CNY 19.98 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 31.20 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 30.87 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 20.01 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 19.93 HEGANG URBAN CONSTRUCTION 6.90 12/18/24 CNY 61.20 HEGANG URBAN CONSTRUCTION 6.90 12/18/24 CNY 61.19 HENAN AIRPORT INVESTMENT 4.27 07/20/26 CNY 39.98 HENAN AIRPORT INVESTMENT 4.27 07/20/26 CNY 39.96 HENGDONG URBAN & RURAL CO 6.60 12/27/23 CNY 40.33 HENGDONG URBAN & RURAL CO 6.60 12/27/23 CNY 40.19 HENGYANG BINJIANG NEW DIS 5.47 07/27/24 CNY 41.22 HENGYANG BINJIANG NEW DIS 5.47 07/27/24 CNY 40.68 HENGYANG CITY AND URBAN C 7.80 12/14/24 CNY 60.17 HENGYANG CITY AND URBAN C 7.80 12/14/24 CNY 60.16 HENGYANG CITY AND URBAN C 7.50 09/22/24 CNY 40.02 HENGYANG CITY AND URBAN C 7.50 09/22/24 CNY 40.01 HENGYANG COMMUNICATION CO 6.98 02/02/23 CNY 50.21 HENGYANG COMMUNICATION CO 4.28 01/21/23 CNY 20.01 HENGYANG COMMUNICATION CO 4.28 01/21/23 CNY 20.00 HESHAN PUBLIC ASSET MANAG 5.08 12/07/23 CNY 40.31 HESHAN PUBLIC ASSET MANAG 5.08 12/07/23 CNY 20.08 HESHAN PUBLIC ASSET MANAG 4.08 09/28/23 CNY 20.08 HESHAN PUBLIC ASSET MANAG 4.08 09/28/23 CNY 19.88 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 19.99 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 19.97 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 62.16 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 40.00 HONGHEZHOU DEVELOPMENT IN 5.90 07/12/24 CNY 40.53 HONGHEZHOU DEVELOPMENT IN 5.90 07/12/24 CNY 38.30 HONGHU CITY HONGRUI INVES 6.30 10/13/24 CNY 40.94 HONGHU CITY HONGRUI INVES 6.30 10/13/24 CNY 40.93 HUACHEN ENERGY CO LTD 4.65 12/29/26 USD 48.13 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 20.17 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 20.03 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 20.01 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 19.97 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 20.01 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 19.94 HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 19.90 HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 19.83 HUAI'AN INVESTMENT HOLDIN 5.28 08/11/24 CNY 40.33 HUAI'AN INVESTMENT HOLDIN 5.28 08/11/24 CNY 40.00 HUAIAN JINHU TRAFFIC INVE 7.38 08/10/25 CNY 72.00 HUAIAN JINHU TRAFFIC INVE 7.38 08/10/25 CNY 62.37 HUAI'AN NEW CITY INVESTME 5.22 09/20/24 CNY 41.45 HUAI'AN NEW CITY INVESTME 5.22 09/20/24 CNY 40.48 HUAIAN QINGPU CITY CONSTR 6.75 09/29/24 CNY 40.90 HUAIAN QINGPU CITY CONSTR 6.75 09/29/24 CNY 39.55 HUAIHUA CITY CONSTRUCTION 4.18 08/31/23 CNY 19.78 HUAIHUA CITY CONSTRUCTION 4.18 08/31/23 CNY 19.76 HUAIHUA ECONOMIC DEVELOPM 5.77 08/07/24 CNY 40.34 HUAIHUA ECONOMIC DEVELOPM 5.77 08/07/24 CNY 39.99 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 19.98 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 19.94 HUAINAN INDUSTRY DEVELOPM 5.69 10/25/24 CNY 41.78 HUAINAN INDUSTRY DEVELOPM 5.69 10/25/24 CNY 40.66 HUAINAN SHAN NAN DEVELOPM 6.53 08/24/24 CNY 40.60 HUAINAN SHAN NAN DEVELOPM 6.53 08/24/24 CNY 40.00 HUAINAN URBAN CONSTRUCTIO 7.50 03/20/25 CNY 62.44 HUAINAN URBAN CONSTRUCTIO 7.50 03/20/25 CNY 60.00 HUAINAN URBAN CONSTRUCTIO 5.74 09/04/24 CNY 40.92 HUAINAN URBAN CONSTRUCTIO 5.74 09/04/24 CNY 40.68 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 20.18 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 20.03 HUANGMEI COUNTY URBAN DEV 6.68 10/18/24 CNY 40.55 HUANGMEI COUNTY URBAN DEV 6.80 10/09/24 CNY 40.06 HUANGMEI COUNTY URBAN DEV 6.68 10/18/24 CNY 40.00 HUANGMEI COUNTY URBAN DEV 6.80 10/09/24 CNY 40.00 HUANGSHAN CHENGTOU GROUP 6.74 04/27/25 CNY 61.68 HUANGSHAN CHENGTOU GROUP 6.74 04/27/25 CNY 60.00 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 23.00 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 20.01 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 19.96 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 19.94 HUANGSHI ZHONGBANG CITY R 5.95 06/02/24 CNY 41.67 HUANGSHI ZHONGBANG CITY R 5.95 06/02/24 CNY 40.43 HUBEI PROVINCIAL COMMUNIC 5.29 06/05/25 CNY 60.81 HUBEI SONGZI JINSONG INVE 6.60 06/21/24 CNY 40.64 HUBEI SONGZI JINSONG INVE 6.60 06/21/24 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19.74 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 46.49 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 45.00 HUNAN SENTE INDUSTRIAL IN 6.90 11/28/24 CNY 41.09 HUNAN SENTE INDUSTRIAL IN 6.90 11/28/24 CNY 20.00 HUNAN SHAODONG ECO-INDUST 6.58 12/13/23 CNY 40.33 HUNAN SHAODONG ECO-INDUST 6.58 12/13/23 CNY 20.30 HUNAN TIANYI RONGTONG CHU 8.00 10/24/25 CNY 64.60 HUNAN TIANYI RONGTONG CHU 8.00 10/24/25 CNY 63.23 HUNAN TIANYI RONGTONG CHU 7.50 09/17/25 CNY 62.54 HUNAN TIANYI RONGTONG CHU 7.50 09/17/25 CNY 60.00 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 19.72 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 19.69 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 20.00 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 20.00 HUNAN ZHIGU INVESTMENT DE 5.80 07/28/24 CNY 40.34 HUNAN ZHIGU INVESTMENT DE 5.80 07/28/24 CNY 40.00 HUZHOU CITY INVESTMENT DE 6.39 09/25/25 CNY 62.63 HUZHOU NEW CITY INVESTMEN 6.60 05/28/23 CNY 71.11 HUZHOU NEW CITY INVESTMEN 7.20 01/21/23 CNY 71.06 HUZHOU NEW CITY INVESTMEN 7.50 11/23/24 CNY 41.69 HUZHOU NEW CITY INVESTMEN 7.50 11/23/24 CNY 40.50 HUZHOU WUXING NANTAIHU CO 7.90 09/20/25 CNY 61.94 JIAHE ZHUDU DEVELOPMENT G 7.50 03/13/25 CNY 61.28 JIAHE ZHUDU DEVELOPMENT G 7.50 03/13/25 CNY 60.00 JIAHE ZHUDU DEVELOPMENT G 6.50 05/25/24 CNY 40.60 JIAHE ZHUDU DEVELOPMENT G 6.50 05/25/24 CNY 40.40 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 20.00 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 19.94 JIANAN INVESTMENT HOLDING 3.50 09/05/23 CNY 20.10 JIANAN INVESTMENT HOLDING 3.85 09/05/23 CNY 20.07 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 20.04 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 19.97 JIANAN INVESTMENT HOLDING 3.85 09/05/23 CNY 19.92 JIANAN INVESTMENT HOLDING 3.50 09/05/23 CNY 19.86 JIANDE STATE-OWNED ASSETS 6.69 11/20/24 CNY 41.00 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 20.09 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 20.07 JIANGSU DAHANG LINGANG IN 5.18 09/22/23 CNY 20.06 JIANGSU DAHANG LINGANG IN 5.18 09/22/23 CNY 20.05 JIANGSU GAOCHUN ECONOMIC 5.66 06/26/24 CNY 40.53 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JINTAN GUOFA INTE 4.60 08/22/23 CNY 19.93 JIANGSU KAIYUAN INVESTMEN 7.08 08/03/24 CNY 40.93 JIANGSU KAIYUAN INVESTMEN 7.08 08/03/24 CNY 38.62 JIANGSU LIYANG HIGH-TECH 5.70 08/30/24 CNY 41.60 JIANGSU LIYANG HIGH-TECH 5.70 08/30/24 CNY 40.46 JIANGSU QISHENG GROUP CO 4.00 03/18/23 CNY 19.99 JIANGSU RUNCHENG ASSET OP 5.65 04/19/24 CNY 40.46 JIANGSU YANGKOU PORT CONS 7.60 08/17/25 CNY 62.85 JIANGSU YANGKOU PORT CONS 7.60 08/17/25 CNY 62.50 JIANGSU YANGKOU PORT CONS 7.38 04/03/25 CNY 62.50 JIANGSU YANGKOU PORT CONS 7.38 04/03/25 CNY 62.21 JIANGSU YINGZHOU DEVELOPM 4.33 09/21/23 CNY 19.77 JIANGSU YINGZHOU DEVELOPM 4.33 09/21/23 CNY 19.52 JIANGSU YIXING ENVIRONMEN 4.08 09/14/23 CNY 20.02 JIANGSU YIXING ENVIRONMEN 4.08 09/14/23 CNY 19.89 JIANGSU ZHONGAN CONSTRUCT 5.65 03/24/24 CNY 41.70 JIANGSU ZHONGAN CONSTRUCT 5.65 03/24/24 CNY 40.61 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 19.81 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 18.41 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 20.01 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 19.99 JIANGXI HUANGGANGSHAN INV 7.90 10/08/25 CNY 63.61 JIANGXI HUANGGANGSHAN INV 7.90 10/08/25 CNY 61.63 JIANGXI HUKOU SHIZHONG DE 6.80 12/01/24 CNY 41.12 JIANGXI HUKOU SHIZHONG DE 6.80 12/01/24 CNY 41.05 JIANGXI JIHU DEVELOPMENT 7.50 04/10/25 CNY 61.95 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 61.27 JIANGXI JIHU DEVELOPMENT 7.50 04/10/25 CNY 60.00 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 60.00 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 19.98 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 19.94 JIANGXI PINGXIANG CHANGSH 6.00 08/11/24 CNY 40.44 JIANGXI PINGXIANG CHANGSH 6.00 08/11/24 CNY 40.00 JIANGXI XIUSHUI CITY INVE 7.40 12/08/24 CNY 60.69 JIANLI FENGYUAN CITY INVE 6.78 04/28/24 CNY 40.60 JIANLI FENGYUAN CITY INVE 6.78 04/28/24 CNY 40.59 JIANYANG DEVELOPMENT HOLD 3.93 11/10/23 CNY 19.72 JIANYANG DEVELOPMENT HOLD 3.93 11/10/23 CNY 19.60 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 40.38 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 40.33 JIAXING JIAXIU DEVELOPMEN 5.60 09/25/24 CNY 41.80 JIAXING JIAXIU DEVELOPMEN 5.60 09/25/24 CNY 40.85 JIAXING XIANGJIADANG DEVE 6.40 04/19/25 CNY 61.41 JIAXING XIANGJIADANG DEVE 6.40 04/19/25 CNY 60.00 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 20.06 JIAXING XIANGJIADANG DEVE 3.87 09/21/23 CNY 19.97 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 19.91 JIAXING XIANGJIADANG DEVE 3.87 09/21/23 CNY 19.90 JIAXING XIUHU DEVELOPMENT 6.80 04/16/25 CNY 61.68 JIAXING XIUHU DEVELOPMENT 6.80 04/16/25 CNY 60.00 JIAYU COUNTY URBAN TOWN C 6.50 01/19/24 CNY 40.37 JIAYU COUNTY URBAN TOWN C 5.70 03/23/24 CNY 40.24 JIAYU COUNTY URBAN TOWN C 6.50 01/19/24 CNY 40.11 JIAYU COUNTY URBAN TOWN C 5.70 03/23/24 CNY 39.89 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 20.03 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 20.01 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 19.98 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 20.10 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 20.10 JIN HUA RONG SHENG INVEST 6.85 12/27/24 CNY 61.16 JIN HUA RONG SHENG INVEST 6.85 12/27/24 CNY 60.00 JINGDEZHEN CERAMIC CULTUR 7.50 08/27/25 CNY 62.44 JINGDEZHEN CERAMIC CULTUR 7.50 08/27/25 CNY 61.65 JINGJIANG BINJIANG XINCHE 5.37 07/25/24 CNY 40.41 JINGJIANG BINJIANG XINCHE 5.37 07/25/24 CNY 40.00 JINGMEN DONGBAO DISTRICT 7.30 03/23/25 CNY 62.12 JINGMEN DONGBAO DISTRICT 7.30 03/23/25 CNY 60.00 JINGMEN HIGH-TECH DEVELOP 4.15 07/28/23 CNY 19.85 JINGMEN HIGH-TECH DEVELOP 4.15 07/28/23 CNY 19.85 JINGSHAN JINGCHENG INVEST 7.00 02/07/25 CNY 61.74 JINGSHAN JINGCHENG INVEST 7.00 02/07/25 CNY 60.00 JINGSHAN JINGCHENG INVEST 4.38 08/29/23 CNY 20.01 JINGSHAN JINGCHENG INVEST 4.38 08/29/23 CNY 19.87 JINGXIAN STATED-OWNED ASS 6.80 02/09/25 CNY 60.99 JINGXIAN STATED-OWNED ASS 6.80 02/09/25 CNY 60.00 JINGZHOU DEVELOPMENT ZONE 4.87 09/23/26 CNY 57.98 JINGZHOU DEVELOPMENT ZONE 4.87 09/23/26 CNY 57.62 JINGZHOU URBAN CONSTRUCTI 5.68 07/20/24 CNY 41.70 JINGZHOU URBAN CONSTRUCTI 5.68 07/20/24 CNY 40.48 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 20.03 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 19.97 JINING CITY SHIZHONG DIST 3.52 09/14/23 CNY 19.89 JINING CITY SHIZHONG DIST 3.52 09/14/23 CNY 19.80 JINING HIGH TECH URBAN CO 5.88 04/25/23 CNY 40.27 JINING NEW CITY DEVELOPME 7.60 03/23/25 CNY 60.00 JINING NEW CITY DEVELOPME 7.60 03/23/25 CNY 59.92 JINING