/raid1/www/Hosts/bankrupt/TCRAP_Public/191231.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, December 31, 2019, Vol. 22, No. 1
Headlines
A U S T R A L I A
ARRIUM LTD: Ex-Director Faces Compulsory Examination by Lawyers
HORIZON GLOBAL: Atlas Capital Has 9.7% Stake as of Dec. 20
TIPSY CAKE: Dinner By Heston Enters Into Voluntary Liquidation
C H I N A
IDEANOMICS INC: Completes 1st Closing of YA II PN Purchase Deal
SHANGHAI PANDA: Wanda Tycoon's Son Settles With Creditors
I N D I A
ALCHEMIST LIMITED: CRISIL Migrates 'D' Ratings to Not Cooperating
ANOUSHKA MEDICARE: Insolvency Resolution Process Case Summary
ARIISTO DEVELOPERS: Prestige Emerges as Top Contender for Developer
ASSOCIATED ENGINEERING: Ind-Ra Affirms 'B+' LongTerm Issuer Rating
CHAITRA GLAZE: Insolvency Resolution Process Case Summary
CLOVER ENERGY: CRISIL Hikes Rating on INR216.40cr Loan to 'B'
COS BOARD: Insolvency Resolution Process Case Summary
CURA HEALTH: CRISIL Lowers Rating on INR25cr Cash Loan to D
DEWAN HOUSING: CARE Cuts Rating on INR938cr Certs to D
DEWAN HOUSING: CRISIL Cuts Rating on INR285.01cr Certs to C (SO)
DIVYAJYOTI STEELS: Insolvency Resolution Process Case Summary
EVEREST KANTO: CRISIL Keeps C on INR368cr Debt to Not Cooperating
GRL TIRES: Insolvency Resolution Process Case Summary
HORIZON POLYMERS: CRISIL Moves B- on INR10cr Debt to NonCooperating
INDIRA PRIYADARSHINI: Insolvency Resolution Process Case Summary
LANNA WELLNESS: Insolvency Resolution Process Case Summary
LOTUS CLEAN: CRISIL Raises Rating on INR129.46cr Loan to 'B'
MAESTROS MEDILINE: Insolvency Resolution Process Case Summary
MAJESTIC MARKET: Insolvency Resolution Process Case Summary
MARIGOT AGRO: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
MATRIX BIZCOM: Insolvency Resolution Process Case Summary
MEENA JEWELLERS: Insolvency Resolution Process Case Summary
MELSTAR INFORMATION: CRISIL Keeps D Debt Ratings in Not Cooperating
ORCHID RENEWABLE: CRISIL Hikes Rating on INR164cr Loan to 'B'
PUNEET LABORATORIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
R.N. DWIVEDI: CRISIL Moves D on INR7.3cr Debt to Not Cooperating
RAJ REGENCY: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
REDDY PHARMACEUTICALS: Insolvency Resolution Process Case Summary
SAPTRISHI REALTORS: CRISIL Assigns B+ Rating to INR25cr New Loan
SARVODAY ASHRAM: CRISIL Migrates 'B+' Ratings to Not Cooperating
SAVITA CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
SINGLA SOLVENT: CRISIL Moves B+ on INR2cr Debt to Not Cooperating
SIRI BUILDERS: CRISIL Moves B+ on INR11cr Loan to Non-Cooperating
SNS STARCH: Insolvency Resolution Process Case Summary
SRI ADHIKARI: CRISIL Maintains 'D' Rating in Not Cooperating
SRI BHAGYALAKSHMI: CRISIL Migrates 'B+' Ratings to Not Cooperating
STANZEN ENGINEERING: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
SUNDARAM MULTI: CRISIL Maintains 'D Debt Ratings to Not Cooperating
TAMILNADU JAI: CRISIL Migrates 'D' Debt Ratings to Not Cooperating
TRIBHOVANDAS BHIMJI: Insolvency Resolution Process Case Summary
TYTAN ORGANICS: Insolvency Resolution Process Case Summary
VISHESH DIAGNOSTICS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
WOW SOLUTIONS: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
ARROW INTERNATIONAL: Owes Unsecured Creditors NZD46 Million
WINDFLOW TECHNOLOGY: Founder Still Sees Opportunity for Wind Power
S I N G A P O R E
HYFLUX LTD: Creditors Invited to Sell Debt at 85% Discount or More
TT INTERNATIONAL: Granted 3-Mo. Moratorium Extension Thru March 31
S O U T H K O R E A
ASIANA AIRLINES: HDC Hyundai Inks Deal to Acquire Carrier
X X X X X X X X
[] BOND PRICING: For the Week Dec. 23, 2019 to Dec. 27, 2019
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A U S T R A L I A
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ARRIUM LTD: Ex-Director Faces Compulsory Examination by Lawyers
---------------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that a former
director of collapsed steel maker Arrium could face a compulsory
examination by class action lawyers who are preparing a case
against the failed steel mill operator, its directors and its
advisers including auditor KPMG and financial adviser UBS.
In the latest development of one of Australia's biggest corporate
collapses, lawyers for liquidators to the former operator of the
Whyalla steel mill are trying to stop a move by class action firm
Squire Patton Boggs to examine Colin Galbraith, also a former
director of Commonwealth Bank of Australia, to gather evidence for
its planned action, SMH relates.
SMH recalls that in November Supreme Court of New South Wales judge
Ashley Black found the class action lawyers were allowed to examine
Mr Galbraith to further their investigations into whether the
company engaged in misleading and deceptive conduct before its
collapse.
However, lawyers for liquidators from KordaMentha earlier this
month appealed against the ruling to the Court of Appeal, the
report relates. The examination orders have been stayed until after
the appeal is heard in March next year.
A key reason for the appeal is concern in the liquidator's camp
that the Supreme Court ruling will set a precedent for how
liquidations of listed companies are operated and allow
interventions by class action lawyers looking to shore up their
cases against directors or the company, according to the report.
Arrium called in administrators in April 2016 with debt of AUD4
billion, SMH recalls.
SMH relates that the remnants of the business were later put into
administration following the sale of Whyalla to billionaire Sanjeev
Gupta for AUD700 million and Arrium's MolyCop business, which makes
steel balls to grind ore, to American Industrial partners for
AUD1.6 billion.
Since then KordaMentha has been picking over the wreckage of
Arrium, conducting its own examinations and preparing court cases
against the company's former directors to claw back more money for
creditors, the report states.
SMH says the liquidators, who were represented in court by Arnold
Bloch Leibler's Caroline Goulden, are focusing on a claim based on
their belief Arrium was trading while insolvent.
Squire Patton Boggs partner Amanda Banton, the lawyer for the class
action lead plaintiffs, is taking a different tack, instead
focusing on representations made by the company to its shareholders
during its 2014 disastrous capital raising and its accounts in 2014
and 2015, the report relates. Mr Galbraith was a director of Arrium
from 2000 to 2015.
According to SMH, Ms. Banton has left the door open to pursue KPMG,
which audited Arrium's accounts, and UBS, which was the underwriter
of Arrium's AUD465 million institutional placement in September
2014. However, the court threw out an earlier order that would have
forced KPMG to hand over its documentation of the audits and
against UBS.
"The plaintiffs and many other shareholders have likely suffered
loss from their investment in it; and, on the face of it, the
plaintiffs seek to examine Mr Galbraith as to matters as to which
the liquidators could properly have examined him, although the
liquidators have made a reasoned decision that their resources are
better directed to the insolvent trading claim," Justice Black said
in his judgment letting lawyers for the shareholders examine Mr
Galbraith, SMH relays.
"The information likely to be produced by the plaintiffs'
examination of Mr Galbraith would also likely advance the interests
of Arrium and its creditors, so far as it either produces
additional relevant information that supports further causes of
action by Arrium, or does not do so and therefore supports the
liquidators' present assessment that their insolvent trading claims
are more likely to benefit Arrium and its creditors than the claims
which the plaintiffs seek to investigate."
About Arrium Limited
Arrium Limited was engaged in mining and supply of iron ore and
steelmaking raw materials; manufacture and supply of mining
consumable products; manufacture and distribution of steel
products, and recycling of ferrous and non-ferrous scrap metal.
Pursuant to orders made by the Federal Court of Australia on April
12, 2016, Mark Mentha, Bryan Webster, Martin Madden and Cassandra
Mathews of KordaMentha have been appointed Joint and Several
Voluntary Administrators of the Company and its 93 Australian
subsidiaries replacing Said Jahani, Paul Billingham, Michael McCann
and Matthew Byrnes of Grant Thornton, who were appointed earlier in
April.
HORIZON GLOBAL: Atlas Capital Has 9.7% Stake as of Dec. 20
----------------------------------------------------------
Atlas Capital Resources II LP, Lapetus Capital II LLC, Atlas
Capital GP II LP, Atlas Capital Resources GP II LLC, Andrew M.
Bursky, and Timothy J. Fazio disclosed in a Schedule 13D/A filing
with the Securities and Exchange Commission that, in the aggregate,
they beneficially own, as of Dec. 20, 2019, 2,473,904 shares of
common stock of Horizon Global Corporation, representing 9.74% of
the outstanding shares. The percentage of Common Stock outstanding
was based on 25,387,388 shares of Common Stock outstanding as of
Nov. 7, 2019, according to the Form 10-Q filed by the Issuer with
the SEC on Nov. 12, 2019.
The 2,473,904 shares of Common Stock beneficially owned by the
Reporting Persons were acquired in open market transactions. The
Reporting Persons expended an aggregate of approximately $10.3
million of their investment capital to acquire the shares of Common
Stock reported as beneficially owned by them in the Schedule 13D.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/kz1skb
About Horizon Global
Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer. Horizon Global reported net losses of $204.9 million in
2018, $4.77 million in 2017, and $12.66 million in 2016. As of
Sept. 30, 2019, Horizon Global had $466 million in total assets,
$427.25 million in total liabilities, and $38.75 million in total
shareholders' equity.
* * *
As reported by the TCR on Dec. 16, 2019, S&P Global Ratings
affirmed the 'CCC' issuer credit rating on Horizon Global Corp. and
revised the outlook to negative from developing. The outlook
revision to negative reflects S&P's view that despite recent debt
reduction and temporary improvement in liquidity, Horizon's credit
metrics and liquidity remain quite weak and could worsen as the
rating agency expects the company to generate negative free flow.
As reported by the TCR on June 18, 2019, Moody's Investors Service
downgraded Horizon Global Corporation's Corporate Family Rating to
C from Caa3. The downgrade reflects Moody's expectations that
modest earnings improvement will not be sufficient to reduce
leverage to a sustainable level and that the sale of the
Asia-Pacific segment will, while reducing secured leverage,
increase total leverage and create greater reliance on a quick
turnaround in the more weakly performing U.S. and European
operations to diminish restructuring risk.
TIPSY CAKE: Dinner By Heston Enters Into Voluntary Liquidation
--------------------------------------------------------------
Andrew Andronicou at The Caterer reports that Dinner by Heston in
the Crown Casino complex in Melbourne, Australia, has entered
voluntary liquidation.
The Caterer relates that the move followed a failure to comply with
a statutory request by the Australian Fair Work Ombudsman (FWO) to
calculate and pay back payments for staff.
The restaurant is owned by Tipsy Cake Ltd and uses celebrity chef
Heston Blumenthal's name under license but is not owned by him, the
report notes.
"Tipsy Cake was aware that a significant amount of wages and
entitlements were owing to many workers who had been underpaid. The
circumstances of this matter are disappointing. The Fair Work
Ombudsman will liaise with the provisional liquidator and other
relevant stakeholders in order to assist the employees to recover
their entitlements," the report quotes Fair work ombudsman Sandra
Parker as saying.
BRI Ferrier has been appointed the provisional liquidators and it
seeks to maintain the running of the business as normal without
disruption for diners, the Caterer discloses.
The Caterer relates that a spokesperson for Tipsy Cake Ltd said:
"The voluntary appointment of the Provisional Liquidators will
enable appropriate actions to continue the restaurant's current
successful and profitable trading and to fulfil its obligations.
"The Provisional Liquidators role is a caretaker capacity,
maintaining the status quo of the restaurant and they intend to
continue to operate the now profitable business with the
anticipated co-operation of Crown."
Dinner by Heston is a restaurant concept conceived by Blumenthal.
The first site opened in London's Mandarin Oriental in Hyde Park,
London in 2011.
A spokesperson for Heston Blumenthal said: "The situation will not
affect the UK operations or employees," adds The Caterer.
