/raid1/www/Hosts/bankrupt/TCRAP_Public/200512.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, May 12, 2020, Vol. 23, No. 95
Headlines
A U S T R A L I A
D.O.M.E ASSOCIATION: First Creditors' Meeting Set for May 19
HARTWIG GROUP: Second Creditors' Meeting Set for May 20
MICHAEL ELLIS: Second Creditors' Meeting Set for May 19
NAW BARREL: Second Creditors' Meeting Set for May 19
NECESSARY HOLDINGS: First Creditors' Meeting Set for May 21
TYJAC CORP: Second Creditors' Meeting Set for May 20
VIRGIN AUSTRALIA: Administrators Stop Giving Credits and Refunds
VIRGIN AUSTRALIA: Mass Job Cuts Will Follow Sale, Analyst Warns
I N D I A
AGARWAL TOUGHENED: CARE Lowers Rating on INR6.55cr Loan to B
ANANTHA PVC PIPES: CARE Lowers Rating on INR8cr LT Loan to B-
BALAJI ENTERPRISES: CARE Cuts Rating on INR9.5cr Loan to B-
COROMANDEL AGRO: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
DEEP JYOTI: CARE Lowers Rating on INR21.50cr LT Loan to 'B'
DHAWAN TRADING: CARE Lowers Rating on INR22.50cr Loan to B-
DIVINE CHEM: CARE Lowers Rating on INR7.95cr Loan to 'C'
GEE EMM OVERSEAS: CARE Lowers Rating on INR9.25cr LT Loan to 'B'
GEHLOT ENTERPRISE: CARE Keeps D on INR9cr Debt in Not Cooperating
GVK POWER: CARE Keep D on INR2,440.5cr Loans in Not Cooperating
HOTEL JAYAPUSHPAM: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
IND BARATH THERMOTEK: CARE Keeps D Debt Ratings in Not Cooperating
INNOVATIVE IDEALS: CARE Lowers Rating on INR5.75cr Loan to D
K. M. M. FOODS: CARE Keeps D on INR5.66cr Debt in Not Cooperating
MANGAL TRADING: CARE Lowers Rating on INR15cr LT Loan to B-
MANJEERA CONSTRUCTIONS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
MARUTI GRANTES: CARE Lowers Rating on INR11cr LT Loan to B+
ORISSA ENTERPRISES: CARE Assigns 'B+' Rating to INR3cr LT Loans
P RAMU: Ind-Ra Moves B+ LongTerm Issuer Rating to Non-Cooperating
PREM NARAYAN: CARE Lowers Rating on INR9.90cr LT Loan to 'D'
R. K. FROZEN: CARE Lowers Rating on INR13.95cr LT Loan to B+
RAICHUR POWER: Ind-Ra Affirms 'D' LongTerm Issuer Rating
RAVIRAJ GINNING: CARE Keeps 'D' on INR15cr Debt in Not Cooperating
SAKA EMBROIDERY: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
SANGAM HANDICRAFT: CARE Cuts Rating on INR5.80cr LT Loan to D
SANTOSH PULSE: CARE Lowers Rating on INR6cr LT Loan to 'B'
SAPL INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
SHIRPUR POWER: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
SKV INFRATECH: CARE Cuts Rating on INR3.50cr LT Loan to 'B'
SWAMI YOGANAND: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
TANISHQ REALITIES: Ind-Ra Lowers LT Issuer Rating to 'D'
THRISSUR EXPRESSWAY: CARE Keeps 'D' Rating in Not Cooperating
UDAY AUTOLINK: CARE Keeps D on INR34.59cr Debt in Not Cooperating
VIP ENTERPRISE: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
YANTRA E-SOLAR: CARE Keeps B on INR15.63cr Debt in Not Cooperating
YOGESH CHOUDHARY: CARE Lowers Rating on INR9.82cr Loan to 'C'
I N D O N E S I A
AIRY ROOMS: To Shut Operations by the End of May
GARUDA INDONESIA: Capital Injection Ruled Out By Government
N E W Z E A L A N D
GREEN FAMILY: Pukekohe Mad Butcher Placed Into Liquidation
S I N G A P O R E
PHOENIX COMMODITIES: Goes Into Liquidation Amid Trading Losses
V I E T N A M
LEFLAIR: E-Commerce Startup Files for Bankruptcy
VINGROUP JOINT: S&P Affirms Then Withdraws 'B+' LT ICR
WEFIT: Fitness Startup Files for Bankruptcy
X X X X X X X X
[*] BOND PRICING: For the Week May 4, 2020 to May 8, 2020
- - - - -
=================
A U S T R A L I A
=================
D.O.M.E ASSOCIATION: First Creditors' Meeting Set for May 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of D.O.M.E
Association Inc. will be held on May 19, 2020, at 2:30 p.m. via
teleconference facility.
Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of D.O.M.E Association on May 7,
2020.
HARTWIG GROUP: Second Creditors' Meeting Set for May 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of The Hartwig
Group Pty Ltd has been set for May 20, 2020, at 10:00 a.m. at the
offices of McLeod & Partners, Level 9, at 300 Adelaide Street, in
Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 19, 2020, at 5:00 p.m.
Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Hartwig Group on April 15, 2020.
MICHAEL ELLIS: Second Creditors' Meeting Set for May 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Michael Ellis &
Associates Pty Limited has been set for May 19, 2020, at 2:30 p.m.
via teleconference.
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 May 15, 2020, at 4:00 p.m.
Morgan James Chubb of Clout & Associates was appointed as
administrator of Michael Ellis on April 6, 2020.
NAW BARREL: Second Creditors' Meeting Set for May 19
----------------------------------------------------
A second meeting of creditors in the proceedings of NAW Barrel
Holdings Pty Ltd and NAW Estate Pty Ltd has been set for May 19,
2020, at 10:00 a.m. and 11:00 a.m., respectively, via online.
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 May 18, 2020, at 4:00 p.m.
Daniel Austin Walley and Martin Frances Ford of
PricewaterhouseCoopers were appointed as administrators of NAW
Barrel on April 6, 2020.
NECESSARY HOLDINGS: First Creditors' Meeting Set for May 21
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Necessary
Holdings Pty Ltd will be held on May 21, 2020, at 2:00 p.m. via an
online platform.
Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Necessary Holdings on
May 11, 2020.
TYJAC CORP: Second Creditors' Meeting Set for May 20
----------------------------------------------------
A second meeting of creditors in the proceedings of Tyjac
Corporation Pty. Ltd. has been set for May 20, 2020, at 10:30 a.m.
via telephone conference.
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 May 19, 2020, at 4:00 p.m.
Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of Tyjac Corporation on April 6, 2020.
VIRGIN AUSTRALIA: Administrators Stop Giving Credits and Refunds
----------------------------------------------------------------
The Guardian reports that administrators of Virgin Australia have
stopped issuing refunds and flight credits to customers who cancel
their trips.
In an email sent to customers who requested a refund or a credit,
the airline said it had "temporarily paused issuing new travel
credits and refunds while we wait for direction from the
administrator," the report relates.
The Guardian relates that the move is understood to be designed to
shield the administrators – Deloitte partners Vaughan
Strawbridge, John Greig, Sal Algeri and Richard Hughes – from
personal liability for the credits and refunds.
A Deloitte spokesman declined to say how many customers were
affected or how much their flights were worth, according to the
Guardian.
"Since the appointment of the administrators, they have been
logging customer requests for refunds and credits while they work
on a solution for affected customers," he said.
"The administrators will be able to provide more certainty on
arrangements for those customers in coming days."
The Guardian adds that the spokesman said the administrators hoped
to have a solution in place within a week and flight credits issued
before the Virgin board appointed administrators on
April 20 remained valid.
Under insolvency law, the administrators are personally liable for
debts they accumulate while in charge of the airline, the report
notes.
An Australian court has already given them a month's breathing
space before they become liable for payments that must be made
under about AUD2 billion in aircraft leasing contracts, the
Guardian says.
Separately, they have also asked a court in the US to stop
creditors taking action against Virgin there or seizing its
aircraft, the report adds.
About Virgin Australia
Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income. Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months. More than 10 parties have expressed an
interest, Deloitte related on April 21.
According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia et
al. on April 20, 2020.
On April 29, the company and certain affiliates filed petitions
pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.
VIRGIN AUSTRALIA: Mass Job Cuts Will Follow Sale, Analyst Warns
---------------------------------------------------------------
Mark Saunokonoko at nine.com.au reports that an aviation analyst
has predicted mass redundancies at Virgin Australia and a future
where the failed airline has even less frills than Jetstar, the
Qantas low-cost carrier.
nine.com.au relates that Neil Hansford, chairman of
Australian-based Strategic Aviation Solutions, said any potential
new investor would likely dump the Virgin brand and sell off all
planes except the 737-800s.
He also chastised Virgin Australia and administrators Deloitte for
giving false hope to the airline's 10,000 employees, 80 per cent
who have been stood down since March, the report relays.
"The whole picture they are painting - that all you do is just add
a load of money and then you bring Virgin out exactly as it was
prior to COVID-19 - that's an absolute nonsense," nine.com.au
quotes Mr. Hansford as saying.
Virgin Australia entered voluntary administration in April, its
wings clipped and crippled by a AUD7 billion debt.
Since then, Virgin Australia administrator Deloitte has said up to
20 investors are interested and circling the downed airline.
But Mr. Hansford doubted that number was credible, nine.com.au
says.
"I find unbelievable the claims made of the so-called number of
interested parties and the way this whole concept is being sold,"
he said. "This is a negotiation that is normally held behind
closed doors, not on the front page of the national publications."
nine.com.au relates that Mr. Hansford said he believed an investor
would come in, drop expensive Virgin branding, slash long haul
international routes and turn it into an "ultra low-cost carrier".
If Virgin's Boeing 777s and Airbus A330s are sold, the airline
would have a fleet of Boeing 737-800s to cover domestic routes, New
Zealand and the near Pacific, he said, the report relays.
A Deloitte spokeperson told nine.com.au "around 20" investors were
interested in a possible deal.
On the question of slashing of jobs, the spokesperson said "the
administrators have been very clear that there are no plans for any
redundancies for the period in which they are responsible for the
airline."