PORT & SHIPPING LI 7.00 06/01/25 CNY 67.93 JINING PORT & SHIPPING LI 7.00 11/27/24 CNY 41.17 JINKE PROPERTIES GROUP CO 6.30 02/20/25 CNY 33.00 JINKE PROPERTIES GROUP CO 6.30 06/24/25 CNY 31.00 JINKE PROPERTIES GROUP CO 6.30 03/04/25 CNY 31.00 JINKE PROPERTIES GROUP CO 6.20 01/28/25 CNY 30.50 JINKE PROPERTIES GROUP CO 5.00 05/28/24 CNY 30.00 JINKE PROPERTIES GROUP CO 6.00 07/08/23 CNY 29.10 JINKE PROPERTIES GROUP CO 6.85 05/28/24 USD 17.00 JINSHA COUNTY CONSTRUCTIO 6.01 09/05/23 CNY 20.16 JINSHA COUNTY CONSTRUCTIO 6.01 09/05/23 CNY 19.52 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 20.09 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 20.09 JINXIAN COUNTY CITY CONST 6.20 07/24/24 CNY 40.49 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 20.06 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 20.06 JINZHOU CIHANG GROUP CO L 9.00 04/05/20 CNY 33.63 JISHOU HUATAI STATE OWNED 6.50 06/21/24 CNY 40.82 JISHOU HUATAI STATE OWNED 6.50 06/21/24 CNY 40.80 JISHOU HUATAI STATE OWNED 6.45 09/11/24 CNY 40.22 JISHOU HUATAI STATE OWNED 6.45 09/11/24 CNY 40.00 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 20.03 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 19.98 JUNAN COUNTY URBAN CONSTR 7.50 09/26/24 CNY 41.27 JUNAN COUNTY URBAN CONSTR 7.50 09/26/24 CNY 38.00 JURONG URBAN CONSTRUCTION 6.89 09/18/24 CNY 44.84 JURONG URBAN CONSTRUCTION 6.89 09/18/24 CNY 41.00 JURONG URBAN CONSTRUCTION 6.80 11/06/24 CNY 40.95 JURONG URBAN CONSTRUCTION 6.80 11/06/24 CNY 40.00 KAIDI ECOLOGICAL AND ENVI 8.50 11/21/18 CNY 72.46 KAIDI ECOLOGICAL AND ENVI 7.00 12/15/19 CNY 10.00 KAIDI ECOLOGICAL AND ENVI 6.10 09/07/19 CNY 2.92 KAIFENG DEVELOPMENT INVES 6.10 09/08/27 CNY 72.20 KAIFENG DEVELOPMENT INVES 6.10 09/08/27 CNY 70.00 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 20.18 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 19.99 KAIFU CITY DEVELOPMENT CO 3.73 08/22/23 CNY 19.94 KAIFU CITY DEVELOPMENT CO 3.73 08/22/23 CNY 19.84 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 20.00 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 19.99 KAILI GUIZHOU TOWN CONSTR 4.20 10/13/23 CNY 19.44 KAILI GUIZHOU TOWN CONSTR 4.20 10/13/23 CNY 18.87 KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 20.50 KUNMING DIANCHI INVESTMEN 5.75 07/24/24 CNY 37.50 KUNMING DIANCHI INVESTMEN 5.75 07/24/24 CNY 35.32 KUNSHAN CITY CONSTRUCTION 5.70 04/24/25 CNY 61.21 KUNSHAN YINQIAO HOLDING G 5.50 10/18/24 CNY 44.10 KUNSHAN YINQIAO HOLDING G 5.50 10/18/24 CNY 41.08 LAI AN URBAN INFRASTRUCTU 6.50 04/18/25 CNY 61.59 LAOHEKOU CITY CONSTRUCTIO 6.49 08/16/24 CNY 40.00 LAOHEKOU CITY CONSTRUCTIO 6.49 08/16/24 CNY 39.83 LEPING STATE-OWNED ASSETS 3.70 10/20/23 CNY 19.99 LEPING STATE-OWNED ASSETS 3.70 10/20/23 CNY 19.86 LEQING CITY STATE OWNED I 6.79 12/14/24 CNY 61.49 LEQING CITY STATE OWNED I 6.79 12/14/24 CNY 60.00 LIANYUNGANG HENGCHI INDUS 7.40 10/27/24 CNY 40.00 LIANYUNGANG HENGCHI INDUS 7.45 09/22/24 CNY 39.70 LIANYUNGANG HENGCHI INDUS 7.45 09/22/24 CNY 39.41 LIANYUNGANG HENGCHI INDUS 7.40 10/27/24 CNY 39.41 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 20.01 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 19.98 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 19.98 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 19.82 LIAOCHENG XINGYE HOLDINGS 5.20 04/13/23 CNY 19.76 LIAOCHENG XINGYE HOLDINGS 5.20 04/13/23 CNY 19.76 LIAONING GUANLONG CONSTRU 4.70 11/10/23 CNY 19.98 LIAONING GUANLONG CONSTRU 4.70 11/10/23 CNY 19.78 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 19.98 LINFEN YAODU DISTRICT INV 7.50 09/19/25 CNY 63.13 LINQU YISHAN INDUSTRIAL C 7.20 11/23/24 CNY 40.07 LINQU YISHAN INDUSTRIAL C 7.20 11/23/24 CNY 40.00 LINWU SHUNFA URBAN CONSTR 7.00 08/23/24 CNY 40.18 LINWU SHUNFA URBAN CONSTR 7.00 08/23/24 CNY 40.00 LINYI CITY DEVELOPMENT GR 3.85 11/22/23 CNY 20.10 LINYI CITY DEVELOPMENT GR 3.85 11/22/23 CNY 19.83 LINYI COUNTY CITY DEVELOP 7.78 03/21/25 CNY 61.40 LINYI COUNTY CITY DEVELOP 7.78 03/21/25 CNY 60.00 LINYI ZHENDONG CONSTRUCTI 7.50 12/06/25 CNY 62.92 LINYI ZHENDONG CONSTRUCTI 7.50 12/06/25 CNY 60.00 LINYI ZHENDONG CONSTRUCTI 7.50 11/26/25 CNY 60.00 LINYI ZHENDONG CONSTRUCTI 7.50 11/26/25 CNY 59.24 LIUPANSHUI CITY TRAFFIC I 5.98 05/02/24 CNY 39.50 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 20.00 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 19.97 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 19.76 LIUYANG MODERN MANUFACTUR 5.88 08/10/24 CNY 42.26 LIUYANG MODERN MANUFACTUR 5.88 08/10/24 CNY 40.69 LIUYANG MODERN MANUFACTUR 5.75 05/02/24 CNY 40.50 LIUYANG MODERN MANUFACTUR 5.75 05/02/24 CNY 40.39 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 19.99 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 19.98 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 20.11 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 19.97 LIUZHI SPECIAL DISTRICT W 7.00 11/16/24 CNY 41.12 LIUZHI SPECIAL DISTRICT W 7.00 11/16/24 CNY 40.00 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 15.02 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 14.90 LIUZHOU DONGTONG INVESTME 4.45 07/22/23 CNY 19.39 LIUZHOU DONGTONG INVESTME 4.45 07/22/23 CNY 19.19 LIUZHOU LONGJIAN INVESTME 7.00 09/21/27 CNY 70.00 LIUZHOU LONGJIAN INVESTME 7.00 09/21/27 CNY 62.96 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 29.86 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 28.80 LONGCHANG DEVELOPMENT CON 7.09 10/31/24 CNY 40.64 LONGCHANG DEVELOPMENT CON 7.09 10/31/24 CNY 40.00 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 20.00 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 19.99 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 20.00 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 19.99 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 20.00 LOUDI WANBAO NEW DISTRICT 4.42 08/01/23 CNY 19.95 LOUDI WANBAO NEW DISTRICT 4.42 08/01/23 CNY 19.94 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 19.94 LU'AN JIN'AN DISTRICT URB 5.95 07/24/24 CNY 40.51 LUJIANG CITY CONSTRUCTION 5.89 05/02/25 CNY 61.34 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 20.10 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 20.00 LUOYANG XIYUAN STATE-OWNE 7.50 11/15/25 CNY 66.50 LUOYANG XIYUAN STATE-OWNE 7.50 11/15/25 CNY 59.62 LUXI URBAN CONSTRUCTION I 6.80 10/27/24 CNY 40.33 LUXI URBAN CONSTRUCTION I 6.80 10/27/24 CNY 40.00 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 19.98 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 19.97 LUZHOU HUIXING INVESTMENT 6.28 10/19/24 CNY 41.16 LUZHOU HUIXING INVESTMENT 6.28 10/19/24 CNY 40.24 LUZHOU INDUSTRIAL DEVELOP 7.20 04/12/25 CNY 60.51 LUZHOU INDUSTRIAL DEVELOP 7.20 04/12/25 CNY 60.00 LUZHOU LIN GANG INVESTMEN 7.10 02/07/25 CNY 61.35 LUZHOU LIN GANG INVESTMEN 7.10 02/07/25 CNY 60.30 LUZHOU LIN GANG INVESTMEN 7.00 12/01/24 CNY 41.13 LUZHOU LIN GANG INVESTMEN 7.00 12/01/24 CNY 40.00 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 46.20 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 45.00 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 20.00 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 19.99 MA'ANSHAN CIHU HIGH TECHN 3.90 11/28/23 CNY 20.04 MAANSHAN NINGBO INVESTMEN 7.80 11/29/25 CNY 63.21 MAANSHAN NINGBO INVESTMEN 7.80 11/29/25 CNY 60.00 MAANSHAN NINGBO INVESTMEN 7.50 04/18/26 CNY 32.00 MAANSHAN SOUTHERN INDUSTR 4.53 07/25/23 CNY 19.98 MAANSHAN SOUTHERN INDUSTR 4.43 09/02/23 CNY 19.96 MAANSHAN SOUTHERN INDUSTR 4.53 07/25/23 CNY 19.96 MAANSHAN SOUTHERN INDUSTR 4.43 09/02/23 CNY 19.94 MAANSHAN YUSHAN CITY DEVE 5.85 09/22/24 CNY 40.46 MAANSHAN YUSHAN CITY DEVE 5.85 09/22/24 CNY 40.46 MAANSHAN YUSHAN CITY DEVE 5.62 07/31/24 CNY 40.30 MAANSHAN YUSHAN CITY DEVE 5.62 07/31/24 CNY 40.30 MA'ANSHAN ZHENGPU HARBOR 6.80 03/19/25 CNY 61.65 MA'ANSHAN ZHENGPU HARBOR 6.80 03/19/25 CNY 60.00 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 44.26 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 40.75 MEISHAN CITY DONGPO DEVEL 8.08 08/16/25 CNY 62.98 MEISHAN CITY DONGPO DEVEL 8.08 08/16/25 CNY 60.00 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 20.10 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 20.02 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 19.91 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 19.90 MEISHAN MINDONG DEVELOPME 6.78 08/08/24 CNY 40.17 MEISHAN MINDONG DEVELOPME 6.78 08/08/24 CNY 40.17 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 20.01 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 20.00 MENGCHENG COUNTY URBAN DE 5.60 09/21/24 CNY 40.51 MENGZHOU INVESTMENT AND D 8.00 11/06/25 CNY 63.35 MENGZHOU INVESTMENT AND D 8.00 09/03/25 CNY 63.01 MENGZHOU INVESTMENT AND D 8.00 11/06/25 CNY 60.00 MENGZHOU INVESTMENT AND D 8.00 09/03/25 CNY 60.00 MENGZI CITY DEVELOPMENT I 7.65 09/25/24 CNY 41.31 MENGZI CITY DEVELOPMENT I 7.65 09/25/24 CNY 41.31 MIANYANG ANZHOU INVESTMEN 8.10 05/04/25 CNY 62.52 MIANYANG ANZHOU INVESTMEN 8.10 11/22/25 CNY 62.42 MIANYANG ANZHOU INVESTMEN 8.10 11/22/25 CNY 60.00 MIANYANG ANZHOU INVESTMEN 8.10 05/04/25 CNY 59.00 MIANYANG HONGDA ASSET INV 7.20 09/29/24 CNY 41.16 MIANYANG HONGDA ASSET INV 7.20 09/29/24 CNY 40.00 MIANYANG HUIDONG INVESTME 8.10 04/28/25 CNY 62.91 MIANYANG HUIDONG INVESTME 8.10 02/10/25 CNY 61.65 MILE AGRICULTURAL INVESTM 8.00 10/25/25 CNY 59.88 MILE AGRICULTURAL INVESTM 8.00 10/25/25 CNY 59.00 MINGGUANG YUELONG INVESTM 6.54 05/03/25 CNY 61.28 MUDANJIANG LONGSHENG INVE 7.50 09/27/25 CNY 62.65 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.69 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 71.90 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 71.26 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 71.17 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 71.17 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 67.10 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.28 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.00 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.00 MUNICIPALITY OF SHENZHEN 3.15 01/14/25 CNY 62.67 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 3.37 03/29/26 CNY 55.20 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 54.49 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 54.49 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.43 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.00 NANCHANG CITY CONSTRUCTIO 3.58 09/12/26 CNY 70.90 NANCHANG CITY CONSTRUCTIO 3.58 09/12/26 CNY 69.94 NANCHANG ECONOMY TECHNOLO 3.83 09/22/23 CNY 19.95 NANCHANG ECONOMY TECHNOLO 3.83 09/22/23 CNY 19.90 NANCHONG JIALING DEVELOPM 7.98 05/23/25 CNY 62.53 NANCHONG JIALING DEVELOPM 7.98 05/23/25 CNY 60.00 NANCHONG JIALING DEVELOPM 7.80 12/12/24 CNY 41.68 NANCHONG JIALING DEVELOPM 7.80 12/12/24 CNY 40.00 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 20.03 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 19.98 NANJING