/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200128.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 28, 2020, Vol. 23, No. 20 Headlines A U S T R A L I A ALITA RESOURCES: Shareholders to Leave With Empty Pockets DIESEL GYM: Second Creditors' Meeting Set for Feb. 4 E SYSTEMS: Second Creditors' Meeting Set for Feb. 4 EMECO HOLDINGS: Moody's Hikes CFR to B1; Alters Outlook to Stable C H I N A BRIGHT OCEANS: Bankruptcy Vote Delayed Over Dueling Revamp Plans CHINA SINGYES: Shuifa to Funnel $62MM Into the Business TIANQI LITHIUM: Under Pressure to Repay Bank Loan as Prices Slump [*] CHINA: 336 Chinese Start-Ups Went Bankrupt in 2019 I N D I A BC POWER: Ind-Ra Affirms Then Withdraws BB+ Rating on INR340MM Loan BDR EDUCATIONAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating BHARGAVI AUTOMOBILES: CRISIL Cuts Rating on INR26cr Loan to 'D' BHUSHAN POWER: Bhushan Power Buyout Hearing Deferred Till Jan. 31 BPL LIMITED: Ind-Ra Migrates B- LT Issuer Rating to NonCooperating GANESA HITEC: CRISIL Lowers Rating on INR3.7cr Loan to 'D' GEETANJALI SPICES: Ind-Ra Reassigns B- Long Term Issuer Rating HEATSHRINK TECHNOLOGIES: Insolvency Resolution Case Summary HINDUSTAN FLUOROCARBONS: Union Cabinet Approves Company's Closure INTERNATIONAL COMMERCE: Ind-Ra Migrates D Rating to NonCooperating KREDO BEAUTY: Insolvency Resolution Process Case Summary MAAJAGDAMBE PAPER: CRISIL Migrates D Rating to Not Cooperating MANRAJ MOTORS: CRISIL Migrates B+ Rating to Not Cooperating MINAKSHI TRADERS: CRISIL Assigns B+ Rating to INR7cr Loans N.S.K. FRUITS: CRISIL Migrates B+ Rating to Not Cooperating NAFREF ENGINEERS: CRISIL Migrates 'D' Rating to Not Cooperating NANNAN FARM: CRISIL Migrates B Rating to Not Cooperating Category ONGOLE LOGISTICS: CRISIL Migrates B+ Rating to Not Cooperating PARADIGM TUNNELING: Ind-Ra Moves D Issuer Rating to NonCooperating REENA TINAAZ: CRISIL Lowers Rating on INR90cr Cash Loan to 'D' RIGA CERAMICA: CRISIL Migrates B+ Rating to Not Cooperating RISHABH WINPRO: CRISIL Migrates B+ Rating to Not Cooperating SATYA SURYA: CRISIL Migrates B Rating to Not Cooperating Category SHIV SHAMBHU: CRISIL Migrates B+ Rating to Not Cooperating SHREE VIJAYASHREE: CRISIL Migrates B+ Rating to Not Cooperating SREE ANDAL: CRISIL Migrates B+ Rating to Not Cooperating Category SRI MJR 92: CRISIL Migrates B Rating to Not Cooperating Category SRI MURUGAN: CRISIL Migrates B Rating to Not Cooperating Category SRI SARAVANA: CRISIL Migrates B+ Rating to Not Cooperating SSPDL LIMITED: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating TALAKSHI LALJI: CRISIL Migrates B+ Rating to Not Cooperating TECH INDIA: CRISIL Migrates B Rating to Not Cooperating Category TNR INDUSTRIES: CRISIL Migrates 'C' Rating to Not Cooperating VIKRAM INFRASTRUCTURE: Ind-Ra Lowers LongTerm Issuer Rating to 'B' I N D O N E S I A TOWER BERSAMA: Fitch Upgrades LT IDRs to BB, Outlook Stable N E W Z E A L A N D JDV BAR: Workers Owed Pay After Christchurch Bar Liquidated P H I L I P P I N E S AMA RURAL: CA Issues Injunction Order on Deposit Insurance Payment S I N G A P O R E DESIGN STUDIO: CFO Resigns as Group Makes Plans to Restructure GLOBAL A&T: Fitch Puts B- LT IDRs on Rating Watch Evolving X X X X X X X X [*] BOND PRICING: For the Week Jan. 20 to 24, 2020 - - - - - ================= A U S T R A L I A ================= ALITA RESOURCES: Shareholders to Leave With Empty Pockets --------------------------------------------------------- Josh Smith at The Market Herald reports that shareholders of Alita Resources are preparing to walk away from the failed lithium miner with empty pockets. The Market Herald relates that in an announcement to shareholders on Jan. 21, the collapsed company shared a report from expert advisory firm KordaMentha, who was appointed as Alita's administrator. Essentially, the report found that Alita's debts exceed the value of its remaining assets -- meaning the company's shares are worthless, according to The Market Herald. "KordaMentha has concluded in its report that the company's shares have nil value as the group's total indebtedness exceeds the value of the group's remaining assets." The Market Herald says KordaMentha's report found Alita had debt ranging between AUD86.86 million and AUD110.66 million, but assets worth only between AUD43.24 million and AUD69.61 million. As such, those still holding shares in the company won't see a dollar from them, the report notes. Things at Alita's Bald Hill project turned south in May 2019 when offtake partner JBJ -- a joint venture between Jiangxi and Burwill Holdings - stopped receiving shipments from Alita, recalls The Market Herald. The Market Herald relates that the companies had previously signed the supply agreements, but in May JBJ claimed a forced majeure event, meaning unforeseen circumstances had arisen which stopped it from being able to fulfil its obligations under the contract. While this, of course, is beyond Alita's control, Alita then continued to operate as if everything was fine. The KordaMentha report suggests it was not, The Market Herald states. In fact, KordaMentha said Alita's failure was "inevitable" without JBJ taking shipments. According to The Market Herald, JBJ's withdrawal meant Alita could no longer afford to keep producing under its existing cost structure. Nor could the company adjust this structure quickly enough, sell into an alternative market, or terminate long-term contracts it had signed under the impression it would have a longstanding offtake partner. The Market Herald says KordaMentha found that Alita may have been insolvent from June onwards, despite continuing to trade. As such, KordaMentha launched an investigation into the potential insolvent trading among other concerns, including preferential payments, uncommercial loans, under-priced sale of assets, and breaches of directors' duties, the report adds. Alita's shares were frozen in August at 8.2 cents each, The Market Herald notes. Fellow ASX-listed Galaxy Resources was in the running to recapitalise the company but pulled out in early December, paving the way for China Hydrogen Energy's deed of company arrangement (DoCA) proposal to go ahead, the report says. About Alita Resources Alita Resources Limited operates as a mineral exploration and excavation company. The Company explores and produces lithium and tantalum concentrates. Alita Resources offers its services in Australia. John Bumbak of Kordamentha was appointed as administrator of Alita Resources, et al. on Aug. 28, 2019. In December 2019, the company's creditors approved a deed of company arrangement (DOCA) proposed by China Hydrogen Energy and its subsidiary Liatam Mining for the acquisition of Alita's assets. DIESEL GYM: Second Creditors' Meeting Set for Feb. 4 ---------------------------------------------------- A second meeting of creditors in the proceedings of Diesel Gym Pty Ltd has been set for Feb. 4, 2020, at 12:30 p.m. at Lady Penrhyn Room, Business Centre, Level 1, Allendale Square, at 77 St Georges Terrace, 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 Feb. 3, 2020, at 5:00 p.m. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of Diesel Gym on Dec. 19, 2019. E SYSTEMS: Second Creditors' Meeting Set for Feb. 4 --------------------------------------------------- A second meeting of creditors in the proceedings of E Systems Vic Pty Ltd, trading as formerly T/AS "KLN Electrical Services (Vic & Nsw) Pty Ltd" has been set for Feb. 4, 2020, at 11:00 a.m. at the offices of APL Insolvency, Level 5, at150 Albert Road, in South Melbourne, 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 Feb. 3, 2020, at 5:00 p.m. Jeremy Robert Abeyratne of APL Insolvency was appointed as administrator of E Systems on Dec. 20, 2019. EMECO HOLDINGS: Moody's Hikes CFR to B1; Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service upgraded Emeco Holdings Limited's corporate family rating to B1 from B2. At the same time, Moody's has upgraded the backed senior secured debt rating of Emeco's wholly owned subsidiary, Emeco Pty Limited, to B1 from B2. The outlook on all ratings changed to stable from positive. RATINGS RATIONALE "The ratings upgrade for Emeco reflects the improvement in the company's credit profile, supported by improved earnings and margins that are facilitating ongoing deleveraging," says Saranga Ranasinghe, a Moody's Vice President and Senior Analyst. Emeco's improved earnings reflect the improvement in the Australian mining equipment rental market that has resulted in an increase in rates and demand for Emeco's equipment. The company's earnings also reflect the earnings accretive acquisitions that have been carried out over the last 18 months. Emeco expects operating EBITDA for the six months ended December 31, 2019 to range around AUD118-AUD120 million. On an annualized basis, this result would be equivalent to around 10% - 12% increase in EBITDA when compared to the financial year ended June 30, 2019 (fiscal 2019). During fiscal 2019, the company's operating margins increased to 46.1% from 40.2% in fiscal 2018, reflecting improved utilization levels and rates. "The higher earnings have improved Emeco's financial profile and liquidity," adds Ranasinghe. Emeco's Moody's adjusted debt/EBITDA improved to around 2.3x in fiscal 2019 from around 3.2x in fiscal 2018. Given Moody's expectations of continued earnings growth, Moody's expects adjusted debt/EBITDA to range between 1.6x and 2.0x over the next 12-18 months. The company is targeting to reach a net debt/operating EBITDA level of 1.0x by the end of fiscal 2021. In January 2020, Emeco increased its revolving credit facility limit to AUD100 million from AUD65 million; improving the company's liquidity profile. The facility remains undrawn. Moody's views Emeco's increasingly conservative financial profile as providing the company with a buffer against any future deterioration in the currently strong operating conditions. Other buffers are the company's geographic and commodity diversification, as well as its significant fleet size. The company also has the ability to manage cash flow and capital expenditure in weak utilization periods. Nevertheless, Emeco's CFR remains constrained by its exposure to the inherent cyclicality of the minerals industry, which can cause sharp declines in earnings and cash flow during cyclical downturns. Emeco's rating also takes into account the exposure to the coal sector. Around 23% of Emeco's revenue in fiscal 2019 was from the thermal coal segment with a further 42% from the metallurgical coal segment. The environmental impact of the coal industry includes issues such as carbon emissions, land use, waste management, and water and air pollution caused by its mining, processing and end-use. These issues could materially increase regulatory costs for Emeco's customers and indirectly affect Emeco's profitability, and/or reduce demand for Emeco's products. However, Moody's views Emeco as being somewhat insulated from these risks over the next few years given its focus is predominately on customers exporting high quality thermal coal from Australia. Moody's expects