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C H I N A
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IDEANOMICS INC: Completes 1st Closing of YA II PN Purchase Deal
---------------------------------------------------------------
Ideanomics, Inc. completed on Dec. 19, 2019, the initial closing
with respect to a securities purchase agreement, with YA II PN,
Ltd., a company incorporated and existing under the laws of the
Cayman Islands, wherein YA II PN has agreed to purchase from the
Company up to $5,000,000 in units consisting of secured convertible
debentures, which will be convertible into shares of the Company's
common stock at $1.50 per share, subject to anti-dilution
adjustments, and shares of the Company's Common Stock. The purchase
and sale of the units will take place in three closings, of which
$2,000,000 of Convertible Debentures and 1,424,658 shares of Common
Stock closed on Dec. 19, 2019, $1,000,000 of Convertible Debentures
and 712,329 shares of Common Stock will be purchased upon the
filing with the U.S. Securities and Exchange Commission of a
Registration Statement in accordance with that certain Registration
Rights Agreement of even date herewith, and $2,000,000 of
Convertible Debentures and 1,424,658 shares of Common Stock will be
purchased on or about the date the Registration Statement has first
been declared effective by the SEC. YA II PN also received (i) a
warrant exercisable for 1,666,667 shares of common stock at $1.50
with an expiration date 60 months from the date of the agreement,
and (ii) a warrant exercisable for 1,000,000 shares of common stock
at $1.00 with an expiration date of 12 months from the date of the
agreement. The Convertible Note matures on Dec. 19, 2020 and
accrues at an 4% interest rate. Pursuant to the terms of the
Convertible Note, YA II PN has anti-dilution rights which adjust
the $1.50 conversion price in connection with issuances below
$1.00. In connection with the above transaction, the Company also
entered into a registration rights agreement with YA II PN which
grants YA II PN demand registration rights.
Tree Technologies Acquisition Agreement
On Dec. 26, 2019, the Company closed on the transaction
contemplated in the Acquisition Agreement with Tree Technologies
Sdn. Bhd., a Malaysian Company engaged in the Electric Vehicle (EV)
market, pursuant to which the Company will purchase a 51% interest
in Tree. As consideration for the acquisition, the Company is
paying i) US$870,000 in cash; ii) 9,500,000 restricted common
shares of Ideanomics, Inc. (IDEX), representing US$19,000,000 at
$2.00 per share; and iii) up to $32,000,000 in earnout payments
over three years, to be paid in cash or shares at the election of
the company.
The Earnout will be based on Target performance over three 12-month
periods beginning in 2020.
ID Venturas Agreement
On Dec. 19, 2019, Ideanomics, Inc. completed an additional issuance
agreement with ID Venturas 7, LLC, pursuant to which the Company
obtained a consent from ID Venturas in exchange for (a) 1,950,000
shares of the Company's common stock; (b) a common stock purchase
warrant to purchase 1,000,000 shares of the Company's common stock
at an exercise price of $1 with a seven year term in the form of
prior warrants issued to ID Venturas; (c) a two year extension of
the exercise period for all outstanding warrants held by ID
Venturas.
As previously reported on Forms 8-k filed on Feb. 28, 2019, Oct. 3,
2019, and Oct 29, 2019 respectively, the Company entered into
Securities Purchase Agreements, dated Feb. 22, 2019 and dated Sept.
27, 2019 with ID Venturas pursuant to which ID Venturas purchased
10% Senior Secured Convertible Debentures and common stock purchase
warrants and were granted additional investments rights to purchase
up to an additional $2,500,000 of Debentures and Warrants. On Oct.
29, 2019 the Company entered into a letter agreement with ID
Venturas pursuant to which the Company agreed to reduce the
conversion price of the Debentures and the exercise price of the
Warrants to $1.00, subject to adjustment thereunder. The Agreement
also reduced the conversion price of Debentures and the exercise
price of the Warrants issuable pursuant to the Additional
Investment Rights.
About Ideanomics
Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services. The company
is headquartered in New York, NY, and has offices in Beijing,
China. It also has a planned global center for technology and
innovation in West Hartford, CT, named Fintech Village.
Ideanomics reported a net loss of $28.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $10.86 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, Ideanomics had
$164.76 million in total assets, $47.26 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $116.24 million in total equity.
B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.
SHANGHAI PANDA: Wanda Tycoon's Son Settles With Creditors
---------------------------------------------------------
Bloomberg News reports that Wang Sicong, the only son of Wang
Jianlin, the billionaire founder and chairman of Chinese
conglomerate Dalian Wanda Group, reached an agreement with
creditors after local courts declared him a debtor and placed curbs
on his flamboyant lifestyle.
The 31-year-old will compensate dozens of investors in his now
bankrupt entertainment firm and will shoulder a loss of almost CNY2
billion (US$286 million), Bloomberg discloses citing a statement on
the website of his investment firm, Prometheus Capital. It didn't
provide details.
According to Bloomberg, Wang Sicong has been battling the fallout
of the collapse this year of Shanghai Panda Entertainment Culture,
which he founded in 2015 as a streaming platform and later
diversified into event planning and animation. Bloomberg says the
failure prompted a court in Beijing in November to list the tycoon
as a debtor, while Wanda Group distanced itself from the younger
Wang's woes.
Wang Sicong's father, Wang Jinalong, whose net worth is about $17
billion as per the Bloomberg Billionaires Index, said in a speech
in 2016 that his son didn't seem interested in succeeding him at
the helm of his empire, Bloomberg relates. He said he thought it
was better to hand Wanda over to professional managers with
guidance from the board.
Shanghai Panda Entertainment Culture Co. Ltd. provides
entertainment services. The Company offers event planning,
animation design, film and television planning, and other services.
Shanghai Panda Entertainment Culture serves customers in China.
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I N D I A
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ALCHEMIST LIMITED: CRISIL Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Alchemist
Limited (AL; a part of the Alchemist group) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 21.82 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 7.18 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AL for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 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 AL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AL to 'CRISIL D Issuer not cooperating'.
AL was initially established in 1988 at as Toubro Infotech &
Industries Ltd, a private-limited company by Dr K D Singh; it got
reconstituted as AL when it came out with its initial public
offering in 1994. AL has grown into a diversified corporation with
operations in chemical trading, pharmaceuticals, food-processing,
floriculture, and steel.
AIPL and AHGL are currently not operational.
ANOUSHKA MEDICARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Anoushka Medicare and Diagnostic Pvt Ltd
3, Ashirwad
51, Vallabh Nagar
N.S. Road – 2 JVPD
Vile Parle (West)
Mumbai 400056, MH
Insolvency Commencement Date: December 11, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 8, 2020
Insolvency professional: Rajendra K. Bhuta
Interim Resolution
Professional: Rajendra K. Bhuta
1207, Yogi Paradise
Yogi Nagar, Borivali (West)
Mumbai 400092
E-mail: rkbhuta@gmail.com
- and -
303, Raghuveer Tower
Chamunda Circle
Borivali (West)
Mumbai 400092
E-mail: anoushka.irp@gmail.com
Last date for
submission of claims: December 31, 2019
ARIISTO DEVELOPERS: Prestige Emerges as Top Contender for Developer
-------------------------------------------------------------------
Livemint.com reports that real estate firm Prestige Group has
emerged as the top contender to take over debt-ridden Ariisto
Developers, which is currently under insolvency proceedings, with
both lenders and homebuyers approving the resolution plan submitted
by the Bengaluru-based company, said two people aware of the
matter.
As part of the plan, Prestige Group has offered lenders an upfront
payment of more than INR300 crore and area sharing of Ariisto's
project at Mumbai's Mulund area, said the first person cited above,
Livemint.com relates. The resolution plan has been submitted to the
National Company Law Tribunal (NCLT) for approval, the person
added.
Mumbai-based Ariisto had partially begun building its 'Ariisto
Heavens' housing project over a 30-acre land parcel. The project is
expected to have around 6,000 units in nearly a decade. Of the
total, Prestige would build at least 2,000 units in the next
three-four years as part of the plan.
"They (Prestige) have submitted plans to give homebuyers their
houses. The Committee of Creditors (CoC) has given their approval.
Now, it's for NCLT to decide. This is a large project in Mumbai
which has gone under resolution. Hopefully it should get resolved
soon," the person, as cited by Livemint.com, said.
According to Livemint.com, the NCLT had last November admitted
insolvency proceedings against Ariisto, which owed around INR2,500
crore to lenders including HDFC Ltd, IIFL Trustee Ltd and
Indiabulls Housing Finance Ltd. The insolvency plea was filed by
state-run Bank of India to recover its pending dues of about INR520
crore.
In August, fresh expressions of interest from prospective buyers
were invited for the second time after lenders rejected the
resolution plan submitted by another Mumbai-based builder, Keystone
Realtors Ltd, also known as Rustomjee group. In the first round,
Rustomjee had emerged as the sole bidder.
Mint reported on Aug. 27 that several prominent Mumbai-based real
estate firms including Rustomjee Group, Wadhwa and Runwal Group,
were in the process of submitting bids for Ariisto.
About Ariisto Developers
Ariisto Realtors Private Limited operates as a real estate
developer. The Company owns and develops residential and commercial
properties. Ariisto Realtors serves customers in India.
In November 2018, the National Company Law Tribunal (NCLT) admitted
insolvency proceedings against the developer. Ariisto Realtors owed
around INR2,500 crore to various lenders that includes HDFC Ltd,
IIFL Trustee Ltd and Indiabulls Housing Finance Ltd.
ASSOCIATED ENGINEERING: Ind-Ra Affirms 'B+' LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Associated
Engineering Enterprises' (AEE) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR45 mil. Fund-based working capital limits affirmed with IND
B+/Stable/ IND A4 rating;
-- INR95 mil. Non-fund-based working capital limits affirmed with
IND A4 rating; and
-- INR20 mil. Proposed fund-based working capital limit*
withdrawn (the company did not proceed with the instrument as
envisaged).
KEY RATING DRIVERS
The affirmation reflects AEE's continued small scale of operations
and weak revenue visibility even though the revenue improved to
INR353 million in FY19 (FY18: INR168.8 million) on the execution
and completion of a high-value project during FY19. As of 1HFY20,
the firm booked revenues of INR79 million and had an unexecuted
order book of around INR305 million (0.8x of FY19 revenues and 1.8x
of FY18 revenues) to be completed by 3QFY20. AEE's weak order book
resulted from no new orders floated by the new Andhra Pradesh
government during 1HFY20.
The affirmation also reflects the company's moderate credit metrics
with net leverage (net adjusted debt/operating EBITDAR) of 0.51x in
FY19 (FY18: 4.3x) and interest coverage (operating EBITDA/gross
interest expense) of 4.65x (1.7x). The credit metrics improved as a
result of a rise in absolute operating EBITDA during FY19 to
INR42.8 million (FY18: INR21 million). Ind-Ra expects the credit
metrics to remain moderate with no major debt-led capex plans in
the near future.
Liquidity Indicator – Stretched: AEE's average overdraft limit
utilization was around 65% over the 12 months ended November 2019.
AEE's cash and cash equivalents at FYE19 remained at INR8 million
as against the total outstanding debt of INR30 million. Ind-Ra
expects the debt service coverage ratio (DSCR) to remain
comfortable at above 1.5x with lower dependency on long-term debts.
Cash flow from operations turned positive to INR32.10 million
during FY19 (FY18: negative INR4.30 million) with an increase in
absolute operating EBITDA. Free cash flow turned positive at
INR29.10 million in FY19 (FY18: negative INR22.10 million) as a
result of positive cash flow from operations. The company does not
have any major capex plans in the near term.
The ratings remain constrained by the partnership structure of the
organization.
The rating is, however, supported by the company's healthy EBITDA
margin of 12.13% (FY18: 12.62%) that declined marginally during
FY19 as a result of an increase in other expenses. The firm's
return on capital employed was 33% during FY19 (11% in FY18).
The ratings continue to be supported by AEE's partners' experience
of over three decades in the engineering, procurement and
construction business.
RATING SENSITIVITIES
Negative: Continued weak order book resulting in a decline in
revenues and/or EBITDA margin leading to substantial deterioration
in the credit metrics and liquidity could lead to a negative rating
action.
Positive: Stable revenue growth from a strong order book and stable
operating profitability, leading to an improvement in the overall
credit metrics and liquidity could lead to a positive rating
action.
COMPANY PROFILE
Established in 1985 in Hyderabad, AEE is an engineering,
procurement and construction firm. The firm is registered with the
Roads and Buildings Department as a special Class Civil Contractors
in Andhra Pradesh and Telangana.