That apparent safe-zone runs from April 20 through to when the sale
of the business is completed.
nine.com.au adds that Mr. Hansford said creating an expectation
that a new investor will have jobs for 10,000 staff who were "good
Australians" was "an outright fallacy".
In March, the Virgin Australia Group made 200 Tigerair pilots
permanently redundant, the report recalls. Tigerair is owned and
operated by Virgin Australia Group.
On May 6 Sir Richard Branson, who owns 10 per cent of Virgin
Australia, declared 3,100 Virgin Atlantic employees redundant, in a
bid to keep the carrier alive.
About Virgin Australia
Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income. Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months. More than 10 parties have expressed an
interest, Deloitte related on April 21.
According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia et
al. on April 20, 2020.
On April 29, the company and certain affiliates filed petitions
pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.
=========
I N D I A
=========
AGARWAL TOUGHENED: CARE Lowers Rating on INR6.55cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Agarwal Toughened Glass India Private Limited (ATPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.55 CARE B; Issuer not Cooperating;
Facilities Revised from CARE B+; Issuer not
Cooperating on the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 20, 2019, placed the
rating(s) of ATPL under the 'issuer non-cooperating' category as
ATPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ATPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 23,
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 rating(s).
The ratings assigned to the bank facilities of ATPL have been
revised on account of non-availability of requisite information.
The ratings continue to remain constrained on account of its modest
scale of operations along with weak solvency position and stretched
liquidity position. The ratings, further, constrained on account of
its presence in the highly fragmented and competitive glass
industry and vulnerability of operating margin to the fluctuation
in the prices of soda ash and fuel. The ratings, however, continue
to derive strength from experienced management with strong group
support and moderate profitability margins.
Detailed description of the key rating drivers
At the time of last rating on March 20, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weakness
* Modest scale of operations with weak solvency position and
strecthed liquidity position: The scale of operations of the
company stood modest marked by Total Operating Income (TOI) of
INR25.85 crore although improved by 41.47% over FY18. The capital
structure of the company stood leveraged with an overall gearing of
2.92 times as on March 31, 2019, however improved from 4.07 times
as on March 31, 2018. Further, the debt service coverage indicators
stood leveraged marked by total debt to GCA stood at 9.99 times as
on March 31, 2019, improved from 10.46 times as on March 31, 2018.
The interest coverage stood moderate at 2.14 times as on March 31,
2019. The liquidity position of the company also stood stretched
marked by elongated operating cycle of 104 days in FY19
deteriorated from 99 days in FY18. The current ratio stood at 1.03
times and below unity quick ratio of 0.61 times as on March 31,
2019.
* Presence in highly competitive and fragmented glass industry and
susceptibility of operating margins to the fluctuation in the
prices of soda ash and fuel: The industry is characterized by
presence of large players in the organized sector for manufacturing
of basic glass with players like Saint Gobain, Asahi Glass etc. in
it. However, there are many players present in the processing
segment (toughening/insulating of glass) with high level of
competition which operate at regional level. The growth of a
company present in processing segment depends on its ability to
market the product and maintain the profitability margins while
meeting the demands of its customers. Operating margins of ATPL is
susceptible to the prices of soda ash and fuel (natural gas and
furnace oil) coupled with low value addition in the manufacturing
of toughened glass from float glass.
Key Rating Strengths
* Experienced management with strong group support: Mr. Uma
Shankar Agarwal, director, looks after overall affairs of the
company and has around two decades of experience in the glass
industry. He is assisted by his younger brother, Mr. Mahesh
Agrawal, director, who has around a decade of experience in the
industry and looks after overall affairs of the firm.
* Moderate profitability margins: The profitability of the company
stood moderate marked by PBILDT and PAT margin of 10.74% and 1.46%
respectively in FY19.
Jaipur-based (Rajasthan) Agarwal Toughened Glass India Private
Limited (ATPL) was incorporated in October 2009 by Mr. Uma Shankar
Agarwal and Mr. Mahesh Kumar Agrawal with an objective to set up a
greenfield project for manufacturing of toughened glass (single and
double glazed) at Jaipur. The plant of the company have processing
capacity of 5.90 (LSMPA) of toughened glass.
Further, the promoters of ATPL have been engaged in the trading of
glass since 1997 through its group concern, Agarwal Glass House
(AGH). ATPL's products will be sold under the brand name of
'Agarwal Tough' mainly in North India viz. Uttar Pradesh, Delhi,
Haryana, Punjab and Rajasthan.
ANANTHA PVC PIPES: CARE Lowers Rating on INR8cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anantha PVC Pipes Private Ltd. (APPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Short Term 7.00 CARE A4; Issuer not cooperating;
Bank Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 25, 2018, placed
the ratings of APPPL under the 'issuer non-cooperating' category as
APPPL had failed to provide information for monitoring of the
rating. APPPL continues to be non-cooperative despite repeated
request for submission of information through phone calls and an
email dated April 2, 2020, April 3, 2020, April 7, 2020 and April
16, 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.