BINJIANG INVESTME 5.77 11/30/25 CNY 61.42 NANJING BINJIANG INVESTME 5.77 11/30/25 CNY 60.00 NANJING JIANGBEI NEW DIST 6.90 06/15/25 CNY 65.88 NANJING JIANGBEI NEW DIST 6.90 06/15/25 CNY 62.56 NANJING JIANGBEI NEW DIST 6.00 12/06/24 CNY 41.03 NANJING JIANGBEI NEW DIST 6.00 12/06/24 CNY 40.00 NANJING JIANGBEI NEW TOWN 5.59 09/26/24 CNY 42.50 NANJING JIANGBEI NEW TOWN 5.59 09/26/24 CNY 40.49 NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 31.24 NANJING JIANGNING URBAN C 3.48 11/11/23 CNY 19.88 NANJING JIANGNING URBAN C 3.48 11/11/23 CNY 19.81 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 20.12 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 19.99 NANJING LISHUI ECONOMIC A 3.41 11/09/23 CNY 19.85 NANJING LISHUI URBAN CONS 5.40 07/31/25 CNY 63.87 NANJING LISHUI URBAN CONS 5.40 07/31/25 CNY 60.55 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 20.05 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 20.02 NANJING METRO GROUP CO LT 4.22 11/28/23 CNY 40.63 NANJING METRO GROUP CO LT 4.22 11/28/23 CNY 40.30 NANJING METRO GROUP CO LT 3.29 08/29/23 CNY 20.03 NANJING METRO GROUP CO LT 3.29 08/29/23 CNY 20.00 NANJING PUKOU COMMUNICATI 5.46 07/19/24 CNY 40.42 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 19.99 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 19.94 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 15.04 NANLING COUNTY CONSTRUCTI 6.20 09/06/24 CNY 40.10 NANLING COUNTY CONSTRUCTI 6.20 09/06/24 CNY 40.00 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 20.00 NANNING HI-TECH INDUSTRIA 3.82 10/20/23 CNY 19.83 NANNING HI-TECH INDUSTRIA 3.82 10/20/23 CNY 19.80 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 15.20 NANTONG CITY TONGZHOU DIS 4.88 04/10/24 CNY 40.48 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 19.95 NANTONG KAIYUAN INVESTMEN 7.25 11/29/24 CNY 40.92 NANTONG KAIYUAN INVESTMEN 7.25 11/29/24 CNY 40.90 NANTONG SHIBEI HI-TECH DE 5.98 08/07/24 CNY 40.54 NANTONG SHIBEI HI-TECH DE 5.98 08/07/24 CNY 40.44 NANTONG YUNTONG PORT DEVE 6.13 08/10/24 CNY 41.00 NANTONG YUNTONG PORT DEVE 6.13 08/10/24 CNY 40.68 NANYANG HI-TECH DEVELOPME 6.45 04/29/23 CNY 20.13 NANYANG HI-TECH DEVELOPME 6.45 04/29/23 CNY 20.04 NANZHANG COUNTY CONSTRUCT 6.00 01/20/24 CNY 40.36 NANZHANG COUNTY CONSTRUCT 6.58 10/25/24 CNY 40.00 NANZHANG COUNTY CONSTRUCT 6.00 01/20/24 CNY 39.99 NANZHANG COUNTY CONSTRUCT 6.58 10/25/24 CNY 39.90 NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 19.93 NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 19.92 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 20.12 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 20.01 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 20.00 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 16.36 NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00 NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 40.80 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 40.62 NINGXIA SHENG YAN INDUSTR 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRUCTI 6.00 06/02/26 CNY 60.86 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 19.97 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 20.03 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 20.00 NINGXIANG STATE-OWNED ASS 3.88 11/02/23 CNY 19.90 NINGXIANG STATE-OWNED ASS 3.88 11/02/23 CNY 19.84 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 20.07 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 20.07 PANJIN WATER GROUP CO LTD 5.18 10/28/23 CNY 19.32 PEIXIAN ECONOMIC DEVELOPM 6.20 10/24/25 CNY 62.78 PEIXIAN STATE-OWNED ASSET 5.98 07/19/24 CNY 41.34 PEIXIAN STATE-OWNED ASSET 5.98 07/19/24 CNY 40.00 PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 11.00 PENGSHAN DEVELOPMENT HOLD 7.98 05/03/25 CNY 62.83 PENGSHAN DEVELOPMENT HOLD 7.98 05/03/25 CNY 61.59 PENGSHAN DEVELOPMENT HOLD 7.00 09/05/24 CNY 40.60 PENGSHAN DEVELOPMENT HOLD 7.00 09/05/24 CNY 40.00 PENGZE CITY DEVELOPMENT I 7.60 08/31/25 CNY 62.61 PENGZE CITY DEVELOPMENT I 7.00 04/19/25 CNY 61.59 PENGZE CITY DEVELOPMENT I 7.60 08/31/25 CNY 61.34 PENGZE CITY DEVELOPMENT I 7.00 04/19/25 CNY 60.00 PENGZHOU STATE-PENGZHOU S 3.95 10/20/23 CNY 19.54 PINGDU STATE-OWNED ASSET 6.05 07/11/25 CNY 63.40 PINGDU STATE-OWNED ASSET 6.05 07/11/25 CNY 61.43 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 20.08 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 20.01 PINGJIANG COUNTY WATER SU 6.64 06/27/26 CNY 59.02 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 20.02 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 19.89 PINGXIANG HUIFENG INVESTM 5.79 09/21/24 CNY 40.48 PINGXIANG HUIFENG INVESTM 5.79 09/21/24 CNY 40.41 PINGYANG STATE-OWNED ASSE 6.90 08/24/27 CNY 74.08 PINGYANG STATE-OWNED ASSE 6.90 08/24/27 CNY 70.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 20.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 20.00 PIZHOU ECONOMIC DEVELOPME 6.66 09/19/24 CNY 47.00 PIZHOU ECONOMIC DEVELOPME 6.66 09/19/24 CNY 40.56 POYANG INVESTMENT & DEVEL 6.53 08/08/24 CNY 40.32 POYANG INVESTMENT & DEVEL 6.53 08/08/24 CNY 40.00 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.50 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.50 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.43 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.43 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.43 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.43 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.00 PUCHENG INVESTMENT DEVELO 6.57 08/10/24 CNY 40.61 PUCHENG INVESTMENT DEVELO 6.57 08/10/24 CNY 40.00 PUDING YELANG STATE-OWNED 8.00 03/13/25 CNY 65.00 PUDING YELANG STATE-OWNED 8.00 03/13/25 CNY 55.87 PUDING YELANG STATE-OWNED 7.79 11/13/24 CNY 41.36 PUYANG INVESTMENT GROUP C 5.18 08/17/24 CNY 40.36 PUYANG INVESTMENT GROUP C 5.18 08/17/24 CNY 40.36 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 20.00 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 19.97 QIANDONGNANZHOU KAIHONG C 5.30 09/22/26 CNY 48.86 QIANDONGNANZHOU KAIHONG C 5.30 09/22/26 CNY 47.12 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 20.01 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 20.00 QIANNAN AUTONOMOUS PREFEC 6.99 04/19/24 CNY 38.89 QIANNAN AUTONOMOUS PREFEC 6.99 04/19/24 CNY 38.89 QIANNAN AUTONOMOUS PREFEC 6.98 07/06/24 CNY 38.66 QIANNAN AUTONOMOUS PREFEC 6.98 07/06/24 CNY 38.65 QIANNANZHOU INVESTMENT CO 8.00 01/02/26 CNY 69.80 QIANNANZHOU INVESTMENT CO 6.77 07/28/24 CNY 40.77 QIANSHAN CITY QIANRUN INV 6.98 01/19/25 CNY 61.66 QIANSHAN CITY QIANRUN INV 6.98 01/19/25 CNY 60.00 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 20.10 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 19.82 QICHUN COUNTY CONSTRUCTIO 4.96 10/18/23 CNY 20.08 QICHUN COUNTY CONSTRUCTIO 4.96 10/18/23 CNY 19.97 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 20.19 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 19.98 QIDONG URBAN CONSTRUCTION 5.25 08/16/24 CNY 41.00 QIDONG URBAN CONSTRUCTION 5.25 08/16/24 CNY 40.48 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 20.01 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 19.83 QINGDAO CHANGYANG INVESTM 3.73 09/12/23 CNY 19.79 QINGDAO CHANGYANG INVESTM 3.73 09/12/23 CNY 19.70 QINGDAO CHINA PROSPERITY 6.08 11/05/25 CNY 61.72 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 15.07 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 15.00 QINGDAO HAIFA STATE-OWNED 6.28 04/04/25 CNY 65.25 QINGDAO HAIFA STATE-OWNED 6.28 04/04/25 CNY 61.41 QINGDAO HAIFA STATE-OWNED 4.26 06/06/23 CNY 20.09 QINGDAO HAIFA STATE-OWNED 4.26 06/06/23 CNY 19.95 QINGDAO JIMO DISTRICT URB 6.27 10/15/25 CNY 61.68 QINGDAO JIMO DISTRICT URB 6.27 10/15/25 CNY 60.00 QINGDAO JIMO DISTRICT URB 5.35 07/10/24 CNY 41.20 QINGDAO JIMO DISTRICT URB 5.35 07/10/24 CNY 40.34 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 20.06 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 19.95 QINGDAO SHAOHAI INVESTMEN 6.47 10/31/24 CNY 61.08 QINGDAO SHAOHAI INVESTMEN 6.47 10/31/24 CNY 40.82 QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 28.90 QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 20.02 QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 20.02 QINGZHOU CITY CONSTRUCTIO 6.40 07/10/24 CNY 40.00 QINGZHOU CITY CONSTRUCTIO 6.80 08/25/24 CNY 38.94 QINGZHOU CITY CONSTRUCTIO 6.40 07/10/24 CNY 38.45 QINGZHOU CITY CONSTRUCTIO 6.80 08/25/24 CNY 38.00 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 20.08 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 19.97 QINHUANGDAO DEVELOPMENT Z 4.07 08/26/23 CNY 19.90 QINHUANGDAO DEVELOPMENT Z 4.07 08/26/23 CNY 19.89 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 20.06 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 20.04 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 20.08 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 20.08 RED STAR MACALLINE HOLDIN 6.50 11/07/24 CNY 29.05 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 20.04 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 19.79 RENHUAI WATER INVESTMENT 7.98 07/26/25 CNY 62.75 RENHUAI WATER INVESTMENT 7.98 02/24/25 CNY 58.82 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 20.01 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 20.00 REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00 REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10 RONGCHENG ECONOMIC DEVELO 5.75 04/24/25 CNY 62.79 RONGCHENG ECONOMIC DEVELO 5.75 04/24/25 CNY 61.10 RONGQIAO GROUP CO LTD 6.50 06/03/23 CNY 64.00 RONGXIN FUJIAN INVESTMENT 6.78 07/03/24 CNY 72.80 RONGXIN FUJIAN INVESTMENT 6.45 07/03/23 CNY 67.50 RONGXIN FUJIAN INVESTMENT 5.60 07/27/23 CNY 33.00 RONGXIN FUJIAN INVESTMENT 5.42 08/19/24 CNY 31.00 RUCHENG COUNTY URBAN CONS 5.69 02/23/24 CNY 50.44 RUCHENG COUNTY URBAN CONS 5.69 02/23/24 CNY 50.43 RUDONG COUNTY JINXIN TRAN 3.80 07/26/23 CNY 20.00 RUDONG COUNTY JINXIN TRAN 4.57 07/26/23 CNY 19.98 RUDONG COUNTY JINXIN TRAN 3.80 07/26/23 CNY 19.94 RUDONG COUNTY JINXIN TRAN 4.57 07/26/23 CNY 19.92 RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 20.01 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 19.99 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 19.88 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 20.04 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 19.97 RUGAO TRAFFIC INDUSTRY GR 3.74 03/23/23 CNY 20.00 RUGAO TRAFFIC INDUSTRY GR 3.74 03/23/23 CNY 19.98 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 20.00 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 19.99 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 20.06 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 20.02 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 19.99 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 19.79 RUSHAN INDUSTRIAL INVESTM 7.40 06/07/25 CNY 64.24 RUSHAN INDUSTRIAL INVESTM 7.40 06/07/25 CNY 62.36 RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 