CHAITRA GLAZE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Chaitra Glaze Private Limited
No. 8 (First Floor)
1st Main Road BHCS Layout
BSK III Stage Bangalore
Karnataka
Insolvency Commencement Date: November 27, 2019
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: May 25, 2020
(180 days from commencement)
Insolvency professional: Ramanahalli Shivanna Doddabyregowda
Interim Resolution
Professional: Ramanahalli Shivanna Doddabyregowda
No. 350 1st Cross
Canara Bank Layout
Kodigehalli
Vidyaranyapura (Post)
Bengaluru 560097
Mobile: 9916633897
9483080322
E-mail: rsdgowda@yahoo.co.in
Last date for
submission of claims: December 23, 2019
CLOVER ENERGY: CRISIL Hikes Rating on INR216.40cr Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Clover Energy Private Limited (Clover) to 'CRISIL B/Stable' from
'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 10.57 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Term Loan 216.40 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects the timely servicing of debt by Clover,
between August and November 2019. However, the rating remains
constrained by weak liquidity, and subdued performance seen during
fiscal 2019 and first half of fiscal 2020, due to unfavourable wind
patterns.
Analytical Approach
For arriving at the ratings, CRISIL has made a standalone
assessment of Clover, as against the consolidation approach applied
earlier. With debt at the holding company (Leap Green Energy Pvt
Ltd) being refinanced with limited debt servicing obligations over
the medium term, CRISIL does not expect any upstreaming of cash
flows to the holding company, unless the yearly maturing debt is
first met.
Key Rating Drivers & Detailed Description
Weaknesses
* Subdued operational performance
Business performance remained muted in fiscal 2019 and the first
half of fiscal 2020, as unfavourable wind patterns led to modest
cash accrual. Average plant load factor (PLF) was low at 20.17% in
fiscal 2019, as compared to 22.88% in the previous fiscal, and
below P90 level of 22.89%.
* Exposure to inherent risk of variability in wind speed and
pattern:
Cash flow of wind power projects is highly sensitive to PLF, and is
also affected by other factors such as operating cost and interest
rate. PLF is inherently unpredictable, as it depends on wind
patterns; any unfavourable deviation in wind speed and pattern can
significantly reduce PLF, thereby impairing debt servicing
ability.
Strengths
* Timely servicing of debt over the last four months
Prior to August 2019, there were instances of delay in servicing of
debt, owing to a cash flow mismatch and the group's stretched
liquidity position. However, in August 2019, debt at the holding
company was completely refinanced using proceeds from the promoter,
AIRRO (Mauritius) Holdings II. Debt refinancing, along with better
cash flow in the special-purpose vehicles (SPVs), ensured timely
debt servicing between August and November 2019.
* Minimal cash flow support required at the holding company in the
near to medium term
In August 2019, the holding company refinanced the existing debt
through external commercial borrowing of INR617 crore from AIRRO
(Mauritius) Holdings II. The refinanced debt has an interest and
principal moratorium for two and four years, respectively.
Consequently, debt servicing requirement at the holding company,
remains low in the near to medium term.
* Diversified clientele mix
Clover has undertaken power purchase agreements (PPA) with
industrial and commercial customers under the group captive model
for tenure of about 9-12 years at competitive tariffs as compared
to the grid tariff. The entire capacity has been tied-up with more
than 20 customers resulting in lower concentration risk; low off
take risk and provides revenue visibility.
Liquidity Poor
Liquidity remains subdued, with cash and cash equivalents of INR0.1
crore and debt service reserve account (DSRA) of INR0.03 crore, as
on September 30, 2019. The company also has access to working
capital limit of INR10 crore. Banked units were about INR19 crore
as on September 30, 2019, as against debt servicing obligations of
INR13 crore in second half of fiscal 2020, lending some support to
overall liquidity.
Outlook: Stable
CRISIL believes Clover's operational performance and receivables
will remain stable over the medium term.
Rating sensitivity factors
Upward factors
* Sustained improvement in liquidity, amounting to at least four
months of debt servicing requirement
* Healthy operational performance, in line with P90 PLF levels.
Downward factors
* Decline in PLF levels (more than 20%) from the P90 levels on
a sustained basis.
* Deterioration in liquidity from the current levels on account
of lower than expected cash accruals.
Clover (a part of Leap Green group), incorporated on November 03,
2011, was formed as a SPV, to install and operate a 71.5 megawatt
of the wind-based power plant in Tamil Nadu. The company is engaged
in generation and sale of power generated from renewable sources of
energy. Clover has undertaken power purchase agreements of 9-12
years, with industrial and commercial establishments in Tamil Nadu.
The company is a subsidiary of Leap Green Energy Pvt Ltd (holding
company) and the ultimate holding company is AIRRO (Mauritius)
Holdings II.
COS BOARD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: COS Board Industries Ltd.
Jagatpur Industrial Estate Phase II
Jagatpur Cuttack
Odisha 754021
Insolvency Commencement Date: December 16, 2019
Court: National Company Law Tribunal, Bhubaneshwar Bench
Estimated date of closure of
insolvency resolution process: June 12, 2020
Insolvency professional: Umesh Chandra Sahoo
Interim Resolution
Professional: Umesh Chandra Sahoo
Plot No. 4, 2nd Floor
Snowdrop Apartment
Cuttack Road
Jharpada, Bhubaneshwar
Odisha
E-mail: info@nayadarshan.com
cosboard@nayadarshan.com
Last date for
submission of claims: December 29, 2019
CURA HEALTH: CRISIL Lowers Rating on INR25cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cura
Health Care Private Limited (CHPL; part of the Cura group) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.5 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 25.0 CRISIL D (Downgraded from
'CRISIL BB+/Negative')
Proposed Long Term
Bank Loan Facility .5 CRISIL D (Downgraded from
'CRISIL BB+/Negative')
Based on public information, CRISIL factors the group's weak
liquidity resulting in continuous overdrawal of its working capital
limits for over 30 days.
The ratings continue to reflect the company's Cura group's weak
debt protection metrics and large working capital requirement.
These weaknesses are partially offset by extensive experience of
key management personnel.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CHPL and its subsidiaries: Icure
Technologies Pvt Ltd, Pacsmart Solutions Pvt Ltd, DE Healthcare Pvt
Ltd, Concept Integrations (India) Pvt Ltd, Adonis Medical Systems
Pvt Ltd (Adonis), and IVES Healthcare Pvt Ltd (Ives). This is
because all these entities, collectively referred to as the Cura
group, are in the same business, under a common management, and
have financial links.
Key Rating Drivers & Detailed Description
Weaknesses
* Overdrawal in working capital limits: The group has over utilized
its working capital facilities continuously for over 30 days, led
by weak liquidity.
* Weak debt protection metrics: The group's debt protection metrics
have been impacted due to the losses incurred in the fiscal 2018.
The metrics are likely to improve over the medium term with
improvement in the performance of the group. However the financial
risk profile is supported by a comfortable capital structure with
networth of INR65 crore and gearing of 0.52 times as on March 31,
2018.
* Large working capital requirement: Gross current assets were 330
days of sales as on March 31, 2018, driven by substantial
receivables of 228 days.
Strengths
* Experience of key management personnel: The group was taken over
by Peepul Capital Fund III LLC (Peepul) during 2015 and is
currently managed by Mr Balasubramaniam, who has around 25 years of
experience in the healthcare industry.
Liquidity Poor
CHPL has poor liquidity on account of overdrawals in its working
capital facilities for a period more than 30 days, due to working
capital intensive nature of operations, coupled with decline in
operating performance. The liquidity is expected to remain poor
over the medium term
Rating Sensitivity factors
Upside Factors:
* Track record of timely regularisation of the bank facilities
* Improvement in interest coverage to more than 2.5 times
About the Group
The Cura group trades and manufactures medical equipment and
devices. CHPL, set up in 2001, installs and trades in medical
imaging equipment. It also manufactures digital radiography
equipment and critical care products.
The group's subsidiaries manufacture, trade, and service medical
equipment and healthcare devices in the imaging (CT, MRI,
mammography, and digital radiography), critical care (patient
monitoring and nephrology) and x-ray segments.
DEWAN HOUSING: CARE Cuts Rating on INR938cr Certs to D
------------------------------------------------------
CARE has revised the Ratings of the Pass Through Certificates to
'CARE D' and the Credit Opinion of Second Loss Facility equivalent
to 'CARE D' rating. The PTCs are backed by Housing, LAP & SME Loans
receivables originated by Dewan Housing Finance Corporation Limited
(DHFL).
Nirmaan RMBS Trust Series I 2018
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Series A PTC 938.42 CARE D Revised from CARE BBB
(SO) (Under Credit Watch with
Negative Implications)
Second Loss 52.69 CARE D Revised from Equivalent
Facility to CARE BBB (SO) (Under Credit
Watch with Negative
Implications)
Detailed description of the key rating drivers
CARE had sought confirmation from the investor and Trustee
pertaining to the scheduled monthly repayment due on Dec. 13, 2019.
The Trustee has sent a confirmation on Dec. 24, 2019 that the
payout could not be made, resulting in the said rating action.
The rating action takes into account the inability of DHFL
(servicer) to transfer the monthly collections to the Collection
and Payment Account (C&P Account), in spite of the collections from
the underlying loans being sufficient to honor the payout to the
assignee, based on the servicer reports received by CARE.
CARE has also considered the recent event regarding the Appointment
of Administrator and Commencement of Corporate Insolvency
Resolution Process under the Insolvency and Bankruptcy Code, 2016
for DHFL. As per Rule 5 (b) of the notification issued by the
Central Government under the Insolvency and Bankruptcy Code, 2016,
an interim moratorium shall commence on and from the date of
initiation of Corporate Insolvency Resolution Process, till its
admission or rejection. However, under Rule 10 (1) of the
aforementioned notification, the provisions of clause (b) of Rule 5
and section 14 shall not apply to any third-party assets or
properties in custody or possession of the financial service
provider, including any funds, securities and other assets required
to be held in trust for the benefit of third parties.
Key Rating Strengths:
1. Cumulative collection efficiency of the pool is above 90%.
2. The delinquencies are lower than expected.
Key Rating Weaknesses:
1. Inability of DHFL (servicer) to fund the C&P Account to make
scheduled PTC payouts.
2. Servicer Risk – Severely weak credit profile of the servicer
(DHFL).
Liquidity Position:
The liquidity position of the transaction is poor as the servicer
is unlikely to transfer the collections of third-party assets to
the C&P Account, resulting in delay in making the scheduled
payouts. Additionally, the Credit Enhancement, in the form of Fixed
Deposit, is not expected to be utilized by the Trustee to make the
scheduled payouts. Due to the uncertainty associated with the
insolvency proceedings, there is lack of clarity on the transfer of
collections and availability of collateral for utilization in case
of shortfalls.
Incorporated in 1984, DHFL is the third-largest housing finance
company in India with total AUM of INR1,10,086 crore as on March
31, 2018. The company has a successful track record of over 30
years of lending in the low and middle income group in Tier II and
Tier III cities, primarily to salaried individuals. DHFL had a loan
portfolio of INR91,932 crore as on March 31, 2018. The company
operates through a network of over 347 offices (incl. branches and
service centres).
During FY18, DHFL earned consolidated PAT of INR927 crore (INR729
crore in FY16) on total income of INR8,631 crore (INR6,971 crore in
FY16). As on March 31 2018, Net NPA ratio was 0.56% (0.58% as on
March 31, 2017). The Capital Adequacy Ratio (CAR) was comfortable
at 15.29% as on March 31, 2018, as compared to 19.34% as on March
31, 2017. The Reserve Bank of India (RBI) has filed insolvency
proceeding against Dewan Housing Finance Limited (DHFL) with NCLT
on 29th November 2019. Mr. R Subramaniakumar, ex-MD and CEO of
Indian Overseas Bank, has been appointed as the administrator of
DHFL.
DEWAN HOUSING: CRISIL Cuts Rating on INR285.01cr Certs to C (SO)
----------------------------------------------------------------
CRISIL has downgraded its rating on Series A1 pass through
certificates (PTCs) and Series A2 PTCs issued by 'Nirmaan RMBS
Trust-Series V- 2014' to 'CRISIL C (SO)' from 'CRISIL B+ (SO)/Watch
Developing'. The PTCs are backed by housing loan receivables
originated and serviced by Dewan Housing Finance Corporation Ltd.