The ratings have been revised on account of company incurring net
loss and cash loss during FY19 and weakening of capital structure
due to erosion of net- worth led by continuous loss. The rating
also takes into account relatively small scale of operation, risk
associated with volatility in raw material prices, working
capital-intensive nature of business and fragmented nature of the
industry with the presence of a large number of unorganized players
which results in intense competition. The ratings are, however,
underpinned by experienced promoter group and moderate industry
growth prospects.
Detailed description of the key rating drivers
At the time of last rating on December 25, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
* Volatility in raw material prices: The raw material prices are
extremely volatile in nature (with the prices of PVC resins &
chemicals driven by crude oil prices). Since the raw material cost
is the major cost (comprising around 82% of cost of sales for
FY19), any upward movement in raw material price would escalate the
cost of sales and put pressure on the profit margins.
* Decline in revenue with continuing cash loss: The company
witnessed decline in revenue during FY18 by around 9.0% wherein the
total operating income declined from INR 55.67 crore during FY17 to
INR50.85 crore during FY18. However, the company witnessed moderate
growth in revenue of around 8.0% during FY19. The PBILDT margin
decreased from 4.82% in FY18 to 3.38% in F19 on account of higher
raw material prices. The industry is highly fragmented with
presence of large number of unorganized small players which results
in intense competition. This has resulted in low operating margin
for the company in the last three years. Further, due to higher
capital charge, the company reported cash loss of INR 0.30 crore
during FY19.
* Moderately leveraged capital structure and weak debt coverage
indicators: The capital structure of the company has deteriorated
as on March 31, 2019. The overall gearing deteriorated from 1.37x
as on March 31, 2018 to 1.52x as on March 31, 2019 on account of
continued erosion of networth. The other debt coverage indicators
viz. Interest coverage ratio continued to remain weak during FY19.
* Working capital intensive nature of business: Anantha PVC
operates in a working capital intensive industry marked by supplier
concentration and intense competition leading to low bargaining
power. The collection period of the company albeit improved during
FY19, still remains on higher side at 96 days during FY19.
Key Rating Strengths
* Experienced promoter and management team: Anantha PVC belongs to
Nandi group, a South India based industrial house, promoted by Mr.
S.P.Y Reddy. The two directors on Board of Anantha PVC - Mr.
Sajjala Sreedhar Reddy and Ms. S. Sujala have an industrial
experience of more than a decade. Mr. Sajjala Sreedhar Reddy is the
Managing Director of the company and is supported by Ms. S. Sujala
(Director) who manages the operations of Anantha PVC as well as of
other group companies.
* Moderate industry growth prospects: The products of the company
mainly find application in the projects relating to irrigation,
sanitation & sewage disposal, water supply etc. The demand for
sprinkler and drip irrigation system is expected to grow with
increase in demand for agricultural products. The flexibility of
sprinkler equipment and its efficient control of water application,
makes it most useful method in most topographic condition. The
demand of PVC pipes have been increasing given the low cost
advantage and operational advantage over steel pipes.
Liquidity: Stretched. The liquidity of the company remains
stretched owing to net loss and cash loss during FY19.
Anantha PVC Pipes Private Limited (Anantha PVC), incorporated in
2006, is part of Nandyal (Andhra Pradesh) based Nandi Group of
companies. Promoted by Mr. Sajjala Sreedhar Reddy, Anantha PVC is
engaged in the business of manufacturing of rigid Polyvinyl
Chloride (PVC) pipes and fittings (installed capacity of 12,800
MTPA) at its facilities located at Hampapuram (Andhra Pradesh). The
products are widely used in irrigation, telecommunication, potable
water supplies, electrical industry, construction industry,
sewerage and drainage etc. Besides, the company is also engaged in
trading of resins and chemicals. Nandi group, promoted by Shri
S.P.Y Reddy, is a South India based industrial house having
diversified business interest such as cement, dairy, PVC pipes,
construction etc.
BALAJI ENTERPRISES: CARE Cuts Rating on INR9.5cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Balaji Enterprises - Lucknow, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE B-; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Short Term 11.25 CARE A4; Issuer not cooperating;
Bank Facilities Revised from CARE A4; Issuer
not Cooperating; on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 14, 2019, placed the
ratings of Balaji Enterprises - Lucknow under the 'issuer
non-cooperating' category as Balaji Enterprises - Lucknow had
failed to provide information for monitoring of the rating. Balaji
Enterprises - Lucknow continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 28,2020, March 30,2020.
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.
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Balaji Enterprises with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating of Balaji Enterprises continued to be
constrained on account of its modest scale of operations, inherent
risk associated with contractual business and constitution as a
partnership concern. The ratings, further, continues to be
constrained on account of project implementation risk associated
with its real estate project and subdued outlook of the cyclical
real estate sector. The ratings, however, continues to derive
strength from experienced promoters and moderate solvency position.
Detailed description of the key rating drivers
At the time of last rating on January 14, 2019, the following were
the rating weaknesses and strengths:
Detailed description of the key rating drivers
Key Rating Weakness
* Modest scale of operations: The scale of operations of BE stood
modest with Total Operating Income (TOI) of INR41.58 crore and
moderate profitability with PBILDT margin and PAT margin of 9.26%
and 3.67% respectively in FY17 (refers to the period April 01 to
March 31). The scale of operations witnessed fluctuating trend
owing to contractual nature of the business. The modest scale
limits the company's financial flexibility in terms of stress and
deprives it from scale benefits.
