/raid1/www/Hosts/bankrupt/TCRAP_Public/190319.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, March 19, 2019, Vol. 22, No. 56
Headlines
A U S T R A L I A
A1J AUTO: Second Creditors' Meeting Set for March 28
AUSTRALIAN SAWMILLING: Victoria Waste Site Enters Liquidation
CRYSTALAID MANUFACTURE: 2nd Creditors' Meeting Set for March 26
DALKEITH ESTATE: First Creditors' Meeting Set for March 26
KOTAHITANGA PTY: First Creditors' Meeting Set for March 26
ONGARATTO CONSTRUCTIONS: First Creditors Meeting Set for March 26
PEPPER RESIDENTIAL 20: S&P Affirms B+ Rating on Class F Notes
SMF PROJECTS: First Creditors' Meeting Set for March 26
C H I N A
CIFI HOLDINGS: S&P Hikes ICR to BB on Improving Scale & Diversity
SHANDONG SNTON: Officially Enters Bankruptcy Proceedings
SMI HOLDINGS: TVB Expects Loss on Holdings of SMI Bonds
TIMES CHINA: S&P Hikes Issuer Credit Rating to BB-, Outlook Stable
I N D I A
BOOND ENGINEERING: CRISIL Assigns B+ Ratings to INR9cr Loans
CHETAN ALLOYS: Ind-Ra Lowers Issuer Rating to B-, Outlook Stable
CHETAN OVERSEAS: Ind-Ra Affirms B LT Issuer Rating, Outlook Stable
CHOPRA HOTEL: CRISIL Assigns D Rating to INR11.1cr Term Loan
DIVYA JYOTI: CRISIL Lowers Rating on INR27.20cr Cash Loan to D
ESSAR STEEL: NCLAT Gives Conditional Nod to ArcelorMittal Plan
GANGOL SAHKARI: CRISIL Lowers Rating on INR20cr Cash Loan to B+
GAURAV ISPAT: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
GCRG MEMORIAL: Ind-Ra Maintains 'BB+' LT Ratings in Non-Cooperating
JAI BHAVANI: CRISIL Reaffirms 'B+' Ratings on INR6cr Loans
MAA BHAGWATI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
MONALISA ENGICONS: Ind-Ra Moves BB- Rating to Non-Cooperating
NARBADA DAIRY: CRISIL Reaffirms B Rating on INR15.44cr Loans
PKP PROCESSORS: CRISIL Lowers Rating on INR18cr Loans to 'D'
RAJARATHNAM CONSTRUCTION: CRISIL Moved INR60MM Debt to Stable
RSI GROUP: CRISIL Assigns B+ Ratings to INR2cr Loans
S HOMES: CRISIL Assigns 'D' Rating to INR10cr Loans
S.M. RAM COAL: CRISIL Cuts Ratings on INR20.5cr Loans to 'D'
SAINATH AUTOLINKS: Ind-Ra Rates INR340MM Working Capital 'BB-'
SAN AUTOMOTIVE: CRISIL Withdraws C Ratings on INR8.13cr Loans
SHAH PACKWELL: CRISIL Restores Ratings on INR12.5cr Loans to D
SHALIMAR PAINTS: CARE Hikes Rating on INR110cr Loan From D
SPARKLET ENGINEERS: CRISIL Lowers Rating on INR10cr Loan to D
SRI LAKSHMI: CRISIL Reaffirms 'B' Ratings on INR10cr Loans
SWAROOP PHARMACEUTICALS: CRISIL Ups Rating on INR6.5cr Loan to B+
M O N G O L I A
MONGOLIAN MINING: Fitch Assigns 'B' Foreign Currency IDR
MONGOLIAN MINING: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
N E W Z E A L A N D
ASSET FINANCE: S&P Lowers ICR to 'B-' on Change in Ownership
S I N G A P O R E
CNA GROUP: Faces Liquidation if Appeal to Extend JM Denied
YUUZOO NETWORKS: To Close All Singapore Units, Axe Jobs
X X X X X X X X
[*] BOND PRICING: For the Week March 11, 2019 to March 15, 2019
- - - - -
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A U S T R A L I A
=================
A1J AUTO: Second Creditors' Meeting Set for March 28
----------------------------------------------------
A second meeting of creditors in the proceedings of A1J Auto Parts
Pty Ltd as trustee for the RSM Family Trust, trading Auto One
Joondalup, and Boss Retail Pty Ltd as trustee for Boss Unit Trust,
trading as Auto One Kalgoorlie, has been set for March 28, 2019, at
12:00 p.m. at Subiaco Business Centre, at Suite 5, 531 Hay Street,
in Subiaco, WA.
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 March 27, 2019, at 4:00 p.m.
EMJ Consulting Pty Ltd were appointed as administrators of A1J Auto
Parts on Feb. 20, 2019.
AUSTRALIAN SAWMILLING: Victoria Waste Site Enters Liquidation
-------------------------------------------------------------
The Australian Associated Press reports that the clean-up bill for
a dangerous recycling stockpile in southwest Victoria is yet to be
worked out after the site owner was placed in liquidation.
The owner of the Lara site near Geelong, The Australian Sawmilling
Company (TASCO), entered liquidation on March 18, the AAP says.
It had leased the site to failed C&D Recycling business, which
closed mid-2018 when C&D abandoned the site with a large volume of
waste.
To prevent a fire risk, the Broderick Road site is being secured
with permanent fencing and monitored by round-the-clock security,
according to the report.
Since the site was abandoned, TASCO has spent more than $2 million
to address safety risks.
According to the AAP, PwC liquidator Stephen Longley said it's
working with the City of Greater Geelong, fire services and the
environment watchdog, to agree on a framework to make the site
safe.
The AAP relates that the City of Greater Geelong said fire
prevention measures are continuing and community health and safety
remain the priority.
"Rehabilitation and future plans for the site will be discussed as
a priority between all agencies involved and the liquidator for
TASCO," council CEO Martin Cutter said. "Together with EPA Victoria
and other agencies, we are committed to seeking to hold TASCO and
its associated entities to account for the clean-up and
remediation."
The AAP adds that EPA Victoria CEO Dr Cathy Wilkinson said poor
management of the site by previous operator, C&D Recycling, exposed
locals to unacceptable risk, in the event of fire.
In February, C&D Recycling director, David McAuliffe was jailed for
90 days for breaching fire safety orders at the debris-laden site.
Mr. McAuliffe was bailed pending an appeal hearing, the report
notes.
CRYSTALAID MANUFACTURE: 2nd Creditors' Meeting Set for March 26
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Crystalaid
Manufacture Pty Ltd has been set for March 26, 2019, at 11:00 a.m.
at the offices of SV Partners, at 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 March 25, 2019, at 4:00 p.m.
David Michael Stimpson of SV Partners was appointed as
administrator of Crystalaid Manufacture on Nov. 21, 2018.
DALKEITH ESTATE: First Creditors' Meeting Set for March 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Dalkeith
Estate Pty Limited, trading as Lone Star Rib House, will be held on
March 26, 2019, at 10:00 a.m. at the offices of SV Partners, at
Suite 3, Level 3, 426 King Street, in Newcastle, West NSW.
Joshua Lee Robb and Daniel Jon Quinn of SV Partners were appointed
as administrators of Dalkeith Estate on March 14, 2019.
KOTAHITANGA PTY: First Creditors' Meeting Set for March 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kotahitanga
Pty Ltd, trading as The Sportsman's Hotel, will be held on March
26, 2019, at 3:00 p.m. at the offices of SV Partners, at Suite 3,
Level 3, 426 King Street, in Newcastle, West NSW.
Joshua Lee Robb and Daniel Jon Quinn of SV Partners were appointed
as administrators of Kotahitanga Pty on March 14, 2019.
ONGARATTO CONSTRUCTIONS: First Creditors Meeting Set for March 26
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ongaratto
Constructions Pty Ltd will be held on March 26, 2019, at 10:00 a.m.
at the offices of Cor Cordis, at One Wharf Lane, Level 20, 171
Sussex Street, in Sydney, NSW.
Jason Tang -- jtang@corcordis.com.au -- & Andre Lakomy --
alakomy@corcordis.com.au -- of Cor Cordis were appointed as
administrators of Ongaratto Constructions on March 14, 2019.
PEPPER RESIDENTIAL 20: S&P Affirms B+ Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'A-1+ (sf)' rating to the class
A1-u2 notes of nonconforming residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No. 20. S&P said, "At the same time,
we raised our ratings on the class B, class C, and class D notes;
affirmed our ratings on the class A1-a, class AR-u, class A2,
class, E and class F notes; and withdrew our rating on the A1-u1
notes. We also removed the ratings on all classes from Under
Criteria Observation (UCO)." Pepper Residential Securities Trust
No.20 is a securitization of nonconforming and prime residential
mortgages originated by Pepper HomeLoans Pty Ltd. (Pepper).
The proceeds of the class A1-u2 notes, together with the balance of
the redemption fund, have been applied to redeem the class A1-u1
notes on their final legal maturity date. The class A1-u2 notes are
floating-rate hard-bullet notes with a legal final maturity of one
year from the A1-u2 issue date.
The rating actions reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans have been assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note and excess spread to the
extent available. Subordination to the class A1 notes was 39.1% as
of March 18, 2019.
-- The availability of a retention amount and yield reserve, which
have built up to A$0.4 million and A$2.5 million, respectively.
These mechanisms have separate functions and timeframes, including
reducing the balance of senior notes, reducing the balance of the
most subordinated notes, and paying senior expenses and interest on
the class A notes should income collections be insufficient.
-- The extraordinary expense reserve of A$250,000, which was
funded by Pepper at closing, is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, subject to a
floor of A$2.5 million as well as principal draws and a yield
reserve, are sufficient under S&P's stress assumptions to ensure
timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- The redemption facility providers' unconditional and
irrevocable commitment to ensure the full repayment of the stated
amount of the class A1-u2 notes on their legal final maturity, in
the event that the proceeds of any new class AR-u notes issued for
this purpose at that time are insufficient.
RATING ASSIGNED
Class Rating Amount (mil. US$)
A1-u2 A-1+ (sf) 124.00
RATINGS RAISED
Class Rating To Rating From Amount (mil. A$)
B AA+ AA 85.0
C A+ A 30.0
D A- BBB+ 20.0
RATINGS AFFIRMED
Class Rating Amount (mil. A$)
A1-a AAA (sf) 270.9
AR-u AAA (sf) 0.0
A2 AAA (sf) 117.4
E BB+ (sf) 15.0
F B+ (sf) 9.6
RATING WITHDRAWN
Class Rating To Rating From Amount (mil. US$)
A1-u1 NR A-1+ (sf) 150
NR--Not rated.
SMF PROJECTS: First Creditors' Meeting Set for March 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SMF Projects
Pty Ltd will be held on March 26, 2019, at 11:00 a.m. at the
offices of KordaMentha, at Level 10, 40 St Georges Terrace, in
Perth, WA.
Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of SMF Projects on Feb. 19, 2019.
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C H I N A
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CIFI HOLDINGS: S&P Hikes ICR to BB on Improving Scale & Diversity
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
CIFI to 'BB' from 'BB-' and its long-term issue rating on the CIFI
Holdings (Group) Co. Ltd.'s outstanding senior unsecured notes to
'BB-' from 'B+'.
S&P said, "We upgraded CIFI because the company has significantly
improved its diversity and scale in the past two to three years. We
expect the company to continue its expansion momentum with
controllable leverage, although its margin will likely trend down
mildly.
"We believe CIFI will continue to expand its scale of contracted
sales but at a more moderate pace. In our projection, its 2019
contracted sales will increase to almost Chinese renminbi (RMB) 190
billion, representing 25% growth. We see the 9% year–over-year
decline in the first two months' sales in 2019 to be temporary. The
decline is also due to fewer new project launches. We believe
CIFI's 2019 target is attainable based on nearly RMB350 billion
sellable resources for the year.