(DHFL; rated CRISIL D).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Series A1 PTCs 285.01 CRISIL C (SO) Downgraded
from CRISIL B+ (SO)/Watch
with Developing Implications
Series A2 PTCs 11.88 CRISIL C (SO) Downgraded
from CRISIL B+ (SO)/Watch
with Developing Implications
The rating actions are in light of DHFL stopping to deposit
collections from securitised assets into respective Collection and
Payout Accounts (CPA) post the initiation of insolvency
proceedings. CRISIL also notes that the accessibility of cash
collateral to trustee is restricted as DHFL has informed the
Trustees that until the Central Government notification related to
'dealing with third party assets' is issued, transfer /
appropriation / enforcement of security or collateral will be in
contravention of the Insolvency and Bankruptcy Code and the NCLT
order.
DHFL continues to be the servicer of the pool underlying this
transaction. Consequently, given the legal challenges that restrict
the trustee's access to cash collateral as well as collections from
the underlying pool, CRISIL believes that the trustee's ability to
make timely promised payments on the PTCs stands significantly
compromised at present.
Key Rating Drivers & Detailed Description
Constraining Factors
* Heightened legal risks
DHFL has taken the view that transferring of collections from
securitised assets and liquidation of cash collateral by the
trustee would be in violation of the NCLT order. Until the Central
Government issues a notification related to dealing with third
party assets, DHFL would not deposit collections into the CPA.
Supporting Factors
* Healthy collection efficiency
68 months post securitisation, based on Trustee reports, cumulative
collection ratio (CCR) for the transaction has remained robust at
99.9%.
Liquidity: Poor
Liquidity is poor given that the Trustee's ability to consistently
dip into credit enhancement in a timely manner is yet to be
demonstrated.
CRISIL has adequately factored these aspects in its rating
analysis
Rating Sensitivity factors
Upward
* The Central Government issuing a notification relating to
'dealing with third party assets' removing any restrictions
on the Trustee to access the cash collateral and DHFL to
transfer collected funds to the CPA
Downward
* A payment default on the PTCs
About the pool
The pool securitised comprises home loan receivables. As after
November 2019 payouts, the pool has high seasoning as evidenced by
its amortisation of 70.0%.
Key rating assumptions
CRISIL has analysed the performance of the securitised housing loan
pools of DHFL as of November 2019 payouts. The collection
efficiencies are robust at over 99%.
About the Originator
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.
DIVYAJYOTI STEELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Divyajyoti Steels Limited
Flat no. 403, D.No. 8-2-468/A/2
Shilpa Park View Apts.
Road No. 5, Banjara Hills
Hyderabad 500034
Telangana
Insolvency Commencement Date: December 20, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 17, 2020
Insolvency professional: Narender Gandhari
Interim Resolution
Professional: Narender Gandhari
403, Naina Residency
Srinivasa Nagar (East)
Ameerpet, Hyderabad 500038
Telangana
E-mail: narenderg99@gmail.com
ip.divyajyotisteels@gmail.com
Last date for
submission of claims: January 3, 2020
EVEREST KANTO: CRISIL Keeps C on INR368cr Debt to Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Everest Kanto
Cylinder Limited (EKC) continues to be 'CRISIL C Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 368.2 CRISIL C (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with EKC for obtaining
information through letters and emails dated May 31, 2019 and
November 29, 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 EKC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EKC is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of EKC continues to be 'CRISIL C Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EKC and its wholly owned subsidiaries,
including step-down entities, EKC International FZE, Dubai; EKC
Industries (Tianjin) Co Ltd, China; EKC Industries (Thailand) Co
Ltd, Thailand; EKC Hungary Kft, Hungary; Calcutta Compressions &
Liquefaction Engineering Ltd, India; EKC-Europe GmbH and CP
Industries Holdings Inc, USA. This is because all these companies,
collectively referred to as the Everest Kanto group, have common
promoters, are in the same line of business, and have intra-group
operational synergies, including fungible cash flows.
Promoted by Mr. P K Khurana in 1978, the Everest Kanto group
manufactures high-pressure seamless compressed natural gas and
industrial cylinders. The gas cylinders are used by automobile
original equipment manufacturers, retrofitters, and gas
distribution companies; the industrial cylinders are used in the
healthcare, fire-fighting, and food and beverages segments. The
group has manufacturing units in India, Dubai, the US, and China,
with a total capacity of ~1 million cylinders per annum, and
marketing offices in Thailand and Germany.
GRL TIRES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: GRL Tires Private Limited
418, Creative Industrial Estate
72, N.M. Joshi Marg
Lower Parel, Mumbai
Maharashtra 400011
Insolvency Commencement Date: December 20, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 16, 2020
(180 days from commencement)
Insolvency professional: Pankaj Sham Joshi
Interim Resolution
Professional: Pankaj Sham Joshi
c/o Omega Business Solutions Pvt. Ltd.
Unit 12, Kakad Industrial Estate
Lady Jamshedji Cross Road No. 3
Mahim (West) Mumbai 400016
E-mail: pjoshi.ip@gmail.com
Last date for
submission of claims: January 3, 2020
HORIZON POLYMERS: CRISIL Moves B- on INR10cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Horizon
Polymers (HP) to 'CRISIL B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with HP for obtaining
information through letters and emails dated September 30, 2019,
November 26, 2019 and December 02, 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 HP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HP to 'CRISIL B-/Stable Issuer not cooperating'.
Set up in 2001, HP, a partnership firm of Mr S C Aggarwal and his
son, Mr Deepak Aggarwal, manufactures PVC pipes, HDPE pipes,
un-plasticised PVC pipes, chlorinated PVC pipes, and polypropylene
random pipes and fittings. The firm also trades in water tanks. It
has a manufacturing unit each in Himachal Pradesh and Punjab.
INDIRA PRIYADARSHINI: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Indira Priyadarshini Hydro Power Private Limited
Sanpras Corporate Capital
#115/1 & 115/29, 6th Floor
Sheraton Towers Financial District
Nanakramguda, Gachibowli
Hyderabad 500032
Ranga Reddy District TG
India
Insolvency Commencement Date: December 12, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 8, 2020
Insolvency professional: Nethi Mallikarjuna Setty
Interim Resolution
Professional: Nethi Mallikarjuna Setty
Flat No. 101, Laurel Residency
Road No. 18, Panchavati Colony
Manikonda, Hyderabad
Telangana 500089
E-mail malliknethi@gmail.com
- and -
301, 3rd Floor, Bhavya's Fantastika
D.No. 8-2-684/A, Road No. 12
Banjara Hills, Hyderabad 500034
Telangana State, India
E-mail: ip.indira11958@gmail.com
Last date for
submission of claims: December 30, 2019
LANNA WELLNESS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Lanna Wellness Private Limited
B110 Gera Garden Condominium
Near St. Mira's College
Koregaon Park
Pune 411001
Insolvency Commencement Date: December 16, 2019
Court: National Company Law Tribunal, Pune Bench
Estimated date of closure of
insolvency resolution process: June 13, 2020
(180 days from commencement)
Insolvency professional: Laxman Digambar Pawar
Interim Resolution
Professional: Laxman Digambar Pawar
Flat No. 16, First Floor
Bhakti Complex
Behind Dr. Ambedkar Statue
Pimpri, Pune 411018
Mobile: 9921516368
9422327957
E-mail: cmapawar1@gmail.com
Last date for
submission of claims: January 2, 2020
LOTUS CLEAN: CRISIL Raises Rating on INR129.46cr Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lotus Clean Power Venture Private Limited (Lotus) to 'CRISIL
B/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 129.46 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of debt obligations by
the company during August- November 2019. However, the rating is
constrained by weak liquidity coupled with subdued performance in
fiscal 2019 and in the first half of fiscal 2020 due to
unfavourable wind pattern.
Analytical Approach
For arriving at the ratings, CRISIL has made a standalone
assessment of Lotus, as against the consolidation approach applied
earlier. With debt at the holding company (Leap Green Energy Pvt
Ltd) being refinanced with limited debt servicing obligations over
the medium term, CRISIL does not expect any upstreaming of cash
flows to the holding company, unless the yearly maturing debt is
first met.
Key Rating Drivers & Detailed Description
Weaknesses
* Subdued operational performance
Business performance remained muted in fiscal 2019 and the first
half of fiscal 2020, as unfavourable wind patterns led to modest
cash accrual. Average plant load factor (PLF) was low at 19.58% in
fiscal 2019, as compared to 20.25% in the previous fiscal, and
below P90 level of 22.77%.
* Exposure to inherent risk of variability in wind speed and
pattern. Cash flow of wind power projects is highly sensitive to
PLF, and is also affected by other factors such as operating cost
and interest rate. PLF is inherently unpredictable, as it depends
on wind patterns; any unfavourable deviation in wind speed and
pattern can significantly reduce PLF, thereby impairing debt
servicing ability.
Strengths
* Timely servicing of debt over the last four months. Prior to
August 2019, there were instances of delay in servicing of debt,
owing to a cash flow mismatch and the group's stretched liquidity
position. However, in August 2019, debt at the holding company was
completely refinanced using proceeds from the promoter, AIRRO
(Mauritius) Holdings II. Debt refinancing, along with better cash
flow in the special-purpose vehicles (SPVs), ensured timely debt
servicing between August and November 2019.
* Minimal cash flow support required at the holding company in the
near to medium term. In August 2019, the holding company
refinanced the existing debt through external commercial borrowing
of INR617 crore from AIRRO (Mauritius) Holdings II. The refinanced
debt has an interest and principal moratorium for two and four
years, respectively. Consequently, debt servicing requirement at
the holding company, remains low in the near to medium term.
* Diversified clientele mix. Lotus has undertaken power purchase
agreements (PPA) with industrial and commercial customers under the
group captive model for tenure of about 9-12 years at competitive
tariffs as compared to the grid tariff. The entire capacity has
been tied-up with more than 15 customers resulting in lower
concentration risk; low off take risk and provides revenue
visibility.
Liquidity Poor
Liquidity remains subdued, with non-availability of debt service
reserve account, cash and cash equivalents of INR0.9 crore as on
September 30, 2019 and access to working capital lines of INR4.0
crore. Banked units were about INR12.5 crore as on September 30,
2019, against debt obligation of around INR9 crore in the second
half of fiscal 2020, lending some support to overall liquidity.
Outlook: Stable
CRISIL believes Lotus' operational performance and receivables will
remain stable over the medium term.
Rating sensitivity factors
Upward factors
* Sustained improvement in the liquidity position amounting to
at least four months of debt servicing requirements.
* Healthy operational performance, in-line with P90 PLF levels.
Downward factors
* Decline in PLF levels (more than 20%) from the P90 levels on a
sustained basis.
* Deterioration in liquidity from the current levels on account
of lower than expected cash accruals.
Lotus (a part of Leap Green group), incorporated on July 21, 2011,
was formed as a SPV, to install and operate a 46.2 megawatt of the
wind-based power plant in Tamil Nadu. The company is engaged in
generation and sale of power generated from renewable sources of
energy. Lotus has undertaken power purchase agreements of 9-12
years, with industrial and commercial establishments in Tamil Nadu.
The company is a subsidiary of Leap Green Energy Pvt Ltd (holding
company) and the ultimate holding company is AIRRO (Mauritius)
Holdings II.
MAESTROS MEDILINE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Maestros Mediline Systems Limited
Plot No. EL/63, TTC Industrial Area
Electronic Zone Mahape
Navi Mumbai, Maharashtra 400701
Insolvency Commencement Date: November 28, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 4, 2020
(330 days from commencement)
Insolvency professional: Mrs. Tanuja Jalan
Interim Resolution
Professional: Mrs. Tanuja Jalan
G-2/12B Sundar Sangam CHS Ltd
S V Road, Sunder Nagar
Malad (W), Mumbai 400064
E-mail: tanujajalan@yahoo.co.in
- and -
B-1706, AbrolVastu Park
Near Ryan International School
Evershine Nagar, New Link Road
Malad West, Mumbai 400064
Last date for
submission of claims: January 2, 2020
MAJESTIC MARKET: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Majestic Market Research Support Services Limited
No. C-108, 1st Floor
Kanakia Zillion
Gateway to BKC
LBS Marg, Kurla (W)
Mumbai 400070
Insolvency Commencement Date: December 17, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 14, 2020
Insolvency professional: Dhiren S Shah
Interim Resolution
Professional: Dhiren S Shah
B 102 Bhagirathi Niwas
Near Natraj Studio
Sir MV Road, Andheri (East)
Mumbai 400069
E-mail: dss@dsshah.in
ip2@dsshah.in
Last date for
submission of claims: January 2, 2020
MARIGOT AGRO: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Marigot Agro
Private Limited (MAPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .9 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 4.6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 1.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MAPL for obtaining
information through letters and emails dated September 30, 2019,
November 26, 2019 and December 2, 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 MAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MAPL to 'CRISIL B/Stable Issuer not cooperating'.
