/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200107.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, January 7, 2020, Vol. 23, No. 5 Headlines A U S T R A L I A PAPER CUP: First Creditors' Meeting Set for Jan. 10 C H I N A FANTASIA HOLDINGS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+' FANTASIA HOLDINGS: S&P Assigns 'B' Rating on New Unsecured Notes IDEANOMICS INC: Seven Directors Elected to Board MEITU INC: Expects to Post Loss in 2019 I N D I A BALAJI WIRE: CARE Assigns B+ Rating to INR5.5cr LT Loan BATHSHA MARINE: CARE Reaffirms B+ Rating on INR1.07cr LT Loan BLUEFLAME INDUSTRIES: CARE Reaffirms B+ Rating on INR4.41cr Loan BRAHMANI RIVER: Ind-Ra Withdraws 'D' LongTerm Issuer Rating CONCORD CONSTRUCTION: CARE Hikes Rating on INR25cr Loan to B DECCAN AUTO: CARE Lowers Rating on INR42.35cr LT Loan to 'D' EFFERENT REALESTATE: Insolvency Resolution Process Case Summary FENIX PROCESS: CARE Moves D on INR13.6cr Debt to Not Cooperating FRIENDS PAPER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating FUTURE RETAIL: Fitch Publishes BB(EXP) LT IDR, Outlook Positive FUTURE RETAIL: S&P Assigns Prelim. 'BB-' LT Issuer Credit Rating GRAPHTECH EXIM: CARE Lowers Rating on INR15.5cr Loan to B+/A4 IL&FS: Board Expects to Recover 50% of Overall Debt JINDAL INFRASTRUCTURE: CARE Cuts Rating on INR11cr Loan to 'C' K S MOTORS: CARE Reaffirms B+ Rating on INR18.67cr LT Loan MAGNI TECH: CARE Moves B on INR2cr Loans to Not Cooperating MAHALAXMI AGRO: CARE Reaffirms B Rating on INR4.77cr LT Loan MALWA AGRO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating NOBLE PUBLICITY: Insolvency Resolution Process Case Summary PALA DIOCESAN: Ind-Ra Rates INR1,425BB Bank Loans 'B' RDG INTERIOR: Insolvency Resolution Process Case Summary S. V. FOODS: CARE Lowers Rating on INR6.50cr LT Loan to B- SALONAH TEA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating SANATAN MERCHANTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable SANKALP PAPERS: Insolvency Resolution Process Case Summary SATYA SUBAL: CARE Reaffirms 'B' Rating on INR8.72cr LT Loan SHARMA KALYPSO: Insolvency Resolution Process Case Summary SHREE SAI INDUSTRIES: Insolvency Resolution Process Case Summary SIDDESHWAR MULTIPURPOSE: CARE Reaffirms B Rating on INR6.56cr Loan SMILECARE MULTISPECIALTY: Insolvency Resolution Case Summary SUNDER IMPEX: CARE Hikes Rating on INR1.50cr LT Loan to BB- TRAKO INFRA: Insolvency Resolution Process Case Summary VARDHMAN RICE: CARE Keeps D on INR26.7cr Loans in Not Cooperating WAVE GLOBAL: Insolvency Resolution Process Case Summary S I N G A P O R E CHINA SPORTS: JM Granted Extension to Submit Resumption Bid EZION HOLDINGS: To 'Vigorously Defend' Against US$100MM Claim SWIBER GROUP: Terminates US$200MM Investment Deal with Seaspan USP GROUP: Nah Ee Ling Steps Down as CFO X X X X X X X X [*] BOND PRICING: For the Week Dec. 30, 2019 to Jan. 3, 2020 - - - - - ================= A U S T R A L I A ================= PAPER CUP: First Creditors' Meeting Set for Jan. 10 --------------------------------------------------- A first meeting of the creditors in the proceedings of The Paper Cup Company Pty Ltd will be held on Jan. 10, 2020, at 11:00 a.m. at 15/114 William St, in Melbourne, Victoria. Graeme Beattie of Worrells was appointed as administrator of The Paper Cup Company on Dec. 30, 2019. ========= C H I N A ========= FANTASIA HOLDINGS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+' ----------------------------------------------------------------- Fitch Ratings assigned China-based homebuilder Fantasia Holdings Group Co., Limited's (B+/Stable) proposed US dollar senior unsecured notes a 'B+' rating, with a Recovery Rating of 'RR4'. The proposed notes are rated at the same level as Fantasia's senior unsecured rating because they will constitute its direct and senior unsecured obligations. The company plans to use the net proceeds from the proposed issue to refinance existing debt, including the concurrent offer to repurchase its 8.375% senior notes due 2021, and for general corporate purposes. Fantasia's rating is supported by land reserves that are adequate to sustain its current business scale, a healthy EBITDA margin and moderate leverage. The company's land bank has some concentration in Chengdu and Guilin, but it has more than 30 urban redevelopment projects (URP) in the Greater Bay Area that provide geographical diversification. The company's land reserves are sufficient for property development over the next three to four years. Fitch expects Fantasia to maintain its 2019-2020 EBITDA margin, excluding capitalised interest, at similar levels to the 25.8% in 2018. Fitch also forecasts Fantasia's leverage, measured by net debt/adjusted inventory, will remain around 45%, in line with 'B+' rated peers. In addition, the expanding property-management business under the company's listed subsidiary, Colour Life Service Group Co., Ltd, supports Fantasia's ratings and gives it an additional funding channel. Fantasia's attributable contracted sales of CNY24 billion in 2018 constrain its ratings as its scale is smaller than that of 'B+' rated peers. This smaller scale also limits the diversity of the company's land reserves, although this may improve. Fantasia's land reserves have material exposure to commercial-type developments that have lower sales visibility as demand for these products is more closely linked to economic cycles and more affected by regulatory changes. Fitch expects Fantasia's attributable contracted sales to rise by 11% in 2019. KEY RATING DRIVERS Adequate Land Bank and Projects: Fantasia is a mid-tier developer with total contracted sales of CNY30 billion and an average selling price of over CNY11,000 per sq m in 2018. The company has more than 50 projects spread across five key areas and 15 cities, with 69% of the total land bank concentrated in the Chengdu-Chongqing Economic Zone and Beijing-Hebei-Tianjin region at end-December 2018. The concentration in these two regions limits Fantasia's scope to mitigate regulatory risks, but its large number of projects helps to diversify project-specific risks. The company had a total land bank of 11.3 million sq m at end-December 2018 spread across the Pearl River Delta, Yangtze River Delta and central China, in addition to the two regions in which it has a greater concentration. More than 35% of the sites were in Chengdu while only 22% were in the better-performing Pearl and Yangtze river deltas. Fantasia expects to add 1.38 million sq m of land in Qingdao in 2019 and 0.97 million sq m of URPs in the Greater Bay Area in 2020, and increase the URP in the Greater Bay Area to more than 6.8 million sq m from 2021. Rising exposure to URP projects can improve Fantasia's land bank mix and its geographical diversification. Property Management Supports Rating: Colour Life, which is 55.4%-owned by Fantasia, was listed in 2014 and is a leading property-management company in China. Colour Life has expanded into more than 200 cities, with 45% of its revenue-bearing gross floor area (RGFA) located in the more affluent regions in China's eastern and southern coasts. Colour Life is expanding the RGFA to boost recurring income. Colour Life is also collaborating with vendors, including JD.com, Pagoda and 58Daojia, to provide services to residents that improve their experience in residential projects. The company expects this to give it room to increase service charges. Fitch expects Fantasia's recurring EBITDA/gross interest expense to rise to 0.44x by 2022, from 0.36x in 2018, aided by Colour Life's strong recurring income. Rationalising Debt Structure and Costs: Fantasia has a healthy liquidity position of CNY28 billion in total cash, compared with CNY14.7 billion in short-term debt as of December 2018. This allows the company, which replaced its CFO recently, to focus on restructuring its debt maturities with new offshore bonds. The company has also increased the use of lower-cost bank loans and reduced trust loans, onshore and offshore bonds in the debt mix. Management said the company's overall financing costs fell to 8% in the 5M19, from 8.7% in 2018. Healthy Leverage and Margin: Fantasia's EBITDA margin remained healthy in 2018 due to its low land costs. Fitch expects the EBITDA margin to remain at 26%-27% in 2019-2021 due to a better selling and administrative cost structure. Fitch estimates leverage of 44%-46% in 2019-2020, compared with 42%-45% in 2017-2018, and expect the ratio to fall to 39%-41% in 2021-2022 on increasing attributable contracted sales, with limited pressure to make large land acquisitions to support its growth in light of its sufficient land bank. Scale Constrains Rating: Fantasia accelerated project development, land replenishment and contracted sales from 2017 to try to catch up with peers that have larger total contracted sales than its CNY10 billion a year in 2013-2016. Fantasia's attributable contracted sales reached CNY24 billion in 2018 (total contracted sales: CNY30 billion) from CNY16.5 billion in 2017, but remained smaller than those of most 'B+' rated Chinese property developers. Fitch expects Fantasia's attributable contracted sales to rise by 6%-11% during 2019-2020. Attributable sales are typically 75%-80% of total contracted sales. DERIVATION SUMMARY Fantasia's business and financial profile is comparable with those of Helenbergh China Holdings Limited (B+/Stable) and Hong Kong JunFa Property Company Limited (Junfa, B+/Stable). Helenburgh's total contracted sales of CNY36 billion in 2018 were slightly larger than those of Fantasia, but Fantasia had a higher EBITDA margin of 25% (Helenbergh: 22%) and lower leverage at 42% (Helenburgh: 50%). Both companies are geographically diversified. Fantasia's recurring EBITDA/gross interest expense of 0.3x provides support to its rating, whereas Helenburgh has minimal recurring income. Fantasia's contracted sales scale and EBITDA margin are similar to Junfa's, but Junfa has higher leverage of 49%. Junfa had recurring EBITDA/gross interest expense of 0.5x in 2018, higher than Fantasia's 0.3x, due to Junfa's offices, malls and trade centres. Junfa is a leading homebuilder in Yunnan province and Kunming city, while Fantasia is a more diversified developer that focuses on Tier 1-2 cities. Fantasia has a better business profile than most of the 'B' rated peers, except Yango Group Co., Ltd. (B+/Stable). Fantasia's leverage is lower than that of Yango, although the latter has a bigger sales scale. Fantasia's leverage is similar to that of 'BB-' rated peers such as Times China Holdings Limited (BB-/Stable) and Yuzhou Properties Company Limited (BB-/Stable), which have leverage of 40%-45%. However, Times and Yuzhou have slightly larger business scales and faster churn. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Attributable contracted sales to reach CNY27 billion to 34 billion in 2019-2020 (CNY24 billion in 2018 and CNY17 billion in 2017) - Average selling price at CNY11,500-13,300 per sqm in 2019-2021 (CNY11,180 per sq m in 2018) - Attributable land premium equivalent to 24%-28% of attributable contracted sales in 2019-2021 (28% in 2018) - EBITDA margin (excluding capitalised interest) of 25.5%-27.7% in 2019-2021 (25.8% in 2018) KEY RECOVERY RATING ASSUMPTIONS - Fantasia to be liquidated in bankruptcy as it is an asset- trading company - 10% administration claims - Advance rate of 70% applied to net development-property inventory, excluding joint ventures, as EBITDA margin is 20%-25% - Advance rate of 60% is applied to net investment property and property, plant and equipment - Excess cash of CNY17.5 billion was applied to the recovery analysis. This is based on the company's total cash minus minimum cash requirement, which is equal to three months of contracted sales. - 40% recovery rate applied to investments in money-market fund and debt instruments - Cash under Colour Life deducted from group cash balance, and senior unsecured debt held under Colour Life deducted from group debt balance - Residual value from Colour Life added to Fantasia's recovery analysis - Accounts receivable held under Colour Life deducted from group receivables These assumptions result in a recovery rate within the 'RR1' range. However, the Recovery Rating is capped at 'RR4' because under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, China falls into Group D of creditor friendliness, and instrument ratings of issuers with assets in this group are subject to a soft cap at the issuer's Issuer Default Rating. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - Material increase in business scale and a much more diversified land bank - Leverage, measured by net debt/adjusted inventory, sustained below 40% (45% at end-2018) Developments That May, Individually or Collectively, Lead to Negative Rating Action - Leverage, measured by net debt/adjusted inventory, above 50% for a sustained period - EBITDA margin (excluding capitalised interest) below 20% for a sustained period - Sales efficiency, measured by attributable contracted sales/net inventory excluding investment property, below 1.0x for a sustained period (1.0x at end-2018) LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: The company had CNY23.7 billion of available cash and CNY1.0 billion of restricted cash at end-June 2019, which was more than able to cover CNY11.3 billion of short-term debt. Fantasia had CNY35 billion of credit facilities at end-2018, of which CNY22.7 billion was unused. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on Fantasia, either due to their nature or the way in which they are being managed by the company. FANTASIA HOLDINGS: S&P Assigns 'B' Rating on New Unsecured Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issue credit rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by Fantasia Holdings Group Co. Ltd. (B/Stable/--). The issue credit rating is subject to its review of the final issuance documentation. S&P said, "We equalize the bond rating with that on the issuer, because we expect the priority debt ratio to fall within our threshold for notching down, even though the ratio was above 50% in 2019. In our view, the priority debt ratio will only temporarily remain above 50%. "As of June 30, 2019, Fantasia's capital structure consisted of about Chinese renminbi (RMB) 13.4 billion in secured debt and RMB9.2 billion in unsecured debt issued by the company's subsidiaries, which we consider as priority debt. Fantasia also has RMB17.6 billion of unsecured debt at the parent level, which consist mainly of offshore senior notes. We expect Fantasia's priority debt ratio to decrease given its record of high use of unsecured offshore borrowing, and because the company faces relatively large maturities of its priority onshore bonds in 2020." The issuance may aid Fantasia's upcoming refinancing and slightly lengthen its debt maturity profile. Fantasia intends to use the proceeds from this new issuance to refinance its existing debt, including its offshore senior notes due in 2021, which it concurrently offers to repurchase. Its offshore maturities are concentrated in 2021, when US$1.4 billion will be due. S&P said, "The stable outlook on Fantasia reflects our expectation that the company's financial leverage will moderately decrease from the peak in 2017-2018, as the company grows its contracted sales and increases its revenue while maintaining stable profitability. Fantasia recorded total contracted sales of RMB36.2 billion in 2019, which is in line with our expectations of an approximately 20% increase from 2018." IDEANOMICS INC: Seven Directors Elected to Board ------------------------------------------------ At the Annual Meeting of Shareholders of Ideanomics, Inc. which was held on Dec. 30, 2019, the shareholders elected Alfred Poor, Jerry Fan, Chao Yang, Shane McMahon, James Cassano, Bruno Wu, Harry Edelson, Steven Fadem, and John Wallace to the Company's Board of Directors to hold office for a one-year term until the annual meeting of shareholders in 2020 and until their successors are re-elected and qualified. The shareholders also ratified the selection of BF Borgers CPA PC as independent registered public accounting firm for the fiscal year ending Dec. 31, 2019. 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. MEITU INC: Expects to Post Loss in 2019 --------------------------------------- Mo Yelin at Caixin Global reports that Meitu Inc. expects its losses for 2019 to shrink sharply on the previous year, as the company pushes to monetize a large user base and grow revenue from advertising. Meitu expects to lose between CNY190 million (US$27 million) and CNY196 million for the year ending December, down 77.3% to 76.6%, the Hong Kong-listed company said in a note this week, Caixin relays. It reported a loss of CNY879 million in 2018. Caixin relates that the company didn't touch on the year's revenue in the note, which made the projection based on core online advertising revenue growth, as well as efforts to cut sales and marketing costs. It noted the actual results may be different as the accounts have not yet been audited. Founded in 2008, Meitu owns a series of mobile apps, including Meitu Xiuxiu, a hugely popular photo-enhancing tool which claims more than 100 million monthly active users. The company boasted more than 308 million monthly active users across its mobile offerings as of June, including 112 million outside China. Meitu once generated most of its revenue from selling smartphones. But it sold its core hardware business to smartphone heavyweight Xiaomi Inc. in 2018, and has since ramped up efforts to monetize its large user base as part of its strategy to transform into a social media company, according to Caixin. For the first half of 2019, Meitu made 99.7% of its CNY464 million in revenue from the so-called "internet business," a monumental jump from only 6.6% at the end of 2016, when it reported the year's revenues at CNY1.6 billion. Aside from advertising, the company has drawn more revenue from premium subscriptions, including through an augmented-reality based advertising platform which partners with bricks and mortar retail stores to let consumers "try on" products virtually, Caixin says. According to Caixin, Meitu said in the note that revenue from subscription fees had seen strong growth in 2019, though it did not provide figures. After listing in Hong Kong in 2016 with a share price of HK$8.5 ($1.09), Meitu has seen its stock value wither more than 80%, reflecting investors' concerns about its money-losing status. On Jan. 2, Meitu closed at HK$1.62, down slightly by 1.2%, the report adds. Meitu, Inc. offers mobile application software. The Company researches, produces, and markets image editing, live broadcasting, and other related social software. Meitu Inc also participate in mobile designing and retailing around the world. ========= I N D I A ========= BALAJI WIRE: CARE Assigns B+ Rating to INR5.5cr LT Loan ------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Shri Balaji Wire (SBW), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 5.50 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SBW primarily takes into account its modest scale of operations with weak financial risk profile marked by moderate profitability margin, weak solvency position and stretched liquidity position. The rating, further, takes constrained on account of profitability susceptible to fluctuations in raw material price, its presence in the highly competitive and fragmented industry and constitution as a partnership concern. The ratings, however, derive comfort from experienced management. Key Rating Sensitivities Positive Factor * Increase in scale of operation above INR45 crore on sustained basis. * Increase in profitability margins