/raid1/www/Hosts/bankrupt/TCRAP_Public/200121.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 21, 2020, Vol. 23, No. 15
Headlines
A U S T R A L I A
BIOSTAR PHARMACEUTICALS: Nasdaq Removes Common Stock From Listing
BOSE CORP: To Close All Australian Stores as Retail Woes Continue
CONSTRUCTION VICTORIA: Second Creditors' Meeting Set for Jan. 28
FOXWORTH PTY: Second Creditors' Meeting Set for Jan. 24
GLASS RECOVERY: First Creditors' Meeting Set for Jan. 29
HARRIS SCARFE: Former Owner Eyes Takeover of Department Store
NATURAL GROCERY: Second Creditors' Meeting Set for Jan. 29
PEPPER SPARKZ 2: Fitch Assigns B(EXP)sf Rating to Class F Notes
PROGRESS REAL: Second Creditors' Meeting Set for Jan. 23
SPG PROJECTS: Second Creditors' Meeting Set for Jan. 30
C H I N A
CBAK ENERGY: Raises $1.5 Million in Promissory Note Sale
DALIAN WANDA: Fitch Assigns BB+ Rating to New USD Sr. Unsec. Notes
IONIX TECHNOLOGY: CEO Yubao Liu Steps Down
JMU LIMITED: Transfers Shares Listing to Nasdaq Capital Market
[*] Deutsche Bank Sees 'Distressed Debt Cycle' Beginning in China
I N D I A
ANDHRA PRADESH: Ind-Ra Raises Bank Loan Ratings to 'BB'
AVANI AGRO: CRISIL Lowers Rating on INR3.0cr Cash Loan to B+
BAHADUR KE: CARE Reaffirms 'B' Rating on INR11.25cr LT Loan
BHARTI AIRTEL: Must Pay US$3BB to Government, Court Rules
BHATI ASSOCIATES: CARE Assigns 'C' Rating to INR8.0cr LT Loan
BHATI ASSOCIATES: CRISIL Cuts Rating on INR8cr Cash Loan to C
BHIMJI VELJI: CRISIL Lowers Rating on INR12.1cr Loan to 'C'
CHANDRA AUTOMOBILE: CRISIL Assigns B- Rating to INR7.15cr Loan
CICO TECHNOLOGIES: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
CONTINENTAL MILKOSE: Ind-Ra Moves BB- LT Rating to Non-Cooperating
EKLINGJI PROJECTS: CARE Assigns 'B' Rating to INR10cr LT Loan
FAIRDEAL JUMBO: CARE Reaffirms B+ Rating on INR0.73cr LT Loan
GOALTORE COLD: CRISIL Lowers Rating on INR11cr Loans to 'D'
HINDUSTAN CONSTRUCTION: CRISIL Assigns 'B' Rating to INR4cr Loan
INTEC CAPITAL: CARE Reaffirms 'D' Rating on INR95.36cr LT Loan
JIVA PLYWOODS: CARE Lowers Rating on INR3.46cr LT Loan to 'D'
K. MAGANLAL IMPEX: Ind-Ra Migrates BB+ Rating to Non-Cooperating
KARANJA TERMINAL: CRISIL Reaffirms D Rating on INR480cr Loan
MISBAH REAL: CRISIL Assigns 'B' Rating to INR10cr LT Loan
NARSINGH ISPAT: CARE Reaffirms B+ Rating on INR11.50cr Loan
OM SREE: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
R B TECHNOCRATS: CRISIL Migrates B+ Rating from Not Cooperating
R.K.R. GOLD: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
RABIA LOGISTICS: CRISIL Raises Rating on INR7.89cr Loan to B-
SERVOTECH INDIA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
SHIRDI SAI: CRISIL Lowers Rating on INR512cr Bank Loan to D
SHRIRAM TRANSPORT: Fitch Rates $500MM Sr. Sec. Notes Final BB+
SRI M.S.P. VELAYUTHA: CARE Reaffirms B+ Rating on INR3cr LT Loan
SRI VENKATESWARA: Ind-Ra Migrates BB LT Rating to Non-Cooperating
SRUJANA ENTERPRISES: Ind-Ra Moves BB- LT Rating to Non-Cooperating
STARBIGBLOC BUILDING: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
ULTIMA SWITCHGEARS: Ind-Ra Moves BB- LT Rating to Non-Cooperating
UNIVERSAL STAINLESS: CARE Reaffirms 'B' Rating on INR5.15cr Loan
I N D O N E S I A
ASURANSI SOSIAL: Says US$728.9 Million Loss Only Temporary
J A P A N
JAPAN: Regional Banks Face Shake-up as Regulator Shifts Strategy
N E W Z E A L A N D
TIL LOGISTICS: Sales Suffer, In Talks with Bank
S I N G A P O R E
DESIGN STUDIO: Applies for Six-Month Debt Moratorium
EZION HOLDINGS: To Sell Vessel for US$2.25MM to Astro Offshore
X X X X X X X X
[*] BOND PRICING: For the Week Jan. 13, 2020 to Jan. 17, 2020
- - - - -
=================
A U S T R A L I A
=================
BIOSTAR PHARMACEUTICALS: Nasdaq Removes Common Stock From Listing
-----------------------------------------------------------------
The Nasdaq Stock Market, Inc., has determined to remove from
listing the common stock of Biostar Pharmaceuticals, Inc.,
effective at the opening of the trading session on Jan. 18, 2019.
Based on review of information provided by the Company, Nasdaq
Staff determined that the Company no longer qualified for listing
on the Exchange pursuant to Listing Rule 5250(c)(1).
The Company was notified of the Staff's determination on July 19,
2018. The Company appealed the determination to a Hearing Panel.
Upon review of the information provided by the Company, the Panel
issued a decision dated Sept. 17, 2018, denying the Company
continued listing and notified the Company that trading in the
Company's securities would be suspended on Sept. 19, 2018.
The Company did not request a review of the Panel's decision by the
Nasdaq Listing and Hearing Review Council. The Listing Council did
not call the matter for review. The Panel's Determination to
delist the Company became final on Nov. 1, 2018.
About Biostar Pharmaceuticals
Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.
Biostar incurred a net loss of $5.69 million in 2016 and a net loss
of $25.11 million in 2015. As of Sept. 30, 2017, the Company had
$41.42 million in total assets, $5.27 million in total current
liabilities, and $36.14 million in total stockholders' equity.
Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31, 2016,
stating that the Company had experienced a substantial decrease in
sales volume which resulted a net loss for the year ended Dec. 31,
2016. Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts so
that the Company cannot be sold without the Court's permission. In
addition, the Company already violated its financial covenants
included in its short-term bank loans. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
BOSE CORP: To Close All Australian Stores as Retail Woes Continue
-----------------------------------------------------------------
The New Daily reports that high-end audio company Bose Corporation
has announced it will close all its Australian stores as they
struggle to compete with online sales.
According to the report, the US-owned company has confirmed it will
close all 119 of its brick and mortar stores in Australia, Europe,
Japan and North America.
While it's unclear how many employees will lose their jobs as a
result of the closures, at least eight local stores are expected to
be shuttered, the report says.
"Bose will be offering outplacement assistance and severance to
affected employees. Additional details, including the number of
employees affected, will remain private," Bose said in a
statement.
Bose cited a "dramatic shift to online shopping" as the primary
driver for the stores closure, the report adds.
The New Daily says Bose will retain its 130 stores in China and the
United Arab Emirates, as well as stores in India, Southeast Asia
and South Korea.
Bose opened its first store in the US in 1993 as a means of
demonstrating its home theatre systems.
"Originally, our retail stores gave people a way to experience,
test, and talk to us about multi-component, CD and DVD-based home
entertainment systems," the report quotes Colette Burke, Bose vice
president of global sales, as saying in a statement. "At the time,
it was a radical idea, but we focused on what our customers needed,
and where they needed it -- and we're doing the same thing now.
It's still difficult, because the decision impacts some of our
amazing store teams who make us proud every day."
Known primarily for its headphones and speaker systems, Bose has
recently added smart speakers to its product range as well as other
audio accessories including Sleep Buds and sunglasses that serve
also as headphones, The New Daily discloses.
Bose Corporation manufactures and distributes electronic products.
The Company produces compact disk players, radios, headphones, home
theater, speakers, professional sound systems for auditoriums,
hotels, performance centers, and stadiums.
CONSTRUCTION VICTORIA: Second Creditors' Meeting Set for Jan. 28
----------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Construction Victoria Proprietary Limited (formerly known
as Empire Constructions (Victoria) Pty Ltd);
- Crete Services Proprietary Limited ATF Elite Crete Trust
(formerly known as Elite Crete Placement Specialists Pty
Ltd);
- Nationwide Concrete Pumping (Qld) Pty Ltd;
- Nationwide Concrete Pumping Victoria Pty. Ltd.; and
- Titan Victoria Construction Pty Ltd
has been set for Jan. 28, 2020, at 11:00 a.m. at the offices of
Hamilton Murphy Level 1, at 255 Mary Street, in Richmond,
Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2020, at 4:00 p.m.
Stephen Dixon and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Construction Victoria on Nov. 8, 2019.
FOXWORTH PTY: Second Creditors' Meeting Set for Jan. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Foxworth Pty
Ltd has been set for Jan. 24, 2020, at 12:00 p.m. at Suite D, Level
14, at 241 Adelaide Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 23, 2020, at 4:00 p.m.
Domenico Calabretta and Thyge Trafford-Jones of Mackay Goodwin were
appointed as administrators of Foxworth Pty on Dec. 20, 2019.
GLASS RECOVERY: First Creditors' Meeting Set for Jan. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Glass
Recovery Services Pty. Ltd will be held on Jan. 29, 2020, at 10:30
a.m. at the offices of PKF Melbourne, Level 13, at 440 Collins
Street, in Melbourne.
Jason Glenn Stone and Glenn J. Franklin of PKF Melbourne were
appointed as administrators of Glass Recovery on Jan. 16, 2020.
HARRIS SCARFE: Former Owner Eyes Takeover of Department Store
-------------------------------------------------------------
Camilla Theakstone at Channelnews reports that yet another bidder
are reportedly eyeing the rescue of failed department store, Harris
Scarfe.
Channelnews relates that the former owners, Momentum private
equity, has become among the parties looking to throw themselves in
the ring for its purchase and take over.
Headed by former JPMorgan investment banker Kevin Jacobson,
Momentum previously owned Harris Scarfe from 2007, after the firm
purchased a controlling interest for AUD80 million, according to
Channelnews.
Myer also took a chunk of its stake with 20 per cent, leaving
Harris Scarfe management, fronted by Robert Atkins, with just 15
per cent. Resulting from the deal, four stores were rebranded as
Myer outlets. Of the four, two were in Victoria and the other two
were in Adelaide, leaving the remaining 39 stores as Harris Scarfe.
But five years later in 2012, Momentum sold the business to a
private equity firm in South Africa, called Pepkor.
Pepkor then went on to sell to Steinhoff International two years
later in 2014, Channelnews states.
Now, Momentum may soon have control over Harris Scarfe again if
their bidding is successful. The move could potentially see
operational and financial success funnelled back into the embattled
business, the report says.
But Momentum isn't alone in the bidding war, with another
Australian private equity firm, Alceon, also looking to add Harris
Scarfe into their existing investments, relates Channelnews.
Alceon also have shares in Ezibuy and Pumpkin Patch, but it's
speculated their move to own Harris Scarfe may be to take on
department store rival, Myer.
According to Channelnews, the bidding has narrowed to four parties
and is set to be decided on February 14.
Momentum is known to be interested in the business but hasn't made
any final offers, however it's reported that Alceon has made their
final cut, Channelnews notes.
Additionally, DataRoom has revealed that former Coles Myer discount
department division head, Bob Dalziel, has also been interested in
the takeover, the report discloses.
Channelnews notes that Harris Scarfe managers are currently in the
works to shut down 21 stores by early February, with the intent on
offloading remaining operations. The main closures of stores is
understood to be located in Victoria, Queensland and NSW.
The sales process, run by accounting firm Deloitte, initially
started with 20 interested buyers but has now simmered down to just
four, adds Channelnews.
About Harris Scarfe
Harris Scarfe employs more than 1,800 staff and said the
appointment of DRS partners Vaughan Strawbridge, Kathryn Evans and
Tim Norman was made by an unnamed secured lender to the group.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
12, 2019, The Sydney Morning Herald said department store chain
Harris Scarfe has become the latest casualty of the flagging retail
sector after being placed into receivership. The AUD380 million
chain has 66 stores across the country from Top Ryde in Sydney's
northern suburbs, Westfield Chermside and Carindale in Brisbane,
Canberra, Wagga Wagga down to Geelong in Victoria, Adelaide and
Hobart.
NATURAL GROCERY: Second Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Natural
Grocery Company Pty Limited, trading as Flannerys, Kunara Cafe &
Garden Centre and Fundies, has been set for Jan. 29, 2020, at 2:00
p.m. at Sydney Harbour Marriott Hotel, at 30 Pitt Street, in
Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 28, 2020, at 4:00 p.m.
Timothy Cook of Balance Insolvency was appointed as administrator
of Natural Grocery on Nov. 25, 2019.
PEPPER SPARKZ 2: Fitch Assigns B(EXP)sf Rating to Class F Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Pepper SPARKZ Trust No.
2's pass-through floating-rate notes. The issuance consists of
notes backed by a pool of first-ranking Australian automotive and
equipment loan and lease receivables originated by Pepper Asset
Finance Pty Limited, a subsidiary of Pepper Group Limited (Pepper).
The notes will be issued by BNY Trust Company of Australia Limited
as trustee for Pepper SPARKZ Trust No. 2.
RATING ACTIONS
Pepper SPARKZ Trust No.2
Class A1-a; LT AAA(EXP)sf; Expected Rating
Class A1-x; LT AAA(EXP)sf; Expected Rating
Class B; LT AA(EXP)sf; Expected Rating
Class C; LT A(EXP)sf; Expected Rating
Class D; LT BBB(EXP)sf; Expected Rating
Class E; LT BB(EXP)sf; Expected Rating
Class F; LT B(EXP)sf; Expected Rating
Class G; LT NR(EXP)sf; Expected Rating
KEY RATING DRIVERS
Obligor Default Risk: Fitch has derived default and recovery
base-case expectations using Pepper's risk-tier classifications and
applied a granular approach using loss data since 2015. The
analysis is supported by comparable proxy data from similar
Fitch-rated issuers, given the limited historical data available.
Fitch applied base-case gross-loss expectations of 3.1%, 6.2% and
11.0% and 'AAAsf' default multiples of 6.0x, 5.25x and 4.5x for
tier A, B and C, respectively. Fitch applied a recovery base case
of 20% and 'AAAsf' recovery haircut of 60% across all assets.
Its weighted-average (WA) gross default and recovery base cases are
4.9% and 20%, respectively, and are applied on an asset pool of
lease and loan receivables backed by new and used vehicles and
equipment with WA seasoning of 12.5 months and an average contract
balance of AUD23,704. Fitch expects stable asset performance,
supported by sustained economic growth in Australia, with GDP
growth of 2.3% in 2020, a steady labour market and a low
interest-rate environment.
Cash Flow Dynamics: Fitch completed full cash-flow modelling, which
stressed defaults, default timing, prepayments and interest rate
movements, and determined that the notes pass all predetermined
stresses implied at their respective rating levels for timely
payment. The transaction generates excess spread, which supports
the ratings of the notes.
Structural Risk: Fitch evaluated structural risk by reviewing
transaction documentation and structural features. A liquidity
facility, sized at 1.25% of the aggregate invested balance of the
class A, B and C notes, supports the class A, B and C notes. The
transaction includes a class A1-x note that will be issued to fund
the component of the purchase price relating to the unamortised
commission that is paid to introducers in connection with the
origination of the receivables. This will not be collateralised but
will amortise in line with a specified amortisation schedule.
The class A to F notes will receive principal repayments pro rata
upon satisfaction of the pro rata conditions. The credit
enhancement provided from the G note will thus increase as the
class A to F notes continue to amortise.
Counterparty Risk: Fitch evaluated counterparty risk by reviewing
transaction documentation and structural features that reduce
structural risk and counterparty exposure. Remedial actions and
timeframes in the event of a counterparty becoming ineligible are
in line with Fitch's criteria.
Servicer and Operational Risks: All receivables were originated by
Pepper Asset Finance, which demonstrated an adequate capability as
originator, underwriter and servicer. Fitch undertook an onsite
operational and file review and found that the operations of the
originator and servicer were comparable with that of other auto and
equipment lenders.
Residual Value Risk: There is no residual value exposure in this
transaction.
