/raid1/www/Hosts/bankrupt/TCRAP_Public/200317.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, March 17, 2020, Vol. 23, No. 55
Headlines
A U S T R A L I A
CLOUD INDUSTRY: In Liquidation; Staff Left Awaiting Pay
DIG-IT CONTRACTING: Second Creditors' Meeting Set for March 24
PEPPER RESIDENTIAL 20: S&P Affirms B+(sf) Rating on Cl. F Notes
VENICE LANE: First Creditors' Meeting Set for March 24
C H I N A
CHINA: Economy Skids as Virus Paralyses Factories, Households
WANDA GROUP: Moody's Alters Outlook on B3 CFR to Negative
I N D I A
AADYA MOTOR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
ABHIRAJ CORP: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
AMAZING INDIA: Insolvency Resolution Process Case Summary
AMRIT CEMENT: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
ANANDI WATER: CRISIL Keeps D on INR5cr Loan in Not Cooperating
APOLLO POLYVINYL: CARE Keeps D on INR69cr Loans in Not Cooperating
AQUA DESIGNS: CARE Keeps D Loans Ratings in Not Cooperating
AYURSUNDRA HOSPITALS: CRISIL Keeps D Rating in Not Cooperating
BHAVI CREATIONS: CRISIL Maintains D Ratings in Not Cooperating
CONCEPT EDUVENTURES: Insolvency Resolution Process Case Summary
DUNCANS INDUSTRIES: Insolvency Resolution Process Case Summary
E C BOSE & COMPANY: Insolvency Resolution Process Case Summary
FACOR POWER: CARE Keeps D Rating on Bank Loans in Not Cooperating
FLORA DYEING: Insolvency Resolution Process Case Summary
FRANCIS REMEDIES: Insolvency Resolution Process Case Summary
FSD BUILDING: CARE Lowers Rating on INR27cr Loans to 'D'
GAUTAM TECHAGRO: Insolvency Resolution Process Case Summary
GLOBAL INFONET: Insolvency Resolution Process Case Summary
H F C L SATELLITE: Insolvency Resolution Process Case Summary
HINT PUBLICATION: Insolvency Resolution Process Case Summary
IREO GRACE: CARE Keeps D on INR47cr Loans in Not Cooperating
J.P. ENGINEERS: Insolvency Resolution Process Case Summary
JAI MATA: CARE Lowers Rating on INR9.50cr LT Loan to B+
KHANDAKA SONS: CARE Keeps D on INR6cr Bank Loans in Not Cooperating
KRISHNA HYDRO: Ind-Ra Cuts Rating on INR408MM Term Loan to 'BB'
LAKSHMI JALAVIDYUT: Ind-Ra Lowers Bank Loan Rating to 'BB'
LANCO SOLAR: CARE Keeps D on INR346cr Loans in Not Cooperating
LINUS PROCESSORS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
LOTUS INN: Insolvency Resolution Process Case Summary
MACROTECH DEVELOPERS: Fitch Affirms IDR & Unsec. Notes at 'CCC'
MADHUR NOURISHMENT: Insolvency Resolution Process Case Summary
MITS MEGA: CARE Maintains 'D' Rating in Not Cooperating Category
ONUS ENTERPRISE: Insolvency Resolution Process Case Summary
OVERNITE EXPRESS: Insolvency Resolution Process Case Summary
PACIFIC EDUCATION: CARE Keeps D on INR3cr Loans in Not Cooperating
PIONEER GENCO: Ind-Ra Cuts Rating on INR916MM Bank Loan to 'BB'
PIONEER POWER CORP: Ind-Ra Cuts Rating on INR847MM Loan to BB
PIONEER POWER LTD: Ind-Ra Cuts Rating on INR1.8BB Term Loan to 'BB'
PRO YOUNG: Insolvency Resolution Process Case Summary
PUNJAB INFRASTRUCTURE: Ind-Ra Hikes Rating on INR10.9BB Loan to BB
QUADSEL SYSTEMS: CARE Keeps D on INR13.3cr Loans in Not Cooperating
RAJIT ROLLING: Insolvency Resolution Process Case Summary
RUKMINI IRON: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
RUTU ENTERPRISES: CARE Lowers Rating on INR26cr LT Loan to D
SAGA AUTOMOTIVE: Insolvency Resolution Process Case Summary
SAINSONS PULP: Insolvency Resolution Process Case Summary
SANCHESZ HEALTCHARE: Insolvency Resolution Process Case Summary
SEAJULI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
SHAH GROUP: Ind-Ra Lowers Long Term Issuer Rating to 'D'
TAMTA CONSTRUCTION: Insolvency Resolution Process Case Summary
TULJABHAVANI COLD: Insolvency Resolution Process Case Summary
U I BEVERAGES: Insolvency Resolution Process Case Summary
VIJAY STEEL: CARE Lowers Rating on INR5.22cr LT Loan to 'D'
WEST BENGAL BIOTECH: Insolvency Resolution Process Case Summary
WINDSOR CABLES: Insolvency Resolution Process Case Summary
ZENTORA OVERSEAS: Insolvency Resolution Process Case Summary
I N D O N E S I A
MEDCO ENERGI: S&P Alters Outlook to Negative & Affirms 'B+' ICR
SOECHI LINES: Moody's Affirms B1 CFR, Outlook Still Negative
M A L A Y S I A
BRAHIM'S HOLDING: Plan Submission Deadline Extended Until Aug. 27
MULTI SPORTS HOLDINGS: To Be Delisted on March 18
N E W Z E A L A N D
THREE TREES: Goes Into Voluntary Liquidation
S I N G A P O R E
CV SHIPPING: High Court Issues Winding Up Order
GEO ENERGY: Moody's Cuts CFR & Unsec. Rating to Caa1, Outlook Neg.
HYFLUX LTD: SIAS to Start Independent Engagement Sessions March 23
MULHACEN PTE: S&P Lowers ICR to 'B-', Outlook Remains Negative
S O U T H K O R E A
[*] SOUTH KOREA: Coronavirus Batters Family Businesses
X X X X X X X X
[*] BOND PRICING: For the Week March 9, 2020 to March 13, 2020
[*] Coronavirus Could Bankrupt Most Airlines by End of May
- - - - -
=================
A U S T R A L I A
=================
CLOUD INDUSTRY: In Liquidation; Staff Left Awaiting Pay
-------------------------------------------------------
Eleanor Dickinson at ARN reports that Australian Salesforce partner
Cloud Industry Group has closed its doors and called in the
liquidators after almost six years in operation.
ARN says founder and CEO Martin Schwall told staff via email that
the company would cease operations on February 27, beginning the
formal insolvency process two weeks later.
ARN, citing documents filed with the Australian Securities and
Investments Commission (ASIC), discloses that AUD7,966 is so far
owed to former employees and alongside super guarantee charges.
Meanwhile, AUD362,512 has been claimed by creditors, of which more
than half is owed to Mr. Schwall himself, at AUD170,614.
Frank Recruitment is the second-biggest creditor at AUD57,151,
followed by the Office of State Revenue for Victoria which is due
AUD25,849, ARN discloses.
More than AUD45,000 is owed collectively to three overseas
technology firms, two in India and one in the UK, while AUD14,922
is owed to Corporate Traveller, according to ARN.
Founded in 2014, CIG was a platinum Salesforce partner that had
bases in the Gold Coast, Melbourne and Singapore, plus a
development team in Bangkok, Thailand.
It counted roughly 20 employees in Australia, six in Singapore and
up to 70 in Thailand, all of whom are understood to have been
locked out of their email and IT systems upon the announcement of
the business' closure, ARN states.
In emails seen by ARN, Mr. Schwall told staff the company was "in a
financial struggle" and would cease trading "in the coming days",
although it is understood employees were unable to access their
accounts within a matter of minutes.
"We have worked closely together over the past few months and tried
to the best of our abilities to change our company, to deliver
higher quality to our customers, to work more efficiently together
and become this great business, we once were and so badly wanted to
get back to," he continued.
He told staff the company was "unable to convince any other party
of the viability of the business", but added that he had managed to
secure a number of interviews for staff, plus visa sponsorship for
those from overseas, ARN relays.
However, sources familiar with the matter indicate that staff have
been unable to reach Mr. Schwall since February 27, ARN notes.
Following Mr. Schwall's message, CIG's HR manager emailed staffs'
personal accounts saying the company was "unable to process wages
and any entitlements". ARN understands these wages amounted to the
value of approximately two weeks' worth of work.
However, the appointment of a liquidator did not take place until
March 11, ARN states. Former CIG employees in Australia have now
received letters from Sydney-based liquidator The Insolvency
Experts, which also flagged the government's FEG, adds ARN.
DIG-IT CONTRACTING: Second Creditors' Meeting Set for March 24
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Dig-It
Contracting Pty Limited has been set for March 24, 2020, at 10:00
a.m. at the offices of Hall Chadwick Chartered Accountants, Level
40, at 2 Park Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 23, 2020, at 5:00 p.m.
Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Dig-It Contracting on Feb. 18, 2020.
PEPPER RESIDENTIAL 20: S&P Affirms B+(sf) Rating on Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of notes
issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.20 (PRS 20). At the same time, S&P
withdrew its rating on one class of notes.
The rating affirmations follow the refinancing of the existing
class A1-u2 notes with the class AR-u notes, as contemplated in the
transaction documents. PRS 20 is a securitization of nonconforming
residential mortgages originated by Pepper HomeLoans Pty Ltd.
(Pepper).
The class AR-u note proceeds, together with the balance of the
redemption fund, have been applied to redeem the class A1-u2 notes
on their final legal maturity date of March 16, 2020. The total of
class AR-u notes issued is A$103.0 million. The notes are
floating-rate amortizing notes with the same legal final maturity
as all other existing classes of notes issued by PRS 20.
The rating actions reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio. As of Feb. 29, 2020, the pool has a current balance of
about A$501.08 million. The pool's current weighted-average
loan-to-value ratio is 68.7% and the weighted-average seasoning is
2.5 years. Current arrears greater than 90 days make up 2.0% of the
current balance.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note, buildup of
overcollateralization from the retention amount, and excess spread
to the extent available.
-- That the margin on the AR-u notes is within the maximum margin,
as contemplated in the transaction documents.
-- The availability of a retention amount and yield reserve, which
have built up to A$730,202 and A$2.5 million, respectively. These
mechanisms have separate functions and timeframes, including
reducing the balance of senior notes, reducing the balance of the
most subordinated notes, and paying senior expenses and interest on
the class A notes should income collections be insufficient.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, subject to a
floor of A$2.5 million as well as principal draws, are sufficient
under its stress assumptions to ensure timely payment of interest.
RATINGS AFFIRMED
Pepper Residential Securities Trust No.20
Class Rating
A1-a AAA (sf)
AR-u AAA (sf)
A2 AAA (sf)
B AA+ (sf)
C A+ (sf)
D A- (sf)
E BB+ (sf)
F B+ (sf)
RATING WITHDRAWN
Pepper Residential Securities Trust No.20
Rating
Class To From
A1-u2 NR A-1+ (sf)
NR--Not rated.
VENICE LANE: First Creditors' Meeting Set for March 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Venice Lane
Pty Ltd will be held on March 24, 2020, at 3:00 p.m. at the offices
of Jones Partners, Level 13, at 189 Kent Street, in
Sydney, NSW.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Venice Lane on March 12, 2020.
=========
C H I N A
=========
CHINA: Economy Skids as Virus Paralyses Factories, Households
-------------------------------------------------------------
Kevin Yao and Huizhong Wu at Reuters report that China's factory
production plunged at the sharpest pace in 30 years in the first
two months of the year as the fast-spreading coronavirus and strict
containment measures severely disrupted the world's second-largest
economy.
Urban investment and retail sales also fell sharply and for the
first time on record, reinforcing views that the epidemic may have
cut China's growth by half in the first quarter and that
authorities will need to do more to restore growth, Reuters says.
Industrial output fell by a much larger-than-expected 13.5% in
January-February from the same period a year earlier, data from the
National Bureau of Statistics (NBS) showed on March 16. That was
the weakest reading since January 1990 when Reuters records
started, and a sharp reversal of the 6.9% growth in December. The
median forecast of analysts polled by Reuters was for a rise of
1.5%, though estimates varied widely.
"Judging by the data, the shock to China's economic activity from
the coronavirus epidemic is greater than the global financial
crisis," Reuters quotes Zhang Yi, chief economist at Zhonghai
Shengrong Capital Management, as saying. "These data suggest a
small contraction in the first-quarter economy is a high
probability event. Government policies would need to be focused on
preventing large-scale bankruptcies and unemployment."
According to Reuters, the dire batch of official economic data on
March 16 also showed a shocking declines in the retail and property
sectors.
Fixed asset investment fell 24.5% year-on-year, dashing forecasts
for a 2.8% rise and skidding from the 5.4% growth in the prior
period. Private sector investment dived 26.4% from a year earlier,
Reuters discloses.
Retail sales shrank 20.5% on-year, compared with a rise of 0.8%
tipped by analysts and 8% growth in December as consumers shunned
crowded places like shopping malls, restaurants and movie
theatres.
China's jobless rate rose to 6.2% in February, compared with 5.2%
in December and the highest since the official records were
published, according to Reuters.
While officials said the epidemic's peak in China had passed,
analysts warn it could take months before the economy returns to
normal, Reuters relays. The fast spread of the virus around the
world is also sparking fears of a global recession that would
dampen demand for Chinese goods, Reuters adds.
WANDA GROUP: Moody's Alters Outlook on B3 CFR to Negative
---------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating of Wanda Group Co., Ltd. (previously referred as China Wanda
Group Co., Ltd.).
At the same time, Moody's has changed the outlook on the rating to
negative from ratings under review.
This rating action concludes the review for downgrade initiated on
February 28, 2020.
RATINGS RATIONALE
"The rating confirmation reflects our expectation that Wanda
Group's main operations, including oil refining and tire
manufacturing, will continue to support its business profile and
refinancing even as slowing economic growth dents earnings in the
near term," says Ying Wang, a Moody's Vice President and Senior
Analyst.
"The negative outlook reflects our concerns over Wanda Group's
elevated refinancing risk, given its weakened credit profile
following the prolonged shutdown of its oil refinery and expected
slower demand growth in 2020," adds Wang.
Wanda Group's Shandong oil refinery has been shut for maintenance
since early February 2020, but is expected to resume operations
later this month. Moody's expects operations at this core segment
will gradually stabilize over the year. The resumption of its oil
refinery operations combined with the continued operation of its
tire and electric cable facilities will support the company's
credit profile as it navigates the currently challenging operating
environment in China.
Nevertheless, Moody's expects Wanda Group's revenue will decline
20% in 2020 before recovering in 2021, reflecting the extended
maintenance closure of its refining facility and softer demand for
its products amid slowing economic growth in China. Driven by lower
earnings, Moody's expects Wanda Group's leverage -- as measured by
adjusted debt/EBITDA -- will increase to 5.0x over the next 12
months from 3.0x-3.5x during 2017-19.
Wanda Group's liquidity is weak, as it needs to address the
upcoming puttable domestic bonds that will become redeemable in
2020. At the end of September 2019, the company's unrestricted cash
of RMB5.6 billion together with RMB2.4 billion of Moody's expected
cash flow from operations over the next 12 months were insufficient
to cover the company's RMB9.7 billion of debt maturities over the
next 12 months, including RMB4.6 billion of puttable domestic
bonds.
This refinancing risk is partially mitigated by its access to
funding from large domestic banks and onshore bond market.
For example, the company successfully refinanced its RMB1.05 billon
bond which became puttable in January 2020, with 68% of bondholders
deciding to hold the bonds until maturity in January 2022. Wanda
Group has since successfully sold the remaining 32% to new
investors.
The B3 rating reflects China Wanda's long operational track record
since 1988, with a demonstrated ability to grow its operations and
build a strong customer base. The company maintains a diversified
business portfolio, including oil refining, tire and electric cable
manufacturing.
However, the company's rating is constrained by its weak liquidity,
small refining scale, and exposure to China's evolving industry
policies and regulations.
Moody's has also considered the following environmental, social and
governance factors in its rating assessment.
First, Wanda Group's core oil refining operations and expansion
into petrochemical derivatives expose the company to carbon
transition risk. In addition, the company will need to continue
investing in technology and equipment to comply with the Chinese
government's (A1 stable) tightened environmental requirements.
Nonetheless, Wanda Group has to date not experienced any major
compliance violations related to air emissions, water discharge or
waste disposal.
Second, the company's privately-owned status with a concentrated
ownership and intercompany lending activities show governance
weakness. The parent company, which has a 50.24% stake in Wanda
Group, is a privately-owned company with low transparency. Wanda
Group has also provided intercompany loans to its parent company.
Finally, Wanda Group is also exposed to external guarantees, which
Moody's has factored in as adjusted debt.
The negative rating outlook reflects Moody's expectation that Wanda
Group's refinancing risk will remain elevated over the next 12-18
months.
Upward rating pressure in the near term is unlikely, given the
negative outlook. However, Moody's could upgrade Wanda Group's
rating if it meaningfully improves its financial position and
liquidity, and maintains its business profile.
Moody's could downgrade the rating if Wanda Group fails to meet its
payment obligations, if its business profile deteriorates, or if it
fails to adhere to sound corporate governance standards.
The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.
Founded in 1988 and headquartered in Dongying, Shandong, Wanda
Group Co., Ltd. is a privately-owned company operating multiple
business segments including (1) refining (mainly refineries of
diesel and gasoline); (2) tire production; (3) the manufacture of
electric cables; (4) the manufacture of chemical products,
including methacrylate butadiene styrene and polyacrylamide; and
(5) electronics, including the production of polyimide film.
=========
I N D I A
=========
AADYA MOTOR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aadya Motor Car
Company Private Limited (AMCCPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 41 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 115.75 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 13.26 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 39.99 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AMCCPL for obtaining
information through letters and emails dated August 31, 2019 and
February 06, 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 AMCCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMCCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AMCCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised
dealer for Audi cars in Mumbai. The company, with trade name, Audi
Mumbai West, operates one showroom in Andheri, Mumbai.
ABHIRAJ CORP: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abhiraj Corporation
(AC) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 0.45 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 4.05 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 AC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AC continues to be 'CRISIL D Issuer not
cooperating'.
Set up in 2013 as a partnership firm, Ichalkaranji,
Maharashtra-based AC trades in yarn. Its operations are managed by
Mr Prathamesh Dhamane along with the partners Mr Ashok Jathar and
Mr Vijay Jadhav.
AMAZING INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Amazing India T.V Private Limited
S-41, Second Floor
Room No. 201, School Block
Shakarpur, Delhi 110092
Insolvency Commencement Date: March 5, 2020
Court: National Company Law Tribunal, Bench VI, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 31, 2020
Insolvency professional: Rajiv Malik
Interim Resolution
Professional: Rajiv Malik
B-7/18, Mianwali Nagar
Delhi 110087
E-mail: iprmalik2009@gmail.com
amazingcirp@gmail.com
Last date for
submission of claims: March 18, 2020
AMRIT CEMENT: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amrit Cement
Limited (ACL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR580 mil. Fund-based limit assigned with IND BB/Stable
rating; and
-- INR420 mil. Term loan due on FY24 assigned with IND BB/Stable
rating.
KEY RATING DRIVERS
The ratings reflect ACL's modest scale of operations even as its
revenue increased to INR3,937 million in FY19 from INR2,986 million
in FY18 due to higher sales volume. The company's credit metrics
are weak with interest coverage of 1.23x in FY19 (FY18: 0.45x) and
net financial leverage of 8.56x (25.19x). The year-on-year
improvement in the credit metrics was due to debt reduction as the
company paid its term loans on the receipt of its subsidy leading
to lower interest costs. ACL's operating EBITDA margin was modest
at 12% in FY19 (FY18: 6.64%); the return on capital employed was 5%
(nil).
Liquidity Indicator - Stretched: The ratings are constrained by
ACL's expected debt service coverage ratio of less than 1x if the
company does not receive any subsidy in FY21. However, the
liquidity is supported by its low maximum average utilization of
68% of working capital limits during the 12 months ended December
2019; any receipt of subsidy during FY20 and FY21 will further ease
the liquidity. The working capital cycle of the company was
moderate at around 42 days during FY19 (FY18: 39 days). The slight
deterioration in the working capital days was due to a decline in
the creditor days. ACL's cash flow from operations turned positive
at INR606.35 million during FY19 (FY18: negative INR257.02 million)
due to the receipt of subsidy during FY19. The company is yet to
receive a part of the subsidy entitled to it this year. Any further
delay in receiving a subsidy may further stretch ACL's liquidity.
The ratings are, however, supported by the directors over a
decade-long experience in the cement manufacturing business.
RATING SENSITIVITIES
Positive: Further improvement in the credit metrics along with
liquidity improvement will be positive for the ratings.
Negative: Further stress on the liquidity along with deterioration
in the credit metrics will be negative for the ratings.
COMPANY PROFILE
ACL has an integrated facility in Meghalaya to manufacture 2,000
tons per day of clinker and 1,850 tons per day of cement with a
12-megawatt captive power plant. The company is promoted by Mr.
Pradeep Kr. Bagla and family.
ANANDI WATER: CRISIL Keeps D on INR5cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anandi Water Parks
Resorts & Club Private Limited (AWPRCPL) continues to be 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AWPRCPL for
obtaining information through letters and emails dated August 31,
2019 and February 6, 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 AWPRCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on AWPRCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AWPRCPL continues to be 'CRISIL D Issuer not
cooperating'.
AWPRCPL, established in 2002 in Lucknow, owns and operates a water
park, a resort, clubs, a marriage hall, and a 75-room hotel. The
company is promoted by Mr. Pankaj Agrawal and his family.
APOLLO POLYVINYL: CARE Keeps D on INR69cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apollo
Polyvinyl Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 56.88 CARE D; Issuer Not Cooperating;
Facilities Based on best available
Information
Short term Bank 13.00 CARE D; Issuer Not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 28, 2018 placed the
rating of APPL under the 'issuer non-cooperating' category as APPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
February 11, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
Key Rating Weakness
CARE as part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
part of this exercise has ascertained that there are delays in debt
servicing.
APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in
SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex,
Vinyl (front lit, back lit), Lamination films and Foam boards. The
promoters have been engaged in this business since 1996 under other
group companies and have presence in Bangalore, Cochin, Cuttack,
Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and
Vijayawada. APPL has its registered office in Chennai and has sales
offices at Chennai and Hosur.
AQUA DESIGNS: CARE Keeps D Loans Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aqua
Designs India Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 63.00 CARE D; Issuer Not cooperating;
Facilities Based on best available
information
Short term Bank 87.00 CARE D; Issuer Not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 10, 2018 placed the
rating of ADPL under the 'issuer non-cooperating' category as ADPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ADPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
February 11, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
Key Rating Weakness
CARE as part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
part of this exercise has ascertained that there are delays in debt
servicing.
Chennai-based ADPL, promoted in December 2002 by Mr S Suthakar, is
engaged in the design, commissioning and maintenance of water and
waste water treatment plants for industrial, commercial and
municipal entities.
AYURSUNDRA HOSPITALS: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ayursundra Hospitals
(Guwahati) Private Limited (AHPL; previously known as Ayursundra
Health Care Private Limited) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility .21 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 45.39 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AHPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 AHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AHPL continues to be 'CRISIL D Issuer not
cooperating'.
AHPL, incorporated in 2007, commenced commercial operations in
October 2010. It manages a diagnostic centre that provides
non-invasive diagnostic and other healthcare services in Guwahati.
AHPL has also been operating a 12-bed cardiac unit with an
intensive care facility since April 2012. The company is setting up
a multi-specialty hospital and rejuvenation centre, which is
expected to become operational by January 2016. It is promoted by
Mr. Simanta Das and Dr. Abhijit Hazarika.
BHAVI CREATIONS: CRISIL Maintains D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhavi Creations (BC)
continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 4.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BC for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 BC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of BC continues to be 'CRISIL D Issuer not
cooperating'.
BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.
CONCEPT EDUVENTURES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Concept Eduventures Private Limited
H.No. 192, Gate No. 4 A.T. Road
Maligaon Guwahati Kamrup
AS 781011
Insolvency Commencement Date: February 26, 2020
Court: National Company Law Tribunal, Guwahati Bench
Estimated date of closure of
insolvency resolution process: August 23, 2020
(180 days from commencement)
Insolvency professional: Amit Pareek
Interim Resolution
Professional: Amit Pareek
4th Floor, Ram Prasad Complex
Chatribari, Guwahati 781001
E-mail: amitpareek99@yahoo.com
concepteduirp@gmail.com
Last date for
submission of claims: March 11, 2020
DUNCANS INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Duncans Industries Limited
Duncan House 2nd Floor
31 Netaji Subhas Rd
Kolkata WB 700001
India
Insolvency Commencement Date: March 5, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 1, 2020
Insolvency professional: Mr. Ram Ratan Modi
Interim Resolution
Professional: Mr. Ram Ratan Modi
Merlin Links 2nd Floor
Room No. 2f 166b
S.P. Mukherjee Road
Kolkata, West Bengal 700026
E-mail: rrmodi@gmail.com
- and -
Resurgent Resolution Professionals LLP
CFB F-1, 1st Floor
Paridhan Garment Park
19, Canal South Road
Kolkata 700015
West Bengal
E-mail: duncansindustries.cirp@gmail.com
Classes of creditors: Deposit Holders
Insolvency
Professionals
Representative of
Creditors in a class: Rasik Singhania
E-mail: rasik.singhania@gmail.com
Amit Choraria
E-mail: hmcsamitchoraria@gmail.com
Santanu Bhattacharjee
E-mail: neeljanai@gmail.com
Last date for
submission of claims: March 19, 2020
E C BOSE & COMPANY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: E C Bose & Company Private Limited
13 A St George Terrace
Hastings, Kolkata 700022
Insolvency Commencement Date: January 7, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 5, 2020
Insolvency professional: Geetha Sridhar
Interim Resolution
Professional: Geetha Sridhar
Block 3, 7E Rani Meyammai Towers
MRC Nagar, Chennai 600028
E-mail: gs.gsconsultants@gmail.com
- and -
3F Sai Kiran Apartments
3rd Floor, 7 First Main Road
Kasturibai Nagar
Chennai 600020
Last date for
submission of claims: March 16, 2020
FACOR POWER: CARE Keeps D Rating on Bank Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Facor Power
Limited continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE D; Issuer Non Cooperation;
Facilities Based on best available
information
Long term/Short 15.00 CARE D/CARE D; Issuer Non
term Bank Cooperation; Based on best
Facilities Available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Facor Power Limited to
monitor the ratings vide e-mail communications dated February 13,
2020; February 4, 2020; January 29, 2020; January 20, 2020; and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Facor Power Ltd.'s bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings take into account non receipt of information including
No default Statement (NDS).
Detailed description of the key rating drivers
At the time of last rating on January 31, 2019 the following were
the rating strengths and weaknesses (Updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
Continued delays in debt servicing of term loan
The first installment of the term loan by REC was due on November,
2015. However, no installment has been paid till March 31, 2018 and
the total amount due was INR510.97 crore. REC has classified
account as Nonperforming asset. Pursuant to the takeover of the
management of the company and possession of the plant by REC on 7th
November, 2017 by way of exercising the powers conferred under
SARFAESI Act, REC nominated their three officials on the board as
directors of the company with the existing directors vacating their
offices.
Underutilized capacity leading to continuous losses
Due to lower power off-take agreement, FPL is operating at 37.5 MW
(total capacity- 100MW) with only one boiler. During FY18 (refers
to period from April 1 to March 31), FPL reported net loss of
INR133.31 crore (PY: loss of INR87.79 crore) on account of weak
operational performance owing to absence of PPA, leading to erosion
of net-worth. During FY19 the company reported net loss of
INR150.48 crore on a total operating income of INR132.33 crore.
Facor Power Ltd (FPL), promoted by Ferro Alloy Corporation Ltd
(FACOR) was incorporated on August 24, 2005. FPL has set up coal
based thermal power plant of 100 MW capacity at village Randia,
District Bhadrak, Orissa which was successfully commissioned in
March 2015. The total outlay on project was INR747.55cr funded by a
debt of INR517.90 cr sanctioned by Rural Electrification
Corporation (REC) and equity contribution of INR229.65cr.
FLORA DYEING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Flora Dyeing House Private Limited
C-6, DSIDC Industrial Complex
Udyog Nagar, Rohtak Road
New Delhi 110041
India
Insolvency Commencement Date: March 3, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 30, 2020
Insolvency professional: Mr. Uma Nath Pandey
Interim Resolution
Professional: Mr. Uma Nath Pandey
Flat No. 17 Pocket 4
Konark Apartments
Kalkaji Extension New Delhi
National Capital Territory of Delhi
110019
E-mail: uma@unpfca.com
- and -
808, Skylark Building
Nehru Place
New Delhi 110019
E-mail: cirp.fdhpl@gmail.com
Last date for
submission of claims: March 17, 2020
FRANCIS REMEDIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Francis Remedies (India) Private Limited
Registered and Principal office:
P-67, Second Floor
New Delhi Extension, Part II
New Delhi 110049
India
Insolvency Commencement Date: March 2, 2020
Court: National Company Law Tribunal, Gurgaon Bench
Estimated date of closure of
insolvency resolution process: August 29, 2020
(180 days from commencement)
Insolvency professional: Naveen Singal
Interim Resolution
Professional: Naveen Singal
302, Tower 5
Valley View Estate
Faridabad Road, Gwal Pahari
Gurgaon, Haryana 122003
E-mail: naveen.singal@yahoo.co.in
cirp.francis@gmail.com
Last date for
submission of claims: March 17, 2020
FSD BUILDING: CARE Lowers Rating on INR27cr Loans to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of FSD
Building Materials Private Limited (FSDBMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long/short term 27.00 CARE D/CARE D; ISSUER NOT
Bank Facilities COOPERATING; Revised from
CARE BB-; Stable/CARE A4
on the basis of best
available information
CARE has been seeking information from FSDBMPL to monitor the
ratings vide e-mail communications/letters dated January 6, 2020,
January 20, 2020, February 10, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on FSD Building Materials Private Limited's bank facilities
will now be denoted as CARE D/ CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in the ratings assigned to the bank facilities of FSD
Building Materials Private Limited factor in ongoing delays in debt
servicing on account of continuous overdrawals in the secured
overdraft account due to stretched liquidity and nonavailability of
sufficient information to carry out the review.
Detailed description of the key rating drivers:
At the time of last rating on March 16, 2019, the following were
the rating strengths and weaknesses (Updated for data received from
banker).
Key Rating Weaknesses
Ongoing delays in debt servicing: As per interaction with banker,
there are ongoing delays in debt servicing, i.e. overdrawals in the
secured overdraft account for continuous 60 days since December
2019 which have not been regularized as on date due to stretched
liquidity position.
Key rating Strengths
Established track record of operations through group presence along
with experienced and resourceful promoters in the timber industry:
The established track record of FSDBMPL dates back to the formation
of FSD Group (formed in 1909) with more than ten group companies
engaged in similar line of business. Farouk Sodagar Darvesh Group
(FSD Group) have been traditionally involved in the business of
trading of all species of wood logs, wood related products and
importing and trading of timber, plywood and other allied products
since 1909. FSDBMPL was incorporated in 2010 however the commercial
operations have started in 2014, with the promoters being Mr.
Zakaria Farouk Darvesh and Mrs. Hanifa Farouk Darvesh both holding
experience of ten years and 25 years respectively in the same line
of business.
FSD Building Materials Private Limited was incorporated as a
private limited company in 2010, however the commercial operations
started in 2014. The company is engaged in trading of wood logs,
plywood, sawn timber and veneer. Plywood is sold under its brand
name 'Kingdom Plywood' which is available in various variants such
as Kingdom Gold, Kingdom Star, Kingdom Silver and Kingdom Marquee.
Plywood is procured domestically whereas veneer, wood logs and sawn
timber are imported from North America, Brazil, European countries,
African countries and Myanmar (imports contributing to 70% of the
total purchases in FY17 and FY18). The company further exports sawn
timber and veneer to UAE (exports contributing to 2% in FY18
vis-Ã -vis 10% in FY17). Plywood and wood logs are sold
domestically to various OEMs of furniture manufacturers.
Further, w.e.f from April 1, 2018, FSDBMPL has commenced
manufacturing of plywood through backward integration at the
manufacturing plant of Kanhaiya Wood Products, located at Rampur
and taken on lease (engaged in manufacturing of plywood). The
installed capacity of the plant is 7,00,000 square feet of plywood
per month with actual capacity of 3,60,000 square feet per month.
The company has godowns in Bhiwandi, Bangalore, Chennai, Mangalore,
Delhi.
GAUTAM TECHAGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Gautam Techagro India Private Limited
357, Tarun Enclave
Pitampura
New Delhi 110034
Insolvency Commencement Date: January 31, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: July 29, 2020
Insolvency professional: Sunil Prakash Sharma
Interim Resolution
Professional: Sunil Prakash Sharma
Lower Ground Floor, E-25
Lajpat Nagar-3, New Delhi 24
E-mail: adv.sunilprakash@gmail.com
- and -
Lower Ground Floor, J-12
Jangpura Extension
New Delhi 14
Tel: 011-41716695
E-mail: irpsunil.gautamtechagro@gmail.com
Last date for
submission of claims: March 19, 2020
GLOBAL INFONET: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Global Infonet Distribution Pvt Ltd
C-143, Okhla Industral Area
Phase I, Okhla
Delhi 110020
Insolvency Commencement Date: March 3, 2020
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: August 30, 2020
Insolvency professional: Yogender Pal Singhal
Interim Resolution
Professional: Yogender Pal Singhal
B-292, Upper Ground Floor
Prashant Vihar, Sector-14
Rohini, New Delhi 110085
E-mail: info@ypsinghalassociates.com
irp.globalinfonet@gmail.com
Last date for
submission of claims: March 23, 2020
H F C L SATELLITE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: H F C L Satellite Communication Limited
Registered office:
Flat No. 217, 2nd Floor
Devika Tower, 6 Nehru Place
New Delhi South Delhi 110019
Insolvency Commencement Date: February 24, 2020
Court: National Company Law Tribunal, Bench-II, New Delhi
Estimated date of closure of
insolvency resolution process: August 22, 2020
(180 days from commencement)
Insolvency professional: Umesh Gupta
Interim Resolution
Professional: Umesh Gupta
Immaculate Resolution Professionals
Private Limited
Unit No. 111, First Floor
Tower-A, Spazedge Commercial Complex
Sector-47, Sohna Road
Gurgaon 122018
E-mail: umesh@vamindia.in
cirp.hfcl@gmail.com
Last date for
submission of claims: March 18, 2020
HINT PUBLICATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Hint Publication Private Limited
Registered office:
18-A, Raj Nagar
Ghaziabad
Uttar Pradesh 201001
Insolvency Commencement Date: February 27, 2020
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: August 25, 2020
(180 days from commencement)
Insolvency professional: Mr. Gautam Singhal
Interim Resolution
Professional: Mr. Gautam Singhal
C-35, Ground Floor
Vivek Vihar, Phase-1
New Delhi 110095
E-mail: gautam@klfindia.com
- and -
Kumar Law Firm
3rd & 4th Floors, DA-9
Enkay House
Veer Sarvarkar Block
Opposite Nathu Sweets
Metro Pillar No. 54
Shakarpur, Delhi 110092
E-mail: hppl.cirp@gmail.com
Last date for
submission of claims: March 16, 2020
IREO GRACE: CARE Keeps D on INR47cr Loans in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ireo Grace
Realtech Private Limited (IGRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 47.50 CARE D; Issuer Not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from IGRPL to monitor the
rating(s) vide e-mail communications/letters dated February 19,
2020, January 22, 2020, January 15, 2020, September 25, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating of IREO Grace Realtech Private
Limited bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account non-receipt of information including
No Default Statement (NDS) for the past six months.
Detailed description of the key rating drivers
At the time of last rating on March 29, 2019, the following were
the rating strengths and weaknesses
Key Rating Weaknesses
Delays in servicing of debt obligations
The company has delayed in debt repayment on account of cash flow
mismatches on the back of subdued real estate scenario, significant
drop in sales momentum and sales realizations.
Key Rating Strengths
Experienced promoters and management team: IGRPL is promoted by
IREO, a private equity fund with assets of ~USD 1.7 billion
invested in India. IGRPL is managed by professionals with
experience in the real estate industry. The overall operations of
the company are managed by team of professionals which includes Mr.
Anupam Nagalia (Chief Operating Officer), who is a qualified
Chartered Accountant and Company Secretary. Before joining IGRPL,
he has worked with Vatika Group. Mr. Jai Bharat Aggarwal (Director
Finance) is responsible for making financial decisions for the
company. IREO group has established its track-record of delivery
with completion of two group housing projects in group company Ireo
Private Limited having more than 27.59 lakh square feet (lsf) of
saleable area in Gurgaon region. Furthermore, IREO Group has also
handed over 22 villas, 17 floors and 205 plots in township project
at Ludhiana developed under group company Ireo Waterfront Private
Limited and handed over 200 plots in Mohali developed under group
company Puma Realtors Private Limited.
Incorporated in 2010, Ireo Grace Realtech Private Limited (IGRPL)
is part of the IREO group, a real estate private equity fund with
investable assets of ~USD 1.7 billion. Presently, IGRPL is
developing a residential group housing project in Gurgaon under the
name of 'IREO The Corridors'. IGRPL has accumulated land bank in
Gurgaon region and proposes to launch more projects going forward.
Presently, IGRPL has launched one GH housing project (The
Corridors) on a land area of 37.5 acres comprising of 2,009 units.
J.P. ENGINEERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: J.P. Engineers Pvt Ltd
3/8, IInd Floor
Asaf Ali Road
New Delhi 110002
Insolvency Commencement Date: February 26, 2020
Court: National Company Law Tribunal, Ghaziabad Bench
Estimated date of closure of
insolvency resolution process: August 26, 2020
Insolvency professional: Mr. Sumit Bansal
Interim Resolution
Professional: Mr. Sumit Bansal
B-11, I Floor, RDC
Ghaziabad 201002
E-mail: sumibans@gmail.com
cirp.jpeng@gmail.com
Last date for
submission of claims: March 13, 2020
JAI MATA: CARE Lowers Rating on INR9.50cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jai
Mata Di Food Processing Pvt. Ltd. (JMFP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING Revised from
CARE BB-; Stable; Issuer not
cooperating; based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Jai Mata Di Food Processing
Private Limited to monitor the rating vide letters/emails
communications dated December 13, 2019, December 28, 2019, February
21, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at fair ratings. The Jai Mata Di Food
Processing Private Limited's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING. Further, the banker could
not be contacted.
Users of these rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating continues to remain constrained by short track record
coupled with small scale of operation, highly fragmented and
competitive nature of industry, high regulation by government, high
working capital intensity and exposure to vagaries of nature and
leveraged capital structure with debt coverage indicators. The
rating, however, continues to draw comfort from experienced
promotors, proximity to raw material sources.
Detailed Rationale & Key Rating Drivers
At the time of last rating in January 30, 2019, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Short track record coupled with small scale of operation: The
company started its commercial operation from January, 2017. Hence,
it has very short track record of operation. The company is a small
player vis-a-vis other players in the rice milling and processing
industry marked by its total operating income of INR37.05 crore
with a PAT of INR0.57 crore in FY18. The total operating income
increased significantly in FY18 on account of its first full year
of operation. The tangible net worth of the company was at INR5.67
crore as on March 31, 2018. The small size restricts the financial
flexibility of the company in terms of stress and deprives it from
benefits of economies of scale. Due to its relatively small scale
of operations, the absolute profit levels of the company also
remained low. Furthermore, the profitability margins of the company
remained low marked by PBILDT margin of 8.47% and PAT margin of
1.54% in FY18.
Highly fragmented and competitive nature of industry: Company's
plant is located in Patna, Bihar which is one of the hubs for
paddy/rice cultivating region. Owing to the advantage of close
proximity to raw material sources, large number of small units is
engaged in milling and processing of rice in the region. This has
resulted in intense competition which is also fuelled by low entry
barriers. Given that the processing activity does not involve much
of technical expertise or high investment, the entry barriers are
low.
High regulations by government: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy growers)
for paddy every year limiting the bargaining power of rice millers
over the farmers. The MSP of paddy was increased during the crop
year 2019-20 to INR1920/quintal from INR1750/quintal in crop year
2018-19. Given the market determined prices for finished product
vis-Ã -vis fixed acquisition cost for paddy, the profitability
margins are highly volatile. Such a situation does not augur well
for the company, especially in times of high paddy cultivation.
High working capital intensity and exposure to vagaries of nature:
Rice milling is a working capital intensive business, as the rice
millers have to stock paddy by the end of each season till the next
season since the price and quality of paddy is better during the
harvesting season. Further, while paddy is sourced generally on
cash payment, the millers are required to extend credit period to
their customers. Accordingly, average working capital utilization
remained moderately high at 85% during the last 12 months ended
December 31, 2018. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the entity's operation to
vagaries of nature.
Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the entity has been leveraged marked by
debt equity ratio of 1.26x and overall gearing ratio of 1.96x as on
March 31, 2018. Furthermore, the debt coverage indicator marked by
total debt to GCA was moderate and the same was 5.74x in FY18. The
interest coverage ratio was satisfactory at 3.10x in FY18.
Key Rating Strengths
Experienced promoters: The promoter of company is Mr. Sanjay
Kumar, Director, aged about 45 years, having around decade long
experience in the rice milling industry. He is being duly supported
by the other promoter director Mrs. Sabita Devi and Mrs. Ruma Devi
having experience of around 3 years in similar line of business.
The promoters are actively involved in the strategic planning and
running the day to day operations of the company along with a team
of experienced personnel.
Proximity to raw material sources: Company's plant is located in
Patna District, Bihar which is in the midst of paddy growing
region. The entire raw material requirement is met locally from the
farmers (or local agents) which helps the company to save
substantial amount of transportation cost and also procure raw
materials at effective price.
Jai Mata Di Food Processing Pvt. Ltd. (JMFP) was incorporated in
November, 2014 by Mr. Sanjay Kumar, Mrs. Sabita Devi and Mrs. Ruma
Devi of Patna, Bihar. The company is engaged in processing and
milling of rice. The rice milling unit of JMFP is located at Bihta,
Patna with processing capacity of 22,810 metric tonne per annum
(MTPA), which is in the vicinity to a major rice growing area. The
company has started commercial operations from January, 2017
onwards.
Mr Sanjay Kumar (aged, 45 years), having around decade long
experience in the rice milling industry, looks after the day to day
operations of the company. He is supported by other directors Mrs.
Sabita Devi and Mrs. Ruma Devi (aged, 37 years) and a team of
experienced professionals.
KHANDAKA SONS: CARE Keeps D on INR6cr Bank Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandaka
Sons Jewellers (KSJ) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
information
Detailed Rationale & Key rating Drivers
CARE has been seeking information from KSJ to monitor the ratings
vide e-mail communications dated December 3, 2019, January 8, 2020,
January 9, 2020, January 15, 2020, and February 11, 2020 and
February 25, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, KSJ has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on KSJ bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating of KSJ continues to take into account delays and
defaults in debt servicing and hence has been classified as NPA.
Detailed description of the key rating drivers
At the time of last rating on February 21, 2019, the following were
the rating strengths and weaknesses
Key Rating Weakness
Delay in debt servicing owing to poor liquidity position: As per
banker interaction, there are delays and defaults in debt servicing
owing to poor liquidity position and hence, it has
classified NPA.
Jaipur-based (Rajasthan) KSJ was formed in April, 2015 by Mr. Kuber
Kumar Khandaka and Mrs. Alka Khandaka as a partnership firm to
share profit or loss in equal ratio. KSJ is engaged in the business
of manufacturing and retailing of gold, diamond and platinum
hallmark jewellery. The firm offers wide range of products that
include rings, earrings, pendants, necklaces, bracelets, bangles,
colour stones and medallions.
KRISHNA HYDRO: Ind-Ra Cuts Rating on INR408MM Term Loan to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Krishna Hydro
Energy Limited's (KHEL) bank loan ratings to 'IND BB (CE)' from
'IND BBB-(CE)' and has simultaneously placed them on Rating Watch
Negative (RWN). The ratings were earlier on Rating Watch Evolving
(RWE).
