/raid1/www/Hosts/bankrupt/TCRAP_Public/180821.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, August 21, 2018, Vol. 21, No. 165
Headlines
A U S T R A L I A
COGNO BROS: First Creditors' Meeting Set for August 28
GERMANI SYDNEY: Second Creditors' Meeting Set for Aug. 27
LOGIC AIR: In Liquidation; First Meeting Set for September 3
MEREDITH TRANSPORT: Second Creditors' Meeting Set for Aug. 28
MG SYDNEY: Second Creditors' Meeting Set for August 27
SHARMA HOLDINGS: Second Creditors' Meeting Set for Aug. 28
T & L MOORE: First Creditors' Meeting Set for August 29
VICTORIAN CRUSHING: Second Creditors' Meeting Set for Aug. 24
C H I N A
CHINA COMMERCIAL: Delays Second Quarter Financial Report
CHINA COMMERCIAL: Posts Net Income of $9.50 Million in 2nd Qtr
CHINA SHANSHUI: In Race to Prevent Delisting in HK Exchange
HNA GROUP: Chairman's Family Tightens Grip on Management
SHARING ECONOMY: Inks Website Development License Deal w/ Ecrent
H O N G K O N G
NOBLE GROUP: Founder Elman Declines Executive Director Position
I N D I A
A J PACKAGING: CRISIL Maintains B Rating in Not Cooperating
ADAMS MARKETING: CRISIL Maintains D Rating in Not Cooperating
ADVANSYS (INDIA): CRISIL Maintains D Rating in Not Cooperating
ALP NON WOVEN: CRISIL Maintains D Rating in Not Cooperating
ANANDAMELA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
ASHOKA CHENNAI: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
BALESHWAR KHARAGPUR: Ind-Ra Lowers LongTerm Issuer Rating to BB-
BARWA ADDA: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
DR. SHAJIS: CRISIL Raises Rating on INR8.8cr LT Loan to B-
EASTERN TRAVELS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
G.A.V. AGRO: CRISIL Lowers Rating on INR10cr LT Loan to D
GVR BEHARI: Ind-Ra Affirms D LT Rating on INR1,086.9MM Loan
GVR PANNA AMANGANJ: Ind-Ra Affirms D Rating on INR870.7MM Loan
HARSHA LINERS: CRISIL Maintains B Rating in Not Cooperating
HIMACHAL SOAP: CRISIL Maintains B- Rating in Not Cooperating
HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
IDASA INDIA: CRISIL Maintains B Rating in Not Cooperating
MANN RESIDENCY: CRISIL Hikes Rating on INR16.5cr Loan to B+
NEXT GENERATION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
SAFILO HEALTHCARE: CRISIL Withdraws B Rating on INR6.25cr Loan
SHIV LAL: CRISIL Maintains B Rating in Not Cooperating Category
SHREE VAISHNAV: CRISIL Maintains D Rating in Not Cooperating
SHREE VAISHNAV METAL: CRISIL Keeps D Rating in Not Cooperating
SHRI SARAVANA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SIKAR BIKANER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
SHRI RAMESHWAR: CRISIL Lowers Rating on INR30cr Loan to D
S.K. ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
SM COLD STORAGE: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SRI JALARAM: CRISIL Maintains D Rating in Not Cooperating
SRI RAMA: CRISIL Maintains B Rating in Not Cooperating Category
SUMITA TEX: CRISIL Maintains D Rating in Not Cooperating Category
SUMOHAN ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
SUTARIYA GEMS: CRISIL Lowers Rating on INR16cr Loan to D
TRISTAR GLOBAL: CRISIL Maintains D Rating in Not Cooperating
TUFFWARE INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
TWIN CITIES: CRISIL Keeps 'D' Rating in Not Cooperating Category
M A L A Y S I A
1MBD: Fined MYR15 Million by Bank Negara in 2016
N E W Z E A L A N D
TE UPOKO: Radio Station Faces Closure Amid Funding Issues
S I N G A P O R E
NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength to C++(Marginal)
X X X X X X X X
* BOND PRICING: For the Week August 13 to August 17, 2018
- - - - -
=================
A U S T R A L I A
=================
COGNO BROS: First Creditors' Meeting Set for August 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cogno Bros
Cobbitty Wines Pty Ltd will be held at the offices of Cor Cordis,
One Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW, on
Aug. 28, 2018, at 11:00 a.m.
Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Cogno Bros on Aug. 16, 2018.
GERMANI SYDNEY: Second Creditors' Meeting Set for Aug. 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Germani Sydney
Pty Limited has been set for Aug. 27, 2018, at 10:00 a.m. at the
offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, 88 Pitt Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2018, at 4:00 p.m.
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Germani Sydney on May 31, 2018.
LOGIC AIR: In Liquidation; First Meeting Set for September 3
------------------------------------------------------------
Simon Miller of Clifton Hall was appointed as liquidator of Logic
Air Pty Ltd on Aug. 14, 2018.
A meeting of creditors will be held at 11:00 a.m. on Sept. 3, 2018
at Clifton Hall, Level 3, 431 King William Street, in Adelaide,
South Australia.
MEREDITH TRANSPORT: Second Creditors' Meeting Set for Aug. 28
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Meredith
Transport Pty Ltd has been set for Aug. 28, 2018, at 10:00 a.m. at
the offices of Morton's Solvency Accountants, Level 11, 410 Queen
Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 27, 2018, at 4:00 p.m.
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Meredith Transport on July 23, 2018.
MG SYDNEY: Second Creditors' Meeting Set for August 27
------------------------------------------------------
A second meeting of creditors in the proceedings of MG Sydney Pty
Limited has been set for Aug. 27, 2018, at 10:00 a.m. at the
offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, 88 Pitt Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2018, at 4:00 p.m.
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of MG Sydney on May 31, 2018.
SHARMA HOLDINGS: Second Creditors' Meeting Set for Aug. 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sharma
Holdings Foods Pty Ltd has been set for Aug. 28, 2018, at 2:30
p.m. at the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 27, 2018, at 4:00 p.m.
Terrence John Rose of SV Partners was appointed as administrator
of Sharma Holdings on July 24, 2018.
T & L MOORE: First Creditors' Meeting Set for August 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of T & L Moore
Air Conditioning Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Aug. 29, 2018, at 12:00 p.m.
Matthew Kucianski of Worrells Solvency was appointed as
administrator of T & L Moore on Aug. 17, 2018.
VICTORIAN CRUSHING: Second Creditors' Meeting Set for Aug. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Victorian
Crushing & Waste Management Pty Ltd has been set for Aug. 24,
2018, at 11:00 a.m. at the offices of SV Partners Melbourne,
17/200 Queens Street, in Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2018, at 4:00 p.m.
Daniel Jon Quinn of SV Partners Melbourne were appointed as
administrators of Victorian Crushing on July 20, 2018.
=========
C H I N A
=========
CHINA COMMERCIAL: Delays Second Quarter Financial Report
--------------------------------------------------------
China Commercial Credit, Inc., was unable to file its Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2018 on
a timely basis because the Company requires additional time to
work with its auditors and legal counsel to prepare and finalize
the Form 10-Q. The Company anticipates that it will file the Form
10-Q no later than the fifth calendar day following the prescribed
filing date.
It is expected that for the fiscal quarter ended June 30, 2018 the
Company will report net profit of approximately $9.5 million
compared to net loss of approximately $4.9 million for the three
months ended June 30, 2017.
About China Commercial Credit
Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in used
luxurious car leasing. The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.
China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016. As of March 31, 2018, China
Commercial had US$7.31 million in total assets, US$11.76 million
in total liabilities and a total shareholders' deficit of US$4.45
million.
The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
CHINA COMMERCIAL: Posts Net Income of $9.50 Million in 2nd Qtr
--------------------------------------------------------------
China Commercial Credit, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting
net income of $9.50 million on $84,578 of net revenue for the
three months ended June 30, 2018, compared to a net loss of $4.91
million on $0 of net revenue for the same period a year ago.
For the six months ended June 30, 2018, the Company reported net
income of $9.11 million on $84,578 of net revenue compared to a
net loss of $6.14 million on $35,000 of net revenue for the six
months ended June 30, 2017.
As of June 30, 2018, China Commercial had $4.14 million in total
assets, $15,246 in total liabilities and $4.13 million in total
shareholders' equity.
The Company disposed its microcredit business and launched
luxurious car leasing business in May 2018. As of June 30, 2018,
the Company had cash balance of $1,362,718 and a positive working
capital of $2,256,714. The management estimated the operating
expenses obligation for the next twelve months after issuance of
the financial statements to be $500,000. Therefore, the management
believes that the Company will continue as a going concern in the
following 12 months. In addition, the Company's shareholders will
continuously provide financial support to the Company when there
is any business expansion plan.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/mxkBAq
About China Commercial Credit
Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in used
luxurious car leasing. The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.
China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016. As of March 31, 2018, China
Commercial had US$7.31 million in total assets, US$11.76 million
in total liabilities and a total shareholders' deficit of US$4.45
million.
The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
CHINA SHANSHUI: In Race to Prevent Delisting in HK Exchange
-----------------------------------------------------------
South China Morning Post reports that the new board of the
embattled China Shanshui Cement Group is racing against a tight
deadline to prevent the company from being delisted after a
botched hostile takeover attempt by a rival three years ago that
led to a trading suspension.
But the odds are not in their favor, the report says. According to
SCMP, the auditor KPMG resigned last month, which means it will be
extremely challenging for the new auditor, Moore Stephens CPA, to
complete the 2017 audit, resolve prior years' audit issues
identified by KPMG, and for the board to find new investors to
restore its public shareholding to at least 25% from 3.36% before
the Hong Kong stock exchange's October 31 deadline.
Since the start of this month, the bourse has implemented new
delisting rules that would make it easier to delist companies
after 18 months of continuous suspension if they fail to meet
conditions for trading to resume, the report states.
According to the report, Chang Zhangli, the new chairman of China
Shanshui - previously the nation's seventh largest cement maker -
has put on a brave face, saying the board will try its best to get
the shares trading again.
"We have done a lot of work on improving the company's governance
on the board level, management level, as well as on information
disclosure," he said in an interview, adding that some CNY1.4
billion (US$203.6 million) of debt has been repaid this year,
reducing outstanding loans and bonds to CNY9.4 billion as of July,
SCMP relays.
Asked if the company faces more headwinds because of the economic
slowdown, he said: "The industry is in pretty good shape, cement
prices have been maintained at a relative high level, and our
operating profit has been quite good."
SCMP says the mainland's fixed-assets investment growth - the main
driver of cement demand - was 6% in the first half, 1.5 percentage
points lower than that of the first three months of 2018.
China Shanshui posted an unaudited net profit of CNY715 million
for the year's first half, the report discloses.