RATING SENSITIVITIES
Expected Rating Sensitivity to Increased Default Rates
Notes: A1-a/A1-x/B/C/D/E/F
Original rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Defaults increase 10%: AA+sf/AAAsf/AA-sf/A-sf/BBB-sf/BBsf/Bsf
Defaults increase 25%: AAsf/AAAsf/Asf/BBB+sf/BB+sf/B+sf/less than
Bsf
Defaults increase 50%: A+sf/AA+sf/A-sf/BBBsf/BBsf/Bsf/less than
Bsf
Expected Rating Sensitivity to Reduced Recovery Rates
Notes: A1-a/A1-x/B/C/D/E/F
Original rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Recoveries decrease 10%: AAAsf/AAAsf/AA-sf/Asf/BBBsf/BBsf/Bsf
Recoveries decrease 25%: AAAsf/AAAsf/AA-sf/Asf/BBB-sf/BBsf/Bsf
Recoveries decrease 50%: AA+sf/AAAsf/AA-sf/A-sf/BBB-sf/BBsf/Bsf
Expected Rating Sensitivity to Increased Defaults and Reduced
Recoveries
Notes: A1-a/A1-x/B/C/D/E/F
Original rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Defaults increase 10%/recoveries decrease 10%:
AA+sf/AAAsf/A+sf/A-sf/BBB-sf/BB-sf/less than Bsf
Defaults increase 25%/recoveries decrease 25%:
AAsf/AAAsf/Asf/BBB+sf/BB+sf/B+sf/less than Bsf
Defaults increase 50%/recoveries decrease 50%:
A+sf/AA+sf/BBB+sf/BBB-sf/BB-sf/less than Bsf/less than Bsf
The class A1-x note benefits from a specified amortisation schedule
and is repaid in a senior position in the waterfall, thus making
its ratings less sensitive when compared to the remaining rated
notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
PROGRESS REAL: Second Creditors' Meeting Set for Jan. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Progress Real
Estate (WA) Pty Ltd has been set for Jan. 23, 2020, at 11:00 a.m.
at the offices of Cor Cordis, Mezzanine Level, at 28 The Esplanade,
in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2020, at 4:00 p.m.
Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Progress Real on Oct. 15, 2019.
SPG PROJECTS: Second Creditors' Meeting Set for Jan. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of SPG Projects
Pty Ltd has been set for Jan. 30, 2020, at 10:00 a.m. at the
offices of KPMG, Tower Three, International Towers, at 300
Barangaroo Avenue, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2020, at 4:00 p.m.
Ryan Eagle and Gayle Dickerson of KPMG were appointed as
administrators of SPG Projects on Dec. 14, 2019.
=========
C H I N A
=========
CBAK ENERGY: Raises $1.5 Million in Promissory Note Sale
--------------------------------------------------------
CBAK Energy Technology, Inc., entered into a Securities Purchase
Agreement with Atlas Sciences, LLC, pursuant to which the Company
issued a Promissory Note to the Lender dated as of Dec. 30, 2019.
The Note has an original principal amount of $1,670,000, bears
interest at a rate of 10% per annum and will mature 12 months after
the Closing Date, unless earlier paid or redeemed in accordance
with its terms. The Company received proceeds of $1,500,000 after
an original issue discount of $150,000 and payment of Lender's
expenses of $20,000.
The Note provides that, the Company shall have the right to prepay
the Note for an amount equal to 125% multiplied by the portion of
the Outstanding Balance (as defined in the Note) being prepaid.
Beginning on the date that is six months after the Closing Date,
the Lender has the right to redeem any amount of the Note up to
$250,000 per calendar month. Upon the occurrence of an event of
default, interest accrues at the lesser of 22% per annum or the
maximum rate permitted by applicable law and the Lender may
accelerate the Note pursuant to which the Outstanding Balance will
become immediately due and payable in cash. In addition, so long
as the Note is outstanding, in the event the common stock of the
Company is delisted from the Nasdaq Stock Market, the Outstanding
Balance will automatically be increased by ten percent.
The Company relied on the exemption from registration afforded by
Section 4(a)(2) of the Securities Act of 1933, as amended, in
connection with the issuance and sale of the Note.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, CBAK Energy had
$110.40 million in total assets, $98.90 million in total
liabilities, and $11.50 million in total equity.
Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.
DALIAN WANDA: Fitch Assigns BB+ Rating to New USD Sr. Unsec. Notes
------------------------------------------------------------------
Fitch Ratings assigned a rating of 'BB+' to Dalian Wanda Commercial
Management Group Co., Ltd.'s (BB+/Stable) proposed US dollar senior
unsecured notes, which will be issued by its wholly owned
subsidiary, Wanda Properties Overseas Limited.
The proposed notes are rated at the same level as Wanda
Commercial's senior unsecured rating, as they will be
unconditionally and irrevocably guaranteed by its wholly owned
subsidiaries Wanda Commercial Properties (Hong Kong) Co. Limited,
Wanda Real Estate Investments Limited and Wanda Commercial
Properties Overseas Limited. In addition, Wanda Commercial has
granted a keepwell deed and a deed of equity interest purchase
undertaking to ensure the issuer has sufficient assets and
liquidity to meet its note obligations.
Fitch believes Wanda Commercial's Standalone Credit Profile remains
strong at 'bbb+', due to robust rental and management fee revenue
generation and continued Wanda Plaza expansion. However, Wanda
Commercial's ratings are constrained by the consolidated credit
profile of Dalian Wanda Group Co., Limited (Wanda Group), which
Fitch assesses at 'bb+' due to weak entertainment-related
businesses and high leverage. Wanda Group owns 43.7% of Wanda
Commercial.
KEY RATING DRIVERS
Wanda Group Constrains Rating: Fitch assesses the parent and
subsidiary linkage between Wanda Group and Wanda Commercial as
'Moderate', which results in Wanda Commercial being rated on its
parent's weaker consolidated credit profile of 'bb+' under Fitch's
Parent and Subsidiary Rating Linkage criteria. Wanda Group's
consolidated credit profile is driven by Wanda Commercial, which
contributed around 80% of the group's consolidated EBITDA in 1H19,
and Beijing Wanda Cultural Industry Group Co., Ltd. (Wanda
Culture), which contributed 20%.
The consolidated credit profile of 'bb+' is constrained by Wanda
Culture's high leverage and the limited transparency of Wanda
Group's aggressive business strategy. Fitch estimates Wanda
Culture's consolidated total adjusted debt/EBITDAR at 11.0x in
1H19, versus 8.5x in 2018, and its operating EBITDAR/interest paid
+ rent at 1.9x in 1H19 and 1.4x in 2018, mainly driven by the
financials of its subsidiary, AMC Entertainment Holdings, Inc.
Fitch affirmed and withdrew AMC's rating at 'B' with a Stable
Outlook in December 2018.
Standalone Credit Profile 'bbb+': Wanda Commercial has a strong
property portfolio that is in line with 'A' rated property
investment companies due to its large size, asset diversification
and strong operational performance through business cycles. It is
China's largest shopping-mall owner and one of the largest
commercial-property owners rated by Fitch. Fitch expects rental and
management revenue to continue to rise by around 10% in 2019-2020
through leasable floor area expansion. The company generated CNY30
billion rental and management fee income in 2018, following a 6%
rise in average monthly rent to CNY110.6/square metre (sq m) and a
leasable floor area increase of 18%.
Wanda Commercial aimed to open 43 shopping malls in 2019, of which
70% would have been through an asset-light cooperative model. Fitch
estimates recurring EBITDA was CNY23.1 billion in 2019 and
recurring EBITDA net interest coverage was 2.8x. This should
stabilise at above 2.6x in 2020, commensurate with its 'bbb+'
credit strength. Fitch estimates Wanda Commercial's net
debt/recurring EBITDA slightly increased to 5.2x in 2019, from 5.1x
in 2018. Fitch expects net debt/recurring EBITDA to be sustained
below 6.0x in 2020.
Asset-Light Strategy Sped-Up: Fitch expects Wanda Commercial to add
30 asset-light cooperative projects each year in 2020-2021,
charging 30% of net rent from mall owners. It planned to add 29
cooperative projects in 2019 after speeding up the transition in
2018, when it added 18 against five in 2017. The asset-light
cooperative projects will help Wanda Commercial maintain revenue
growth at around 10%, but will lower the current rental gross
profit margin below 75% in the medium term, from 80%, as
cooperatives usually have a gross profit margin of around 40% after
deducting lease expenses as cost of sales.
Property Development Exit Transfers Risk: Fitch believes Wanda
Commercial's exit from the volatile development business in 2019 is
credit positive. The company intends to dispose of the rest of its
projects to Wanda Properties Group Co. Ltd., which was established
in 2018 and is wholly owned by Wanda Group, by end-2019. This will
transfer development-business risk outside of Wanda Commercial, but
the risk will remain in Wanda Group's consolidated credit profile.
Nonetheless, the exit means Wanda Commercial will not have to
maintain an excessively high cash balance in preparation for land
replenishment, which should bolster recurring EBITDA interest
coverage.
DERIVATION SUMMARY
Wanda Commercial's investment property portfolio of over 280 retail
malls is comparable with that of major global investment-property
companies, such as Simon Property Group, Inc. (A/Stable), which has
over 200 retail outlets, Swire Properties Limited (A/Stable) and
Unibail-Rodamco-Westfield SE (A-/Negative). Wanda Commercial's
strong retail mall portfolio is in line with 'A' rated property
investment companies due to its large size, asset diversification
and strong operational performance through business cycles.
Wanda Commercial's credit metrics are weaker than those of the
three peers, as its recurring EBITDA interest coverage of 2.0x-3.0x
is lower than the peer average of more than 5.5x. Its ratings are
also constrained by the weaker consolidated credit profile of its
parent, Wanda Group, due to the moderate linkages with its parent,
based on Fitch's Parent and Subsidiary Rating Linkage criteria. No
Country Ceiling or operating environment aspects affect the
rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Wanda Commercial to have opened 43-45 new Wanda Plazas in 2019
(2018: 49), with around 80,000 sq m of leasable floor area each,
out of which 30 malls will be under an asset-light business model.
- Asset-heavy shopping malls will have a gross profit margin of
around 80% (2018: 81%) and asset-light shopping malls will have a
gross profit margin of around 40% (2018: around 40%).
- Rental and property management fee income will increase by
11%-12% per year in 2019-2020 (2018: 23%).
- Capex of around CNY13 billion each year in 2019-2020 (2018:
CNY12 billion).
- Wanda Commercial to have wound down its property development
business before the end of 2019.
- Available cash balance, including 40% of wealth management
products, to be maintained at around CNY70 billion in 2019-2020
(2018: CNY85 billion).
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Improvement in Wanda Group's transparency or consolidated
credit profile
- IPO of Wanda Commercial that establishes effective ringfencing
and improves corporate governance
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Inability to execute asset-light business model that leads to
net debt/recurring EBITDA being sustained above 7x
- Wanda Commercial's recurring EBITDA/net interest below 2.5x
after 2020 for a sustained period
- Deterioration in Wanda Group's consolidated credit profile
LIQUIDITY
Sufficient Liquidity: Wanda Commercial had more than CNY67 billion
in available cash at end-1H19, after including CNY500 million of
pledged bank deposits to obtain borrowings and 40% of CNY26 billion
in wealth management products - mostly issued by commercial banks -
with less than a year maturity. The available cash is sufficient to
cover its CNY36 billion in short-term debt. Wanda Commercial has
kept its offshore funding channel open and issued offshore USD300
million of 6.25% 363-day notes in March 2019 and USD400 million of
6.95% three-year notes in December 2019.
IONIX TECHNOLOGY: CEO Yubao Liu Steps Down
------------------------------------------
Yubao Liu resigned as chief executive officer, president,
secretary, treasurer and a member of the Board of Directors of
Ionix Technology, Inc., effective as of Jan. 7, 2020. Mr. Liu's
resignation was not the result of any disagreements with the
Company on any matter relating to its operations, policies, or
practices. Effective upon resignation of Mr. Liu, on Jan. 7, 2020,
the Company's Board appointed Mr. Cheng Li as chief executive
officer, Mr. Shuyu Li as president and treasurer, and Mr. Long Xie
as secretary of the Company.
Cheng Li, age 64, is a director and Chairman of the Board. Mr.
Cheng Li has participated in the operation and management of the
Company since 2015. From April 2013 to March 2015, Mr. Li served
as the general manager and financial controller of Dalian Huanyu
Venture Capital Co., Ltd, where he engaged in project approvals,
financing, and investments and accumulated substantial experience
in the field of high-tech and financing operations. From 1996 to
2012, Mr. Li served in the Ministry of Industry and Information
Technology of Jiamusi city, Heilongjiang Province and the
Association for Science and Technology of Jiamusi. He received his
undergraduate degree in 1980 from Liaoning Normal University.
Mr. Shuyu Li, born in 1989, graduated in 2012 from Auckland
University of Technology with a Bachelor degree in Business, double
majored in Accounting and Finance. From August 2013 to October
2017, he worked as accountant assistant and office manager at Snug
Insulation Limited in Auckland, New Zealand, where he was mainly
responsible for business operation, budgeting, inventory control
and bookkeeping. Mr. Li joined the Company since 2018, and serves
as the director of Overseas Business department of the Company.
Mr. Long Xie, born in 1976, graduated from Liaoning University of
Technology, majoring in industrial and civil architecture. He
successively worked in Dalian TV station as an editor, Wantangshiye
Development Co., Ltd. as project manager. Mr. Xie joined the
Company since March 2016.
About Ionix
Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com/-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries. The company has four operating subsidiaries: Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, producing, and selling TN and
STN LCD, STN, CSTN, and TFT LCD modules as well as other related
products; Shenzhen Baileqi Electronic Technology Co., Ltd, a
company which specializes in LCD slicing, filling, researching and
designing, manufacturing and selling of LCD Modules (LCM) and PCBs;
Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged
in the production of intelligent electronic devices; and Dalian
Shizhe New Energy Technology Co., Ltd., a company engaged in
photo-voltaic power generation, electric vehicles and charging
piles with corresponding operation and maintenance and three
dimensional parking.
As of Sept. 30, 2019, Ionix had $18.78 million in total assets,
$8.69 million in total current liabilities, and $10.09 million in
total stockholders' equity.
Prager Metis CPAs, LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated Sept. 30, 2019, citing that the Company has not
generated sufficient cash flow from its operating activities for
the past two years and did not have enough cash to support future
operating plan. These circumstances, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
JMU LIMITED: Transfers Shares Listing to Nasdaq Capital Market
--------------------------------------------------------------
JMU Limited's application to transfer the Company's listing of its
American Depositary Shares from the Nasdaq Global Market to the
Nasdaq Capital Market has been approved by the Listing
Qualification Department of The Nasdaq Stock Market.
Accordingly, the Company's ADSs began trading on the Nasdaq Capital
Market effective at the opening of business on Jan. 6, 2020. The
Nasdaq Capital Market is a continuous trading market that operates
in substantially the same manner as the Nasdaq Global Market and
listed companies must meet certain financial requirements and
comply with Nasdaq's corporate governance requirements. The
transfer of the Company's listing from the Nasdaq Global Market to
the Nasdaq Capital Market is expected to have no impact on trading
in the Company's ADSs, and the Company's ADS's will continue to
trade under the symbol "JMU."
About JMU Limited
Headquartered in Shanghai, People's Republic of China, JMU Limited
currently operates an online platform for providing
business-to-business services to food-industry suppliers and
customers in China.
Michael T. Studer CPA P.C., in Freeport, New York, USA, the
company's auditor since 2019, issued a "going concern"
qualification in its report dated June 28, 2019, citing that the
Group experienced a net loss of approximately $25.3 million, $161.9
million and $123.2 million for the years ended Dec. 31, 2016, 2017
and 2018, respectively, and negative cash flows from operations of
approximately $5.8 million, $9.9 million and $4.3 million for the
years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec.
31, 2018, the Group's current liabilities exceeded its current
asset by $15.7 million and there was a capital deficiency of $22.2
million. These conditions raise substantial doubt about the
Group's ability to continue as a going concern.
[*] Deutsche Bank Sees 'Distressed Debt Cycle' Beginning in China
-----------------------------------------------------------------
Bloomberg News reports that amid rising defaults and tighter
liquidity for Chinese privately-owned enterprises, the nation's
banks are letting some companies fail, something Deutsche Bank AG
says presents bigger opportunities for foreign investors in
troubled debt.
According to Bloomberg, the German lender is an active distressed
player in Asia Pacific and has bet on some of the biggest
restructuring in the region, including commodities trader Noble
Group Ltd. Bloomberg says China is taking steps to allow more
foreign investment into the country's CNY2.37 trillion ($344
billion) non-performing loan market. It will give U.S. investors
direct access to the nation's soured debt market as part of its
trade deal.
"There are signs we are seeing the beginning of a distressed debt
cycle in China," Bloomberg quotes Amit Khattar, co-head of
investment bank for Asia Pacific, as saying in an interview.