The detailed rating actions are:
-- INR408.77 mil. (reduced from INR420.68 mil.) Rupee term loan
(RTL) due on March 2033 downgraded and placed on RWN with IND
BB(CE)/RWN rating; and
-- Unsupported rating assigned and placed on RWN with IND BB/RWN
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of KHEL, Pioneer Genco Limited (PGL), Pioneer Power Corporation
Limited (PPCL), Lakshmi Jalavidyut (Krishna) Limited (LJKL) and
Pioneer Power Limited (PPL), collectively referred to as obligors,
since their escrow accounts are interlinked and common loan
agreements delineate that the liability of five borrowers is joint
and several for the entire debt. The obligation of each company
will not be extinguished until the entire loan amount is repaid.
All five companies have common promoters.
HEL and LJKL have been amalgamated with PGL and PPCL, respectively.
The RWN stems from the lack of visibility of funds for the
prepayment of INR2,000 million (part of INR4,000 million loan
availed in December 2017) by March 2020, if called by the banks,
and the embargoes on the lender's (Yes Bank Limited ('IND
BB-'/RWN)) usual business by the central government. The rating
downgrade reflects not only the technical breach of covenants but
also a dip in PGL's generations from the projected levels. While
the coverages are weak, the rating draws some strength from the
letter of comfort from Penna Cement Industries Limited (part of
Penna group Company, having common promoters with obligors; PCIL,
'IND A'/RWN).
KEY RATING DRIVERS
Event of Default under Loan Agreements: The downgrade reflects the
occurrence of an event of default under the loan agreements. PGL's
promoters intended to raise INR2,500 million through an offer for
sale during the initial public offering (IPO) of PCIL. The IPO will
not take place in March 2020, given the market conditions. The
non-occurrence of PCIL's IPO by March 2020 is an event of default
under financing agreements. The deterioration in PCIL's credit
profile is also significant, given that support for obligors group
may be required, depending on the hydro generation or payment cycle
of one of the counterparties Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).
Liquidity Issues due to Yes Bank Exposure: In its notification
dated March 5, 2020, the Ministry of Finance ordered a moratorium
on withdrawals by depositors of Yes Bank. The consequence of such
an order could affect the payments of the obligor group to purchase
gas, fulfill operations and maintenance duties and pay employees.
Continued Significant Dependence on Sponsor Group: PCIL has
provided a letter of comfort confirming that support will be
provided to the five companies to avoid any payment default. The
Penna Group has acknowledged that any default in these five
entities will be construed as default under its own loan
agreements. Timely support from the Penna Group for debt servicing
has been considered for the rating of the five companies and Ind-Ra
has received confirmation of Penna group's intent in this regard.
The agency expects the sponsor group to meet the debt obligations
on time during distress. Any deviation on this assumption would be
a rating sensitivity.
Dip in the Generation levels in Hydro Projects: The obligors'
overall generation from hydro projects fell 11.4% YoY for
April-November 2020. The two projects on Cauvery river - PGL and
PPCL - recorded a plant load factor (PLF) of 48.22% and 42.97%,
respectively, over April-November 2019 (April-November 2018: 50.82%
and 74.08%) and the projects on Krishna River - KHEL and LJKL -
recorded PLFs of 26.4% and 30.1%, respectively (22.2% and 19%)
similarly.
Improved Receivable Days: PPL's average bill realization period
from its counterparty, TANGEDCO, improved over April-November 2019
to 87 days (FY19: 135 days FY18: 99 days). The payment for the
invoice raised in August 2019 was received in October 2019. The
average receipt days for the four hydro projects - PGL, PPCL, KHEL,
and LJKL - have been consistently within an average of 15 days from
the invoice date from their counterparty Bangalore Electricity
Supply Company Limited (BESCOM).
Consistent Robust Performance of Gas Plant: PPL's PLF dipped
slightly over April-November 2019 to 61.8% (April-November 2018:
75.2%). PPL's average PLF has been 70% since FY14. Despite the gas
availability risk due to the overall gas supply deficit scenario,
PPL managed to maintain stable supply to facilitate its operations
between FY14 and FY19. PPL has fuel supply agreements with GAIL
(India) Limited ('IND AAA'/Stable) and Oil and Natural Gas
Corporation Limited. The domestic natural gas price of
USD3.69/MMBTU is applicable between April and September 2019.
According to Ind-Ra's FY21 Oil & Gas outlook, domestic gas prices
are expected to increase, driven by a rise in the Reference Price
Index. However, the fuel cost is a pass-through for PPL in the form
of variable charges received from the off-taker which is based on
the heat rate and applicable fuel price.
Minimal Price Risk: Out of the hydro plants' total output of 99MW,
49.5MW is supplied to BESCOM and 24.75MW is supplied to Karnataka
Power Transmission Corporation Limited under 20-year fixed-price
power purchase agreements (PPAs) at a tariff ranging from
INR2.80-3.42/kWh. The remaining 24.75MW power generated by LJKL is
sold to third parties at a price pegged to the tariff charged by
distribution companies to high tension consumers. The tariff
realization for sale to third parties in FY19 was INR4.36/kWh.
Annual banking, wherein the excess energy produced will be offset
against periods of lower generation, ensure that the high
generation during monsoon is utilized against consumption in other
periods. 52.8MW generated by the gas-based power plant is supplied
to TANGEDCO under a 15-year PPA at a net realized tariff of
INR3.81/kWh in FY19. The PPA will expire in June 2021. The price
risk is minimal, given that LJKL and PPL have signed new PPAs with
PCIL at much higher tariffs for the sale of power in case the
existing PPAs of LJKL and PPL expire or are terminated or they are
unable to sell power to any third party. Ind-Ra has not considered
the same in its analysis, given the practical difficulties in third
party sale of power from one state to another.
Liquidity Indicator - Stretched: The obligor group's debt service
coverages have averaged near 1.0x. In case of a shortfall of debt
service of any obligor, the surplus account of any other obligor
will be accessed, according to the escrow agreement. The presence
of one quarter's debt service reserve of INR79.3 million (fixed
deposit) as of November 30, 2019, for RTL1 is positive and the
reserve has not been accessed to date. The debt service ratio is
not stipulated for RTL2. The total cash in the escrow account was
INR 300.90 million in November 2019. The fixed deposits and escrow
balances are in Yes Bank, the sole lender for the obligor group and
there is limited clarity on the ability to withdraw.
Debt Structure: The total debt of INR6,600 million (INR5,543.55
million outstanding as of November 30, 2019) has been provided on
the joint and several bases to the obligors of RTL1 and RTL2,
wherein the obligation of each company will not be extinguished
until the entire loan amount is repaid. RTL1 and RTL2 are fully
amortizing and will mature by March 2025 and March 2033,
respectively. Additional feature includes a cash sweep (in case of
excess cash) to pre-pay the principal due in the subsequent year;
this could mitigate the debt-servicing risks arising from
fluctuations in water flows.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will resolve the RWN once it has clarity on the consequence
of the event of default and the visibility of the source of funds
for the prepayment of INR2,000 million.
COMPANY PROFILE
PGL, PPCL, KHEL, and LJKL own a 24.75MW small hydropower plant each
in Karnataka. PGL and PPCL are located on the banks of the Cauvery
river, Chamarajanagar district, and KHEL and LJKL are located on
the banks of the Krishna river, Yadgir district. PGL and PPCL have
been operational for over 10 years, while KHEL and LJKL have been
operational for about five years. PGL, PPCL, and KHEL have signed a
20-year PPA each at a fixed tariff with BESCOM. LJKL sells its
power to third parties. PPL operates a 52.8MW combined cycle
gas-fired power project in Valantharavi village, Tamil Nadu.
Total debt of INR6,600 million was availed jointly by PGL, PPCL,
KHEL and LJKL and PPL (INR2,600 million (RTL1) availed by PGL,
PPCL, KHEL and LJKL in November 2015; INR4,000 million (RTL2)
availed by PGL, PPCL, KHEL, LJKL and PPL in December 2017) in two
facilities of INR2,000 million each (facility 1) and (facility 2).
LAKSHMI JALAVIDYUT: Ind-Ra Lowers Bank Loan Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lakshmi
Jalavidyut (Krishna) Limited's (LJKL) bank loan ratings to 'IND
BB(CE)' from 'IND BBB-(CE)' and has simultaneously placed them on
Rating Watch Negative (RWN). The ratings were earlier on Rating
Watch Evolving (RWE).
The detailed rating actions are:
-- INR1,525.02 bil. (reduced from INR1,553.75 bil.) Rupee term
loan (RTL) due on March 2033 downgraded and placed on RWN
with IND BB(CE)/RWN rating; and
-- Unsupported rating assigned and placed on RWN with IND BB/RWN
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of LJKL, Pioneer Genco Limited(PGL),Pioneer Power Corporation
Limited (PPCL), Krishna Hydro Energy Limited(KHEL) and Pioneer
Power Limited (PPL), collectively referred to as obligors, since
their escrow accounts are interlinked and common loan agreements
delineate that the liability of five borrowers is joint and several
for the entire debt. The obligation of each company will not be
extinguished until the entire loan amount is repaid. All the five
companies have common promoters.
To arrive at the Unsupported Rating, Ind-Ra has taken a standalone
view of LJKL.
KHEL and LJKL have been amalgamated with PGL and PPCL,
respectively.
The RWN stems from the lack of visibility of funds for the
prepayment of INR2,000 million (part of INR4,000 million loan
availed in December 2017) by March 2020, if called by the banks,
and the embargoes on the lender's (Yes Bank Limited ('IND
BB-'/RWN)) usual business by the central government. The rating
downgrade reflects not only the technical breach of covenants but
also a dip in PGL's generations from the projected levels. While
the coverages are weak, the rating draws some strength from the
letter of comfort from Penna Cement Industries Limited (part of
Penna group Company, having common promoters with obligors; PCIL,
'IND A'/RWN).
KEY RATING DRIVERS
Event of Default under Loan Agreements: The downgrade reflects the
occurrence of an event of default under the loan agreements. PGL's
promoters intended to raise INR2,500 million through an offer for
sale during the initial public offering (IPO) of PCIL. The IPO will
not take place in March 2020, given the market conditions. The
non-occurrence of PCIL's IPO by March 2020 is an event of default
under financing agreements. The deterioration in PCIL's credit
profile is also significant, given that support for obligors group
may be required, depending on the hydro generation or payment cycle
of one of the counterparties Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).
Liquidity Issues due to Yes Bank Exposure: In its notification
dated March 5, 2020, the Ministry of Finance ordered a moratorium
on withdrawals by depositors of Yes Bank. The consequence of such
an order could affect the payments of the obligor group to purchase
gas, fulfill operations and maintenance duties and pay employees.
Continued Significant Dependence on Sponsor Group: PCIL has
provided a letter of comfort confirming that support will be
provided to the five companies to avoid any payment default. The
Penna Group has acknowledged that any default in these five
entities will be construed as default under its own loan
agreements. Timely support from the Penna Group for debt servicing
has been considered for the rating of the five companies and Ind-Ra
has received confirmation of Penna group's intent in this regard.
The agency expects the sponsor group to meet the debt obligations
on time during distress. Any deviation on this assumption would be
a rating sensitivity.
Dip in the Generation levels in Hydro Projects: The obligors'
overall generation from hydro projects fell 11.4% yoy for
April-November 2020. The two projects on Cauvery river - PGL and
PPCL - recorded a plant load factor (PLF) of 48.22% and 42.97%,
respectively, over April-November 2019 (April-November 2018: 50.82%
and 74.08%) and the projects on Krishna River - KHEL and LJKL -
recorded PLFs of 26.4% and 30.1%, respectively (22.2% and 19%)
similarly.
Improved Receivable Days: PPL's average bill realization period
from its counterparty, TANGEDCO, improved over April-November 2019
to 87 days (FY19: 135 days FY18: 99 days). The payment for the
invoice raised in August 2019 was received in October 2019. The
average receipt days for the four hydro projects - PGL, PPCL, KHEL
and LJKL - have been consistently within an average of 15 days from
the invoice date from their counterparty Bangalore Electricity
Supply Company Limited (BESCOM).
Consistent Robust Performance of Gas Plant: PPL's PLF dipped
slightly over April-November 2019 to 61.8% (April-November 2018:
75.2%). PPL's average PLF has been 70% since FY14. Despite the gas
availability risk due to the overall gas supply deficit scenario,
PPL managed to maintain stable supply to facilitate its operations
between FY14 and FY19. PPL has fuel supply agreements with GAIL
(India) Limited ('IND AAA'/Stable) and Oil and Natural Gas
Corporation Limited. The domestic natural gas price of
USD3.69/MMBTU is applicable between April and September 2019.
According to Ind-Ra's FY21 Oil & Gas outlook, domestic gas prices
are expected to increase, driven by a rise in the Reference Price
Index. However, the fuel cost is a pass-through for PPL in the form
of variable charges received from the off-taker which is based on
the heat rate and applicable fuel price.
Minimal Price Risk: Out of the hydro plants' total output of 99MW,
49.5MW is supplied to BESCOM and 24.75MW is supplied to Karnataka
Power Transmission Corporation Limited under 20-year fixed-price
power purchase agreements (PPAs) at a tariff ranging from
INR2.80-3.42/kWh. The remaining 24.75MW power generated by LJKL is
sold to third parties at a price pegged to the tariff charged by
distribution companies to high tension consumers. The tariff
realization for sale to third parties in FY19 was INR4.36/kWh.
Annual banking, wherein the excess energy produced will be offset
against periods of lower generation, ensures that high generation
during monsoon is utilized against consumption in other periods.
52.8MW generated by the gas-based power plant is supplied to
TANGEDCO under a 15-year PPA at a net realized tariff of
INR3.81/kWh in FY19. The PPA will expire in June 2021. The price
risk is minimal, given that LJKL and PPL have signed new PPAs with
PCIL at much higher tariffs for the sale of power in case the
existing PPAs of LJKL and PPL expire or are terminated or they are
unable to sell power to any third party. Ind-Ra has not considered
the same in its analysis, given the practical difficulties in third
party sale of power from one state to another.
Liquidity Indicator - Stretched: The obligor group's debt service
coverages have averaged near 1.0x. In case of a shortfall of debt
service of any obligor, the surplus account of any other obligor
will be accessed, according to the escrow agreement. The presence
of one quarter's debt service reserve of INR79.3 million (fixed
deposit) as of November 30, 2019 for RTL1 is positive and the
reserve has not been accessed till date. The debt service ratio is
not stipulated for RTL2. Total cash in escrow account was INR
300.90 million in November 2019. The fixed deposits and escrow
balances are in Yes Bank, the sole lender for the obligor group and
there is limited clarity on ability to withdraw.
Debt Structure: The total debt of INR6,600 million (INR5,543.55
million outstanding as of November 30, 2019) has been provided on
joint and several basis to the obligors of RTL1 and RTL2, wherein
the obligation of each company will not be extinguished until the
entire loan amount is repaid. RTL1 and RTL2 are fully amortizing
and will mature by March 2025 and March 2033, respectively.
Additional feature includes a cash sweep (in case of excess cash)
to pre-pay the principal due in the subsequent year; this could
mitigate the debt-servicing risks arising from fluctuations in
water flows.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will resolve the RWN once it has clarity on consequence of
the event of default and the visibility of source of funds for
prepayment of INR2,000 million.
COMPANY PROFILE
PGL, PPCL, KHEL and LJKL own a 24.75MW small hydro power plant each
in Karnataka. PGL and PPCL are located on the banks of the Cauvery
river, Chamarajanagar district, and KHEL and LJKL are located on
the banks of the Krishna river, Yadgir district. PGL and PPCL have
been operational for over 10 years, while KHEL and LJKL have been
operational for about five years. PGL, PPCL, and KHEL have signed a
20-year PPA each at a fixed tariff with BESCOM. LJKL sells its
power to third parties. PPL operates a 52.8MW combined cycle
gas-fired power project in Valantharavi village, Tamil Nadu.
A total debt of INR6,600 million was availed jointly by PGL, PPCL,
KHEL and LJKL and PPL (INR2,600 million (RTL1) availed by PGL,
PPCL, KHEL and LJKL in November 2015; INR4,000 million (RTL2)
availed by PGL, PPCL, KHEL, LJKL and PPL in December 2017) in two
facilities of INR2,000 million each (facility 1) and (facility 2).
LANCO SOLAR: CARE Keeps D on INR346cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco Solar
(Gujarat) Private Limited (LSGPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 346.06 CARE D; Issuer Non Cooperation;
Facilities based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from LSGPL to monitor the rating
vide e-mail communications February 24, 2020; February 22, 2020;
February 18, 2020; February 3, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Lanco Solar (Gujarat) Private Ltd.'s bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings take into account non receipt of information including
No default Statement (NDS).
Detailed description of the key rating drivers
At the time of last rating on October 8, 2018 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
Delays in servicing of debt obligations: The delay in servicing of
debt obligations by Lanco Solar (Gujarat) Private Limited follows
the lower than envisaged generation levels at the project site
leading to stretched liquidity position of the company. The
generation was affected largely due to heavy monsoon in the area.
Further, the generation from Chadiyana plant was affected due to
some damage to the transmission line. The company had DSRA of
INR16.93 crore as on March 31, 2018 which was gradually utilized to
repay the principal amount. An amount of INR5.54 crore remain
unpaid by the company.
Lanco Solar (Gujarat) Private Limited (LSGPL) was incorporated on
August 31, 2005 as Lanco Property Management Company Private
Limited (LPMCPL). Later, the name of the company was changed to
Lanco Solar (Gujarat) Private Limited w.e.f. from August 25, 2016.
LSGPL is promoted by Lanco Infratech Limited which is the flagship
company of Lanco group. LITL provides Engineering, Procurement and
Construction services to its subsidiaries and affiliated
companies.
In Feb, 2017, LSGPL has acquired two solar power plants namely
Chadiyana and Charanka PV solar plant from LITL by way of slump
sale. The plants has solar power generating capacity of 15 MW each.
The PPA for the plants has been signed for 25 years w.e.f. April
29, 2010 at a tariff of INR15/kWh for first 12 years INR5/kWh for
next 13 years with Gujarat Urja Vikas Nigam Limited.
LINUS PROCESSORS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Linus Processors
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.
The instrument-wise rating actions are:
-- INR88 mil. Fund-based working capital limits (long-term)
downgraded and maintained in non-cooperating category with
IND D (ISSUER NOT COOPERATING)rating; and
-- INR60 mil. Non-fund-based limits (short-term) downgraded and
maintained in 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 downgrade reflects Linus Processors' delays in debt servicing,
the details of which are not available.
COMPANY PROFILE
Linus Processors is engaged in the dyeing of fabrics and has an
installed capacity of 13 metric tons per day.
LOTUS INN: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Lotus Inn Private Limited
108/9 Madhav Chambers
Malbhat Margao
GA 403601
India
Insolvency Commencement Date: March 3, 2020
Court: National Company Law Tribunal, Goa Bench
Estimated date of closure of
insolvency resolution process: August 30, 2020
(180 days from commencement)
Insolvency professional: CS Anish Gupta
Interim Resolution
Professional: CS Anish Gupta
413, Autumn Grove
Lokhandwala
Kandivali East
Mumbai 400101
E-mail: anish@csanishgupta.com
agirp05@gmail.com
Last date for
submission of claims: March 25, 2020
MACROTECH DEVELOPERS: Fitch Affirms IDR & Unsec. Notes at 'CCC'
---------------------------------------------------------------
Fitch Ratings has affirmed Macrotech Developers Limited's Long-Term
Issuer Default Rating at 'CCC'. The agency has also affirmed MDL's
existing USD324 million 12% senior unsecured notes at 'CCC' with a
Recovery Rating of 'RR4'. The notes are issued by MDL's wholly
owned Mauritius incorporated subsidiary Lodha Developers
International Limited.
The affirmation follows the settlement of MDL's new USD225 million
bond on March 12, 2020, which was contingent upon the placement of
USD120 million of funds into the paying agent's account. The
proceeds from the new bond and the USD120 million will be used to
repay the USD324 million senior unsecured notes that mature on
March 13 2020, along with the coupon payment of USD19 million.
The 'CCC' rating reflects Fitch's view of a high level of credit
risk regarding MDL's INR69 billion of debt maturities in the
financial year ending March 2021 (FY21), which comprise INR21
billion in India and INR48 billion in UK. Although it expects MDL
to repay the 2020 notes on March 13, 2020, Fitch believes there is
significant uncertainty about the willingness of investors to lend
to the company and MDL's free cash flow generation during the year
would be insufficient to cover these maturities. MDL expects to
rely on sales of commercial assets, undrawn credit lines and
inventory financing to cover these.
KEY RATING DRIVERS
Immediate Refinancing Needs Addressed: Fitch expects MDL to repay
the USD324 million bond maturing March 13, 2020 using financing
from the combination of a new bond, cash flows from its 48CS
project in London, and domestic operations. MDL raised USD225
million via issuance of 14% senior bonds due in 2023. An initial
issuance raised only USD200 million, but a tap of USD25 million on
March 9, 2020 helped to make up the shortfall. The new bonds are
guaranteed by MDL and Lodha Developers UK Limited, and benefit from
a charge over an escrow account that includes a pledge over 95% of
the shares in Lodha's Grosvenor Square (GSQ) project. The new bond
settled on March 12, as the required USD120 million had been paid
into the paying agent's account.
MDL raised an inventory financing facility of GBP86 million at
Lodha Developers 48CS Limited (48CSL) and received collections of
GBP41 million. The project had a construction loan outstanding of
GBP60 million, which was repaid such that 48CSL could up-stream the
excess cash flows of GBP67 million (USD87 million) to LDIL on 11
March. Another USD33 million was sourced from its India operations
to make up the USD120 million under the pre-condition for the
settlement of the new USD225 million bonds.
FY21 Debt Maturity Challenges: Fitch expects MDL's GSQ project to
generate cash flow from operations (CFFO) of INR33 billion during
FY21, which is insufficient to cover the construction loan of INR48
billion (GBP517 million) due in March 2021. MDL expects to fully
repay the loan using collection receipts and by obtaining GBP325
million of inventory financing at the project, given its attractive
location and close-to-completion status. However, Fitch believes
the refinancing remains subject to execution risks, given increased
uncertainty around the willingness of investors to extend loans, as
seen in the initial shortfall in MDL's bond issuance. Customer's
appetite for property purchases may also be affected by the
COVID-19 outbreak in the near term. However, MDL expects the
project's near-completed status and reduced Brexit uncertainty to
support sales.