"In our view, CIFI has achieved significantly better geographical
diversity and scale improvement. We expect the company to continue
strengthening its market position in existing cities, after
entering into more than 30 new cities in the past three years. In
2018, CIFI's contracted sales came from 44 cities, compared with
only 28 cities the year before. More importantly, contribution from
the Yangtze Delta Region has further reduced to 48%, versus 62% in
2017, while Central Western's contribution increased to 23% from
14% previously.
"We expect CIFI to continue to expand using a JV model in 2019 and
2020 but gradually lower its reliance on the model, thanks to its
improving brand and more established presence in new cities." In
particular, the attributable ratio for land acquisitions has
increased to 54% in 2018 and over 90% in first two months of 2019,
versus 41% in 2017. Therefore, CIFI's attributable sales should
increase but it will be a gradual process since many existing
projects are still JVs.
Despite a mild margin correction, CIFI is likely to have strong
revenue growth in 2019, given strong sales performance in 2018. S&P
said, "If we add back inventory revaluation costs when acquiring
certain JV projects in 2018, CIFI's adjusted gross margin improved
to 34.7% from 2017's 29.7%. However, we expect contracted sales
margin in 2018 to have been mildly squeezed given lower prices
recorded last year--RMB15,900 per square meter (sqm), compared with
RMB16,500/ sqm. in 2017."
S&P said, "In our assessment, CIFI has a stronger credit profile
than its 'BB-' rated peers, in terms of scale and diversity, and is
becoming more comparable to the 'BB' rated peers such as Future
Land Development Holdings Ltd. and Agile Group Holdings Ltd. We
therefore raised our rating on CIFI by one notch by assessing its
comparable rating analysis as positive. CIFI also demonstrates
better funding competitiveness with average interest cost at 5.8%
in 2018. The low funding cost not only demonstrates good capital
market standing but also reflects CIFI's good financial management,
including an even maturity profile with only 17% of debt being
short-term.
"The stable outlook reflects our expectation that CIFI will
continue to expand its scale of sales with leverage staying under
control in the next 12-18 months. We forecast the company's
see-through debt-to-EBITDA ratio after proportionally consolidating
JVs to be 5.0x-5.5x.
"We may lower the rating if CIFI's sales and delivery execution is
weaker than we expect or debt-funded expansion is more aggressive
than we anticipate, such that the company's consolidated
debt-to-EBITDA ratio rises above 6.0x or see-through debt-to-EBITDA
ratio increases above 5.5x for an extended period.
"Although rating upside is limited in the next 12 months, we could
upgrade CIFI if the company continues its strong sales growth
momentum with further increase in attributable ratio such that its
consolidated and see-through debt-to-EBITDA ratio declines toward
4x on a sustainable basis."
SHANDONG SNTON: Officially Enters Bankruptcy Proceedings
--------------------------------------------------------
Caixin Global reports that two more indebted Shandong province
companies -- steel-cord maker Shandong SNTON Group Co. Ltd. and
local industrial conglomerate Eastar Holding Group Co. Ltd. --
entered official bankruptcy proceedings on March 15, government
filings showed, as the region's industrial debt problem deepens
after a series of corporate defaults.
According to Caixin, SNTON Group and Eastar Holding have filed
bankruptcy filings to a court in the city of Dongying. The court
accepted the filings on March 15, Caixin discloses citing the
National Enterprise Bankruptcy Information Disclosure Platform, a
website run by the Supreme People's Court.
Caixin relates that the filing said the court judged SNTON Group
and Eastar Holding Group to be incapable of repaying their debts,
but that the two enterprises are suitable for restructuring as the
former still possesses fixed assets such as facilities and the
latter has a full industrial chain of its business and is a leader
in both its products and business networks.
The filing showed SNTON had CNY8.6 billion (US$1.2 billion) of
assets by the end of November, with a debt-to-asset ratio of
181.3%. Eastar's total assets were worth CNY5.9 billion by
November, and its debt-to-asset ratio was 167%, Caixin discloses.
In late February, SNTON was hit by a bond selloff that pushed the
value of one of its bonds down by more than 90% in one day amid a
broader liquidity squeeze and cooling economic growth, Caixin
recalls. The bond slump also followed the downfall of another two
prominent Dongying-based private companies - Shandong Dahai Group
Co. Ltd. and Shandong Jinmao Textile Chemical Group, - which both
listed SNTON as the guarantor of their debts, Caixin states.
Controlled by the same person and among the top private businesses
in Shandong, Dahai and Jinmao entered bankruptcy proceedings late
last year after failing to repay billions of yuan borrowed from
banks and the bond market, according to Caixin.
Caixin says some SNTON creditors are unhappy to see it enter
bankruptcy proceedings, as they worry they might be short-changed
on their investments. Another creditor told Caixin that such
bankruptcy proceedings would be helpful to the local economy in the
short-term, but would hurt bond investors in the long run as it
could dent their confidence in investing in corporate bonds.
Shandong Snton Group Co., Ltd. develops, produces, and sells steel
cord and bead wires in China. The company also produces and sells
plastic greenhouse films for pastoral areas, agricultural films,
bleaching and dyeing auxiliaries, and detergent auxiliaries; and
H-shaped wheels for use in steel cord, string, and wire industries,
as well as spare parts for petroleum equipment.
SMI HOLDINGS: TVB Expects Loss on Holdings of SMI Bonds
-------------------------------------------------------
Louise Moon at South China Morning Post reports that the parent
company of Hong Kong's oldest television station issued a profit
warning on March 15, saying it expects a HK$200 million (US$25.48
million) net loss for the financial year ending December 31, 2018.
According to the Post, Television Broadcasts (TVB) said in a filing
to the Hong Kong Stock Exchange after the close of trading it will
write-off approximately HK$500 million on its holdings of SMI
Bonds, issued by mainland theatre operator SMI Holdings Group.
The expected HK$200 million loss compares to a HK$243 million net
profit from the prior year, TVB said, the report relays.
The Post says the warning followed a round of lay-offs at the
broadcaster in June, where about 100 staff were let go amid what it
cited as a shift of strategy in a competitive market.
In September last year, SMI Holdings was suspended from trading in
Hong Kong over debt and management concerns, its Hong Kong shares
having tumbled 39.8 per cent in the preceding 12 months, the Post
recalls.
In a filing to the Hong Kong stock exchange in December, SMI
Holdings said it was short of capital to maintain its business and
had received letters demanding repayments of HK$400 million. The
company chairman, Wai Yee-tai, and three executive directors
resigned, the report says.
The Post relates that SMI said in the filing outstanding rent for
its cinema sites of more than HK$200 million, and debts of CNY150
million (US$21.7 million) for film distributors' licensing fees.
The company said it also owed employee salaries totalling HK$108
million.
Operations of around 140 of its 320 theatres were suspended, and 11
others may be forced to close to repay debts, the filing said. At
the end of 2017, SMI had been China's fourth-largest cinema
operator with 1,945 screens.
Earlier last week, SMI announced it had entered into a memorandum
of understanding with a potential investor over a subscription of
shares worth HK$200 million, at HK$1.80 per share, in attempt to
reduce debt and return to normal operations, though no legal
binding documents were signed, the Post reports.
The Post relates that TVB said it was monitoring the developments
"in the proposed debt restructuring of SMI and will keep all
options open without binding the company to proceed or not to
proceed with any option at this stage".
SMI Holdings produces, distributes and licenses on-screen
entertainment, and operates entertainment complexes in mainland
China.
TIMES CHINA: S&P Hikes Issuer Credit Rating to BB-, Outlook Stable
------------------------------------------------------------------
On March 15, 2019, S&P Global Ratings raised its long-term issuer
credit rating on China-based developer Times China Holdings Ltd. to
'BB-' from 'B+'. S&P also raised the long-term issue rating on the
company's outstanding senior unsecured notes to 'B+' from 'B'.
S&P said, "We raised the rating to reflect our view that Times
China's continuing revenue growth and controlled land acquisitions
will help it to sustain its improved leverage over the next two
years. We expect the company's ratio of debt to EBITDA to be
4.3x-4.8x in 2019-2020, after a significant improvement to 4.0x in
2018, from 5.3x in June 2018. In our view, Times China's expertise
in the Greater Bay Area and good execution are bearing fruit." The
company had strong revenue growth of 48% and gross margin of 30.9%
in 2018, compared with 42.6% growth and 28% gross margin in 2017.
The upgrade also reflects improvements in Times China's business
profile, including the accelerated conversion of urban renewal
projects. While the company's operations remain concentrated in the
Greater Bay Area, S&P believes its strong position in the
development of the region supports future growth. Meanwhile, S&P
sees a gradual increase in diversification as Times China expands
to more cities. Although 98% of the company's acquired land in 2018
was in Guangdong province, it started to seek opportunities in
other provincial capitals such as Chengdu, Shanghai, and Wuhan.
Times China has a record of consistent financial management. It
maintained stable leverage while pursuing strong growth in
2015-2017. In addition, the company controlled its land
acquisitions in 2018 amid a cool down in the property market. Times
China's land acquisition cost in 2018 was Chinese renminbi (RMB) 15
billion, only 25% of its contracted sales and 35% of cash proceeds
from sales during the year. As a result, its debt-to-EBITDA ratio
fell significantly to 4.0x, from 5.3x in June 2018.
S&P said, 'We expect Times China to maintain its financial position
over the next two years despite likely slower growth in contracted
sales in 2019 and 2020, from a high of 40%-50% annual growth in
2016-2018. We estimate the company's contracted sales will rise by
20%-25% in 2019, considering its enlarged saleable resources of
around RMB130 billion and a sale-through ratio of 55%-60%. We also
expect Times China to closely tie its land acquisitions budget with
cash sales proceeds to control debt growth."
Times China's conversion of urban renewal projects could strengthen
its land bank quality and sales pipeline, in S&P's view. Low-cost
land from these projects should provide the company good land
replenishment opportunities and better pricing flexibility,
enhancing its margins amid market volatility. Times China stepped
into this segment before its listing in 2013, but successful
conversions were limited until an acceleration in 2018. The company
added about 719,600 square meter (sqm) to its land bank in 2018 and
generated RMB2.78 billion of revenue during the year from profit
sharing of land sales from these projects. In 2019, Times China has
already converted projects in Guangzhou and Jiangmen, with a gross
floor area of about 600,000 sqm. S&P estimates conversion of 1
million-2 million sqm annually in the next two years, which will
either enhance its land bank or boost revenues.
However, urban renewal projects have less visibility on timing and
the impact on earnings, in S&P's view. In addition, a significant
volume ramp-up may incur expenditure related to resettlement or
result in more land premium payments if Times China opts to buy the
land from these projects.
S&P said, "The stable outlook reflects our view that Times China's
leverage will stabilize at around 4.5x over the next 12 months.
Strong EBITDA growth should partially offset debt growth and a
moderate decline in margins from a peak.
"We may lower the rating if Times China's debt-to-EBITDA ratio
exceeds 5x. This could happen if: (1) the company's debt-funded
expansion is more aggressive than we expect; or (2) its
profitability substantially declines, possibly because of rising
land costs and increasing competition.
"We may raise the rating if Times China's debt-to-EBITDA ratio is
sustainably below 4x. This could happen if the company achieves
strong revenue growth because of good contracted sales, and it
remains disciplined in land acquisitions and debt growth."
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I N D I A
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BOOND ENGINEERING: CRISIL Assigns B+ Ratings to INR9cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Boond Engineering And Development Private
Limited (Boond).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan .6 CRISIL B+/Stable (Assigned)
Proposed Fund-
Based Bank Limits 8.4 CRISIL B+/Stable (Assigned)
The rating reflects Boond's modest scale of operations and intense
competitive pressure, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoters in the solar power industry, and above-average financial
risk profile.