marked by PBILDT margin of more than 5.00% on sustained basis * Improvement in capital structure marked by overall gearing below 2 times on sustained basis. Negative Factor * Deterioration in capital structure marked by overall gearing of more than 4.5 times owing to debt funded project. * Deterioration in liquidity position marked by operating cycle of more than 90 days owing to delay in payment realization from customer * Any changes in government policy which adversely affect its scale of operations. Detailed description of the key rating drivers Key Rating Weaknesses Growing scale of operation albeit stood modest coupled with constitution as a partnership concern: Total Operating Income (TOI) of the firm has continuously increased during past three financial year ended FY19 (FY refers to period from April 1 to March 31) and grew at a CAGR of 33.93% however stood modest at INR28.87 crore in FY19. Its constitution as a proprietorship firm restricts its overall financial flexibility. There is the inherent risk of withdrawal of capital and dissolution of the firm in case of death/insolvency of proprietor. Any withdrawals from the capital account may affect its financial risk profile. Weak financial risk profile moderate profitability margin, leveraged capital structure and weak debt coverage indicators: Owing to low value addition in the business, profitability margin of the firm stood moderate marked by PBILDT margin and PAT margin of 4.33% and 1.13% respectively in FY19. Further, GCA level remained stagnant during past three financial years ended FY19 and it stood at INR0.51 crore in FY19. Further, owing to modest netowrth base of INR2.09 crore as on March 31, 2019, the capital structure of the firm stood leveraged marked by overall gearing of 3.37 times as on March 31, 2019, deteriorated from 2.20 times as on March 31, 2018 owing to higher utilization of working capital bank borrowing and disbursement of new term loan to enhance the capacity which was offset by profit accretion to reserves. Furthermore, the debt coverage indicators stood weak with total debt to GCA of 13.73 times as on March 31, 2019, deteriorated from 7.90 times as on March 31, 2018 owing to higher total debt level. Interest coverage stood moderate at 1.98 times in FY19 as against 2.31 in FY18. Profitability susceptible to fluctuations in raw material price: The major raw materials of SBW are wire rod and GI Wire, the prices of which are highly volatile. Moreover, the firm does not have any long term contracts with the suppliers for the purchase of the aforesaid raw materials. Raw material cost comprises more than 80% of total cost incurred in FY19. Hence, any adverse movement in raw material price without any corresponding movement in finished goods price is may affect the profitability of the company. Presence in highly competitive and fragmented industry: The steel wire manufacturing/trading segments are highly fragmented and competitive marked by presence of numerous players across India. Hence the players operating in the industry lacks pricing power and exposed to competition induced pressures on profitability. Key Rating Strengths Experienced management: The promoters are engaged into wire product industry since 2008 and hence, it has long track record of operation of more than a decade in the industry. Over the period of time, the promoters have established relationship with its customers and suppliers. Overall affairs of the firm are managed by Mr. Manoj Kumar Tanwani and Mr Raj Kumar Tanwani and both have more a decade of experience in the industry. Liquidity Position: Stretched Liquidity position of the firm stood stretched marked by 80-90% utilization of fund based limit during past 12 months ended November 2019. The firm allows credit period of 30-60 days and maintain inventory of around 30 days while it has to pay its creditor within a week due to which operating cycle also stood at 66 days in FY19. Further, liquidity ratio of the company also remained moderate marked by current ratio and quick ratio of 1.29 times and 0.88 times respectively as on March 31, 2019. SBW had cash and bank balance of INR1.12 crore as on March 31, 2019 and projected GCA of INR0.78 crore in FY20 as against repayment of INR0.38 crore during FY20 without considering contingent liabilities which depicts sufficient headroom for its current repayment obligation. Katni (Rajasthan) based SBW was formed in April 2015 by Mr. Manoj Kumar Tanwani and Mr. Rajkumar Tanwani and agreed to share profit and loss in the ratio of 51:49 by converting into proprietorship firm of Mr. Manoj Kumar Tanwani which is engaged into manufacturing of wire products since 2008. The major products of the firm include Barbed Wire, Wired Nails, M.S. Wire and Chain Jali. SBW purchases raw material from Raipur and Bhilai and sells its finished products to dealers located majorly in Uttar Pradesh and Madhya Pradesh. The firm uses brand name of Tiger Super and Shakti-Maan for barbed wire and wired nails respectively. BATHSHA MARINE: CARE Reaffirms B+ Rating on INR1.07cr LT Loan ------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Bathsha Marine Exports Private Limited (BMEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1.07 CARE B+; Stable Reaffirmed Short term Bank Facilities 9.50 CARE A4 Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of BMEPL continue to be tempered by small scale of operations with thin profit margins, moderate operating cycle days along with competitive nature of industry. The ratings are further tempered by regulatory risk and seasonality associated with seafood industry along with fluctuation in foreign exchange prices. The ratings also factor in growth in total operating income during FY19 and marginal improvement in capital structure and debt coverage indicators (during April 1, 2018 to March 31, 2019). The ratings however, are underpinned by the long track record and experienced promoters for more than two decades in sea food industry and locational advantage of the plant. Rating Sensitivities Positive Factors * Increase in gross cash accruals by ~10% * Improvement in capital structure, marked by overall gearing below 2.5x Negative Factors * Decline in total operating income by ~30% * Decline in PBILDT margin by 100 bps * Elongation in working capital cycle Detailed description of the key rating drivers Key Rating Weaknesses Small Scale of operations with thin profit margins: The scale of operations, however improving, continued to remain small marked by a total operating income of INR30 crore and a low net worth base of INR3.93 crore in FY19 The PBILDT margin marginally declined and stood at 6.32% in FY19 as compared to 7.27% in FY18 on back of increase in cost of raw material for the execution of increased orders. The PAT margin, however, improved and stood at 0.94% in FY19 as compared to 0.75% in FY18 on back of a decrease in the interest and finance costs. Moderate operating cycle days: The operating cycle of the company stood stretched at 93 days in FY19 as compared to 88 days in FY18 due to an increase in average inventory period from 100 days in FY18 to 111 days in FY19 due to increase in the number of the orders executed. The average collection period increased from 35 days in FY18 to 39 days in FY19 on back of delay in realizations made during the year. The company allows a credit period of 30-45 days to its debtors and is able to make the realization within 35-40 days. The average creditor period also increased and stood at 57 days in FY19 as against 48 days in FY18. Competitive nature of industry coupled with regulatory risk and seasonality associated with seafood industry: The company has to stock shrimps for export during the off season, thus increasing its inventory levels. Apart from seasonality, adverse climate conditions, lack of quality feed, rampant diseases continue to pose risk in the raw material procurement. Furthermore, due to limited value addition nature of business and less technological input entry barriers are low. Thus, processed sea food industry is highly competitive with the presence of a large number of Indian players as well as players from other international market. Furthermore, exports of sea food is highly regulated, as exporters of sea food have to meet various regulations imposed by importing nations as well as imposed by the Indian government. Profitability margins are susceptible to fluctuation in foreign exchange prices: The company generates 100% of revenue through export sales therefore the profitability margins of the company are susceptible to fluctuation in foreign exchange prices because of absence of hedging mechanism. The company, however, has made profit from foreign exchange transactions of INR0.30 crore in FY19 and INR0.20 crore in FY18. Key Rating Strengths Long track record and experience of the promoters for more than two decades in sea food industry: BMEPL was incorporated in the year 1997, promoted by Mr. Akber Bathsha (Managing Director), Mrs. Sunitha Bathsha (Director) and Mr. Yazar Bathsha (Director), all the directors are qualified graduate having more than two decade of experience in sea food industry. The directors are actively involved in day to day operations of the company. Mr Akber Bathsha has more than two decades of experience in sea food industry and looks after the marketing activities. Due to long term presence in the market, the promoters have good relations with suppliers and customers. Growth in total operating income during FY19: The total operating income of the company increased by ~15% and stood at INR30 crore in FY19. This increase was on back of increase in the production during FY19 supported by increase in the quantum of orders, acquiring new customers as well as retaining and repeating orders form the existing customers. Marginal improvement in capital structure and debt coverage indicators The capital structure of the company marked by overall gearing of the company though improved stood moderately leveraged at 2.62x as on March 31, 2019 as against 3.38x as on March 31, 2018 on back of improved net worth position of the company. The debt coverage indicators represented by TD/GCA of the company improved and stood moderate at 11.11x as on March 31, 2019 as compared to 14.65x as on March 31, 2108 on account of improvement in gross cash accruals. TD/CFO of the company also improved and stood at 3.09x in FY19 on back of increase in the cash flow from operations due to positive working capital changes. The PBILDT Interest coverage improved marginally and stood at 2.19x in FY19 as compared to 1.95x in FY18 due to a decrease in the interest and finance costs. Locational advantage: The plant location of the company is located in aquaculture Zone near Kerala, which enables the company to procure raw materials and send the same for process immediately after harvest. This results in better quality product as well as lowers the transportation cost Liquidity: Adequate Adequate liquidity characterized by sufficient cushion in accruals vis-à-vis repayment obligations and moderate cash balance of INR0.11 Crore. Its bank limits are utilized to the extent of ~95% and is supported by above unity current ratio of 2.18x as on March 31, 2019. Placo Enterprises Private Limited was incorporated in the year 1997 and later the name was changed to Placo Plastics Private Limited. During 2003, the company name was changed to current nomenclature Bathsha Marine Exports Private Limited (BMEPL). Initially the company was engaged in storage of sea food. However, from May 2016, the company commenced processing, packing and export of shrimp and various fish to the places like Vietnam, Portugal, Australia, Kuwait and Korea. The product profile of the company includes black tiger, Vannamei, white shrimp, Cuttle Fish, Indian Mackeral, Yellow Fin Tuna and Ribbon Fish. BLUEFLAME INDUSTRIES: CARE Reaffirms B+ Rating on INR4.41cr Loan ---------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Blueflame Industries Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short term Bank Facilities 4.41 CARE B+; Stable Reaffirmed Long term Bank Facilities 3.00 CARE A4 Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Blueflame Industries Private Limited continue to remain constrained by its short track record with small scale of operation and low profitability margins, regulated nature of business, working capital intensive nature of operation and weak capital structure with moderate debt coverage indicators. However, the ratings continue to derive strength from experienced management and stable demand outlook for LPG cylinders. Rating Sensitivities Positive Factors * Sizeable increase in scale of operations from present level (Total Operating Income above INR50.00 crore and cash accruals above INR1.50 crore) on a sustained basis. * Improvement in capital structure (overall gearing ratio below 1.50x) on a sustained basis. Negative Factors * Any sizeable de-growth in scale of operations from present level (total operating income below INR20.00 crore and cash accruals below INR0.40 crore) on a sustained basis. * Elongation in gross current assets days beyond 100 days and increased reliance on external borrowings to fund these requirements on a sustained basis. Detailed description of the key rating drivers Key Rating Weaknesses Short track record with small scale of operations and low profitability margins: The company has started its commercial operation from January 2018, thus having very short track record operation. Though, the total operating income improved significantly during FY19 vis-a-vis FY18 mainly on account of full year of operation; the scale of operations of the company remained small marked by total operating income of INR20.37 crore with a PAT of INR0.18 crore in FY19. Further, the net worth and total capital employed was low at INR0.69 crore and INR10.27 crore, respectively, as on March 31, 2019. This apart, the company has achieved a turnover of INR19.27 crore during 7MFY20. The small size restricts the financial flexibility of the company and hinders it's economies of scale. The profitability margins of the company also remained low marked by PBILDT margin of 5.87% and PAT margin of 0.93% during FY19. Working capital intensive nature of operations: LPG cylinders are manufactured either in two piece or three piece construction. In two piece construction, cylinders are fabricated by welding two domed ends directly together. A three piece cylinder is fabricated by joining two domed ends to a cylindrical body. The domed ends can be tori-Spherical; Semi ellipsoidal. The raw material as per IS 6240 or equivalent either in coil or sheet form may be used for producing LPG cylinders. For a two piece cylinder, circular blanks are cut from sheet to produce top and bottom domes. Top dome further undergoes piercing operation to accommodate bung. Valve protection ring and foot rings are produced by blanking, rolling, joining and forming operations. There are different stages involved in manufacturing of LPG cylinder. Hence it is a working capital intensive nature of business. Regulated nature of business: Liquefied Petroleum Gas (LPG) Cylinders are manufactured and tested under stringent norms before they get certified by Bureau of Indian Standards (BIS) for market use. These LPG cylinders are designed and manufactured as per Indian standard. Normally, cylinders are produced in batches from raw material specified in Indian standards and tested before dispatching to market. As a part of design, cylinder thickness is calculated, that is based on the shape of the cylinder dome and cylindrical portion of the dome. Cylinders are then produced through various stages and tested before BIS Certifies. The essential tests to be conducted on cylinders before they get certified by Bureau of Indian standards such tests are Acceptance test, Burst and volumetric expansion test, Hydrostatic stretch test and burst test, Hydrostatic test, Pneumatic leak test, Radiographic examination and, Fatigue test/ Cycle test. Weak capital structure with moderate debt coverage indicators: The capital structure of the company has improved as on March 31, 2019 on account of accumulation of surplus into reserves, infusion of equity capital amounting to INR0.49 crore and repayment of term loan. However, the capital structure remained weak marked by debt equity ratio of 11.80x and overall gearing ratio of 13.85x as on March 31, 2019. Furthermore, the debt coverage indicators also remained moderate marked by interest coverage of 1.40x and total debt to GCA of 21.27x in FY19. Key Rating Strengths Experienced management: Mr. Nitin Punamchand Khara, Mr. Elesh Punamchand Khara, Mr. Sunil Kumar Saria and Mr. Sunil Kumar Aggarwal are the directors of the company and they look after the overall management of the company. Mr. Nitin Punamchand Khara having around three decades of experience in the same line of business, looks after the day to day operations of the company. He is supported by other directors and a team of experienced professionals. The promoters are actively involved in the strategic planning and running the day to day operations of the company along with a team of experienced personnel. Stable demand for LPG cylinders: Liquid Petroleum Gas (LPG) is used worldwide for cooking and heating, especially in the area without connection to piped natural gas. It is a clean fuel. What distinguish LPG from other fuels is cylinder management. Because LPG has to be stored under pressure, metal cylinders are required. India is a fastest LPG consumption country in the world. In India government also launched several programmes to cover up the villages which are currently using traditional methods of fuelling for cooking. LPG demand growth is expected to remain high in near future. Accordingly, metal cylinder demands are high in near future. Liquidity: Adequate - Liquidity is marked by sufficient cushion in accruals vis-a-vis repayment obligations. The company has generated cash accruals of INR0.45 crore in FY19 and it has cash balance of INR0.10 crore as on March 31, 2019. The average utilization of fund based limits remained at around 84% during last 12 months ended November 30, 2019. The current ratio stood above unity Blueflame Industries Private Limited was incorporated in 2015 by Mr. Nitin Punamchand Khara with an objective to enter into LPG cylinder manufacturing and repair business. The company has established a LPG cylinder manufacturing unit at Dhanbad, Jharkhand with an installed capacity of 5 lakh LPG cylinders per annum. The commercial operation of the company started from January, 2018. The company has also obtained necessary license from the respective authority. BRAHMANI RIVER: Ind-Ra Withdraws 'D' LongTerm Issuer Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Brahmani River Pellets Limited's (BRPL) Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND D' rating on the INR4.614 bil. Term loan due on December 2016 withdrawn; and -- INR1.140 bil. Non-convertible debentures issued on December 2013 ISIN INE750J07036 G-Sec Rate+3.7% (10.8%) due on September 2023 withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-dues certificate issued by the security trustee and the lenders for the above facility. COMPANY PROFILE BRPL was founded in 2006 by the Stemcor Group for setting up a 4mtpa iron ore pellet production facility at Jajpur, Odisha including a 4.7 mtpa beneficiation plant at Barbil and about 230km slurry pipeline from Barbil to Kalinganagar, Jajpur. BRPL was taken over by JSW Group entity and Thriveni Group entity with effect from February 23, 2018, from its erstwhile promoters. CONCORD CONSTRUCTION: CARE Hikes Rating on INR25cr Loan to B ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Concord Construction (CC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 25 CARE B; Stable Revised from Facilities CARE BB-; Stable to CARE D and upgraded to CARE B; Stable Short-term Bank 25 CARE A4 Reaffirmed Facilities Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to long term bank facilities of CC to 'CARE D' is on account of continuous overdrawals for the month of May and June 2019 for the working capital limit mainly due to stretched liquidity. The rating has been revised to 'CARE B; Stable' as the debt servicing has been regular since July 2019. The ratings assigned to the bank facilities of CC continue to be constrained by the modest scale of operations with limited geographical diversification and order book confined to few customers. The rating is also constrained by high gearing and working capital intensive nature of operations. The rating, however, derives strength, from experienced promoters and stable financial performance for FY19 backed by established relationship with Government bodies. Rating Sensitivities Positive Factors * Growth in the scale of operations marked by increase in total operating income and improvement in order book position on sustained basis * Improvement in profitability on sustained basis Negative Factors * Continuous decline in order book position * Any further deterioration in working capital cycle Detailed description of the key rating drivers Key Rating Weaknesses Instances of over drawings in the past: The firm has reported overdrawing in its cash credit account for a period of more than 30 days in the past (May 2019 and June 2019). However, same was regularised and cash credit account remained regular since July 2019. Modest scale of operations with limited geographical concentration and confined to few customers: Majority of the projects taken up by the firm are restricted to two states, Karnataka and Kerala. The company's current order book comprises of the projects from Karnataka. CC receives its work orders mainly from government departments. All these are tender-based and the revenues are dependent on the firm's ability to bid successfully for these tenders. The scale of operations remained modest with the volatility in revenue in the past. However the revenue remained in the range of INR30–INR35 crore for the past two years ending FY19. This is because the firm has been receiving major orders only from the end of FY16, major being from the Karnataka Government. The fact of limited geographical as well as customer concentration exposes the firm to concentration risks and political risks. The total order book outstanding as on December 25, 2019 stood at around INR32 Crore. High Gearing and working capital intensive nature of operations: The firm's nature of business is highly working capital intensive in nature. The Government authorities award a contract to the firm on the basis of a performance guarantee. Consequently, the firm has to execute the contract and claims a part of the bill on percentage completion basis. This requires the firm to utilise their working capital in full till receipt of payments. The higher utilisation of working capital renders the overall gearing of the firm at a high level. As of March 31, 2019, the overall gearing stood at 3.92x and the Total Debt to Cash Accruals stood at 15.49x. Highly competitive industry: Concord receives its work orders mainly from government and quasi government departments/companies. All these are tender-based and the revenues are dependent on the company's ability to bid successfully for these tenders. There are numerous fragmented & unorganized players operating in the industry which makes the civil construction space highly competitive. Profitability margins come under pressure because of this competitive nature of the industry. However, the promoters' industry experience mitigates this risk to some extent. Key Rating Strengths Experienced Promoters: The firm is in the business of civil construction since 1997 and managed by 7 partners of the Kallatra Pariwar Group of Kerala. The partners are engaged in the businesses for more than 2 decades and have executed various Government orders successfully. Kallatra Pariwar is a group founded by Late Kallatra Abdul Khader Haji in the State of Kerala. The group has diversified business activities ranging from Plantation to Infra structure development. Now the group is managed by the children of Late Kallatra Abdul Khader Haji. Stable Financial Performance backed by established relationship with Government bodies: The firm is into the civil construction business for the past two decades and has executed various orders since 2012 for Karnataka and Kerala government. The major orders executed by the company are mainly in the states of Karnataka and Kerala and the company has a longstanding relationship with both the state Government bodies. The firm has reported stable income of INR33.4 crore in FY19 almost flat performance as compared to INR34.4 crore in FY18 mainly on execution of ongoing orders. The firm has reported PBILDT margin of 16.28% for FY19 (PY: 15.51% for FY18). The company reported PAT of INR1.2 crore for FY19 (PY: INR1.3 crore). Liquidity- Stretched The firm is engaged in the civil construction industry with orders from Government authorities. The payments are generally released after raising invoice on stage wise completion basis. However, the firm has to invest its working capital funds for the ongoing projects. This keeps their inventory levels at a higher level rendering the utilization at peak levels. The working capital utilization is almost fully utilized throughout the year. Concord Constructions was incorporated by Kallatra Pariwar Group in 1997 and is engaged in civil construction works across Karnataka and Kerala. The firm started taking up major projects towards the end of 2012 for Karnataka Government and has worked on various small projects since then. Concord is registered as a partnership with major partners coming from the Kallatra group. The Kallatra Pariwar group has diversified business activities namely Kallatra ship builders, Kallatra Technologies, Kallatra Wood Industries. DECCAN AUTO: CARE Lowers Rating on INR42.35cr LT Loan to 'D' ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Deccan Auto Limited (DAL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term bank 42.35 CARE D Revised from CARE BB+; facilities Stable Short term bank Facilities 8.00 CARE D Revised from CARE A4+ Detailed Rationale & Key Rating Drivers The revision in ratings assigned to the bank facilities of DAL is on account of delays with respect to repayment of principal obligations of term loans owing to cash flow mismatches. Detailed description of the key rating drivers Key rating weakness Delays in debt servicing owing to liquidity issues: Lenders have reported that there are delays with respect to repayment of principal obligations of term loans primarily on account of liquidity constraints due to cash flow mismatches. Regulated nature of industry: The industry is regulated with various approvals and certification albeit some of the norms have been relaxed by Authorized Regulatory Bodies. Govt. of India with a view to regulate the bus body industry and passenger safety has announced the new code of accreditation for bus body builders. Accreditation implies evaluating, assessing and approving the capacities of a bus body builder to consistently ensure the specified quality of bus bodies. Key rating strengths Experienced promoters: DAL is a part of Prasaditya group, promoted by Mr. M.S.R.V Prasad (Chairman), who has about three decades of experience in diverse sectors such as cement manufacturing, steel manufacturing, steel and alloy castings, software & services, among others. The group also has presence in the asset reconstruction space through the company Pridhvi Asset Reconstruction and Securitization Company Limited (PARAS) which has been jointly promoted Mr. Prasad along with Dr. Murali Krishna Prasad Divi in 2007. Deccan Auto Limited (DAL), promoted by Mr. M.S.R.V Prasad (Chairman), Mr. V. A. Norhi (Managing Director) and Mr. M. Sunil Prasad, was incorporated in 2011 in Hyderabad, Telangana. The company is engaged in bus assembling and bus body building at its manufacturing facilities (annual installed capacity of 3,000 buses) located at Kodakanchi village, Medak district, Telangana. The company is part of PRASADITYA group. The group has varied interest ranging from manufacturing to asset reconstruction. EFFERENT REALESTATE: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s. Efferent Realestate Private Limited House No. 2/56 A, Floor 3rd Landmark Near Sachdeva Paneer Bhandar Moti Nagar, New Delhi West Delhi 110015 Insolvency Commencement Date: December 20, 2019 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: June 17, 2020 Insolvency professional: Gaurav Katiyar Interim Resolution Professional: Gaurav Katiyar D-32, East of Kailash New Delhi 110065 E-mail: cagauravkatiyar@gmail.com efferent.cirp@gmail.com - and - The Insolvency and Bankruptcy Board of India (IBBI) 7th Floor, Mayur Bhawan Shankar Market, Connaught Circus New Delhi 110001 Classes of creditors: Allottee under real estate project Insolvency Professionals Representative of Creditors in a class: Mr. Shyam Arora 96, Aravali Apartment Alaknanda, New Delhi 110019 E-mail: arora.shyaam@yahoo.com Mr. Manoj Kumar Singh 203, 2nd Floor 10 Sikka Complex Community Centre Preet Vihar, Delhi 110092 E-mail: cma.msingh@gmail.com Mr. Devendra Umrao Flat No. 603, 6th Floor Tower-D1, Cleo County Sector-121, Noida Uttar Pradesh 201301 E-mail: dev.umrao@gmail.com Last date for submission of claims: January 10, 2020 FENIX PROCESS: CARE Moves D on INR13.6cr Debt to Not Cooperating ---------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Fenix Process Technologies Private Limited (FPTPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 9.18 CARE D Revised from CARE D; Facilities ISSUER NOT COOPERATING Short-term Bank 13.62 CARE D Revised from CARE D; Facilities ISSUER NOT COOPERATING Details of instruments/facilities in Annexure-1 In the absence of minimum information required for the purpose of rating, CARE was unable to express an opinion on the rating of FPTPL and in line with the extant SEBI guidelines, CARE revised the rating of bank facilities of the company to 'CARE D; ISSUER NOT COOPERATING*'. However, the company has now submitted the requisite information to CARE. CARE has carried out a full review of the rating and the rating stands at 'CARE D'. Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of FPTPL continues to factors in delays in repayment of debt obligation. Rating Sensitivities Positive factors * Repayment of debt obligations on timely manner and demonstration of default free track record of more than 90 days. Detailed description of the key rating drivers Key Rating Weaknesses Delay in servicing of debt obligations: As per the interaction with the banker, there are on-going delays in repayment of interest and principal on term loan. Liquidity analysis: Poor Liquidity is poor marked by lower accruals when compared to repayment obligations. This has constrained the ability of the company to repay its debt obligations on a timely basis. FPPL was incorporated in 2005 and is based out of Pune (Maharashtra). The company is engaged in designing, engineering and providing equipment solutions for distillation and other mass-transfer operations. The company undertakes projects from plant erection to supplying custom machineries. FPPL procures the raw material i.e. Steels and aluminium from in Maharashtra based dealers based dealers and whole sellers. The major customers of the company include chemical factories and distilleries companies. FRIENDS PAPER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Friends Paper Mill's (FPM) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100.00 mil. Fund-based working capital limits (Long-term) migrated to Non-Cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR68.26 mil. Term loan (Long-term) due on March 2022 migrated to Non-Cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 24, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2016, FPM manufactures kraft paper at its 100MT/day facility in Pathankot, Punjab. FUTURE RETAIL: Fitch Publishes BB(EXP) LT IDR, Outlook Positive --------------------------------------------------------------- Fitch Ratings published Indian retailer Future Retail Limited's expected Long-Term Foreign-Currency Issuer Default Rating of 'BB(EXP)'. The Outlook is Positive. Fitch has also assigned the proposed senior secured US dollar bond to be issued by Future Retail Limited a rating of 'BB(EXP)'. The rating is "expected" as the rating analysis has been based on the restructured FRL entity. Under the restructuring, FRL will buy the in-store infrastructure assets it currently leases from Future Enterprises Limited for INR40 billion. The purchase will be funded by INR15 billion in additional equity the main shareholders have committed to contribute and the combination of FRL's internal accruals, security deposits paid to Future Enterprises under the lease rental arrangements, and borrowings, including a proposed benchmark-sized senior secured bond. As part of the restructuring, the cross-guarantee arrangements between FRL and Future Enterprises will cease upon payment of the proceeds of the bond for the assets to be acquired and Future Enterprises using the funds to repay debt with the cross-guarantees. Fitch will look to convert the ratings from expected to final once this transaction is completed and the cross-guarantees removed, ensuring that the final terms and conditions of the bond conform to its understanding. FRL's expected rating reflects its strong business profile, as India's leading retail group. The company owns the country's leading hypermarket chain, Big Bazaar; convenience stores, Easyday and Heritage; fashion chain, fbb; and premium food store, Foodhall. Its network is one of the most extensive in India with a presence in 29 states (including 4 Union Territories). Its stores generated more than 350 million customer footfalls and USD2.9 billion in revenue in the financial year ended March 31, 2019 (FY19). The Positive Outlook reflects its belief that FRL's strong business profile will allow it to take advantage of the continued forecast growth in Indian consumption expenditure - particularly in organised retail - and help FRL's financial profile improve to a level commensurate with a 'BB+' rating by FY22. Fitch believes that the recently completed deal for Amazon.com, Inc. (A+/Positive) to take a stake in a shareholder of FRL will provide opportunities for FRL to increase sales and assist with the implementation of its "online-to-offline" strategy to improve customer engagement, particularly given Amazon's position as a global market leader in online retailing. KEY RATING DRIVERS Leading Indian Retailer: FRL had 1,550 stores and around 16.4 million square feet in retail space in 432 cities across India at September 30, 2019 (1HFYE20). It plans to expand to around 1,800 stores by end-FY23, mainly through its Big Bazaar, fbb standalone fashion stores and Easyday convenience stores. With its large Indian footprint and Big Bazaar's reputation as one of India's most trusted brands, Fitch believes that FRL is in a strong position to take advantage of the rise in Indian consumers' spending and move towards organised retailers from the informal market. Changing Indian Retail Landscape: Consumption expenditure in India rose at an average annual rate of around 7% from 2012 to 2016, and Fitch expects it to continue to grow at a CAGR of around 9% until 2020. Annual same-store sales growth (SSSG) at two of FRL's leading chains, Big Bazaar and fbb, reflect this trend, with SSSG of 10%-14% and 9%-12%, respectively, from FY15 to FY19. Fitch also expects organised retailers, such as FRL, to benefit from consumers' shift away from informal retailers, which make up around 90% of the Indian retail market, as convenience and selection become more important. Despite the favourable environment for organised retailers, the sector continues to face challenges from the highly diverse demographics of Indian consumers, and hence complexity of penetrating beyond the middle- and high-income groups in the cities, and strong competition from the unorganised sector. Benefits from Restructuring: The proposed restructuring will simplify the structure of the group for debt investors. The new issuing entity, FRL, is the main income-generator of the group, and the transfer of the in-store infrastructure assets to FRL will provide the security for the proposed senior secured bond. In its view, there are also operational benefits from the new structure, with FRL having better visibility and control over growth plans and capex requirements. Controls to Protect Creditors: While Future Enterprises will continue to be a critical part of the supply chain in both procurement and logistics, there are numerous controls in place to ensure all related-party transactions are on a market basis, which will protect the access of FRL shareholders and creditors to profits and cash. M&A and Partnership Appetite Reduced: FRL's main shareholder has historically used M&A to help to grow its business, including the purchase of Travel News Services India (licensee of WH Smith) and Foodworld in 2018, and the HyperCity acquisition and the merger with Heritage Foods Limited in 2017. Fitch is not aware of any transactions under consideration, and believe FRL's main focus in the future is on organic growth. Fitch believes that the development of its recent tie-ups with WH Smith and 7-Eleven in India will reduce the need to identify M&A opportunities. Any future M&A that may delay FRL's ability to improve its credit metrics to within the positive guidelines beyond FY22 could result in Fitch revising the Outlook to Stable. Amazon Transaction Supports Growth: Fitch views the deal with Amazon as positive for FRL's credit profile, particularly as the company prioritises increasing its online presence as part of its growth strategy. Fitch believes that Amazon's global leadership in online retailing will provide FRL with know-how that can accelerate FRL's ability to generate more sales and implement its "online-to-offline" strategy to improve customer engagement. In its view, Amazon's commitment to its partnership with FRL is underscored by its USD200 million investment in FRL shareholder Future Coupons Private Limited; its call option to purchase a controlling stake in FRL in three to 10 years; and the access that FRL provides to India's population of 1.3 billion. DERIVATION SUMMARY FRL's rating compares well with China-based retailer, Golden Eagle Retail Group Limited (BB/Stable), whose rating reflects the solid execution of its strategy and stable performance in its retail operations. This results in Golden Eagle having a slightly better financial profile than the post-restructuring FRL. However, FRL's larger scale, better diversification across India and exposure to a fast-growing consumer market - which Fitch believes will be enhanced by its partnerships with major international retailers - underscores the two issuers' ratings at the same level, with FRL having a Positive Outlook. The ratings on FRL and US-based retailer, Burlington Stores Inc.'s (BB+/Stable) are supported by exposure to growing markets and comparative advantages in their respective markets. Burlington has a stronger financial profile than FRL now, but the Positive Outlook on FRL reflects its expectation that its financial profile will move to be more in line with that of Burlington as it continues to execute on its partnerships with international retailers. While FRL's business profile is strong for its rating, it is weaker than its larger and internationally diversified peers, including Cencosud SA (BBB-/Rating Watch Negative). Compared with FRL, Cencosud is significantly larger and has better diversification with activities in food retail, shopping mall, department store and non-food retail segments, as well as geographic diversification across Latin America. This underscores the two-notch rating gap between the two entities. Cencosud's exposure to Argentina and high leverage constrain its rating, while the heightened economic uncertainty in Chile is reflected in the Rating Watch Negative. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Sales to grow by between 14%-20% per year from FY20 to FY23, including additional sales expected from the Amazon deal from FY21 - EBITDA margins to improve by around 3pp in FY21, and then by around 0.5pp per year to FY23 - Capex to range between INR7 billion and INR10 billion per year from FY20 to FY23 - Dividends to resume in FY20 - Equity contribution of INR20 billion to be received as part of the warrant issue to Future Coupons Private Limited in FY20 (INR5 billion received in April 2019) RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - Leverage, defined as total adjusted net debt/operating EBITDAR, declining to below 3.0x for a sustained period (FY19: 4.5x). - Fixed-charge cover, defined as operating EBITDAR/(interest paid + rents) increasing to above 2.5x for a sustained period (FY19: 1.5x). - EBITDA margin sustained above 9% (FY19: 5.2%). Developments That May, Individually or Collectively, Lead to Negative Rating Action Fitch will revise the Outlook to Stable should the above metrics not be met. Fitch will consider downgrading the rating if leverage remains above 4.0x for a sustained period. LIQUIDITY AND DEBT STRUCTURE Free Cash Flow Supports Liquidity: FRL's capital structure mainly consists of a term loan, working capital loan and equity. At FYE19, FRL had INR37.53 billion in committed, but unused, facilities. Under the proposed transaction, FRL intends to issue a benchmark-sized senior secured note, proceeds of which will be used to finance the payment to Future Enterprises for the in-store infrastructure assets. Following this, the cross-guarantees between FRL and Future Enterprises will cease and financing for FRL will be solely located within the FRL group. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. FUTURE RETAIL: S&P Assigns Prelim. 'BB-' LT Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings, on Jan. 6, 2020, assigned its preliminary 'BB-' long-term issuer credit rating to Future Retail Ltd. and preliminary 'BB-' long-term issue rating to the company's proposed senior secured bonds. The ratings on Future Retail reflect the company's higher leverage than peers' and its small scale in a highly fragmented and intensely competitive retail market in India. Future Retail's good market position across retail formats provides immense opportunity for growth and supports its business position. Future Retail is a leading brick-and-mortar retailer in India in terms of revenue (US$2.9 billion in the fiscal year ending March 31, 2019), similar to Avenue SuperMarkets Ltd. (D'Mart, US$2.9 billion), but much smaller than Reliance Retail Ltd (US$16.8 billion). Future Retail's operations are also smaller than that of global peers such as Russia-based X5 Retail Group N.V., Canada-based Metro Inc. and Italy-based Esselunga S.p.A. Future Retail's 1,550 stores with 16.4 million square feet of retail space across 432 Indian cities provide it a pan-India footprint. The company runs a risk of operations in a single country. However, S&P believes India's diverse geography, multicultural demographics, fast-rising middle-class income, and very low organized retail penetration present an immense opportunity. S&P said, "India's organized retail penetration is still nascent, in our view. According to a joint study by Deloitte Touche Tohmatsu India LLP and the Retailers Association of India (RAI), organized retail will account for 25% of the retail market in India by 2021, compared with just 12% in 2017. Over this period, the study expects the Indian retail market to expand to US$1,200 billion, from US$795 billion. In our view, the rapid increase in penetration will help Future Retail quickly bridge the gap with its larger global peers." India's retail regulations do not allow more than 51% foreign ownership in multi-brand retail. This gives companies such as Future Retail an edge. However, S&P believes Indian retailers are facing significant competition from deep-pocketed e-commerce players such as Amazon India and Walmart Inc.-backed Flipkart India Pvt. Ltd. The Deloitte-RAI study expects the Indian e-commerce market to capture about 7% retail market share by 2021, from about 3% in 2017. This indicates a much faster growth than for traditional brick-and-mortar retailers such as Future Retail. Online retailers are pulling high-end customers away from the traditional players, buoyed by a high level of discounting and increasing data-led mobile phone penetration. Categories such as electronics, especially mobile phones, and garments are significantly affected by the heavy discounts by online retailers. Staples such as food, groceries, and personal care products are also seeing early-stage competition from the likes of Alibaba.com-backed Supermarket Grocery Supplies Pvt. Ltd. (Bigbasket) and Softbank Corp.-backed Grofers India Pvt. Ltd. In S&P's view, the discounting model is unsustainable in the longer run but the competition will remain intense over the next three to five years. Competition is forcing companies such as Future Retail and D'Mart to shift towards an "omni-channel" strategy. S&P believes Future Retail's increasing focus on new small-format convenience stores (EasyDay) and its recent collaboration with Amazon.com, Inc. are steps in that direction. S&P said, "We believe Future Retail's multi-format strategy with higher focus on fashion than peers' makes the company's operations working-capital intensive. We expect Future Retail's inventory turnover ratio to improve gradually over the next two to three years because the company's increasing mix of convenience stores should improve the share of fast-moving groceries and personal-care products. "In our opinion, Future Retail's EBITDA margins of 11%-12% reflect good profitability, in line with global peers'. A large part of the company's profitability is due to its higher margins from private brands and fashion, which account for 43% and 30% of overall sales, respectively. "Our preliminary rating on Future Retail is based on our expectation that the company will acquire its in-store leased assets from Future Enterprises Ltd. (FEL) for about Indian rupee (INR) 41.1 billion using proceeds of its proposed benchmark-size issuance of senior secured notes and an equity infusion of INR15 million from the Biyani family (the promoters of Future Retail). The proposed transaction with FEL is approved by minority shareholders and is in the process of being approved by existing lenders of Future Retail and FEL. Our preliminary ratings are also subject to review of the issuance documentation. "FEL would use the proceeds to pay its debt, which is guaranteed by Future Retail. Therefore, in our view, the proposed transaction will be leverage neutral for the wider Future Group and it should simplify the capital structure and reduce the financial interdependencies between Future Retail and FEL." The Biyani family office has already infused INR5.0 billion as part of its subscription to convertible warrants of Future Retail. The Biyani family office will use the proceeds from its recent US$200 million transaction with Amazon.com to fund the remaining INR15.0 billion. The proposed transaction will also help Future Retail save about INR6.5 billion in annual lease rent payouts to FEL and extinguish the cross-guarantees provided to FEL. This would provide greater flexibility for Future Retail to invest in store expansion. Post the transaction, S&P expects Future Retail's leverage (ratio of funds from operation [FFO]-to-debt) to settle at 17%-19% over the next two to three years, from 22.4% in fiscal 2019. The proposed notes' issuance will also provide sustainability to Future Retail's capital structure, which is dominated by short-term working capital loans. S&P said, "We believe Future Retail's operations are India-centric and do not provide a natural hedge against its foreign currency exposures. While assigning the preliminary rating, we assume Future Retail will enter into appropriate hedges to mitigate foreign currency risks arising from the proposed notes issuance. "In our view, Future Retail's expansion strategy will continue to weigh on its free operating cash flows (FOCF) over the next 12-24 months. We expect negative FOCF over the period. The company's capital expenditure should increase because investments in large-format in-store assets will also be made by Future Retail--they were made by FEL earlier." Future Retail's front-end retail store operations are supported by other Biyani family office group entities such as FEL and Future Consumer Ltd. (FCL). FEL manages sourcing and merchandising of private brands fashion while its subsidiary Future Supply Chain Solutions Ltd. (FSC) manages the supply chain operations of Future Retail. FCL meets the private brand groceries, food, general merchandise, and home and personal care supplies. FEL, FSC, and FCL are independently listed on Indian stock exchanges but are majority-owned and controlled by the Biyani family office, with some overlap in key management positions. The companies also share the "Future" brand. S&P said, "In our view, the operations of Future Retail, FEL, and FCL are interlinked because Future Retail is the single-largest customer for FEL and FCL. Despite their independent identities, we view them as one economic group combined on a pro forma basis with inter-locking relationships, hereinafter called the Future Group. We expect the operational linkages to continue despite the release of financial guarantees between Future Retail and FEL, post the proposed transaction. "We estimate Future Group's credit profile to be slightly better than Future Retail's on a stand-alone basis. In our view, Future Group's business position benefits from full integration of retail operations across Future Retail, FEL, and FCL; higher profitability from individual business contributions; and a larger scale of operations. We estimate, Future Group's pro forma consolidated leverage to be 16%-18% over the next two to three years, comparable to Future Retail's. However, we believe these strengths are not sufficient to create a one-notch distinction between the credit profiles of Future Group and Future Retail. "The stable outlook on Future Retail reflects our expectation that the company's operations will grow at a healthy pace over the next 12 months, with a steady increase in same-store sales and rapid expansion of stores. We expect Future Retail's leverage to be 17%-19% over the period. "The stable outlook also reflects our expectation of continued liquidity support for Future Retail from Indian banks and our view that Future Group's credit assessment will not change significantly. "We could downgrade Future Retail if its operating performance weakens such that its leverage falls sustainably below 15%. Sales growth dropping below 5% despite elevated expansionary spending, or debt-fueled acquisitions or shareholder distribution could result in such a scenario. "We could also lower the rating on Future Retail if developments at other Future Group entities cause us to lower our credit assessment of the group. "We could lower the rating by multiple notches if liquidity support from Indian banks to the company wanes, such that we assess Future Retail's liquidity as weak. "We are unlikely to upgrade Future Retail unless we believe the company's liquidity has become adequate, such that sources of liquidity are sustainably above 1.2x uses. This would require a significant and permanent reduction in short-term debt and reduced capital spending." Future Retail is India's leading retailer. It is listed on Indian stock exchanges and is 47% owned by the Biyani family office. The company engages in retailing of primarily in food, grocery, home and personal care, and general merchandise via Big Bazaar and Easyday/Heritage Fresh convenience stores, and fashion via its Fashion at Big Bazaar format. GRAPHTECH EXIM: CARE Lowers Rating on INR15.5cr Loan to B+/A4 ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Graphtech Exim Private Limited (GEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Short 15.50 CARE B+; Stable/CARE A4; ISSUER Term Bank NOT COOPERATING; Revised from Facilities CARE BB-; Stable/CARE A4 on the basis of best available information Detailed Rationale & Key Rating Drivers GEPL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE's rating on GEPL's bank facilities will now be denoted as CARE B+;Stable/CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of significant decline in scale of operations along with deterioration in the capital structure in FY19 (FY refers to the period from April 1 to March 31). The ratings further remained constrained on account of inherent risk associated with contractual business, high amount of bank guarantee as well as deposits towards contracts execution and indirect linkage to infrastructure and real estate business with fixed obligation. The ratings however, derive strength from the experienced promoters in the contract-based business. The ratings, further, derive strength from moderate profitability margins and its comfortable liquidity position. Detailed description of the key rating drivers At the time of last rating on September 26, 2018, the following were the rating strengths and weaknesses. (updated for the information available from the client) Key Rating Weaknesses Significant decline in scale of operation in FY19: Owing to tender driven nature of operations, the scale of operations of the company remained fluctuating during past three years. The company has registered Total Operating Income (TOI) of INR23.48 crore in FY19, which declined by 62.61% over FY18. Deterioration in capital structure: The capital structure of the company stood comfortable with an overall gearing ratio of 0.97 times as on March 31, 2019, however, deteriorated from 0.53 times as on March 31, 2018 mainly due to infusion of unsecured loan by the promoters and relatives. Total debt to GCA stood weak at 12.02 times as on March 31, 2019. Inherent risk associated with contractual business and modest scale of operations: GEPL operates in the industry where the income of the entity is primarily dependent on collection of royalty from the contracts based on the renewal of old contracts as well as awarding of fresh contracts. Indirect linkage to infrastructure and real estate business with fixed obligations: GEPL is engaged in royalty collection on various stand stones. Usages of stand stones are mainly on infrastructure activity thus decline in real estate or infrastructure projects in Rajasthan region may negatively impact revenues of the company. Moreover, GEPL has to pay fixed obligation on every contract to awarding authority irrespective of the lower collection of royalty which exposes firm to short-term liquidity mismatches. Key Rating Strength Experienced promoters in the contract based business: Overall affairs of GEPL are managed by its key promoter, Mr Abhay Singh Shekhawat, Mr Azad Kunwar Chudawat and Mr Jitendra Pal Singh. Promoters have more than two decades of experience in real estate and royalty collection business. Moderate profitability margins: During FY19, the company has reported net profit and cash profit as against net loss and cash loss in FY18. Further, profitability margin of the company stood moderate marked by PBILDT margin and PAT margin of 14.64% and 2.83% respectively in FY19. Moderate liquidity position: Liquidity position of the company remained moderate marked by current ratio and quick ratio 2.63 times as on March 31, 2019 improved from 1.87 times as on March 31, 2018. Further, operating cycle remained negative due to high creditor period. Udaipur (Rajasthan) based Graphtech Exim Private Limited (GEPL) was incorporated in 1997 by its key promoter, Mr. Abhay Singh Shekhawat, Mr. Azad Kunwar Chundawat and Mr. Jitendra Pal Singh Chundwat. GEPL is engaged in royalty collection business on contractual basis in Rajasthan. Further, the promoters has also promoted Bayan Contractors and Builders Private Limited (BCBPL), Devgagnga Contarctors Private Limited (DCPL) and Parth Network Private Limited (PNPL). BCBPL is engaged in the business of real estate development business and leasing of property, DCPL is engaged in royalty collection business and also operates hotel and PNPL operates hotel. IL&FS: Board Expects to Recover 50% of Overall Debt --------------------------------------------------- Business Insider reports that Uday Kotak, the Chairman of the restructured IL&FS board, on Dec. 31, 2019, said that the board expects to recover 50 per cent of the overall outstanding debt in its books as on Sept. 30, 2018. The crisis-ridden group has total outstanding debt of over Rs 90,000 crore. Addressing the 32nd Annual General Meeting (AGM) of the lending group, Kotak said that the ongoing resolution process has become a "test case" of group wide resolution of stressed assets, the report relates. "Resolution, restructuring and recovery formed the three vital pillars of the strategy adopted by the new board," the report quotes Kotak as saying. He said the board is committed to completing the resolution process at the earliest and is working towards addressing "significant" portion of addressable debt by July 2020, Business Insider relays. During the AGM, it was also announced that the government of Gujarat has approved the purchase IL&FS Group's stake in Gujarat International Finance Tec-City Company Ltd. (GIFTCL), whereby a state government entity would buy the 50 per cent state of IL&FS, resolving debt of approximately Rs 1,200 crore, the report adds. About IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) -- https://www.ilfsindia.com/ -- is an infrastructure development and finance company based in India. It focuses on the development and commercialization of infrastructure projects, and creation of value added financial services. The company operates in Financial Services, Infrastructure Services, and Others segments. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 3, 2018, the Indian Express said that the Indian government on Oct. 1, 2018, stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. JINDAL INFRASTRUCTURE: CARE Cuts Rating on INR11cr Loan to 'C' -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Jindal Infrastructure (JI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 11.