/raid1/www/Hosts/bankrupt/TCRAP_Public/230530.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, May 30, 2023, Vol. 26, No. 108

                           Headlines



A U S T R A L I A

BLACKWATTLE SERIES 2021-1: S&P Ups Class F Notes Rating to B+ (sf)
BRM RISK: First Creditors' Meeting Set for June 5
CATER GROUP: Placed Into Administration
COSMIC PACKAGING: Second Creditors' Meeting Set for June 5
LION SERIES 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes

PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB (sf)
PEPPER RESIDENTIAL NO. 30: S&P Raises Cl. F Notes Rating to 'BB-'
PLENTI AUTO 2023-1: Moody's Gives (P)B2 Rating to AUD6.6MM F Notes
URPLA PTY: First Creditors' Meeting Set for June 2
VERIDIAN MARKETS: First Creditors' Meeting Set for June 1

WINWORTH INVESTMENT: Second Creditors' Meeting Set for June 2


C H I N A

GOLDEN EAGLE: Moody's Withdraws 'Ba2' Corporate Family Rating
KUNMING: Denies LGFV Debt Woes as City's Fiscal Revenue Jumps


I N D I A

ADANI GREEN RG1: Fitch Affirms BB+ Rating on $500M Sr. Sec. Notes
ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Long Term Issuer Rating
AJAY BUILDERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
ANKUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating

APOORVA CONSTRUCTION: Ind-Ra Assigns BB+ Long Term Issuer Rating
APRA ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
ARCHIT ORGANOSYS: Ind-Ra Affirms BB- Long Term Issuer Rating
BABA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
BBG INFRA: ICRA Moves B Debt Ratings to Not Cooperating

BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR14.33cr Loan to B+
C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating Category
CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Long Term Issuer Rating
CHETANA EDUCATION: ICRA Lowers Rating on INR30cr LT Loan to B+
DATT AQUACULTURE: Ind-Ra Affirms BB Long Term Issuer Rating

DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
GG EXPORTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
JANA HOLDINGS: Ind-Ra Assigns B- Rating to Non-Convertible Debts
JET AIRWAYS: NCLAT Grants Jalan Kalrock More Time to Pay Dues

JINDAL TRADING: ICRA Lowers Rating on INR6cr LT Loan to D
JMP INDUSTRIES: Ind-Ra Cuts Term Loan Rating to 'BB'
KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
KP POLYOLEFIN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

MAPS GRANITO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
MARKETING PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTI NANDAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
MECTECH PROCESS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating

MURUGAR SPINNING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
NANI AGRO: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
PATEL MOTORS: Ind-Ra Affirms BB+ Long Term Issuer Rating
PSK TEXTILES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating

RAJALAKSHMI AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
RAJI MATHEW: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
RENAISSANCE INDUS: NCLAT Dismisses Promoter's Plea vs. Insolvency
RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating

SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
SAGAR MOTORS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SAI TRADERS: Ind-Ra Affirms BB Long Term Issuer Rating
SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
SHILPA ELECTRICAL: Ind-Ra Moves B- Rating to Non-Cooperating

SHIV METTALICKS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SHIVA GLOBAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
SHIVA PARVATI: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
SHRINIWASA PROTEINS: Ind-Ra Moves B+ Rating to Non-Cooperating
SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating

SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating
SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHARTHA INNOPAK: Ind-Ra Moves BB- Rating to Non-Cooperating
SONHIRA SAHAKARI: ICRA Keeps B+ Debt Rating in Not Cooperating

SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating
SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
TATA MOTORS: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating

THIRUMALA SERVICE: Ind-Ra Moves B+ Rating to Non-Cooperating
TIMBER CORPORATION: Ind-Ra Moves B- Rating to Non-Cooperating
TRACK INNOVATIONS: ICRA Lowers Rating on INR15cr LT Loan to B+
UMANG BOARDS: Ind-Ra Affirms BB+ Long Term Issuer Rating
UNI ADS: ICRA Lowers Rating on INR13.50cr Term Loan to B+

VEDANTAA INSTITUTES: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
VENUS DENIM: Ind-Ra Cuts Long Term Issuer Rating to 'D'
VIDARBHA INDUSTRIES: Reliance Power Offers INR1,200cr to Lenders
VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
WOOD WORKS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating



N E W   Z E A L A N D

2022 AS LIMITED: Creditors' Proofs of Debt Due on June 29
HELLO FOODS: Creditors' Proofs of Debt Due on July 22
MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
MSC CONSULTING: Court to Hear Wind-Up Petition on June 5
SAENA COMPANY: Court to Hear Wind-Up Petition on June 23



P A K I S T A N

PAKISTAN: To Share Budget Details with IMF to Unlock Funds


S I N G A P O R E

BRICK EAGLE VENTURES: Commences Wind-Up Proceedings
HONESTBEE PTE: No Funds Available for Ex-Staff, Trade Creditors
NORDIC AMY: Creditors' Proofs of Debt Due on June 30
RESOURCE INVESTMENTS: Creditors' Meeting Set for June 12
STAMFORD PRESS: Creditors' Proofs of Debt Due on June 28

SUNEDISON SOLAR: Final Meeting Set for June 27


S R I   L A N K A

SRI LANKA: Confident of Meeting September Deadline for Debt Talks


V I E T N A M

PETROVIETNAM POWER: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos


X X X X X X X X

[*] BOND PRICING: For the Week May 22 to May 26, 2023

                           - - - - -


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

BLACKWATTLE SERIES 2021-1: S&P Ups Class F Notes Rating to B+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust
2021-1. At the same time, S&P affirmed its ratings on two classes
of notes issued out of the same trust.

The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses it
applies. Credit support comprises note subordination for all rated
notes, lenders' mortgage insurance covering 17% of the loan pool,
and excess spread, if any.

The overall credit quality of the underlying collateral pool, which
as of April 30, 2023, has a pool factor of 41%, remain sound, with
weighted-average seasoning of 43 months and a current
weighted-average loan-to-value ratio of 65.24%.

The pool has generally displayed good asset performance, having
tracked mostly below the Standard & Poor's Performance Index since
inception. As of April 30, 2023, loans greater than 30 days in
arrears comprise 0.41% of the total portfolio. There have been no
losses to date as of April 30, 2023.

The transaction's cash flows support the timely payment of interest
and ultimate payment of principal to the rated classes of notes
under S&P's rating stress assumptions.

The rated classes of notes are currently paying on a pro rata basis
since conditions are met. These include meeting performance
triggers and the call-option date not having occurred.

S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including principal draws, loss
reserve and amortizing liquidity facility are sufficient to ensure
timely payment of interest.

  Ratings Raised

  Blackwattle Series RMBS Trust 2021-1

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Blackwattle Series RMBS Trust 2021-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)


BRM RISK: First Creditors' Meeting Set for June 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of BRM Risk
Management Pty Ltd will be held on June 5, 2023, at 2:30 p.m. at
the offices of Hamilton Murphy at Level 21, 114 William Street in
Melbourne and via virtual meeting technology.

Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of the company on May 24, 2023.


CATER GROUP: Placed Into Administration
---------------------------------------
Business News Australia reports that restaurant company Cater
Group, which operates the popular Lime Mexican outlets in NSW and
Queensland, has been placed into administration.

On May 24, David Sampson and Max Prentice, of BPS Recovery, were
appointed administrators to the Port Macquarie-based company,
listing 11 businesses controlled by Cater Group that have been
caught up in the company's financial woes, the report discloses.

BNA relates that the restaurants affected include Broughtons at the
Bay (Nelson Bay), Lime Mexican Fortitude Valley, Lime Mexican The
Entrance, The Landing (Newcastle), The Point Restaurant (Soldiers
Point in Nelson Bay), Lime Mexican Coffs Harbour, Lime Mexican
Nelson Bay, Lime Newcastle and Lime Mexican Tapas Restaurant &
Bar.

Some of these businesses within the group have been closed while
others continue to operate.

Lime Mexican Tapas Restaurant & Bar lists four current locations on
its website - at the Circle on Cavill building in Surfers Paradise,
at the d'Albora Marina in Nelson Bay, on Honeysuckle Drive on the
Newcastle foreshore and The Barracks in Brisbane - which appear to
still be taking bookings.

Administrator David Sampson told Business News Australia that his
investigations are at a preliminary stage.

"We just got appointed last night and we are only into the first
couple of hours of getting into the job; we're just dealing with
the day one issues right now," the report quotes Mr. Sampson as
saying.

"All I can do is confirm that we have been appointed administrator
over the Cater Group and it has a variety of outlets on the eastern
seaboard of Australia.

"We're wrestling with the insolvency of the business. We're still
coming to terms with what the outcome is likely to be and what the
situation of the company is, but it's not good."

BNA relates that Mr. Sampson said he is unsure which of the Lime
Mexican restaurants have been affected by the administration.

"We are still working with the directors about how extensive their
brand is."

He added that it is too early to determine the total debts of the
company.

The first creditors meeting for Cater Group has been scheduled for
June 2, 2023, at 5:00 p.m.


COSMIC PACKAGING: Second Creditors' Meeting Set for June 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cosmic
Packaging Pty Ltd and ACN 633 206 292 Pty Ltd (formerly known as
Selmac Mildura Pty Ltd) has been set for June 5, 2023 at 12:00 p.m.
at the offices of Hamilton Murphy Advisory at Level 21, 114 William
Street in Melbourne and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 4, 2023 at 4:00 p.m.

Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on May 1, 2023.


LION SERIES 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six classes of
prime floating-rate residential mortgage-backed securities (RMBS)
to be issued by Perpetual Corporate Trust Ltd. as trustee of Lion
Series 2023-1 Trust. Lion Series 2023-1 Trust is a securitization
of prime residential mortgages originated by HSBC Bank Australia
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, lenders' mortgage insurance, and excess spread (if
any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity facility equal to 1.0% of the outstanding
performing balance of the receivables, are sufficient under its
stress assumptions to ensure timely payment of interest on the
rated notes.

-- The extraordinary expense reserve of A$150,000, funded at
transaction close and available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

--  The benefit of a fixed- to floating-rate interest-rate swap to
be provided by HSBC Bank Australia to hedge the mismatch between
receipts from fixed-rate mortgage loans and the variable-rate
RMBS.

  Preliminary Ratings Assigned

  Lion Series 2023-1 Trust

  Class A1, A$460.00 million: AAA (sf)
  Class A2, A$20.00 million: AAA (sf)
  Class B, A$8.50 million: AA (sf)
  Class C, A$5.00 million: A (sf)
  Class D, A$2.25 million: BBB (sf)
  Class E, A$2.00 million: BB (sf)
  Class F, A$2.25 million: Not rated


PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper I-Prime
2021-2 Trust. At the same time, S&P affirmed its ratings on two
classes of notes. The transaction is a securitization of prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

S&P said, The rating actions reflect our view of the credit risk of
the pool, which has been amortizing in line with our expectation.
Credit support provided in percentage terms has increased as the
pool paid down. This credit support comprises note subordination
for all rated notes and excess spread to the extent available.
Current loan-to-value ratios across the pool have been declining,
lowering our expectation of loss for the pool."

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

As of April 30, 2023, the pool has a balance of about A$346.8
million and a pool factor of about 40.7%. The pool's
weighted-average loan-to-value ratio is 64.5% and weighted-average
seasoning is 32.5 months.

S&P has factored the prepayment rates and arrears performance of
the transaction into its analysis. As of April 28, 2023, the
prepayment rate was 39.67%, which is much higher than the S&P
Global Ratings Prepayment Index (SPPI) for prime loans. Over the
last 12 months, the arrears performance generally has also been
higher relative to the S&P Global Ratings Performance Index (SPIN)
for prime loans. As of April 30, 2023, loans greater than 30 days
in arrears make up 1.10% of the pool, of which those more than 90
days in arrears represent 0.45%. There have been no losses to
date.

A constraining factor on the degree of upgrades is the rising
interest rate environment and softening macroeconomic conditions,
which will likely lead to higher arrears across the market. The
composition of this portfolio and the subset of borrowers are
likely to be more susceptible to such changes in the economy,
particularly rising interest rates and cost-of-living pressures.

  Ratings Raised

  Pepper I-Prime 2021-2 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  Pepper I-Prime 2021-2 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)


PEPPER RESIDENTIAL NO. 30: S&P Raises Cl. F Notes Rating to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No. 29 (PRS29) and
Pepper Residential Securities Trust No. 30 (PRS30). At the same
time, S&P affirmed its ratings on five classes of notes issued out
of the same trusts.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolios. Credit support provided in
percentage terms has increased as the pools pay down. As of April
30, 2023, the pool factor for PRS29 was about 38.3%, and for PRS30,
it was 37.9%.

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transactions. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

S&P has also factored into its analysis the arrears performance,
the relatively high level of self-employed borrowers, and low and
alternative documentation loans in the pool. These characteristics
increase its expectation of loss for the portfolio. The arrears
performance generally has been higher relative to the Standard &
Poor's Performance Index (SPIN) for nonconforming loans in the past
six months. As of April 30, 2023, loans greater than 30 days in
arrears represent 4.2% for PRS29, of which 2.03% is more than 90
days in arrears; and 3.0% for PRS30, of which 1.0% is more than 90
days in arrears. There have been no charge-offs to any of the
notes.

For both transactions, under the pro rata payment structure, the
class G notes' allocated principal is paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated notes. Therefore, the class F notes will continue to
benefit from an increase in the percentage of credit support
provided as the pool amortizes under a pro rata structure, while
for the remaining rated notes the percentage of credit support will
remain static. PRS29 notes have met their pro rata triggers and are
currently paying pro rata.

The turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the rated tranches in both
transactions.

A constraining factor on the degree of upgrades is the rising
interest rate environment and softening macroeconomic conditions
that will likely lead to higher arrears across the market. The
composition of the portfolios and the subset of borrowers are
likely to be more susceptible to such changes in the economy,
particularly rising interest rates and cost-of-living pressures.

These qualitative factors constrain S&P ratings beyond quantitative
factors alone.

  Ratings Raised

  Pepper Residential Securities Trust No.29

  Class C: to A+ (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB (sf) from B+ (sf)

  Pepper Residential Securities Trust No.30

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB- (sf) from B (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No.29

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)

  Pepper Residential Securities Trust No.30

  Class A1: AAA (sf)
  Class A2: AAA (sf)


PLENTI AUTO 2023-1: Moody's Gives (P)B2 Rating to AUD6.6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in its capacity as the trustee of the Plenti Auto ABS
2023-1 Trust.

Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS 2023-1

AUD338.0 million Class A Notes, Provisional Rating Assigned (P)Aaa
(sf)

AUD6.0 million Class A-X Notes, Provisional Rating Assigned (P)Aaa
(sf)

AUD19.0 million Class B1 Notes, Provisional Rating Assigned (P)Aa2
(sf)

AUD8.0 million Class B2 Notes, Provisional Rating Assigned (P)Aa2
(sf)

AUD10.0 million Class C Notes, Provisional Rating Assigned (P)A2
(sf)

AUD4.0 million Class D Notes, Provisional Rating Assigned (P)Baa2
(sf)

AUD7.6 million Class E Notes, Provisional Rating Assigned (P)Ba1
(sf)

AUD6.6 million Class F Notes, Provisional Rating Assigned (P)B2
(sf)

The AUD2.8 million Class G1 Notes and AUD4.0 million Class G2 Notes
are not rated by Moody's.

Plenti Auto ABS 2023-1 Trust (Plenti 2023-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti, unrated) and are
serviced by Plenti RE Limited (Plenti RE).

Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Following strong growth in its automotive finance book,
Plenti is issuing its third auto ABS transaction. Plenti is a
technology-led lending business, offering automotive, renewable
energy and personal loans, delivered via its proprietary technology
platform.

RATINGS RATIONALE

The limited amount of historical data. Plenti was established in
2014, with significant origination growth beginning in 2017
onwards. The collateral performance data used in Moody's analysis
reflects Plenti's short origination history and does not cover a
full economic cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. Initially, the notes will
be repaid on a sequential basis starting with the Class A notes.
Once pro rata paydown conditions are satisfied, principal will be
distributed pro rata among Class A through Class F Notes. Following
the call date, or if the pro rata conditions are otherwise not
satisfied, the principal collections distributribution will revert
to sequential. Initially, the Class A, Class B (Class B1 and B2),
Class C, Class D, Class E and Class F Notes benefit from 15.50%,
8.75%, 6.25%, 5.25%, 3.35% and 1.70% of note subordination,
respectively.

The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
March 2026. If the deal is called by the sponsor before repayment
of the Class A-X Notes under the amortisation schedule in March
2026, the Class A-X Notes will be made whole and repaid in full.
The notes also benefit from access to principal draw providing the
Class A Notes stated amount is above zero.

The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.35 million.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Plenti RE Limited as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.70%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.26%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

URPLA PTY: First Creditors' Meeting Set for June 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of Urpla Pty
Ltd and Urpla Software Pty Ltd will be held on June 2, 2023, at
10:00 a.m. and 10:30 a.m. respectively, via virtual meeting at GT
Advisory & Consulting, Level 3, 140 Bundall Road in Bundall.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on May 23, 2023.


VERIDIAN MARKETS: First Creditors' Meeting Set for June 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Veridian
Markets Pty. Ltd. will be held on June 1, 2023, at 2:30 p.m. via
virtual meeting technology from 'One Wharf Lane', Level 20, 171
Sussex Street in Sydney.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of the company on May 23, 2023.



WINWORTH INVESTMENT: Second Creditors' Meeting Set for June 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Winworth
Investment Pty Ltd has been set for June 2, 2023 at 10:30 a.m. at
the offices of Greengate Advisory at Suit 32.02 Level 32, 31 Market
Street in Sydney and via Zoom platform.

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 June 1, 2023 at 4:00 p.m.

Patrick Loi and John Chand of Greengate Advisory were appointed as
administrators of the company on April 28, 2023.




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

GOLDEN EAGLE: Moody's Withdraws 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating of Golden Eagle Retail Group Ltd. The stable rating outlook
has also been withdrawn.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Golden Eagle Retail Group Ltd is one of China's largest retail
chain store operators. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities, catering
to mid- to high-end customers.

KUNMING: Denies LGFV Debt Woes as City's Fiscal Revenue Jumps
-------------------------------------------------------------
Yicai Global reports that Kunming, the capital of China's southern
Yunnan province, on May 24 denied market rumors that its local
government financing vehicles are having difficulty repaying debts.
Official data also showed that the city's fiscal revenue in the
first four months of this year was much higher than a year ago.

According to Yicai Global, some online media have disseminated
false information about Kunming's city investment bonds recently,
impacting local state-owned enterprises and related parties, the
city's state-owned assets manager said on its website. Legal action
is being taken to protect Kunming's reputation, it added.

A document about the minutes of a meeting of Kunming city
investment bond experts has been circulating online. It suggested
the city was cash-strapped and that many local SOEs were under
pressure to repay debt, causing widespread concern in the market.

Yicai Global relates that ratings agencies have downgraded their
outlook for many of the city's LGFVs since the start of this year.
For example, China Lianhe Credit Rating lowered its outlook for
Kunming Dianchi Investment to "negative" from "stable" last month
because the firm has been under short-term pressure to repay debt
and has defaulted on commercial paper.

But official data revealed that Kunming's fiscal revenue, or the
money governments collect through taxes and fees, has risen this
year thanks to a recovery in the local economy.

The city's general public budget revenue totaled CNY20.7 billion
(USD2.9 billion) in the first four months of 2023, up 9.1 percent
from a year earlier, and government-managed funds' budget revenue
was CNY3.4 billion, a 1.3 percent gain, the data, as cited by Yicai
Global, showed.

Last year, Kunming's general public budget revenue sank 26.7
percent to CNY50.5 billion from 2021, reaching less than 71 percent
of the budget level set early in 2022. The government-managed
funds' budget revenue fell 67.6 percent to CNY14.6 billion, mainly
because income from transferring usage rights for state-owned land
shrank amid the downturn in the real estate market, Yicai Global
discloses citing city's financial statements.

The city's government debt balance was around CNY223.1 billion at
the end of last year, ranking the highest in Yunnan province, but
thanks to its large gross domestic product its debt-to-GDP ratio
was only 29.8 percent, lower than the provincial average, Yuekai
Securities said in a report, Yicai Global relays.

But the report also added that there was a more worrying figure for
the city's broad debt-to-GDP ratio, taking the interest-bearing
debts of LGFVs into consideration. The figure was 81.5 percent, the
highest in Yunnan, adds Yicai Global.




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

ADANI GREEN RG1: Fitch Affirms BB+ Rating on $500M Sr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Adani Green Energy Limited Restricted
Group 1's (AGEL RG1) USD500 million senior secured notes due 2024
at 'BB+'. The Outlook is Stable. AGEL RG1 includes three
subsidiaries of Adani Green Energy Limited (AGEL).

The US dollar notes were issued in part by each of the three SPVs
in the restricted group (RG): Adani Green Energy (UP) Limited,
Parampujya Solar Energy Private Limited (PSEPL) and Prayatna
Developer Private Limited. The notes are stapled together to mimic
the structure of the RG. The issuers directly own operating assets
and are not merely lenders to the operating entities, unlike other
rated issuance from most Indian RGs. All covenants or triggers are
on an aggregate basis. Each SPV guarantees the note obligations of
the other two SPVs, although the notes constitute each issuer's
obligations only on a several basis.

RATING RATIONALE

The affirmation reflects the credit profile of AGEL RG1, which
operates solar generation assets with a combined capacity of 930MW
across India. The rating is underpinned by long-term fixed-price
power purchase agreements (PPAs), commercially proven technology
with a pure solar portfolio, experienced operation and maintenance
(O&M) contractors, and adequate financial profile.

Noteholders benefit from a standard security package and robust
covenants restricting distributions. The notes have a bullet
repayment in December 2024, but the refinancing risk is mitigated
by the long remaining terms of the PPAs for an operating solar
portfolio, the group's recent ability to raise capital, and a
senior debt restricted amortisation account. Fitch assumes the
notes will be refinanced at maturity, with the refinancing debt
amortised over the remaining PPA terms. However, less favorable
refinancing terms and structure than the assumptions in Fitch's
financial analysis may have rating implications.

Fitch considers revenue from sovereign-backed NTPC Limited
(BBB-/Stable) and Solar Energy Corporation of India (SECI), to
which AGEL RG1 contracts 57% of its total capacity, as fully
contracted revenue and apply the fully contracted project
threshold. SECI's credit quality does not constrain the rating, as
revenue exposure to SECI presents a systematic sector risk.

Fitch does not rate the state-owned distribution companies that
purchase power from some projects of the RG. The counterparties
have weak credit profiles and varying histories of payment delays,
although exposure to multiple counterparties mitigates the risk.
Further, we have noticed improvement in the receivables collection
from state-owned distribution companies following the introduction
the Late Payment Surcharge rule in 2022.

Fitch believes that it is prudent that projects with such
counterparties meet a higher threshold to achieve the same rating
as other projects with strong counterparties, all else being equal.
Hence, we base the credit assessment of the notes on the indicative
debt service coverage ratio (DSCR) thresholds applicable to
merchant projects for the revenue-weighted exposure to the
state-owned distribution companies instead of the ones for fully
contracted projects, while the cash flow is evaluated based on the
contracted prices.

Based on an updated energy yield assessment, the RG generates an
average annual DSCR of 1.32xunder Fitch's rating case versus an
average annual DSCR of 1.37x calculated based on the previous
energy yield assessment report. The updated level remains
commensurate with a 'BB+' rating.

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk −
Midrange

AGEL RG1 consists of 930MW polycrystalline solar projects, a proven
technology with a long operating history. Fitch views the operation
of this kind of solar projects as straightforward. Solar modules
are provided by various internationally well-known suppliers. O&M
work is carried out by an affiliate company, Adani Infrastructure
Management Services Limited, under seven-year fixed-price contracts
with 2% annual price escalation. However, the O&M contracts have
been revised a few times in the past with lower fixed prices than
the original contracts.

The O&M cost per MW is comparable to the O&M cost in its rated
Indian renewable universe. The operation risk assessment is
constrained to 'Midrange' because the operating cost forecast is
not validated by an independent technical advisor.

Generation Lower than Expectations: Revenue Risk (Volume) −
Midrange

The assets in AGEL RG1 have generated electricity below the initial
P90 forecasts. In 2022, management engaged third-party experts to
reassess the energy-yield forecast and consider the actual
operating performance of the portfolio. The experts reduced the P90
capacity utilisation factor (CUF) estimate by about 7% and that for
P50 CUF by about 5.6%, from the earlier projections. The updated
energy-yield forecast has an overall P50/one-year P90 spread of 8%,
leading to a 'Midrange' volume risk assessment.

Generation in the financial year ended March 2023 (FY23) was in
line with the P90 updated energy-yield assessment and stood at
1,895 million units, almost same as last year's generation. The
RG's grid and plant availability for FY23 stood at 99.0%.

Long-Term Fixed-Price PPAs: Revenue Risk (Price) − Stronger

AGEL RG1 contracts 40% of its total capacity with NTPC and 17% with
SECI, with the remaining capacity contracted with various state
distribution companies under 25-year fixed-price PPAs, which
protect the portfolio from merchant price volatility. Fitch
assesses price risk as 'Stronger'.

Bullet Repayment with Protective Structural Features: Debt
Structure - Midrange

The debt is a senior secured five-year bullet bond. The bullet
repayment structure presents significant refinancing risk. However,
the notes benefit from a senior debt restricted amortisation
account that requires issuers to pre-fund a proportion of debt by
maturity. The notes also require issuers to submit a refinancing
plan 12 months before maturity. The refinancing risk is mitigated
by the long remaining terms of the PPAs for an operating solar
portfolio and the group's recent ability to raise capital despite
headwinds from a report by short seller Hindenberg Research.
However, less favourable refinancing terms and structure than the
assumptions made in Fitch's financial analysis may have rating
implication.

Noteholders benefit from protective structural features to restrict
distributions. The debt has a six-month debt service reserve. All
cash will be trapped if the 12-month backward-looking DSCR drops to
below 1.35x or if the project life cover ratio drops to below 1.6x.
Distribution will also be restricted if sovereign-backed off-takers
account for less than 55% of EBITDA, or if aggregate cash flow
available for debt service (CFADS) from sovereign-backed off-takers
over the remaining PPA terms is insufficient to cover 75% of the
outstanding debt.

Group Governance Risks

Governance weaknesses at the sponsor level and other group
entities, including a highly concentrated shareholding structure
across group entities and aggressive debt-funded investments at
some entities, can expose all Adani group-related companies to
higher contagion risks than previously considered, which can affect
their financial flexibility. We believe these group-related risks
to be lower for AGEL RG1 due to legal ring-fencing as per a strict
cash flow waterfall mechanism in the US dollar notes.

The group is re-evaluating its investment plans, especially in
non-infrastructure businesses. The Adani family recently sold
USD1.9 billion of shares in various group entities to a US-based
fund. Two of the boards at Adani group companies - Adani
Transmission Limited (BBB-/Stable) and Adani Enterprise - approved
plans to raise a total of about USD2.5 billion from the stock
market. The additional funding will support financial flexibility
across Adani group entities, mitigating the risks.

Financial Profile

Fitch assumes the bullet principal repayment will be refinanced
upon maturity by fully amortising debt across the remaining PPA
terms at a higher refinancing interest rate of 12%.

Fitch's base case assumes a P50 energy production throughout the
forecast period until the end of the PPAs based on the updated
energy yield report, a 5% production haircut and repowering capex
to arrest 0.5% annual degradation. We assume flat cost of modules,
which are required for repowering capex. Fitch also applies a
four-month stress to the receivable day assumption for state
distribution company off-takers. Fitch's base case generates an
average annual debt service coverage ratio (DSCR) of 1.46x, with a
minimum of 1.29x.

Fitch's rating case assumes a one-year P90 energy yield throughout
the forecast period, a 5% production haircut and repowering capex
to arrest 0.6% annual degradation. We assume a 1% annual increase
in cost of modules, which are required for repowering capex. We
also apply a 10% stress on the original operating expenses and a
four-month stress to the receivable day assumption for state
distribution company off-takers. Based on the updated energy yield
report, the P90 CUF could have marginally lowered the average
annual rating-case DSCR against our downgrade rating action trigger
of 1.30x, which would put pressure on the rating on the US dollar
bond. However, the bond has features that restrict distributions,
i.e. all cash will be trapped if the 12-month backward-looking DSCR
drops to below 1.35x or if the project life cover ratio drops to
below 1.6x. The interest income earned on the additional cash
balances partly compensate for lower cash inflow due to a lower
yield assessment in our rating case, which pushes the average
annual rating case DSCR up to 1.32x, above our negative rating
action threshold and minimum rating case DSCR of 1.17x.

Its CFADS calculation is different from that in the notes' legal
documentation. Our CFADS calculation includes funding of capex for
repowering and working capital movement, but does not include
opening cash available in the operating account, if not
distributed, at the start of the financial year.

PEER GROUP

AGEL RG1 is rated one notch lower than Adani Green Energy Limited
Restricted Group 2 (AGEL RG2, note rating: BBB-/Stable). AGEL RG2
has a much tighter structure with largely amortising and
longer-dated debt, higher contribution from capacity contracted
with sovereign-owned entities (61%) than AGEL RG1, and a better
financial profile with a rating case DSCR of 1.44x. While AGEL
RG2's rating case DSCR is closer to 'bbb' financial thresholds, the
credit assessment is constrained by India's (BBB-/Stable) 'BBB-'
Country Ceiling.

Azure Power Solar Energy Private Limited (Azure RG2, note rating:
BB-/Rating Watch Negative) is also comparable with AGEL RG1. AGEL
RG1 is rated two notches higher than Azure RG2, even though AGEL
RG1's rating case DSCR of 1.32x is lower than that of Azure RG2.
Azure RG2's current rating and rating Watch Negative reflects the
ongoing corporate governance issues in the group. Further, AGEL RG1
is supported by a higher share of capacity contracted with
sovereign-owned entities (57% against 15%), which allows lower
rating thresholds for AGEL RG1. The debt term for Azure RG2 and
AGEL RG1 are both five-year bullet bonds. However, AGEL RG1
benefits from a stronger distribution lock-up test, and debt
service and capex reserve accounts.

AGEL RG1 can be also compared with Continuum Energy Levanter Pte.
Ltd. (Continuum RG1, note rating: BB+/Stable). Unlike AGEL RG1,
which is a pure solar portfolio, Continuum RG1's wind resources
make up 89% of its generation capacity. Still, Continuum RG1 has a
much higher rating case DSCR of 1.66x, which supports its rating.
It has partial debt amortisation and cash sweep in the bond
document, which will result in 53% of the senior notes' principal
being refinanced. However, AGEL RG1's bullet structure requires
about 91% of the bond amount to be refinanced at the end of the
five-year period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Average annual DSCR during refinance period drops to below 1.30x
persistently.

- Less favourable refinancing terms and structure than the
assumptions made in Fitch's financial analysis.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Positive rating action appears unlikely because of the
uncertainty of the refinancing terms, structure and future coverage
profile upon the maturity of the notes.

TRANSACTION SUMMARY

AGEL RG1 is an RG consisting of three SPVs under Adani Green Energy
Limited, with total capacity of 930MW across India. The RG issued
five-year senior secured notes due in 2024 to refinance its debt.

CREDIT UPDATE

Plant availability of the AGEL RG1 portfolio for FY23 declined
marginally to 99.0% from 99.7% in FY22 due to a break down at the
Pavagada project following a transformer failure in September 2022.
Operations at the project has been restored.

Grid availability of the AGEL RG1 portfolio for FY23 also declined
slightly to 99.0% from 99.3% in FY22 due to continued curtailment
at the Kallur 40MW plant (about 4% of the portfolio capacity). The
Kallur plant is connected at the Kushtagi substation and has been
facing curtailment due to load congestion and overloading of the
power transformer at the substation. A 100 MVA transformer at
Kushtagi substation will be commissioned by June 2023. A new 220
kilovolt substation near the existing Kushtagi substation and
associated transmission line is also planned as a long-term
solution, and management expects them to be commissioned by
December 2023.

Overall, the total generation for FY23 was in line with the P90
updated energy-yield assessment and stood at 1,895 million units,
almost the same as last year's generation

In June 2022, the Ministry of Power implemented the Late Payment
Scheme (LPS) Rules 2022, which resulted in more timely payments by
state electricity distribution companies to independent power
producers in the renewable and thermal power sectors. The scheme
encourages payment discipline by state electricity distribution
companies, given the risk of losing short and eventually medium- or
long-term access to the power supply through the interstate
transmission system. As of March 2023, Fitch noticed improvement in
AGEL RG1's receivables position as almost all receivables were
within 60 days and the few state electricity distribution companies
that delayed payments for some time have agreed to start paying
their dues in instalments.

SECURITY

The notes have a comprehensive security package that includes:

- Pledge over 100% shares of each of the SPV issuers;

- First-ranking mortgage over all immovable assets in respect of
each project of each issuer;

- First-ranking mortgage over all fixed and current assets and
receivables in respect of each project of each issuer;

- Charge/assignment of rights under all PPAs and other project
documents in respect of each project of each issuer.

ESG CONSIDERATIONS

Adani Green Energy Limited Restricted Group 1 has an ESG Relevance
Score of '4' for Governance Structure due to the complexity of its
group structure at the shareholder level, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

Adani Green Energy Limited Restricted Group 1 has an ESG Relevance
Score of '4' for Group Structure due to the concentration of
ownership, with a large majority stake indirectly held by Adani
Group, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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

   Entity/Debt             Rating        Prior
   -----------             ------        -----
Adani Green
Energy Limited
Restricted
Group 1

   Adani Green
   Energy Limited
   Restricted
   Group 1/bond/
   note/1 LT           LT BB+  Affirmed    BB+

ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Automotives Private Limited (AAPL):

-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;

-- INR1.576 bil. (increased from INR1.322 bil.) Fund-based limits

     affirmed with IND BB+/Stable/IND A4+ rating;

-- INR274.1 mil. (increased from INR259.3 mil.) Term loans due on

     FY27 affirmed with IND BB+/Stable rating; and

-- INR62.1 mil. Non-fund-based limits assigned with IND A4+
     rating.

Rating Sensitivities

Positive: Maintaining the scale of operations, the interest
coverage increasing above 2.5x, adequate liquidity position, as
along with an improvement in AAWPL's liquidity profile, could lead
to a positive rating action.

Negative: Decline in the scale of operations or any stress in the
liquidity position or the interest coverage reducing below 1.5x or
any stress in AAWPL's liquidity position, could lead to a negative
rating action

Company Profile

Incorporated in 2006, AAPL is an authorized dealer of Maruti Suzuki
India Limited's Arena passenger cars and provides spares and
services. The company has 34 showrooms and 18 workshops across
Telangana and Andhra Pradesh. B. Satyanarayana Goud and Sujatha are
the promoter directors.



AJAY BUILDERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Kler Wines to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 9 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND B+

     (Issuer Not Cooperating) rating; and

-- INR162.4 mil. Fund Based Working Capital Limit migrated to
     non-cooperating category with IND B+ (Issuer Not Cooperating)

     /IND A4 (Issuer Not Cooperating) rating.

Company Profile

Chandigarh-based Kler Wines was incorporated in February 2016 as a
partnership firm with Darshan Singh Kler and Karamjeet Kler as
partners. As per the new partnership deed, Darshan Singh Kler's
(10%) share was transferred to Chitwan Singh Kler, the son of
Darshan Singh Kler, in July 2021. The firm retails liquor.



AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Shree Ambika Sugars
Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".


                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         527.67      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–        34.63       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Shree Ambika Sugars Limited, is a part of the Thiru Arooran Group,
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and
60 KLPD distillery. It also has 750 TPD sugar refinery.

ANKUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankur Roller
Flour Mills Private Limited (ARFMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       20         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     30         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ARFMPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 ARFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ARFMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ARFMPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

The Hitech group is managed by Mr. Naresh Mittal, and his two sons
Mr. Vipul Mittal and Mr. Kapil Mittal, with the support of a team
of professionals, who have experience of over 35 years in
processing and trading in pulses and other food products. The group
sells a majority of its products under the Hitech Pulses brand.

HGPPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.


APOORVA CONSTRUCTION: Ind-Ra Assigns BB+ Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apoorva
Construction Co. a Long-Term Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR250 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

Key Rating Drivers

The ratings reflect ACC's small scale of operations, as indicated
by revenue of INR1,023 million in FY23 (provisional numbers) (FY22:
INR855 million, FY21: INR858 million). In FY23, the revenue
increased owing to an increase in the number of orders received by
ACC and receipt of timely approvals for executing the orders. In
FY22, the revenue had declined because many of ACC's works were
stopped as it did not receive payments on time from the
departments, and it was not able to raise bills due to lack of
approvals. As on 1 May 2023, ACC had an outstanding order book of
INR3,133 million, providing revenue visibility of 3.2x of FY23
revenue, to be executed over FY24-FY25. Of this, orders worth
INR1,955 million are scheduled to be executed in FY24.
Consequently, Ind-Ra expects the revenue to improve on a yoy basis
in FY24.

Liquidity Indicator -Stretched: ACC's average maximum utilization
of the fund-based working capital limits was around 91.59% and that
of the non-fund based working capital limits was 57.51% over the 12
months ended April 2023. In FY22, the cash flow from operations
turned negative at INR45.52 million (FY21:  INR53.75 million),
mainly on account of increased working capital requirements.
Moreover, the free cash flow turned negative at INR86.84 million in
FY22 (FY21: INR18.30 million). The cash and cash equivalents stood
at INR2.11 million in FY22 (FY21: INR11.27 million). The networking
cycle of the company stretched to 32 days in FY22 (FY21: negative
nine days), primarily on account of an increase in debtor days to
87 days (five days) and creditors days to 65 days (FY21: 26 days).
ACC has debt obligations of INR14 million and INR10.9 million in
FY24 and FY25, respectively.

The ratings also reflect ACC's modest credit metrics due to high
debt levels. The credit metrics deteriorated in FY22 due to an
increase in debt levels to INR246.4 million (FY21: INR167.15
million) and the consequent rise in interest expenses.  The
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 2.23x in FY22 (FY21: 3.04x) and the net leverage
(total adjusted net debt/operating EBITDAR) weakened to 4.18x
(2.49x).  Ind-Ra expects the credit metrics to remain at similar
levels over FY23-FY24 due to the absence of any debt-led capex
plans.

The ratings are supported by ACC's healthy EBITDA margins. The
margin dipped to 6.83% in FY22 (FY21: 7.30%) due to an increase in
direct expenses. The ROCE was 20% in FY22 (FY21:25.2%). Ind-Ra
expects the EBITDA margin to deteriorate over FY23-FY24  as the
existing order book mainly comprises low-margin orders. The
management expects the margins to be 5.5%-5.6% over this period.

The ratings are also supported by ACC's promoters' experience of 13
years in the civil construction business, which has led to
established relationships with suppliers and customers.

Rating Sensitivities

Negative: Inability to create and sustain a sizeable order book
along with delays in the execution of new orders and deterioration
in the credit metrics, with the interest coverage falling below 2x,
on a sustained basis, and weakening of the liquidity position will
be negative for the ratings.

Positive: An increase in the scale of operations along with
revenue visibility stemming from an enhanced order book while
maintaining the liquidity position and credit metrics will be
positive for the ratings.

Company Profile

Incorporated in 2010, Karnataka-based ACC is a partnership firm
engaged in the construction of buildings for various government
departments such as the Karnataka Residential Educational
Institution Society, Karnataka State Police Housing, Karnataka
State Road Transport Corporation, Karnataka Public Works Department
and Infrastructure Development Corporation Ltd. B Palakshiah and S
G Shashikala are the promoters of the firm.



APRA ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Apra Enterprises to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 9 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating; and

-- INR450 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND BB+ (Issuer Not
     Cooperating) rating.

Company Profile

Set up in 1984 as a proprietorship by Anil Bajaria, AE trades in
numerous petrochemicals such as methanol, acetone, toluene, xylene,
acetic acid, N Heptane, Styrene Monomer, alpha picoline,
acetonitrile, among others.  The Mumbai-based firm is managed by
Anil Bajaria and his son, Viraj Bajaria. The firm caters majorly to
industries such as pharmaceutical where the end use of these
chemicals is for the production of active pharmaceutical
ingredients, followed by paint, ink, wood and laminates, specialty
chemical, among others.


ARCHIT ORGANOSYS: Ind-Ra Affirms BB- Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Archit Organosys
Limited's (AOL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR215 mil. Fund based working capital affirmed with IND BB-/
     Stable/IND A4+ rating;

-- INR47.5 mil. Non-fund based working capital affirmed with IND
     A4+ rating; and

-- INR192 mil. (reduced from INR221.5 mil.) Term loan due on May
     2028 affirmed with IND BB-/Stable rating.

Key Rating Drivers

The ratings continue to factor in AOL being involved in a legal
dispute with HDFC Bank, with the claim that the company failed to
repay the bank liabilities worth INR14.7 million (inclusive of
interest up to January 2013) on account of losses in derivative
contracts. Furthermore, the case was registered with the National
Company Law Tribunal (NCLT) on March 7, 2023, the outcome of which
is pending; the upcoming hearing is scheduled on June 7, 2023.

AOL's revenue grew 44.60% yoy to INR1,366.64 million in FY22 on
account of a rise in the realization prices of their products, due
to an increase in the demand of AOL's products in the pharma and
agricultural industry. The scale of operations remains small. AOL
achieved a revenue of INR1,277.8 million during FY23. Ind-Ra
expects the overall sales volume to have improved yoy in FY23, as
the company has expanded its total capacity; however, the revenue
has declined during the year, owing to a fall in the realization
prices of chemical products in the market. AOL incurred capital
expenditure in its Bhavnagar plant for capacity expansion in FY22
and FY23 amounting INR108.4 million and INR139 million,
respectively, taking AOL's total installed capacity to 13,500
metric tons per annum (MTPA; 9,600MTPA). Consequently, Ind-Ra
expects the revenue to improve over the near-to-medium term.

AOL's EBITDA margins remain volatile, due to the nature of its
business, intense competition leading to low bargaining power, and
fluctuations in forex rates as well as the prices of the key inputs
such as acetic acid, acetic anhydride, Sulphur powder. The margins
improved to a healthy 14.79% in FY23 (FY22: 12.17%; FY21: 11.7%;
FY20: 5.5%), due to a decline in the overall cost of material
consumed, with a return on capital employed of 15.5% in FY22 (FY21:
10.7%). In FY22, AOL's overall margins had improved on account of a
better absorption of fixed expenses such as employee cost and the
increased price realization in the market. Furthermore, Ind-Ra
expects the margins to remain volatile in the near-to-medium term
on account of price fluctuations.

Liquidity Indicator - Stretched:  AOL's average maximum utilization
of the fund-based limits was around 79% during the 12 months ended
March 2023. AOL's net cash cycle was stable at 55 days in FY22
(FY21: 54), with the debtors improving to 73 days (97) and creditor
days falling to 41 (64). The cash flow from operations remained at
INR87.34 million in FY22 (FY21: INR84.04 million), despite the
increase in absolute EBITDA, mainly on account of unfavorable
working capital changes. The free cash flows turned to negative at
INR31.3 million in FY22 (FY21: INR49.5 million), due to the capital
expenditure incurred during the year towards capacity expansion.
The cash and cash equivalents stood at INR53.50 million at FYE22
(FYE21: INR38.09 million). Ind-Ra expects the cash flow from
operations to have remained positive in FY23.  The debt repayment
obligations for FY24 and FY25 amount to INR46.47 million and
INR48.10 million, respectively.

AOL's credit metrics improved in FY22 with an interest coverage
ratio (operating EBITDA/gross interest expense) of 6.8x (FY21:
3.4x) and a net leverage (adjusted net debt/operating EBITDAR) of
1.6x (2.5x). In FY22, the credit metrics improved, on account of an
increase in the absolute EBITDA to INR166.32 million (FY21:
INR110.52 million). The credit metrics improved further in FY23
with the interest coverage ratio of 8.5x and net leverage of 1.37x,
with the absolute EBITDA of INR189.03 million. The agency expects
the overall credit metrics to improve in FY24, owing to an increase
scale of operations leading to an improved absolute EBITDA.

The ratings, however, are supported by the promoters' over three
decades of experience  in the chemical industry. This provides them
an understanding of the dynamics of the market, and enables them to
establish strong relationships with suppliers and customers.

Rating Sensitivities

Positive: An outcome in favor of the company, on the pending
dispute with HDFC bank, while maintaining the scale of operations
and credit metrics, on a sustained basis, could lead to a positive
rating action.

Negative: A decline in the scale of operations or profitability,
leading to deterioration in the credit metrics  or pressure on the
liquidity profile, will be negative for the ratings.

Company Profile

Incorporated in 1989, AOL, erstwhile Shri Chlochem Ltd, is a
BSE-listed company situated in Ahmedabad, Gujarat. The company
manufactures and trades organic chemicals, pigments, adhesives and
sealants and specialty derivatives such as monochloroacetic acid,
sodium chloroacetate that are used in the synthesis of various
agricultural chemicals, cosmetic surfactants, oil drilling
chemicals, and plastic additives, among others. The company has a
combined installed capacity of 13,500MTPA.


BABA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Baba Projects Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 7 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating;

-- 85 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)  
     rating;

-- INR520 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating;

-- INR25 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)  
     rating; and

-- INR75 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating.

Company Profile

Incorporated in December 2005, Jharkhand-based BPPL undertakes
civil construction projects for railways, highways, rural road
construction, and flood divisions.



BBG INFRA: ICRA Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------
ICRA has moved the ratings for the bank facilities of BBG
Infrastructure Private Limited (BIPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING ".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Long Term/          3.35        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating moved to the ‘Issuer
                                   Not Cooperating' category

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

BBG Infrastructure Private Limited was incorporated on November
19th, 2019. The company is into Building & construction, structural
finishing, Granite Mining, Factories, Flooring & Finishing, road &
utility works. BBG has performed structural finishing, plumbing and
land development work for parking plaza, Mall and metro stations.
Company has also performed road development and utility works in
Noida. Currently company has outstanding work order for
construction of 2 metro station from Maharashtra Metro Rail
Corporation Limited (Maha-metro).

BBG Infrastructure is promoted by Mr. Priyadarshi Balu Agarwal and
Mr. Nikhil Bhardwaj. Mr. Priyadarshi Balu Agarwal is a proprietor
of Balu Balaji Granite business. Balu Balaji Granite is into
granite mining and owns granite mines from where he sold its
granites domestically and internationally also. The promoter has an
experience of more than a decade in granite business.


BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR14.33cr Loan to B+
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Bhagyanagar
Chlorides Private Limited (BCPL) has been downgraded and remains
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit        14.33        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) ISSUER
                                   NOT COOPERATING and continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

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

Bhagyanagar Chlorides Private Limited (BCPL) is into manufacturing
Aluminium Chloride. The manufacturing facility of the company is
located at Saggonda village, Gopalapuram Mandal, West Godavari
District, Andhra Pradesh with a production capacity of 36,000 MTPA
(enhanced from 13,000 MTPA from August 2020 onwards). The end
product is Aluminium chloride which is used in dyes and pigments
industries and bulk drugs manufacturing as an intermediate chemical
or as a catalyst.


C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C.A. Vege
Fruit Stores (CVFS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 May 24, 2022,
placed the rating(s) of CVFS under the 'issuer non-cooperating'
category as CVFS 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. CVFS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 09, 2023, April 19, 2023, April 29, 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).

Mohali-based (Punjab), C.A. Vege Fruit Stores (CAVFS), is a
proprietorship concern established in June, 2010 by Mr Rajiv
Malhotra. However, the firm commenced its commercial operations in
January, 2015 by letting the cold storage unit on rental basis.
Currently, the firm is running an integrated cold chain storage
facility by engaging in procurement, cold storage and distribution
of fruits and vegetables at its warehouse located in Mohali,
Punjab.

CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Long Term Issuer Rating
------------------------------------------------------------
India Rating and Research (Ind-Ra) has revised Ch.Gowri Shankar
Infra Build (India) Private Limited's (CHGS) Outlook to Negative
from Stable while affirming the Long-Term Issuer Rating at 'IND
BB+'.

The instrument-wise rating actions are:

-- INR110 mil. (reduced from INR134 mil.) Fund-based facilities
     affirmed; Outlook revised to Negative from Stable with
     IND BB+/Negative rating; and

-- INR250 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

The Negative Outlook reflects CHGS's low order book position and
stretched liquidity position with high average utilization of
fund-based limits of around 97% during the 12 months ended March
2023 with several instances of overutilization of the limit; albeit
regularized on the next day.

Key Rating Drivers

The ratings reflect CHGS's continued medium scale of operations
with its revenue increasing to INR3,251 million in FY22 (FY21:
INR2,758 million), supported by its execution of a higher number of
orders. However, as per the company's FY23 provisional financials,
the revenue declined to INR2,945 million, due to heavy rains
slowing project implementation and non-realization of funds from
Andhra Pradesh government. As of April 2023, the company's order
book stood at INR4,309 million (February 2022: INR6,540 million;
January 2021: INR5,668 million), reflecting a low order
book-to-revenue ratio of 1.32x. Ind-Ra expects the revenue to
increase as the management plans to diversify geographically as
well as to the private space.

The ratings are constrained by CHGS's concentrated order book. As
of April 2023; Telangana accounted for about 90% of the company's
orders with Andhra Pradesh forming the rest. Furthermore, building
projects such as residential, school, office buildings accounted
for about 91% of its portfolio, while the remaining constituted by
other infrastructure projects such as roads, gardens, provision of
basic amenities to houses.   

Liquidity Indicator – Stretched: Over the 12 months ended March
2023; the average maximum utilization of its fund-based limits was
around 96%. There were three instances of overutilization of funds
during April 2022, June 2022 and September 2022, due to delays in
the receipts of funds from the government. However, they were
regularized within a day and the company received overall
satisfactory feedback from the banker regarding its account
conduct. While the average maximum utilization of the
non-fund-based limit during the same period was 81%, with no
instances of overutilization. During FY22, its increased revenue
supported the cash flow from operations to increase to INR125
million as compared to negative INR31 million in FY21 due to a
lower revenue and higher working capital consumption. The company
has repayment obligations of around INR53 million in FY24 and INR38
million in FY25.

The working capital cycle stood healthy at 38 days during FY22
(FY21: 40), with improved debtor conversion period (10; 17);
However, its inventory days stood at 47 days in FY22 (FY21: 36) and
the creditor days increased to 20 (13).

CHGS's operating margin slightly reduced to 6.8% in FY22 (FY21:
7.09%), due to higher purchase costs than the previous year. The
return on capital employed remained at 27%. However, in FY23, the
operating margin stood around 7%, driven by an increase in average
project value, lowering the miscellaneous expenditure. Ind-Ra
expects the operating margin to remain at similar levels in FY24,
led by lower miscellaneous expenditure amid higher average project
value.

CHGS has comfortable credit metrics with its gross interest
coverage (operating EBITDA/gross interest expense) rising to 7.3x
in FY22 (FY21: 6.4x) and the net leverage (total adjusted net
debt/operating EBITDAR) reducing to 1.9x (FY21: 2.0x), owing to its
absolute EBITDA improving to INR219 million (INR195 million).

The ratings are also supported by the promoter's three-decade
experience in the civil construction business, leading to
established relationships with its customers and suppliers.

Rating Sensitivities

Negative: Any deterioration in operating performance or inability
to create and sustain a sizeable order book or non-realization of
funds from Andhra Pradesh government or non-resumption of
associated projects or a stress on the liquidity position, leading
to the interest coverage falling below 2x, on a sustained basis,
will be negative for the ratings.

Positive: A sustained improvement in the operating performance,
along with the diversification of order book, both geographically
and in terms of nature of projects and an improvement in the
liquidity position as well as an improvement in credit metrics, on
a sustained basis, will be positive for the ratings.

Company Profile

CHGS was established in 1986 as a proprietorship firm by Gowri
Shankar. The company is a special class civil contractor and
participates in tenders floated by Telangana and Andhra Pradesh
governments. The company undertakes civil contracts such as
buildings, warehouses, drainage systems, and irrigation works.

It executes civil work contracts of various government departments
including Telangana Housing Board Department, Central Warehousing
Corporation and CPWD Telangana and Andhra Pradesh. Shankar gets the
company's contracts through bidding in e-procurement.


CHETANA EDUCATION: ICRA Lowers Rating on INR30cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Chetana
Education LLP's (CEL, erstwhile Chetana Publication (India) LLP),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-        (5.00)       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4 and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category
  
Rationale

The rating downgrade is attributable to the lack of adequate
information regarding CEL performance and hence the uncertainty
around its credit risk. ICRA has assessed whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

As a part of its process and in accordance with its rating
agreement with CEL, ICRA has been trying to seek information from
the entity to monitor its performance. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Chetana Publication (India) LLP (CPIL) was incorporated in December
2017 as an LLP firm and is a part of the Mumbai-based Chetana
Group. It was formed after the business of its Group companies
(Chetana Publications Private Limited and Chetana Book Depot) were
transferred to CPIL. It has been renamed CEL with effect from
October 2021. The firm has presence in school and college book
publishing and manufacturing stationary items. The books are sold
under the Chetana brand for pre-primary, Maharashtra State Board
(English, Hindi and Marathi medium), CBSE, ICSE, college and
various competitive exams. CEL has recently launched QR code books
(physical books with QR codes providing a link to educational
videos pertaining to the subject). Its registered office is in
Mumbai, with a warehouse in Bhiwandi (on the outskirts of Mumbai).


DATT AQUACULTURE: Ind-Ra Affirms BB Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Datt
Aquaculture Farms Private Limited's (SDAF) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR366.2 mil. (reduced from INR415 mil.) Fund-based working
     capital limit affirmed with IND BB/Stable/IND A4+ rating;

-- INR28.5 mil. (reduced from INR38.5 mil.) Non-fund-based  
     working capital limit affirmed with IND A4+ rating; and

-- INR7.8 mil. (reduced from INR29.1 mil.) Term loan due on
     November 2027 affirmed with IND BB/Stable rating.

Key Rating Drivers

The affirmation reflects SDAF's continued medium scale of
operations as indicated by revenue of INR1,441.97 million in FY23
(FY22: INR1,284.87 million) due to an increase in export orders for
black tiger shrimp and a further improvement in supply chain and
availability of containers. Till FY22, SDAF was engaged in the
production and processing of vannamei shrimp; however, from FY23 it
started production of black tiger shrimp, which was in demand in
the international market. SDAF had an order book of INR70 million
as of March 2023, to be executed by end-May 2023. Ind-Ra expects
the revenue to improve further in FY24 on account of increased
demand for black tiger shrimps. FY23 financials are provisional.  

The ratings also reflect the company's continued modest EBITDA
margins of 4.39% in FY23 (FY22: 3.72%) with a return on capital
employed of 6.4% (4.1%). The improvement in margins was due to the
company's increased focus on high-margin black tiger shrimp,
coupled with improved demand. The EBITDA margins were lower in FY22
due to excess supply of vannamei shrimp in the global market,
leading to fluctuations in price as well as increase in
distribution expenses due to global supply chain issues. In FY24,
Ind-Ra expects the EBITDA margins to improve further due to lower
container freight and increased margins on black tiger shrimp.

The ratings also factor in SDAF's continued modest credit metrics
as reflected by the interest coverage (operating EBITDA/gross
interest expenses) of 1.77x in FY23 (FY22: 1.73x) and the net
leverage (total adjusted net debt/operating EBITDAR) of 7.97x
(9.67x). The improvement in the credit metrics was due to repayment
of term loans. Ind-Ra expects the credit metrics to improve further
in FY24, due to a likely increase in the EBITDA and a reduction in
term loans coupled with the absence of debt-led capex.  

Liquidity Indicator - Stretched: The net working capital cycle was
elongated; although improved to 162 days in FY23 (FY22: 165 days)
owing to a decline in the inventory holding period to 132 days (149
days)due to improved demand for black tiger shrimp in the global
market as well as improvement in global supply chain. SDAF's
average maximum utilization of the fund-based limits was 82.36%
during the 12 months ended April 2023. The cash flow from
operations turned negative to INR 40.7 million in FY23 (FY22:
INR39.97 million) due to unfavorable change in working capital.
Consequently, the free cash flow turned negative to INR39.53
million in FY23 (FY22: INR37.83 million). The cash and cash
equivalents stood at INR7.09 million at FYE23 (FYE22: INR37.7
million). However, SDAF does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

The ratings continue to be constrained by the inherent
vulnerability of the seafood industry to disease and viral attacks,
competition and fluctuating currency, and adverse changes in
government policies. SDAPL focuses majorly on black tiger variety
of shrimp, which has better resistance to diseases and a higher
production density than other varieties; this mitigates the risk to
some extent.

However, the ratings remain supported by the promoters' more than
two decades of experience in the seafood industry and aquaculture
business, leading to established relationships with fish farmers
and their customers.

Rating Sensitivities

Negative: Any decline in the revenue or EBITDA margins, resulting
in deterioration of credit metrics on a sustained basis, and/or any
deterioration in the net cash conversion cycle, leading to stressed
liquidity, will be negative for the ratings.   

Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in an improvement in liquidity and credit
metrics, both on a sustained basis, would be positive for the
ratings.

Company Profile

Incorporated in 2003, SDAF is engaged in the rearing, processing
and export of various kinds of seafood. The company has a
90-metric-tonnes-per-day processing unit in Billimora, Gujarat. In
addition, it has a 600-metric-tonne cold storage facility.


DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short term ratings for the bank
facilities of Dattar Ceramic Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in June 2016, Dattar Ceramic Private Limited (DCPL)
proposes to establish a manufacturing plant of potassium and
soudium feldspar powder of 500TPD (200 mesh) with an installed
capacity of producing 1,50,000 MT/annum at Surendranagar, Gujarat.
The powder has wide usage as a raw material in the ceramic and
glass industry accounting for almost 95% of the total raw material
consumption.


GG EXPORTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
G.G. Exports to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating; and

-- INR1.0 bil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating) /
     IND A4+ (Issuer Not Cooperating) rating.

Company Profile

Formed in 2010, G.G. Exports is a partnership firm that is wholly
owned and managed by the Zadaphia family. The firm is engaged in
the cutting and polishing of 0.01-3.00-carat-sized diamonds. The
firm has a manufacturing facility in Surat, Gujarat, which has a
monthly capacity of 15000-20000 carats and a registered office in
Mumbai, Maharashtra.


INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Incredible
Realcon Private Limited (IRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     600.00      CARE D; ISSUER NOT COOPERATING;

   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating of IRPL under the 'issuer non-cooperating'
category as IRPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IRPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated April 9,
2023, April 19, 2023, April 29, 2023, May 4, 2023 and May 8, 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).

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on May 24, 2022, the following were the
rating weaknesses:

Key weaknesses

* Delay in debt servicing: As per the debenture trustee, the
company had not made the payment of interest/redemption due in
March, 2023 on account of insufficient cash flow.

Liquidity: Poor

IRPL has poor liquidity position since, the company had not made
the payment of interest/redemption due in March, 2023 on account of
insufficient cash flow.

Incredible Realcon Private Limited (IRPL) incorporated in 2013 is
part of Ireo Group (IREO) and is a SPV being promoted for business
of promotion, development and construction of real estate. However
presently there is no ongoing project in IRPL.


JANA HOLDINGS: Ind-Ra Assigns B- Rating to Non-Convertible Debts
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Holdings Limited's (JHL) non-convertible debentures
(NCDs):

-- INR5.48 mil. NCDs* maintained on Rating Watch with Negative
     Implications with IND B-/Rating Watch with Negative
     Implications rating; and

-- INR4.9 mil. NCDs# assigned; placed on Rating Watch with
     Negative Implications IND B-/Rating Watch with Negative
     Implications rating.

Details in Annexure

# Yet to be issued

Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL and its 100%
parent Jana Capital Limited (JCL, debt rated at 'IND B-'/Rating
Watch with Negative Implications) as both the entities have a
cross-default clause with each other's indebtedness. Ind-Ra also
considers the credit profile of Jana Small Finance Bank (JSFB;
42.88% stake held by JHL), using Ind-Ra's Parent-Subsidiary Linkage
criteria.

JCL, a non-deposit taking non-bank finance company-core investment
company, holds 100% stake in JHL. JHL, a subsidiary of JCL, has
poor financial strength. It is a non-operating financial holding
company of JSFB and the value of its investments is derived solely
from its shareholding in JSFB. The value of the stake in JSFB is
largely subject to the bank's incremental performance (banking
operations commenced in March 2018).

The rated NCDs are held by Manipal Health Systems Pvt. Ltd. and TPG
Asia VI SF Pte Ltd and are junior to JHL's other issuances. TPG
through its investment funds held  9.9% in JSFB at end-March 2023.

A common independent director serving on the boards of JHL and
Ind-Ra did not participate in the rating process.

The  Rating Watch with Negative Implications reflect the
consistently deteriorating financial risk profile of JCL as well as
JHL, with net losses, weak capitalization, stretched liquidity and
high refinancing risks over the near term, given the limited
financial flexibility of the company to repay its near-term debt
maturities in May 2023. A major portion of JHL's and JCL's
near-term debt maturities is held by its key shareholders. The
group is exploring refinancing to ensure the timely repayment of
the maturing NCDs. The agency also notes that the requirement of
minimum promoter shareholding of 40% in the bank for five years
after the commencement of operations expired at end-March 2023. The
promoter has to maintain a minimum shareholding of 20% in the bank
March 2023 onwards. The Rating Watch will be resolved before the
near-term debt maturities are due in May 2023.    

Key Rating Drivers

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be repaid to
the extent of the principal and the rate of return promised to the
investors. JHL has sizeable repayments of INR15.3 billion due
towards end-May 2023.

Weak Standalone Financial Profile for JHL: JHL's earnings profile
remains weak with a net loss of INR3,325 million in FY23 (FY22: net
loss of INR2,433.2 million). Its net worth turned negative to
negative INR245 million in FY23 (FY22: INR2,361.5 million).
Moreover, JHL is not meeting the minimum consolidated capital
adequacy ratio (CAR) of 15% and the standalone leverage ratio of
1.25x as per the regulatory requirements for a non-operating
financial holding company. It is also not meeting the minimum net
owned funds requirement. The auditor's report on JHL for FY22
mentions a material uncertainty related to a going concern,
considering the accumulated losses, the resultant erosion in the
net worth and the breaches in the regulatory financial parameters
as stated above.

Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. The agency expects no/limited dividend
income from JSFB over the medium term and is in the process of
listing the bank. JHL and JCL are also in the process of getting
merged, for which consent from 90% creditors is pending. Ind-Ra
expects this merger to be completed over the near term.

Furthermore, the debt raised by both the holding companies are in
the form of zero-coupon bonds that would have lumpy pay-outs on
maturity, adding to the liquidity demands.

Bank's Portfolio Mix in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio, and the
share of secured portfolio in its portfolio increased to 55% at
FYE23 (FYE22: 47%). JSFB has also been lowering its group loan
exposure (FYE23: 3%, FYE22: around 16%, FYE21: 36%). Ind-Ra
believes the group loan portfolio will continue to decline with the
increasing share of secured portfolio. Ind-Ra believes this will
improve the bank's asset quality over the medium term.    

COVID-19 Impact Continues to Weigh on JSFB's Asset Quality;
Seasoning of Secured Portfolio Remains to be Seen: JSFB's gross
non-performing assets stood at 3.6% at FYE23 (FYE22: 5.0%),
majority comprising unsecured individual loans at 46%. JSFB had
written off assets worth INR5.85 billion in 2022, mainly unsecured
loans (group loan). The net non-performing assets stood at 2.4% at
FYE23 (FYE22: 3.4%, FYE21: 5%, FYE20: 1.4%). The provision stood at
INR2.4 billion in March 2023 with a moderately low provision
coverage ratio of 34% in FY23  (FY22: 32%). However, given the
increasing proportion of secured loans in the portfolio, the bank
is likely to increase the provision cover only modestly over the
medium term.

Modest Profitability Expectations; Credit Costs from Secured
Portfolio to be Seen: At FYE23, JSFB reported improved-but-modest
profit of INR2.56 billion (FY22: INR0.05 billion, FY21: INR0.84
billion, FY20: INR0.3 billion). The bank's credit cost increased to
3.3% in FY23 from 2.5% in FY20, mainly due to the write-offs from
the unsecured portfolio. The agency believes the bank has the scale
to be modestly profitable and expects the credit costs to moderate
with the rise of secured loans in the portfolio, which could boost
the profitability over the medium term.

JSFB's Capital Ratios Remain Constrained: At FYE23, JSFB reported a
tier-1 capital ratio of 13.0% (FY22: 11.83%, FYE21: 11.75%) and a
total CAR of 15.6% (15.26%, 15.51%), both lower than its peers'.
Furthermore, since the bank's provisioning levels are low and its
net non-performing asset/equity was high at 26% at FYE23 (FYE22:
42.7%), it will need to build higher capital buffers, especially if
the recovery slows. JSFB has been supported by regular equity
infusions in the past from investors with a capital infusion of
INR4.03 billion from January to December 2022. The bank had also
raised INR3.40 billion equity in FY20 (FY19: INR10.90 billion,
FY18: INR16.40 billion) from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges (BSE  Ltd/National Stock Exchange of India Ltd) by
March 2021. However, it has been delayed due to the pandemic, and
thus, is still under process.

Liquidity Indicator for JSFB – Adequate: JSFB maintained excess
statutory liquidity reserves of INR25.75 billion in FY23, in
addition to the cash reserves that it needs to maintain as part of
the regulatory requirement. The bank's liquidity coverage ratio
stood at 553% at FYE23 (FYE22: 555%; FYE21: 1,199.67%). The bank
also had unutilized lines worth INR6.5 billion from refinancing
institutions at end-March 2023.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR130.4 billion in FY23 (FY22:
INR104.8 billion), and the current and savings accounts to INR32.9
billion (INR30.5 billion). The total deposits stood at INR163.3
billion at FYE23, of which more than 80% have a tenor of more than
one year. Given the substantial traction in low-cost deposits,
JSFB's cost of funds improved to 6.7% in FY23 (FY22: 7.1%, FY20:
7.6%). It was also supported by a rollover of 50%-60% of its fixed
deposits, which were raised at high interest rates two-to-three
years ago. However, Ind-Ra expects the share of the current account
saving account to decline over the medium term with a rise in the
interest rates exerting some pressure on the cost of funds.

Rating Sensitivities

The Rating Watch with Negative Implications indicates that the
ratings may either be downgraded or affirmed upon more clarity on
the repayments of the upcoming NCD maturities. The agency will
continue to monitor the developments across the arrangements for
the same.

Company Profile

JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.  



JET AIRWAYS: NCLAT Grants Jalan Kalrock More Time to Pay Dues
-------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on May 26 decided to pitch for early revival of
grounded airline Jet Airways. To facilitate the same, the appellate
tribunal has decided to give more time to the winning bidder Jalan
Kalrock Consortium to fulfill their payment obligations.

ET relates that NCLAT has also directed lenders not to encash the
performance bank guarantee of INR175 crore furnished by the
consortium.

NCLAT extended the timeline for payment obligation by excluding the
time period between November 16, 2022 and March 3, 2023 -- the time
period when it was hearing the petition filed by lenders.

The appellate tribunal reiterated that efforts by the monitoring
committee of lenders and the consortium should be coordinated for
the revival of Jet Airways "so as to start its operations at an
early date, which is in the interest of all stakeholders".

NCLAT has directed listing of the matter on July 12 for hearing,
according to ET.

In its 16-page strongly-worded order, the NCLAT emphasised that the
parties should work on early revival of the carrier, ET says.

Currently, the affairs of the grounded airline is being managed by
the Monitoring Committee (MC) of lenders.

According to ET, NCLAT noted that directions have been issued to
both MC and the consortium to implement the resolution plan.

Further, it said there is no doubt that the performance bank
guarantee can be invoked by the MC lenders but the said invocation
can only take place when the consortium has failed to implement the
plan.

"We direct that MC lenders shall not invoke the performance bank
guarantee in the facts of the present case as on date, and for
invocation, if any, MC Lenders may take leave of the adjudicating
authority," NCLAT bench, comprising Charirman Justice Ashok Bhushan
and Member (Technical) Barun Mitra, said, ET relays.

Further, it said the resolution plan has been approved with the
intent and purpose to revive Jet Airways.

"We again reiterate that efforts by MC lenders and SRA should be
coordinated for revival of the corporate debtor (Jet Airways), so
as to start its operations at an early date, which is in the
interest of all stakeholders as well as in the interest of
corporate debtor," it said.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In July 2021, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June 2021, the NCLT approved the
consortium's resolution plan for the troubled carrier.


JINDAL TRADING: ICRA Lowers Rating on INR6cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Jindal Trading Company (JTC):, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–         1.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         2.95       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in April 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".

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

JTC is a proprietorship firm established in 2014, which trades in
PVC products – PVC resin, calcium carbonate and PVC pipes. The
firm was involved in wholesale trading of these PVC products till
FY2018, but has started its PVC pipe manufacturing facility from
the products which it already trades – PVC resin and calcium
carbonate.


JMP INDUSTRIES: Ind-Ra Cuts Term Loan Rating to 'BB'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JMP Industries'
bank facility ratings to 'IND BB (ISSUER NOT COOPERATING)' from
'IND BBB- (ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR345 mil. Fund-based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR155 mil. Term loan due on June 2025 downgraded with IND BB
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect JMP Industries' credit strength as the company
has been non-cooperative with the agency since 18 November 2022.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

Company Profile

JMP Industries was founded in 1981 in Jalandhar (Punjab) to produce
ductile iron castings for Indian Railways and Bharat Heavy
Electricals Limited (IND AA-/Negative). JMP Industries was the
first to adopt the electric induction furnaces route for melting
irons in the whole north region.


KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Kineta Global Limited to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 5 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B- (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category IND B-
     (Issuer Not Cooperating) rating; and

-- INR380 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B- (Issuer Not Cooperating)/
     IND A4 (Issuer Not Cooperating) rating.

Company Profile

Established in 2006, KGL engages in trading of iron ore, building
materials such as TMT bars, cement and granite. It also provides
engineering, procurement and construction of irrigation projects on
sub-contract basis.


KP POLYOLEFIN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
KP Polyolefin Sacks Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 10 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating;

-- INR96 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)/
     IND A4+ (Issuer Not Cooperating) rating; and

-- INR18.88 mil. Term loan due on May 31, 2024 migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)
     rating.

Company Profile

Incorporated in 2011, KPPSPL manufactures woven fabric, bags, sacks
and tarpaulin for cargo packaging. The company is promoted by KPCL
and Middle East Industrial Investment LLC. Its manufacturing
facility has an installed capacity of 6,500 metric tons per annum.


MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Mandeep Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        40.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         5.94       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.06       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term–        3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Mandeep Industries ('MI') was established as a partnership firm in
1973 by Talaviya family. It is engaged in the crushing of groundnut
and soyabean to produce oil and oil cake, and solvent extraction of
oil cake to produce oil and de-oiled cake. The manufacturing unit
of the firm is located at Upleta in Gujarat with input capacity of
310 MT per day of groundnut and 225 MT per day of oil cake. The DOC
is used as cattle feed, poultry feed and aqua feed. The groundnut
oil is sold locally under the brand name of "Ganesh". Moreover, MI
is also involved in trading of groundnut oil cake, groundnut
de-oiled cake and cotton seed oil depending on the crop season.


MAPS GRANITO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Maps Granito Private
Limited's (MAPS) bank facilities as follows:

-- INR300 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating;

-- INR70 mil. Non-fund based working capital limit assigned with
     IND A4+ rating; and

-- INR798.1 mil. Term loan due on August 2028 assigned with IND
     BB/Stable rating.

Key Rating Drivers

The ratings reflect MAPS's moderate credit metrics due to high debt
levels (FY22: INR1,231.74 million; FY21: INR868.97 million).  The
net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 7.98x in FY22 (FY21: 7.19x) due to an increase in
the debt levels owing to the capex undertaken by the company during
the year for installing a new production line. The interest
coverage (operating EBITDA/gross interest expenses) improved to
2.15x in FY22 (FY21: 2.02x) because of an increase in the absolute
EBITDA to INR153.72 million (INR116.86 million). The unsecured
loans are subordinated to bank loans. Despite the rise in debt due
to the capex undertaken for setting up a propane gas plant and
purchasing a digital printing machine, Ind-Ra expects the metrics
to remain at similar levels over FY23-FY24 due to the scheduled
repayment of term loans.

The ratings also factor in the MAPS's modest EBITDA margin due to
the intense competition in the industry.  The margin dipped
slightly to 8.26% in FY22 (FY21: 8.3%) due to an increase in power
(natural gas) cost, which accounts for nearly 35% of the total
cost.  The ROCE was 6.2% in FY22 (FY21: 6.4%).  In FY23, to improve
the profitability, MAPS installed a propane gas plant, which would
be used as an alternative to natural gas. This is likely to have
led to an improvement in the margins in FY23. Ind-Ra expects the
EBITDA margin to remain stable in FY24 due to similar level of
operations.

The ratings also reflect MAPS's medium scale of operations, as
indicated by revenue of INR1,861.03 million in FY22 (FY21:
INR1,407.74 million). In FY22, the revenue improved due to recovery
of operations from covid-19 lockdowns and repeat orders from
customers. In FY23 (provisional numbers), MAPS' revenue grew to
INR2,150 million, supported by the setting up of a  new production
line to cater to a new segment of customers. The company had an
order book of INR260 million as of March 2023, to be executed by
May 2023. In FY24, Ind-Ra expects the revenue to improve further
due to the acquisition of new customers,  repeat orders from
existing customers, and expansion in the dealer network.

Liquidity Indicator - Poor: MAPS' does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The average maximum utilization of the
fund-based limits was 95.76%  during the 12 months ended April
2023. The net working capital cycle remained elongated in FY22,
though it improved to 95 days in FY22 (FY21: 107 days) owing to an
increase in the creditor days to 125 days (65 days) due to advances
received from customers. The cash flow from operations increased to
INR115.89 million in FY22 (FY21: INR14.48 million) due to the
increase in the absolute EBITDA and favorable changes in working
capital. However, the free cash flow remained negative at INR384.62
million (FY21: negative INR130.29 million) due to the capex
undertaken for  the second production line. The cash and cash
equivalents stood at INR5.04 million at FYE22 (FYE21: INR25.36
million). MAPS' term loan repayments are tightly matched with
internal accruals. It has debt repayment obligations of INR160.0
million and INR178.2 million in FY24 and FY25, respectively.

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

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and further pressure on
the liquidity position, could lead to negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 4.0x and improvement in liquidity profile, all on a
sustained basis, could lead to a positive rating action.

Company Profile

MAPS was established in December 2016 and it commenced operations
in 2018. Its registered office is in Morbi, Gujrat. it manufactures
vitrified tiles, with a total capacity of 33,000 square meters per
day. The company sells its products in domestic as well as
international markets.


MARKETING PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marketing
Private Limited (KMPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      7.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     12.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2005 as private limited company, KMPL is a trader
of iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.


MARUTI NANDAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Maruti Nandan
Telecomm LLP's (MNTL) Bank facilities as follow:

-- INR310 mil. Fund-based working capital limit assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR45 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Key Rating Drivers

The ratings factor in the MNTL's average and muted yoy EBITDA
margin of 2.00%in FY22 (FY21: 1.97%) with an absolute EBITDA of
INR25.03 million (INR22.55 million) with a return on capital
employed of 14.4% (13.1%). In FY23, too the EBITDA margin is likely
to have remained at the similar level; this trend is likely to
continue in FY24 due to the similar nature of operations.

The ratings also reflect MNTL's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
1.76x in FY22 (FY21: 1.26x) and a net leverage (adjusted net
debt/operating EBITDAR) of 4.76x (6.26x). In FY22, the credit
metrics improved yoy due to the reduced utilization of the
company's cash credit facility and the repayment of its unsecured
loan. However, in FY23, the credit metrics are likely to have
deteriorated because of an increased utilization of the cash credit
facility. In FY24, Ind-Ra expects the credit metrics to improve due
on an improvement in the absolute EBITDA.

The ratings reflect MNTL's medium scale of operations with an
improved yoy revenue of INR1,249 million in FY22 (FY21: INR1,144
million). The improvement was due to an increased demand for the
products of Apple India, of which MNPL is an authorized reseller.
In FY23, MNPL earned a revenue of INR2,150 million, supported by
the increased sales in its existing stores and the opening of four
new stores. For FY24, Ind-Ra expects the revenue to improve yoy as
the company plans to open 10 new stores before September 2023.

Liquidity Indicator - Stretched: MNTL's average maximum utilization
of the fund-based limits was 89.43% and that of the non-fund-based
limits was 94.81% during the 12 months ended April 2023. The debt
repayment is INR20.6 million for FY24 and INR34.1 million for FY25.
The cash flow from operations stood at INR19.71 million in FY22
(FY21: INR50.33 million) and it declined due to change in working
capital. Furthermore, the free cash flow stood at INR29.05 million
in FY22 (FY21: INR50.27 million). The cash and cash equivalents
stood at INR15.79 million at FYE22 (FYE21: INR9.59 million). MNPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The modest
net working capital cycle stood at 23 days in FY22 (FY21: 13 days)
and it deteriorated due to a reduction in the creditor days.

However, the ratings are supported by the promoters' nearly one
decades of experience in consumer electronics industry.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and further pressure on
the liquidity position, could lead to negative rating action

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage sustaining above 1.7x and an improvement in the liquidity
profile, could lead to a positive rating action.

Company Profile

MNTL was established in 2013 as a limited liability partnership
firm. The firm is an authorized reseller of Apple India. MNTL has
14 stores which are mainly located in the northern part of India.



MECTECH PROCESS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mectech Process
Engineers Private Limited's Long-Term Issuer Rating at 'IND BB+'
and has simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits* affirmed and withdrawn; and

-- INR150 mil. Non-fund-based limit# due on September 2025
     affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable/IND A4+ before being withdrawn
# Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Key Rating Drivers

The ratings reflect MPEPL's small scale of operations, as indicated
by revenue of INR2,055.41 million in FY22 (FY21: INR986.31
million). The revenue grew on a yoy basis due to an increase in
exports as well as the number of work orders executed by the
company.

The ratings also factors in the company's vulnerability to high
input  costs, which accounted for  61%-69% of its revenue during
FY19-FY22.

The ratings are supported by the company's  healthy EBITDA margin.
The margin fell slightly to 5.29% in FY22 (FY21: 5.40%) due to a
slight increase in the company's manufacturing expenses. The
company's ROCE stood at 40.90% for FY22 (FY21: 19.7%). The ratings
benefit from the company's healthy credit metrics. In FY22, the
company's interest coverage (operating EBITDA/gross interest
expense) improved to 8.41x (FY21: 6.59x) and it continued to be net
cash positive (net cash positive)  due to a substantial increase in
the absolute EBITDA to INR108.78 million (INR53.21 million).

The ratings are also supported by MPEPL's significant presence in
the edible oil machinery manufacturing industry in India and
abroad.

Liquidity Indicator - Adequate: The company did not use its
fund-based limits in the 12 months ended March 2023 on account of
higher customer advances. MPEPL's net working capital cycle
improved to 59 days in FY22 (FY21: 192 days) due to an improvement
in its inventory holding period to 55 days (178 days). The cash
flow from operations turned positive at INR282.30 million in FY22
(FY21: negative 187.54 million) due to favorable changes in the
working capital. Its cash and cash equivalents stood at INR46.41
million at FYE22 (FYE21: INR44.81 million), against outstanding
debt of INR3.2 million.  MPEPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Company Profile

Incorporated in 1983, MPEPL is an engineering, procurement and
construction company, which undertakes turnkey projects, supplies
equipment and machineries for edible oil producing companies. Its
manufacturing plant is based in Sonipat and Manesar (Haryana).  



MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Melange Developers in
the 'Issuer Not Cooperating' category. The rating is denoted as
''[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         40.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Melange Developers is a real estate residential projects
development firm. The firm's residential project "Pristine Pacific
(Phase-II)" is situated in Ambegaon, Pune. The promoters of Melange
Developers are also the promoters of Pristine Group and Ceratec
Group which are present in real estate business in Pune,
Maharashtra.


MURUGAR SPINNING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sri Murugar Spinning Mill to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 9 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating;

-- INR102.25 mil. Term loan due on Nov 30, 2026 migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)
     rating;

-- INR294.7 mil. Fund Based Working Capital Limit migrated to
     non-cooperating category with IND BB+ (Issuer Not
     Cooperating)/IND A4+ (Issuer Not Cooperating) rating; and

-- INR24.7 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating.

Company Profile

Established in 1997, SMSM is a partnership firm involved in
manufacturing cotton, polyester and blended yarn with a capacity of
33,500 spindles.



NANI AGRO: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Nani Agro Foods Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 6 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB+ (Issuer Not Cooperating) rating; and

-- INR600 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+(Issuer Not Cooperating)/IND

     A4+ (Issuer Not Cooperating) rating.

Company Profile

NAFPL manufactures and exports a range of products such as
turmeric, spices, spices mixes, spice powders, instant mixes and
herbs. The company markets its few products under its own brand
name 'Aditya Trading'. NAFPL derives around 50% of its revenue from
manufacturing activities, and 50% from the trading of spices and
other spice mixes.



PATEL MOTORS: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patel Motors
(Indore) Private Limited's (PMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limit affirmed with IND BB+/Stable
     rating; and

-- INR210 mil. Proposed fund-based limit affirmed with IND BB+/
     Stable rating.

Key Rating Drivers

The ratings are constrained by the geographical concentration PMPL
faces as its operations are based only in Madhya Pradesh, making it
vulnerable to any unfavorable changes in demand within the state.
Moreover, PMPL is an exclusive dealer of Maruti Suzuki India
Limited and Tractors and Farm Equipment Limited and hence, its
performance is directly linked to the performance of these two
companies. Although the sales of spares,  after sale service
provide some diversification, their contribution to the revenue is
low.  The ratings also factor in the cyclical nature of the auto
industry and its susceptibility to macro-economic factors.
Furthermore, the dealership business is intensely competitive.  

The ratings are, however, supported by PMPL's revenue that improved
to INR6,253.88 million in FY22 (FY21: INR5,307.57 million), due to
a recovery in the operations after the Covid downfall and the
improved demand in the automobile industry. Also, the rise in
revenue was higher than Ind-Ra's expectations of FY22 due to the
increased sales in 4QFY22 on account of the festive season. In
FY23, as per the management, the revenue increased to INR7,970
million, due to an improved demand from customers in the luxury
cars segment. However, Ind-Ra expects the revenue to have been
stable in FY23 and to continue to do so in FY24 on account of the
similar nature of the company's operations. The scale of operations
remains large.

PMPL's gross interest coverage (operating EBITDAR/gross interest
expense + rent) improved to 2.79x in FY22 (FY21: 1.90x) and its net
financial leverage (adjusted net debt/operating EBITDAR) to 3.62x
(3.64x), owing to its increased absolute EBITDA on account of the
revenue rise. Ind-Ra expects the credit metrics to have improved
further in FY23 and to continue to do so in FY24 due to an increase
in the absolute EBITDA and a fall in the total debt.

The ratings are supported by PMPL's healthy EBITDAR margins of
3.95% in FY22 (FY20: 3.98%) with a return on capital employed of
17.8% (16.5%). The agency expects the EBITDA margins to have
remained at similar levels in FY23, owing to the nature of the
dealership business where no major variance is noticed in the
margins.

PMPL's average maximum utilization of the fund-based limits was
65.37% during the 12 months ended April 2023. The cash flow from
operations turned negative at INR59.65 million in FY22 (FY21:
INR97.45 million) mainly due to unfavorable changes in the working
capital. Consequently, the free cash flow turned negative at
INR102.06 million in FY22 (FY21: INR76.97 million). The cash and
cash equivalents stood at INR58.17 million at FYE22 (FYE21:
INR23.56 million). PMPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The company had a comfortable net working capital
cycle of 44 days in FY22 (FY21: 34 days) since majority of its
sales are on a cash basis. The scheduled debt repayments for FY24
and FY25 are INR74.9 million and INR23.7 million, respectively.

The company has 32 showrooms and 25 workshops in Madhya Pradesh,
and runs a driving school in Indore. The promoters had more than
three decades of experience in the dealership business with
renowned original equipment manufacturers such as Maruti Suzuki
India, Eicher Motors Limited and Tractors and Farm Equipment.

Rating Sensitivities

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
interest coverage remaining above 3.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.

Negative: A decline in the scale of operations or the interest
coverage reducing below 2.5x or pressure on the liquidity position,
could lead to a negative rating action.

Company Profile

PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has 32 showrooms and 25 workshops in Madhya Pradesh, and runs a
driving school in Indore. It has authorized dealership of Tractors
and Farm Equipment for tractors, VE Commercial Vehicles Ltd. for
Eicher trucks and buses, and commercial and passenger vehicles of
Maruti Suzuki India.



PSK TEXTILES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
PSK Textiles India Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 7 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB- (Issuer Not Cooperating) rating;

-- INR50 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB-(Issuer Not Cooperating)/IND

     A4+ (Issuer Not Cooperating) rating;

-- INR26 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating; and

-- INR208.6 mil. Term loan due on May 31, 2024 migrated to non-
     cooperating category with IND BB-(Issuer Not Cooperating)
     rating.

Company Profile

Incorporated in 2005 by KS Shekar, Tamil Nadu-based PSK primarily
weaves fabrics on job work basis. PSK has its own windmill, which
has a capacity of 2.5MW. It mainly caters to  textile manufacturing
companies across India.



RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radharaman
Cotgin Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RCPL, incorporated in 2012, is engaged in ginning and pressing of
cotton; its facility is at Balangir in Odisha. The company
undertakes job work for Cotton Corporation of India.


RAJALAKSHMI AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajalakshmi
Automobiles Private Limited (RAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.82       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 June 15, 2022,
placed the rating(s) of RAPL under the 'issuer non-cooperating'
category as RAPL 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. RAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 16, 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 assigned to the bank facilities of RAPL have been
revised on account of delays in debt servicing recognized from
lender and auditor's feedback.

RAPL is an authorised dealer of Mahindra Trucks & Buses Division
(MTBD) of Mahindra & Mahindra Limited. RAPL has two showrooms cum
service centre outlets in Bangalore and five showrooms cum service
centres in Tamil Nadu. The company is engaged in sale of commercial
vehicles which include Light Commercial Vehicles (LCV) trucks &
buses, Heavy Commercial Vehicles (HCV), spare parts & accessories
and servicing of vehicles.


RAJI MATHEW: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated  Raji Mathew &
Co.'s Long-Term Issuer Rating of 'IND BB' to the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits* migrated to Non-Cooperating
     category and withdrawn; and

-- INR450 mil. Non-fund-based limits^ migrated to Non-Cooperating

     category and withdrawn.

*Migrated to IND BB (ISSUER NOT COOPERATING) before being
withdrawn

^ Migrated to IND A4+ (ISSUER NOT COOPERATING) before being
withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because Raji Mathew & Co. did not participate in the rating
exercise despite requests by the agency and has not provided
information pertaining to the audited financials, interim
financials, management certificate, bank limit utilizations.  This
is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Raji Mathew & Co. is a registered partnership firm engaged in
construction activities for more than 18 years. Raji Mathew is the
managing partner of the company; Cini Mathew, Aleena Raje and Amala
Raje are the other partners. The firm undertakes contracting work
for Road Works of Kerala Public Works Department, Ministry of Road
Transport & Highways, Kerala State Transport Project, Kerala Road
Fund Board, among others.


RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramada
Alleppey (RA) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        17.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RA for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 RA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RA
continues to be 'CRISIL D Issuer Not Cooperating'.

RA, set up by Mr. Regi Cherian as a proprietorship firm in 2012, is
a luxury hotel in Alappuzha.


RENAISSANCE INDUS: NCLAT Dismisses Promoter's Plea vs. Insolvency
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal has dismissed a petition filed by the Renaissance Indus
Infra against the bankruptcy court's ruling to admit the company
under the corporate insolvency resolution process (CIRP) following
a plea by its financial creditor Catalyst Trusteeship.

Renaissance Indus Infra Private Limited provides real estate
services. The Company owns and develops residential and commercial
properties. Renaissance Indus Infra serves customers in India.

In April 2023, the National Company Law Tribunal admitted
Renaissance Indus Infra under the corporate insolvency resolution
process (CIRP) following a plea by Catalyst Trusteeship.  The
tribunal's Mumbai bench appointed Birendra Kumar Agarwal as the
insolvency resolution professional (IRP).

The lender had moved the bankruptcy court after the company
defaulted on its dues worth nearly INR444 crore.


RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ryatar
Sahakari Sakkare Karkhane Niyamit (RSSKN) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit-Stock      20         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Bank         26         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with RSSKN for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 RSSKN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSSKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSSKN continues to be 'CRISIL D Issuer Not Cooperating'.

RSSKN, set up in 1999, is a co-operative society manufacturing
sugar. The society is based in Bagalkot (Karnataka). Its operations
are managed by Chairman Mr. R S Talewad who has more than three
decades' experience in the industry.


SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sadaram
Ginning And Pressing Industries (SGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan         3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGPI for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 SGPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGPI continues to be 'CRISIL D Issuer Not Cooperating'.

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit is
based in Patan (Gujarat). Since last three years the manufacturing
facility is non-operational.



SAGAR MOTORS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sagar Motors to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 11 months despite continuous requests
and follow-ups by the agency and also IND-Ra's inability to
validate timely debt servicing through other sources it considers
reliable. No Default Statement in the format prescribed by SEBI is
required to be shared by the issuer every month as a confirmation
that all financial obligations are being serviced on time.,
Investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

--Issuer Rating migrated to non-cooperating category with IND BB+

    (Issuer Not Cooperating) rating; and

-- INR700 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+ (Issuer Not Cooperating)/
     IND A4+ (Issuer Not Cooperating) rating.

Company Profile

Incorporated in 2014, SM is a registered partnership firm engaged
in the dealership business for passenger vehicles of Tata Motors.
Varun Sagar and Rajesh Sagar are the company partners. It commenced
operations in March 2016. It has seven showrooms and three
workshops across Delhi and National Capital Region.


SAI TRADERS: Ind-Ra Affirms BB Long Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Outlook on Sri Sai
Traders (SST) to Positive from Stable while affirming the Long-Term
Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based facilities affirmed; Outlook revised to

     Positive from Stable with IND BB/Positive/ IND A4+ rating;
     and

-- INR10 mil. Term loan due on March 2025 affirmed; Outlook
     revised to Positive from Stable with IND BB/Positive rating.

The Positive Outlook reflects the improvement in SST's scale of
operations and credit metrics in FY22 and their likely improvement
in FY23 and FY24.

Key Rating Drivers

The ratings reflect SST's medium scale of operation with revenue
improving to INR3,627.67 million in FY22 (FY21: INR1,980.87
million), due to an increase in its maize supply to poultry farms
as the demand increased anticipating shortage of maize following
poor harvest in the year; onboarding of new customers in Vietnam;
and Sri Lanka and higher maize prices. As per the company's FY23
provisional financials, its revenue increased to INR4,910 million,
due to increased demand from poultry farms because of
Russia-Ukraine war-led supply disruptions and higher prices of
maize and rice. However, Ind-Ra expects the revenue to decline in
FY24, owing to a likely decline in the prices of maize and rice.

The ratings also reflect SST's modest credit metrics with gross
interest coverage (operating EBITDA/gross interest expenses)
improving to 2.05x in FY22 (FY21: 1.25x) and the net leverage
(total adjusted net debt/operating EBITDAR) reducing to 4.24x in
FY22 (FY21: 6.89x), backed by an increase in the absolute EBITDA to
INR47.94 million (FY21: INR28.4 million).  Ind-Ra expects the
credit metrics to have marginally improved in FY23, backed by an
expected improvement in absolute EBITDA, and to continue growth in
FY24.

The ratings also reflect SST's healthy EBITDA margins which
declined to 1.32% in FY22 (FY21: 1.43%), due to an increase in the
prices of rice and maize and higher bad debts of INR50 million
which were realized during the year. The EBITDA margin remained
range bound at 1.3%-1.7% due to the trading nature of business. The
return over capital employed was 15.2% in FY22 (FY21: 10.6%).
Ind-Ra expects the EBITDA margin to have remained at similar levels
due to anticipated bad debts from exports to Sri Lanka likely to
have booked in FY23.

Liquidity Indicator - Stretched: SST's average utilization of the
fund-based limits was 74.64% during the 12 months ended February
2023 and is expected to have remained at the similar level in March
and April 2023. The company has debt repayment obligations of
approximately INR12 million in FY24 and INR6.8 million for FY25.
The cash flow from operations improved but remained at negative
INR10.5 million in FY22 (FY21: negative INR38.05 million) due to
unfavorable changes in the working capital. The net working capital
cycle shortened to 29 days in FY22 (FY21: 39 days) due to an
increase in creditor days to 18 days (1 day). The cash and cash
equivalents stood low at INR0.28 million at FYE22 (FYE21: INR0.88
million). SST does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

The ratings, however, are supported by the promoters' two-decade
experience in the agricultural trading industry, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics, with the interest
coverage declining below 1.7x, and a deterioration in the liquidity
profile, all on a sustained basis, could lead to a negative rating
action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage remaining above 1.7x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

Company Profile

Established in 2000, SST is a Chennai-based partnership firm. The
firm trades in agricultural commodities such as maize, rice, bajra
and chilies.


SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saraswati
Education Society, Navi Mumbai (SESNM) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility    6.25        CRISIL D (Issuer Not
                                     Cooperating)
   Secured Overdraft
   against term
   deposits              0.50        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            12           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             6.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SESNM for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 SESNM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SESNM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SESNM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1997, by Mr. Prithviraj Deshmukh. Mrs. Vrushali Deshmukh,
wife of Mr. Prithviraj Deshmukh is managing the operations of SES.
SES operates a school and college in Maharashtra, offering courses
in engineering, and information technology.


SHILPA ELECTRICAL: Ind-Ra Moves B- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shilpa Electrical Infra Tech (India) Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating Migrated to non-cooperating category with IND B+

     (Issuer Not Cooperating)  rating;

-- INR35 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+ (Issuer Not Cooperating)
     rating; and

-- INR104 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4 (Issuer Not Cooperating)

     rating.

Company Profile

Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. G Sudhakar
Reddy and G Sailaja are the promoters. The company is headquartered
in Hyderabad.



SHIV METTALICKS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shiv Mettalicks Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 10 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND BB

     (Issuer Not Cooperating) rating;

-- INR160 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB (Issuer Not Cooperating)
     rating;

-- INR5.9 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating; and

-- INR32.5 mil. Term loan due on Dec 31, 2026 migrated to non-
     cooperating category with IND BB (Issuer Not Cooperating)
     rating.

Company Profile

Established in 2004, SMPL manufactures sponge iron and has an
installed capacity of 60,000 metric ton per annum. The registered
office is in Odisha.



SHIVA GLOBAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shiva Global Agro
Industries Limited's (SGAIL) bank facilities as follows:

-- INR400 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR31.16 mil. Working capital term loan assigned with IND BB+/

     Stable rating; and

-- INR145.2 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating.

Analytical Approach: Ind-Ra has taken a standalone view of SGAIL
and its subsidiaries on account of moderate-to-weak legal,
operational and strategic linkages among the group entities.