* Project implementation risk: BE undertook residential
real-estate project named 'Landmark' with total saleable area of
123070 Sq. Feet with an average sale value of Rs 3072 per sq. feet.
The firm has envisaged total project cost of INR31.60 crore to be
funded through owned capital of INR5.00 crore and remaining through
customer advances. It was envisaged that project to be completed
within one and a half year i.e. March 31, 2019. In the absence of
information, CARE is unable to comment on project status.
* Inherent risk associated with contractual business: BE operates
in the industry where the income of the entity is primarily
dependent on collection of royalty and toll from the contracts
based on the renewal of old contracts as well as awarding of fresh
contracts. Further, BE has to pay fixed obligation on every
contract to awarding authority irrespective of the lower collection
of toll and royalty charges which exposes the
firm to short term liquidity mismatches.
Key Rating Strengths
* Experienced Promoters: BE has been promoted by Mr. Navneet Kumar
Pandey, Mr. Nirmal Kumar Pandey and Mr. Vinay Kumar Pandey with
experience of more than a decade in toll collection and civil
construction industry. Further, the partners of the company
are assisted by professionally qualified and experienced team in
the field of manufacturing of transformers and control
panels.
* Comfortable solvency and liquidity position: The capital
structure of the firm stood comfortable marked by an overall
gearing of 0.52 times as on March 31, 2017. Further, total debt to
GCA stood at 4.56 times as on March 31, 2017. Subsequently,
interest coverage stood to 1.78 times during FY17. Current ratio
and quick ratio stood at 2.39 and 1.65 times respectively as on
March 31, 2017.
Lucknow (Uttar Pradesh (UP) based Balaji Enterprises (BE) was
established in 2008 as a partnership concern by Mr Navneet Kumar
Pandey, Mr Nirmal Kumar Pandey and Mr Vinay Kumar Pandey. It is
engaged in toll collection activity at Dakshina Shekhpur,
Aadityapur Kandra and Maranga Toll Plaza in UP. Further BE has
undertook its Real-Estate Project named 'Landmark' with total
saleable area of 123070 Sq. Feet having 73 flats consisting of 33
flats of 2BHK, 35 flats of 3BHK, 3 flats of 4BHK and 2 penthouse in
Lucknow with an average sale value of INR3072 per sq. feet.
COROMANDEL AGRO: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Coromandel Agro
Products and Oils Ltd's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' / Stable
on the agency's website.
The instrument-wise rating actions are:
-- INR10.14 mil. Term loan due on March 2019 maintained in non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
Stable rating;
-- INR220 mil. Fund-based limits maintained in non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) /Stable
rating; and
-- INR1 mil. Non-fund-based limits maintained in non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
While the company's financials are available in the public domain,
Ind-Ra does not have information regarding its liquidity
management, the utilization of its current debt facilities,
outstanding debt facilities, or the projections for the next five
years. Hence, the agency has not taken a rating action.
COMPANY PROFILE
Coromandel Agro Products and Oils are primarily engaged in the
processing of cottonseed oil at its facility in Chirala (Andhra
Pradesh). Its key products include cottonseed oil, deoiled cakes,
hulls, linters, soapstock, acid oil, and sludge oil.
In addition, it has a windmill each in Tamil Nadu and Gujarat, with
a capacity of 0.65MW and 0.80MW, respectively. It is part of the
Maddi Lakshmaiah Group of Andhra Pradesh (ML group).
DEEP JYOTI: CARE Lowers Rating on INR21.50cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Deep
Jyoti Company (DJC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.50 CARE B; Issuer not Cooperating;
Facilities Revised from CARE B+; Issuer
not Cooperating; on the basis
of best available information
Short Term 1.75 CARE A4; Issuer not cooperating;
Bank Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 25, 2019, placed
the rating(s) of DJC under the 'Issuer not Cooperating' category as
DJC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement. DJC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
21, 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 rating(s).
The rating assigned to the bank facilities of DJC have been revised
on account of non-availability of requisite information. The
ratings, further, continues to remain constrained on account of
fluctuating albeit small scale of operations and moderate profit
margins, working capital intensive nature of operations, presence
in highly fragmented and competitive industry and
constitution of the entity as partnership firm.
The ratings, however, continue to derive strength from the
experienced partners, long track record of operation and reputed
clientele base and comfortable capital structure and debt coverage
indicators.
Detailed description of the key rating drivers
At the time of last rating on February 25, 2019, the following were
the rating strengths and weaknesses
Key Rating Weaknesses
* Fluctuating and small scale of operations: The total operating
income of DJC is fluctuating in nature. DJC's scale of operation
declined and stood at INR29.10 crore in FY17 as against INR44.26
crore in FY16 on account of lower orders executed due to aggressive
bidding on account of intense competition prevalent. Nevertheless
comfort can be drawn from the fact that for 11MFY18 DJC have posted
income of INR 50 crore and order book of INR60-70 crore to be
executed by December 2018.