It reported unaudited net profit of CNY767.9 million for last
year, a net loss of CNY738.3 million for 2016 and a net loss of
CNY6.4 billion for 2015, SCMP adds.
China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.
HNA GROUP: Chairman's Family Tightens Grip on Management
--------------------------------------------------------
Bloomberg News reports that HNA Group Co. Chairman Chen Feng
promoted two family members as key lieutenants this month,
tightening his family's control over the embattled Chinese
conglomerate after the sudden death of a top executive.
His son has been promoted to deputy chief executive officer of the
group and will be responsible for HNA's international business,
Bloomberg relates citing people familiar with the matter. Earlier
this month, the 65-year-old chairman appointed his thirty-
something nephew as chief investment officer of the group and
executive chairman of an investment unit, Bloomberg says.
According to Bloomberg, the management changes come as Chen seeks
to persuade banks, investors and the government to restore their
confidence in a group that's saddled with one of the biggest piles
of debt in corporate China -- more than $85 billion as of the end
of December. Bloomberg says the death of HNA Co-Chairman Wang Jian
last month threw a wrench at the company's normalization plans as
Wang was said to be the mastermind behind the purchase of many of
the assets that are now being sold.
"Changes at HNA that international investors would like to see may
not come so soon," Bloomberg quotes Warut Promboon, managing
partner at credit research firm Bondcritic Ltd, as saying. "The
appointment of family members to run the business shows us HNA
remains a traditional Asian company."
HNA was at the forefront of an unprecedented shopping spree by
acquisition-hungry firms seeking out high-profile assets around
the world before the Chinese government started reining them in
last year amid concerns about unsustainable corporate debt levels,
Bloomberg notes. The company also caught the attention of
regulators in the U.S. and Europe over questions about its
ownership.
As to incoming deputy CEO Daniel Chen, he was appointed in June as
an assistant to the late co-chairman and prior to that, Chairman
Chen's son was president of HNA North America LLC, Bloomberg says.
This month, he and his cousin were put on the board of Swissport
Group, a luggage handler that HNA acquired in 2015. Adam Tan
remains CEO of the group.
According to Chen's profile at New Jersey's Pingry School, where
he became a trustee, he is also vice general secretary at the
Cihang charity that serves as a big shareholder of HNA Group, and
president of investment firm Pacific American Investment Ltd. He
received a Bachelor of Science in industrial engineering from the
University of Washington and completed Harvard Business School's
China Business Leader Executive Training Program, according to the
profile.
Then there's the chairman's nephew. HNA named Dennis Chen, or Chen
Chao in Chinese, as CIO of the group in early August, and promoted
him to executive chairman of an investment unit. The statement
didn't mention the new CIO's family relations to the group
chairman and HNA declined to comment beyond its public
disclosures.
According to a bond prospectus document last year, the new CIO is
in his mid-30s, has more than 11 years of management experience
and an undergraduate degree in economics from the University of
Massachusetts. He also held various positions at HNA Group
International Co., a unit formed in Hong Kong in 2010 to be the
Chinese conglomerate's offshore investment and foreign capital
management arm, according to the document.
"It certainly seems that the chairman is trying to consolidate
control over the group," said Nigel Stevenson, an analyst in Hong
Kong at GMT Research Ltd.
Though it's not unusual for family members to be elevated to
executive positions in Asia, HNA should do a better job in
disclosing family ties, especially when involving units that have
bond investors, according to Ricky Tam, chairman of the Hong Kong
Institute of Investors, an organization devoted to protecting the
rights of the investing public.
But the Chen family may be facing more pressing issues than
questions about HNA's governance. The group is so indebted that
its interest expenses surged to a record 32.1 billion yuan ($4.7
billion) in 2017, exceeding its earnings and topping all other
non-financial companies in Asia. To cope with its debts, the
company has sold more than $17 billion in assets this year and
recently agreed to sell its Radisson hotel chain and a $2.2
billion stake in an Irish air-leasing firm. It's also in talks to
sell a stake in Swissport.
Chairman Chen owns 15 percent of HNA, the largest stake held among
company executives. The group is majority owned by a couple of
charities set up by HNA.
About HNA
China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.
Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.
SHARING ECONOMY: Inks Website Development License Deal w/ Ecrent
----------------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited, entered into a license
agreement with Ecrent Capital Holdings Limited on Aug. 16, 2018,
regarding the grant of an exclusive and sub-licensable license
from ECRENT to SEII to utilize certain software and trademarks in
order to develop, launch, operate, commercialize, and maintain an
online website platform in United Kingdom, Germany, France,
Poland, Switzerland, Netherlands, Denmark, Russia, Italy, Spain,
Portugal and Greece. The Agreement is valid until Dec. 31, 2019.
In return, SEII will issue to ECRENT 360,000 shares of restricted
common stock. ECRENT will guarantee that the operation of its
related websites, mobile applications and business services will
contribute revenue of US$20,000,000 and gross profit of
US$3,880,000 from the closing date of the Agreement through
December 31, 2019.
A full-text copy of the License Agreement is available at:
https://is.gd/Kb813v
About Sharing Economy
Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to
realize the beauty of resource sharing.
RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.
Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of June 30, 2018, Sharing
Economy had $74.97 million in total assets, $9.83 million in total
liabilities and $65.13 million in total stockholders' equity.
================
H O N G K O N G
================
NOBLE GROUP: Founder Elman Declines Executive Director Position
---------------------------------------------------------------
The Strait Times reports that Noble Group's founder will not take
up the post of executive director post-restructuring as previously
envisaged.
Richard Elman has cited personal reasons for his decision, Noble
said before trading opened on Aug. 20, the report says. It added
that further details of the members of its new board will be
announced once identified and finalised, before the
restructuring's effective date, according to the Strait Times.
The Strait Times notes that as Noble's largest shareholder with a
17.9 per cent stake, Mr. Elman has thrown his support in April
behind a US$3.5 billion debt restructuring plan. Existing
shareholders will hold a combined stake of 20% in new Noble post
restructuring, the report notes.
Noble will seek approval for its debt restructuring plan at a
special general meeting scheduled for Aug. 27, the report states.
It has also secured irrevocable undertakings to vote in favor of
the plan from Goldilocks Investment Company and a consortium
including Value Partners and Pinpoint Asset Management. Goldilocks
holds 8.1%, while Value Partners and Pinpoint Asset Management
hold about 4.4% of the shares in the company.
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'. S&P lowered the
ratings because Noble has missed the principal and coupon payment
for its 2018 notes due March 20, 2018. Noble also missed the
coupon payment on its 2022 notes due March 9, 2018. In addition,
the company said it would not make the payments despite being
given 30-day grace periods to meet both obligations. The failure
to make these payments will trigger cross-defaults on the
company's other obligations. S&P does not expect Noble to meet
any outstanding obligations as the company preserves its assets
during the restructuring process. Noble is undergoing a debt
restructuring and S&P will conduct another review the company's
credit profile after the restructuring is complete.
=========
I N D I A
=========
A J PACKAGING: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facility of A J Packaging Limited
(AJPL) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 9 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AJPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AJPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the rating on bank
facility of AJPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
AJPL was set up in 1995 as a closely held public limited company
by Mr. Nitin Agarwal and his family members. The company
manufactures metal tin cans, primarily used for packaging in the
fast-moving consumer goods industry.
ADAMS MARKETING: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adams Marketing
Private Limited (AMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 21.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 3.5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AMPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of AMPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
AMPL was incorporated in April 2007. It was formed through the
merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar). The company, based in Howrah
(West Bengal), is an authorised dealer of various brands of
consumer durables.
ADVANSYS (INDIA): CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Advansys (India)
Private Limited (AIPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 7 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the rating on bank
facilities of AIPL continues to be 'CRISIL D Issuer not
cooperating'
AIPL, promoted by Mr. Pankaj Balwani, is setting up a plant in
Pune for manufacturing healthcare and fitness products. The
promoter has experience of around a decade in manufacturing and
trading of wellness and healthcare products.
ALP NON WOVEN: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of ALP Non Woven
Private Limited (ANWPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 8.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term .15 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with ANWPL for obtaining
information through letters and emails dated
February 28, 2018 and July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ANWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ANWPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of ANWPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
ANWPL, incorporated in 2012, is promoted by the Modasa (Gujarat)-
based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D Patel. The
company manufactures technical textile fabric from polypropylene.
The plant is located in Modasa and has a total installed capacity
of 2400 tonnes per annum.
ANANDAMELA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Anandamela
Electronics Private Limited (AEPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 4.95 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 1.00 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the rating on bank
facilities of AEPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Siliguri (West Bengal)-based AEPL, incorporated in August 1987,
distributes and retails in electronic goods for LG Electronics
India Pvt Ltd, Samsung India Pvt Ltd, and Sony India Ltd.
ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Aradhana Distributors
Private Limited (ADPL) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 0.79 CRISIL B-/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with ADPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ADPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the rating on bank
facilities of ADPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'
ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.
ASHOKA CHENNAI: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GVR Ashoka
Chennai ORR Limited's (GACOL) term loan rating to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR10.8 mil. due on January 2029 Senior project term loan
(Long-term) migrated to non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating.
COMPANY PROFILE
GVR Ashoka Chennai ORR is a special purpose vehicle incorporated
by GVR Infra Projects Limited and Ashoka Buildcon Ltd to develop
and operate a six-lane road project, Chennai Outer Ring Road Phase
II in Chennai, Tamil Nadu. It has a 20-year concession, expiring
in March 2034, from the Highways and Minor Ports Development and
the government of Tamil Nadu to implement the project under the
build-operate-transfer annuity model.
BALESHWAR KHARAGPUR: Ind-Ra Lowers LongTerm Issuer Rating to BB-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Baleshwar
Kharagpur Expressway Limited's (BKEL) senior project bank loans
and placed it on Rating Watch Negative (RWN) as follows:
-- INR3,936.2 mil. (reduced from INR3,952.10 mil.) Senior
project bank loans downgraded, placed on RWN with IND BB-/RWN
rating.
KEY RATING DRIVERS
The downgrade reflects deteriorating financial health of BKEL's
sponsor IL&FS Transportation Networks Limited (ITNL, 'IND
BB'/RWN). The earlier rating had factored in the sponsor's
undertaking to provide necessary support to BKEL to meet its
financial covenants including maintaining a minimum debt service
coverage ratio (DSCR) of 1.10x.
The RWN reflects BKEL's dependence on ITNL for meeting its debt
obligations and making premium payments to the National Highways
Authority of India (NHAI, 'IND AAA'/Stable). There has been a
delay in ITNL's deleveraging plans and weakening of its linkages
with its parent, Infrastructure Leasing & Financial Services
Limited (IL&FS, 'IND AAA'/Stable) due to which ITNL's credit
metrics are likely to remain stretched.