MAPL, set up in 2014 by Mr Sithanand Ganesh and Mrs Marigot
Ambujam, is based in Pondicherry. The company manufactures and
trades in atta, maida and rava.
MATRIX BIZCOM: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Matrix Bizcom Private Limited
Shop No. 160, 1st Floor
Evershine Mall Jn.
Off Link Road, Malad-West
Mumbai 400064
Insolvency Commencement Date: December 13, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 9, 2020
(180 days from commencement)
Insolvency professional: Mr. Arun Bagaria
Interim Resolution
Professional: Mr. Arun Bagaria
701, Stanford Building
Junction of S.V. Road and
C D Burfiwala Marg
Andheri (W)
Mumbai 400058
E-mail: arun@bagariaco.com
bagaria.arun@gmail.com
Last date for
submission of claims: December 30, 2019
MEENA JEWELLERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Meena Jewellers Exclusive Private Limited
5-9-58/1-15, Shop No. 161 Babukhan Estate
Basheerbagh Hyderabad TG 500029
IN
Insolvency Commencement Date: November 26, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: May 23, 2020
Insolvency professional: Dr. K.V. Srinivas
Interim Resolution
Professional: Dr. K.V. Srinivas
Kamala Tower, 4th Floor
4th Floor, 1-8-304 to 307
Patigadda Road, Begumpet
Hyderabad 500017
Tel.: +918309310156
9959223615
E-mail: kvsrinivas12@gmail.com
irp_meena@aaip.co.in
Last date for
submission of claims: December 17, 2019
MELSTAR INFORMATION: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Melstar Information
Technologies Limited (MITL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft 4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 6 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with MITL for obtaining
information through letters and emails dated October 15, 2019 and
November 29, 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 MITL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MITL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of MITL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
MITL, part of the Yash Birla group of companies, primarily provides
staffing services to large information technology (IT) companies
and IT divisions of large corporations. MITL also provides
application development and implementation services, albeit on a
modest scale. MITL is listed on the Bombay Stock Exchange and the
National Stock Exchange.
ORCHID RENEWABLE: CRISIL Hikes Rating on INR164cr Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Orchid Renewable Powertech Private Limited (Orchid) to 'CRISIL
B/Stable' from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 1 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Term Loan 164 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of debt obligations by
the company during August- November 2019. However, the rating is
constrained by weak liquidity coupled with the risk of delayed
payments from counterparty and marginally lower performance in the
first half of fiscal 2020 due to unfavourable wind pattern.
Analytical Approach
For arriving at the ratings, CRISIL has made a standalone
assessment of Orchid, as against the consolidation approach applied
earlier. With debt at the holding company (Leap Green Energy Pvt
Ltd) being refinanced with limited debt servicing obligations over
the medium term, CRISIL does not expect any upstreaming of cash
flows to the holding company, unless the yearly maturing debt is
first met.
Key Rating Drivers & Detailed Description
Weakness:
* High counterparty credit risk: Orchid has significant exposure
to Ajmer, Jaipur, Jodhpur discoms, which increases the risk of
delayed payments and exposes the company to high counterparty
credit risk. As on September 30, 2019, the company has overall
outstanding receivables of about 6 months stretching the overall
liquidity position. The average plant load factor (PLF) has
improved in fiscal 2019 to 18.36% as compared to 17.9% the previous
fiscal, though the same has been marginally lower in the first half
of fiscal 2020 due to unfavourable wind pattern. Any further
stretch in the receivables cycle or deterioration in operational
performance resulting in variation in cash flow will remain a key
monitorable.
* Exposure to inherent risk of variability in wind speed and
pattern: Cash flow of wind power projects is highly sensitive to
PLF, and is also affected by other factors such as operating cost
and interest rate. PLF is inherently unpredictable, as it depends
on wind patterns; any unfavourable deviation in wind speed and
pattern can significantly reduce PLF, thereby impairing debt
servicing ability.
Strengths:
* Timely servicing of debt over the last four months: Prior to
August 2019, there were instances of delay in servicing of debt,
owing to a cash flow mismatch and the group's stretched liquidity
position. However, in August 2019, debt at the holding company was
completely refinanced using proceeds from the promoter, AIRRO
(Mauritius) Holdings II. Debt refinancing, along with better cash
flow in the special-purpose vehicles (SPVs), ensured timely debt
servicing between August and November 2019.
* Minimal cash flow support required at the holding company in the
near to medium term: In August 2019, the holding company
refinanced the existing debt through external commercial borrowing
of INR617 crore from AIRRO (Mauritius) Holdings II. The refinanced
debt has an interest and principal moratorium for two and four
years, respectively. Consequently, debt servicing requirement at
the holding company, remains low in the near to medium term.
Liquidity Poor
Liquidity remains subdued as evident from debt service reserve
account of INR3.58 crore and cash and cash equivalents of INR0.05
crore as on September 30, 2019 against debt servicing obligations
of around INR10-11 crore in second half of fiscal 2020. Debt
service coverage ratio is expected to remain subdued for fiscal
2021 owing to high debt servicing obligations compared to cash
accrual.
Outlook: Stable
CRISIL believes Orchid's operational performance and receivables
will remain stable over the medium term.
Rating Sensitivity factors
Upward factors
* Sustained improvement in the liquidity position amounting to
at least four months of debt servicing requirements.
* Healthy operational performance, in-line with P90 PLF levels.
Downward factors
* Delay in payments from the counterparty beyond eight months on
a sustained basis.
* Deterioration in liquidity from the current levels on account
of lower than expected cash accruals.
Orchid (a part of Leap Green group), incorporated on October 22,
2012 is an SPV set up to install and operate a 66.9 megawatt
wind-based power plant. The company is engaged in the generation
and sale of power generated from renewable sources of energy.
Orchid has undertaken power purchase agreements for 20 years from
Ajmer, Jaipur, Jodhpur discoms and M.P. Power Management Company
Ltd. The company is a subsidiary of Leap Green Energy Pvt Ltd
(holding company) and the ultimate holding company is AIRRO
(Mauritius) Holdings II.
PUNEET LABORATORIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Puneet
Laboratories Private Limited's (PLPL) Long-Term Issuer Rating to
'IND D (ISSUER NOT COOPERATING)' from 'IND B+ (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR60.96 mil. Fund-based working capital limit (long-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR50 mil. Non-fund-based working capital limit(long-
term/short-term) downgraded with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing by PLPL; the
details of the same are unavailable.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.
COMPANY PROFILE
PLPL was incorporated in Mumbai in 1986 by Mr. Lalit Raizada. The
company provides pharmaceutical solutions, from the concept stage
to the final product, to pharmaceutical manufacturers such as Zydus
Cadila Healthcare Private Limited, Sanofi Aventis and Micro Labs
Limited.
R.N. DWIVEDI: CRISIL Moves D on INR7.3cr Debt to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R.N. Dwivedi
Foundation (RNDF) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RNDF for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 RNDF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RNDF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RNDF to 'CRISIL D Issuer not cooperating'.
Set up in 2015, RNDF runs a school at Patna (Bihar). The school is
affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.
RAJ REGENCY: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Raj Regency's
Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from
'IND B+ (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR60 mil. Term loan sue on January 2025 downgraded with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects Raj Regency's delays in debt servicing, the
details of which are not available.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
Raj Regency is a hotel in Rajnandgaon, Chhattisgarh. The hotel has
23 rooms and facilities such as a coffee shop, bar, restaurant, and
banquet.
REDDY PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Reddy Pharmaceuticals Limited
Survey No. 111/E & 111/EE
Cheriyal Village
Kandi Mandal
Medak TG 502285
IN
Insolvency Commencement Date: December 16, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 13, 2020
(180 days from commencement)
Insolvency professional: Maligi Madhusudhana Reddy
Interim Resolution
Professional: Maligi Madhusudhana Reddy
G-8, Amrutha Ville
Opp. Yashoda Hospital
Rajbhavan Road, Somajiguda
Hyderabad 500082 TG
E-mail: mmreddyandco@gmail.com
- and -
M M R Lion Corp
4th Floor, HSR Eden
Road No. 2, Banjara Hills
Hyderabad 500034
E-mail: mmreddyfca@gmail.com
Last date for
submission of claims: December 30, 2019
SAPTRISHI REALTORS: CRISIL Assigns B+ Rating to INR25cr New Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Saptrishi Realtors (SR).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 25 CRISIL B+/Stable (Assigned)
The rating reflects susceptibility to cyclicality in the real
estate sector and exposure to implementation and funding risks
associated with ongoing projects. These weaknesses are partly
offset by the extensive experience of the partners in the real
estate sector.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks associated with ongoing projects: The projects
are about 5% booked and 13% complete, which leads to a high
off-take and implementation risk. Any delay in inflow of customer
advances or bookings may impact construction progress and
liquidity.
* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical, marked by sharp movements
in prices and a highly fragmented market structure. The overall
uncertain economic climate, and, greater caution by banks towards
exposure to the sector, can also impact the firm's credit profile.
Strength
* Extensive experience of the partners: The partners have been in
the real estate industry for more than 10 years through group
companies, and have completed several projects in Mumbai region
leading to established presence and moderate brand value.
Liquidity Stretched
SR has stretched liquidity marked by average flow of customer
advances of INR1 crore and Rs4 crores each in FY20 and FY21, in
comparison to balance cost to be incurred of around INR70 crore,
and long term debt obligations of INR0.08 cr and Rs1.6 crore over
the next two years. Only 50% of the cost of the project has been
funded out of external debt, thereby allowing the company to raise
additional funds, in case of cash flow mismatches arising due to
lower-than-expected sales, delay in construction or cost overrun.
Outlook: Stable
CRISIL believes SR will continue to benefit from the extensive
experience of its partners.
Rating sensitivity factor:
Upward factors
* Significant improvement in DSCRs of over 0.5 times, supported
by substantially higher-than-anticipated cash flow
* Faster-than-expected project execution and leasing
Downward factors
* Drawdown of more than expected additional debt leading to
DSCRs dropping to below 0.1 times.
* Weakening of debt protection metrics on account of lower-than
-expected cash flow driven by high vacancy rates or low lease
rentals
* Delay or cost overrun in construction of additional leasable
space.
SR was established in 2014, by Mr Amit A Parab, Mr Abhay A Parab,
Mr Prasad M Chindarkar, Mr Anant J Talawadekar and Mr Vital V
Takatrao. SR undertakes redevelopment projects across Mumbai. There
are three ongoing project which are Saptarishi Heights, Saptarishi
Mark and Saptarishi Avalon.
SARVODAY ASHRAM: CRISIL Migrates 'B+' Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sarvoday
Ashram (SA) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash
Credit Limit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SA for obtaining
information through letters and emails dated November 26, 2019 and
December 02, 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 SA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SA to 'CRISIL B+/Stable Issuer not cooperating'.
SA, established in 1952 at Etah (Uttar Pradesh) by the late Mr
Rohan Lal Chaturvedi, is affiliated to KVIC. It spins, weaves, and
markets khadi clothes under its brand, Ekmatra. The founder's son,
Mr Manoj Chaturvedi, is the current elected chairman.
SAVITA CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Savita
Construction Private Limited's (SCPL) Long-Term Issuer Rating to
'IND D (ISSUER NOT COOPERATING)' from 'IND B- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.
The instrument-wise rating actions are:
-- INR3.9 mil. Term loan (Long-term) downgraded with IND D
(ISSUER NOT COOPERATING) rating;
-- INR60.0 mil. Fund-based limit (Long term/Short term)
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR100.0 mil. Non-fund-based limit (Short-term) downgraded
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects SCPL's classification as a non-performing
asset. The details of the same are unavailable.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.
COMPANY PROFILE
Incorporated in November 1995, SCPL is based in Valsad (Gujarat)
and manufactures, fabricates and erects pressure vessels, storage
tanks, and duct piping.
SINGLA SOLVENT: CRISIL Moves B+ on INR2cr Debt to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Singla Solvent
(SS) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working
Capital Facility 1.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SS for obtaining
information through letters and emails dated November 26, 2019 and
December 02, 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 SS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SS to 'CRISIL B+/Stable Issuer not cooperating'.
SS was set up as a partnership firm of Mr Sachin Singla and his
family members in 2016. The Barnala, Punjab based firm manufactures
and sells rice bran oil and de-oiled cakes.
SIRI BUILDERS: CRISIL Moves B+ on INR11cr Loan to Non-Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Siri Builders
and Developers (SBD) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SBD for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 SBD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBD is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SBD to 'CRISIL B+/Stable Issuer not cooperating'.