Key Rating Drivers

SGAIL has a medium scale of operations with its revenue growing 17%
yoy in FY22 to INR2,049.76 million, led by an improved realization
and an increase in subsidy rates for SGAIL's top-selling product,
Single Super Phosphate (SSP) fertilizer. The sales of fertilizers
and related products manufactured by the entity constituted 80% of
the total revenue in FY22 (FY21: 60%) while the rest was
contributed by the trading of fertilizers and other agricultural
products bought from outside as finished goods. As per its
provisional financials, its revenue stood at INR1,390.64 million in
9MFY23 (9MFY22: INR1,246.83 million). However, Ind-Ra expects the
revenue to have declined in FY23 due to the slowdown in sales in
4QFY23 compared to 4QFY22 across the industry. The sales of the
fertilizers manufactured by SGAIL are majorly concentrated in the
first half of the year as this is the sowing season for monsoon
crops. The sales in 4QFY22 remained higher, due to the early onset
of the sowing season in February 2022, on account of better
rainfall forecast. However, in 4QFY23, the company expects the
sales to have declined as the season is likely to follow its normal
pattern unlike in 2022.

The company's EBITDA margin improved to 9.88% in FY22 (FY21: 4.3%)
due to a reduction in prices of raw materials along with higher
absorption of fixed costs backed by the increase in revenue.
However, the EBITDA margin for 9MFY23 declined to 6.88% (9MFY22:
10.42%), more in line with its historical trend, mainly on account
of an increase in the prices of rock phosphate, which accounted for
around 20% of SGAIL's total input costs.

SGAIL's credit metrics improved in FY22, on the back of the rise in
its absolute EBITDA to INR202.5 million (FY21: INR75.36 million).
The gross interest coverage (operating EBITDA/gross interest
expense) rose to 5.93x in FY22 (FY21: 5.09x) while the net
financial leverage (Ind-Ra-adjusted debt/operating EBITDAR) reduced
to 1.63x (2.54x). However, as per the 9MFY23 provisional
financials, the gross interest coverage fell to 3.1x, due to a
decrease in the absolute EBITDA to INR94.99 million (9MFY22:
INR129.92 million) along with an increase in the interest costs of
the company. The agency expects the net leverage to have risen in
FY23, due to an increase in the total borrowings of SGAIL on
account of enhanced working capital sanctions and unsecured loans
taken from its directors. Ind-Ra expects the credit metrics to
remain average in the near- to medium-term.

Liquidity Indicator - Stretched: The average maximum utilization of
SGAIL's fund-based working capital limits for the 12 months ended
April 2023 was 82%. This was after considering the adhoc financing
obtained by the company during 1QFY23 due to the inadequacy of
fund-based limits. The entity's cash deposits remained at INR0.6
million at FYE22 (FYE21: INR2.03 million). The cash flow from
operations turned negative in FY22 at INR102.04 million (FY21:
positive INR10.81 million), due to an increase in the working
capital cycle which elongated to 147 days (109 days). Ind-Ra
expects the cash flow from operations to have remained negative in
FY23 as the working capital cycle is likely to remain elongated
further on account of a built-up of inventory due to a delay in the
onset of the agricultural season. SGAIL has debt repayment
obligations of INR12.3 million and INR4.2 million in FY24 and FY25,
respectively, which can be paid out of its internal accruals. The
company has no major capex plans in the near- to medium-term.

SGAIL's business is seasonal in nature and highly depends on
agro-climatic conditions and factors like timely onset of monsoon,
the intensity and adequacy of rainfall, government minimum support
price regulations, among others. Furthermore, its EBITDA is
susceptible to the changes in the rate of subsidy for SSP
fertilizers which is revised every year by the government.
Normally, 60%-65% of its sales are made in the first half of the
year in Maharashtra (which accounts for 80% of the sales) as this
is when the demand for its two main products, SSP and NPK
(nitrogen, phosphorous and potassium) fertilizers, is the highest.
Furthermore, SGAIL's top-selling product, SSP fertilizer, is
subsidized and the subsidy on this product keeps changing every
year, thus affecting the realization.

SGAIL's promoter, Omprakash Gilda, who also serves as the managing
director on its board, has more than three decades of experience in
the agriculture and fertilizer sectors. The company has been
manufacturing fertilizers for three decades with a network of over
350 dealers and a well-established presence in Maharashtra.

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations,
further deterioration in the liquidity profile or the credit
metrics with the interest coverage falling below 2x, on a sustained
basis, will be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
substantial improvement in the liquidity profile and an overall
improvement in the credit metrics, on a sustained basis, would be
positive for the ratings.

Company Profile

Incorporated in 1993, SGAIL is a public limited company and listed
on the BSE Limited. The company manufactures and trades
fertilizers. The two main products manufactured by SGAIL are SSP, a
type of multi nutrient fertilizer, and NPK-mix fertilizers. The
entity has two plants in Nanded, Maharashtra, and it also trades in
other agricultural commodities such as turmeric, chana, tur, among
others in smaller proportions.  


SHIVA PARVATI: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shiva Parvati Poultry
Feed Private Limited's (SPPFPL) bank facilities as follows:

-- INR400 mil. Fund-based working capital limit assigned with
     IND BB-/Stable/IND A4+ rating; and

-- INR26.83 mil. Working capital term loan assigned with IND BB-
     /Stable rating.

Analytical Approach: Ind-Ra has taken a standalone view of SPPFPL
and its parent, Shiva Global Agro Industries Limited, on account of
moderate-to-weak legal, operational, and strategic linkages between
the entities.

Key Rating Drivers

The ratings reflect SPPFPL's small scale of operations with its
revenue growing 10.4% to INR1,254.67 million in FY22 (FY20:
INR1,458.10 million), led by an increased demand for soybean oil
worldwide and the resultant increase in the prices for soybean oil
and soybean de-oiled cake. However, as per the FY23 provisional
financials, the company's revenue fell 8.2% to INR1,151.85 million,
due to a slowdown in the demand in 4QFY23.

The soybean oil and animal feed markets are characterized by thin
profitability margins due to low value addition in its extraction.
SPPFPL's EBITDA margin has historically been at 2.4%-4.3% over the
past few years. In FY22, the EBITDA margin improved to 2.6% (FY21:
2.4%) due to higher absorption of fixed costs led by the increase
in the revenue. Its EBITDA margin was impacted in the past two
years due to a write-off of its bad debts, which accounted for 4%
of the revenue in FY22 (FY21: 4.7%). In FY23, the EBITDA margin
improved to 3.66%, due to lower incurrence of bad debts, based on
the provisional financials. Ind-Ra expects the EBITDA margin to be
3.35%-4% in the near to medium term.

SPPFPL's credit metrics deteriorated during FY21-FY22, due to a
rise in its working capital requirements along with a fall in the
absolute EBITDA. In FY22, although the EBITDA improved slightly to
INR32.15 million (FY21: INR26.77 million), the net financial
leverage (Ind-Ra-adjusted debt/operating EBITDAR) rose to 9.45x
(6x), due to the increased utilization of its working capital
sanctions amid the increase in its sales. The net leverage is
likely to have increased to above 10x in FY23. The gross interest
coverage (operating EBITDA/gross interest expense) rose to 1.8x in
FY22 (FY21: 1.5x) but is expected to have fallen to 1.3x in FY23,
due to an increase in the interest expense of the company.

Liquidity Indicator - Stretched: For the 12 months ended April
2023, SPPFPL's average maximum utilization of its fund-based limits
was 79.18%. The entity reported a cash balance of INR14.57 million
at FYE22 (FYE21: INR31.66 million). However, SPPFPL's liquidity
deteriorated due to its poor cash flow from operations which turned
negative in FY22 at INR142.45 million (FY21: positive INR120.03
million), due to the entity's high net working capital cycle, which
increased to 151 days in FY22 (FY21: 113). The cash flow from
operations is expected to have remained at similar levels in FY23
due to its worsened net working capital cycle to 210 days following
a slowdown in its Q4FY23 sales, resulting in the build-up of unsold
inventory. Also, SPPFPL needs to maintain a high inventory of raw
materials at the year-end as the supply of soybean seeds, its major
raw material, is highly seasonal.

Being in the agriculture industry, SPPFPL is highly exposed to risk
from the changes in agro-climatic conditions, the intensity of
rainfall and its effect on agricultural production. Also, the
company is impacted by the seasonality in production of soya seeds
which is its main raw material. Furthermore, the entity faces high
risk from competition due to low entry barriers in the Indian
agricultural market which is highly fragmented by several organized
as well as unorganized participants.

The ratings are supported by SPPFPL's established track record of
operations in the industry. The entity has been extracting soybean
crude oil and de-oiled cake since its incorporation in 2004.
Furthermore, SPPFPL benefits from its top management which has more
than three decades of experience in the fertilizers and agriculture
industry.

Rating Sensitivities

Negative: A further deterioration in the scale of operations or the
credit metrics, with the interest coverage falling below 1.25x, on
a sustained basis, will be negative for the ratings.

Positive: A substantial improvement in the scale of operations and
the credit metrics, with the interest coverage rising above 2x, on
a sustained basis, will be positive for the ratings.

Company Profile

Incorporated in 2004, SPPFPL is engaged in the extraction of
soybean de-oiled cake and soybean crude oil. The company has a
plant with an installed capacity of 90,000 metric ton per annum in
Hingoli, Maharashtra. The company is a subsidiary of Shiva Global
Agro Industries Limited, engaged in the manufacturing of
fertilizers and trading of other agricultural products.



SHRINIWASA PROTEINS: Ind-Ra Moves B+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shriniwasa Proteins Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 8 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB- (Issuer Not Cooperating) rating;

-- INR800 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB- (Issuer Not Cooperating)
     rating;

-- INR20 mil. Non-Fund Based Working Capital Limit migrated to
     ¬¬¬non-cooperating category  IND A4+ (Issuer Not
¬¬¬¬¬-Cooperating)

Company Profile

Incorporated in December 2020, SPPL is promoted by Shivam Sanjay
Singare, Pramod Narharrao Jadhav, Unmesh Bhaiyasaheb Patil, and
Anuj Manoharravaji Shingare. The promoter group is known as Singare
Brothers which has been in the same business from 45-50 years. The
factory has three sections of operation - oil refinery plant, oil
extraction and de-oil cake manufacturing plant, and oil packaging
unit.


SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Shubhjivan Developers LLP
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

SDLLP was incorporated in February 2016 as a limited liability
partnership firm by Mr. Jivanbhai Govani and Mr. Priyank Panchani.
The firm's partners have been in the real-estate business for over
two decades through various Group entities, involved in the
real-estate business in Gujarat. SJD is executing its first
residential project namely, Serenity Garden, at Kalavad Road,
Rajkot in Gujarat. The construction for the project started in May
2016 and is likely to be completed by June, 2019. The project
consists of development of 230 high-end apartments covering
4,28,579 sq. ft. of the total saleable area, comprising 4- BHK and
5-BHK units. The project also has other amenities like club house,
mini theatre, gymnasium, jogging track, common garden and outdoor
game facility for children. The ticket size of the apartment ranges
from INR0.28 crore to INR0.43 crore, which renders it easily
marketable compared to high-ticket value projects.

SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Shyam
Bearings Private Limited (SSBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            22         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSBPL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 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 SSBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SSBPL, based in Kolkata, was set up in 2005 to take over operations
of Shree Shyam Enterprises, established in 1995. The company is an
authorised distributor of bearings for principals NSK Ltd, Japan,
and MinsK Bearings Plant, Belarus. It is also an authorised dealer
for fire extinguishers of Siam Safety Premier Company Ltd,
Thailand.


SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Sical Connect Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        24.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Sical connect Limited erstwhile known as Norsea Offshore India
Limited (Norsea) is a step-down subsidiary of Sical Logistics
Limited and is engaged in the business of dredging. The company
owned a dredger (total gross block of Rs 136 crore as on 31st March
2018) which it leasesed to its parent, Sical, for the execution of
dredging contracts across ports in India. On April
2018, Sical connect Limited's dredging business was hived off with
the entire assets transferred to Sical Logistics Limited. On July
25, 2019 the company's name was changed from Norsea Offshore India
Limited to Sical Connect Limited.


SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Sical
Logixpress Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        10.92       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/       (24.00)      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Interchangeable               remain under 'Issuer Not
                                 Cooperating' Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sical Logixpress Private Limited (formerly PNX Logistics Private
Limited (PNX)) traces its origins to a courier company which
started as a proprietary firm in January 2000 with an objective to
provide courier/document services. Incorporated in January 2007,
Sical Logixpress Private Limited eventually became a private
limited company in 2012. Sical Logixpress Private Limited
subsequently exited the courier business and currently offers
express cargo services pan-India catering to customers majorly in
textile, automobile and pharmaceutical industries. Sical Logixpress
Private Limited Limited owns a mix of LCV, MCV and HCV vehicles and
additionally operates vehicles under lease. The company has a team
of 400+ employees working out of various offices across India.
Sical Logistics Ltd acquired 60% stake in Sical Logixpress Private
Limited in July 2017. The remaining 40% stake is currently held by
the founder Mr. Ananthashesha Naganna Hanagal.

SIDDHARTHA INNOPAK: Ind-Ra Moves BB- Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Siddhartha Innopack Industries Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND
     BB- (Issuer Not Cooperating) rating;

-- INR150 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB- (Issuer Not Cooperating)/
     IND A4+ (Issuer Not Cooperating) rating; and

-- INR104.85 mil. Term loan due on Jun 30, 2026 migrated to non-
     cooperating category with IND BB-(Issuer Not Cooperating)  
     rating.

Company Profile

Incorporated in 2011, SIIPL manufactures biaxially-oriented
polypropylene bags, polypropylene woven bags and fabric bags. Their
factory with an installed capacity of around 200,000 bags/day is
located in Veeravalli, Andhra Pradesh.



SONHIRA SAHAKARI: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Sonhira Sahakari Sakhar Karkhana Ltd in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-        150.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-       200.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2000 by Late Mr. Patangrao Kadam, SSSK is involved
in the manufacturing of sugar and its allied products. The company
operates a sugar mill of 5000 TCD (tonnes crushed per day)
installed capacity which is forward integrated with distillery unit
of 60 KLPD (kilo litres per day) and co-generation unit of 22 MW
(mega-watt). The manufacturing facilities of the company are
located at Mohanrao Kadamnagar in Sangli district of Maharashtra.

SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Susheel
Engineers (SE) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     6.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL D Issuer Not Cooperating'.

SE was establish in 1994 by its proprietor Mr. Sidram. G. Sidrure
and is based out of Pune (Maharashtra). It manufactures boiler
components, steel casing, industrial chimney, collector columns,
industrial duct etc.


SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Swami
Samarth Construction (SSSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.03       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       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 May 11, 2022,
placed the rating(s) of SSSC under the 'issuer non-cooperating'
category as SSSC 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. SSSC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2023, April 6, 2023, April 16, 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).

SSSC was established in 2006 as a proprietorship firm by Mrs. Smita
Prakash Survase. SSSC is engaged in business of execution of civil
projects under contract for various Government Departments. SSSC is
a registered government contractor as Class-I-A with Public Works
Department (PWD); Solapur, Class-I-A with Maharashtra Jeevan
Pradhikaran (MJP) and Class-I-B with
Maharashtra Water Conservation Corporation (MWCC), Aurangabad.


TATA MOTORS: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed its rating outlook on Tata
Motors Limited (TML) to positive from stable. Concurrently, Moody's
has affirmed TML's B1 corporate family rating and its B1 senior
unsecured ratings.

"The rating affirmation and outlook change to positive reflect
Moody's expectation that the substantial improvement in TML's
credit profile over the past few quarters will sustain over the
next 12-18 months. Steadily growing volumes and profitability will
support TML's earnings and free cash flow expansion, enabling debt
reduction even as its capital expenditure stays elevated," says
Kaustubh Chaubal, a Moody's Senior Vice President.

TML is pursuing its net zero automotive debt target by March 2025.
Moody's estimates that TML will reduce its gross debt by almost 40%
by March 2024 from March 2022 levels, having already reduced debt
by a quarter at March 2023.

"Sustained debt reduction and earnings expansion will pave the way
for TML's leverage, measured by Moody's adjusted consolidated gross
debt/EBITDA, to steadily improve to less than 3.0x from around 4.0x
at March 2023 and 6.4x at March 2022," adds Chaubal who is also
Moody's Lead Analyst for TML.

RATINGS RATIONALE

Moody's expects a sustained improvement in all three of TML's
automotive operations: commercial vehicle (CV) and passenger
vehicle (PV) business in India (Baa3 stable), collectively referred
to as TML India; and its global premium passenger car business
through wholly owned subsidiary Jaguar Land Rover Automotive Plc
(JLR, B1 positive). While JLR accounted for a quarter of TML's
global volumes for the year ended March 31, 2023 (fiscal 2023), its
revenue and EBITDA contribution were around 70% each. As such,
JLR's credit profile is a key driver of TML's consolidated
metrics.

The rating action follows Moody's rating action on JLR earlier for
the affirmation of the B1 CFR and change in its outlook to positive
from stable.

Moody's forecasts for JLR assume a 25% increase in its wholesale
volumes to more than 400,000 in fiscal 2024, twice its order book
of around 200,000 units at March 2023. With around three-quarters
of the order book representing highly profitable models – Range
Rover, Range Rover Sport and Defender – JLR's revenues will
likely climb to nearly GBP30 billion during fiscal 2024 and its
Moody's-adjusted EBITA margin will inch closer towards 5%, having
improved to 3.3% in fiscal 2023 from 2.5%-2.7% over the prior two
fiscal years. JLR's strategy of transitioning to an all-electric
portfolio of Jaguar and Land Rover nameplates by the end of the
decade will require large expenditure towards engineering, product
development and new platforms. Even so, Moody's expects the premium
car maker to generate annual free cash flow exceeding GBP1 billion,
after staying negative for five of the previous eight fiscal
years.

Meanwhile, demand prospects remain bright for TML India's
operations. India's favorable demographics comprising its rising
per capita and disposable incomes and growing working age
population will lift demand for PVs, while for CVs a cyclical
recovery and the government's large push towards infrastructure
investments will drive demand. A steady slew of new models and
model variants across different price points, persistent focus on
branding and customer satisfaction will, in Moody's view, help TML
India's CV and PV businesses achieve volume growth of 8% -10%
during fiscal 2024.

In particular, TML India's PV operations have turned a corner, with
its market share growing to 13.5% in fiscal 2023 from 5% three
years ago, and in generating positive EBITDA (on a reported basis)
for the past 11 consecutive quarters ended March 2023. Sustained
EBITDA improvement while preserving its competitive position in a
price-sensitive market crowded with numerous global carmakers
remains a key success factor.

Moody's favorably notes TML's early mover advantage in electrical
vehicles (EVs) in India, that account for around 10% of TML India's
PV sales. This should place the company well to benefit as the
country progresses towards its electrification targets of 30%
penetration by 2030, up from around 1% now. While TML India's solid
market share of around 80% in EVs may fall as India's EV market
expands, it is unlikely to plunge, especially with the company's EV
offering expanding to 10 models by 2025 from four now, and its
strategy of positioning products across different price points.

For fiscal 2024, Moody's forecasts the company's consolidated
revenues will exceed $50 billion, EBITDA will expand around 40%,
from a year prior and its EBITA margin to inch closer towards 4.5%
given strong growth across TML's three key businesses. Higher
volumes will help to better absorb fixed costs, expand earnings and
free cash flow, even after incurring around $2 billion annually
towards capital expenditure. A sustained delivery of such
performance will build upward rating pressure, as indicated by the
positive rating outlook.

The B1 CFR continues to reflect TML's 100% ownership of JLR; its
leading market position in CVs and EVs in India; significantly
stronger market position in PVs in India; and the improving
trajectory of its financial metrics.

The CFR also incorporates a one-notch uplift, reflecting Moody's
expectation of extraordinary support for TML from its parent Tata
Sons Ltd. (Tata Sons) in times of need.

On balance, the CFR incorporates challenges that could hamper
operating performance, arising from the company's high capital
spending and execution risks associated with, in particular, JLR's
electrification strategy and transformation.

ESG CONSIDERATIONS

TML's ratings also reflect a number of environmental, social and
governance (ESG) considerations that are inherent to the automotive
industry. This includes higher environmental standards, stricter
emission regulations and electrification; autonomous driving and
connectivity; increasing vehicle safety regulations; and the entry
of new market participants. Moody's expects TML and its peers to
continue to require sizeable investments to cope with these
challenges, which will constrain profitability and free cash flows
in the coming years.

OUTLOOK

The positive outlook reflects TML's improved and already robust
credit metrics that are much stronger for its B1 CFR. Moody's would
upgrade the ratings should TML deliver a slightly longer track
record of consistent improvement in its credit profile.

LIQUIDITY

TML's liquidity is good. The company's consolidated cash, cash
equivalents and short term investments of around $7.0 billion at
March 2023 and Moody's expected cash flow from operations (CFO)
totaling $6.5 billion over the 18 months ending September 2024,
will be more than sufficient to meet its cash obligations
aggregating just under $10 billion. These cash obligations comprise
$5.7 billion in debt repayments (including short-term debt), around
$3.3 billion of capital expenditure and modest dividends of $250
million.

An entirely undrawn GBP1.5 billion revolving credit facility (RCF)
maturing in 2026 provides JLR cushion to tide through seasonal
variations in its CFO, although TML India would need to rely on its
short-term 364-day working capital facilities to tide over similar
temporary mismatches. Still, TML's association with the broader
Tata Group enables continued strong access to domestic capital
markets and Indian and multinational banks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade TML's ratings if: (1) JLR's ratings are
upgraded; and (2) TML India delivers sustained improvement in its
operating profile, such that leverage is maintained comfortably
below 6.0x, EBITA margin above 3%, while generating positive free
cash flow, all on a sustained basis.

The rating outlook could return to stable if there are material
deterrents in TML achieving the rating agency's current expectation
of a sustained improvement in credit profile.

Downward rating pressure could occur if a substantial weakness in
JLR's performance were to occur that materially reverses the
improving trend such that consolidated leverage climbs above 8.0x
or EBITA margin slides below 2%.

Any revision to Moody's assumption of support from Tata Sons will
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.

COMPANY PROFILE

Tata Motors Limited (TML) is the flagship automotive company of
India's leading conglomerate, Tata Sons. TML is India's leading
manufacturer of commercial vehicles and passenger vehicles. The
company's products include light, medium and heavy vehicles, such
as trucks, pick-ups and buses, utility vehicles and passenger cars.
For the fiscal year ended March 2023, TML sold 413,539 CVs and
around 541,087 PVs (other than JLR).

Headquartered in the UK, TML's wholly-owned subsidiary JLR
manufactures premium passenger cars under the Jaguar and Land Rover
brands and is the global leader of luxury sports utility vehicles
(SUVs) through three families of Range Rover, Discovery and
Defender. During fiscal 2023, JLR sold 321,362 units, generating
GBP22.8 billion revenues. JLR's 50%-owned joint venture in China
sold around 50,855 units during the same period.

For fiscal 2023, TML generated $42.5 billion revenues and an
adjusted EBITDA of $3.0 billion for its automotive operations.

TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Terra Energy Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         9.89       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term        11.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term-        20.16       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         8.95       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of Thiru Arooran Sugars Limited
(TASL). It has an installed capacity of 47.1 MW. TASL is the
holding company of TEL with 66% shareholding. These cogeneration
plants are located adjacent to the sugar plants of TASL. TEL has
barter arrangement with TASL for supply of steam and power in lieu
of bagasse. TEL exports surplus power to Tamil Nadu Generation and
Distribution Corporation (TANGEDCO).


THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Thiru
Arooran Sugars Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        56.84       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        29.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term        235.03       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term-        16.11       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         1.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of
cane crushing capacity in its two plants, and a 60-KLPD distillery.
The plants are integrated with a 47.10-MW cogeneration unit of the
company's subsidiary Terra Energy Limited (TASL holds 66.19% stake
in Terra Energy Limited), with which it has barter arrangement for
supply of steam and power.


THIRUMALA SERVICE: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Thirumala Service Station to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 5 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND B+

     (Issuer Not Cooperating) rating;

-- INR77 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+ (Issuer Not Cooperating) /
     IND A4 (Issuer Not Cooperating) rating; and

-- INR23 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+(Issuer Not Cooperating) /
     IND A4 (Issuer Not Cooperating) rating.

Company Profile

TSS was set up in 1988 as a proprietorship firm by A J Ranganath,
located in Bommasandra, Bengaluru Urban, Karnataka. The firm has an
authorized dealership of Indian Oil Corporation and operates a fuel
pump in Hosur, Karnataka. TSS supplies diesel to industries and
corporates in the Bommasandra Industrial Area.



TIMBER CORPORATION: Ind-Ra Moves B- Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ramani Timber Corporation to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 10 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Issuer Rating migrated to non-cooperating category with IND B-

     (Issuer Not Cooperating) rating;

-- INR55 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B-(Issuer Not Cooperating) /
     IND A4 (Issuer Not Cooperating) rating;

-- INR14.4 mil. Term loan due on Feb 28, 2027 migrated to non-
     cooperating category with IND B- (Issuer Not Cooperating)
     rating; and

-- INR140 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4(Issuer Not Cooperating)
     rating.

Company Profile

RTC was established in 1985 as partnership firm. The firm is
engaged in the trading of timber in Trichy, Tamil Nadu.



TRACK INNOVATIONS: ICRA Lowers Rating on INR15cr LT Loan to B+
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Track
Innovations (India) Private Limited (TIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; downgraded from
   Cash Credit                     [ICRA]BB (Stable) and moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Short-term          2.00        [ICRA]A4 ISSUER NOT
   Non Fund based                  COOPERATING; Rating Moved to
                                   the ‘Issuer Not Cooperating’

                                   category

   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; downgraded from
                                   [ICRA]BB (Stable)and moved to
                                   the 'Issuer Not Cooperating'
                                   category
   
Rationale

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

As part of its process and in accordance with its rating agreement
with Track Innovations (India) Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

Incorporated in 1989, Track Innovations (India) Private Limited
{TIPL} manufactures pre-stressed concrete mono block line sleepers
and other special types of sleepers. It mainly caters to the IR,
Northern Railway (NR) zone, under a contract agreement and is
approved by the RDSO, Ministry of Railways, GoI to manufacture the
same. In the recent years, the company has added a few private
sector companies to its clientele. TIPL's manufacturing facility is
in the Railway Colony of Chandigarh.


UMANG BOARDS: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Umang Boards Limited (UBL):

-- Long Term Issuer Rating affirmed with IND BB+/Stable rating;

-- INR315 mil. (increased from INR284 mil.) Term loan due on July

     2027 affirmed with IND BB+/Stable rating;

-- INR201.1 mil. Fund-based facility affirmed with IND BB+/Stable

     /IND A4+ rating; and

-- INR203.4 mil. Non-fund-based facility affirmed with IND A4+
     rating.

Key Rating Drivers

The ratings reflect UBL's continued small scale of operations,
despite an increase in the revenue to INR763.94 million in FY22
(FY21: INR603.53 million). The revenue growth in FY22 was mainly
due to an increase in the demand for insulations and paper coated
winding wires coupled with an increase in the efficiency of its
unit II, which began manufacturing super enameled and paper coated
winding wires of copper and aluminum, and insulation chemicals in
FY20. Till March 2023, UBL booked revenue of INR999.1 million. In
FY24, Ind-Ra expects UBL's revenue to increase on a year-on-year
basis, due to increased demand.

The ratings continue to factor in UBL's modest EBITDA margin of
13.55% in FY22 (FY21: 18.42%) with a return on capital employed of
7.7% (8.4%). In FY23, the company achieved EBITDA margin of 10.9%.
Despite the increase in revenue, the EBITDA margin declined in FY22
and FY23, due to increased revenue contribution from its unit II,
which manufactures lower margin products. The management plans to
focus on its unit I, which has higher margins due to its niche
nature. For FY24, Ind-Ra expects the EBITDA margin to remain at a
similar level due to a likely increase in its unit I production.

Liquidity Indicator - Stretched: UBL's net working capital cycle
reduced but remained elongated at 145 days in FY22 (FY21: 181
days), mainly due to a reduction in the inventory holding period to
165 days (190 days). The company's average maximum utilization of
the fund-based limits was 61.49% and that of the non-fund-based
limits was 95.07% during the 12 months ended March 2023. The cash
flow from operations improved to INR51.38 million in FY22 (FY21:
INR21.45 million) due to lower working capital requirements.
Consequently, the free cash flow increased to INR41.12 million
(FY21: INR10.98 million), despite capex of INR10.26 million
(INR10.47 million). The cash and cash equivalents stood at INR0.84
million at FYE22 (FYE21: INR0.36 million). UBL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company repaid
its term loan of INR64.2 million in FY23, and has repayment
obligations of INR73.9 million and INR75 million for FY24 and FY25,
respectively.

The ratings also reflect UBL's moderate credit metrics. The gross
interest coverage (operating EBITDA/gross interest expenses)
improved to 3.16x in FY22 (FY21: 2.44x) and the net leverage (total
adjusted net debt/operating EBITDAR) to 4.71x (4.73x) due to a
reduction in the long-term debt to INR189.26 million (INR225.21
million) and consequently, the interest expense to INR38.55 million
(INR51.74 million). Ind-Ra expects the credit metrics to have
improved in FY23 and trend could continue in the near future due to
the scheduled term loan repayments.

However, the ratings remain supported by the promoters' nearly two
decades of experience in the manufacturing of insulated paper,
leading to established relationships with its customers and
suppliers.
    
Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, on a sustained basis, could lead to
negative rating action

Positive:  An increase in the scale of operations, along with an
improvement in the overall credit metrics with the net leverage
below 3.5x and improvement in liquidity profile, all on a sustained
basis, could lead to a positive rating action

Company Profile

Incorporated in 1999, UBL is engaged in manufacturing cellulose
based insulations, super enameled and paper coated winding wires of
copper and aluminum and insulting chemicals. The products
manufactured are used in the transformers industry. The head office
and manufacturing facility are located in Jaipur, Rajasthan.


UNI ADS: ICRA Lowers Rating on INR13.50cr Term Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Uni Ads
Limited (UAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Term loan                       from [ICRA]BB (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          3.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Uni Ads Limited (UAL) was incorporated in 1982 by Mr. T. Krishna
Prasad and Mr. M. Srinivas to provide OOH advertising services with
key focus on transit media advertising comprising buses, bus
stations, metro stations and roadways. The company had ventured
into the advertising business with a tie-up with APSRTC in 1982 by
advertising on the buses. Later it diversified to other mediumslike
bus shelters, hoardings, pillar boards, TVs in bus stations, etc.
UAL has licensing contracts with Telangana State Road Transport
Corporation, Greater Hyderabad Municipal Corporation (GHMC),
railways, etc, for utilising the advertising space and provides
services across major cities of Andhra Pradesh and Telangana.


VEDANTAA INSTITUTES: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vedantaa
Institutes of Academic Excellence Private Limited's Long-Term
Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND
BBB-(ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR1,425.3 bil. Term loan due on FY28 downgraded with IND BB
     (ISSUER NOT COOPERATING) rating; and

-- INR74.7 mil. Proposed term loan downgraded with IND BB (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Vedantaa Institutes of Academic Excellence's
credit strength as the company has been non-cooperative with the
agency since December 1, 2022. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

Company Profile

Vedantaa Institutes of Academic Excellence was set up in 2014 as a
medical college. It operates a 410-bedded hospital with 14
functional departments. The hospital was established primarily to
support the college as a teaching hospital. The admissions are done
through National Eligibility cum Entrance Test.


VENUS DENIM: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Venus Denim's
(VD) Long-Term Issuer Rating to 'IND D' from 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limit (Long-term/
     short-term) downgraded with IND D rating;

-- INR29.96 mil. Non-fund-based working capital limit (Short-
     term) downgraded with IND D rating; and

-- INR438.88 mil. Term loan (Long-term) due on September 2026
     downgraded with IND D rating.

Key Rating Drivers

The downgrade reflects VD's default in term loans due to delays in
the debt servicing.

Liquidity Indicator - Poor: VD has been in continuous default since
February 2023, and the liquidity is poor.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

Incorporated in March 2015, VD is promoted by Balvantrai Agarwal
and his family members. VD manufactures denim fabrics with a
capacity of 30 million meters per annum including 312 weaving
looms. It also has two dyeing units with a total capacity of 45
million meters per annum. The company is a part of the Kumar group,
which has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.


VIDARBHA INDUSTRIES: Reliance Power Offers INR1,200cr to Lenders
----------------------------------------------------------------
Moneylife reports that Reliance Power has made a INR1,200 crore
one-time settlement (OTS) offer to the lenders of its subsidiary,
Vidarbha Industries Power Ltd (VIPL), to settle the debt.

According to Moneylife, Reliance Power has offered to pay INR1,200
crore in upfront cash to the lenders of VIPL which include Axis
Bank, SBI, Bank of Baroda, PNB, Canara Bank, and Bank of
Maharashtra.

The outstanding loan of the company as on March 31, 2022, is around
INR2,200 crore, Moneylife discloses.

Moneylife notes that Reliance Power's OTS offer is backed by Varde
Partners of Singapore which is an investor in another group
company, Reliance Infrastructure Ltd.

Earlier, Ahmedabad-based CFM Asset Reconstruction Pvt Ltd had made
an all-cash offer of INR1,120 crore to the lenders of VIPL, recalls
Moneylife.

However, CFM Asset Reconstruction Company is now under the scanner
of the Reserve Bank of India (RBI) and the income-tax (I-T)
department for alleged malpractices and business misconduct.

Moneylife relates that after the offer by CFM ARC offer, National
Asset Reconstruction Company Ltd (NARCL) had also made an offer of
INR1,150 crore to the VIPL lenders, but out of this only 15% is
payable in upfront cash, while the balance will be paid in
interest-free instalments, over the next five years. The net
present value of NARCL's offer is said to be only INR850 crore.

Compared to this, the INR1,200 crore all-cash offer by Reliance
Power is significantly higher and attractive for the lenders of
VIPL, the report states.

                     About Vidarbha Industries

Vidarbha Industries Power Ltd (VIPL) operates a coal-based power
project with a capacity of 600MW in Nagpur, Maharashtra.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-February 2023, ICRA has retained the rating for the borrowings
of VIPL in the Issuer Not Co-operating category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

ICRA said the rating factors in the continuing delays in debt
servicing by VIPL to the lenders. VIPL is engaged with its lenders
for the resolution of its debt issues. The company's liquidity
profile continues to be poor as evident from its weak net cash
accruals, given the non-operational status of the plant since Jan.
15, 2019. This was due to protracted delays in issuing regulatory
orders and lack of fuel supply for one of the units. Further, the
offtaker, Adani Electricity Mumbai Limited (AEML), issued a power
purchase agreement (PPA) termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL) and currently, the matter is pending at the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with any other entity for operating the thermal station for the
recovery of their dues, as per the provisions of the PPA.

One of the lenders of VIPL has filed an application under the
provisions of the Insolvency & Bankruptcy Code (IBC), 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT. VIPL has been pursuing debt
resolution with its lenders outside the corporate insolvency
resolution process, ICRA added.


VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings of Vishwasrao Naik Sahakari
Sakhar Karkhana Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Based in Sangli, Maharashtra, Vishwasrao Naik Sahakari Sakhar
Karkhana Ltd, was incorporated in 1972 and is engaged in sugar
crushing operations with a capacity of 2500 ton of cane per day
(TCD). The sugar operations are integrated with bagasse-based power
co-generation 15 MW plant (established in 2012) and distillery
operations of installed capacity of 30 KLPD (established in 2001).
The company also operates a molasses waste based microbial
digestion unit in the factory premises which generates carbon
dioxide which is sold to industrial buyers.

WOOD WORKS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shivam Wood Works to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 10 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- Issuer Rating Migrated to non-cooperating category with IND B
     (Issuer Not Cooperating) rating;

-- INR20 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B(Issuer Not Cooperating)/IND
     A4 (Issuer Not Cooperating) rating;

-- INR200 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4 (Issuer Not Cooperating)

     rating; and

-- INR26 mil. Term loan due on Feb 28, 2027 migrated to non-
     cooperating category with IND B (Issuer Not Cooperating)
     rating.

Company Profile

SWW was established in 1999 as a partnership firm and is engaged in
the trading of timber in Trichy (Tamil Nadu).





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

2022 AS LIMITED: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
Creditors of 2022 AS Limited, Pak Industries Limited and Sass Hair
& Co. Limited are required to file their proofs of debt by June 29,
2023, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 25, 2023.

The company's liquidators are:

           Iain Bruce Shephard
           Jessica Jane Kellow
           BDO Wellington
           Business Restructuring, Level 1
           50 Customhouse Quay
           Wellington 6011


HELLO FOODS: Creditors' Proofs of Debt Due on July 22
-----------------------------------------------------
Creditors of Hello Foods Limited are required to file their proofs
of debt by July 22, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 22, 2023.

The company's liquidators are:

           Elizabeth Helen Keene
           Luke Norman
           KPMG Christchurch
           Level 5, 79 Cashel Street
           PO Box 1739
           Christchurch 8140


MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
-------------------------------------------------------------
Creditors of Mankind Investments Limited are required to file their
proofs of debt by June 23, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on May 25, 2023.


MSC CONSULTING: Court to Hear Wind-Up Petition on June 5
--------------------------------------------------------
A petition to wind up the operations of MSC Consulting (2011)
Limited will be heard before the High Court at Wellington on June
5, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 28, 2023.

The Petitioner's solicitor is:

           Tara Nicola Carr
           Legal Services, 11 Jepsen Grove
           Wallaceville
           Upper Hutt 5018



SAENA COMPANY: Court to Hear Wind-Up Petition on June 23
--------------------------------------------------------
A petition to wind up the operations of Saena Company Limited will
be heard before the High Court at Whangarei on June 23, 2023, at
10:00 a.m.

Hunmo Kang filed the petition against the company on May 3, 2023.

The Petitioner's solicitor is:

           Seungmin Kang
           c/- Fairbrother Family Law
           36 Munroe Street
           Napier




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

PAKISTAN: To Share Budget Details with IMF to Unlock Funds
----------------------------------------------------------
Reuters reports that Pakistan will share its upcoming budget
details with the International Monetary Fund (IMF) in order to
unlock stalled funds, Finance Minister Ishaq Dar said on May 28.

Hopes for a resumption of an IMF deal are diminishing, analysts
said, with a bailout programme agreed in 2019 due to expire on June
30 at the end of the 2022-23 fiscal year.

Reuters relates that Dar said he would like the IMF to clear its
9th review before the budget, which is due to be presented in early
June, as all the conditions for that had already been met.

According to Reuters, the IMF funding is crucial for the $350
billion South Asian country, which faces an acute balance of
payments crisis. This has raised concerns of a sovereign default,
something which the minister dismissed.

Reuters says the central bank's foreign reserves have fallen as low
as to cover barely a month of controlled imports. Pakistan's
economy has slowed, with an estimated 0.29% GDP growth for
2022-2023.

"They have asked for some more things again, we are ready to give
that too, they say that give us budget details, we will give it to
them," Reuters quotes Dar as saying in an interview with local Geo
TV.

He said it would not work for Pakistan if the IMF combined the 9th
and 10th review of the bailout, adding, "We will not do it, (we)
see this is (as) unfair."

Reuters notes that the IMF's $1.1 billion funding to Pakistan,
which is part of the $6.5 billion Extended Fund Facility agreed in
2019, has been held up since November.

Islamabad hosted the IMF mission in February to negotiate a series
of fiscal policy measures to clear the 9th review.

Reuters says Pakistan had to complete a series of prior actions
demanded by the IMF, which included reversing subsidies, a hike in
energy and fuel prices, jacking up its key policy rate, a
market-based exchange rate, arranging for external financing and
raising over INR170 billion (US$613 million) in new taxation.

The fiscal adjustments have already fuelled Pakistan's highest ever
inflation, which hit 36.5% year-on-year in April, adds Reuters.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative. The decision to downgrade the ratings is
driven by Moody's assessment that Pakistan's increasingly fragile
liquidity and external position significantly raises default risks
to a level consistent with a Caa3 rating.




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

BRICK EAGLE VENTURES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Brick Eagle Ventures Pte Ltd, on May 18, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Lim Soh Yen
          Tan Suah Pin
          133 New Bridge Road #24-01/02
          Chinatown Point
          Singapore 059413


HONESTBEE PTE: No Funds Available for Ex-Staff, Trade Creditors
---------------------------------------------------------------
Vucan Post, citing The Business Times, reports that failed grocery
delivery startup honestbee has no funds available to settle
outstanding debts to former staff, vendors, and other unsecured
creditors, amounting to SGD319.9 million.

According to Vucan Post, the company's sole secured creditor,
Formation Group, has reportedly recovered approximately S$700,000
from the assets of honestbee, a far cry from the US$4 million worth
of debentures held by the venture capital. Numerous former
employees of honestbee are also still awaiting unpaid salaries.

Documents reviewed by The Business Times revealed that BDO, the
liquidator appointed for honestbee, was only able to recover around
SGD720 from excess payments related to "electrical supplies," Vucan
Post relays.

Following a creditors' meeting on May 18, BDO is planning to seek
approval from the High Court to discharge itself from its
responsibilities and dissolve honestbee, Vucan Post says.

Founded in 2015 by three Singaporean entrepreneurs - Joel Sng,
Isaac Tay, and Jonathan Low - honestbee quickly gained momentum as
an e-grocer. Over the years, it expanded beyond grocery delivery
services to offer other services such as food delivery and laundry
services.

According to the report, the company experienced remarkable success
within months of its operation and had successfully established a
presence in eight countries across Asia, including Taiwan and
Japan.

However, honestbee's fortunes took a downturn in 2019, leading to
its eventual downfall. The company faced a financial crisis, due to
poor capital management by its co-founder and CEO at the time, Joel
Sng.

Vucan Post says Joel treated company funds as his own, making
lavish purchases, including a property in Japan which was worth
about US$1.1 million. He went on to create multiple shell
companies, which he then directed honestbee to make payments to
these entities in exchange for their products, all while keeping
these transactions undisclosed to investors.

Joel was ultimately ousted from his position as the company
grappled to maintain its stability, the report relates. In the wake
of his departure, Ong Lay Ann assumed the role of CEO and embarked
on a series of strategic measures to reorganise the company, aiming
to breathe new life into the business.

Among these initiatives was the introduction of a pizza joint.
However, these attempts proved futile as the company was ultimately
placed under liquidation in July 2020, the report states.

In May last year, former CEO Joel has been made a bankrupt when he
was served with a bankruptcy order by the Singapore court.

                          About honestbee

Headquartered in Singapore, Honestbee Pte. Ltd. --
https://honestbee.sg/ -- is an online grocery and food delivery
service as its core business, a concierge service, and also aparcel
delivery service for its B2B clients.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, a creditor of honestbee, Benjamin Lim Jia-Rong, filed a
court application to wind up the company, The Business Times said.

In July 2020, the High Court of Singapore issued a winding up order
for the failed startup.


NORDIC AMY: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
Creditors of Nordic Amy Pte. Ltd. are required to file their proofs
of debt by June 30, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 22, 2023.

The company's liquidator is :

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


RESOURCE INVESTMENTS: Creditors' Meeting Set for June 12
--------------------------------------------------------
Resource Investments Austral - Asia Pte Ltd, which is in
provisional liquidation, will hold a meeting for its creditors on
June 12, 2023, at 3:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint liquidator;

   c. to appoint a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.


STAMFORD PRESS: Creditors' Proofs of Debt Due on June 28
--------------------------------------------------------
Creditors of Stamford Press (Pte) Ltd are required to file their
proofs of debt by June 28, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 19, 2023.

The company's liquidator is:

          R Rahul Raj
          c/o 17 Phillip Street
          #05-02 Grand Building
          Singapore 048695


SUNEDISON SOLAR: Final Meeting Set for June 27
----------------------------------------------
Members and creditors of Sunedison Solar Holdings 4 Pte Ltd will
hold their final meeting on June 27, 2023, at 2:00 p.m., via Zoom.

At the meeting, Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh
Lin, the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.




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

SRI LANKA: Confident of Meeting September Deadline for Debt Talks
-----------------------------------------------------------------
Reuters reports that Sri Lanka is confident of meeting its
September deadline on completing debt restructuring talks with
creditors, a top official said on May 26, as the debt-laden country
works to emerge from its worst financial crisis in decades.

Sri Lanka, which defaulted on its foreign debt for the first time
in history last April due to record low foreign reserves, is in
talks with bondholders and bilateral creditors including China,
Japan and India to put its debt on a sustainable track and
turnaround its battered economy, Reuters says.

Accordig to Reuters, Sri Lanka President Ranil Wickremesinghe
during a visit to Tokyo last week said Sri Lanka should be able to
conclude a new round of restructuring talks by September or
November at the latest, adding that the negotiations had made
"remarkable" progress.

"What the president was saying is that the talks would be completed
this year," State Minister for Finance Shehan Semasinghe told
Reuters, denying there was any official change in the timeline.
"Sri Lanka is confident of meeting the September timeline. The
government is very committed and we are working on the best
strategy with all creditors in a transparent manner."

He also described the talks as "progressive," but declined to give
details as discussions were confidential.

Sri Lanka secured a $2.9 billion bailout from the International
Monetary Fund (IMF) in March and the country is targeting the
finalisation of the debt talks to coincide with the program's first
review also expected in September, Reuters notes.

The IMF called last week for timely restructuring pacts with the
country's creditors. Reuters relates that the global lender said
Sri Lanka's macroeconomic situation was improving, although earlier
it had predicted the economy would contract 3% this year.

Sri Lanka owes $7.1 billion to bilateral creditors, with $3 billion
owed to China, $1.6 billion to India and $2.4 billion to the Paris
Club, a group of creditor nations.

Reuters notes that the government also needs to renegotiate more
than $12 billion of debt in eurobonds with overseas private
creditors, and $2.7 billion on other commercial loans.




=============
V I E T N A M
=============

PETROVIETNAM POWER: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos
-------------------------------------------------------------------
Fitch Ratings has affirmed PetroVietnam Power Corporation - Joint
Stock Company's (PV Power) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB' with a Positive Outlook.

The rating, which is based on PV Power's Standalone Credit Profile
(SCP) assessment of 'bb', is on a par with the IDR of its 80%
parent, Vietnam Oil and Gas Group (PVN, BB/Positive). PV Power's
SCP is driven by its strong market position as Vietnam's
second-largest electricity producer, accounting for around 5% of
the country's total electricity output and 5% of installed capacity
in 2022. It also benefits from diversified fuel sources, long-term
power-purchase agreements (PPAs) with Vietnam Electricity (EVN,
BB/Positive) for more than 80% of its electricity output and a
strong financial profile.

However, EVN's IDR constrains PV Power's SCP, even though PV
Power's financial profile is stronger than its SCP assessment
indicates.

The Positive Outlook is driven by the Positive Outlook on EVN's
IDR.

KEY RATING DRIVERS

Recovery of Gas Power PLFs: Fitch expects plant load factors (PLFs)
at PV Power's gas plants to continue to recover in 2023, in line
with robust electricity demand. The PLF at Nhon Trach I plant
improved to 36% in 2022, from 11% in 2021, when it was impacted by
the Covid-19 pandemic. Fitch forecasts the PLF at Nhon Trach 1 & 2
to average at around 40%-50% over the medium term. The PLFs at Ca
Mau 1&2 plants, which stood at 28% in 2022, were affected by gas
supply shortages, but should rebound to 37% this year after the
company secured additional gas supply.

Improved Production Volume at Coal Plant: Fitch expects electricity
sales volume to increase by 6% in 2023, after a 3.4% drop in 2022
on account of a generator turbine issue at the S1 unit of the Vung
Ang 1 Thermal Power Plant in September 2021, when the unit was shut
for repairs. The PLF should reach around 47%, against 32% in 2022,
and further rebound to the historical level of around 58% once the
repairs are completed. The company expects to recover the cost of
repairs from insurance.

EBITDA to Decline: Fitch estimates 2023 EBITDA will decline by
around 14%, from VND4.5 trillion in 2022, due to lower hydropower
generation and ongoing technical issues with the Vung Ang 1 plant.