* Moderate operating margin and low net profit margin: The PBILTD
margin of the company remained moderate at 8.28% in FY17 as against
8.29% in FY16. Despite considerable decrease in sales in FY17 the
operating margins remains same in FY17 on account of reduction in
material cost (which constituted 60% in FY16 to 57% in FY17 to
total sales) & other manufacturing expenses. Further, the PAT
margins also declined in FY7 and remain moderate at 5.82%
(vis-à-vis 6% in FY16).
* Working capital intensive nature of operations: Operations of
DJC are working capital intensive in nature on account of higher
credit period. Even though DJC deals with Government authorities it
gets timely payment from Government entity which leads to quick
collection of payments to 3 days in FY17. Similarly, it doesn't
hold inventory for long as it procures raw material on receipt of
orders from Government and it procures the raw material from local
suppliers. Since DJC is into existence for more than two decade it
enjoys higher credit period which stretches to 167 days in FY17
(vis-à-vis 71 days in FY16) due to which operating cycle goes
negative in FY16 & FY17. The liquidity position remained
comfortable with current ratio of 1.53x and quick ratio of 1.52x in
FY17 (vis-à-vis 1.46x and 1.45x respectively in FY16).
* Partnership nature of constitution of firm: DJC being a
partnership entity, the risks associated with withdrawal of
partners' capital exists. The entity is exposed to inherent risk of
partners' capital being withdrawn at time of personal contingency
as also it has limited ability to raise capital and poor succession
planning may result in dissolution of entity. Due to the
partnership constitution, it has restricted access to external
borrowing where net worth as well as credit worthiness of partners
are the key factors affecting credit decision of lenders.
* Presence in highly competitive construction industry: DJC
executes the contracts in civil and infrastructural segments. Given
the nature of the industry, DJC is exposed to the inherent risks
associated with investment, interest rate cycle and change in the
Government policies. Even though the construction opportunities are
immense, order flow in near term is likely to be affected due to
general economic slowdown affecting Government spending.
Furthermore, the construction industry is fragmented in nature with
a large number of small and medium scale players.
Key rating strengths
* Long track record of operation and experienced promoters in the
construction industry: DJC has an established track record of
operations of around 20 years in civil construction and had
developed long standing relationships with government authorities
and contractors reflecting in the continuous receipt of orders on
y-o-y basis. The partners of DJC are highly experienced with Mr.
Vishnu Agarwal who have extensive experience in construction
industry and have been associated with the construction industry
for nearly 2 decades and have developed strong business relations.
Further the partners are assisted by experienced management team to
carry out the day to day operation of the company.
* Comfortable capital structure and debt coverage indicators: The
capital structure of the company stood comfortable marked by
overall gearing ratio of 0.23x as on March 31, 2017 vis-àvis 0.18x
as on March 31, 2016. There is marginal deterioration in FY17 on
account of higher reliance on external borrowing and infusion of
unsecured loans to fund its business operation. But the comfort can
be drawn from the fact that out of total debt of INR2.01 crore
about 97% debt are in form of unsecured debt which carries minimal
interest and does not have fix repayment schedule. Debt coverage
indicator of the company remained strong in FY17 marked by total
debt to GCA of 0.92 times & interest coverage of 10.30x (vis-à-vis
0.52x and 10.95x respectively in FY16). There is marginal
deterioration in debt coverage indicator in FY17 on account
increase in debt and reduced profitability.
Established in 1995, Deep Jyoti Company (DJC) is engaged in the
civil construction services (road construction, up-gradation,
widening of the roads and other miscellaneous work) under PWD,
Irrigation Development of India and Rajasthan state Road
Development and Construction Corporation Ltd through bidding
process. The key raw materials bitumen is sourced from Gujarat on
contract basis and other materials i.e. cement and steel are
sourced from local suppliers.
DHAWAN TRADING: CARE Lowers Rating on INR22.50cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhawan Trading Company, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 22.50 CARE B-; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 28, 2019, placed the
ratings of Dhawan Trading Company under the 'issuer
non-cooperating' category as Dhawan Trading Company had failed to
provide information for monitoring of the rating. Dhawan Trading
Company continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated March 28, 2020, March 30, 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.
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Dhawan Trading Company with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating takes into account small scale of
operations, weak financial risk profile, presence in highly
competitive nature of industry and constitution of the entity being
a proprietorship firm. The rating, however, continues to take
comfort from the experienced proprietor.
Detailed description of the key rating drivers
At the time of last rating on January 28, 2019 the following were
the rating weaknesses and strengths:
Key Rating Weaknesses
* Small scale of operations: Despite being operational for nearly
two decades, the scale of operations remained small. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits.
* Weak financial risk profile: The firm's profitability margins
have been historically on the lower side owing to trading nature of
business and intense market competition given the highly fragmented
nature of the industry. The capital structure of the firm stood
leveraged mainly on account of higher debt as compared to its
networth base. The debt service coverage indicators of the firm
remained weak on account of higher debt level coupled with low
profitability. The firm normally receives the payable period
maximum of around a month from its suppliers. The average
collection period of the firm stood high during past three
financial years i.e. FY13- FY15. The firm extends the credit period
of around 2-3 months to its customers owing to intense competition.