Set up in 2016, Vijayawada (Andhra Pradesh)-based partnership firm
Siri Builders and Developers (SBD) is engaged in residential real
estate in Guntur, Andhra Pradesh. The firm is constructing a
residential real estate project 'Siri Green Jewel' in Guntur
district. The firm is promoted by partners Mr. Venkata Ramana Rao
and Mr Santaram Koneru.
SNS STARCH: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: SNS Starch Limited
311/A MLA Colony, Road No. 12
Banjara Hills, Hyderabad
Telangana 500034
Insolvency Commencement Date: December 20, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 17, 2020
Insolvency professional: Mr. Ritesh Mittal
Interim Resolution
Professional: Mr. Ritesh Mittal
Sanjay Kumar Kothari & Co
D.No. 205, Doshi Chambers
Basheerbagh, Hyderabad 500029
E-mail: mrriteshmittal@gmail.com
Last date for
submission of claims: January 6, 2020
SRI ADHIKARI: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Adhikari Brothers
Television Network Limited (SABTNL) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 75 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SABTNL for obtaining
information through letters and emails dated October 15, 2019 and
November 29, 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 SABTNL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SABTNL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of SABTNL continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
SABTNL was incorporated on December 19, 1994 by Mr. Gautam Adhikari
and Mr. Markand Adhikari, to take over the business of partnership
firm - Sri Adhikari Brothers. SABTNL is engaged in the business of
content production and syndication for television. The company is
listed on the Bombay and National Stock Exchanges.
SRI BHAGYALAKSHMI: CRISIL Migrates 'B+' Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Bhagyalakshmi Cotex Private Limited (Sri Bhagyalakshmi) to 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Sri Bhagyalakshmi
for obtaining information through letters and emails dated November
26, 2019 and December 2, 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 Sri Bhagyalakshmi, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sri Bhagyalakshmi is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB'
rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sri Bhagyalakshmi to 'CRISIL B+/Stable Issuer not
cooperating'.
Sri Bhagyalakshmi, set up in 2010 and promoted by Mr. Revuri
Somaiah, Mr. Revuri Venkanna and Mrs. D. Sumana, gins and presses
cotton. The firm is based in Warrangal, Telangana.
STANZEN ENGINEERING: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Stanzen
Engineering Private Limited's (SEPL) Long-Term Issuer Rating to
'IND B-' from 'IND B+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based limit downgraded with IND B-/Stable
rating; and
-- INR1.86 mil. (reduced from INR5.53 mil.) Long-term loan due on
July 2020 downgraded with IND B-/Stable rating.
The downgrade reflects deterioration in SEPL's already weak credit
profile in FY19.
KEY RATING DRIVERS
SEPL reported an EBITDA loss of INR2.41 million in FY19 (FY18 -
absolute EBITDA: INR18.73 million; EBITDA margin: 3.5%) owing to an
increase in administrative costs and poor market conditions.
The ratings reflect the small scale of operations. The revenue
increased marginally to INR601 million in FY19 (FY18:
INR536million) on account of an increase in orders.
Liquidity Indicator – Poor: The average maximum utilization of
fund-based limits was about 99.46% for the 12 months ended November
2019. SEPL's cash flow from operations turned negative at INR1.58
million in FY19 (FY18: positive INR21.84 million) due to the
incurring of EBITDA loss. At FYE19, it had a cash balance of only
INR11.04 million.
The ratings are also constrained by the weak credit metrics. The
metrics deteriorated in FY19 due to the incurring of EBITDA loss.
In FY18, the company had recorded interest coverage (operating
EBITDAR/gross interest expense) of 1.80x and net leverage (total
adjusted net debt/operating EBITDAR) of 2.78x.
The ratings, however, are supported by SEPL's track record of over
30 years in the automotive components industry, which has resulted
in strong customer relationships.
RATING SENSITIVITIES
Negative: Any deterioration in the revenue and operating
profitability, leading to deterioration in the liquidity position
and credit metrics, will be negative for the ratings.
Positive: A substantial rise in the revenue and operating
profitability, along with an improvement in the liquidity, leading
to an improvement in the interest coverage to over 1.1x, on a
sustained basis, could be positive for the ratings.
COMPANY PROFILE
Established in 2010, SEPL manufactures auto components. The company
also undertakes job work of stamping, wherein it embosses logos on
auto components.
SUNDARAM MULTI: CRISIL Maintains 'D Debt Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sundaram Multi Pap
Limited (SMPL; part of Sundaram Group) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15.87 CRISIL D (ISSUER NOT
COOPERATING)
Corporate Loan 15.75 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 5.43 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Proposed Long Term 7.95 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated October 15, 2019 and
November 29, 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 SMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of SMPL continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
To arrive at the ratings of SMPL, CRISIL has consolidated the
business and financial risk profiles of SMPL with that of its 100
per cent subsidiary E-Class Education System Limited (EESL) on
account of significant financial interlinkages between the
companies.
SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.
TAMILNADU JAI: CRISIL Migrates 'D' Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tamilnadu Jai
Bharath Mill Limited (TNJBL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 26 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Key Loan 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 14 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 25.45 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with TNJBL for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 TNJBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TNJBL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information with '.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of TNJBL to 'CRISIL D/CRISIL D Issuer not cooperating'.
Set up in 1989, TNJBL is part of the Ramalinga group of companies,
which has diversified interests in businesses such as spinning and
cargo transportation. The company manufactures cotton yarn and
operations are currently managed by Mr TR Dhinakaran and his son,
Mr D Senthilkumar.
TRIBHOVANDAS BHIMJI: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Tribhovandas Bhimji Zaveri & Sons Retail Private Limited
Shop No. 2, Ground Floor
Nirmal Lifestyle
L.B.S. Marg, Mulund (W)
Mumbai 400080
Insolvency Commencement Date: December 16, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 12, 2020
(180 days from commencement)
Insolvency professional: Harshul Anilkant Shah
Interim Resolution
Professional: Harshul Anilkant Shah
B-3/18, Scindia Society
Off Sir M.V. Road
Andheri (East)
Mumbai 400069
E-mail: harshul1979@gmail.com
- and -
Corporate Legal Practice
B-1/8, Scindia Society
Off Sir M.V. Road
Andheri (East)
Mumbai 400069
E-mail: tbzcirp@gmail.com
Last date for
submission of claims: January 3, 2020
TYTAN ORGANICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tytan Organics Pvt. Ltd.
3rd Floor, Sunama House
August Kranti Marg
Mumbai 400026
Insolvency Commencement Date: December 18, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 15, 2020
(180 days from commencement)
Insolvency professional: Mr. Rajendra Kumar Khandelwal
Interim Resolution
Professional: Mr. Rajendra Kumar Khandelwal
302, Taramahal
Plot No. 756
5th Road, Khar (W)
Mumbai 400052
E-mail: rkkshashi@yahoo.co.in
Tel.: 7987900772
- and -
Office no. 24, 3rd Floor
Bombay Mutual Annex
Rustom Sidhawa Marg
Fort, Mumbai 400001
E-mail: irptytan@gmail.com
Last date for
submission of claims: January 1, 2020
VISHESH DIAGNOSTICS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vishesh
Diagnostics Private Limited's (VDPL) Long-Term Issuer Rating to
'IND BB-' from 'IND BBB-'. The Outlook is Negative.
The instrument-wise rating actions are:
-- INR1.518 bil. (reduced from INR1.630 bil.) Term loan due on
December 2032 downgraded with IND BB-/Negative rating; and
-- INR120 mil. Proposed fund-based limit# downgraded with
Provisional IND BB-/Negative rating.
#The ratings are provisional and shall be confirmed upon the
sanction and execution of loan /transaction documents for the above
instruments to the satisfaction of Ind-Ra.
ANALYTICAL APPROACH
The downgrade and Negative Outlook reflect the breach of negative
sensitivity as the project has been delayed by eight months.
Although the new project has started commercial operations from
November 24, 2019, the term loan repayment has started from October
2019, leading to high debt and interest servicing obligations
during FY20.
KEY RATING DRIVERS
Liquidity Indicator - Poor: VDPL has high debt servicing
obligations of around INR200 million for FY20, less-than-expected
EBITDA due to the delay in the commencement of the new projects and
almost fully used the available working capital limits during the
12 months ended October 2019. Also, the expected working capital
limit of around INR120 million has not been sanctioned yet. Hence,
the company is likely to generate insufficient cash flows to
service the debt and meet the increased working capital
requirements leading to a weak debt service coverage ratio of below
1x. According to the company, the shortfall will be funded through
an unsecured loan.
Moreover, there is a likelihood of lower revenue and EBITDA growth
year-on-year in FY20. Revenue grew around 10% YoY to INR365.09
million in FY19, due to an increase in footfall (FY19: 3,881; FY18:
3,797) and average revenue from per customers in the in-patient
department (INR58,088; INR51,716). In FY19, the EBITDA margins were
average as last year's, at around 19%. Although the management had
expected substantial growth in revenues and EBITDA in FY19, the
same could not be achieved due to its focus on the new project. The
company's revenue is likely to grow after the commercialization of
the new hospital but at levels lower than those expected earlier by
Ind-Ra for FY20. The revenue and absolute EBITDA are likely to
improve substantially in FY21 due to the full operational year of
the new project; however, EBITDA margins are largely dependent on
the level of capacity utilization.
The ratings also reflect the company's modest credit metrics.
VDPL's net leverage (adjusted net debt/operating EBITDA) increased
to 19.81x in FY19 (FY18: 10.85x) due to the infusion of a term loan
for the ongoing CAPEX. However, interest coverage slightly improved
to 2.92x in FY19 (FY18: 2.50x), due to an increase in operating
EBITDA to INR69.27 million (INR61.60 million). The leverage would
remain high in FY20 due to the high debt and less-than-expected
EBITDA resulting from the delay in the commercialization of a new
project. The interest coverage would also deteriorate due to the
high-interest obligation in FY20.
The rating factor in VDPL's operational track record of over three
decades in the medical diagnostic services industry. The company's
diagnostics center is the largest and most comprehensive diagnostic
center in central India. It has well-established relationships with
doctors and hospitals, lead to a large number of referrals.
The ratings remain constrained by high geographical concentration
and intense competition. VDPL's operations are concentrated in
Madhya Pradesh, making it vulnerable to the dynamics of a single
market and entry of any big player in the region. Moreover, the
company faces tough competition from private and government
hospitals.
Furthermore, the healthcare industry is capital intensive with a
long gestation period. New hospitals take two to three years to
breakeven at the EBITDA level, due to the low occupancy rate in the
initial period of operations. Thus, promoter support is required to
support the operations until the occupancy rate reaches the desired
level. Furthermore, the maintenance CAPEX is high, owing to regular
replacements of equipment to cope with the latest technology. The
healthcare sector is highly fragmented with a few large players in
the organized sector and numerous small players in the unorganized
sector, leading to intense competition. Thus, differentiating
factors such as the range of services offered, quality of service,
the pedigree of doctors, the success rate in the treatment of
complex cases, among others, are crucial for attracting patients
and increasing occupancy.
RATING SENSITIVITIES
Positive: Stabilization of operations of the new project coupled
with the generation of positive EBITDA, leading to an improvement
in the overall liquidity and debt service coverage ratio above 1x,
all on a sustained basis, will lead to positive rating action.
Negative: Less-than-expected EBITDA, leading to further
deterioration in leverage and inability to infuse unsecured loans
to fund the shortfall in CAPEX and debt servicing, will lead to
negative rating action.
COMPANY PROFILE
Incorporated in 1986, VDPL provides diagnostics facilities and
operates two hospitals in Indore.
WOW SOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wow Solutions & Systems Private Limited
121, Udhyog Bhavan
Sonawala Lane
Goregaon (East)
Mumbai 400063
Insolvency Commencement Date: December 19, 2019
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: June 16, 2020
Insolvency professional: Vinod Tarachand Agrawal
Interim Resolution
Professional: Vinod Tarachand Agrawal
204, Wall Street-1
Near Gujarat College
Ellis Bridge, Ahmedabad 380006
E-mail: ca.vinod@gmail.com
cirp.wow@gmail.com
Last date for
submission of claims: January 3, 2020
=====================
N E W Z E A L A N D
=====================
ARROW INTERNATIONAL: Owes Unsecured Creditors NZD46 Million
-----------------------------------------------------------
BusinessDesk reports that the liquidators of Arrow International
are working through almost 500 claims from unsecured parties who
said they're owed about NZD46 million from the failed building
company.