Fitch has excluded revenue arising from foreign-currency
differences from operating EBITDA in 2022 due to the time period to
which it pertains; PV Power received VND1.1 trillion in 2022
pertaining to foreign-exchange differences for the period
2015-2019. However, most of PV Power's capacity benefits from
long-term PPAs with EVN, which include capacity payments and a cost
pass-through mechanism, supporting the company's relatively stable
operating cash flow.

Moderate Leverage, Despite Large Capex: Fitch expects group EBITDA
net leverage to peak at around 4.0x in 2024, against our estimate
of 3.8x for 2023, as the Nhon Trach 3 and 4 projects are
constructed, from a net cash position currently. EBITDA net
leverage should improve from 2025 post commissioning of the
projects and fall to below 3.0x in 2026. PV Power expects capex to
peak at VND17.5 trillion in 2023 (2022: VND2.6 trillion, 2021:
VN286 billion; 2020: VND146 billion).

The liquefied natural gas (LNG) for Nhon Trach 3 and 4 will be
imported and converted into natural gas by PetroVietnam Gas Joint
Stock Corporation (PV Gas), a PVN group entity.

PPAs Provide High Visibility: The long-term PPAs with EVN provide
high revenue and cash-flow visibility. The PPAs, which have 20-25
year tenors and a capacity weighted-average remaining tenor of
around 12 years, account for 85%-90% of PV Power's revenue. The
remaining power is sold in the wholesale electricity market. The
tariffs' capacity payments cover debt servicing and fixed operating
costs, return on equity, variable payments and operation and
maintenance charges for fuel, repair and maintenance costs.

Leading Market Position: PV Power is Vietnam's second-largest
electricity producer. Its market position is supported by having
two-thirds of its capacity in the country's southern region, which
faces a shortage in power generation. The company expects to
maintain its market position in the medium-term through capacity
additions, even as the country's installed capacity increases.

Diversified Fuel Sources: PV Power's plants benefit from diverse
fuel sources, including gas (64%), coal (29%), hydropower (7%) and
solar (less than 1%) as of end-2022. The proportion of gas and LNG
in the fuel mix will increase to 73% after the commissioning of the
1,500MW Nhon Trach 3 and 4 thermal power plants. However, unlike
other domestic gas-based plants, the new plants will use imported
LNG as fuel. PV Power has fuel-supply arrangements for all its
plants to ensure timely availability of fuel. Most of the required
gas is supplied by PV Gas.

DERIVATION SUMMARY

Fitch assesses Global Power Synergy Public Company Limited's (GPSC,
BBB-/Stable; SCP: bb) business profile to be stronger compared with
PV Power, accounting for 11% of commercial electricity generation.
PV Power's rating is in line with that of EVN, its main off-taker,
and EVN's rating caps PV Power's 'bb' SCP. PV Power's financial
profile is stronger than GPSC's, with EBITDA net leverage of below
4.5x. However, GPSC benefits from greater revenue and cash flow
predictability as its PPAs are with stronger counterparties. This
results in the same SCP assessment for both companies.

NTPC Limited (BBB-/Stable), India's largest power-generation
company, accounts for 17% of the country's installed
power-generation capacity and 24% of its electricity generation. We
assess NTPC's SCP at 'bbb-', the same level as its IDR. The
two-notch higher SCP assessment than that of PV Power reflects
NTPC's stable operating profit due to a well-established regulatory
return framework, which allows for timely pass-through of cost
changes, despite its higher leverage.

KEY ASSUMPTIONS

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

- Around 85% to 90% of the power generated to be sold through PPAs
with EVN and the balance in the wholesale market

- Revenue from long-term PPAs to include capacity charges to
recover initial costs and return on investment as well as variable
charges to cover fuel, operating and maintenance costs

- Average interest rate of 6.9% from 2023 to 2025

- No dividend payout from 2023 to 2025

RATING SENSITIVITIES

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

- An upgrade of EVN, the key counterparty

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

- A downgrade of EVN

For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 6 September 2022:

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

- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly.

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

- Negative rating action on the sovereign.

- Deterioration in EVN's SCP, along with significant weakening in
likelihood of support the state. We see this as a remote prospect
in the medium term.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: PV Power had VND9.9 trillion in cash and cash
equivalents at end-2022, against current debt maturities of VND5.6
trillion, including VND4.7 trillion in short-term loans. The loans
are mainly for working capital and we expect them to be refinanced
on a yearly basis. We forecast the company to generate negative
free cash flow in the near- to medium-term due to capex for its
Nhon Trach 3 and 4 projects. However, direct and indirect linkages
to PVN and the state, respectively, and sound banking relationships
with domestic and international banks should support financial
flexibility.

ISSUER PROFILE

PV Power, Vietnam's second-largest electricity producer, has total
capacity that accounts for around 5% of national installed
capacity. Energy output in 2022 was 14,197 billion kWh, equivalent
to around 6% of the nation's commercial electricity output.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings on PV Power are directly linked to the credit quality
of its key counterparty, EVN. A change in Fitch's assessment of
EVN's IDR would automatically result in a change in the ratings on
PV Power

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Prior
   -----------             ------        -----
PetroVietnam
Power Corporation
- Joint Stock
Company              LT IDR BB  Affirmed    BB



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

[*] BOND PRICING: For the Week May 22 to May 26, 2023
-----------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----


  AUSTRALIA
  ---------

ACN 113 874 712 PTY LT      13.25     02/15/18      USD       0.20
ACN 113 874 712 PTY LT      13.25     02/15/18      USD       0.20
APA INFRASTRUCTURE LTD       2.50     03/15/36      GBP      67.93
APA INFRASTRUCTURE LTD       1.25     03/15/33      EUR      73.36
AUSNET SERVICES HOLDIN       3.16     08/07/40      AUD      69.17
AUSNET SERVICES HOLDIN       2.57     08/07/35      AUD      71.37
AUSNET SERVICES HOLDIN       2.57     08/07/35      AUD      71.74
AUSTRALIA & NEW ZEALAN       1.23     02/18/50      EUR      57.40
AUSTRALIA & NEW ZEALAN       2.92     12/22/40      AUD      57.52
AUSTRALIA & NEW ZEALAN       3.00     12/17/40      AUD      58.93
AUSTRALIA & NEW ZEALAN       3.40     12/20/39      AUD      65.53
AUSTRALIA & NEW ZEALAN       1.86     02/28/44      EUR      69.63
AUSTRALIA & NEW ZEALAN       1.92     03/18/44      EUR      70.47
AUSTRALIA & NEW ZEALAN       3.74     09/26/47      USD      71.13
AUSTRALIA & NEW ZEALAN       2.20     12/21/48      EUR      72.57
AUSTRALIA & NEW ZEALAN       1.65     07/21/31      USD      74.69
AUSTRALIA GOVERNMENT B       1.75     06/21/51      AUD      63.18
CLIME CAPITAL LTD/FUND       5.25     11/30/25      AUD       0.97
COMMONWEALTH BANK OF A       1.90     03/12/50      AUD      46.13
COMMONWEALTH BANK OF A       3.30     08/26/50      AUD      50.23
COMMONWEALTH BANK OF A       2.45     10/18/49      AUD      54.24
COMMONWEALTH BANK OF A       2.60     09/27/49      AUD      56.14
COMMONWEALTH BANK OF A       0.48     07/30/43      EUR      56.90
COMMONWEALTH BANK OF A       2.66     11/26/49      AUD      57.00
COMMONWEALTH BANK OF A       3.12     08/27/41      AUD      57.18
COMMONWEALTH BANK OF A       2.70     09/18/49      AUD      57.51
COMMONWEALTH BANK OF A       2.71     10/29/49      AUD      57.66
COMMONWEALTH BANK OF A       0.48     07/29/41      EUR      58.90
COMMONWEALTH BANK OF A       3.30     09/24/41      AUD      58.91
COMMONWEALTH BANK OF A       3.00     12/10/40      AUD      60.59
COMMONWEALTH BANK OF A       3.20     08/27/40      AUD      61.63
COMMONWEALTH BANK OF A       1.01     07/19/44      EUR      62.71
COMMONWEALTH BANK OF A       0.69     11/15/39      EUR      64.07
COMMONWEALTH BANK OF A       1.34     05/17/49      EUR      64.49
COMMONWEALTH BANK OF A       3.10     11/30/41      AUD      69.82
COMMONWEALTH BANK OF A       3.31     03/11/41      USD      70.41
COMMONWEALTH BANK OF A       3.31     03/11/41      USD      70.43
COMMONWEALTH BANK OF A       1.92     03/07/44      EUR      70.75
COMMONWEALTH BANK OF A       1.52     02/15/44      EUR      70.75
COMMONWEALTH BANK OF A       1.20     05/16/39      EUR      70.88
COMMONWEALTH BANK OF A       2.05     07/24/48      EUR      71.09
COMMONWEALTH BANK OF A       3.00     03/20/35      AUD      72.08
COMMONWEALTH BANK OF A       1.00     07/27/36      EUR      72.33
COMMONWEALTH BANK OF A       3.30     05/28/35      AUD      72.72
COMMONWEALTH BANK OF A       1.60     03/28/43      EUR      72.80
COMMONWEALTH BANK OF A       2.26     04/26/48      EUR      73.19
COMMONWEALTH BANK OF A       1.80     02/28/39      EUR      73.44
COMMONWEALTH BANK OF A       1.41     03/14/39      EUR      73.61
COMMONWEALTH BANK OF A       2.09     08/03/48      EUR      73.89
COMMONWEALTH BANK OF A       3.66     09/23/34      AUD      73.89
EDITH COWAN UNIVERSITY       3.40     07/15/41      AUD      70.68
EXCHANGE TRADED AUSTRA       1.75     06/21/51      AUD      63.50
FLAGSHIP INVESTMENTS L       5.50     10/01/26      AUD       2.60
GLENNON SMALL COS LTD        5.60     09/30/30      AUD       9.50
GLOBAL MASTERS FUND LT       5.50     11/24/26      AUD       2.91
MACQUARIE GROUP LTD          2.22     06/26/39      SEK      51.84
MACQUARIE GROUP LTD          2.50     09/24/36      USD      64.80
MACQUARIE GROUP LTD          2.60     10/08/36      USD      65.62
MACQUARIE GROUP LTD          2.67     10/27/36      USD      66.12
MACQUARIE UNIVERSITY         3.10     11/22/44      AUD      69.98
MOSAIC BRANDS LTD            8.00     09/30/24      AUD       0.96
NATIONAL AUSTRALIA BAN       3.35     07/24/40      AUD      62.43
NATIONAL AUSTRALIA BAN       2.65     01/14/41      USD      63.95
NATIONAL AUSTRALIA BAN       2.65     01/14/41      USD      63.99
NATIONAL AUSTRALIA BAN       2.48     12/05/39      AUD      66.00
NATIONAL AUSTRALIA BAN       3.40     06/30/40      AUD      66.71
NATIONAL AUSTRALIA BAN       3.35     07/17/40      AUD      66.86
NATIONAL AUSTRALIA BAN       2.60     01/28/40      AUD      67.06
NATIONAL AUSTRALIA BAN       3.71     11/25/41      AUD      67.33
NATIONAL AUSTRALIA BAN       2.68     01/22/40      AUD      68.07
NATIONAL AUSTRALIA BAN       2.64     12/16/39      AUD      68.14
NATIONAL AUSTRALIA BAN       2.76     01/21/40      AUD      68.84
NATIONAL AUSTRALIA BAN       3.37     05/25/46      USD      70.51
NATIONAL AUSTRALIA BAN       4.10     02/24/42      AUD      71.24
NEW SOUTH WALES TREASU       0.61     02/24/50      EUR      58.03
NEW SOUTH WALES TREASU       2.45     08/24/50      AUD      62.60
NEW SOUTH WALES TREASU       2.25     05/20/42      AUD      66.95
NEW SOUTH WALES TREASU       2.25     05/07/41      AUD      68.67
NEW SOUTH WALES TREASU       2.25     11/20/40      AUD      69.47
QUEENSLAND TREASURY CO       0.69     06/01/50      EUR      52.29
QUEENSLAND TREASURY CO       2.25     10/28/50      AUD      60.00
QUEENSLAND TREASURY CO       2.25     11/20/41      AUD      68.42
QUEENSLAND TREASURY CO       2.25     04/16/40      AUD      70.45
RIO TINTO FINANCE USA        2.75     11/02/51      USD      68.62
SOUTH AUSTRALIAN GOVER       2.25     05/24/40      AUD      68.70
TASMANIAN PUBLIC FINAN       2.35     08/23/41      AUD      68.22
TASMANIAN PUBLIC FINAN       1.75     01/22/36      AUD      73.71
TREASURY CORP OF VICTO       0.60     02/24/50      EUR      53.21
TREASURY CORP OF VICTO       2.40     08/18/50      AUD      61.95
TREASURY CORP OF VICTO       2.25     11/20/42      AUD      66.35
TREASURY CORP OF VICTO       2.25     11/20/41      AUD      66.88
TREASURY CORP OF VICTO       2.25     11/20/40      AUD      68.92
TREASURY CORP OF VICTO       2.00     11/20/37      AUD      72.73
TRUSTEE FOR APMF POOLE       6.50     09/30/26      AUD      74.01
VIRGIN AUSTRALIA HOLDI       8.00     11/26/24      AUD       0.37
VIRGIN AUSTRALIA HOLDI       8.08     03/05/24      AUD       0.41
VIRGIN AUSTRALIA HOLDI       8.13     11/15/24      USD       0.46
VIRGIN AUSTRALIA HOLDI       8.13     11/15/24      USD       0.46
VIRGIN AUSTRALIA HOLDI       7.88     10/15/21      USD       0.48
VIRGIN AUSTRALIA HOLDI       7.88     10/15/21      USD       0.48
VIRGIN AUSTRALIA HOLDI       8.25     05/30/23      AUD       1.29
WESFARMERS LTD               0.95     10/21/33      EUR      74.15
WESTERN AUSTRALIAN TRE       2.25     07/23/41      AUD      69.45
WESTPAC BANKING CORP         2.35     02/27/40      AUD      63.71
WESTPAC BANKING CORP         0.38     09/22/36      EUR      65.98
WESTPAC BANKING CORP         2.96     11/16/40      USD      67.51
WESTPAC BANKING CORP         3.13     11/18/41      USD      68.73
WESTPAC BANKING CORP         5.00     03/02/48      AUD      70.66
WESTPAC BANKING CORP         1.25     04/05/39      EUR      71.98