19.94 RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 19.34 SANMING INVESTMENT DEVELO 5.10 04/17/24 CNY 41.00 SANMING INVESTMENT DEVELO 5.10 04/17/24 CNY 40.26 SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 19.95 SHAANXI XIXIAN NEW AREA A 5.10 06/06/23 CNY 19.91 SHAANXI XIXIAN NEW AREA A 5.10 06/06/23 CNY 19.86 SHAANXI XIXIAN NEW AREA F 7.10 08/23/24 CNY 40.98 SHAANXI XIXIAN NEW AREA F 7.10 08/23/24 CNY 39.79 SHAANXI XIXIAN NEW AREA J 6.67 08/23/24 CNY 43.20 SHAANXI XIXIAN NEW AREA J 6.67 08/23/24 CNY 40.79 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 30.49 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 30.00 SHANGHAI POWERLONG INDUST 6.60 01/11/26 CNY 43.00 SHANGHAI POWERLONG INDUST 6.50 08/27/23 CNY 34.00 SHANGHAI SHIMAO CO LTD 3.70 04/26/23 CNY 60.00 SHANGHAI SHIMAO CO LTD 4.15 05/22/23 CNY 47.70 SHANGHAI SHIMAO CO LTD 3.76 07/07/24 CNY 34.16 SHANGHAI SHIMAO CO LTD 4.24 10/21/23 CNY 34.00 SHANGHAI SHIMAO CO LTD 3.60 03/05/23 CNY 31.07 SHANGHAI SHIMAO CO LTD 3.99 09/01/24 CNY 28.56 SHANGHAI SHIMAO CO LTD 5.50 05/06/23 CNY 26.50 SHANGHAI SHIMAO CO LTD 5.15 03/16/23 CNY 26.50 SHANGHAI SHIMAO CO LTD 4.12 01/09/23 CNY 26.50 SHANGHAI SHIMAO CO LTD 3.94 09/24/24 CNY 24.00 SHANGHAI SHIMAO JIANSHE C 4.30 09/19/24 CNY 29.99 SHANGHAI SHIMAO JIANSHE C 3.20 05/11/25 CNY 26.30 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04/18/24 CNY 40.17 YUEYANG HUIHUA URBAN INVE 5.78 04/18/24 CNY 40.11 YUEYANG URBAN CONSTRUCTIO 4.80 01/27/26 CNY 60.90 YUEYANG URBAN CONSTRUCTIO 4.80 01/27/26 CNY 60.57 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 19.84 YUEYANG YUNXI CITY CONSTR 5.18 11/21/23 CNY 19.49 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 20.02 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 20.01 YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 19.89 YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 19.79 YUHUAN COUNTY STATE-OWNED 6.45 11/23/25 CNY 63.34 YUNCHENG SHUIHU CITY CONS 4.54 11/21/23 CNY 19.94 YUNCHENG SHUIHU CITY CONS 4.54 11/21/23 CNY 19.18 YUNCHENG URBAN CONSTRUCTI 6.30 08/29/24 CNY 40.15 YUNCHENG URBAN CONSTRUCTI 6.30 08/29/24 CNY 39.04 YUNYANG RENHE INVESTMENT 7.49 05/04/25 CNY 62.46 YUNYANG RENHE INVESTMENT 7.49 05/04/25 CNY 60.62 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 20.00 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 20.00 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 20.09 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 20.00 ZHANGJIAGANG ECONOMY DEVE 3.95 03/22/23 CNY 20.03 ZHANGJIAGANG ECONOMY DEVE 3.95 03/22/23 CNY 20.00 ZHANGJIAJIE ECONOMIC DEVE 6.47 07/24/27 CNY 64.07 ZHANGJIAJIE ECONOMIC DEVE 6.47 07/24/27 CNY 62.50 ZHANGQIU STATE OWNED ASSE 3.69 08/09/23 CNY 19.86 ZHANGQIU STATE OWNED ASSE 3.69 08/09/23 CNY 19.85 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 22.67 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 20.04 ZHAODONG DONGSHENG CONSTR 6.50 01/20/24 CNY 40.39 ZHAODONG DONGSHENG CONSTR 6.50 01/20/24 CNY 39.80 ZHAOQING HI-TECH ZONE CON 3.97 08/26/23 CNY 40.25 ZHAOQING HI-TECH ZONE CON 3.97 08/26/23 CNY 19.88 ZHEJIANG BINHAI NEW AREA 4.65 12/23/22 CNY 20.30 ZHEJIANG BINHAI NEW AREA 4.65 12/23/22 CNY 20.01 ZHEJIANG HANGZHOU QINGSHA 5.99 06/30/24 CNY 40.64 ZHEJIANG HANGZHOU QINGSHA 5.99 06/30/24 CNY 40.63 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 39.93 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 39.88 ZHEJIANG HUZHOU NANXUN EC 7.80 08/21/25 CNY 67.00 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 20.00 ZHEJIANG TIANTAI STATE-OW 6.50 11/22/24 CNY 62.54 ZHEJIANG TIANTAI STATE-OW 6.50 11/22/24 CNY 40.00 ZHEJIANG WUYI CITY CONSTR 8.00 08/10/25 CNY 62.81 ZHEJIANG WUYI CITY CONSTR 8.00 08/10/25 CNY 60.00 ZHENGZHOU GENERAL AVIATIO 5.98 06/27/24 CNY 41.14 ZHENGZHOU GENERAL AVIATIO 5.80 10/18/24 CNY 40.64 ZHENGZHOU GENERAL AVIATIO 5.80 10/18/24 CNY 40.00 ZHENGZHOU GENERAL AVIATIO 5.98 06/27/24 CNY 40.00 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 20.00 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 19.99 ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 42.50 ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 41.11 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 19.95 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 19.95 ZHENRO REAL ESTATE HOLDIN 5.45 09/14/24 CNY 25.40 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 20.01 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 20.00 ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 19.99 ZHIJIANG WANYUN COMMUNICA 7.00 08/29/24 CNY 46.13 ZHONGSHAN TORCH DEVELOPME 5.79 03/23/24 CNY 40.37 ZHONGXIANG CITY CONSTRUCT 6.50 09/01/24 CNY 40.88 ZHONGXIANG CITY CONSTRUCT 6.50 09/01/24 CNY 40.47 ZHOUSHAN CITY INVESTMENT 5.94 10/22/25 CNY 65.32 ZHOUSHAN CITY INVESTMENT 6.33 04/04/25 CNY 63.20 ZHOUSHAN CITY INVESTMENT 5.94 10/22/25 CNY 62.00 ZHOUSHAN CITY INVESTMENT 6.33 04/04/25 CNY 61.75 ZHOUSHAN ISLANDS NEW DIST 7.00 09/25/26 CNY 73.16 ZHOUSHAN ISLANDS NEW DIST 7.00 09/25/26 CNY 70.00 ZHUCHENG ECONOMIC DEVELOP 5.37 07/12/24 CNY 40.46 ZHUCHENG ECONOMIC DEVELOP 5.37 07/12/24 CNY 40.18 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 20.05 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 19.99 ZHUJI CITY EAST NEW TOWN 3.89 08/26/23 CNY 20.02 ZHUJI CITY EAST NEW TOWN 3.89 08/26/23 CNY 19.89 ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 42.50 ZHUJI STATE-OWNED ASSETS 5.23 07/18/24 CNY 40.88 ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 40.46 ZHUZHOU GECKOR GROUP CO L 3.78 09/28/23 CNY 19.76 ZHUZHOU GECKOR GROUP CO L 3.78 09/28/23 CNY 19.66 ZHUZHOU HI-TECH AUTO EXPO 4.47 11/03/23 CNY 24.25 ZHUZHOU LUSONG STATE OWNE 7.00 01/30/25 CNY 61.56 ZHUZHOU LVXIANG INVESTMEN 7.09 08/16/24 CNY 40.19 ZHUZHOU RAILWAY INDUSTRY 7.50 09/25/24 CNY 40.36 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 19.97 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 19.63 ZHUZHOU XIANGJIAN INVESTM 6.40 08/09/24 CNY 40.16 ZHUZHOU XIANGJIAN INVESTM 6.40 08/09/24 CNY 40.00 ZIBO BOSHAN STATE OWNED A 5.63 03/29/24 CNY 39.89 ZIBO BOSHAN STATE OWNED A 5.63 03/29/24 CNY 39.88 ZIBO HIGH TECH CITY INVES 5.28 08/10/24 CNY 44.80 ZIBO HIGH TECH CITY INVES 5.28 08/10/24 CNY 40.78 ZIGUI COUNTY CHUYUAN HOLD 7.08 08/14/27 CNY 73.88 ZIGUI COUNTY CHUYUAN HOLD 7.08 08/14/27 CNY 70.00 ZIXING CHENGCHENG INVESTM 6.20 03/16/24 CNY 40.50 ZIXING CHENGCHENG INVESTM 6.18 08/09/24 CNY 40.28 ZIXING CHENGCHENG INVESTM 6.20 03/16/24 CNY 40.05 ZIXING CHENGCHENG INVESTM 6.18 08/09/24 CNY 40.00 ZIXING CITY DEVELOPMENT I 6.30 09/26/24 CNY 40.56 ZIXING CITY DEVELOPMENT I 6.00 05/03/24 CNY 40.36 ZIXING CITY DEVELOPMENT I 6.00 05/03/24 CNY 40.26 ZIXING CITY DEVELOPMENT I 6.30 09/26/24 CNY 40.00 ZIYANG KAILI INVESTMENT C 8.00 02/14/26 CNY 71.01 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 19.74 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 19.71 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 20.03 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 19.68 ZONGYANG INVESTMENT DEVEL 5.85 04/25/24 CNY 40.62 ZONGYANG INVESTMENT DEVEL 5.85 04/25/24 CNY 40.00 ZUNYI BOZHOU URBAN CONSTR 6.60 07/06/24 CNY 40.67 ZUNYI BOZHOU URBAN CONSTR 6.60 07/06/24 CNY 40.66 ZUNYI BOZHOU URBAN CONSTR 7.85 10/24/24 CNY 39.76 ZUNYI CITY XIANGJIANG INV 6.99 09/25/24 CNY 41.00 ZUNYI CITY XIANGJIANG INV 6.99 09/25/24 CNY 35.00 ZUNYI ECONOMIC DEVELOPMEN 7.48 08/17/24 CNY 41.15 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 20.00 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 18.10 ZUNYI HONGHUAGANG DISTRIC 6.98 07/25/24 CNY 37.08 ZUNYI HONGHUAGANG DISTRIC 6.98 07/25/24 CNY 37.07 ZUNYI HONGHUAGANG DISTRIC 5.05 06/27/23 CNY 19.75 ZUNYI HONGHUAGANG DISTRIC 5.05 06/27/23 CNY 19.01 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 39.73 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 35.00 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 25.10 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 22.20 ZUNYI TRAFFIC TRAVEL INVE 7.70 09/27/27 CNY 54.62 ZUNYI TRAFFIC TRAVEL INVE 7.70 09/27/27 CNY 53.00 ZUNYI URBAN CONSTRUCTION 7.50 05/20/24 CNY 67.80 HONG KONG --------- AIA GROUP LTD 3.20 09/16/40 USD 74.16 AIA GROUP LTD 3.20 09/16/40 USD 74.14 AIRPORT AUTHORITY 2.63 02/04/51 USD 68.22 AIRPORT AUTHORITY 2.63 02/04/51 USD 67.45 CHINA SOUTH CITY HOLDINGS 9.00 10/09/24 USD 59.25 CHINA SOUTH CITY HOLDINGS 9.00 12/11/24 USD 58.92 CHINA SOUTH CITY HOLDINGS 9.00 04/12/24 USD 53.72 CHINA SOUTH CITY HOLDINGS 9.00 07/20/24 USD 31.20 CHINA SOUTH CITY HOLDINGS 9.00 06/26/24 USD 28.00 CNAC HK FINBRIDGE CO LTD 3.70 09/22/50 USD 65.01 DR PENG HOLDING HONGKONG 2.50 12/01/25 USD 43.31 HAINAN AIRLINES HONG KONG 12.00 10/29/21 USD 2.51 HKCG FINANCE LTD 2.94 10/18/49 HKD 67.64 HKCG FINANCE LTD 2.94 10/28/49 HKD 67.59 HKCG FINANCE LTD 2.57 05/26/50 HKD 61.83 HKCG FINANCE LTD 2.57 06/29/50 HKD 61.77 HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 5.00 HONG KONG GOVERNMENT INTE 2.38 02/02/51 USD 66.46 HONG KONG GOVERNMENT INTE 2.38 02/02/51 USD 66.31 HONG KONG GOVERNMENT INTE 1.00 11/24/41 EUR 63.87 HONG KONG MORTGAGE CORP L 3.15 03/19/49 HKD 74.40 HONG KONG MORTGAGE CORP L 2.98 04/02/49 HKD 71.87 HONG KONG MORTGAGE CORP L 2.65 07/26/49 HKD 67.53 HONGKONG IDEAL INVESTMENT 14.75 10/08/22 USD 3.66 LAI SUN MTN LTD 5.00 07/28/26 USD 64.68 MTR CORP LTD 2.88 07/27/46 USD 69.18 MTR CORP LTD 2.55 06/24/55 HKD 66.53 PINGAN REAL ESTATE CAPITA 3.45 07/29/26 USD 65.78 WESTWOOD GROUP HOLDINGS L 3.80 01/20/31 USD 63.91 XIAOMI BEST TIME INTERNAT 2.88 07/14/31 USD 73.13 XIAOMI BEST TIME INTERNAT 2.88 07/14/31 USD 72.64 XIAOMI BEST TIME INTERNAT 4.10 07/14/51 USD 60.64 XIAOMI BEST TIME INTERNAT 4.10 07/14/51 USD 60.32 ZENSUN ENTERPRISES LTD 12.50 09/13/23 USD 55.03 ZENSUN ENTERPRISES LTD 12.50 04/23/24 USD 55.02 INDONESIA --------- ALAM SUTERA REALTY TBK PT 11.00 11/02/25 USD 65.38 BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 25.00 BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 25.00 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.84 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.84 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.84 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.84 DELTA MERLIN DUNIA TEKSTI 2.50 06/26/28 USD 27.90 INDOFOOD CBP SUKSES MAKMU 4.75 06/09/51 USD 74.81 INDOFOOD CBP SUKSES MAKMU 4.81 04/27/52 USD 74.03 INDONESIA GOVERNMENT INTE 1.10 03/12/33 EUR 73.57 INDONESIA GOVERNMENT INTE 1.30 03/23/34 EUR 72.76 INDONESIA GOVERNMENT INTE 3.05 03/12/51 USD 72.74 INDONESIA GOVERNMENT INTE 3.20 09/23/61 USD 69.95 INDONESIA GOVERNMENT INTE 3.35 03/12/71 USD 68.92 PERTAMINA PERSERO PT 4.15 02/25/60 USD 73.65 PERTAMINA PERSERO PT 4.15 02/25/60 USD 73.60 PERUSAHAAN PERSEROAN PERS 4.38 02/05/50 USD 74.98 PERUSAHAAN PERSEROAN PERS 4.38 02/05/50 USD 74.77 PERUSAHAAN PERSEROAN PERS 1.88 11/05/31 EUR 72.45 PERUSAHAAN PERSEROAN PERS 4.00 06/30/50 USD 