"Distressed debt in China is going to be really interesting."
Defaults in China's onshore corporate bond market hit a record in
2019 and troubles have continued in the offshore market as well
this year, Bloomberg notes. China state-backed Qinghai Provincial
Investment Group Co. missed a coupon payment on a dollar bond due
last week and there have been jitters over luxury clothing giant
Shandong Ruyi Technology Group Co., whose unit missed payment on a
loan facility last year, according to Bloomberg.
Khattar said that during the global financial crisis, China
distress "didn't play out" because banks came to the rescue, but
that isn't happening at the same pace anymore as lenders refocus on
asset quality and profitability, Bloomberg relays.
Bloomberg says China's pile of bad debt is one area in which the
firm potentially sees an opportunity. The nation's asset management
firms have dominated the market so far, but as defaults rise the
pool of soured debt is increasing. Most of the onshore debt
nonpayments have been for private companies.
"Traditionally, it's been harder to buy secondary loans in China
and we haven't been particularly active in China NPLs," Khattar, as
cited by Bloomberg, said. "If the pace of distress creation goes
up, then foreign firms will have a greater role to play."
Deutsche Bank has also been active in India, its other main market
for financing and distressed business in the region. It has
deployed a "significant amount of capital" in India's shadow
banking sector and sees a strong "risk-reward" from lending to
stressed companies, Khattar said, Bloomberg relays.
However, there have also been surprises for foreign investors,
notably a court ruling last year on recovering funds in relation to
Essar Steel India Ltd., one of the country's so-called Dirty Dozen
that were pushed into bankruptcy courts in 2017, Bloomberg says.
That was resolved late last year, and the pace of distressed
activity is likely to pick up with that, though there have been
delays, Khattar said, Bloomberg relays.
"The India bankruptcy process is highly complex and resolutions
have been slower than expected," said Khattar, adds Bloomberg.
=========
I N D I A
=========
ANDHRA PRADESH: Ind-Ra Raises Bank Loan Ratings to 'BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on Andhra Pradesh State Financial Corporation's
(APSFC) bonds and bank facilities:
-- INR5.20 mil. (reduced from INR6.41 mil.) Bonds* upgraded with
IND BB/Stable rating;
-- INR0.25 mil. Secured overdraft# withdrawn; and
-- INR1.75 mil. (reduced from INR4.00 mil.) Long-term loans due
on July 26, 2021, upgraded with IND BB/Stable rating.
*Details in Annexure
#Rating withdrawn as the facility expired in April 2019
The upgrade reflects APSFC's regular debt servicing since July
2019, according to the monthly no default certificates submitted by
APSFC to Ind-Ra and the lender's confirmation regarding the same.
APSFC's management confirmed that the company will oversee the
management of funds at all the branches in Andhra Pradesh and
Telangana as it has set up the centralize pooling of funds for both
the states to ensure timely debt payments. Earlier, the two
divisions were functioning individually and managing their funds
separately. According to the procedure of a centralized fund
management system, APSFC (head office Finance and Accounts and
department) will release the funds for all expenditure-related
payments and debt servicing-related payments will be approved by
the managing director.
KEY RATING DRIVERS
Diversified Funding: APSFC caters to the loan requirements of
micro, small and medium enterprises (MSMEs) customer profile in
rural geographies. The lending exposure of APSFC's loans and
advances is fairly distributed among sectors. At FYE19, chemical
products accounted 18.81% of the total lending exposure of
INR32,809.10 million, followed by food products (10.90%), services
(8.63%), non-metallic mineral products (7.65%), basic metals
(5.87%), textiles (5.19%), and machinery except electrical
machinery (4.70%), medical loans (2.71%) and others (35.52%).
Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, its top 10 borrowers proportioned just
8.17% of the total gross loans and advances at FYE19. Hence, it
faces a low concentration risk. APSFC's lending is mainly to small
scale industries, thus adding pressure on its financial
performance.
Adequately Capitalized: APSFC's core capital risk-weighted adequacy
ratio increased to 28.52% in FY19 from 24.21% in FY18 and net worth
grew 12.19% YoY to INR7,052.16 million backed by annual net profit.
Moreover, its net interest income/total average earning assets
ratio improved to 10.63% in FY19 from 9.27% in FY18 (FY17: 8.51%)
on account of a 7% YoY increase in net interest income and a 6.69%
YoY fall in average total assets.
Asset Quality Moderation to Persist: The corporation maintained its
gross non-performing asset (NPA) ratio and net NPA ratio at about
9.2% and 5.3%, respectively over FY18-FY19. Despite better
recoveries and in-house collection by the corporation, the gross
NPA ratio stood at the higher side as APSFC lent to the MSME
segment. The recoveries were INR10,184.66 million in FY19 as
against INR12,189.21 million in FY18. APSFC's provisioning coverage
was 44.75% over FY18-FY19. APSFC has written off all doubtful
assets since FY09. Bad debt write-offs were INR1,073.43 million in
FY19 (FY17-FY18: about INR1,200 million).
Bifurcation Approval from Central Government Still Pending: The
scheme of reorganization to form separate state finance
corporations for Andhra Pradesh and Telangana in accordance with
the Andhra Pradesh Reorganization Act 2014 has been approved by the
board of directors and shareholders; however, it is pending
approval from the government of India.
Liquidity Indicators – Stretched: The structural liquidity
statement shows APSFC had a deficit of INR1,738.81 million for the
short-term maturity bucket of under one-year at FYE19. A
substantial portion of the debt (about 50% of debt outstanding at
FYE19) is due for repayment over FY20-FY21. The corporation plans
to raise funds for the debt servicing requirement. APSFC's
liquidity and fundraising will be a key monitorable for Ind-Ra. On
average, APSFC maintained a cash and bank balance of over INR840
million over FY15-FY19. On the liabilities side, APSFC's funding
profile mainly includes working capital borrowings and internal
accruals.
Shrinking Asset and Core Income Persist: APSFC's interest income,
its core operating income, declined to INR3,657.40 million in FY19
from INR3,740.15 million in FY18. This was due to a fall in loans
and advances to INR20,276.55 million in FY19 from INR21,143.26
million in FY18 caused by adverse market conditions. Furthermore,
APSFC's annual disbursements fell 16.25% YoY to INR5,975.09 million
in FY19 (FY18: down 3.9% YoY). Ind-Ra expects APSFC to continue to
experience lower loans and advances in the near term leading to a
shrinking asset base and low core income.
RATING SENSITIVITIES
Positive: Developments that could, individually or collectively,
lead to a positive rating action include:
• - the settlement of the bifurcation and the restoration of
explicit government support to the corporation
• - APSFC's demonstrated ability to improve the earning assets
by 5% YoY on a sustained basis
• - an improvement in the liquidity profile in conjunction with
asset-liability management resulting in annual surplus (inflow from
assets less outflow from liabilities) on a sustained basis in the
short-term bucket
• - improved asset quality on reporting gross NPA ratio of under
9%
Negative: Developments that could, individually or collectively,
lead to a negative rating action include:
• - a sustained fall in the total earning assets and the scale
of operations
• - sustained asset-liability mismatches in short-term buckets
- an increase in debt/equity to above 2.5x
COMPANY PROFILE
APSFC is a state financial corporation (SFC) that was formed in
1956 under the State Financial Corporation Act, 1951. Most states
have created SFCs under the act. The central government has decided
to create Telangana from Andhra Pradesh, with Hyderabad as a common
capital for the next 10 years. However, the division of assets and
liabilities between the states is still pending approval from the
central government.
AVANI AGRO: CRISIL Lowers Rating on INR3.0cr Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Avani
Agro Mills (AAM) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 3 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Long Term Loan 0.7 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The ratings downgrade reflects continuation of modest operating
margin at around 3.9% in FY 2019 compared to around 7.8% in FY
2017. Also, capital structure continues to remain leveraged marked
by modest net worth of INR1.06 crore and gearing of around 3 times
in FY 2019.
The ratings continue to reflect AAM's modest scale of operations
and its average financial risk profile. These rating weaknesses are
partially constrained by promoter's long standing experience in the
rice milling industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and intense competition in rice
milling industry: The scale of operations is modest marked by
operating income of INR33.29 crore in FY 2019. The small scale of
operations prevents the firm from taking advantage of benefits that
come out of economies of scale. This further heightens competition
in the target market leading to modest operating margin.
* Modest financial risk profile: The firm's gearing is estimated at
around 3 times as at March 31, 2019. This is mainly on account of
modest networth base of INR1.06 crore. However, with no major debt
funded capex plans and consistent accretion to reserves, capital
structure is expected to improve over the medium term.
Strength:
* Long standing industry experience of its promoters: Mr. P E
Poulose has an experience of around two decades in the sector.
Besides, Mr. Poulose manages entity which are engaged in wheat
trading. Collectively, the partners have vast experience in the
sector, which has translated into a healthy growth in sales in the
year ended March 31st, 2019.
Liquidity Stretched
Average bank limit utilization for the last 12 months ended on
December, 2019 is modest at around 95%. Net cash accrual is
sufficient against repayment obligations. Current ratio continues
to be modest at 0.9 times.
Outlook: Stable
CRISIL expects AAM to maintain its moderate business risk profile
on the back of the long standing industry experience of its
partners.
Rating Sensitivity Factor:
Upward Factors:
* Net cash accruals in excess of INR0.7 crores driven by
improvement in scale of operations
* Efficient working capital management and maintenance of moderate
capital structure
Downward Factors:
* Further decline in revenue or fall in margin leading to net cash
accruals of less than INR0.5 crore
* Larger than expected working capital requirement or significant
debt funded capex.
Set up in 2015, AAM is a partnership firm engaged in milling and
processing of paddy into parboiled rice, rice bran, broken rice and
husk. The firm operates out of its factory, with an installed
capacity of 5 tonnes per hour (tph), at Ayyampuzha, Kerala. The
firm is managed by Mr. P E Poulose and his family members.
BAHADUR KE: CARE Reaffirms 'B' Rating on INR11.25cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bahadur Ke Textiles and Knitwears Association (BKTKA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.25 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 5.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of BKTKA continue to
remain constrained by the project implementation risk and
dependence of the company on the performance of its members. The
rating is also constrained by the competitive & fragmented nature
of the textile industry. The ratings, however, derive strength from
tieup with the members leading to reduced off-take risk and funding
support from the government.
Rating Sensitivities
Positive Factors
* Stabilization of operations of the company post completion of the
project within the time & cost estimates.
* Ability of the company to achieve the sales and profitability
margins as envisaged.
Negative Factors
* Any significant time & cost overrun from the earlier envisaged
estimates.
* Inability of the company to stabilize operations as envisaged.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project implementation risk: The company is setting-up a Common
Effluent Treatment Plant (CETP), with a capacity of 15 Million
Litres per day, at a total project cost of INR34.17 crore. It is
proposed to be funded through a term loan amounting to INR11.25
crore (tied up), subsidy from both state (Punjab government) and
central government amounting to INR16.88 crore and promoter
contribution amounting to INR6.04 crore. The company has already
incurred total project cost of ~Rs. 25.39 crore, till October 31,
2019. The project was earlier expected to achieve Commercial
operation date (COD) in September-2019. However, owing to delay in
release of subsidy from the government and delay at the
supplier-end for supply of a pipeline, the project is now expected
to achieve COD in April-2020. However, no cost escalation is
expected to be there on such account and repayment of the term loan
will now commence from October-2020 (January-2020 earlier). Being
a new unit, the stabilization and streamlining of production
remains to be seen. The ability of the company to complete the
project within the time and cost estimates and achieve the sales
and profitability margins as envisaged, will remain the key rating
sensitivities.
Dependency upon the performance of the members and the textile
industry: The prospects of the company will depend upon the
performance of its members which are all engaged in the textile
industry. Indian textile industry is the second largest employer
after agriculture and accounts for a significant proportion of the
Gross Domestic Product (GDP). Any adverse changes in the global
economic outlook as well as demand-supply scenario in the domestic
market directly impacts demand for the textile products. Textile
industry as a whole remains vulnerable to various factors such as
fluctuations in prices of crude oil, prices of cotton, mobilization
of adequate workforce and changes in government policies for
overall development of the textile industry. The performance of the
members is also exposed to the competitive & fragmented nature of
the textile industry. Any significant changes in such factors will
have a direct impact on the business operations of its members
leading to reduced requirement for treatment of the effluent.
Key Rating Strengths
Funding support from the government: The total project cost of
INR34.17 crore is proposed to be part funded through a subsidy
of INR16.88 crore from the government (both state and central
government combined). The company has already received INR10.71
crore out of the same, till October 31, 2019. The subsidy is also
expected to result in a satisfactory capital structure of
the company going forward.
Tie up with the members leading to reduced off-take risk: The
company already has an agreement, with 23 members, for the
treatment of effluent that will be generated from their plants. The
same is expected to lead to reduced off-take risk when the
operations starts in April-2020. The company will be charging a
fixed cost per liter of effluent treated from its members. The same
will result in stability in the operations of the company.
Liquidity: Not applicable, operations not yet started. The project
is expected to start commercial operations in April-2020.
Bahadur Ke Textiles and Knitwears Association (BKTKA) was initially
constituted as a Public Limited Company under the name M/s. Bahadur
Ke Textile & Knitwear Industrial Development Limited, on Jan 13,
2005 and was re-constituted on June 29, 2011 as a Company, under
Section 25 of the Companies Act, 1956. The main object of the
company is to achieve socio-environmental objective of environment
cleanliness by setting up a Common Effluent Treatment Plant (CETP),
with a capacity of 15 Million Litres per Day (MLD) to provide
effluent treatment facility to its members i.e. dyeing units of
Bahadur Ke Road, Ludhiana (Punjab) for treatment of effluents of
their dyeing and printing units. The project is expected to start
commercial operations in April-2020.
BHARTI AIRTEL: Must Pay US$3BB to Government, Court Rules
---------------------------------------------------------
Bloomberg News reports that India's Supreme Court ruled that
wireless carriers including Bharti Airtel Ltd. and Vodafone Idea
Ltd. need to pay $13 billion of dues to the government, rejecting
an appeal by operators struggling to stem losses and reduce debt.
A three-judge Supreme Court bench headed by Justice Arun Mishra on
Jan. 16 dismissed review petitions filed by the telecommunication
companies against the October verdict, Bloomberg relates citing
updates on the court's website. Under that ruling, Vodafone Group
Plc's India venture has to pay $4 billion, while Bharti Airtel got
a $3 billion bill -- all due on Jan. 24.
According to Bloomberg, the court also rejected requests by telecom
companies for rehearing the petition seeking relaxations on
penalties sought by the government and deadline for the payment.
Bloomberg says the court's rebuff is the latest setback for the
survivors of a brutal tariff war sparked by the 2016 entry of
billionaire Mukesh Ambani's Reliance Jio Infocomm Ltd., an upstart
that disrupted the industry with free calls and cheap data. Both
Bharti Airtel and Vodafone Idea, with a combined net debt of about
$30 billion, reported record losses in the quarter through
September, and were counting on the court to reverse its order, the
report notes.
"We wonder how weaker operators like Vodafone Idea will make this
payment, and not that Bharti Airtel is getting any respite as the
amount has to be paid up," Bloomberg quotes Gaurang Shah, vice
president at Geojit Financial Services Ltd., as saying. "It isn't
easy to raise tariffs and retain customers. It remains to be seen
how companies now respond to this decision because the court has
twice spelled it out for them."
For two decades, the operators had challenged the way authorities
calculated their annual adjusted gross revenue, a share of which is
paid as license and spectrum fees, Bloomberg states. With the
October ruling, the court upheld the government's method, while
rejecting the companies' plea to exclude revenue from
non-telecommunications businesses.
"We are evaluating filing a curative petition," Airtel said in a
statement after the ruling. "The industry continues to face severe
financial stress and the outcome could further erode the viability
of the sector as a whole."
The government had raised a total demand of around INR920 billion
($13 billion) against all telecom operators, including defunct
ones, according to filings in the court cited by Bloomberg.
BHATI ASSOCIATES: CARE Assigns 'C' Rating to INR8.0cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhati
Associates Private Limited (BAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.00 CARE C; Stable Assigned
Facilities
Long-term/Short- 10.00 CARE C; Stable/CARE A4
term Bank Assigned
Facilities
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of BAPL is constrained
by History of overutilization of cash credit facility and stressed
liquidity position along with Small and declining scale, leveraged
capital structure and modest and concentrated order book position.
Rating is further constrained by highly competitive nature of
industry and Business risk associated with tender-based orders. The
rating, however, draws comfort from experienced management and
technically qualified team coupled with long track record of
operations, along with Moderate profitability margins and debt
coverage indicators.
Rating Sensitivities
Positive Factors:
* Ability of the company to increase its scale of operations while
improving its capital structure.