* Highly competitive nature of industry & low entry barriers: The
commodity nature of the product makes the industry highly
competitive, with numerous players operating in the unorganized
sector with very less product differentiation. Due to low entry
barriers in the industry and low value added nature of products,
high competition is the inherent risk associated with the
industry.
* Constitution of the entity being a proprietorship firm: DTC is a
proprietorship firm which has the inherent risk of possibility of
withdrawal of the proprietors' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factors affecting credit
decision for the lenders.
Key Rating Strengths
* Experienced proprietor: Mr. Jaspal Malhotra, post graduate by
qualification, has an experience of nearly three decade in rice
industry through his association with this entity and other group
concerns. He handles the overall operations of the firm.
Delhi-based Dhawan Trading Company (DTC), is a proprietorship
concern established in 1996 by Mr. Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy. The firm procures
these items from the "Narela Mandi" based in New Delhi. The firm
mainly sells its products to millers located in Delhi and nearby
regions. The firm has two associates concerns namely Rama Krishna
Trading Company and S.K. Agro Sales engaged in trading of rice and
paddy.
DIVINE CHEM: CARE Lowers Rating on INR7.95cr Loan to 'C'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Divine Chem Food (DCF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.95 CARE C; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 28, 2019, placed
the rating(s) of DCF under the 'issuer non-cooperating' category as
DCF had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 27,
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 rating(s).
The ratings assigned to the bank facilities of DCF have been
revised on account of non-availability of requisite information.
The ratings continue to remain constrained on account of its
stabilization risk associated with its green field project of
manufacturing unit of salt and its presence in highly competitive
and fragmented salt industry and constitution as a partnership
concern.
The ratings, however, continue to derive strength from experienced
management along with existence of associate concerns in same
industry as well as location advantage with easy access of job work
and labour.
Detailed description of the key rating drivers
At the time of last rating on February 28, 2019, the following were
the rating strengths and weaknesses.
Key Rating Weakness
* Stabilization risk associated with its recently commenced
manufacturing unit of salt: DCF has completed construction work on
the manufacturing unit and has started commercial operations from
November 2015. The firm has incurred total cost of INR8.60 crore
towards the project which was funded through term loan of INR4
crore and remaining through partner's capital as well as unsecured
loans. In four month of operations of FY16, it has registered net
sales of INR3.46 crore. Hence, post-implementation project risk
pertaining to stabilization of operations and saleability risk is
high especially in the backdrop of a predominantly debt-funded
capex with repayment obligations commenced from May 2016. Further,
capital structure is expected to remain leverage due to utilization
of working capital bank borrowings. In last five months ended April
2016, it has fully utilized its working capital bank borrowings.
* Presence in highly competitive and fragmented salt industry and
constitution as a partnership concern: The industry is
characterized by presence of large players in the organized sector
for manufacturing of free flow salt with players like Tata Salt,
Aashirwad Namak, Surya Salt, Captain Cook, etc. In India, Gujarat,
Tamil Nadu and Rajasthan contribute to about 96% of the Country's
salt production. Gujarat contributes 75% to the total production,
followed by Tamil Nadu (11 %) and Rajasthan (10 %). About 62% of
the total production is from large salt producers, 28% is
contributed by small scale producers and rest by medium scale
producers. The growth of a company present in processing segment
depends on its ability to market the product and maintain the
profitability margins while meeting the demands of its customers.
Further, the low net worth base makes its operations highly
susceptible to any business shock, thereby limiting its ability to
absorb losses or financial exigencies. Further, its constitution as
a partnership concern led to risk of withdrawal of capital.
Key Rating Strengths
* Experienced management along with existence of associate concerns
in same industry: Mr. Dilip Agarwal and Mr. Ashok Kumar Chotia
have around two decades of experience in the same industry through
their associate concerns named Gajanan Salt Suppliers (GSS) and
Ridhi Sidhi Namak Udyog (RSNU) and looks after sales and purchase
functions of the firm respectively. Further, Mr. Lalit Kumar Sharma
and Mr. Mahavir Prasad looks after production and accounts
functions respectively. Mr. Lalit Kumar Sharma has five years of
experience in the industry. Further, they are assisted by Mr.
Abhishek Chhabra, son of Mr. Saroj Kumar Chhabra, who is MBA in
marketing and finance by qualification and has around five years of
experience in the industry. With the long-standing presence of the
partners in the industry through associate concerns, the firm has
established relationship with customers as well as suppliers.
* Location Advantage with easy access of job work and labour: The
manufacturing facility of the firm is located at Govindi village in
the district Nagaur which is 40 Km away from 'Sambhar lake',
largest inland of salt lake in India. The lake produces 1.96 lakh
tonnes of clean salt which equals 8.7% of India's salt production.
The firm is engaged in manufacturing of iodised and non-iodised
salt and gets benefit of easy availability of raw salt as well as
unskilled labor and procurement of raw material at effective
prices. DCF's presence near Sambhar lake results in benefit derived
from continuous business from the raw salt manufacturers.