72.43 PERUSAHAAN PERSEROAN PERS 4.00 06/30/50 USD 72.26 PERUSAHAAN PERSEROAN PERS 1.88 11/05/31 EUR 72.13 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 4.13 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 1.92 INDIA ----- ACME RANGA REDDY SOLAR PO 0.01 01/26/46 INR 17.48 ACME RANGA REDDY SOLAR PO 0.01 08/31/46 INR 16.69 ADANI ELECTRICITY MUMBAI 3.87 07/22/31 USD 72.22 ADANI ELECTRICITY MUMBAI 3.87 07/22/31 USD 72.09 ADANI PORTS & SPECIAL ECO 3.10 02/02/31 USD 74.36 ADANI PORTS & SPECIAL ECO 3.10 02/02/31 USD 74.34 ADANI PORTS & SPECIAL ECO 5.00 08/02/41 USD 74.08 ADANI PORTS & SPECIAL ECO 5.00 08/02/41 USD 74.01 ADANI RENEWABLE ENERGY RJ 4.63 10/15/39 USD 74.82 ADANI RENEWABLE ENERGY RJ 4.63 10/15/39 USD 74.75 ALANKRIT ESTATES LTD 0.01 10/20/32 INR 46.62 AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 31.29 AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 31.25 AMTEK AUTO LTD 0.10 12/07/28 INR 58.26 ANSR GLOBAL CORP PVT LTD 4.00 02/12/30 INR 73.25 APG HABITAT PVT LTD 1.00 09/09/28 INR 65.89 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 47.50 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 46.89 ASSETS CARE & RECONSTRUCT 2.00 03/30/29 INR 68.37 ASSETS CARE & RECONSTRUCT 2.00 03/30/29 INR 68.37 ASSETS CARE & RECONSTRUCT 2.00 03/31/30 INR 65.08 ASSETS CARE & RECONSTRUCT 1.00 03/30/29 INR 63.54 ASSETS CARE & RECONSTRUCT 2.05 04/30/31 INR 62.16 AUTHBRIDGE RESEARCH SERVI 0.10 10/14/31 INR 44.80 AUTHBRIDGE RESEARCH SERVI 0.10 12/03/31 INR 44.33 AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.99 AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.57 BIG SHOT INFRA FACILITIES 0.01 04/20/27 INR 67.15 BIG SHOT INFRA FACILITIES 0.01 05/20/27 INR 66.68 BIG SHOT INFRA FACILITIES 0.01 07/18/27 INR 65.77 BODY CUPID PVT LTD 0.01 03/31/31 INR 51.85 BREEZE CONSTRUCTIONS PVT 0.01 06/29/30 INR 52.15 BRITANNIA INDUSTRIES LTD 5.50 06/03/24 INR 28.24 BROIL SOLAR ENERGY PVT LT 0.01 09/05/31 INR 48.94 CHANDRAJYOTI ESTATE DEVEL 0.01 07/06/30 INR 53.46 CONVERGIA DIGITAL EDUCATI 0.10 09/29/31 INR 56.52 CROPIN TECHNOLOGY SOLUTIO 0.01 02/27/27 INR 73.35 CROPIN TECHNOLOGY SOLUTIO 0.01 09/25/27 INR 70.87 CROPIN TECHNOLOGY SOLUTIO 0.01 12/20/30 INR 59.80 CROPIN TECHNOLOGY SOLUTIO 0.01 01/12/31 INR 59.62 CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 72.95 CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 45.21 DLF ASPINWAL HOTELS PVT L 0.01 10/15/30 INR 49.23 DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 56.33 DLF HOMES PANCHKULA PVT L 0.01 06/29/30 INR 52.16 DLF HOMES SERVICES PVT LT 0.01 06/29/30 INR 52.15 DLF LANDS INDIA PVT LTD 0.01 09/29/31 INR 48.15 DLF MIDTOWN PVT LTD 0.01 12/11/27 INR 66.47 DLF PROPERTY DEVELOPERS L 0.01 06/29/30 INR 53.90 DLF PROPERTY DEVELOPERS L 0.01 08/12/30 INR 53.40 DLF REAL ESTATE BUILDERS 0.01 06/23/30 INR 53.53 DLF RECREATIONAL FOUNDATI 0.01 10/15/30 INR 49.23 DLF RESIDENTIAL BUILDERS 0.01 06/23/30 INR 52.24 DLF RESIDENTIAL DEVELOPER 0.01 06/28/30 INR 54.01 DLF RESIDENTIAL DEVELOPER 0.01 06/28/30 INR 54.01 DLF SOUTHERN TOWNS PVT LT 0.01 07/09/30 INR 57.26 DLF URBAN PVT LTD 0.01 12/11/27 INR 67.37 DOMUS REAL ESTATE PVT LTD 0.01 07/11/30 INR 53.50 EDEL LAND LTD 0.01 03/26/31 INR 52.45 EDEL LAND LTD 0.01 12/28/31 INR 49.55 EDEL LAND LTD 0.01 03/30/32 INR 48.62 EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 74.99 EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 71.52 EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 70.50 EDELWEISS ASSET RECONSTRU 2.00 03/28/29 INR 69.79 EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 68.67 EDELWEISS INVESTMENT ADVI 0.01 05/31/29 INR 58.29 EDELWEISS RURAL & CORPORA 0.01 03/25/31 INR 53.32 ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 52.07 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 47.99 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 47.99 FUTURE RETAIL LTD 5.60 01/22/25 USD 1.54 FUTURE RETAIL LTD 5.60 01/22/25 USD 1.49 GALLERIA PROPERTY MANAGEM 0.01 12/30/31 INR 47.80 GAMMA GAANA LTD 0.01 07/31/31 INR 48.77 GOLD PLUS GLASS INDUSTRY 0.10 03/03/29 INR 59.89 GOLD PLUS GLASS INDUSTRY 0.10 03/03/29 INR 59.89 GREEN URJA PVT LTD 0.01 02/14/30 INR 55.24 HCL INFOTECH LTD 0.10 03/31/36 INR 35.44 HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 65.93 IBROX AVIATION AND TRADIN 0.01 12/15/27 INR 62.66 INDIABULLS HOUSING FINANC 4.50 09/28/26 USD 72.00 JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 6.19 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 33.00 JTPM ATSALI LTD 0.01 12/28/28 INR 61.45 JTPM ATSALI LTD 0.01 08/29/48 INR 13.93 JUNO MONETA TECHNOLOGIES 0.01 05/18/26 INR 74.45 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 31.67 KIRTIMAAN BUILDERS LTD 0.01 10/20/32 INR 46.62 KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 59.83 L&T FINANCE LTD 6.25 12/03/24 INR 68.80 LITMUS WORLD MARKETING TE 0.01 03/31/28 INR 68.76 LOCON SOLUTIONS PVT LTD 0.01 07/22/30 INR 51.32 LOK SUVIDHA FINANCE LTD 0.01 11/30/31 INR 44.58 MAHATVA PLASTIC PRODUCTS 0.01 03/29/27 INR 68.93 MAHATVA PLASTIC PRODUCTS 0.01 05/03/27 INR 68.38 MAHATVA PLASTIC PRODUCTS 0.01 05/19/27 INR 68.14 MAKAAN.COM PVT LTD 0.01 07/22/30 INR 51.84 MANJRI DEVELOPERS PVT LTD 0.01 08/05/39 INR 25.66 MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 72.89 MAXIMUS ARC LTD 0.01 04/08/26 INR 73.32 MAXIMUS ARC LTD 0.01 10/07/26 INR 70.15 MELOSA BUILDERS & DEVELOP 0.01 06/29/30 INR 52.15 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 52.15 METALITE FUEL INDUSTRIES 0.01 03/31/35 INR 37.90 METALITE FUEL INDUSTRIES 0.01 06/18/36 INR 34.52 MUDIT CEMENT PVT LTD 0.01 03/28/27 INR 67.90 MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 36.55 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 33.82 MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 33.82 NANI VIRANI WIND ENERGY P 2.00 06/30/39 INR 45.57 NEEMUCH SOLAR POWER PVT L 0.01 01/26/46 INR 17.75 NEEMUCH SOLAR POWER PVT L 0.01 08/29/46 INR 16.96 NHAVA SHEVA INTERNATIONAL 0.01 04/14/27 INR 69.57 NSL KRISHNAVENI SUGARS LT 0.01 12/23/31 INR 45.39 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 32.91 PALIWAL REAL ESTATE LTD 0.01 09/09/31 INR 47.55 PIRAMAL CAPITAL & HOUSING 8.50 04/18/23 INR 34.25 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PRIDHVI ASSET RECONSTRUCT 0.01 06/07/26 INR 73.55 PRUDENT ARC LTD 0.01 09/02/31 INR 48.60 PRUDENT ARC LTD 0.01 10/04/31 INR 48.02 PRUDENT ARC LTD 0.01 03/30/32 INR 46.27 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 71.84 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 66.95 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 62.42 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 58.19 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 54.27 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 50.61 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 47.22 PURVANCHAL SOLAR POWER PV 0.01 01/26/46 INR 17.75 PURVANCHAL SOLAR POWER PV 0.01 08/29/46 INR 16.96 PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 33.36 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 35.72 RANKGURU TECHNOLOGY SOLUT 0.01 02/11/27 INR 66.91 RANKGURU TECHNOLOGY SOLUT 0.01 03/31/27 INR 66.15 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 72.20 REI AGRO LTD 5.50 11/13/14 USD 0.83 REI AGRO LTD 5.50 11/13/14 USD 0.83 RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 3.63 RELIANCE INDUSTRIES LTD 3.63 01/12/52 USD 70.23 RELIANCE INDUSTRIES LTD 3.63 01/12/52 USD 69.97 RELIANCE INDUSTRIES LTD 3.75 01/12/62 USD 68.85 RELIANCE INDUSTRIES LTD 3.75 01/12/62 USD 68.71 RENEW FAZILKA SOLAR POWER 0.01 01/26/46 INR 17.48 RENEW MEDAK POWER PVT LTD 0.01 01/26/46 INR 17.75 RENEW MEDAK POWER PVT LTD 0.01 08/29/46 INR 16.96 REWANCHAL SOLAR POWER PVT 0.01 01/26/46 INR 17.75 REWANCHAL SOLAR POWER PVT 0.01 08/29/46 INR 16.96 RIVERIA COMMERCIAL DEVELO 0.01 07/08/31 INR 47.54 RMZ ONE PARAMOUNT PVT LTD 0.10 03/24/29 INR 57.99 SAHIB FINLEASE LTD 1.00 10/29/29 INR 61.39 SAKET HOLIDAYS RESORTS PV 0.01 06/29/30 INR 53.37 SANJWIN CONSULTING SOLUTI 0.01 06/01/28 INR 61.55 SHERISHA ROOFTOP SOLAR SP 0.01 08/12/31 INR 47.42 SHIVAJI MARG MAINTENANCE 0.01 06/28/30 INR 52.99 SHREE UTTAM STEEL & POWER 0.10 07/12/32 INR 46.02 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 25.38 SKIPPER PLASTICS LTD 1.00 08/16/32 INR 51.41 STPL HORTICULTURE PVT LTD 0.01 03/31/31 INR 58.84 SUNWORLD SOLAR POWER PVT 0.01 01/26/46 INR 17.75 SUNWORLD SOLAR POWER PVT 0.01 08/31/46 INR 16.96 SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 73.16 SUTARA ROADS & INFRA LTD 0.01 08/31/30 INR 58.76 SUZLON ENERGY LTD 0.01 06/26/30 INR 48.75 SUZLON ENERGY LTD 5.75 07/16/19 USD 20.81 SUZLON ENERGY LTD 5.75 07/16/19 USD 20.81 SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 04/18/26 INR 74.98 TATA SMARTFOODZ LTD 0.01 06/28/26 INR 73.78 TATA SMARTFOODZ LTD 0.01 08/19/26 INR 72.91 TN URJA PVT LTD 0.10 02/22/36 INR 36.58 UJAGAR ESTATES LTD 0.01 10/20/32 INR 46.62 VENTO ENERGY INFRA PVT LT 0.01 09/20/39 INR 26.36 VIKRANT FORGE PVT LTD 2.00 03/25/33 INR 57.50 WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 65.98 YBRANT ENGINEERING & CONS 0.01 05/07/31 INR 51.02 YOGINDERA POWERS LTD 0.01 01/24/42 INR 39.18 JAPAN ----- AVANSTRATE INC 0.25 10/29/32 JPY 9.75 CITY OF KOBE JAPAN 0.30 06/18/49 JPY 74.64 DEVELOPMENT BANK OF JAPAN 0.56 11/14/34 EUR 73.71 DEVELOPMENT BANK OF JAPAN 0.57 06/24/60 JPY 73.18 DEVELOPMENT BANK OF JAPAN 0.95 04/15/71 JPY 71.04 DEVELOPMENT BANK OF JAPAN 0.48 12/16/59 JPY 70.80 DEVELOPMENT BANK OF JAPAN 0.89 07/16/70 JPY 68.83 EAST JAPAN RAILWAY CO 0.49 07/23/49 JPY 74.76 EAST JAPAN RAILWAY CO 0.90 07/20/60 JPY 74.61 EAST JAPAN RAILWAY CO 0.77 09/15/34 EUR 74.34 EAST JAPAN RAILWAY CO 1.21 07/15/71 JPY 74.08 EAST JAPAN RAILWAY CO 0.83 04/22/60 JPY 72.94 EAST JAPAN RAILWAY CO 1.18 12/17/71 JPY 72.93 EAST JAPAN RAILWAY CO 1.15 12/18/70 JPY 72.68 EAST JAPAN RAILWAY CO 1.14 04/15/71 JPY 72.17 EAST JAPAN RAILWAY CO 0.77 12/23/59 JPY 71.56 EAST JAPAN RAILWAY CO 1.10 09/15/39 EUR 70.40 EAST JAPAN RAILWAY CO 0.99 04/22/70 JPY 68.22 EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 67.47 EAST JAPAN RAILWAY CO 0.81 07/23/69 JPY 63.21 HIS CO LTD 0.58 02/19/27 JPY 63.46 JAPAN EXPRESSWAY HOLDING 0.45 09/17/49 JPY 74.88 JAPAN EXPRESSWAY HOLDING 0.94 03/17/56 JPY 74.69 JAPAN EXPRESSWAY HOLDING 0.18 06/20/46 JPY 74.69 JAPAN EXPRESSWAY HOLDING 0.78 03/19/53 JPY 74.54 JAPAN EXPRESSWAY HOLDING 1.02 03/19/58 JPY 74.01 JAPAN EXPRESSWAY HOLDING 0.96 03/19/57 JPY 73.69 JAPAN EXPRESSWAY HOLDING 0.65 03/17/56 JPY 73.42 JAPAN EXPRESSWAY HOLDING 0.84 03/19/55 JPY 73.20 JAPAN EXPRESSWAY HOLDING 0.57 08/31/60 JPY 73.17 JAPAN EXPRESSWAY HOLDING 0.48 08/31/56 JPY 73.08 JAPAN EXPRESSWAY HOLDING 0.97 03/19/60 JPY 72.80 JAPAN EXPRESSWAY HOLDING 0.54 06/30/60 JPY 72.24 JAPAN EXPRESSWAY HOLDING 0.71 03/19/54 JPY 71.98 JAPAN EXPRESSWAY HOLDING 0.29 06/18/49 JPY 71.71 JAPAN EXPRESSWAY HOLDING 0.75 03/19/54 JPY 