Analytical Approach
The entire preference share capital (of INR0.2735 cr as on
March 31, 2018) issued to the promoters has been treated as equity.
That is because these compulsory convertible cumulative shares have
zero percent coupon rate.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and intense competitive pressure:
Intense competition continues to constrain scalability: revenue was
INR8.05 crore in fiscal 2018.
* Large working capital requirement: Working capital intensity is
high, with gross current assets of 291 days as on March 31, 2018,
driven by debtors and inventory of 191 and 55 days, respectively.
Debtors increased sharply, compared with 55 days as on March 31,
2017, as the bulk of orders were from government entities. Payments
are entirely booked at the time of supply; however, 60% of them are
realised within 30 days of raising the bill, 30% once the material
supplied is erected, and the remaining 10% after inspection and
handling. Going forward, orders will, likely, be from the
government sector only; therefore, working capital is expected to
remain under pressure.
Strengths
* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade, and healthy relationships
with key customers and raw material suppliers should continue to
support business risk profile.
* Above-average financial risk profile: Financial risk profile is
above average due to low reliance on working capital debt. Total
outside liabilities to adjusted networth ratio was 2.05 times as on
March 31, 2018, and should remain moderate over the medium term,
backed by sufficient value-added accretion to reserve. Adjusted
networth was INR2.76 crore. Interest coverage and net cash accrual
to adjusted debt ratios were above average at 4.83 times and 0.42
time, respectively, as of fiscal 2018.
Liquidity
Liquidity is adequate and should remain so over the medium term.
Cash accrual is projected at INR0.65-0.70 crore per annum in
fiscals 2019 and 2020, as against debt obligations of INR0.20-0.25
crore. Fund-based limit of INR6.75 crore was sparsely utilised in
the 12 months through December 2018. Need-based financial
assistance expected from the promoters supports liquidity further.
Cash and bank balance was modest at INR0.05 crore as on March 31,
2018.
Outlook: Stable
CRISIL believes Boond will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
profitability strengthens financial risk profile. The outlook may
be revised to 'Negative' if any large debt-funded capital
expenditure, decline in revenue and profitability, or stretch in
working capital cycle weakens financial risk profile.
Incorporated in 2010 and promoted by Mr Bhaskar Palit and Mr Rustam
Sengupta, Boond offers solar home light systems, rainproof solar
light bulbs, biomass gas cook stoves, and solar water pumps. It
also delivers end-to-end solutions for energy savings in solar
rooftop plants, and pioneers solutions in alternative energy
technology. The corporate office is in New Delhi.
CHETAN ALLOYS: Ind-Ra Lowers Issuer Rating to B-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chetan Alloys
Private Limited's (CAPL) Long-Term Issuer Rating to 'IND B-' from
'IND B+'. The Outlook is Stable.
The instrument-wise rating action is:
-- INR100 mil. Fund-based limits Long-term rating downgraded;
Short-term rating affirmed with IND B-/Stable/IND A4 rating.
KEY RATING DRIVERS
The downgrade reflects deterioration in CAPL's credit metrics in
FY18, attributed to a decline in EBITDA, resulting from a change in
the company's business to metal trading from manufacturing of lead
alloys. Its net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 6.94x in FY18 (FY17: 2.75x)
and gross interest coverage (operating EBITDA/gross interest
expense) to 1.13x (2.49x).
Despite an increase in revenue to INR306.91 million in FY18 (FY17:
INR129.00 million) due to the change in business, the scale of
operations is small. The company's return on capital employed was
9.36% and the margins remained modest at 4.22% in FY18 (FY16:
26.48%), owing to the trading nature of the business.
The ratings are also constrained by CAPL's tight liquidity profile
as indicated by full utilization of its fund-based limits for the
12 months ended February 2019. The cash and cash equivalents were
low at INR10.30 million at FYE18 (FYE17: INR1.06 million). The
working capital cycle improved to 146 days in FY18 (FY17: 357 days)
on account of a reduction in the collection period to 305 days (483
days). Cash flow from operations was INR3.92 million in FY18 (FY17:
INR5.36 million).
However, the ratings remain supported by CAPL's established track
record of more than a decade in the non-ferrous metals business.
RATING SENSITIVITIES
Negative: A further decline in the credit metrics and/or stress on
the liquidity position will be negative for the ratings.
Positive: An improvement in the top line and operating
profitability, while improving the liquidity profile and credit
metrics, all on a sustained basis, will be positive for the
ratings.
COMPANY PROFILE
Incorporated in 2011, Delhi-based CAPL is a private limited company
engaged in the trading of nonferrous metals. The company's product
portfolio includes alloys and scraps of copper, zinc, lead, nickel,
and brass.
CHETAN OVERSEAS: Ind-Ra Affirms B LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chetan Overseas
Private Limited's (COPL) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR135 mil. Fund-based limits affirmed with IND B/Stable/IND
A4 rating.
KEY RATING DRIVERS
The affirmation reflects COPL's continued medium scale of
operations as indicated by revenue of INR404.60 million in FY18
(FY17: INR359.45 million). The growth in revenue was attributed to
an increase in the sale of flats. The company's return on capital
employed was 1.04% and EBITDA margins remained modest at 3.69% in
FY18 (FY17: 14.13%). The decline in margins was owing to a
reduction in the sale of high-margin products (diamonds).
The ratings continue to factor in the company's modest credit
metrics. Its interest coverage (operating EBITDA/gross interest
expense) deteriorated to 0.78x in FY18 (FY17: 2.08x) and net
leverage (total adjusted net debt/operating EBITDA) to 12.25x
(5.61x) on the back of the decline in EBITDA margins.
The ratings remain constrained by COPL's tight liquidity profile
owing to an elongated working capital cycle of 1,248 days in FY18
(FY17: 1,651 days). Its fund-based limits were fully utilized
during the 12 months ended in February 2019. The company's cash and
cash equivalents stood at INR4.32 million at FY18 (FY17: INR13.06
million).
However, the ratings are supported by COPL's established track
record of more than a decade in trading of non-ferrous metals.
RATING SENSITIVITIES
Negative: Any further decline in the credit metrics and/or stress
on the position liquidity will be negative for the ratings.
Positive: An improvement in the top line and operating
profitability, leading to an improvement in the liquidity position
and credit metrics, all on a sustained basis, will be positive for
the ratings.
COMPANY PROFILE
Incorporated in 2005, COPL is engaged in retailing of jewelry and
ornaments with showrooms in Jamnagar and Gandhidham (Gujarat). It
also trades designer sarees and gift items.
CHOPRA HOTEL: CRISIL Assigns D Rating to INR11.1cr Term Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Chopra Hotel & Resorts (CHR) and has assigned its
'CRISIL D' ratings to the bank facilities. CRISIL had suspended the
ratings on April 27, 2016, as the company had not provided the
information required for a rating review. It has now shared the
requisite information, enabling CRISIL to assign a rating to the
facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 11.1 CRISIL D (Assigned;
Suspension revoked)
The ratings reflect delays in servicing the long-term debt on
account of cash flow mismatches.
The firm's scale of operations remains modest, and its financial
risk profile weak. These weaknesses are partially offset by the
extensive experience of the promoter's family in the hotel
industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing debt: The firm has been delaying servicing
its term loan by an average of 5-7 days.
* Modest scale of operations: Scalability remains constrained given
the firm's early stage of operations. Revenue was a modest INR6.9
crore in fiscal 2018.
* Weak financial risk profile: Capital structure is highly
leveraged with a gearing of 17.6 times as on March 31, 2018. This
is because the recent capex, of setting up the firm's hotel, has
been largely debt-funded.
Strength
* Extensive experience of the promoter family: Key promoter, Mr
Kamal Chopra and his family operate a grocery store in Jalandhar
which has several hotels as its major customers. Their healthy
relations in the hospitality industry should support the firm's
business.
Liquidity
Liquidity is stretched as marked by delayed repayments of term
loan. The term loan repayments are being serviced with an average
delay of 5-7 days.
CHR, a partnership firm set up in 2013, has recently established a
44-room three star hotel in Jalandhar (Punjab) for which it has a
marketing and management tie up with Ramada Encore (a brand under
Wyndham Hotel Chain). The hotel commenced operations in January
2017. Mr Kamal Chopra, his two sons, Mr Umesh Chopra and Mr Ravish
Chopra, and nephew, Mr Gaurav Chopra are the promoters.
DIVYA JYOTI: CRISIL Lowers Rating on INR27.20cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Divya Jyoti Industries Limited (DJIL) from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .65 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 27.20 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Letter Of
Guarantee 2.60 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Letter of Credit 3.90 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long .65 CRISIL D (ISSUER NOT
Term Bank Loan COOPERATING; Downgraded from
Facility 'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
The downgrade reflects intimation made to stock exchange by company
regarding insolvency proceedings being initiated by Dena Bank
against default made by company amounting to INR33.47 crore.
CRISIL has been consistently following up with DJIL for obtaining
information through letters and emails dated June 21, 2018 and June
25, 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 Divya Jyoti Industries Limited,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Divya Jyoti Industries Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information'.
DJIL, incorporated in 1992, manufactures soya bean oil, soya oil
extracts, DOC, and other value-added products. The company's
manufacturing facility at Pithampur in Dhar, Madhya Pradesh, has an
extraction capacity of 700 tpa and refining capacity of 100 tpa.
ESSAR STEEL: NCLAT Gives Conditional Nod to ArcelorMittal Plan
--------------------------------------------------------------
Livemint reports that the National company Law Appellate Tribunal
(NCLAT) on March 18 gave conditional approval to the
INR42,000-crore resolution plan of ArcelorMittal for debt-ridden
Essar Steel and said it will be subject to its final order in the
appeal filed by the promoters.
Livemint relates that a two-member bench headed by Justice S J
Mukhopadhaya said there was no stay on the resolution professional
of Essar Steel to disburse the funds among financial and
operational creditors of the company.
"The resolution professional will be the chairperson of the
monitoring committee and will act in accordance with law to ensure
that the company is a going concern," the tribunal, as cited by
Livemint, said.
Livemint relates that the appellate tribunal also said it will also
look into the issue of discriminatory distribution of funds between
financial and operational creditors.
It also asked the Insolvency & Bankruptcy Board of India (IBBI) to
submit a ratio of distribution of funds between financial and
operational creditors, Livemint relays.
According to Livemint, Essar Steel directors had challenged the
Ahmedabad Bench of the National Company Law Tribunal's (NCLT's) nod
to global steel giant ArcelorMittal's bid for the debt-laden
company on the plea that their offer of INR54,389 crore was
superior, since it cleared 100% outstanding of both financial and
operational creditors.
Standard Chartered, too, moved the NCLAT against the plan as its
counsel contended that the bank was being given only 1.7% of its
total dues from Essar Steel, while other financial creditors,
forming part of the Committee of Creditors (CoC), were getting over
85% of their dues, Livemint relates.
Livemint says the LN Mittal-led ArcelorMittal's resolution proposal
provides financial creditors INR41,987 crore out of their total
dues of INR49,395 crore. Operational creditors, under the plan,
would get just INR214 crore against the outstanding INR4,976 crore.
If ArcelorMittal's plan is implemented, Standard Chartered will
only get INR60 crore against its claims of INR3,187 crore from
Essar Steel, Livemint notes.
About Essar Steel
Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.
The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.
Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).
Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB).
GANGOL SAHKARI: CRISIL Lowers Rating on INR20cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Gangol
Sahkari Dugdh Utpadak Sangh Limited (Gangol) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects pressure on company's financial risk
profile, as reflected in after tax loss of INR1.78 crore in fiscal
2018, against profit after tax of INR0.15 crore in the previous
fiscal, leading to negative cash accrual of INR0.54 crore, which
coupled with continuous increase in quantum of debt over three
fiscals through fiscal 2018, resulted into weakening of debt
protection metrics, as reflected in interest coverage of 0.8 time
in fiscal 2018, against 1.6 times in the previous fiscal. Crisil
also believes that any further deterioration in financial risk
profile will remain key constraining factor.