BKEL has borrowed unsecured loans from banks and related parties,
which stood at INR2,154.06 million on March 31, 2018. The
unsecured bank debt of INR300 million has been sanctioned against
the loan extended by ITNL to BKEL, and ITNL has provided its
undertaking to repay the facility. However, in the event of
default by ITNL, BKEL will be liable for immediate repayment of
the facility.
The rating also factors in BKEL's modest operating performance.
The project recorded about 27% yoy growth in toll revenue to
INR850.86 million in FY18 (second-year of operations), higher than
Ind-Ra's base case estimates. The growth in revenue was driven by
a substantial growth in traffic and toll rates on the project
stretch. Average daily traffic (total vehicles) and average daily
toll revenue also improved to about 10,400 vehicles in FY18 (FY17:
8,800 vehicles) and INR2.33 million (INR1.83 million),
respectively. However, a significant increase in interest
component due to the increase in high cost unsecured loans to meet
the operational expenses, NHAI's premium payments and senior debt
obligations, led to marginally lower debt service coverage ratio
in FY18 than Ind-Ra's estimates.
BKEL is liable to pay a premium, which shall escalate 5% each year
over the base amount of INR405.2 million (FY16). The premium
amount shall be payable in equal monthly installments, within
seven days of close of each month. Although NHAI's approval for a
premium deferment of INR2,038.8 million during FY16-FY25 provides
marginal relief to the project, the higher finance costs due to
interest payment on deferred premium and external borrowings
mitigate the advantage of premium deferment.
The rating reflects BKEL's moderate operation & maintenance (O&M)
risk. With deteriorating credit profile of the O&M contractor -
ITNL, the O&M activity may get impacted as support from IL&FS for
ITNL's operations has reduced significantly, given the increase in
the overall debt levels of the IL&FS group. However, the presence
of a fixed price O&M contract for the entire concession period
mitigates the risk arising from a significant increase in O&M
cost.
Similar to most other infrastructure assets, the project debt is
heavily back-ended with more than 65% of the debt scheduled to be
repaid in the last four years of the repayment period. The
presence of a debt service reserve account equivalent to one
quarter of debt servicing provides comfort to the rating. The debt
service reserve account had a balance of INR110 million on March
31, 2018. The debt shall amortize in 43 structured quarterly
installments between June 2016 and December 2026, leaving a tail
period of around nine years.
RATING SENSITIVITIES
The RWN indicates that the rating may be either affirmed or
downgraded upon resolution. Ind-Ra will monitor the sponsor's
credit profile and track timely support to BKEL over the next two
quarters. Absence of sponsor support would be negative for the
rating.
PROJECT PROFILE
BKEL operates a 24-year concession project to construct
bridges/structures and repair the existing four-lane highway from
Baleshwar to Kharagpur of National Highway 60 in Odisha and West
Bengal. The project was awarded on a design, build, and finance,
operate and transfer basis by the NHAI.
BARWA ADDA: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Barwa Adda Expressway Limited's (BAEL) bank loans and placed it on
Rating Watch Negative (RWN) as follows:
-- INR14.400 mil. Term loan due on June 2030 downgraded, Placed
on RWN with IND B+/RWN rating.
KEY RATING DRIVERS
The downgrade reflects the project sponsor IL&FS Transportation
Networks Limited's (ITNL, 'IND BB'/RWN) deteriorated financial
health. The RWN reflects BAEL's dependence on ITNL for meeting its
debt obligations and making premium payments to the concession
grantor National Highways Authority of India (NHAI, 'IND
AAA'/Stable). There has been a delay in ITNL's deleveraging plans
and weakening of its linkages with its parent, Infrastructure
Leasing & Financial Services Limited (IL&FS, 'IND AAA'/Stable) due
to which ITNL's credit metrics are likely to remain stretched. The
earlier rating factored in an undertaking provided by ITNL to fund
any cost overruns and to provide necessary support to BAEL so that
it can meet financial covenants including maintaining a minimum
debt service coverage ratio (DSCR) of 1.10x.
The ratings also reflect the residual completion risk. Only 81% of
the project stretch has been completed as on date as against the
targeted 100%, according to the lenders' independent engineer
report for February 2018. NHAI has handed over 91% of the land to
BAEL. Work on a total 17.07km of six lane main carriageway and
37.5km of service road is hindered due to the issues pertaining to
the acquisition of the remaining land. Furthermore, the sponsor is
also the project contractor which further increases the completion
risk.
Moreover, the revenue risk remains. The company has started
collecting toll at both the toll plazas since October 2017.
According to the lenders' independent engineer report, toll
collection at the second toll plaza was allowed, despite non-
completion of a small portion of the entire stretch, as the
authority could not provide encumbrance free land. The toll
collection for both the toll plazas is lower than Ind Ra's base
case assumption, which increases the reliance on ITNL to support
the project.
Also, BAEL is liable to pay a premium to NHAI, which shall
escalate 5% each year over the base figure of INR420 million
(FY15). The premium amount shall be payable in equal monthly
installments, within seven days of close of each month.
Furthermore, the project cash flows are not sufficient for meeting
the debt obligations and BAEL would be dependent on ITNL to fund
the shortfall. The principal repayments have started from December
2017 and will be done in over 51 unequal quarterly installments.
The project is exposed to a variable interest rate, which is
linked to base rate and first reset of 25bp of spread reduction
shall be on achieving the commercial operations date. Thereafter,
it shall be reset every two years. The project has a tail period
of over 4.75 years, which is lower than that for other Ind-Ra
rated toll road peers.
The rating however is supported by BAEL's operations and
maintenance (O&M) costs being lower than peers'. The project
company depends on ITNL for the execution of O&M activities which
may be affected by the latter's deteriorating credit profile. The
major maintenance expenses are also higher than the peers'. The
works on the first cycle will commence in FY24 and will be spread
over four years. The second major maintenance cycle will be
carried out between FY29-FY32.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded
upon resolution. Ind-Ra will monitor the credit profile of sponsor
and track record of timely support over the next two quarters.
Absence of sponsor support would be negative for the ratings.
COMPANY PROFILE
BAEL has been granted a 20-year concession by NHAI to widen the
Barwa-Adda-Panagarh section of NH-2 from km 398.240 to km 521.120
to six lanes including Panagarh Bypass in the states of Jharkhand
and West Bengal on a design, build, fund, operate, and transfer
basis. BAEL shall pay an annual premium amount of INR420 million
from the appointed date and an escalation of 5% thereafter. The
original schedule project completion date was 26 September 2016
and the revised date shall be in FY19, depending upon the
availability of requisite right of way from NHAI.
DR. SHAJIS: CRISIL Raises Rating on INR8.8cr LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dr. Shajis Mri and Medical Research Centre Private Limited
(DSMMRC) to 'CRISIL B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8.8 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 4.28 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Overdraft 0.50 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The update reflects marginal improvement in liquidity profile due
to decline in debt levels. Further, business risk profile also
improved marked by moderate growth in revenues to INR21.6 cr in
fiscal 2018 from INR17.8 cr in 2015 along with improvement in
margins.
The rating reflects modest scale of operations, within limited
geographical presence and modest financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of DSMMRC's promoter in operating medical diagnostic centers.
Key Rating Drivers & Detailed Description
Weakness
* Modest Financial Risk Profile: DSMMRC has modeat financial risk
profile as reflected in its very low networth consequently highly
leveraged capital structure. The losses over the past eroded the
networth.
* Modest scale of operations and limited geographical reach:
DSMMRC's scale of operations is modest, as reflected in its
revenues of INR21.64 crore in fiscal 2018 despite being in
operations since 1996. This limits its ability to exploit benefits
associated with economies of scale. DSMMRC's 11 diagnostic centres
are all located in Kerala, exposing it to geographic concentration
risks. Moreover, the diagnostic services industry is marked by
intense competition from numerous players offering similar
services
Strength
* Promoters' extensive industry experience: DSMMRC was promoted by
Dr. P C Shaji, a radiologist, and his family in 1996. The
promoters started their first MRI centre at Kozhikode, Kerala in
1996. It was the first MRI centre in the Malabar region. Over the
years, they have set up twelve more diagnostic centres across
Kerala.
Outlook: Stable
CRISIL believes that DSMMRC will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the centres
are able to generate more than expected sales while maintaining
its operating margin which will further led to better accretion to
reserves, thus improving its networth and overall financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any significant time or cost overrun in implementing the
proposed debt-funded capex or in case of pressure on profitability
because of competition.
Set up in 1996, DSMMRC operates 11 medical diagnostic centres in
Kerala. The centres offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerised radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses. The company's overall business operations
are managed by Dr. P C Shaji.
EASTERN TRAVELS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Eastern Travels
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR90 mil. Fund-based limit migrated to Non-Cooperating
Category with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR30 mil. Proposed fund-based limits migrated to Non-
Cooperating Category with Provisional IND BB (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Formed in 1980, Eastern Travels provides hospitality and tourism
services to corporate clients.
G.A.V. AGRO: CRISIL Lowers Rating on INR10cr LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
G.A.V. Agro Private Limited (GAVPL) to 'CRISIL D' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Downgraded from
'CRISIL B/Stable')
Long Term Loan 10 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects the stretch in liquidity, as reflected in
fully utilised bank limit and subsequent delay in servicing of
term debt. Payment due on July 31, 2018 is still outstanding. The
rating also factors in the modest scale of operations and large
working capital requirement. These ratings weaknesses are
partially offset by the longstanding presence of the promoters in
the rice industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in servicing term debt: Liquidity remains weak, as
indicated by the fully utilised cash credit limit and delay in
servicing of term debt. Payment due on July 31, 2018 still remains
outstanding. The company has also been charged penal interest in
the past.
* Modest scale of operations: Intense competition in the rice
industry has kept the scale of operations modest, as reflected in
operating income of INR53.6 crore for fiscal 2018.
* Working capital-intensive operations: Gross current assets stood
at 134 days as on March 31, 2018, reflecting the inherently
working capital intensive nature of operations for rice millers.
Strength
* Extensive experience of promoters: Long standing presence of the
promoters in the rice industry, and their healthy relationship
with customers, will continue to support the business risk
profile.
GAVPL was set up in 2013, by the promoter, Mr. Pradeep Kumar and
Mr. Om Prakash. The company processes non-basmati rice for
customers in the domestic and overseas markets. Processing
facilities are located at Lucknow.
GVR BEHARI: Ind-Ra Affirms D LT Rating on INR1,086.9MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVR Behari
Hanumana Tollway Private Limited's (GBHTPL) bank loan rating at
'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise, despite requests and follow-ups by the
agency. Thus, the ratings are on the basis of best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The instrument-wise rating action is:
-- INR1,086.9 mil. Term loan due on October 2025 affirmed with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information
KEY RATING DRIVERS
The affirmation reflects delays in debt servicing by GBHTPL.
