/raid1/www/Hosts/bankrupt/TCRAP_Public/190611.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, June 11, 2019, Vol. 22, No. 116
Headlines
A U S T R A L I A
A & A LAWYERS: Second Creditors' Meeting Set for June 17
CAMPFIRE AUSTRALIA: Second Creditors' Meeting Set for June 17
J R E Constructions: First Creditors' Meeting Set for June 18
KRANECREW MANAGEMENT: First Creditors' Meeting Set for June 19
SONG COMPANY: Second Creditors' Meeting Set for June 18
VALLEC EP: Goes Into Liquidation; Owes More than AUD3MM
I N D I A
4S SPINTEX: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable
AGEL-POOL: Fitch Rates $500MM Senior Secured Notes Final 'BB+'
AKSH OPTIBRE: CARE Lowers Rating on INR183.79cr ST Loan to D
ATLAS TEXTILES: CARE Maintains D Rating in Not Cooperating
BUDS TEA: CRISIL Maintains D Rating in Not Cooperating Category
CHAUHAN POULTRY: CRISIL Maintains B Rating in Not Cooperating
CORONET ENGINEERS: CRISIL Lowers Rating on INR4.68cr Loan to B+
DEWAN HOUSING: CRISIL Cuts Rating on INR850cr Commercial Paper to D
DURABLE TRANSFORMERS: CRISIL Retains D Rating in Not Cooperating
EROS INTERNATIONAL: S&P Withdraws Prelim. 'B+' Issuer Credit Rating
GAGAN TREXPO: CRISIL Maintains 'B' Rating in Not Cooperating
GAYA RAILWAY: CARE Downgrades Rating on INR9cr LT Loan to B
GIAN JYOTI: CRISIL Maintains B- Rating in Not Cooperating
GMR WARORA: CARE Lowers Rating on INR3,058cr LT Loan to D
GRACE MANUFACTURING: CRISIL Retains B+ Rating in Not Cooperating
IND-BARATH POWER: CARE Maintains D Rating in Not Cooperating
J P AND COMPANY: CARE Lowers Rating on INR12cr LT Loan to B-
JAYPEE INFRATECH: Home Buyers May Soon Stop Paying EMIs
JET AIRWAYS: Two Creditors File Two Separate Insolvency Pleas
KHEM CHAND: CARE Maintains B+ Rating in Not Cooperating Category
KISAN OLEOCHEM: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
M.K. MATHIVATHANAN: CARE Cuts INR20.32cr Loan Rating to B, Not Coop
NEEL KRISHNA: CARE Maintains D Rating in Not Cooperating
NIHA INTERNATIONAL: CARE Cuts INR7.45cr Loan Rating to B, Not Coop.
PRIME URBAN: Ind-Ra Cuts LT Issuer Rating to 'B+', Outlook Stable
REFLECTION INVESTMENTS: CRISIL Cuts INR14cr Loan Rating to D
SAU MATHURABAI: CARE Maintains D Rating in Not Cooperating
SHRI SAI: CARE Lowers Rating on INR360.61cr LT Loan to D
SOLEX ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Now Pos.
SONALAC PAINTS: CRISIL Maintains B+ Rating in Not Cooperating
SRI RANILAKSHMI: CARE Lowers Rating on INR12cr LT Loan to B
SSPT LOGISTICS: CARE Maintains B+ Rating in Not Cooperating
VISHWA INFRASTRUCTURES: CARE Maintains D Rating in Not Cooperating
VKAN UNITED: CARE Assigns 'B+' Rating to INR6.0cr LT Loan
N E W Z E A L A N D
ARROW INTERNATIONAL: Creditors Vote to Place Firm in Liquidation
CRYPTOPIA LIMITED: Investors Await for More Information
KONIG GOURMET: Placed in Liquidation Over Debt
S I N G A P O R E
ALPHA ENERGY: Restructures Loan Taken from ING Capital
X X X X X X X X
[*] BOND PRICING: For the Week June 3, 2019 to June 7, 2019
- - - - -
=================
A U S T R A L I A
=================
A & A LAWYERS: Second Creditors' Meeting Set for June 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of A & A Lawyers
Pty Ltd has been set for June 17, 2019, at 3:00 p.m. at the
Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31 Market
Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 14, 2019, at 4:00 p.m.
Gavin Moss of Chifley Advisory was appointed as administrators of A
& A Lawyers on May 10, 2019.
CAMPFIRE AUSTRALIA: Second Creditors' Meeting Set for June 17
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Campfire
Australia I Pty Ltd and Campfire Holdings Australia Pty Ltd has
been set for June 17, 2019, at 3:00 p.m. at the offices of
McGrathNicol, at Level 12, 20 Martin Place, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 14, 2019, at 4:00 p.m.
Jason Preston and Katherine Sozou of McGrathNicol were appointed as
administrators of Campfire Australia on May 10, 2019.
J R E Constructions: First Creditors' Meeting Set for June 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of J R E
Constructions Pty. Limited will be held on June 18, 2019, at 10:30
a.m. at the offices of TPH Insolvency, Suite 101, at 167b The
Entrance Road, in Erina, NSW.
Amanda Lott and Timothy Heesh of TPH Insolvency were appointed as
administrators of J R E Constructions on June 5, 2019.
KRANECREW MANAGEMENT: First Creditors' Meeting Set for June 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kranecrew
Management Australia Pty Ltd will be held on June 19, 2019, at
11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66
Clarence Street, in Sydney, NSW.
Daniel John Frisken of O'Brien Palmer were appointed as
administrators of Kranecrew Management on June 6, 2019.
SONG COMPANY: Second Creditors' Meeting Set for June 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of The Song
Company Pty Ltd has been set for June 18, 2019, at 11:30 a.m. at
the offices of CRS Insolvency Services, at Level 5, 379 Kent
Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 17, 2019, at 5:00 p.m.
Anthony John Warner and Trevor Mark Pogroske of CRS Insolvency
Services were appointed as administrators of Song Company on May
13, 2019.
VALLEC EP: Goes Into Liquidation; Owes More than AUD3MM
-------------------------------------------------------
Newcastle Herald reports that a Hunter electrical company that
sponsored the Sydney Swans AFL team has gone into liquidation owing
more than AUD3 million, including more than AUD250,000 in
entitlements to 14 employees.
Vallec, Vallec EP and Vallec MP were voluntarily placed in the
hands of a liquidator last week, according to the Herald.
The Herald says the companies, owned by Tobias McCosker, 31, of
Maitland, were previously known as Valley Electrical and Valley
Electrical and Air.
The business, that had an office in Sydney, mainly carried out
electrical work on large commercial construction projects
throughout the Hunter and Sydney. It also offered electrical
maintenance services.
According to the report, documents filed with the Australian
Securities and Investments Commission (ASIC) detail a host of
Hunter-based unsecured creditors that are likely to receive nothing
following the collapse.
These include Lear and Smith Electrical Wholesalers listed as being
owed AUD230,000 and Maxim Accounting owed AUD10,000.
Investigations are still underway and the full picture regarding
the group's debts are not yet clear, the Herald notes. The ASIC
documents list a number of creditors with debts still to be
advised.
It's understood the group of companies owned no property and had
few assets. Vallec EP was listed as owning two Mereceds sports
cars, five 4WD vehicles, computers and office equipment, the Herald
states.
According to documents submitted to the liquidator by Mr McCosker,
the three companies had no money in the bank and only 63 cents in
cash, the Herald relays.
Vallec EP is listed as having AUD442,874 in assets, which was made
up of about AUD185,000 owed to it by debtors, AUD8000 in stock and
AUD249,000 in plant and equipment.
The report says the business premises in Elwell St, Beresfield,
where the group was located was sold in February for AUD1.45
million.
It was owned by a company called R&T Holdings, that was half owned
by Mr. McCosker and half owned by a Maitland woman.
R&T Holdings purchased the commercial site in 2015 for AUD361,900.
In March last year, Vallec signed on as a sponsor of the Sydney
Swans football club for the 2018 AFL season, the report recounts.
At the time, Sydney Swans chief executive Andrew Ireland said the
club would be working with Vallec to help "establish their own
programs in support of Indigenous youth employment and gender
equality in the workforce".
The Sydney Swans are listed as being owed AUD108,817 by Vallec.
The company also used to sponsor Surfest, the report notes.
Liquidator Jarvis Archer, of Revive Financial, did not respond to
requests for comment.
=========
I N D I A
=========
4S SPINTEX: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded 4S Spintex India
Private Limited's (4S Spintex) Long-Term Issuer Rating to 'IND B+'
from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based working capital limit downgraded with
IND B+/Stable/IND A4 rating; and
-- INR 109.5 mil. (reduced from INR121.6 mil.) Term loan due on
February 2026 downgraded with IND B+/Stable rating.
KEY RATING DRIVERS
The downgrade reflects deterioration in 4S Spintex's net financial
leverage (adjusted net debt/operating EBITDA) to 12.0x in FY19
(FY18: 6.5x), mainly due to a decline in absolute EBITDA to INR18.3
million (FY18: INR34.1 million). However, interest coverage
(operating EBITDAR/gross interest expense) improved to 2.6x (1.5x)
due to the interest subsidy received by the company in March 2019.
EBITDA margins were modest at 4.9% in FY19 (FY18: 11.2%) due to
industry competitiveness; RoCE was 2.0% (8%). The scale of
operations is small-to-medium despite revenue improving to INR370.3
million in FY19 (FY18: INR303.4 million) due to higher orders from
customers.
The rating factor in 4S Spintex's modest liquidity, indicated by
around 95% of fund-based limits over the 12 months ended May 2019.
Cash flow from operations improved to negative INR0.3 million in
FY19 (FY18: negative INR10.5 million) due to an improvement in the
working capital cycle to 58 days (94 days) on lower inventory days
of 68 (126). Moreover, cash and cash equivalent stood at INR4.6
million at FY19 (FY18: INR5.8 million).
The ratings, however, are supported by 4S Spintex's location
advantage as it's located in Krishna district, Andhra Pradesh,
where the firm's main raw material, cotton, is available in
abundance. The ratings are further supported by the promoter's
experience of around three decades in the cotton industry, leading
to established relations with customers and suppliers.
RATING SENSITIVITIES
Negative: Any decline in the revenue and/or profitability resulting
in a sustained deterioration in the credit profile will lead to
negative rating action.
Positive: A substantial growth in the top-line while maintaining
the profitability leading to improved credit metrics, all on a
sustained basis, will lead to positive rating action.
COMPANY PROFILE
Incorporated in August 2012, 4S Spintex manufactures carded cotton
yarn.
AGEL-POOL: Fitch Rates $500MM Senior Secured Notes Final 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to AGEL - Pool
1's USD500 million senior secured notes due 2024. AGEL - Pool 1
includes three subsidiaries of Adani Green Energy Limited. AGEL is
mainly involved in solar and wind power generation in India and has
a portfolio of about 4.6GW of generation capacity, of which around
2.0GW is operational.
AGEL - Pool 1 plans to use the proceeds from the notes to refinance
some of its debt at the operating entities within the restricted
pool, as defined in the indenture to the notes. Balance borrowings
at the operating entities will be refinanced through Indian
rupee-denominated domestic bank loans. The US dollar notes will
rank pari passu to the domestic bank loans.