The rating continues to reflect company's weak debt protection
metrics, and vulnerability of revenue and profitability to
government regulations and to the risk of epidemics. These
weaknesses are partially offset by the society's established market
position, and the operational and financial support it receives
from Pradeshik Cooperative Dairy Federation (PCDF).
Key Rating Drivers & Detailed Description
Weaknesses
* Weak debt protection metrics: Interest coverage was 0.8 time and
net cash accrual to adjusted debt ratio was negative 0.01 time in
fiscal 2018. The debt protection metrics are expected to remain
weak over the medium term.
* Vulnerability of revenue and profitability to government
regulations and to the risk of epidemics: Gangol, like all dairy
players, is susceptible to government regulations regarding milk
pricing and trade policies related to dairy products. Furthermore,
it is susceptible to the risk of failure in milk production because
of external factors such as cattle diseases.
Strengths
* Established market position: The society has been selling retail
products under PCDF's Parag brand in western Uttar Pradesh. It has
a robust sourcing network which helps manage operations
efficiently.
* Operational and financial support from PCDF: Gangol is a member
of PCDF, from which it receives regular operational and financial
support. Support from PCDF is expected to continue over the medium
term.
Liquidity
Liquidity is moderate, despite expected negative cash accrual of
INR0.59 crore in fiscal 2019, as the society has no debt obligation
in fiscal 2019. Bank limit of INR20 crore was utilised at an
average of 72.1% over the 12 months through December 2018.
Liquidity is also supported by debt from PCDF which has no interest
and is not repayable, and which, as per the society's management,
will be converted into equity over the medium term.
Outlook: Stable
CRISIL believes Gangol will maintain a stable business risk profile
over the medium term on account of its established position in the
dairy business and strong relationships with suppliers and
customers. The outlook may be revised to 'Positive' if improvement
in profitability or conversion of grants from PCDF into equity
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if significant pressure on profitability or any
large, debt-funded capital expenditure weakens the capital
structure.
Gangol, registered under the Cooperative Act in 1991, is a milk
cooperative that works under PCDF. It procures milk from around 850
primary cooperative societies for processing into milk products,
which it sells under the PCDF's Parag brand. It also undertakes job
work for Mother Dairy.
GAURAV ISPAT: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Gaurav
Ispat (GI) and subsequently withdrawn at the company's request and
on receipt of a no-objection certificate from the bankers. The
withdrawal is in line with CRISIL's policy on withdrawal of bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Rating
reaffirmed and Withdrawn)
Letter of Credit 3 CRISIL A4 (Rating
reaffirmed and Withdrawn)
Incorporated in 1994 as a proprietorship concern, GI is engaged
into trading of MS Plates and cutting of the plates into MS
profiles. The firms' proprietor is Mr. Rajeev Khandelwal.
GCRG MEMORIAL: Ind-Ra Maintains 'BB+' LT Ratings in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GCRG Memorial
Trust's bank loans ratings in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will continue to appear as
'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR105.8 mil. Term loan due on March 2020 Maintained in Non-
Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
rating;
-- INR19.5 mil. Fund-based limit maintained in Non-Cooperating
Category with IND BB+ (ISSUER NOT COOPERATING) rating;
-- INR115 mil. Non-fund-based limit maintained in Non-Cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR240 mil. Proposed term loan maintained in Non-Cooperating
Category with Provisional IND BB+ (ISSUER NOT COOPERATING)
rating; and
-- INR19.7 mil. Proposed fund-based limit maintained in Non-
Cooperating Category with Provisional IND BB+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
GCRG Memorial Trust was founded by Chairman Mr. Abhishek Yadav and
his brother Mr. Mohit Yadav (secretary) in May 2008 and is
incorporated under the Indian Trust Act, 1882. GCRG Memorial Trust
runs GMT Group of Institutions at Chandrika Devi Road, Bakshi Ka
Talab, Lucknow, that offer undergraduate and postgraduate courses
in engineering, management, and teaching, along with diplomas and
polytechnic courses. Moreover, it runs a hospital (GCRG Memorial
Hospital) and a medical college on the campus.
JAI BHAVANI: CRISIL Reaffirms 'B+' Ratings on INR6cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Jai Bhavani Poultry Farm (JBPF).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.75 CRISIL B+/Stable (Reaffirmed)
Rupee Term Loan 4.25 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the modest scale of JBPF's
operations, vulnerability to risks inherent in the poultry
industry, and a below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
has been modest at INR8.51 crore and INR8.77 crore in fiscals 2017
and 2018, respectively.
* Exposure to inherent risks in the poultry industry: The industry
is vulnerable to outbreak of diseases, which declines sales volume
and reduces selling price. Such diseases also have an impact on
production of healthy chicks. Further, the industry is affected by
seasonal demand, leading to volatility in product prices.
* Below-average financial risk profile: Gearing stood high at above
14.2 times as on March 31, 2018, due to modest networth of INR0.41
crore. Interest coverage ratio also remained weak at 1.6 times in
fiscal 2018.
Strength
* Experience of the proprietor: Benefits from the proprietor's
experience of two decades, his strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business.
Liquidity
Liquidity is likely to remain constrained over the medium term.
Cash accrual is projected at INR56 lakh in fiscal 2019, against
yearly maturing debt of INR32 lakh. The working capital limit has
been highly utilised, for the 12 months through January 2019.
However the liquidity profile is partly supported by need based
promoter funds.
Outlook: Stable
CRISIL believes JBPF will continue to benefit from the extensive
experience of the proprietor. The outlook may be revised to
'Positive' if a substantial and sustainable increase in revenue and
cash accrual, or sizeable equity infusion strengthens the financial
risk profile. Conversely the outlook may be revised to 'Negative'
if lower-than-expected revenue and profitability, a stretch in the
working capital cycle, or any large, debt-funded capital
expenditure weakens the financial risk profile and liquidity.
JBPF was set up in 1990 by the proprietor, Mr Prakash Patil; his
son, Mr Swanand Patil, manages the operations. The firm sells the
eggs produced in its poultry farm at Sangli (Maharashtra).
MAA BHAGWATI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maa Bhagwati
Re-Rolling Mills Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR48.5 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating;
-- INR25.6 mil. Long-term loan due on March 2023 migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR75.9 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
March 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in November 2009 in Rourkela, Odisha, Maa Bhagwati
Re-Rolling Mills manufactures structured steel products such as
angles, channels, rounds, and squares.
MONALISA ENGICONS: Ind-Ra Moves BB- Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Monalisa Engicons'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB-(ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR15 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR80 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
March 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in December 2005, Monalisa Engicons is a partnership
firm that undertakes government construction projects such as
irrigation, road work, and bridge.
NARBADA DAIRY: CRISIL Reaffirms B Rating on INR15.44cr Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Narbada Dairy Foods And Farms Private Limited
(Narbada).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 6.5 CRISIL B/Stable (Reaffirmed)
Term Loan 7.94 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the modest scale of Narbada's
operations due to delayed implementation of its project, large
working capital requirement and average financial risk profile.
These weaknesses are partially offset by the experience of the
promoters in the dairy industry.
Analytical Approach
Unsecured loan (outstanding at INR5.35 crore as on March 31, 2018)
extended to Narmada by the promoters have been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Revenue - INR6.2 crore in fiscal 2018
' is likely to remain small in fiscal 2019, driven by the delay in
commercialization of the project undertaken towards the milk
processing unit being set up; the plant is expected to be
operational from May 2019. Timely ramp-up in scale of operations
remains critical over the medium term.
* Large working capital requirement: Operations may be working
capital intensive even over the medium term; hence its efficient
management remains a key rating sensitivity factor. Gross current
assets were around 505 days as on March 31, 2018, driven by large
inventory of 253 days as on March 31, 2018.
* Average financial risk profile: The financial risk profile is
average with low gearing of 0.92 time and TOLANW of 0.99 time as on
March 31, 2018. The capital structure has remained comfortable over
last 3 years ending 2018 due to fund infusion from promoters in the
same period. The debt protection metrics are also average with
interest coverage of 2.09 times and NCAAD of 0.11 time as on March
31, 2018. CRISIL expects the financial risk profile to remain
average over the medium term.
Strengths
* Experience of the promoters and their funding support
Benefits from the promoters' experience of around eight years,
their strong understanding of the local market dynamics, healthy
relations with customers and suppliers, and timely, need-based
unsecured loans should continue to support the business.
Liquidity
Liquidity of the company is stretched marked by moderate cash
accruals of INR1.19 crore which was tightly matched against
repayment obligations of INR1.13 Cr in fiscal 2018. Going further
the company is expected to generate cash accruals of INR1.2 crores
to INR1.4 crore which will also be matched with term debt
obligations of INR1.13 crores in FY19 and FY2020. The liquidity is
supported by continuous fund support from promoters. The promoters
have infused capital/unsecured loans of INR3.96 crores in FY17,
INR2.49 crores in FY18 and INR3.94 crore this fiscal. The company's
bank limit remains moderately utilized, it has also applied for
enhancement of INR70 lakhs.
Outlook: Stable
CRISIL believes Narbada will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if a substantial and sustainable increase in revenue,
profitability and cash accrual driven by strong ramp-up from new
project, or a sizeable capital infusion strengthens the financial
risk profile and liquidity. Conversely, the outlook may be revised
to 'Negative' if lower than-expected revenue or profitability, or a
stretch in the working capital cycle weakens the financial risk
profile and liquidity.
Narbada was incorporated in September 2012 by Mr Shashanka Pandey
and his brother, Mr Sujeet Pandey. The company operates a fully
mechanized dairy farm in Potiya (Durg; Chhattisgarh) and sells
unprocessed milk.
PKP PROCESSORS: CRISIL Lowers Rating on INR18cr Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of PKP
Processors (PKP) to 'CRISIL D' from 'CRISIL BB/Stable'. The rating
reflects delays in the repayment of term loans for more than 30
days. The delays have been driven by stretched liquidity due to
working capital intensity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.1 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Proposed Long Term 2.9 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB/Stable')
Term Loan 16 CRISIL D (Downgraded from
'CRISIL BB/Stable')
The rating also reflects PKP's large working capital requirement
and small scale of operations and exposure to intense competition
in textile industry. These weaknesses are partially offset by the
extensive industry experience of its promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations and exposure to intense competition in
textile industry: PKP's business risk profile remains constrained
by its small scale of operations in the intensely competitive
textile industry. The company's small scale is indicated by its
revenues of INR42.8 crore during fiscal 2018. Limited track record
and small scale of operations prevent the company from deriving
benefits of economies of scale. The low entry barriers in this
industry have led to a highly fragmented industry structure, with
intense competition among players. Furthermore, because of
fragmentation and intense industry competition, players have
limited pricing and bargaining power, and consequently, low
operating margins.
* Large working capital requirements: PKP has large working capital
requirements, driven by large receivables. The company has to give
credit period of about 90-120 days to its customers and as of March
31, 2018 the company had inventory of 112 days. Also the company
had inventory of 37 days as of March 31, 2018. Limited credit for
raw material purchases increases the company's working capital
requirements. Consequently, the company's working capital limits
were fully/ extensively utilized over the 12 months through Dec
2018.
Strengths:
* Extensive industry experience of the promoters: PKP's promoters
have extensive experiences of over two decades in the textile
industry. The company benefits from its promoters' extensive
experience, their understanding of the dynamics of the local
market, and their established relationships with customers.
Liquidity
The company has delayed the repayments of term loan instalment
obligations for more than 30 days due to stretch in receivables
resulting in working capital intensive operations. The company is
likely to generate moderate accruals which will be sufficient
against its repayment obligations. Also the working capital limit
of INR9.10 crore is utilised at 99 percent for the 12 months ended
December 2018.