71.20 JAPAN EXPRESSWAY HOLDING 0.94 03/19/60 JPY 70.76 JAPAN EXPRESSWAY HOLDING 0.44 03/19/54 JPY 70.73 JAPAN EXPRESSWAY HOLDING 0.46 06/30/59 JPY 70.65 JAPAN EXPRESSWAY HOLDING 0.63 03/19/59 JPY 70.34 JAPAN EXPRESSWAY HOLDING 0.84 03/19/58 JPY 70.23 JAPAN EXPRESSWAY HOLDING 0.88 03/19/59 JPY 70.20 JAPAN EXPRESSWAY HOLDING 0.44 10/31/59 JPY 69.92 JAPAN EXPRESSWAY HOLDING 0.43 02/27/60 JPY 69.43 JAPAN EXPRESSWAY HOLDING 0.30 06/30/56 JPY 68.39 JAPAN EXPRESSWAY HOLDING 0.83 03/19/59 JPY 67.74 JAPAN EXPRESSWAY HOLDING 0.35 08/29/59 JPY 67.42 JAPAN FINANCE ORGANIZATIO 0.50 05/29/51 JPY 74.67 JAPAN FINANCE ORGANIZATIO 0.75 09/28/60 JPY 74.14 JAPAN FINANCE ORGANIZATIO 0.54 10/31/53 JPY 73.31 JAPAN FINANCE ORGANIZATIO 0.53 10/28/53 JPY 73.04 JAPAN FINANCE ORGANIZATIO 0.53 10/24/53 JPY 73.03 JAPAN FINANCE ORGANIZATIO 0.58 03/26/55 JPY 72.89 JAPAN FINANCE ORGANIZATIO 0.65 01/28/60 JPY 71.55 JAPAN FINANCE ORGANIZATIO 0.63 04/28/60 JPY 70.75 JAPAN FINANCE ORGANIZATIO 0.63 04/23/60 JPY 70.74 JAPAN FINANCE ORGANIZATIO 0.63 04/30/60 JPY 70.69 JAPAN FINANCE ORGANIZATIO 0.63 04/28/60 JPY 70.62 JAPAN FINANCE ORGANIZATIO 0.49 07/28/56 JPY 69.52 JAPAN FINANCE ORGANIZATIO 2.00 11/27/35 AUD 66.06 JAPAN FINANCE ORGANIZATIO 1.88 10/15/35 AUD 65.14 JAPAN GOVERNMENT FORTY YE 0.50 03/20/59 JPY 73.00 JAPAN GOVERNMENT FORTY YE 0.50 03/20/60 JPY 72.49 JAPAN GOVERNMENT FORTY YE 0.40 03/20/56 JPY 72.33 JAPAN HOUSING FINANCE AGE 0.77 03/19/60 JPY 74.36 KYOTO PREFECTURE 0.30 06/18/49 JPY 74.64 MITSUBISHI ESTATE CO LTD 0.79 06/27/56 JPY 70.95 MITSUBISHI ESTATE CO LTD 1.13 04/18/69 JPY 70.33 MITSUI FUDOSAN CO LTD 1.03 03/17/70 JPY 66.00 MIZUHO SECURITIES CO LTD 2.16 02/01/36 USD 69.02 MIZUHO SECURITIES CO LTD 2.05 12/21/35 USD 68.26 MIZUHO SECURITIES CO LTD 2.02 12/10/35 USD 68.04 NIPPON PROLOGIS REIT INC 1.00 04/15/50 JPY 73.53 OSAKA GAS CO LTD 0.82 06/06/59 JPY 73.05 OSAKA GAS CO LTD 0.40 09/03/49 JPY 72.61 OSAKA GAS CO LTD 0.55 09/05/58 JPY 66.48 OSAKA GAS CO LTD 0.70 09/05/69 JPY 59.55 SOFTBANK GROUP CORP 3.38 07/06/29 EUR 74.44 SOFTBANK GROUP CORP 3.88 07/06/32 EUR 68.49 SUMITOMO MITSUI FINANCIAL 3.05 01/14/42 USD 73.27 SUMITOMO MITSUI FINANCIAL 2.93 09/17/41 USD 69.73 SUMITOMO MITSUI FINANCIAL 2.30 01/12/41 USD 65.84 TAKEDA PHARMACEUTICAL CO 3.18 07/09/50 USD 73.51 TAKEDA PHARMACEUTICAL CO 3.38 07/09/60 USD 72.40 TKJP CORP 0.58 03/26/21 JPY 2.02 TKJP CORP 0.85 03/06/19 JPY 2.02 TKJP CORP 1.02 12/15/17 JPY 0.50 TOHO GAS CO LTD 0.86 04/18/59 JPY 74.33 TOKYO GAS CO LTD 0.88 05/23/59 JPY 74.82 TOKYO GAS CO LTD 0.83 05/28/60 JPY 73.31 TOKYO GAS CO LTD 0.69 12/25/57 JPY 71.17 TOKYO GAS CO LTD 1.09 09/10/70 JPY 70.92 TOKYO GAS CO LTD 0.99 05/28/70 JPY 68.27 TOKYO GAS CO LTD 0.53 09/12/59 JPY 65.25 TOKYO METRO CO LTD 0.91 09/17/60 JPY 74.64 TOKYO METRO CO LTD 0.77 06/27/59 JPY 71.94 TOKYO METRO CO LTD 1.13 01/22/71 JPY 71.87 TOKYO METRO CO LTD 1.09 06/12/70 JPY 70.92 TOKYO METRO CO LTD 1.07 09/18/70 JPY 70.31 TOKYO METRO CO LTD 0.94 01/31/70 JPY 66.63 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 41.17 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 38.45 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 31.04 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 29.03 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 26.99 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 23.71 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 23.58 URBAN RENAISSANCE AGENCY 0.75 03/19/60 JPY 74.01 URBAN RENAISSANCE AGENCY 0.32 06/18/49 JPY 73.36 URBAN RENAISSANCE AGENCY 0.69 03/19/59 JPY 72.42 URBAN RENAISSANCE AGENCY 1.00 06/19/71 JPY 72.26 URBAN RENAISSANCE AGENCY 0.68 03/19/59 JPY 72.15 URBAN RENAISSANCE AGENCY 0.43 03/19/59 JPY 65.49 WEST JAPAN RAILWAY CO 0.86 05/21/60 JPY 73.63 WEST JAPAN RAILWAY CO 0.40 08/27/49 JPY 72.75 WEST JAPAN RAILWAY CO 1.13 04/22/71 JPY 71.80 WEST JAPAN RAILWAY CO 1.10 08/27/70 JPY 71.28 WEST JAPAN RAILWAY CO 1.03 05/21/70 JPY 69.27 KOREA ----- BUSAN PORT AUTHORITY 1.65 09/06/36 KRW 72.95 BUSAN PORT AUTHORITY 1.85 03/20/40 KRW 70.99 BUSAN PORT AUTHORITY 2.40 10/15/51 KRW 70.39 BUSAN PORT AUTHORITY 2.39 10/08/51 KRW 70.24 BUSAN PORT AUTHORITY 1.65 08/21/40 KRW 68.19 CITIBANK KOREA INC 2.33 08/01/36 KRW 63.05 CJ CGV CO LTD 1.00 06/08/51 KRW 27.11 CJ CGV CO LTD 0.50 07/21/52 KRW 26.04 EXPORT-IMPORT BANK OF KOR 4.73 10/18/32 KRW 73.95 EXPORT-IMPORT BANK OF KOR 2.63 04/25/52 EUR 73.95 EXPORT-IMPORT BANK OF KOR 2.50 06/29/41 USD 73.11 EXPORT-IMPORT BANK OF KOR 2.65 04/07/36 AUD 72.71 EXPORT-IMPORT BANK OF KOR 2.70 12/22/36 AUD 70.91 EXPORT-IMPORT BANK OF KOR 2.51 12/06/49 AUD 56.09 GS CALTEX CORP 2.26 03/03/36 KRW 73.28 HANA BANK 1.86 08/23/39 KRW 75.05 HANA BANK 1.80 08/26/40 KRW 74.29 HANA BANK 1.78 08/23/39 KRW 74.19 HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 35.74 KOREA DEVELOPMENT BANK/TH 2.55 02/27/49 KRW 76.27 KOREA DEVELOPMENT BANK/TH 1.71 08/09/39 KRW 75.70 KOREA DEVELOPMENT BANK/TH 1.85 09/15/40 KRW 75.41 KOREA DEVELOPMENT BANK/TH 2.50 03/19/49 KRW 75.27 KOREA DEVELOPMENT BANK/TH 2.57 04/01/36 AUD 74.89 KOREA DEVELOPMENT BANK/TH 2.97 10/21/51 KRW 74.49 KOREA DEVELOPMENT BANK/TH 3.24 11/30/41 AUD 73.61 KOREA DEVELOPMENT BANK/TH 2.42 02/15/49 KRW 73.54 KOREA DEVELOPMENT BANK/TH 2.55 09/30/36 AUD 73.48 KOREA DEVELOPMENT BANK/TH 2.75 10/07/51 KRW 73.26 KOREA DEVELOPMENT BANK/TH 3.19 11/26/41 AUD 73.02 KOREA DEVELOPMENT BANK/TH 2.42 05/20/49 KRW 72.78 KOREA DEVELOPMENT BANK/TH 2.40 05/20/49 KRW 71.09 KOREA DEVELOPMENT BANK/TH 2.30 10/11/46 KRW 70.81 KOREA DEVELOPMENT BANK/TH 2.63 07/02/51 KRW 70.41 KOREA DEVELOPMENT BANK/TH 2.78 10/18/41 AUD 69.03 KOREA DEVELOPMENT BANK/TH 2.37 09/29/46 KRW 68.66 KOREA DEVELOPMENT BANK/TH 2.12 06/21/49 KRW 67.35 KOREA DEVELOPMENT BANK/TH 2.30 08/30/51 KRW 67.26 KOREA DEVELOPMENT BANK/TH 2.30 08/30/51 KRW 67.26 KOREA DEVELOPMENT BANK/TH 2.14 06/21/49 KRW 67.23 KOREA DEVELOPMENT BANK/TH 2.55 09/28/41 AUD 66.06 KOREA DEVELOPMENT BANK/TH 2.50 09/28/41 AUD 65.57 KOREA DEVELOPMENT BANK/TH 1.91 09/18/50 KRW 65.43 KOREA DEVELOPMENT BANK/TH 1.86 10/19/50 KRW 64.47 KOREA DEVELOPMENT BANK/TH 2.00 07/31/49 KRW 64.25 KOREA DEVELOPMENT BANK/TH 2.00 08/01/49 KRW 64.05 KOREA DEVELOPMENT BANK/TH 2.00 08/01/49 KRW 64.05 KOREA DEVELOPMENT BANK/TH 1.85 09/24/49 KRW 63.78 KOREA DISTRICT HEATING CO 1.98 04/26/39 KRW 73.35 KOREA DISTRICT HEATING CO 1.88 11/06/39 KRW 71.60 KOREA EAST-WEST POWER CO 2.62 11/03/41 KRW 70.36 KOREA EAST-WEST POWER CO 2.30 11/05/38 KRW 69.88 KOREA EAST-WEST POWER CO 2.56 11/22/41 KRW 69.37 KOREA EAST-WEST POWER CO 2.18 03/07/39 KRW 67.88 KOREA EAST-WEST POWER CO 2.52 11/22/51 KRW 61.45 KOREA EAST-WEST POWER CO 1.78 11/24/40 KRW 61.19 KOREA EAST-WEST POWER CO 1.70 07/16/40 KRW 60.89 KOREA EAST-WEST POWER CO 1.47 10/07/39 KRW 59.45 KOREA EAST-WEST POWER CO 2.23 11/05/48 KRW 59.36 KOREA EAST-WEST POWER CO 2.16 03/07/49 KRW 57.95 KOREA EAST-WEST POWER CO 1.70 07/16/50 KRW 50.30 KOREA EAST-WEST POWER CO 1.42 10/07/49 KRW 46.91 KOREA ELECTRIC POWER CORP 2.30 10/29/48 KRW 68.16 KOREA ELECTRIC POWER CORP 1.71 10/24/49 KRW 58.37 KOREA EXPRESSWAY CORP 2.58 01/21/52 KRW 74.34 KOREA EXPRESSWAY CORP 2.54 12/08/47 KRW 74.04 KOREA EXPRESSWAY CORP 2.15 03/26/41 KRW 73.86 KOREA EXPRESSWAY CORP 2.59 10/28/51 KRW 73.83 KOREA EXPRESSWAY CORP 2.15 04/15/41 KRW 73.62 KOREA EXPRESSWAY CORP 2.07 07/23/41 KRW 72.78 KOREA EXPRESSWAY CORP 2.35 03/17/47 KRW 72.37 KOREA EXPRESSWAY CORP 1.54 07/20/36 KRW 72.35 KOREA EXPRESSWAY CORP 2.31 06/21/47 KRW 72.05 KOREA EXPRESSWAY CORP 2.35 09/21/47 KRW 71.88 KOREA EXPRESSWAY CORP 2.30 02/17/47 KRW 71.81 KOREA EXPRESSWAY CORP 2.43 11/19/51 KRW 70.94 KOREA EXPRESSWAY CORP 2.30 09/14/48 KRW 70.89 KOREA EXPRESSWAY CORP 2.35 12/16/51 KRW 70.68 KOREA EXPRESSWAY CORP 2.40 11/11/51 KRW 70.55 KOREA EXPRESSWAY CORP 2.39 10/14/51 KRW 70.52 KOREA EXPRESSWAY CORP 1.78 04/02/40 KRW 70.15 KOREA EXPRESSWAY CORP 1.73 04/24/40 KRW 69.31 KOREA EXPRESSWAY CORP 2.28 04/08/51 KRW 69.03 KOREA EXPRESSWAY CORP 1.73 11/05/40 KRW 68.84 KOREA EXPRESSWAY CORP 2.30 12/03/51 KRW 68.77 KOREA EXPRESSWAY CORP 2.20 11/22/48 KRW 68.56 KOREA EXPRESSWAY CORP 1.63 06/18/40 KRW 68.49 KOREA EXPRESSWAY CORP 2.20 06/17/51 KRW 68.26 KOREA EXPRESSWAY CORP 2.15 02/22/49 KRW 68.22 KOREA EXPRESSWAY CORP 2.14 03/08/49 KRW 68.04 KOREA EXPRESSWAY CORP 2.13 03/19/49 KRW 67.77 KOREA EXPRESSWAY CORP 2.18 03/11/51 KRW 67.61 KOREA EXPRESSWAY CORP 2.01 05/25/46 KRW 67.55 KOREA EXPRESSWAY CORP 1.58 05/21/40 KRW 67.26 KOREA EXPRESSWAY CORP 2.14 07/09/51 KRW 67.15 KOREA EXPRESSWAY CORP 2.10 09/09/51 KRW 65.83 KOREA EXPRESSWAY CORP 1.90 11/10/46 KRW 65.54 KOREA EXPRESSWAY CORP 2.00 12/07/48 KRW 65.47 KOREA EXPRESSWAY CORP 1.98 04/25/49 KRW 65.14 KOREA EXPRESSWAY CORP 2.04 08/13/51 KRW 65.07 KOREA EXPRESSWAY CORP 1.96 04/11/49 KRW 64.99 KOREA EXPRESSWAY CORP 1.85 10/24/46 KRW 64.97 KOREA EXPRESSWAY CORP 1.86 12/23/50 KRW 62.69 KOREA EXPRESSWAY CORP 1.79 05/30/49 KRW 61.81 KOREA EXPRESSWAY CORP 1.57 08/26/46 KRW 61.28 KOREA EXPRESSWAY CORP 1.81 11/12/50 KRW 61.23 KOREA EXPRESSWAY CORP 1.71 04/09/50 KRW 60.26 KOREA EXPRESSWAY CORP 1.71 10/29/50 KRW 59.65 KOREA EXPRESSWAY CORP 1.52 03/12/50 KRW 57.61 KOREA EXPRESSWAY CORP 1.47 09/25/49 KRW 56.71 KOREA EXPRESSWAY CORP 1.32 08/22/49 KRW 54.65 KOREA GAS CORP 1.77 06/22/36 KRW 74.29 KOREA GAS CORP 1.80 08/22/44 KRW 70.41 KOREA GAS CORP 1.70 11/28/39 KRW 69.19 KOREA GAS CORP 1.66 02/20/40 KRW 68.40 KOREA GAS CORP 1.60 10/17/39 KRW 68.19 KOREA HYDRO & NUCLEAR POW 2.60 11/03/41 KRW 71.05 KOREA HYDRO & NUCLEAR POW 2.49 10/14/41 KRW 69.86 KOREA HYDRO & NUCLEAR POW 2.88 05/11/48 KRW 69.74 KOREA HYDRO & NUCLEAR POW 3.02 03/11/52 KRW 69.61 KOREA HYDRO & NUCLEAR POW 2.97 02/17/52 KRW 69.06 KOREA HYDRO & NUCLEAR POW 2.81 06/05/48 KRW 68.49 KOREA HYDRO & NUCLEAR POW 2.31 06/29/41 KRW 68.06 KOREA HYDRO & NUCLEAR POW 2.47 10/17/47 KRW 64.54 KOREA HYDRO & NUCLEAR POW 1.81 06/05/39 KRW 64.30 KOREA HYDRO & NUCLEAR POW 2.41 09/18/47 KRW 63.90 KOREA HYDRO & NUCLEAR POW 2.59 11/03/51 KRW 63.49 KOREA HYDRO & NUCLEAR POW 1.80 04/02/40 KRW 63.44 KOREA HYDRO & NUCLEAR POW 1.81 04/28/40 KRW 63.34 KOREA HYDRO & NUCLEAR POW 1.76 11/27/39 KRW 63.14 KOREA HYDRO & NUCLEAR POW 1.80 11/23/40 KRW 62.33 KOREA HYDRO & NUCLEAR POW 1.59 10/16/39 KRW 61.61 KOREA HYDRO & NUCLEAR POW 2.45 10/14/51 KRW 61.57 KOREA HYDRO & NUCLEAR POW 1.63 06/15/40 KRW 61.20 KOREA HYDRO & NUCLEAR POW 2.25 10/26/48 KRW 60.48 KOREA HYDRO & NUCLEAR POW 1.57 05/25/40 KRW 60.30 KOREA HYDRO & NUCLEAR POW 2.31 06/29/51 KRW 59.68 KOREA HYDRO & NUCLEAR POW 1.82 06/05/49 KRW 53.47 KOREA HYDRO & NUCLEAR POW 1.83 04/28/50 KRW 53.14 KOREA HYDRO & NUCLEAR POW 1.80 04/02/50 KRW 52.87 KOREA HYDRO & NUCLEAR POW 1.78 11/23/50 KRW 51.78 KOREA HYDRO & NUCLEAR POW 1.70 11/27/49 KRW 51.44 KOREA HYDRO & NUCLEAR POW 1.66 06/15/50 KRW 50.66 KOREA HYDRO & NUCLEAR POW 1.58 10/16/49 KRW 49.90 KOREA HYDRO & NUCLEAR POW 1.59 05/25/50 KRW 49.32 KOREA LAND & HOUSING CORP 3.00 11/04/51 KRW 73.85 KOREA LAND & HOUSING CORP 2.36 