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; ISSUER NOT COOPERATING; based on best available information Short-term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from JI to monitor the ratings vide e-mail communications dated December 13, 2019, December 6, 2019, December 2, 2019 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on JI's bank facilities will now be denoted as 'CARE C; Stable; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating has been revised by taking into account non-availability of information and no due-diligence conducted due to non-cooperation by Jindal Infrastructure with CARE'S efforts to undertake a review of the rating outstanding. CARE views information non-availability risk as a key factor in its assessment of credit risk. Detailed description of the key rating drivers At the time of last rating in October 14, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses: Small scale of operations: JI is a relatively small player in the construction industry marked by its total operating income of INR42.98 crore with a PAT of INR2.48 crore in FY18, Provisional. The net worth base and total capital employed was low at INR4.78 crore and INR21.60 crore, respectively, as on March 31, 2018. During 8MFY19, the firm has booked turnover of INR22.87 crore. Working capital intensive nature of business and exposure to volatility in input prices: The major input materials for the firm are bitumen, asphalt, murram, stone chips and metals, the prices of which are volatile. Further the orders executed by the firm does not contain price escalation clause and thus the firm remains exposed to the price volatility of the input materials. This apart, any increase in labour prices will also impact its profitability being present in a highly labour intensive industry. The operations of the firm remained working capital intensive as the firm executes orders mainly for public sector units. Accordingly the average utilization of working capital was moderately on the higher side at around 90% during last 12 months ended May 31, 2018. Client concentration risk albeit reputed clientele: JI executes orders mainly for various public sector units like PWD, Irrigation Department, etc. and earns revenue of about 80%-90% of its total operating income from the above clients which exposes it to client concentration risk. However, the firm has long standing relationship with these clients for more than a decade which offsets the risk to some extent. Further the clients of the firm are reputed government players and hence, default risk is minimal. However, the firm currently does not have any work order in hand. Partnership nature of constitution: JI, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Furthermore, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. Leveraged capital structure with moderate debt coverage indicators: The capital structure of the firm remained leveraged marked by overall gearing ratios at 3.52x as on March 31, 2018. The debt coverage indicators also remained moderate marked by interest coverage ratio of 2.89x and total debt to GCA of 4.41x during FY18, Provisional. Intense competition and tender driven process risk: The firm has to bid for the contracts based on tenders opened by the various public sector units. Upon successful technical evaluation of various bidders, the lowest bid is awarded the contract. The firm receives projects which majorly are of a short to medium tenure (i.e. to be completed within maximum period of one to two years). Apart from this, present sluggish economy is also having a negative bearing on the construction sector which may also hinder the growth of the firm. Furthermore, orders are generally tender driven floated by government units indicating a risk of non-receipt of contract in a competitive industry. Key Rating Strengths Experienced partner with long track record of operations: The firm is into civil construction business since 2009 and thus has a track record of operations of around nine years. Due to long track record of operations the firm has established satisfactory relationship with its clients. Furthermore the partners; Mr. Mukesh Kumar Agrawal has around two decades of experience in civil construction business and he looks after the day to day operations of the firm. He is supported by other partner Mr. Vishnu Prasad Agrawal along with a team of experienced professionals. Satisfactory profitability margins: The profitability margins of the firm remained satisfactory during last three years (FY16-FY18). However, the operating margin deteriorated due to higher operating expenses but the same stood at 13.56% (19.76% in FY17) in FY18, Provisional. Further, the PAT margin also deteriorated due to high capital charges but the same stood at 5.76% (6.36% in FY17) in FY18, Provisional. Jindal Infrastructure (JI) was established as a partnership firm in 2009 by Mr. Mukesh Kumar Agrawal and Mr. Vishnu Prasad Agrawal based out of Chhattisgarh. Since its inception, the firm has been engaged in civil construction activities in the segment like construction of buildings, bridges, roads, etc. The firm is classified as A5 class contractor by Public Works Division, Chhattisgarh which indicates that the firm can participate for higher value contracts released by government departments. JI participates in tenders and executes orders for the Public Works Department (Chhattisgarh), Irrigation Department, etc. K S MOTORS: CARE Reaffirms B+ Rating on INR18.67cr LT Loan ---------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of K S Motors Private Limited (KSMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 18.67 CARE B+; Stable Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of KSMPL is primarily constrained on account of its thin profitability margins owing to trading nature of business along with leveraged capital structure and weak debt coverage indicators, dependency of the company's performance on the its principal Mahindra & Mahindra Limited and TVS Motor Company, stretched liquidity position and inherent competition associated within automobile dealership industry. The above constraints outweigh the benefits derived from the experience of the promoters in automobile dealership business, long and established relationship with leading Original Equipment Manufacturer (OEM), i.e. Mahindra & Mahindra Limited and TVS Motor Company and moderate scale of operations. Rating Sensitivities Positive Factors * Increase in its profitability margins marked by PBILDT margin above 4.00% along-with improvement in debt coverage indicators on sustained basis. * Improvement in overall gearing below 10.00 times. Negative Factors * Increase in overall gearing beyond 30.00 times on sustained basis mostly led by elongation in its working capital cycle. * Decline in operating profit margins below 1.00% on sustained basis. Detailed description of key rating drivers Key Rating Weaknesses Thin profitability margins: The profitability of the company remained thin mainly on account of trading nature of the business which is inherent to the automobile dealership business. PBILDT margin has improved by 43 bps and stood at 3.32% in FY19 as against to 2.89% in FY18 on account of lower cost of traded goods (better margin) and better incentives received during the year. KSMPL's PBILDT margins have improved to 3.58% during 7MFY20 mainly on account of increase in commission income, income from services and decline in operational expenses. PAT margin of the company improved and stood at 0.11% in FY19 as against losses in FY18. Further, PBILDT margin and PAT margin stood at 3.58% and 0.56% during 7MFY20. Leveraged capital structure and weak debt coverage indicators: The capital structure of KSMPL remained highly leveraged with an overall gearing of 42.74 times as on March 31, 2019 though improved from 56.79 times as on March 31, 2018 on account of accretion of profit to reserve along with lower total debt as on balance sheet date. Overall gearing has further improved to 23.56 times as on October 31, 2019. KSMPL's debt coverage indicators improved significantly although stood weak with total debt to GCA of 25.70 times as on March 31, 2019 against 199.18 times as on March 31, 2018 on account of increase in its GCA level along with lower total debt as on balance sheet date. PBILDT interest coverage improved and remained moderate at 1.36 times in FY19 as compared to 1.04 times in FY18 due to improvement in operating profitability. Further, PBILDT interest coverage stood at 1.34 times during 7MFY20. Limited bargaining power with principal automobile manufacturer: KSMPL's business model is largely in the nature of trading wherein profitability margins are very thin. Moreover, in this business a dealer has very less bargaining power over principal manufacturer. Volume driven business intense competition in the auto dealership industry: Indian automobile industry is highly competitive in nature as there are large numbers of players operating in the market like M&M, MSIL, Tata Motors, Hyundai, Honda, Toyota etc. in the passenger vehicle segment. Original Equipment Manufacturers (OEMs) are encouraging more dealerships to improve penetration and sales, thereby increasing competition amongst dealers. Entry of the global players in the Indian market has further intensified the competition. Key Rating Strengths Vast experience of the promoters in the automobile dealership business: The overall management of KSMPL is looked after by Mr Kishore Singh Gehlot (Managing Director) who has an experience of around four decades in the automobile dealership business. Mr Kishore Singh Gehlot is ably supported by his son Mr Karan Gehlot who has experience of more than a decade in automobile dealership business. They in turn are supported by well qualified and experienced management team. Established track record of operations with long standing association with its principal - M&M and TVS: KSMPL is engaged in automobile dealership business and has a long standing association with its principals M&M since 1990. KSMPL currently operates one M&M 3-s (Sales, Service and Spares) Showrooms each at Jaipur, Tonk, Dausa, Gangapurcity, Sawai Madhopur, Kotputali, Jaitpura in Rajasthan and one 2-s (sales and spares) outlet at Jaipur in Rajasthan. KSMPL was also awarded with dealership of TVS Motor Company in the year 1985 and currently operates two 3-s (Sales, Service and Spares) Showrooms at Jaipur. KSMPL has an integrated mode of operations, functioning in various verticals of automobile dealership business to provide one stop solution to its customers. It has service stations, spare parts distribution, and tie-ups for vehicle finance and insurance which provide the customer with complete solution at single point. Moderate scale of operations: During FY19, KSMPL's Total Operating Income (TOI) grew by around 9% on y-o-y basis to INR666.72 crore on account of improvement in volume sales of Bolero, Pick-up, XUV 500 and as well as sales of new models such as XUV 300 and Marazoo. Further, KSMPL's has reported net sales of INR441.86 crore and PBT of INR3.32 crore in 7MFY20 against net sales of INR459.90 crore and PBT of INR0.03 crore in 7MFY19. Liquidity: Stretched The operations of KSMPL is working capital intensive with funds being blocked in inventory and marginally on debtors coupled with low credit period from its suppliers as it has to make entire advance payment to M&M before delivery of vehicles and spares parts. The average of maximum and average utilization of its bank limits stood around 91% and 63% during past 12 months ended November, 2019. Further, the operating cycle stood at 51 days for FY19. Further, KSMPL has unencumbered cash and cash equivalent of INR3.89 crore as on March 31, 2019 and expected GCA of INR7.63 crore in FY20 as against repayment of INR5.85 crore during FY20. Industry Outlook In FY20 (Apr-Nov), passenger vehicles segment witnessed a decline of 14.1% y-o-y in sales with maximum decline of about 35% y-o-y in the vans segment followed by about 19.6% decline in the passenger cars segment. Multi-Utility Vehicles (MUV) segment sales witnessed an increase of about 4.3% y-o-y during the period. Increased insurance cost, high ownership cost and price hikes due to new safety norms along with the prolonged lending impediment in the market continue to weigh down on the industry. Going forward, CARE expect demand to pick up on m-o-m basis in December 2019, and continue in Q4 FY20 with various planned product launches, festival demand and pre-buying of automobiles before the implementation of BS-VI norms on April 1, 2020. Also, most of the OEMs in PV segment have announced price hikes from January 2020 to cover the increasing input costs which is expected to boost demand in December 2019 while exerting pressure on sales in Q4 FY20. Jaipur based K S Motors Private Limited (KSMPL) is looked after by Mr Kishore Singh Gehlot who has an experience of around four decades in the automobile dealership business. Mr Kishore Singh Gehlot is ably supported by his son Mr Karan Gehlot who has experience of more than a decade in automobile dealership business. KSMPL currently operates one M&M 3-s (Sales, Service and Spares) Showrooms each at Jaipur, Tonk, Dausa, Gangapurcity, Sawai Madhopur, Kotputali, Jaitpura in Rajasthan and one 2-s (sales and spares) outlet at Jaipur in Rajasthan. KSMPL has also dealership of TVS Motor Company for two Wheelers for Jaipur. MAGNI TECH: CARE Moves B on INR2cr Loans to Not Cooperating ----------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Magni Tech Speciality Cables Private Limited (MTSCPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 2.00 CARE B; Stable: ISSUER NOT Facilities COOPERATING; Based on best Available Detailed Rationale & Key Rating Drivers MTSCPL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE's rating on MTSCPL's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating of MTSCPL has been reaffirmed on account of modest scale of operations with moderate profitability margins, weak solvency position and stretched liquidity position. The ratings are, further, constrained on account of vulnerability of margins to volatile raw material prices and its presence in cyclical, highly fragmented and competitive cable industry. The ratings, however, derive strength from experienced management and certified manufacturing facilities with diverse product range catering to wide spectrum of industries. Further, CARE has withdrawn the outstanding ratings of 'CARE B; Stable/ CARE A4' assigned to the bank facilities of MTSCPL with immediate effect. The above action has been taken as per MTSCPL's request and 'No Due Certificate' provided by Dena Bank. Detailed description of the key rating drivers Key Rating Weakness Modest scale of operations with moderate Profitability margins Total Operating Income (TOI) of the company has improved by 69.25% in FY19 over FY18 and stood at INR18.40 crore. Profitability of the company stood thin with PBILDT and PAT margin of 5.23% and 0.89% respectively in FY19 as against 7.53% and 0.68% respectively in FY18. Weak solvency position The capital structure of the company stood weak with an overall gearing ratio of 5.20 times as on March 31, 2019. Same, total debt to GCA increased from 27.01 times as on March 2018 to 20.11 times as on March 2019. Susceptibility of profitability margins to volatile raw material prices coupled with presence in a highly fragmented and competitive industry: The major raw materials required for manufacturing of conductors are aluminum, steel and copper, prices of which are highly fluctuating in nature and move in tandem with global demand-supply factors. Adverse changes in prices of the same would have an impact on the profitability margins of the company. To mitigate its risk, MTSCPL stocks up raw material as and when it gets a favourable rate. MTSCPL operates in a highly fragmented market with the presence of a large number of organized and unorganized players due to low entry barriers. Also, the presence of large players with an established marketing & distribution network leads to intense competition in the industry. Additionally, on account of rapidly changing dynamics of the end user industries (power distribution & transmission and electrical products) as well as competition from cheap Chinese imports, conductor manufacturers are required to upgrade their facilities at regular intervals resulting in regular capital commitments. Key Rating Strength Experience of promoters in cable manufacturing industry Mr. Ranjeet Singh Deora has experience of more than three decade in the industry and look after production and financials activities of the company. Mr. Laxman Singh Deora, Director, has 9 years of experience in the industry and looks after the overall affairs of the company. Stable demand outlook for Indian power transmission industry: Power sector, in any country, is critical for the socio-economic development. India is expected to add 278 GW of generation capacity in the next four years till FY22 including conventional and non-conventional energy sources. Further, investments to modernize the existing T&D network to improve efficiency augur well for the T&D sector and for the companies engaged in business of laying power transmission lines etc. Liquidity: Stretched Liquidity position of PPL stood elongated with operating cycle of 111 days in FY19. The current ratio and quick ratio of the company stood 1.49 times and 0.64 times respectively as on March 31, 2019. Further, it has cash and bank balance of INR0.02 crore as on March 31, 2019. Sikar (Rajasthan) based Magni Tech Speciality Cables Private Limited (MTSCPL) was incorporated in 2014 by Mr. Laxman Singh Deora and Mr Virendra Singh Deora. MTSCPL is engaged in the business of manufacturing and supplying of Insulated wire and cable, Shielded cable, Screened Cable and Communication cable (Industrial Used for machinery), Single core house cable, flat submersible cable and Optical fiber cables. It manufacturers Insulated wire and cable in different sizes from its manufacturing facility located at Shree Khatu Shyamji Industrial Area, Sikar. MAHALAXMI AGRO: CARE Reaffirms B Rating on INR4.77cr LT Loan ------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Mahalaxmi Agro Mills (MAM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.77 CARE B; Stable Reaffirmed Detailed Rationale and key rating drivers The rating assigned to the bank facilities of MAM continues to remain constrained on account of small though growing scale of operations, leveraged capital structure and weak coverage indicators. The rating is further constrained on account of elongated operating cycle, business susceptible to vagaries of nature and fragmented and competitive nature of industry. However, the rating continues to draw comfort from experienced promoters and moderate profitability margins. Rating Sensitivities Positive Factors * Improvement in scale of operations as marked by total operating income to INR50 crore and above on a sustained basis. Negative Factors * Deterioration in capital structure as marked by overall gearing above 5.50x on a sustained basis. * Elongation in working capital cycle to above 200 days on a sustained basis. Key Rating Weaknesses Small though growing scale of operations: The scale of operations stood small though growing as evident from the CAGR of 28.01% during FY17-19. The total operating income stood at INR16.53 crore in FY19 as against INR14.51 crore in FY18. Furthermore, the company's net worth base also remains relatively small at INR1.88 crore as on March 31, 2019. The small scale limits the company's financial flexibility in times of stress and deprives it of scale benefits. Though, the risk is partially mitigated by the fact that the scale of operations is growing continuously. For the period FY17-FY19, MAM's total operating income grew from INR7.88 crore to INR16.53 crore reflecting a compounded annual growth rate (CAGR) of 28.01% owing to increase in quantity sold. Further, the company has achieved a turnover of INR15 crore during 8MFY20 and has orders worth INR65 lakh in hand to be delivered till end of December, 2019. Leveraged capital structure and coverage indicators: As on March 31, 2019, the debt profile of the company comprises of rupee term loan of INR1.07 crore, unsecured loans of INR0.55 crore and working capital borrowings