   CHINA
   -----

AKESU TEXTILE CITY DEV       7.50     06/21/24      CNY      40.23
AKESU TEXTILE CITY DEV       7.50     06/21/24      CNY      40.24
ALETAI CITY JUJIN URBA       7.73     10/26/24      CNY      51.53
ANHUI DANGTU ECO DEVEL       6.00     09/11/24      CNY      40.00
ANHUI DANGTU ECO DEVEL       6.00     09/11/24      CNY      40.91
ANHUI HUAAN FOREIGN EC       7.30     07/13/21      CNY      70.01
ANHUI HUAINING URBAN &       5.80     08/28/24      CNY      40.00
ANHUI HUAINING URBAN &       5.80     08/28/24      CNY      40.43
ANHUI JIANGNAN INDUSTR       4.76     07/08/23      CNY      19.97
ANHUI JIANGNAN INDUSTR       4.76     07/08/23      CNY      20.01
ANHUI LANGCHUAN HOLDIN       6.13     12/11/24      CNY      40.60
ANHUI LANGCHUAN HOLDIN       6.13     12/11/24      CNY      41.21
ANHUI LEXING CITY CONS       6.05     11/01/24      CNY      40.98
ANJI COUNTY INDUSTRY I       7.00     11/19/25      CNY      60.00
ANJI COUNTY INDUSTRY I       7.00     11/19/25      CNY      62.58
ANJI COUNTY URBAN DEVE       7.49     09/25/25      CNY      60.00
ANJI COUNTY URBAN DEVE       7.20     05/02/25      CNY      61.76
ANJI COUNTY URBAN DEVE       7.49     09/25/25      CNY      62.62
ANJI COUNTY URBAN DEVE       7.20     05/02/25      CNY      63.06
ANJI NORTHWEST DEVELOP       5.90     07/18/23      CNY      20.07
ANJI NORTHWEST DEVELOP       5.90     07/18/23      CNY      20.09
ANLU CONSTRUCTION DEVE       5.45     06/15/23      CNY      20.04
ANNING DEVELOPMENT INV       8.80     09/11/25      CNY      56.50
ANNING DEVELOPMENT INV       8.00     12/04/25      CNY      56.64
ANNING DEVELOPMENT INV       8.00     12/04/25      CNY      60.00
ANNING DEVELOPMENT INV       8.80     09/11/25      CNY      63.32
ANQING WANJIANG HIGH T       6.50     08/02/24      CNY      40.00
ANQING WANJIANG HIGH T       6.50     08/02/24      CNY      40.14
ANQIU HUAAN STATE OWNE       7.00     09/14/24      CNY      37.52
ANQIU HUAAN STATE OWNE       7.00     09/14/24      CNY      40.18
ANSHUN CITY CONSTRUCTI       7.30     09/15/24      CNY      37.80
ANSHUN CITY CONSTRUCTI       7.30     09/15/24      CNY      40.93
ANSHUN CITY XIXIU INDU       7.90     11/15/25      CNY      50.00
ANSHUN CITY XIXIU INDU       8.00     01/29/26      CNY      53.10
ANSHUN CITY XIXIU INDU       8.00     01/29/26      CNY      56.84
ANSHUN CITY XIXIU INDU       7.90     11/15/25      CNY      62.93
ANSHUN STATE-RUN ASSET       4.48     07/18/23      CNY      19.99
ANSHUN STATE-RUN ASSET       4.48     07/18/23      CNY      20.00
ANSHUN TRANSPORTATION        7.50     10/31/24      CNY      40.17
ANSHUN XIXIU CITY INVE       4.70     11/22/23      CNY      19.06
ANSHUN XIXIU CITY INVE       4.70     11/22/23      CNY      19.16
ANYUE XINGAN CITY DEVE       7.50     01/30/25      CNY      41.37
ANYUE XINGAN CITY DEVE       7.50     01/30/25      CNY      41.37
AOYUAN CORP GROUP LTD        5.50     03/03/25      CNY      25.50
AOYUAN CORP GROUP LTD        6.60     09/03/23      CNY      38.00
AOYUAN CORP GROUP LTD        5.65     08/06/25      CNY      59.71
BAOJI INVESTMENT GROUP       5.05     04/18/24      CNY      40.34
BAOTOU AFFORDABLE HOUS       5.25     07/27/24      CNY      40.46
BAOTOU AFFORDABLE HOUS       5.31     08/10/24      CNY      40.51
BAOTOU AFFORDABLE HOUS       5.31     08/10/24      CNY      40.60
BAOTOU QINSHAN HOUSING       7.90     12/26/23      CNY      10.23
BAOYING COUNTY DEVELOP       5.45     08/21/24      CNY      40.65
BAOYING COUNTY DEVELOP       5.49     10/17/24      CNY      40.79
BAZHOU GUOHUI CONSTRUC       6.08     06/19/24      CNY      40.54
BAZHOU GUOHUI CONSTRUC       6.08     06/19/24      CNY      40.66
BENGBU ECONOMIC DEVELO       6.45     07/13/24      CNY      40.00
BENGBU ECONOMIC DEVELO       6.45     07/13/24      CNY      40.20
BENGBU URBAN INVESTMEN       5.80     04/13/24      CNY      20.41
BENGBU URBAN INVESTMEN       5.80     04/13/24      CNY      20.42
BIJIE CITY ANFANG CONS       7.80     01/18/26      CNY      53.50
BIJIE CITY ANFANG CONS       7.80     01/18/26      CNY      58.09
BIJIE CONSTRUCTION INV       5.55     08/03/24      CNY      39.30
BIJIE CONSTRUCTION INV       5.78     07/06/24      CNY      39.40
BIJIE CONSTRUCTION INV       5.78     07/06/24      CNY      40.15
BIJIE CONSTRUCTION INV       5.55     08/03/24      CNY      40.24
BIJIE DEXI CONSTRUCTIO       5.10     12/05/23      CNY      19.27
BIJIE DEXI CONSTRUCTIO       4.60     11/17/23      CNY      19.97
BIJIE DEXI CONSTRUCTIO       4.60     11/17/23      CNY      19.98
BIJIE DEXI CONSTRUCTIO       5.10     12/05/23      CNY      20.03
BIJIE QIXINGGUAN DISTR       7.60     09/08/24      CNY      37.90
BIJIE QIXINGGUAN DISTR       7.60     09/08/24      CNY      40.98
BIJIE QIXINGGUAN DISTR       8.05     08/16/25      CNY      55.00
BIJIE QIXINGGUAN DISTR       8.05     08/16/25      CNY      56.44
BIJIE TIANHE URBAN CON       8.05     12/03/25      CNY      54.40
BIJIE TIANHE URBAN CON       8.05     12/03/25      CNY      63.14
BIJIE XINTAI INVESTMEN       7.80     11/01/24      CNY      41.26
BINZHOU ZHANHUA DISTRI       4.93     11/29/23      CNY      19.98
BINZHOU ZHANHUA DISTRI       4.93     11/29/23      CNY      20.14
BRILLIANCE AUTO GROUP        5.80     03/20/24      CNY      54.80
BRILLIANCE AUTO GROUP        5.40     09/14/23      CNY      55.80
BRILLIANCE AUTO GROUP        6.30     09/14/23      CNY      56.93
BRILLIANCE AUTO GROUP        5.80     11/05/23      CNY      59.80
BRILLIANCE AUTO GROUP        5.80     06/17/24      CNY      60.78
CEFC SHANGHAI INTERNAT       4.08     09/09/21      CNY      60.00
CEFC SHANGHAI INTERNAT       4.98     12/10/20      CNY      61.29
CHANG DE DING LI INDUS       6.10     07/20/24      CNY      40.17
CHANG DE DING LI INDUS       6.10     07/20/24      CNY      40.23
CHANGDE DE YUAN SHANTY       5.33     09/13/23      CNY       9.97
CHANGDE DINGCHENG JIAN       7.58     10/19/25      CNY      60.00
CHANGDE DINGCHENG JIAN       6.98     01/22/26      CNY      60.50
CHANGDE DINGCHENG JIAN       6.98     01/22/26      CNY      61.77
CHANGDE DINGCHENG JIAN       7.58     10/19/25      CNY      62.50
CHANGGE JINCAI PUBLIC        7.10     04/19/24      CNY      39.95
CHANGGE JINCAI PUBLIC        7.10     04/19/24      CNY      40.49
CHANGJI URBAN CONSTRUC       4.24     11/18/23      CNY      19.91
CHANGJI URBAN CONSTRUC       4.24     11/18/23      CNY      20.06
CHANGSHA CHENGBEI INVE       7.00     10/26/25      CNY      60.00
CHANGSHA CHENGBEI INVE       6.95     06/06/25      CNY      62.00
CHANGSHA CHENGBEI INVE       6.95     06/06/25      CNY      62.29
CHANGSHA ECONOMIC & TE       4.78     03/03/24      CNY      20.22
CHANGSHA ECONOMIC & TE       4.78     03/03/24      CNY      21.26
CHANGSHA JINXIA NEW CI       7.00     02/14/26      CNY      61.02
CHANGSHA JINXIA NEW CI       7.00     02/14/26      CNY      62.68
CHANGSHA JINZHOU NEW C       6.60     08/24/24      CNY      40.00
CHANGSHA JINZHOU NEW C       6.60     08/24/24      CNY      40.90
CHANGSHA METRO GROUP C       6.20     04/23/23      CNY      15.00
CHANGSHA METRO GROUP C       6.20     04/23/23      CNY      15.01
CHANGSHA METRO GROUP C       5.97     04/03/25      CNY      31.18
CHANGSHA METRO GROUP C       5.40     07/14/25      CNY      45.00
CHANGSHA METRO GROUP C       4.10     12/21/25      CNY      45.72
CHANGSHA METRO GROUP C       5.40     07/14/25      CNY      46.21
CHANGSHA METRO GROUP C       4.10     12/21/25      CNY      46.47
CHANGSHA TIANXIN CITY        3.43     08/08/23      CNY      20.03
CHANGSHA TIANXIN CITY        3.43     08/08/23      CNY      20.15
CHANGSHA WANGYUAN DEVE       5.73     07/12/27      CNY      73.16
CHANGSHA YUHUA JINGKAI       4.17     09/06/23      CNY      20.00
CHANGSHA YUHUA JINGKAI       4.17     09/06/23      CNY      20.07
CHANGXING SOUTHERN TAI       6.50     11/30/25      CNY      60.00
CHANGXING SOUTHERN TAI       6.50     11/30/25      CNY      61.60
CHANGZHOU JINTAN COMMU       6.50     11/07/24      CNY      40.00
CHANGZHOU JINTAN COMMU       7.10     12/21/24      CNY      40.00
CHANGZHOU JINTAN COMMU       6.50     11/07/24      CNY      40.58
CHANGZHOU JINTAN COMMU       7.10     12/21/24      CNY      40.84
CHANGZHOU XINGANG ECON       3.42     10/20/23      CNY      19.90
CHANGZHOU XINGANG ECON       3.42     10/20/23      CNY      20.02
CHANGZHOU ZHONGLOU ECO       3.64     10/26/23      CNY      20.01
CHANGZHOU ZHONGLOU ECO       3.64     10/26/23      CNY      20.07
CHAOHU URBAN TOWN CONS       5.67     05/03/25      CNY      60.70
CHAOHU URBAN TOWN CONS       5.67     05/03/25      CNY      61.26
CHENGDU ECONOMIC&TECHN       7.49     01/15/25      CNY      51.92
CHENGDU GARDEN WATER C       6.15     05/03/23      CNY      20.00
CHENGDU GARDEN WATER C       6.15     05/03/23      CNY      20.01
CHENGDU GARDEN WATER C       7.50     09/11/24      CNY      39.45
CHENGDU GARDEN WATER C       7.50     09/11/24      CNY      40.96
CHENGDU GARDEN WATER C       8.00     06/13/25      CNY      58.85
CHENGDU GARDEN WATER C       8.00     06/13/25      CNY      60.00
CHENGDU JIAOZI PARK FI       5.99     10/23/25      CNY      60.00
CHENGDU JIAOZI PARK FI       5.99     10/23/25      CNY      61.29
CHENGDU LIN JIANG GARD       6.75     08/02/24      CNY      40.40
CHENGDU LIN JIANG GARD       7.00     08/27/25      CNY      61.81
CHENGDU XINGCHENGJIAN        5.15     12/18/24      CNY      60.94
CHENGDU XINGJIN ECOLOG       3.65     10/13/23      CNY      19.92
CHENGDU XINGJIN ECOLOG       3.65     10/13/23      CNY      20.06
CHENGDU XINGSHU INVEST       6.78     08/21/24      CNY      40.54
CHENGDU XINGSHU INVEST       6.78     08/21/24      CNY      41.32
CHENGDU XINJIN COUNTY        7.30     10/23/24      CNY      40.00
CHENGDU XINJIN COUNTY        7.30     10/23/24      CNY      41.04
CHENGDU XINJIN COUNTY        6.28     08/03/24      CNY      39.79
CHENGDU XINJIN COUNTY        6.28     08/03/24      CNY      40.00
CHENGDU XINJIN COUNTY        6.40     07/05/24      CNY      40.08
CHENGDU XINJIN COUNTY        6.40     07/05/24      CNY      40.49
CHENGDU XINKAIYUAN URB       5.29     04/27/23      CNY      20.00
CHENGDU XINKAIYUAN URB       5.29     04/27/23      CNY      20.01
CHENZHOU BAIFU INVESTM       4.96     03/22/26      CNY      43.55
CHENZHOU BAIFU INVESTM       4.96     03/22/26      CNY      45.21
CHENZHOU WENLV INDUSTR       5.34     11/28/23      CNY      19.98
CHENZHOU XINTIAN INVES       6.00     07/26/24      CNY      38.71
CHENZHOU XINTIAN INVES       6.00     07/26/24      CNY      40.00
CHENZHOU XINTIAN INVES       5.38     03/08/26      CNY      43.77
CHENZHOU XINTIAN INVES       5.38     03/08/26      CNY      44.74
CHIBI LANTIAN URBAN CO       4.38     08/10/23      CNY      19.97
CHIBI LANTIAN URBAN CO       4.38     08/10/23      CNY      20.04
CHIBI LANTIAN URBAN CO       6.95     11/22/25      CNY      60.00
CHIBI LANTIAN URBAN CO       6.95     11/22/25      CNY      62.70
CHINA COMMUNICATION TE       7.00     07/19/20      CNY       5.00
CHINA FORTUNE LAND DEV       7.40     03/24/21      CNY      25.13
CHINA FORTUNE LAND DEV       7.20     04/18/21      CNY      25.13
CHINA FORTUNE LAND DEV       5.60     09/10/21      CNY      25.13
CHINA FORTUNE LAND DEV       5.80     05/23/22      CNY      25.13
CHINA FORTUNE LAND DEV       5.00     05/30/22      CNY      68.15
CHINA GOVERNMENT INTER       2.25     10/21/50      USD      67.18
CHINA GOVERNMENT INTER       2.25     10/21/50      USD      67.21
CHINA GOVERNMENT INTER       1.00     11/12/39      EUR      68.50
CHINA GOVERNMENT INTER       0.63     11/25/35      EUR      69.72
CHINA GOVERNMENT INTER       2.50     10/26/51      USD      70.19
CHINA GOVERNMENT INTER       2.50     10/26/51      USD      70.31
CHINA GOVERNMENT INTER       0.63     11/17/33      EUR      74.02
CHINA SECURITY CO LTD        4.45     11/11/19      CNY      31.00
CHISHUI CITY CONSTRUCT       8.50     01/18/26      CNY      63.84
CHONGQIN BAIYAN INVEST       5.75     05/03/23      CNY      20.01
CHONGQIN BAIYAN INVEST       5.75     05/03/23      CNY      20.02
CHONGQIN XINLIANG INVE       4.76     08/26/23      CNY      19.94
CHONGQIN XINLIANG INVE       4.76     08/26/23      CNY      20.00
CHONGQING BAYUAN CONST       4.99     08/16/23      CNY      19.95
CHONGQING DAZU YONGSHE       6.48     07/24/24      CNY      40.54
CHONGQING DAZU YONGSHE       6.48     07/24/24      CNY      40.54
CHONGQING HECHUAN CITY       3.95     09/06/23      CNY      19.99
CHONGQING HECHUAN CITY       3.95     09/06/23      CNY      20.01
CHONGQING HONGYE INDUS       6.30     08/02/24      CNY      40.44
CHONGQING HONGYE INDUS       6.30     08/02/24      CNY      40.49
CHONGQING HONGYE INDUS       6.45     11/27/24      CNY      40.68
CHONGQING JIANGJIN DIS       6.40     09/13/24      CNY      40.00
CHONGQING JIANGJIN DIS       6.40     09/13/24      CNY      40.73
CHONGQING JIANGLAI IND       7.50     10/26/25      CNY      60.00
CHONGQING JIANGLAI IND       7.50     10/26/25      CNY      63.42
CHONGQING JIN TONG IND       4.44     11/16/23      CNY      19.89
CHONGQING JIN TONG IND       4.44     11/16/23      CNY      19.99
CHONGQING JIN TONG IND       6.50     08/01/24      CNY      38.80
CHONGQING JIN TONG IND       6.50     08/01/24      CNY      40.57
CHONGQING LIANGJIANG N       4.28     02/28/24      CNY      40.40
CHONGQING LIANGJIANG N       4.28     02/28/24      CNY      40.46
CHONGQING LIANGJIANG N       3.93     12/13/24      CNY      70.40
CHONGQING LIANGJIANG N       3.93     12/13/24      CNY      70.74
CHONGQING LIANGSHAN CO       6.30     10/16/24      CNY      40.66
CHONGQING LIANGSHAN CO       6.30     10/16/24      CNY      40.88
CHONGQING MAIRUI URBAN       4.95     04/21/23      CNY      20.00
CHONGQING MAIRUI URBAN       4.95     04/21/23      CNY      20.00
CHONGQING NANCHUAN CIT       4.20     07/11/23      CNY      19.96
CHONGQING NANCHUAN CIT       4.20     07/11/23      CNY      20.00
CHONGQING QIJIANG EAST       4.00     09/05/23      CNY      19.87
CHONGQING QIJIANG EAST       4.00     09/05/23      CNY      19.95
CHONGQING SHUANGFU CON       6.37     10/13/24      CNY      40.00
CHONGQING SHUANGFU CON       6.37     10/13/24      CNY      40.55
CHONGQING THREE GORGES       7.80     03/01/26      CNY      60.00
CHONGQING THREE GORGES       7.80     03/01/26      CNY      63.34
CHONGQING TONGLIANG JI       6.80     02/11/25      CNY      40.00
CHONGQING TONGLIANG JI       6.80     02/11/25      CNY      41.08
CHONGQING WANSHENG ECO       7.50     03/27/25      CNY      42.00
CHONGQING WANSHENG ECO       7.50     03/27/25      CNY      42.11
CHONGQING WANSHENG ECO       7.09     05/03/25      CNY      61.12
CHONGQING WANSHENG ECO       7.09     05/03/25      CNY      62.06
CHONGQING WANSHENG ECO       6.60     02/17/27      CNY      61.01
CHONGQING WULONG DISTR       6.80     09/21/24      CNY      39.79
CHONGQING WULONG DISTR       6.80     09/21/24      CNY      39.90
CHONGQING WULONG DISTR       6.80     12/28/24      CNY      40.00
CHONGQING WULONG DISTR       6.80     12/28/24      CNY      40.32
CHONGQING YINGDI INDUS       7.00     11/07/24      CNY      40.00
CHONGQING YINGDI INDUS       7.00     11/07/24      CNY      40.02
CHONGQING YUDIAN STATE       8.00     11/30/25      CNY      60.69
CHONGQING YUZHONG STAT       6.90     02/08/25      CNY      41.84
CHONGQING YUZHONG STAT       5.43     04/17/26      CNY      61.97
CHONGREN URBAN CONSTRU       7.00     03/08/25      CNY      41.29
CHUN'AN XINANJIANG DEV       3.84     11/04/23      CNY      19.93
CHUN'AN XINANJIANG DEV       3.84     11/04/23      CNY      20.05
CHUYING AGRO-PASTORA G       8.80     06/26/19      CNY       2.40
CHUZHOU CITY NANQIAO D       5.95     10/23/24      CNY      40.00
CHUZHOU CITY NANQIAO D       5.95     10/23/24      CNY      41.05
CIFI GROUP CO LTD            4.50     05/29/25      CNY      27.01
CIFI GROUP CO LTD            4.20     07/22/26      CNY      28.00
CIFI GROUP CO LTD            4.40     03/12/26      CNY      29.91
CIFI GROUP CO LTD            4.23     10/26/25      CNY      30.21
CIFI GROUP CO LTD            3.90     09/14/25      CNY      30.80
CIFI GROUP CO LTD            5.50     06/27/26      CNY      31.00
CIFI GROUP CO LTD            3.80     05/29/25      CNY      37.00
CITIC GUOAN GROUP CORP       4.90     11/06/19      CNY      18.25
CITIC GUOAN GROUP CORP       5.80     12/15/19      CNY      18.25
CITIC GUOAN GROUP CORP       4.23     12/15/20      CNY      18.25
CITIC GUOAN GROUP CORP       4.49     03/08/21      CNY      18.25
CIXI STATE OWNED ASSET       4.90     04/07/24      CNY      20.27
CIXI STATE OWNED ASSET       4.90     04/07/24      CNY      20.27
DAFANG COUNTY CONSTRUC       6.00     09/26/23      CNY      20.13
DAFANG COUNTY CONSTRUC       6.00     09/26/23      CNY      20.20
DALI URBAN DEVELOPMENT       8.00     12/25/25      CNY      60.00
DALI URBAN DEVELOPMENT       8.00     12/25/25      CNY      61.20
DANGTU COUNTY CONSTRUC       7.47     09/06/25      CNY      60.00
DANGTU COUNTY CONSTRUC       7.47     09/06/25      CNY      62.89
DANYANG INVESTMENT GRO       5.49     07/18/24      CNY      40.67
DASHIQIAO URBAN CONSTR       7.59     08/14/24      CNY      40.92
DASHIQIAO URBAN CONSTR       7.59     08/14/24      CNY      40.92
DAWA COUNTY CITY CONST       7.80     01/30/26      CNY      58.80
DAWA COUNTY CITY CONST       7.80     01/30/26      CNY      63.23
DAWA COUNTY LINGANG EC       5.99     10/19/24      CNY      40.51
DAWA COUNTY LINGANG EC       5.99     10/19/24      CNY      40.51
DAYE ZHENHENG CITY DEV       4.05     08/31/23      CNY      19.78
DAYE ZHENHENG CITY DEV       4.05     08/31/23      CNY      19.82
DAYE ZHENHENG CITY DEV       7.20     12/03/25      CNY      61.33
DAYE ZHENHENG CITY DEV       7.20     12/03/25      CNY      67.51
DAZHOU INVESTMENT CO L       3.99     11/04/26      CNY      59.61
DAZHOU INVESTMENT CO L       3.99     11/04/26      CNY      59.96
DAZHOU INVESTMENT CO L       6.50     04/07/27      CNY      62.71
DAZHOU INVESTMENT CO L       6.50     04/07/27      CNY      63.58
DEQING CONSTRUCTION IN       3.60     11/11/23      CNY      19.90
DEQING CONSTRUCTION IN       3.60     11/11/23      CNY      19.99
DING NAN CITY CONSTRUC       7.80     04/08/26      CNY      60.00
DING NAN CITY CONSTRUC       7.80     04/08/26      CNY      62.82
DINGYUAN URBAN RURAL D       5.80     12/06/24      CNY      40.00
DINGYUAN URBAN RURAL D       5.80     12/06/24      CNY      40.96
DINGYUAN URBAN RURAL D       7.00     06/27/25      CNY      60.00
DINGYUAN URBAN RURAL D       7.00     06/27/25      CNY      62.35
DONGTAI HUIMIN URBAN C       5.37     03/08/26      CNY      61.01
DONGTAI HUIMIN URBAN C       5.37     03/08/26      CNY      61.65
DONGTAI STATE-OWNED AS       3.04     11/16/23      CNY      20.07
DONGZHI COUNTY CITY OP       4.88     06/20/23      CNY      20.01
DONGZHI COUNTY CITY OP       4.88     06/20/23      CNY      20.02
DUJIANGYAN NEW CITY CO       6.90     10/19/24      CNY      39.20
DUJIANGYAN NEW CITY CO       6.90     10/19/24      CNY      40.86
DUJIANGYAN NEW CITY CO       7.80     10/11/25      CNY      58.00
DUJIANGYAN NEW CITY CO       7.80     05/02/25      CNY      60.00
DUJIANGYAN NEW CITY CO       7.80     05/02/25      CNY      61.85
DUJIANGYAN NEW CITY CO       7.80     10/11/25      CNY      62.62
EMEISHAN HUIYUAN PARKI       6.50     03/28/27      CNY      71.65
ENSHI URBAN CONSTRUCTI       3.84     11/01/23      CNY      19.91
ENSHI URBAN CONSTRUCTI       3.84     11/01/23      CNY      19.95
EVERGRANDE REAL ESTATE       6.98     07/08/23      CNY      27.00
EVERGRANDE REAL ESTATE       7.00     04/27/26      CNY      27.68
EVERGRANDE REAL ESTATE       6.27     05/06/23      CNY      30.00
EVERGRANDE REAL ESTATE       5.90     05/26/23      CNY      35.00
EVERGRANDE REAL ESTATE       6.80     05/06/24      CNY      35.69
EVERGRANDE REAL ESTATE       5.80     10/19/25      CNY      70.00
EZHOU CITY CONSTRUCTIO       6.10     07/27/27      CNY      72.51
FANGCHENG GANGSHI WENL       7.95     10/11/25      CNY      60.00
FANGCHENG GANGSHI WENL       7.93     12/25/25      CNY      60.00
FANGCHENG GANGSHI WENL       7.93     12/25/25      CNY      62.65
FANGCHENG GANGSHI WENL       7.95     10/11/25      CNY      62.81
FANTASIA GROUP CHINA C       7.80     11/29/24      CNY      44.83
FANTASIA GROUP CHINA C       7.50     12/17/23      CNY      74.00
FEIXI COUNTY URBAN & R       4.45     06/03/23      CNY      20.04
FEIXI COUNTY URBAN & R       4.45     06/03/23      CNY      27.50
FENG COUNTY ECONOMIC D       5.18     06/21/23      CNY      19.98
FENG COUNTY ECONOMIC D       5.18     06/21/23      CNY      20.02
FENGDU COUNTY STATE-OW       6.38     09/05/24      CNY      40.00
FENGDU COUNTY STATE-OW       6.38     09/05/24      CNY      40.42
FENGHUANG MINGCHENG CO       6.50     03/23/24      CNY      20.16
FENGTAI HUAXING CITY D       5.60     03/13/24      CNY      20.34
FENGTAI HUAXING CITY D       5.60     03/13/24      CNY      20.38
FENGYANG COUNTY ECONOM       6.00     11/16/24      CNY      41.13
FENGYANG COUNTY ECONOM       6.00     11/16/24      CNY      42.00
FENYI CITY CONSTRUCTIO       4.54     08/22/23      CNY      19.98
FENYI CITY CONSTRUCTIO       4.54     08/22/23      CNY      19.99
FUJIAN FUSHENG GROUP C       7.90     11/19/21      CNY      60.00
FUJIAN FUSHENG GROUP C       7.90     12/17/21      CNY      70.99
FUJIAN JINJIANG INDUST       4.00     02/19/25      CNY      69.90
FUJIAN JINJIANG INDUST       4.00     02/19/25      CNY      70.22
FUJIAN JINJIANG URBAN        3.35     08/24/23      CNY      19.01
FUJIAN JINJIANG URBAN        3.35     08/24/23      CNY      19.96
FUJIAN ZHANGZHOU CITY        5.73     10/31/25      CNY      60.00
FUJIAN ZHANGZHOU CITY        5.73     10/31/25      CNY      62.23
FUNING URBAN INVESTMEN       6.00     03/14/24      CNY      20.48
FUNING URBAN INVESTMEN       6.00     03/14/24      CNY      20.49
FUYANG ANJU INVESTMENT       5.48     05/02/23      CNY      60.05
FUZHOU CITY CONSTRUCTI       5.65     03/22/28      CNY      71.50
FUZHOU DEVELOPMENT ZON       3.53     08/25/23      CNY      20.00
FUZHOU DEVELOPMENT ZON       3.53     08/25/23      CNY      20.00
FUZHOU DONGXIANG INVES       6.20     03/20/24      CNY      20.45
FUZHOU DONGXIANG INVES       6.20     03/20/24      CNY      20.48
FUZHOU LINCHUAN URBAN        5.68     07/05/23      CNY      20.04
FUZHOU LINCHUAN URBAN        5.68     07/05/23      CNY      20.05
FUZHOU LINCHUAN URBAN        6.50     12/25/24      CNY      40.55
FUZHOU LINCHUAN URBAN        8.00     02/26/26      CNY      62.16
FUZHOU MUNICIPAL STATE       5.70     10/30/24      CNY      40.00
FUZHOU MUNICIPAL STATE       5.70     10/30/24      CNY      40.84
GANZHOU DEVELOPMENT IN       8.10     12/11/23      CNY      20.67
GANZHOU NANKANG DISTRI       8.00     09/27/25      CNY      60.00
GANZHOU NANKANG DISTRI       8.00     10/29/25      CNY      60.00
GANZHOU NANKANG DISTRI       8.00     01/23/26      CNY      60.00
GANZHOU NANKANG DISTRI       8.00     01/23/26      CNY      60.34
GANZHOU NANKANG DISTRI       8.00     09/27/25      CNY      60.78
GANZHOU NANKANG DISTRI       8.00     10/29/25      CNY      62.93
GANZHOU ZHANGGONG CONS       7.80     10/16/25      CNY      61.47
GANZHOU ZHANGGONG CONS       7.80     10/16/25      CNY      62.68
GAOMI CITY CONSTRUCTIO       5.95     09/18/24      CNY      38.40
GAOMI CITY CONSTRUCTIO       5.95     09/18/24      CNY      38.93
GAOQING LU QING ASSET        7.50     09/27/24      CNY      40.39
GAOQING LU QING ASSET        7.50     09/27/24      CNY      41.44
GAOYOU CITY ECONOMY DE       3.65     09/02/23      CNY      20.00
GAOYOU CITY ECONOMY DE       3.65     09/02/23      CNY      20.05
GAOYOU CITY ECONOMY DE       5.26     07/13/24      CNY      40.51
GLP CHINA HOLDINGS LTD       2.95     03/29/26      USD      72.94
GOME APPLIANCE CO LTD        7.80     12/21/24      CNY      37.00
GONG'AN COUNTY CITY CO       4.30     08/30/23      CNY      19.98
GONG'AN COUNTY CITY CO       4.30     08/30/23      CNY      20.04
GUANGAN TRANSPORTATION       5.39     12/01/23      CNY      20.10
GUANGAN XINHONG INVEST       7.18     08/28/24      CNY      40.00
GUANGAN XINHONG INVEST       7.18     08/28/24      CNY      40.72
GUANGDE CITY STATE-OWN       5.37     07/18/24      CNY      40.27
GUANGDONG HUIZHOU COMM       4.16     05/17/23      CNY      20.00
GUANGDONG HUIZHOU COMM       4.16     05/17/23      CNY      20.01
GUANGDONG HUIZHOU COMM       4.95     12/27/23      CNY      20.07
GUANGDONG HUIZHOU COMM       4.95     12/27/23      CNY      20.17
GUANGSHUI CITY DEVELOP       6.19     03/01/24      CNY      20.42
GUANGSHUI CITY DEVELOP       6.19     03/01/24      CNY      20.42
GUANGXI BAISE BAI DONG       7.90     06/29/25      CNY      60.00
GUANGXI BAISE BAI DONG       7.60     12/24/25      CNY      60.00
GUANGXI BAISE BAI DONG       7.60     12/24/25      CNY      60.16
GUANGXI BAISE BAI DONG       7.90     06/29/25      CNY      60.62
GUANGXI BAISE BAI DONG       7.59     01/08/26      CNY      61.30
GUANGXI BAISE BAI DONG       7.59     01/08/26      CNY      62.91
GUANGXI CHONGZUO URBAN       8.50     09/26/25      CNY      60.00
GUANGXI CHONGZUO URBAN       8.50     09/26/25      CNY      61.83
GUANGXI LIUZHOU DONGCH       6.50     07/24/24      CNY      47.83
GUANGXI LIUZHOU DONGCH       6.50     07/24/24      CNY      48.26
GUANGXI NINGMING HUINI       8.50     12/07/25      CNY      60.30
GUANGXI TIANDONG COUNT       7.50     06/04/27      CNY      50.00
GUANGYUAN CITY DEVELOP       7.50     10/25/27      CNY      55.87
GUANGZHOU FINELAND REA      13.60     07/27/23      USD      15.62
GUANGZHOU HEJING HOLDI       6.00     10/12/25      CNY      58.00
GUANGZHOU HEJING HOLDI       6.19     11/12/25      CNY      75.00
GUANGZHOU HUANTOU NANS       6.38     11/18/24      CNY      30.59
GUANGZHOU HUANTOU NANS       6.38     11/18/24      CNY      30.85
GUANGZHOU METRO GROUP        6.45     04/02/24      CNY      15.00
GUANGZHOU METRO GROUP        6.45     04/02/24      CNY      15.39
GUANGZHOU METRO GROUP        6.05     06/03/24      CNY      30.44
GUANGZHOU METRO GROUP        6.05     06/03/24      CNY      30.60
GUANGZHOU PANYU INFORM       4.50     09/08/26      CNY      59.78
GUANGZHOU PANYU INFORM       4.50     09/08/26      CNY      60.27
GUANGZHOU R&F PROPERTI       7.00     09/16/26      CNY      28.00
GUANGZHOU R&F PROPERTI       7.00     09/16/26      CNY      30.80
GUANGZHOU R&F PROPERTI       6.70     09/16/25      CNY      40.00
GUANGZHOU R&F PROPERTI       6.70     09/16/25      CNY      59.06
GUANGZHOU TIANJIAN REA       6.60     03/28/26      CNY      61.00
GUANGZHOU TIMES HOLDIN       5.94     07/17/25      CNY      34.64
GUANGZHOU TIMES HOLDIN       5.10     03/30/25      CNY      34.78
GUANGZHOU TIMES HOLDIN       5.24     05/27/25      CNY      34.86
GUANGZHOU TIMES HOLDIN       5.00     02/24/25      CNY      35.55
GUCHENG CONSTRUCTION I       7.88     04/27/25      CNY      58.28
GUCHENG CONSTRUCTION I       7.88     04/27/25      CNY      61.97
GUIXI STATE OWNED HOLD       4.18     08/18/23      CNY      19.93
GUIXI STATE OWNED HOLD       4.18     08/18/23      CNY      19.96
GUIYANG BAIYUN INDUSTR       8.30     03/21/25      CNY      40.00
GUIYANG BAIYUN INDUSTR       8.30     03/21/25      CNY      41.82
GUIYANG BAIYUN INDUSTR       7.50     03/06/26      CNY      60.00
GUIYANG BAIYUN INDUSTR       7.50     03/06/26      CNY      63.07
GUIYANG BAIYUN URBAN C       6.48     07/17/24      CNY      40.00
GUIYANG BAIYUN URBAN C       7.28     09/25/24      CNY      40.00
GUIYANG BAIYUN URBAN C       6.48     07/17/24      CNY      40.51
GUIYANG BAIYUN URBAN C       7.28     09/25/24      CNY      40.93
GUIYANG BAIYUN URBAN C       4.75     09/13/26      CNY      60.00
GUIYANG BAIYUN URBAN C       4.75     09/13/26      CNY      60.01
GUIYANG CITY CONSTRUCT       4.37     03/25/26      CNY      42.86
GUIYANG CITY CONSTRUCT       4.37     03/25/26      CNY      43.15
GUIYANG CITY CONSTRUCT       4.00     11/14/26      CNY      56.77
GUIYANG CITY CONSTRUCT       4.00     11/14/26      CNY      56.87
GUIYANG ECONOMIC DEVEL       6.35     09/21/24      CNY      38.63
GUIYANG ECONOMIC DEVEL       7.90     10/29/25      CNY      62.83
GUIYANG ECONOMIC DEVEL       7.50     04/30/26      CNY      74.40
GUIYANG GUANSHANHU DIS       6.49     06/22/24      CNY      39.72
GUIYANG GUANSHANHU DIS       6.49     06/22/24      CNY      39.73
GUIYANG GUANSHANHU INV       8.20     04/30/24      CNY      71.54
GUIYANG INVESTMENT HOL       4.46     11/17/26      CNY      55.58
GUIYANG INVESTMENT HOL       4.46     11/17/26      CNY      56.51
GUIYANG URBAN CONSTRUC       5.98     07/21/24      CNY      40.00
GUIYANG URBAN CONSTRUC       5.98     07/21/24      CNY      40.36
GUIYANG YUNYAN GUIZHON       6.80     11/17/24      CNY      40.00
GUIYANG YUNYAN GUIZHON       6.80     11/17/24      CNY      40.47
GUIZHOU CHANGSHUN COUN       8.50     03/19/26      CNY      60.00
GUIZHOU CHANGSHUN COUN       8.50     03/19/26      CNY      64.25
GUIZHOU EAST LAKE CITY       8.00     12/07/25      CNY      58.52
GUIZHOU EAST LAKE CITY       8.00     12/07/25      CNY      63.14
GUIZHOU HONGCAI INVEST       6.00     06/07/23      CNY       9.97
GUIZHOU HONGCAI INVEST       6.00     06/07/23      CNY      10.02
GUIZHOU HONGCAI INVEST       7.30     06/03/26      CNY      72.67
GUIZHOU HONGCAI INVEST       7.30     06/03/26      CNY      73.50
GUIZHOU HONGGUO ECONOM       7.80     11/24/24      CNY      30.00
GUIZHOU HONGGUO ECONOM       7.80     02/08/25      CNY      38.00
GUIZHOU HONGGUO ECONOM       7.80     02/08/25      CNY      40.05
GUIZHOU HONGGUO ECONOM       7.80     11/24/24      CNY      40.96
GUIZHOU KAILI KAIYUAN        7.30     05/26/24      CNY      40.40
GUIZHOU KAILI KAIYUAN        7.30     05/26/24      CNY      40.63
GUIZHOU KAILI KAIYUAN        7.28     08/29/24      CNY      40.88
GUIZHOU LIUPANSHUI PAN       7.30     07/24/24      CNY      38.00
GUIZHOU LIUPANSHUI PAN       7.30     07/24/24      CNY      39.77
GUIZHOU RAILWAY INVEST       7.50     04/23/24      CNY      29.90
GUIZHOU RAILWAY INVEST       7.50     04/23/24      CNY      30.42
GUIZHOU SHUICHENG CITY       4.98     11/22/23      CNY      19.95
GUIZHOU SHUICHENG CITY       4.98     11/22/23      CNY      20.05
GUIZHOU SHUICHENG ECON       7.50     10/26/25      CNY      19.50
GUIZHOU SHUICHENG ECON       7.50     10/26/25      CNY      62.49
GUIZHOU SHUICHENG WATE       8.00     11/27/25      CNY      54.60
GUIZHOU SHUICHENG WATE       8.00     11/27/25      CNY      59.20
GUIZHOU XINDONGGUAN CI       7.70     09/05/24      CNY      36.55
GUIZHOU XINDONGGUAN CI       7.70     09/05/24      CNY      41.03
GUIZHOU ZHONGSHAN DEVE       6.46     11/22/27      CNY      66.39
GUIZHOU ZHONGSHAN DEVE       6.46     11/22/27      CNY      70.00
GULIN STATE-OWNED ASSE       4.18     08/04/23      CNY      19.94
GULIN STATE-OWNED ASSE       4.18     08/04/23      CNY      19.98
GULIN STATE-OWNED ASSE       5.96     07/24/24      CNY      40.44
GULIN STATE-OWNED ASSE       5.96     07/24/24      CNY      44.51
HAIAN DEVELOPMENT ZONE       4.47     11/16/23      CNY      20.01
HAIAN DEVELOPMENT ZONE       4.47     11/16/23      CNY      20.01
HAIAN URBAN DEMOLITION       5.37     12/21/25      CNY      61.56
HAIAN URBAN DEMOLITION       7.74     05/02/25      CNY      61.71
HAIAN URBAN DEMOLITION       8.00     12/21/25      CNY      63.17
HAIKOU MEILAN INTERNAT       5.25     09/06/19      USD      16.24
HAINAN AIRLINES HOLDIN       6.20     05/24/21      CNY      51.00
HAINING ASSET MANAGEME       3.40     08/16/23      CNY      40.07
HAINING CITY DEVELOPME       5.47     11/13/25      CNY      60.00
HAINING CITY DEVELOPME       5.47     11/13/25      CNY      62.08
HAINING CITY JIANSHAN        6.15     11/15/25      CNY      60.00
HAINING CITY JIANSHAN        6.98     09/10/25      CNY      61.50
HAINING CITY JIANSHAN        6.15     11/15/25      CNY      62.35
HAINING CITY JIANSHAN        6.98     09/10/25      CNY      62.76
HAIYAN COUNTY STATE-OW       5.80     06/12/24      CNY      40.60
HAMI JIANHUI STATE-OWN       3.90     09/21/23      CNY      19.92
HANCHENG CITY INVESTME       4.69     12/05/23      CNY      19.80
HANCHENG CITY INVESTME       4.69     12/05/23      CNY      20.02
HANCHUAN CITY HANRONG        4.25     07/18/23      CNY      19.98
HANCHUAN CITY HANRONG        4.25     07/18/23      CNY      19.99
HANGZHOU CANAL COMPREH       3.40     10/17/23      CNY      19.95
HANGZHOU CANAL COMPREH       3.40     10/17/23      CNY      19.97
HANGZHOU LIANGZHU CULT       6.30     08/23/25      CNY      62.49
HANGZHOU LINPING TOURI       5.57     10/31/25      CNY      61.73
HANGZHOU LINPING TOURI       5.57     10/31/25      CNY      61.73
HANGZHOU METRO GROUP C       5.97     09/17/24      CNY      30.72
HANGZHOU QIANJIANG CBD       5.64     03/19/25      CNY      41.45
HANGZHOU QIANJIANG CBD       5.64     03/19/25      CNY      41.55
HANGZHOU WEST LAKE INV       4.30     04/25/23      CNY      20.00
HANGZHOU WEST LAKE INV       4.30     04/25/23      CNY      20.01
HANJIANG STATE-OWNED-A       5.40     04/21/24      CNY      40.36
HANJIANG STATE-OWNED-A       5.40     04/21/24      CNY      40.36
HANJIANG STATE-OWNED-A       5.38     04/10/26      CNY      61.30
HANJIANG STATE-OWNED-A       5.38     04/10/26      CNY      82.34
HANSHAN CITY CONSTRUCT       6.20     08/30/24      CNY      40.00
HANSHAN CITY CONSTRUCT       6.20     08/30/24      CNY      40.63
HARBIN CITY CONSTRUCTI       6.04     03/19/25      CNY      40.00
HARBIN CITY CONSTRUCTI       6.04     03/19/25      CNY      40.81
HARBIN HELI INVESTMENT       5.49     12/10/25      CNY      61.27
HARBIN HELI INVESTMENT       5.49     12/10/25      CNY      61.79
HECHI STATE-OWNED CAPI       4.37     11/04/23      CNY      20.06
HECHI STATE-OWNED CAPI       4.37     11/04/23      CNY      20.06
HEFEI CONSTRUCTION INV       7.20     04/29/24      CNY      30.57
HEFEI CONSTRUCTION INV       7.20     04/29/24      CNY      30.70
HEFEI XINCHENG STATE-O       4.13     07/15/23      CNY      20.01
HEFEI XINCHENG STATE-O       4.13     07/15/23      CNY      20.06
HEGANG URBAN CONSTRUCT       6.90     12/18/24      CNY      41.04
HEGANG URBAN CONSTRUCT       6.90     12/18/24      CNY      41.04
HENAN AIRPORT INVESTME       4.27     07/20/26      CNY      38.87
HENAN AIRPORT INVESTME       4.27     07/20/26      CNY      40.22
HENGDONG URBAN & RURAL       6.60     12/27/23      CNY      20.29
HENGDONG URBAN & RURAL       6.60     12/27/23      CNY      20.29
HENGYANG BINJIANG NEW        5.47     07/27/24      CNY      40.50
HENGYANG CITY AND URBA       7.50     09/22/24      CNY      40.70
HENGYANG CITY AND URBA       7.50     09/22/24      CNY      41.02
HENGYANG CITY AND URBA       7.80     12/14/24      CNY      41.39
HENGYANG CITY AND URBA       7.80     12/14/24      CNY      41.39
HESHAN PUBLIC ASSET MA       4.08     09/28/23      CNY      19.96
HESHAN PUBLIC ASSET MA       4.08     09/28/23      CNY      20.07
HESHAN PUBLIC ASSET MA       5.08     12/07/23      CNY      20.17
HESHAN PUBLIC ASSET MA       5.08     12/07/23      CNY      20.23
HONGAN URBAN DEVELOPME       7.50     12/04/24      CNY      40.00
HONGAN URBAN DEVELOPME       7.50     12/04/24      CNY      41.05
HONGHEZHOU DEVELOPMENT       5.90     07/12/24      CNY      39.45
HONGHEZHOU DEVELOPMENT       5.90     07/12/24      CNY      40.64
HONGHU CITY HONGRUI IN       6.30     10/13/24      CNY      41.00
HONGHU CITY HONGRUI IN       6.30     10/13/24      CNY      41.00
HUACHEN ENERGY CO LTD        4.65     12/29/26      USD      47.92
HUAIAN CITY HUAIAN DIS       4.63     05/03/23      CNY      19.93
HUAIAN CITY HUAIAN DIS       4.63     05/03/23      CNY      20.01
HUAIAN HONGRI TRANSPOR       5.09     04/20/23      CNY      19.99
HUAIAN HONGRI TRANSPOR       5.09     04/20/23      CNY      20.01
HUAIAN HONGZE DISTRICT       4.37     07/18/23      CNY      19.98
HUAIAN HONGZE DISTRICT       4.37     07/18/23      CNY      20.01
HUAI'AN INVESTMENT HOL       5.28     08/11/24      CNY      40.00
HUAI'AN INVESTMENT HOL       5.28     08/11/24      CNY      40.63
HUAIAN JINHU TRAFFIC I       7.38     08/10/25      CNY      61.87
HUAIAN JINHU TRAFFIC I       7.38     08/10/25      CNY      72.00
HUAI'AN NEW CITY INVES       5.22     09/20/24      CNY      40.69
HUAIAN NEW URBANIZATIO       5.98     12/20/24      CNY      71.36
HUAIAN QINGPU CITY CON       6.75     09/29/24      CNY      40.24
HUAIAN QINGPU CITY CON       6.75     09/29/24      CNY      40.76
HUAIHUA CITY CONSTRUCT       4.18     08/31/23      CNY      19.90
HUAIHUA CITY CONSTRUCT       4.18     08/31/23      CNY      19.97
HUAIHUA ECONOMIC DEVEL       5.77     08/07/24      CNY      40.30
HUAIHUA ECONOMIC DEVEL       5.77     08/07/24      CNY      40.42
HUAINAN INDUSTRY DEVEL       5.69     10/25/24      CNY      40.87
HUAINAN INDUSTRY DEVEL       5.69     10/25/24      CNY      41.78
HUAINAN SHAN NAN DEVEL       6.53     08/24/24      CNY      40.21
HUAINAN SHAN NAN DEVEL       6.53     08/24/24      CNY      40.36
HUAINAN SHAN NAN DEVEL       7.94     04/01/26      CNY      60.00
HUAINAN URBAN CONSTRUC       7.50     03/20/25      CNY      40.00
HUAINAN URBAN CONSTRUC       5.74     09/04/24      CNY      40.73
HUAINAN URBAN CONSTRUC       5.74     09/04/24      CNY      40.92
HUAINAN URBAN CONSTRUC       7.50     03/20/25      CNY      42.05
HUAINAN URBAN CONSTRUC       7.02     03/22/26      CNY      62.86
HUAINAN URBAN CONSTRUC       7.58     02/12/26      CNY      63.64
HUAIYUAN URBAN INVESTM       5.17     01/23/26      CNY      61.47
HUANGMEI COUNTY URBAN        6.80     10/09/24      CNY      40.00
HUANGMEI COUNTY URBAN        6.68     10/18/24      CNY      40.00
HUANGMEI COUNTY URBAN        6.80     10/09/24      CNY      40.61
HUANGMEI COUNTY URBAN        6.68     10/18/24      CNY      40.72
HUANGSHAN CHENGTOU GRO       6.74     04/27/25      CNY      60.00
HUANGSHAN CHENGTOU GRO       6.74     04/27/25      CNY      61.85
HUANGSHI CIHU HIGH-TEC       4.50     06/08/23      CNY      19.98
HUANGSHI CIHU HIGH-TEC       4.97     06/08/23      CNY      20.01
HUANGSHI CIHU HIGH-TEC       4.97     06/08/23      CNY      20.01
HUANGSHI CIHU HIGH-TEC       4.50     06/08/23      CNY      20.02
HUANGSHI ZHONGBANG CIT       5.95     06/02/24      CNY      40.51
HUANGSHI ZHONGBANG CIT       5.95     06/02/24      CNY      41.50
HUBEI DAYE LAKE HIGH-T       7.50     04/01/26      CNY      59.35
HUBEI DAYE LAKE HIGH-T       6.98     01/30/26      CNY      60.00
HUBEI DAYE LAKE HIGH-T       6.98     01/30/26      CNY      60.39
HUBEI DAYE LAKE HIGH-T       7.50     04/01/26      CNY      68.00
HUBEI JIAKANG CONSTRUC       7.80     12/19/25      CNY      62.98
HUBEI PROVINCIAL COMMU       5.29     06/05/25      CNY      61.38
HUBEI SONGZI JINSONG I       6.60     06/21/24      CNY      40.30
HUBEI SONGZI JINSONG I       6.60     06/21/24      CNY      40.43
HUBEI SUPPLY AND MARKE       6.70     08/23/24      CNY      40.41
HUBEI SUPPLY AND MARKE       6.70     08/23/24      CNY      40.67
HUBEI YILING ECONOMIC        6.45     09/05/24      CNY      40.00
HUBEI YILING ECONOMIC        6.45     09/05/24      CNY      40.40
HUBEI YILING ECONOMIC        7.50     03/28/26      CNY      60.00
HUBEI YILING ECONOMIC        7.50     03/28/26      CNY      61.67
HULUDAO INVESTMENT GRO       7.50     10/18/23      CNY      15.07
HUNAN CHUZHISHENG HOLD       7.50     03/27/26      CNY      60.00
HUNAN CHUZHISHENG HOLD       7.50     03/27/26      CNY      64.32
HUNAN DESHAN CONSTRUCT       6.46     09/14/24      CNY      39.67
HUNAN DESHAN CONSTRUCT       6.46     09/14/24      CNY      40.63
HUNAN LINGANG DEVELOPM       3.94     10/26/23      CNY      19.80
HUNAN LINGANG DEVELOPM       3.94     10/26/23      CNY      19.93
HUNAN LINGANG DEVELOPM       4.24     07/21/23      CNY      19.96
HUNAN LINGANG DEVELOPM       4.24     07/21/23      CNY      19.97
HUNAN MEISHAN RESOURCE       8.00     03/21/26      CNY      60.00
HUNAN MEISHAN RESOURCE       8.00     03/21/26      CNY      64.54
HUNAN PROVINCIAL RAILW       6.09     04/30/25      CNY      45.00
HUNAN PROVINCIAL RAILW       6.09     04/30/25      CNY      46.13
HUNAN SENTE INDUSTRIAL       6.90     11/28/24      CNY      20.00
HUNAN SENTE INDUSTRIAL       6.90     11/28/24      CNY      40.94
HUNAN SHAODONG ECO-IND       6.58     12/13/23      CNY      20.24
HUNAN SHAODONG ECO-IND       6.58     12/13/23      CNY      20.27
HUNAN TIANYI RONGTONG        7.50     09/17/25      CNY      60.00
HUNAN TIANYI RONGTONG        7.50     09/17/25      CNY      62.27
HUNAN TIANYI RONGTONG        8.00     10/24/25      CNY      62.29
HUNAN TIANYI RONGTONG        8.00     10/24/25      CNY      62.87
HUNAN XUANDA CONSTRUCT       7.50     01/23/26      CNY      60.00
HUNAN XUANDA CONSTRUCT       7.50     01/24/26      CNY      60.00
HUNAN XUANDA CONSTRUCT       7.50     01/23/26      CNY      61.25
HUNAN XUANDA CONSTRUCT       7.50     01/24/26      CNY      61.97
HUNAN YOUZHOU INVESTME       4.80     07/07/23      CNY      20.01
HUNAN YOUZHOU INVESTME       4.80     07/07/23      CNY      20.01
HUNAN ZHIGU INVESTMENT       5.80     07/28/24      CNY      40.00
HUNAN ZHIGU INVESTMENT       5.80     07/28/24      CNY      40.65
HUZHOU CITY INVESTMENT       6.39     09/25/25      CNY      62.80
HUZHOU NEW CITY INVEST       6.00     03/26/24      CNY      38.85
HUZHOU NEW CITY INVEST       7.50     11/23/24      CNY      41.24
HUZHOU NEW CITY INVEST       7.50     11/23/24      CNY      41.50
HUZHOU NEW CITY INVEST       6.60     05/28/23      CNY      70.20
HUZHOU WUXING NANTAIHU       7.90     09/20/25      CNY      62.20
JIAHE ZHUDU DEVELOPMEN       7.50     03/13/25      CNY      40.00
JIAHE ZHUDU DEVELOPMEN       6.50     05/25/24      CNY      40.34
JIAHE ZHUDU DEVELOPMEN       6.50     05/25/24      CNY      40.45
JIAHE ZHUDU DEVELOPMEN       7.50     03/13/25      CNY      41.50
JIANAN INVESTMENT HOLD       3.50     09/05/23      CNY      19.97
JIANAN INVESTMENT HOLD       3.85     09/05/23      CNY      19.97
JIANAN INVESTMENT HOLD       3.50     09/05/23      CNY      20.02
JIANAN INVESTMENT HOLD       3.85     09/05/23      CNY      20.02
JIANDE CITY CONSTRUCTI       7.43     01/03/26      CNY      62.65
JIANDE CITY CONSTRUCTI       7.43     01/03/26      CNY      62.86
JIANDE STATE-OWNED ASS       6.69     11/20/24      CNY      41.40
JIANGSU BEIGU INDUSTRI       5.80     06/20/23      CNY      20.07
JIANGSU BEIGU INDUSTRI       5.80     06/20/23      CNY      20.09
JIANGSU DAHANG LINGANG       5.18     09/22/23      CNY      19.99
JIANGSU DAHANG LINGANG       5.18     09/22/23      CNY      20.06
JIANGSU GAOCHUN ECONOM       3.67     09/23/23      CNY      19.97
JIANGSU GAOCHUN ECONOM       3.92     11/23/23      CNY      20.01
JIANGSU GAOCHUN ECONOM       3.67     09/23/23      CNY      20.05
JIANGSU GAOCHUN ECONOM       3.92     11/23/23      CNY      20.09
JIANGSU GAOCHUN ECONOM       6.08     08/14/24      CNY      39.57
JIANGSU GAOCHUN ECONOM       5.66     06/26/24      CNY      40.47
JIANGSU GAOCHUN ECONOM       5.66     06/26/24      CNY      40.52
JIANGSU GAOCHUN ECONOM       6.08     08/14/24      CNY      40.69
JIANGSU HAIRUN CITY DE       5.20     04/02/26      CNY      60.50
JIANGSU HAIRUN CITY DE       5.20     04/02/26      CNY      61.64
JIANGSU HAIYI HOLDING        5.98     09/11/25      CNY      61.93
JIANGSU HAIYI HOLDING        5.98     09/11/25      CNY      66.48
JIANGSU HAIZHOU DEVELO       4.67     06/06/23      CNY      19.81
JIANGSU HAIZHOU DEVELO       4.67     06/06/23      CNY      20.02
JIANGSU HAIZHOUWAN DEV       7.30     02/15/26      CNY      58.70
JIANGSU HAIZHOUWAN DEV       5.18     12/13/25      CNY      61.40
JIANGSU HAIZHOUWAN DEV       7.30     02/15/26      CNY      62.79
JIANGSU HANRUI INVESTM       5.00     08/31/23      CNY      20.00
JIANGSU HANRUI INVESTM       5.00     08/31/23      CNY      20.03
JIANGSU HONGZE LAKE SH       6.50     08/01/24      CNY      40.22
JIANGSU JINHUI GROUP C       5.16     07/14/24      CNY      40.47
JIANGSU JINHUI GROUP C       5.16     07/14/24      CNY      40.64
JIANGSU JINTAN GUOFA I       4.60     08/22/23      CNY      20.02
JIANGSU JINTAN GUOFA I       4.60     08/22/23      CNY      20.09
JIANGSU KAIYUAN INVEST       7.08     08/03/24      CNY      38.62
JIANGSU KAIYUAN INVEST       7.08     08/03/24      CNY      40.75
JIANGSU LIYANG HIGH-TE       5.70     08/30/24      CNY      40.74
JIANGSU LIYANG HIGH-TE       5.70     08/30/24      CNY      41.60
JIANGSU RUNCHENG ASSET       5.65     04/19/24      CNY      40.46
JIANGSU RUNCHENG ASSET       5.65     04/19/24      CNY      40.56
JIANGSU TAODU URBAN DE       5.99     04/13/25      CNY      41.56
JIANGSU WUZHONG ECONOM       5.26     12/25/25      CNY      60.00
JIANGSU WUZHONG ECONOM       5.26     12/25/25      CNY      61.61
JIANGSU XIANXING CONST       5.37     12/20/25      CNY      60.74
JIANGSU XIANXING CONST       5.37     12/20/25      CNY      61.58
JIANGSU YANGKOU PORT C       7.38     04/03/25      CNY      41.76
JIANGSU YANGKOU PORT C       7.38     04/03/25      CNY      42.50
JIANGSU YANGKOU PORT C       7.60     08/17/25      CNY      62.50
JIANGSU YANGKOU PORT C       7.60     08/17/25      CNY      63.05
JIANGSU YINGZHOU DEVEL       4.33     09/21/23      CNY      19.81
JIANGSU YINGZHOU DEVEL       4.33     09/21/23      CNY      19.85
JIANGSU YIXING ENVIRON       4.08     09/14/23      CNY      19.96
JIANGSU YIXING ENVIRON       4.08     09/14/23      CNY      20.09
JIANGSU ZHONGAN CONSTR       5.65     03/24/24      CNY      20.18
JIANGSU ZHONGAN CONSTR       5.65     03/24/24      CNY      20.48
JIANGSU ZHONGNAN CONST       7.30     03/17/25      CNY      71.98
JIANGSU ZHUFU INDUSTRI       4.47     07/20/23      CNY      18.41
JIANGSU ZHUFU INDUSTRI       4.47     07/20/23      CNY      20.04
JIANGXI HUANGGANGSHAN        7.90     10/08/25      CNY      60.67
JIANGXI HUANGGANGSHAN        7.48     04/12/26      CNY      62.59
JIANGXI HUANGGANGSHAN        7.90     10/08/25      CNY      63.66
JIANGXI HUANGGANGSHAN        7.90     01/25/26      CNY      63.92
JIANGXI HUKOU SHIZHONG       6.80     12/01/24      CNY      40.97
JIANGXI HUKOU SHIZHONG       6.80     12/01/24      CNY      41.05
JIANGXI JIHU DEVELOPME       6.80     02/07/25      CNY      40.00
JIANGXI JIHU DEVELOPME       7.50     04/10/25      CNY      40.00
JIANGXI JIHU DEVELOPME       6.80     02/07/25      CNY      41.10
JIANGXI JIHU DEVELOPME       7.50     04/10/25      CNY      41.28
JIANGXI PINGXIANG CHAN       6.00     08/11/24      CNY      40.00
JIANGXI PINGXIANG CHAN       6.00     08/11/24      CNY      40.30
JIANGXI XIUSHUI CITY I       7.40     12/08/24      CNY      40.68
JIANLI FENGYUAN CITY I       6.78     04/28/24      CNY      40.38
JIANLI FENGYUAN CITY I       6.78     04/28/24      CNY      40.44
JIANLI FENGYUAN CITY I       7.50     01/14/26      CNY      60.00
JIANLI FENGYUAN CITY I       7.50     01/14/26      CNY      61.75
JIANYANG DEVELOPMENT H       3.93     11/10/23      CNY      19.82
JIANYANG DEVELOPMENT H       3.93     11/10/23      CNY      19.84
JIANYANG DEVELOPMENT H       6.17     03/12/26      CNY      62.03
JIANYANG DEVELOPMENT H       6.17     03/12/26      CNY      63.50
JIANYANG MODERN INDUST       6.00     04/24/24      CNY      40.22
JIANYANG MODERN INDUST       6.00     04/24/24      CNY      40.23
JIAXING JIAXIU DEVELOP       5.60     09/25/24      CNY      40.83
JIAXING JIAXIU DEVELOP       5.60     09/25/24      CNY      41.80
JIAXING XIANGJIADANG D       3.87     09/21/23      CNY      19.94
JIAXING XIANGJIADANG D       4.13     07/20/23      CNY      19.99
JIAXING XIANGJIADANG D       3.87     09/21/23      CNY      19.99
JIAXING XIANGJIADANG D       4.13     07/20/23      CNY      20.01
JIAXING XIANGJIADANG D       6.40     04/19/25      CNY      60.00
JIAXING XIANGJIADANG D       6.40     04/19/25      CNY      61.40
JIAXING XIUHU DEVELOPM       6.80     04/16/25      CNY      41.23
JIAXING XIUHU DEVELOPM       6.80     04/16/25      CNY      60.00
JIAYU COUNTY URBAN TOW       5.70     03/23/24      CNY      20.16
JIAYU COUNTY URBAN TOW       5.70     03/23/24      CNY      20.21
JIAYU COUNTY URBAN TOW       6.50     01/19/24      CNY      20.29
JIAYU COUNTY URBAN TOW       6.50     01/19/24      CNY      20.31
JILIN ECONOMIC AND TEC       6.20     04/29/23      CNY      20.01
JILIN ECONOMIC AND TEC       6.20     04/29/23      CNY      20.01
JIN HUA RONG SHENG INV       6.85     12/27/24      CNY      40.00
JIN HUA RONG SHENG INV       6.85     12/27/24      CNY      41.39
JINGDEZHEN CERAMIC CUL       7.50     08/27/25      CNY      61.06
JINGDEZHEN CERAMIC CUL       7.50     08/27/25      CNY      62.16
JINGDEZHEN CITY CONSTR       7.49     01/08/26      CNY      60.00
JINGDEZHEN CITY CONSTR       7.49     01/08/26      CNY      60.23
JINGGANGSHAN STATE-OWN       7.00     04/01/26      CNY      60.00
JINGGANGSHAN STATE-OWN       7.00     04/01/26      CNY      60.94
JINGJIANG BINJIANG XIN       5.37     07/25/24      CNY      40.14
JINGJIANG BINJIANG XIN       5.37     07/25/24      CNY      40.52
JINGMEN DONGBAO DISTRI       7.30     03/23/25      CNY      40.00
JINGMEN DONGBAO DISTRI       7.30     03/23/25      CNY      41.68
JINGMEN HIGH-TECH DEVE       4.15     07/28/23      CNY      19.98
JINGMEN HIGH-TECH DEVE       4.15     07/28/23      CNY      20.03
JINGSHAN JINGCHENG INV       4.38     08/29/23      CNY      19.96
JINGSHAN JINGCHENG INV       4.38     08/29/23      CNY      20.06
JINGSHAN JINGCHENG INV       7.00     02/07/25      CNY      40.00
JINGSHAN JINGCHENG INV       7.00     02/07/25      CNY      40.63
JINGXIAN STATED-OWNED        6.80     02/09/25      CNY      40.00
JINGXIAN STATED-OWNED        6.80     02/09/25      CNY      41.00
JINGZHOU DEVELOPMENT Z       4.87     09/23/26      CNY      58.37
JINGZHOU DEVELOPMENT Z       4.87     09/23/26      CNY      58.67
JINGZHOU JINGZHOU DIST       7.20     02/01/26      CNY      61.87
JINGZHOU JINGZHOU DIST       7.20     02/01/26      CNY      62.50
JINGZHOU URBAN CONSTRU       5.68     07/20/24      CNY      40.75
JINGZHOU URBAN CONSTRU       5.68     07/20/24      CNY      41.70
JINING CITY SHIZHONG D       3.52     09/14/23      CNY      19.95
JINING HIGH TECH URBAN       5.88     04/25/23      CNY      40.01
JINING NEW CITY DEVELO       7.60     03/23/25      CNY      40.00
JINING NEW CITY DEVELO       7.60     03/23/25      CNY      41.41
JINING PORT & SHIPPING       7.00     11/27/24      CNY      41.00
JINING PORT & SHIPPING       7.00     06/01/25      CNY      67.68
JINKE PROPERTIES GROUP       6.30     03/04/25      CNY      10.00
JINKE PROPERTIES GROUP       6.85     05/28/24      USD      14.59
JINKE PROPERTIES GROUP       5.48     08/25/23      CNY      14.76
JINKE PROPERTIES GROUP       5.00     05/28/24      CNY      30.00
JINKE PROPERTIES GROUP       6.00     07/08/23      CNY      30.77
JINKE PROPERTIES GROUP       6.20     01/28/25      CNY      31.90
JINKE PROPERTIES GROUP       6.30     06/24/25      CNY      32.40
JINKE PROPERTIES GROUP       6.30     02/20/25      CNY      35.00
JINSHA COUNTY CONSTRUC       6.01     09/05/23      CNY      19.97
JINSHA COUNTY CONSTRUC       6.01     09/05/23      CNY      20.11
JINTANG MODERN AGRICUL       5.49     07/14/23      CNY      19.97
JINTANG MODERN AGRICUL       5.49     07/14/23      CNY      20.05
JINXIAN COUNTY CITY CO       6.20     07/24/24      CNY      40.74
JINXIANG COUNTY CITY C       7.50     03/20/26      CNY      56.54
JINXIANG COUNTY CITY C       7.50     03/20/26      CNY      63.22
JINZHAI URBAN DEVELOPM       5.90     04/25/23      CNY      20.01
JINZHAI URBAN DEVELOPM       5.90     04/25/23      CNY      20.01
JINZHOU CIHANG GROUP C       9.00     04/05/20      CNY      33.63
JISHOU HUATAI STATE OW       6.45     09/11/24      CNY      40.00
JISHOU HUATAI STATE OW       6.50     06/21/24      CNY      40.15
JISHOU HUATAI STATE OW       6.45     09/11/24      CNY      40.71
JISHOU HUATAI STATE OW       6.50     06/21/24      CNY      40.76
JUNAN COUNTY URBAN CON       7.50     09/26/24      CNY      39.85
JUNAN COUNTY URBAN CON       7.50     09/26/24      CNY      41.03
JURONG URBAN CONSTRUCT       6.80     11/06/24      CNY      40.00
JURONG URBAN CONSTRUCT       6.89     09/18/24      CNY      40.77
JURONG URBAN CONSTRUCT       6.80     11/06/24      CNY      40.82
JURONG URBAN CONSTRUCT       6.89     09/18/24      CNY      44.84
KAIDI ECOLOGICAL AND E       6.10     09/07/19      CNY       2.92
KAIDI ECOLOGICAL AND E       7.00     12/15/19      CNY      10.00
KAIDI ECOLOGICAL AND E       8.50     11/21/18      CNY      72.46
KAIFENG DEVELOPMENT IN       6.10     09/08/27      CNY      70.00
KAIFENG DEVELOPMENT IN       6.10     09/08/27      CNY      72.30
KAIFU CITY DEVELOPMENT       3.73     08/22/23      CNY      19.97
KAIFU CITY DEVELOPMENT       3.73     08/22/23      CNY      20.01
KAILI GUIZHOU TOWN CON       4.20     10/13/23      CNY      19.72
KAILI GUIZHOU TOWN CON       4.20     10/13/23      CNY      19.86
KANGMEI PHARMACEUTICAL       6.28     03/20/21      CNY      20.50
KANGMEI PHARMACEUTICAL       6.10     03/28/21      CNY      20.50
KANGMEI PHARMACEUTICAL       5.50     04/20/21      CNY      20.50
KANGMEI PHARMACEUTICAL       7.00     06/21/21      CNY      20.50
KANGMEI PHARMACEUTICAL       6.80     06/28/21      CNY      20.50
KANGMEI PHARMACEUTICAL       5.20     07/17/22      CNY      20.50
KANGMEI PHARMACEUTICAL       5.29     08/16/22      CNY      20.50
KANGMEI PHARMACEUTICAL       5.47     09/15/22      CNY      20.50
KANGMEI PHARMACEUTICAL       6.33     01/27/22      CNY      36.69
KUNMING AIRPORT INVEST       7.50     01/28/26      CNY      60.00
KUNMING DIANCHI INVEST       5.75     07/24/24      CNY      38.14
KUNMING DIANCHI INVEST       5.75     07/24/24      CNY      38.67
KUNSHAN CITY CONSTRUCT       5.70     04/24/25      CNY      61.50
KUNSHAN YINQIAO HOLDIN       5.50     10/18/24      CNY      40.92
KUNSHAN YINQIAO HOLDIN       5.50     10/18/24      CNY      44.10
LAI AN URBAN INFRASTRU       6.50     04/18/25      CNY      61.12
LAI AN URBAN INFRASTRU       6.50     04/18/25      CNY      61.60
LANLING COUNTY STATE-O       7.45     03/28/26      CNY      60.00
LANLING COUNTY STATE-O       7.45     03/28/26      CNY      61.96
LAOHEKOU CITY CONSTRUC       6.49     08/16/24      CNY      39.58
LAOHEKOU CITY CONSTRUC       6.49     08/16/24      CNY      40.00
LEPING STATE-OWNED ASS       3.70     10/20/23      CNY      19.96
LEPING STATE-OWNED ASS       3.70     10/20/23      CNY      20.03
LEQING CITY STATE OWNE       6.79     12/14/24      CNY      41.58
LETING INVESTMENT GROU       7.50     04/11/26      CNY      56.45
LETING INVESTMENT GROU       7.50     04/11/26      CNY      61.38
LIANYUNGANG HENGCHI IN       7.45     09/22/24      CNY      39.66
LIANYUNGANG HENGCHI IN       7.45     09/22/24      CNY      39.80
LIANYUNGANG HENGCHI IN       7.40     10/27/24      CNY      40.00
LIANYUNGANG HENGCHI IN       7.40     10/27/24      CNY      40.44
LIANYUNGANG XIANGYUN I       7.03     03/04/26      CNY      59.33
LIANYUNGANG XIANGYUN I       7.03     03/04/26      CNY      60.00
LIAONING GUANLONG CONS       4.70     11/10/23      CNY      20.00
LIAONING GUANLONG CONS       4.70     11/10/23      CNY      20.02
LIJIN CITY CONSTRUCTIO       7.50     12/20/25      CNY      60.00
LIJIN CITY CONSTRUCTIO       7.50     12/20/25      CNY      61.22
LINFEN YAODU DISTRICT        7.50     09/19/25      CNY      63.20
LINQU YISHAN INDUSTRIA       7.20     11/23/24      CNY      37.70
LINQU YISHAN INDUSTRIA       7.20     11/23/24      CNY      40.97
LINWU SHUNFA URBAN CON       7.00     08/23/24      CNY      40.00
LINWU SHUNFA URBAN CON       7.00     08/23/24      CNY      40.44
LINYI CITY DEVELOPMENT       3.85     11/22/23      CNY      19.94
LINYI CITY DEVELOPMENT       3.85     11/22/23      CNY      19.97
LINYI COUNTY CITY DEVE       7.78     03/21/25      CNY      40.00
LINYI COUNTY CITY DEVE       7.78     03/21/25      CNY      41.27
LINYI ZHENDONG CONSTRU       7.50     11/26/25      CNY      60.00
LINYI ZHENDONG CONSTRU       7.50     11/26/25      CNY      60.00
LINYI ZHENDONG CONSTRU       7.50     12/06/25      CNY      60.00
LINYI ZHENDONG CONSTRU       7.50     12/06/25      CNY      62.64
LIUPANSHUI CITY TRAFFI       5.98     05/02/24      CNY      39.53
LIUPANSHUI CITY TRAFFI       5.98     05/02/24      CNY      39.72
LIUYANG MODERN MANUFAC       5.75     05/02/24      CNY      40.31
LIUYANG MODERN MANUFAC       5.75     05/02/24      CNY      40.40
LIUYANG MODERN MANUFAC       5.88     08/10/24      CNY      40.60
LIUYANG MODERN MANUFAC       5.88     08/10/24      CNY      40.70
LIUYANG URBAN CONSTRUC       4.45     05/24/23      CNY      20.00
LIUYANG URBAN CONSTRUC       4.45     05/24/23      CNY      20.01
LIUZHI SPECIAL DISTRIC       7.00     11/16/24      CNY      39.76
LIUZHI SPECIAL DISTRIC       7.00     11/16/24      CNY      40.00
LIUZHOU DONGTONG INVES       4.45     07/22/23      CNY      19.73
LIUZHOU DONGTONG INVES       4.45     07/22/23      CNY      19.89
LIUZHOU LONGJIAN INVES       8.28     04/30/24      CNY      29.88
LIUZHOU LONGJIAN INVES       8.28     04/30/24      CNY      29.97
LIUZHOU LONGJIAN INVES       7.00     09/21/27      CNY      61.50
LIUZHOU LONGJIAN INVES       7.00     09/21/27      CNY      64.34
LONGCHANG DEVELOPMENT        7.09     10/31/24      CNY      40.00
LONGCHANG DEVELOPMENT        7.09     10/31/24      CNY      41.13
LOUDI WANBAO NEW DISTR       4.42     08/01/23      CNY      19.99
LOUDI WANBAO NEW DISTR       4.42     08/01/23      CNY      19.99
LU'AN JIN'AN DISTRICT        5.95     07/24/24      CNY      40.80
LUANCHUAN COUNTY TIANY       8.50     01/23/26      CNY      60.00
LUANCHUAN COUNTY TIANY       8.50     01/23/26      CNY      61.91
LUJIANG CITY CONSTRUCT       5.89     05/02/25      CNY      60.00
LUJIANG CITY CONSTRUCT       5.89     05/02/25      CNY      60.74
LUOHE ECONOMIC DEVELOP       7.50     12/18/25      CNY      62.66
LUOHE ECONOMIC DEVELOP       7.50     12/18/25      CNY      62.66
LUOYANG CITY COUNTRY C       4.28     04/26/23      CNY      20.01
LUOYANG CITY COUNTRY C       4.28     04/26/23      CNY      20.07
LUOYANG SHENGSHI URBAN       7.06     04/11/26      CNY      60.00
LUOYANG SHENGSHI URBAN       7.06     04/11/26      CNY      62.72
LUOYANG XIYUAN STATE-O       7.50     11/15/25      CNY      61.51
LUOYANG XIYUAN STATE-O       7.80     01/29/26      CNY      61.94
LUOYANG XIYUAN STATE-O       7.50     11/15/25      CNY      66.50
LUXI URBAN CONSTRUCTIO       6.80     10/27/24      CNY      40.00
LUXI URBAN CONSTRUCTIO       6.80     10/27/24      CNY      40.50
LUZHOU FUYANG INVESTME       5.00     08/11/23      CNY      19.97
LUZHOU FUYANG INVESTME       5.00     08/11/23      CNY      20.09
LUZHOU HUIXING INVESTM       6.28     10/19/24      CNY      40.53
LUZHOU HUIXING INVESTM       6.28     10/19/24      CNY      41.16
LUZHOU INDUSTRIAL DEVE       7.20     04/12/25      CNY      40.00
LUZHOU INDUSTRIAL DEVE       7.20     04/12/25      CNY      40.30
LUZHOU LIN GANG INVEST       7.00     12/01/24      CNY      40.00
LUZHOU LIN GANG INVEST       7.00     12/01/24      CNY      40.55
LUZHOU LIN GANG INVEST       7.10     02/07/25      CNY      40.84
LUZHOU LIN GANG INVEST       7.10     02/07/25      CNY      41.15
LUZHOU XINGLU INVESTME       6.41     04/23/25      CNY      45.00
LUZHOU XINGLU INVESTME       6.41     04/23/25      CNY      46.44
MA'ANSHAN CIHU HIGH TE       3.90     11/28/23      CNY      20.00
MA'ANSHAN CIHU HIGH TE       3.90     11/28/23      CNY      20.02
MAANSHAN NINGBO INVEST       7.50     04/18/26      CNY      32.00
MAANSHAN NINGBO INVEST       7.80     11/29/25      CNY      60.00
MAANSHAN NINGBO INVEST       7.80     11/29/25      CNY      62.88
MAANSHAN SOUTHERN INDU       4.43     09/02/23      CNY      19.96
MAANSHAN SOUTHERN INDU       4.53     07/25/23      CNY      20.00
MAANSHAN SOUTHERN INDU       4.43     09/02/23      CNY      20.03
MAANSHAN SOUTHERN INDU       4.53     07/25/23      CNY      20.04
MAANSHAN YUSHAN CITY D       5.62     07/31/24      CNY      40.29
MAANSHAN YUSHAN CITY D       5.62     07/31/24      CNY      40.30
MAANSHAN YUSHAN CITY D       5.85     09/22/24      CNY      40.43
MAANSHAN YUSHAN CITY D       5.85     09/22/24      CNY      40.43
MA'ANSHAN ZHENGPU HARB       6.80     03/19/25      CNY      40.00
MA'ANSHAN ZHENGPU HARB       6.00     10/13/24      CNY      40.50
MA'ANSHAN ZHENGPU HARB       6.80     03/19/25      CNY      41.72
MA'ANSHAN ZHENGPU HARB       6.00     10/13/24      CNY      44.26
MEISHAN CITY DONGPO DE       5.90     06/30/23      CNY      20.03
MEISHAN CITY DONGPO DE       5.90     06/30/23      CNY      20.04
MEISHAN CITY DONGPO DE       8.08     08/16/25      CNY      60.00
MEISHAN CITY DONGPO DE       8.00     01/03/26      CNY      60.00
MEISHAN CITY DONGPO DE       8.08     08/16/25      CNY      62.58
MEISHAN CITY DONGPO DE       8.00     01/03/26      CNY      63.25
MEISHAN MINDONG DEVELO       6.78     08/08/24      CNY      40.21
MEISHAN MINDONG DEVELO       6.78     08/08/24      CNY      40.22
MENGCHENG COUNTY URBAN       5.60     09/21/24      CNY      40.63
MENGZHOU INVESTMENT AN       8.00     09/03/25      CNY      60.00
MENGZHOU INVESTMENT AN       8.00     11/06/25      CNY      60.00
MENGZHOU INVESTMENT AN       8.00     09/03/25      CNY      62.61
MENGZHOU INVESTMENT AN       8.00     11/06/25      CNY      62.96
MENGZI CITY DEVELOPMEN       7.65     09/25/24      CNY      41.07
MENGZI CITY DEVELOPMEN       7.65     09/25/24      CNY      41.07
MENGZI CITY DEVELOPMEN       8.00     03/25/26      CNY      57.90
MENGZI CITY DEVELOPMEN       8.00     03/25/26      CNY      63.69
MIAN YANG ECONOMIC DEV       8.20     03/15/26      CNY      60.00
MIAN YANG ECONOMIC DEV       8.20     03/15/26      CNY      62.60
MIANYANG ANZHOU INVEST       8.10     05/04/25      CNY      60.00
MIANYANG ANZHOU INVEST       8.10     11/22/25      CNY      60.00
MIANYANG ANZHOU INVEST       8.10     05/04/25      CNY      60.80
MIANYANG ANZHOU INVEST       8.10     11/22/25      CNY      63.00
MIANYANG HONGDA ASSET        7.20     09/29/24      CNY      40.00
MIANYANG HONGDA ASSET        7.20     09/29/24      CNY      40.95
MIANYANG HUIDONG INVES       8.10     02/10/25      CNY      40.82
MIANYANG HUIDONG INVES       8.10     04/28/25      CNY      62.96
MIANZHU CITY JINSHEN I       7.87     12/18/25      CNY      61.57
MIANZHU CITY JINSHEN I       7.87     12/18/25      CNY      63.07
MILE AGRICULTURAL INVE       7.60     02/27/26      CNY      55.82
MILE AGRICULTURAL INVE       8.00     10/25/25      CNY      59.00
MILE AGRICULTURAL INVE       8.00     10/25/25      CNY      60.60
MILE AGRICULTURAL INVE       7.60     02/27/26      CNY      63.11
MINGGUANG YUELONG INVE       6.54     05/03/25      CNY      61.13
MUDANJIANG LONGSHENG I       7.50     09/27/25      CNY      62.36
MUNICIPALITY OF SHENZH       3.27     03/29/24      CNY      30.00
MUNICIPALITY OF SHENZH       3.27     03/29/24      CNY      30.00
MUNICIPALITY OF SHENZH       3.27     03/29/24      CNY      30.22
MUNICIPALITY OF SHENZH       3.15     01/14/25      CNY      33.33
MUNICIPALITY OF SHENZH       3.15     01/14/25      CNY      33.33
MUNICIPALITY OF SHENZH       3.15     01/14/25      CNY      33.56
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      37.50
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      37.50
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      37.90
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      39.32
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      39.32
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      39.74