that demand for high quality thermal coal will be less impacted from environmental risks than lower quality coal from other regions over the next few years. From a governance perspective, Emeco is listed on the Australian stock exchange and adheres to the listing rules. The company has also publicly stated gearing policy to reduce its net debt/operating EBITDA to 1.0x by fiscal 2021. The stable outlook on the ratings reflects Moody's expectation of a supportive operating environment and solid operating performance over the next 12-18 months. It also reflects management's continuing commitment to de-lever and adopt a conservative financial policy. The stable outlook also factors in Moody's expectation that the company will address the March 2022 maturity of the senior secured notes in a timely manner. WHAT COULD CHANGE THE RATINGS For a further ratings upgrade to be considered, Moody's would expect to see Emeco continue to secure new contracts and sustain or increase its revenue and earnings. Specifically, Moody's would consider upgrading the ratings, if the company generates positive free cash flow on a sustained basis, and reduces its level of gross debt so that its leverage — as measured by Moody's adjusted debt/EBITDA — will be sustained comfortably below 2.5x in a downcycle. Moody's could downgrade the ratings if a worse-than-expected macro environment, operating underperformance and/or competitive pressures lead to a large number of Emeco's contracts being terminated or not renewed on similar terms and margins, thereby further reducing revenue and cash flow generation. Moody's could also downgrade the ratings if liquidity diminishes, and the company cannot maintain adequate compliance with the covenants in its debt facilities. Specifically, Moody's would consider downgrading Emeco's ratings if its Moody's adjusted debt/EBITDA exceeds 3.0x on a sustained basis. The principal methodology used in these ratings was Equipment and Transportation Rental Industry published in April 2017. ========= C H I N A ========= BRIGHT OCEANS: Bankruptcy Vote Delayed Over Dueling Revamp Plans ---------------------------------------------------------------- Zhu Liangtao and Guo Yingzhe at Caixin Global reports that Bright Oceans Corp.'s bankruptcy administrator postponed a vote on the debt-ridden manufacturing conglomerate's reorganization after the company threw its creditors a curveball by releasing two very different bankruptcy plans. According to Caixin, the delay is just the latest blow to scandal-plagued Bright Oceans, one of numerous privately owned conglomerates to default on debts over the past few years amid China's economic slowdown. In a statement, the bankruptcy administrator asked creditors who failed to participate in Jan. 22's online vote to mail in their decisions by Feb. 10. However, the voting should have been closed that same day, Caixin says. Bright Oceans filed for bankruptcy in March last year. Bright Oceans Corporation provides investment advice in the telecommunications, transportation, energy, and capital investment sectors. The Company offers its services to companies and individuals throughout the Asia-Pacific area. CHINA SINGYES: Shuifa to Funnel $62MM Into the Business ------------------------------------------------------- Max Hall at PV-Magazine reports that bailed-out Chinese project developer China Singyes Solar is reaping the benefits of its recent takeover by a unit of Shuifa Group -- after a fashion. According to PV-Magazine, a separate part of the Beijing-owned construction conglomerate is set to take control of the troubled company which has been attempting to buy 100 MW of solar generation assets in China from Singyes for more than three years. PV-Magazine relates that Singyes has to date received only the deposit in relation to a loss-making deal it signed in September 2016 to offload 50 MW projects in Xinjiang and Wuwei to British Virgin Islands-based investment holding company Excel Deal Investment Ltd. That was probably down to the fact the holding company which owns Excel is in provisional liquidation subject to a proposed restructuring, the report says. However, Shuifa business Lukong Water is now set to take a controlling stake in the Bermuda-based PV investment business in question, enabling it to pay Singyes the outstanding HK$480 million (US$61.8 million) owed, subject to a Singyes shareholder vote on the amendments required to the original deal. PV-Magazine says the original transaction was solely guaranteed by third-party investment holding company Happy Fountain Ltd, which paid the deposit on the deal. The HK$1.06 billion (US$136 million) valuation applied to the solar projects in September 2016 has fallen to no more than CNY673 million (US$97.5 million) according to the latest estimate and Singyes anticipates a loss of CNY54.2 million from the proposed HK$835 million sale, which had originally been planned as a HK$861 million transaction, relates PV-Magazine. PV-Magazine notes that details of when the vote will be held on the proposed sale amendments have been promised by Singyes on or before February 11. Singyes was bailed out late last year by Shuifa business Water Development (HK) Holding Co Ltd in a HK$1.55 billion takeover which saw the state-owned entity acquire a 66.92% stake in the Hong Kong-listed developer and building-integrated PV materials manufacturer, PV-Magazine notes. China Singyes Solar Technologies Holdings Ltd. manufactures glass and stone curtain walls and solar energy products. The Company produces solar powered bus shelters, solar powered street lighting, solar powered pumping systems, and other products. TIANQI LITHIUM: Under Pressure to Repay Bank Loan as Prices Slump ----------------------------------------------------------------- The Financial Times reports that China's largest lithium producer is struggling to repay debt that helped finance an aggressive overseas expansion, the latest Chinese company to hit setbacks going global. According to the FT, Tianqi Lithium is facing mounting pressure to repay part of a $3.5 billion loan from state-owned Citic Bank this year, which it used to buy a 24 per cent stake in Chilean lithium producer SQM in May 2018. The FT says the global lithium market has been hit by rising supply from new mines and a cut in subsidies to buyers of electric cars in China, the world's largest market. Prices for lithium carbonate have fallen more than 30 per cent over the past year, leading to mounting losses for the industry. Tianqi raised CNY2.93 billion ($424 million) in a December rights issue on the Shenzhen stock exchange, less than half the CNY7bn it had targeted to pay down the Citic loan. A total of $2.2 billion is due to be repaid to the bank in November, according to the company. "It was a bad decision done in kind of a bubble mentality," Joe Lowry, a lithium consultant, said about Tianqi's purchase of the SQM stake, the FT relays. "But I don't think the government is going to let them go down given the criticality of [lithium] raw material supply. That would be like wiping out half of China's supply, which would not be a good thing for China." The FT says Tianqi joins a growing cohort of Chinese companies that made debt-fuelled overseas acquisitions only to falter under the strain of the repayments in the months and years to follow. According to the FT, aggressive Chinese acquirers such as Shandong Ruyi and Zhonghong Zhuoye have been forced to back out of deals or sell recently purchased assets to appease creditors. By late last year Chinese companies had for the first time on record become net sellers of global assets, as groups such as HNA and Anbang Insurance were forced to offload global portfolios, the report recalls. Founded in 2004 in the county-level city of Shehong in Sichuan by chairman Jiang Weiping after he bought a bankrupt local government lithium company, Tianqi has expanded rapidly to become one of the world's largest producers supplying battery companies such as LG Chem. A total of 40 per cent of the new shares issued in the rights issue last month were bought by the founder's wife Zhang Jing and Mr Jiang's son-in-law, says the FT. In addition to its stake in SQM, Tianqi owns 51 per cent of Australia's largest lithium mine, Greenbushes, and last year completed a $400 million lithium hydroxide processing plant outside Perth, the FT discloses. "Regarding the acquisition debt, the board is paying great attention to this," the FT quotes Tianqi Lithium as saying in a statement. "The company is currently discussing the feasibility of various financing options, and actively expanding various financing channels, to ensure repayment of the loan." About Tianqi Lithium Headquartered in Chengdu, Sichuan Province, Tianqi Lithium Corporation is a leading lithium chemicals producer that mines, makes and sells lithium minerals and lithium chemicals. The company owns a 51% stake in the Greenbushes lithium mine in Western Australia. It also owns a 25.9% stake in Chilean chemical producer, Sociedad Quimica y Minera de Chile S.A. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 26, 2019, Moody's Investors Service downgraded to B1 from Ba3 Tianqi Lithium Corporation's corporate family rating and the senior unsecured rating on the bonds issued by Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium. The ratings outlook remains negative. [*] CHINA: 336 Chinese Start-Ups Went Bankrupt in 2019 ------------------------------------------------------ Olivia Li at Epoch Times reports that the latest data from Chinese research firm ITjuzi revealed that 336 start-up companies in the country, that collectively had raised $2.5 billion, ceased operations last year. Among them were several unicorn companies, each valued over $1 billion. With China's slowing economy and investors exercising more caution, tech companies in the country started to feel the chilling effect of a funding shortage, which mostly surfaced during the second half of last year, Epoch Times says. According to Epoch Times, E-commerce start-up Taojiji, which came online in August 2018 and targeted shoppers outside China's major cities, raised $42 million in Series A funding (the first venture capital funding) within two months of its establishment. The shopping platform drew 136 million customers in one year, and its estimated value reached $242 million. However, since June of last year, Taojiji retailers complained that they didn't get paid on their sales revenue, and by November, employees of the company didn't receive any salary. In December, after failing to raise new funds from venture capitalists, Taojiji announced bankruptcy. Its unpaid debts to the company's merchants and suppliers were as high as $230 million, the report discloses. In the car-sharing industry, about 500 companies registered as new businesses in 2018, but only more than 100 companies actually started to operate, according to Iyiou, a venture and technology-focused news site, Epoch Times relays. As of now, only a few have survived. Even well-known companies could not hold on. Togo, one of the leading companies in China's car-sharing industry which raised more than $2 million in capital, ceased operating in August 2019. Lejia Apartment, China's third-largest rental apartment operator, is one of those unicorn companies on ITJuzi's 2019 bankruptcy list, according to Epoch Times. It was founded in May 2016 in Nanjing City of Jiangsu Province. "Apartment operators" find business opportunities in the super expensive housing market by signing long-term leases with landlords and then subleasing the properties to young people. Within less than three years, the number of apartments under its management grew to more than 200,000 units across the country, and the company once had a valuation of over $2 billion. When Lejia suddenly declared bankruptcy in August 2019, many homeowners had not received their rental payments, while hundreds of thousands of tenants were evicted even though they had paid leases for a whole year in advance, Epoch Times says. ========= I N D I A ========= BC POWER: Ind-Ra Affirms Then Withdraws BB+ Rating on INR340MM Loan ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed and withdrawn BC Power Controls Limited's (BCPCL) Long-Term Issuer Rating of 'IND BB+'. The outlook was Negative. The instrument-wise rating actions are: -- INR340 mil. Fund-based limits* affirmed & withdrawn. *Affirmed at 'IND BB+'/Negative/'IND A4+' before being withdrawn. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. KEY RATING DRIVERS The affirmation reflects the company's continued moderate scale of operations. The company's FY19 revenue declined to INR4,836 million (FY18: INR4,934 million) due to decreased order execution. The ratings further reflect BCPCL's modest credit metrics. Interest coverage (operating EBITDA/gross interest expense) deteriorated to 1.77x in FY19 (FY18: 4.75x) and net financial leverage (total adjusted net debt/operating EBITDAR) to 2.84x, due to increase in total debt, resulting in increased interest expenses. The rating factor in the company's average EBITDA margin, which contracted to 1.7% in FY19 (FY18: 2%) due to an increase in the raw material costs. The return on capital employed stood at 15% in FY19 (FY18: 19%). Liquidity Indicator- Stretched: BCPCL's average working capital utilization of fund-based limits stood at around 83% during the last 12 months ended October 2019. The cash flow from operations was negative at INR332.72 million (FY18: INR410 million) and its cash and cash equivalents stood at INR22.69 million at FYE19 (FYE18: INR265 million). The ratings, however, are supported by the company's promoters' over two decades of experience in the metallurgy industry. COMPANY PROFILE Formed in 2008, BCPCL manufactures and trades copper wires and cables. It has a manufacturing facility in Bhiwadi (Rajasthan). Its product portfolio includes armored and unarmored cables, flexible and house wires, submersible cables, and control and instrumentation cables. The company reported 1HFY20 revenue of INR1,240 million (1HFY19: INR2,895 million) and an EBITDA margin of 3.66%. Its 1HFY20 interest coverage stood at 2.47x. BDR EDUCATIONAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained the BDR Educational Society's bank loan rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR66.20 mil. Term loan due on July 31, 2023, maintained in non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The rating was last reviewed on January 27, 2017. Ind-Ra is unable to provide an update as the agency does not have adequate information to review the rating. COMPANY PROFILE BDR Educational Society is registered under the Andhra Pradesh Societies Registration Act, 2001. It runs Surya - The Global School in Baachupally, Hyderabad. The school has a three-acre campus and offers the Central Board of Secondary Education curriculum until grade seven. The school commenced operations in 2013. BHARGAVI AUTOMOBILES: CRISIL Cuts Rating on INR26cr Loan to 'D' --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Bhargavi Automobiles Private Limited (BAPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Long Term Loan 8 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with BAPL for obtaining information through letters and emails dated December 11, 2019 and December 16, 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 BAPL, which restricts CRISIL's ability to take a forward-looking view on the entity's credit quality. CRISIL believes information available on BAPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information there has been over utilization for more than 30 days in cash credit account, CRISIL has downgraded its rating on the long-term bank facilities of BAPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 1997, BAPL is the authorized dealer for Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in Andhra Pradesh. The company is being promoted by Mr K Balarami Reddy. BHUSHAN POWER: Bhushan Power Buyout Hearing Deferred Till Jan. 31 ----------------------------------------------------------------- BloombergQuint reports that the National Company Law Appellate Tribunal on Jan. 23 adjourned till Jan. 31 its hearing on Bhushan Power and Steel Ltd.'s sale to JSW Steel Ltd. under the insolvency process. BloombergQuint relates that the appellate tribunal has given around one week more to investigative agencies to file an affidavit clarifying whether prosecution against BPSL can be dropped once JSW Steel, the successful bidder, takes over the company. The Enforcement Directorate is investigating alleged fraud committed by the debt-laden firm's previous management, the report says. On Jan. 13, the NCLAT had asked investigative agencies such as the ED, the Serious Fraud Investigation Office and the Central Bureau of Investigation to file an affidavit. According to the report, sources said only ED has filed its reply and has opposed JSW Steel's immunity in the BPSL insolvency case. The ED has said a recent amendment in IBC would not apply to the JSW Steel-BPSL deal as it was approved last year, before the amendment came into force, the report relays. Moreover, it has also hinted that promoters of JSW and BPSL are related parties as they had a joint venture for a coal block. BloombergQuint adds that a three-member NCLAT Bench, headed by Chairperson Justice SJ Mukhopadhaya, had on Jan. 13 asked the agencies to file their reply affidavits stating whether after insertion of Section 32A into the IBC last month, JSW Steel has immunity from the alleged fraud committed by the previous BPSL management. The government had last month amended the IBC and inserted Section 32A, which mandates that once management or control of a debt-ridden company changes after the completion of the corporate insolvency resolution process, it would not be liable for any offences committed prior to the commencement of the insolvency resolution process, the report notes. According to BloombergQuint, the changes were made after the ED and the Ministry of Corporate Affairs were at loggerheads over the attachment of the assets of BPSL by the former over the money allegedly siphoned off by the erstwhile promoters of BPSL, which is currently going through the insolvency resolution process. On Oct. 10, the ED had attached assets worth over INR4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters of BPSL, BloombergQuint recalls. JSW Steel, which has emerged as a successful bidder for BPSL with its bid of INR19,700 crore, filed an appeal against the ED's move before the NCLAT, which had on Oct. 14 directed that the assets be immediately released in favor of the resolution professional of the debt-ridden firm. While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act, the MCA has been maintaining that the ED cannot do so as proceedings under the Insolvency and Bankruptcy Code are on, BloombergQuint notes. On Oct. 25, the NCLAT had asked both organisations, which are currently headed by Finance and Corporate Affairs Minister Nirmala Sitharaman, to settle the matter adding that there was no question of amendment of laws. On this, the ED filed an affidavit before the NCLAT questioning its jurisdiction, BloombergQuint relates. In the said affidavit, the ED told the appellate tribunal that it has no jurisdiction over the properties attached by the agency under the PMLA and asked it to vacate its earlier order and dismiss the appeal filed by JSW Steel. BloombergQuint says the validity of the attachment could be examined by an adjudicating authority only under the PMLA and, hence, the NCLAT should vacate its order passed on Oct. 14, directing it to release the assets of BPSL, the ED told the NCLAT. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings, according to LiveMint.com. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases, LiveMint.com noted. BPL LIMITED: Ind-Ra Migrates B- LT Issuer Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated BPL Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100.00 mil. Fund-based limits migrated to non-cooperating category with IND B- (ISSUER NOT COOPERATING) rating; and -- INR280.00 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 28, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. While the company's financials are available in the public domain, Ind-Ra does not have information regarding its liquidity management, the utilization of its current debt facilities, outstanding debt facilities or the projections for the next five years. Hence, the agency has not taken a rating action. COMPANY PROFILE Founded by Mr. TPG Nambiar, BPL is engaged in the trading of consumer durables and the manufacturing of printed circuit boards (installed capacity of 288,000 square meters). It is managed by Mr. Ajit Nambiar. GANESA HITEC: CRISIL Lowers Rating on INR3.7cr Loan to 'D' ----------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Ganesa Hitec Agroo Foods to 'CRISIL D issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Long Term Loan 3.3 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Proposed Working Capital Facility 3.7 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with GHAF seeking information through letters and emails dated May 31, 2018 and November 22, 2018, August 31, 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'. This rating lacks a forward-looking component, as it has been arrived at without any management interaction, and is based on the best available, limited or dated information on the company.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL has not received any information on either the financial performance or strategic intent of GHAF. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL has downgraded its ratings on the bank facilities of Ganesa Hitec Agroo Foods to 'CRISIL D issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. The downgrade reflects delays by Ganesa Hitec Agroo Foods in servicing of debt obligations. GHAF was set up as a partnership firm in December 2014 in Salem. The firm mills and processes paddy into rice, rice bran, broken rice and husk. Its operations are managed by its partner Mr P Madheswaran. GEETANJALI SPICES: Ind-Ra Reassigns B- Long Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Geetanjali Spices' (GS) Long-Term Issuer Rating to 'IND D' from 'IND B+ (ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra has reassigned GS a Long-Term Issuer Rating of 'IND B-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limits* downgraded and reassigned with IND B-/Stable rating; *Reassigned 'IND B-'/Stable after being downgraded to 'IND D' KEY RATING DRIVERS The downgrade to 'IND D' reflects GS's delay in debt servicing in April 2019 due to delays in the release of funds from its clients. The reassignment of the Long-Term Issuer Rating of 'IND B-' reflects GS's timely debt servicing for the five months ended December 2019, due to timely receipt of receivables from customers. Liquidity Indicator – Poor: GS's average utilization of its working capital facility was 84% for the 12 months ended December 2019. The cash flow from operations turned negative at INR299.62 million in FY19 (FY18: INR2.20 million) due to unfavorable changes in the working capital due to an increase in inventory. Furthermore, the company's working capital cycle deteriorated to 244 days in FY19 (FY18: 43 days) due to an increase in inventory days to 328 (121). GS had cash and cash equivalents of INR5.95 million at FYE19 (FYE18: INR8.77 million). The ratings reflect GS's continued small scale of operations, as indicated by revenue of INR527.25 million in FY19 (FY18: INR572.69 million). The revenue declined due to volatility in demand and poor market conditions. The absolute EBITDA increased to INR26.21 million in FY19 (FY18: INR15.96 million) due to a rise in the prices of coriander seeds, resulting from lower production in the state. The ratings reflect the company's modest EBITDA margins due to the trading nature of the business. The margin rose to 4.97% in FY19 (FY18: 2.79%) due to an increase in realizations. The return on capital employed was 10% in FY19 (FY18: 16%) The ratings also factor in GS's weak credit metrics due to high debt levels (FY19: INR366.15 million; FY18: INR105.43 million). The interest coverage (operating EBITDA/gross interest expense) weakened to 1.1x in FY19 (FY18: 1.8x) owing to the increase in debt levels and the resultant rise in interest expenses. The net leverage (total adjusted net debt/operating EBITDAR) deteriorated to 13.74x in FY19 (FY18: 6.06x) as the company undertook short-term debt to meet its working capital requirements. GS earned an interest income of INR8.98 million in FY19 (FY18: INR0.95 million). Despite this, the net interest coverage fell to 1.65x in FY19 (FY18: 1.96x) due to the increase in interest expenses. The ratings, however, are supported by the company's promoter's experience of more than two decades in the trading business and strong relationships with customers and suppliers. RATING SENSITIVITIES Negative: A significant decline in the revenue and profitability along with deterioration in the liquidity position will be negative for the ratings. Positive A substantial improvement in the scale of operations and profitability, along with with an improvement in the liquidity, and an increase in the interest coverage to above 1.3x, on a sustained basis, will be positive for the ratings. COMPANY PROFILE Incorporated in 2010, Kumbhraj-based GS is engaged in the trading of coriander seeds. Ram Kasat is the proprietor. HEATSHRINK TECHNOLOGIES: Insolvency Resolution Case Summary ----------------------------------------------------------- Debtor: HeatShrink Technologies Limited (earlier known as REPL Engineering Limited) Plot No. 112, 13th Road MIDC Marol Andheri (E) Mumbai 400093 Maharashtra, India Insolvency Commencement Date: January 2, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 4, 2020 Insolvency professional: CA Arihant Nenawati Interim Resolution Professional: CA Arihant Nenawati 513 Mastermind-1 Royal Palm Estate Aarey Colony, Goregaon Mumbai, Maharashtra 400065 E-mail: arihantn@gmail.com - and - B-202, Sharaton Classic Dr. Charatsingh Colony Andheri East, Mumbai Maharashtra 400069 E-mail: cirpheatshrink@gmail.com Last date for submission of claims: January 20, 2020 HINDUSTAN FLUOROCARBONS: Union Cabinet Approves Company's Closure ----------------------------------------------------------------- BloombergQuint reports that the Union Cabinet on Jan. 22 approved closure of Hindustan Fluorocarbons Ltd., a central public sector enterprise with just 88 employees. According to BloombergQuint, the decision was taken in a meeting of Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi. "CCEA approves closure of HFL, a central public sector enterprise under the department of chemicals and petrochemicals," an official statement said. BloombergQuint says HFL has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of INR62.81 crore and net worth of (-) INR43.20 crore, BloombergQuint discloses. It was also registered with the erstwhile Board for Industrial and Financial Construction as a sick company. According to the statement, financial implications of the proposal for the closure involve providing a support of INR77.20 crore to the company in the form of interest free loan for settling closure related liabilities of HFL, BloombergQuint relays. BloombergQuint says the liabilities include implementation of VRS/VSS, payment of outstanding salary and statutory dues, and repayment of SBI working capital credit and salary/wages and administrative expenses of HFL skeletal staff to be retained for implementing the closure plan for two years. It said the interest free loan is proposed to be repaid from the proceeds of the disposal of land and other assets of HFL after settling all the liabilities relating to closure of the company. If the land/assets sale proceeds are not sufficient to fully repay the loan amount, then the balance loan amount is to be written off, it said. "With unviable scale of operations, very old plants and technology and only one revenue earning product but of no strategic significance, sustainable revival of HFL is not economically viable," the statement, as cited by BloombergQuint, said. Further the inevitable reduction in quota of HFL in 2020 will make the company's operations completely non-viable from March this year onwards, the report relays. "Closure of the company's operations will not only avoid any future risks/liabilities but also protect the interest and welfare of HFL employees by separating them through VRS/VSS," it added. Thereafter, it said disposal of the company's land assets will enable their redeployment for more productive use which can attract both domestic and foreign investments. According to BloombergQuint, the statement said NBCC (India) Ltd. will be appointed as land management agency for facilitating disposal of land assets. Disposal of plant/machinery and movable assets will be done by HFL through e-auction by MSTC, it added. Hindustan Fluorocarbons Ltd is a Hyderabad-based company manufacturing poly tetra fluoro ethylene (PTFE), an engineering plastic in India. HFL was incorporated in 1983 as a subsidiary of Hindustan Organic Chemicals Limited (HOCL). INTERNATIONAL COMMERCE: Ind-Ra Migrates D Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed International Commerce Limited's (ICL) Long-Term Issuer Rating at 'IND D' while migrating the rating to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR150 mil. Fund-based working capital limit (Long-term/Short- term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR400 mil. Non-fund-based working capital limit (Short-term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information KEY RATING DRIVERS The affirmation reflects ICL's classification as a non-performing asset by the lenders. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE Incorporated in 1980 and headquartered in Bengaluru, ICL recycles and processes ferrous scrap as well as trades iron and steel scrap. It is also engaged in the removal of overburden, excavation and transportation of coal, and rents out equipment. KREDO BEAUTY: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Kredo Beauty Pvt. Ltd. Registered office: Flat No. 105 F/F South Ex-Plaza-II Plot No. 209, Masjid Moth New Delhi 110049 Insolvency Commencement Date: January 16, 2020 Court: National Company Law Tribunal, Bench-II, New Delhi Estimated date of closure of insolvency resolution process: July 14, 2020 (180 days from commencement) Insolvency professional: Ravi Bansal Interim Resolution Professional: Ravi Bansal 308, Adarsh Complex 3, Community Centre Wazirpur Industrial Area Delhi 110052 E-mail: ravibansalca@yahoo.com cirp.kredobeauty@gmail.com Last date for submission of claims: February 3, 2020 MAAJAGDAMBE PAPER: CRISIL Migrates D Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Maajagdambe Paper Mills Private Limited (MPMPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 4 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with MPMPL for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 MPMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MPMPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of MPMPL to 'CRISIL D Issuer not cooperating'. Incorporated in May 2016, Maajagdambe Paper Mills Pvt Ltd (MPMPL) is setting up manufacturing unit for kraft paper and writing paper. The factory is situated at Mahuli, Bihar. MANRAJ MOTORS: CRISIL Migrates B+ Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Manraj Motors Private Limited (MMPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Cash 13 CRISIL B+/Stable (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) CRISIL has been consistently following up with MMPL for obtaining information through letters and emails dated November 30, 2019 and December 26, 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 MMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MMPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of MMPL to 'CRISIL B+/Stable Issuer not cooperating'. MMPL was set up in 1997 by Mr. Ishwarlal Lalwani and his son Mr. Manish Lalwani. It is an authorised dealer of MSIL's. It has two 3S (sales, spares, services) outlets at Jalgaon and Chalisgaon, and one sales outlet at Khamgaon in Buldhana district. MINAKSHI TRADERS: CRISIL Assigns B+ Rating to INR7cr Loans ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Minakshi Traders (MT). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ Overdraft facility 6 CRISIL B+/Stable (Assigned) Proposed Fund- Based Bank Limits 1 CRISIL B+/Stable (Assigned) The rating reflects MT's modest scale of operations and large working capital requirement. These weaknesses are partially offset by the extensive industry experience of the partners in trading of cement, pipes, and sanitary goods. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Exposure to intense competition has led to subdued scale, which will continue to limit operating flexibility. * Working capital-intensive operations: Gross current assets (GCAs) were at 163-291 days over the three fiscals ended March 31, 2019, compared with GCAs of over 125 days of some of its peers. Strength * Extensive industry experience of the partners: The partners have an experience of over 35 years in trading. This has given them an understanding of the dynamics of the market, and enabled them to establish relationships with suppliers and customers. Liquidity Stretched Bank limit is completely utilised at 100% for the 12 months through December 2019. Cash accrual is expected to be sufficient against debt obligation. Current ratio was moderate at 1.7 times as on March 31, 2019. Outlook: Stable CRISIL believes MT will continue to benefit from its longstanding relationships with customers and suppliers and the experience of the management to mitigate the inherent risks in the trading business. Rating sensitivity factors Upward factors * Revenue growth of 10%, over the medium term, while ensuring recovery of the financial risk profile * Improvement in working capital cycle with GCAs at 120 days Downward factors * Deterioration of the capital structure, leading to gearing of more than 2 times * Withdrawal of funds by partners MT was established as a partnership concern in 1985 and is owned and managed by Mr Sunil Agrawal, Mr Ramesh Kumar Agrawal, and others. The firm trades in cement, pipes, and sanitary goods. MT is based in Bilaspur, Chattisgarh. N.S.K. FRUITS: CRISIL Migrates B+ Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of N.S.K. Fruits (NSK) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with NSK for obtaining information through letters and emails dated October 30, 2019 and December 26, 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 NSK, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on NSK is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of NSK to 'CRISIL B+/Stable Issuer not cooperating'. Established in 1985, as proprietorship concern, N.S.K fruits (NSK) is engaged in trading of various fruits. The firm is based out of Attingal (Kerala) and is promoted by Mr. Aji S. NAFREF ENGINEERS: CRISIL Migrates 'D' Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Nafref Engineers Private Limited (NAFREF; part of the NAFREF group) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with NAFREF for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 NAFREF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on NAFREF is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of NAFREF to 'CRISIL D/CRISIL D Issuer not cooperating'. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of National Ref and Air Cond Engg (National) and NAFREF. This is because the two companies, together referred to as the NAFREF group, have a common management and are in the same business. Moreover, NAFREF was incorporated to take over the business of National, which is likely to be wound up within a couple of years. Incorporated in 2013 and promoted by Mr Bal and his family, NAFREF is engaged in engineering, procurement, and construction of air conditioning plants and fire-fighting systems, and has also started undertaking civil construction contracts for government authorities. The company is also empanelled with Military Engineering Services. Operations are managed by Mr Sital Singh Bal. NANNAN FARM: CRISIL Migrates B Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Nannan Farm House Private Limited (NFHPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 20 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with NFHPL for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 NFHPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on NFHPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of NFHPL to 'CRISIL B/Stable Issuer not cooperating'. NFHPL, established in February 2018, is setting up a dairy farm at Koliyakodu in Thiruvananthapuram, Kerala. Implementation is underway and the operations are expected to commence from April ' 2019. ONGOLE LOGISTICS: CRISIL Migrates B+ Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Ongole Logistics Private Limited (OLPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 23 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 0.5 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with OLPL for obtaining information through letters and emails dated November 30, 2019 and December 26, 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 OLPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on OLPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of OLPL to 'CRISIL B+/Stable Issuer not cooperating'. OLPL, incorporated in 2018, provides warehouse facilities to rice and cotton farmers. The company is owned by Mr. Radha Krishna Dastari, who has over 10 years of experience in this business. PARADIGM TUNNELING: Ind-Ra Moves D Issuer Rating to NonCooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Paradigm Tunneling Private Limited's (PTPL) Long-Term Issuer Rating at 'IND D' and has simultaneously migrated it to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limit (Long-term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR15 mil. Non-fund based working capital limit (Short-term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information KEY RATING DRIVERS The affirmation reflects PTPL's overutilization of the fund-based limits for more than 30 days over the 12 months ended December 2019 due to a tight liquidity position, the details of which are not available. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE Incorporated in 2013, PTPL undertakes contracts for water drainages, tunneling, and water pipeline projects. REENA TINAAZ: CRISIL Lowers Rating on INR90cr Cash Loan to 'D' -------------------------------------------------------------- CRISIL has downgraded its rating on the bank loan facilities of Reena Tinaaz Private Limited (RTPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' on as the firm has overdrawals of more than 30 days in its cash credit and overdraft facility. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 90 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with RTPL for obtaining information through letters and emails dated December 31, 2018 and June 12, 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 RTPL. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for RTPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' category or lower. Incorporated in 2014, RTPL is a Mumbai based company promoted by Mr. Uday Kantilal Desai. The company is engaged the trading of Cigarettes (various brands) and FMCG products such as soaps, shampoos, biscuits, and mosquito coils etc. Mr. Desai was earlier undertaking the business under his proprietorship firm Reena Agency. In Jan 2015, the entire business was transferred to RTPL. RIGA CERAMICA: CRISIL Migrates B+ Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Riga Ceramica Private Limited (RCPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.2 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 2.75 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term .07 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 5.98 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with RCPL for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 RCPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RCPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of RCPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. RCPL, incorporated in 2014 at Morbi (Gujarat), has its manufacturing unit at Morbi, Gujarat. The company is promoted by Mr. Yogesh who has an experience of around 8 years in the ceramic industry. RISHABH WINPRO: CRISIL Migrates B+ Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of The Rishabh Winpro Private Limited (RWPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Letter Of Guarantee 7.5 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 3.5 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with RWPL for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 RWPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RWPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of RWPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in January 2013, RWPL manufactures Unplasticized Polyvinyl Chloride (UPVC) and aluminum doors and windows for the real estate industry. The company is promoted by Mr UC Jain, Mr Nikhil Jain and Mr Rishabh Jain. The company's plant is located at Haridwar. SATYA SURYA: CRISIL Migrates B Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Satya Surya Towers Private Limited (STPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.71 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 2.41 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 2.88 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with STPL for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 STPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on STPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of STPL to 'CRISIL B/Stable Issuer not cooperating'. Incorporated in 2009, STPL is engaged in the processing of raw cashew nuts and sale of cashew kernels. The company is based out of Vizianagaram in Andhra Pradesh and promoted by Mr. Anil Kumar Mamidipaka and his family. SHIV SHAMBHU: CRISIL Migrates B+ Rating to Not Cooperating ---------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Shiv Shambhu Iron and Steel Private Limited (SSISPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SSISPL for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 SSISPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SSISPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SSISPL to 'CRISIL B+/Stable Issuer not cooperating'. SSISPL, formed in 2005 by Mr Shambhu Jaiswal is into processing and trading of mild steel (MS) scrap. The processing unit is located in Jamshedpur. The company caters to the auto ancillary units in the city. Mr Shambhu Jaiswal is responsible for the overall management of the company and has been in the industry for more than three decades. SHREE VIJAYASHREE: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Shree Vijayashree Food Processing Industries (SVFPI) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 1 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SVFPI for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 SVFPI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SVFPI is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SVFPI to 'CRISIL B+/Stable Issuer not cooperating'. Set up in 2009, SVFPI is a partnership between Mr Arihanthkumar Mehta, Mr S Goutamchand Mehta, Mr S Vijaykumar Mehta, and Mr Vishal Mehta. It mills and processes paddy into rice, rice bran, broken rice, and husk. The facility is in Allanagar (Karnataka), and has an installed milling capacity of 6 tonne per hour. SREE ANDAL: CRISIL Migrates B+ Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sree Andal and Company (SAC) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Cash 1 CRISIL B+/Stable (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) CRISIL has been consistently following up with SAC for obtaining information through letters and emails dated October 30, 2019 and December 26, 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 SAC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SAC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SAC