The US dollar notes are issued in part by each of the three
subsidiaries and are stapled together to mimic the structure of the
restricted pool. All reserve, default or acceleration triggers will
be on the basis of the pool - there will be no individual trigger
at any SPV. All three SPVs jointly and severally guarantee the
notes and bank loans.
AGEL's equity holdings in each of the SPVs and substantially all of
the SPVs' assets are pledged to note holders and rupee bank-loan
lenders. Each lender at any SPV has a pari passu first-ranking
charge on all of AGEL's holdings in all SPVs that are part of the
pool. The issuers directly own operating assets and are not mere
lenders to the operating entities, unlike other rated issuances
from most Indian restricted groups.
The assignment of the final rating follows a review of the final
documentation conforming to the draft documentation previously
received. The final rating is the same as the expected rating
assigned on 15 May 2019.
KEY RATING DRIVERS
Capped, Amortising Debt: Any additional senior debt is allowed only
if the project-life cover ratio (PLCR)-based debt-sizing test is
met, its term ends at least a year before the end of the average
remaining life of the pool's power-purchase agreements (PPAs) and
credit ratings are maintained by at least two agencies. Total
senior debt will fully amortise within the contract life of the
pool's PPAs, in accordance with the slated amortisation schedule,
with all covenants applicable through the life of the PPAs.
Restricted Distributions: Any cash flow out of the restricted pool
will follow a defined waterfall, which also accounts for PLCR-based
debt sizing and maintenance capex. The cash distribution is also
subject to a debt-service cover ratio (DSCR; management's EBITDA
estimates include viability gap funding receipts)-based test, with
partial restrictions on distribution at 1.55x and a 100% cash trap
within the pool below 1.35x. The cash-based covenant will also
arrest any distribution from the pool if the receivable position
deteriorates. The ratings reflect the pool's standalone credit
profile in light of the restricted nature of the pool.
Protection from Technology, Counterparty Deterioration: The
covenants also require capex for repowering of the solar panels to
address a fall in load factors from panel degradation, as part of
the cash flow waterfall. A prolonged degradation of panels will
result in lower EBITDA estimates over the life of the projects,
capping maximum allowed debt through cash traps based on the PLCR
test. The covenants also require cash flow expected from
sovereign-backed entities, based on P90 load factors, to be
sufficient to service all senior interest and 75% of planned senior
debt amortisation. The PLCR will be increased in case of any
deviation because of under-performance of associated assets,
resulting in a reduction in total debt levels until compliance with
the condition is ensured.
Continuance Undertaking, Lower Refinancing Risk: The built-in
checks and balances, including amortisation of senior debt,
restrictions on cash distributions and protection from technology
and counterparty degradation, will be applicable through the life
of the assets and not only the notes. The PLCR test on refinancing
will protect the pool against fluctuation in interest costs by
limiting debt. Cash distribution will not be allowed to
subordinated debt lenders or equity holders if an acceptable
refinance plan is not ready 12 months and one day before the due
maturity of the notes, thereby locking 18 months of cash within the
pool. Fitch believes association with Adani Group will also support
AGEL's access to funding in both banking and capital markets.
Strong Counterparty Profile: About 57% of the restricted pool's
capacity has PPAs contracted with sovereign-backed entities (NTPC
Limited (BBB-/Stable) and Solar Energy Corporation of India
Limited), addressing both receivable and curtailment risks.
State-owned power distribution utilities account for the rest. Most
state utilities have weak credit profiles, but the restricted
pool's risk is mitigated by exposure to three different utilities.
Receipts from state utilities could be delayed, exerting
working-capital pressure, but renewable developers do not have to
write-off receivables in India.
Price Certainty, Volume Risk: Long-term PPAs for all of the
restricted pool's assets offer long-term visibility of cash flow
and support the pool's credit profile. Significant off-take by
sovereign-backed entities, spread across state utilities, also
reduces realisation risk. Production volume will vary with seasonal
and climatic patterns, although the long-term PPAs provide
protection from price risk.
Reasonable Record, Locational Diversification: About 84% of
capacity commenced operation more than a year ago, with another 11%
two years ago. A 50MW power project in Uttar Pradesh started in
May. Reliance on relatively stable and predictable solar resources
mitigates the risk of a shorter operational record. Projects are
also diversified across eight Indian states, limiting regulatory
risk.
Financial Performance to Improve Further: Fitch expects financial
leverage, as measured by net-adjusted debt/operating EBITDAR, of
AGEL - Pool 1 to improve to less than 5.0x by the financial year
ending March 2021 (FY21) (FY19: 5.7x, FY18: 21.8x). Thereafter, the
agency expects gradual improvement in the financial profile in line
with the amortisation schedule of borrowings over the life of the
PPAs. Management intends to upstream cash generated by the
restricted pool to the group companies outside the restricted pool
subject to note covenants. There is foreign-exchange risk, as the
restricted pool's earnings will be in Indian rupees and the notes
are denominated in US dollars. However, management plans to
substantially hedge the foreign-exchange risk.
DERIVATION SUMMARY
Fitch sees ReNew RG II (US dollar notes: BB), Greenko Dutch B.V
(GBV, US dollar notes: BB) and Azure Power Energy Ltd. (APEL, US
dollar notes: BB-) as peers of AGEL - Pool 1. The financial
profiles of the three peers may fare close to or slightly better
than that of AGEL - Pool 1 over the next three to four years;
however, AGEL - Pool 1's slated debt structure amortising over the
life of projects, with minimal refinancing and interest-rate risk,
warrants a longer-term view of AGEL's credit profile.
ReNew RG II's US dollar notes were also issued directly by its
operating SPVs. ReNew RG II's rating benefits from its majority
solar (56%) portfolio, amortisation of Indian rupee debt,
restriction on additional debt (aside from working capital
facilities), interest income from upstream cash and consequently
improving financial profile. AGEL - Pool 1 has a 100% solar
portfolio with better counterparties and a stronger and restrictive
structure (cash traps increase as DSCR falls to 1.35x from 1.55x).
Combined, AGEL - Pool 1's notch of difference is justified in the
credit assessment, in Fitch's view.
GBV is a restricted group with a total capacity of 1,075MW spread
across wind (41%), solar (37%) and hydro (22%). The company has
also been operating for a longer duration on an average basis.
Fitch regards the credit-assessment difference of one notch as
justified in light of AGEL - Pool 1's pure solar play, 57% exposure
to sovereign-backed counterparties, better transaction structure
and built-in checks and balances.
APEL is also a pure solar play with about 33% of capacity
contracted with sovereign-backed entities. APEL's projects have a
longer operating history. However, Fitch believes AGEL - Pool 1's
stronger transaction structure, along with 57% exposure to
sovereign-backed counterparties, justifies two notches of
difference in ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Deemed/actual amortisation in line with management's guidance
- Plant-load factors ranging from 21% to 30% across all assets
- Plant-wise tariffs in accordance with respective PPAs
- EBITDA margin in the region of 73%-94% for all assets
- Receivable days of 30 days to 60 days for contracts with
sovereign-backed entities. Receivables days of 40 days to 160 days
for contracts with state-distribution utilities
- All cash (excluding amortisation) to be upstreamed to the
parent, subject to note covenants
- No new assets to be added in the restricted pool
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Positive rating action is not probable over the medium-term as
the rating reflects anticipated improvement in credit metrics. The
business profile is not expected to change in light of the
restricted nature of the pool.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Inadequate gradual improvement in leverage, as measured by
adjusted net amortised debt/operating EBITDAR, to below 4.7x by
end-FY23 and the mean leverage estimate over the weighted-average
life of the PPAs considerably higher than 3.5x.
- The projected average DSCR dropping below 1.5x as a result of
operational interruptions or other factors.
- Significant, prolonged deterioration of the restricted group's
receivable position.
- Significant increase in refinancing risk, including that caused
by major weakening of the parent's credit profile.
- Failure to adequately mitigate foreign-exchange risk.
LIQUIDITY AND DEBT STRUCTURE
Liquidity to Improve: The refinancing of the majority of AGEL -
Pool 1's project debt by the US dollar notes will result in
moderate debt maturities in the medium-term and supports
improvement in its liquidity. Management plans to upstream cash
flow generated by AGEL - Pool 1 to the parent, subject to note
covenants, including deemed/actual amortisation of debt.
AKSH OPTIBRE: CARE Lowers Rating on INR183.79cr ST Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aksh Optibre Limited (AOL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 112.41 CARE D Revised from CARE BBB;
Facilities Stable
(Term Loan)
Long Term Bank 70.80 CARE D Revised from CARE BBB;
Facilities Stable
(Fund Based)
Short Term Bank 183.79 CARE D Revised from CARE A3+
Facilities
(Non-Fund Based)
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of AOL
takes into account the ongoing delays in debt servicing along with
ongoing devolvement of LC (letter of credit). The delays are on
account of stressed liquidity position resulting from delayed
realizations from customers leading to cash flow mismatches. The
average receivable days increased to 135 days in FY19 (refers to
period from April 1 to March 31) from 114 days in FY18.
Analytical approach: Standalone. However, the support extended by
AOL to the subsidiaries has been factored in.
Aksh Optifibre Limited (AOL) was incorporated in March 1986 as a
manufacturer of Poly Vinyl Chloride (PVC) and Polyethylene (PE)
insulated specialty cables. In 1994, the company ventured into
manufacturing of Optical Fibre Cables (OFCs) and did backward
integration in 1995 by setting up a plant for Optical Fibre (OF) in
Bhiwadi, Rajasthan. In 2000, AOL acquired Fibre Reinforced Plastic
Rods (FRP rods) business which is a key raw material for OFC
(mainly used at the strength membrane in OFC).
The company is also undertaking e-governance services, which
includes 10,000 plus e-Governance kiosks in the state of Rajasthan
and is also providing smart city/ turnkey solutions, which includes
installation and managing of OFC turnkey of 350 kms in Jaipur smart
city project.
ATLAS TEXTILES: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Atlas
Textiles (AT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 1.68 CARE D Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 9.25 CARE D Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 22, 2018, placed the
rating(s) of AT under the 'issuer non-cooperating' category as AT
had failed to provide information for monitoring of the rating. AT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2019, May 14, 2019 and May 15, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on March 22, 2018 the following were the
rating weaknesses:
Key Rating Weakness
Ongoing delays in meeting of debt obligations: The firm was unable
to generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting its debt
obligations in time.
Established in 1988 as proprietorship concern and later
reconstituted as partnership concern in July 2011, Atlas Textiles
(AT) is engaged in manufacturing of readymade garments (mainly
knitted and hosiery garments for men, women and kids). AT has two
manufacturing facilities located in Tirupur with aggregate
installed capacity of 20,000 pieces per day. The entity procures
entire raw materials (mainly Yarn, cloth and accessories) from the
local market. AT is an exports oriented firm and exports 100% of
its sales to clients base in UK, USA, Italy and South Africa.
In FY16, AT reported a PAT of INR0.37 crore on a total operating
income of INR22.30 crore, as against a PAT and TOI of INR0.26 crore
and INR23.38 crore respectively in FY15.
BUDS TEA: CRISIL Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Buds Tea Industries
Limited (BITL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 20 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 8.75 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BITL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 BITL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BITL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of BITL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'
BITL, established in 2006, manufactures and trades in the CTC
variety of tea, and has a plant near Jalpaiguri, West Bengal.