MUNICIPALITY OF SHENZH       3.31     01/14/27      CNY      50.00
MUNICIPALITY OF SHENZH       3.31     01/14/27      CNY      50.00
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      50.42
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      50.42
MUNICIPALITY OF SHENZH       3.31     01/14/27      CNY      50.61
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      50.97
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      60.00
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      60.00
MUNICIPALITY OF SHENZH       3.37     03/29/26      CNY      60.74
MUNICIPALITY OF SHENZH       3.34     06/18/24      CNY      66.66
MUNICIPALITY OF SHENZH       3.34     06/18/24      CNY      66.66
MUNICIPALITY OF SHENZH       3.34     06/18/24      CNY      67.04
MUNICIPALITY OF SHENZH       2.84     04/03/30      CNY      69.61
MUNICIPALITY OF SHENZH       3.50     06/18/29      CNY      70.00
MUNICIPALITY OF SHENZH       3.50     06/18/29      CNY      70.00
MUNICIPALITY OF SHENZH       3.37     01/14/30      CNY      70.00
MUNICIPALITY OF SHENZH       3.37     01/14/30      CNY      70.00
MUNICIPALITY OF SHENZH       2.84     04/03/30      CNY      70.00
MUNICIPALITY OF SHENZH       2.84     04/03/30      CNY      70.00
MUNICIPALITY OF SHENZH       3.37     01/14/30      CNY      71.23
MUNICIPALITY OF SHENZH       3.50     06/18/29      CNY      71.24
MUNICIPALITY OF SHENZH       2.80     05/19/27      CNY      74.00
MUNICIPALITY OF SHENZH       2.80     05/19/27      CNY      74.00
MUNICIPALITY OF SHENZH       2.80     05/19/27      CNY      74.03
NANCHANG CITY CONSTRUC       3.58     09/12/26      CNY      70.50
NANCHANG CITY CONSTRUC       3.58     09/12/26      CNY      70.62
NANCHANG ECONOMY TECHN       3.83     09/22/23      CNY      19.99
NANCHANG ECONOMY TECHN       3.83     09/22/23      CNY      20.02
NANCHONG JIALING DEVEL       7.80     12/12/24      CNY      40.00
NANCHONG JIALING DEVEL       7.80     12/12/24      CNY      41.17
NANCHONG JIALING DEVEL       7.98     05/23/25      CNY      60.00
NANCHONG JIALING DEVEL       7.98     05/23/25      CNY      60.50
NANJING BINJIANG INVES       5.77     11/30/25      CNY      60.00
NANJING BINJIANG INVES       5.77     11/30/25      CNY      62.07
NANJING JIANGBEI NEW D       6.00     12/06/24      CNY      40.00
NANJING JIANGBEI NEW D       6.00     12/06/24      CNY      41.26
NANJING JIANGBEI NEW D       6.90     06/15/25      CNY      62.35
NANJING JIANGBEI NEW D       6.90     06/15/25      CNY      65.88
NANJING JIANGBEI NEW T       5.59     09/26/24      CNY      40.84
NANJING JIANGBEI NEW T       5.59     09/26/24      CNY      42.50
NANJING JIANGNING ECON       7.94     04/14/24      CNY      30.73
NANJING JIANGNING URBA       3.48     11/11/23      CNY      19.98
NANJING JIANGNING URBA       3.48     11/11/23      CNY      20.07
NANJING JIANYE SCIENCE       4.37     06/24/23      CNY      20.02
NANJING JIANYE SCIENCE       4.37     06/24/23      CNY      20.07
NANJING LISHUI ECONOMI       3.41     11/09/23      CNY      19.96
NANJING LISHUI URBAN C       4.97     04/28/23      CNY      20.00
NANJING LISHUI URBAN C       4.97     04/28/23      CNY      20.00
NANJING LISHUI URBAN C       5.40     07/31/25      CNY      60.96
NANJING LISHUI URBAN C       5.40     07/31/25      CNY      63.87
NANJING METRO GROUP CO       3.29     08/29/23      CNY      20.05
NANJING METRO GROUP CO       3.29     08/29/23      CNY      20.05
NANJING METRO GROUP CO       4.22     11/28/23      CNY      40.30
NANJING METRO GROUP CO       4.22     11/28/23      CNY      40.36
NANJING PUKOU COMMUNIC       5.46     07/19/24      CNY      40.68
NANJING QIXIA STATE-OW       4.10     06/24/23      CNY      20.01
NANJING QIXIA STATE-OW       4.10     06/24/23      CNY      20.05
NANLING COUNTY CONSTRU       6.20     09/06/24      CNY      40.00
NANLING COUNTY CONSTRU       6.20     09/06/24      CNY      40.35
NANNING HI-TECH INDUST       3.82     10/20/23      CNY      19.88
NANNING HI-TECH INDUST       3.82     10/20/23      CNY      19.89
NANPING CITY WUYI NEW        7.19     03/21/26      CNY      61.10
NANPING CITY WUYI NEW        7.19     03/21/26      CNY      62.59
NANTONG CITY TONGZHOU        4.88     04/10/24      CNY      19.80
NANTONG CITY TONGZHOU        3.75     07/07/23      CNY      20.03
NANTONG CITY TONGZHOU        3.75     07/07/23      CNY      20.06
NANTONG CITY TONGZHOU        4.88     04/10/24      CNY      20.30
NANTONG KAIYUAN INVEST       7.25     11/29/24      CNY      41.06
NANTONG KAIYUAN INVEST       7.25     11/29/24      CNY      41.18
NANTONG SHIBEI HI-TECH       5.98     08/07/24      CNY      40.53
NANTONG SHIBEI HI-TECH       5.98     08/07/24      CNY      40.73
NANTONG YUNTONG PORT D       6.13     08/10/24      CNY      40.52
NANYANG HI-TECH DEVELO       6.45     04/29/23      CNY      20.00
NANYANG HI-TECH DEVELO       6.45     04/29/23      CNY      20.01
NANZHANG COUNTY CONSTR       6.00     01/20/24      CNY      20.32
NANZHANG COUNTY CONSTR       6.00     01/20/24      CNY      20.36
NANZHANG COUNTY CONSTR       6.58     10/25/24      CNY      40.00
NANZHANG COUNTY CONSTR       6.58     10/25/24      CNY      40.87
NEIJIANG XINGYUAN INDU       4.28     08/16/23      CNY      19.98
NEIJIANG XINGYUAN INDU       4.28     08/16/23      CNY      19.99
NEOGLORY HOLDING GROUP       8.00     10/22/20      CNY      56.00
NEOGLORY HOLDING GROUP       8.00     09/25/20      CNY      60.00
NEOGLORY HOLDING GROUP       8.10     11/23/18      CNY      72.00
NINGGUO CITY STATE OWN       7.14     08/07/24      CNY      40.80
NINGGUO CITY STATE OWN       7.14     08/07/24      CNY      40.83
NINGXIA SHENG YAN INDU       7.50     09/27/23      CNY      42.45
NINGXIANG CITY CONSTRU       6.00     06/02/26      CNY      62.18
NINGXIANG STATE-OWNED        3.88     11/02/23      CNY      19.93
NINGXIANG STATE-OWNED        4.89     06/03/23      CNY      20.00
NINGXIANG STATE-OWNED        3.88     11/02/23      CNY      20.03
NINGXIANG STATE-OWNED        4.89     06/03/23      CNY      20.04
ONE BELT ONE ROAD JIAN       4.70     07/15/23      CNY      20.03
ONE BELT ONE ROAD JIAN       4.70     07/15/23      CNY      20.06
PANJIN CITY SHUANGTAIZ       8.50     01/29/26      CNY      63.84
PANJIN CITY SHUANGTAIZ       8.50     01/29/26      CNY      63.84
PANJIN CITY SHUANGTAIZ       8.70     12/20/25      CNY      63.85
PANJIN CITY SHUANGTAIZ       8.70     12/20/25      CNY      63.86
PANJIN WATER GROUP CO        5.18     10/28/23      CNY      19.49
PEIXIAN ECONOMIC DEVEL       6.20     10/24/25      CNY      61.76
PEIXIAN ECONOMIC DEVEL       6.20     10/24/25      CNY      62.29
PEIXIAN STATE-OWNED AS       5.98     07/19/24      CNY      40.00
PEIXIAN STATE-OWNED AS       5.98     07/19/24      CNY      40.44
PEKING UNIVERSITY FOUN       6.20     05/31/20      CNY      11.00
PEKING UNIVERSITY FOUN       6.15     07/23/20      CNY      11.00
PEKING UNIVERSITY FOUN       6.30     09/12/20      CNY      11.00
PEKING UNIVERSITY FOUN       4.80     07/26/21      CNY      11.00
PEKING UNIVERSITY FOUN       6.10     08/22/21      CNY      11.00
PEKING UNIVERSITY FOUN       5.99     11/02/21      CNY      11.00
PEKING UNIVERSITY FOUN       5.80     01/28/22      CNY      11.00
PEKING UNIVERSITY FOUN       6.68     08/09/23      CNY      11.00
PEKING UNIVERSITY FOUN       6.50     11/16/23      CNY      11.00
PEKING UNIVERSITY FOUN       6.30     03/04/24      CNY      11.00
PENGSHAN DEVELOPMENT H       7.00     09/05/24      CNY      40.00
PENGSHAN DEVELOPMENT H       7.00     09/05/24      CNY      40.53
PENGSHAN DEVELOPMENT H       7.98     05/03/25      CNY      58.31
PENGSHAN DEVELOPMENT H       7.98     05/03/25      CNY      61.57
PENGZE CITY DEVELOPMEN       7.00     04/19/25      CNY      60.00
PENGZE CITY DEVELOPMEN       7.00     04/19/25      CNY      61.29
PENGZE CITY DEVELOPMEN       7.60     08/31/25      CNY      61.36
PENGZE CITY DEVELOPMEN       7.60     08/31/25      CNY      62.21
PENGZHOU INDUSTRY INVE       3.95     10/20/23      CNY      19.76
PINGDU STATE-OWNED ASS       6.05     07/11/25      CNY      60.00
PINGDU STATE-OWNED ASS       6.05     07/11/25      CNY      61.66
PINGHU CITY INVESTMENT       5.13     04/29/23      CNY      20.00
PINGHU CITY INVESTMENT       5.13     04/29/23      CNY      20.00
PINGJIANG COUNTY WATER       6.64     06/27/26      CNY      59.10
PINGLIANG CHENGXIANG C       7.80     03/29/26      CNY      59.27
PINGLIANG CHENGXIANG C       7.80     03/29/26      CNY      63.51
PINGXIANG HUIFENG INVE       5.79     09/21/24      CNY      40.41
PINGXIANG HUIFENG INVE       5.79     09/21/24      CNY      40.48
PINGYANG STATE-OWNED A       6.90     08/24/27      CNY      70.00
PINGYANG STATE-OWNED A       6.90     08/24/27      CNY      74.15
PIZHOU ECONOMIC DEVELO       6.66     09/19/24      CNY      40.44
PIZHOU ECONOMIC DEVELO       6.66     09/19/24      CNY      47.00
POYANG INVESTMENT & DE       6.53     08/08/24      CNY      40.00
POYANG INVESTMENT & DE       6.53     08/08/24      CNY      40.35
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.66     04/01/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.66     04/01/25      CNY      70.00
PROVINCE OF HEBEI CHIN       2.66     04/01/25      CNY      70.07
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.26
PROVINCE OF HEBEI CHIN       2.84     03/04/25      CNY      70.29
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.42
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.42
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.42
PROVINCE OF HEBEI CHIN       3.17     08/22/24      CNY      70.42
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.48
PROVINCE OF HEBEI CHIN       3.22     09/19/24      CNY      70.48
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.56
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.56
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.56
PROVINCE OF HEBEI CHIN       3.17     01/10/25      CNY      70.66
PUCHENG INVESTMENT DEV       6.57     08/10/24      CNY      40.00
PUCHENG INVESTMENT DEV       6.57     08/10/24      CNY      40.45
PUDING YELANG STATE-OW       7.79     11/13/24      CNY      41.71
PUDING YELANG STATE-OW       8.00     03/13/25      CNY      41.81
PUDING YELANG STATE-OW       8.00     03/13/25      CNY      45.00
PUER CITY SI MAO GUO T       7.50     03/14/26      CNY      60.00
PUER CITY SI MAO GUO T       7.50     03/14/26      CNY      63.08
PUYANG INVESTMENT GROU       5.18     08/17/24      CNY      40.51
PUYANG INVESTMENT GROU       5.18     08/17/24      CNY      40.51
QIANDONGNANZHOU KAIHON       5.30     09/22/26      CNY      58.20
QIANDONGNANZHOU KAIHON       5.30     09/22/26      CNY      58.90
QIANJIANG URBAN CONSTR       5.67     01/16/26      CNY      61.60
QIANJIANG URBAN CONSTR       5.67     01/16/26      CNY      61.86
QIANNAN AUTONOMOUS PRE       6.99     04/19/24      CNY      40.46
QIANNAN AUTONOMOUS PRE       6.99     04/19/24      CNY      40.46
QIANNAN AUTONOMOUS PRE       6.98     07/06/24      CNY      40.64
QIANNAN AUTONOMOUS PRE       6.98     07/06/24      CNY      40.64
QIANNANZHOU INVESTMENT       6.77     07/28/24      CNY      38.00
QIANNANZHOU INVESTMENT       6.77     07/28/24      CNY      40.63
QIANNANZHOU INVESTMENT       8.00     01/02/26      CNY      53.50
QIANNANZHOU INVESTMENT       8.00     01/02/26      CNY      63.28
QIANSHAN CITY QIANRUN        6.98     01/19/25      CNY      40.00
QIANSHAN CITY QIANRUN        6.98     01/19/25      CNY      41.65
QIANXINAN AUTONOMOUS R       5.90     06/22/23      CNY      20.01
QIANXINAN AUTONOMOUS R       5.90     06/22/23      CNY      20.05
QICHUN COUNTY CONSTRUC       4.96     10/18/23      CNY      20.11
QICHUN COUNTY CONSTRUC       4.96     10/18/23      CNY      20.12
QIDONG URBAN CONSTRUCT       5.25     08/16/24      CNY      39.50
QIDONG URBAN CONSTRUCT       5.25     08/16/24      CNY      40.63
QINGDAO CHANGYANG INVE       3.73     09/12/23      CNY      19.88
QINGDAO CHANGYANG INVE       3.73     09/12/23      CNY      19.89
QINGDAO CHINA PROSPERI       6.08     11/05/25      CNY      62.25
QINGDAO HAIFA STATE-OW       4.26     06/06/23      CNY      20.01
QINGDAO HAIFA STATE-OW       4.26     06/06/23      CNY      20.03
QINGDAO HAIFA STATE-OW       6.28     04/04/25      CNY      41.45
QINGDAO HAIFA STATE-OW       6.28     04/04/25      CNY      45.25
QINGDAO JIMO DISTRICT        5.35     07/10/24      CNY      40.42
QINGDAO JIMO DISTRICT        5.35     07/10/24      CNY      40.45
QINGDAO JIMO DISTRICT        6.27     10/15/25      CNY      60.00
QINGDAO JIMO DISTRICT        6.27     10/15/25      CNY      61.46
QINGDAO OCEAN INVESTME       4.36     05/12/23      CNY      20.00
QINGDAO OCEAN INVESTME       4.36     05/12/23      CNY      20.02
QINGDAO SHAOHAI INVEST       6.47     10/31/24      CNY      40.28
QINGDAO SHAOHAI INVEST       6.47     10/31/24      CNY      40.72
QINGHAI PROVINCIAL INV       6.40     07/10/21      USD      20.00
QINGHAI PROVINCIAL INV       7.25     02/22/20      USD      20.55
QINGHAI PROVINCIAL INV       7.88     03/22/21      USD      20.66
QINGZHEN CITY CONSTRUC       7.50     03/18/26      CNY      61.26
QINGZHEN CITY CONSTRUC       7.50     03/18/26      CNY      63.02
QINGZHOU CITY CONSTRUC       6.80     08/25/24      CNY      38.50
QINGZHOU CITY CONSTRUC       6.40     07/10/24      CNY      39.24
QINGZHOU CITY CONSTRUC       6.40     07/10/24      CNY      40.00
QINGZHOU CITY CONSTRUC       6.80     08/25/24      CNY      40.60
QINGZHOU HONGYUAN PUBL       7.60     06/17/27      CNY      74.95
QINHUANGDAO DEVELOPMEN       4.07     08/26/23      CNY      19.97
QINHUANGDAO DEVELOPMEN       4.07     08/26/23      CNY      19.97
QUANJIAO URBAN INFRAST       5.10     05/18/23      CNY      20.01
QUANJIAO URBAN INFRAST       5.10     05/18/23      CNY      20.02
QUJING CITY QILIN DIST       8.50     01/21/26      CNY      56.42
QUJING CITY QILIN DIST       8.50     01/21/26      CNY      60.00
QUJING ECO TECH DEVELO       5.75     06/01/23      CNY      19.97
QUJING ECO TECH DEVELO       5.75     06/01/23      CNY      20.03
RED STAR MACALLINE HOL       6.50     11/07/23      CNY      29.05
RED STAR MACALLINE HOL       7.00     12/23/25      CNY      52.75
RENHUAI WATER INVESTME       7.98     02/24/25      CNY      40.73
RENHUAI WATER INVESTME       8.00     12/26/25      CNY      58.01
RENHUAI WATER INVESTME       7.98     07/26/25      CNY      62.38
REWARD SCIENCE AND TEC       5.53     07/05/21      CNY      29.10
REWARD SCIENCE AND TEC       6.40     03/03/22      CNY      70.00
RONGCHENG ECONOMIC DEV       5.75     04/24/25      CNY      60.50
RONGCHENG ECONOMIC DEV       5.75     04/24/25      CNY      61.47
RONGQIAO GROUP CO LTD        6.50     06/03/23      CNY      64.00
RONGXIN FUJIAN INVESTM       6.50     07/06/26      CNY      24.00
RONGXIN FUJIAN INVESTM       5.42     08/19/24      CNY      31.00
RONGXIN FUJIAN INVESTM       5.60     07/27/23      CNY      33.00
RONGXIN FUJIAN INVESTM       6.45     07/03/23      CNY      67.50
RONGXIN FUJIAN INVESTM       6.78     07/03/24      CNY      72.80
RUCHENG COUNTY URBAN C       5.69     02/23/24      CNY      25.45
RUCHENG COUNTY URBAN C       5.69     02/23/24      CNY      25.45
RUCHENG SHUNXING INVES       7.50     01/07/26      CNY      60.00
RUCHENG SHUNXING INVES       7.50     01/07/26      CNY      63.54
RUDONG COUNTY JINXIN T       4.57     07/26/23      CNY      20.00
RUDONG COUNTY JINXIN T       3.80     07/26/23      CNY      20.02
RUDONG COUNTY JINXIN T       3.80     07/26/23      CNY      20.03
RUDONG COUNTY JINXIN T       4.57     07/26/23      CNY      20.05
RUDONG NEW WORLD INVES       4.37     07/18/23      CNY      20.00
RUDONG NEW WORLD INVES       4.37     07/18/23      CNY      20.05
RUICHANG CITY INVESTME       5.50     06/17/23      CNY      19.98
RUIJIN URBAN DEVELOPME       4.13     09/06/23      CNY      19.95
RUIJIN URBAN DEVELOPME       4.13     09/06/23      CNY      19.95
RUILI RENLONG INVESTME       8.00     09/20/26      CNY      74.80
RUSHAN INDUSTRIAL INVE       7.40     06/07/25      CNY      61.21
RUSHAN INDUSTRIAL INVE       7.40     06/07/25      CNY      64.24
RUZHOU CITY XINYUAN IN       4.43     09/26/23      CNY      19.75
RUZHOU CITY XINYUAN IN       4.43     09/26/23      CNY      20.00
SANMING INVESTMENT DEV       5.10     04/17/24      CNY      20.29
SANMING INVESTMENT DEV       5.10     04/17/24      CNY      40.30
SHAANXI ANKANG HIGH TE       6.85     03/28/26      CNY      60.00
SHAANXI ANKANG HIGH TE       6.85     03/28/26      CNY      62.45
SHAANXI XIXIAN NEW ARE       5.10     06/06/23      CNY      20.00
SHAANXI XIXIAN NEW ARE       5.10     06/06/23      CNY      20.04
SHAANXI XIXIAN NEW ARE       7.10     08/23/24      CNY      40.36
SHAANXI XIXIAN NEW ARE       7.10     08/23/24      CNY      40.79
SHAANXI XIXIAN NEW ARE       6.67     08/23/24      CNY      40.00
SHAANXI XIXIAN NEW ARE       6.67     08/23/24      CNY      40.66
SHANDONG HONGHE HOLDIN       7.50     01/29/26      CNY      62.10
SHANDONG OCEAN CULTURE       7.50     03/28/26      CNY      63.12
SHANDONG RENCHENG RONG       7.50     01/23/26      CNY      59.08
SHANDONG RUYI TECHNOLO       7.90     09/18/23      CNY      52.10
SHANDONG TAIFENG HOLDI       7.99     12/16/23      CNY      50.08
SHANDONG URBAN CAPITAL       7.50     04/12/26      CNY      54.58
SHANDONG URBAN CAPITAL       7.50     04/12/26      CNY      61.90
SHANGHAI MUNICIPAL INV       4.80     11/05/24      CNY      30.31
SHANGHAI MUNICIPAL INV       4.80     11/05/24      CNY      30.39
SHANGHAI POWERLONG IND       6.50     08/27/23      CNY      58.05
SHANGHAI POWERLONG IND       6.60     01/11/24      CNY      59.08
SHANGHAI POWERLONG IND       6.50     08/07/23      CNY      63.50
SHANGHAI POWERLONG IND       5.70     06/10/26      CNY      65.00
SHANGHAI SHIMAO CO LTD       5.15     03/16/24      CNY      19.49
SHANGHAI SHIMAO CO LTD       3.94     12/28/26      CNY      24.00
SHANGHAI SHIMAO CO LTD       5.50     05/06/23      CNY      26.50
SHANGHAI SHIMAO CO LTD       4.24     10/21/23      CNY      26.50
SHANGHAI SHIMAO CO LTD       4.12     01/09/24      CNY      26.50
SHANGHAI SHIMAO CO LTD       3.99     12/28/26      CNY      28.56
SHANGHAI SHIMAO CO LTD       3.60     12/28/26      CNY      31.07
SHANGHAI SHIMAO CO LTD       3.76     12/28/26      CNY      34.16
SHANGHAI SHIMAO CO LTD       4.15     12/28/26      CNY      47.70
SHANGHAI SHIMAO JIANSH       4.80     11/11/26      CNY      14.50
SHANGHAI SHIMAO JIANSH       4.15     10/16/24      CNY      15.95
SHANGHAI SHIMAO JIANSH       4.30     11/11/24      CNY      17.00
SHANGHAI SHIMAO JIANSH       3.90     08/27/25      CNY      21.59
SHANGHAI SHIMAO JIANSH       3.90     03/25/27      CNY      26.00
SHANGHAI SHIMAO JIANSH       3.20     05/11/25      CNY      26.27
SHANGHAI SHIMAO JIANSH       3.23     03/25/25      CNY      28.00
SHANGHAI SHIMAO JIANSH       4.30     09/19/24      CNY      29.99
SHANGLI INVESTMENT CO        7.50     06/01/25      CNY      60.07
SHANGLI INVESTMENT CO        7.80     01/22/26      CNY      60.49
SHANGLI INVESTMENT CO        7.80     01/22/26      CNY      61.53
SHANGLI INVESTMENT CO        7.50     06/01/25      CNY      61.83
SHANGQIU GUCHENG PROTE       5.08     05/22/23      CNY      40.03
SHANGRAO CITY CONSTRUC       5.45     12/26/25      CNY      60.48
SHANGRAO GUANGXIN URBA       7.95     07/24/25      CNY      61.38
SHANGRAO GUANGXIN URBA       7.95     07/24/25      CNY      61.44
SHANTOU INVESTMENT HOL       7.99     03/04/24      CNY      15.50
SHANTOU INVESTMENT HOL       7.99     03/04/24      CNY      15.54
SHANWEI INVESTMENT HOL       5.68     11/09/24      CNY      40.85
SHANWEI INVESTMENT HOL       5.68     11/09/24      CNY      40.97
SHAODONG NEW AREA DEVE       7.10     04/19/24      CNY      40.49
SHAODONG NEW AREA DEVE       7.10     04/19/24      CNY      40.49
SHAOGUAN URBAN INVESTM       3.67     10/25/24      CNY      40.10
SHAOGUAN URBAN INVESTM       3.67     10/25/24      CNY      40.13
SHAOSHAN HI-TECH CONST       8.00     05/02/25      CNY      60.86
SHAOSHAN HI-TECH CONST       8.00     05/02/25      CNY      60.91
SHAOXING KEQIAO CITY C       3.64     09/19/23      CNY      19.97
SHAOXING KEQIAO CITY C       3.64     09/19/23      CNY      19.98
SHAOXING KEQIAO CITY C       5.74     08/03/24      CNY      40.00
SHAOXING KEQIAO CITY C       5.74     08/03/24      CNY      40.71
SHAOXING KEYAN CONSTRU       5.88     12/04/25      CNY      61.99
SHAOYANG BAOQING INDUS       5.78     07/04/26      CNY      56.50
SHAOYANG CITY CONSTRUC       5.98     09/01/24      CNY      40.00
SHAOYANG CITY CONSTRUC       5.98     09/01/24      CNY      40.36
SHAOYANG SAISHUANGQING       7.20     03/26/25      CNY      40.00
SHAOYANG SAISHUANGQING       7.20     03/26/25      CNY      41.60
SHAOYANG SAISHUANGQING       8.00     11/28/25      CNY      60.00
SHAOYANG SAISHUANGQING       8.00     11/28/25      CNY      63.99
SHEHONG STATE OWNED AS       7.30     12/14/24      CNY      40.00
SHEHONG STATE OWNED AS       7.30     12/14/24      CNY      41.45
SHEHONG STATE OWNED AS       7.60     10/22/25      CNY      43.08
SHEHONG STATE OWNED AS       7.50     08/22/25      CNY      60.00
SHEHONG STATE OWNED AS       7.60     10/22/25      CNY      60.00
SHEHONG STATE OWNED AS       7.60     10/25/25      CNY      60.00
SHEHONG STATE OWNED AS       7.60     10/25/25      CNY      62.99
SHEHONG STATE OWNED AS       7.50     08/22/25      CNY      63.01
SHENGZHOU INVESTMENT H       5.35     07/20/24      CNY      40.56
SHENGZHOU INVESTMENT H       5.35     07/20/24      CNY      40.74
SHENWU ENVIRONMENTAL T       9.00     03/14/19      CNY       1.50
SHENZHEN LOGAN HOLDING       4.80     11/10/26      CNY      18.50
SHENZHEN LOGAN HOLDING       4.80     11/10/26      CNY      19.00
SHENZHEN LOGAN HOLDING       5.09     11/10/26      CNY      19.00
SHENZHEN LOGAN HOLDING       4.70     11/10/26      CNY      19.50
SHENZHEN LOGAN HOLDING       4.80     11/10/26      CNY      19.90
SHENZHEN LOGAN HOLDING       4.69     11/10/26      CNY      20.50
SHENZHEN LOGAN HOLDING       4.90     03/25/25      CNY      25.75
SHENZHEN LOGAN HOLDING       4.50     08/05/23      CNY      26.00
SHENZHEN LOGAN HOLDING       4.60     11/20/22      CNY      28.26
SHENZHEN LOGAN HOLDING       5.50     06/19/23      CNY      35.50
SHENZHEN METRO GROUP C       6.75     01/24/24      CNY      15.37
SHENZHEN METRO GROUP C       6.75     01/24/24      CNY      15.40
SHEYANG URBAN CONSTRUC       7.80     11/27/24      CNY      40.80
SHEYANG URBAN CONSTRUC       7.80     11/27/24      CNY      41.04
SHEYANG URBAN INVESTME       5.33     03/14/26      CNY      58.85
SHEYANG URBAN INVESTME       5.33     03/14/26      CNY      61.71
SHEYANG URBAN INVESTME       7.39     04/12/26      CNY      62.00
SHEYANG URBAN INVESTME       7.39     04/12/26      CNY      63.13
SHIFANG CITY NATIONAL        8.00     12/05/25      CNY      57.39
SHIFANG CITY NATIONAL        8.00     12/05/25      CNY      63.11
SHIJIAZHUANG HUTUO NEW       5.28     12/24/25      CNY      35.35
SHIJIAZHUANG HUTUO NEW       5.28     12/24/25      CNY      35.95
SHISHOU BOYA CITY CONS       6.98     06/15/24      CNY      40.59
SHIYAN CITY CHENGTOU P       7.80     02/13/26      CNY      58.53
SHIYAN ECO DEVELOPMENT       3.98     08/05/23      CNY      19.94
SHIYAN ECO DEVELOPMENT       3.98     08/05/23      CNY      19.94
SHIYAN HANJIANG STAR C       6.40     07/10/24      CNY      40.36
SHIYAN STATE-OWNED CAP       4.88     01/11/26      CNY      45.60
SHIYAN STATE-OWNED CAP       4.88     01/11/26      CNY      45.62
SHIZHU TUJIA HONGSHENG       7.00     11/13/24      CNY      32.00
SHIZHU TUJIA HONGSHENG       7.00     11/13/24      CNY      40.97
SHOU COUNTY STATE-OWNE       6.20     10/13/24      CNY      40.00
SHOU COUNTY STATE-OWNE       6.20     10/13/24      CNY      40.44
SHUCHENG COUNTY URBAN        5.50     04/29/23      CNY      20.01
SHUCHENG COUNTY URBAN        5.50     04/29/23      CNY      20.01
SHUOZHOU INVESTMENT CO       7.50     10/23/25      CNY      61.23
SHUOZHOU INVESTMENT CO       7.80     12/25/25      CNY      61.58
SHUOZHOU INVESTMENT CO       7.50     10/23/25      CNY      61.60
SHUOZHOU INVESTMENT CO       7.80     12/25/25      CNY      62.00
SICHUAN CHENG'A DEVELO       7.50     11/06/24      CNY      40.00
SICHUAN CHENG'A DEVELO       7.50     11/29/24      CNY      40.00
SICHUAN CHENG'A DEVELO       7.25     01/28/24      CNY      41.00
SICHUAN CHENG'A DEVELO       7.50     11/06/24      CNY      41.46
SICHUAN CHENG'A DEVELO       7.50     11/29/24      CNY      41.52
SICHUAN COAL GASIFICAT       7.00     04/18/23      CNY      20.00
SICHUAN COAL INDUSTRY        7.70     01/09/18      CNY      45.00
SICHUAN JINCAI JINXIN        7.08     07/31/24      CNY      40.74
SICHUAN JINCAI JINXIN        7.08     07/31/24      CNY      40.74
SICHUAN LANGUANG DEVEL       7.50     07/11/21      CNY      12.63
SICHUAN LANGUANG DEVEL       6.50     07/29/21      CNY      12.63
SICHUAN LANGUANG DEVEL       7.50     08/12/21      CNY      12.63
SICHUAN LANGUANG DEVEL       7.00     09/29/22      CNY      12.63
SICHUAN LANGUANG DEVEL       7.00     10/26/22      CNY      12.63
SICHUAN LANGUANG DEVEL       7.20     03/11/23      CNY      12.63
SICHUAN LANGUANG DEVEL       7.20     05/11/23      CNY      12.63
SICHUAN LANGUANG DEVEL       7.15     03/16/23      CNY      24.00
SICHUAN LANGUANG DEVEL       7.40     09/14/21      CNY      30.45
SICHUAN LANGUANG DEVEL       7.50     07/23/22      CNY      42.00
SICHUAN LANGZHONG FAMO       5.60     04/19/23      CNY      20.00
SICHUAN LANGZHONG FAMO       5.60     04/19/23      CNY      20.00
SICHUAN LONGYANG TIANF       5.45     05/27/23      CNY      20.00
SICHUAN LONGYANG TIANF       5.45     05/27/23      CNY      20.01
SICHUAN QINBA NEWCITY        6.68     07/07/24      CNY      39.61
SICHUAN QINBA NEWCITY        6.91     07/25/24      CNY      39.80
SICHUAN QINBA NEWCITY        6.91     07/25/24      CNY      39.81
SICHUAN QINBA NEWCITY        6.68     07/07/24      CNY      40.00
SICHUAN RENSHOU XINLON       7.00     06/27/24      CNY      40.64
SINO-OCEAN CAPITAL           5.30     06/10/24      CNY      35.00
SINO-OCEAN CAPITAL           5.30     09/09/23      CNY      40.00
SINO-OCEAN HOLDING GRO       4.76     10/19/25      CNY      49.50
SINO-OCEAN HOLDING GRO       5.00     08/19/25      CNY      51.00
SINO-OCEAN HOLDING GRO       4.06     09/27/26      CNY      58.00
SINO-OCEAN HOLDING GRO       5.32     03/18/25      CNY      59.94
SINO-OCEAN HOLDING GRO       4.20     05/12/26      CNY      64.30
SINO-OCEAN HOLDING GRO       4.59     03/20/26      CNY      68.80
SINO-OCEAN HOLDING GRO       4.60     01/21/24      CNY      70.20
SINO-OCEAN HOLDING GRO       5.50     03/20/24      CNY      72.11
SIXIAN CITY CONSCTRUCT       6.50     04/16/25      CNY      41.64
SIXIAN CITY CONSCTRUCT       6.50     04/16/25      CNY      60.00
SIYANG COUNTY MINKANG        7.40     07/31/24      CNY      40.83
SIYANG COUNTY MINKANG        7.40     07/31/24      CNY      40.83
SIYANG JIADING INDUSTR       7.50     12/14/25      CNY      60.80
SIYANG JIADING INDUSTR       7.50     04/27/25      CNY      61.66
SIYANG JIADING INDUSTR       7.50     04/27/25      CNY      61.66
SIYANG JIADING INDUSTR       7.50     12/14/25      CNY      62.65
SUINING COUNTY RUNQI I       6.78     11/02/24      CNY      40.38
SUINING COUNTY RUNQI I       6.78     11/02/24      CNY      41.30
SUINING FUYUAN INDUSTR       5.34     12/02/23      CNY      19.76
SUINING FUYUAN INDUSTR       5.34     12/02/23      CNY      20.01
SUINING ROUGANG INVEST       5.65     01/24/24      CNY      20.15
SUINING ROUGANG INVEST       5.65     01/24/24      CNY      20.15
SUINING ROUGANG INVEST       6.80     08/02/24      CNY      40.62
SUINING ROUGANG INVEST       6.80     08/02/24      CNY      40.62
SUINING TIANTAI INDUST       5.98     03/28/24      CNY      20.26
SUINING TIANTAI INDUST       5.98     03/28/24      CNY      20.26
SUINING TIANTAI INDUST       6.80     11/01/24      CNY      50.00
SUINING TIANTAI INDUST       6.80     11/01/24      CNY      51.07
SUIZHOU DEVELOPMENT IN       5.70     04/07/24      CNY      20.21
SUIZHOU DEVELOPMENT IN       5.70     04/07/24      CNY      20.28
SUIZHOU DEVELOPMENT IN       5.97     09/15/24      CNY      40.00
SUIZHOU DEVELOPMENT IN       5.97     09/15/24      CNY      40.36
SUNAC REAL ESTATE GROU       5.60     12/09/26      CNY      15.02
SUNAC REAL ESTATE GROU       7.00     12/09/26      CNY      19.28
SUNAC REAL ESTATE GROU       6.80     12/09/25      CNY      28.00
SUNAC REAL ESTATE GROU       6.48     12/09/25      CNY      29.75
SUNAC REAL ESTATE GROU       4.78     12/09/25      CNY      35.55
SUNAC REAL ESTATE GROU       6.80     01/19/25      CNY      50.00
SUNING APPLIANCE GROUP       7.30     06/28/23      CNY      21.60
SUNING APPLIANCE GROUP       7.30     06/16/23      CNY      43.36
SUNING APPLIANCE GROUP       7.30     05/10/23      CNY      49.31
SUNSHINE KAIDI NEW ENE       6.80     06/02/21      CNY       1.00
SUQIAN CITY CONSTRUCTI       5.30     07/11/24      CNY      40.42
SUQIAN CITY CONSTRUCTI       5.30     07/11/24      CNY      40.42
SUQIAN CITY CONSTRUCTI       6.44     12/26/24      CNY      41.21
SUQIAN CITY CONSTRUCTI       6.44     12/26/24      CNY      41.22
SUQIAN ECONOMIC DEVELO       5.40     04/20/24      CNY      40.39
SUQIAN ECONOMIC DEVELO       5.40     04/20/24      CNY      41.88
SUQIAN HI-TECH DEVELOP       6.97     07/20/25      CNY      60.00
SUQIAN HI-TECH DEVELOP       6.49     10/17/25      CNY      60.00
SUQIAN HI-TECH DEVELOP       6.49     10/17/25      CNY      62.40
SUQIAN HUBIN XINCHENG        6.93     08/25/24      CNY      38.10
SUQIAN HUBIN XINCHENG        6.85     08/02/24      CNY      39.75
SUQIAN HUBIN XINCHENG        6.85     08/02/24      CNY      40.67
SUQIAN HUBIN XINCHENG        6.93     08/25/24      CNY      40.75
SUQIAN YUFENG INDUSTRI       5.50     04/21/24      CNY      40.24
SUQIAN YUFENG INDUSTRI       5.50     04/21/24      CNY      44.26
SUZHOU GAOXIN TOURISM        5.20     10/27/23      CNY      50.30
SUZHOU GAOXIN TOURISM        5.20     04/11/24      CNY      50.35
SUZHOU MAANSHAN INVEST       6.10     08/03/24      CNY      40.62
SUZHOU MAANSHAN INVEST       6.10     08/03/24      CNY      40.77
SUZHOU MUDU URBAN RURA       4.94     04/16/24      CNY      40.57
SUZHOU MUDU URBAN RURA       4.94     04/16/24      CNY      70.30
SUZHOU NEW AREA CONSTR       5.98     08/04/24      CNY      40.00
SUZHOU NEW AREA CONSTR       5.98     08/04/24      CNY      40.58
SUZHOU WUJIANG COMMUNI       3.75     05/26/23      CNY      30.00
SUZHOU WUZHONG CITY CO       5.90     11/06/24      CNY      40.00
SUZHOU WUZHONG CITY CO       6.50     02/01/25      CNY      40.00
SUZHOU WUZHONG CITY CO       5.90     11/06/24      CNY      40.83
SUZHOU WUZHONG CITY CO       6.50     02/01/25      CNY      41.53
SUZHOU WUZHONG GUOTAI        6.40     08/23/27      CNY      70.00
SUZHOU WUZHONG GUOTAI        6.40     08/23/27      CNY      74.79
TAHOE GROUP CO LTD           7.20     05/25/21      CNY       3.00
TAHOE GROUP CO LTD           8.50     08/02/21      CNY       3.00
TAHOE GROUP CO LTD           6.00     05/25/21      CNY      10.00
TAHOE GROUP CO LTD           7.50     08/15/20      CNY      27.50
TAHOE GROUP CO LTD           7.50     10/10/20      CNY      29.60
TAIAN TAISHAN HOLDINGS       5.50     04/26/23      CNY      20.00
TAIAN TAISHAN HOLDINGS       5.50     04/26/23      CNY      20.01
TAIHE STATE OWN ASSET        5.87     08/07/24      CNY      40.75
TAIHE STATE OWN ASSET        5.87     08/07/24      CNY      43.35
TAIXING CITY CHENGXING       7.80     03/05/26      CNY      60.00
TAIXING CITY CHENGXING       7.60     04/04/26      CNY      60.00
TAIXING CITY CHENGXING       7.60     04/04/26      CNY      61.89
TAIXING CITY CHENGXING       7.80     03/05/26      CNY      62.40
TAIXING XINGHUANG INVE       8.50     11/15/25      CNY      59.59
TAIXING XINGHUANG INVE       8.50     11/15/25      CNY      63.48
TAIZHOU CITY CONSTRUCT       6.92     10/16/23      CNY      15.27
TAIZHOU CITY CONSTRUCT       6.92     10/16/23      CNY      15.35
TAIZHOU CITY HUANGYAN        6.10     08/01/24      CNY      40.69
TAIZHOU CITY HUANGYAN        6.10     08/01/24      CNY      40.76
TAIZHOU CITY HUANGYAN        6.22     09/14/24      CNY      40.86
TAIZHOU CITY HUANGYAN        6.22     09/14/24      CNY      40.94
TAIZHOU EAST NEW CITY        5.28     01/03/26      CNY      61.59
TAIZHOU EAST NEW CITY        5.28     01/03/26      CNY      63.90
TAIZHOU FENGCHENGHE CO       7.90     12/29/24      CNY      40.00
TAIZHOU FENGCHENGHE CO       7.90     12/29/24      CNY      41.98
TAIZHOU FENGCHENGHE CO       5.48     11/07/25      CNY      61.95
TAIZHOU FENGCHENGHE CO       6.58     03/28/26      CNY      63.03
TAIZHOU FENGCHENGHE CO       6.58     03/28/26      CNY      66.00
TAIZHOU GAOGANG HI-TEC       5.54     06/22/24      CNY      40.42
TAIZHOU GAOGANG HI-TEC       5.54     06/22/24      CNY      40.53
TAIZHOU HUACHENG MEDIC       8.50     12/26/25      CNY      60.00
TAIZHOU HUACHENG MEDIC       8.50     12/26/25      CNY      64.47
TAIZHOU JINDONG URBAN        5.10     06/02/23      CNY      20.03
TAIZHOU JINDONG URBAN        5.10     06/02/23      CNY      20.03
TAIZHOU XINBINJIANG DE       5.34     12/21/25      CNY      61.56
TANCHENG COUNTY CITY S       7.50     04/09/26      CNY      60.00
TANCHENG COUNTY CITY S       7.50     04/09/26      CNY      63.23
TANGSHAN HOLDING DEVEL       7.60     05/16/25      CNY      58.59
TANGSHAN HOLDING DEVEL       7.60     05/16/25      CNY      60.56
TAOYUAN COUNTY ECONOMI       7.00     12/08/24      CNY      40.00
TAOYUAN COUNTY ECONOMI       7.00     12/08/24      CNY      41.37
TAOYUAN COUNTY ECONOMI       8.20     09/06/25      CNY      60.00
TAOYUAN COUNTY ECONOMI       8.20     09/06/25      CNY      63.67
TEMPUS GROUP CO LTD          7.50     06/07/20      CNY      19.67
TIANGUANG ZHONGMAO CO        6.00     10/27/21      CNY      14.00
TIANJIN BOHAI STATE-OW       3.82     04/18/23      CNY      20.00
TIANJIN BOHAI STATE-OW       3.82     04/18/23      CNY      20.00
TIANJIN BOHAI STATE-OW       4.10     04/18/26      CNY      56.00
TIANJIN BOHAI STATE-OW       4.10     04/18/26      CNY      60.25
TIANJIN DONGFANG CAIXI       6.00     07/09/25      CNY      61.26
TIANJIN METRO GROUP CO       4.27     10/16/25      CNY      45.36
TIANJIN METRO GROUP CO       4.27     10/16/25      CNY      49.00
TIANJIN NINGHE INVESTM       5.50     04/22/23      CNY      19.99
TIANJIN NINGHE INVESTM       5.50     04/22/23      CNY      20.00
TIANJIN RAILWAY CONSTR       5.58     04/13/25      CNY      29.89
TIANJIN RAILWAY CONSTR       5.58     04/13/25      CNY      30.12
TIANJIN REAL ESTATE GR       7.70     03/16/21      CNY      21.49
TIANJIN REAL ESTATE GR       4.50     09/29/20      USD      73.82
TIANJIN STATE-OWNED CA       1.60     12/17/39      USD      18.17
TIANJIN STATE-OWNED CA       0.15     12/17/26      USD      23.91
TIANJIN STATE-OWNED CA       1.55     12/17/29      USD      25.33
TIANMEN CITY CONSTRUCT       3.98     11/15/23      CNY      19.97
TIANMEN CITY CONSTRUCT       3.98     11/15/23      CNY      20.04
TONGCHENG CITY CONSTRU       6.60     12/18/24      CNY      40.00
TONGCHENG CITY CONSTRU       6.60     12/18/24      CNY      40.38
TONGCHENG CITY CONSTRU       7.50     07/23/25      CNY      60.00
TONGCHENG CITY CONSTRU       7.50     07/23/25      CNY      61.99
TONGHUA FENGYUAN INVES       8.00     12/18/25      CNY      60.00
TONGHUA FENGYUAN INVES       8.00     12/18/25      CNY      63.17
TONGLING CONSTRUCTION        5.77     07/31/24      CNY      40.00
TONGLING CONSTRUCTION        5.80     08/16/24      CNY      40.64
TONGLING CONSTRUCTION        5.77     07/31/24      CNY      40.70
TONGLING CONSTRUCTION        5.80     08/16/24      CNY      42.07
TONGLING STATE-OWNED C       7.00     11/14/24      CNY      71.14
TONGXIANG CHONGDE INVE       7.88     11/29/25      CNY      60.80
TONGXIANG CHONGDE INVE       7.88     11/29/25      CNY      62.99
TONGXIANG INDUSTRY DEV       5.38     03/14/26      CNY      60.80
TONGXIANG INDUSTRY DEV       5.38     03/14/26      CNY      61.68
TSINGHUA UNIGROUP CO L       5.85     03/27/22      CNY      16.88
TSINGHUA UNIGROUP CO L       5.20     12/10/23      CNY      16.88
TSINGHUA UNIGROUP CO L       5.11     01/25/24      CNY      16.88
TSINGHUA UNIGROUP CO L       5.60     11/15/20      CNY      25.50
TSINGHUA UNIGROUP CO L       6.20     03/16/21      CNY      25.50
TSINGHUA UNIGROUP CO L       6.15     12/26/21      CNY      25.50
TSINGHUA UNIGROUP CO L       6.00     08/14/22      CNY      25.50
TUNGHSU GROUP CO LTD         7.85     03/23/21      CNY       0.00
TUNGHSU GROUP CO LTD         7.00     09/28/20      CNY       1.70
TUNGHSU GROUP CO LTD         8.18     10/25/21      CNY      22.00
TUNGHSU OPTOELECTRONIC       6.80     05/19/20      CNY      15.20
URUMQI ECO TECH DEVELO       7.50     10/19/25      CNY      60.00
URUMQI ECO TECH DEVELO       7.50     10/19/25      CNY      61.04
URUMQI ECO&TECH DEVELO       5.32     03/15/26      CNY      60.00
URUMQI ECO&TECH DEVELO       5.32     03/15/26      CNY      61.62
WANGCHENG ECONOMIC DEV       3.75     07/13/23      CNY      20.03
WANGCHENG ECONOMIC DEV       3.75     07/13/23      CNY      20.06
WANZAI COUNTY STATE OW       6.30     03/26/27      CNY      72.43
WEICHI HOLDING GROUP C       6.18     07/24/24      CNY      40.00
WEICHI HOLDING GROUP C       7.20     04/13/25      CNY      40.00
WEICHI HOLDING GROUP C       6.18     07/24/24      CNY      40.45
WEICHI HOLDING GROUP C       7.20     04/13/25      CNY      41.75
WEIFANG BINHAI INVESTM       6.85     12/20/25      CNY      55.98
WEIFANG BINHAI INVESTM       7.00     09/12/26      CNY      70.23
WEIFANG BINHAI INVESTM       6.50     04/26/26      CNY      70.52
WEIFANG GONGXIN STATE-       5.00     07/13/26      CNY      58.30
WEIFANG GONGXIN STATE-       5.00     07/13/26      CNY      58.37
WEIHAI CENTRAL CITY ST       6.05     11/02/24      CNY      39.71
WEIHAI CENTRAL CITY ST       6.05     11/02/24      CNY      40.00
WEIHAI CITY SHUANGDAO        5.32     04/28/24      CNY      40.41
WEIHAI ECONOMIC TECHNO       5.80     08/23/24      CNY      40.00
WEIHAI ECONOMIC TECHNO       5.80     08/23/24      CNY      40.56
WEIHAI LANCHUANG CONST       7.70     10/11/25      CNY      58.00
WEIHAI WENDENG DISTRIC       3.64     10/26/23      CNY      19.78
WEIHAI WENDENG DISTRIC       3.64     10/26/23      CNY      19.92
WEIHAI WENDENG URBAN P       4.80     05/26/23      CNY      19.95
WEIHAI WENDENG URBAN P       4.80     05/26/23      CNY      20.00
WEIHAI WENDENG URBAN P       7.70     05/02/28      CNY      75.21
WENLING CITY STATE OWN       5.73     04/19/25      CNY      61.37
WENLING CITY STATE OWN       5.43     11/12/25      CNY      61.40
WENLING CITY STATE OWN       5.73     04/19/25      CNY      61.53
WENLING CITY STATE OWN       5.43     11/12/25      CNY      62.03
WENSHAN URBAN CONSTRUC       4.50     09/13/23      CNY      19.47
WENSHAN URBAN CONSTRUC       4.50     09/13/23      CNY      20.00
WENZHOU CITY CONSTRUCT       5.00     04/26/23      CNY      20.00
WENZHOU CITY CONSTRUCT       5.00     04/26/23      CNY      20.02
WENZHOU HIGH-TECH INDU       5.90     09/18/24      CNY      40.50
WENZHOU HIGH-TECH INDU       5.90     09/18/24      CNY      40.77
WENZHOU MINKE INDUSTRI       6.44     07/18/24      CNY      40.00
WENZHOU MINKE INDUSTRI       6.44     07/18/24      CNY      40.49
WENZHOU OUHAI ECONOMIC       5.45     03/11/26      CNY      60.50
WENZHOU OUHAI ECONOMIC       5.45     03/11/26      CNY      61.82
WENZHOU OUHAI NEW CITY       3.98     10/26/23      CNY      19.94
WENZHOU OUHAI NEW CITY       3.98     10/26/23      CNY      20.10
WINTIME ENERGY GROUP C       7.00     07/05/18      CNY      43.63
WINTIME ENERGY GROUP C       7.30     08/06/18      CNY      43.63
WINTIME ENERGY GROUP C       7.00     08/25/18      CNY      43.63
WINTIME ENERGY GROUP C       6.78     10/23/18      CNY      43.63
WINTIME ENERGY GROUP C       7.00     12/15/18      CNY      43.63
WINTIME ENERGY GROUP C       7.00     03/19/19      CNY      43.63
WINTIME ENERGY GROUP C       7.00     04/26/19      CNY      43.63
WINTIME ENERGY GROUP C       7.70     11/15/20      CNY      43.63
WINTIME ENERGY GROUP C       7.50     11/16/20      CNY      43.63
WINTIME ENERGY GROUP C       7.50     12/06/20      CNY      43.63
WINTIME ENERGY GROUP C       7.90     12/22/20      CNY      43.63
WINTIME ENERGY GROUP C       7.90     03/29/21      CNY      43.63
WINTIME ENERGY GROUP C       7.50     04/04/21      CNY      43.63
WINTIME ENERGY GROUP C       4.75     07/07/22      CNY      43.63
WUHAN CITY HUANPI DIST       5.48     04/19/24      CNY      40.44
WUHAN CITY HUANPI DIST       5.48     04/19/24      CNY      40.58
WUHAN HIGH-TECH HOLDIN       5.60     09/14/27      CNY      72.85
WUHAN HIGH-TECH HOLDIN       5.60     09/14/27      CNY      74.08
WUHAN HONGSHAN CITY CO       5.68     08/10/24      CNY      40.68
WUHAN HONGSHAN CITY CO       5.68     08/10/24      CNY      40.73
WUHAN HONGSHAN CITY CO       5.68     10/12/24      CNY      40.78
WUHAN HONGSHAN CITY CO       5.68     10/12/24      CNY      40.81
WUHAN QIAOKOU STATE OW       3.48     08/29/23      CNY      20.02
WUHAN QIAOKOU STATE OW       3.48     08/29/23      CNY      20.04
WUHAN URBAN CONSTRUCTI       4.99     06/15/24      CNY      50.00
WUHU COMMUNICATIONS IN       3.58     09/23/23      CNY      19.92
WUHU COMMUNICATIONS IN       4.50     04/28/23      CNY      20.00
WUHU COMMUNICATIONS IN       4.50     04/28/23      CNY      20.00
WUHU COMMUNICATIONS IN       3.58     09/23/23      CNY      20.06
WUHU JINGHU CONSTRUCTI       4.37     07/20/23      CNY      20.02
WUHU JINGHU CONSTRUCTI       4.37     07/20/23      CNY      20.07
WUSHENG CITY INVESTMEN       7.05     11/03/24      CNY      39.31
WUSHENG CITY INVESTMEN       7.05     11/03/24      CNY      40.95
WUSU CITY XINGRONG CON       7.50     10/25/25      CNY      60.00
WUSU CITY XINGRONG CON       7.50     10/25/25      CNY      63.35
WUXI EAST SCIENCE & TE       5.73     09/14/24      CNY      40.00
WUXI EAST SCIENCE & TE       5.73     09/14/24      CNY      40.77
WUXI FOOD SCIENCE PARK       5.70     09/28/24      CNY      40.77
WUXI FOOD SCIENCE PARK       5.70     09/28/24      CNY      41.30
WUXI HUIJI INDUSTRY DE       5.27     12/07/25      CNY      61.68
WUXI TAIHU NEW CITY DE       3.47     08/29/23      CNY      19.98
WUXI TAIHU NEW CITY DE       4.49     05/03/23      CNY      20.01
WUXI TAIHU NEW CITY DE       3.47     08/29/23      CNY      20.05
WUXI XIDONG NEW TOWN C       3.92     11/09/23      CNY      20.09
WUXI XIDONG NEW TOWN C       3.92     11/09/23      CNY      20.10
WUXUE URBAN CONSTRUCTI       7.50     04/12/26      CNY      60.00
WUXUE URBAN CONSTRUCTI       7.50     04/12/26      CNY      63.12
WUYANG CONSTRUCTION GR       7.80     09/11/20      CNY      32.48
XIAN HIGH-TECH ZONE CA       6.49     04/25/25      CNY      61.00
XIAN HIGH-TECH ZONE CA       6.49     04/25/25      CNY      61.67
XI'AN HI-TECH HOLDING        6.12     12/27/24      CNY      40.82
XI'AN HI-TECH HOLDING        6.12     12/27/24      CNY      40.87
XI'AN HI-TECH HOLDING        5.87     06/26/25      CNY      60.91
XI'AN PIONEERING PARK        6.20     05/02/24      CNY      40.53
XI'AN PIONEERING PARK        6.20     05/02/24      CNY      40.53
XIANGCHENG LINGWU URBA       7.45     11/10/24      CNY      40.00
XIANGCHENG LINGWU URBA       7.45     11/10/24      CNY      40.47
XIANGTAN CITY INFRASTR       3.60     08/04/23      CNY      19.88
XIANGTAN CITY INFRASTR       3.60     08/04/23      CNY      19.95
XIANGTAN CITY INFRASTR       3.95     08/04/23      CNY      19.97
XIANGTAN CITY INFRASTR       3.95     08/04/23      CNY      19.97
XIANGTAN JIUHUA ECONOM       5.00     07/25/26      CNY      57.46
XIANGTAN JIUHUA ECONOM       5.00     07/25/26      CNY      60.29
XIANGXIANG CITY DONGSH       6.20     08/03/24      CNY      40.32
XIANGXIANG CITY DONGSH       6.20     08/03/24      CNY      40.32
XIANGXIANG ECONOMIC DI       5.28     09/09/23      CNY      19.99
XIANGXIANG ECONOMIC DI       5.28     09/09/23      CNY      20.00
XIANGXIANG URBAN CONST       5.84     05/18/23      CNY      20.02
XIANGXIANG URBAN CONST       5.84     05/18/23      CNY      20.02
XIANGXIANG URBAN CONST       7.50     10/27/24      CNY      40.00
XIANGXIANG URBAN CONST       7.50     10/27/24      CNY      41.53
XIANGYANG CITY HOUSING       6.10     12/15/24      CNY      41.00
XIANGYANG CITY HOUSING       6.10     12/15/24      CNY      41.05
XIANGYANG CITY XIANGZH       5.18     04/28/23      CNY      19.99
XIANGYANG CITY XIANGZH       5.18     04/28/23      CNY      20.00
XIANGYANG HIGH TECH ST       6.25     06/12/24      CNY      40.60
XIANGYANG HIGH TECH ST       6.25     06/12/24      CNY      40.77
XIANGYANG STATE-OWNED        6.10     07/19/24      CNY      40.00
XIANGYANG STATE-OWNED        6.10     07/19/24      CNY      40.49
XIANNING CITY CONSTRUC       5.99     07/27/27      CNY      70.00
XIANNING CITY CONSTRUC       5.99     07/27/27      CNY      72.34
XIANNING HIGH-TECH INV       6.60     06/01/27      CNY      56.09
XIANNING HIGH-TECH INV       6.60     06/01/27      CNY      56.38
XIANTAO CITY CONSTRUCT       4.59     04/18/23      CNY      20.00
XIANTAO CITY CONSTRUCT       4.59     04/18/23      CNY      20.00
XIAOCHANG SHUNHE DEVEL       4.15     10/17/23      CNY      19.94
XIAOGAN URBAN CONSTRUC       6.35     11/10/27      CNY      70.00
XIAOGAN URBAN CONSTRUC       6.35     11/10/27      CNY      73.95
XIAOXIAN COUNTY DEVELO       4.85     06/22/23      CNY      20.03
XIAOXIAN COUNTY DEVELO       4.85     06/22/23      CNY      20.06
XIFENG COUNTY URBAN CO       8.00     03/14/26      CNY      58.80
XIFENG COUNTY URBAN CO       8.00     03/14/26      CNY      62.80
XINDONGGANG HOLDING GR       5.53     04/27/23      CNY      19.99
XINDONGGANG HOLDING GR       5.53     04/27/23      CNY      20.00
XINFENG COUNTY URBAN C       7.80     12/05/25      CNY      60.00
XINFENG COUNTY URBAN C       7.80     12/05/25      CNY      62.89
XINFENG COUNTY URBAN C       7.80     04/16/26      CNY      81.48
XINGAN COUNTY URBAN CO       5.48     08/03/23      CNY      19.99
XINGAN COUNTY URBAN CO       5.48     08/03/23      CNY      20.06
XINGYI XINHENG URBAN C       7.90     01/31/25      CNY      40.00
XINGYI XINHENG URBAN C       7.90     01/31/25      CNY      41.61
XINGYI XINHENG URBAN C       8.00     11/21/25      CNY      57.92
XINGYI XINHENG URBAN C       8.00     11/21/25      CNY      63.06
XINJIANG UYGUR AR HAMI       6.55     10/27/24      CNY      40.00
XINJIANG UYGUR AR HAMI       6.55     10/27/24      CNY      40.71
XINPING URBAN DEVELOPM       7.70     01/24/26      CNY      58.99
XINPING URBAN DEVELOPM       7.70     01/24/26      CNY      61.60
XINYI CITY INVESTMENT        6.99     12/21/25      CNY      59.94
XINYI ECONOMIC DEVELOP       6.66     09/27/24      CNY      34.50
XINYI ECONOMIC DEVELOP       6.66     09/27/24      CNY      40.02
XINYI URBAN TRANSPORTA       5.35     04/24/24      CNY      40.29
XINYI URBAN TRANSPORTA       5.35     04/24/24      CNY      43.70
XIPING COUNTY INDUSTRI       7.50     12/26/24      CNY      40.00
XIPING COUNTY INDUSTRI       7.50     12/26/24      CNY      40.71
XISHUI COUNTY FENGZHU        6.52     07/28/24      CNY      40.52
XISHUI COUNTY FENGZHU        6.52     07/28/24      CNY      42.50
XIUSHAN HUAXING ENTERP       7.50     09/25/25      CNY      62.36
XIUSHAN HUAXING ENTERP       7.50     09/25/25      CNY      62.36
XIWANG GROUP CO LTD          7.80     12/03/22      CNY      49.94
XIXIAN NEW DISTRICT HO       6.99     12/31/25      CNY      58.94
XUCHANG GENERAL INVEST       5.74     08/17/24      CNY      40.39
XUZHOU CITY JIAWANG CI       7.88     01/28/26      CNY      60.28
XUZHOU CITY JIAWANG CI       7.88     01/28/26      CNY      60.58
YAN'AN NEW CITY CONSTR       5.60     04/21/24      CNY      40.28
YAN'AN NEW CITY CONSTR       5.60     04/21/24      CNY      40.35
YANCHENG GUANDONG ECON       6.42     05/16/24      CNY      40.64
YANCHENG SOUTH DISTRIC       6.00     03/19/25      CNY      41.34
YANCHENG SOUTH DISTRIC       6.00     03/19/25      CNY      41.60
YANGLING URBAN RURAL I       7.80     02/20/26      CNY      60.00
YANGLING URBAN RURAL I       7.80     02/20/26      CNY      61.73
YANGO GROUP CO LTD           7.30     07/12/25      CNY      11.17
YANGO GROUP CO LTD           6.67     10/14/25      CNY      17.11
YANGO GROUP CO LTD           7.00     08/24/24      CNY      17.30
YANGO GROUP CO LTD           6.95     04/24/24      CNY      17.68
YANGO GROUP CO LTD           6.90     01/22/26      CNY      30.00
YANGO GROUP CO LTD           7.30     04/24/25      CNY      40.00
YANGO JUSTICE INTERNAT       5.30     01/11/22      USD       2.05
YANGO JUSTICE INTERNAT       7.50     04/15/24      USD       2.12
YANGO JUSTICE INTERNAT       7.50     02/17/25      USD       2.12
YANGO JUSTICE INTERNAT       9.25     04/15/23      USD       2.15
YANGO JUSTICE INTERNAT       8.25     11/25/23      USD       2.18
YANGO JUSTICE INTERNAT      10.25     03/18/22      USD       2.20
YANGO JUSTICE INTERNAT      10.25     09/15/22      USD       2.23
YANGO JUSTICE INTERNAT      10.00     02/12/23      USD       2.28
YANGO JUSTICE INTERNAT       7.88     09/04/24      USD       2.29
YANGXIN TOWN CONSTRUCT       6.50     04/26/24      CNY      40.39
YANGXIN TOWN CONSTRUCT       6.50     04/26/24      CNY      40.57
YANGZHOU ECONOMIC & TE       5.28     07/06/24      CNY      40.45
YANGZHOU ECONOMIC & TE       5.28     07/06/24      CNY      40.60
YANGZHOU GUANGLING NEW       3.62     09/07/23      CNY      20.02
YANGZHOU GUANGLING NEW       3.62     09/07/23      CNY      20.03
YANGZHOU NEW MATERIAL        6.80     10/09/24      CNY      40.00
YANGZHOU NEW MATERIAL        6.80     10/09/24      CNY      40.81
YI CHENG CONSTRUCTION        5.44     04/27/23      CNY      20.01
YIBIN CUIPING DISTRICT       5.17     03/28/26      CNY      61.93
YIBIN NANXI CAIYUAN ST       8.10     07/24/25      CNY      60.00
YIBIN NANXI CAIYUAN ST       8.10     11/28/25      CNY      60.00
YIBIN NANXI CAIYUAN ST       8.10     07/24/25      CNY      61.59
YIBIN NANXI CAIYUAN ST       8.10     11/28/25      CNY      62.01
YICHANG CHUANGYUAN HOL       7.80     11/06/25      CNY      61.46
YICHANG HIGH-TECH INVE       3.74     07/21/23      CNY      19.97
YICHANG HIGH-TECH INVE       3.74     07/21/23      CNY      20.04
YICHANG HIGH-TECH INVE       6.10     05/18/24      CNY      40.35
YICHANG HIGH-TECH INVE       6.10     05/18/24      CNY      40.49
YICHANG WUJIA NEW CITY       6.50     04/20/24      CNY      40.28
YICHANG WUJIA NEW CITY       6.50     04/20/24      CNY      40.38
YICHUN YUANZHOU STATE-       7.20     03/08/26      CNY      60.00
YICHUN YUANZHOU STATE-       7.20     03/08/26      CNY      61.88
YIDU GUOTONG INVESTMEN       7.00     01/17/26      CNY      61.11
YIDU GUOTONG INVESTMEN       7.00     01/17/26      CNY      62.00
YIHUA LIFESTYLE TECHNO       6.88     07/23/20      CNY      35.00
YIHUA LIFESTYLE TECHNO       6.88     07/16/20      CNY      35.90
YINGCHENG CITY PUYANG        6.50     04/14/24      CNY      20.38
YINGCHENG CITY PUYANG        6.50     04/14/24      CNY      40.28
YINGKOU BEIHAI NEW CIT       7.98     01/25/25      CNY      40.00
YINGKOU BEIHAI NEW CIT       7.19     07/12/24      CNY      40.50
YINGKOU BEIHAI NEW CIT       7.19     07/12/24      CNY      40.71
YINGKOU BEIHAI NEW CIT       7.98     01/25/25      CNY      41.61
YINGKOU ECO & TECH DEV       5.20     08/05/23      CNY      19.81
YINGKOU ECO & TECH DEV       5.20     08/05/23      CNY      20.04
YINGKOU ECO & TECH DEV       6.98     04/19/24      CNY      40.43
YINGKOU ECO & TECH DEV       6.98     04/19/24      CNY      40.47
YIWU CITY CONSTRUCTION       5.48     08/18/24      CNY      40.00
YIWU CITY CONSTRUCTION       5.48     08/18/24      CNY      40.76
YIYANG COUNTY CITY CON       7.50     06/07/25      CNY      60.00
YIYANG COUNTY CITY CON       7.50     06/07/25      CNY      61.18
YIYANG COUNTY CITY CON       7.90     11/05/25      CNY      61.88
YIYANG COUNTY CITY CON       7.90     11/05/25      CNY      62.01
YIYANG LONGLING CONSTR       7.60     01/23/26      CNY      59.14
YIYANG LONGLING CONSTR       7.60     01/23/26      CNY      60.30
YIYANG PROVINCE AREA I       5.16     11/23/23      CNY      19.66
YIYANG PROVINCE AREA I       4.95     10/13/23      CNY      19.84
YIYANG PROVINCE AREA I       4.95     10/13/23      CNY      20.08
YIYANG PROVINCE AREA I       5.16     11/23/23      CNY      20.13
YIYANG URBAN CONSTRUCT       6.43     04/24/25      CNY      61.28
YIYANG URBAN CONSTRUCT       6.43     04/24/25      CNY      61.67
YIYUAN HONGDING ASSET        7.50     08/17/25      CNY      57.49
YIYUAN HONGDING ASSET        7.50     08/17/25      CNY      62.35
YIZHANG XINGYI CONSTRU       5.49     09/02/24      CNY      40.32
YIZHANG XINGYI CONSTRU       5.49     09/02/24      CNY      40.32
YIZHENG ECONOMY DEVELO       6.77     08/22/24      CNY      40.66
YIZHENG ZHONGXIN CONST       5.38     12/20/25      CNY      61.45
YIZHENG ZHONGXIN CONST       5.38     12/20/25      CNY      61.62
YONG ZHOU CITY DEVELOP       5.30     07/13/24      CNY      39.80
YONG ZHOU CITY DEVELOP       5.30     07/13/24      CNY      40.48
YONGAN STATE-OWNED ASS       8.50     11/26/25      CNY      60.00
YONGAN STATE-OWNED ASS       8.50     11/26/25      CNY      62.19
YONGCHENG COAL & ELECT       7.50     02/02/21      CNY      39.88
YONGXING YINDU INVESTM       6.50     08/14/24      CNY      38.60
YONGXING YINDU INVESTM       6.93     07/07/24      CNY      40.00
YONGXING YINDU INVESTM       6.50     08/14/24      CNY      40.51
YONGXING YINDU INVESTM       6.93     07/07/24      CNY      40.61
YONGXIU CITY CONSTRUCT       7.50     05/02/25      CNY      60.00
YONGXIU CITY CONSTRUCT       7.80     08/27/25      CNY      61.28
YONGXIU CITY CONSTRUCT       7.80     08/27/25      CNY      61.53
YONGXIU CITY CONSTRUCT       7.50     05/02/25      CNY      61.72
YOUYANG COUNTY TAOHUAY       7.50     09/28/25      CNY      59.00
YOUYANG COUNTY TAOHUAY       7.50     09/28/25      CNY      62.36
YUANAN COUNTY QIFENG C       5.50     05/27/23      CNY      20.02
YUANAN COUNTY QIFENG C       5.50     05/27/23      CNY      20.02
YUANJIANG CITY CONSTRU       7.50     01/18/26      CNY      62.85
YUANJIANG CITY CONSTRU       7.50     01/18/26      CNY      62.85
YUANLING CHENZHOU INVE       6.50     09/20/24      CNY      40.00
YUANLING CHENZHOU INVE       6.50     11/30/24      CNY      40.00
YUANLING CHENZHOU INVE       6.50     11/30/24      CNY      40.50
YUANLING CHENZHOU INVE       6.50     09/20/24      CNY      40.66
YUDU ZHENXING INVESTME       7.50     05/03/25      CNY      60.49
YUDU ZHENXING INVESTME       7.50     05/03/25      CNY      60.97
YUEYANG HUIHUA URBAN I       5.78     04/18/24      CNY      40.23
YUEYANG HUIHUA URBAN I       5.78     04/18/24      CNY      40.25
YUEYANG HUIHUA URBAN I       5.96     07/26/24      CNY      40.45
YUEYANG HUIHUA URBAN I       5.96     07/26/24      CNY      40.46
YUEYANG URBAN CONSTRUC       4.80     01/27/26      CNY      45.84
YUEYANG URBAN CONSTRUC       4.80     01/27/26      CNY      46.01
YUEYANG YUNXI CITY CON       5.18     11/21/23      CNY      19.92
YUEYANG YUNXI CITY CON       6.00     07/08/23      CNY      20.00
YUHUAN CITY CONSTRUCTI       3.72     10/21/23      CNY      19.96
YUHUAN CITY CONSTRUCTI       5.10     05/03/23      CNY      20.00
YUHUAN CITY CONSTRUCTI       5.10     05/03/23      CNY      20.01
YUHUAN CITY CONSTRUCTI       3.72     10/21/23      CNY      20.03
YUHUAN COUNTY STATE-OW       6.45     11/23/25      CNY      62.28
YUNCHENG SHUIHU CITY C       4.54     11/21/23      CNY      19.61
YUNCHENG SHUIHU CITY C       4.54     11/21/23      CNY      19.99
YUNCHENG URBAN CONSTRU       6.30     08/29/24      CNY      39.04
YUNCHENG URBAN CONSTRU       6.30     08/29/24      CNY      40.11
YUNYANG RENHE INVESTME       7.49     05/04/25      CNY      60.91
YUNYANG RENHE INVESTME       7.49     05/04/25      CNY      62.37
YUTAI XINDA ECONOMIC D       7.50     04/10/26      CNY      58.80
YUTAI XINDA ECONOMIC D       7.50     04/10/26      CNY      64.06
ZHANGJIAGANG ECONOMY D       5.27     12/13/25      CNY      61.98
ZHANGJIAJIE ECONOMIC D       6.47     07/24/27      CNY      62.50
ZHANGJIAJIE ECONOMIC D       6.47     07/24/27      CNY      68.59
ZHANGJIAJIE LOULI TOWN       7.50     03/26/26      CNY      63.14
ZHANGJIAJIE LOULI TOWN       7.50     03/26/26      CNY      63.14
ZHANGQIU STATE OWNED A       3.69     08/09/23      CNY      19.98
ZHANGQIU STATE OWNED A       3.69     08/09/23      CNY      19.99
ZHANGSHU STATE-OWNED A       4.80     06/22/23      CNY      20.05
ZHANGSHU STATE-OWNED A       4.80     06/22/23      CNY      23.70
ZHANGZHOU LONGHAI STAT       7.35     01/28/26      CNY      62.44
ZHANGZHOU LONGHAI STAT       7.35     01/28/26      CNY      62.51
ZHAODONG DONGSHENG CON       6.50     01/20/24      CNY      20.31
ZHAODONG DONGSHENG CON       6.50     01/20/24      CNY      20.31
ZHAOQING HI-TECH ZONE        3.97     08/26/23      CNY      19.96
ZHAOQING HI-TECH ZONE        3.97     08/26/23      CNY      20.03
ZHEJIANG CHANGXING HUA       7.50     12/26/25      CNY      60.00
ZHEJIANG CHANGXING HUA       7.50     12/26/25      CNY      61.44
ZHEJIANG HANGZHOU QING       5.99     06/30/24      CNY      40.69
ZHEJIANG HANGZHOU QING       5.99     06/30/24      CNY      40.69
ZHEJIANG HUISHENG INVE       4.49     03/15/24      CNY      24.99
ZHEJIANG HUISHENG INVE       4.49     03/15/24      CNY      25.00
ZHEJIANG HUZHOU NANXUN       7.40     03/12/26      CNY      60.00
ZHEJIANG HUZHOU NANXUN       7.80     08/21/25      CNY      61.40
ZHEJIANG TIANTAI STATE       6.50     11/22/24      CNY      40.00
ZHEJIANG TIANTAI STATE       6.50     11/22/24      CNY      41.17
ZHEJIANG WUYI CITY CON       8.00     08/10/25      CNY      60.00
ZHEJIANG WUYI CITY CON       8.00     12/21/25      CNY      60.00
ZHEJIANG WUYI CITY CON       8.00     08/10/25      CNY      61.71
ZHEJIANG WUYI CITY CON       8.00     12/21/25      CNY      61.99
ZHENGZHOU GENERAL AVIA       5.98     06/27/24      CNY      40.00
ZHENGZHOU GENERAL AVIA       5.80     10/18/24      CNY      40.00
ZHENGZHOU GENERAL AVIA       5.98     06/27/24      CNY      40.73
ZHENGZHOU GENERAL AVIA       5.80     10/18/24      CNY      40.90
ZHENGZHOU MOUZHONG DEV       4.59     04/18/23      CNY      20.00
ZHENGZHOU MOUZHONG DEV       4.59     04/18/23      CNY      20.00
ZHENJIANG DANTU DISTRI       5.98     11/06/24      CNY      41.06
ZHENJIANG NEW AREA URB       5.31     07/14/23      CNY      20.06
ZHENJIANG NEW AREA URB       5.31     07/14/23      CNY      20.06
ZHENRO REAL ESTATE HOL       5.45     09/14/24      CNY      25.40
ZHIJIANG WANYUN COMMUN       7.00     08/29/24      CNY      45.93
ZHONGSHAN TORCH DEVELO       5.79     03/23/24      CNY      20.49
ZHONGXIANG CITY CONSTR       6.50     09/01/24      CNY      40.69
ZHONGXIANG CITY CONSTR       6.50     09/01/24      CNY      40.89
ZHOUSHAN CITY INVESTME       6.33     04/04/25      CNY      41.00
ZHOUSHAN CITY INVESTME       6.33     04/04/25      CNY      41.80
ZHOUSHAN CITY INVESTME       5.94     10/22/25      CNY      62.00
ZHOUSHAN CITY INVESTME       5.94     10/22/25      CNY      62.29
ZHOUSHAN ISLANDS NEW D       7.00     09/25/26      CNY      70.00
ZHOUSHAN ISLANDS NEW D       7.50     01/30/27      CNY      70.00
ZHOUSHAN ISLANDS NEW D       7.00     09/25/26      CNY      73.38
ZHOUSHAN PUTUO DISTRIC       6.60     01/25/27      CNY      70.00
ZHOUSHAN PUTUO DISTRIC       6.30     03/21/27      CNY      70.00
ZHOUSHAN PUTUO DISTRIC       6.60     01/25/27      CNY      74.00
ZHOUSHAN PUTUO DISTRIC       6.30     03/21/27      CNY      74.13
ZHUCHENG ECONOMIC DEVE       5.37     07/12/24      CNY      40.00
ZHUCHENG ECONOMIC DEVE       5.37     07/12/24      CNY      40.17
ZHUHAI HUIHUA INFRASTR       4.70     06/27/23      CNY      20.01
ZHUHAI HUIHUA INFRASTR       4.70     06/27/23      CNY      20.02
ZHUJI CITY EAST NEW TO       3.89     08/26/23      CNY      19.99
ZHUJI CITY EAST NEW TO       3.89     08/26/23      CNY      20.03
ZHUJI STATE-OWNED ASSE       5.34     06/28/24      CNY      40.49
ZHUJI STATE-OWNED ASSE       5.23     07/18/24      CNY      40.51
ZHUJI STATE-OWNED ASSE       5.34     06/28/24      CNY      42.50
ZHUZHOU GECKOR GROUP C       3.78     09/28/23      CNY      19.92
ZHUZHOU GECKOR GROUP C       3.78     09/28/23      CNY      19.93
ZHUZHOU HI-TECH AUTO E       4.47     11/03/23      CNY      24.68
ZHUZHOU LUSONG STATE O       7.00     01/30/25      CNY      41.55
ZHUZHOU LVXIANG INVEST       7.09     08/16/24      CNY      38.78
ZHUZHOU LVXIANG INVEST       7.09     08/16/24      CNY      40.42
ZHUZHOU RAILWAY INDUST       7.50     09/25/24      CNY      40.77
ZHUZHOU XIANGJIAN INVE       6.40     08/09/24      CNY      40.00
ZHUZHOU XIANGJIAN INVE       6.40     08/09/24      CNY      40.37
ZIBO BOSHAN STATE OWNE       5.63     03/29/24      CNY      20.09
ZIBO BOSHAN STATE OWNE       5.63     03/29/24      CNY      20.17
ZIBO HIGH TECH CITY IN       5.28     08/10/24      CNY      40.59
ZIBO HIGH TECH CITY IN       5.28     08/10/24      CNY      44.80
ZIBO HIGH TECH CITY IN       5.03     04/03/26      CNY      62.00
ZIGUI COUNTY CHUYUAN H       7.08     08/14/27      CNY      70.00
ZIGUI COUNTY CHUYUAN H       7.80     02/12/28      CNY      70.00
ZIGUI COUNTY CHUYUAN H       7.80     02/12/28      CNY      73.19
ZIGUI COUNTY CHUYUAN H       7.08     08/14/27      CNY      73.78
ZIXING CHENGCHENG INVE       6.20     03/16/24      CNY      20.26
ZIXING CHENGCHENG INVE       6.20     03/16/24      CNY      20.37
ZIXING CHENGCHENG INVE       6.18     08/09/24      CNY      40.00
ZIXING CHENGCHENG INVE       6.18     08/09/24      CNY      40.51
ZIXING CITY DEVELOPMEN       6.30     09/26/24      CNY      40.00
ZIXING CITY DEVELOPMEN       6.00     05/03/24      CNY      40.28
ZIXING CITY DEVELOPMEN       6.00     05/03/24      CNY      40.28
ZIXING CITY DEVELOPMEN       6.30     09/26/24      CNY      40.43
ZIYANG KAILI INVESTMEN       8.00     02/14/26      CNY      54.58
ZONGYANG INVESTMENT DE       5.85     04/25/24      CNY      40.00
ZONGYANG INVESTMENT DE       5.85     04/25/24      CNY      40.49
ZOUCHENG CITY LONGCHEN       7.50     01/16/29      CNY      71.01
ZUNYI BOZHOU URBAN CON       6.60     07/06/24      CNY      40.54
ZUNYI BOZHOU URBAN CON       6.60     07/06/24      CNY      40.54
ZUNYI BOZHOU URBAN CON       7.85     10/24/24      CNY      40.72
ZUNYI CITY XIANGJIANG        6.99     09/25/24      CNY      40.84
ZUNYI ECONOMIC DEVELOP       7.48     08/17/24      CNY      37.80
ZUNYI ECONOMIC DEVELOP       7.48     08/17/24      CNY      40.91
ZUNYI HONGHUAGANG DIST       5.05     06/27/23      CNY      19.74
ZUNYI HONGHUAGANG DIST       5.05     06/27/23      CNY      20.02
ZUNYI HONGHUAGANG DIST       6.98     07/25/24      CNY      40.69
ZUNYI HONGHUAGANG DIST       6.98     07/25/24      CNY      40.69
ZUNYI NEW DISTRICT DEV       5.99     04/07/26      CNY      28.72
ZUNYI NEW DISTRICT DEV       5.99     04/07/26      CNY      30.40
ZUNYI ROAD & BRIDGE CO       6.10     04/27/23      CNY      24.97
ZUNYI ROAD & BRIDGE CO       6.10     04/27/23      CNY      24.99
ZUNYI TRAFFIC TRAVEL I       7.70     09/27/27      CNY      53.00
ZUNYI TRAFFIC TRAVEL I       7.70     09/27/27      CNY      63.31
ZUNYI TRAFFIC TRAVEL I       7.90     06/06/29      CNY      71.93
ZUNYI URBAN CONSTRUCTI       7.50     05/20/24      CNY      70.44