* Ability to successfully execute orders in envisioned time and
cost.
Negative factors:
* Deterioration of profitability margins as marked by PBILDT margin
and PAT falling below 15.00% and 5.00% respectively.
* Deterioration in debt coverage indicators as marked by interest
coverage of below 2.40x and TDGCA of above 7.00x.
Detailed description of the key rating drivers
Key rating weaknesses
History of overutilization of cash credit facility and stressed
liquidity position
There were instances of invocations in bank guarantee and overdraws
in cash credit limits on regular basis attributable to delay in
orders execution, resulting in stressed liquidity and cash flow
mismatch. However the overutilization in working capital limits is
being regularized within period of 30 days. Furthermore, elongated
collection period and almost full utilization of its working
capital borrowings indicates the stressed liquidity position of the
company against timely servicing of its debt obligations.
Small and declining scale of operations
BAPL is a small regional player involved in executing civil
contracts. The ability of the company to scale up to larger-sized
contracts having better operating margins is constrained by its
comparatively small capital base of INR9.58 crore as on March 31,
2019 and total operating income of INR24.85 crore in FY19 (refers
to the period April 1 to March 31). The small scale of operations
in a competitive industry limits the bidding capability, pricing
power and benefits of economies of scale. Moreover, the company's
scale of operations has been declining over the past three years
(FY17-FY19). The total operating income declined from INR33.69
crore in FY17 to INR24.85 crore in FY19 registering CAGR of
10.45%.
Leveraged capital structure
The capital structure of the company stood leverage as overall
gearing ratio of 1.65x as on March 31, 2019 as against 1.76x as on
March 31, 2018 owing to accretion of profits to reserves along with
repayment of vehicle loan.
Modest and concentrated order book position
The tenor of the orders, undertaken by the company, varies up to 24
months depending of the size of the project. The order book of the
company is concentrated towards orders from Public Works Department
in Madhya Pradesh region. Hence, effective and timely execution of
the orders can have a direct bearing on the margins. Moreover,
ability of the company to bag the new orders along with timely
execution of the same thereby, increase its scale of operations
remained critical.
Highly competitive nature of industry
BAPL faces direct competition from various organized and
unorganized players in the market. There are number of small
and regional players and catering to the same market which has
limited the bargaining power of the company and has exerted
pressure on its margins. Further, the award of contracts are tender
driven and lowest bidder gets the work. Hence, going forward, due
to increasing level of competition and aggressive bidding, the
profits margins are likely to be under pressure in the medium
term.
Business risk associated with tender-based orders
The company majorly undertakes private and government projects,
which are awarded through the tender-based/bidding system. The
company is exposed to the risk associated with the tender-based
business, which is characterized by intense competition. The growth
of the business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Further, any changes in
the government policy or government spending on projects are likely
to affect the revenues of the firm.
Key Rating Strengths
Experienced management and technically qualified team coupled with
long track record of operations
The company is managed by Mr Harish Chaudhary and Mr Satish
Chaudhary, who are graduates by qualification and have around two
decades of collective experience in the construction industry
through their association with BAPL. Besides experienced
management, BAPL also has a well-qualified and experienced team of
engineers and other professionals. The company is having extensive
track record in this business which has resulted in long term
relationships with both suppliers and customers.
Moderate profitability margins and debt coverage indicators
The profitability margins of the company stood moderate as marked
by PBILDT and PAT margin of 17.71% and 5.59% respectively for FY19
as against 16.87% and 3.72% respectively for FY18. The improvement
in margins was mainly on account of orders executed with better
profitability. Further, owing to moderate profitability, the debt
coverage indicators of the company stood moderate as marked by
interest coverage and total debt to gross cash accrual ratio of
2.44x and 3.55x respectively for FY19.
Delhi based Bhati Associates Private Limited (BAPL) was established
in year 1996 as a proprietorship firm by Mr Harish Bhati, which was
later converted to a private limited company in January, 2004. The
company is managed by Mr Harish Chaudhary and Mr Satish Chaudhary.
The company is engaged in civil construction works such as
construction of roads, buildings, flyovers and others for
government entities like Public Works Department, Uttar Pradesh
Avas Vikas Parishad and others. In order to get the business,
company has to participate in tenders and bids floated by
government entities. Bricks, sand, cement, steel, tiles, plywood,
electrical fittings, etc. are the major raw materials required for
execution of awarded task, which are procured from various
manufacturers and dealers located in the domestic market.
BHATI ASSOCIATES: CRISIL Cuts Rating on INR8cr Cash Loan to C
-------------------------------------------------------------
CRISIL has revised its rating on bank facilities of Bhati
Associates Private Limited (BAPL) to 'CRISIL C/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL A4 (ISSUER NOT COOPERATING;
Revised from 'CRISIL A4+ ISSUER
NOT COOPERATING')
Cash Credit 8 CRISIL C (ISSUER NOT COOPERATING;
Revised from 'CRISIL BB-/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with BAPL and has sought
information via letters and emails dated March 30, 2019, June 10,
2019 and June 14, 2019, among others; apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL has
not obtained any information on either the financial performance or
strategic intent of BAPL, which restricts its ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available for the company is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information with 'CRISIL BB' rating category or lower.'
Based on best available information, CRISIL has revised its rating
to 'CRISIL C/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating', after factoring in
invocation of bank guarantee facility and overutilisation of cash
credit facility over the past three months.
Established in 1984 in Ghaziabad, Uttar Pradesh, by Mr Harish
Chowdhary, BAPL constructs government buildings and roads on tender
basis in Madhya Pradesh and Uttar Pradesh.
BHIMJI VELJI: CRISIL Lowers Rating on INR12.1cr Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bhimji
Velji Sorathia Construction Private Limited (BVS) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 77.9 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 12.1 CRISIL C (Downgraded from
'CRISIL BB+/Stable')
The ratings downgrade reflects delay in servicing of commercial
equipment (CE)/commercial vehicles (CV) debt by the company which
is not rated by CRISIL. BVS's stretched debtor cycle coupled with
deteriorating business risk profile has put pressure on its
liquidity profile. BVS has clocked INR98 cr till December 2019 and
its turnover, accruals in FY20 are likely to fall from the levels
in FY19. Simultaneous with reduced accruals, the working capital
cycle continues to remain stretched impinging the liquidity. Over 6
months debtors has remained around INR6 crore with overall debtor
cycle deteriorating to 90 days against previous level of 79 days as
on March 31, 2019.
The ratings reflect stretched working capital cycle, and revenue
concentration risks associated with the tender-driven business
along with susceptibility to volatility in profitability in the
fragmented industry. The company also has track record and healthy
order book position in civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Stretched working capital cycle
Working capital cycle continues to remain stretched on account of
high debtors. The company had a GCA of 107 days in fiscal 2019
driven by debtors of 79 days. This has been on an increasing trend
since past 3 years, it stood at 50 days in fiscal 2017. As per the
YTD performance, with further stretch, debtors have remained around
88 days. Further, the company also has debtors which remains
outstanding for more than 6 months thereby adding to overall
liquidity pressure.
* Revenue concentration risks associated with tender-driven
business along with susceptibility to volatility in profitability:
Almost all revenue is derived from Gujarat. Moreover, the entire
business is dependent on the ability to win contracts through
tenders involving a competitive quotation process, which
significantly constrains pricing flexibility. Therefore, CRISIL
believes that the geographical concentration in revenue will
constrain BVS' growth potential and make it vulnerable to business
prospects in its area of operations. The civil construction
industry is marked by high degree of fragmentation leading to
intense competition and hence BVS would remain exposed to pricing
pressure over the medium term.
Strengths
* Track record in civil construction and comfortable order book:
For over two decades, the company has been undertaking civil works
for the construction of roads, bridges, canals, dams, and factory
buildings; and receives orders from both government as well as
private entities. It has an outstanding order book of INR441.9
crore as on 31-Dec-2019 providing comfortable revenue visibility
over medium term.
Liquidity Poor
* High bank limit utilization: Highly drawn bank limits averaging
over 90%. Utilization is expected to remain on a higher side owing
to large working capital requirement.
* NCA Repayment: While cash accrual remained sufficient against the
repayment obligation in the past; declining topline and subsequent
impact on BVS' cash accruals shall remain key monitorable given
high term debt obligations.
* Stretched working capital requirements: Stretched debtor cycle
and over 6 months debtors has resulted in impairing the liquidity
profile.
Rating Sensitivity factors
Upward factors:
* Timely servicing track record of minimum 90 days towards all
financial obligations
* Improvement in debtors days of less than 75 days
Downward factors:
* Stretch in working capital cycle with GCA of over 130 days
* Further pressure on liquidity leading to irregularities on rated
debt.
BVS was set up as a proprietary concern, Bhimji Velji Sorathia, in
1992 and reconstituted as a partnership firm in fiscal 2007. The
firm was converted into private limited company in June 2013 and
got its present name. BVS undertakes construction of roads,
bridges, canals, dams, and factory buildings (only civil works).
Currently, BVS is registered as a Class AA+ contractor with the
Public Works Department of Gujarat.
CHANDRA AUTOMOBILE: CRISIL Assigns B- Rating to INR7.15cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of Chandra
Automobile India Private Limited (CAIPL) at 'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.15 CRISIL B-/Stable (Reaffirmed)
The ratings continue to reflect CAIPL's weak financial risk profile
and its exposure to intense competition in automobile dealership
industry. These weakness are partially offset by its promoter's
extensive experiences in the industry.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile
The company's financial risk profile is marked by modest net worth
and high gearing and total outside liabilities to tangible net
worth (TOLTNW) ratio. The company had modest net worth of about
INR4.48 crore as on March 31, 2019. Its net worth is likely to
remain modest over the medium term on account of low accretions to
reserves because of low profitability on account of the trading
nature of its operations.
* Exposure to intense competition in automobile dealership
industry
The passenger cars automotive sector is intensely competitive with
a large number of players present in the mini, compact, mid-size,
executive, premium and luxury passenger car segments. Also two
wheeler automotive sector is intensely competitive with a large
number of players present in the 100cc, 150cc and premium
categories.
Strength
* Promoters' extensive experience
The promoters have extensive experience in operating various auto
dealerships. The promoters have initially set CAIPL in 1992 as a
dealer of two wheelers for Hero Honda Motors Pvt Ltd. Later in 2005
they have taken up the dealership of HMSI. After the split of Hero
and Honda, the company has taken the dealership of HMIL.
Liquidity Stretched
Average bank limit utilization for the last 12 months ended on
November 2019 is modest at around 90%. Net cash accruals along with
cash balance and support from unsecured loans, meets repayment
obligations. Current ratio continues to remain modest at 0.85 times
in March, FY 2019.
Outlook: Stable
CRISIL believes that CAIPL will continue to benefit over the medium
term from its promoters' extensive industry experience.
Rating Sensitivity Factor
Upward Factors
*Net cash accruals in excess of INR2.6 crores driven by improvement
in scale of operations and sustenance of operating margin.
*Efficient working capital management and maintenance of moderate
capital structure.
Downward Factors
*Decline in revenue growth rate or further fall in margin resulting
in shrinkage of accruals to less than INR1 crore
*Larger than expected working capital requirement or significant
debt funded capex.
Set up in 1992, CAIPL is an authorised dealer for passenger cars of
Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in Coimbatore (Tamil Nadu). The company is
promoted by Mrs. R Nandini and her family members.
CICO TECHNOLOGIES: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CICO Technologies
Limited (CTL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.
The instrument-wise rating action is:
-- INR125 mil. Proposed fund-based limit* assigned with
Provisional IND BB/Stable rating.
*The above rating is provisional and the final rating shall be
confirmed upon the disbursement of the loan for the above
facilities by CICO to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The rating reflects CTL's medium scale of operations, as reflected
by the revenue falling to INR572 million in FY19 (FY18: INR654
million) due to the adverse effect of demonetization and
implementation of the goods and services tax.
Liquidity Indicator – Adequate: CTL's average maximum utilization
of the fund-based limits was about 76% for the 12 months ended
December 2019. Its cash flow from operations increased to INR30
million in FY19 (FY18: INR15 million) on account of favorable
changes in the working capital cycle. The cash and cash equivalents
stood at INR5.65 million at FYE19 (FYE18: INR6.01 million).
However, the networking capital days deteriorated marginally to 125
in FY19 (FY18: 118) on account of lower creditor days.
The rating, however, is constrained by CTL's modest EBITDA margin,
which expanded slightly to 5.01% in FY19 (FY18: 4.56%) due to the
decrease in raw material costs. The return on capital employed
stood at 7.13% in FY19 (FY18: 7.17%) due to poor market conditions.
The rating is further constrained by CTL's weak credit metrics
despite the marginal improvement in FY19. Interest coverage
(operating EBITDAR/gross interest expense) improved slightly to
1.58x in FY19 (FY18: 1.56x) and net leverage (total adjusted net
debt/operating EBITDA) to 3.90x (4.29x) due to the decrease in
total borrowing of INR118 million (INR133 million).
The rating, however, is supported by the promoters over four
decades of experience in construction chemicals. Furthermore, the
company enjoys strong clientele and geographical presence across
the country, and hence, faces very low customer concentration risk.
RATING SENSITIVITIES
Negative: A deterioration in the revenue and overall credit
metrics, leading to the interest coverage falling below 1.5x, on a
sustained basis could be negative for the ratings.
Positive: An increase in the revenue along with an improvement in
the liquidity profile and interest coverage, all on a sustained
basis, could lead to positive rating action.
COMPANY PROFILE
Established in 2000 as a closely-held public limited company, CICO
Technologies Limited manufactures waterproofing and construction
compounds, construction chemicals and additives. The company also
provides complete solutions for construction activities involved in
building airports, roads, and bridges, metro rail, hydropower,
thermal power, etc. Its manufacturing units are located in Gurgaon,
Haridwar, Kolkata, Greater Noida, and Chennai.
CONTINENTAL MILKOSE: Ind-Ra Moves BB- LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Continental
Milkose (India) Limited's (CMIL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR250 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 25, 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 1992, CMIL manufactures and trades ready-to-eat
products, malted milk foods, and dairy products at its facility in
Village Habibpur, Greater Noida (Uttar Pradesh) with an installed
capacity of 1,40,000 million tons per annum (mtpa), 10,000mtpa and
17,000mtpa, respectively.
EKLINGJI PROJECTS: CARE Assigns 'B' Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Eklingji
Projects LLP (ELP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10 CARE B; Stable Assigned
Long-term/Short-
term Bank Facilities 5 CARE B; Stable/CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of ELP remain
constrained on account of its high project implementation risk
related to its real estate project "Radhe Parisar" coupled with
risk related to timely receipt of advances from the said project.
The ratings, further, remained constraint on account of its
constitution as a partnership firm, presence in a cyclical and
highly fragmented real estate industry along with stretched
liquidity position.
The ratings, however, derive strengths from experience of its
promoters in the real estate industry as well as established track
record of the Eklingji Group in executing various real estate
project.
Key Rating Sensitivities
Positive factors
* Successful completion of project of "Radhe Parisar" within
envisaged timeline and cost parameters
* Satisfactory booking status of the to be constructed units marked
by bookings of more than 70% units till completion of the project
and receiving booking advance of more than 50% of sale value from
booked units
Negative factors
* Cost over-run or time over-run by 20% or two quarters
respectively in completion of project of "Radhe Parisar"
* Delayed receipt of booking advance
* Slower booking pace marked by bookings of less than 40% of to be
constructed units till completion of the project
* Delay in selling of to be constructed units marked by lower sale
of 10% of constructed units till one quarter after completion of
project
Detailed description of the key rating drivers
Key Rating Weaknesses
High project implementation risk
EPL started a real estate project named ‘Radhe Parisar' in
November, 2019 and is expected to be completed by end of December
2021. Further till December 17, 2019, cost of INR5.50 crore (i.e.
22% of total expected projected cost) is incurred towards purchase
of land, which has been funded through promoter's capital. Hence,
with majority of cost yet to be incurred, the firm is exposed to
high project implementation risk.
Partnership Nature of constitution
EPL being a partnership firm is exposed to inherent risk of the
partner's capital being withdrawn at the time of contingency and
also limits the ability to raise the capital. The partners may
withdraw capital from the business as and when it is required,
which may put pressure on the capital structure of the firm.
Risk related to timely receipt of advances
Till December 16, 2019, EPL has not started construction for its
real estate project "Radhe Parishar", which is expected to commence
from February, 2019. Further, till December 16, 2019, EPL has not
started to book proposed units for the said project and is expected
to start accepting bookings from June 2020. Hence, timely getting
of booking at envisaged rate for the project and subsequently
receiving advances as envisaged from these bookings remain
crucial.