Domestic Liquidity Tight : Fitch expects MDL to face challenges in
repaying the majority of its debt maturities of INR21 billion in
India in FY21 through project cash flows, given the weak property
demand. Fitch believes the weakness is driven by tighter
availability of housing-finance credit and
weaker-than-Fitch-expected demand in the premium housing segment.
At the same time, domestic funding for property developers is
tight. However, MDL has curtailed its domestic construction
expenditure which conserves cash, and has been meeting its debt
obligations, against a backdrop of tight liquidity in the domestic
market and a challenging property environment so far.
MDL expects to rely on alternative sources, such as private equity,
offshore funds, and assets sales to service its FY21 debt.
Although, no credible third-party support has appeared yet,
mitigating factors include MDL's recently concluded office tower
sale in Mumbai for INR12 billion in December 2019.
ESG - Governance: MDL has ESG Relevance Scores of 4 for Governance
Structure and Financial Transparency due to the concentrated
ownership and board independence risk and lack of timely and
adequate disclosure compared with other listed peers. These have a
negative impact on the ratings.
DERIVATION SUMMARY
PT Agung Podomoro Land Tbk's (APLN; CCC+) rating was upgraded on 4
October 2019 from 'CCC-' after the company addressed its near-tem
maturities. APLN was able to repay the debt that put pressure on
its liquidity with proceeds from IDR800 billion in shareholder
advances and bridge loans from a private-equity fund. In contrast,
MDL currently has higher liquidity risk than APLN with INR21
billion of domestic debt maturing in FY21, which requires further
fund raising. This justifies the one notch lower rating for MDL, in
its view.
A USD787.5 million rights issue in July 2019 by Indonesia-based
property developer PT Lippo Karawaci TBK (B-/Stable) shored up its
liquidity and covers operating expenses until end-2020. Despite
sound liquidity, Lippo's rating reflects the weakness in its
business risk profile. The company is implementing plans to revive
weak property pre-sales at the standalone company. Although MDL's
business profile is stronger than Lippo, its liquidity position is
considerably weaker than that of Lippo over the next 12 months, and
it is rated two notches lower.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Domestic pre-sales of INR62 billion in FY20 and INR67 billion
in FY21 (FY19: INR72 billion)
- Domestic cash collection of INR71 billion in FY20 and INR73
billion in FY21 (FY19: INR92 billion)
- Domestic construction costs of INR33 billion in FY20 and INR33
billion in FY21 (FY19: INR44 billion)
- London property pre-sales of INR16 billion in FY20 and INR27
billion in FY21 (FY19: INR6 billion, FY18: INR24 billion)
- London property cash collection of INR29 billion in FY20 and
INR54 billion in FY21 (FY19: not applicable)
- London property construction costs of INR15 billion in FY20
and INR7 billion in FY21 (FY19: INR14 billion)
- Fitch domestic collection assumptions do not include proceeds
from asset sales (FY20: INR12 billion)
Recovery Rating Assumptions:
- The recovery analysis assumes MDL would be liquidated in a
bankruptcy rather than continue as a going-concern because
it is an asset trading company.
- Fitch has assumed a 10% administrative claim.
- Fitch has assumed a 75% advance rate against receivables and
unbilled revenue, which includes unbilled revenue that stems
from the completion of construction milestones of property
projects.
- Fitch has assumed a 91% advance rate against the book value
of MDL's consolidated adjusted inventory (including London
assets, less adjusted advances received). Fitch has not
assumed a 100% advance rate to reflect the need to
potentially cut prices and sell the inventory faster in a
distressed scenario, although it notes that MDL reported a
gross profit margin of around 50% in recent years, implying
a high market value for its inventory.
- All of MDL's consolidated debt as at 9MFY20 including trade
payables, and further drawdown on the construction loan at
the GSQ project in London has been treated as prior-ranking
or secured debt. The proposed inventory financing at 48CS
is considered subordinated to the secured debt, and the new
USD225 million bond is considered subordinated to the
inventory financing, with the USD324 million bond considered
repaid from the new fund raising.
- After adjusting for administrative claims, the above estimates
result in a recovery rate for MDL's secured debt corresponding
to a 'RR1' Recovery Rating, and recovery of 100% for unsecured
debt. Nevertheless, Fitch has rated the senior notes 'CCC'
with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, India
falls into 'Group D' of creditor friendliness. Instrument
ratings of issuers with assets in this group are subject to
a soft cap at the issuer's IDR.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- An upgrade would be contingent upon MDL's ability to
demonstrate sufficient liquidity to be able to meet debt
maturities over a 12-18-month period.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Any further weakening in liquidity.
In accordance with Fitch Ratings' policies, the issuer appealed and
provided additional information to Fitch Ratings that resulted in a
rating action that is different than the original rating committee
outcome.
LIQUIDITY AND DEBT STRUCTURE
Poorly Funded Liquidity: MDL's internal liquidity generation is
impaired and it currently does not have sufficient funds to repay
INR21 billion of domestic debt maturities and INR48 billion of
London construction loans due in FY21. Alternative liquidity
sources have been explored and progress has been unsatisfactory.
ESG CONSIDERATIONS
MDL has ESG Relevance Score of 4 for Governance Structure and
Financial Transparency, which have a negative impact on the credit
profile and are relevant to the rating in conjunction with other
factors.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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.
MADHUR NOURISHMENT: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Madhur Nourishment Products LLP
Registered office as per ROC Company Master Data:
C-713 BSEL Tech Park
Plot No. 39/5 & 39/5A
Sector 30A
Opp. Vashi Railway Station
Vashi, Navi Mumbai
Mumbai City, MH 400703
IN
Insolvency Commencement Date: February 29, 2020
Court: National Company Law Tribunal, Court No. 5, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 27, 2020
Insolvency professional: Udaykumar Bhaskar Bhat
Interim Resolution
Professional: Udaykumar Bhaskar Bhat
B-304, Goldville
Aundh-Ravet Road
Dange Chowk, Theragon
Pune 411033
E-mail: udaybhat2805@gmail.com
irp.madhurnourishment@gmail.com
Last date for
submission of claims: March 14, 2020
MITS MEGA: CARE Maintains 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MITS Mega
Food Park Limited (MITS) continues to remain in the 'Issuer Not
Cooperating' category.
The rating assigned to the bank facilities of MITS continues to
remain constrained by its on-going delay in debt servicing. Hence,
CARE has reaffirmed and withdrawn the outstanding rating of 'CARE
D' assigned to the bank facilities of MITS Mega Food Park Limited
with immediate effect. The above action has been taken at the
request of MITS Mega Food Park Limited and 'No Objection
Certificate' received from the bank that has extended the
facilities rated by CARE.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going delay in debt servicing: There are on-going delays in term
loan servicing of the company mainly due to delay in project
completion.
Incorporated on June 16, 2011, MITS Mega Food Park Limited (MITS)
is the first Mega Food Park of Odisha set up under the 11th five
year plan as approved by the Ministry of Food Processing of India
(MoFPI). It is a company formed as a Special Perpose Vehicle (SPV)
by Basant Devi Charitable Trust, Odisha Industrial Infrastructure
Development Corporation (IDCO), Keventer Agro Limited and Expo
Biotech Limited with Mr. Balakrishna Panda being the lead promoter.
The registered office is situated at Infocity, Chandrasekharpur,
Bhubaneshwar, Odisha. MITS has got Approval from Ministry of Food
Processing Industries (MoFPI) for setting up of a mega food park in
the district of Rayagada, Bhubaneshwar, Odisha under a new central
sector scheme as Pradhan Mantri Kisan SAMPAD Yojana. The primary
objective of the scheme is to provide state of art infrastructure
facilities for the food processing, storage facilities along with
the comprehensive supply chain facilities.
Currently, the company has proposed to establish one Central
Processing Centre (CPC) at Rayagada, Odisha and three Primary
Processing Centres (PPC) one at Bhawani patna, Kashipur, Padampara,
Odisha. The core processing infrastructure for CPC and PPC includes
cold storages, sorting and grading unit, rice milling facility,
water treatment facility, warehousing capacity, commercial complex
and sorting and grading unit. The proposed site for the food park
has 51 acres of land. The total project cost is INR80.91 crore
(including land and IDC) which is to be funded through government
grant of INR50.00 crore, promoter contribution of INR10.91 crore
and term loan of INR20.00 crore. The financial closure for the
majority of the debt portion (Rs.15 crore) of the project has
already been achieved. The company has already submitted all the
documents to the MoFPI and got the final approval on April 2012.
Furthermore, the company has already invested INR75.91 crore
towards land & site development, building, and other infrastructure
facilities etc. till November 30, 2019 which is met through
promoter's contribution of INR15.91 crore, term loan of INR15.00
crore and government grant received amounting to INR45.00 crore.
The company has initially projected to commence its full fledges of
operations from October 2018, however, due to delay in balance
project debt funding and delay in receipt of grant from MoFPI; the
full fledges of commercial operation is rescheduled to February
2020. Moreover, the company has started its partial operation from
May 2019.
ONUS ENTERPRISE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Onus Enterprise Private Limited
Registered office:
528, Grohitam Building
Sector-19 C, Vashi
Navi Mumbai 400705
Insolvency Commencement Date: March 3, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 30, 2020
Insolvency professional: Shivan Raju Palavesam
Interim Resolution
Professional: Shivan Raju Palavesam
214-215, Second Floor
Om Dutta C.H.S.
Khamdeo Nagar
90 Feet Road
Sion-Bandra Link Road
Mumbai 400017
E-mail: shivan.raju@gmail.com
onuscirp@gmail.com
Last date for
submission of claims: March 23, 2020
OVERNITE EXPRESS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Overnite Express Limited
Registered office:
Overnite House 11099-C
East Park Road
New Delhi 110005
India
Insolvency Commencement Date: March 2, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 29, 2020
(180 days from commencement)
Insolvency professional: Anil Tayal
Interim Resolution
Professional: Anil Tayal
201, Sagar Plaza
District Centre
Laxmi Nagar
Delhi 110092
E-mail: caaniltayal@gmail.com
cirp.overnite@gmail.com
Last date for
submission of claims: March 22, 2020
PACIFIC EDUCATION: CARE Keeps D on INR3cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.19 CARE D; Issuer Not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from PET to monitor the rating
vide e-mail communications dated January 08, 2020, January 17,
2020, January 29, 2020, February 5, 2020, letter dated
February 24, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the trust has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating based on best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on PET's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings).
The rating assigned to the bank facilities of PET continues to
factor in on-going delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 22, 2019 the following were the
rating strengths and weaknesses.
Key Rating Weaknesses
On-going delays in debt servicing: As informed by the banker, there
are on-going delays in servicing of debt obligations.
Ahmedabad based Pacific Education Trust (PET) was set up by the
Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart
education in the field of engineering. The trust is managed by Mrs
Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman)
having experience of more than a decade in managing various
educational institutions. PET provides education in the field of
engineering through 'Pacific School of Engineering, Surat (PSE)
from the Academic Year (AY) 2012-13.
PSE offers degree courses in Civil, Mechanical, Electrical,
Chemical and Computer Science while it also offers diploma course
in Mechanical, Civil and Electrical engineering.
PIONEER GENCO: Ind-Ra Cuts Rating on INR916MM Bank Loan to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Genco
Limited's (PGL) bank loan ratings to 'IND BB (CE)' from 'IND
BBB-(CE)' and has simultaneously placed them on Rating Watch
Negative (RWN). The ratings were earlier on Rating Watch Evolving
(RWE).
The detailed rating actions are:
-- INR916.09 mil. (reduced from INR962.02 mil.) Rupee term loan
(RTL) due on March 2033 downgraded and placed on RWN with IND
BB (CE)/RWN rating; and
-- Unsupported Rating assigned and placed on RWN with IND BB/RWN
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of PGL, Pioneer Power Corporation Limited (PPCL), Krishna Hydro
Energy Limited (KHEL), Lakshmi Jalavidyut (Krishna) Limited (LJKL)
and Pioneer Power Limited (PPL), collectively referred to as
obligors, since their escrow accounts are interlinked and common
loan agreements delineate that the liability of five borrowers is
joint and several for the entire debt. The obligation of each
company will not be extinguished until the entire loan amount is
repaid. All five companies have common promoters.
To arrive at the Unsupported Rating, Ind-Ra has taken a standalone
view of PGL.
KHEL and LJKL have been amalgamated with PGL and PPCL,
respectively.
The RWN stems from the lack of visibility of funds for the
prepayment of INR2,000 million (part of INR4,000 million loan
availed in December 2017) by March 2020, if called by the banks,
and the embargoes on the lender's (Yes Bank Limited ('IND
BB-'/RWN)) usual business by the central government. The rating
downgrade reflects not only the technical breach of covenants but
also a dip in PGL's generations from the projected levels. While
the coverages are weak, the rating draws some strength from the
letter of comfort from Penna Cement Industries Limited (part of
Penna group Company, having common promoters with obligors; PCIL,
'IND A'/RWN).
KEY RATING DRIVERS
Event of Default under Loan Agreements: The downgrade reflects the
occurrence of an event of default under the loan agreements. PGL's
promoters intended to raise INR2,500 million through an offer for
sale during the initial public offering (IPO) of PCIL. The IPO will
not take place in March 2020, given the market conditions. The
non-occurrence of PCIL's IPO by March 2020 is an event of default
under financing agreements. The deterioration in PCIL's credit
profile is also significant, given that support for obligors group
may be required, depending on the hydro generation or payment cycle
of one of the counterparties Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).
Liquidity Issues due to Yes Bank Exposure: In its notification
dated March 5, 2020, the Ministry of Finance ordered a moratorium
on withdrawals by depositors of Yes Bank. The consequence of such
an order could affect the payments of the obligor group to purchase
gas, fulfill operations and maintenance duties and pay employees.
Continued Significant Dependence on Sponsor Group: PCIL has
provided a letter of comfort confirming that support will be
provided to the five companies to avoid any payment default. The
Penna Group has acknowledged that any default in these five
entities will be construed as default under its own loan
agreements. Timely support from the Penna Group for debt servicing
has been considered for the rating of the five companies and Ind-Ra
has received confirmation of Penna group's intent in this regard.
The agency expects the sponsor group to meet the debt obligations
on time during distress. Any deviation on this assumption would be
a rating sensitivity.
Dip in the Generation levels in Hydro Projects: The obligors'
overall generation from hydro projects fell 11.4% YoY for
April-November 2020. The two projects on Cauvery river - PGL and
PPCL - recorded a plant load factor (PLF) of 48.22% and 42.97%,
respectively, over April-November 2019 (April-November 2018: 50.82%
and 74.08%) and the projects on Krishna River - KHEL and LJKL -
recorded PLFs of 26.4% and 30.1%, respectively (22.2% and 19%)
similarly.
Improved Receivable Days: PPL's average bill realization period
from its counterparty, TANGEDCO, improved over April-November 2019
to 87 days (FY19: 135 days FY18: 99 days). The payment for the
invoice raised in August 2019 was received in October 2019. The
average receipt days for the four hydro projects - PGL, PPCL, KHEL,
and LJKL - have been consistently within an average of 15 days from
the invoice date from their counterparty Bangalore Electricity
Supply Company Limited (BESCOM).
Consistent Robust Performance of Gas Plant: PPL's PLF dipped
slightly over April-November 2019 to 61.8% (April-November 2018:
75.2%). PPL's average PLF has been 70% since FY14. Despite the gas
availability risk due to the overall gas supply deficit scenario,
PPL managed to maintain stable supply to facilitate its operations
between FY14 and FY19. PPL has fuel supply agreements with GAIL
(India) Limited ('IND AAA'/Stable) and Oil and Natural Gas
Corporation Limited. The domestic natural gas price of
USD3.69/MMBTU is applicable between April and September 2019.
According to Ind-Ra's FY21 Oil & Gas outlook, domestic gas prices
are expected to increase, driven by a rise in the Reference Price
Index. However, the fuel cost is a pass-through for PPL in the form
of variable charges received from the off-taker which is based on
the heat rate and applicable fuel price.
Minimal Price Risk: Out of the hydro plants' total output of 99MW,
49.5MW is supplied to BESCOM and 24.75MW is supplied to Karnataka
Power Transmission Corporation Limited under 20-year fixed-price
power purchase agreements (PPAs) at a tariff ranging from
INR2.80-3.42/kWh. The remaining 24.75MW power generated by LJKL is
sold to third parties at a price pegged to the tariff charged by
distribution companies to high tension consumers. The tariff
realization for sale to third parties in FY19 was INR4.36/kWh.
Annual banking, wherein the excess energy produced will be offset
against periods of lower generation, ensure that the high
generation during monsoon is utilized against consumption in other
periods. 52.8MW generated by the gas-based power plant is supplied
to TANGEDCO under a 15-year PPA at a net realized tariff of
INR3.81/kWh in FY19. The PPA will expire in June 2021. The price
risk is minimal, given that LJKL and PPL have signed new PPAs with
PCIL at much higher tariffs for the sale of power in case the
existing PPAs of LJKL and PPL expire or are terminated or they are
unable to sell power to any third party. Ind-Ra has not considered
the same in its analysis, given the practical difficulties in third
party sale of power from one state to another.
Liquidity Indicator - Stretched: The obligor group's debt service
coverages have averaged near 1.0x. In case of a shortfall of debt
service of any obligor, the surplus account of any other obligor
will be accessed, according to the escrow agreement. The presence
of one quarter's debt service reserve of INR79.3 million (fixed
deposit) as of November 30, 2019, for RTL1 is positive and the
reserve has not been accessed to date. The debt service ratio is
not stipulated for RTL2. The total cash in the escrow account was
INR 300.90 million in November 2019. The fixed deposits and escrow
balances are in Yes Bank, the sole lender for the obligor group and
there is limited clarity on the ability to withdraw.
Debt Structure: The total debt of INR6,600 million (INR5,543.55
million outstanding as of November 30, 2019) has been provided on
the joint and several bases to the obligors of RTL1 and RTL2,
wherein the obligation of each company will not be extinguished
until the entire loan amount is repaid. RTL1 and RTL2 are fully
amortizing and will mature by March 2025 and March 2033,
respectively. Additional feature includes a cash sweep (in case of
excess cash) to pre-pay the principal due in the subsequent year;
this could mitigate the debt-servicing risks arising from
fluctuations in water flows.
RATING SENSITIVITIES
The RWN indicates that the rating may be either affirmed or
downgraded. Ind-Ra will resolve the RWN once it has clarity on the
consequence of the event of default and the visibility of the
source of funds for the prepayment of INR2,000 million.
COMPANY PROFILE
PGL, PPCL, KHEL, and LJKL own a 24.75MW small hydropower plant each
in Karnataka. PGL and PPCL are located on the banks of the Cauvery
river, Chamarajanagar district, and KHEL and LJKL are located on
the banks of the Krishna river, Yadgir district. PGL and PPCL have
been operational for over 10 years, while KHEL and LJKL have been
operational for about five years. PGL, PPCL, and KHEL have signed a
20-year PPA each at a fixed tariff with BESCOM. LJKL sells its
power to third parties. PPL operates a 52.8MW combined cycle
gas-fired power project in Valantharavi village, Tamil Nadu.
Total debt of INR6,600 million was availed jointly by PGL, PPCL,
KHEL and LJKL and PPL (INR2,600 million (RTL1) availed by PGL,
PPCL, KHEL and LJKL in November 2015; INR4,000 million (RTL2)
availed by PGL, PPCL, KHEL, LJKL and PPL in December 2017) in two
facilities of INR2,000 million each (facility 1) and (facility 2).
PIONEER POWER CORP: Ind-Ra Cuts Rating on INR847MM Loan to BB
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Power
Corporation Limited's (PPCL) bank loan ratings to 'IND BB (CE)'
from 'IND BBB- (CE)' and has simultaneously placed them on Rating
Watch Negative (RWN). The ratings were earlier on Rating Watch
Evolving (RWE).
The detailed rating actions are:
-- INR847.01 mil. (reduced from INR883.18 mil.) Rupee term loan
(RTL) due on March 2033 downgraded and placed on RWN with IND
BB (CE)/RWN rating; and
-- Unsupported rating assigned and placed on RWN with IND BB/RWN
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of PPCL, Pioneer Genco Limited (PGL), Krishna Hydro Energy Limited
(KHEL), Lakshmi Jalavidyut (Krishna) Limited (LJKL) and Pioneer
Power Limited (PPL), collectively referred to as obligors, since
their escrow accounts are interlinked and common loan agreements
delineate that the liability of five borrowers is joint and several
for the entire debt. The obligation of each company will not be
extinguished until the entire loan amount is repaid. All the five
companies have common promoters.
To arrive at the Unsupported Rating, Ind-Ra has taken a standalone
view of PPCL.
KHEL and LJKL have been amalgamated with PGL and PPCL,
respectively.
The RWN stems from the lack of visibility of funds for the
prepayment of INR2,000 million (part of INR4,000 million loan
availed in December 2017) by March 2020, if called by the banks,
and the embargoes on the lender's (Yes Bank Limited ('IND
BB-'/RWN)) usual business by the central government. The rating
downgrade reflects not only the technical breach of covenants but
also a dip in PGL's generations from the projected levels. While
the coverages are weak, the rating draws some strength from the
letter of comfort from Penna Cement Industries Limited (part of
Penna group Company, having common promoters with obligors; PCIL,
'IND A'/RWN).
KEY RATING DRIVERS
Event of Default under Loan Agreements: The downgrade reflects the
occurrence of an event of default under the loan agreements. PGL's
promoters intended to raise INR2,500 million through an offer for
sale during the initial public offering (IPO) of PCIL. The IPO will
not take place in March 2020, given the market conditions. The
non-occurrence of PCIL's IPO by March 2020 is an event of default
under financing agreements. The deterioration in PCIL's credit
profile is also significant, given that support for obligors group
may be required, depending on the hydro generation or payment cycle
of one of the counterparties Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).