RATING SENSITIVITIES
Timely debt servicing for at least three continuous months could
result in a rating upgrade.
COMPANY PROFILE
GBHTPL has been granted a 15-year design-build-fund-operate-
transfer concession by Madhya Pradesh Road Development Corporation
for the two-laning of the Behari-Hanumana section from 110km of
NH-75(E) to 243km of NH-7.
GVR PANNA AMANGANJ: Ind-Ra Affirms D Rating on INR870.7MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVR Panna
Amanganj Tollway Private Limited's term loan rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR870.7 mil. Term loan (long-term) due on November 2025
affirmed with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information
KEY RATING DRIVERS
The affirmation reflects delays in debt servicing by GVR Panna
Amanganj Tollway.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three continuous
months could result in an upgrade.
COMPANY PROFILE
GVR Panna Amanganj Tollway has been granted a 15-year design-
build-fund-operate-transfer concession by Madhya Pradesh Road
Development Corporation Limited for the expansion of a 58.18km
part of the Panna-Amanganj section of SH-47 into two lanes.
HARSHA LINERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Harsha Liners Private
Limited (HLPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 3.96 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Cash
Credit Limit 2.04 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HLPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HLPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of HLPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
KIL was incorporated in April 1992 as a private limited company;
in March 1998, it was reconstituted as a public limited company.
The group manufactures products such as cylinder liners, aluminium
block liners, piston rings, valve seats and guides, centrifugal
castings, scraps, and pallets. HLPL, a subsidiary of KIL,
manufactures cylinder liners. The group is based in Vijayawada
(Andhra Pradesh).
HIMACHAL SOAP: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Himachal Soap And
Detergents Private Limited (HSDPL) continues to be 'CRISIL B-
/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 3 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HSDPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HSDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HSDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of HSDPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
HSDPL was incorporated in 2009 by Gurgaon (Haryana)-based Saxena
family. It manufactures household FMCG goods at its unit in
Parwanoo (Himachal Pradesh). The unit's operations are managed by
Mr. Ram Kishore Saxena.
HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Hind Charity Trust
(HCT) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 33 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HCT for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HCT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HCT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of HCT continues to be 'CRISIL B/Stable Issuer not
cooperating'
HCT runs an international school, Global Indian International
School (GIIS), in Pune. The school has all modern infrastructure
facilities such as libraries, computer laboratory, gaming zone at
each floor, and badminton and basketball courts.
IDASA INDIA: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Idasa India Ltd.
(IIL) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.9 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 4.6 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with IIL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of IIL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
IIL was set up in 1985, and is promoted by Mr. Suresh Kumar
Aggarwal. The company processes milk and manufactures skimmed milk
powder and ghee under its brand, IDASA. The processing unit is
situated in Malerkotla (Punjab).
MANN RESIDENCY: CRISIL Hikes Rating on INR16.5cr Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mann Residency Private Limited (MRPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B-/Stable')
Proposed Long Term 16.5 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
The upgrade is driven by improvement in business risk profile,
ample liquidity and moderate financial risk profile. Business risk
profile is supported by a healthy growth of 58.4% in revenues
estimated at INR19.02 crores in fiscal 2019 on account of increase
in occupancy levels and addition of new facilities to the hotel.
Operating margin, estimated at 51.4%, improved from 42.5% over
last year, due to improved occupancy level. Revenues are expected
to remain stable over the medium term, along with healthy
operating margin. MRPL's liquidity is supported by ample cushion
backed by no major repayment in near term, due to prepayment of
obligations in April 2018. Cash accruals for 2018 are estimated at
around INR8 crore against minimum repayment obligation.
A high TOLTNW estimated at 6.89 times and a modest net worth of
INR5.92 crores in fiscal 2018, constrains the financial risk
profile. TOLTNW and net worth are expected to improve due to
steady accretion to reserves. Promoters have supported the company
with infusion of unsecured loans, however, with no repayment
obligation and capital expenditure plan, promoters intend to
withdraw unsecured loans over the medium term. This, however, will
not lead to any increase in bank borrowing and will be limited to
additional cash generated during the year. Average debt-protection
metrics were supported by interest coverage ratio estimated at 8.2
times and NCAAD estimated at 0.19 times in fiscal 2018.
Key Rating Drivers & Detailed Description
Weakness
* Limited experience of promoters in hotel industry: MRPL's
promoters have a limited experience of around 8 years in running a
hotel, and they have not collaborated with any players with
experience in the hotel industry.
* Moderate scale of operations in an intensely competitive and
cyclical industry: MRPL has moderate scale of operations in the
hotel industry. The occupancy levels and hence revenues in the
industry are susceptible to changes in the domestic and global
economy. MRPL's occupancy rates are expected to remain vulnerable
to cyclical nature of hotel industry and growing competition from
other hotels in Gurgaon.
Strengths
* Stable business risk profile: MRPL reported a revenue of
INR19.02 crores in FY 2018 on account of addition of new
facilities to the hotel and increase in occupancy levels to 85%
over 70% last year. MRPL witnessed a healthy growth of 58.4% in
revenues from INR12 crores in FY 2017. It recorded an operating
margin of 51.4% in FY 2018. Revenues are expected to remain stable
over the medium term on account of capacity constraints.
* Ample liquidity: Major term loan repayments have concluded in FY
2018 owing to funding support in the form of unsecured loans from
promoters. Ample liquidity in the firm is expected to be supported
by steady accruals on account of stable business risk profile over
the medium term. MRPL has availed an overdraft facility of INR2.5
crores in January 2018 for working capital.
* Moderate financial risk profile: MRPL's TOLTNW improved from -
38.29 times in FY 2017 to 6.89 times in fiscal 2018 owing to term
debt repayments and increase in accruals. TOLTNW was low on
account of negative net worth. This is expected to further improve
owing to steady accretion and withdrawal of unsecured loans from
promoters over the medium term. Equity capital increased to INR12
crores in fiscal 2018 over INR10 crores last year on account of
fresh equity infusion by promoters. Interest coverage ratio
increased to 8.2 times from 3.7 times last year on account of
lower interest burden on the company and relatively higher profits
generated by the company. NCAAD also improved from 0.08 times in
fiscal 2017 to 0.19 times estimated in fiscal 2018 owing to
improvement in accruals.
Outlook: Stable
CRISIL believes MRPL's accruals will improve on account of stable
business risk profile over the medium term. MRPL's financial risk
profile is expected to improve owing to improvement in accruals.
The outlook may be revised to 'Positive' in case of significant
increase in operating income and profitability, thereby improving
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if large debt-funded capital expenditure or decline
in operating income or profitability weakens the financial risk
profile.
MRPL, incorporated in 2007 and promoted by Mr. Joginder Singh Mann
and his family, operates a four-star hotel, Hotel Clarens, in
Gurgaon, Haryana. The hotel became operational in October 2011.
NEXT GENERATION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Next Generation
Charitable Trust's term loan to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND BB-
(ISSUER NOT COOPERATING)' on the agency website.
The instrument-wise rating action is:
-- INR53.11 mil. Term loan due on March 2019 migrated to Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Next Generation Charitable Trust was established in 2013 by Mr.
Chandan Agarwal. The trust established its first school G.D.
Goenka Public School, in collaboration with G. D. Goenka Private
Limited, in Bareilly.
SAFILO HEALTHCARE: CRISIL Withdraws B Rating on INR6.25cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Safilo
Healthcare (SH) on the request of the company and receipt of a no
objection/due certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Withdrawn)
Term Loan 6.25 CRISIL B/Stable (Issuer Not
Cooperating; Rating Withdrawn)
CRISIL has been consistently following up with SH for obtaining
information through letters and emails dated December 31, 2017 and
June 29, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SH is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB Rating category or
lower'. Based on the last available information, the rating on
bank facilities of BBPL continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Set up in 2014, SH is promoted by Mr. Sanjay Patel and family. The
firm manufactures baby diapers and is expected to commence its
operations from October.
SHIV LAL: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiv Lal Trading Co
(SLTC) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Warehouse Receipts 8.0 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SLTC for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SLTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLTC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SLTC continues to be 'CRISIL B/Stable Issuer not
cooperating'
SLTC, a proprietorship concern established in 1990, trades in
wheat and paddy in the domestic market and is based in Delhi. The
firm is managed by Mr. Subhash Chand.
SHREE VAISHNAV: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav
Casting Private Limited (SVCPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 47 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 42 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Short Term 30.97 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Standby Line of 5 CRISIL D (ISSUER NOT
Credit COOPERATING)
Term Loan 67.03 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SVCPL for obtaining
information through letters and emails dated
February 28, 2018 and July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SVCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SVCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'
SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.
SHREE VAISHNAV METAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav Metal
and Power Private Limited (SVMPPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 31.27 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 22.73 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SVMPPL for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SVMPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SVMPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SVMPPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
SVMPPL, incorporated in 2005 by the Agarwal family, is engaged in
galvanisation and fabrication. Its manufacturing facilitates are
in Wada (Maharashtra) and registered office is in Mumbai.
SHRI SARAVANA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Saravana
Industries Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR45 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)/
IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR253 mil. Non-fund-based limits migrated to Non-Cooperating
Category with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Madurai-based Shri Saravana Industries undertakes hydro mechanical
operations, which involve the design, procurement, fabrication,
manufacture, installation, testing and commissioning of complete
hydro mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates.
SIKAR BIKANER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Sikar Bikaner Highway Ltd.'s (SBHL) bank loans and placed the
rating on Rating Watch Negative (RWN) as follows:
-- INR4.0 bil. Senior project bank loans downgraded;
Placed on RWN with IND B+/RWN rating.
KEY RATING DRIVERS
The downgrade reflects the deteriorated financial health of the
project sponsor, IL&FS Transportation Networks Limited's (ITNL;
'IND BB'/RWN). The RWN reflects SBHL's dependence on ITNL for
meeting its debt obligations. There has been a delay in ITNL's
deleveraging plans and weakening of its linkages with its parent,
Infrastructure Leasing & Financial Services Limited (IL&FS; 'IND
AAA'/Stable/'IND A1+'), due to which ITNL's credit metrics are
likely to remain stretched. Ind-Ra's base case projections, which
are based on the actual traffic numbers for FY17 and FY18,
envisage sponsor support until the end of the first major
maintenance to bridge the shortfall in debt servicing. While ITNL
had a demonstrated track record in the past, its deteriorating
financial profile may impact its ability to support SBHL in
future.