BusinessDesk relates that BDO's Andrew Bethell, Andrew McKay and
Colin Gower said employee wages of NZD730,000 and a tax bill of
NZD553,000 were settled before their appointment as liquidators to
the Arrow International entities.
Since their June appointment, NZD1.5 million has been paid to
subcontractors of NZD4.5 million held in trust, with the balance
held until projects are completed, the report says.
According to BusinessDesk, the firm's directors and shareholders
called in BDO as voluntary administrators in February when tough
trading conditions were compounded by a NZD4.5 million Building
Disputes Tribunal decision that went against it.
Bethell, McKay and Gower were appointed liquidators after a
creditors' meeting in June, BusinessDesk recalls. The liquidators
said they were assessing the near-500 claims received and expect to
complete that before their next six-monthly report, relates
BusinessDesk.
"However, initial indications are that accepted claims will be
materially lower due to a number of factors including a number of
principal and subcontractor claims submitted being out of date with
reference to the outcome of projects they have been involved with,"
they said in their second report on the liquidation, BusinessDesk
relays.
In their initial report as administrators, Bethell, McKay and Gower
estimated there would be 826 unsecured creditor claims of about
NZD39.3 million, BusinessDesk discloses.
The first report estimated Arrow's assets at NZD43.8 million, of
which NZD15.7 million was in accounts receivable, NZD13.2 million
from investments in subsidiaries, and NZD7.9 million from
related-party debts.
At that time, the liquidators estimated NZD40 million would be
available for unsecured creditors, according to BusinessDesk.
Arrow's lender, ANZ Bank New Zealand, received NZD4 million from
the settlement of lots at that development.
"We expect further receipts from settlements of the remaining
property lots in the first five months of 2020," the liquidators,
as cited by BusinessDesk, said.
Some NZD382,000 owed to ANZ by the Arrow group at the time of
liquidation was released in the June-December period, and the
liquidators said the bank was repaid in full.
Performance bonds totalling NZD1.3 million were either released or
called and paid, with one remaining bond of NZD326,000 uncalled and
recognised as a contingent liability, the liquidators said.
A claim of NZD315,000 lodged by a trade creditor is being disputed
in part by the liquidators, who have sought more information about
the claim, adds BusinessDesk.
WINDFLOW TECHNOLOGY: Founder Still Sees Opportunity for Wind Power
------------------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that the founder of wind
turbine company Windflow Technology said the collapse of his
company has been "very difficult" personally, but he still has high
hopes its intellectual property will find a home.
Windflow went into voluntary liquidation on Dec. 18 after
shareholders decided the 19-year-old company had run out of
options, according to Stuff.
However, Christchurch-based former chief executive, founder and
current director Geoff Henderson said there was still life at the
core of the company's product, its double-bladed turbine, Stuff
relates.
The company's managed collapse had been hard, "as you could
imagine". But all creditors were expected to get paid, as a solvent
liquidation, Stuff says.
Mr. Henderson, a mechanical engineer who has worked in the US and
Britain, exited as Windflow's chief executive in 2017 to gain some
more free time, though he remained a director, according to Stuff.
He intends to stay on with the company assisting the liquidators,
the report says.
"The technology's been successful, that's the important point, and
I'm very proud of what we've achieved technically," the report
quotes Mr. Henderson as saying.
"My focus now is very much on trying to see the IP and to the best
party who can take the technology forward. It won't necessarily be
international. I think there are prospects in New Zealand that
would be good as well."
According to Stuff, the company began with much promise in 2000,
with the blessing of then Green Party co-leader Jeanette Fitzsimons
who was a shareholder to the end. It raised enough equity to build
its first 500kW turbine near Christchurch in 2003. Later it
supplied a 97-turbine wind farm near Palmerston North, NZ
Windfarm's Te Rere Hau.
Mr. Henderson holds patents for a system he calls the Torque
Limiting Gearbox system. He helped found the NZ Wind Energy
Association, and in 2008 he was named Ernst & Young's Entrepreneur
of the Year.
Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines. The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd. The Company has one customer, NZ Windfarms
Ltd. Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines. Windpower Otago Ltd is owned 20%
by the Company.
=================
S I N G A P O R E
=================
HYFLUX LTD: Creditors Invited to Sell Debt at 85% Discount or More
------------------------------------------------------------------
Janice Heng at The Business Times reports that Aqua Munda is
inviting Hyflux noteholders and unsecured creditors to offer their
debts for purchase at a minimum discount of 85 per cent.
The invitation begins at 9:00 a.m. on Dec. 30 and expires at 5:00
p.m. on Jan. 23, 2020, the Singapore-registered company said in its
invitation memorandum on Dec. 27, according to report.
Eligible creditors are invited to submit bids for some or all of
their debt, with a discount of at least 85 per cent on the offered
debt, BT relates.
BT says Aqua Munda has sole and absolute discretion to decide which
bids to accept, but in general, the bid with the highest offered
discount will be accepted first, followed by the one with the next
highest offered discount, and so on, until the available settlement
funds are used up.
BT relates that Aqua Munda said it will confirm the total available
funds by Jan. 18. The total principal amount of the eligible debt
is about SGD1.8 billion, representing nearly two-thirds of Hyflux's
total SGD2.8 billion debt, the report notes.
In its Dec. 28 Singapore Exchange filing on the invitation
memorandum, Hyflux said it will make the appropriate announcements
as and when there are any further material developments on this
matter, BT relays.
The invitation is open to holders of Hyflux's 4.25 per cent notes
due 2018, as well as its 4.6 per cent and 4.2 per cent notes due
2019, the report says. It is also open to holders of other senior
unsecured debts, contingent debts, and trade and other debts of
Hyflux and three of its subsidiaries: Hydrochem, Hyflux Membrane
Manufacturing, and Hyflux Engineering, adds BT.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
TT INTERNATIONAL: Granted 3-Mo. Moratorium Extension Thru March 31
------------------------------------------------------------------
The Business Times reports that TT International announced late on
Dec. 27 that the court has granted an extension of the moratorium
and long-stop date for the implementation of its new restructuring
scheme from Dec. 31, 2019 to March 31, 2020.
Previously in July, the company had entered into a binding term
sheet with investor Celestial Palace Limited for a convertible loan
of SGD48 million, of which an amount of up to SGD45 million will be
used to fund the implementation of the new scheme, BT recalls. The
court had approved the new scheme and the company received an
extension of the existing moratorium until Dec. 31, 2019, to give
it time to obtain all necessary approvals from relevant authorities
to facilitate the completion of the convertible loan and the
implementation of the new scheme.
Earlier this month, the company applied to the court for another
extension of its existing moratorium to March 31, 2020, and to
extend the long-stop date, BT relates.
Trading in the company's shares has been voluntarily suspended
since Aug. 4, 2017, the report notes.
TT International Limited -- http://www.tt-intl.com/-- is engaged
in trading of consumer electronics. The Company's principal
activities are retail, trading and distribution of furniture,
furnishings, electrical and electronics products and investment
holding. It operates through three segments: Retail; Distribution
and trading, and Warehousing and logistics services. The Retail
segment is engaged in sale of consumer products to retail customers
through retail outlets. The Distribution and trading segment is
engaged in distribution and trading of consumer electronic and
furniture, and furnishing products to distributors and dealers. The
Warehousing and logistics services segment is engaged in provision
of warehousing and logistics services. Its brands include Akira,
Mod Living, Castilla, Natural Living, Barang Barang, Novena and
Teac. It has operations in Association of South East Asian Nations;
East Asia and other countries; Africa and Middle East, and
Commonwealth of Independent States, Russia and Eastern Europe.
=====================
S O U T H K O R E A
=====================
ASIANA AIRLINES: HDC Hyundai Inks Deal to Acquire Carrier
---------------------------------------------------------
Yonhap News Agency reports that HDC Hyundai Development Co., a
midsized construction company, signed a deal on Dec. 27 to acquire
Asiana Airlines Inc. as the South Korean builder strives to
diversify its business portfolio.
In their board meetings held early on Dec. 27, HDC and Kumho
Industrial Co., a construction unit of Kumho Asiana Group, approved
the deal.
According to Yonhap, the signing comes after the consortium formed
between HDC and Mirae Asset Daewoo was picked the preferred bidder
last month to acquire a 30.77-percent Asiana stake held by Kumho
Industrial, as well as new shares to be issued and the airline's
six affiliates, for KRW2.5 trillion (US$2.2 billion).
"We will immediately jump into the process to take over Asiana
Airlines in order to (financially) stabilize the company and turn
it into a top-tier air carrier in terms of safety," Yonhap quotes
HDC Hyundai Development Chairman Chung Mong-gyu as saying in a
statement.
HDC plans to seek measures to generate win-win synergies with
Asiana in a variety of business fields, the chairman said, without
elaborating, Yonhap relays.
The company plans to invest KRW2.177 trillion in new shares to be
issued by Asiana Airlines to help improve the airline's financial
status. It will focus on improving profitability by streamlining
routes and enhancing cost effectiveness, the statement said, the
report relays.
Yonhap says HDC expected the capital injection to help lower the
airline's debt-to-equity ratio to 300 percent from 660 percent.
Yonhap relates that HDC said it will pay KRW322.8 billion for the
existing 68.69 million Asiana stocks at KRW4,700 per share. Kumho
Industrial said it plans to spend some of the money to repay debt
it owes to the state-run Korea Development Bank (KDB) and other
local lenders, according to the report.
In the deal, Kumho Industrial has also agreed to be responsible for
9.9 percent of any possible contingent liabilities and taxes of
Asiana Airlines after acquisition.
Yonhap says the 31 percent stake was valued at KRW365 billion at
the closing price of KRW5,310 on Nov. 7 when the consortia
submitted their final bids to the deal's lead manager, Credit
Suisse.
Yonhap adds that HDC plans to complete the overall acquisition
process by April next year. It is expected to own a 61.5 percent
stake in Asiana Airlines after the planned rights issue, with Mirae
Asset Daewoo set to have a 15 percent stake in the carrier.
In 2018, Asiana Airlines and its main creditor KDB signed a deal
that required the country's second-biggest air carrier to secure
liquidity through sales of assets and other means, recalls Yonhap.
Asiana Airlines currently owes financial institutions a total of
KRW3 trillion, with KRW150 billion of loans due to mature by the
end of this year.
From January-September, Asiana posted a net loss of KRW524.14
billion, swinging from a net profit of KRW6.33 billion a year ago,
Yonhap discloses.
Yonhap says a combination of lower demand for travel to Japan amid
a trade dispute, a weak won against the dollar and lower
cargo-carrying volumes dealt a blow to the earnings results.
It also shifted to an operating loss of KRW173.88 billion from an
operating profit of KRW186.52 billion during the cited period,
Yonhap relays. Sales fell 2.4 percent to KRW5.30 trillion from
KRW5.43 trillion, Yonhap adds.