Set up in, 1996, PKP is engaged in dyeing of fabric and yarn on job
work basis. The firm is managed by four partners Mr P. Subramanian,
Mr. Sathish Kumar, Mr.Vinod Kumar and Mr. Prem Kumar.
RAJARATHNAM CONSTRUCTION: CRISIL Moved INR60MM Debt to Stable
-------------------------------------------------------------
Due to inadequate information, CRISIL, in-line with the Securities
Exchange Board of India guidelines, had migrated the rating of
Rajarathnam Construction Private Limited (RCPL) to 'CRISIL D Issuer
Not Cooperating'. However, the management has subsequently started
sharing information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the rating
on the bank facilities of RCPL from 'CRISIL D Issuer Not
Cooperating' to 'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 60 CRISIL B-/Stable (Migrated
from 'CRISIL D ISSUER NOT
COOPERATING')
The ratings reflect RCPL's susceptibility to risks inherent in the
real estate industry and geographical concentration in revenue. The
ratings also factor in the below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of RCPL's promoter and the company's proven project execution
capabilities.
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to intense competition in the residential real estate
segment: The real estate sector in India is cyclical and marked by
volatile prices and a highly fragmented market structure. The risk
is compounded by aggressive timelines for completion with shortage
of manpower (project engineers and skilled labour) in this sector.
Furthermore, the demand for real estate offerings is impacted by
local as well global economic concerns. The risk is compounded for
RCPL as it is exposed to geographic concentration in revenue.
* Geographical concentration in revenue: Projects have so far been
executed only in Chennai. Also, the projects are small, resulting
in modest internal cash accrual. Consequently, there is high
dependence on project-specific advances rather than on internal
cash accrual for new projects. Any significant change in demand due
to an economic slowdown in the region or any other issues will
impact the financial risk profile.
* Below-average financial risk profile: The gearing is high at 2.6
times and debt protection metrics are weak with interest cover of
around 1.3 times and NCATD of 1% for fiscal 2018. The financial
metrics are expected to remain at similar levels because of
moderate accretion to reserves expected over the medium term and
the projects are highly debt funded.
Strengths
* Extensive entrepreneurial experience of the promoters: The main
promoter, Mr Antony Rathinam, a civil engineer, has over 30 years
of experience in the real estate sector. Over the years, the
company has developed an established track record in real estate
development in Chennai and has executed 85-90 residential projects
with a total built-up area of over 25 lakh square foot (sq ft).
Liquidity
The liquidity position of RCPL to remain adequate supported by
steady flow of advances over the medium term. Average debt service
coverage ratio is expected at over 1.2 times over the medium term.
Timely inflow of customer advances will remain a rating sensitivity
factor.
Outlook: Stable
CRISIL believes that RCPL will benefit over the medium term from
its promoters' extensive experience in the residential real estate
development. The outlook may be revised to 'Positive' if the
company completes its projects earlier than expected or in case of
more-than-expected sales realizations from ongoing projects,
leading to larger than- expected cash flows. Conversely, the
outlook may be revised to 'Negative' if there are any delays in the
execution of the project or in the receipt of advances from
customers, or if the company undertakes a large, debt funded
project, impacting its financial risk profile.
RCPL was set up in 1992 as a proprietorship concern in Chennai. The
firm was reconstituted as a private limited company under its
current name in 2000. The company develops residential real estate
and its operations are managed by the managing director, Mr
Rathinam.
RSI GROUP: CRISIL Assigns B+ Ratings to INR2cr Loans
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of RSI Group (RSI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.40 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 1.60 CRISIL B+/Stable (Assigned)
The rating reflects a small scale of operations in the highly
fragmented fast-moving consumer goods (FMCG) trading industry.
This weakness is partially offset by the industry experience of the
proprietor and his healthy relationship with various FMCG
companies.
Key Rating Drivers & Detailed Description
Weakness:
* Small scale of operations in a highly fragmented industry:
Revenue was modest INR6.2 crore in fiscal 2018. The small scale of
operations in a highly fragmented industry and high fixed costs
should continue to constrain the business risk profile over the
medium term.
Strength:
* Industry experience of the proprietor and healthy relationship
with FMCG companies: The proprietor has an experience of more than
10 years in the industry and has an established relationship with
various FGCG companies such as Coca-Cola and Marico.
Liquidity
Liquidity is moderate. Cash accrual is expected at INR15-25 lakh,
against repayment obligation of about INR10 lakh, per fiscal over
the medium term. There is low capital expenditure requirement and
the working capital limit is adequate.
Outlook: Stable
CRISIL believes RSI will continue to benefit from the industry
experience of its proprietor. The outlook maybe revised to
'Positive' in case of improvement in the scale of operations and
profitability, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if a stretch in the working
capital cycle leads to increase in bank borrowing, thus weakening
the financial risk profile.
RSI, established by Mr K. Rajarajan, is a modern trader for various
FMCG companies such as Coca-Cola and Marico. Operations are based
in Chennai.
S HOMES: CRISIL Assigns 'D' Rating to INR10cr Loans
---------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
S Homes.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility .2 CRISIL D (Assigned)
Term Loan 9.8 CRISIL D (Assigned)
The rating reflects delays in the payment of term loan interest due
to tight liquidity position and low booking status compared to the
construction progress. However, these rating weaknesses are
partially offset extensive experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in payment of term loan interest: There have been
instances of delays in the payment of interest on the term loan.
Delays in the payment is due to tight liquidity position due to low
amount of bookings.
* Low booking status: Booking status of the flats remain slow as
compared to the construction progress. Customer advances of less
than INR1 Cr have been received till November 2018 against
construction cost incurred of INR8-10 Cr.
Strength
* Extensive experience of partners: Partners are into real estate
development since 2011 and successfully executed 3 projects till
2018. Their experience is expected to support the timely completion
of project without any cost time overruns.
Liquidity
Repayment of term loan starts from January 2020 and firm is
expected to generate sufficient cash inflows to meet the repayment
obligations.
S Homes is into residential real estate development in and around
Nellore, Andhra Pradesh. The partners of the firm are Mr. S V
Ramanaiah and family, Mr. Srinivasulu.
S.M. RAM COAL: CRISIL Cuts Ratings on INR20.5cr Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S.M.
Ram Coal Importers Private Limited (SMR) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Negotiation 2 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 4 CRISIL D (Downgraded from
'CRISIL A4')
Letter of Credit 12 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long Term 2.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
The rating downgrade reflects delays in serving debt obligation.
The ratings also factor in SMR's modest scale of operation in the
local coal trading business, below-average financial risk profile
and large working capital requirement.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations in the intensely competitive coal
trading segment: SMR's scale of operations is modest with revenues
of around INR84.38 crore in fiscal 2018. The coal trading segment
in India is highly fragmented, with the presence of larger players
who source directly from Indonesia and South Africa and other
smaller players who trade from local players in India.
* Large working capital requirement: Operations are expected to
remain working capital intensive over the medium term'gross current
assets were 174 days as on March 31, 2018, driven by high inventory
and receivable levels.
* Below-average financial risk profile: Capital structure is highly
leveraged with total outside liabilities to adjusted networth of
17.7 times as on March 31, 2018. Debt protection metrics are
subdued with interest coverage ratio of 1.06 times in fiscal 2018.
Strength:
* Extensive experience of the promoter: Benefits from the
promoter's two decades of experience and healthy relationships with
customers and suppliers, should support the business.
Liquidity
The company has weak liquidity as reflected in delays in servicing
debt obligation because of working capital intensive operations and
low profitability. With below-average financial risk profile, the
liquidity is expected to remain weak.
SMR was established in 2009 as a proprietorship concern by Mr SM
Ramar and was reconstituted as a private limited company in fiscal
2016. The company trades in steam coal and is based in Thoothukudi,
Tamil Nadu.
SAINATH AUTOLINKS: Ind-Ra Rates INR340MM Working Capital 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sainath Autolinks
Private Limited (SAPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR340 mil. Fund-based working capital limit assigned with IND
BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect SAPL's medium scale of operations and modest
operating margin, leading to a weak credit profile. In FY18, the
revenue stood at INR949 million (FY17: INR910.8 million), EBITDA
margin was 4.8% (4.83%), ROCE was 9% (10%), interest coverage was
1.25x (1.05x) and net financial leverage was 8.2x (6.8x). The
revenue growth is on account of the addition of new showrooms over
the years. The interest coverage of the company has improved due to
a decrease in interest cost. However, the net financial
deteriorated due to an increase in year-end debt. The company has
earned revenue of INR925.2 million in 9MFY19.
The operating margins are modest, owing to the company's trading
nature of the business.
Moreover, SAPL's liquidity profile is moderate due to a comfortable
working capital cycle of around 67 days in FY18 (FY17: 52 days),
with average utilization of the working capital limits being 75%
during the 12 months ended January 2018. Also, any instances of
overutilization in limits were regularized within three days. Its
cash and cash equivalents stood at INR23 million at FYE18.
The ratings, however, are supported by almost a decade experience
of the company's director's in the automobile dealership business.
RATING SENSITIVITIES
Negative: Deterioration in the credit metrics will be negative for
the ratings.
Positive: A sustained improvement in the overall credit metrics
will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2010, SAPL is an authorized dealer of Maruti Suzuki
India Pvt Ltd in West Bengal. It has a total of five showrooms,
including 3S showrooms (sales, service, and spares).
SAN AUTOMOTIVE: CRISIL Withdraws C Ratings on INR8.13cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of SAN
Automotive Industries Private Limited (SAN) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL C (ISSUER NOT
COOPERATING; Migrated from
'CRISIL C'; Rating Withdrawn)
Long Term Loan 3.8 CRISIL C (ISSUER NOT
COOPERATING; Migrated from
'CRISIL C'; Rating Withdrawn)
CRISIL has been consistently following up with SAN for obtaining
information through letters and emails dated February 14, 2019 and
February 20, 2019 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 SAN. 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 SAN 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, CRISIL
has migrated the ratings on the bank facilities of SAN to 'CRISIL C
Issuer not cooperating'.
SAN was established in 2002 by the Gumber family; currently, Mr.
Avinash Chander Gumber Mr. Dinesh Gumber and Mrs. Nancy Gumber
serves as the directors. The company manufactures sheet metal and
foam components that are used in the consumer durables,
telecommunication, and automobile industries. It has its
manufacturing facilities at Faridabad (Haryana); its operations are
ISO 14001:2004/TS 16949:2002 certified.
SHAH PACKWELL: CRISIL Restores Ratings on INR12.5cr Loans to D
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating of Shah
Packwell Industries (SPI) to 'CRISIL D Issuer Not Cooperating'. SPI
has subsequently provided the necessary information and CRISIL has
migrated the ratings on bank facilities of SPI from 'CRISIL D
Issuer Not cooperating' to 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Proposed Long 2.5 CRISIL D (Migrated from
Term Bank Loan 'CRISIL D ISSUER NOT
Facility COOPERATING')
The ratings continue to reflect the firm's continuous over
utilisation in fund based working capital bank facilities on
account of very large working capital requirements. The firm has
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of SPI's partners in the
packaging industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Scale of operations, reflected in
revenue of INR20 crore in fiscal 2018, remain modest in the highly
fragmented and competitive packaging industry.
* Highly working capital-intensive operations: Gross current assets
were at 438 days as on March 31, 2018 driven by large inventory
requirement which stood at 333 days as on March 31, 2018.
Strengths
* Extensive industry experience of the promoters: The partners have
an experience of over three decades of experience in the packaging
industry. This has helped the firm to establish healthy business
relations with various customers and suppliers.
Liquidity
Liquidity is stretched marked by continued over utilisation in fund
based working capital bank facilities. The company has access to
fund based working capital bank limits of INR10 crore, which have
been utilised at an average of 101% during the last 12 month ending
December 2018.
Incorporated in 1996 as a partnership firm, SPI manufactures
corrugated boxes using kraft paper. The firm is promoted by Mr.