Liquidity Issues due to Yes Bank Exposure: In its notification
dated March 5, 2020, the Ministry of Finance ordered a moratorium
on withdrawals by depositors of Yes Bank. The consequence of such
an order could affect the payments of the obligor group to purchase
gas, fulfill operations and maintenance duties and pay employees.
Continued Significant Dependence on Sponsor Group: PCIL has
provided a letter of comfort confirming that support will be
provided to the five companies to avoid any payment default. The
Penna Group has acknowledged that any default in these five
entities will be construed as default under its own loan
agreements. Timely support from the Penna Group for debt servicing
has been considered for the rating of the five companies and Ind-Ra
has received confirmation of Penna group's intent in this regard.
The agency expects the sponsor group to meet the debt obligations
on time during distress. Any deviation on this assumption would be
a rating sensitivity.
Dip in the Generation levels in Hydro Projects: The obligors'
overall generation from hydro projects fell 11.4% yoy for
April-November 2020. The two projects on Cauvery river - PGL and
PPCL - recorded a plant load factor (PLF) of 48.22% and 42.97%,
respectively, over April-November 2019 (April-November 2018: 50.82%
and 74.08%) and the projects on Krishna River - KHEL and LJKL -
recorded PLFs of 26.4% and 30.1%, respectively (22.2% and 19%)
similarly.
Improved Receivable Days: PPL's average bill realization period
from its counterparty, TANGEDCO, improved over April-November 2019
to 87 days (FY19: 135 days FY18: 99 days). The payment for the
invoice raised in August 2019 was received in October 2019. The
average receipt days for the four hydro projects - PGL, PPCL, KHEL
and LJKL - have been consistently within an average of 15 days from
the invoice date from their counterparty Bangalore Electricity
Supply Company Limited (BESCOM).
Consistent Robust Performance of Gas Plant: PPL's PLF dipped
slightly over April-November 2019 to 61.8% (April-November 2018:
75.2%). PPL's average PLF has been 70% since FY14. Despite the gas
availability risk due to the overall gas supply deficit scenario,
PPL managed to maintain stable supply to facilitate its operations
between FY14 and FY19. PPL has fuel supply agreements with GAIL
(India) Limited ('IND AAA'/Stable) and Oil and Natural Gas
Corporation Limited. The domestic natural gas price of
USD3.69/MMBTU is applicable between April and September 2019.
According to Ind-Ra's FY21 Oil & Gas outlook, domestic gas prices
are expected to increase, driven by a rise in the Reference Price
Index. However, the fuel cost is a pass-through for PPL in the form
of variable charges received from the off-taker which is based on
the heat rate and applicable fuel price.
Minimal Price Risk: Out of the hydro plants' total output of 99MW,
49.5MW is supplied to BESCOM and 24.75MW is supplied to Karnataka
Power Transmission Corporation Limited under 20-year fixed-price
power purchase agreements (PPAs) at a tariff ranging from
INR2.80-3.42/kWh. The remaining 24.75MW power generated by LJKL is
sold to third parties at a price pegged to the tariff charged by
distribution companies to high tension consumers. The tariff
realization for sale to third parties in FY19 was INR4.36/kWh.
Annual banking, wherein the excess energy produced will be offset
against periods of lower generation, ensures that high generation
during monsoon is utilized against consumption in other periods.
52.8MW generated by the gas-based power plant is supplied to
TANGEDCO under a 15-year PPA at a net realized tariff of
INR3.81/kWh in FY19. The PPA will expire in June 2021. The price
risk is minimal, given that LJKL and PPL have signed new PPAs with
PCIL at much higher tariffs for the sale of power in case the
existing PPAs of LJKL and PPL expire or are terminated or they are
unable to sell power to any third party. Ind-Ra has not considered
the same in its analysis, given the practical difficulties in third
party sale of power from one state to another.
Liquidity Indicator - Stretched: The obligor group's debt service
coverages have averaged near 1.0x. In case of a shortfall of debt
service of any obligor, the surplus account of any other obligor
will be accessed, according to the escrow agreement. The presence
of one quarter's debt service reserve of INR79.3 million (fixed
deposit) as on 30 November 2019 for RTL1 is positive and the
reserve has not been accessed till date. The debt service ratio is
not stipulated for RTL2. Total cash in escrow account was INR
300.90 million in November 2019. The fixed deposits and escrow
balances are in Yes Bank, the sole lender for the obligor group and
there is limited clarity on ability to withdraw.
Debt Structure: The total debt of INR6,600 million (INR5,543.55
million outstanding as of November 30, 2019) has been provided on
joint and several basis to the obligors of RTL1 and RTL2, wherein
the obligation of each company will not be extinguished until the
entire loan amount is repaid. RTL1 and RTL2 are fully amortizing
and will mature by March 2025 and March 2033, respectively.
Additional feature includes a cash sweep (in case of excess cash)
to pre-pay the principal due in the subsequent year; this could
mitigate the debt-servicing risks arising from fluctuations in
water flows.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will resolve the RWN once it has clarity on the consequence
of the event of default and the visibility of source of funds for
prepayment of INR2,000 million.
COMPANY PROFILE
PGL, PPCL, KHEL, and LJKL own a 24.75MW small hydropower plant each
in Karnataka. PGL and PPCL are located on the banks of the Cauvery
river, Chamarajanagar district, and KHEL and LJKL are located on
the banks of the Krishna river, Yadgir district. PGL and PPCL have
been operational for over 10 years, while KHEL and LJKL have been
operational for about five years. PGL, PPCL, and KHEL have signed a
20-year PPA each at a fixed tariff with BESCOM. LJKL sells its
power to third parties. PPL operates a 52.8MW combined cycle
gas-fired power project in Valantharavi village, Tamil Nadu.
A total debt of INR6,600 million was availed jointly by PGL, PPCL,
KHEL and LJKL and PPL (INR2,600 million (RTL1) availed by PGL,
PPCL, KHEL, and LJKL in November 2015; INR4,000 million (RTL 2)
availed by PGL, PPCL, KHEL, LJKL and PPL in December 2017) in two
facilities of INR2,000 million each (facility 1) and (facility 2).
PIONEER POWER LTD: Ind-Ra Cuts Rating on INR1.8BB Term Loan to 'BB'
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Power
Limited's (PPL) bank loan ratings to 'IND BB (CE)' from 'IND
BBB-(CE)' and has simultaneously placed them on Rating Watch
Negative (RWN). The ratings were earlier on Rating Watch Evolving
(RWE).
The detailed rating actions are:
-- INR1,846.67 bil. (reduced from INR2.150 bil.) Rupee term loan
(RTL) due on March 2033 downgraded and placed on RWN with IND
BB(CE)/RWN rating; and
-- Unsupported rating assigned and placed on RWN with IND BB/RWN
rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of PPL, Pioneer Genco Limited (PGL), Pioneer Power Corporation
Limited (PPCL), Krishna Hydro Energy Limited (KHEL) and LJKL,
collectively referred to as obligors, since their escrow accounts
are interlinked and common loan agreements delineate that the
liability of five borrowers is joint and several for the entire
debt. The obligation of each company will not be extinguished until
the entire loan amount is repaid. All five companies have common
promoters.
To arrive at the Unsupported Rating, Ind-Ra has taken a standalone
view of PPL.
KHEL and LJKL have been amalgamated with PGL and PPCL,
respectively.
The RWN stems from the lack of visibility of funds for the
prepayment of INR2,000 million (part of INR4,000 million loan
availed in December 2017) by March 2020, if called by the banks,
and the embargoes on the lender's (Yes Bank Limited ('IND
BB-'/RWN)) usual business by the central government. The rating
downgrade reflects not only the technical breach of covenants but
also a dip in PGL's generations from the projected levels. While
the coverages are weak, the rating draws some strength from the
letter of comfort from Penna Cement Industries Limited (part of
Penna group Company, having common promoters with obligors; PCIL,
'IND A'/RWN).
KEY RATING DRIVERS
Event of Default under Loan Agreements: The downgrade reflects the
occurrence of an event of default under the loan agreements. PGL's
promoters intended to raise INR2,500 million through an offer for
sale during the initial public offering (IPO) of PCIL. The IPO will
not take place in March 2020, given the market conditions. The
non-occurrence of PCIL's IPO by March 2020 is an event of default
under financing agreements. The deterioration in PCIL's credit
profile is also significant, given that support for obligors group
may be required, depending on the hydro generation or payment cycle
of one of the counterparties Tamil Nadu Generation and Distribution
Corporation (TANGEDCO).
Liquidity Issues due to Yes Bank Exposure: In its notification
dated March 5, 2020, the Ministry of Finance ordered a moratorium
on withdrawals by depositors of Yes Bank. The consequence of such
an order could affect the payments of the obligor group to purchase
gas, fulfill operations and maintenance duties and pay employees.
Continued Significant Dependence on Sponsor Group: PCIL has
provided a letter of comfort confirming that support will be
provided to the five companies to avoid any payment default. The
Penna Group has acknowledged that any default in these five
entities will be construed as default under its own loan
agreements. Timely support from the Penna Group for debt servicing
has been considered for the rating of the five companies and Ind-Ra
has received confirmation of Penna group's intent in this regard.
The agency expects the sponsor group to meet the debt obligations
on time during distress. Any deviation on this assumption would be
a rating sensitivity.
Dip in the Generation levels in Hydro Projects: The obligors'
overall generation from hydro projects fell 11.4% yoy for
April-November 2020. The two projects on Cauvery river - PGL and
PPCL - recorded a plant load factor (PLF) of 48.22% and 42.97%,
respectively, over April-November 2019 (April-November 2018: 50.82%
and 74.08%) and the projects on Krishna River - KHEL and LJKL -
recorded PLFs of 26.4% and 30.1%, respectively (22.2% and 19%)
similarly.
Improved Receivable Days: PPL's average bill realization period
from its counterparty, TANGEDCO, improved over April-November 2019
to 87 days (FY19: 135 days FY18: 99 days). The payment for the
invoice raised in August 2019 was received in October 2019. The
average receipt days for the four hydro projects - PGL, PPCL, KHEL
and LJKL - have been consistently within an average of 15 days from
the invoice date from their counterparty Bangalore Electricity
Supply Company Limited (BESCOM).
Consistent Robust Performance of Gas Plant: PPL's PLF dipped
slightly over April-November 2019 to 61.8% (April-November 2018:
75.2%). PPL's average PLF has been 70% since FY14. Despite the gas
availability risk due to the overall gas supply deficit scenario,
PPL managed to maintain stable supply to facilitate its operations
between FY14 and FY19. PPL has fuel supply agreements with GAIL
(India) Limited ('IND AAA'/Stable) and Oil and Natural Gas
Corporation Limited. The domestic natural gas price of
USD3.69/MMBTU is applicable between April and September 2019.
According to Ind-Ra's FY21 Oil & Gas outlook, domestic gas prices
are expected to increase, driven by a rise in the Reference Price
Index. However, the fuel cost is a pass-through for PPL in the form
of variable charges received from the off-taker which is based on
the heat rate and applicable fuel price.
Minimal Price Risk: Out of the hydro plants' total output of 99MW,
49.5MW is supplied to BESCOM and 24.75MW is supplied to Karnataka
Power Transmission Corporation Limited under 20-year fixed-price
power purchase agreements (PPAs) at a tariff ranging from
INR2.80-3.42/kWh. The remaining 24.75MW power generated by LJKL is
sold to third parties at a price pegged to the tariff charged by
distribution companies to high tension consumers. The tariff
realization for sale to third parties in FY19 was INR4.36/kWh.
Annual banking, wherein the excess energy produced will be offset
against periods of lower generation, ensures that high generation
during monsoon is utilized against consumption in other periods.
52.8MW generated by the gas-based power plant is supplied to
TANGEDCO under a 15-year PPA at a net realized tariff of
INR3.81/kWh in FY19. The PPA will expire in June 2021. The price
risk is minimal, given that LJKL and PPL have signed new PPAs with
PCIL at much higher tariffs for the sale of power in case the
existing PPAs of LJKL and PPL expire or are terminated or they are
unable to sell power to any third party. Ind-Ra has not considered
the same in its analysis, given the practical difficulties in third
party sale of power from one state to another.
Liquidity Indicator - Stretched: The obligor group's debt service
coverages have averaged near 1.0x. In case of a shortfall of debt
service of any obligor, the surplus account of any other obligor
will be accessed, according to escrow agreement. The presence of
one quarter's debt service reserve of INR79.3 million (fixed
deposit) as of November 30, 2019 for RTL1 is positive and the
reserve has not been accessed until date. The debt service ratio is
not stipulated for RTL2. Total cash in escrow account was INR
300.90 million in November 2019. The fixed deposits and escrow
balances are in Yes Bank, the sole lender for the obligor group and
there is limited clarity on ability to withdraw.
Debt Structure: The total debt of INR6,600 million (INR5,543.55
million outstanding as of November 30, 2019) has been provided on
joint and several basis to the obligors of RTL1 and RTL2, wherein
the obligation of each company will not be extinguished until the
entire loan amount is repaid. RTL1 and RTL2 are fully amortizing
and will mature by March 2025 and March 2033, respectively.
Additional feature includes a cash sweep (in case of excess cash)
to pre-pay the principal due in the subsequent year; this could
mitigate the debt-servicing risks arising from fluctuations in
water flows.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will resolve the RWN once it has clarity on consequence of
the event of default and the visibility of source of funds for
prepayment of INR2,000 million.
COMPANY PROFILE
PGL, PPCL, KHEL and LJKL own a 24.75MW small hydro power plant each
in Karnataka. PGL and PPCL are located on the banks of the Cauvery
river, Chamarajanagar district, and KHEL and LJKL are located on
the banks of the Krishna river, Yadgir district. PGL and PPCL have
been operational for over 10 years, while KHEL and LJKL have been
operational for about five years. PGL, PPCL, and KHEL have signed a
20-year PPA each at a fixed tariff with BESCOM. LJKL sells its
power to third parties. PPL operates a 52.8MW combined cycle
gas-fired power project in Valantharavi village, Tamil Nadu.
A total debt of INR6,600 million was availed jointly by PGL, PPCL,
KHEL and LJKL and PPL (INR2,600 million (RTL1) availed by PGL,
PPCL, KHEL and LJKL in November 2015; INR4,000 million (RTL 2)
availed by PGL, PPCL, KHEL, LJKL and PPL in December 2017) in two
facilities of INR2,000 million each (facility 1) and (facility 2).
PRO YOUNG: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pro Young International Private Limited
Flat No. T.F.6, 3rd Floor
Empire Square, Road No. 36
Jubilee Hills, Hyderabad 500033
Insolvency Commencement Date: February 27, 2020
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: August 24, 2020
Insolvency professional: Bhupatipalli Vijaya Kumar
Interim Resolution
Professional: Bhupatipalli Vijaya Kumar
Flat 101 & 103, Sri Shailaja Nivas
Bhavani Nagar, Dilsukh Nagar
Hyderabad 500060
E-mail: bvijayakumarca@gmail.com
Last date for
submission of claims: March 11, 2020
PUNJAB INFRASTRUCTURE: Ind-Ra Hikes Rating on INR10.9BB Loan to BB
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the Punjab
Infrastructure Development Board's (PIDB) term loan facilities to
'IND BB' from 'IND D'. The Outlook is Stable.
The detailed rating action is:
-- INR10,907.7 bil. (reduced from INR37,419.8 bil.) Term loan due
on February 2024 upgraded with IND BB/Stable rating.
The upgrade reflects PIDB's timely debt servicing since October
2019.
KEY RATING DRIVERS
Timely Debt Servicing but Liquidity Indicator - Stretched: Post the
implementation of Punjab Infrastructure (Development & Regulation)
Amendment Act (PIDRAA), dated July 27, 2017, the infrastructure
development fee that was earlier being levied and collected by
PIDB, is now credited to the consolidated fund of the GOP and a
budgetary allocation is made towards PIDB for meeting its
requirements. Accordingly, any delay in the receipt of a grant from
GOP could lead to cash flow mismatches. In FY20, the expected grant
to be received by PIDB would just be enough to meet its debt
servicing and development expenditure requirements, thereby
indicating the liquidity will remain stretched.
Improvement in Financial Performance: After recording a net deficit
of INR19.6 billion in FY17, PIDB was able to register a net surplus
of INR10.8 billion and INR9.3 billion in FY18 and FY19,
respectively. This was due to a moderation in CAPEX funding to less
than INR2.5 billion during both the years along with sufficient
capital receipts in excess of INR14.5 billion. As PIDB would now
mostly be involved in public-private partnership projects where
CAPEX funding would be arranged by the private developer, any
build-up of debt for CAPEX funding in PIDB's books is likely to be
limited. According to the provisional results for FY20, until
January 2020, PIDB has completed CAPEX funding of INR1.51 billion
and received a grant-in-aid (capital receipt) of INR10.53 billion.
The outstanding long-term bank debt fell to INR10.9 billion as of
January 31, 2020, from INR16.8 billion at FYE19. PIDB is supposed
to receive a total grant-in-aid of INR12.07 billion in FY20,
according to the budgetary provisions.
Extended Guarantee: The government of Punjab (GOP) has extended an
unconditional and irrevocable guarantee to the development board's
term loans, though the same can be invoked only after the board
defaults.
Strategic Importance: PIDB is the nodal agency for the planning and
funding of infrastructure development in Punjab. Its statutory
status amplifies the significance attached to the development of
infrastructure in the state. The projects forwarded or mandated to
PIDB for implementation are approved by the state government and by
the board/executive committee of PIDB.
State's Modest Growth Performance: Punjab's gross state domestic
product (GSDP) growth averaged 5.9%, lower than the national
average (7%) over FY13-FY19. The state economy grew 5.9% YoY in
FY19, lower than the national economic growth rate of 6.1% YoY.
Growth in agriculture, industry and services sectors was lower than
the national average over FY12-FY19. The share of the agricultural
sector in Punjab's economy was at 24.5% in FY19, higher than its
share in the national economy (14.4%). The contribution of
agriculture to the state's economic growth was 10% as against the
national average of 7.4% over FY12-FY19. However, Punjab's
agricultural gross state value added grew at a lower CAGR of 1.9%
than the national average of 3.1% over FY12-FY19. Punjab's
agriculture and allied sector clocked meagre growth of 0.5% yoy in
FY19 (FY18: 4.7% yoy), due to a slowdown in the crop husbandry
sector.
State's Fiscal Performance Leaves Room for Improvement: The revised
estimates (RE) of revenue receipts came in at INR739.75 billion,
lower than the budgeted INR785.10 billion in FY20, mainly due to
the lower-than-budgeted receipts of share in central taxes. The
share in central taxes was 22.3% lower than the budgeted amount for
FY20 (BE: budget estimate). Although grants from the centre were
26.1% higher than that budgeted, they could not compensate for the
subdued collections of state's own tax and non-tax revenue in FY20
(RE). The revenue expenditure came in 4% lower than budgeted at
INR866.02 billion in FY20 (RE). Committed expenditure in the nature
of salary, pension and interest payments constituted over 60% of
revenue expenditure in FY20 (RE). The state clocked a revenue
deficit of 2.20%, higher than the budgeted 2.03% of GSDP in FY20
(RE).
The fiscal deficit/GSDP was at 2.96%, lower than the budgeted 3.42%
in FY20 (RE); however, this was achieved through a 13.5% reduction
in capital expenditure against the budgeted amount of INR236.56
billion. The state has projected a fiscal deficit/GSDP of 2.92% for
FY21. The debt burden of the state remained high at 39.83% in FY20
(RE) and it is budgeted at 38.53% for FY21.
RATING SENSITIVITIES
Positive: The disbursal of grant more than just sufficient to meet
the debt servicing and development expenditure requirements of PIDB
will be positive for the rating.
Negative: Any weakening of GoP's support in the form inadequate
receipt of grant/delay in the receipt of grant leading to further
tightness in liquidity would result in a negative rating action.
COMPANY PROFILE
PIDB, established in 1998-1999, is the nodal agency for the
planning and funding of infrastructure in Punjab. PIDB was formed
by enacting the Punjab Infrastructure Development Bill, 1998.
However, to bring in a comprehensive regulatory framework, the GOP
enacted PIDRAA in 2002, which provides for a regulatory framework
and guidelines for PIDB in its present form. The board is chaired
by Punjab's chief minister.
QUADSEL SYSTEMS: CARE Keeps D on INR13.3cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadsel
Systems Private Limited (QSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.35 CARE D; Issuer Not Cooperating;
Facilities Based on best available
information
Short term Bank 3.00 CARE D; Issuer Not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from QSPL to monitor the rating
vide e-mail communications dated December 2019 to February, 2020
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Quadsel Systems Private
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on May 2, 2019 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Ongoing delays in servicing debt obligations due to stressed
liquidity position
The company has ongoing delays in term loan installment repayments
along with servicing of interest obligations due to stressed
liquidity position. Furthermore, the outstanding balance of term
loan-2 was INR1.79 crore as on March 12, 2019, which is not
matching as per the repayment schedule.
Small scale of operations with fluctuating total operating income
QSPL was incorporated in the year 1995; despite of which the scale
of operations of the company are relatively small as compared to
other peers in the industry marked by total operating income (TOI)
of INR17.48 crore in FY18 with net worth of INR2.32 crore as on
March 31, 2018 as compared to other peers in the industry.
Furthermore, the total operating income of the company has been
fluctuating during review period FY16-FY18, TOI has increased from
INR14.65 crore in FY16 to INR21.34 crore in FY17 with increased
amount of services to various organizations (like software
development). However, TOI decreased to INR17.48 crore in FY18 at
the back of delay in projects targeted in March 2018 due to pending
approvals from customers.
Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators
The company had leveraged capital structure during the review
period at the back of high debt profile and lower amount of
tangible net worth. Debt equity ratio of the company remained at
2.14x as on March 31, 2018 in FY18 as compared to 0.18x as on March
31, 2016 due to increase in debt levels as the company has availed
new term loans (for construction of building and its interior
designing) and vehicle loans. Further, overall gearing ratio of the
company also remained leveraged at 5.38x as on March 31, 2018 due
to factors mentioned above along with higher utilization of working
capital bank borrowings and availment of unsecured loans from
related parties for meeting the day to day operations as on closing
balance sheet date. The company has weak debt coverage indicators
during review period FY16-FY18 marked by TD/GCA and interest
coverage ratio which remained at 26.46x & 1.50x in FY18
respectively due to lower cash accruals along with high debt levels
(for construction of building and its interior designing). The
Total debt/CFO stood at 13.75x as on March 31, 2018 due to declined
operating profits along with increase in total debt levels.