   HONG KONG
   ---------

AIRPORT AUTHORITY            2.63     02/04/51      USD      69.15
AIRPORT AUTHORITY            2.63     02/04/51      USD      69.57
CNAC HK FINBRIDGE CO L       3.70     09/22/50      USD      64.29
DR PENG HOLDING HONGKO       2.50     12/01/25      USD      41.10
HAINAN AIRLINES HONG K      12.00     10/29/21      USD       2.75
HKCG FINANCE LTD             2.57     06/29/50      HKD      67.96
HKCG FINANCE LTD             2.57     05/26/50      HKD      68.01
HKCG FINANCE LTD             2.94     10/18/49      HKD      73.98
HKCG FINANCE LTD             2.94     10/28/49      HKD      74.15
HNA GROUP INTERNATIONA       6.25     10/05/21      USD       5.00
HONG KONG GOVERNMENT I       1.00     11/24/41      EUR      62.20
HONG KONG GOVERNMENT I       2.38     02/02/51      USD      67.41
HONG KONG GOVERNMENT I       2.38     02/02/51      USD      67.61
HONG KONG MORTGAGE COR       2.65     07/26/49      HKD      72.25
HONGKONG IDEAL INVESTM      14.75     10/08/22      USD       5.14
MTR CORP LTD                 2.88     07/27/46      USD      68.91
MTR CORP LTD                 2.55     06/24/55      HKD      71.76
XIAOMI BEST TIME INTER       4.10     07/14/51      USD      60.78
XIAOMI BEST TIME INTER       4.10     07/14/51      USD      60.83
ZENSUN ENTERPRISES LTD      12.50     04/23/24      USD      36.35
ZENSUN ENTERPRISES LTD      12.50     09/13/23      USD      36.38


   INDONESIA
   ---------

BERAU COAL ENERGY TBK        2.00     10/15/28      USD      25.00
BERAU COAL ENERGY TBK        2.00     10/15/28      USD      25.00
DAVOMAS INTERNATIONAL       11.00     12/08/14      USD       1.75
DAVOMAS INTERNATIONAL       11.00     12/08/14      USD       1.75
DAVOMAS INTERNATIONAL       11.00     05/09/11      USD       1.75
DAVOMAS INTERNATIONAL       11.00     05/09/11      USD       1.75
DELTA MERLIN DUNIA TEK       2.50     06/26/28      USD      27.61
INDOFOOD CBP SUKSES MA       4.81     04/27/52      USD      75.38
INDOFOOD CBP SUKSES MA       4.75     06/09/51      USD      75.46
INDONESIA GOVERNMENT I       3.35     03/12/71      USD      69.30
INDONESIA GOVERNMENT I       3.20     09/23/61      USD      69.64
INDONESIA GOVERNMENT I       1.30     03/23/34      EUR      73.41
INDONESIA GOVERNMENT I       1.10     03/12/33      EUR      74.06
INDONESIA GOVERNMENT I       3.05     03/12/51      USD      74.78
KAWASAN INDUSTRI JABAB       7.00     12/15/27      USD      68.85
KAWASAN INDUSTRI JABAB       7.00     12/15/27      USD      69.00
PERUSAHAAN PERSEROAN P       4.00     06/30/50      USD      73.96
PERUSAHAAN PERSEROAN P       4.00     06/30/50      USD      74.02
PERUSAHAAN PERSEROAN P       1.88     11/05/31      EUR      74.69
SRI REJEKI ISMAN TBK P       7.25     01/16/25      USD       3.29
SRI REJEKI ISMAN TBK P       7.25     01/16/25      USD       3.45


   INDIA
   -----

ACME RANGA REDDY SOLAR       0.01     08/31/46      INR      15.75
ACME RANGA REDDY SOLAR       0.01     01/26/46      INR      16.56
ADANI ELECTRICITY MUMB       3.87     07/22/31      USD      69.95
ADANI ELECTRICITY MUMB       3.87     07/22/31      USD      70.22
ADANI ELECTRICITY MUMB       3.95     02/12/30      USD      71.84
ADANI ELECTRICITY MUMB       3.95     02/12/30      USD      72.38
ADANI INTERNATIONAL CO       3.00     02/16/31      USD      74.30
ADANI INTERNATIONAL CO       3.00     02/16/31      USD      74.69
ADANI PORTS & SPECIAL        5.00     08/02/41      USD      62.45
ADANI PORTS & SPECIAL        5.00     08/02/41      USD      63.06
ADANI PORTS & SPECIAL        3.10     02/02/31      USD      65.09
ADANI PORTS & SPECIAL        3.10     02/02/31      USD      65.18
ADANI PORTS & SPECIAL        3.83     02/02/32      USD      65.28
ADANI PORTS & SPECIAL        3.83     02/02/32      USD      65.32
ADANI RENEWABLE ENERGY       4.63     10/15/39      USD      70.76
ADANI RENEWABLE ENERGY       4.63     10/15/39      USD      71.08
ADANI TRANSMISSION STE       4.25     05/21/36      USD      70.66
ADANI TRANSMISSION STE       4.25     05/21/36      USD      70.75
ALANKRIT ESTATES LTD         0.01     10/20/32      INR      45.95
AMPSOLAR SOLUTION PVT        0.01     11/03/37      INR      31.14
AMPSOLAR SOLUTION PVT        0.01     10/27/37      INR      31.19
AMTEK AUTO LTD               0.10     12/07/28      INR      59.25
ANSR GLOBAL CORP PVT L       4.00     02/12/30      INR      71.62
APG HABITAT PVT LTD          1.00     09/09/28      INR      66.53
APG INTELLI HOMES PVT        1.25     02/04/35      INR      47.16
APG INTELLI HOMES PVT        1.25     02/04/35      INR      47.53
ARCHEAN CHEMICAL INDUS       0.01     11/22/28      INR      61.28
ARVIND SMARTHOMES PVT        3.00     02/22/33      INR      69.43
ASSETS CARE & RECONSTR       2.05     04/30/31      INR      64.58
ASSETS CARE & RECONSTR       1.00     03/30/29      INR      66.50
ASSETS CARE & RECONSTR       2.00     03/31/30      INR      67.71
ASSETS CARE & RECONSTR       2.00     03/30/29      INR      71.18
ASSETS CARE & RECONSTR       2.00     03/30/29      INR      71.18
AUTHBRIDGE RESEARCH SE       0.10     12/03/31      INR      44.82
AUTHBRIDGE RESEARCH SE       0.10     10/14/31      INR      45.31
AUTOMOTIVE EXCHANGE PV       4.00     10/11/30      INR      60.90
AUTOMOTIVE EXCHANGE PV       4.00     06/01/30      INR      61.42
BHAGERIA & JAJODIA PHA       0.01     12/01/32      INR      45.72
BIG SHOT INFRA FACILIT       0.01     02/23/28      INR      65.21
BIG SHOT INFRA FACILIT       0.01     07/18/27      INR      68.53
BIG SHOT INFRA FACILIT       0.01     06/30/27      INR      68.82
BIG SHOT INFRA FACILIT       0.01     05/20/27      INR      69.46
BIG SHOT INFRA FACILIT       0.01     04/20/27      INR      69.94
BODY CUPID PVT LTD           0.01     03/31/31      INR      52.43
BREEZE CONSTRUCTIONS P       0.01     06/29/30      INR      52.86
BRITANNIA INDUSTRIES L       5.50     06/03/24      INR      28.31
BROIL SOLAR ENERGY PVT       0.01     09/05/31      INR      49.32
CASTEX TECHNOLOGIES LT       1.00     11/02/29      INR      62.84
CHANDRAJYOTI ESTATE DE       0.01     07/06/30      INR      54.08
CONVERGIA DIGITAL EDUC       0.10     09/29/31      INR      56.77
CROPIN TECHNOLOGY SOLU       0.01     01/12/31      INR      59.81
CROPIN TECHNOLOGY SOLU       0.01     12/20/30      INR      60.00
CROPIN TECHNOLOGY SOLU       0.01     09/25/27      INR      71.60
CROPIN TECHNOLOGY SOLU       0.01     02/27/27      INR      74.19
CUMULUS TRADING CO PVT       0.01     05/21/32      INR      46.08
CUMULUS TRADING CO PVT       0.01     01/23/30      INR      75.02
DLF ASPINWAL HOTELS PV       0.01     10/15/30      INR      49.73
DLF HOME DEVELOPERS LT       0.01     06/29/30      INR      52.30
DLF HOMES PANCHKULA PV       0.01     06/29/30      INR      52.86
DLF HOMES SERVICES PVT       0.01     06/29/30      INR      52.86
DLF LANDS INDIA PVT LT       0.01     09/29/31      INR      48.57
DLF MIDTOWN PVT LTD          0.01     12/11/27      INR      67.59
DLF PROPERTY DEVELOPER       0.01     08/12/30      INR      53.74
DLF PROPERTY DEVELOPER       0.01     06/29/30      INR      54.25
DLF REAL ESTATE BUILDE       0.01     06/23/30      INR      53.97
DLF RECREATIONAL FOUND       0.01     10/15/30      INR      49.73
DLF RESIDENTIAL BUILDE       0.01     06/23/30      INR      52.86
DLF RESIDENTIAL DEVELO       0.01     06/28/30      INR      55.57
DLF RESIDENTIAL DEVELO       0.01     06/28/30      INR      55.57
DLF RESIDENTIAL PARTNE       0.01     11/16/32      INR      45.85
DLF SOUTHERN TOWNS PVT       0.01     07/09/30      INR      57.97
DLF URBAN PVT LTD            0.01     12/11/27      INR      68.49
DOMUS REAL ESTATE PVT        0.01     07/11/30      INR      54.12
ECAP EQUITIES LTD            0.01     03/30/32      INR      49.87
ECAP EQUITIES LTD            0.01     12/28/31      INR      50.85
ECAP EQUITIES LTD            0.01     03/26/31      INR      53.88
EDELWEISS ASSET RECONS       2.00     07/22/29      INR      68.95
EDELWEISS ASSET RECONS       2.00     03/28/29      INR      70.12
EDELWEISS ASSET RECONS       2.00     01/15/29      INR      70.86
EDELWEISS ASSET RECONS       2.00     10/07/28      INR      71.91
EDELWEISS INVESTMENT A       0.01     05/31/29      INR      59.62
EDELWEISS RURAL & CORP       0.01     03/25/31      INR      53.01
ELP SOLAR ONE PVT LTD        0.25     02/27/31      INR      52.61
ENGENDER DEVELOPERS PV       0.01     03/30/41      INR      21.85
ENGENDER DEVELOPERS PV       0.01     02/29/32      INR      46.15
ESSAR POWER TRANSMISSI       3.00     03/31/43      INR      45.40
ESSAR POWER TRANSMISSI       3.00     03/31/43      INR      45.40
EVAAN HOLDINGS PVT LTD       1.00     02/14/33      INR      51.08
EVIE REAL ESTATE PVT L       0.01     01/26/28      INR      69.67
EVIE REAL ESTATE PVT L       1.00     03/27/27      INR      74.20
FUTURE RETAIL LTD            5.60     01/22/25      USD       0.58
FUTURE RETAIL LTD            5.60     01/22/25      USD       0.82
GALFAR ENGINEERING & C       0.01     12/12/34      INR      35.32
GALLERIA PROPERTY MANA       0.01     12/30/31      INR      48.58
GAMMA GAANA LTD              0.01     07/31/31      INR      49.31
GOLD PLUS GLASS INDUST       0.10     03/03/29      INR      60.78
GOLD PLUS GLASS INDUST       0.10     03/03/29      INR      60.78
GREEN URJA PVT LTD           0.01     02/14/30      INR      55.96
HCL INFOTECH LTD             0.10     03/31/36      INR      35.58
HITODI INFRASTRUCTURE        0.01     06/30/27      INR      66.73
IBROX AVIATION AND TRA       0.01     12/15/27      INR      63.54
INDIABULLS HOUSING FIN       4.50     09/28/26      USD      71.79
INDIADOTCOM DIGITAL PV       0.01     03/01/32      INR      67.00
JAIPRAKASH ASSOCIATES        5.75     09/08/17      USD      55.13
JAIPRAKASH POWER VENTU       7.00     05/15/17      USD       6.25
JCT LTD                      2.50     04/08/11      USD      25.75
JSM CORP PVT LTD             0.01     08/31/36      INR      33.02
JTPM ATSALI LTD              0.01     08/29/48      INR      13.28
JTPM ATSALI LTD              0.01     12/28/28      INR      62.47
KANAKADURGA FINANCE LT       0.01     04/15/36      INR      31.66
KARMALA ROAD PROJECT P       0.01     12/09/32      INR      45.00
KIRTIMAAN BUILDERS LTD       0.01     10/20/32      INR      45.95
KUSHALS RETAIL PVT LTD       1.00     05/13/29      INR      60.30
L&T FINANCE LTD              6.25     12/03/24      INR      67.98
LITMUS WORLD MARKETING       0.01     03/31/28      INR      69.50
LOCON SOLUTIONS PVT LT       0.01     07/22/30      INR      49.53
LOK SUVIDHA FINANCE LT       0.01     11/30/31      INR      44.91
MAHATVA PLASTIC PRODUC       0.01     01/24/28      INR      66.79
MAHATVA PLASTIC PRODUC       0.01     11/21/27      INR      67.74
MAHATVA PLASTIC PRODUC       0.01     05/19/27      INR      70.58
MAHATVA PLASTIC PRODUC       0.01     05/03/27      INR      70.83
MAHATVA PLASTIC PRODUC       0.01     03/29/27      INR      71.38
MAKAAN.COM PVT LTD           0.01     07/22/30      INR      49.89
MANJRI DEVELOPERS PVT        0.01     08/05/39      INR      25.41
MARGO NETWORKS PVT LTD       0.01     03/24/32      INR      56.51
MARIS POWER SUPPLY CO        2.00     04/18/28      INR      74.01
MAXIMUS ARC LTD              0.01     10/07/26      INR      71.36
MAXIMUS ARC LTD              0.01     04/08/26      INR      74.68
MELOSA BUILDERS & DEVE       0.01     06/29/30      INR      52.86
MENS BUILDCON PVT LTD        0.01     06/29/30      INR      52.86
METALITE FUEL INDUSTRI       0.01     06/18/36      INR      34.55
METALITE FUEL INDUSTRI       0.01     03/31/35      INR      38.03
MUDIT CEMENT PVT LTD         0.01     03/28/27      INR      69.29
MYTRAH AADHYA POWER PV       0.01     07/05/35      INR      36.72
MYTRAH ADVAITH POWER P       0.01     07/13/36      INR      33.76
MYTRAH AKSHAYA ENERGY        0.01     07/13/36      INR      33.76
NANI VIRANI WIND ENERG       2.00     06/30/39      INR      44.92
NEEMUCH SOLAR POWER PV       0.01     08/29/46      INR      16.02
NEEMUCH SOLAR POWER PV       0.01     01/26/46      INR      16.83
NHAVA SHEVA INTERNATIO       0.01     04/14/27      INR      70.32
NSL KRISHNAVENI SUGARS       0.01     12/23/31      INR      45.84
ORIGAMI CELLULO PVT LT       0.01     11/14/36      INR      32.96
PALIWAL REAL ESTATE LT       0.01     09/09/31      INR      47.95
PIRAMAL CAPITAL & HOUS       8.50     04/18/23      INR      34.25
PRAKASH INDUSTRIES LTD       5.25     04/30/15      USD      22.63
PRIDHVI ASSET RECONSTR       0.01     06/07/26      INR      74.83
PRUDENT ARC LTD              0.01     03/30/32      INR      46.84
PRUDENT ARC LTD              0.01     10/04/31      INR      48.63
PRUDENT ARC LTD              0.01     09/02/31      INR      49.21
PUNJAB INFRASTRUCTURE        0.40     10/15/33      INR      48.11
PUNJAB INFRASTRUCTURE        0.40     10/15/32      INR      51.67
PUNJAB INFRASTRUCTURE        0.40     10/15/31      INR      55.50
PUNJAB INFRASTRUCTURE        0.40     10/15/30      INR      59.58
PUNJAB INFRASTRUCTURE        0.40     10/15/29      INR      63.94
PUNJAB INFRASTRUCTURE        0.40     10/15/28      INR      68.59
PUNJAB INFRASTRUCTURE        0.40     10/15/27      INR      73.56
PURVANCHAL SOLAR POWER       0.01     08/29/46      INR      16.02
PURVANCHAL SOLAR POWER       0.01     01/26/46      INR      16.83
PYRAMID SAIMIRA THEATR       1.75     07/04/12      USD       0.26
R L FINE CHEM PVT LTD        0.10     08/19/36      INR      33.32
RAMANI ICECREAM CO LTD       0.01     12/29/35      INR      35.75
RANKGURU TECHNOLOGY SO       0.01     03/31/27      INR      66.46
RANKGURU TECHNOLOGY SO       0.01     02/11/27      INR      67.26
REDKITE CAPITAL PVT LT       2.50     03/30/29      INR      72.07
REI AGRO LTD                 5.50     11/13/14      USD       0.50
REI AGRO LTD                 5.50     11/13/14      USD       0.50
RELIANCE COMMUNICATION       6.50     11/06/20      USD       2.18
RELIANCE INDUSTRIES LT       3.75     01/12/62      USD      69.80
RELIANCE INDUSTRIES LT       3.75     01/12/62      USD      69.80
RELIANCE INDUSTRIES LT       3.63     01/12/52      USD      70.49
RELIANCE INDUSTRIES LT       3.63     01/12/52      USD      70.55
RENEW FAZILKA SOLAR PO       0.01     01/26/46      INR      16.57
RENEW MEDAK POWER PVT        0.01     08/29/46      INR      16.02
RENEW MEDAK POWER PVT        0.01     01/26/46      INR      16.83
REWANCHAL SOLAR POWER        0.01     08/29/46      INR      16.02
REWANCHAL SOLAR POWER        0.01     01/26/46      INR      16.83
RIVERIA COMMERCIAL DEV       0.01     07/08/31      INR      48.07
RMZ ONE PARAMOUNT PVT        0.10     03/24/29      INR      58.92
RRB ENERGY LTD               3.50     11/08/32      INR      66.54
SAHIB FINLEASE LTD           1.00     10/29/29      INR      62.00
SAKET HOLIDAYS RESORTS       0.01     06/29/30      INR      53.93
SANJWIN CONSULTING SOL       0.01     06/01/28      INR      62.63
SBSR POWER CLEANTECH E       0.01     06/15/42      INR      20.82
SHERISHA ROOFTOP SOLAR       0.01     08/12/31      INR      47.83
SHIVAJI MARG MAINTENAN       0.01     06/28/30      INR      53.65
SHREE UTTAM STEEL & PO       0.10     07/12/32      INR      46.46
SINTEX INDUSTRIES LTD        3.50     05/25/22      USD       1.00
SKIPPER PLASTICS LTD         1.00     08/16/32      INR      51.53
STPL HORTICULTURE PVT        0.01     03/31/31      INR      59.19
SUNWORLD SOLAR POWER P       0.01     08/31/46      INR      16.01
SUNWORLD SOLAR POWER P       0.01     01/26/46      INR      16.83
SURBHI INVESTMENTS & T       2.50     10/21/28      INR      73.56
SUTARA ROADS & INFRA L       0.01     08/31/30      INR      59.15
SUZLON ENERGY LTD            5.75     07/16/19      USD      20.76
SUZLON ENERGY LTD            5.75     07/16/19      USD      20.76
SUZLON ENERGY LTD            0.01     06/26/30      INR      49.22
SVOGL OIL GAS & ENERGY       5.00     08/17/15      USD       0.61
TATA SMARTFOODZ LTD          0.01     08/19/26      INR      73.86
TATA SMARTFOODZ LTD          0.01     06/28/26      INR      74.76
TN URJA PVT LTD              0.10     02/22/36      INR      36.66
UJAGAR ESTATES LTD           0.01     10/20/32      INR      45.95
UPAKARMA AYURVEDA PVT        0.10     10/27/32      INR      55.73
VENTO ENERGY INFRA PVT       0.01     09/20/39      INR      26.03
VIKRANT FORGE PVT LTD        2.00     03/25/33      INR      57.43
WATSUN INFRABUILD PVT        4.00     10/16/37      INR      65.04
YBRANT ENGINEERING & C       0.01     05/07/31      INR      51.58
YOGINDERA POWERS LTD         0.01     01/24/42      INR      38.95