Furthermore, the debt service reserve account, which stood at
INR120 million on June 20, 2018, has been partially utilized to
meet debt servicing requirements. Subsequent to delays in the
scheduled commercial operations, the principal repayment was
deferred to June 2017 from June 2016 and will be amortized over 42
unequal quarterly installments, commencing June 2017. The project
is exposed to a variable interest rate; however, it has a debt-
free tail of nine years, longer compared with those of Ind Ra-
rated peers. The rating factors in the proposed refinancing plan
SBHL and, therefore, the incentive available to the sponsor to
provide non-contractual support, if needed.
The rating factors in the modest revenue risk faced by SBHL. The
project has been operational since October 2015. At the time of
operations, new traffic estimate was downwardly revised due to an
economic slowdown and traffic diversion to the alternate road
network. The growth levels in the base year revenue and the FY18
revenue were in line with revised estimates. Although revenue for
1QFY19 is marginally higher than estimate, the project continues
to require support. However, considering the project is a toll
road, it faces an inherent traffic-related volume risk.
The rating, however, is supported by SBHL's fixed-rate operation
and maintenance contract with ITNL for the entire concession
period. Ind-Ra believes the maintenance requirement is
straightforward, given the less complex road structures on the
project corridor. The project's operating expenses in FY17 and
9MFY18 were in line with Ind-Ra's base case projections. Only one
periodic maintenance cycle is proposed during the loan tenure.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded
upon resolution. Ind-Ra will monitor the credit profile of the
sponsor and the track record of timely support over the next two
quarters. Absence of sponsor support would be negative for the
ratings.
COMPANY PROFILE
SBHL is a special purpose company incorporated to undertake the
widening and operations of a combination of a two-lane and a four-
lane highway (National Highway 11) in Rajasthan. The concession
grantor is the Public Works Department of the government of
Rajasthan. The concession is for 25 years, with a right to collect
toll during the concession. The security and terms of the
subordinate debt agreement is junior to the senior debt. SBHL is
wholly owned by ITNL.
SHRI RAMESHWAR: CRISIL Lowers Rating on INR30cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shri Rameshwar Sahakari Sakhar Karkhana Limited (SRSSKL) to
'CRISIL D' from 'CRISIL C'. The downgrade is due to the weak
liquidity position resulting into overdraws in the cash credit
limit for more than 30 days.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Downgraded from
'CRISIL C')
The rating continues to reflect its below-average financial risk
profile because of weak capital structure and inadequate debt
protection metrics, and exposure to cyclicality in the sugar
industry and to regulatory framework. These weaknesses are
partially offset by the society's established regional position.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to cyclicality in the sugar industry and regulatory
framework: The sugar industry is cyclical, seasonal, and highly
fragmented. Dependence on monsoon can adversely affect yield.
Government tries to balance the interests of sugar consumers by
regulating prices and distribution, and also ensures remunerative
price to farmers by advising floor prices for sugarcane called
statutory minimum price or state advised price.
* Below-average financial risk profile: Networth has depleted
owing to huge losses incurred in the past. Debt protection metrics
have also remained muted due to high interest expense and low
operating margin. Financial risk profile will remain subdued over
the medium term.
Strength
* Established position in the sugar industry: Currently, the
society has 7500 shareholders. Proprietor's extensive experience
will help support business risk profile over the medium term.
Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve
(member of Parliament) and manufactures sugar. Mr. Santosh Patil
Danve is its chairman, and operations are managed by Mr. Dharmaraj
Shewale (managing director) with support from other functional
personnel.
S.K. ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of S. K. Enterprises-
Thane (SK) continues to be 'CRISIL B-/Stable Issuer not
cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SK for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of SK continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Established in 1996 as a proprietorship firm by Mr. Shyam
Gyanchandani, SK trades in fuel oils and chemicals. It is based in
Thane (Maharashtra).
SM COLD STORAGE: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.M. Cold Storage
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR36.32 mil. Fund-based limit - Short-term bulk finance
migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating;
-- INR9.74 mil. Fund-based limit - Short-term operating expenses
migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating;
-- INR3.52 mil. Fund-based limit - Secured overdraft limit
migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR2.60 mil. Non-fund-based limit - Letter of guarantee
migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1985, S.M. Cold Storage provides cold storage for
potatoes. Its cold storage unit has a storage capacity of 170,000
quintals and is located in the Bankura district, West Bengal.
SRI JALARAM: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Jalaram Plastics
(SJP) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Cash
Credit Limit 7 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SJP for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SJP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SJP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SJP continues to be 'CRISIL D Issuer not
cooperating'
SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.
SRI RAMA: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the rating on bank facility of Sri Rama Pharmaceutical
Distributors (SRPD) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SRPD for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRPD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRPD is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the rating on bank
facility of SRPD continues to be 'CRISIL B/Stable Issuer not
cooperating'.
SRPD was set up in in 1990 by Mr. Mahidhar Reddy and his family
members. The firm, based in Hyderabad, distributes pharmaceutical
products in Telangana and Andhra Pradesh.
SUMITA TEX: CRISIL Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sumita Tex Spin
Private Limited (Sumita) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 17 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 6.77 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Letter of Credit 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 25.39 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 102.28 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 43.56 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with Sumita for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sumita, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Sumita is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Sumita continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'
Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its
manufacturing unit is in Silvassa (Dadra and Nagar Haveli).
SUMOHAN ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Sumohan Engineers
Private Limited (SEPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 21 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of SEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating.
SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family.
The company fabricates engineering and capital goods. It also
undertakes engineering, procurement, and construction contracts.
The company is based in Hyderabad, Telangana.
SUTARIYA GEMS: CRISIL Lowers Rating on INR16cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the rating of Sutariya Gems Private Limited
(SGPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating' as there has been delay in repayment of
interest on working capital facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Line of Credit 16 CRISIL D (ISSUER NOT
COOPERATING; Downgraded
from 'CRISIL BB/Stable
ISSUER NOT COOPERATING')
Proposed Long Term 10 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Downgraded
from 'CRISIL BB/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with SGPL for obtaining
information through letters and emails dated Nov. 27, 2017 and
Dec. 13, 2017 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
SGPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB Rating
category or Lower'.
Based on the last available information and banker feedback,
CRISIL has downgraded the rating of SGPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating' as
there has been delay in repayment of interest on working capital
facility.
SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009.
Sutariya is engaged in cutting and polishing of diamonds. The
company is headquartered in Mumbai (Maharashtra) and its
processing facilities are located in Surat (Gujarat).
TRISTAR GLOBAL: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Tristar Global
Infrastructure Private Limited (TGIPL) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 2 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 6 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 14.5 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with TGIPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tristar Global Infrastructure
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Tristar Global Infrastructure
Private Limited is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
Rating category or Lower'
Based on the last available information, the rating on bank
facilities of TGIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
TGIPL, incorporated in 1999, is owned and managed by Mr. Vijay
Vasudeva and his family members. It is in the construction
business, and executes specialised jobs such as waterproofing,
installation of expansion joints, and roofing and related
activities. Its corporate office is in Delhi.
TUFFWARE INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Tuffware Industries
(TI) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Guarantee .05 CRISIL D (ISSUER NOT
COOPERATING)
Bill Discounting 8.00 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 0.50 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft .26 CRISIL D (ISSUER NOT
COOPERATING)
Packing Credit 4.75 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Short Term .54 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with TI for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tuffware Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for Tuffware Industries is consistent with 'Scenario1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB Rating category or Lower'.
Based on the last available information, the rating on bank
facilities of TI continues to be 'CRISIL D Issuer not
cooperating'.
TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and non-
stick cookware. It sells its products primarily to Latin American
and African countries through agents and traders based in these
countries. TI has its manufacturing unit at Vasai, Maharashtra.
TWIN CITIES: CRISIL Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Twin Cities Steel Re-
Rolling Mills Private Limited (TCSPL) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (ISSUER NOT
COOPERATING)
Corporate Loan 2.42 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with TCSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018, 2017 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Twin Cities Steel Re-Rolling
Mills Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Twin Cities Steel Re-
Rolling Mills Private Limited is consistent with 'Scenario1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB Rating category or Lower'
Based on the last available information, the rating on bank
facilities of TCSPL continues to be 'CRISIL D Issuer not
cooperating'.
TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.
===============
M A L A Y S I A
===============
1MBD: Fined MYR15 Million by Bank Negara in 2016
------------------------------------------------
The Sun Daily reports that Bank Negara Malaysia (BNM), which was
previously prohibited from disclosing the amount of fine imposed
by the central bank on 1Malaysia Development Bhd (1MDB) for
non-disclosure of information, has revealed that the fine amounted
to MYR15 million.
When asked if the amount of fine was ever revealed, newly minted
governor Datuk Nor Shamsiah Mohd Yunus (pix) said at a press
conference on Aug. 17 that at that time, BNM was prohibited from
revealing the amount of compound imposed, the report says.
In April 28, 2016, the embattled state investment fund was fined
by BNM for its failure to fully comply with directions under the
Financial Services Act 2013, according to the Sun Daily.
The Sun Daily relates that Shamsiah said BNM, which is a part of
the 1MDB investigation task force, has been assisting
investigators and related agencies including by looking at money
flow.
According to the report, the task force comprises Bukit Aman
Special Branch director Datuk Abdul Hamid Bador, former attorney-
general Tan Sri Abdul Gani Patail, and Malaysian Anti-Corruption
Commission chief commissioner Datuk Seri Mohd Shukri Abdull and
former chief of the anti-graft body, Tan Sri Abu Kassim Mohamed.
Shamsiah was also involved in investigations into 1MDB in her
previous stint as deputy governor of BNM, before leaving the
central bank in 2016. She returned to Bank Negara as governor in
June this year, the report says.
On whether there is a need to relook the roles of banks, she said
the central bank has stepped up supervision of banks that were
seen as not being diligent in carrying out their responsibilities,
relays the Sun Daily.
"A few banks are putting aside more than hundreds of millions of
ringgit to enhance their systems, reskill their staff and trying
to protect suspicious transactions. There is a lot of work done by
the industry to improve their systems and we have also stepped up
our supervision and taken enforcement actions where we think where
the banks were not as diligent," the report quotes Shamsiah as
saying.
The Sun Daily says the Public Accounts Committee (PAC) and the
auditor-general will relaunch an investigation into 1MDB following
a motion passed by the Dewan Rakyat on Aug. 16.
The report relates that newly appointed PAC chief Datuk Ronald
Kiandee said the continuation of any future probe will be an
extension of the previous investigation.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion (US$2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.
Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions. The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.
====================
N E W Z E A L A N D
====================
TE UPOKO: Radio Station Faces Closure Amid Funding Issues
----------------------------------------------------------
Stuff.co.nz reports that New Zealand's oldest Maori radio station
risks closure, with a hui called to discuss the future of
Wellington's Te Upoko o te Ika.