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week Dec. 23, 2019 to Dec. 27, 2019
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.00
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
CHINA
----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.06
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 60.00
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 61.21
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 56.87
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 40.18
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 41.15
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.29
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.19
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.87
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.06
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 20.06
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.97
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.54
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 47.27
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.32
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.26
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.90
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 41.15
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 41.40
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.09
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.30
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 61.26
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.51
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.24
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 22.10
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.57
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 40.57
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.01
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.30
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.41
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.20
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.33
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 41.15
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.27
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 61.58
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.69
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 40.79
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.66
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.24
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.16
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.30
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.62
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.18
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.16
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 61.67
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.48
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.58
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 20.09
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 41.22
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.72
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.13
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 62.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.61
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 41.32
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.03
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 60.07
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.15
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.20
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 41.05
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.26
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.16
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.51
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.70
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.40
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.34
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.80
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.10
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.24
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.05
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.05
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.95
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 40.43
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.25
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 60.33
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 17.05
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.16
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.60
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 20.08
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.07
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 42.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.34
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.37
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.56
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 60.59
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 19.99
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 59.18
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 50.01
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.49
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.81
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 40.62
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.15
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.30
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.76
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 41.35
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.12
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.48
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.08
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.20
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.29
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 41.45
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 20.18
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.31
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.79
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.98
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.46
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.79
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 40.94
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.12
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.02
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.07
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.63
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.90
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.56
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.37
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.30
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.33
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.45
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.80
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.68
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.70
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.87
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.95
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.97
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 70.10
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.28
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.93
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.09
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.20
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 60.05
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.52
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.75
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.82
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.16
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.63
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.91
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.66
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.43
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.01
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 40.77
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 61.78
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.63
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 20.08
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.91
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.15
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.76
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.07
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.16
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.00
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.46
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.13
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.20
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 41.09
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.60
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.70
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.72
DALIAN DETA HOLDING CO LT 6.50 11/15/19 CNY 20.04
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.80
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.50
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.73
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.81
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.81
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.82
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.82
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.35
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 41.12
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 59.64
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.02
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.11
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.45
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.58
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 58.36
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.62
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.83
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.84
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 61.53
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.11
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.23
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.93
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.53
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 48.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 61.72
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.08
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.15
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 41.16
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 41.17
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.98
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.76
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 65.01
DR PENG TELECOM & MEDIA G 7.00 04/25/23 CNY 75.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.29
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 20.02
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.24
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.44
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 41.54
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 41.16
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 61.46
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.32
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.04
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.82
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 40.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 43.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 40.80
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.52
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.32
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.12
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 61.20
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.36
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.81
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.33
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 70.73
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 59.98
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 20.15
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 40.14
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 61.11
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 61.36
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.28
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.80
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 25.19
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.24
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 41.03
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 20.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 25.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.33
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.68
GOOCOO INVESTMENT CO LTD 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.06
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.73
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.73
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.76
GUANGDONG TAIANTANG PHARM 4.98 02/02/21 CNY 65.00
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.86
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 61.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 40.54
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 41.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.74
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.27
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.98
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 41.15
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 42.07
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.97
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.29
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.52
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.49
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.63
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 25.01
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.03
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 61.05
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 74.23
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 72.40
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 74.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.90
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 63.01
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 39.90
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 40.68
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.92
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.33
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.15
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.06
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.31
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.13
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 61.06
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 40.60
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 41.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 40.90
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.51
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.34
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.14
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.11
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.12
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.50
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.17
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.50
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.47
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 41.21
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.12
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.30
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.26
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.35
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 40.83
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 46.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 41.34
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 43.26
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.38
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.14
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 59.74
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 50.43
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 50.72
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.06
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.36
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.16
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 61.01
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.46
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.52
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.24
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.38
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.15
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.32
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 58.41
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 20.16
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.45
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 41.05
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 67.89
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.92
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.28
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 20.09
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.43
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.32
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 41.25
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 41.38
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.94
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 40.71
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 41.12
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 20.02
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.47
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.96
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.20
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.21
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.33
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 72.86
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.79
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.46
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.94
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 40.98
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 41.31
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 60.64
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 20.09
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 41.42
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 41.01
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.32
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 58.76
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.90
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.56
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 61.77
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 62.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.84
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.97
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.18
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.25
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.50
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.19
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.59
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.89
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.85
JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 74.63
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 41.16
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.17
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.19
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.87
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.99
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.54
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.36
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.01
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.71
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.29
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.48
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 61.06
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 20.04
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 31.00
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.39
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 40.96
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 20.07
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 70.06
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 58.90
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 68.51
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.97
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.98
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 41.10
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.15
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 40.30
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 41.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.03
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.77
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.02
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.30
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 20.07
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.28
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.37
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.46
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.70
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 41.22
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.07
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.42
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.35
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 59.30
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.25
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 41.14
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.30
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.74
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.25
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.83
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.23
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 38.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 40.58
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.89
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 47.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.27
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 40.75
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.47
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 46.95
JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 74.39
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.49
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.84
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 20.06
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.62
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.80
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.94
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.89
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 41.04
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.71
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 60.66
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.70
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.20
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.79
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.00
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.18
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.05
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.16
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 36.10
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.33
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.23
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.08
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 73.94
KUNMING EXPRESSWAY CONSTR 7.50 01/21/20 CNY 20.14
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 20.02
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDING 6.28 11/07/19 CNY 20.05
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 41.39
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 41.33
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.59
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 39.84
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.89
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.49
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.95
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.96
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 61.28
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 60.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 60.58
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.55
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 40.83
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 40.94
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 45.23
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.09
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.18
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 59.94
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.19
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.27
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.60
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.07
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.49
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.50
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 62.29
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 70.90
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.02
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.11
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 60.98
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.94
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 41.25
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.00
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.51
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 49.74
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.65
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 20.06
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.10
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 20.08
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 61.33
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.84
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.10
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.14
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.34
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.45
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.46
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.70
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.75
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.76
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.20
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 20.19
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.09
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.22
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.26
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.78
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.99
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.03
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 69.84
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.79
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 42.10
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.12
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.01
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.11
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.13
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 41.24
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.07
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.95
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.43
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.64
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.22
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 20.19
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 24.00
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.53
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.55
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.15
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 61.55
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 40.63
NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 74.37
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 41.32
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.27
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.13
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.36
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 41.31
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.88
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP CO 7.20 10/16/19 CNY 20.02
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.16
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.24
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.33
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.45
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.30
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.40
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 41.52
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 61.84
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 41.29
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.15
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.76
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.22
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.34
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.85
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.30
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.92
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.00
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.06
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.25
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 59.71
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.04
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.08
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 61.24
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 41.38
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 48.80
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.80
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 41.23
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 41.41
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.27
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 19.95
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.22
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.32
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 20.01
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 62.48
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.69
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 62.09
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 64.90
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.34
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 20.07
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 61.04
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.16
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 40.32
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 52.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 54.86
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 63.50
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.23
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.25
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 41.19
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.02
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 41.10
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.63
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.08
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.37
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 21.50
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.31
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.00
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.01
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.33
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 41.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.63
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 40.98
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.54
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.56
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.19
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.21
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.43
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.82
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 41.02
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 41.27
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.21
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 41.34
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.22
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.47
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.47
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.53
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.63
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.84
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.60
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.86
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.48
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 61.84
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 62.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.85
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.88
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.69
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 40.42
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 20.17
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 40.29
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 43.40
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.12
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.33
SHANDONG WANTONG PETROLEU 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.11
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.94
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.31
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.98
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.05
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.15
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.47
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.50
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.19
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.18
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.09
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.18
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.96
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 51.07
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.02
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.10
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 61.77
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 41.19
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 20.03
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.44
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 20.16
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.90
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.99
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.04
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.14
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.70
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 20.10
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.61
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.05
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.20
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.58
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.21
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 45.26
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.68
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.00
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.66
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 61.49
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.02
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.14
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 41.05
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.61
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.80
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.50
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 40.86
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 41.41
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.96
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 42.30
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.10
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.98
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.52
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.23
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.39
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 60.96
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.92
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.42
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.92
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 72.84
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.20
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.78
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 72.00
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.52
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.30
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.16
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.34
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.47
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.50
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 20.06
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.97
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.22
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.29
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.62
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.01
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.67
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.38
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 59.89
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 41.04
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.18
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.13
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.01
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 40.79
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.07
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.71
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.29
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 40.60
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.07
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 41.14
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.13
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 19.90
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 20.02
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 40.78
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 41.00
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.53
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 41.01
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 19.90
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 20.15
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.65
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 41.36
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 20.02
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.25
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 20.20
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 41.30
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 41.03
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.69
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 40.98
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 41.28
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 73.86
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 74.60
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.20
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.34
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.44
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.37
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.59
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 20.06
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.14
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.00
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.21
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 40.31
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.80
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.77
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.14
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 60.66
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 20.03
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 20.06
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.08
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.30
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.88
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 58.95
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 72.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 72.42
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.50
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 39.80
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 41.16
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.47
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.78
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.80
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.29
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.87
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.78
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.20
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.77
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 20.25
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 37.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 50.95
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 40.89
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.91
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 41.16
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.44
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.43
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 61.17
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.63
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.29
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.30
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.23
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.50
TUNGHSU OPTOELECTRONIC TE 5.09 11/17/21 CNY 29.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 62.03
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.19
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.20
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 61.82
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.01
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 20.04
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.08
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.39
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.42
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.54
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 60.68
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 10.60
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.51
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.18
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.19
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 41.54
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.16
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 60.78
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.12
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 61.72
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.12
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.73
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.43
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.11
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.15
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 40.86
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 42.53
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.10
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.46
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.60
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 72.47
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.14
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.47
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.48
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 41.12
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.21
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 20.05
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 60.23
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 61.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.52
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.04
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.43
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.15
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.53
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 58.11
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.50
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.92
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 59.80
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.10
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 81.37
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.87
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.18
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 60.78
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.38
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.00
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.56
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.21
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.40
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 55.31
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 57.96
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.47
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.50
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.27
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 19.85
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.02
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 20.17
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 41.20
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.36
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.54
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.26
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.18
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.22
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 41.08
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.54
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.52
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.88
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 70.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.56
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.07
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.19
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.96
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 51.16
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 41.19
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 41.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.41 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.40
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.68
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 65.72
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.37
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.57
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.93
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.23
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.29
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.53
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.42
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.54
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.60
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.07
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 41.22
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.40
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 42.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 40.47
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 20.02
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.26
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 20.03
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.00
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.42
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.56
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 62.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 40.26
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 72.13
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.20
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.96
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.39
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.04
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.40
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 30.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 66.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 50.11
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 58.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.33
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.70
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 41.20
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.07
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.82
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.84
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.37
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 59.99
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 41.31
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 49.95
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.58
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 74.58
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 62.19
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.00
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.01
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.04
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.42
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 40.58
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 61.07
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.34
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.42
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 59.63
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 60.00
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.24
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.00
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.05
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 61.08
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.68
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.02
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.07
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 20.01
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.54
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 40.85
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.50
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.10
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.49
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.09
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.28
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.05
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.16
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 20.02
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 41.32
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 38.00
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.88
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.24
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.68
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 40.24
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.33
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 20.09
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.61
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 41.31
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.56
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.04
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.17
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.95
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.14
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.17
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 60.81
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 61.96
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 62.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 64.99
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.46
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 61.75
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.37
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.38
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 40.80
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 41.12
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 48.49
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.05
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.58
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.60
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.69
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 40.80
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 59.81
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.57
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 74.63
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 41.06
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.72
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.44
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 45.00
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 72.52
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.31
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 60.01
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.66
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 40.96
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 60.90
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.11
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.16
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.61
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.70
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 62.60
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.95
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 41.18
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.20
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.45
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.03
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.50
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 61.08
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 40.56
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.14
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 70.47
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 70.78
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 70.00
HNA GROUP INTERNATIONAL C 7.00 01/24/20 USD 74.89
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.27
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.44
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 8.03
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 12.19
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.48
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.51
APG HABITAT PVT LTD 1.00 09/09/28 INR 52.63
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 32.18
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.42
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 58.77
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 58.82
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 71.50
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 72.99
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 74.73
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.23
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 71.93
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.23
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 55.25
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.23
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 40.23
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 54.44
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 56.41
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 39.02
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 50.93
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 52.52
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 53.40
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 56.44
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 58.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 41.30
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 2.86
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.36
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 47.86
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 4.61
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.12
JTPM ATSALI LTD 0.01 08/29/48 INR 9.96
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 22.80
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 67.97
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 4.01
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 60.17
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 26.96
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 24.86
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 24.86
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 23.96
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 39.78
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.31
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.20
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 51.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 55.21
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 59.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 63.45
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 68.07
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 72.98
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.60
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 60.22
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 63.53
REI AGRO LTD 5.50 11/13/14 USD 0.02
REI AGRO LTD 5.50 11/13/14 USD 0.02
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 13.76
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 61.21
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.54
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.86
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 54.18
WS T&D LTD 0.10 03/24/29 INR 44.78
JAPAN
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AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.47
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 38.21
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 65.73
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 69.60
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 70.36
KIBO ABS SPECIALTY CO LTD 5.00 02/28/20 KRW 70.59
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 72.72
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 74.70
LOTTE CARD CO LTD 3.95 06/28/49 KRW 68.35
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 68.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 39.78
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.53
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 65.56
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.22
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 66.70
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 67.93
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 68.14
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.45
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 68.88
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 69.45
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 70.59
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 70.95
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.05
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.05
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 73.53
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.03
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 74.71
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 74.95
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.28
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.37
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.37
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.25
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.14
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.21
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.16
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.29
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 70.45
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 71.60
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.85
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT BH 6.00 10/31/21 MYR 0.26
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.28
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 46.13
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 70.61
EZION HOLDINGS LTD 0.25 11/20/27 SGD 61.29
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 73.75
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 74.04
HYFLUX LTD 4.60 09/23/19 SGD 40.05
HYFLUX LTD 4.25 09/07/18 SGD 40.25
HYFLUX LTD 4.20 08/29/19 SGD 40.33
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 46.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 33.46
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 29.00
NEPTUNE ORIENT LINES LTD/ 4.40 06/22/21 SGD 67.58
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 42.40
OSA GOLIATH PTE LTD 12.00 10/09/20 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.13 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
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
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.
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