CHAUHAN POULTRY: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of with Chauhan Poultry
Farm (CPF) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.25 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 1.00 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 5.75 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with CPF for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 CPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of CPF continues to be 'CRISIL B/Stable Issuer not
cooperating'.
CPF, set up as a partnership firm in 1990s, manages a poultry farm
in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-laying
birds. The firm is promoted by Mr. Mansingh.
CORONET ENGINEERS: CRISIL Lowers Rating on INR4.68cr Loan to B+
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Coronet Engineers
Private Limited (CEPL) revised to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.42 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit .90 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Letter of Credit 2.00 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 4.68 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 CEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of CEPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
CEPL, incorporated in October 1998, is in the industry automation
field. The company's manufacturing facility is in Kundali, Haryana,
and has capacity to manufacture 1000 control panels per annum.
DEWAN HOUSING: CRISIL Cuts Rating on INR850cr Commercial Paper to D
-------------------------------------------------------------------
CRISIL has downgraded its rating on the commercial paper (CP) of
Dewan Housing Finance Corporation Limited (DHFL) to 'CRISIL D' from
'CRISIL A4+'. The rating has been removed from 'Rating Watch with
Negative Implications'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Commercial Paper 850.00 CRISIL D (Downgraded from
ST 'CRISIL A4+'; Removed from
'Rating Watch with Negative
Implications')
The downgrade reflects delays in debt servicing by DHFL on some of
its non-convertible debentures (NCDs) - not rated by CRISIL -
because of inadequate liquidity. The payments were due on June 4,
2019. DHFL has INR850 crore of outstanding CPs of which INR750
crore is due in June 2019. The first CP maturity is on June 7,
2019. With liquidity inadequate as on date to service debt and
visibility very low on timely fund raising, CRISIL expects the CP
to be in default on maturity.
Analytical Approach
For arriving at the rating, CRISIL has evaluated the standalone
business and financial risk profiles of DHFL.
Key Rating Drivers & Detailed Description
Weakness:
* Delay in debt servicing due to inadequate liquidity: DHFL has
delayed debt servicing on some of its non-convertible debentures
(NCDs)--not rated by CRISIL--because of inadequate liquidity. The
payments were due on June 4, 2019. DHFL has INR850 crore of
outstanding CPs of which, INR750 crore is due in June 2019. The
first CP matures on June 7, 2019. With liquidity inadequate as on
date to service debt and visibility very low on timely fund
raising, CRISIL expects the CP to be in default on maturity.
* Modest capital position: Reported networth and capital adequacy
ratio were INR10,750 crore and 17.74%, respectively, as on December
31, 2018 (INR10,401 crore and 16.19%, respectively, as on September
30, 2018). Reported gearing was 9.3 times. Gearing adjusted for
securitisation also remained high at 12.1 times.
* Modest earnings: Return on managed assets, though stable at 1.3%
during the first nine months of fiscal 2019, was lower than that of
peers (reported return on assets was 1.4%), primarily because of
intense competition resulting in low spreads, and high operating
expenses on account of large branch network and small ticket size
of loans.
Strengths:
* One of the large players in housing finance industry: DHFL has
been in the housing finance industry for more than 30 years. On a
standalone basis, it had assets under management (AUM) of
INR126,720 crore as on December 31, 2018 (INR130,182 crore as on
September 30, 2018). The company also has a large presence in the
affordable housing finance segment, and remains focused on
providing funding options primarily to low- and middle-income
customers in Tier II and Tier III cities (which comprised a
majority of its network of 352 branches as on December 31, 2018).
In terms of AUM mix, around 57% loans were towards housing, 21%
towards loans against property (LAP), 17% towards project loans,
and 5% towards loans to small and medium enterprises (SMEs).
* Reported asset quality metrics are low so far; to be monitored
going forward: Based on reported numbers as on December 31, 2018,
DHFL has low gross non-performing assets (GNPAs) of 1.12% (0.96% as
on September 30, 2018). On a two-year lagged basis, GNPAs stood at
1.6% as on December 31, 2018. Asset quality in the housing loan
segment is supported by a relatively low-risk, granular loan book
because of focus on low- and middle-income customers-average ticket
size is INR15 lakh.
Given the pressure on fund-raising and liquidity at the industry
level, asset quality in segments such as loans to SMEs, loan
against property (LAP), and real estate developer loans will be the
key monitorables going forward. That is because of the sensitivity
of the borrowers in these segments to a prolonged funding crunch.
So, while current delinquencies are not high, if the funding
situation for non-banks does not stabilise over time, asset quality
challenges could manifest. However, CRISIL notes that DHFL's
reported asset quality metrics have remained healthy till date.
CRISIL also notes that the current challenges in the overall credit
profile of DHFL has not yet impacted collections. As per
management, DHFL's current collection efficiency till March 2019
remains above 99%, in line with past trends. Further, their
collections are primarily in non-cash mode and their ECS repayment
return rates over the last six months are similar to pre-September
levels. CRISIL will continue to monitor closely DHFL's collection
efficiency and asset quality metrics.
Liquidity
DHFL has weak liquidity as reflected in the delays in debt
servicing. DHFL has INR850 crore of outstanding CPs of which INR750
crore are due in June 2019. The first CP maturity is on June 7,
2019. With liquidity inadequate to service debt and visibility very
low on timely fund raising, CRISIL expects the CP to be in default
on maturity.
Scheduled aggregate cash outflows (including loan repayment and
securitisation payouts) till July 2019 remains high at an estimated
INR6,200 crore. CRISIL understands that many of the investors in
NCDs with acceleration clauses have not yet exercised their
acceleration rights. With this delay, CRISIL believes there is
heightened risk of acceleration, thereby materially increasing the
debt servicing commitments of DHFL. DHFL estimates collection from
loan assets at INR2,200 crore per month.
Incorporated in 1984, DHFL primarily provides housing finance to
low- and lower-middle-income groups in Tier II and Tier III cities.
The company also offers non-housing loans such as LAP, developer
loans, and SME loans. In December 2010, it acquired Deutsche Post
Bank Home Finance Ltd (DPBHFL) to enter the middle- and
upper-middle-income segments in Tier I cities. DPBHFL was renamed
First Blue Housing Finance Ltd and was merged with DHFL in March
2013. DHFL has a pan-India presence through 352 customer touch
points as on December 31, 2018.
Profit after tax (PAT) and total income (net of interest expense)
stood at INR1,172 crore and INR2,500 crore, respectively, during
fiscal 2018, against PAT (including one-time gain from sale of
investment) and total income (net of interest expense) of INR2,896
crore and INR4,173 crore, respectively, in fiscal 2017.
For the nine months ended December 31, 2018, PAT was INR1,187 crore
and total income (net of interest expense) was INR2,407 crore.
DURABLE TRANSFORMERS: CRISIL Retains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Durable Transformers
Private Limited (DCPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 4 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 DCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of DCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). The two companies, together referred to as the Durable
group, have common teams managing key functions, such as finance,
marketing, and procurement, at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.
DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.
DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.
EROS INTERNATIONAL: S&P Withdraws Prelim. 'B+' Issuer Credit Rating
-------------------------------------------------------------------
S&P Global Ratings withdrew its preliminary 'B+' issuer credit
rating on Eros International Plc. S&P said, "We assigned the
preliminary rating to Eros on April 11, 2019, based on the
company's proposed issuance of senior unsecured notes to refinance
its existing debt facilities. However, the company has not issued
the notes within the time frame we expected. As a result, we are
withdrawing our preliminary rating."
GAGAN TREXPO: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gagan Trexpo Private
Limited (GTPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 15 CRISIL A4 (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GTPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 GTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GTPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
GTPL (formerly, Riya Technology Pvt Ltd), based in Delhi, began
operations in June 2016, by undertaking merchant trading in dry
fruits. Operations are managed by Mr King Kakkar.
GAYA RAILWAY: CARE Downgrades Rating on INR9cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gaya Railway Infra Private Limited (GRIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.00 CARE B; Stable; Issuer Not
Facilities Cooperating; Revised from
CARE B+ on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 10, 2018, placed the
rating of GRIPL under the 'issuer non-cooperating' category as
GRIPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. GRIPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated May 16, 2019.In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in the rating factors in the losses registered by the
company in FY18, leading to erosion of networth. The rating further
takes into account the small in the scale of operations,
deterioration in the capital structure, execution and
implementation risk of the project along with presence in the
highly competitive and fragmented retail industry. The above
weaknesses are partially offset by the satisfactory experience of
promoters and strategic location of the project.
Detailed description of the key rating drivers
At the time of last rating on January 10, 2018, following were the
rating strengths and weaknesses: (Updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
Small scale of operations with along with losses registered: The
company has small scale of operations as reflected by total income
from operations of INR0.50 Lakh and tangible net worth of INR58.40
Lakh, thus restricting its financial flexibility.
Further, the company has registered cash loss in FY18, leading to
erosion of networth.
Leveraged capital structure: The capital structure of the company
further deteriorated and stood leveraged with an overall gearing of
30 x, owing to high dependence on external borrowings.
Project execution and implementation risk: GRIPL is in the process
of construction and development of multi-functional complex over
the area of 72300 sq. ft. land at Gaya, Bihar. The proposed project
was expected to complete by January 2017.
Presence in a competitive environment: The retail industry in India
has shown a robust growth especially in the organized retail
segment, yet the industry is characterized by dominance of
unorganized segment. This leads to intense competition among small
players.
Key Rating Strengths
Experienced Promoters: GRIPL is a wholly owned subsidiary of SGR
Ventures Private Limited, which is further promoted and managed by
Mr. Sunil Raisoni, Mr. Pravin Pohankar and Mr. Nitesh Sankecha. The
promoters have an average experience of more than one and a half
decade in the diversified industries and however they all are
involved in managing the day-today affairs of the business. Being
in the industry for long has helped the promoters in gaining
adequate acumen about the industry.
Strategic location of the project: GRIPL is currently developing a
multifunctional complex at Gaya, Bihar, which is located near to
Gaya Railway Station (at a distance of 50 meters). The project site
is located at a distance of 100 kilometers from the capital of
Bihar, i.e. Patna thereby providing an easy access to connectivity
from railway, main bus stand and Gaya International Airport
creating a demand for the commercial complex.
Incorporated in November 19, 2014, GRIPL is a special purpose
vehicle (SPV) formed by SGR Ventures Private Limited (SGRVPL) for
construction and development of multi-functional complex at Gaya,
Bihar awarded by Rail Land Development Authority (RLDA) to be
operated on a built-operate-transfer (B-O-T).
GIAN JYOTI: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Gian Jyoti
Educational Society (GJES) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 17.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GJES for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 GJES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GJES is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GJES continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
GJES was established in 1974 by Mr J S Bedi. The society manages
three institutes'Gian Jyoti Global School (GJGS), Gian Jyoti
Institute of Management and Technology (GJIMT), and Gian Jyoti
Group of Institutions (GJGOI)'in Mohali and Shambhu Kalan in
Punjab. It established GJGS in 1974 in Mohali GJIMT in 1998 in
Mohali; and GJGOI in 2012 in Shambhu Kalan. Mr Bedi oversees the
society's operations.