Presence in a cyclical and highly fragmented real estate industry
The life cycle of a real estate project is long and the state of
the economy at every point in time, right from land acquisition to
construction to actual delivery, has an impact on the project. This
capital intensive sector is extremely vulnerable to the economic
cycles. Currently, slowdown in sales and increased input costs has
increased liquidity concerns for highly leveraged players. Further,
the real estate sector in India is highly fragmented with many
regional players, who have significant presence in their respective
local markets which in turn leads to intense competition within the
industry. The real estate sector is sensitive to the economic cycle
and interest rates. Adverse movement in interest rate affects the
real estate players in both ways - by hampering demand as well as
increasing the cost of construction.
Key Rating Strength
Experienced Promoters
EPL has been established by Mr Dilipsinh Sisodiya, Mr. Yuvrajsinh
Sisodiya and Mr. Siddhrajsinh Sisodiya. Mr. Dilipsinh Sisodiya
holds experience of more than one and a half decade in real estate
industry and looks after overall project management of "Radhe
Parisar". Mr. Yuvrajsinh Sisodiya and Mr. Siddhrajsinh Parmar has
experience of eight years five years respectively in real estate
industry. The promoters of EPL has executed many prestigious
residential and commercial and residential projects in Ahmedabad
city through group companies in past.
Established track record of partners in real estate industry
EPL belongs to Eklingji group which have a strong presence in
Ahmedabad's real estate market by successfully completing nine real
estate projects.
Liquidity: Stretched
Liquidity position of EPL remained stretched in absence of any cash
flow from booking advances as the firm has not started to accept
bookings for the project "Radhe Parisar" as against 22% of total
expected cost has already been incurred towards the project
implementation till December 16, 2019. Further, financial closure
of the project is yet to be achieved.
Ahmedabad (Gujarat) based, EPL was established as a partnership
firm on February 2016. EPL is currently executing a residential cum
commercial real estate project named "Radhe Parisar" (RERA
Registration of the project is pending) with 132 proposed units
(110 flats and 22 shops) at Ahmedabad-Sanand Highway consisting
total proposed area under development of 142,000 square feet. The
implementation of Radhe Parisar commenced since November 2019 and
till December 16, 2019, the cost of INR5.50 crore (22% of total
expected project cost) has incurred towards acquisition of land for
the project, which has been funded through promoter's contribution.
FAIRDEAL JUMBO: CARE Reaffirms B+ Rating on INR0.73cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Fairdeal Jumbo Packaging Private Limited (FJPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.73 CARE B+; Stable Reaffirmed
Facilities
Short Term Bank 3.20 CARE A4 Reaffirmed
Facilities
Long Term/Short 18.80 CARE B+; Stable/CARE A4
Term Bank Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
For arriving at the ratings of FJPPL, CARE has taken a combined
view of its associate concern viz. Fairdeal FIBC Overseas (FFO) and
FJPPL due to their operational and managerial linkages and
management's intention to merge the operations of FFO with that of
FJPPL. Together these entities are referred as Fairdeal Group
(FDG).
The ratings assigned to the bank facilities of FJPPL takes into
consideration FDG group's moderate scale of operation with
reporting cash losses, moderate capital structure with weak debt
coverage indicators and stretched liquidity.
Moreover, ratings continue to remain constrained on account of
susceptibility of its margins to volatility in prices of key raw
materials as well as foreign exchange rate and presence in a highly
competitive and fragmented packaging industry.
However, the ratings also derive comfort from extensive experience
of promoters in the same line of business with established presence
of FDG in the packaging industry and established customer base.
Rating Sensitivities
Positive Factors
* Increase in scale of operation marked by increase in total
operating income (TOI) by 20% with achieving PAT margin of more
than 2%
* Improvement in capital structure marked by overall gearing below
unity
* Improvement in debt coverage indicators marked by interest
coverage ratio above 3 times and total debt to GCA ratio of below
10 times.
* Generating positive cash flow from operations
Negative Factors
* Stuck debtors as well as increase in blockage of funds in
inventory resulting deterioration in cash flow from operation and
elongation in working capital cycle by more than 30 days putting
pressure on liquidity
* Decline in operating profitability marked by PBILDT margin below
5% due to increase in raw material prices by and company's
inability to pass the increase to its customers
* Cash flow mismatches in case of delay or non-recovery of
insurance claim in full for FFO leading to pressure on liquidity of
FJPPL for supporting repayment obligations of FFO.
Detailed description of the key rating drivers
Key Rating Weaknesses
Moderate scale of operations and cash losses during FY19
During FY19, the scale of operation marked by TOI of FDG increased
by 34% but remained moderate at INR98.07crore as against
INR72.91crore in FY18; owing to increase in demand from its
domestic as well as export customers.
During FY19, PBILDT margin has dipped by 382bps and remained
moderate at 7.46% in FY19 as a result of increase in material cost
consumed and employee cost. Further, on December 5, 2018, there was
a fire on the factory premises of FFO and FFO has discontinued
operations from December, 2018 till date. FFO reported net loss of
INR8.55 crore due to fire during FY19 coupled with increase in
interest & finance charges of FJPPL due to increased utilization of
its working capital borrowings which resulted into net losses of
INR3.81 crore for FDG during FY19 as against net profit of INR0.87
crore in FY18. Consequently, FDG reported cash loss of INR2.60
crore during FY19 against cash profit of INR2.08 crore in FY18.
Moderate capital structure and weak debt coverage indicators
The capital structure of FDG deteriorated over previous year and
remained moderate marked by overall gearing ratio of 1.91 times as
on March 31, 2019 as against 1.29 times as on March 31, 2018 due to
increase in total debt level in form of unsecured loan and working
capital borrowings coupled with decrease in tangible net worth base
on account of loss reported by FFO due to fire and capital
withdrawal by partners in FFO of INR0.15 crore during the year.
Further, owing to reporting cash loss with increase in total debt
level the debt coverage indicators marked by total debt to gross
cash accruals deteriorated and remained weak in FY19. Furthermore,
with decline in operating profit with increase in interest expenses
during FY19, the interest coverage ratio also deteriorated and
remained below unity against that of 1.37 times in FY18.
Raw material price fluctuation risk and foreign exchange
fluctuation risk
FDG meets its raw material (i.e. Polypropylene(PP)) requirements
part through domestic procurement and part through import. The
prices of PP are dependent on crude oil prices and which are highly
volatile. Further, the FDG does not have any long term contracts
with the suppliers for the purchase of raw materials. Hence, the
profitability margins of the FDG can get adversely affected with
any sudden spurt in the raw material prices. Furthermore, the FDG
does not have any active hedging policy, hence it is exposed to
foreign exchange fluctuations. However, the said exposure is
partially hedged through natural hedge as FDG also exports its
goods which constituted around 63% of total sales during FY19.
Presence in highly competitive and fragmented packaging industry
FDG is part of flexible packaging industry, which is highly
fragmented having presence of large number of small to medium scale
unorganised players. Further, fungible nature of products with no
visible differentiators has also results in a highly competitive
market. High competition in the operating spectrum and small size
of the firm restricts the profit margins.
Key Rating Strengths
Experienced promoters with established presence in packaging
industry and established clientele
FDG is promoted and is managed by Sanklecha and Modi family with
key persons being Mr. Sanjay Sanklecha, Mr. Rajesh Sanklecha and
Mr. Brijmohannath B. Modi. All the promoters hold rich experience
in the Flexible Intermediate Bulk Containers(FIBC) industry.
Further, FDG has an established track record of more than a decade
in the FIBC industry. Over the period, it has been able to
established stable customer base for its products.
Liquidity Analysis: Stretched Liquidity
Liquidity was stretched marked by cash losses, low cash balance and
high utilisation of fund-based limits for the past twelve months
ended October, 2019 and negative cash flow from operations during
FY19. FDG has reported cash loss of INR2.60 crore in FY19 against
its principal repayment obligations of INR3.01crore for FY20. Debt
servicing in FY19 was met through infusion of unsecured loan into
the business. Cash flow from operating activity (CFO) has continued
to remain negative at INR8.67crore in FY19 against INR12.69crore in
FY18. While Cash and Bank balance also remained low at INR0.08crore
as on March 31, 2019 against INR0.91crore as on March 31, 2018.
Average utilization of working capital limit remained high at 95%
for the past 12 months ended November, 2019.
Ahmedabad based FJPPL was incorporated in October 18, 2007 as a
private limited company. FJPPL is engaged in the manufacturing of
FIBC (Flexible Intermediate Bulk Container) bags with an installed
capacity of 4800 MTPA as on March 31, 2019. The plant is located at
the Sarkhej-Bavla highway and is spread across an area of 4704
square meters. The promoters have another firms ‘Fairdeal FIBC
Overseas' and Fairdeal Multifilament Private Limited which are
engaged in the same line of industry.
GOALTORE COLD: CRISIL Lowers Rating on INR11cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Goaltore Cold Storage Private Limited (GCSPL) to 'CRISIL D' from
'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Downgraded from
'CRISIL B/Stable')
Proposed Cash 4 CRISIL D (Downgraded from
Credit Limit 'CRISIL B/Stable')
Working Capital 1 CRISIL D (Downgraded from
Demand Loan 'CRISIL B/Stable')
The downgrade reflects delays in servicing debt instalments because
of weak liquidity.
GCSPL is also exposed to adverse government regulations and intense
competition in the cold storage industry, and it has a weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the cold storage
industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delay in debt servicing
The Banker has confirmed that there are delays in repayment of
working capital term loan obligations
* Exposure to adverse government regulations and intense
competition
The potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association, with rental rates fixed by
the department of agricultural marketing, West Bengal. The fixed
rental should continue to limit players' ability to earn profits
based on their respective strengths and geographical advantages.
Pressure to offer discounts to ensure healthy utilisation of the
storage capacity, especially given the high fragmentation, should
also constrain profitability.
* Weak financial risk profile
Networth is estimated at INR1.57 crore as on March 31, 2019,
despite marginal improvement in recent years due to modest
accretion to reserve. Gearing was high at 3.42 times because of
loans extended to farmers, especially around fiscal-end. Estimated
debt protection metrics are likely to remain average, as reflected
in interest coverage and net cash accrual to total debt ratios of
1.88 times and 0.03 time, respectively, in fiscal 2019.
Strength:
* Extensive experience of the promoters
Benefits from the two-decade-long experience of the promoters,
their strong relationships with farmers and traders, and healthy
utilisation of the storage capacity should continue to support the
business.
Liquidity Poor
Liquidity should remain stretched, as expected cash accrual per
annum would be inadequate against yearly debt obligation over the
medium term.
Rating Sensitivity factors
Upward factors
* Track record of timely debt servicing for at least 90 days
* Sustainable improvement in the financial risk profile, especially
liquidity.
Initially established as a partnership firm in 1993, West
Bengal-based GCSPL was reconstituted as a private limited company
in 1997. The company operates a cold storage unit for potato
farmers. Mr Tapan Kumar and his family members are the promoters.
HINDUSTAN CONSTRUCTION: CRISIL Assigns 'B' Rating to INR4cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Hindustan Construction - Kaiserganj (HC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL A4 (Assigned)
Cash Credit 4.0 CRISIL B/Stable (Assigned)
The ratings reflect HC's susceptibility to tender-based operations,
modest scale of operation and limited revenue visibility and
working capital intensive operations. These weakness are partially
offset by its extensive industry experience of the promoters and
above average financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.
* Modest scale of operation and Limited revenue visibility: HCs
business profile is constrained by its modest scale of operations
in the intensely competitive civil construction industry and
limited revenue visibility. Modest scale of operation is reflected
in revenue of INR7.23-29.58 cr over past three fiscals through
FY2019. Further HC has order book of only INR5 cr in hand
outstanding in December 2019 and nil revenue booking till December
2019, which gives limited revenue visibility in FY20 and in near
term.
Operating margin of HC remains low and has been declining for past
three fiscal due to executing low margin orders. Operating margin
was at 0.85 % in FY2019, 1.03 in FY2018 and 3.48 in FY2017.
* Working capital intensive operations: The gross current assets
days stood at 265 days as on March 31, 2019 driven by inventory of
56 days, debtors of 27 days and security advances & margin money
against Bank Guarantee of around INR4 cr as on March 2019, for
procuring tenders with government departments. The working capital
requirements are expected to remain large over the medium term due
to the very nature of the industry.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 15 years in civil construction industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.
* Above average financial risk profile: HC's debt protection
measures have been at comfortable level despite leverage due to
moderately healthy profitability. The interest coverage and net
cash accrual to total debt (NCATD) ratio are at 5.01 times and 0.10
times for fiscal 2019. HC debt protection measures are expected to
remain at similar level over medium term.
Capital structure is comfortable, as indicated by total outside
liabilities to adjusted networth (TOLANW) and gearing of 0.62 times
and 0.41 time, respectively, and networth of INR7.01 crore as on
March 31, 2019. Debt protection metrics are comfortable, as
reflected in adjusted interest coverage(including interest income
on FDR) and net cash accrual to total debt ratio of 5.01 times and
0.10 time, respectively, for fiscal 2019. Financial profile is
expected to remain at above average levels over the medium term.
Liquidity Stretched
Cash accrual are expected to decline (against FY2019's cash accrual
of INR0.29 cr) and remain low in range of INR0.18 ' 0.24 Cr in
FY2020-FY202, though sufficient against the repayment obligation of
INR0.08 cr over same period. Despite expected subdued revenue and
operating margin, cash accrual is expected to be supported by
interest income on FDR's of around. HC has FDR of INR6.9 cr as on
March 2019 comprising unencumbered FDR of INR2.5 cr and rest is
encumbered as margin for BG and security deposit with government
department .Bank lines remain utilized in range of 50-60%
averagely. Current ratio are healthy at 2.93 times on March 31,
2019.
Outlook: Stable
CRISIL believe HC will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.
Rating Sensitivity Factors:
Upward factor
* Significant and sustained Improvement in revenue and operating
margins leading to higher cash accruals of above INR80 lakh.
* Improvement in working capital cycle.
Downward factor
* Decline in cash accrual below INR10 lakh leading to limited
cushion against repayment obligation.
* Large debt-funded capital expenditure or significant capital
withdrawal weakens capital structure or liquidity.
HC was established in 2011, it is located in Kaiserganj, Bahraich
(U.P). HC is owned & managed by Mr. Baqaullah. HC is engaged in
civil construction works mainly tender based road construction for
NHAI (The National Highways Authority of India).
INTEC CAPITAL: CARE Reaffirms 'D' Rating on INR95.36cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Intec
Capital Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 95.36 CARE D Reaffirmed
Facilities
(Fund Based)
Detailed Rationale & Key Rating Drivers
The rating reaffirmation of the long term bank facilities of Intec
Capital Limited, factors in ongoing delays in servicing of the
company's scheduled debt obligations and over-drawal of the drawing
power for a period exceeding 30 consecutive days. Rating
Sensitivities: Going forward, the ability of the company to improve
its liquidity position, increase its scale of operations and
improve the asset quality would remain the key rating
sensitivities.
Positive Factors
* Regularization of the debt obligations of the company with no
delays.
* Improvement in the asset quality indicators.
* Increase in the scale of operations
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays: There are ongoing delays in servicing of the
scheduled debt obligations by the company and the utilization
of cash credit facilities is more than the drawing power for a
period exceeding 30 consecutive days.
Weak Asset Quality: The asset quality of the company is weak with
Gross NPA and Net NPA at 59.74% and 36.30% respectively as on March
31, 2019 vis-à-vis 39.52% and 32.60% respectively as on March 31,
2018. However the provision coverage ratio (PCR) of the company
improved to 61.6% as on March 31, 2019 from 25.9% as on March 31,
2018. Also, Net NPA/Tangible Net Worth deteriorated to 121.77% as
on March 31, 2019 as against 97.12% as on March 31, 2018.
Decline in business and profitability parameters: The net loan
portfolio of the company declined to INR262 crore (down 24% y-o-y)
as on March 31, 2019 from INR346 crore as on March 31, 2018. Total
income of ICL was lower by 52% to INR29.15 cr in FY19 from INR60.25
crore in FY18 on account of declining loan book. The company
reported net losses of INR55.37 cr during FY19 and net losses of
INR21.85 cr during H1FY20.
Key Rating strengths
Experienced promoters and management: ICL was founded by Mr Sanjeev
Goel, who has more than two decades of experience in financial
services. He is a Chartered Accountant and holds Master's Degree in
International Finance from the University of Iowa. Furthermore, ICL
has been operating in the SME equipment financing for the last two
decades.
Liquidity: Poor
The liquidity of the company continues to remain poor as reflected
in delay in servicing of scheduled debt obligations and over-drawal
of the drawing power for a period exceeding 30 consecutive days.
The company has been categorized as NPA in the books of six of its
lenders and the restructuring of the company is under process with
the consortium banks.
Incorporated in February 1994, ICL (formerly known as Intec
Securities Limited) is promoted by Mr Sanjeev Goel. In October
1994, the company was converted into a public limited company and
subsequently in September 2009, it was renamed to its present name.