Kapoor Shah, and his son Mr. Khilin Shah.
SHALIMAR PAINTS: CARE Hikes Rating on INR110cr Loan From D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shalimar Paints Limited (SPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 110.00 CARE BB+; Positive Revised
Facilities from CARE D
Long/short term 20.75 CARE BB+; Positive/CARE A4+
Bank Facilities Revised from CARED/CARE D
Short-term Bank 76.25 CARE A4+ Revised from
Facilities CARE D
Detailed Rationale and Key Rating Drivers
The revision in the ratings assigned to the bank facilities of SPL
takes into account the rectification of delays in debt servicing by
the company in July 2018 and significant amount (INR250.57 crore)
of equity infusion into the company through rights issue in April
2018 and December 2018 resulting into improvement in capital
structure as well as liquidity.
The ratings are constrained by the operating losses in FY18 (refers
to the period from April 1 to March 31) and 9MFY19,
exposure to volatility in raw material prices, working capital
intensive nature of operations and intense competition.
The ratings, however, draw strength from the long track record of
the company, established brand and dealer network across the
country with reputed clientele and improvement in capacity
utilisation of the plant in Chennai.
Improvement in profitability, managing working capital effectively
and timely recommissioning of the Nashik plant are the key rating
sensitivities.
Outlook: Positive
The 'Positive' outlook has been assigned on the expectation of
improvement in profitability in the ensuing quarters due to various
steps being taken by the company post infusion of equity to improve
working capital position, reduce costs, increase brand presence and
improve operational efficiency. The capacity utilisation in the
Chennai plant is expected to improve with adequate availability of
working capital and the company is also in the process of
recommissioning the Nasik plant which is expected to improve the
scale of operation as well as increased sales of high margin
industrial paints. The outlook may be revised to 'Stable' if the
profitability and scale of operation does not improve as
envisaged.
Detailed Description of Key Rating drivers
Key Rating Weaknesses
Operating loss in FY18 and 9MFY19: Operating income declined by
around 22% in FY18 on account of loss of sale due to disruption in
Nasik unit which was affected by a fire in Q3FY17. Further, the
capacity utilisation in Chennai unit which commissioned in
September 2017 remained low due to lack of working capital. The
company incurred operating loss of INR33.48 crore in FY18 due to
under recovery of fixed overheads and also lower margin from
outsourcing of the production of the Nasik unit. Accordingly, SPL
reported net loss of INR45.42 crore in FY18 as against net loss of
INR9.61 crore in FY17. In 9MFY19 also, the company incurred
operating loss. However, the capacity utilisation of Chennai plant
improved in 9MFY19. Profitability is expected to improve going
forward with various steps being taken by the company to increase
operational efficiency post infusion of equity.
Working capital intensive nature of operation: The operations of
the company are working capital intensive as reflected by high
average collection period and high average inventory period. The
average inventory period continued to remain high in FY18 due to
large number of Stock Keeping Units at various outlets and large
requirement of raw materials for manufacturing of paints. The
average collection period was 149 days in FY18 as against 100 days
in FY17 and continued to remain on the higher side due to
non-recovery from old debtors and extension of higher credit to
push sales. Part of the working capital requirement was met through
stretching creditors and average creditors period stood at 158 days
in FY18.
Going forward with infusion of proceeds from rights issue, the
working capital position is expected to improve as part of the
proceeds shall be utilized for payment to creditors. Besides, SPL
have taken steps to tighten the credit period allowed to debtors
which will improve the average collection period. The capital
structure of the company has improved significantly post infusion
of equity.
Volatility in raw material prices: The major raw materials are
organic acids/chemicals, solvents, oils, pigments and packaging
materials the prices of which are generally volatile. Raw material
cost constituted around 50% of the gross sales in FY18 (49% in
FY17). While the company generally passes on the adverse movement
in raw material prices to consumers, there is a time lag.
Intense competition: The company faces intense competition from
established players in the organized sector considering its
significantly smaller scale as compared to these players. However,
SPL has an established brand name in the industrial paints segment
which is expected to be a key focus area. Further, in view of
stricter competition in the metro cities and high marketing costs
associated with selling in these markets, the company plans to
focus on the tier II and tier III cities to market its products.
Key Rating Strengths
Improvement in liquidity position and regularisation of delays in
debt servicing: The company raised INR49.7 crore from rights issue
in April, 2018. It also received insurance claim amounting to INR11
crore in March 2018 as partial claim for fire in Nasik unit and
INR11.22 crore in Q1FY19 for the fire in Howrah unit. All the
irregularities in the bank accounts were regularised post the
rights issue. SPL raised further INR200.87 crore in December 2018
from another rights issue. The funds received are expected to be
utilised for capex requirement in Nasik plant (including setting up
a regional distribution centre), working capital requirements
(including paying off the operational creditors) and for branding.
Long track record of SPL: Incorporated in 1902, the company has a
track record of more than a century. The promoters of SPL are Delhi
based Ratan Jindal faction of the O. P. Jindal group and Mr. Girish
Jhunjhunwala – a Hongkong based businessman. The O.P. Jindal
group is one of the large industrial groups of India having
interest mainly in steel and steel related products. Mr.
Jhunjhunwala is engaged in real estate and hospitality industry in
Hong Kong and Singapore.
Established brands: SPL has a diversified brand portfolio catering
to various segments. The major brands are 'Superlac Hi-Gloss
Enamel' & 'G.P. Synthetic Enamel' in decorative enamels, 'Super
Shaktiman', 'Xtra Exterior Emulsion' in exterior wall finishes,
'Master Emulsion' & 'No.1 Silk Emulsion' in interior wall finishes
and 'No.1' (specifically catering to the rural demand) in acrylic
distemper. Though the company did not launch any new paint in FY18,
it introduced solvent free epoxy coating for water pipeline
interior and rapid cure epoxy coating for DI pipe exterior. Further
in 9MFY19 the company introduced variants for protective paints
which are used for industrial purpose.
Improvement in the operation at Chennai project: SPL had set up a
greenfield plant for manufacturing both decorative & industrial
products at Gummidipoondi near Chennai to cater to the fast growing
market in southern India. The project commenced commercial
operation from September 2017. During the third quarter Q3FY19 the
capacity utilization improved to 50%.
Multi location presence with established dealer network across the
country & reputed clientele: SPL has strategically located
manufacturing facilities (Nasik, Sikandrabad and Chennai) and has
nine regional offices, three regional distribution centres, 32
depots and a network of around 5,300 active dealers.
The sales in the decorative segment are mostly retail, made through
dealers. In the industrial segment, most of the sales
are made to original equipment manufacturers (OEMs)/institutional
clients as per their specifications. The company has reputed
corporate clients in the industrial paint segment including both
public sector and private sector enterprises.
Liquidity
Post rights issue, the liquidity position of the company has
improved significantly. Also, the company has parked INR50
crore in fixed deposits with bank for future working capital
requirement.
SPL, incorporated in 1902, belongs to Delhi-based Ratan Jindal
faction of the O.P. Jindal group and Mr. Girish Jhunjhnuwala, a
Hongkong based businessman. Mr. Jhunjhnuwala and Mr. Jindal,
through various group companies, currently own 52.52% of the equity
in the company post rights issue.
SPL is engaged in manufacturing a wide range of paints in both
decorative and industrial paint segments. The company has three
manufacturing facilities at Nasik, Sikandrabad and Chennai. It also
had a unit in Howrah where operations are suspended due to a fire
which damaged the unit in July, 2014. Further in November 2016, a
fire broke out at the Nasik factory resulting in damage of stock, a
part of plant and machineries and factory building. About 1400
Kl/month of the capacity was damaged. However, the resin unit and
aluminium and packaging unit was not impacted and the company
continued with production in the same from April 2017 in the Nasik
unit. Further, the Chennai unit had started its first phase of
commercial operation with capacity of 18000 KL/annum of water based
paint from September 2017.
SPARKLET ENGINEERS: CRISIL Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating of
Sparklet Engineers Private Limited (SEPL) to 'CRISIL
BB+/Negative/CRISIL A4+ Issuer Not Cooperating'. SEPL has
subsequently provided the necessary information and CRISIL has
downgraded the ratings on bank facilities of SEPL from 'CRISIL
BB+/Negative/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL
D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 1 CRISIL D (Downgraded from
'CRISIL BB+/Negative ISSUER
NOT COOPERATING')
Export Packing 10 CRISIL D (Downgraded from
Credit 'CRISIL A4+ ISSUER NOT
COOPERATING')
Letter of Credit 3.65 CRISIL D (Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Post Shipment 10 CRISIL D (Downgraded from
Credit 'CRISIL A4+ ISSUER NOT
COOPERATING')
The downgrade reflects instance of delay in servicing of credit
limits extended under the post shipment credit facility for a
period more than 30 days, on account of elongated receivables from
the company's customers.
The ratings continue to factor in very large working capital
requirements along with susceptibility of its revenue and
profitability to volatility in crude oil prices and foreign
exchange rates. These weaknesses are partially offset by extensive
experience of the group's promoters in the oil and gas equipment
industry and its established relationships with customers.
Analytical Approach
For arriving at the ratings, CRISIL has combined business and
financial risk profiles of SEPL and its wholly owned subsidiary
Sparklet Engineers Middle East FZE (SEME). This is because both the
entities, together referred to as the Sparklet group, are in the
same business and have fungible funds.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital-intensive nature of operations: SEPL's operations
remain highly working capital intensive led by high debtors and
inventory levels. Large working capital requirement can be
reflected in GCA of 351 days as on March 31, 2018.
* Susceptibility to volatility in crude oil prices and exposure to
forex volatility: Operating performance is exposed to risks related
to adverse macroeconomic developments, both on domestic and global
fronts, and to cyclical movements in crude oil prices. Majority of
SEPL's sales is denominated in USD and hence, exposed to
fluctuations in USD/INR rates.
Strengths
* Extensive experience of promoters and established relationship
with customers: Promoter, Mr. R. B Ghosh is a qualified engineer
with over three decades of experience. Extensive experience of
promoter and strong orientation towards technology have helped the
company build a track record of timely and quality project delivery
and expand its product profile over the years, to include early
production facility (EPF), oil collection station equipment (OCS),
gas gathering station equipment and fuel gas conditioning skids.
Liquidity
Liquidity profile is highly stretched marked by high utilization of
fund based working capital limits, even post the increase in
sanctioned bank limits to INR33 crore from INR22 crore. Average
utilization for the past 12 months ending January 2019 was at
97.93%. There have been an instance of delay in servicing of credit
limits extended under the post shipment credit facility for a
period more than 30 days, on account of elongated receivables from
the company's customers. Unencumbered cash and cash equivalents
stand very low as of March 31, 2018 at INR0.02 crore.
SEPL, set up by Mr R B Ghosh in 2000, is a Mumbai-based oil and gas
upstream and downstream equipment design, fabrication, and supply
company. It has market presence across the Middle East and North
Africa. It provides end-to-end solutions to oil & gas players
located in Iraq, UAE, Kuwait, Oman, and Nigeria, among other
regions. SEPL has manufacturing units at Thane in Maharashtra. Mr R
B Ghosh and his son Mr Shukanto Ghosh oversee the operations.
SEME, is a wholly owned subsidiary of SEPL with manufacturing unit
located in Dubai. It is also engaged in same line of activity.
SRI LAKSHMI: CRISIL Reaffirms 'B' Ratings on INR10cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Lakshmi Kalavathi Cotton Company (SKLCC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit & 9 CRISIL B/Stable (Reaffirmed)
Working Capital
demand loan
Proposed Long 1 CRISIL B/Stable (Reaffirmed)
Term Bank Loan
Facility
The rating continues to reflect the modest scale of operations in a
competitive segment, susceptible to volatility in cotton prices,
and the weak financial risk profile. These weaknesses are partially
offset by extensive experience of the partners, and established
customer relationships.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a competitive segment: Intense
competition in the cotton industry restricts scalability, also
reflected in operating income of INR23.90 crore in fiscal 2018.