GMR WARORA: CARE Lowers Rating on INR3,058cr LT Loan to D
---------------------------------------------------------
CARE has revised the ratings for bank facilities S.No. (i) to (iii)
of GMR Warora Energy Limited (GWEL) to 'CARE D'. Instruments with
this rating are in default or are expected to be in default soon.
The revision in the ratings takes into account the unforeseen
deterioration in the liquidity profile of GWEL on account of delay
in realization of receivables from its offtakers resulting in
delays in debt servicing by the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
(i) Long Term Bank 3,058.00 CARE D Revised from
Facilities (Term CARE BB+; Stable
Loan)
(ii) Long/Short 390.00 CARE D/CARE D Revised
Term Bank From CARE BB+; Stable/
Facilities (CC/LC) CARE A4+
(iii) Short Term 230.00 CARE D Revised from
Bank Facilities CARE A4+
(BG)
(iv) Non-Convertible 75.00 CARE C; Stable Revised
Debentures from CARE BB+; Stable
The revision in the rating of instrument S.No (iv) takes into
account the stretched liquidity position of the company on account
of delay in receivables from its offtakers. The ratings continue to
remain constrained by the under recovery of capacity charges w.r.t
to PPA with Maharashtra State Electricity Distribution Company
Limited (MSEDCL) and Tamil Nadu Generation and Distribution
Corporation (TANGEDCO), below average financial risk profile of
GWEL characterized by high overall gearing, marginal debt coverage
indicators and relatively weak credit profile of its off-takers.
The ratings continue to derive strength from the experience of its
promoters in operating power projects, its long-term power off-take
arrangement for entire capacity and Fuel Supply Agreement (FSA) for
coal supply with South Eastern Coalfields Ltd (SECL).
Going forward, the company's ability to service its debt
obligations in a timely manner and register improvement in its
overall financial risk profile shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in servicing of debt obligations: The company has reported
delays in servicing of debt obligations related to bank facilities
S.No (i) to (iii) as confirmed by the lenders to the company. GWEL
is supplying power to DNH, MSEDCL and TANGEDCO. Among the three
utilities, TANGEDCO is having a relatively weak financial profile
as reflected by high AT&C losses, significant subsidy support from
the government, and relatively long payable cycle. GWEL has faced
delays in receiving payment from TANGEDCO resulting in
deterioration in liquidity profile of the company and hence delays
in servicing of debt obligations related to bank facilities.
Weak financial risk profile marked by leveraged capital structure:
GWEL has below average financial risk profile characterised by high
overall gearing and marginal debt coverage indicators. The net
worth of the company stood low at INR298.92 crore during FY18
largely on account of accumulated losses. Overall gearing of the
company though improved to 11.90x as on March 31, 2018 (PY:
35.51x), continued to remain high. Debt coverage ratios improved
but still remained marginal, as total debt to gross cash accrual
and interest coverage ratio was 11.28x and 1.74x respectively as on
March 31, 2018 (PY: 14.14x and 1.53x respectively).
Key Rating Strengths
Experienced promoter group with experience in developing power
projects: GWEL is a part of GMR group which is a major player in
the infrastructure sector through its flagship company GMR
Infrastructure Limited and has been developing projects in India
and abroad in areas such as airports, energy, transportation, etc.
Over the years GMR group has successfully implemented various power
projects and has substantial experience in developing and operating
diversified fuel based power projects.
Long-term PPAs in place providing revenue visibility: The company
has long term PPAs for entire capacity including PPA for 200MW with
DNH, 200 MW with MSEDCL and 150MW with TANGEDCO while the balance
power is for auxiliary consumption. This arrangement with its
clients ensures long term revenue visibility for GWEL with 100% of
net capacity of its plant. All the PPA provides tariff recoverable
in the form of capacity charge & energy charges.
GWEL was previously known as EMCO Energy Limited (EEL) - a Special
Purpose Vehicle (SPV) promoted by the EMCO group on August 04, 2005
to set up a 2x135 MW coal based power plant at Maharashtra
Industrial Development Corporation (MIDC), Warora, Maharashtra. The
promoters of EEL sold the entire stake to GMR Energy Limited in
July 2009 making it a 100% subsidiary of GEL. After the
acquisition, scope of the project was enhanced from 2x135 MW to
2x300 MW in view of the demand for power in western India. The Unit
1 and Unit 2 (each having capacity of 300 MW) achieved COD on March
19, 2013 and September 01, 2013 respectively.
The project cost was initially envisaged at INR3,480.00 crore to be
funded in the ratio of 75:25 for debt and equity. During FY15, it
was revised to INR4,250.00 crore to meet the increased scope of
work and funding of IDC. The increased scope of work included
construction of weir (already implemented) on the Wardha River and
for new township for employees. The weir system has been
constructed on Wardha River to store four to six months of water
given the low flow period in the river and meet the plants
requirement.
During FY19, GWEL has reported a PAT of INR262.4 crore on a total
operating income of INR1,923.1 crore as against a PAT of INR192.74
crore on a total operating income of INR1,784.70 crore during FY18.
GRACE MANUFACTURING: CRISIL Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Grace Manufacturing
And Trading Company (GMTC) continues to be 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 1.5 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with GMTC for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 GMTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMTC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GMTC continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
GMTC, set up in 1992 by Ms Sunita Kapoor, is currently managed by
Mr Deepak Kapoor. The firm trades in medical devices such as
pacemakers, coronary stents, heart valves and syringes in Delhi,
Haryana, Himachal Pradesh and Punjab.
IND-BARATH POWER: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Power Gencom Limited (IBPGL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 228.38 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short term Bank 96.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 22, 2018, placed the
ratings of IBPGL under the 'issuer non-cooperating' category as
IBPGL had failed to provide information for monitoring of the
rating. IBPGL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 6, 2019 and May 7, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings takes into account stretched liquidity position with
delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 22, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
Stretched liquidity position: The company has an elongated working
capital cycle led by stretched receivable resulting in strain in
the liquidity position and delays in debt servicing.
Key Rating Weaknesses
Long Track record of the group in the Power segment and experienced
promoters: The Ind-Barath group has experience in successfully
commissioning power projects with varied fuels like Coal, Gas,
Biomass, Hydro and Wind. Mr K Raghu Ramakrishna Raju is the
Chairman & Managing Director of the company and also the promoter
of the Ind-Barath group. Mr Raghu has more than 15 years of
experience in the power sector and is actively involved in day to
day operations of the company. He is assisted by the team of
experienced and professional managers.
Ind-Barath Power Gencom Limited (IBPGL) belongs to Ind - Barath
Group and is a subsidiary (70.74%) of IndBarath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IBPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu. IBPGL has Fuel Supply Agreement (FSA) in
place with the group's coal mine in Indonesia. However, due to
pending approvals from the Government of Indonesia mining
development hasn't started and IBPGL is currently operating on coal
procured from traders.
J P AND COMPANY: CARE Lowers Rating on INR12cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
J P and Company (JPC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 12.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE B; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 22, 2018, placed the
rating(s) of JPC under the 'issuer noncooperating' category as JPC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. JPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2019, May 8, 2019 and May 13, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of J P and Company JPC,
is continued to remain constrained on account of project
implementation risk associated with it which is debt funded in
nature. The rating is, further, constrained due to cyclical and
competitive nature of the hotel industry with dependence on tourist
arrivals.
The rating, however, derives strength from experienced and
qualified promoters in the industry with strong group support and
location advantage being presence in Indore, the financial hub of
Madhya Pradesh (MP).
Detailed description of the key rating drivers
At the time of last rating on March 22, 2018 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Project implementation risk: JPC had envisaged total project cost
of INR31.20 crore towards the project to be funded through term
loan of INR12 crore, partner's capital of INR14.19 crore and
remaining through unsecured loans from promoters and related
parties. As on March 22, 2017, JPC has incurred total cost of
INR21.50 crore towards the project funded through term loan of
INR9.50 crore, share capital of INR11.50 crore and remaining
through unsecured loans. The company is expected to commence its
operations from May, 2017.
Cyclical and Competitive nature of the industry with dependence on
tourist arrivals: Indian hotel industry is highly fragmented in
nature with presence of large number of organized and unorganized
players spread across all regions. The hospitality industry is
highly cyclical in nature and sensitive to any untoward events such
as slowdown in the economy. Tourism in India has witnessed
significant growth in the recent years. Going forward, this
competitive scenario would constrain SSC to achieve the projected
ARR's and OR's.
Key Rating Strengths
Experienced and qualified promoters in the industry with strong
group support: Mr Shahil Wadhwani and Mr Vansh Wadhwani are key
partners of the firm and MBA by qualification. They will look after
overall management, strategy and policy making functions of JPC and
will be supported from others partners.
Wadhwani Family have been engaged in the hotel industry since, 2012
through its group concern, M/s V.S. Entertainment (VSE). VSE is
running "Holet Winway" in Indore.
Location advantage: Indore is the financial hub of Madhya Pradesh
(MP) and it is an industrial town having industries in all
directions of the city. The hotel is located near to proposed super
corridor by the government of MP for Information Technology,
Medical and Education industry.
Indore-based JPC was originally formed in 2013 as a partnership
concern by Maltani Family. However, in December, 2015, the firm was
taken over by Wadhwani Family. JPC was established with an
objective to set up a hotel in Indore (Madhya Pradesh). The hotel
will have facility of total 121 rooms includes; 89 Typical Rooms,
30 Jr. Suite rooms, 2 Suite rooms along with separate Vegetarian
and Non-Vegetarian restaurant, Gym, Swimming Pool, 3 banquet hall
and bar. JPC has envisaged that project will be completed in the
month of May, 2017 and is expected to commence its operations from
May 2017.
JAYPEE INFRATECH: Home Buyers May Soon Stop Paying EMIs
-------------------------------------------------------
Livemint.com reports that as the voting process on the NBCC's bid
for Jaypee Infratech (JIL) ends on June 10, with no signs of the
public sector enterprise getting through, sources said, home buyers
plan to stop paying the ongoing EMIs (equated monthly installment)
as many of them have "lost hope of a resolution".
Livemint.com says the online voting on the NBCC's bid started on
May 31.
According to the report, the bid would require 66% votes in its
favor to make the cut and acquire the insolvent realty company. The
home buyers, who are mostly in favor of the bid, have a vote share
of around 58%, but of the total 22,000 home buyers, only 9,000 have
voted so far, further declining the weight on the NBCC's bid.
IDBI Bank, the prime lender to JIL, which has around 18% vote share
is already against the bid on the ground of the resolution plan
being "conditional," Livemint.com discloses.
"Now we are telling people (the home buyers) that we should stop
paying our EMIs. This is going to be our next step," the report
quotes a member of the home buyers association as saying. "There
are a couple of hearings, after which I think, we will take this
stand. All the home buyers would have to stop paying EMIs, because
if only one or two stop it won't help. It has to be mass step."
Around 70% of the 22,000 home buyers took loans, he noted, the
report relays.
JIL went into the insolvency process in 2017 after the National
Company Law Tribunal (NCLT) admitted an application by IDBI
Bank-led consortium seeking resolution of the realty firm. In the
first round of insolvency proceedings, a INR7,350-crore bid of
Lakshdeep, part of Suraksha Group, was rejected by lenders.