Stuff relates that after 33 years on air, a Te Upoko manager
confirmed iwi leaders, station staff and Maori broadcasting
founders were to meet in Wellington following disputes over the
station's frequency.
That dispute between Te Upoko and two local iwi has led to the
station being without any funding for about two months, Stuff
says. In June, Maori broadcasting agency Te Mangai Paho cut its
funding to the historic radio station, the report says.
According to Stuff, a spokesman for Te Mangai Paho said, as a
Government agency, they did not want to spend taxpayer money on a
station that could cease to exist. There were concerns the station
may shortly be without a radio frequency.
Stuff notes that most Maori radio stations, including Te Upoko,
required iwi to sign off their operations. However, there were
exceptions to that rule; Radio Waatea in Auckland dealt directly
with Te Puni Kokiri, which was the ministry responsible for
allocating Maori radio frequencies.
In Wellington, there were two iwi involved with approving Maori
radio stations: Te Atiawa and Ngati Toa. Both those iwi operated
their own joint radio station, Atiawa Toa FM.
Discussion about merging the two stations had been ongoing, "for
at least the last 25 years", Te Upoko deputy chairman Piripi
Walker said, Stuff relays.
Despite having had no funding since June, Te Upoko o te Ika was
continuing to broadcast, the report notes. "Mostly, thanks
voluntary labour - as we have for more than 30 years," the report
Mr. Walker as saying.
Although disagreements had led to the funding issues for Te Upoko,
Mr. Walker said he still had a good relationship with both iwi.
And, on the record at least, iwi leaders have agreed.
Te Atiawa kaumatua Morrie Love, who is the chairman of Wellington
Tenths, said issues with the stations had blown up recently - but
he was trying to "stay neutral".
Ideally, he said, broadcasting would continue as per normal. "I'm
quite happy with how it now," he said. Although, he said it was
unclear what the two radio stations and leaders would agree to at
the hui.
That hui, to be held next week, came after the National Maori
Radio Network urged funding to be restored for Te Upoko.
The group, of which Atiawa Toa is a member, said "a unanimous
resolution was passed" urging Government agencies to help keep the
station alive.
If funding is not restored, the group predicted Te Upoko would
close in October, Stuff says.
=================
S I N G A P O R E
=================
NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength to C++(Marginal)
-----------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating (FSR) to
C++ (Marginal) from B++ (Good) and the Long-Term Issuer Credit
Rating (Long-Term ICR) to "b" from "bbb" of National Insurance
Company Limited (National) (India). Additionally, A.M. Best has
placed these Credit Ratings (ratings) under review with negative
implications.
The ratings reflect National's diminished balance sheet strength,
which A.M. Best categorizes as adequate, as well as its marginal
operating performance, neutral business profile and weak
enterprise risk management (ERM).
The company experienced a significant deterioration in its risk-
adjusted capitalization as of the year-end March 2018 filing. Its
capital position fell by 42% due to significantly worse-than-
forecast operating results in multiple major lines of business and
a one-time absorption of the remaining reserve shortfall in its
motor third-party liability business. As a result of its reduced
capital position, its equity investment leverage has increased
significantly, further straining risk-adjusted capital, as
measured by Best's Capital Adequacy Ratio (BCAR). The balance
sheet assessment of adequate could be subject to negative revision
pending the progress of initiatives to improve National's risk-
adjusted capital.
National's ERM is not appropriate for its size and complexity and
is assessed as weak. Its financial filings have significantly
lagged that of its peers due to system constraints, which has
hampered A.M. Best's timely access to data. Furthermore, the
company has experienced extended periods without permanent top
leadership in the five years prior to March 2018.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 13 to August 17, 2018
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
BOART LONGYEAR MANAGEMENT 1.50 12/31/22 USD 35.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
TREASURY CORP OF VICTORIA 0.50 11/12/30 AUD 74.36
CHINA
-----
AKESU XINCHENG ASSET INVE 7.50 10/10/18 CNY 25.01
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 71.13
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.51
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.52
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 60.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 60.19
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 61.80
ANHUI SHENGYUN ENVIRONMEN 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.40
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.69
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 40.89
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.80
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.91
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 40.04
ANYANG INVESTMENT GROUP C 8.00 04/17/19 CNY 20.37
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.01
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.62
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 40.19
BAOJI INVESTMENT GROUP CO 7.14 12/26/18 CNY 25.22
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.76
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 40.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 62.87
BAYANNUR LINHE DISTRICT U 7.90 11/13/20 CNY 60.58
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 61.36
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 40.34
BEIJING CAPITAL DEVELOPME 5.95 05/29/19 CNY 20.27
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.51
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.53
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.77
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.93
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 62.26
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.16
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.26
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.17
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.25
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.35
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.64
BEIJING GUCAI GROUP CO LT 8.28 12/15/18 CNY 40.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.16
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.17
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.25
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.67
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 60.75
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 60.70
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 61.82
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 61.69
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 60.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 61.25
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.05
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.44
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 61.99
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.94
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.98
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 61.99
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 63.05
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 53.14
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 61.67
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.60
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.61
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.37
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.39
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 40.08
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 40.65
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 40.41
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 59.70
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.36
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.54
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.21
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.25
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.50
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.52
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.36
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.25
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.42
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.38
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.41
CHANGSHA COUNTY XINGCHENG 8.35 04/06/19 CNY 20.47
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.16
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.43
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 62.82
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.73
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 40.59
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 61.01
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 62.02
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.15
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.16
CHANGSHU CITY OPERATION I 8.00 01/16/19 CNY 20.17
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.00
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 61.57
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 62.58
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 60.51
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.66
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.88
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.71
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.09
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.26
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.44
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.45
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.21
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.53
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.50
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.59
CHANGZHOU JINTAN DISTRICT 8.30 03/14/19 CNY 20.16
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 61.60
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.16
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.44
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 61.92
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.58
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.59
CHENGDU ECONOMIC&TECHNOLO 6.55 07/17/19 CNY 20.27
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.46
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 51.57
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 55.00
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 60.67
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 61.56
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 60.44
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 20.23
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 40.32
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.45
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.48
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.64
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.72
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 61.88
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 62.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 61.31
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 62.46
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 39.85
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 40.77
CHIFENG CITY HONGSHAN INF 7.20 07/25/19 CNY 20.08
CHINA ENERGY RESERVE AND 6.25 12/21/18 USD 28.57
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.37
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.49
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.75
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.62
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.79
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 61.18
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 61.03
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 40.59
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.14
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 60.65
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 61.75
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 60.49
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 61.20
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.00
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.26
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 60.94
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.15
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.33
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.53
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.54
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 61.21
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 62.14
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.20
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.42
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.07
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.21
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.10
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.12
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.29
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.30
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.43
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.44
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 61.68
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 62.01
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 39.70
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 40.50
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.25
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.41
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 61.45
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.32
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.34
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 20.19
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 39.70
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 60.03
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.31
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.35
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.97
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 62.33
CHONGQING MAIRUI CITY INV 6.82 08/17/19 CNY 20.28
CHONGQING NAN'AN URBAN CO 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.08
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.26
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.01
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.53
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.62
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.02
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.58
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.80
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.30
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.56
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.59
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 61.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 60.21
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.01
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.12
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 39.92
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 40.25
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.95
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.00
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.32
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.42
CHONGQING XIYONG MICRO-EL 6.76 07/25/19 CNY 20.32
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 61.54
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 40.62
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.51
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.53
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.30
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.38
CHONGQING YULONG ASSET MA 6.87 05/31/19 CNY 20.23
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.35
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.47
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 40.72
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 60.30
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 38.21
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 40.21
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.48
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.50
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.69
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 61.50
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.48
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.51
DALI ECONOMIC DEVELOPMENT 8.80 04/24/19 CNY 20.40
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.51
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.54
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.66
DALIAN DETA INVESTMENT CO 6.50 11/15/19 CNY 40.51
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.17
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.70
DALIAN PULANDIAN CONSTRUC 8.48 12/12/18 CNY 55.40
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 59.80
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 60.07
DALIAN RONGQIANG INVESTME 8.60 03/30/19 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.02
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.03
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.40
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.41
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.70
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.40
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.75
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.33
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 50.57
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 60.82
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 39.80
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.02
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.20
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 60.85
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 39.97
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 40.76
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 60.84
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 62.45
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 60.74
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 61.05
DAYE CITY CONSTRUCTION IN 7.95 11/27/20 CNY 61.34
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 39.90
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 40.32
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 60.61
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 61.24
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.32
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.44
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.58
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 61.99
DONGXU OPTOELECTRONIC TEC 5.00 12/02/21 CNY 75.04
DUNAN HOLDING GROUP CO LT 7.30 12/21/18 CNY 75.19
ELION CLEAN ENERGY CO LTD 6.42 07/19/20 CNY 74.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 40.47
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 60.21
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 61.31
EZHOU CITY CONSTRUCTION I 7.08 06/19/19 CNY 20.01
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 60.86
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 61.61
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 60.95
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 61.10
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 61.31
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 59.85
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 60.26
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 40.82
FUJIAN LONGYAN CITY CONST 7.45 08/14/19 CNY 20.31
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 39.90
FUJIAN NANPING HIGHWAY CO 7.90 10/26/18 CNY 40.23
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 40.47
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 60.14
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 55.10
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.20
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.45
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 70.50
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 71.17
FUZHOU URBAN AND RURAL CO 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 20.15
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 40.13
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.73
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.17
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.91
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.92
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 51.17
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 52.01
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.20
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.39
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 24.98
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 25.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.29
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.42
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 59.90
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 60.04
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 49.90
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.10
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.18
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.23
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.36
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.09
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.12
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 60.88
GUANGXI LAIBIN URBAN CONS 8.36 03/14/19 CNY 40.61
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.69
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.70
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.17
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.50
GUANGYUAN INVESTMENT HOLD 7.25 11/26/19 CNY 40.54
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 60.63
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 61.01
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 59.76
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 60.30
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 49.66
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 38.99
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONSTR 7.80 02/21/21 CNY 62.50
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.97
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
HAICHENG URBAN INVESTMENT 8.39 11/07/18 CNY 40.26
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 60.59
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 61.34
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.64
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.86
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.26
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.29
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.13
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.55
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.11
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.14
HAINING STATE-OWNED ASSET 6.08 03/06/20 CNY 40.57
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.05
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.61
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 61.23
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.28
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.89
HANDAN CITY DEVELOPMENT & 7.60 11/25/20 CNY 62.12
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.50
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.03
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.08
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 62.14
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 80.40
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.55
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.67
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.03
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.10
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.00
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.95
HANGZHOU YUHANG CITY CONS 7.55 03/29/19 CNY 20.45
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 61.85
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 62.20
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 62.05
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.25
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.26
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.81
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.98
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 18.93
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 61.70
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 62.08
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.05
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.07
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.73
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.74
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 49.86
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 60.74
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 61.20