* Susceptibility to volatility in cotton prices and change in
government regulations: Cotton prices are affected by demand-supply
dynamics and change in government policies. Any sharp fluctuation
in prices can adversely impact the firm's profitability.
* Weak financial risk profile: Financial risk profile is
constrained by gearing of 7.96 times and small networth of INR2.07
crore, as on March 31, 2018, while the interest coverage ratio
stood at 2.1 times, in fiscal 2018. NCATD stood at 0.02 times as on
March 31, 2018.
Strength
* Extensive experience of the partners and established customer
relationships: The two-decade-long experience of the managing
partner Mr Balarama Krishnaiah, in the cotton industry, and his
established relationships with customers and suppliers, will
continue to support the business risk profile.
Liquidity
Liquidity is stretched, marked by small cash accrual of INR0.20
crore expected in the medium term, against maturing debt of INR0.15
crore, and bank limit utilisation of xx crore averaging around 90%
for the nine months ended November 30, 2018.
Outlook: Stable
CRISIL believes SKLCC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if there is significant increase in revenues and
profitability results in better cash accrual or infusion of funds
by the partners, improves the financial risk profile. The outlook
may be revised to 'Negative' if the firm reports a
lower-than-expected revenue or operating margin, any drawings by
the partners or if any debt-funded capital expenditure weakens the
financial risk profile.
SLKCC was set up as a partnership firm of Mr Balarama Krishnaiah
and Mrs Seetaravamma in 2016. The Guntur-based firm presses raw
cotton and trades in cotton lint and seeds.
SWAROOP PHARMACEUTICALS: CRISIL Ups Rating on INR6.5cr Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Swaroop Pharmaceuticals Private Limited (SWPHPL) to 'CRISIL
B+/Stable' from 'CRISIL C'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Upgraded
from 'CRISIL C')
The upgrade reflects improvement in SWPHPL's business risk profile,
with revenue increasing to INR31.98 crore in fiscal 2018 from
INR26.10 crore the previous fiscal. Revenue has picked up because
of higher production, which, in turn, increased due to the
successful completion of capital expenditure undertaken in the last
two fiscals.
The rating reflects SWPHPL's modest scale of operations and intense
competitive pressure, and average financial risk profile and weak
liquidity. These weaknesses are partially offset by the extensive
experience of the promoters in the healthcare equipment industry.
Analytical Approach
Unsecured loans (outstanding at INR2.78 crore as on December 31,
2018) extended to SWPHPL have been treated as neither debt nor
equity as these funds are from the promoters and have been
supporting the business for around three fiscals.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation and intense competitive pressure:
Intense competition continues to constrain scalability and
profitability, with revenue and operating margin at INR31.98 crore
and 6.4%, respectively, in fiscal 2018.
* Average financial risk profile: Financial risk profile is weak,
with small networth and high gearing, at INR2.96 crore and 2.33
times, respectively, as on March 31, 2018. Debt protection metrics
were average, too, with interest coverage at 2.0 times in fiscal
2018.
Strength
* Extensive experience of the promoters: The key promoters'
experience of over three decades has helped establish a network of
distributors and suppliers.
Liquidity
Liquidity is weak. Bank limit was fully utilised in the 12 months
through November 2018, and this trend should continue over the
medium term on account of large working capital requirement.
Current ratio was low at 0.86 time as on March 31, 2018. The
absence of any term debt, however, aids liquidity.
Outlook: Stable
CRISIL believes SWPHPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if an increase in revenue and profitability strengthens
net cash accrual. The outlook may be revised to 'Negative' if a
decline in turnover, lower-than-anticipated cash accrual, stretch
in working capital cycle, or any large debt-funded capital
expenditure weakens financial risk profile, particularly
liquidity.
SPPL was incorporated as a private limited company in 2008-09 by
Mr. Sanjay Maheshwari and is engaged in the manufacturing of
Intravenous (IV) Fluid containers & solutions. The company's
manufacturing facility is located in Aligarh, Uttar Pradesh.
===============
M O N G O L I A
===============
MONGOLIAN MINING: Fitch Assigns 'B' Foreign Currency IDR
--------------------------------------------------------
Fitch Ratings has assigned Mongolia-based coal producer Mongolian
Mining Corporation (MMC) a Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'B'. The Outlook is Stable. Fitch has also
assigned a 'B(EXP)' expected rating with expected Recovery Rating
of 'RR4' to MMC's proposed US dollar-denominated senior notes.
MMC's rating is constrained by its small scale, single-product
focus and limited cost competitiveness outside of northern China.
However, MMC has flexibility in capex, which should give it
sufficient buffer to continue generating free cash flows during a
coal price downturn.
The proposed notes will be co-issued by MMC and its wholly
owned-subsidiary, Energy Resources LLC, and guaranteed by most of
its operating subsidiaries. The notes will constitute senior
unsecured obligations of MMC as they represent the company's
unconditional and irrevocable obligations. MMC intends to use the
net proceeds from the proposed note issuance to refinance its
existing secured notes and part of its perpetual notes.
Concurrently, the company expects to fully repay the senior secured
loan with cash generated from its Baruun Naran mine operations. The
final rating on the proposed notes is subject to the receipt of
final documentation conforming to the information already
received.
KEY RATING DRIVERS
Small Scale, Single Product: MMC is relatively small compared with
Fitch-rated coal mining companies globally in terms of revenue
size, with revenue of USD590 million in 2018. MMC operates two
mines with production concentrated in the Ukhaa Khudag mine in
South Gobi. Revenue from hard coking coal accounted for 98% and 93%
of MMC's total revenue in 2017 and 2018, respectively. The latest
coal reserve statements show pro forma total run-of-mine (ROM) coal
reserves of 499 million tonnes, giving MMC a reserve life of 30-35
years. MMC's small scale and product concentration constrains its
business profile to the 'B' rating category.
Cost Competitive in Limited Markets: MMC is cost competitive only
in the northern parts of China due to the proximity of MMC's mines
to steel mills in that area. MMC's mine gate cash cost was low at
USD31.7 per tonne in 2017 but MMC's transportation cost by land is
around USD10.1 per tonne more than peers' transhipment cost.
Delivery beyond northern China will further increase costs, leaving
MMC with customers that are mainly in northern China.
Default and Restructuring: MMC defaulted on its debt in 2016 when
coking coal prices fell to their lowest in a decade and MMC halted
coal production. In 2017, MMC restructured its debt profile by
taking a senior secured loan and issuing senior secured notes and
perpetual notes. MMC's proposed US dollar senior unsecured notes
will be used to refinance its existing USD413 million of secured
notes and some of its USD195 million of perpetual notes. The
proposed notes will rank senior to existing perpetual notes. The
company expects to repay the outstanding senior secured loan
concurrent to refinancing the senior secured and perpetual notes.
Price Drives Cash Flow Recovery: MMC's cash flow has recovered from
the trough, driven by the recovery in coal prices. MMC's reported
operating cash flow increased by 328% to USD95.6 million in 2017
and by 233% yoy to USD65.3 million in 1H18. Fitch forecasts the
metallurgical coal price to average USD140/tonne in 2019-2021, off
their peak of USD225/tonne in 2018 but higher than the USD79/tonne
during the 2016 trough. Fitch expects MMC to generate positive free
cash flow in 2019-2021, based on the price expectations.
Capex Flexibility: MMC completed integration of the infrastructure
at its mines and purchased 150 trucks in 2017 and 2018 to improve
transportation capacity. The company estimates its minimum
sustaining capex, the majority of which is for regular maintenance
of the mines, mining fleets and coal hauling trucks, to be around
USD5 million per year. MMC capitalises some of its stripping cost,
where stripping of the mine results in long-term benefits. The
capitalised stripping cost and minimum sustaining capex are likely
to be around USD90 million per annum in 2018-2021. MMC can decrease
its capitalised stripping cost and reduce capex should there be a
significant coal price decline.
Neutral Regulatory Environment: The Mongolian tax and royalty
stabilisation certificate granted to MMC for 24 years from 2015
outlines the tax and royalty rates that apply to MMC. The
certificate helps mitigate risks of sudden shifts in Mongolia's
royalty and tax policies.
Moderate Financial Profile: MMC's post-restructuring financial and
liquidity profile is in line with peers with similar ratings. Fitch
expects MMC's FFO adjusted net leverage to have fallen to 2.5x by
end-2018 from 3.5x at end-2017. Its leverage is likely to remain
below 3.5x in the next three years due to sustained profit
generation and stable levels of capex spending. Fitch expect MMC to
be able to maintain its FFO fixed-charge coverage above 3x in the
near future.
DERIVATION SUMMARY
MMC is comparable to single-product focused Indonesian coal mining
companies in the 'B' category such as PT Golden Energy Mines Tbk
(PT Golden, B+/Positive) and Geo Energy Resources Limited (Geo,
B/Stable). MMC's annual revenue is lower than PT Golden's and
similar to that of Geo. MMC has similar mine life to PT Golden,
which has mining life of over 25 years, while its mining life is
longer than Geo's.
MMC had higher EBITDA margins than PT Golden and Geo, but this is
offset by the company's higher leverage. Fitch estimates MMC's FFO
adjusted net leverage to have been 2.5x at end-2018, while both PT
Golden and Geo had leverage of around zero.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
-- Fitch's metallurgical coal price assumption is USD140/tonne in
2019-2021
-- Minimum sustaining capex at around USD9.8 million in 2019 and
USD5.0 million in 2020-2021, with the majority of spending for
regular maintenance of the mines, mining fleets and coal hauling
trucks.
-- Expected total capex with deferred stripping cost at around
USD86 million to USD98 million a year in 2018-2021
-- MMC's total coal production capacity to remain flat. MMC
currently has no plans to add any new capacity.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
-- Positive rating action is not envisaged given the MMC's small
scale and lack of cost competitiveness beyond northern China.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
-- Generation of negative free cash flow
-- FFO adjusted net leverage sustained above 3.5x
-- Any negative regulatory changes
LIQUIDITY
Liquidity Dependent on FCF: Following the proposed refinancing,
Fitch does not expect MMC to have any short-term debt obligations.
However, MMC's cash balance will be low after refinancing and it
will have limited undrawn committed bank facilities. Therefore,
failure to accumulate positive free cash flows may lead to a
liquidity crunch in an unexpected downturn. In addition, Fitch does
not expect MMC's cumulative free cash flow generation to be
sufficient to redeem the principal amount of the proposed notes,
which would push the company to seek refinancing for at least part
of the new notes upon maturity.
MONGOLIAN MINING: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
On March 18, 2019, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on Mongolian Mining Corp. (MMC). At the same
time, S&P assigned its 'B-' long-term issue rating to the U.S.
dollar-denominated senior unsecured notes proposed by MMC. S&P
equalizes the issue rating with the issuer credit rating because of
minimal structural subordination risk.
S&P said, "The equalization of the issue rating on the proposed
notes with the issuer credit rating on MMC reflects our view that
the company has minimal structural subordination risk. This is
because, after the issuance, substantially all of MMC's
interest-bearing debt will be unsecured borrowings at the parent
company level. The issue rating is subject to our review of the
final issuance documentation."
MMC will use proceeds from the issuance to refinance its existing
senior secured notes and part of its perpetual notes. S&P also
expects MMC to fully repay its existing senior secured loan with
cash generated from the Baruun Naran mine operations concurrent
with the refinancing.
S&P said, "We affirmed our rating on MMC because we expect the
company to maintain a stable debt-to-EBITDA ratio of 3x-4x over the
next 12 months. Our view is based on the company's recovering sales
volume and improving cost profile coupled with declining coal
prices as a result of China's economic slowdown. We expect MCC's
financial performance to remain highly dependent on the performance
of China's coal industry and the Chinese economy in general.