01/26/46 KRW 73.65 KOREA LAND & HOUSING CORP 2.45 08/29/48 KRW 73.12 KOREA LAND & HOUSING CORP 2.08 02/23/41 KRW 73.02 KOREA LAND & HOUSING CORP 1.60 09/28/36 KRW 72.25 KOREA LAND & HOUSING CORP 2.32 06/16/47 KRW 72.03 KOREA LAND & HOUSING CORP 2.31 01/18/47 KRW 72.01 KOREA LAND & HOUSING CORP 1.57 09/08/36 KRW 71.74 KOREA LAND & HOUSING CORP 2.29 06/22/47 KRW 71.60 KOREA LAND & HOUSING CORP 1.89 01/22/41 KRW 70.81 KOREA LAND & HOUSING CORP 2.37 10/20/51 KRW 70.18 KOREA LAND & HOUSING CORP 2.33 05/25/51 KRW 69.49 KOREA LAND & HOUSING CORP 1.68 07/02/40 KRW 68.69 KOREA LAND & HOUSING CORP 1.66 08/27/40 KRW 68.10 KOREA LAND & HOUSING CORP 1.61 06/10/40 KRW 67.48 KOREA LAND & HOUSING CORP 2.15 03/05/51 KRW 67.11 KOREA LAND & HOUSING CORP 2.15 09/15/51 KRW 66.74 KOREA LAND & HOUSING CORP 1.83 10/19/46 KRW 64.45 KOREA LAND & HOUSING CORP 1.97 01/29/51 KRW 64.37 KOREA LAND & HOUSING CORP 1.87 05/24/49 KRW 63.13 KOREA LAND & HOUSING CORP 1.61 07/19/46 KRW 62.05 KOREA LAND & HOUSING CORP 1.62 07/27/46 KRW 62.04 KOREA LAND & HOUSING CORP 1.74 01/22/50 KRW 61.52 KOREA LAND & HOUSING CORP 1.78 04/08/50 KRW 61.48 KOREA LAND & HOUSING CORP 1.78 04/29/50 KRW 61.29 KOREA LAND & HOUSING CORP 2.17 10/30/68 KRW 60.56 KOREA LAND & HOUSING CORP 1.70 06/13/49 KRW 60.44 KOREA LAND & HOUSING CORP 1.67 07/07/50 KRW 59.87 KOREA LAND & HOUSING CORP 1.66 09/18/50 KRW 59.31 KOREA LAND & HOUSING CORP 1.65 08/27/50 KRW 59.28 KOREA LAND & HOUSING CORP 1.54 03/09/50 KRW 57.89 KOREA LAND & HOUSING CORP 1.57 05/27/50 KRW 57.62 KOREA LAND & HOUSING CORP 1.28 08/23/49 KRW 54.01 KOREA MIDLAND POWER CO LT 2.70 07/09/38 KRW 74.81 KOREA MIDLAND POWER CO LT 2.47 08/03/37 KRW 73.21 KOREA MIDLAND POWER CO LT 2.83 01/17/42 KRW 72.78 KOREA MIDLAND POWER CO LT 2.30 09/10/38 KRW 69.81 KOREA MIDLAND POWER CO LT 2.24 10/31/38 KRW 69.27 KOREA MIDLAND POWER CO LT 3.01 02/17/52 KRW 68.83 KOREA MIDLAND POWER CO LT 2.19 02/08/39 KRW 68.31 KOREA MIDLAND POWER CO LT 2.87 01/24/52 KRW 66.89 KOREA MIDLAND POWER CO LT 1.96 05/21/39 KRW 65.27 KOREA MIDLAND POWER CO LT 1.92 10/30/39 KRW 64.36 KOREA MIDLAND POWER CO LT 1.75 06/18/39 KRW 63.15 KOREA MIDLAND POWER CO LT 1.66 06/18/40 KRW 60.65 KOREA MIDLAND POWER CO LT 1.59 03/18/40 KRW 60.27 KOREA MIDLAND POWER CO LT 1.64 07/21/40 KRW 60.11 KOREA MIDLAND POWER CO LT 1.66 08/25/40 KRW 60.10 KOREA MIDLAND POWER CO LT 2.26 09/10/48 KRW 59.68 KOREA MIDLAND POWER CO LT 1.53 02/25/40 KRW 59.35 KOREA MIDLAND POWER CO LT 2.17 10/31/48 KRW 58.56 KOREA MIDLAND POWER CO LT 2.17 02/08/49 KRW 58.21 KOREA MIDLAND POWER CO LT 1.99 03/26/49 KRW 55.83 KOREA MIDLAND POWER CO LT 1.95 05/21/49 KRW 54.74 KOREA MIDLAND POWER CO LT 1.86 11/13/49 KRW 53.04 KOREA MIDLAND POWER CO LT 1.72 06/18/49 KRW 51.61 KOREA MIDLAND POWER CO LT 1.69 06/18/50 KRW 50.36 KOREA MIDLAND POWER CO LT 1.53 02/25/50 KRW 47.91 KOREA MINE REHABILITATION 2.06 04/03/40 KRW 72.23 KOREA MINE REHABILITATION 3.20 07/15/40 USD 70.87 KOREA MINE REHABILITATION 1.90 07/13/40 KRW 69.95 KOREA MINE REHABILITATION 3.01 02/26/40 AUD 65.91 KOREA MINE REHABILITATION 2.07 01/06/51 KRW 64.00 KOREA MINE REHABILITATION 1.93 07/15/50 KRW 62.02 KOREA OCEAN BUSINESS CORP 2.01 03/28/49 KRW 65.84 KOREA OCEAN BUSINESS CORP 1.70 04/16/50 KRW 60.12 KOREA OCEAN BUSINESS CORP 1.67 06/16/50 KRW 59.67 KOREA OCEAN BUSINESS CORP 1.69 10/27/50 KRW 59.42 KOREA OCEAN BUSINESS CORP 1.63 12/11/49 KRW 59.20 KOREA OCEAN BUSINESS CORP 1.59 05/22/50 KRW 58.15 KOREA OCEAN BUSINESS CORP 1.50 09/27/49 KRW 57.37 KOREA OVERSEAS INFRASTRUC 1.76 10/28/50 KRW 60.27 KOREA RAIL NETWORK AUTHOR 2.52 05/19/47 KRW 74.18 KOREA RAIL NETWORK AUTHOR 2.42 08/07/47 KRW 73.38 KOREA RAIL NETWORK AUTHOR 2.56 10/26/51 KRW 73.34 KOREA RAIL NETWORK AUTHOR 2.43 04/06/47 KRW 73.16 KOREA RAIL NETWORK AUTHOR 2.55 11/04/51 KRW 73.11 KOREA RAIL NETWORK AUTHOR 2.43 04/20/47 KRW 73.09 KOREA RAIL NETWORK AUTHOR 2.41 06/08/47 KRW 72.39 KOREA RAIL NETWORK AUTHOR 2.35 03/20/47 KRW 72.20 KOREA RAIL NETWORK AUTHOR 2.31 02/14/47 KRW 71.93 KOREA RAIL NETWORK AUTHOR 2.41 11/17/51 KRW 70.61 KOREA RAIL NETWORK AUTHOR 2.28 09/12/48 KRW 70.43 KOREA RAIL NETWORK AUTHOR 2.36 10/08/51 KRW 70.42 KOREA RAIL NETWORK AUTHOR 2.13 04/04/46 KRW 69.66 KOREA RAIL NETWORK AUTHOR 2.20 11/13/48 KRW 68.70 KOREA RAIL NETWORK AUTHOR 1.65 06/24/40 KRW 68.65 KOREA RAIL NETWORK AUTHOR 2.15 07/13/51 KRW 67.41 KOREA RAIL NETWORK AUTHOR 2.10 03/25/51 KRW 66.29 KOREA RAIL NETWORK AUTHOR 1.90 06/13/46 KRW 65.77 KOREA RAIL NETWORK AUTHOR 2.03 08/06/51 KRW 65.18 KOREA RAIL NETWORK AUTHOR 1.93 05/16/49 KRW 64.17 KOREA RAIL NETWORK AUTHOR 1.72 06/28/46 KRW 63.94 KOREA RAIL NETWORK AUTHOR 1.85 11/05/49 KRW 62.82 KOREA RAIL NETWORK AUTHOR 1.75 11/20/49 KRW 61.22 KOREA RAIL NETWORK AUTHOR 1.76 04/23/50 KRW 61.07 KOREA RAIL NETWORK AUTHOR 1.65 02/03/50 KRW 60.06 KOREA RAIL NETWORK AUTHOR 1.64 02/19/50 KRW 59.72 KOREA RAIL NETWORK AUTHOR 1.59 05/21/50 KRW 58.16 KOREA RAIL NETWORK AUTHOR 1.51 10/11/49 KRW 57.50 KOREA RAIL NETWORK AUTHOR 1.46 09/27/49 KRW 56.80 KOREA RAILROAD CORP 2.49 04/12/47 KRW 73.84 KOREA RAILROAD CORP 2.43 03/07/47 KRW 73.55 KOREA RAILROAD CORP 2.40 03/03/47 KRW 72.97 KOREA RAILROAD CORP 2.40 03/21/47 KRW 72.74 KOREA RAILROAD CORP 2.38 07/20/47 KRW 72.58 KOREA RAILROAD CORP 2.39 11/23/46 KRW 72.43 KOREA RAILROAD CORP 1.57 08/09/36 KRW 72.28 KOREA RAILROAD CORP 2.38 09/19/47 KRW 72.27 KOREA RAILROAD CORP 2.38 09/12/47 KRW 72.15 KOREA RAILROAD CORP 2.51 11/05/51 KRW 72.06 KOREA RAILROAD CORP 1.56 08/26/36 KRW 72.02 KOREA RAILROAD CORP 2.35 12/06/46 KRW 71.85 KOREA RAILROAD CORP 2.13 03/13/49 KRW 67.49 KOREA RAILROAD CORP 2.19 04/14/51 KRW 67.21 KOREA RAILROAD CORP 1.94 11/03/46 KRW 66.10 KOREA RAILROAD CORP 2.00 04/05/49 KRW 65.30 KOREA RAILROAD CORP 2.01 04/24/49 KRW 65.26 KOREA RAILROAD CORP 2.04 07/22/51 KRW 65.11 KOREA RAILROAD CORP 1.88 10/27/46 KRW 65.11 KOREA RAILROAD CORP 1.67 04/14/50 KRW 59.52 KOREA RAILROAD CORP 1.59 07/18/49 KRW 59.03 KOREA RAILROAD CORP 1.61 08/12/50 KRW 58.27 KOREA RAILROAD CORP 1.56 03/18/50 KRW 57.94 KOREA RAILROAD CORP 1.47 09/19/49 KRW 56.60 KOREA RAILROAD CORP 1.44 07/26/49 KRW 56.48 KOREA RAILROAD CORP 1.31 08/29/49 KRW 54.24 KOREA SMES AND STARTUPS A 1.84 11/14/39 KRW 71.21 KOREA SMES AND STARTUPS A 1.78 03/20/40 KRW 70.27 KOREA SMES AND STARTUPS A 1.76 09/03/40 KRW 69.21 KOREA SMES AND STARTUPS A 1.64 10/16/40 KRW 67.83 KOREA SMES AND STARTUPS A 1.31 08/09/39 KRW 65.14 KOREA SMES AND STARTUPS A 1.87 03/24/50 KRW 63.32 KOREA SOUTH-EAST POWER CO 2.64 07/26/38 KRW 73.95 KOREA SOUTH-EAST POWER CO 3.13 03/28/52 KRW 71.00 KOREA SOUTH-EAST POWER CO 2.32 11/09/38 KRW 70.02 KOREA SOUTH-EAST POWER CO 2.77 04/12/48 KRW 67.72 KOREA SOUTH-EAST POWER CO 2.60 07/26/48 KRW 65.02 KOREA SOUTH-EAST POWER CO 1.97 01/26/41 KRW 63.35 KOREA SOUTH-EAST POWER CO 1.68 06/26/39 KRW 62.32 KOREA SOUTH-EAST POWER CO 2.47 11/09/51 KRW 60.80 KOREA SOUTH-EAST POWER CO 1.63 06/11/40 KRW 59.96 KOREA SOUTH-EAST POWER CO 2.19 11/09/48 KRW 58.77 KOREA SOUTH-EAST POWER CO 1.96 01/26/51 KRW 53.73 KOREA SOUTH-EAST POWER CO 1.69 06/26/49 KRW 51.15 KOREA SOUTH-EAST POWER CO 1.65 06/11/50 KRW 49.31 KOREA SOUTHERN POWER CO L 2.57 07/07/37 KRW 74.44 KOREA SOUTHERN POWER CO L 2.50 06/16/37 KRW 73.91 KOREA SOUTHERN POWER CO L 2.60 06/03/41 KRW 71.76 KOREA SOUTHERN POWER CO L 2.66 11/04/41 KRW 70.73 KOREA SOUTHERN POWER CO L 2.38 07/28/41 KRW 67.58 KOREA SOUTHERN POWER CO L 1.84 11/20/39 KRW 63.32 KOREA SOUTHERN POWER CO L 2.59 11/04/51 KRW 62.67 KOREA SOUTHERN POWER CO L 2.43 09/28/48 KRW 62.65 KOREA SOUTHERN POWER CO L 1.67 12/19/39 KRW 61.48 KOREA SOUTHERN POWER CO L 1.66 06/18/40 KRW 60.65 KOREA SOUTHERN POWER CO L 1.66 06/25/40 KRW 60.65 KOREA SOUTHERN POWER CO L 1.33 08/13/39 KRW 57.96 KOREA SOUTHERN POWER CO L 1.80 11/20/49 KRW 52.19 KOREA SOUTHERN POWER CO L 1.68 06/25/50 KRW 50.11 KOREA SOUTHERN POWER CO L 1.63 12/19/49 KRW 49.88 KOREA SOUTHERN POWER CO L 1.29 08/13/49 KRW 44.93 KOREA STUDENT AID FOUNDAT 1.69 10/25/36 KRW 73.17 KOREA STUDENT AID FOUNDAT 1.63 09/22/36 KRW 72.88 KOREA STUDENT AID FOUNDAT 1.52 08/25/36 KRW 71.96 KOREA STUDENT AID FOUNDAT 1.52 08/24/36 KRW 71.95 KOREA STUDENT AID FOUNDAT 1.54 09/28/36 KRW 71.81 KOREA STUDENT AID FOUNDAT 1.88 03/25/40 KRW 71.70 KOREA STUDENT AID FOUNDAT 1.41 09/06/39 KRW 66.59 KOREA TREASURY BOND 1.50 09/10/40 KRW 74.36 KOREA TREASURY BOND 1.88 03/10/51 KRW 70.92 KOREA TREASURY BOND 1.13 09/10/39 KRW 70.47 KOREA TREASURY BOND 2.00 09/10/68 KRW 67.07 KOREA TREASURY BOND 1.50 03/10/50 KRW 65.85 KOREA TREASURY BOND 1.63 09/10/70 KRW 57.60 KOREA TREASURY BOND 1.50 09/10/66 KRW 56.37 KOREA WATER RESOURCES COR 2.37 12/18/43 KRW 75.00 KOREA WATER RESOURCES COR 1.76 10/18/36 KRW 73.79 KOREA WATER RESOURCES COR 1.56 08/24/35 KRW 73.52 KOREA WATER RESOURCES COR 2.39 03/24/47 KRW 73.14 KOREA WATER RESOURCES COR 2.41 12/13/46 KRW 72.98 KOREA WATER RESOURCES COR 2.30 02/09/47 KRW 72.05 KOREA WATER RESOURCES COR 1.74 06/14/39 KRW 70.96 KOREA WATER RESOURCES COR 2.94 03/13/48 KRW 70.49 KOREA WATER RESOURCES COR 2.56 05/26/51 KRW 67.75 KOREA WATER RESOURCES COR 1.97 12/20/48 KRW 66.08 KOREA WATER RESOURCES COR 1.83 06/24/46 KRW 65.89 KOREA WATER RESOURCES COR 1.82 06/22/46 KRW 65.67 KOREA WATER RESOURCES COR 1.71 01/10/50 KRW 61.19 KOREA WATER RESOURCES COR 1.68 07/01/49 KRW 60.88 KOREA WATER RESOURCES COR 1.63 07/16/49 KRW 60.13 KOREA WATER RESOURCES COR 1.63 10/21/49 KRW 59.39 KOREA WATER RESOURCES COR 1.54 03/13/50 KRW 57.99 KOREA WESTERN POWER CO LT 2.47 06/23/37 KRW 73.54 KOREA WESTERN POWER CO LT 2.47 07/21/37 KRW 73.28 KOREA WESTERN POWER CO LT 2.51 09/05/37 KRW 73.27 KOREA WESTERN POWER CO LT 2.78 01/24/42 KRW 72.24 KOREA WESTERN POWER CO LT 3.20 03/28/52 KRW 72.08 KOREA WESTERN POWER CO LT 2.27 09/14/38 KRW 70.05 KOREA WESTERN POWER CO LT 2.25 11/01/38 KRW 69.33 KOREA WESTERN POWER CO LT 2.50 11/10/41 KRW 68.82 KOREA WESTERN POWER CO LT 2.81 04/20/48 KRW 68.25 KOREA WESTERN POWER CO LT 2.46 09/28/47 KRW 63.83 KOREA WESTERN POWER CO LT 1.69 06/23/40 KRW 61.02 KOREA WESTERN POWER CO LT 1.68 08/27/40 KRW 60.33 KOREA WESTERN POWER CO LT 2.25 09/14/48 KRW 60.04 KOREA WESTERN POWER CO LT 1.59 05/28/40 KRW 59.61 KOREA WESTERN POWER CO LT 2.20 11/01/48 KRW 58.99 KOREA WESTERN POWER CO LT 1.88 12/22/50 KRW 52.74 KOREA WESTERN POWER CO LT 1.76 11/05/50 KRW 50.77 KOREA WESTERN POWER CO LT 1.68 08/27/50 KRW 49.70 KOREA WESTERN POWER CO LT 1.62 05/28/50 KRW 48.93 KT CORP 2.21 01/14/39 KRW 69.84 KT CORP 1.98 01/25/41 KRW 64.49 KT CORP 1.67 10/11/39 KRW 62.74 KT CORP 1.71 06/15/40 KRW 62.36 LG CHEM LTD 2.22 02/19/36 KRW 73.26 LG ELECTRONICS INC 2.22 02/25/35 KRW 73.82 LG ELECTRONICS INC 2.83 02/09/41 KRW 71.15 LG ELECTRONICS INC 2.66 07/06/40 KRW 68.85 LG UPLUS CORP 2.14 07/02/34 KRW 74.33 LG UPLUS CORP 3.01 01/26/42 KRW 74.04 LG UPLUS CORP 2.94 11/01/41 KRW 73.39 LG UPLUS CORP 2.06 01/21/35 KRW 72.53 LG UPLUS CORP 2.10 02/02/36 KRW 71.16 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SANUPKIBAN SINBO SECURITI 3.40 02/16/51 