of INR6.88 crore as against the total networth of INR1.88 crore in FY19. The capital structure of the company stood leveraged owing to higher dependence on external borrowings and low networth base as marked by overall gearing which stood above 3.50x for the balance sheet date of the past three financial years i.e. FY17-FY19. The team has classified unsecured loan to the tune of INR1.00 crore each in FY17, FY18 and FY19 as quasi equity as the same is subordinated to debt as per sanction letter which leads to improvement in gearing from 10.79x to 4.53x in FY19, from 9.29x to 3.85x in FY18 and from 25.35x to 4.73x in FY17. Further, higher dependence on external borrowings resulted in weak coverage indicators as marked by interest coverage ratio and total debt to GCA of 1.58x and 24.31x respectively in FY19 as against 1.51x and 26.96x respectively in FY18. The coverage indicators improved over the previous year on account of higher PBILDT and higher GCA levels relative to previous year. Elongated operating cycle: Operations of the company are working capital intensive in nature marked by operating cycle of 170 days in FY19 as against 158 days in FY18. Being a seasonal product the company maintain adequate inventory of raw material (paddy) to cater to the milling and processing of rice throughout the year, resulting in inventory period of 199 days for FY19. Though the company usually sells for cash but to some customers it gives credit upto 35 days while procures the raw material usually on cash basis and gets a low credit period of 30-60 days from the suppliers. The working capital limits of the company were 90% utilized during the past 12 months ended November 30, 2019. Business susceptible to the vagaries of nature: Agro-based industry is characterized by seasonality, as it is dependent on the availability of raw materials, which varies with different harvesting periods. Paddy is the major raw material and the peak paddy procurement season is during October to January during which the company builds up raw material inventory to cater to the milling and processing of rice throughout the year. The monsoon has a huge bearing on crop availability which determines the prevailing paddy prices. Since there is a long time lag between raw material procurement and liquidation of inventory, the company is exposed to the risk of adverse price movement resulting in lower realization than expected. Fragmented and competitive nature of industry: The commodity nature of the product makes the industry highly fragmented, with numerous players operating in the unorganized sector with very less product differentiation. There are several small scale operators which are not into endto-end processing of rice from paddy, instead they merely complete a small fraction of processing and dispose-off semiprocessed rice to other big rice millers for further processing. Furthermore, the concentration of rice millers around the paddy growing regions makes the business intensely competitive. The raw material (paddy) prices are regulated by government to safeguard the interest of farmers, which in turn limits the bargaining power of the rice millers. Liquidity: Stretched Liquidity is marked by tightly matched accruals of INR0.35 crore to repayment obligations of INR0.20 crore , highly utilized bank limits to the extent of 90% and modest unencumbered cash and bank balance of INR16.42 lakh. Further, the liquidity indicators stood weak as marked by current and quick ratios of 0.98x and 0.13x respectively as on March 31, 2019. Uttar Pradesh based Mahalaxmi Agro Mills (MAM) was established in the year January 1996 under the company D.M. Agro Products Private Limited as a private limited and is currently managed by Mr. Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr. Anurag Maheshwari. MAM is engaged in the milling, processing and trading of paddy with an installed capacity to process 4 tonnes per hour (TPH) as on December 24, 2019 at its manufacturing facility located in Mainpuri, Uttar Pradesh. The key raw material i.e. paddy is procured from local grain markets and sells its product i.e. different varieties of rice to wholesalers and traders located in Uttar Pradesh, Delhi, Rajasthan and Bihar through brokers/commission agents. The company is also engaged in processing of groundnuts at the same manufacturing facility. MALWA AGRO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Malwa Agro Foods Private Limited's (MAFPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR7.7 mil. Term Loan due on June 2023 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR124 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 2, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2006, Indore-based MAFPL is engaged in the processing and milling of wheat-based products. The company has an installed capacity of 1,009,000 metric tons per annum. It operates three manufacturing units, two of which are located in Indore and one in Jabalpur. MAFPL markets all of its products under the brand Heera Motee and Golden Kiran. NOBLE PUBLICITY: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Noble Publicity Service Private Limited 101/102 Hetal Arch S V Rd Malad West Mumbai MH 400064 IN Insolvency Commencement Date: November 4, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 2, 2020 Insolvency professional: Ms Pooja Piyush Kabra Interim Resolution Professional: Ms Pooja Piyush Kabra 601, Sidhi Harmony Building No. Ndr28 Opposite Building No. 87 Near R S Mani Supershop Tilaknagar, Mumbai City Maharashtra 400089 E-mail: rathipoojar@gmail.com - and - B-202, Sharaton Classic Dr. Charatsingh Colony Andheri East, Mumbai Maharashtra 400069 E-mail: cirpnoblepublicity@gmail.com Last date for submission of claims: November 25, 2019 PALA DIOCESAN: Ind-Ra Rates INR1,425BB Bank Loans 'B' ----------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Pala Diocesan Medical Education Trust's (PDMET) bank facilities rating of 'IND B'. The Outlook is Stable. The detailed rating action is: -- INR1,425.70 bil. Bank loans assigned with IND B/Stable rating. KEY RATING DRIVERS The ratings reflect PDMET's small scale of operations with a total income of INR39.72 million in FY19 (FY18: INR41.74 million). Tuition fee income was the major source of revenue generation, which contributed 60.21% on average to total income during FY14-FY19, followed by other income (22.97%). Other income mainly emanates from hostel receipts which proportioned 87.32% on average to other income during FY14-FY19. Liquidity Indicator - Poor: PDMET's available funds (cash and unrestricted investments) declined to INR9.47 million in FY19 (FY18: INR45.19 million) due to CAPEX incurred for its hospital project. The available funds do not provide an adequate financial cushion to debt (Available funds/total long-term debt - FY19: 2.88%; FY18: 57.87%) and operating expenditure (Available funds/operating expenditure - FY19: 28.38%; FY18: 173.33%). However, the nil collection period and the absence of a working capital facility provide some cushion to the liquidity position. The trust does not have sufficient funds for the debt service commitments of INR24.45 million in FY20. Thus, it will rely on unsecured loans and donations provided by the trustees to meet the debt service commitments of INR24.45 million in FY20. The rating factors in PDMET's high debt burden (debt/CBBID) and weak debt service coverage during FY17-FY19. In FY19, debt/CBBID increased to 51.88x due to an increase in term loan to INR329.17 million in FY19 from INR78.09 million in FY18. The trust had borrowed INR1,418.50 million term loan towards CAPEX works of the hospital and INR973.70 million was outstanding, as of 31 October 2019. The hospital has commenced commercial operation in November 2019 and the management expects the hospital to be fully operational from March 2020. The DSCR stood at 0.18x in FY19 (FY18: 0.78x) due to low CBBID against high debt service commitments. Debt servicing was met through unsecured loans and donations provided by the trustees during FY17-FY19. The rating is also constrained by the trust's fall in operating margins over FY14-FY19. It reported an operating loss of INR1.60 million in FY19 (FY18: INR6.41 million) due to 28.01% YoY growth in operating expenditure and 2.16% YoY fall in operating income. Furthermore, the trust reported a net deficit of INR13.69 million in FY19 mainly due to 27.41% YoY growth in total expenditure. The ratings, however, are supported by PDMET's long operational track record of around 14 years and strong financial support from trustees in the form of unsecured loans (FY19: INR27.03 million; FY18: INR17.62 million) and donations of INR771.22 million received during FY14-FY19. Ind-Ra expects support from the trustees to continue if required. RATING SENSITIVITIES Positive: Events that may, individually or collectively, lead to a positive rating action are: a. An improvement in operating profitability from operating loss; b. DSCR rising above 1x in the medium term; c. A significant improvement in debt/CBBID to 5x. Negative: Events that may, individually or collectively, lead to a negative rating action are: a. Delay in full commissioning of a hospital; b. Lack of financial support from trustees in the form of unsecured loans and donations. COMPANY PROFILE PDMET was established as a public charitable trust in 2005 in Kottayam, Kerala. It runs a nursing college named 'Mar Sleeva College of Nursing' which offers Bachelor of Nursing, Post Basic Bachelor of Nursing and Master of Nursing courses. It also manages a multi-specialty hospital (Mar Sleeva Medicity) with 700 beds capacity and a men's hostel (St. Alphonsa Hostel). RDG INTERIOR: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: RDG Interior Decoration Exterior Architecture Private Limited 344/4, Ground Floor N.S.C. Bose Road Kolkata 700047 Insolvency Commencement Date: December 19, 2019 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: June 20, 2020 Insolvency professional: Tapan Chakraborty Interim Resolution Professional: Tapan Chakraborty Plot-100/11, Rathtala Bankpara, Barasat-I North 24 Parganas West Bengal, Pin 700124 E-mail: tapanchakraborty2611957@gmail.com - and - Intelligent IP Management Solutions Private Limited 2nd Floor, YMCA Building 25, Jawaharlal Nehru Road Kolkata 700087 E-mail: rdg.cirp@gmail.com Last date for submission of claims: January 6, 2020 S. V. FOODS: CARE Lowers Rating on INR6.50cr LT Loan to B- ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of S. V. Foods (SVF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.50 CARE B-; Stable Revised from Facilities CARE B; Stable Detailed Rationale & Key Rating Drivers The revision in the rating of SVF takes into account significant decline in scale of operations with registration of net loss and cash loss in FY19 (refers to period from April 1 to March 31). The rating, further, continues to remain constrained on account of weak solvency position, stretched liquidity position, vulnerability of margins to fluctuation in the prices of agricultural commodities due to seasonality of products and constitution as a partnership concern. The rating, further, constrained on account of project implementation risk. The rating, however, continues to favorably take into account experienced partners and established marketing network. Rating Sensitivities Positive Factors: * Increase in scale of operations of the company above INR20 crore with registration of net and cash profit * Successful completion of project undertaken within the envisaged cost and in timely manner Negative Factors: * Untimely support by the promoter in the form of unsecured loans or capital as its crucial for operations of the firm Detailed description of the key rating drivers Key Rating Weaknesses Significant deterioration in scale of operation with registration of net and cash loss in FY19: During FY19, Total Operating Income (TOI) of the firm dipped significantly by 78.29% over FY18 and stood modest at INR5.44 crore owing to lower demand. However, till November 30, 2019, the firm has achieved TOI of INR5.50 crore approximately The PBILDT margin improved by 20 bps, however remained thin at 3.44% in FY19 owing to higher proportionate decrease in cost of material consumed than in TOI. However, with significant dip in TOI and high interest and finance expenses, the firm registered net loss of INR0.65 crore in FY19 against net profit of INR0.01 crore in FY18. Further, the firm also registered cash loss of INR0.64 crore in FY19 as against INR0.04 crore in FY18. Weak solvency position: The capital structure of the firm remained weak, however, deteriorated significantly from 6.98 times as on March 31, 2018 to 26.67 times as on March 31, 2019 owing to higher utilization of working capital bank borrowings and infusion of unsecured loans and further, registration of net loss resulted in deterioration in tangible net worth of firm. Further, with net and cash loss the total debt to GCA stood negative with below unity interest coverage in FY19. Project Implementation Risk: The firm has undertaken a project for purchase of Dall Mill with installed capacity of 4,000 Kg per day. It envisaged project cost of INR3.50 crore including land cost of INR2.50 crore to be funded through term loan of INR2.50 crore and balance by of unsecured loans. The project is to be completed by May, 2020. The project is at initial stage and firm is yet to purchase the land. Vulnerability of margins to fluctuation in the prices of agricultural commodities due to seasonality of products: As the firm is engaged in food processing, the prices of agriculture commodities due to seasonality affects the prices of the products and remained fluctuating and depend on production yield, demand of the commodities and varies of weather. Hence, profitability of the firm is exposed to vulnerability in prices of agriculture commodities. Further, the business of the firm is characterized by no addition, highly fragmented and competitive in nature as evident by the presence of numerous unorganized and few organized players. The entry barriers in this industry are very low on account of low capital investment and technological requirement. Due to this, the players in the industry do not have any pricing power. Further, the industry is characterized by high degree of government control both in procurement and sales for agriculture commodities. Government of India (GoI) decides the Minimum Support Price (MSP) payable to farmers. Constitution as a partnership concern: Its constitution as a partnership concern with low net worth base restricts its overall financial flexibility in terms of limited access to external fund for any future expansion plans. Furthermore, there is an inherent risk of possibility of withdrawal of capital and dissolution of the concern in case of death/insolvency of partner. Key Rating Strengths Experienced partners: Mr. Sunil Kumar Tiwari, partner, is graduate by qualification and has more than two decade of experience in the industry. He looks after overall affairs of the firm and is assisted by other partner, Mr. Vikas Choudhary, who is also graduate by qualification and has more than a decade of experience in the industry. Further, he is supported by a team of sales persons and distributors having an experience in the field of marketing. It has more than 300 distributors covering Rajasthan, Punjab, Haryana, Delhi and West Bengal. Further, the partners have also promoted Ratnawali Dairy Products LLP which is engaged in processing of dairy products. Diversification of product portfolio: The firm has diversified its product profile; the firm commenced trading of Dairy products and ghee from September, 2018. Further the firm has undertaken a project for purchase of dall mill costing to INR3.50 crore funded through term loan of INR2.50 crore and balance through unsecured loans. The project is to be completed by May, 2020. With expansion of its products portfolio the firm has expected its scale of operations to increase in coming years. Liquidity: Stretched Liquidity is marked by full utilization of its higher utilization of working capital limit in past 12 months ended November, 2019 with thin cash and bank balance of INR0.11 crore as on March 31, 2019. Further the firm registered cash loss in FY19 of INR0.64 crore which is mitigated to an extent as the firm does not have any repayment obligation of the firm. However going forward it will be crucial with debt funded project in the firm. Moreover, the debtor stood at INR5.03 crore constituting 92.46% of its TOI in FY19 which resulted in significant increase in collection period with elongated operating cycle of 573 days in FY19 against 110 days in FY18. The partners are continuously infusing funds in the firm to help in smooth functioning of the firm, as partners infused unsecured loans of INR1.18 crore in FY19. The current ratio remained moderate at 1.38 times as on March 31, 2019, however, quick ratio remained below unity at 0.79 times as on March 31, 2019. Jaipur (Rajasthan) based S.V. Foods (SV) was formed in 2012 as a partnership concern by Mr. Sunil Kumar Tiwari and Mr. Vikas Choudhary. SV is engaged in the business of packaging and marketing of food products like rice flakes poha, papad, daliya, moong dal, cattle feed and etc. The firm gets the product from other manufacturers on job work basis as well directly and sells the products after packaging in its brand name. The products are sold under the brand name of "Nandraj". It markets its products in Rajasthan, Punjab, Delhi, West Bengal and Haryana. SALONAH TEA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Salonah Tea Private Limited's (STPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR80.00 mil. Fund-based working capital limits affirmed and migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; and -- INR210 mil. Term loan due on March 2025 affirmed and migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 12, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE STPL was incorporated in 2012, in Kolkata, West Bengal by the Bhuwalka Family. The company is engaged in the plantation and processing of tea both – crush, tear, curl and orthodox, with a total annual production capacity of 2,500,000kg. The company's tea garden is located in Nagaon, Assam. SANATAN MERCHANTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Sanatan Merchants Private Limited's (SMPL) additional bank facility a long-term rating of 'IND BB'. The Outlook is Stable. The agency has affirmed the existing ratings: -- Long-Term Issuer Rating affirmed with IND BB/Stable rating; -- INR40 mil. Fund-based working capital limit assigned with IND BB/Stable/IND A4+ rating; and -- INR90 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ rating. RATING SENSITIVITIES Negative: Deterioration in the interest coverage ratio below 1.5x and further stress on the liquidity position will be negative for the ratings. Positive: Improvement in the credit metrics as well as the liquidity profile, on a sustained basis, will be positive for the ratings. COMPANY PROFILE Incorporated in 1994 and with its registered office in Kolkata, SMPL deals in trading of hand tools and power tools such as marble, stone cutting machines, granite cutting machines, wood cutting machines, pesticide sprayers, and rice processing machines, and trades writing, stationery, personal care products, and other accessories. SANKALP PAPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sankalp Papers Industries Private Limited At. & Po-Dumkhal Tal-Valod, Dumkhal Dist-Tapi, Tapi Surat GJ 394640 Insolvency Commencement Date: December 16, 2019 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: June 13, 2020 Insolvency professional: Gordhanbhai Ratnabhai Godhani Interim Resolution Professional: Gordhanbhai Ratnabhai Godhani 16, Sakarta Society Kargil Chowk, Punagam Surat, Gujarat 395010 E-mail: grgodhani@gmail.com - and - 209 Rajhans Point Geetanjali, Varachha Road Surat 395006 Last date for submission of claims: January 7, 2020 SATYA SUBAL: CARE Reaffirms 'B' Rating on INR8.72cr LT Loan ----------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Satya Subal Himghar Private Limited (SSHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.72 CARE B; Stable Reaffirmed Short-term Bank Facilities 0.17 CARE A4 Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of SSHPL continue to remain constrained by small size of operations with low profitability, regulated nature of industry, seasonality of business with susceptibility to vagaries of nature, risk of delinquency in loans extended to farmers, leveraged capital structure with moderate debt coverage indicators and competition from other players. The ratings, however, continue to derive strength from experienced promoters and proximity to potato growing area. Key Rating Sensitivities Positive Factors * Sizeable increase in scale of operations from present level (Total Operating Income above INR20.00 crore and cash accruals above INR1.00 crore) on a sustained basis. * Improvement in capital structure with overall gearing ratio reaching comfortable level of below 1.00x on a sustained basis. Negative Factors * Any sizeable de-growth in scale of operations from present level (total operating income beyond INR3.00 crore and cash accruals below INR0.50 crore) on a sustained basis. * Deterioration in capital structure with overall gearing ratio beyond 4.00x on a sustained basis. Detailed description of the Key Rating Drivers Key Rating Weaknesses Small size of operations with low net profitability margins The company provides cold storage services to farmers and traders and it receives rental income for the same. Accordingly, the scale of operations of the company remained small marked by total operating income at INR3.72 crore (INR3.58 crore in FY18) with PAT of INR0.08 crore (net loss of INR0.01 crore in FY18) and GCA of INR0.72 crore (INR0.66 crore in FY18) in FY19. Furthermore, the net worth base of the company remained low at INR2.65 crore (INR2.58 crore as on March 31, 2018) as on March 31, 2019. The profit margins of SSHPL have remained low marked by satisfactory PBILDT margin of 49.61% and low PAT margin 2.10% in FY19. Regulated nature of business In West Bengal, the basic rental rate for cold storage operations is regulated by state government through West Bengal State Marketing Board. Due to ceiling on the rentals to be charged it is difficult for cold storage units like SSHPL to pass on sudden increase in operating costs leading to downward pressure on profitability. Seasonality of business with susceptibility to vagaries of nature SSHPL's operations are seasonal in nature as potato is a winter season crop with its harvesting period commencing in February. The loading of potatoes in cold storages begins by the end of February and lasts till March. Additionally, with potatoes having a preservable life of around eight months in the cold storage, farmers liquidate their stock from the cold storage by end of season i.e., generally in the month of November. The unit remains non-operational during the period from December to January. Furthermore, lower agricultural output may have an adverse impact on the rental collections as the cold storage units collect rent on the basis of quantity stored and the production of potato and other vegetables is highly dependent on vagaries of nature. Risk of delinquency in loans extended to farmers Against the pledge of cold storage receipts, SSHPL provides interest bearing advances to farmers. Working capital limits under produce marketing loan scheme from bank are used to extend advances to farmers, which are routed to the farmers through SSHPL. Before the close of the season in November, the farmers are required to pay their outstanding dues, including repayment of the loan taken, along with the interest. In view of this, there exists a risk of delinquency in loans extended to farmers, in case of downward correction in potato or other stored goods prices as all such goods are agro commodities. Leveraged capital structure with moderate debt coverage indicators The capital structure as marked overall gearing ratio of the entity, although improved, however remained leveraged at 3.36x respectively as on March 31, 2019 vis-à-vis 3.38x as on March 31, 2018. Improvement in capital structure was due to repayment of term loan and accumulation of surplus into reserves. The debt coverage indicators marked by total debt to GCA has also improved in FY19 over FY18 and remained moderate at 12.45x in FY19. The same has improved mainly on account of lower debt levels as on balance sheet date. Furthermore, the interest coverage ratio remained moderate at 1.57x during FY19. Competition from other local players Despite being capital intensive, entry barrier for setting up of new cold storage unit is low on account of government support and high demand for cold storages in West Bengal. The storage business is highly competitive in the potato growing regions of the state as it is the second largest producer of potato in India. In Medinipur, one of the major potato growing districts of the state around 72 cold storages is in operation. In view of the same, cold storage business is highly competitive in this region forcing cold storage owners to lure farmers by offering them lower rental and other services. Key Rating Strength: Experienced promoters The key promoter, Mr. Bhaskar Ghosh is associated with the company since its inceptions and thus has wide experience in cold storage industry. He looks after the day to day operations of the company with appropriate support from other codirectors. Proximity to potato growing area SSHPL is situated in the Paschim Medinipur district of West Bengal which is one of the major potato growing regions of the state. The favourable location of the storage unit, in close proximity to the leading potato growing areas augers well for the company, as it provides it with a wide catchment and making it suitable for the farmers in terms of transportation and connectivity. Liquidity: Stretched: The liquidity position of the entity remained stretched marked by tightly matched gross cash accrual vis-à-vis its debt repayment obligation. The average utilization of fund based limits remained high at around 96% during last 12 months ended on November 30, 2019. The balance sheet shows low cash and bank balance amounting to INR3.67 crore as on March 31, 2019. Satya Subal Himghar Private Limited was incorporated in April, 2012 by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh and Mr. Sasanka Sekhar Ghosh. Since its inception, SSHPL has been engaged in the business of providing cold storage services primarily for potatoes to local farmers and traders on rental basis with an aggregate storage capacity of 172000 quintals per annum. The cold storage facility of the company is located at Paschim Medinipur, West Bengal. Besides providing cold storage services, the company also provides interest bearing advances to farmers for their agricultural activities against the receipts of potato stored. SHARMA KALYPSO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sharma Kalypso Private Limited 16C, Basant Lok Vasant Vihar New Delhi 110057 Insolvency Commencement Date: January 2, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: June 29, 2020 Insolvency professional: Navjit Singh Interim Resolution Professional: Navjit Singh 218-a, 1st Floor, Shop No. 4 Rama Market, Pitampura Delhi 110034 E-mail: navjit92ca@gmail.com - and - Resurgent Resolution Professionals LLP Unit No. 905, 9th Floor, Tower-C Unitech Business Zone The Close South Sector-50, Gurgaon Haryana 122018 E-mail: skpl.cirp2019@gmail.com Last date for submission of claims: January 16, 2020 SHREE SAI INDUSTRIES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Shree Sai Industries Private Limited 127-A Masjid Bunderdarukhana Reay Road Mumbai MH 400010 Insolvency Commencement Date: December 20, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: June 17, 2020 (180 days from commencement) Insolvency professional: Mr. Vinodkumar Pukhraj Ambavat Interim Resolution Professional: Mr. Vinodkumar Pukhraj Ambavat Room No. 40, 9/15 Morarji Velji Bldg 1st Floor, Dr. M.B. Velkar Street Kalbadevi Road, Mumbai Maharashtra 400002 E-mail: vinod.ambavat@ajallp.com - and - Areion Resolution & Turnaround Private Limited D-511, 5th Floor, Kanakia Zillion Junction of LBS Road & CST Road BKC Annexe, Kurla (West) Mumbai Mumbai City MH 400070 E-mail: irp.ssipl@gmail.com Last date for submission of claims: January 4, 2020 SIDDESHWAR MULTIPURPOSE: CARE Reaffirms B Rating on INR6.56cr Loan ------------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Siddeshwar Multipurpose Heemghar Private Limited (SMHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.56 CARE B; Stable Reaffirmed Short-term Bank Facilities 0.12 CARE A4 Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of SMHPL continue to remain constrained by small size of operations with low profit margins, regulated nature of business, seasonality of business with susceptibility to vagaries of nature, risk of delinquency in loans extended to farmers, leveraged capital structure with weak debt coverage indicators and competition from other players. The ratings, however, continue to derive strength from experienced promoters and proximity to potato growing area. Key Rating Sensitivities Positive Factors * Sizeable increase in scale of operations from present level (Total Operating Income above INR20.00 crore and cash accruals above INR1.50 crore) on a sustained basis. * Improvement in capital structure with overall gearing ratio reaching comfortable level of below 1.00x on a sustained basis. Negative Factors * Any sizeable de-growth in scale of operations from present level (total operating income beyond INR3.00 crore and cash accruals below INR0.50 crore) on a sustained basis. * Deterioration in capital structure with overall gearing ratio beyond 4.00x on a sustained basis. Detailed description of the Key Rating Drivers Key Rating Weaknesses Small size of operations with low net profitability margins: The company provides cold storage services to farmers and traders and it receives rental income for the same. Accordingly, the scale of operations of the company remained small marked by total operating income at INR3.21 crore (INR2.96 crore in FY18) with PAT of INR0.08 crore (INR0.03 crore in FY18) and GCA of INR0.45 crore in FY19. Furthermore, the net worth base of the company remained low at INR2.17 crore (INR2.09 crore in FY18) in FY19. The profit margins of SHPL have remained low marked by satisfactory PBILDT margin of 35.69% and low PAT margin 2.43% in FY19. Regulated nature of business: In West Bengal, the basic rental rate for cold storage operations is regulated by state government through West Bengal State Marketing Board. Due to ceiling on the rentals to be charged it is difficult for cold storage units like SMHPL to pass on sudden increase in operating costs leading to downward pressure on profitability. Seasonality of business with susceptibility to vagaries of nature: SMHPL's operations are seasonal in nature as potato is a winter season crop with its harvesting period commencing in February. The loading of potatoes in cold storages begins by the end of February and lasts till March. Additionally, with potatoes having a preservable life of around eight months in the cold storage, farmers liquidate their stock from the cold storage by end of season i.e., generally in the month of November. The unit remains non-operational during the period from December to January. Furthermore, lower agricultural output may have an adverse impact on the rental collections as the cold storage units collect rent on the basis of quantity stored and the production of potato and other vegetables is highly dependent on vagaries of nature. Risk of delinquency in loans extended to farmers: Against the pledge of cold storage receipts, SMHPL provides interest bearing advances to farmers. Working capital limits under produce marketing loan scheme from bank are used to extend advances to farmers, which are routed to the farmers through SSHPL. Before the close of the season in November, the farmers are required to pay their outstanding dues, including repayment of the loan taken, along with the interest. In view of this, there exists a risk of delinquency in loans extended to farmers, in case of downward correction in potato or other stored goods prices as all such goods are agro commodities. Leveraged capital structure with moderate debt coverage indicators: The capital structure of the company remained leveraged marked by overall gearing ratio at 3.48x as on March 31, 2019 vis-à-vis 3.79x as on March 31, 2018. Improvement in capital structure was due to schedule repayment of term loan as on the balance sheet date. The debt coverage indicators represented by total debt to GCA has also improved in FY19 over FY18 and remained moderate at 16.91x as on March 31, 2019. The same has improved mainly on account of lower debt levels as on balance sheet date. Furthermore, the interest coverage ratio remained moderate at 1.54x during FY19. Competition from other local players: Despite being capital intensive, entry barrier for setting up of new cold storage unit is low on account of government support and high demand for cold storages in West Bengal. The storage business is highly competitive in the potato growing regions of the state as it is the second largest producer of potato in India. In Medinipur, one of the major potato growing districts of the state around 72 cold storages is in operation. In view of the same, cold storage business is highly competitive in this region forcing cold storage owners to lure farmers by offering them lower rental and other services. Key Rating Strength: Experienced promoters: The key promoter, Mr. Bhaskar Ghosh is associated with the company since its inceptions and thus has wide experience in cold storage industry. He looks after the day to day operations of the company with appropriate support from other codirectors. Proximity to potato growing area SMHPL is situated in the Paschim Medinipur district of West Bengal which is one of the major potato growing regions of the state. The favourable location of the storage unit, in close proximity to the leading potato growing areas augers well for the company, as it provides it with a wide catchment and making it suitable for the farmers in terms of transportation and connectivity. Liquidity: Stretched - Liquidity is marked by highly utilized bank limits and low cash balance of INR0.22 crore as on March 31, 2019. The company does not have any capex plan in near future. Its bank limits was around 98% utilised during last 12 months ended on November 30, 2019. The current ratio stood at 0.79x as on March 31, 2019. Siddeshwar Multipurpose Heemghar Private Limited (SMHPL) was incorporated in May 2010 by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh, Mr. Kinkar Prasad Ghosh and Mr. Shankar Ghosh. Since its inception, SSHPL is engaged in the business of providing cold storage services primarily for potatoes to local farmers and traders on rental basis with an aggregate storage capacity of 142000 quintals per annum. The cold storage facility of the company is located at Paschim Medinipur, West Bengal. Besides providing cold storage facility, the company also provides interest bearing advances to farmers for their agricultural activities against the receipts of potato stored. SMILECARE MULTISPECIALTY: Insolvency Resolution Case Summary ------------------------------------------------------------ Debtor: Smilecare Multispecialty Hospitals India Private Limited D.No. 13, Panchavati Township Akkireddypallem Vishakapatnam 500012 A.P. Insolvency Commencement Date: December 17, 2019 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: June 14, 2020 Insolvency professional: Rachamallu Ramachandra Reddy Interim Resolution Professional: Rachamallu Ramachandra Reddy Flat No. 508, Block A1 TVS Lakeview Apartments Road No. 10, Near Ramalayam Panchavati Colony Manikonda, Hyderabad 500089 Telangana E-mail: umarachamallu12081961@gmail.com Last date for submission of claims: January 6, 2020 SUNDER IMPEX: CARE Hikes Rating on INR1.50cr LT Loan to BB- ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Sunder Impex Private Limited (SIP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 1.50 CARE BB-; Stable Revised from Facilities CARE B+; Stable Short term Bank 13.50 CARE A4 Reaffirmed Facilities Detailed Rationale and key rating drivers The rating assigned to the bank facilities of SIP have been revised on account of experienced promoters, improvement in financial risk profile and SIP's well established relationship with its customers. However, the ratings continue to remain constrained by small though growing scale of operations elongated operating cycle, geographical and customer concentration risk, raw material price fluctuation risk and highly competitive nature of industry. Rating sensitivities Positive Factors * Improvement in scale of operations as marked by total operating income of INR80 crore and above on a sustained basis. * Improvement in profitability margins as marked by PBILDT and PAT margins of above 7% and 3% respectively on a sustained basis. Negative Factors * Deterioration in liquidity position as marked by current and quick ratios below 1x. Detailed description of key rating drivers Key Rating Strengths Experienced promoters Mr. Sushil Kumar Bansal (aged 53 years) and Mr. Manish Bansal (aged 49 years) are shareholders and directors of the company. Both of them have more than two decades of experience in stainless steel industry. They were initially involved in trading of stainless steel products in 1981 and later on in 1996, started manufacturing of stainless steel sheet and stainless steel products using the brand name 'Sunder'. Mr. Sushil Kumar Bansal looks after the production function of the company whereas Mr. Manish Bansal heads the marketing department of SIP. Improvement in financial risk profile The profitability of the company has been continuously improving over the past three financial years, FY17-FY19, though the margins continue to remain low as marked by PBILDT margin of 4.60% in FY19 as against 5.10% in FY18. The slight deterioration in the PBILDT margin was on account of increase in cost of sales. The company partially transferred the increase in cost of production due to price rise to the customers and settled for little margin of profit. Also, the company faces stiff competition and hence the company strategizes to compromise on margins to maintain the market share. Consequently, PAT margin continues to remain low at 0.70% in FY19 as against 0.60% in FY18. Further, the gross cash accruals also improved from INR0.54 crore in FY18 to INR0.43 crore in FY19 on account of better profitability. Capital structure of SIP has been improving as on last three balance sheet dates ending March 31, 2017, '18 and '19 as marked by overall gearing ratio of 3.49x as on March 31, 2019 as against 3.64x as on March 31, 2018, though it continues to remain leveraged. The improvement in the capital structure over the previous years was on account of repayment of unsecured loans and vehicle loan. Owing to better profitability and higher GCA levels, the debt coverage indicators have also improved over the previous years, though continue to remain