   JAPAN
   -----

AVANSTRATE INC               0.25     10/29/32      JPY       9.75
DEVELOPMENT BANK OF JA       1.65     05/07/49      EUR      68.00
DEVELOPMENT BANK OF JA       0.56     11/14/34      EUR      69.99
DEVELOPMENT BANK OF JA       0.89     07/16/70      JPY      72.50
DEVELOPMENT BANK OF JA       0.48     12/16/59      JPY      73.22
EAST JAPAN RAILWAY CO        0.81     07/23/69      JPY      63.92
EAST JAPAN RAILWAY CO        1.10     09/15/39      EUR      66.18
EAST JAPAN RAILWAY CO        0.50     07/28/56      JPY      68.27
EAST JAPAN RAILWAY CO        0.99     04/22/70      JPY      69.07
EAST JAPAN RAILWAY CO        0.77     09/15/34      EUR      71.99
EAST JAPAN RAILWAY CO        0.77     12/23/59      JPY      72.55
EAST JAPAN RAILWAY CO        1.14     04/15/71      JPY      73.20
EAST JAPAN RAILWAY CO        1.15     12/18/70      JPY      73.65
EAST JAPAN RAILWAY CO        0.83     04/22/60      JPY      73.96
EAST JAPAN RAILWAY CO        1.18     12/17/71      JPY      74.07
EAST JAPAN RAILWAY CO        1.21     07/15/71      JPY      75.15
HIS CO LTD                   0.58     02/19/27      JPY      63.74
JAPAN EXPRESSWAY HOLDI       0.35     08/29/59      JPY      69.81
JAPAN EXPRESSWAY HOLDI       0.83     03/19/59      JPY      69.96
JAPAN EXPRESSWAY HOLDI       0.30     06/30/56      JPY      70.76
JAPAN EXPRESSWAY HOLDI       0.84     03/19/58      JPY      71.77
JAPAN EXPRESSWAY HOLDI       0.43     02/27/60      JPY      71.84
JAPAN EXPRESSWAY HOLDI       0.44     03/19/54      JPY      72.26
JAPAN EXPRESSWAY HOLDI       0.44     10/31/59      JPY      72.32
JAPAN EXPRESSWAY HOLDI       0.88     03/19/59      JPY      72.57
JAPAN EXPRESSWAY HOLDI       0.63     03/19/59      JPY      72.90
JAPAN EXPRESSWAY HOLDI       0.46     06/30/59      JPY      73.12
JAPAN EXPRESSWAY HOLDI       0.75     03/19/54      JPY      73.46
JAPAN EXPRESSWAY HOLDI       0.71     03/19/54      JPY      73.50
JAPAN EXPRESSWAY HOLDI       0.29     06/18/49      JPY      73.54
JAPAN EXPRESSWAY HOLDI       0.94     03/19/60      JPY      73.60
JAPAN EXPRESSWAY HOLDI       0.97     03/19/60      JPY      74.34
JAPAN EXPRESSWAY HOLDI       0.54     06/30/60      JPY      74.66
JAPAN EXPRESSWAY HOLDI       0.84     03/19/55      JPY      74.68
JAPAN EXPRESSWAY HOLDI       0.94     03/17/56      JPY      75.36
JAPAN EXPRESSWAY HOLDI       0.48     08/31/56      JPY      75.49
JAPAN EXPRESSWAY HOLDI       0.57     08/31/60      JPY      75.49
JAPAN FINANCE ORGANIZA       1.88     10/15/35      AUD      64.73
JAPAN FINANCE ORGANIZA       2.00     11/27/35      AUD      65.61
JAPAN FINANCE ORGANIZA       0.49     07/28/56      JPY      72.01
JAPAN FINANCE ORGANIZA       0.63     04/28/60      JPY      73.20
JAPAN FINANCE ORGANIZA       0.63     04/30/60      JPY      73.28
JAPAN FINANCE ORGANIZA       0.63     04/23/60      JPY      73.33
JAPAN FINANCE ORGANIZA       0.63     04/28/60      JPY      73.34
JAPAN FINANCE ORGANIZA       1.49     12/09/30      AUD      73.49
JAPAN FINANCE ORGANIZA       1.49     11/27/30      AUD      73.68
JAPAN FINANCE ORGANIZA       0.65     01/28/60      JPY      74.17
JAPAN GOVERNMENT FORTY       0.40     03/20/56      JPY      74.53
MITSUBISHI ESTATE CO L       1.13     04/18/69      JPY      73.08
MITSUBISHI ESTATE CO L       0.79     06/27/56      JPY      74.17
MITSUI FUDOSAN CO LTD        1.03     03/17/70      JPY      70.33
MIZUHO BANK LTD              3.92     06/13/46      USD      73.83
MIZUHO FINANCIAL GROUP       0.84     04/12/33      EUR      72.59
MIZUHO SECURITIES CO L       2.02     12/10/35      USD      66.51
MIZUHO SECURITIES CO L       2.05     12/21/35      USD      66.71
MIZUHO SECURITIES CO L       2.16     02/01/36      USD      67.44
NIPPON PROLOGIS REIT I       1.00     04/15/50      JPY      71.98
OSAKA GAS CO LTD             0.70     09/05/69      JPY      60.73
OSAKA GAS CO LTD             0.55     09/05/58      JPY      67.33
OSAKA GAS CO LTD             0.40     09/03/49      JPY      72.98
OSAKA GAS CO LTD             0.82     06/06/59      JPY      73.94
RAKUTEN GROUP INC            0.90     06/23/34      JPY      64.61
RAKUTEN GROUP INC            1.50     12/02/36      JPY      65.18
RAKUTEN GROUP INC            1.30     12/02/33      JPY      70.19
RAKUTEN GROUP INC            1.05     12/02/31      JPY      72.47
SOFTBANK GROUP CORP          3.88     07/06/32      EUR      73.52
SUMITOMO MITSUI FINANC       2.30     01/12/41      USD      65.60
SUMITOMO MITSUI FINANC       2.93     09/17/41      USD      70.43
SUMITOMO MITSUI FINANC       3.05     01/14/42      USD      72.84
TAKEDA PHARMACEUTICAL        3.38     07/09/60      USD      69.33
TAKEDA PHARMACEUTICAL        3.18     07/09/50      USD      70.71
TAKEDA PHARMACEUTICAL        2.00     07/09/40      EUR      72.14
TKJP CORP                    1.02     12/15/17      JPY       0.50
TKJP CORP                    0.85     03/06/19      JPY       2.02
TKJP CORP                    0.58     03/26/21      JPY       2.02
TOHO GAS CO LTD              0.86     04/18/59      JPY      73.27
TOKYO GAS CO LTD             0.53     09/12/59      JPY      66.04
TOKYO GAS CO LTD             0.99     05/28/70      JPY      69.06
TOKYO GAS CO LTD             1.09     09/10/70      JPY      71.90
TOKYO GAS CO LTD             0.69     12/25/57      JPY      72.02
TOKYO GAS CO LTD             0.83     05/28/60      JPY      73.81
TOKYO METRO CO LTD           0.94     01/31/70      JPY      67.89
TOKYO METRO CO LTD           1.07     09/18/70      JPY      71.63
TOKYO METRO CO LTD           1.09     06/12/70      JPY      72.30
TOKYO METRO CO LTD           0.77     06/27/59      JPY      73.11
TOKYO METRO CO LTD           1.13     01/22/71      JPY      73.22
UNIZO HOLDINGS CO LTD        1.20     05/28/27      JPY      20.37
UNIZO HOLDINGS CO LTD        1.50     11/26/27      JPY      20.99
UNIZO HOLDINGS CO LTD        0.99     11/27/26      JPY      23.67
UNIZO HOLDINGS CO LTD        1.10     11/28/24      JPY      26.90
UNIZO HOLDINGS CO LTD        0.89     05/29/24      JPY      30.42
UNIZO HOLDINGS CO LTD        0.85     05/26/23      JPY      35.03
UNIZO HOLDINGS CO LTD        0.80     11/29/23      JPY      37.09
URBAN RENAISSANCE AGEN       0.43     03/19/59      JPY      67.65
URBAN RENAISSANCE AGEN       0.68     03/19/59      JPY      74.35
URBAN RENAISSANCE AGEN       0.69     03/19/59      JPY      74.63
URBAN RENAISSANCE AGEN       0.32     06/18/49      JPY      74.97
WEST JAPAN RAILWAY CO        1.03     05/21/70      JPY      70.20
WEST JAPAN RAILWAY CO        1.10     08/27/70      JPY      72.28
WEST JAPAN RAILWAY CO        1.13     04/22/71      JPY      72.91
WEST JAPAN RAILWAY CO        0.40     08/27/49      JPY      73.49
WEST JAPAN RAILWAY CO        0.86     05/21/60      JPY      74.63


  MALAYSIA
  --------

AXIATA SPV5 LABUAN LTD       3.06     08/19/50      USD      72.10
BERJAYA CORP BHD             2.00     05/29/26      MYR       0.26
CAPITAL A BHD                8.00     12/29/28      MYR       0.77
EASTERN & ORIENTAL BHD       3.80     03/15/28      MYR       0.36
HUME CEMENT INDUSTRIES       5.00     05/29/24      MYR       1.36
MALAYAN FLOUR MILLS BH       5.00     01/24/24      MYR       1.50
MEX I CAPITAL BHD            0.10     07/21/42      MYR      31.63
PENGURUSAN AIR SPV BHD       1.00     11/11/36      MYR      63.04
PENGURUSAN AIR SPV BHD       1.00     02/05/36      MYR      65.22
PENGURUSAN AIR SPV BHD       1.00     11/05/35      MYR      65.47
PENGURUSAN AIR SPV BHD       1.00     09/28/35      MYR      65.76
PETRONAS CAPITAL LTD         3.40     04/28/61      USD      72.77
PETRONAS CAPITAL LTD         3.40     04/28/61      USD      72.83
SCANWOLF CORP BHD            3.00     08/04/26      MYR       0.27
SD INTERNATIONAL SUKUK       7.00     03/12/25      USD       3.23
SD INTERNATIONAL SUKUK       6.30     05/09/22      USD       5.25
TRIPLC VENTURES SDN BH       5.59     10/10/23      MYR       1.00
YB VENTURES BHD              0.10     09/05/26      MYR       0.04


  NEW ZEALAND
  -----------

AUCKLAND COUNCIL             2.95     09/28/50      NZD      58.87
NEW ZEALAND GOVERNMENT       1.75     05/15/41      NZD      67.89
NEW ZEALAND LOCAL GOVE       2.00     04/15/37      NZD      68.07
HOUSING NEW ZEALAND LT       1.53     09/10/35      NZD      68.86


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIO      15.00     07/15/06      USD      17.25
GLOBE TELECOM INC            3.00     07/23/35      USD      73.63
PHILIPPINE GOVERNMENT        1.75     04/28/41      EUR      64.26
PHILIPPINE GOVERNMENT        2.65     12/10/45      USD      70.02
PHILIPPINE GOVERNMENT        2.95     05/05/45      USD      73.58
PHILIPPINE GOVERNMENT        1.20     04/28/33      EUR      74.60
PLDT INC                     3.45     06/23/50      USD      67.73


   SINGAPORE
   ---------

APL REALTY HOLDINGS PT       5.95     06/02/24      USD      51.66
ASL MARINE HOLDINGS LT       3.00     03/28/25      SGD      41.50
ASL MARINE HOLDINGS LT       3.00     10/01/26      SGD      41.50
BAKRIE TELECOM PTE LTD      11.50     05/07/15      USD       0.70
BAKRIE TELECOM PTE LTD      11.50     05/07/15      USD       0.70
BLD INVESTMENTS PTE LT       8.63     03/23/15      USD       6.75
DBS BANK LTD                 1.15     01/22/50      EUR      53.04
DBS BANK LTD                 1.22     02/18/50      EUR      54.23
DBS BANK LTD                 1.41     01/23/50      EUR      56.81
DBS BANK LTD                 1.42     06/28/49      EUR      57.76
DBS BANK LTD                 1.55     06/07/49      EUR      59.92
DBS BANK LTD                 1.83     04/12/49      EUR      63.79
DBS BANK LTD                 2.95     10/28/51      AUD      69.93
ENERCOAL RESOURCES PTE       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       2.24
GOLDEN LEGACY PTE LTD        6.88     03/27/24      USD       2.73
INDO INFRASTRUCTURE GR       2.00     07/30/10      USD       1.00
ITNL OFFSHORE PTE LTD        7.50     01/18/21      CNY      16.90
JGC VENTURES PTE LTD         3.00     06/30/25      USD      34.28
LMIRT CAPITAL PTE LTD        7.50     02/09/26      USD      59.61
LMIRT CAPITAL PTE LTD        7.25     06/19/24      USD      65.35
MICLYN EXPRESS OFFSHOR       8.75     11/25/18      USD       0.78
MODERNLAND OVERSEAS PT       3.00     04/30/27      USD      42.00
MODERNLAND OVERSEAS PT       3.00     04/30/27      USD      42.04
NATIONAL ENVIRONMENT A       2.50     09/15/51      SGD      73.86
NOMURA INTERNATIONAL F       3.17     10/30/44      AUD      53.61
NOMURA INTERNATIONAL F       1.38     07/31/44      EUR      57.42
NOMURA INTERNATIONAL F       3.90     06/18/50      USD      58.97
NOMURA INTERNATIONAL F      19.50     08/28/28      TRY      60.33
NOMURA INTERNATIONAL F       2.31     01/06/36      AUD      61.66
NOMURA INTERNATIONAL F       2.31     12/03/35      AUD      61.70
NOMURA INTERNATIONAL F       7.65     10/04/37      AUD      62.38
NOMURA INTERNATIONAL F       3.65     06/18/39      AUD      64.91
NOMURA INTERNATIONAL F       5.65     11/28/36      USD      68.51
NOMURA INTERNATIONAL F       6.02     07/20/37      USD      70.40
NOMURA INTERNATIONAL F       3.74     04/20/40      USD      70.85
NOMURA INTERNATIONAL F       2.60     06/14/44      KRW      71.24
NOMURA INTERNATIONAL F       6.25     04/21/37      USD      72.31
NOMURA INTERNATIONAL F       6.00     02/16/32      USD      74.11
ORO NEGRO DRILLING PTE       7.50     01/24/24      USD       0.30
RICKMERS MARITIME            8.45     05/15/17      SGD       5.00
SWIBER CAPITAL PTE LTD       6.25     10/30/17      SGD       4.20
SWIBER CAPITAL PTE LTD       6.50     08/02/18      SGD       4.20
SWIBER HOLDINGS LTD          7.13     04/18/17      SGD       6.13
SWIBER HOLDINGS LTD          7.75     09/18/17      CNY       6.13
SWIBER HOLDINGS LTD          5.55     10/10/16      SGD      12.25
TEMASEK FINANCIAL I LT       1.25     11/20/49      EUR      62.31
TEMASEK FINANCIAL I LT       2.50     10/06/70      USD      62.44
TEMASEK FINANCIAL I LT       2.50     10/06/70      USD      62.48
TEMASEK FINANCIAL I LT       2.25     04/06/51      USD      65.92
TEMASEK FINANCIAL I LT       2.25     04/06/51      USD      68.35
TEMASEK FINANCIAL I LT       2.75     08/02/61      USD      69.60
TEMASEK FINANCIAL I LT       2.75     08/02/61      USD      69.77
TEMASEK FINANCIAL I LT       2.80     08/17/71      SGD      73.78
THETA CAPITAL PTE LTD        6.75     10/31/26      USD      70.99


   SOUTH KOREA
   -----------

BUSAN PORT AUTHORITY         1.65     08/21/40      KRW      74.42
CITIBANK KOREA INC           2.33     08/01/36      KRW      69.99
CJ CGV CO LTD                0.50     07/21/52      KRW      18.83
CJ CGV CO LTD                1.00     06/08/51      KRW      21.32
EXPORT-IMPORT BANK OF        2.51     12/06/49      AUD      54.82
EXPORT-IMPORT BANK OF        2.70     12/22/36      AUD      70.89
EXPORT-IMPORT BANK OF        2.65     04/07/36      AUD      72.91
EXPORT-IMPORT BANK OF        2.50     06/29/41      USD      73.76
HEUNGKUK FIRE & MARINE       5.70     12/29/46      KRW      30.16
KOREA DEVELOPMENT BANK       2.50     09/28/41      AUD      64.86
KOREA DEVELOPMENT BANK       2.55     09/28/41      AUD      65.37
KOREA DEVELOPMENT BANK       1.85     09/24/49      KRW      66.16
KOREA DEVELOPMENT BANK       2.00     07/31/49      KRW      66.78
KOREA DEVELOPMENT BANK       2.00     08/01/49      KRW      66.84
KOREA DEVELOPMENT BANK       2.00     08/01/49      KRW      66.84
KOREA DEVELOPMENT BANK       2.78     10/18/41      AUD      68.14
KOREA DEVELOPMENT BANK       1.91     09/18/50      KRW      68.61
KOREA DEVELOPMENT BANK       1.86     10/19/50      KRW      69.43
KOREA DEVELOPMENT BANK       2.14     06/21/49      KRW      70.00
KOREA DEVELOPMENT BANK       2.37     09/29/46      KRW      70.37
KOREA DEVELOPMENT BANK       2.30     08/30/51      KRW      72.14
KOREA DEVELOPMENT BANK       2.30     08/30/51      KRW      72.14
KOREA DEVELOPMENT BANK       3.19     11/26/41      AUD      72.27
KOREA DEVELOPMENT BANK       3.24     11/30/41      AUD      72.85
KOREA DEVELOPMENT BANK       2.30     10/11/46      KRW      73.22
KOREA DEVELOPMENT BANK       2.12     06/21/49      KRW      74.16
KOREA EAST-WEST POWER        1.42     10/07/49      KRW      49.48
KOREA EAST-WEST POWER        1.70     07/16/50      KRW      52.92
KOREA EAST-WEST POWER        2.16     03/07/49      KRW      61.27
KOREA EAST-WEST POWER        1.47     10/07/39      KRW      62.61
KOREA EAST-WEST POWER        2.23     11/05/48      KRW      62.72
KOREA EAST-WEST POWER        1.70     07/16/40      KRW      64.00
KOREA EAST-WEST POWER        1.78     11/24/40      KRW      64.70
KOREA EAST-WEST POWER        2.52     11/22/51      KRW      64.89
KOREA EAST-WEST POWER        2.18     03/07/39      KRW      71.66
KOREA EAST-WEST POWER        2.56     11/22/41      KRW      73.11
KOREA EAST-WEST POWER        2.30     11/05/38      KRW      73.72
KOREA EAST-WEST POWER        2.62     11/03/41      KRW      74.13
KOREA ELECTRIC POWER C       1.71     10/24/49      KRW      65.48
KOREA EXPRESSWAY CORP        1.32     08/22/49      KRW      60.67
KOREA EXPRESSWAY CORP        1.47     09/25/49      KRW      62.94
KOREA EXPRESSWAY CORP        1.52     03/12/50      KRW      63.58
KOREA EXPRESSWAY CORP        1.71     10/29/50      KRW      66.52
KOREA EXPRESSWAY CORP        1.71     04/09/50      KRW      66.53
KOREA EXPRESSWAY CORP        1.57     08/26/46      KRW      67.68
KOREA EXPRESSWAY CORP        1.81     11/12/50      KRW      68.24
KOREA EXPRESSWAY CORP        1.86     12/23/50      KRW      68.82
KOREA EXPRESSWAY CORP        1.79     05/30/49      KRW      69.20
KOREA EXPRESSWAY CORP        2.04     08/13/51      KRW      71.54
KOREA EXPRESSWAY CORP        1.96     04/11/49      KRW      71.63
KOREA EXPRESSWAY CORP        2.10     09/09/51      KRW      72.40
KOREA EXPRESSWAY CORP        1.85     10/24/46      KRW      72.59
KOREA EXPRESSWAY CORP        1.98     04/25/49      KRW      72.73
KOREA EXPRESSWAY CORP        1.90     11/10/46      KRW      73.21
KOREA EXPRESSWAY CORP        2.14     07/09/51      KRW      73.64
KOREA EXPRESSWAY CORP        2.18     03/11/51      KRW      74.26
KOREA EXPRESSWAY CORP        2.00     12/07/48      KRW      74.30
KOREA EXPRESSWAY CORP        2.13     03/19/49      KRW      74.56
KOREA EXPRESSWAY CORP        1.58     05/21/40      KRW      74.64
KOREA GAS CORP               1.80     08/22/44      KRW      67.75
KOREA HYDRO & NUCLEAR        1.59     05/25/50      KRW      52.79
KOREA HYDRO & NUCLEAR        1.58     10/16/49      KRW      53.01
KOREA HYDRO & NUCLEAR        1.66     06/15/50      KRW      53.76
KOREA HYDRO & NUCLEAR        1.70     11/27/49      KRW      54.98
KOREA HYDRO & NUCLEAR        1.78     11/23/50      KRW      55.49
KOREA HYDRO & NUCLEAR        1.80     04/02/50      KRW      56.01
KOREA HYDRO & NUCLEAR        1.83     04/28/50      KRW      56.76
KOREA HYDRO & NUCLEAR        1.82     06/05/49      KRW      57.13
KOREA HYDRO & NUCLEAR        2.31     06/29/51      KRW      63.02
KOREA HYDRO & NUCLEAR        1.57     05/25/40      KRW      64.30
KOREA HYDRO & NUCLEAR        2.25     10/26/48      KRW      64.41
KOREA HYDRO & NUCLEAR        1.63     06/15/40      KRW      64.81
KOREA HYDRO & NUCLEAR        2.45     10/14/51      KRW      64.92
KOREA HYDRO & NUCLEAR        1.59     10/16/39      KRW      65.27
KOREA HYDRO & NUCLEAR        1.80     11/23/40      KRW      66.57
KOREA HYDRO & NUCLEAR        1.80     04/02/40      KRW      67.08
KOREA HYDRO & NUCLEAR        1.76     11/27/39      KRW      67.24
KOREA HYDRO & NUCLEAR        2.41     09/18/47      KRW      67.33
KOREA HYDRO & NUCLEAR        1.81     04/28/40      KRW      67.44
KOREA HYDRO & NUCLEAR        2.59     11/03/51      KRW      67.56
KOREA HYDRO & NUCLEAR        2.47     10/17/47      KRW      68.02
KOREA HYDRO & NUCLEAR        1.81     06/05/39      KRW      68.46
KOREA HYDRO & NUCLEAR        2.31     06/29/41      KRW      71.69
KOREA HYDRO & NUCLEAR        2.81     06/05/48      KRW      72.76
KOREA HYDRO & NUCLEAR        2.97     02/17/52      KRW      73.37
KOREA HYDRO & NUCLEAR        2.49     10/14/41      KRW      73.50
KOREA HYDRO & NUCLEAR        3.02     03/11/52      KRW      73.97
KOREA HYDRO & NUCLEAR        2.88     05/11/48      KRW      74.05
KOREA LAND & HOUSING C       1.28     08/23/49      KRW      60.06
KOREA LAND & HOUSING C       1.54     03/09/50      KRW      64.05
KOREA LAND & HOUSING C       1.57     05/27/50      KRW      64.67
KOREA LAND & HOUSING C       1.65     08/27/50      KRW      65.59
KOREA LAND & HOUSING C       1.66     09/18/50      KRW      65.64
KOREA LAND & HOUSING C       1.67     07/07/50      KRW      65.78
KOREA LAND & HOUSING C       2.17     10/30/68      KRW      67.41
KOREA LAND & HOUSING C       1.70     06/13/49      KRW      67.76
KOREA LAND & HOUSING C       1.74     01/22/50      KRW      67.89
KOREA LAND & HOUSING C       1.78     04/08/50      KRW      67.92
KOREA LAND & HOUSING C       1.78     04/29/50      KRW      68.64
KOREA LAND & HOUSING C       1.62     07/27/46      KRW      68.72
KOREA LAND & HOUSING C       1.61     07/19/46      KRW      68.78
KOREA LAND & HOUSING C       1.87     05/24/49      KRW      70.20
KOREA LAND & HOUSING C       1.97     01/29/51      KRW      70.96
KOREA LAND & HOUSING C       1.83     10/19/46      KRW      72.33
KOREA LAND & HOUSING C       2.15     09/15/51      KRW      73.43
KOREA LAND & HOUSING C       2.15     03/05/51      KRW      73.81
KOREA LAND & HOUSING C       1.61     06/10/40      KRW      74.52
KOREA MIDLAND POWER CO       1.53     02/25/50      KRW      50.88
KOREA MIDLAND POWER CO       1.69     06/18/50      KRW      52.99
KOREA MIDLAND POWER CO       1.72     06/18/49      KRW      54.27
KOREA MIDLAND POWER CO       1.86     11/13/49      KRW      56.19
KOREA MIDLAND POWER CO       1.95     05/21/49      KRW      57.93
KOREA MIDLAND POWER CO       1.99     03/26/49      KRW      58.57
KOREA MIDLAND POWER CO       2.17     02/08/49      KRW      61.53
KOREA MIDLAND POWER CO       2.17     10/31/48      KRW      61.90
KOREA MIDLAND POWER CO       1.53     02/25/40      KRW      62.84
KOREA MIDLAND POWER CO       2.26     09/10/48      KRW      63.06
KOREA MIDLAND POWER CO       1.59     03/18/40      KRW      63.38
KOREA MIDLAND POWER CO       1.66     08/25/40      KRW      63.63
KOREA MIDLAND POWER CO       1.64     07/21/40      KRW      63.63
KOREA MIDLAND POWER CO       1.66     06/18/40      KRW      63.77
KOREA MIDLAND POWER CO       1.75     06/18/39      KRW      66.33
KOREA MIDLAND POWER CO       1.92     10/30/39      KRW      68.00
KOREA MIDLAND POWER CO       1.96     05/21/39      KRW      68.97
KOREA MIDLAND POWER CO       2.87     01/24/52      KRW      70.51
KOREA MIDLAND POWER CO       2.19     02/08/39      KRW      72.10
KOREA MIDLAND POWER CO       3.01     02/17/52      KRW      72.53
KOREA MIDLAND POWER CO       2.24     10/31/38      KRW      73.09
KOREA MIDLAND POWER CO       2.30     09/10/38      KRW      73.65
KOREA MINE REHABILITAT       3.01     02/26/40      AUD      64.59
KOREA MINE REHABILITAT       1.93     07/15/50      KRW      67.84
KOREA MINE REHABILITAT       2.07     01/06/51      KRW      70.17
KOREA MINE REHABILITAT       3.20     07/15/40      USD      72.17
KOREA OCEAN BUSINESS C       1.50     09/27/49      KRW      63.12
KOREA OCEAN BUSINESS C       1.59     05/22/50      KRW      64.29
KOREA OCEAN BUSINESS C       1.63     12/11/49      KRW      65.36
KOREA OCEAN BUSINESS C       1.67     06/16/50      KRW      65.51
KOREA OCEAN BUSINESS C       1.69     10/27/50      KRW      65.73
KOREA OCEAN BUSINESS C       1.70     04/16/50      KRW      65.98
KOREA OCEAN BUSINESS C       2.01     03/28/49      KRW      72.16
KOREA OVERSEAS INFRAST       1.76     10/28/50      KRW      66.64
KOREA RAIL NETWORK AUT       1.46     09/27/49      KRW      62.58
KOREA RAIL NETWORK AUT       1.51     10/11/49      KRW      63.32
KOREA RAIL NETWORK AUT       1.59     05/21/50      KRW      64.71
KOREA RAIL NETWORK AUT       1.64     02/19/50      KRW      65.46
KOREA RAIL NETWORK AUT       1.65     02/03/50      KRW      65.82
KOREA RAIL NETWORK AUT       1.76     04/23/50      KRW      67.89
KOREA RAIL NETWORK AUT       1.75     11/20/49      KRW      67.96
KOREA RAIL NETWORK AUT       1.85     11/05/49      KRW      69.76
KOREA RAIL NETWORK AUT       1.72     06/28/46      KRW      70.20
KOREA RAIL NETWORK AUT       2.03     08/06/51      KRW      71.12
KOREA RAIL NETWORK AUT       1.93     05/16/49      KRW      71.42
KOREA RAIL NETWORK AUT       2.10     03/25/51      KRW      72.35
KOREA RAIL NETWORK AUT       1.90     06/13/46      KRW      73.15
KOREA RAIL NETWORK AUT       2.15     07/13/51      KRW      73.51
KOREA RAILROAD CORP          1.31     08/29/49      KRW      60.05
KOREA RAILROAD CORP          1.44     07/26/49      KRW      62.40
KOREA RAILROAD CORP          1.47     09/19/49      KRW      62.58
KOREA RAILROAD CORP          1.56     03/18/50      KRW      63.82
KOREA RAILROAD CORP          1.61     08/12/50      KRW      64.27
KOREA RAILROAD CORP          1.59     07/18/49      KRW      65.13
KOREA RAILROAD CORP          1.67     04/14/50      KRW      65.51
KOREA RAILROAD CORP          2.04     07/22/51      KRW      71.30
KOREA RAILROAD CORP          2.00     04/05/49      KRW      71.79
KOREA RAILROAD CORP          1.88     10/27/46      KRW      72.58
KOREA RAILROAD CORP          2.01     04/24/49      KRW      72.76
KOREA RAILROAD CORP          1.41     04/11/39      EUR      72.83
KOREA RAILROAD CORP          1.94     11/03/46      KRW      73.64
KOREA RAILROAD CORP          2.13     03/13/49      KRW      74.12
KOREA SMES AND STARTUP       1.87     03/24/50      KRW      69.37
KOREA SMES AND STARTUP       1.31     08/09/39      KRW      71.72
KOREA SMES AND STARTUP       1.64     10/16/40      KRW      74.25
KOREA SOUTH-EAST POWER       1.65     06/11/50      KRW      52.34
KOREA SOUTH-EAST POWER       1.69     06/26/49      KRW      53.80
KOREA SOUTH-EAST POWER       1.96     01/26/51      KRW      56.92
KOREA SOUTH-EAST POWER       2.19     11/09/48      KRW      62.12
KOREA SOUTH-EAST POWER       1.63     06/11/40      KRW      63.48
KOREA SOUTH-EAST POWER       2.47     11/09/51      KRW      64.22
KOREA SOUTH-EAST POWER       1.68     06/26/39      KRW      65.50
KOREA SOUTH-EAST POWER       1.97     01/26/41      KRW      66.93
KOREA SOUTH-EAST POWER       2.60     07/26/48      KRW      68.57
KOREA SOUTH-EAST POWER       2.77     04/12/48      KRW      70.67
KOREA SOUTH-EAST POWER       2.32     11/09/38      KRW      73.85
KOREA SOUTH-EAST POWER       3.13     03/28/52      KRW      73.96
KOREA SOUTHERN POWER C       1.29     08/13/49      KRW      47.80
KOREA SOUTHERN POWER C       1.63     12/19/49      KRW      52.49
KOREA SOUTHERN POWER C       1.68     06/25/50      KRW      52.74
KOREA SOUTHERN POWER C       1.80     11/20/49      KRW      55.30
KOREA SOUTHERN POWER C       1.33     08/13/39      KRW      61.48
KOREA SOUTHERN POWER C       1.66     06/18/40      KRW      63.77
KOREA SOUTHERN POWER C       1.66     06/25/40      KRW      63.77
KOREA SOUTHERN POWER C       1.67     12/19/39      KRW      64.62
KOREA SOUTHERN POWER C       2.43     09/28/48      KRW      65.50
KOREA SOUTHERN POWER C       2.59     11/04/51      KRW      66.16
KOREA SOUTHERN POWER C       1.84     11/20/39      KRW      66.94
KOREA SOUTHERN POWER C       2.38     07/28/41      KRW      71.93
KOREA SOUTHERN POWER C       2.66     11/04/41      KRW      74.50
KOREA STUDENT AID FOUN       1.41     09/06/39      KRW      73.10
KOREA TREASURY BOND          1.50     09/10/66      KRW      59.56
KOREA TREASURY BOND          1.63     09/10/70      KRW      60.98
KOREA TREASURY BOND          1.50     03/10/50      KRW      68.79
KOREA TREASURY BOND          2.00     09/10/68      KRW      70.61
KOREA TREASURY BOND          1.13     09/10/39      KRW      73.29
KOREA WATER RESOURCES        1.54     03/13/50      KRW      63.75
KOREA WATER RESOURCES        1.63     07/16/49      KRW      66.14
KOREA WATER RESOURCES        1.63     10/21/49      KRW      66.23
KOREA WATER RESOURCES        1.68     07/01/49      KRW      66.93
KOREA WATER RESOURCES        1.71     01/10/50      KRW      67.28
KOREA WATER RESOURCES        1.82     06/22/46      KRW      71.94
KOREA WATER RESOURCES        1.83     06/24/46      KRW      72.15
KOREA WATER RESOURCES        1.97     12/20/48      KRW      72.38
KOREA WESTERN POWER CO       1.62     05/28/50      KRW      51.95
KOREA WESTERN POWER CO       1.68     08/27/50      KRW      52.75
KOREA WESTERN POWER CO       1.76     11/05/50      KRW      53.86
KOREA WESTERN POWER CO       1.88     12/22/50      KRW      55.42
KOREA WESTERN POWER CO       2.20     11/01/48      KRW      62.32
KOREA WESTERN POWER CO       2.25     09/14/48      KRW      62.87
KOREA WESTERN POWER CO       1.59     05/28/40      KRW      63.12
KOREA WESTERN POWER CO       1.68     08/27/40      KRW      63.85
KOREA WESTERN POWER CO       1.69     06/23/40      KRW      64.14
KOREA WESTERN POWER CO       2.46     09/28/47      KRW      66.70
KOREA WESTERN POWER CO       2.81     04/20/48      KRW      71.91
KOREA WESTERN POWER CO       2.50     11/10/41      KRW      72.53
KOREA WESTERN POWER CO       2.25     11/01/38      KRW      73.15
KOREA WESTERN POWER CO       2.27     09/14/38      KRW      73.31
KT CORP                      1.71     06/15/40      KRW      65.86
KT CORP                      1.67     10/11/39      KRW      66.34
KT CORP                      1.98     01/25/41      KRW      68.47
KT CORP                      2.21     01/14/39      KRW      73.51
LG ELECTRONICS INC           2.66     07/06/40      KRW      72.82
LG ELECTRONICS INC           2.83     02/09/41      KRW      74.41
SAMPYO CEMENT CO LTD         8.30     04/20/14      KRW      70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14      KRW      70.00
SAMPYO CEMENT CO LTD         8.30     09/10/14      KRW      70.00
SAMPYO CEMENT CO LTD         8.10     04/12/15      KRW      70.00
SAMPYO CEMENT CO LTD         8.10     06/26/15      KRW      70.00
SANUPKIBANSINBO BUSAN-       1.89     09/17/41      KRW      66.56
SANUPKIBANSINBO BUSAN-       1.87     10/01/40      KRW      67.65
SANUPKIBANSINBO BUSAN-       1.85     10/01/38      KRW      70.08
SANUPKIBANSINBO BUSAN-       1.83     10/01/36      KRW      72.79
SEOUL METROPOLITAN CIT       1.69     11/22/49      KRW      70.97
SEOUL METROPOLITAN CIT       1.85     10/30/49      KRW      73.48
SK HYNIX INC                 2.38     01/19/31      USD      73.86
SK HYNIX INC                 2.38     01/19/31      USD      74.17
SK TELECOM CO LTD            1.56     07/29/49      KRW      53.08
SK TELECOM CO LTD            1.52     07/29/39      KRW      64.99
SK TELECOM CO LTD            1.76     10/19/40      KRW      65.98
SK TELECOM CO LTD            1.89     01/15/41      KRW      66.82
SK TELECOM CO LTD            1.87     01/14/40      KRW      67.90
SK TELECOM CO LTD            1.81     10/22/39      KRW      68.00
SK TELECOM CO LTD            2.23     03/06/39      KRW      73.54


  SRI LANKA
  ---------

SRI LANKA GOVERNMENT I       6.20     05/11/27      USD      33.72
SRI LANKA GOVERNMENT I       7.85     03/14/29      USD      33.77
SRI LANKA GOVERNMENT I       6.75     04/18/28      USD      33.80
SRI LANKA GOVERNMENT I       7.55     03/28/30      USD      33.82
SRI LANKA GOVERNMENT I       6.35     06/28/24      USD      33.84
SRI LANKA GOVERNMENT I       6.85     03/14/24      USD      33.85
SRI LANKA GOVERNMENT I       6.20     05/11/27      USD      33.87
SRI LANKA GOVERNMENT I       7.85     03/14/29      USD      33.95
SRI LANKA GOVERNMENT I       7.55     03/28/30      USD      33.95
SRI LANKA GOVERNMENT I       6.75     04/18/28      USD      33.99
SRI LANKA GOVERNMENT I       6.35     06/28/24      USD      34.06
SRI LANKA GOVERNMENT I       6.85     03/14/24      USD      34.13
SRI LANKA GOVERNMENT I       5.75     04/18/23      USD      34.28
SRI LANKA GOVERNMENT I       5.75     04/18/23      USD      34.29
SRI LANKA GOVERNMENT I       6.85     11/03/25      USD      35.10
SRI LANKA GOVERNMENT I       6.83     07/18/26      USD      35.25
SRI LANKA GOVERNMENT I       6.85     11/03/25      USD      35.38
SRI LANKA GOVERNMENT I       6.83     07/18/26      USD      35.39
SRI LANKA GOVERNMENT I       6.13     06/03/25      USD      35.49
SRI LANKA GOVERNMENT I       6.13     06/03/25      USD      35.70
SRI LANKA GOVERNMENT I       5.88     07/25/22      USD      37.72
SRI LANKA GOVERNMENT I       5.88     07/25/22      USD      38.04
SRI LANKA GOVERNMENT B       8.00     01/01/32      LKR      41.96
SRI LANKA GOVERNMENT B       9.00     11/01/33      LKR      42.16
SRI LANKA GOVERNMENT B       9.00     06/01/43      LKR      43.05
SRI LANKA GOVERNMENT B       9.00     06/01/33      LKR      43.98
SRI LANKA GOVERNMENT B       9.00     10/01/32      LKR      44.71
SRI LANKA GOVERNMENT B      10.25     09/15/34      LKR      45.84
SRI LANKA GOVERNMENT B      10.50     08/15/39      LKR      45.98
SRI LANKA GOVERNMENT B      11.50     03/15/35      LKR      51.09
SRI LANKA GOVERNMENT B      11.20     01/15/33      LKR      52.97
SRI LANKA GOVERNMENT B      11.25     03/15/31      LKR      53.98
SRI LANKA GOVERNMENT B       7.80     08/15/27      LKR      54.24
SRI LANKA GOVERNMENT B       9.00     07/01/28      LKR      54.39
SRILANKAN AIRLINES LTD       7.00     06/25/24      USD      54.77
SRI LANKA GOVERNMENT B      11.00     05/15/30      LKR      55.43
SRI LANKA GOVERNMENT B       9.00     05/01/28      LKR      55.44
SRI LANKA GOVERNMENT B      12.00     12/01/31      LKR      55.62
SRI LANKA GOVERNMENT B      12.00     01/01/41      LKR      57.39
SRI LANKA GOVERNMENT B      13.25     01/01/34      LKR      57.86
SRI LANKA GOVERNMENT B      12.50     03/01/45      LKR      58.79
SRI LANKA GOVERNMENT B      10.30     10/15/27      LKR      59.84
SRI LANKA GOVERNMENT B      13.25     07/01/33      LKR      59.96
SRI LANKA GOVERNMENT B       5.35     03/01/26      LKR      60.32
SRI LANKA GOVERNMENT B      10.75     03/15/28      LKR      61.20
SRI LANKA GOVERNMENT B      11.50     09/01/28      LKR      61.26
SRI LANKA GOVERNMENT B      11.25     12/15/27      LKR      61.30
SRI LANKA GOVERNMENT B      13.00     05/01/29      LKR      63.21
SRI LANKA GOVERNMENT B      13.50     06/01/44      LKR      63.52
SRI LANKA GOVERNMENT B      13.50     01/01/44      LKR      63.60
SRI LANKA GOVERNMENT B      13.00     01/01/29      LKR      63.88
SRI LANKA GOVERNMENT B       6.75     01/15/26      LKR      64.10
SRI LANKA GOVERNMENT B      11.75     06/15/27      LKR      64.91
SRI LANKA GOVERNMENT B      11.40     01/15/27      LKR      66.16
SRI LANKA GOVERNMENT B       9.00     02/01/26      LKR      67.92
SRI LANKA GOVERNMENT B      11.50     08/01/26      LKR      69.08
SRI LANKA GOVERNMENT B      11.00     06/01/26      LKR      69.68
SRI LANKA GOVERNMENT B      10.35     10/15/25      LKR      71.76
SRI LANKA GOVERNMENT B       9.00     05/01/25      LKR      73.65
SRI LANKA GOVERNMENT B      11.00     08/01/25      LKR      73.89
SRI LANKA GOVERNMENT B       6.00     12/01/24      LKR      74.24


   THAILAND
   --------

G STEEL PCL                  3.00     10/04/15      USD       0.80
GC TREASURY CENTER CO        4.30     03/18/51      USD      73.95
GC TREASURY CENTER CO        4.30     03/18/51      USD      73.98
MDX PCL                      4.75     09/17/03      USD      22.88
PTT TREASURY CENTER CO       3.70     07/16/70      USD      67.17
PTT TREASURY CENTER CO       3.70     07/16/70      USD      67.39
PTTEP TREASURY CENTER        3.90     12/06/59      USD      70.94
PTTEP TREASURY CENTER        3.90     12/06/59      USD      70.96
THAIOIL TREASURY CENTE       3.50     10/17/49      USD      62.91
THAIOIL TREASURY CENTE       3.50     10/17/49      USD      62.93
THAIOIL TREASURY CENTE       3.75     06/18/50      USD      65.68
THAIOIL TREASURY CENTE       3.75     06/18/50      USD      66.03


   TAIWAN
   ------

TAIWAN SEMICONDUCTOR M       2.70     09/22/60      USD      63.25
TAIWAN GOVERNMENT BOND       0.38     11/27/50      TWD      73.01
TAIWAN SEMICONDUCTOR M       3.10     09/23/51      USD      73.69


   VIETNAM
   -------

BIM LAND JSC                 7.38     05/07/26      USD      48.07
NO VA LAND INVESTMENT        5.25     07/16/26      USD      24.58
VINPEARL JSC                 3.25     09/21/26      USD      74.01


                           *********


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.



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