Working capital intensive nature of operations
The operating cycle of the company remained at 83 days in FY18
mainly due to increasing average collection and inventory days. The
company receives the payment within 30-90 days from its customers,
whereas the company gets the credit period of 45-60 days. The
average inventory days of the company stood at 76 days in FY18 as
the orders received by the company takes 2 to 3 months to be
executed depending upon the order size. The average utilization of
cash credit facility was around 90% for the last 12 months ended
February 28, 2019.
Short-term revenue visibility from current order book position
The company has an order book of INR3.62 crore as on March 9, 2019
and the same is likely to be completed by Q2 FY20 reflecting short
term revenue visibility. The said order book of the company is
related to sale of desktops, laptops and providing IT services to
various government and private establishments.
Key rating strengths
Experienced promoters for more than two decades in IT industry
QSPL was incorporated in the year 1995 by Mr. Girish Madhavan
(Managing Director) who is a qualified post graduate with highly
accomplished technology professional having 5 years of work
experience in two IT different companies. The various departments
such as Marketing, business development, projects, customer
relations, operations, advertising, Finance and HR departments are
headed by professionals, specialized in that particular field.
Satisfactory and increasing PBILDT margins albeit thin PAT margins
The PBILDT margin of the company has been improving Y-o-Y during
FY16 – FY18 i.e., from 8.25% in FY16 to 11.45% in FY18 majorly
due to nature of business i.e. software development and consulting
as margins with-held in the business differs from project to
project and client to client. Further, the PAT margin of the
company remained tin and been declining Y-o-Y, from 1.33% in FY16
to 0.01% in FY18 due to increase in depreciation and finance
expenditure during the review year though there has been an
increase in PBILDT in absolute terms.
Well established customer relationship with various organizations
The customer base of QSPL is well established and spread across
Southern region of India as the promoters have been in this line of
business for more than two decade, as a result of which, it
developed good contacts with the major clients in the industry. The
customer base of QSPL consists of well-established PSUs and
government departments like HP, Chennai Petroleum Corporation
Limited, MRF etc.
Quadsel Systems Private Limited (QSPL) is a Chennai based company
which was incorporated in the year 1995 by Mr. Girish Madhavan
(Managing Director) and other 3 directors. Later in the year 1998,
the constitution of QSPL changed and the current directors are Mr.
Girish Madhavan and Mrs. Dhanamani Madhavan. The registered office
of QSPL is located at Chennai, whereas the company has branches in
Hyderabad, Kerala and Bengaluru. QSPL is engaged in the business of
IT Infrastructure i.e., software development and various IT
services such cloud management, network management, printing
services, DBMS, ERP's etc., providing end to end solutions and
products and services to various organizations. DSPL is an ISO
9001:2015 Certification and ISO 27001:2013 Certification certified
company. QSPL is a dealer and channel partner of HewlettPackard,
Microsoft, and DELL etc.
The financial performance marked by total operating income has
improved from INR17.48 crores in FY18 to INR18.14 crores in
FY19.The profit after tax (PAT) stood at INR0.03 crores for FY19.
The net worth of the firm stood at INR2.34 crores as on March 31,
2019. The overall gearing deteriorated and stood at 5.66x as on
March 31, 2019 and the interest coverage ratio also deteriorated
and stood at1.26x in FY19.
RAJIT ROLLING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rajit Rolling Mills Private Limited
Plot No. D-16
Additional MIDC
Jalna 431203
Insolvency Commencement Date: February 25, 2020
Court: National Company Law Tribunal, Aurangabad Bench
Estimated date of closure of
insolvency resolution process: August 22, 2020
Insolvency professional: Mr. Arun Rajabhau Joshi
Interim Resolution
Professional: Mr. Arun Rajabhau Joshi
A.R. Joshi & Associates
1st Floor, E-Wing
Bharat Bazar Complex
API Corner, Chikalthana MIDC
Aurangabad 431006
Tel: 0240-2480415
E-mail: arjoshiassociates@gmail.com
Last date for
submission of claims: March 17, 2020
RUKMINI IRON: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rukmini Iron
Private Limited (RIPL) a Long Term Issuer Rating of 'IND BB'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR15.28 mil. Term loans due on June 2023 assigned with IND BB
/ Stable rating;
-- INR380 mil. Fund-based limit assigned with IND BB/Stable/IND
A4+ rating; and
-- INR100 mil. Proposed fund-based limit assigned with
Provisional IND BB/Stable/Provisional IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect RIPL's medium scale of operations, as indicated
by revenue of INR2,480.92 million in FY19. The revenue increased by
22% yoy as sales volumes and realizations improved due to strong
demand and an increase in the prices of thermo mechanical treated
(TMT) bars, respectively. In FY19, the company derived around 63%
of FY19 revenue from the manufacturing segment (FY18: 51%) and
around 35% (48%) from the trading segment. The company's capacity
increased by 10,000 million tons to 70,000 million tons per annum
in FY20; the additional capacity became operational from July 2019.
RIPL booked revenue of INR1,376.81 million in 9MFY20. The company
expects the revenue to be lower on a yoy basis in FY20 due to a
fall in production, as operations were disrupted due to capacity
addition activities.
The ratings factor in RIPL's modest EBITDA margins due to volatile
raw material costs, high inventory risk, and the substantial
revenue share of the low-margin trading segment. In FY19, despite
an increase in the share of revenue from the high-margin
manufacturing segment, EBITDA margins fell to 2.6% (FY18: 3.12%;
FY17:3.40%) because the company could not pass on the rise in raw
material prices to customers. This is because the prices of
finished products are driven by the market, and the rise in the
same was not as sharp as the increase in input prices. The
company's return on capital employed stood at 9% in FY19 (FY18:
8.7%). Ind-Ra expects the company to report better margin in FY20
due to the decline in raw material prices.
The ratings are constrained by RIPL's weak credit metrics due to
the modest EBITDA and high debt owing to the high working capital
requirements. The gross interest coverage (operating EBITDA/gross
interest expense) remained stable at 1.40x in FY19 (FY18: 1.40x),
while the net leverage (adjusted net debt/operating EBITDA)
deteriorated marginally to 6.97x (6.32x) due to an increase in debt
(FY19: INR460.45 million; FY18: INR403.49 million). At FY19E, the
total debt consisted of around 88% of working capital limits, 1.23%
of term loans and around 11% of unsecured loans from promoters.
Liquidity Indicator- Stretched: RIPL's utilization of the
fund-based limits was 96%during the 12 months ended January 2020.
The company's cash flow from operations turned negative at INR44.28
million in FY19 (FY18: INR13.25 million) due to an increase in the
working capital requirements. Despite increasing its manufacturing
capacity in FY20, the company's working capital limits were the
same, and were fully utilized. The company has applied for the
enhancement of working capital limits by INR100 million to fund the
increased working capital requirements; however, the same has not
been sanctioned yet. Furthermore, the company has undertaken a term
loan of around INR19 million in FY19 to fund the capex of INR27.1
million during FY19-FY20. The company has scheduled repayments of
INR3.8 million and INR5 million during FY20 and FY21,
respectively.
The ratings are, however, supported by the promoters' experience of
over two decades in the iron and steel industry. The ratings also
derive comfort from the company's association with renowned brand,
Kamdhenu, which has a strong recall value in the market.
RATING SENSITIVITIES
Negative: Deterioration in the operating margins, leading to the
interest coverage reducing below 1.3x, could be negative for the
rating.
Positive: A substantial improvement in the revenue along with
operating margins, leading to an improvement in the overall
liquidity position and the interest coverage exceeding 2x, could be
positive for the rating.
COMPANY PROFILE
RIPL, incorporated in 2004, engages in manufacturing and trading of
mild steel billets/ingots, TMT bars and other allied products. The
company is based in New Delhi and has a plant in Bahadrabad,
Haridwar, Uttar Pradesh. In 2017, the company collaborated with the
Kamdhenu Group for a franchise in Uttarakhand to manufacture two of
the latter's products, Kamdhenu Nxt and Kay-2. Prior to 2017, the
company used to sell TMT under the brand name, Rukmini Power-X TMT.
RUTU ENTERPRISES: CARE Lowers Rating on INR26cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Rutu
Enterprises (RE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 26.00 CARE D; Issuer Not Cooperating;
Facilities Revised from CARE BB+; Stable
on the basis of best available
information
Short term Bank 24.00 CARE D; Issuer Not Cooperating;
Facilities Revised from CARE A4+ on the
basis of best available
information
Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE has been seeking information from RE to monitor the rating
vide e-mail communications dated December 31, 2019, January 13,
2020, January 31, 2020, February 3, 2020 February 19, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on RE's bank facilities will now be CARE
D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the ratings takes into account the continuous
overdrawals in the cash credit account since November 2019.
Further, there were instances of bank guarantee invocation during
the last 3 months. The account has been classified under
the SMA-2 category by the bankers.
Detailed description of the key rating drivers:
Key Rating Weaknesses
Delays in servicing of debt obligations: As per the interaction
with the banker, the cash credit account is overdrawn for more than
85 days and the account is classified in the SMA-2 category.
Analytical Approach: Combined
CARE has taken a combined view of Rutu Enterprises (Rutu) and Reise
Enterprises (Reise) due to the same promoters (Mr. Tusshar Munoat
holds 99% in Reise and 100% in Rutu), common management and high
operational linkages. The two companies together are referred to as
the Munoat Group (MG).
The Munoat Group consists of two entities namely Reise Enterprises
and Rutu Enterprises and is promoted by Mr. TussharMunoat. In 2015,
the proprietor undertook a backward integration project (under
Reise) and established anasphalt batch mix plant with an installed
capacity of 160 tons/hour capacity for manufacturing ready mix road
asphalt required for constructing the road Sangli, Maharashtra.
Rutu Enterprises was established in 2011 and undertakes turnkey
project services & contracts in construction of roads, laying
pipelines, civil and other construction works. Furthermore, the
firm has also ventured into electrical contracts and has also
undertaken railway contracts.
SAGA AUTOMOTIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Saga Automotive (India) Private Limited
Office space No. 211, Second Floor
Jaipur Tower, M.I. Road
Jaipur 302001
Rajasthan
Insolvency Commencement Date: March 4, 2020
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: August 31, 2020
Insolvency professional: Prashant Agrawal
Interim Resolution
Professional: Prashant Agrawal
F-106, First Floor, Sumer Complex
Gautam Marg, Behind Bagadia Bhawan
C-Scheme, Jaipur
Rajasthan 302001
E-mail: ippagrawal@gmail.com
sagacirp@gmail.com
Last date for
submission of claims: March 18, 2020
SAINSONS PULP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sainsons Pulp & Papers Ltd
Registered & Principal office:
1086, Sector 7
Panchkula
Haryana
Insolvency Commencement Date: March 3, 2020
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: August 30, 2020
Insolvency professional: Adesh Kumar Singla
Interim Resolution
Professional: Adesh Kumar Singla
House No. 324, Sector 12A
Panchkula Haryana 134112
E-mail: as022208@gmail.com
Mobile: 7045353823
Last date for
submission of claims: March 17, 2020
SANCHESZ HEALTCHARE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sanchesz Healthcare Private Limited
XIII/581, Sanchesz Hills
Panniyankara 678683
Palakkad District
Pin 678683
Insolvency Commencement Date: February 27, 2020
Court: National Company Law Tribunal, Panniyankara, Palakkad Bench
Estimated date of closure of
insolvency resolution process: August 25, 2020
Insolvency professional: Adv. Sankar P Panicker
Interim Resolution
Professional: Adv. Sankar P Panicker
Panicker and Panicker Advocates
Jaikunj, Chittoor Road
Ernakulam, Kochi 682035
E-mail: sankarpanicker@gmail.com
Last date for
submission of claims: March 12, 2020
SEAJULI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seajuli
Developers & Finance Limited (SDFL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 107.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SDFL to monitor the rating
vide e-mail communications/letters dated January 27, 2020, January
17, 2020 and January 9, 2020 and January 6, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, SDFL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
SDFL's bank facilities and/or instruments will now be denoted as
CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings take into account the ongoing delays in debt servicing
due to stretched liquidity of major group companies on which SDFL
is financially dependent.
Detailed description of the key rating drivers
At the time of last rating on July 10, 2019, the following were the
rating strengths and weaknesses
Key Rating Weaknesses
Ongoing delays in interest servicing: There are ongoing delays in
interest servicing by the company. SDFL is dependent on its major
group companies, viz. McLeod Russel India Limited (MRIL) and
Eveready Industries India Limited (EIIL). SDFL currently derives
its entire revenue from repair and maintenance of road and other
civil work of tea gardens of MRIL. The liquidity profile of MRIL
has deteriorated on account of delays in asset monetization and
high exposure to group companies.
SDFL was incorporated in 1987 and is a part of the Kolkata based B.
M. Khaitan Group. The company did not have any major operations
till FY17. Presently, SDFL is engaged in repair and maintenance of
road and other civil work of tea gardens of MRIL.
SHAH GROUP: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shah Group
Builders Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.
The instrument-wise rating action is:
-- INR1.350 bil. Term loans (long-term) downgraded with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade reflects Shah Group Builders' delays in debt
servicing, the details of which are not available.
COMPANY PROFILE
Shah Group Builders is a real estate company based out of Navi
Mumbai.
TAMTA CONSTRUCTION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tamta Construction Co. Pvt. Ltd.
T-2, Pankaj Arcade
Plot No. 7, Sector-11
Pocket-4, Dwarka
Delhi 110075
Insolvency Commencement Date: February 28, 2020
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: August 31, 2020
Insolvency professional: Pankaj Batra
Interim Resolution
Professional: Pankaj Batra
96, First Floor, Street No. 7
Janak Park, Hari Nagar
New Delhi 110064
E-mail: pankajbatraip@gmail.com
Last date for
submission of claims: March 12, 2020
TULJABHAVANI COLD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Tuljabhavani Cold Storage Private Limited
Registered address:
P.No., D-19
MIDC Baramati Industrial Area
Baramati Pune 413133
Insolvency Commencement Date: March 2, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 29, 2020
(180 days from commencement)
Insolvency professional: Mr. Gaurav Ashok Adukia
Interim Resolution
Professional: Mr. Gaurav Ashok Adukia
Anand Bhavan
Jamnadas Adukia Road
Kandivil West, Mumbai City
Maharashtra 400067
E-mail: gauravadukia@hotmail.com
- and -
Sumedha Management Solutions
Private Limited
809-810, 8th Floor
B-Wing, Trade World
Kamala Mills Compound
Lower Parel (West)
Mumbai 400013
E-mail: tcspl@sumedhamanagement.com
Last date for
submission of claims: March 16, 2020
U I BEVERAGES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: U I Beverages Private Limited
B-XX-550, Ghumar Mandi
Ludhiana 141001
Insolvency Commencement Date: March 2, 2020
Court: National Company Law Tribunal, Ludhiana Bench
Estimated date of closure of
insolvency resolution process: August 28, 2020
Insolvency professional: Rajeev Bhambri
Interim Resolution
Professional: Rajeev Bhambri
SCO No. 9, 2nd Floor
Jandu Tower, Miller Ganj
Ludhiana 141003
E-mail: rajeev.bhambri@gmail.com
Last date for
submission of claims: March 16, 2020
VIJAY STEEL: CARE Lowers Rating on INR5.22cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vijay Steel Industries (VSI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.22 CARE D Revised from CARE B+;
Facilities Stable
Long term/Short 3.00 CARE D/CARE D Revised from
term Bank CARE B+; Stable/CARE A4
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of VSI
is primarily due to irregularity in servicing of its debt
obligations.
Rating Sensitivity
Positive Factor
Establishing clear repayment track record of debt servicing
facility for consecutive three months.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going delay in debt servicing: VSI has been irregular in
servicing its debt obligation due to weak liquidity position of the
firm. There have been delays in repayment of term loan principal
and interest obligations, while the cash credit facility has
remained overdrawn for more than 30 days.
Liquidity: Poor
Liquidity position of VSI remained poor during FY19 marked by
elongated operating cycle of 1,167 days in FY19 owing to high
inventory period and collection period during FY19. Average working
capital utilization for the past 12 months ended January, 2020
remained full. Cash and bank balance remained low at INR0.04 crore,
whereas net cash flow from operations remained at INR0.56 crore as
on March 31, 2019. The firm has been irregular in its debt
servicing due to its poor liquidity position.
VSI, a partnership firm, formed in December 1984, is engaged in the
business of timber trading at Gandhidham (Gujarat), near to the
Kandla port which facilitates easy import of timber. VSI was
initially established to process and trade steel, but later on it
started the business of processing timber in 1989. As on March 31,
2019, it had a total sawing capacity of 40 cubic meters per day.
VSI supplies timber to its customers in domestic market including
Gujarat, Rajasthan, Maharashtra, Karnataka and West Bengal. VSI's
customers include wholesalers and retailers who are engaged in
timber trading and who in turn supply timber to manufacturers of
furniture items and infrastructure.
WEST BENGAL BIOTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: West Bengal Biotech Development Corporation Limited
EN-24, 9th Floor, Sector-V
Saltlake, Kolkata 700091
Insolvency Commencement Date: January 28, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 2, 2020
Insolvency professional: Shashi Agarwal
Interim Resolution
Professional: Shashi Agarwal
Subarna Appartment
Opp. Udayan Club
21N, Block-A, New Alipore
Kolkata 700053
E-mail: shashiagg@rediffmail.com
west6750@rediffmail.com
Last date for
submission of claims: March 16, 2020
WINDSOR CABLES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Windsor Cables Private Limited
44 SSI Industrial Area
G T Karnal Road
New Delhi 110033
Insolvency Commencement Date: March 4, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 30, 2020
(180 days from commencement)
Insolvency professional: Naresh Kumar Munjal
Interim Resolution
Professional: Naresh Kumar Munjal
125, 2nd Floor, Kailash Hills
New Delhi 110065
E-mail: nkmunjalcacs@yahoo.co.in
irpwindsor@gmail.com
Last date for
submission of claims: March 18, 2020
ZENTORA OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Zentora Overseas Careers Private Limited
Registered office:
No. G12 (Municipal No. 6-3-1192/1/G/12)
Ground Floor, Block-II
White House, Begumpet
Hyderabad 500016
Insolvency Commencement Date: March 2, 2020
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: August 29, 2020
Insolvency professional: Sridhar Venkatraya Sundararaja
Interim Resolution
Professional: Sridhar Venkatraya Sundararaja
Regus, 1st Floor
Phoenix Tech Tower
Plot No. 14/46
Survey No. 1(Part)
IDA-Uppal Village and Mandal
Uppal Notified Industrial Area
Service Society, Hyderabad
Telangana 500039
E-mail: sridharema@gmail.com
rp.sridharvs@gmail.com
Last date for
submission of claims: March 16, 2020
=================
I N D O N E S I A
=================
MEDCO ENERGI: S&P Alters Outlook to Negative & Affirms 'B+' ICR
---------------------------------------------------------------
On March 11, 2020, S&P Global Ratings revised its outlook on PT
Medco Energi Internasional Tbk. to negative from stable. At the
same time, S&P affirmed its long-term issuer credit rating on the
company and long-term issue ratings on its guaranteed senior
unsecured notes at 'B+'.
S&P's negative outlook reflects Medco's likely compressed cash flow
adequacy in 2020 and 2021, following the recent sharp drop in
hydrocarbon prices and our lowered oil price assumptions.
Medco's FFO-to-debt ratio may remain below 12% following sharply
lower hydrocarbon prices. S&P estimates that the recent oil price
decline will reduce Medco's EBITDA to US$700 million-US$750 million
in 2020. This is about US$150 million lower than S&P's earlier
estimate. Likewise in 2021, the company's EBITDA could be US$50
million lower at US$800 million. Medco had about 36% of its
production in 2019 under fixed price gas contracts, providing the
company with some downside protection. This means two thirds of
production volumes remain at least partially exposed to hydrocarbon
price fluctuations. Consequently, S&P expects Medco's funds from
operations (FFO) to drop to about US$250 million from our
previously expected US$400 million.
Brent prices need to improve to sustainably above US$50 to restore
the company's cash flow adequacy. S&P said, "We estimate that
Brent prices would need to increase to above US$50 per barrel (bbl)
sustainably for Medco's credit profile to revert to a level that is
more commensurate with a 'B+' rating. Our base case currently
assumes a Brent price of US$50/bbl in 2021, which would lift
Medco's FFO-to-debt ratio to marginally above 12%. Yet, that level,
if reached, would still provide Medco minimal headroom against
future volatility. We estimate that Brent prices would need to be
well above US$55/bbl to raise the company's FFO-to-debt ratio near
15% and cement its creditworthiness."
Medco has limited refinancing requirements. S&P believes Medco's
record of proactive liquidity management has reduced the company's
refinancing risk through 2022. In January 2020, the company issued
US$650 million of senior unsecured debt to refinance its 2021 and
2022 maturities ahead of time. Medco then tapped the domestic bond
market for about US$100 million in February. The company's cash
balance of about US$600 million as of Sept. 30, 2019, will help
mitigate potential cash burn amid lower hydrocarbon prices.
S&P said, "Medco has some options to support its free cash flow
generation. We believe the company has some flexibility in
scaling back its capital expenditure (capex) in a lower price
scenario. Out of our previous forecast of an average US$300 million
capex for the exploration and production (E&P) business, we
estimate the company may defer or cancel US$50 million.
"In 2014-2015 when Brent prices declined by over US$50/bbl over a
span of six months, Medco managed to reduce its cash cost per
barrel to US$12.3 from US$15.4. Similarly, we believe the company
could compress its lifting or overhead costs. That said, the
company's already high operating efficiency may leave only limited
room for further cost reduction.
"Our base case assumes negative free operating cash flows (FOCF) to
peak in 2020 at nearly US$150 million, before reverting to
marginally negative FOCF in 2021 and 2022. Therefore, we expect
Medco's gross debt to remain steady at about US$2.8 billion from
2020 through 2022."
The negative outlook on Medco reflects the prospects of a
sustainably weaker balance sheet and cash flow adequacy through
2021 if Brent prices remain below US$50/bbl.