"We expect average selling price of hard coking coal (HCC) to
decline by roughly 10%, straining MCC's margins. The decline
reflects slowing Chinese economic growth and energy consumption,
and is in line with our forecast for the other Chinese coal
producers we rate."
Sales volumes of HCC are likely to increase considerably in 2019.
That is considering improved customs clearance and transportation
conditions at the Mongolian-Chinese border, factors which dragged
down volume in 2018. In addition, S&P expects demand for higher
quality Mongolian coal to remain robust, given China's pursuit of a
cleaner environment. China recently placed restrictions on
Australian coal imports, but so far MMC is not affected.
MMC's plan to increase coal yield, and improved customs clearance
and transportation conditions should moderately lower the company's
unit mining cost and unit transportation cost. That is despite a
likely decline in coal prices. S&P estimates the unit cost of goods
sold will fall by about 8% in 2019.
S&P said, "We anticipate that MMC will generate slightly positive
free operating cash flows and thus sustain a stable capital
structure in 2019, given its stable earnings and capital
expenditure. The company's reported 2018 financial results were
slightly weaker than we expected, mainly because sales volumes were
lower than we had forecast.
"The stable outlook reflects our expectation that MMC's
debt-to-EBITDA ratio will remain 3x-4x and that the company will
generate slightly positive free operating cash flows over the next
12 months. We also anticipate that MMC's capital structure will be
stable over the same period.
"We may lower the rating on MMC if the company's capital structure
becomes unsustainable. This could occur if MMC's realized coal
price or sales volume is lower than our forecast or capital
expenditure exceeds our expectation, such that the company's
leverage increases significantly to fund its negative free
operating cash flows.
"We could upgrade MMC if the company's ratio of debt-to-EBITDA
falls below 3x over a sustained period due to
stronger-than-expected operating cash, lower capital expenditure,
or debt reduction through equity raising. An upgrade assumes that
the company's liquidity and capital structure do not deteriorate."
=====================
N E W Z E A L A N D
=====================
ASSET FINANCE: S&P Lowers ICR to 'B-' on Change in Ownership
------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term issuer credit
rating on New Zealand-based finance company Asset Finance Ltd.
(AFL) to 'B-' from 'B'. At the same time, S&P affirmed its
short-term issuer credit rating on the company at 'B'. The outlook
is stable.
Blackstar Capital Group Ltd. (BCG, unrated) acquired 82% (via its
New Zealand subsidiary Blackstar Finance Ltd.) of New Zealand-based
finance company Asset Finance Ltd. (AFL) in September 2018.
AFL is a small nonbank lender that provides asset-based finance to
consumers and businesses in New Zealand that are not actively
serviced by the mainstream banks.
The downgrade reflects S&P's view that the creditworthiness of the
consolidated BCG group (including AFL) is marginally weaker than
the SACP of AFL, and that AFL's regulatory and governance framework
afford it only limited insulation from risks arising from the
broader BCG group.
The BCG group has a very small share of the two main markets and
business lines within which it operates: consumer and small
business lending in New Zealand via AFL, and arranging trade
finance, debt facilities, and equity placements for businesses
within the U.K. This reflects the group's limited competitive
advantages and business sustainability in these highly contested
markets, in S&P's view. Furthermore, AFL is exposed to
significantly higher credit risk inherent in its target lending
segment compared with the mainstream banking system in New Zealand,
in our opinion. S&P considers that high financial leverage within
the consolidated BCG group also constrains the group credit
profile.
S&P said, "We believe that AFL's regulatory and governance
framework afford it limited insulation from the risks arising from
the broader BCG group. The trust deed and the prudential standards
require that the finance company maintain a minimum level of
regulatory capital at all times. The trust deed also defines a
number of financial covenants and prohibits the creditors of the
rest of the BCG group to hold AFL's assets as a security.
Furthermore, we believe that economic incentives exist for
shareholder to maintain the financial strength of AFL to allow it
to continue to access debenture funding, and therefore maintain its
business sustainability.
"Nevertheless, we believe that at its current rating level, AFL's
insulation from the risks arising from the wider BCG group is not
sufficient for us to differentiate our rating on the finance
company from the group credit profile. Consequently, we rate AFL
one notch below its SACP. We believe that the regulatory and trust
deed provide good mechanisms to prevent AFL's capital levels from
falling below the regulatory minimum. At the same time, these
restrictions are insufficient, in our view, to prevent the
shareholders from reducing the buffer that AFL currently maintains
in its capital levels well above the regulatory minimum. Such lack
of insulation between AFL and the broader BCG group is not unique,
in our view. Generally, we do not assign ratings to prudentially
regulated subsidiaries that are higher than the group credit
profile for similar reasons.
"AFL's SACP remains unchanged at 'b' despite the change in its
ownership. We expect AFL to largely maintain its overall focus and
business strategy, as well as its very strong capital level, with a
risk-adjusted capital (RAC) ratio of more than 15% under our bank
capital methodology. At the same time, we expect that the new
owners will implement AFL's business strategy with renewed rigor.
"The stable outlook on AFL reflects our expectation that the
finance company's projected RAC ratio will remain above 15% in the
next two years. Notwithstanding our view of limited insulation
between AFL and the wider BCG group, we consider that there is some
headroom at the current rating level for a deterioration in the
creditworthiness of the BCG group, if that occurs without a
deterioration in AFL's SACP.
"We would expect to lower our long- and short-term ratings on AFL
within the next 12 months if we formed a view that the finance
company has become vulnerable to default in the near term such that
it is dependent on favorable business, financial, and economic
conditions to meet its financial commitments. We would also lower
our ratings on AFL if we considered that the company's financial
commitments appear to be unsustainable in the long term even if it
does not face a near-term (within 12 months) credit or payment
crisis.
"We believe upward rating prospects are limited in the next 12
months mainly because of the limited franchise and business
strength of the BCG group, high financial leverage, and higher
credit risk inherent in AFL's target lending segment."
=================
S I N G A P O R E
=================
CNA GROUP: Faces Liquidation if Appeal to Extend JM Denied
----------------------------------------------------------
The Business Times reports that CNA Group will face possible
liquidation and winding up if its appeal to further extend its
judicial management order gets rejected by the court, judicial
manager Deloitte & Touche said on March 18 in a filing responding
to Singapore Exchange queries.
It added that liquidators are likely to apply for the delisting of
the company, assuming that the SGX-ST does not grant the company
further time extension to submit the resumption of trading
proposal, BT relates. The statement added: "In such circumstances,
it is unlikely that an exit cash offer would be made to
shareholders of the company, as the company is insolvent ie
liabilities exceed its assets," BT relays.
According to BT, the judicial manager said that no hearing dates
have been fixed for the appeal and that there would be a case
management conference which will see the court giving directions on
the appeal's timeline. It added that the appeal would likely be
heard in the third quarter of 2019, with updates to be provided
when the date is fixed.
On March 11, 2019, Deloitte & Touch applied for a further extension
of the judicial management order; however, the court did not grant
it. BT says the application for appeal was heard on March 12 in the
High Court, barring Deloitte & Touch from taking further steps in
judicial management, except for applying to the SGX-ST to extend
its submission time for a resumption of trading proposal.
Singapore-based CNA Group Ltd. is engaged in the provision, design,
and implementation of integrated control and automation systems,
and information technology solutions for buildings and facilities.
The company also provides after-sales, maintenance, and facility
management services. It has operations in Singapore, China,
Vietnam, Thailand, Indonesia, the Philippines, India, and the
Middle East.
YUUZOO NETWORKS: To Close All Singapore Units, Axe Jobs
-------------------------------------------------------
The Straits Times reports that beleaguered social media company
YuuZoo Networks Group (YNG) Corp, formerly known as YuuZoo Corp, is
closing all its Singapore-based subsidiaries and terminating all
Singapore-based employees.
This was a "direct consequence" of its trading suspension, the
mainboard-listed company said in a regulatory filing submitted just
before the market opened on March 18, the report relates.
According to the Straits Times, the group said it was unable to pay
local salaries, including that of its Singapore chief executive
officer, as it was unable to access cash funds seized by the Inland
Revenue Authority of Singapore (Iras), which were returned via a
cheque some months later after it found no taxes were owing.
In the interim, YuuZoo's account was closed by its bank, which
subsequently turned down its request to open a new account, which
YuuZoo said prevented it from accessing the returned funds, the
report relates.
YuuZoo added that other Singapore-based banks also rejected its
request to open an account, and it has been unable to raise new
funds, the Straits Times relays.
YuuZoo added it has written to the Singapore Exchange to request
that its share trading suspension be lifted to raise new funds that
have been committed, and allow shareholders to make trading
decisions in the company. Meanwhile, it will continue its
operations from other offices around the world, the Straits Times
notes.
According to the report, YuuZoo's shares were first suspended in
March 2018 after then-auditor RT LLP failed to reply to two
questions posed by the SGX. The company added that the SGX had also
refused to accept its response, and asked the Commercial Affairs
Department (CAD) to investigate the company.
"The CAD investigation, which soon has been going on for a full
year, has not revealed any wrongdoing by the company. This is as
expected, as the company since the beginning of the investigation
has shown it has not committed any breach of the rules SGX asked
CAD to investigate," the statement added.
Meanwhile, Singapore Business Review reports that the CEO of YuuZoo
Networks, Mohandas, will resign over share trading suspension but
will keep his post as non-executive director.
YuuZoo Networks Group Corporation -- http://www.yuuzoo.com/-- an
investment holding company, engages in social networking,
e-commerce, payments, and gaming businesses in Singapore and
internationally. It operates through Network Development and
Franchise Sales; E-Commerce; and Logistic segments. The Network
Development and Franchise Sales segment is primarily involved in
building mobile-optimized device agnostic that targets social
e-commerce networks for businesses and consumers. This segment also
sells franchise and marketing rights. The E-Commerce segment
provides a range of services for online mobile transactions,
including payment processing, advertising, mobile social games, and
other online transactions.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 11, 2019 to March 15, 2019
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.38
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66
CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50
FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95
SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48
SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86
SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19
TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39
WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44
DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50
PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20
INDIA
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3I INFOTECH LTD 2.50 03/31/25 USD 10.36
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 18.25
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 18.28
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 31.35
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.74
ASHOKA HIGHWAYS BHANDAR 2.00 09/19/22 INR 72.98
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 54.90
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 55.06
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 65.89
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 67.55
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 69.44
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 71.55
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.28
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 29.31
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 35.93
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 49.32
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 49.93
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 49.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 51.96
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 53.66
GREEN URJA PVT LTD 0.01 02/14/30 INR 35.94
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 69.13
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 46.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 41.97
IL&FS PARADIP REFINERY 1.50 08/29/22 INR 74.90
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 67.54
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 20.14
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 18.78
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 60.37
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 54.70
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 67.89
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 22.75
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 20.76
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 20.76
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 19.71
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 58.63
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 32.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 35.33
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 38.06
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 41.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 44.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 47.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 51.74
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 55.92
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 60.44
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 65.32
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 20.48
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 60.21
REI AGRO LTD 5.50 11/13/14 USD 0.32
REI AGRO LTD 5.50 11/13/14 USD 0.32
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 25.48
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 55.79
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
TN URJA PVT LTD 0.10 02/22/36 INR 23.53
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.75
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 49.31
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05
SAMPYO CEMENT CO LTD 7.50 04/20/14 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
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.80
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.33
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29
I-BHD 3.00 10/09/19 MYR 0.29
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25
PUC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 68.00
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57
SINGAPORE
---------
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.60 09/23/19 SGD 45.01
HYFLUX LTD 4.25 09/07/18 SGD 45.38
HYFLUX LTD 4.20 08/29/19 SGD 45.79
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32
OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24
THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 69.96
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.56
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81
*********
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 2019. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
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