KRW 75.28 SANUPKIBANSINBO BUSAN-GIM 1.81 10/01/34 KRW 72.21 SANUPKIBANSINBO BUSAN-GIM 1.83 10/01/36 KRW 68.95 SANUPKIBANSINBO BUSAN-GIM 1.85 10/01/38 KRW 66.01 SANUPKIBANSINBO BUSAN-GIM 1.87 10/01/40 KRW 63.38 SANUPKIBANSINBO BUSAN-GIM 1.89 09/17/41 KRW 62.39 SEOUL METROPOLITAN CITY B 1.85 10/30/49 KRW 70.88 SEOUL METROPOLITAN CITY B 1.69 11/22/49 KRW 67.93 SHINHAN BANK CO LTD 1.80 08/29/39 KRW 70.77 SINBO SECURITIZATION SPEC 5.00 01/29/23 KRW 75.00 SK HYNIX INC 2.38 01/19/31 USD 74.55 SK HYNIX INC 2.38 01/19/31 USD 73.96 SK TELECOM CO LTD 2.24 03/04/36 KRW 73.21 SK TELECOM CO LTD 2.44 09/17/38 KRW 72.43 SK TELECOM CO LTD 2.68 10/28/41 KRW 71.69 SK TELECOM CO LTD 2.23 03/06/39 KRW 69.07 SK TELECOM CO LTD 1.87 01/14/40 KRW 64.08 SK TELECOM CO LTD 1.81 10/22/39 KRW 63.72 SK TELECOM CO LTD 1.89 01/15/41 KRW 63.10 SK TELECOM CO LTD 1.76 10/19/40 KRW 61.80 SK TELECOM CO LTD 1.52 07/29/39 KRW 60.78 SK TELECOM CO LTD 1.56 07/29/49 KRW 49.64 SRI LANKA --------- SRI LANKA GOVERNMENT BOND 18.00 05/01/27 LKR 74.91 SRI LANKA GOVERNMENT BOND 18.00 01/15/28 LKR 72.42 SRI LANKA GOVERNMENT BOND 10.25 03/15/25 LKR 71.68 SRI LANKA GOVERNMENT BOND 6.00 12/01/24 LKR 69.14 SRI LANKA GOVERNMENT BOND 11.00 08/01/25 LKR 68.89 SRI LANKA GOVERNMENT BOND 9.00 05/01/25 LKR 68.45 SRI LANKA GOVERNMENT BOND 18.00 05/15/31 LKR 68.21 SRI LANKA GOVERNMENT BOND 10.35 10/15/25 LKR 66.86 SRI LANKA GOVERNMENT BOND 18.00 07/01/32 LKR 65.85 SRI LANKA GOVERNMENT BOND 11.00 06/01/26 LKR 63.61 SRI LANKA GOVERNMENT BOND 11.50 08/01/26 LKR 63.16 SRI LANKA GOVERNMENT BOND 9.00 02/01/26 LKR 61.82 SRI LANKA GOVERNMENT BOND 11.40 01/15/27 LKR 61.57 SRI LANKA GOVERNMENT BOND 11.75 06/15/27 LKR 60.55 SRI LANKA GOVERNMENT BOND 13.50 01/01/44 LKR 60.22 SRI LANKA GOVERNMENT BOND 13.50 06/01/44 LKR 60.18 SRI LANKA GOVERNMENT BOND 13.00 01/01/29 LKR 59.48 SRI LANKA GOVERNMENT BOND 13.00 05/01/29 LKR 58.70 SRI LANKA GOVERNMENT BOND 6.75 01/15/26 LKR 57.79 SRI LANKA GOVERNMENT BOND 11.25 12/15/27 LKR 57.08 SRI LANKA GOVERNMENT BOND 11.50 09/01/28 LKR 56.54 SRI LANKA GOVERNMENT BOND 10.75 03/15/28 LKR 56.16 SRI LANKA GOVERNMENT BOND 12.50 03/01/45 LKR 56.07 SRI LANKA GOVERNMENT BOND 10.30 10/15/27 LKR 55.31 SRI LANKA GOVERNMENT BOND 12.00 01/01/41 LKR 54.13 SRI LANKA GOVERNMENT BOND 5.35 03/01/26 LKR 53.70 SRI LANKA GOVERNMENT BOND 13.25 01/01/34 LKR 52.46 SRI LANKA GOVERNMENT BOND 13.25 07/01/33 LKR 51.65 SRI LANKA GOVERNMENT BOND 11.00 05/15/30 LKR 50.89 SRI LANKA GOVERNMENT BOND 9.00 05/01/28 LKR 50.76 SRI LANKA GOVERNMENT BOND 12.00 12/01/31 LKR 50.39 SRI LANKA GOVERNMENT BOND 11.25 03/15/31 LKR 50.26 SRI LANKA GOVERNMENT BOND 9.00 07/01/28 LKR 49.87 SRI LANKA GOVERNMENT BOND 7.80 08/15/27 LKR 49.73 SRI LANKA GOVERNMENT BOND 11.50 03/15/35 LKR 47.42 SRI LANKA GOVERNMENT BOND 11.20 01/15/33 LKR 45.19 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 44.79 SRI LANKA GOVERNMENT BOND 10.50 08/15/39 LKR 41.88 SRI LANKA GOVERNMENT BOND 10.25 09/15/34 LKR 41.68 SRI LANKA GOVERNMENT BOND 9.00 06/01/43 LKR 40.62 SRI LANKA GOVERNMENT BOND 9.00 10/01/32 LKR 38.87 SRI LANKA GOVERNMENT BOND 9.00 06/01/33 LKR 37.25 SRI LANKA GOVERNMENT BOND 9.00 11/01/33 LKR 36.98 SRI LANKA GOVERNMENT BOND 8.00 01/01/32 LKR 36.64 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 30.97 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 30.96 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 30.21 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 30.19 SRI LANKA GOVERNMENT INTE 5.88 07/25/22 USD 30.08 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 30.06 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 30.05 SRI LANKA GOVERNMENT INTE 5.88 07/25/22 USD 30.04 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 29.82 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 29.45 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 29.33 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 29.32 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 29.30 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 29.29 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 29.29 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 29.21 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 29.21 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 29.20 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 29.12 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 29.11 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 29.11 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 29.04 MALAYSIA -------- AXIATA SPV5 LABUAN LTD 3.06 08/19/50 USD 69.49 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.23 CAPITAL A BHD 8.00 12/29/28 MYR 0.67 HUME CEMENT INDUSTRIES BH 5.00 05/29/24 MYR 1.27 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.66 MEX I CAPITAL BHD 2.60 01/23/34 MYR 74.25 MEX I CAPITAL BHD 2.60 01/22/35 MYR 71.29 MEX I CAPITAL BHD 2.60 01/21/36 MYR 69.28 MEX I CAPITAL BHD 2.60 01/21/37 MYR 69.05 MEX I CAPITAL BHD 2.60 01/21/39 MYR 65.88 MEX I CAPITAL BHD 2.60 01/21/38 MYR 65.32 MEX I CAPITAL BHD 2.60 01/23/40 MYR 61.55 MEX I CAPITAL BHD 0.10 07/21/42 MYR 30.32 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 62.61 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 62.33 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 62.11 PENGURUSAN AIR SPV BHD 1.00 11/11/36 MYR 59.87 PETRONAS CAPITAL LTD 3.40 04/28/61 USD 74.01 PETRONAS CAPITAL LTD 3.40 04/28/61 USD 73.71 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 19.80 SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.28 SD INTERNATIONAL SUKUK II 7.00 03/12/25 USD 1.89 SD INTERNATIONAL SUKUK LT 6.30 05/09/22 USD 5.15 YB VENTURES BHD 0.10 09/05/26 MYR 0.04 NEW ZEALAND ----------- AUCKLAND COUNCIL 2.95 09/28/50 NZD 58.95 HOUSING NEW ZEALAND LTD 1.53 09/10/35 NZD 69.05 NEW ZEALAND GOVERNMENT BO 1.75 05/15/41 NZD 67.38 NEW ZEALAND LOCAL GOVERNM 2.00 04/15/37 NZD 68.17 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 17.25 GLOBE TELECOM INC 3.00 07/23/35 USD 70.45 PHILIPPINE GOVERNMENT BON 4.63 09/09/40 PHP 73.78 PHILIPPINE GOVERNMENT INT 2.95 05/05/45 USD 73.25 PHILIPPINE GOVERNMENT INT 2.65 12/10/45 USD 68.83 PHILIPPINE GOVERNMENT INT 1.75 04/28/41 EUR 68.58 PLDT INC 3.45 06/23/50 USD 66.66 SINGAPORE --------- APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 45.09 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 41.50 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 41.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.29 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.29 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 6.75 DBS BANK LTD 1.83 04/12/49 EUR 72.05 DBS BANK LTD 1.55 06/07/49 EUR 71.04 DBS BANK LTD 1.42 06/28/49 EUR 66.74 DBS BANK LTD 2.95 10/28/51 AUD 66.22 DBS BANK LTD 1.41 01/23/50 EUR 65.45 DBS BANK LTD 1.15 01/22/50 EUR 63.33 DBS BANK LTD 1.22 02/18/50 EUR 62.90 ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 2.17 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 1.95 HOUSING & DEVELOPMENT BOA 1.30 12/03/35 SGD 74.54 INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 18.76 JGC VENTURES PTE LTD 3.00 06/30/25 USD 41.22 LMIRT CAPITAL PTE LTD 7.25 06/19/24 USD 69.72 LMIRT CAPITAL PTE LTD 7.50 02/09/26 USD 59.84 MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 0.68 MODERNLAND OVERSEAS PTE L 3.00 04/30/27 USD 43.00 MODERNLAND OVERSEAS PTE L 3.00 04/30/27 USD 41.69 NATIONAL ENVIRONMENT AGEN 2.50 09/15/51 SGD 70.57 NOMURA INTERNATIONAL FUND 1.82 05/29/35 EUR 74.62 NOMURA INTERNATIONAL FUND 3.74 04/20/40 USD 74.42 NOMURA INTERNATIONAL FUND 2.45 03/02/31 AUD 74.14 NOMURA INTERNATIONAL FUND 6.25 04/21/37 USD 71.58 NOMURA INTERNATIONAL FUND 6.02 07/20/37 USD 69.35 NOMURA INTERNATIONAL FUND 3.65 06/18/39 AUD 69.05 NOMURA INTERNATIONAL FUND 2.60 06/14/39 KRW 68.17 NOMURA INTERNATIONAL FUND 5.65 11/28/36 USD 67.67 NOMURA INTERNATIONAL FUND 19.50 08/28/28 TRY 67.40 NOMURA INTERNATIONAL FUND 2.31 01/06/36 AUD 63.69 NOMURA INTERNATIONAL FUND 2.31 12/03/35 AUD 63.50 NOMURA INTERNATIONAL FUND 7.65 10/04/37 AUD 62.81 NOMURA INTERNATIONAL FUND 3.17 10/30/44 AUD 60.78 NOMURA INTERNATIONAL FUND 1.38 07/31/44 EUR 60.47 NOMURA INTERNATIONAL FUND 3.90 06/18/50 USD 60.27 NOMURA INTERNATIONAL FUND 2.60 06/14/44 KRW 59.70 NT RIG HOLDCO PTE LTD 7.50 12/31/23 USD 0.25 ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 0.41 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13 TEMASEK FINANCIAL I LTD 2.38 08/02/41 USD 74.86 TEMASEK FINANCIAL I LTD 2.38 08/02/41 USD 74.19 TEMASEK FINANCIAL I LTD 1.25 11/20/49 EUR 73.12 TEMASEK FINANCIAL I LTD 2.75 08/02/61 USD 70.95 TEMASEK FINANCIAL I LTD 2.75 08/02/61 USD 70.92 TEMASEK FINANCIAL I LTD 2.80 08/17/71 SGD 68.86 TEMASEK FINANCIAL I LTD 2.25 04/06/51 USD 67.32 TEMASEK FINANCIAL I LTD 2.25 04/06/51 USD 66.29 TEMASEK FINANCIAL I LTD 2.50 10/06/70 USD 65.15 TEMASEK FINANCIAL I LTD 2.50 10/06/70 USD 64.68 THETA CAPITAL PTE LTD 6.75 10/31/26 USD 64.95 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.80 GC TREASURY CENTER CO LTD 4.30 03/18/51 USD 73.03 GC TREASURY CENTER CO LTD 4.30 03/18/51 USD 73.00 MDX PCL 4.75 09/17/03 USD 22.88 PTT TREASURY CENTER CO LT 3.70 07/16/70 USD 65.59 PTT TREASURY CENTER CO LT 3.70 07/16/70 USD 65.48 PTTEP TREASURY CENTER CO 3.90 12/06/59 USD 70.89 PTTEP TREASURY CENTER CO 3.90 12/06/59 USD 70.78 THAILAND GOVERNMENT BOND 1.88 06/17/49 THB 67.76 THAILAND GOVERNMENT BOND 2.50 06/17/71 THB 63.45 THAIOIL TREASURY CENTER C 3.75 06/18/50 USD 66.50 THAIOIL TREASURY CENTER C 3.75 06/18/50 USD 66.32 THAIOIL TREASURY CENTER C 3.50 10/17/49 USD 64.04 THAIOIL TREASURY CENTER C 3.50 10/17/49 USD 63.76 TAIWAN ------ TAIWAN GOVERNMENT BOND 0.38 11/27/50 TWD 72.63 TAIWAN SEMICONDUCTOR MANU 3.10 09/23/51 USD 74.03 TAIWAN SEMICONDUCTOR MANU 2.70 09/22/60 USD 63.06 VIETNAM ------- BIM LAND JSC 7.38 05/07/26 USD 59.30 NO VA LAND INVESTMENT GRO 5.25 07/16/26 USD 42.59 VIETNAM BANK FOR SOCIAL P 2.50 07/13/36 VND 74.39 VIETNAM BANK FOR SOCIAL P 2.50 08/10/36 VND 74.28 VIETNAM BANK FOR SOCIAL P 2.50 08/17/36 VND 74.26 VIETNAM GOVERNMENT BOND 2.40 01/14/36 VND 74.28 VIETNAM GOVERNMENT BOND 2.50 04/15/36 VND 74.04 VIETNAM GOVERNMENT BOND 2.40 06/10/36 VND 73.73 VIETNAM GOVERNMENT BOND 2.50 05/12/37 VND 73.28 VIETNAM GOVERNMENT BOND 2.30 08/12/36 VND 72.46 VIETNAM GOVERNMENT BOND 2.30 11/25/36 VND 72.07 VIETNAM GOVERNMENT BOND 2.20 09/09/36 VND 72.01 VIETNAM GOVERNMENT BOND 2.30 01/06/37 VND 71.86 VIETNAM GOVERNMENT BOND 2.80 01/14/41 VND 71.52 VIETNAM GOVERNMENT BOND 2.70 11/25/41 VND 69.24 VIETNAM GOVERNMENT BOND 2.70 01/06/42 VND 69.12 VIETNAM GOVERNMENT BOND 3.20 10/15/50 VND 67.58 VIETNAM GOVERNMENT BOND 3.10 01/14/51 VND 67.54 VIETNAM GOVERNMENT BOND 2.90 08/26/51 VND 64.28 VIETNAM GOVERNMENT BOND 2.90 01/13/52 VND 63.62 VINPEARL JSC 3.25 09/21/26 USD 73.43 ********* 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 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***