In October 2018, interim resolution professional (IRP) Anuj Jain
started the second round of bidding process. In May this year, the
Committee of Creditors (CoC) rejected a bid of Suraksha Realty
through a voting process, following which, the CoC decided to
consider NBCC's offer, Livemint.com recalls.
According to Livemint.com, the CoC eventually decided to put on
vote the revised offer of the NBCC. Although homebuyers favoured
the voting process, the IDBI Bank-led lenders dissented as the bid
was seen as conditional.
Livemint.com relates that the NBCC's bid seeks the cancellation of
an estimated income tax liability of INR33,000 crore due over a
period of 30 years under the concession agreement for the transfer
of land from the Yamuna Expressway Industrial Development Authority
(YEIDA) to Jaypee Infratech Limited (JIL).
The PSU also sought relief from taking consent of the YEIDA for any
business transfer between JIL and Yamuna Expressway SPV for
transfer of assets as well as land parcels from JIL to the land
bank "special purpose vehicle" (SPV), Livemint.com relays.
The CoC asked the state-run construction major to clarify on the
conditions and also sought their removal from the plan. The NBCC
made some minor changes to its bid including reducing the quantity
of unsold inventory it plans to give out to the lenders, but did
not do away with the contentious clauses related to income tax
liability and taking approval of YEIDA for any business transfer
between YEIDA and JIL.
Following this, although the CoC put the bid on vote starting
May 30, it eventually approached the National Company Law Appellate
Tribunal (NCLAT) seeking permission to reject the bid, Livemint.com
notes.
For now, the NBCC's bid seems unlikely to make it through and
relief for the over 20,000 stranded home buyers does not seem
coming anytime soon, the report adds.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis. The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway. The Healthcare business segment includes
hospitals. The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.
On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.
The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers. Out of this,
only INR750 crore has been deposited so far, Livemint relayed.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.
JET AIRWAYS: Two Creditors File Two Separate Insolvency Pleas
-------------------------------------------------------------
Livemint.com reports that after 6 months of banks making an effort
to salvage Jet Airways Ltd, the troubled airline has landed at the
National Company Law Tribunal (NCLT).
Livemint.com relates that two operational creditors, Shaman Wheels
Pvt Ltd and Gaggar Enterprises Pvt Ltd, have filed two separate
insolvency pleas against the Naresh Goyal-founded Jet Airways at
NCLT, Mumbai, for recovery of their dues. According to the report,
the NCLT on June 10 adjourned the matter to June 13 and asked the
creditors to serve notice to Jet Airways for dues.
Livemint.com, citing details available at the Ministry of Corporate
Affairs (MCA) website, says Shaman Wheels is motor dealership in
Mumbai and Gaggar Enterprises is a mineral producer in Ahmedabad.
According to the report, Shaman Wheels, a vendor for trucks and
trailers for the airline, has dues of INR6.28 crore pending from
Jet Airways. Gaggar Enterprises sold packaged drinking water to the
carrier and the money owed to it could not be ascertained
immediately.
This petition may also push the lenders to implead themselves as
financial creditors for recovery of dues, Livemint.com relays.
Lenders to Jet Airways, led by the State Bank of India (SBI), are
claiming a large chunk of the airline’s total liabilities,
including unpaid salaries and vendor dues, of nearly INR15,000
crore.
As Jet Airways has been referred to the NCLT under bankruptcy
resolution lenders may recover only a fraction of the INR8,400
crore the airline owes them, Livemint.com states.
Starting this year, lenders have been trying to resolve the
insolvency crisis at Jet Airways outside the NCLT due to fear of
little to no recovery. Under the bank-led resolution process Etihad
Airways had agreed to invest in the grounded airline provided it
remains a minority investor. On May 27, Mint reported that lenders
would take a final decision on the fate of Jet Airways in the next
two weeks as they seek a new domestic investor before taking up the
last option of a bankruptcy filing.
The airline was grounded on 17 April after it failed to repay its
creditors and was not able to meet operational costs due to lack of
funds.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited provided
passenger and cargo air transportation services. It also provided
aircraft leasing services. It operated flights to 66 destinations
in India and international countries.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.
Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times reported. Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET said.
KHEM CHAND: CARE Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khem Chand
Nagpal Cotton Industries (KCNCI) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.90 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Based on best
Available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26,2018, placed the
rating(s) of KCNCI under the 'issuer non-cooperating' category as
KCNCI had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KCNCI continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2019, May 8, 2019 and May 13, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on March 26, 2018 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Modest scale of operations with constitution as a partnership
concern, thin profitability margins, weak solvency position and
stressed liquidity position During FY16, Total Operating Income
(TOI) of the firm stood at a modest level and has decreased over
FY15 owing to its presence in seasonal industry along with
dependence on monsoon. Furthermore, its constitution as a
partnership concern restricts its overall financial flexibility in
terms of limited access to external funds for any future expansion
plans. Also, there is inherent risk of possibility of withdrawal of
capital and dissolution of the firm in case of death/insolvency of
partners. The profitability margins of the firm stood thin on
account of limited value addition and presence in the lowest
segment of the textile value chain. During FY16, the firm
registered PBILDT and PAT margin of 5.03% and 0.51% respectively.
The capital structure of the company stood highly leveraged as on
March 31, 2016, deteriorated from March 31, 2015 mainly due to
increase in working capital bank borrowings. Furthermore, the debt
service coverage indicators stood weak with high total debt to GCA
as on March 31, 2016, deteriorated from March 31, 2015 owing to
increase in debt. The overall liquidity position of the company
stood stressed marked by elongated operating cycle as on March 31,
2016 on account of higher inventory holding period.
Presence in the lowest segment of the textile value chain and in a
highly fragmented cotton ginning industry: High proportion of small
scale units operating in cotton ginning and pressing industry has
resulted in fragmented nature of industry leading to intense
competition amongst the players. As KCNCI operates in this highly
fragmented industry wherein large numbers of un-organised players
are also present, it has very low bargaining power against both its
customers as well as its suppliers. This coupled with limited value
addition in cotton ginning process results in the firm operating at
very thin profitability (PAT) margins.
Key Rating Strengths
Experienced partners in the textile and cotton ginning industry and
established relations with customers and suppliers and
strategically located in cotton growing region: Mr Pravin Kumar
Nagpal and Mr Shyam Lal Nagpal have more than one decades of
experience in the industry. Both look after overall functions of
the firm. Being present in the industry since long period of time,
the partners have established relationship with the customers and
suppliers. The plant of KCNCI is located in one of the cotton
producing belt in India. The presence of KCNCI in cotton producing
region results in benefit derived from lower logistics expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective price.
Sriganganagar-based (Rajasthan) KCNCI was earlier formed as a
proprietorship concern by Mr Khem Chand Nagpal but later in July
2015 it converted into a partnership concern. Mr Pradeep Kumar
Nagpal and Mr Shyam Lal Nagpal are partners of the firm and sharing
profit & loss equally. The firm is engaged in the business of
manufacturing and trading of cotton bales, oil seeds, oil cakes and
cotton oils. The manufacturing unit of the firm is located at
Sriganganagar (Rajasthan). KCNCI procures raw material from local
farmers and sales are made with the help of agents.
KISAN OLEOCHEM: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kisan Oleochem &
Derivatives 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 action is:
-- INR345 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 8, 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 October 2009, Kisan Oleochem & Derivatives
commenced commercial operations in 2012. The company is engaged in
the manufacturing, processing, and trading of castor oil and castor
de-oiled cake.
M.K. MATHIVATHANAN: CARE Cuts INR20.32cr Loan Rating to B, Not Coop
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
M.K. Mathivathanan (MKM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 20.32 CARE B; Stable; Issuer Not
Facilities Cooperating; Revised from
CARE B+; Stable on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of MKM under the 'issuer non-cooperating' category as MKM
had failed to provide information for monitoring of the rating. MKM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2019, May 14, 2019, May 15, 2019 and May 16, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on March 23, 2018 the following were the
rating Strengths and weaknesses:
Key Rating Weakness
Small scale of operations: The firm has a very small scale of
operations marked by low total operating income of INR0.81 crore in
FY16 and thin net worth base of INR0.35 crore as on March 31, 2016,
thereby limiting its financial flexibility to meet any exigency.
Deteriorating capital structure and debt protection metrics: Debt
equity ratio and overall gearing ratio deteriorated from 0.55x and
0.55x as of March 31, 2015 to 0.61x and 0.61x as of March 31, 2016
respectively on back of increase in the total debt associated with
the additional vehicle loans availed. The debt protection metrics
also deteriorated in FY16 marked by interest coverage ratio of
3.11x in FY16 as against 10.42x in FY15 on back of increase in the
interest costs. The firm is also servicing interest for the term
loan of INR13.46 crore which was obtained for the purpose of
completion of the multiplex.
Delay in completion of the project: The proposed project of
construction of a Multiplex (which has 6 floors including basement
and stilt for parking area) situated in Ashok Nagar, Chennai spread
across an extent of 100,000 square feet is still under progress.
The project was expected to become operational by September 2016
but the process got delayed due to insufficient funds on back of
demonetization. Presently, the interior work is under progress and
it is expected to be operational only in June 2017. Already, a term
loan of INR13.46 crore has been sanctioned for the purpose of
completion of the project. Furthermore, the
firm is in need of additional funds and has also applied for an
additional term loan of INR6.86 crore which is yet to be
sanctioned.
Key rating strengths
Long experience of the promoter albeit in the unrelated
construction industry: Mr Mathivathanan started his career in the
year 1969 as a Class V contractor with Tamil Nadu Housing Board
(TNHB). In the year 1982, he was registered as ClassI Contractor
with TNHB and has constructed properties which includeflats,
individual houses, bungalows, factories, godowns, commercial
buildings and residential plots. Hotel Kasi on the
TiruttaniTirupathi highway is a small sized Motel primarily
catering to the requirements of the travelers in the region.
Significant growth in total operating income: The total operating
income of the firm increased significantly by 65% and stood at
INR0.81 crore with PAT of INR0.07 crore in FY16 on back of increase
in the customers after the renovation of the hotel. The growth in
income is also driven by the number of customers visiting to the
hotel due to its location advantage as it is situated in the
Tirupati-Tirutani national highway. It is to be noted that the
agricultural income received has also grown significantly from
INR0.25 crore in FY15 to INR0.54 crore in FY16. In 10MFY17 (Prov.),
the firm has achieved a total revenue of INR1 crore.
Mr M K Mathivathanan (MKM) heads the Kasi group of companies which
was established in November 1948. He operates 'Hotel Kasi' situated
in the Tiruthani Tirupathi highway under a proprietorship named
M/s. M.K. Mathivathanan. The firm is in the midst of constructing a
multiplex theatre complex in the name of Kasi City Park (KCP) in
Ashok nagar, in the heart of Chennai. The project envisages
construction of three cinema theatres with aggregate 860 seats,
26,053 sq. feet of office space and food court. It is expected to
be operational from June 2017.
NEEL KRISHNA: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neel
Krishna Brothers (NKB) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.03 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 9, 2018, placed the
rating(s) of NKB under the 'issuer non-cooperating' category as NKB
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NKB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2019, May 8, 2019 and May 13, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on March 9, 2018 the following were the
rating strengths and weaknesses.
Key Rating Weaknesses
Delays in debt servicing
As per banker interaction, there were delays in debt servicing.