S&P said, "We could lower the rating if Medco's FFO-to-debt ratio
fails to improve to well above 12%. Such a scenario would most
likely occur if Brent prices fail to recover above US$50/bbl
sustainably, implying a yearly EBITDA below US$750 million for the
company. In a less likely scenario, we could also lower the rating
if market confidence in Medco becomes more cautious, complicating
the company's efforts to refinance maturities on an ongoing basis.
"We could revise the outlook back to stable if sustainably higher
hydrocarbon prices and steady production volumes strengthen Medco's
FFO-to-debt ratio to well above 12% sustainably. We estimate this
would require annual Brent prices exceeding US$50/bbl on average
and close to breakeven free operating cash flows." A stable outlook
would also be contingent upon Medco maintaining a sizable liquidity
cushion to weather current volatility in hydrocarbon prices.
SOECHI LINES: Moody's Affirms B1 CFR, Outlook Still Negative
------------------------------------------------------------
Moody's Investors Service has affirmed Soechi Lines Tbk.'s B1
corporate family rating.
Moody's has also affirmed the B1 senior unsecured rating on the
$200 million notes issued by Soechi Capital Pte. Ltd., a wholly
owned subsidiary of Soechi.
The outlook remains negative.
RATINGS RATIONALE
"The ratings affirmation reflects Soechi's improved credit metrics,
driven by higher earnings and reduced debt-funded capital
spending," says Maisam Hasnain, a Moody's Assistant Vice President
and Analyst.
Soechi's adjusted leverage -- as measured by adjusted debt/EBITDA
-- declined to 4.7x for the 12 months ended September 2019 from
5.4x in 2018. Earnings growth was primarily driven by Soechi's
shipping business, which increased vessel utilization rates to
around 92% for the nine months ended September 2019 from 84% in
2018.
Soechi's B1 CFR continues to reflect its stable business profile,
underpinned by time charter contracts that provide strong
profitability. The rating is also supported by barriers to entry,
based in turn on favorable industry regulations, particularly the
cabotage laws, which mandate the use of Indonesia-flagged vessels
for domestic sea freight transportation.
"However, the outlook remains negative as we expect Soechi to have
limited headroom under its B1 ratings. This means any meaningful
increase in borrowings or a reduction in earnings could lead to a
ratings downgrade," adds Hasnain, also Moody's Lead Analyst for
Soechi.
Moody's estimates Soechi's adjusted leverage will remain around
4.7x -- 4.9x over the next 12-18 months, slightly below the 5.0x
downgrade trigger.
Absent the acquisition of additional vessels, which would likely be
partially debt-funded, earnings from Soechi's shipping business are
unlikely to increase materially as Soechi's vessels are already
operating at a high utilization rate.
In addition, while the profitability of Soechi's shipbuilding
business improved in 2019, the segment's contribution to Soechi's
consolidated earnings remains low. The nature of the business also
means earnings are contingent upon new contract wins.
The ratings also consider Soechi's exposure to environmental,
social and governance risks as follows.
First, environmental risks are elevated for the global shipping
industry, particularly around fuel usage and carbon emissions.
These include the International Maritime Organization's global
lower sulfur cap on marine fuels that went into effect in January
2020 (IMO 2020).
Most of Soechi's ships are chartered out with the charterer bearing
responsibility for fuel costs. However, Soechi could be indirectly
exposed if its charterers seek to pay lower charter rates to
partially mitigate the higher costs associated with using low
sulfur fuel.
Second, Soechi is also exposed to moderate social risks associated
with the shipping industry. The company has implemented a number of
safety initiatives, including ensuring all its vessels meet
domestic and international classification society requirements.
However, some of Soechi's vessels have experienced safety incidents
in the past. Most recently, in February, one of its small oil
tankers experienced mechanical issues while at sea and needed to be
dry docked.
Third, with respect to governance, Soechi's ownership is
concentrated with the Utomo family, which owns around 85% of the
company. However, this risk is somewhat mitigated by Soechi's
listed status and improving financial policies, including a
reduction in debt-funded growth since last year.
While Soechi will have adequate liquidity over the next 12 months,
its internal cash sources will be insufficient to meet a large $72
million bank loan amortization payment in the third quarter of
2021. Soechi aims to finalize a refinancing plan in the next few
quarters. An inability to proactively refinance debt at least 12
months prior to the maturity could lead to negative ratings
action.
A rating upgrade is unlikely over the next 12-18 months, given
Soechi's negative outlook. However, the outlook could revert to
stable if Soechi maintains a sustained improvement in credit
metrics, while addressing its large debt maturities in 2021.
Specific indicators Moody's would consider for a change in outlook
to stable include adjusted debt/EBITDA below 4.5x and adjusted (FFO
+ interest expense)/interest expense above 2.5x, both on a
sustained basis.
The rating could be downgraded if (1) industry fundamentals weaken,
resulting in lower charter rates or an inability of Soechi to renew
expiring charter contracts; (2) there are adverse changes in
cabotage laws; (3) Pertamina (Persero) (P.T.) (Baa2 stable) shifts
management of its fleet, such that it materially reduces its
exposure to Soechi; (4) Soechi undertakes material debt-funded
capital spending or shareholder returns; or (5) Soechi is unable to
refinance its debt maturities in a timely manner.
Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 5.0x or adjusted (FFO + interest
expense)/interest expense below 2.25x.
The principal methodology used in these ratings was Shipping
Industry published in December 2017.
Headquartered in Jakarta, Indonesia and founded in 2005, Soechi
Lines Tbk. provides shipping services primarily to oil and gas
companies, including Pertamina (Persero) (P.T.) and its associates.
Soechi also operates a ship-building and maintenance business
through its 99.99% subsidiary PT Multi Ocean Shipyard.
Soechi is a family owned business with the members of the Utomo
family holding an approximate 85% stake and the public the
remaining 15%.
===============
M A L A Y S I A
===============
BRAHIM'S HOLDING: Plan Submission Deadline Extended Until Aug. 27
-----------------------------------------------------------------
The Sun Daily reports that Practice Note 17 (PN17) company Brahim's
Holding Bhd has been granted an extension of time by Bursa Malaysia
until August 27 for the submission of its regularisation plan.
However, if the company's shares will be suspended and delisted if
it fails to submit the regularisation plan by August 27; or fails
to obtain approval for the plan; or fails to implement the plan
within the time frame or extended time frame, Sun Daily relates.
Brahim's lapsed into the PN17 status on Feb. 28, 2019 after its
shareholder equity fell below the 25% threshold.
According to the report, Brahim's on Dec. 20, 2019, entered into a
head of agreement (HOA) with its white knight MRI VC Bhd, as part
of its regularisation plan.
Under the agreement, MRI is to participate in Brahim's proposed
private placement and rights issue. At the same time, Brahim's is
required to award to MRI monthly contracts worth up to MYR500,000
each for a duration of two years, the report says.
MRI is principally involved in the manufacturing of prepared meals
and dishes, event/food catering and other food service activities.
For the financial year ended December 31, 2019, Brahim's saw a
narrowed net loss of MYR16.4 million against MYR105 million a year
ago, Sun Daily discloses.
About Brahim's Holdings
Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.
Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.
MULTI SPORTS HOLDINGS: To Be Delisted on March 18
-------------------------------------------------
The Sun Daily reports that Multi Sports Holdings Ltd will be
delisted from the local bourse next Wednesday [March 18] after
Bursa Malaysia Securities Bhd dismissed its appeal for an extension
of time to submit its regularisation plan.
According to the report, the Practice Note (PN17) company had on
Jan. 28 submitted an appeal against Bursa Securities' earlier
rejection for an extension of time to submit its regularisation
plan.
Sun Daily relates that the China-based shoe manufacturer earlier
announced that it had on Jan. 24 signed a memorandum of
understanding with Malaysian shoe wholesaler Resta Enterprise Sdn
Bhd for the proposed acquisition of shareholdings in Resta via a
sale share agreement to be executed at a later date. Multi Sports
noted that the deal will enable it to turn around the company.
For the six months ended Dec 31, 2019, Multi Sports' net loss
widened to MYR1.58 million from MYR326,000 a year ago, Sun Daily
discloses.
About Multi Sports
Multi Sports Holdings Ltd is a Malaysia-based investment holding
company. The Company is engaged in footwear production. The Company
has five segments; TPR shoe soles, RB shoe soles, MD1 shoe soles,
MD2 shoe soles and Apparels and accessories. TPR shoe soles are a
physical mix of polymers, usually rubber and plastic. The RB shoe
soles are waterproof and weatherproof. Natural and synthetic
rubbers are used in the production of RB shoe soles. The MD1 shoe
soles are lightweight, soft, flexible, elastic, resistant to wear
and tear. The main components of MD2 shoe soles are similar to MD1
shoe soles. Apparels and accessories segment comprise the main
component is men's fashion wear and accessories. The Company's
subsidiaries include Pak Sing Shoe Material (H.K.) Limited,
Jinjiang Baixing Shoe Material Co., Ltd, Fujian Evidoma Ltd.,
Fujian Qingte Investment Ltd and Quanzhou Sente Trading Ltd.
Multi Sports slipped into PN17 status on Nov. 13, 2017, after its
external auditor Messrs RT LLP issued a disclaimer of opinion in
respect of AR2015. Among the concerns highlighted by the external
auditor were its inability to obtain sufficient audit evidence with
regards to inventories, investment in subsidiaries, tax provisions,
litigation and risk to fraud, theedgemarkets.com disclosed. In
AR2017, Multi Sports said it has until November 2018 to submit its
plan to Bursa to regularise its PN17 status.
=====================
N E W Z E A L A N D
=====================
THREE TREES: Goes Into Voluntary Liquidation
--------------------------------------------
Martin van Beynen at Stuff.co.nz reports that some big thinking
Christchurch developers have come to grief with their new apartment
complex in Linwood.
Stuff says developers Ivan Presquito and Vincent Ho first came to
attention in 2016 with plans to build Cathedral Towers, a NZD60
million, 50-apartment complex in Cathedral Square. However a
humbler project has given them a rough start in the city.
Their company Three Trees, which was behind a 31-apartment complex
in Stanmore Rd, Linwood, went bust last month owing NZD1.23 million
in GST and about NZD110,000 to unsecured creditors, Stuff
discloses.
According to Stuff, the company went into voluntary liquidation on
February 18 and Auckland firm Baker Tilly Staples Rodway was
appointed liquidator.
Stuff relates that the liquidator's first report said Three Trees
sold the last apartment in the Stanmore Rd complex in October last
year and they had been advised the "shortfall to creditors" was
caused by "cost overruns and a falling Christchurch property
market".
Mr. Presquito said the shortfall was "a matter of bad luck" and the
company was talking to Inland Revenue and creditors about how to
repay the debts, Stuff relays.
One option was to sell their Cathedral Square property for which
they paid NZD3 million, the report notes.
He said the Stanmore project depended on the two-bedroom apartments
selling for about NZD400,000 each to mainly first-home buyers, but
they had fetched lower prices, Stuff relays.
Stuff says locals were not keen to buy apartments and banks were
not happy to lend on apartments where the buyer had a smaller
deposit.
As a result investors had snapped up about 60 per cent of the
apartments and first-home buyers got 40 per cent, the report
notes.
=================
S I N G A P O R E
=================
CV SHIPPING: High Court Issues Winding Up Order
-----------------------------------------------
Manifold Times reports that a winding up order made by PetroChina
International (Singapore) Pte Ltd against CV Shipping Pte Ltd has
been issued by the High Court of the Republic of Singapore on
February 28, according to the Government Gazette on March 13.
Ship manager and owner CV Shipping is believed to be a 50/50 joint
venture between PetroChina International (Singapore) Pte Ltd and
Petróleos de Venezuela, S.A. (PDVSA), Manifold Times notes.
"All creditors of the abovenamed company [CV Shipping] should file
their proof of debt with the Liquidator who will be administering
all affairs of the company," said the public notice, Manifold Times
relays. "All debts due to the abovenamed company [CV Shipping]
should be forwarded to the Liquidator."
The Liquidator can be reached at:
Wong Joo Wan
Alternative Advisors Pte Ltd
1 Commonwealth Lane
#06-21 One Commonwealth
Singapore 149544
E-mail: jwwong@aapl.sg
CV Shipping Pte. Ltd.'s line of business includes providing
miscellaneous water transportation services.
GEO ENERGY: Moody's Cuts CFR & Unsec. Rating to Caa1, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Geo Energy Resources Limited to Caa1 from B3.
In addition, Moody's has downgraded to Caa1 from B3 the senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly-owned subsidiary of Geo Energy.
The outlook on these ratings remains negative.
RATINGS RATIONALE
"The downgrade reflects Geo Energy's weak credit metrics and
deteriorating liquidity given its declining cash balance, and the
heightened uncertainty around its ability to increase its coal
reserves, which is needed to prevent triggering a put option on its
US dollar notes by April 2021," says Maisam Hasnain, a Moody's
Assistant Vice President and Analyst.
In the fourth quarter of 2019, Geo Energy's cash balance declined
considerably to $139 million at December 31 from around $184
million at September 30. The decline was primarily due to a $32.5
million prepayment on its coal offtake agreements with Titan
Infrastructure Energy (TIE), and a $10.7 million payment to redeem
part of its US dollar notes.
Geo Energy's cash has declined by a further $12.6 million in March
2020 as it redeemed an additional $19 million in principal on its
US dollar notes.
The cash decline reduces Geo Energy's liquidity buffer to acquire
additional coal mines, and weakens its ability to manage volatility
in its operations, which remain highly susceptible to changes in
coal prices given the company's small scale.
Geo Energy's liquidity risk is further exacerbated by uncertainty
around its coal reserves, which are crucial in preventing a put
option from being triggered on its US dollar notes by April 2021.
The deadline for the company's pending investment in two coal mines
in South Sumatra from TIE, has been extended twice, most recently
to March 31, 2020.
Without this investment, Geo Energy is unlikely to have the 80
million tons of minimum coal reserves it needs by April 4, 2021 to
avoid triggering the put option on its notes. This will lead to
elevated liquidity and refinancing risk because Geo Energy's cash
would be insufficient to fully redeem its US dollar notes.
"Even if the South Sumatra mine investments are completed within
the deadline, we estimate Geo Energy's adjusted leverage will be 7x
-- 9x over the next 12-18 months. Such high leverage, if continued,
points towards an untenable capital structure, which increases the
likelihood of a distressed exchange on Geo Energy's US dollar
notes," adds Hasnain, also Moody's Lead Analyst for Geo Energy.
On March 9, Geo Energy spent around $12.6 million to repurchase $19
million in principal on the notes. This is the company's second
notes buyback since it spent $10.7 million to repurchase $16.1
million in principal on the notes in December 2019. The notes
continue to trade at a considerable discount to par value.
Moody's definition of distressed exchanges, which it sees as a
default, captures cumulative losses for investors. Incremental
discounted notes repurchases, should they occur, could be treated
as a distressed exchange when viewed in combination with its
completed buybacks.
The ratings also consider Geo Energy's exposure to environmental,
social and governance risks as follows:
First, Geo Energy faces elevated environmental risks associated
with the coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power. However, the
risk is somewhat mitigated as Geo Energy's customers are primarily
located in Asia, a region with growing energy needs. Also, Geo
Energy has off-take agreements with global commodity traders to
purchase Geo Energy's coal for export.
Geo Energy's two operating mines are adjacently located in South
Kalimantan and vulnerable to adverse weather. For example,
operations at one of its mines were temporarily halted for around a
week in June due to prolonged flooding. However, the company's
planned mine acquisitions in South Sumatra will reduce such
operational concentration.
Second, Geo Energy is exposed to social risks associated with the
coal mining industry, including health and safety, responsible
production, and societal trends. The company has implemented an
Environmental and Social Management System, which seeks to address
issues such as workplace health and safety procedures, and local
community development.
Finally, with respect to governance, Geo Energy's ownership is
concentrated in its promoter shareholders, who own around 39% of
the company. Governance risks considered also include financial
policies around tolerance for high leverage and uncertainty around
further discounted bond buybacks.
The outlook is negative, reflecting Geo Energy's weak credit
metrics and uncertainty over its current ability to prevent the put
option on its US dollar notes from being triggered in April 2021,
which if triggered would lead to elevated liquidity and refinancing
risk.
Upward pressure on Geo Energy's ratings is unlikely, given the
negative outlook.
Nevertheless, Moody's could stabilize the outlook if Geo Energy
materially improves its financial profile, and effectively executes
its plan to acquire new mines to ramp up production and improve its
mine reserve life, effectively removing risk from the bondholder
put option.
On the other hand, Moody's could further downgrade the ratings if
Geo Energy's operating performance does not materially improve, or
if it fails to acquire coal assets that improve its credit profile
in the near term and eliminate the risk of its put option being
triggered in April 2021.
In addition, an inability to extend the licenses on its current
mining concessions at substantially similar terms would likely lead
to a rating downgrade.
The principal methodology used in these ratings was Mining
published in September 2018.
Established in 2008 and listed on the Singapore Stock Exchange, Geo
Energy Resources Limited is a coal mining group with mining
concessions in South and East Kalimantan. Its promoter
shareholders, including Charles Antonny Melati and Huang She Thong
own around 39% of the company.
HYFLUX LTD: SIAS to Start Independent Engagement Sessions March 23
------------------------------------------------------------------
The Business Times reports that the Securities Investors
Association Singapore (SIAS) is reassuring preference and
preferential (PnP) holders that it is preparing to conduct its own
independent townhall engagement sessions to help them understand
the scheme proposed by Hyflux.
BT relates that David Gerald, the association's founder, president
and chief executive, said in a press statement on March 12 that
this is meant to help the retail PnP holders make an informed
decision when casting their vote.
Details on the upcoming sessions, which will commence from March
23, will be announced shortly, Mr. Gerald said, BT relays.
According to BT, Mr. Gerald also reiterated that the association
and its advisers will remain independent, adding that they will not
accept higher fees in exchange for encouraging PnP holders to
accept the Utico deal.
BT says the Middle Eastern utility provider, billed to be Hyflux's
potential white knight, proposed raising the pool for advisers'
fees from SGD40 million to SGD50 million if all the advisors,
including the SIAS advisers, support the Utico deal.
Utico is offering a SGD400 million rescue package to the
beleaguered water treatment company.
Meanwhile, SIAS also provided an update to the latest terms of the
scheme proposed by Hyflux, BT reports.
According to BT, SIAS said the first option remains to receive an
upfront cash payment of SGD1,500 or 50 per cent of their holdings,
whichever is lower. However, once the payment for Option 1 is made,
there will be no more further entitlement under the scheme.
BT relates that the second option is a deferred payment option,
under which PnP holders receive the same amount over a period of
two years, with an added 1.25 per cent interest per annum. They
will also receive an additional payout from a SGD50 million pool of
cash, to be distributed on a pro rata basis.
If Utico manages to list within two years of the completion of the
Hyflux restructuring, the pro rata additional payout will come from
the cash equivalent of a 4 per cent stake in Utico at the listing
price or SGD50 million, whichever is higher.
However, this further sum will be reduced based on the percentage
of PnP Holders who choose the first option, SIAS noted.
In addition, it will only be paid in five equal instalments in the
third and fourth years after the restructuring becomes effective,
BT Adds.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client. The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.
In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to
Reuters.
MULHACEN PTE: S&P Lowers ICR to 'B-', Outlook Remains Negative
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Singapore-based nonoperating holding company Mulhacen Pte. Ltd. to
'B-' from 'B+', and affirmed the 'B' short-term issuer credit
rating. The outlook remains negative.
S&P also lowered to 'B-' from 'B+' our issue rating on the existing
senior secured payment-in-kind (PIK) toggle notes due in 2023,
issued by Mulhacen to partly finance the acquisition of the
remaining 49% of WiZink Bank S.A.U. (WiZink) from Banco Santander
S.A.
The rating actions follow the Spanish Supreme Court's ruling that
one of WiZink's revolving credit card contracts is null and void.
The rating actions reflect our belief that WiZink now faces a
significant risk of reputational damage and new litigation, which
will weigh on its profitability and business prospects. In turn,
this will constrain WiZink's ability to upstream dividends to its
holding company, Mulhacen, given that the bank's common equity tier
1 (CET1) ratio -- at 14.3% as of September 2019 -- is only 50 basis
points (bps) higher than its minimum regulatory requirement of
13.8% stipulated by the Bank of Spain. Furthermore, WiZink's asset
quality has deteriorated significantly in the past 18 months, as
total nonperforming loans accounted for a reported 12.4% of total
loans as of September 2019, compared to 8.1% as of December 2017,
and S&P expects credit losses to remain very high over the coming
quarters.
On March 4, 2020, the Spanish Supreme Court ruled that one of
WiZink's revolving credit card contracts is null and void due to
the 27% interest rate charged to the borrower. As a result, WiZink
will have to refund all interest payments and fees to the borrower,
although it still has the right to recover the principal.
S&P anticipates that the Supreme Court's ruling could lead to more
legal claims and potentially unfavorable court decisions against
WiZink, which has already seen a surge in the number of claims of
usurious rates by its Spanish customers in recent quarters. In the
first nine months of 2019 (latest published data), WiZink received
a total of 2,269 legal claims from cardholders, versus a total of
999 claims in the whole of 2018. This resulted in EUR38 million of
provisions being booked for these costs in the first nine months of
2019. S&P expects that WiZink might incur similar legal costs on
average over the next couple of years.
S&P said, "Moreover, in light of the Supreme Court's decision, we
expect that WiZink may have to substantially lower the rates it
charges its Spanish customers, and that it will not be able to
offset the impact by reducing its cost of funding and deposits by
similar amounts. We therefore anticipate a significant squeeze on
the bank's interest margin, and estimate that its revenue stream
will decline by more than 10% compared to previous years.
"We also consider that WiZink's credit losses might remain high in
the current environment. WiZink's asset quality has deteriorated
more than we anticipated in the past few quarters, with a reported
problem loans ratio of 12.4% at end-September 2019 -- not
considering problem loan sales that WiZink typically conducts in
the last quarter of each year. This ratio compares with 8.6% at
end-2018 and 8.1% at end-2017. The deterioration is primarily due
to less stringent underwriting standards for loans originated in
2017 and 2018, and resulted in a surge in the cost of risk to a
reported peak of 660 bps at end-September 2019. While WiZink took
remedial actions in the second half of 2018 to tighten its lending
standards and enhance its asset quality, the metrics above compare
poorly with those of its domestic and international peers, and we
anticipate that this will remain the case over the next few
months.