to 'CRISIL B+/Stable Issuer not cooperating'. SAC, set up in 1992 and based in Chennai, is a partnership concern promoted by Mr. M Subbiah and his family. The firm trades in thermo-mechanically treated bars, channels, angles, joints, and beams. SRI MJR 92: CRISIL Migrates B Rating to Not Cooperating Category ---------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sri MJR 92 (MJR) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with MJR for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 MJR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MJR is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of MJR to 'CRISIL B/Stable Issuer not cooperating'. MJR was set up in 2016 at Bengaluru as a partnership firm by Mr Gautam K and Mrs. Kavitha Praveen Borana. The firm trades in gold and silver ornaments. SRI MURUGAN: CRISIL Migrates B Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sri Murugan Timbers (SMT) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Foreign Letter 6 CRISIL A4 (ISSUER NOT of Credit COOPERATING; Rating Migrated) Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SMT for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 SMT, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SMT is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SMT to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. SMT was set up as a partnership firm in 2014. The firm processes and trades in timber. The processing facilities are at Tenkasi (Tamil Nadu). Operations are managed by Mr Rajakani. SRI SARAVANA: CRISIL Migrates B+ Rating to Not Cooperating ---------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sri Saravana Store - Vellore (SSSV) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.4 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 0.4 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Proposed Short Term 0.2 CRISIL A4 (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SSSV for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 SSSV, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SSSV is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of SSSV to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Vellore (Tamilnadu) based SSSV was established in 2018 by Ms.Bharathi. Firm is engaged in retailing of white goods. SSPDL LIMITED: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated SSPDL 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: -- INR61.15 mil. Term loan due on July 2027 migrated to non- cooperating category with IND BB (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 1994, SSPDL is a real estate developer listed on the Bombay Stock Exchange. TALAKSHI LALJI: CRISIL Migrates B+ Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Talakshi Lalji and Co. (TLC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .75 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Cheque Purchase .05 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Foreign Discounting 10.00 CRISIL A4 (ISSUER NOT Bill Purchase COOPERATING; Rating Migrated) Packing Credit 7.00 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with TLC for obtaining information through letters and emails dated January 6, 2020 and January 10, 2020 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 TLC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on TLC is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of TLC to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. TLC is a partnership firm established in 1959 by the Mumbai-based Bheda family; operations are managed by Mr Rajiv Bheda along with his brothers, Mr Rajesh Bheda and Mr Hiten Bheda. The firm processes and trades in sesame seeds and groundnut kernels. It also trades in other agro commodities such as chilly, cumin seeds, and poha. TECH INDIA: CRISIL Migrates B Rating to Not Cooperating Category ---------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Tech India Engineering and Automation (TIEA) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with TIEA for obtaining information through letters and emails dated October 30, 2019 and November 22, 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 TIEA, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on TIEA is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of TIEA to 'CRISIL B/Stable Issuer not cooperating'. TIEA was Established in 2018 as a partnership firm and in engaged in manufacturing of electronic connectors. TNR INDUSTRIES: CRISIL Migrates 'C' Rating to Not Cooperating ------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of TNR Industries Private Limited (TIPL) to 'CRISIL C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL C (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 8 CRISIL C (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with TIPL for obtaining information through letters and emails dated January 06, 2020 and January 10, 2020 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 TIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on TIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of TIPL to 'CRISIL C Issuer not cooperating'. TIPL, set up in 2011, manufacture of Unplasticized Polyvinyl Chloride (UPVC) and leasing of RMC facility. Based in Hyderabad, the company is promoted by Mr T Narsimha Rao and his family. VIKRAM INFRASTRUCTURE: Ind-Ra Lowers LongTerm Issuer Rating to 'B' ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Vikram infrastructure Company's (VIC) Long-Term Issuer Rating to 'IND B' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-wise rating actions are: -- INR150 mil. Fund-based limits downgraded with IND B/Stable rating; and -- INR100 mil. Non-fund-based limits downgraded with IND A4 rating. The downgrade reflects a few instances of overutilization of the fund-based facility for up to 21 days during the 12 months ended December 2019 KEY RATING DRIVERS Liquidity Indicator - Stretched: VIC's average utilization of the working capital limits was 98.76 % for the 12 months ended December 2019. The company had liquid cash and cash equivalents of INR6.37 million at FYE19 (FYE18: INR1.78 million) against an outstanding debt of INR169.51 million (INR162.39 million). The working capital cycle deteriorated to 217 days in FY19 (FY18: 127 days) due to an increase in stockholding days, Despite this, the cash flow from operations increased to INR17.07 million in FY19 (FY18: INR12.96 million) due to an increase in fund flow from operations. The ratings reflect VIC's continued medium scale of operations, as indicated by revenue of INR379.56 million in FY19 (FY18: INR458.14 million). The revenue fell due to a decline in orders and delays in obtaining site clearance. The rating factor in the modest EBITDA margins due to the nature of the business. The margin improved to 9.91% in FY19 (FY18: 7.97%) because of a fall in construction costs, as the company was able to procure raw material at competitive rates. The return on capital employed was 11.53% in FY19 (FY18: 11.31%). The ratings also reflect VIC's weak credit metrics due to the high debt levels. The metrics improved slightly in FY19 owing to lower reliance on external borrowings to meet working capital requirements, resulting from an increase in the absolute EBITDA to INR37.62 million (FY18: INR36.52 million). The interest coverage (operating EBITDA/gross interest expenses) was 1.86x in FY19 (FY18: 1.70x), and the net leverage (net debt/operating EBITDA) was 4.34x (4.40x). The ratings, however, are supported by VIC's partners' two-decade-long experience in the construction business. RATING SENSITIVITIES Negative: Deterioration in the liquidity position and/or credit metrics, with the interest coverage falling below 1.3x, on a sustained basis, could lead to negative rating action. Positive: Improvement in the liquidity profile while maintaining/improving the scale of operations and credit profile, all on a sustained basis, could lead to positive rating action. COMPANY PROFILE VIC is a partnership firm established in 1989 and is located in Vapi (W), Dist. Valsad. Gujarat. It has three main areas of business namely infrastructure (civil construction), mining, and ready-mix concrete. VIC undertakes public works department (PWD) projects for the governments of Silvassa and Daman. ================= I N D O N E S I A ================= TOWER BERSAMA: Fitch Upgrades LT IDRs to BB, Outlook Stable ----------------------------------------------------------- Fitch Ratings upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Indonesian telecommunications tower company PT Tower Bersama Infrastructure Tbk to 'BB' from 'BB-'. The senior unsecured rating has also been upgraded to 'BB' from 'BB-'. At the same time, Fitch Ratings Indonesia has upgraded the National Long-Term Rating and national senior unsecured rating to 'AA-(idn)' from 'A+(idn)'. The Outlook on the IDRs and National Long-Term Rating is Stable. The rating upgrade reflects TBI's management commitment to maintain leverage, as measured by net debt/last quarterly annualised EBITDA, of below 5.0x (FFO adjusted net leverage of 5.5x) and steady improvement in the company's business profile. Fitch believes that TBI's FFO adjusted net leverage will remain below 5.75x and that this will allow the company to make shareholder returns of IDR652 billion in 2019 and IDR1.2 trillion-1.4 trillion annually during 2020-2021. TBI's business profile has steadily improved, with organic tower and tenancy additions driven by large capex by Indonesian telcos to strengthen 4G networks and expand fibre infrastructure. The industry is slowly consolidating, with the two largest tower companies' market share growing as telcos monetise towers and smaller tower companies exit due to a lack of scale to compete effectively. Fitch expects TBI's 2019 pre-dividend FCF to break even for the first time, with EBITDA of around IDR4 trillion, giving the company sufficient cash to fund capex of INDR1.5 trillion-1.8 trillion, interest costs of IDR1.7 trillion-1.9 trillion and cash taxes of IDR200 billion-250 billion. 'AA' National Ratings denote expectation of very low default risk relative to other issuers or obligations in the same country. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations. KEY RATING DRIVERS Improved Leverage: Fitch expects TBI's 2019 FFO adjusted net leverage to have improved to 5.3x-5.4x (2018: 5.8x), which would be below 5.75x, the threshold above which Fitch will consider negative rating action and management's target. The improvement was driven by lower dividends and share buybacks totalling IDR652 billion. Fitch forecasts TBI's FFO adjusted net leverage to remain below 5.75x, but remain higher than the 2.5x-3.0x for the largest Indonesian tower operator, PT Profesional Telekomunikasi Indonesia (Protelindo, BBB-/AA+(idn)/Positive), and the 4.5x-5.0x of third-largest PT Solusi Tunas Pratama Tbk (STP). TBI's leverage may deteriorate if M&A were to be large and debt-funded at the current shareholder return levels. However, the impact on leverage may be reduced if management chooses to cut shareholder pay-outs. Tower, Tenancy Growth to Continue: Fitch expects TBI's market share to gradually improve from 16%-17% at end-September 2019 as it expands faster than the industry. Fitch expects revenue to rise by 10% in 2019 and 6%-8% a year in 2020-2021, driven by tower and fibre infrastructure demand from Indonesian telcos. The three largest telcos seek to strengthen 4G networks and expand fibre infrastructure. Fitch expects TBI to add 500-1,000 towers and 1,500-2,000 tenancies during 2020-2021 as Fitch forecasts average capex/revenue for Indonesian telcos (excluding spectrum costs) to remain high at 28%-30% in 2020 (2018: 26%). TBI's tenancy ratio steadily improved to 1.8x by end-September 2019 (2018: 1.69x) on additional tenants. . Tower Lease Rental Pressure: Fitch expects operating EBITDAR margin to fall slightly due to weaker tower rentals and higher revenue contribution from the fibre business. Fitch estimates about 30% of TBI's total tenancy contracts will be up for renewal in 2020-2023, and rentals may decline as telcos may renegotiate contracts at lower prices. However, the company was previously able to renew expiring contracts at existing average tower rentals and operating EBITDAR margin was steady at 86%-87% in 2016-18. Minimal overlap of TBI's tower sites with those of rivals leave little room for telcos to reduce rentals. Strong Cash Flow Visibility: TBI's ratings benefit from long-term lease agreements that provide visibility and stability to its cash flow. Total revenue locked-in was around IDR25 trillion (USD1.7 billion) at end-September 2019, and the average remaining contract life was 5.4 years. Fitch expects non-renewal risk to be low as towers are mission-critical infrastructure for telcos, which also wish to avoid relocation of equipment to minimise service disruptions. Low Counterparty and FX Risks: Indonesian operators with investment-grade international ratings accounted for 83% of TBI's revenue in 9M19, higher than Protelindo's 64% and STP's 65%. In addition, TBI mitigates currency risk by fully hedging its US dollar exposure. It also has annual US dollar-denominated revenue of USD40 million from Indosat. TBI has the highest exposure among the independent tower companies to mobile market leader - PT Telekomunikasi Selular (Telkomsel) - at 44% of revenue, compared with Protelindo's 19% and STP's 18%. Structural Subordination to Ease: TBI's bonds are rated at the same level as its IDR, despite their structural subordination to debt held at the operating subsidiaries that generate all of the group's revenue. Fitch expects the ratio of prior-ranking debt/annualised EBITDA to improve to around 2.5x-2.6x (2018: 3.5x), as Fitch expects the group to use its recent issue of USD350 million guaranteed senior unsecured notes due 2025 to pay down some debt at the operating companies. Furthermore, Fitch believes there will be strong creditor recovery in a distress scenario because a high proportion of the group's operating cash flow is contractually locked in, underpinning its decision not to notch the bonds down from the issuer ratings. DERIVATION SUMMARY TBI's ratings reflect its cash flow stability, which is supported by long-term tower lease contracts with quality tenants that help to generate a robust EBITDA margin, justifying higher leverage metrics than for most corporate credits. TBI's business risk profile has steadily improved and has narrowed the gap with Protelindo. Fitch believes that Protelindo's larger scale is offset by TBI's better tenancy mix with 83% of revenue from investment-grade telcos compared to 64% for Protelindo and better tenancy ratio of 1.8x relative to 1.6x for Protelindo. However, TBI's 2019 forecast FFO adjusted net leverage of 5.3x-5.4x is significantly weaker than Protelindo's 2.5x-3.0x. Fitch believes that the three-notch difference in the ratings of TBI and US-based tower market leader American Tower Corporation (AMT, BBB/Stable) and second-placed Crown Castle International Corp. (CCI, BBB/Stable) is warranted. This is because both AMT and CCI have better business profiles, with larger scale, diversification, counterparty mix and exposure to a stable and mature telco industry, than TBI. TBI's FFO adjusted net leverage is now similar to AMT's and CCI's 5.0x-5.5x. TBI's business risk profile is better than that of Indonesian textile and garment manufacturer, PT Sri Rejeki Isman Tbk. (Sritex, BB-/A+(idn)/Stable). Sritex is exposed to volatility in wage and energy costs and has large working-capital requirements. However, its financial profile, with FFO adjusted net leverage of 3.0x, is better than that of TBI. On a national scale, Fitch believes that TBI warrants a notch higher rating than Sritex as the tower company has a better business profile despite higher leverage. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer Revenue to increase by a high single-digit rate in 2020 and mid-single-digit rate annually in 2021-2022. Yearly tenancy additions of 3,000 during 2020-2021, comprising 1,000 tower additions and 2,000 in co-locations. Operating EBITDAR margin of 84%-85% during 2020-2021. Margin to decline by 50bp-100bp each year over the base case. Capex/revenue ratio of 34%-36% during 2020-21. Annual dividend payments and share buybacks of IDR1.2 trillion-1.3 trillion during 2020-2021. No major acquisitions or divestments. Average interest cost at around 8%-8.5% on a hedged basis. RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to Positive Rating Action - FFO adjusted net leverage, based on its hedged debt amount, below 4.75x on a sustained basis. Developments that May, Individually or Collectively, Lead to Negative Rating Action - A debt-funded acquisition, lease defaults by weaker telcos or significant dividend payment and share buyback activity leading to FFO adjusted net leverage, based on its hedged debt amount, above 5.75x for a sustained period. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: TBI's liquidity is adequate given its cash balance was augmented by the issue of USD350 million of senior unsecured notes due 2025 in January 2020. Fitch expects the company to use the proceeds to repay US dollar-denominated credit facilities at the operating company level, which mature in 2022. However, at end-September 2019, TBI's cash balance of IDR333 billion and committed undrawn facility of IDR2.1 trillion were insufficient to cover the IDR2.8 trillion of debt maturing in next 12 months. This is mitigated by TBI's strong access to local banks and the rupiah bond market. During 2019, TBI raised a USD375 million 5.5 year bullet revolving credit facility to repay part of a USD1 billion syndication facility, and a IDR750 million rupiah-denominated bond to repay rupiah debt. TBI's average interest cost on debt on a hedged basis has steadily decreased and is now 8%-8.5%. Its USD350 million of senior unsecured notes has an incurrence covenant of gross debt/last quarterly annualised EBITDA of 6.25x (2019 forecast: 5.0x). ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on TBI, either due to their nature or the way in which they are being managed by the company. ===================== N E W Z E A L A N D ===================== JDV BAR: Workers Owed Pay After Christchurch Bar Liquidated ----------------------------------------------------------- Michael Hayward at Stuff.co.nz reports that a long-running lease dispute led to the locks being changed on a well established Christchurch bar that went into liquidation this month. JDV Bar and Eatery, the company behind JDV in Merivale Mall, was liquidated on January 10 after staff showed up for their shift to find themselves locked out, Stuff discloses. Insolvency Matters liquidator Brenton Hunt was appointed as the liquidator. His first report said JDV's lease was terminated and the locks changed after a "long dispute" with the landlord, Stuff relates. Stuff says the company bank account was in overdraft. According to the report, Mr. Hunt said staff were owed wages for the week before the company was liquidated, plus holiday pay. Suppliers and other businesses that had come forward were owed in the thousands of dollars by JDV, he said. The fixtures and fittings in the restaurant will be removed and sold off by Mainland Auctions, Stuff discloses. The total amount JDV owes is not yet clear as not all of those owed money have come forward, the report says. It is understood JDV had over a year remaining on its lease when the locks were changed. Merivale Mall centre manager Nicole Dolan previously said JDV had failed to meet certain lease obligations, but would not say what they were. According to Stuff, the Companies Office register lists Peter Edmonds as director of JDV Bar & Eatery Ltd. He is also director or a former director of several other companies with JDV in their name, some of which are no longer operating. Mr. Edmonds was sentenced to 300 hours of community work in 2012 because two companies he was director of – one of which was a now-closed JDV restaurant in Sumner – did not make necessary PAYE, Kiwisaver and student loan deductions of more than NZD190,000, recalls Stuff. JDV takes its name from the French saying "joie de vivre", meaning the joy of living. ===================== P H I L I P P I N E S ===================== AMA RURAL: CA Issues Injunction Order on Deposit Insurance Payment ------------------------------------------------------------------ More than 8,000 depositors of the closed AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) will have to wait a while longer to be paid the deposit insurance due them. This developed as the Court of Appeals on Jan. 24 issued a writ of preliminary injunction enjoining the Philippine Deposit Insurance Corporation (PDIC) from further pursuing its deposit insurance and liquidation operations in the closed AMA Bank. The injunction will be in effect pending the Court of Appeal's issuance of a decision on the case. The PDIC expressed its grave concern as this latest court order further delayed the processing and payment of deposit insurance claims for valid deposits in the bank. This injunction, including the refusal of AMA Bank officers and employees to account for and turn over the assets and records of the bank and the previous issuance by the Court of Appeals of a temporary restraining order (TRO) against PDIC to implement the closure of AMA Bank, all contributed to the delay in the payment of insured deposits. The PDIC, the sole authority to manage and administer closed banks under the law, said that notwithstanding the injunction order, AMA Bank remains closed and under liquidation by the PDIC. Depositors and clients of AMA Bank are advised to communicate only with the PDIC. Depositors, borrowers, creditors and all other clients of AMA Bank may communicate with the PDIC Public Assistance Department via the Public Assistance Hotline at (02) 8841-4141 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC. Walk-in inquiries will also be accommodated at the PDIC Public Assistance Center located at the 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City. AMA