Ujjain (Madhya Pradesh) based Neel Krishna Brothers (NKB) was
formed as a proprietorship concern in April, 2000 by Mr. Kishore
Kumar Jaiswal. NKB is engaged in the business of trading, sorting
and processing of grains and pulses as well as manufacturing of
wheat flour.
NIHA INTERNATIONAL: CARE Cuts INR7.45cr Loan Rating to B, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Niha International Private Limited (NIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.45 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE B+; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 19, 2018, placed the
rating(s) of NIPL under the 'issuer non-cooperating' category as
NIPL had failed to provide information for monitoring of the
rating. NIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 13, 2019, May 14, 2019, May 15,2019 and May 16,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The revision in rating assigned to the bank facilities of NIPL
factors in leveraged capital structure and weak debt coverage
indicators The rating continues to be tempered by small scale of
operations, and working capital intensive nature of operation.
The rating, however, continues to derive strength from considerable
operational track record of the company and experience of the
promoters in the same industry for more than a decade.
The rating also factors in with marginal growth in total operating
income (TOI) during review period, and increase in profitability
margins.
Key Rating Weakness
Small scale of operations: The company has small size of operations
marked by a low networth base of INR1.17 crore as of March 31,2017
marginally improved to INR1.27 cores as of March 31, 2018, leverage
capital structure and weak debt coverage indicators.
The capital structure of the company deteriorated from 4.32x as on
March 31, 2016 to 9.50x as on March 31, 2017. However, the capital
structure although marginally improved to 9.47x and remained
leveraged as on March 31, 2018. The Debt coverage indicators,
marked by Total debt to GCA stood weak at 30.80x as on March 31,
2018 , deteriorated year-on-year from 22.35x as of March 31, 2017
and 8.82x as of March 31,2016. Further, interest coverage ratio
deteriorated year-on-year stood weak at 1.32x as on March 31, 2018
as against 1.55x as on March 31, 2017 and 1.70x as on March 31,
2016.
Working capital intensive nature of operation: The operating cycle
of the company remained satisfactory and stood at 38 days in FY17
as against 30 days in FY16. However, the operating cycle declined
and stood elongated at 71 days in FY18 when compared to FY17.
Key rating strengths
Marginal growth in total operating income (TOI) during review
period: The total operating of the company has increased
year-on-year from INR27.99 crore in FY16, INR36.37 crore in FY17
and
Rs.36.98 in FY18 respectively.
Increase in PBILDT margin and PAT margin albeit fluctuating: The
PBILDT margin marginally increased from 4.03% in FY16 to 4.63% in
FY17, however the margin marginally declined in FY18 to 4.19%. The
PAT margin fluctuated in the range of -0.35% -0.26% respectively.
Considerable operational track record of the company and experience
of the promoters in the same industry for more than a decade:
Commenced its operations in 2002, the company has a long
operational track record of around 14 years in the recycling of
liquor bottles industry.
Mr. Rajendran, Managing Director of NIPL, has around 15 years of
experience in the recycling industry. Prior to the establishment of
NIPL, he was engaged in farming. Mrs. Hema Rajendran and Mrs.
Mallika Rajendran, Co-Directors of NIPL, has been associated with
NIPL since its inception. Mr. Rajesh Rajendran, Director (s/o Mr.
Rajendran), takes care of the overall operations of the company. He
has completed his B.E and is been associated with NIPL from 2012.
Niha International Private Limited (NIPL), a Chennai based company,
is engaged in recycling of liquor bottles since 2002. The company
was originally incorporated in February 1998 by Mr. Murari, Mr.
Krishna Prasad and Mr. Narayanan. However, it was non-operational
since its inception and was subsequently taken over by the current
directors of NIPL in 2002. The company has its registered office in
Chennai, Tamil Nadu.
PRIME URBAN: Ind-Ra Cuts LT Issuer Rating to 'B+', Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prime Urban
Development India Limited's (PUDIL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB+'. The Outlook is Stable.
The instrument-wise rating action is:
-- INR210 mil. Fund-based facilities downgraded with IND
B+/Stable/IND A4 rating.
KEY RATING DRIVERS
The downgrade reflects a breach of Ind-Ra's negative rating
guidelines as PUDIL incurred EBITDA losses of INR8 million in FY19
against a profit of INR38 million in FY18, mainly due to additional
maintenance costs such as the construction of a compound and road.
However, the management expects the company's margin to improve in
the near term backed by a likely improvement of profitability in
the cotton trading as well as reality segments.
The ratings also factor in PUDIL's modest liquidity position as
reflected by 87% average use of its fund-based facilities during
the 12 months ended May 2019. Cash flow from operations declined to
INR43 million in FY19 (FY18: INR248 million), due to the decline in
EBITDA. However, the working capital cycle improved to negative 9
days in FY19 from negative 2 days in FY18. At FYE19, the company
had a cash balance of INR5.8 million (FYE18: INR7.75 million). The
company had an unutilized credit line of INR60 million as of March
2019.
The ratings also reflect the company's continued medium scale of
operations, despite an increase in revenue to INR1,519 million in
FY19 (FY18: INR952 million). The revenue growth was due to the
increase in revenue from the cotton trading segment (FY19: INR1,293
million, FY18: INR563 million). Moreover, the company has purchased
seven constructed villas from sister concern, of which it has sold
three villas.
However, the ratings are supported by PUDIL's operational track
record of over eight decades in cotton trading.
RATING SENSITIVITIES
Positive: An improvement in the operating profitability, leading to
an improvement in the credit metrics, all on a sustained basis,
will be positive for the ratings.
Negative: Any decline in the revenue or profitability, leading to
deterioration in the credit metrics or further weakening of the
liquidity position, will be negative for the ratings.
COMPANY PROFILE
PUDIL started operations in 1936. The company is in the business of
real estate and trading of cotton yarn.
REFLECTION INVESTMENTS: CRISIL Cuts INR14cr Loan Rating to D
------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Reflection Investments to 'CRISIL D/issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 14 CRISIL D (ISSUER NOT
COOPERATING': Downgraded
from 'CRISIL A4+)
Proposed Bank 2 CRISIL D (ISSUER NOT
Guarantee COOPERATING': Downgraded
from 'CRISIL A4+)
CRISIL has been consistently following up with Reflection
Investments, seeking information through letters and emails since
January 10, 2019 and March 30, 2019, apart from telephonic
communication. However, the issuer has remained non-cooperative.
This has led CRISIL to carry out rating surveillance with the best
available information.
'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 they are arrived at without any
interaction with the management and are based on best available,
limited, or dated information regarding 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 Reflection Investments. This
restricts CRISIL's ability to take a forward-looking view on the
entity's credit quality. CRISIL believes information available on
Reflection Investments is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information'.
The firm's bank guarantee facility was invoked by the Stock Holding
Corporation of India (SHCIL) on account of non-maintenance of
adequate margin. The banker has confirmed non-payment of bank
guarantee dues and invocation of the facility.
Therefore, on account of inadequate information and lack of
management cooperation, along with the confirmation of delay in
payment of dues, CRISIL has downgraded its rating on the short-term
bank facilities of Reflection Investments to 'CRISIL D/issuer not
cooperating'.
Analytical Approach
For arriving at the ratings, CRISIL has evaluated the standalone
business and financial risk profile of Reflection Investments.
A Chennai-based retail broking firm, Reflection Investments
received trading membership on the National Stock Exchange (NSE) in
1995 under the registered partnership category. It commenced
operations in the cash segment in October 1995 and became a member
in the derivatives segment in 2001. The firm, which also has a
branch in Bengaluru, operates in primary as well as secondary
markets. Mr Sambrani holds 88% of the shareholding, while Ms
Sambrani holds the remaining 12%. Net profit was INR11 lakh on
total income of INR1.8 crore in fiscal 2017, vis-a-vis INR14 lakh
and INR1.8 crore, respectively, in fiscal 2016.
SAU MATHURABAI: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sau.
Mathurabai Bhausaheb Thorat Sevabhavi Trust (SMBT) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 140.46 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 23.60 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had vide its press release dated April 12, 2018, placed the
rating(s) of SMBT under "Issuer non-cooperating" category as SST
has failed to provide information for monitoring the rating. SST
continues to be non–cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated April 16, 2019. In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings to the bank facilities of SST, factors in the delays in
debt servicing since March 2019 due to its stressed liquidity
position.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in debt servicing: As informed by the banker there have been
delays in servicing interest and principle of term loan. Timely
repayment of debt is key rating monitorables.
SMBT was established in 1984 under the Bombay Public Trust Act,
1950 as a non-Surplus making organization. SMBT was established by
the veteran freedom fighter and Sahakar Maharshi Late Bhausaheb
Santuji Thorat. SMBT is presently managed under the leadership of
Mr Balasaheb Thorat, ex- minister for Revenue and Khar Land of
Maharashtra State and is spearheaded by Dr. Sudhir Tambe, Member of
Legislative Council (MLC), Maharashtra. SMBT is presently running
number of educational institutes/colleges/schools and hospitals at
their campuses in Sangamner and Nandi Hills Dhamangaon.
SHRI SAI: CARE Lowers Rating on INR360.61cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Sai Priya Sugars Limited (SSPSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 360.61 CARE D; ISSUER NOT COOPERATING
Facilities Revised from CARE B; Stable
Issuer not cooperating; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of SSPSL under the 'Issuer non-cooperating' category as
SSPSL had failed to provide information for monitoring of the
rating. SSPSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 3, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of ongoing delays in
servicing the term loan interest and principal repayment.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: As per the banker interaction,
there are ongoing delays in term loan repayments and interest
payments.
SSPSL is a Public Limited Company incorporated in January 17, 2002,
by Mr Murugesh R Nirani, an ex-cabinet minister and the chairman
of, MRN (Nirani) Group. SSPSL operates 10,000 TCD sugar plant,
Cogen unit of 63 MW and a distillery unit of capacity 120 KLPD.
SOLEX ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Now Pos.
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Solex Energy
Limited's (SEL) Outlook to Positive from Stable while affirming the
Long-Term Issuer Rating at 'IND BB+'.
The instrument-wise rating actions are:
-- INR61.0 mil. Fund-based working capital limits affirmed;
Outlook revised to Positive from Stable with IND
BB+/Positive/IND A4+ rating;
-- INR65.0 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating; and
-- INR4.8 mil. Term loan due on December 2020 affirmed; Outlook
revised to Positive from Stable with IND BB+/Positive rating.
KEY RATING DRIVERS
The Outlook revision reflects Ind-Ra's expectations of substantial
growth in SEL's revenue in the near-to-medium term, which would
lead to an improvement in the EBITDA and healthy credit metrics.
SEL's revenue grew by 47.2% YoY to INR1490.6 million in FY19 due to
an increase in orders from customers. The absolute EBITDA increased
to INR78.5 million in FY19 (FY18: INR56.7 million) on the back of
revenue growth. According to the management, as on 31 March 2019,
the company had a confirmed outstanding order book of INR878.25
million, scheduled to be executed during FY20.
The ratings reflect the company's modest liquidity, with average
bank limits utilization of 77.5% during the 12 months ended April
2019. The cash flow from operations turned positive at INR40.3
million in FY19 (FY18: negative INR132.1 million) as the networking
capital cycle improved to 47 days (58 days). The inventory days
declined slightly to 28 days in FY19 (FY18: 16 days). The company
gets all its payments from government-based distribution
companies.