ICL is registered with RBI as Non deposit accepting (ND) NBFC
(Asset Finance Company) and is listed at Bombay Stock Exchange. ICL
is primarily engaged in the business of providing funding for
office equipment, medical equipment, plant & machinery, computer
peripherals, etc, to small and medium enterprises as well as
government, semigovernment and private sector customers. These
loans are given against hypothecation of the equipment/machinery.
Following weakness in asset quality Intec stopped fresh
disbursements wef November 2016. Company's tangible net worth was
INR54.54 crore and its total borrowings were INR108.84 crore as on
March 31, 2019 leading to leverage of 2 times as on March 31, 2019.
Company CAR was 29.14% as on March 31, 2019. The asset quality of
the company is weak with Gross and Net NPAs at INR59.74% and 36.30%
as on March 31, 2019.
JIVA PLYWOODS: CARE Lowers Rating on INR3.46cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jiva
Plywoods Private Limited (JPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 3.46 CARE D Revised from CARE B;
Facilities Stable
Short-term Bank 2.50 CARE D Revised from CARE A4
Facilities
Detailed Rationale & Key Rating Drivers
The revision in rating to the bank facilities of JPPL takes into
account on-going delay in debt servicing obligation due to tight
liquidity position.
Key rating sensitivities
Positive Factor
* Improvement in liquidity position as reflected by the timely
repayment of debt obligations.
Key Rating Weaknesses
Ongoing Delays
There has been an ongoing delay in the interest servicing of the
term loan facility due to stretched liquidity position.
Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) is a
private limited company incorporated in December 2015 but started
its commercial operations from September, 2016. The company is
currently being managed by Mr. Jagdish Patel, Mr. Moolji Bhai Patel
and Mr. Jigna Patel. The company is engaged into trading and
processing of wooden log into plywood, doors and boards. JPS
imports/procures the raw material mainly wooden logs like Teak,
Pine, Hardwood, etc. from Malaysia, China, Vietnam and Myanmar
which are subsequently sized at its saw mill unit in Gandhidham
into various commercial sizes as per the requirement of its
customers. The company sells its products to various traders,
wholesalers, civil engineering and construction companies in PAN
India through the established marketing network of its associate
concern namely Patel Jiva Sales Private Limited which is engaged in
trading and processing of timber, plywood and laminates.
K. MAGANLAL IMPEX: Ind-Ra Migrates BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.Maganlal Impex's
(KMI) 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 this rating. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR110 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
January 14, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Incorporated in 2002, KMI is engaged in the import of rough
diamonds and the manufacturing, cutting, and export of polished
diamonds. KMI is a member of the Gem Jewelry Export Promotion
Council. Its registered office is in Mumbai and it has a factory in
Gujarat.
KARANJA TERMINAL: CRISIL Reaffirms D Rating on INR480cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facility of Karanja Terminal & Logistics Private Limited (KTLPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 480 CRISIL D (Reaffirmed)
The rating continues to reflect KTLPL's weak liquidity, with delay
in servicing of debt obligations and delay in project completion
and stabilisation. This is partially offset by strategic location,
of the project.
Key Rating Drivers & Detailed Description
Weakness
* Delay in term debt obligations
KTLPL's weak liquidity is reflected in delays in servicing of
interest and principal on the term loans till December 2019.
* Delay in project completion
Project implementation was delayed, operations started from
September 30, 2019. The company is yet to stabilise operations and
display track record of steady cash flows to support debt
servicing.
Strength
* Strategic location, of the project
KTLPL's project comprises ship-related services, port conservancy
services, and cargo-related services and is expected to have a
diversified revenue profile. Moreover, the terminal is
strategically located'25 kilometre away from Jawaharlal Nehru Port
Trust, Navi Mumbai.
Liquidity Poor
Liquidity is poor marked by delay in repayment of term debt
obligations.
Rating sensitivity factors
Upward Factor
*Track record of timely debt servicing for at least 90 days.
*Stabilisation of operations leading to healthy accruals and
improved financial risk profile.
KTLPL was incorporated in 2010 as a special purpose vehicle to set
up and operate a multipurpose terminal and ship repair facility at
Karanja creek in Raigad, Maharashtra.
The operations are managed by Mr. Jay Mehta.
MISBAH REAL: CRISIL Assigns 'B' Rating to INR10cr LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Misbah Real Estates Private Limited (MREPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B/Stable (Assigned)
The rating reflects the company's exposure to risks related to
project implementation and its below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the hospitality industry and their
funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to project implementation: MREPL is
setting up a banquet hall and food court which is likely to
commence operations towards the end of fiscal 2021. The project is
in the nascent stage of implementation. Timely completion of the
project will remain a key rating sensitivity factor. Any delay in
the implementation may result in cost overrun as well.
* Below-average financial risk profile: MREPL's financial risk
profile is constrained by negative networth and expected large
project debt. The financial risk profile is expected to remain
constrained on account of large debt of INR9.65 crores contracted
for setting up a food court and banquet hall, resulting in a
leveraged capital structure. Debt protection metrics are expected
to remain subdued amid modest cash accruals and large debt during
initial phase.
Strength
* Promoters' extensive experience and funding support: The
promoters have been in the hospitality sector for over a decade.
They have extended funding support in the form of unsecured loans,
which stood at INR3.12 crore as on March 31, 2019.
Liquidity Stretched
Liquidity to remain stretched during initial phase because of
expected modest cash accruals and upcoming large debt obligation.
The project is funded through a term loan of INR9.65 crore and
through equity infusion and unsecured loans from the promoters. The
loan repayment is expected to commence from fiscal 2021. The
liquidity will be supported by expected fund infusion from the
promoters by way of unsecured loans and equity, till the completion
of the project.
Outlook: Stable
CRISIL believe MREPL will continue to benefit from the extensive
experience of its promoters and their established business
relationships.
Rating sensitivity factors:
Upward factors:
* Timely completion and ramp-up of operations resulting in sizeable
cash accrual of above INR2 crore
* Sustained improvement in financial risk profile
Downward factors:
* Delay in project completion or lower than anticipated ramp-up
leading to net cash accruals to scheduled debt repayment ratio of
less than 1 time
* Significant cost overrun and further weakening.
Incorporated in 2002, MREPL is setting up a food court and banquet
hall, which is expected to commence operations in December 2020.
The company is promoted by Mr Shabbir Khan, Ms Sultana Begum, Mr S
A Sayeed, and Mr Shakeel Khan.
NARSINGH ISPAT: CARE Reaffirms B+ Rating on INR11.50cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Narsingh Ispat Udyog Private Limited (NIUPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.50 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NIUPL continues to be
constrained by small scale of operations, thin profitability
margin, client concentration risk, financial risk profile marked by
weak capital structure and weak debt protection metrics. The rating
however continues to draw comfort from experienced promoters with
long track record in steel industry and stable cash profits in FY19
(refers to the period from Apr 1 to Mar 31).
Rating Sensitivities
Positive Factors
* Increase in scale of operations and improvement in operating
margin beyond 3%
* Improvement in capital structure below 3x and Total debt/GCA
below 15x on a sustained basis
* Reduction of operating cycle at less than 60 days
Negative Factors
* Decline in scale of operations and reduction in operating margin
below 3%
* Deterioration of overall gearing above 3x and TD/GCA to higher
than 20x
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations: NIUPL operates on a relatively small
scale as compared to players operating in this industry, with
income from operation of INR47 crore in FY19 (Rs.58 crore in FY18).
The small scale deprives the company of economies of
scale.
Thin profitability margin due to trading nature of operations:
Indian steel industry is fragmented and competitive especially in
the downstream segment with low level of product differentiation
which results in to very high competition leading to lower
bargaining power with the customers. Accordingly the profitability
margins remained low during the year. Further, the steel industry
is cyclical in nature as the prices are driven by global demand and
supply conditions in the market. The company's margin is
susceptible to such fluctuations as company has to maintain raw
material stock.
Client concentration risk: NIUPL has an established relationship
with its customers and suppliers with which it has been dealing
over the years. During FY19, NIUPL's customer base was fairly
concentrated as top 10 customers accounted for nearly 91% of total
revenues (~70% in FY18). The company trades in various iron & steel
related products like pig iron, LAM coke, iron ore pellets, etc.
Financial risk profile marked by weak capital structure and weak
debt protection metrics: NIUPL has not availed any term loans from
banks and the debt comprises of working capital loans and unsecured
loans from related parties. Overall gearing remained weak at 4.87x
in FY19 (3.92x in FY18). TD/GCA had remained weak but improved
significantly and stood at 15.87x in FY19 vis-à-vis 65.41x in FY18
on the back of improved GCA.
Key Rating Strengths
Experienced promoters with long track record in steel industry:
NIUPL was incorporated as a result of taking over of sole
proprietorship firm "M/s GoyaI Ispat Udyog" as a going concern. Mr.
Anil Kumar Goyal is key person of the company having 32 years of
experience in trading business of Pig Iron, Coke, and Iron Ore
Fines etc. Mr. Dinesh Goyal, one of the executive directors, a
commerce graduate, and mainly looks after the sales and purchase of
the company, especially in pig Iron and coke. He has 27 years of
experience in trading business.
Stable cash profits in FY19: NIUPL's total operating income
declined by 18.43% y-o-y to INR47.23 crore in FY19. Gross margin on
traded products increased from 2.39% in FY18 to 7.56% in FY19.
PBILDT remained stable at INR1.39 crore in FY19 vis-à-vis INR1.56
cr in FY18 despite non-cash expense of bad debt written off of
INR1.11 crores. Adding back non-cash expense the adjusted interest
coverage ratio is 1.47x in FY19 (1.15x in FY18). Till December 25,
2019, the company has reported PBT of INR0.0021 crore on total
operating income of INR37.96 crore.
Industry Outlook: India's steel consumption is expected to grow by
5%-6% on the back of government's expenditure towards
infrastructure and construction. With the same government coming to
power, the focus will continue to remain on infrastructure
development in the country.
Liquidity: Stretched
Liquidity position of the company was stretched as evident from
high utilization of its working capital limits at 96% in the last
12 months ended September 2019 and free cash/bank balances of
INR0.21 crore as on Mar 31, 2019. However, it earned GCA of INR0.94
crore in FY19 as against nil term debt repayment obligations. The
operating cycle of the group remained stable at 65 days in FY19.
Narsingh Ispat Udyog Pvt. Ltd (NIUPL) incorporated in March 2012
belongs to the Kolkata based Goyal group. The company had taken
over the business of Proprietorship firm Goyal Ispat Udyog with
effect from April 1, 2013. Currently the company is engaged in
trading of steel related items. The company has 2 rented godowns,
one each in Kolkata and Jharkhand. The areas of the godowns are
about 10,000 sq. ft. each. The flagship company of the group is
Narsingh Ispat Ltd, which is engaged in manufacturing of pig iron
with captive power plant. Both the promoters, Mr. Anil Kumar Goyal
and Mr. Dinesh Goyal look after overall operations of company.
OM SREE: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Om Sree Papertek
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR225 mil. Term loan due on March 2024 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating;
-- INR180 mil. Fund-based limit migrated to non-cooperating
category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR20 mil. Non-fund-based limit migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 29, 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 August 2016, Om Sree Papertek runs a 200
tons-per-annum kraft paper manufacturing unit in Dillai Kulcharam
village (Telangana). The company is promoted by Mr. Chamanbhai
Patel Chaturbhai, Mr. Gautam Devajibhai Kotadiya, Mr. Hardik Patel,
Mr. Rajesh Marvaniya, Mr. Shankar Patel and Mr. Vipul Patel.
R B TECHNOCRATS: CRISIL Migrates B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its ratings on the
facilities of R B Technocrats & Reclaimers Private Limited (RBT) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing the requisite
information for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 6.0 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Letter of Credit 1.5 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
The ratings reflect a modest scale of operations, large working
capital requirement, susceptibility to cyclicality in the sugar
industry and average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the sugar mill machinery industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and susceptibility to cyclicality in
the sugar industry: Though operating income increased to INR24.89
crore in fiscal 2019 from INR21.22 crore in fiscal 2018, it remains
modest. Intense competition in the industry constrains the
scalability and business risk profile. Additionally, revenue is
susceptible to investments in sugar units and to cyclicality in the
sugar industry.
* Large working capital requirement: Gross current assets (GCAs)
were 351 days, due to stretched receivables of 266 days and
moderate inventory of 84 days, as on March 31, 2019. The GCAs are
high at the year-end as revenue is largely booked in the last
quarter. With further ramp-up in operations, working capital
requirement should remain large and its management will be a key
rating sensitivity factor.
* Average financial risk profile: A modest netwoth of INR4.1 crore
and average debt protection metrics (interest coverage of 1.88
times and NCATD of 0.09 times in 2018-19) constrain financial risk
profile.
Strength:
* Extensive industry experience of the promoters: The promoters
have owned and managed several entities producing machinery for the
sugar industry. This experience of two decades and established
track record and clientele will continue to support the business
risk profile.
Liquidity Stretched
Liquidity is stretched. Cash accrual expected at INR0.88-1.15 crore
per year in the medium term, against repayment obligations of
INR0.17 crore over medium term. The bank limit of INR6.00 crore was
fully utilised during the past 7 months through September 2019. The
current ratio was 1.31 times as on March 31, 2019
Outlook: Stable
CRISIL believes RBT will continue to benefit from the industry
experience of the promoters.
Rating sensitivity factors:
Upward factors
* Improvement in the working capital cycle, with controlled
debtors; GCAs of less than 300 days consistently and improved
liquidity
* Sustained increase in revenue along with a stable operating
margin and higher than expected cash accruals
Downward factors
* Decline in revenue and profitability, leading to low cash
accruals
* Delays in order execution, resulting in an increase in GCAs and
gearing of over 3.5 times.
RBT, incorporated in 2012, is owned and managed by members of the
Maharashtra-based Sanikop family. The company executes turnkey
projects for the sugar industry, and specialises in handling and
bagging solids. The registered office is at Jaysingpur,
Maharashtra.
R.K.R. GOLD: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.K.R. Gold
Private Limited's (RKRGPL) 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:
-- INR250 mil. Non-fund-based working capital limits migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR650 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 24, 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 in Coimbatore, Tamil Nadu, RKRGPL manufactures
and distributes gold jewelry.
RABIA LOGISTICS: CRISIL Raises Rating on INR7.89cr Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rabia Logistics Private Limited (RLPL) to 'CRISIL B-/Stable' from
'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.89 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects RLPL's timely track record of servicing its
maturing debt and interest payment, mainly due to timely receipt of
lease rentals, from the Central Warehousing Corporation (CWC).
The rating also reflects the company's small scale of operations,
and below-average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoters, and the
long-term lease agreement with CWC.
Analytical Approach
Unsecured loans (outstanding at INR4.97 crore as on March 31, 2019)
extended by the promoters, have been treated as neither debt nor
equity, as the loans are expected to remain in business over the
medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations amidst intense competition
Revenue of around INR2.1 crore for fiscal 2019, reflects the small
scale of operations, which may remain constrained by limited
capacity. RLPL receives monthly rental income of INR17.5 lakh from
CWC, and the agreement includes a price escalation clause, due to
which rentals are adjusted with (wholesale inflation*1.33 times)
percentage points annually.
* Below-average financial risk profile
Capital structure is marked by a small networth of around INR2.17
crore, and high gearing of 2.39 times, as on March 31, 2019. Debt
protection metrics were weak, with net cash accrual to adjusted
debt and interest coverage ratios of 0.15 time and 2.98 times,
respectively, for fiscal 2019.
Strengths:
* Long-term lease agreement with CWC: Lease rentals from CWC, a
government entity, provide an assured revenue stream, and support
RLPL's liquidity and debt-servicing capacity. Benefits of the
long-term lease with a reputed player should continue, over the
medium term.
* Extensive experience of the promoters, and their funding support:
The promoters have extensive experience in various segments such as
cigarette and gutkha manufacturing, logistics, transportation and
warehouse handling, and hospitality and real estate. Benefits from
their extensive experience across various business, will continue
over the medium term.
Liquidity Poor
Cash accrual of INR0.80 crore was reported in fiscal 2019, against
maturing debt of INR0.77 crore in fiscal 2019. Cash accrual may
continue to be tightly matched at INR0.82-0.85 crore, over the
medium term, against maturing debt of INR0.77 crore. However,
need-based funding support from promoters, partly aid liquidity.
Outlook: Stable
CRISIL believes RLPL will continue to benefit from the extensive
experience of its promoters.
Rating sensitivity factors:
Upward Factors:
* Sustained growth in revenue by 20% and profitability
* Improvement in financial risk profile
Downward Factors:
* Decline in revenue by 15% and profitability
* Weakening of financial risk profile.