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.30
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.61
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.65
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 71.96
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 20.36
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.29
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.61
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.30
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.16
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.17
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.11
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.37
HEGANG KAIYUAN CITY INVES 6.50 07/19/19 CNY 20.30
HEIHE CITY CONSTRUCTION I 8.48 03/23/19 CNY 40.61
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.79
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.83
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 74.11
HENAN JIYUAN CITY CONSTRU 7.50 09/25/19 CNY 40.46
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.47
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.50
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.47
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.66
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.04
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.12
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 61.42
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 40.48
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 54.96
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 41.32
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.31
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.40
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.25
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.83
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.84
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.23
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.31
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.42
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.46
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 40.20
HUAIBEI CITY CONSTRUCTION 6.68 12/17/18 CNY 25.13
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 60.37
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.74
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.98
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.73
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 61.37
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 62.35
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 62.39
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 61.61
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 62.06
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 40.46
HUAXIA LIFE INSURANCE CO 6.00 09/22/25 CNY 96.09
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.17
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.56
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.18
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.67
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.71
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 24.30
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 25.01
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 60.49
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 61.30
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.65
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.15
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.10
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.12
HUNAN ZHAOSHAN ECONOMIC C 7.00 12/12/18 CNY 25.05
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 40.48
HUZHOU NANXUN STATE-OWNED 8.15 03/31/19 CNY 20.24
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 60.10
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 61.48
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.18
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.39
INNER MONGLIA SHENGMU HIG 4.75 06/01/21 CNY 73.00
INNER MONGOLIA KE'ERQIN U 7.75 09/24/19 CNY 40.20
JIAMUSI NEW ERA INFRASTRU 8.25 03/22/19 CNY 20.17
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.01
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.02
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.34
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 61.85
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 62.85
JIANAN INVESTMENT HOLDING 7.68 09/04/19 CNY 40.44
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.02
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.08
JIANGDONG HOLDING GROUP C 6.90 03/27/19 CNY 20.26
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.04
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 37.99
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 40.21
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 60.90
JIANGSU FURUDONGHAI DEVEL 7.09 09/13/20 CNY 60.91
JIANGSU HANRUI INVESTMENT 8.16 03/01/19 CNY 19.93
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.70
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.99
JIANGSU HUIFENG BIO AGRIC 1.00 04/21/22 CNY 73.00
JIANGSU JINGUAN INVESTMEN 6.40 01/28/19 CNY 25.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 60.63
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 60.80
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 61.87
JIANGSU JURONG FUDI BIO-T 8.70 04/26/19 CNY 40.68
JIANGSU LIANYUN DEVELOPME 6.10 06/19/19 CNY 20.13
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 59.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 40.41
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 60.70
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 61.13
JIANGSU TAICANG PORT DEVE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 60.75
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 61.30
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.34
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.41
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.25
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.40
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.13
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.54
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.30
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.58
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.31
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 60.44
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 61.64
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 58.20
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 62.51
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.44
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 40.28
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 60.48
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 61.42
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 40.28
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.22
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.66
JIASHAN STATE-OWNED ASSET 6.80 06/06/19 CNY 20.10
JIAXING CITY CULTURE MING 8.16 03/08/19 CNY 20.36
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.17
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.29
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.19
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.94
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 60.01
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 62.03
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 39.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 40.08
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 39.95
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 60.79
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.05
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.39
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 61.26
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 62.21
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.46
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.01
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.25
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 59.65
JINGJIANG BINJIANG XINCHE 6.80 10/23/18 CNY 25.08
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 60.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 61.41
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 60.95
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 61.11
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 61.45
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.25
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.26
JINGZHOU URBAN CONSTRUCTI 7.98 04/24/19 CNY 20.31
JINHONG HOLDING GROUP CO 5.00 01/15/19 CNY 70.00
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 20.20
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 40.64
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 40.27
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.12
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.27
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 59.87
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 61.42
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 62.18
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.02
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.40
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.88
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.89
JIUJIANG CITY CONSTRUCTIO 8.49 02/23/19 CNY 20.36
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 40.87
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 61.36
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.43
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.45
KAIFENG DEVELOPMENT INVES 6.47 07/11/19 CNY 20.09
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 50.43
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 75.18
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.15
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.40
KUERLE CITY CONSTRUCTION 7.48 09/10/18 CNY 25.05
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.41
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.42
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 40.09
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.25
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.26
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.11
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.13
KUNSHAN ENTREPRENEUR HOLD 6.28 11/07/19 CNY 40.43
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 61.80
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 62.13
KUNSHAN HUAQIAO INTERNATI 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.41
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.49
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.40
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.47
LANZHOU NEW AREA INVESTME 8.30 04/29/21 CNY 60.77
LEQING CITY STATE OWNED I 6.50 06/29/19 CNY 20.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.42
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.66
LIAOYUAN STATE-OWNED ASSE 8.17 03/13/19 CNY 19.99
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 61.15
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 40.44
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.34
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.46
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.30
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.56
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 59.12
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.17
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.33
LINYI ECONOMIC DEVELOPMEN 8.26 09/24/19 CNY 41.41
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.06
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.90
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 62.99
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 50.72
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 51.11
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 39.01
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 40.49
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 66.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 71.54
LIUZHOU DONGCHENG INVESTM 8.30 02/15/19 CNY 20.15
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 60.84
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 61.08
LIUZHOU INVESTMENT HOLDIN 6.98 08/15/19 CNY 20.28
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 33.56
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.09
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 61.00
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 61.84
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 63.24
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.14
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 61.30
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 62.12
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 60.86
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.43
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.92
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 61.98
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.11
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.20
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 40.39
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.72
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.86
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 58.00
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 62.06
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 40.58
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.36
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.37
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG SCIENCE TECHNOLO 7.16 05/15/19 CNY 20.11
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.44
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.50
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 40.71
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.11
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.21
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 40.41
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.39
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.60
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.20
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.21
NANCHONG ECONOMIC DEVELOP 8.16 04/26/19 CNY 20.25
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 60.88
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 61.58
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.37
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.38
NANJING JIANGNING SCIENCE 7.29 04/28/19 CNY 20.28
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 40.36
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.39
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 40.46
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.81
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.82
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.04
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.29
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.08
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.11
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.30
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.82
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 60.49
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 61.03
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 40.67
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 60.77
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 61.36
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.56
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.57
NANTONG CITY TONGZHOU DIS 6.80 05/28/19 CNY 20.14
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 40.39
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 60.58
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 61.76
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.64
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.75
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 61.04
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 62.35
NINGBO CITY YINZHOU CITY 6.50 03/18/20 CNY 40.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 40.23
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.07
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.08
NINGBO ZHENHAI HAIJIANG I 6.65 11/28/18 CNY 25.11
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 59.87
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.22
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 61.86
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.96
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.35
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.10
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.75
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.20
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.30
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.54
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.55
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.00
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.36
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 61.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 60.95
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.12
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.66
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 39.93
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 40.19
PIZHOU RUNCHENG ASSET OPE 7.55 09/25/19 CNY 40.41
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.96
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.97
PUER CITY STATE OWNED ASS 7.38 06/20/19 CNY 20.17
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 61.88
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 62.37
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.13
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.56
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 61.91
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 62.06
QIANDONG NANZHOU DEVELOPM 8.80 04/27/19 CNY 20.14
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 39.54
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 39.82
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 71.73
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 58.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 61.75
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 62.37
QINGDAO CHENGYANG DEVELOP 7.09 03/10/21 CNY 61.01
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.30
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.39
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.22
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.23
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 72.73
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 73.05
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.34
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.40
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 40.85
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 50.92
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 51.05
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.31
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.33
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 74.27
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.00
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.93
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 61.03
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 62.04
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.07
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.38
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.42
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 61.71
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.15
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.21
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.44
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.67
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.93
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.98
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.37
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 70.80
QITAIHE CITY CONSTRUCTION 7.30 10/18/19 CNY 39.54
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.22
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.44
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.14
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.56
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.00
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.65
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 61.86
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 62.25
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.31
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.32
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 39.92
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.28
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.29
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.65
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.66
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 70.71
RUCHENG COUNTY URBAN CONS 6.00 06/28/23 CNY 70.32
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 40.57
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 61.38
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 62.09
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.07
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.29
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 62.75
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 67.40
RUGAO COMMUNICATIONS CONS 8.51 01/26/19 CNY 25.38
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.34
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.53
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 62.82
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 65.00
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.25
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.47
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.80
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 79.53
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 60.39
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 62.00
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 61.19
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 62.04
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 40.49
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.61
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.99
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 36.52
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 39.87
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 66.22
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.36
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.39
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 62.33
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 49.90
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 50.89
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.64
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.18
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.58
SHANGHAI JIADING INDUSTRI 6.71 10/10/18 CNY 25.09
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.88
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.98
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 40.58
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.07
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.27
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.36
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.47
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 40.62
SHANGHAI MUNICIPAL INVEST 4.63 07/30/19 CNY 20.15
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.07
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.16
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 40.27
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 51.41
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.30
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.19
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.87
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 40.33
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 62.51
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 63.51
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 40.64
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.41
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.57
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 40.62
SHAOXING COUNTY COMMUNICA 6.40 08/20/21 CNY 60.46
SHAOXING HI-TECH INDUSTRI 6.75 12/05/18 CNY 24.98
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 24.98
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 40.35
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 61.02
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 63.90
SHAOXING SHANGYU COMMUNIC 6.70 09/11/19 CNY 40.29
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 61.03
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 60.99
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 65.00
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 24.90
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 61.42
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 63.02
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.20
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.51
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.88
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.04
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.48