Additionally, Solex faces stiff competition from large as well as
small players and import threats.
Solex's geographical concentration risk had been high till FY17, as
its operations were majorly restricted to Gujarat and Maharashtra.
However, from FY18 onwards the company has expanded its
geographical reach to cover other states such as Chhattisgarh,
Rajasthan, Jharkhand, Jammu and Kashmir, Bihar, Punjab, and Madhya
Pradesh.
The ratings are supported by SEL's healthy EBITDA margin of 5.3% in
FY19 (FY18: 5.6%, FY17:5.9%). The margin fell slightly on a YoY
basis due to fluctuations in raw material prices. The RoCE was 33%
in FY19 (FY18: 41%)
Solex's credit metrics were strong in FY19, with interest coverage
(operating EBITDA/gross interest expense) of 10.5x (FY18: 7.1x) and
net leverage (total adjusted net debt/operating EBITDAR) of 0.9x
(1.5x). The metrics improved on account of the increase in the
absolute EBITDA. Ind-Ra expects the credit metrics to remain
healthy in the medium term.
Moreover, the promoters have an experience of more than two decades
in the solar industry, which has enabled them to develop strong
relationships with customers and suppliers.
RATING SENSITIVITIES
Negative: A decline in the revenue or the EBITDA margin, leading to
deterioration in the credit metrics and/or liquidity, on a
sustained basis, will be negative for the ratings.
Positive: A sustained increase in revenue while maintaining
operating profitability and credit metrics and/or liquidity could
lead to positive rating action.
COMPANY PROFILE
Incorporated in 2014, SEL manufactures solar products and
undertakes engineering, procurement and construction contracts for
setting up solar power plants, solar water pumps, solar water
heating systems, and others. It offers a wide range of solar
products such as mono/multi-crystalline solar photovoltaic modules,
solar lanterns, solar street lights, solar water pumps, and solar
inverters. Its facility is located in Anand, Gujarat. The company
is listed on NSE Emerge.
SONALAC PAINTS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sonalac Paints &
Coatings Limited (SPCL) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan .35 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SPCL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 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 SPCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPCL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SPCL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
SPCL was incorporated in 1988, promoted by Mr R S Garg. The company
manufactures various dry and liquid decorative paints such as wall
putty, cement paint, plastic emulsion, acrylic distemper, cement
primer, and strainers. Its headquarters is in Chandigarh and
manufacturing facility in Jammu & Kashmir. SPCL has an installed
capacity of around 25,000 tonne per year.
SRI RANILAKSHMI: CARE Lowers Rating on INR12cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Ranilakshmi Textiles Private Limited (SRTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.00 CARE B; Stable Issuer not
Facilities cooperating; Revised from
CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of SRTPL under the 'issuer non-cooperating' category as
SRTPL had failed to provide information for monitoring of the
rating. SRTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 13, 2019, May 14, 2019, May 16, 2019 & May 17,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The revision in the rating assigned to the bank facilities of SRTPL
factors in deterioration in the capital structure, debt coverage
indicators, and decline in Operating income and PAT margin.
The rating continues to be tempered by small scale of operations,
working capital intensive nature of operations resulting in
elongated operating cycle, and decline in total operating income.
The rating also factors in improvement in PBILDT margin.
Key Rating Weakness
Small scale of operations: The scale of operations of the company
continues to small marked by it total operating income of INR26.66
crore in FY18.
Working capital intensive nature of operations resulting in
elongated operating cycle: The operations of the company continue
to be working capital intensive in nature marked by its elongated
working capital cycle at 214 days in FY18 as against 166 days in
FY17.
Decline in operating income: The total operating income (TOI) of
the company continues to decline by 14.35% and stood at INR26.66
Crore in FY18 as against INR31.13 Crore in FY17.
Deteriorated capital structure and debt coverage indicators:
The capital Structure of the company has deteriorated slightly
marked by its overall gearing and debt equity ratio at 1.62x
respectively as on March 31, 2018, as against 1.43x respectively as
on March 31, 2017. Further the debt coverage indicators has also
deteriorated in FY18, marked by its TD/GCA at 19.72x as on March
31, 2018 as against 13.76x as on March 31, 2017.
Decline in PAT margins albeit improvement in PBILDT margin:
Although the PBILDT margin has improved in FY18 by 61bps, which
stood at 8.87% as against 8.36% in FY17, PAT margin shows decline
by 507bps and stood at 0.69% in FY18 as against 1.40% in FY17.
Key Rating Strengths
Considerable operational track record of the entity and experience
of the promoters in the textile industry for more than three
decades.
Established in 2000, the company has considerable operational track
record of 16 years in the textile industry. Mr. P. Ponnusamy, the
promoter of SRTPL, has more than 30 years of experience in the
textile industry. Ms. Ms. P. Vallinayagam (W/o Mr. P. Ponnusamy)
also has experience of around two decades in the textile industry
and she is been associated with the company since its inception.
The average experience of the promoters in the textile industry for
more than three decades is likely to benefit SRTPL at large.
Improvement in PBILDT margin: PBILDT margin has improved in FY18 by
61bps, which stood at 8.87% as against 8.36% in FY17.
Sri Ranilakshmi Ginnning, Spinning & Weaving Mills Limited was
incorporated in June 1954 and promoted by Mr. Ramasamy Gounder
which was subsequently taken over by Mr. P. Ponnusamy in March 2000
and was reconstituted as a private limited company under the name
'Sri Ranilakshmi Textiles Private Limited (SRTPL). The company is
engaged in spinning, weaving and finishing of textiles (Cloth).
In FY18, SRTPL reported a net profit of INR0.19 crore on a total
operating income of INR26.66 crore, as against net profit and TOI
of INR0.44 crore and INR31.13 crore respectively, in FY17.
SSPT LOGISTICS: CARE Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SSPT
Logistics (SSL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE B+; Issuer Not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of SSL under the 'issuer non-cooperating' category as SSL
had failed to provide information for monitoring of the rating. SSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 13, 2019, May 14, 2019, May 15, 2019 and May 16, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on March 21, 2018 the following were the
rating Strengths and weaknesses:
Key Rating Weakness
Weak capital structure: The weak capital structure marked by high
gearing and debt equity ratio. The gearing ratio deteriorated from
8.4x as on March 31, 2015 to 18x in as on March 31, 2016 due to
increase in term loan and decline in net worth. The partner's
capital in SSL substantially decreased from INR1.13 crore as on
March 31, 2015 to INR0.35 crore as on March 31, 2016. This also
deteriorated the debt equity ratio from 6.87x as on March 31, 2015
to 13.48x as on March 31, 2016. The debt profile of the firms after
combining the financials consisted of term loan of INR33.14 crore
and Working capital limit of INR11.12 crore as on march 31, 2016 as
against net worth of INR2.46 in FY16.
Decline in PAT margins: The PAT margins of the firm substantially
declined by 190bps from 2.29% in FY15 to 0.58% in FY16 due to
increase in depreciation charges from INR8.67 crore in FY15 to
INR10.24 crore in FY16 coupled with increase in finance cost from
INR3.37 crore in FY15 to INR4.39 crore in FY16.
Working capital intensive nature of operations: The firms have
almost nil credit period and inventory period owing its nature of
operation. The collection period increased from 42 days in FY15 to
64 days in FY16. The firms have a combined cash credit facility of
Rs10.5 crore which are almost fully utilized.
Small scale of operations with partnership nature of constitution:
The firm has a moderate scale of operations which impacts its
negotiation power with the customers. Furthermore, being a
partnership concern, it has an inherent risk of withdrawal of
capital by the partners and restricted access to funding which
could limit its growth opportunities.
Key rating strengths
The PBILDT margin of the slightly declined from 21.53% in FY15 to
20.44% in FY16: The major expenditure are diesel & Oil expenses,
Toll gate expenses, tyres & tubes expenses and vehicle maintenance
expenses. Though there is a slight decline in PBILDT margins, still
at comfortable levels.
SSL was incorporated in January 2013 as a partnership firm by Mr P.
Maruthavel and his brother Mr P. Jayavel with their family members.
The firm is engaged in logistics services, i.e speed parcel and
cargo services. SSL currently owns 113 trucks being operated in the
state of Tamil Nadu, Kerala, Haryana, Punjab, Delhi, Uttar Pradesh,
Rajasthan, Jammu and Kashmir catering to industries such as paper,
textile (fabrics & yarn), steel, cashew, spices, household items,
automobile items and any other parcel services. SSL also operates
trucks on contract basis to companies with a time period of 3-12
months which are normally renewed after the contract period.
VISHWA INFRASTRUCTURES: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwa
Infrastructures and Services Private limited (VISPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 482.71 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short term Bank 494.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 19, 2018, placed the
ratings of VISPL under the 'issuer non-cooperating' category as
VISPL had failed to provide information for monitoring of the
rating. VISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 6, 2019 and May 7, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.
The rating factors in stretched liquidity position with delays in
debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 19, 2018 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Stretched liquidity position with delays in debt servicing: The
total operating income of VISPL had declined by 12.95% to INR395.19
crore during FY16 due to slower execution of work orders. Given the
reduced revenue and high fixed overhead, the company reported loss
at PBILDT level. This coupled with high interest expense resulted
in net loss and cash loss for the company. The cash loss reported
in FY16 almost doubled vis-Ã -vis FY15. The liquidity position of
the company deteriorated further in FY16 due to stretched
receivable days with substantial delay in receipt of payment for
the Government projects executed leading to delays in debt
servicing post commencement of debt servicing obligation as per the
approved CDR package.
Key Rating Strengths
Experienced promoters: VISPL belongs to Vishwa Group promoted by
Mr. Yerra Srinivas, a first generation entrepreneur. The company's
core team members have been involved in the Infrastructure business
for over a decade. The promoters are also supported by
highly-experienced working professionals.
Vishwa Infrastructure & Services Pvt Ltd (VISPL) started its
operations as Vishwa Construction Company (VCC) in 1992 and was
converted into private limited in December 2004. The company is
involved mainly in the execution of water supply and sewerage
infrastructure projects. VISPL is also into manufacturing of MS
Pipes (Mild Steel Pipes), PSC Pipes (Pre Stressed Concrete Pipes)
and RCC Pipes (Reinforced Cement Concrete Pipes).
VKAN UNITED: CARE Assigns 'B+' Rating to INR6.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VKAN
United Technologies (VUT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.00 CARE B+; Stable Assigned
Facilities
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of VUT is constrained by
small scale of operations, low profit margin, leverage capital
structure and weak debt coverage indicators and working capital
intensive nature of operations along with moderate liquidity
position. The rating is further constrained by inherent volatility
associated with raw material prices and presence in highly
competitive and fragmented industry. The above constraints are
partially offset by experienced promoter in trading of petroleum
products industry.
Going forward, the ability of the VUT to increase in total
operating income, profitability margins and capital structure and
managing its working capital requirements are the key rating
sensitivities.