Bank clients are likewise advised to visit the PDIC website, www.pdic.gov.ph, for updates and developments. About AMA Rural Bank AMA Rural Bank of Mandaluyong was a 13-unit rural bank with Head Office located at No. 311, Shaw Blvd., Brgy. Hagdang Bato Libis, Mandaluyong City. It has 12 branches located in Pasig City; Baguio City; San Fernando City, La Union; Tuguegarao City, Cagayan; Baliuag, Bulacan; San Fernando, Pampanga; Bacoor, Cavite; Cainta and Morong in Rizal; Calamba City and San Pablo City in Laguna; and Palo, Leyte. Latest available records show that as of June 30, 2019, AMA Rural Bank of Mandaluyong has 8,434 deposit accounts with total deposit liabilities of PHP1.4 billion, of which 92.06% or PHP1.3 billion are insured deposits. The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited AMA Rural Bank of Mandaluyong, Inc. from doing business in the Philippines through MB Resolution No. 1705.D dated Nov. 7, 2019, which also directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of AMA Rural Bank of Mandaluyong. PDIC took over the bank on Nov. 8, 2019. ================= S I N G A P O R E ================= DESIGN STUDIO: CFO Resigns as Group Makes Plans to Restructure -------------------------------------------------------------- Claudia Chong at The Business Times reports that Design Studio Group, which intends to undergo a court-supervised restructuring, said on Jan. 16 that its chief financial officer (CFO) Lilian Tan Yin Yen has resigned. Ms. Tan's notice period expires in mid-April 2020, the company said. Design Studio will search for a suitable candidate for her replacement with the intention of making an appointment before mid-April, BT relays. According to BT, the watch-listed group, which does kitchen and wardrobe designs for residential and hotel projects, made an application to the High Court in Singapore on Jan. 20 for a six-month moratorium as it seeks to undergo a court-supervised process to reorganise its liabilities. It applied with five of its Singapore-incorporated subsidiaries. BT relates that Design Studio also said that three of its Malaysia-incorporated subsidiaries have applied to High Courts in Malaysia to be placed under judicial management. The 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, BT discloses. As at Sept 30, 2019, the group's net current assets stood at SGD7.7 million. Its net assets amounted to SGD29.6 million. Trading in Design Studio's shares has been suspended since Jan. 20, BT notes. Singapore-based Design Studio Group Ltd (SGX:D11) -- http://www.ds-group.com/-- manufactures, supplies, and installs panelling products for residential property developments. The Company also provides interior fitting-out services for residential, commercial, retail properties. Design Studio is distributors of the imported brands of complementary products and exports its PANELZ products to overseas markets. GLOBAL A&T: Fitch Puts B- LT IDRs on Rating Watch Evolving ---------------------------------------------------------- Fitch Ratings placed the 'B-' Long-Term Foreign- and Local-Currency Issuer Default Ratings of outsourced semiconductor assembly and test operator Global A&T Electronics Ltd on Rating Watch Evolving (RWE). The agency has also placed the 'B+/RR2' rating on GATE's USD665 million 8.5% senior secured notes due 2023 on RWE. The RWE is driven by the planned sale of GATE's 100% parent, UTAC Holdings Limited to a global private equity firm. The plan was announced on January 23, 2020 and completion of the deal is subject to regulatory approvals and customary closing conditions. Fitch expects that the senior secured notes will be redeemed in full if the transaction is completed, but Fitch has no information about the capital structure of the business under the new owner. The RWE reflects the possibility that the future capital structure of the group could be stronger, weaker or the same, and therefore the issuer ratings may change or remain the same after the transaction. As Fitch currently views the company as a weak 'B-', a more aggressive capital structure seems the least likely, although weaker EBITDA has led to higher forecast leverage and, in the absence of this transaction, Fitch would have considered changing the Outlook to Negative. Fitch rates GATE's senior secured notes two notches above GATE's Long-Term IDR as the recovery prospects benefit from the security package, which covers principally all the assets of GATE and UTAC except those in China (Shanghai), Cayman Islands and Europe. UTAC does not have any debt outside of GATE and management intends to keep the other entities within the group debt-free. The Rating Watch will be resolved when the transaction becomes practically unconditional and Fitch has further information on the proposed capital structure of the group. In the event that the transaction is delayed for longer than the parties expect, this may take more than six months. KEY RATING DRIVERS Capital Structure Uncertainties: The capital structure of the business under the new owners will have to reflect the group's high business risk. Relative to industry peers, UTAC is highly exposed to industry cyclicality due to its weaker business profile. UTAC is an industry challenger in the competitive USD27 billion OSAT industry with only around 3% revenue market share. Like other OSAT companies, UTAC faces high and increasing customer concentration risk with its top five and top 10 customers accounting for about 54% and 73% of revenue in 2018, respectively. Compared with top-three OSAT peers, UTAC lacks key technologies, such as a bumping facility, and spends significantly less on capex and R&D. The top companies have also extended their lead over UTAC through acquisitions and investments in new technologies. Fitch expects the technology gap between UTAC and the top-three peers to widen over the medium term because UTAC lacks financial flexibility to invest. Worsening Leverage on Lower EBITDA: Based on the current capital structure, Fitch forecasts UTAC group's FFO adjusted gross leverage to deteriorate to 5.1x-5.2x in 2019 and 2020 and its EBITDA to fall by about 20% to around USD140 million in 2019 and USD135 million in 2020, mainly due to lower demand for OSAT services amid a cyclical downturn and the absence of liquidated damages. Under the current business model, a meaningful EBITDA recovery is unlikely in the absence of higher capex to reduce the widening technological gap with top industry players. UTAC's revenue and EBITDA fell by 10% and 19% yoy, respectively, in 9M19. Fitch does not expect UTAC to be able to benefit from a likely recovery in the semiconductor industry in 2020 because it lacks technological capability and has limited financial flexibility to make investments. Consolidated View: Fitch rates GATE based on the consolidated credit profile of UTAC group due to the strong legal linkages as UTAC and all the key operating entities in the group guarantee the secured notes. UTAC controls the board at GATE and another subsidiary UMS, and their key operating and financial decisions. After UTAC's reorganisation in 2019, GATE will generate almost 100% of revenue and EBITDA of the group. Negative FCF, High Capex: Under the current management and capital structure, Fitch forecasts UTAC's leverage to worsen as FCF is likely to be negative during 2019-2020, as cash flow from operations of USD70 million-80 million will be insufficient to fund capex of USD90 million-100 million. Fitch expects 2020 capex/revenue to remain at 12%-13% as UTAC strives to maintain its market position. However, current management expects to reduce its capex if cash generation falls, such that it does not report negative FCF and reduce its cash balance below USD200 million. Recovery Rating of 'RR2': Its recovery calculations assume post-restructuring EBITDA of USD140 million, a 4.5x reorganisation multiple to produce an adjusted going-concern enterprise value after 10% administrative claims of USD567 million. The value was then applied to the secured notes resulting in a recovery rate consistent with a Recovery Rating of 'RR2'. DERIVATION SUMMARY GATE's ratings are based on the consolidated credit profile of UTAC group, as UTAC and its subsidiaries fully and unconditionally guarantee GATE's senior secured notes, and GATE generates almost 100% of UTAC's revenue after the group's reorganisation in 2019. UTAC group's credit profile is constrained by its significantly weaker business-risk profile relative to larger OSAT companies. Compared to ASE Technology Holding Holding Co., Ltd. (ASE, BBB/Stable), UTAC group has significantly weaker market position, growth prospects, technological capability and customer diversity. Under the current capital structure, UTAC's FFO adjusted leverage is likely to be 5.1x-5.2x, worse than ASE's 2.0x-2.5x. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer under its current management and capital structure include: - UTAC group's revenue to recover by low single-digit percentage in 2020-2021 with some improvement in smartphone shipment volume (2019 estimate: decline of around 11%) - UTAC group's operating EBITDAR margin of 19%-20% in 2020-2021, lower than previous levels given the absence of revenues from liquidated damages (2019 estimate: 20%) - UTAC group's capex/revenue to stay at 12%-13% in 2020-21 (2019 estimate: 14%) - GATE will not distribute any dividends to UTAC and UTAC will not pay dividends to its shareholders RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to Positive Rating Action: - The transaction goes ahead and the capital structure improves such that FFO-adjusted leverage is forecast to be below 3.0x on a sustained basis Developments that May, Individually or Collectively, Lead to Negative Rating Action: - FFO adjusted leverage above 4.5x on a sustained basis - FFO fixed charge coverage below 2.0x on a sustained basis LIQUIDITY AND DEBT STRUCTURE No Short-Term Maturity: UTAC's liquidity in the next 24 months is adequate with a cash balance of around USD212 million at end-September 2019 and no short-term maturities. The only debt is the secured notes due in 2023. UTAC has no undrawn committed bank facilities. Fitch believes the group has no headroom to raise additional debt, except for secured debt of USD95 million under the carve-out conditions in the documents for the secured notes, because it has breached its incurrence covenant of debt/EBITDA of 4.0x under the secured-note documents. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Jan. 20 to 24, 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 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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 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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 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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 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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 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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 ***