weak as marked by interest coverage and total debt/GCA of 1.35x and 36.38x respectively for FY19 as against 1.34x and 44.17x respectively for FY18. Key Rating Weaknesses Small scale of operations The scale of operations continues to remain small, though continuously growing as reflected by a CAGR of 5.92% during past three financial years, FY17-19. The total operating income stood at INR43.89 crore in FY19 as against INR38.58 crore in FY18 on account of higher number of orders executed. Further, the company's net worth base was relatively small at INR4.49 crore as on March 31, 2019. The small scale limits the company's flexibility in times of stress and deprives it of scale benefits. Further, the company is projecting a turnover of INR47 Crore during FY20 and has achieved INR29 crore in 8MFY20. The company has orders worth INR5 crore in hand which are to be delivered till March, 2020. Also, the company has long standing relationship with its clients, thus, it is able to get repeat monthly orders of around INR2.50 crore. Elongated operating cycle The operating cycle continues to be elongated at 131 days for FY19. The average collection period continued to remain high at 97 days as majority of the customers are overseas distributors and SIP grants a credit period of 90-180 days to its overseas and domestic buyers. The company maintains inventory of around 70-80 days in the form of raw material for smooth production processes and finished goods to meet the immediate demand of its customers. The entire production process takes around 60-90 days. Further, the company gets a maximum credit period of 30-45 days, thus, resulting into average creditor period of 12 days in FY19. Furthermore, working capital borrowings remained 90% utilized for the 12 month period ended November, 2019, indicating high reliance on the bank finance to meet the working-capital requirements. Geographical and customer concentration risk though well-established relationship with its customers The top three customers of SIP accounted for 30% of the sale in FY19 (40% in FY18). This exposes SIP's revenue growth and profitability to its customer's future growth plans. However, the company has been getting repeat orders since inception from its clients and has established relationship with its customers due to long standing experience of the promoters in stainless steel industry. Furthermore, the exports sales are mainly concentrated to Saudi Arabia. The company is also exposed to unfavorable changes in the government policy of that country. Raw material price fluctuations risk and highly competitive industry Raw material constituted around 80-90% of the total cost of production for the last 3 years FY17-FY19. The company is exposed to the raw material price volatility risk due to the volatility experienced in the prices of stainless steel and allied products and their prices fluctuates rapidly due to demand supply gap. They constitute a major component of the raw material and hence any volatility in their prices has a direct impact on the profitability margins of the company. SIP operates in a highly competitive industry with competition from both organized and unorganized players established in vicinity of the company in Wazirpur Industrial Area. The same results in low bargaining power with its customers impacting profitability margins of the company. Liquidity: Adequate Adequate liquidity characterized by sufficient cushion in accruals of INR0.43 crore vis-à-vis nil repayment obligations and moderate unencumbered cash balance of INR0.41 crore. Its bank limits are utilized to the extent of 90% and has sought enhancement in bank lines and the current and quick ratios stood above unity at 1.53x and 1.18x respectively as on March 31, 2019. Incorporated in 2005, SIP is a Delhi-based private limited company promoted by Mr Sushil Kumar Bansal and Mr Suresh Goyal. The company is currently being managed by Mr Sushil Kumar and Mr Manish Bansal. SIP is engaged in the manufacturing of customized stainless steel products mainly bar stools, tables and utensils used in kitchen. The manufacturing unit of SIP is located at Wazirpur Industrial Area in New Delhi with installed capacity of 200 tonnes per month and the manufacturing processes are ISO 9001:2008 certified. The company sells its product to domestic wholesalers and trading houses located overseas. The company exports its products primarily to Saudi Arabia, Dubai, Nigeria, USA, etc The products are sold under the brand name 'Sunder' as well as are exported under the private labels as required by the overseas customer. The raw material required for productions of stainless steel products are stainless steel flat, stainless steel patties and cold rolled circle which the company procures domestically. TRAKO INFRA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Trako Infra India Private Limited 705/706 Exim Link Building Mulund Goregaon Link Road Nahur West Mumbai MH 400078 IN Insolvency Commencement Date: December 12, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: June 9, 2020 Insolvency professional: Rajeev N Bhatia Interim Resolution Professional: Rajeev N Bhatia 304, Richa Industrial Estate Off Link Road, Andheri West Mumbai 400053 E-mail: rajeevnbhatia@gmail.com trako.ibc@gmail.com Last date for submission of claims: December 26, 2019 VARDHMAN RICE: CARE Keeps D on INR26.7cr Loans in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Vardhman Rice Mills Private Limited (SVRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 26.77 CARE D; ISSUER NOT COOPERATING; Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 12, 2018, reviewed the rating(s) of SVRM under the "Issuer non-cooperating" category as SVRM had failed to provide information for monitoring of the rating. SVRM continues to be non-cooperative despite requests for submission of information through emails, phone calls and a letter/email dated October 30, 2019. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The overdrawals have continued and the company has been classified as a Non-Performing Asset (NPA) by the lenders. SVRM was initially incorporated as CSJ Organics Private Limited in March 2009 by Mr Ram Bhaj Jain, and later on its name was changed to SRML. Till March 31, 2013, the company was not operational and on April 1, 2013, the company took over the existing business of Shri Vardhman Rice Mills (a partnership firm established in 2010). The company is engaged in milling and processing of rice. The processing facility is located in Gohana (Haryana) with an installed capacity of 70,080 tonnes per annum (TPA) as on March 31, 2015. WAVE GLOBAL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Wave Global Educational Services Private Limited Plot No. 6 S/F Left Side Sector-5, H.L. Care MLU Dwarka, New Delhi 110075 Insolvency Commencement Date: November 18, 2019 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: May 16, 2020 Insolvency professional: Radhey Shyam Yadav Interim Resolution Professional: Radhey Shyam Yadav Flat No. 2, Aakriti Aptts 62 IP Extn, Patparganj, East National Capital Territory of Delhi 110092 E-mail: rsyadav01@gmail.com - and - 1203, Vijaya Building 17, Barakhamba Road Connaught Place New Delhi 110001 E-mail: cirp.wave@gmail.com Last date for submission of claims: January 14, 2020 ================= S I N G A P O R E ================= CHINA SPORTS: JM Granted Extension to Submit Resumption Bid ----------------------------------------------------------- Vivienne Tay at The Business Times reports that the judicial managers of China Sports International have been granted an extension by the Singapore Exchange until April 30 to submit a proposal to resume share trading, they said in a regulatory update on Jan. 6. To present a meaningful resumption proposal, the judicial managers said they require time to assess whether the conditions precedent for an implementation agreement are capable or likely to be fulfilled, BT relates. According to the report, the implementation agreement, entered into on Nov. 15, is for the proposed transfer of China Sport's listing status to construction company Mahabuild. Other extensions granted include having until Aug. 10 to announce the sportswear maker's financial statements for the first, second and third quarters of fiscal 2018 and 2019, for the two full fiscal years, as well as the first and second quarters of fiscal 2020, BT relays. BT says the judicial managers also have until Sept. 10 to convene annual general meetings (AGMs) for fiscal 2017, 2018 and 2019. The respective annual report for each financial year is also to be issued at least 14 days before each AGM date. The judicial managers added that they are presently unable to obtain clarity on China Sport's financial condition due to limited or no immediately available resources for the financial results to be drawn up and announced, BT relays. They added that it is a "practical impossibility" for the financial results to be drawn up. Hence, it is not meaningful to convene AGMs due to the lack of financial results. China Sports shares have been suspended since Dec. 4, 2017, the report notes. About China Sports China Sports International Limited, an investment holding company, designs, manufactures, and sells sports fashion footwear; and designs and sells sports fashion apparel and accessories under the YELI brand in the People's Republic of China. The company operates through two segments, Footwear; and Apparels and Accessories. Its products are designed for functional and casual use, catering to the lifestyle of its consumer group comprising kids and young adults. China Sports International Limited also produces footwear on an OEM basis for various brands and exports to various countries worldwide. As reported in the Troubled Company Reporter-Asia Pacific on June 28, 2018, the Strait Times said that the High Court of Singapore confirmed Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP as the joint and several judicial managers of China Sports International. The duo, who were previously China Sports' interim judicial managers, were appointed after a June 26, 2018, substantive hearing of the company's judicial management (JM) application. In its orders, the High Court said that the firm was to be placed under JM to keep the company afloat, conduct arrangements or compromises between the company and any persons, and seek a "more advantageous realisation" of the company's assets instead of a winding-up. Among other things, the judicial managers are authorised to take control of all of the company's assets, operate or close the company's bank accounts and negotiate with the company's creditors or potential investors. EZION HOLDINGS: To 'Vigorously Defend' Against US$100MM Claim ------------------------------------------------------------- Annabeth Leow at The Business Times reports that Ezion Holdings plans to fight a multimillion-dollar claim against its subsidiary, the board announced on Jan. 3. BT relates that Ezion's wholly-owned Teras Conquest 2 (TC2PL) has been slapped with a notice of arbitration by Whitesea Shipping & Supply, which describes itself on its corporate website as an offshore support vessel operator based in the United Arab Emirates. According to the report, the legal tussle centres on how TC2PL did not deliver a vessel, Rising Phoenix, to Whitesea - which the claimant alleges breached a July 2016 deal and led to the expectation loss of more than US$100 million on the profits that Whitesea had expected to earn from the vessel. But TC2PL's position is that it was not obliged to hand over Rising Phoenix to Whitesea, "because, amongst other things, the claimant did not make payment" under their agreement. The outstanding purchase price for the vessel, according to Ezion, was some US$48 million, BT relays. Whitesea has turned to the Singapore International Arbitration Centre to appoint a single arbitrator, and Ezion "intends to vigorously defend" against the proceedings, the board said. The troubled liftboat operator added that it "does not believe that the proceedings will cause any material disruptions to its operations and business" and said shareholders would be kept updated on any further developments, BT relays. Trading in Ezion shares was voluntarily suspended in March 2019, as chairman Wang Kai Yuen and chief executive Chew Thiam Keng asked shareholders to pray for them, the report notes. About Ezion Holdings Singapore-based Ezion Holdings Limited -- http://www.ezionholdings.com/-- engages in investment holding and provision of management services. The Company, along with its subsidiaries, specializes in the development, ownership and chartering of offshore assets to support the offshore energy markets. Its segments include Production and maintenance support, which is engaged in owning, chartering and management of rigs and vessels involved in the production and maintenance phase of the oil and gas industry; Exploration and development support, which is engaged in owning, chartering and management of rigs and vessels involved in the exploration and development phase of the oil and gas industry, and Others, which includes assets or investments involved in renewable energy and other oil and gas related industry. The Company owns a fleet of multipurpose self-propelled service rigs. It owns a fleet of service rigs in Southeast Asia for use in offshore oil and gas industry, and offshore wind farm industry. SWIBER GROUP: Terminates US$200MM Investment Deal with Seaspan -------------------------------------------------------------- Mars W. Mosqueda Jr. at Deal Street Asia reports that Swiber Group and New York-listed shipping firm Seaspan Corporation have terminated a $200-million investment deal, according to a disclosure. Deal Street Asia relates that Swiber has informed the Singapore Exchange that certain conditions precedent for the completion of the planned investment were not fulfilled before the Dec. 31, 2019, deadline. "No agreement was made between the parties for an extension of the long-stop date . . . the company and Seaspan have agreed that the investment agreement has been terminated in accordance with its terms," Swiber said in a statement, Deal Street Asia relays. Under the supposed agreement, Swiber would have received a $200-million investment from Seaspan in two tranches to help the company get back on its feet after over two years in judicial management, the report states. Under the term sheet, the first tranche of $10 million (previously $20 million) will come in upon closing in exchange for an 80% stake in a new holding company where certain assets of the existing Swiber Group will be transferred, the report says. The report relates that the remaining amount of $190 million will be unlocked upon securing the development stage Liquified Natural Gas (LNG)-to-power project in Vietnam and achieving major project milestones. However, certain conditions precedent for the completion of the initial investment, including those relating to the transfer of certain assets and the debt restructuring and were not fulfilled nor waived, the report notes. Deal Street Asia says the former SGX Mainboard-listed Swiber Group used to operate a fleet of 28 vessels. Given the capital-intensive nature of the business and the relatively small market capitalisation, the company has been tapping into the capital markets through private share placements, rights issues, and convertible debt issuances since its listing in 2006. However, in 2016, the O&M company began facing difficulties in fundraising as banks started paring their exposures to the O&M industry from early 2015 as crude oil prices slumped, the report recalls. This and other factors resulted in rapid deterioration in Swiber's finances, prompting the company to seek investors. After failing to secure funding, it applied for liquidation, the report notes. DBS Group, with an exposure of SGD700 million to the firm at that time, got Swiber to withdraw the liquidation bid and instead placed the company in judicial management, says Deal Street Asia. "The judicial managers remain open to considering other options for the restructuring of the company and Swiber Offshore Construction Pte. Ltd. and will provide updates on any material developments as and when appropriate," Swiber, as cited by the report, said. About Swiber Holdings Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a Singapore-based investment holding company. The Company, through its subsidiaries, is engaged in offshore marine engineering; vessel owning and chartering, and provision of corporate services. The Company is an integrated offshore construction and support services provider for shallow water oil and gas field development. It offers a range of engineering, procurement, installation and construction (EPIC) services, complemented by its in-house marine support and engineering capabilities, to support the offshore field development and production activities of its clientele base across the Asia Pacific, Middle East, Latin America and West Africa regions. It operates approximately 10 construction vessels. The Company's subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to place itself under judicial management instead of liquidation. According to Reuters, Swiber shocked markets in July 2016 by filing for liquidation, as it faced hundreds of millions of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG Services Pte Ltd. have been appointed as the joint and several interim judicial managers of Swiber Holdings Limited and Swiber Offshore Construction. Swiber had $1.43 billion of liabilities and $1.99 billion of assets on March 31, 2016, before it sought court protection in late July, Bloomberg News reported citing the company's last published accounts. USP GROUP: Nah Ee Ling Steps Down as CFO ---------------------------------------- Annabeth Leow at The Business Times reports that the chief financial officer (CFO) of indium ingot dealer USP Group has resigned, the eighth departure to be disclosed by the company in the past year. Nah Ee Ling, 40, will leave on Jan. 31 "to pursue other career opportunities", the board said in a bourse filing on Jan. 3, BT relays. Ms. Nah, who had held the post since end-2014, recently lost a re-election bid to retain her board seat at the annual general meeting on Sept. 30, 2019, the report says. Her departure marks the highest-profile exit since Lim Boh Soon resigned as chief executive in mid-October 2019 "pursuant to his employment contract", just one month into the job, according to the report. BT says the USP board has affirmed in its latest filing that there are no unresolved differences in opinion on material matters between Ms Nah and the directors, nor issues that must be flagged to shareholders. Mainboard-listed USP, which was put on the bourse's financial watch-list in December 2019, last traded at 6.9 Singapore cents, BT discloses. USP Group Limited provides oil blending and property development services. The Company, through its subsidiaries, offers the blending and distribution of diesel and engine oils as well as provides property holding, development, management and related services for the residential and commercial sectors throughout Singapore. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Dec. 30, 2019 to Jan. 3, 2020 ------------------------------------------------------------ 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 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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 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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 ----- 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 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***