"The combined impact of declining operating margins, growing costs
from legal claims, and high credit losses will put significant
pressure on WiZink's profitability, in our view. We anticipate that
the bank's return on equity will decline significantly and account
for less than 3% over the coming couple of years, down from an
average of 12% in 2015-2018. Lower earnings generation will in turn
constrain WiZink's ability to upstream dividends to Mulhacen.
WiZink's ability to upstream dividends may also be constrained
because at end-September 2019, it reported a CET1 ratio of 14.3%
(pro forma dividend distributions), just 50 bps above the 13.8%
minimum regulatory requirement stipulated by the regulator.
"We anticipate that WiZink's organic capital generation will be
barely sufficient to preserve its current solvency levels. We
estimate that the bank's risk-adjusted capital (RAC) ratio will
decline, but stay in the 7%-10% range over the next 12-18 months.
This compares to 10.9% as of end-2018, pro forma our improved
assessment of Spain's economic risk and the Spanish sovereign
upgrade in 2019. For these reasons, we have revised our assessment
of the group credit profile downward to 'bb-' from 'bb+'.
"The rating on WiZink's holding company Mulhacen stands three
notches lower than our 'bb-' group credit profile assessment." This
reflects the structural subordination of the noteholders, the
possible imposition of regulatory barriers on dividend payments by
the Spanish regulator, and high double leverage. At end-2018,
Mulhacen's double leverage--measured as its equity investment in
WiZink, divided by its unconsolidated shareholders' equity--stood
at 138%, relatively unchanged from 140% at the launch in August
2018."
From 2019, Mulhacen committed to the Bank of Spain to retain as a
cash reserve some of the dividends it will receive from WiZink over
a five-year period, up to a total of EUR250 million by the end of
2023. This amount is equivalent to 50% of the PIK senior secured
notes due by 2023. In particular, Mulhacen agreed to build a
reserve amounting to 20% of the loan principal, or EUR50 million,
by end-2020. S&P believes, however, that Mulhacen's cash reserves
are only sufficient to cover the upcoming EUR16 million interest
payment due on March 15, 2020, which we anticipate it will make in
cash. In January 2020, Mulhacen used part of its existing cash
reserve to buy back EUR14.8 million of the outstanding notes.
S&P said, "Absent significant dividend upstreaming from WiZink, we
think that Mulhacen will likely pay the coupon due in September
2020 in kind. Equally, it will be challenging for Mulhacen to build
a 20% reserve by end-2020, as it has agreed with the Spanish
regulator. If Mulhacen were to pay in kind rather than in cash on
an interest payment date, we would not see it as a breach of an
imputed promise, and therefore it would not constitute a default in
our view."
Litigation risk such as that WiZink faces highlights how
consumer-related factors in particular, and social factors more
broadly, can affect entities' creditworthiness. The impact of
environmental, social and governance factors continues to be a
material part of our analysis.
The negative outlook on Mulhacen reflects the possibility of a
downgrade over the next 12 months if, on the back of its blunted
business prospects and increased reputational risk, WiZink's
funding profile weakens, or if litigation costs materially impair
its solvency and S&P anticipates that it will no longer operate
with a RAC ratio comfortably above 7%.
S&P said, "We could revise the outlook to stable if WiZink proves
able to handle the potential litigation risk and preserve its
business stability and funding and liquidity profiles. We could
also revise the outlook to stable if we believe that downside
pressure on the bank's capital position has abated."
=====================
S O U T H K O R E A
=====================
[*] SOUTH KOREA: Coronavirus Batters Family Businesses
------------------------------------------------------
Bloomberg News reports that Seoul-based labor lawyer Lee
Seung-yeon's phone has been ringing almost non-stop since the
coronavirus hit South Korea.
One of the calls is from an owner of a restaurant in tourist spot
Myeongdong, the report says. The restaurateur is thinking of
closing his business after revenue dwindled to KRW200,000 (US$168)
a day. Others phone about trouble paying salaries or about getting
government assistance.
"The situation is really serious," Bloomberg quotes Ms. Lee as
saying. "I've never experienced anything like this before."
According to Bloomberg, the coronavirus outbreak has battered
economies across the globe, dealing a blow to everything from
tourism to consumer spending to factory output. In South Korea's
case, the epidemic is hitting an economy already weakened by trade
spats in the region. Bloomberg says Korea's labor market also has
one of the world's highest proportions of self-employed people,
whose heavy debt burdens make them more vulnerable to downturns,
and their woes could in turn worsen the nation's slump.
Bloomberg says South Korea's government is pushing for a KRW11.7
trillion budget to help cushion the economy from the impact of the
coronavirus, while the central bank has raised the ceiling for
cheap loans to small and medium businesses.
Signs of economic damage from the virus can be seen everywhere, the
report notes. Confidence is plunging among Korean consumers and
manufacturers, and inflation is weakening. The Finance Ministry on
March 11 warned that the labor market will likely feel the full
impact of the virus beginning this month, raising concerns that job
cuts will squeeze consumer spending.
Mom and pop businesses proliferate in Korea, many started by baby
boomers to supplement their retirement income. That's helped push
up the ratio of self-employed people to about 25% of the job
market, one of the highest among Organization for Economic
Co-operation and Development countries, Bloomberg notes.
"Most self-employed people got loans to start their businesses, so
cash flow really matters for them," said Jean Lim, a research
fellow in Seoul at Korea Institute of Finance's household debt
research center, Bloomberg relays. "If they're not able to earn
enough cash to pay interest, they might face insolvency risks right
away."
Bloomberg adds that Korea's central bank warned that the soundness
of loans to low-income earners may worsen quickly in the case of a
slump in the industries they work for, given their ability to meet
interest payments has weakened.
The nation's Financial Services Commission has provided 4.6
trillion won so far in financial support to businesses in trouble
due to the virus outbreak, it said in a statement March 12,
Bloomberg relays. The regulator has received some 150,000 inquiries
related to funding difficulties after the epidemic erupted. The
biggest portion came from the restaurant sector.
The labor lawyer Lee, who heads a legal firm called Gah-eul in
Seoul, said she's asked for advice not only from restaurant owners,
but also from operators of establishments such as hotels, wedding
venues, retailers and clinics.
"Regardless of what kind of business they're doing, they're all
struggling," Ms. Lee said.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 9, 2020 to March 13, 2020
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
US MASTERS RESIDENTIAL PR 7.75 12/24/20 AUD 25.23
CHINA
-----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.20
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.15
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 68.92
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 19.60
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 20.46
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 40.74
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.00
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.05
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.32
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.96
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.11
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 46.96
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.02
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 59.28
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.16
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.61
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.73
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.90
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.94
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.03
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.29
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.36
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.10
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.15
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.23
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 18.91
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.43
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.15
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 40.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.09
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.21
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.78
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.00
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.88
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.39
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.44
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.50
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.56
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 61.20
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.41
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.17
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.09
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 61.28
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
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 38.00
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.63
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 40.76
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 5.63 09/01/20 CNY 20.27
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 58.72
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.51
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.63
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 60.79
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.95
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 58.23
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.47
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 80.42
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.56
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 64.02
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.14
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 40.81
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.96
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.73
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.07
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.08
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 61.45
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.09
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.73
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.90
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 40.97
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.73
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.00
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.03
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.65
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.05
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.07
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.08
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.43
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.49
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 61.08
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.07
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.10
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.02
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.32
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.34
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.50
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.72
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 18.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.04
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 60.35
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.47
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.81
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.01
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 40.66
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.88
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.91
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 40.33
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 48.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 58.82
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 57.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.33
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.03
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.02
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.40
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.42
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 21.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 41.02
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.88
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.06
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.35
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.09
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 60.94
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 40.93
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 61.18
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.29
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 41.04
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.43
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.60
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.39
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.16
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.14
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.45
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.47
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.92
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.00
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 59.97
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.60
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.80
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.26
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 39.93
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.01
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 40.89
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.90
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 42.72
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.63
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.83
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.12
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.89
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 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.32
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.08
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.10
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 40.01
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.24
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.73
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.38
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 59.71
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.01
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.53
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.71
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.15
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.05
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.19
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.27
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 61.71
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.54
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.77
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.70
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.75
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.51
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 20.04
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.17
CHUZHOU CITY CONSTRUCTION 6.17 11/30/21 CNY 61.42
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.17
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.90
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.61
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.71
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.49
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 57.45
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.67
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.75
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.76
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.72
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.73
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.86
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.38
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.19
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.15
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.39
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.20
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.31
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.50
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 59.33
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.55
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.65
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.68
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 41.32
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.81
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.58
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.65
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.68
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 61.86
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.45
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.72
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 40.78
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.91
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.58
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 47.16
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 58.59
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.95
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.08
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.49
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 40.67
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 40.86
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 62.05
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.29
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.26
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.27
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.69
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 23.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.18
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.10
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 19.99
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 60.90
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.25
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.93
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.52
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.74
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 60.31
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 41.07
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
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.08
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.32
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.05
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 40.79
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.85
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.13
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.67
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.10
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.15
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.43
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 39.50
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.65
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.93
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.32
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.56
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.01
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.88
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 41.51
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 74.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.60
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.71
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.02
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.46
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.22
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.78
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 78.89
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 54.00
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 59.71
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.01
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 57.35
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.92
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.72
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.29
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.03
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 61.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.44
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 74.70
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 67.65
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 61.50
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.51
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.72
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.65
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 61.63
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.16
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.04
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.86
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.45
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.00
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.62
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.32
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.70
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.32
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.79
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.81
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 41.03
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 49.00
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.55
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.31
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.01
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.86
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.91
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.10
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.83
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.90
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.77
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.85
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.07
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.11
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.47
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.67
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.84
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 41.27
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.06
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 74.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.12
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.06
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.72
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.38
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.68
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.58
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.49
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.07
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 80.32
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.12
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 40.98
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 41.14
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.82
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.95
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.00
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.32
HNA GROUP CO LTD 5.99 11/27/22 CNY 69.02
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 49.00
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.37
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 40.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.55
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.16
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.26
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.38
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.87
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.70
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.81
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 59.50
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.44
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 61.50
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.52
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.94
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.67
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.61
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.08
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.11
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.38
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.49
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 61.14
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 40.91
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.49
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.78
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.90
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.67
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.87
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.84
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 39.60
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.97
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 60.00
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.92
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.64
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.07
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.23
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 59.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.10
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.86
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.35
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.98
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.55
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.05
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 40.85
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.00
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.04
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.34
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.61
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.53
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 20.83
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 29.30
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.00
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.82
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.90
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.64
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.02
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.32
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 41.07
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 48.80
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.00
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.89
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.76
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.14
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.39
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.89
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.49
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 41.03
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.28
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.73
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.12
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.57
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.88
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.76
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.03
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.26
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.30
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.67
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.01
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.29
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 68.88
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 40.91
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.13
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 40.95
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.42
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.43
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.69
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.89
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 19.99
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.88
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.22
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.78
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.90
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.11
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.80
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.93
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.12
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.62
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 59.56
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.20
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 40.34
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.69
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.50
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.60
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.04
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.52
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.38
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.41
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 61.56
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.05
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.07
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.68
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.50
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.72
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.64
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.67
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 61.37
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.63
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.07
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.15
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.74
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.66
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 59.91
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.53
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 57.50
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 59.90
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.77
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 18.63
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.29
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 21.20
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 21.82
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 40.00
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 24.75
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.18
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.38
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.21
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.22
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.00
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.15
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 40.95
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 40.81
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.81
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 40.20
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.95
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.05
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.36
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.38
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 41.18
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.65
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.49
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.13
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.33
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.03
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.00
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.14
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.27
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.70
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.07
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 25.16
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.62
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.17
LIUPANSHUI AFFORDABLE HOU 5.08 01/29/23 CNY 78.54
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 58.90
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 60.33
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 79.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.23
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.20
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.43
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 47.28
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.28
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.85
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.91
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 40.79
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.11
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.92
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 60.42
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.52
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.88
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.38
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.87
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 58.78
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.22
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 60.66
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.16
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.83
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 40.89
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.15
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.18
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.57
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.33
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.40
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.29
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.62
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG CITY INVESTMEN 5.34 10/27/23 CNY 74.90
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.60
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.61
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.02
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.05
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.00
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.02
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.16
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.45
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 41.02
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.75
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.02
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 69.48
NANJING JIANYE SCIENCE & 7.00 08/26/25 CNY 70.41
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.14
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.07
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.25
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.02
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.06
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 61.70
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.03
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 40.88
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.73
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.29
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 60.75
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.08
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 70.06
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.09
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.06
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.94
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.47
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.50
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 40.77
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.48
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 41.10
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.93
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.98
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 40.89
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.57
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.05
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.06
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.26
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.50
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.82
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 40.60
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.23
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.60
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 40.75
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.41
OCEANWIDE HOLDINGS CO LTD 7.50 12/21/20 CNY 74.62
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.96
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 59.61
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 60.91
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.50
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.52
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 40.80
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.10
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.27
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.40
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 39.86
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 43.02
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 51.63
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.09
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.10
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.24
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 55.50
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.72
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.13
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.27
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.44
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 41.30
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 58.88
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.47
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 74.93
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.48
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.63
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.66
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.22
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.88
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 64.54
QIANDONGNANZHOU KAIHONG A 5.30 09/22/26 CNY 74.67
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.24
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.73
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.43
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.50
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 47.64
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 40.80
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.20
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.25
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.13
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 40.86
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.09
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.79
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 39.93
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 32.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.19
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 53.60
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 58.90
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 40.98
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.00
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.60
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.73
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 40.70
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.49
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 40.92
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.28
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.17
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.30
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.42
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.94
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 58.82
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 40.80
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 40.75
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 41.01
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.15
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.17
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 61.21
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 61.29
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 20.12
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.15
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 59.00
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.35
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.23
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.95
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 40.79
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.61
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.90
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.83
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.78
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.51
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.94
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 61.01
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.74
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.54
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.71
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.86
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.60
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.82
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 65.96
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.82
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 42.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.49
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.50
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.39
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 41.45
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 RENCHENG RONGXIN 7.30 10/18/20 CNY 20.31
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 53.08
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 20.04
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 60.52
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.85
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 40.02
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.10
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.79
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.80
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.22
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 40.94
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.53
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.50
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 62.26
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.80
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.96
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.97
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.62
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 60.05
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.25
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 61.05
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.29
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.93
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.41
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.57
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.12
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.70
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.20
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.63
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 41.59
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 40.80
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.33
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.28
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 21.00
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.44
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.57
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 40.89
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.30
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 61.13
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.73
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.11
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 41.00
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.75
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 64.51
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.35
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 74.16
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.11
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.13
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 71.38
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.35
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.84
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.39
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.82
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.95
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 19.90
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.30
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.99
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.27
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 61.40
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.56
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 60.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 58.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 80.16
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.05
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 39.86
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.20
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 40.86
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 40.62
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 59.39
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.11
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.71
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 40.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.22
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.79
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.20
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 40.14
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.39
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.48
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.70
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.83
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.87
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.00
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.54
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.15
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 40.90
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.57
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.70
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.40
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.60
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 21.30
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 60.67
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.97
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.50
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 40.93
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.80
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.31
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.32
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.74
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 41.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.10
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.53
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 61.73
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.04
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.25
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.26
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 19.70
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.33
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.38
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.26
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.03
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.44
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 19.96
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.10
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.54
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 40.71
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 59.44
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 41.76
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 70.93
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.59
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 47.57
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.73
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 60.33
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.27
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.69
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.57
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 40.69
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.65
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 39.30
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.94
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.12
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 19.99
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 25.85
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 38.70
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.74
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.81
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.89
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.40
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.33
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.46
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.25
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.33
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 41.09
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 48.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.14
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.10
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.37
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 61.71
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.05
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.07
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 42.23
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WEICHI HOLDING GROUP CO L 5.40 12/21/20 CNY 59.66
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.76
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 60.08
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.33
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.32
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.02
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.13
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.82
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 43.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.00
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.84
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.96
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.23
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 21.03
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 61.17
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.03
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 41.44
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.14
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.27
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 58.90
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 61.03
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.20
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.38
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 22.53
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.69
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.00
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.31
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.30
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.36
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 40.84
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.03
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.72
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.76
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.41
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.16
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 60.37
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 49.50
XIANGTAN CITY CONSTRUCTIO 7.80 03/12/22 CNY 53.60
XIANGTAN CITY CONSTRUCTIO 7.80 01/30/22 CNY 55.10
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.40
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.56
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.85
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 38.21
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.68
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 35.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.59
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.11
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.18
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.86
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.33
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.11
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 61.07
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.16
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.28
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 40.50
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.14
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.78
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.79
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.81
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 57.83
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.01
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 40.74
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.64
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 61.33
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.07
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.12
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 40.50
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.46
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.76
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.27
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.53
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.91
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.55
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.47
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.54
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.00
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.74
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 40.90
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.47
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.16
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.24
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.28
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.22
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.15
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.05
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.18
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.02
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.37
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.39
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.82
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.90
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 20.91
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.32
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 59.30
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.30
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.96
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.65
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.16
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.35
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 61.61
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.46
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 71.84
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.04
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.73
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.32
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 61.21
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.91
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 6.50 05/02/22 CNY 49.58
YIHUA ENTERPRISE GROUP CO 5.80 07/26/20 CNY 53.74
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 48.03
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 40.97
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.07
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.80
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.89
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.38
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.88
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.46
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.47
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.90
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 58.91
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 40.96
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.99
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.46
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 49.87
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 61.65
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.06
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.69
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.52
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.71
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 58.66
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.02
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.43
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.69
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.13
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.17
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.95
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.41
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.39
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.00
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.25
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.04
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.36
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.25
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.80
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.86
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 40.97
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.91
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.04
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 40.90
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.13
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.40
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.55
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.41
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 61.02
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.66
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.20
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.31
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 61.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.02
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.09
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.16
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.68
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.87
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.54
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.60
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.13
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.23
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.61
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.76
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.19
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.67
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.64
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.37
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.40
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.36
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 49.43
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 40.56
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.40
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.29
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 57.63
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 58.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.27
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.34
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.77
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.67
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.52
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.55
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.92
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.08
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.36
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.57
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.61
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.33
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.52
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.60
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 78.26
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.20
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 59.11
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 63.20
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 63.01
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 65.00
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 9.21
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 12.92
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 7.77
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 11.18
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.63
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.67
APG HABITAT PVT LTD 1.00 09/09/28 INR 54.20
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 31.58
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.85
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 59.07
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 59.11
BENGAL AEROTROPOLIS PROJE 5.00 12/01/30 INR 67.56
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 69.37
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 71.40
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 73.70
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 67.98
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 29.98
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 59.78
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.89
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 41.34
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 55.93
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 58.37
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 19.02
DLF CYBER CITY DEVELOPERS 0.01 11/19/24 INR 69.22
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 51.50
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 53.19
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 54.15
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 57.39
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 59.58
GREEN URJA PVT LTD 0.01 02/14/30 INR 42.64
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.17
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 48.64
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 2.18
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.46
JTPM ATSALI LTD 0.01 08/29/48 INR 9.97
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 23.13
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 70.50
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 61.67
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 27.51
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 25.12
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 25.12
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 24.22
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 40.08
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.76
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.72
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.92
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 52.39
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 56.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 60.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 64.53
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 69.24
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 74.27
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.88
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 61.39
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 64.96
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.68
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 62.50
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.35
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.22
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 53.85
WS T&D LTD 0.10 03/24/29 INR 46.31
JAPAN
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AVANSTRATE INC 0.10 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
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HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 47.58
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 37.37
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.69
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 69.51
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 70.33
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 71.12
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 73.43
LOTTE CARD CO LTD 3.95 06/28/49 KRW 63.57
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 66.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 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 8.10 06/26/15 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 47.47
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 61.97
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 64.13
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 65.41
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 65.71
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 65.72
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.27
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.98
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.48
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 67.94
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.37
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 69.50
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 69.74
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 69.87
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 70.19
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 71.34
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 71.70
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.78
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.84
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.97
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 74.10
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 74.32
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.55
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.15
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.66
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.13
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.30
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.34
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.85
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.22
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.03
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.18
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.85
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.98
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 71.14
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 72.31
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.90
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.27
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.29
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 56.83
EZION HOLDINGS LTD 0.25 11/20/27 SGD 74.09
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.30
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.95
HYFLUX LTD 4.25 09/07/18 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.60 09/23/19 SGD 38.63
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 35.38
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.50
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.75
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.90
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 1.33
PACIFIC RADIANCE LTD 4.30 03/31/20 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 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 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
VIETNAM
-------
VIETNAM GOVERNMENT BOND 3.80 01/16/50 VND 74.66
[*] Coronavirus Could Bankrupt Most Airlines by End of May
----------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that the coronavirus
pandemic will bankrupt most airlines worldwide by the end of May
unless governments and the industry take coordinated steps to avoid
such a situation, an aviation consultant warned.
Many airlines have probably been driven into technical bankruptcy
or substantially breached debt covenants already, Sydney-based
consultancy CAPA Centre for Aviation warned in a statement on March
16, Bloomberg relays. Carriers are depleting cash reserves quickly
because their planes are grounded and those that aren't are flying
more than half empty, it said.
"Coordinated government and industry action is needed - now - if
catastrophe is to be avoided," CAPA said. Otherwise, "emerging from
the crisis will be like entering a brutal battlefield, littered
with casualties," it said, Bloomberg relays.
According to Bloomberg, CAPA said most of the biggest carriers in
the U.S., China and Middle East are likely to survive because of
government help or support from their owners.
Airlines have been among the biggest corporate casualties of the
virus outbreak as the coronavirus grinds air traffic to a halt, the
report notes. Carriers from American Airlines Group Inc. to
Australia's Qantas Airways Ltd. have slashed capacity, while some
like Sweden's SAS AB have temporarily laid off most staff,
Bloomberg says. Flybe, Europe's biggest regional airline, has
already collapsed. Carriers could face as much as $113 billion in
lost revenue this year, according to the International Air
Transport Association.
*********
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.
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