RLPL, incorporated in November 2010, has a warehousing facility at
Ghoni in Washim, Maharashtra, with capacity of 30,000 tonne. The
warehouse has been leased to CWC for 10 years. Mr Snehal Patel, Mr
Sagar Bhatewara, and Mr Hrishikesh Deshmukh are the promoters.
SERVOTECH INDIA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Servotech India
Limited's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR120 mil. Fund-based limits migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating; and
-- INR180 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 14, 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 1986, Servotech India is primarily engaged in the
turnkey supply of plant and machinery to the edible oil industry.
The company is promoted by Mr. Bhagwandas Mundhra.
SHIRDI SAI: CRISIL Lowers Rating on INR512cr Bank Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shirdi
Sai Electricals Ltd (SSEL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 512 CRISIL D (ISSUER NOT
COOPERATING; Downgraded
from 'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 78 CRISIL D (ISSUER NOT
COOPERATING; Downgraded
from 'CRISIL BB-/Stable
ISSUER NOT COOPERATING')
Cash Credit/ 30 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING; Downgraded
from 'CRISIL BB-/Stable
ISSUER NOT COOPERATING')
Letter of Credit 147 CRISIL D (ISSUER NOT
COOPERATING; Downgraded
from 'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term
Bank Loan Facility 28 CRISIL D (ISSUER NOT
COOPERATING; Downgraded
from 'CRISIL BB-/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with SSEL for obtaining
information through letters and emails dated October 1, 2019 and
October 17, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSEL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Due to delay in repayment of debt obligations and devolvement of
letter of credit remaining unpaid for over 30 days, CRISIL has
downgraded its ratings on the bank facilities of SSEL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL
A4+ Issuer Not Cooperating'.
SSEL was set up in 1994 as a partnership firm by Mr N Visweswara
Reddy and his family members. The firm was reconstituted as a
private-limited company and then as a closely held public-limited
company in 2010.
SSEL designs and manufactures distribution transformers and
executes EPC contracts, primarily distribution system improvement
projects. Its manufacturing plant is in Kadapa, Andhra Pradesh.
SHRIRAM TRANSPORT: Fitch Rates $500MM Sr. Sec. Notes Final BB+
--------------------------------------------------------------
Fitch Ratings assigned India-based Shriram Transport Finance
Company Limited's (BB+/Stable) USD500 million 5.1% senior secured
notes due 2023 a final rating of 'BB+'.
This follows the receipt of final documentation conforming to
information previously received. The final rating is in line with
the expected rating assigned on January 6, 2020.
The notes are secured by a fixed charge over specified accounts
receivable, in line with STFC's domestic secured bonds and its
rupee-denominated senior secured bonds issued overseas. The notes
are also subject to maintenance covenants that require STFC to meet
regulatory capital requirements at all times, maintain a net stage
3 asset ratio equal to or less than 7%, and ensure its security
coverage ratio is equal to or greater than 1x at all times.
The notes are issued in the international market under the Reserve
Bank of India's new external commercial borrowings framework,
issued in January 2019.
RATING ACTIONS
KEY RATING DRIVERS
STFC's US dollar-denominated senior secured bonds are rated at the
same level as its Long-Term Foreign-Currency Issuer Default Rating
of 'BB+', in accordance with Fitch's rating criteria.
Most of STFC's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. STFC can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as its primary
financial obligation.
RATING SENSITIVITIES
The rating on the bond will move in tandem with STFC's Long-Term
Foreign-Currency IDR.
SRI M.S.P. VELAYUTHA: CARE Reaffirms B+ Rating on INR3cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Sri
M.S.P. Velayutha Nadar (MSPVN), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 3.00 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 12.00 CARE A4; Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of MSPVN continues to be
tempered by small scale of operations with decline total operating
income, leveraged capital structure albeit improvement, weak debt
coverage indicators, working capital intensive nature of
operations, foreign exchange fluctuation risk, highly fragmented
industry with intense competition from large number of players,
constitution of entity as a partnership firm with inherent risk of
withdrawal of capital. The rating also takes into account
improvement in PBILDT margin albeit thin PAR margin in FY19 (refers
to period April 1 to March 31).
However, the rating continues to derive benefits established track
record of the entity and long experience of partners in the timber
industry and stable demand outlook for timber industry.
Rating sensitivities
Positive Factors
* Consistent increase in the firm's scale of operations marked by
total operating income along with sustained improvement in its
profitability margins i.e. PBILDT margin above 6% at expected
level.
* Improvement in overall gearing below 1.00 times along with
increase in gross cash accruals on a sustained basis led by
decrease in working capital cycle.
Negative Factors
* Decline in PBILDT margins below 3.00% along with along with
decline in gross cash accruals and increase in overall gearing
level beyond 2.50 times and debt coverage indicators beyond 1.60
times on a sustained basis led by further increase in working
capital cycle.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with decline total operating income
The scale of operations of the firm stood small marked by total
operating income of INR15.07 crore in FY19 and a networth base of
INR3.66 crore as of March 31, 2019. The total operating income of
the firm declined by 19.24% to INR15.07 crore in FY19 from INR18.66
crore in FY18 on account of decrease in number of orders and also
due to decrease in market demand. The firm has achieved total
operating income of INR8.66 crore in eight months of FY20.
Leveraged capital structure albeit improvement
The capital structure of the firm marked by overall gearing
improved but stood leveraged at 2.29x as of March 31, 2019 as
against 3.00x as of March 31, 2018 due to increase in networth
level despite of increase in total debt on back of increase in
utilisation of working capital borrowings. The debt equity ratio of
the firm stood zero due to absence of long term debt. Weak debt
coverage indicators The debt protection metrics marked by interest
coverage ratio stood weak and deteriorated to 1.85x in FY19 from
3.16x in FY18 on account of increase in interest and finance
charges although there is an increase in PBILDT in absolute
terms.TD/GCA of the firm also stood weak and deteriorated to 28.13x
in FY19 as compared to 19.47x in FY18 on account of increase in
total debt coupled with decrease in cash accruals.
Working capital intensive nature of operations
With elongated operating cycle, the operations of the firm remains
working capital intensive. The working capital requirements are
funded through elongating creditors' payments along with usage of
fund based working capital facilities. The firm extends credit
upto 140-160 days due to established relationship with the
customers and also to improve customer retention and the firm holds
the logs as inventory for about 107 days in FY19 to meet its
customer requirement.
Foreign exchange fluctuation risk
MSPVN is a 100% importer of timbers from countries like Papua New
Guinea, Africa, Guyana and Suriname hence the firm is exposed to
the fluctuation in exchange rates to certain extent due to
fluctuations in the foreign currency.
Highly fragmented industry with intense competition from large
number of players
The firm is engaged in trading of wood which is highly fragmented
industry due to presence of large number of organized and
unorganized players in the industry the firm faces huge
competition.
Constitution of entity as a partnership firm with inherent risk of
withdrawal of capital
With the entity being partnership firm, there is an inherent risk
of instances of capital withdrawals by partners resulting in lesser
of entity's net worth. The partnership firms are attributed to
limited access to funding.
Liquidity position- Stretched
Liquidity is marked by tightly matched accruals to higher
utilization and modest cash balance. The average utilization of
working capital limit remained at 85% during last twelve months of
November 30, 2019. The firm had cash and bank balance that stood at
INR0.08 crore as on March 31, 2019. The current and quick ratio
stood at 1.33x and 0.76x, respectively as of March 31, 2019 (PY:
2.51x and 1.85x, respectively).
Key Rating Strengths
Established track record of the entity and long experience of
partners in the timber industry
MSPVN was established in 2001 by Mr. P. Rajesh Sankara Kumar and
his family members. Mr. P. Rajesh Sankara Kumar is an MBA
(Finance). He is the Managing Partner of the firm who takes care of
day to day operations. The other partners are Ms. P. Kalavathi, and
Ms. R. Vijuntha both have close to two decades of experience in the
trading of timbers since the inception of MSPVN firm.
Improvement in PBILDT margin albeit thin PAT margin
The PBILDT margin of the firm increased by 130 bps to 4.35% in FY19
from 3.05% in FY19 on account of decrease in employee costs, power
and fuel costs. The PAT margin of the firm decreased and remained
thin at 1.37% in FY19 as against 1.79% in FY18 on account of
increase in interest and finance charges.
Stable outlook for timber industry
India imports of industrial wood have grown threefold during the
last 10 years, comprising mainly tropical logs from ITTO
(International Tropical Timber Organization) producer countries.
However, log imports of around 2 million m3 annually still account
for only a small share India is the second-largest importer of
tropical logs in the world. At any given time, around 30% of all
tropical logs in trade are destined for India. Import of logs
represents over 74% of the total imports of forest products in the
country. Among the reasons for importing logs into India are the
simple and cost-effective 23,000-odd saw mills in the country, 98%
of which are small units with an annual log intake of only 3,000
cubic metres. The total production capacity is estimated at around
27.12 million cubic metres per annum. India is expected to become
the third largest construction market in the world by the year
2025, when 11.5 million new houses a year are expected to be added
making it US$0.93 trillion a year market in the year 2025.
Sri MSP Velayutha Nadar (SSPVN) was established in 2001 as a
partnership firm by Mr. P. Rajesh Shankara Kumar and his family
members in Tamil Nadu. SSPVN is engaged in trading of various types
of timber wood which finds application in interior designing
projects. The firm imports Timber Logs from countries like Papua
New Guinea and Singapore which are subsequently sized at its saw
mill unit into various commercial sizes as per the requirement of
the customers and sells them to the local customers located in
Tamil Nadu, India.
SRI VENKATESWARA: Ind-Ra Migrates BB LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Venkateswara
Spintex Private Limited's (SVSPL) 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:
-- INR180 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR115.9 mil. Term loan due on June 2022 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR7.5 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 24, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SVSPL was incorporated in 2010 and commenced operations in December
2011. It has an installed spindle capacity of 17,280 spindles. The
company produces cotton yarn in the count range of 21s-40s.
SRUJANA ENTERPRISES: Ind-Ra Moves BB- LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srujana
Enterprises (SE) 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:
-- INR30 mil. Fund-based facilities migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR25 mil. Non-fund-based facilities migrated to non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Srujana Enterprises was established by Mr. Rajanna in 1994. The
firm has a manufacturing unit specializing in the non-ferrous
precision high-speed stamping and engineering components business.
STARBIGBLOC BUILDING: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Starbigbloc
Building Material Private Limited's (Starbigbloc) 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:
-- INR140 mil. Term loan due on March 2022 migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR35 mil. Fund-based facilities migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 8, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Starbigbloc manufactures AAC blocks at its manufacturing unit in
Umargaon.
ULTIMA SWITCHGEARS: Ind-Ra Moves BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ultima Switchgears
Limited's (USL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR90 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR65 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 9, 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 1997, USL manufactures electrical components such
as electrical control panels and boards, switchgear and horn gap
fuses. The company has manufacturing plants in Roorkee and Noida.
The company also executes engineering, procurement, and
construction substation projects for distribution companies.
UNIVERSAL STAINLESS: CARE Reaffirms 'B' Rating on INR5.15cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Universal Stainless (UNS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.15 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 2.55 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of UNS remain
constrained on account of its small scale of operations with thin
profitability during FY19 (Audited, refers to period April 1 to
March 31), leveraged capital structure, moderate debt coverage
indicators and stretched liquidity position. The rating also
continues to remain constrained owing to presence in highly
competitive steel industry along with susceptibility of margins to
volatility in prices in raw material as well as foreign exchange
fluctuation and its partnership nature of constitution. However,
the ratings derive strength from experienced promoters.
Rating Sensitivities
Positive Factors
* Improvement in scale of operation by consistent increase in total
operating (TOI) income by 25-30%
* Improvement in capital structure marked by gearing ratio below 2
times with an improvement in debt protection metrics marked by
interest coverage ratio above 5 times and total debt to GCA ratio
of below 4 times
* Improvement in liquidity position marked by improvement in cash
accruals by 3 folds and sustain positive cash flow from operations
Negative Factors
* Decline in Total operating income by 15-20% owing to decrease in
demand from customers
* Decline in profitability due to increase in key raw material
prices by 10%
* Elongation in operating cycle by 30 days due to non-realization
of inventory putting pressure on liquidity
* Adverse changes in government policy by steel industry
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations along with thin profitability
The scale of operation of UNS remained small marked by total
operating income (TOI) of INR21.64 crore during FY19 (A) as
compared to INR18.10 crore during FY18. The improvement was mainly
on account of increase in demand from customers.
UNS's profitability increased over previous year due to
proportionate decrease in material cost but remained thin marked by
PBILDT of INR2.30 crore and PAT of INR0.67 crore during FY19(A) as
against PBILDT of INR1.10 crore and net loss of INR0.99 crore in
FY18. Consequently, gross cash accruals also remained low at
INR1.64 crore in FY19 against INR0.01 crore in FY18.
Leveraged capital structure and moderate debt coverage indicators
Owing to high debt outstanding as a result of high amount of
unsecured loans along with modest net-worth base due to withdrawal
of partner's capital, UNS's capital structure remained leveraged
marked by an overall gearing ratio of 5.34 times as on March 31,
2019 as against 3.60 times as on March 31, 2018. Furthermore, the
debt coverage indicators of the firm improved as a result of
improvement in cash accruals as well as decrease in interest cost
and remained moderate marked by total debt to GCA of 6.58 times as
on March 31, 2019 (A) as against 1132.05 times as on March 31, 2018
and interest coverage of 3.49 times in FY19 (A) as against 1.01
times in FY18.
Presence in highly fragmented and competitive industry
UNS operates in a competitive steel industry which has low entry
barriers, high fragmentation and presence of a large number of
players in the organized and unorganized sector; which translates
into inherently thin profitability.
Susceptibility of margins to volatility in prices in raw material
as well as foreign exchange fluctuation
The profitability of UNS is exposed to fluctuations in raw material
prices i.e steel, the prices of the same are volatile in nature. As
UNS imported part of its required material without using any active
hedging policy, it is exposed to risk associated with fluctuation
in foreign exchange rates. Hence any adverse movement in material
prices and foreign exchange rates would affect profitability of
UNS.
Partnership nature of constitution
Being a partnership firm, UNS is exposed to inherent risk of
partners' capital being withdrawn at time of personal contingency,
and firm being dissolved upon the death/retirement/insolvency of
partners.
Key rating strengths
Experienced partners
Mr. Jasmin Patel and Mr. Chintankumar Patel are key partners of
UNS, who possess more than 7 years of experience various industries
i.e. construction and trading.
Liquidity Analysis: Stretched
Liquidity remained stretched marked by high working capital
utilisation, modest cash balance and tightly matched cash accruals
against its repayment obligations. UNS had tightly matched cash
accruals of INR1.43 crore in FY19 as against term debt obligation
of INR1.22 crore to repay for FY20. Further, average utilization of
working capital bank borrowing remained high at 98% for last one
year ended November, 2019 and cash and bank balance remained modest
at INR0.32 crore as on March 31, 2019 (A). Further, cash flow from
operating activity also remained low at INR1.67 crore during FY19
(A).
Ahmedabad (Gujarat)-based Universal Stainless (UNS) was established
as partnership firm as Universal Stainless Suppliers in January
2015 by Mr. Jasmin J Patel, Mr. Avtar R Patel and Mr. Bharatkumar M
Patel. During April 2015, Mr. Avtar R Patel withdrew his
partnership and another four partners entered as partners. During
April 2016 the name of the firm was changed to Universal Stainless
from Universal Stainless Suppliers. UNS operates from its sole
manufacturing unit located Harsol (Sabarkantha, Gujarat) with
installed capacity of 1,480 metric tonnes per annum (MTPA) as on
March 31, 2019 for manufacturing of Stainless Steel Seamless and
Welded Tubes & Pipes. UNS has commenced commercial operation from
April 2016 onwards.
=================
I N D O N E S I A
=================
ASURANSI SOSIAL: Says US$728.9 Million Loss Only Temporary
----------------------------------------------------------
The Jakarta Post reports that state-owned insurance company
Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Asabri)
claims that the losses of IDR10 trillion (US$728.9 million) it
suffered from plunging stock investments are only temporary and
will not affect its ability to pay customers' claims.
The insurer, which manages the social insurance and pension funds
of personnel of the National Police, the Indonesian Military (TNI)
and employees of the Defense Ministry, said the losses were caused
by the declining value of Asabri's investment portfolio as a result
of unfavorable capital market conditions, the Jakarta Post
relates.
The Jakarta Composite Index (JCI), the Indonesia Stock Exchange
(IDX) main gauge, recorded modest growth of 1.7 percent last year,
not enough to make up for the 2.54 percent contraction recorded in
2018, the Jakarta Post discloses.
"Our management already has a mitigation plan to recover the
decline in investment," the insurer said in a statement obtained by
The Jakarta Post on Jan. 13.