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 70.69
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 72.07
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 40.36
SHIYAN CITY INFRASTRUCTUR 7.98 04/20/19 CNY 20.26
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 60.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 60.92
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 61.14
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 60.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 61.01
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 50.72
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 50.82
SHUANGLIU SHINE CHINE CON 8.48 03/16/19 CNY 40.78
SHUANGLIU SHINE CHINE CON 8.40 03/16/19 CNY 40.86
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.12
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.49
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.01
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.07
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 60.71
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 61.13
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 59.81
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 7.25 04/29/19 CNY 70.57
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.37
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.70
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 39.80
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 40.18
SUIFENHE HAIRONG URBAN CO 6.60 04/28/20 CNY 39.87
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 60.27
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 61.14
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 39.99
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 61.50
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INVES 7.50 08/22/19 CNY 40.49
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 61.61
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 61.99
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 62.09
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 62.60
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 61.16
SUQIAN ECONOMIC DEVELOPME 7.50 03/26/19 CNY 20.33
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 39.80
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.27
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 20.22
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.41
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.52
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 19.78
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.74
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.90
SUZHOU TECH CITY DEVELOPM 7.32 11/01/18 CNY 25.10
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 40.44
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 56.01
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.33
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.36
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.25
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.41
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.54
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.55
TACHENG DISTRICT STATE-OW 7.49 10/16/19 CNY 50.36
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 40.56
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.31
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.37
TAICANG ASSET MANAGEMENT 7.00 02/27/21 CNY 60.63
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 40.46
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.13
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.72
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.44
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.82
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 56.38
TAIYUAN LONGCHENG DEVELOP 6.50 09/25/19 CNY 40.27
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.23
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.29
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.09
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 50.72
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 51.18
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.87
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.88
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 61.82
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 61.00
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 62.28
TAIZHOU HAILING ASSETS MA 8.52 03/21/19 CNY 20.31
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 39.90
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 40.18
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 55.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.03
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.46
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 59.60
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.88
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.89
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.87
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.88
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 40.18
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.30
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.97
TIANJIN DONGFANG CAIXIN I 7.99 11/23/18 CNY 40.30
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 38.92
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 19.98
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 20.21
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.46
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.52
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.26
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.95
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.12
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.20
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 68.54
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.05
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.13
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 71.63
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.23
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 61.15
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.43
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.63
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 60.40
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 61.32
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 59.94
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 60.24
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 60.54
TIANJIN TEDA CONSTRUCTION 6.89 04/27/20 CNY 40.87
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 56.48
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 59.26
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.00
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.02
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.11
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.30
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 60.74
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.10
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.15
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 61.37
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.53
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.35
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.50
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 20.18
URUMQI CITY CONSTRUCTION 7.20 11/06/18 CNY 50.40
URUMQI ECO&TECH DEVELOPME 8.58 01/10/19 CNY 25.68
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 40.13
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.43
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.70
VANZIP INVESTMENT GROUP C 7.92 02/04/19 CNY 22.94
WAFANGDIAN STATE-OWNED AS 8.55 04/19/19 CNY 20.46
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.35
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.65
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 54.61
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.53
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.58
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENZHOU ANJUFANG CITY DEV 7.65 04/24/19 CNY 20.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.33
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.42
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 59.80
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 61.21
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 61.40
WUHAI CITY CONSTRUCTION I 8.20 03/31/19 CNY 20.34
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 58.10
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 62.48
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.99
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 62.03
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 62.80
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 38.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 40.73
WUHAN REAL ESTATE DEVELOP 5.90 03/22/19 CNY 25.20
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 40.38
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 40.65
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.23
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.58
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.01
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.15
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.30
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.64
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.01
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 61.26
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.53
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.38
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.50
WUXI EAST SCIENCE & TECHN 5.98 10/26/18 CNY 40.10
WUXI HUISHAN ECONOMIC DEV 6.03 04/22/19 CNY 25.19
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.21
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.32
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.50
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.38
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.81
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.91
WUZHOU DONGTAI STATE-OWNE 7.40 09/03/19 CNY 40.46
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.68
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.85
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.08
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.38
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 40.15
XIAN CHANBAHE DEVELOPMENT 6.89 08/03/19 CNY 20.34
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.14
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.20
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.47
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.62
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XIANGSHAN COUNTRY STATE O 7.95 04/25/21 CNY 62.39
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.32
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 39.97
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 40.27
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.11
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 42.97
XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 58.67
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 59.02
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 62.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 39.78
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 60.61
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 61.35
XIANNING CITY CONSTRUCTIO 7.50 08/31/18 CNY 25.01
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 39.94
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 61.78
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 62.11
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.27
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.33
XIAOGAN URBAN CONSTRUCTIO 8.12 03/26/19 CNY 20.32
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 61.22
XINGHUA URBAN CONSTRUCTIO 7.25 10/23/18 CNY 25.01
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 50.22
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 51.69
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 20.44
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 40.19
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 62.13
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.91
XINJIANG SHIHEZI DEVELOPM 7.50 08/29/18 CNY 25.01
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 61.60
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 64.00
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.47
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.71
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 40.36
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.21
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.26
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 61.78
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 62.21
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.15
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.29
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 60.90
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 40.54
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.28
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.29
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 60.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.20
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.85
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 61.91
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.17
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.27
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.69
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.22
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.23
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 61.04
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.25
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.28
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 61.80
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 62.07
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.67
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.82
YAAN STATE-OWNED ASSET OP 7.39 07/04/19 CNY 20.11
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 40.58
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.55
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.56
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 62.85
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 60.75
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 40.66
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 60.30
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 61.84
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 60.81
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.11
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.12
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.09
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.27
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 50.66
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 51.37
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 19.98
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 20.27
YANGZHOU URBAN CONSTRUCTI 6.30 07/26/19 CNY 20.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.40
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.20
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.31
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.78
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 61.58
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 62.15
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 60.55
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 61.56
YINGKOU PORT GROUP CO LTD 6.10 04/27/22 CNY 71.69
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 71.36
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 74.30
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 62.78
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.28
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.44
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.25
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.46
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.47
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.88
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.14
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.15
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.66
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.88
YONGZHOU CITY CONSTRUCTIO 7.30 10/23/20 CNY 61.03
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 40.61
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.14
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.45
YULIN CITY INVESTMENT OPE 6.81 12/04/18 CNY 25.10
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 39.05
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 40.47
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 39.75
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 61.36
YUSHEN ENERGY DEVELOPMENT 8.50 02/21/21 CNY 60.87
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 61.12
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 62.42
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 40.16
YUYAO WATER RESOURCE INVE 7.20 10/16/19 CNY 40.58
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.71
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.89
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.00
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.63
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.10
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.58
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 40.47
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 61.51
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 40.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 61.88
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 60.28
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 61.15
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 39.99
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.01
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.20
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.70
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.80
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.32
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.51
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 40.44
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 62.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.86
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.96
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 39.51
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 40.62
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 61.52
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.57
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.94
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 72.27
ZHENJIANG CULTURE AND TOU 6.60 01/30/20 CNY 40.17
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 60.26
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 61.37
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.80
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.88
ZHONGRONG XINDA GROUP CO 7.40 07/18/22 CNY 67.81
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 61.81
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 55.68
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 56.03
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 60.37
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 61.91
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 70.93
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 71.76
ZHUCHENG ECONOMIC DEVELOP 7.50 08/25/18 CNY 21.25
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 25.00
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 61.00
ZHUJI CITY CONSTRUCTION I 6.92 12/19/19 CNY 40.56
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.55
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.95
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 61.30
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.26
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.42
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 60.98
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 61.09
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.37
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO LTD 5.45 04/27/19 CNY 12.12
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 25.12
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 60.95
ZUNYI CITY HUICHUAN DISTR 6.75 04/24/19 CNY 25.35
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.27
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.60
HONG KONG
---------
CHINA SOUTH CITY HOLDINGS 7.25 11/20/22 USD 74.65
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.04
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.35
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.18
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.29
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 55.57
EDELWEISS ASSET RECONSTRU 2.00 08/27/27 INR 56.25
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 57.12
EDELWEISS ASSET RECONSTRU 2.00 04/27/27 INR 63.18
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 50.17
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.26
JAIPRAKASH POWER VENTURES 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.55
PAN INDIA INFRAPROJECTS P 0.10 01/25/24 INR 55.54
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.23
REI AGRO LTD 5.50 11/13/14 USD 1.23
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 39.85
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.28
JAPAN
-----
TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 2.36
TAKATA CORP 0.85 03/06/19 JPY 2.36
KOREA
-----
2016 KIBO 1ST SECURITIZAT 5.00 09/13/18 KRW 75.73
DOOSAN CAPITAL SECURITIZA 20.00 04/22/19 KRW 65.93
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.57
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 71.50
KIBO ABS SPECIALTY CO LTD 5.00 08/29/19 KRW 72.41
KIBO ABS SPECIALTY CO LTD 5.00 02/26/19 KRW 73.51
KIBO ABS SPECIALTY CO LTD 5.00 02/25/19 KRW 73.79
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 69.63
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 69.87
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 70.07
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 70.09
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 70.87
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 71.26
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 71.52
SINBO SECURITIZATION SPEC 5.00 12/22/20 KRW 71.79
SINBO SECURITIZATION SPEC 5.00 09/23/20 KRW 72.50
SINBO SECURITIZATION SPEC 5.00 08/26/20 KRW 72.73
SINBO SECURITIZATION SPEC 5.00 06/24/19 KRW 72.89
SINBO SECURITIZATION SPEC 5.00 07/28/20 KRW 72.94
SINBO SECURITIZATION SPEC 5.00 03/13/19 KRW 73.65
SINBO SECURITIZATION SPEC 5.00 02/25/20 KRW 74.22
SINBO SECURITIZATION SPEC 5.00 01/28/20 KRW 74.45
SINBO SECURITIZATION SPEC 5.00 12/30/19 KRW 74.67
WISE MOBILE SECURITIZATIO 20.00 09/17/18 KRW 75.22
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.35
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.71
BARAKAH OFFSHORE PETROLEU 3.50 10/24/18 MYR 0.15
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.27
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.43
I-BHD 3.00 10/09/19 MYR 0.38
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.13
PERODUA GLOBAL MANUFACTUR 0.50 12/17/25 MYR 69.36
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.30
PUC BHD 4.00 02/15/19 MYR 0.11
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.11
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 58.15
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 59.39
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 60.65
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 61.88
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 64.41
SENAI-DESARU EXPRESSWAY B 1.35 06/30/28 MYR 65.75
SENAI-DESARU EXPRESSWAY B 1.35 12/31/27 MYR 67.18
SENAI-DESARU EXPRESSWAY B 1.35 06/30/27 MYR 68.61
SENAI-DESARU EXPRESSWAY B 1.35 06/30/26 MYR 71.49
SENAI-DESARU EXPRESSWAY B 1.15 06/30/25 MYR 73.35
SENAI-DESARU EXPRESSWAY B 1.15 12/31/24 MYR 74.91
THONG GUAN INDUSTRIES BHD 5.00 10/10/19 MYR 2.88
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.01
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT BH 3.00 10/31/21 MYR 0.42
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT BON 3.63 03/21/33 PHP 68.42
PHILIPPINE GOVERNMENT BON 4.63 09/09/40 PHP 72.02
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.03
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 45.01
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.47
AUSGROUP LTD 8.45 10/20/18 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 48.89
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 49.25
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.82
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 38.13
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 55.16
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 70.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 70.28
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 30.02
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 43.75
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 73.64
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING CO 1.00 10/10/25 USD 68.69
DEBT AND ASSET TRADING CO 1.00 10/10/25 USD 69.75
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
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 2018. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***