Detailed description of Key rating drivers
Key rating Weakness
Small scale of operations: VUT scale of operation remained small
and reflected growing trend y-o-y during past three years ending
FY19(Prov) and grew at a CAGR of 33.72% from INR5.93 crore in FY17
to INR14.18 crore in FY19 primarily on account of addition of new
customers coupled with continuity of business with existing
clients. However, the scale of operations stood small marked by
total operating income and gross cash accruals of INR14.18 crore
and INR0.20 crore respectively during FY19 (Prov.). Moreover the
networth base was relatively small at INR2.19 crore as on March 31,
2019 limiting the firm's financial flexibility in times of stress
and deprives it from scale benefits.
Low profit margin: The profit margins of the entity remain low
owing to its existence in the trading business characterized by low
value additions. Moreover the operating and profit margin remained
in the range of 4.72% to 5.75% for the period FY17- 19.
Furthermore, PAT margin stood below unity during FY18 & FY19 (Prov)
due to high interest and depreciation expense.
Leverage capital structure and weak debt coverage indicators: The
capital structure marked by overall gearing remained leveraged
owing to high dependence on external borrowings to support the
operations coupled with low netowrth base. Further the debt
coverage indicators remained weak owing to the same and low profit
margins.
Working capital intensive nature of operations: Being engaged in
trading nature of operations the VUT's business remains highly
working capital intensive in nature with funds blocked in debtors.
The same results in moderate utilization of working capital
limits.
Moderate liquidity position: The liquidity position of the entity
continues to remain moderate reflected by average utilization and
maximum utilization of working capital limit at 58.51% and 66.56%
respectively for past twelve months ended as on 31st March 2019.
Further VUT current ratio and quick ratio stood moderate at 1.60x
and 1.51x in FY19 Inherent volatility associated with raw material
prices: Bitumen is obtained from distillation of crude oil and the
prices of bitumen are governed by the prices of crude oil which
exposes VUT to price risk. Moreover all the bitumen were imported
and traded so VUT has a foreign exchange risk.
Presence in highly competitive and fragmented industry: The
industry in India is characterized by a high degree of competition,
resulting from high fragmentation due to the low entry barriers and
low capital intensity of the business.
Key rating Strengths
Experienced promoter in trading of petroleum products industry: The
promoter, Mrs. Trupti Prakalp Desai has an experience of more than
two decades in the petroleum and petrochemical industry. Further
the promoter is having excellent knowledge of finance and marketing
as well. Moreover VUT have experience and qualified second line of
management in marketing to carry day to day business activities.
VKAN United Technologies (VUT) was formed as a proprietorship
concern in 2015 by Mrs. Trupti Prakalp Desai and the commenced it's
from 26th September 2016. The entity is engaged in the business of
trading of petroleum products namely bitumen, fuel oil, industrial
oil, furnace oil, petrochemicals, biodiesel and low aromatic. The
entity primarily sales its product to domestic market and imports
around 21% of its total traded goods from UAE & Singapore.
=====================
N E W Z E A L A N D
=====================
ARROW INTERNATIONAL: Creditors Vote to Place Firm in Liquidation
----------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that Arrow International was
placed in liquidation by creditors after a resounding vote at a
watershed meeting held by voluntary administrators at accounting
firm BDO.
Directors Ron Anderson of Dunedin and Bob Foster from Christchurch
attended one of the four simultaneous meetings held with the
benefit of a video link, Stuff says.
They provided a prepared statement and were not quizzed to any
degree by creditors following release of a report showing debts of
NZ$40 million, mostly to unsecured creditors, Stuff relates.
According to Stuff, liquidator Andrew Bethell said the numbers
would change as more claims came in or others were modified.
BDO already obtained a court order in March allowing them to take
over the liquidation, Stuff notes.
The three companies in liquidation are Arrow International (NZ) the
construction arm, Arrow International Group the parent company, and
Construction Labour & Resources, Stuff discloses.
The initial step of voluntary administration was chosen by the
directors in February because it allowed for a moratorium imposed
on creditors to give time for negotiations without the threat of
immediate legal claims and achieve a better result for everyone,
according to Stuff.
Those negotiations allowed the administrators to arrange for Arrow
projects to be taken over by other developers and contractors.
According to Stuff, the biggest payments so far of NZ$1.7 million
have gone to Arrow employees, with administration fees taking
NZ$1.5 million.
The administrators advised creditors to vote for liquidation
because there was no prospect of Arrow trading out of its financial
position.
They told creditors that liquidation would allow for more
investigation of the companies affairs and the role of directors
leading up to the collapse.
One of the remaining significant Arrow assets is the half it still
owns of a 30 hectare development at Portlink Industrial Park in
Christchurch, Stuff notes.
Tenants already include Kathmandu's national distribution centre,
Online Distribution, and Elastomer Products, the report adds.
CRYPTOPIA LIMITED: Investors Await for More Information
-------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that investors with tens of
thousands of dollars caught up in failed cryptocurrency exchange
Cryptopia say they regret their decision to use the platform.
News of the hack of cryptocurency trading platform Cryptopia caused
waves across the world, the report says.
Cryptopia collapsed in May owing NZ$4.2 million, with 69 unsecured
creditors owed in excess of NZ$2.1 million, while secured creditors
owed more than NZ$1.4 million. There was an expected deficit of
NZ$2.5 million, the first liquidator's report said.
According to Stuff, Cryptopia was allegedly hacked in January with
an estimated NZ$23 million of cryptocurrency reportedly stolen. The
police investigation into the hack is continuing.
Investors have been left wondering what, if any, money they will
get back.
One, Canadian Marco Forte, put 22,000 XRP coins into his wallet
shortly after he opened his Cryptopia account last year, Stuff
says.
XRP is the currency used by the Ripple payment network. The coins
are worth 57c each, so the entire investment is valued at just
under NZ$12,500.
He also has about CDN500 (NZ$566) in other currencies on the
platform.
"I have received no direct communication about how to access my
funds," Stuff quotes Mr. Forte as saying. "I was very surprised to
learn about the Cryptopia situation. I have done my own research to
try and better understand the alleged bankruptcy situation and have
no idea why or how, the company is looking to use client funds to
restore their pre-hack positions."
Stuff relates that another investor, Sam Deckers, said his assets
on Cryptopia were worth EUR1,700 (NZ$2890).
"Cryptopia has not yet given any access to my funds ever since the
hack occurred. After the hack certain assets where tradable on the
exchange after a while," Stuff quotes Mr. Deckers as saying.
"These coins could also be withdrawn. Sadly that was not the case
for DRPU."
DRPU is a coin issued on the Ethereum platform, the report notes.
"It proves that the exchange could have given the customers the
opportunity to withdraw all their tokens but they didn't. This is
in my country not legal because the assets are my property. I was
very surprised about the liquidation because Cryptopia said
continuously that they where restoring and securing all funds to go
live within months. "
According to Stuff, Mr. Deckers said he got involved with Cryptopia
because DRPU could not be traded on any other exchange.
"I have regret for it ever since. My aim for the crypto investment
that is stuck in Cryptopia is to withdraw the DRPU, sell the DRPU
and buy extra UTRUST tokens."
KONIG GOURMET: Placed in Liquidation Over Debt
----------------------------------------------
Simon Hartley at Otago Daily Times reports that three decades of
entrepreneurial business in Dunedin has ended badly for identity
Bjorn Oscar Sollie and his specialist Konig Gourmet Foods.
According to ODT, Konig Gourmet Foods was placed in liquidation on
June 6 at the behest of global shipping company Wrist Ship Supply,
which was owed NZ$137,000 for exporting Konig Gourmet products.
However, the company debt was understood to be much more and it
appears unsecured creditors will be out of pocket, circumstances Mr
Oscar Sollie said he was at pains to avoid, or at least soften the
blow, ODT relates.
When spoken to a month ago he said he hoped to clear the debt. He
declined to comment when contacted after the High Court hearing on
June 6, which he did not attend, ODT notes.
The report says Norwegian-born Mr Oscar Sollie applied his
Scandinavian heritage to initially offer traditional smoked salmon
from about 1989 to enthusiastic Dunedin customers, then turned to
salted, cured meat products in 2002, and exported beef jerky to
several countries.
By 2014, Konig was exporting about 12 containers, or 122 tonnes of
beef product a year. He was an Otago business awards finalist and
his company's products supplied to diverse markets ranging from
embassies to oil rigs.
Mr Oscar Sollie was 100% shareholder of Konig Gourmet Foods, which
ceased trading in April last year, and he had since been attempting
to sell the business, ODT discloses.
In pleading Mr Oscar Sollie's case on June 6 for a month-long
adjournment, before Associate Judge Kenneth Johnston in the High
Court of Dunedin, Dunedin barrister Gordon Paine said his client
"had lost his home, business and has cancer," according to the
report.
He was pleading that Mr Oscar Sollie be given a month's leave to
sell the Green Island building and its specialist equipment "to one
of three interested parties," so as to enable "some payment" to be
made to all creditors, ODT says.
However, legal counsel for Wrist Ship Supply said no evidence had
been supplied about the potential buyers, and his instructions were
therefore to persevere with the application to have Konig Gourmet
placed in liquidation.
"The company clearly remains insolvent," the counsel said.
According to the report, Mr. Paine said if the business could be
sold, as opposed to a "forced sale" from liquidation, "something
would be better than nothing" for creditors.
Judge Johnston noted that while the request posed no threat to
creditors, any time passing "would make it worse", so it was best
dealt with by liquidators now, and he therefore decided to appoint
firm Grant Thornton, ODT relays.
"It might be a relief for him [Mr Oscar Sollie] not to deal with
this," Judge Johnston said of his circumstances.
Mr. Paine noted the bank, which would be the first secured creditor
in line and "there would be no money left after the bank takes it",
meaning neither Wrist nor other creditors were likely to get any
payments, adds ODT.
=================
S I N G A P O R E
=================
ALPHA ENERGY: Restructures Loan Taken from ING Capital
------------------------------------------------------
The Straits Times reports that Catalist-listed Alpha Energy is
restructuring a loan it took from ING Capital in 2015 to fund the
95 per cent of tax credits available to working interest owners of
the Mustang field.
As at June 7, the company, along with other loan parties--TP North
Slope Development (TPNSD) as borrower and BRPC as operator, owes
ING Capital a loan balance of US$13.3 million ($18.2 million), The
Strait Times discloses.
This is with the completion of the Mustang projection transactions
and the loan balance owed being consolidated into the group's
financials, the report says.
Under the latest agreement, Alpha Energy and TPNSD will make
repayments to ING in quarterly instalments of US$600,000 starting
June 15, 2020, the report notes.
According to the report, default interest accrued under the loan
facility since Jan. 1, 2017 will be discharged and is no longer
outstanding provided no default has occurred or continues.
With the debt restructure, the ING loan will revert to a
non-default status and have a reduced interest rate applied on the
loan moving forward. It also discharges the group's liability for
default interest accumulated from Jan 1, 2017, provided no default
has occurred or continues.
The debt restructure also reduces the net current liabilities
position of the group, and better aligns payments to the receipt of
tax credits from the State of Alaska and production proceeds.
This is the second time the loan parties restructured the loan
facility, the last being via a term sheet entered in Sept 6, 2018.
Its debt to ING had matured on May 1, 2017.
Alpha Energy Holdings Limited operates as a holding company. The
Company, through its subsidiaries, focuses on the development of
independently certified oil and gas assets. Alpha Energy Holdings
serves customers worldwide.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 3, 2019 to June 7, 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
-----
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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***