The Jakarta Post relates that Asabri also claimed that the losses
did not affect its operations as it was still able to pay its
policyholders' claims on time and that it will work to provide the
best service for all policyholders and stakeholders.
According to The Jakarta Post, the insurer has been implicated in
the recently revealed alleged corruption at state-owned insurer PT
Asuransi Jiwasraya after its stock portfolio plunged by more than
95 percent. Most of the stocks held are similar to those of
Jiwasraya, which were deemed as "low quality stocks" by the Supreme
Audit Agency (BPK).
Jiwasraya is facing a corruption investigation by the Attorney
General's Office (AGO) and the BPK, the report says. Jiwasraya
failed to meet IDR12.4 trillion in payments for matured policies
due in December 2019, leading to allegations of investment
mismanagement.
The Jakarta Post says state-Owned Enterprises (SOEs) Deputy
Minister Kartika "Tiko" Wirjoatmodjo told the press on Jan. 13 that
his ministry would overhaul Asabri's board of directors following
the losses.
He said the ministry would also prepare a different strategy for
handling Asabri's problems compared with measures it took to rescue
the ailing Jiwasraya, adds The Jakarta Post.
"[Asabri] is a social insurer, so its business-to-business aspects
are different from Jiwasraya, which is a commercial insurer," he
said in Jakarta, adding that his ministry was waiting on the BPK
audit result on Asabri before taking any further measures.
=========
J A P A N
=========
JAPAN: Regional Banks Face Shake-up as Regulator Shifts Strategy
----------------------------------------------------------------
globalinsolvency.com, citing the Financial Times, reports that
Japan's struggling regional banks face their biggest shake-up since
the 1990s under plans outlined by the country's top financial
regulator, as weak profitability and years of zero interest rates
loom over the long-term stability of the industry.
Toshihide Endo, commissioner of the Financial Services Agency, told
the Financial Times that the sweeping reforms could also boost the
nation's ailing regional economies, which have been stricken by
falling demand as Japan's population declines, according to
globalinsolvency.com.
The plans include letting regional lenders participate in areas
outside their core business for the first time since the second
world war, meaning that banks could turn themselves into management
consultants and trading companies as they seek new ways to generate
profit, the report adds.
=====================
N E W Z E A L A N D
=====================
TIL LOGISTICS: Sales Suffer, In Talks with Bank
-----------------------------------------------
Radio New Zealand reports that freight company TIL Logistics has
cut its earnings expectations as its sales suffer.
According to RNZ, the New Plymouth-based company, which specialised
in transporting heavy machinery and fuel, said its half year
earnings before one-offs would be between NZD8.4 million and NZD8.8
million, compared with NZD14.1 million the year before.
"While market share has been retained across all divisions, sales
volumes have been affected, particularly in the freight division,
with increasing competitive pricing pressure . . . and a softer
Christmas trading period than anticipated, as well as the loss of a
significant customer," the company said in a market update, RNZ
relays.
As a result, it will not pay shareholders a dividend for the six
month period, however, planned to resume payouts in the second
half.
It was in talks with its bank, ASB, to change its financing
arrangements and was bidding for a number of multi-million dollar
contracts, reports RNZ.
The company will release its half year result for the six months
ended December next month, RNZ adds.
TIL Logistics Group Limited -- https://www.til.kiwi/ -- provides
logistics services. The Company offers freight transport, storage
and warehousing, road tankers, shipments, imports and exports, bulk
liquid haulage, custom clearance, tank cleaning, and port services.
TIL Logistics Group serves customers worldwide.
=================
S I N G A P O R E
=================
DESIGN STUDIO: Applies for Six-Month Debt Moratorium
----------------------------------------------------
Leila Lai at The Business Times reports that Design Studio Group,
together with five of its Singapore-incorporated subsidiaries, has
made an application to the High Court in Singapore for a six-month
moratorium as it seeks to undergo a court-supervised process to
reorganise its liabilities.
BT says the application for the moratorium, if successful, will
prevent creditors from commencing proceedings against the group. It
will also prevent any enforcement of right of re-entry of
forfeiture under any lease for premises occupied by the group and
the five subsidiaries, among other things.
According to BT, the watch-listed group recorded an unaudited loss
of SGD35.1 million for the nine-month period ended Sept 30, 2019,
and an audited loss of SGD26.4 million for the financial year ended
Dec 31, 2018.
As at Sept 30, 2019, the group's net current assets stood at SGD7.7
million. Its net assets amounted to SGD29.6 million.
Design Studio said the fit-out industry in the countries and
sectors where it operates has been highly competitive. The group
took a hit to revenue and estimated project margins due to
higher-than-expected project costs, which had adverse effects on
the group, BT relays.
The company has engaged AJCapital Advisory as independent financial
advisers for the restructuring, and Luke Furler of AJCapital
Advisory as chief restructuring officer of the group. Gibson, Dunn
& Crutcher LLP are the legal advisers, the report discloses.
Pursuant to the Companies Act, a 30-day moratorium has come into
effect from Jan. 20, the date of application to the High Court, BT
notes. During this period, no order may be made and no resolution
may be passed for the winding up of the applicant.
The five Singapore subsidiaries involved in the application are
Design Studio Asia, Design Studio (China), DSG Asia Holdings, DSG
Manufacturing Singapore and DSG Projects Singapore, BT discloses.
Design Studio also announced on Jan. 20 that three of its
Malaysia-incorporated subsidiaries, namely DS Project Management,
DSG Manufacturing Malaysia and DSG Projects Malaysia, have applied
to High Courts in Malaysia to be placed under judicial management,
the report adds.
EZION HOLDINGS: To Sell Vessel for US$2.25MM to Astro Offshore
--------------------------------------------------------------
The Business Times reports that Ezion Holdings Limited has inked a
memorandum of agreement to sell its Teras Genesis vessel to
Singapore-based Astro Offshore for US$2.25 million in cash.
According to the report, the sale is expected to generate a gain of
US$858,000 for Ezion, based on the vessel's US$1.39 million
carrying value as at end-September. Ezion will use the sale
proceeds to repay its secured bank loans, the report relates. The
mortgage over the vessel will be discharged after the sale.
"(The) disposal is in line with the group's plan to focus on its
liftboats and reduce burn rates of the service rigs and vessels.
This will also enable the group to improve the efficient use of its
capital and cash flow," Ezion said in its filing, BT relays.
Incorporated in Singapore, Astro Offshore owns and operates a fleet
of offshore support vessels. The sale price was arrived at on a
willing-buyer-willing-seller basis, the report adds.
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.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Jan. 13, 2020 to Jan. 17, 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 HOLDING GROUP C 6.24 05/23/20 CNY 25.06
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.73
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.73
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.76
GUANGDONG TAIANTANG PHARM 4.98 02/02/21 CNY 65.00
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.86
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 61.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 40.54
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 41.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.74
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.27
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.98
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 41.15
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 42.07
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.97
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.29
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.52
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.49
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.63
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 25.01
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.03
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 61.05
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 74.23
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 72.40
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 74.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.90
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 63.01
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 39.90
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 40.68
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.92
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.33
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.15
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.06
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.31
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.13
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 61.06
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 40.60
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 41.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 40.90
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.51
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.34
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.14
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.11
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.12
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.50
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.17
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.50
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.47
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 41.21
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.12
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.30
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.26
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.35
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 40.83
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 46.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 41.34
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 43.26
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.38
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.14
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 59.74
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 50.43
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 50.72
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.06
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.36
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.16
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 61.01
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.46
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.52
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.24
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.38
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.15
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.32
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 58.41
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 20.16
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.45
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 41.05
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 67.89
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.92
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.28
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 20.09
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.43
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.32
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 41.25
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 41.38
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.94
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 40.71
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 41.12
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 20.02
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.47
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.96
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.20
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.21
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.33
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 72.86
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.79
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.46
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.94
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 40.98
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 41.31
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 60.64
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 20.09
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 41.42
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 41.01
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.32
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 58.76
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.90
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.56
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 61.77
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 62.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.84
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.97
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.18
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.25
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.50
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.19
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.59
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.89
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.85
JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 74.63
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 41.16
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.17
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.19
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.87
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.99
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.54
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.36
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.01
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.71
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.29
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.48
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 61.06
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 20.04
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 31.00
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.39
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 40.96
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 20.07
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 70.06
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 58.90
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 68.51
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.97
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.98
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 41.10
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.15
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 40.30
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 41.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.03
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.77
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.02
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.30
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 20.07
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.28
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.37
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.46
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.70
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 41.22
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.07
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.42
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.35
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 59.30
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.25
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 41.14
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.30
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.74
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.25
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.83
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.23
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 38.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 40.58
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.89
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 47.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.27
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 40.75
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.47
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 46.95
JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 74.39
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.49
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.84
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 20.06
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.62
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.80
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.94
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.89
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 41.04
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.71
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 60.66
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.70
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.20
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.79
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.00
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.18
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.05
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.16
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 36.10
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.33
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.23
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.08
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 73.94
KUNMING EXPRESSWAY CONSTR 7.50 01/21/20 CNY 20.14
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 20.02
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDING 6.28 11/07/19 CNY 20.05
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 41.39
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 41.33
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.59
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 39.84
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.89
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.49
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.95
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.96
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 61.28
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 60.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 60.58
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.55
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 40.83
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 40.94
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 45.23
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.09
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.18
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 59.94
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.19
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.27
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.60
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.07
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.49
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.50
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 62.29
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 70.90
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.02
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.11
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 60.98
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.94
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 41.25
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.00
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.51
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 49.74
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.65
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 20.06
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.10
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 20.08
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 61.33
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.84
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.10
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.14
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.34
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.45
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.46
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.70
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.75
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.76
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.20
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 20.19
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.09
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.22
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.26
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.78
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.99
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.03
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 69.84
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.79
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 42.10
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.12
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.01
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.11
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.13
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 41.24
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.07
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.95
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.43
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.64
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.22
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 20.19
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 24.00
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.53
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.55
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.15
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 61.55
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 40.63
NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 74.37
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 41.32
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.27
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.13
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.36
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 41.31
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.88
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP CO 7.20 10/16/19 CNY 20.02
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.16
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.24
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.33
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.45
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.30
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.40
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 41.52
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 61.84
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 41.29
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.15
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.76
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.22
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.34
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.85
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.30
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.92
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.00
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.06
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.25
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 59.71
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.04
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.08
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 61.24
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 41.38
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 48.80
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.80
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 41.23
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 41.41
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.27
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 19.95
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.22
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.32
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 20.01
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 62.48
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.69
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 62.09
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 64.90
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.34
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 20.07
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 61.04
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.16
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 40.32
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 52.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 54.86
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 63.50
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.23
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.25
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 41.19
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.02
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 41.10
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.63
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.08
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.37
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 21.50
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.31
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.00
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.01
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.33
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 41.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.63
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 40.98
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.54
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.56
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.19
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.21
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.43
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.82
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 41.02
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 41.27
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.21
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 41.34
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.22
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.47
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.47
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.53
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.63
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.84
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.60
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.86
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.48
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 61.84
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 62.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.85
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.88
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.69
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 40.42
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 20.17
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 40.29
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 43.40
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.12
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.33
SHANDONG WANTONG PETROLEU 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.11
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.94
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.31
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.98
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.05
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.15
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.47
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.50
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.19
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.18
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.09
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.18
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.96
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 51.07
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.02
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.10
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 61.77
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 41.19
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 20.03
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.44
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 20.16
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.90
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.99
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.04
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.14
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.70
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 20.10
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.61
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.05
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.20
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.58
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.21
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 45.26
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.68
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.00
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.66
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 61.49
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.02
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.14
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 41.05
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.61
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.80
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.50
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 40.86
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 41.41
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.96
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 42.30
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.10
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.98
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.52
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.23
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.39
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 60.96
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.92
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.42
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.92
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 72.84
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.20
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.78
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 72.00
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.52
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.30
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.16
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.34
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.47
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.50
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 20.06
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.97
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.22
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.29
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.62
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.01
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.67
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.38
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 59.89
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 41.04
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.18
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.13
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.01
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 40.79
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.07
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.71
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.29
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 40.60
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.07
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 41.14
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.13
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 19.90
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 20.02
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 40.78
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 41.00
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.53
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 41.01
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 19.90
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 20.15
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.65
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 41.36
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 20.02
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.25
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 20.20
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 41.30
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 41.03
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.69
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 40.98
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 41.28
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 73.86
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 74.60
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.20
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.34
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.44
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.37
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.59
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 20.06
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.14
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.00
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.21
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 40.31
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.80
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.77
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.14
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 60.66
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 20.03
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 20.06
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.08
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.30
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.88
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 58.95
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 72.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 72.42
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.50
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 39.80
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 41.16
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.47
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.78
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.80
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.29
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.87
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.78
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.20
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.77
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 20.25
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 37.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 50.95
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 40.89
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.91
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 41.16
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.44
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.43
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 61.17
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.63
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.29
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.30
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.23
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.50
TUNGHSU OPTOELECTRONIC TE 5.09 11/17/21 CNY 29.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 62.03
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.19
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.20
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 61.82
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.01
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 20.04
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.08
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.39
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.42
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.54
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 60.68
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 10.60
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.51
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.18
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.19
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 41.54
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.16
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 60.78
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.12
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 61.72
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.12
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.73
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.43
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.11
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.15
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 40.86
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 42.53
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.10
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.46
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.60
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 72.47
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.14
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.47
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.48
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 41.12
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.21
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 20.05
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 60.23
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 61.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.52
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.04
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.43
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.15
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.53
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 58.11
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.50
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.92
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 59.80
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.10
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 81.37
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.87
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.18
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 60.78
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.38
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.00
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.56
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.21
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.40
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 55.31
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 57.96
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.47
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.50
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.27
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 19.85
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.02
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 20.17
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 41.20
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.36
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.54
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.26
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.18
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.22
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 41.08
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.54
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.52
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.88
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 70.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.56
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.07
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.19
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.96
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 51.16
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 41.19
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 41.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.41 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.40
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.68
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 65.72
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.37
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.57
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.93
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.23
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.29
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.53
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.42
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.54
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.60
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.07
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 41.22
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.40
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 42.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 40.47
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 20.02
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.26
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 20.03
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.00
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.42
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.56
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 62.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 40.26
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 72.13
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.20
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.96
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.39
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.04
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.40
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 30.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 66.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 50.11
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 58.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.33
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.70
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 41.20
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.07
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.82
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.84
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.37
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 59.99
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 41.31
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 49.95
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.58
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 74.58
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 62.19
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.00
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.01
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.04
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.42
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 40.58
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 61.07
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.34
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.42
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 59.63
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 60.00
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.24
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.00
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.05
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 61.08
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.68
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.02
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.07
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 20.01
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.54
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 40.85
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.50
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.10
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.49
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.09
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.28
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.05
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.16
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 20.02
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 41.32
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 38.00
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.88
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.24
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.68
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 40.24
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.33
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 20.09
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.61
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 41.31
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.56
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.04
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.17
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.95
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.14
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.17
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 60.81
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 61.96
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 62.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 64.99
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.46
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 61.75
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.37
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.38
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 40.80
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 41.12
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 48.49
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.05
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.58
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.60
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.69
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 40.80
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 59.81
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.57
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 74.63
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 41.06
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.72
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.44
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 45.00
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 72.52
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.31
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 60.01
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.66
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 40.96
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 60.90
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.11
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.16
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.61
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.70
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 62.60
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.95
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 41.18
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.20
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.45
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.03
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.50
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 61.08
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 40.56
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.14
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 70.47
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 70.78
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 70.00
HNA GROUP INTERNATIONAL C 7.00 01/24/20 USD 74.89
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.27
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.44
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 8.03
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 12.19
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.48
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.51
APG HABITAT PVT LTD 1.00 09/09/28 INR 52.63
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 32.18
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.42
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 58.77
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 58.82
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 71.50
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 72.99
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 74.73
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.23
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 71.93
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.23
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 55.25
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.23
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 40.23
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 54.44
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 56.41
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 39.02
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 50.93
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 52.52
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 53.40
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 56.44
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 58.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 41.30
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 2.86
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.36
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 47.86
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 4.61
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.12
JTPM ATSALI LTD 0.01 08/29/48 INR 9.96
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 22.80
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 67.97
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 4.01
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 60.17
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 26.96
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 24.86
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 24.86
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 23.96
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 39.78
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.31
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.20
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 51.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 55.21
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 59.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 63.45
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 68.07
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 72.98
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.60
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 60.22
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 63.53
REI AGRO LTD 5.50 11/13/14 USD 0.02
REI AGRO LTD 5.50 11/13/14 USD 0.02
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 13.76
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 61.21
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.54
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.86
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 54.18
WS T&D LTD 0.10 03/24/29 INR 44.78
JAPAN
-----
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 ***