Nawa-based (Rajasthan) Divine Chem Food (DCF) was formed as a
partnership concern in December, 2014 by Mr. Saroj Kumar Chhabra,
Mr. Mahabir Prasad Kachwal, Mr. Dilip Agarwal, Mr. Ashok Kumar
Chotia and Mr. Lalit Kumar Sharma with equal profit sharing of 20%
each. The firm was formed with an objective to set up a green-field
plant for manufacturing of refined iodised as well as non-iodised
salt and dust salt in district-Nagaur.
The plant of the firm has processing capacity of 172000 MTPA of
salt. Further, DCF is certified with food Safety Standards
Authority of India (FSSAI). The firm will market its product
through 5 agents and 25 direct parties under the brand name of
"Tita", "Real Care", "Taal" mainly in Uttar Pradesh, Haryana, Bihar
and Rajasthan.
GEE EMM OVERSEAS: CARE Lowers Rating on INR9.25cr LT Loan to 'B'
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Gee
Emm Overseas (GEO), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.25 CARE B; Stable; Issuer not
Facilities Cooperating; Revised from
CARE B+; Stable; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 5, 2018, placed the
ratings of GEO under the 'issuer non-cooperating' category as GEO
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GEO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 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 rating(s).
The rating has been revised on account of the presence of the firm
in a highly competitive and fragmented agro processing business
with a high level of government control. The rating is further
constrained by the small scale of operations, elongated operating
cycle, susceptibility of margins to volatility in raw materials
prices, monsoon dependent operations and partnership nature of
constitution. The rating, however, derives strength from the
experienced promoters and favorable manufacturing location.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Regulatory risk with highly competitive and fragmented nature of
the industry: The commodity nature of the product makes the
industry highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation. The raw
material (paddy) prices are regulated by government to safeguard
the interest of farmers, which in turn limits the bargaining power
of the rice millers.
* Raw material price volatility and monsoon dependent operations:
Agro-based industry is characterized by its seasonality, due to its
dependence on raw materials whose availability is affected directly
by the vagaries of nature. The price of rice moves in tandem with
the prices of paddy. Availability and prices of agro commodities
are highly dependent on the climatic conditions. The monsoon has a
huge bearing on crop availability which determines the prevailing
paddy prices. Since there is a long time lag between raw material
procurement and liquidation of inventory, the firm is exposed to
the risk of adverse price movement resulting in lower realization
than expected.
* Small scale of operations: The scale of operations of the firm,
remained small with a total income of INR57.63 crore in FY18.
* Elongated operating cycle: The operations of the firm remained
elongated at ~163 days, as on March 31, 2018 (~167 days, as on
March 31, 2017).
Key Rating Strengths
* Experienced partners: The operations of the firm are being
managed by Mr. Archit Goyal, Mr. Nitin Gupta and Mr. Vikas Gupta.
The partners are having experience ranging between 3-18 years in
the industry.
* Favorable manufacturing location: GEO's manufacturing unit is
located in Moga, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability. The unit is also at a
close proximity to the grain market resulting in procurement at
competitive rates.
Gee Emm Overseas (GEO) started its operations in 2010 with Mr.
Nitin Gupta, Mr.Vikas Gupta and Mr.Archit Goyal as its partners.
The firm is engaged in the processing of paddy to rice and also
sells its by-products like bardana, bran, husk, etc. at its sole
facility in Moga, Punjab with an installed capacity of 9 TPH
(tonnes per hour).
GEHLOT ENTERPRISE: CARE Keeps D on INR9cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gehlot
Enterprise (GHE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.00 CARE D; Issuer not co-operating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 14, 2019, placed the
rating(s) of GHE under the 'issuer noncooperating' category as GHE
had failed to provide information for monitoring of the rating. GHE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 6, 2020, April 15, 2020, April 20, 2020,
April 21, 2020 and April 22, 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 rating(s).
Detailed description of the key rating drivers
At the time of last rating on August 14, 2019, the following was
the rating weakness:
Key Rating Weaknesses
* Ongoing delay in debt servicing: Owing to weak liquidity
position, there have been irregularities in debt servicing.
Surat (Gujarat) based, GHE was established as a proprietorship firm
on August, 2015. GHE is currently executing a residential project
named 'Shree Umang Laxmi Residency (The firm has applied for RERA
Registration) with 287 units (72 flats and 215 row houses) at
Ankleshwar consisting total area under development of 24,382 square
meters.
The implementation of Shree Umang Laxmi Residency commenced since
August 2015 and till December 1, 2017, GHE has incurred the total
cost of INR 12.29 crore (65% of total project cost) out of the
total cost of INR 18.73 crore and rest will be incurred by end of
June 2018. Till December 20, 2017, out of total units 15 Row houses
have been booked and 1 row house has been sold and 14 flats have
been booked and 8 flats have been sold.
GVK POWER: CARE Keep D on INR2,440.5cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK Power
(Goindwal Sahib) Limited (GPGSL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 2,400.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 40.50 CARE D; Issuer not cooperating;
Facilities Based on best available
Detailed Rationale & Key Rating Drivers
GPGSL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on GPGSL'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(s).
The rating takes into account continued delay in debt servicing due
to stretched liquidity position of the company.
Detailed description of the key rating drivers
At the time of last rating on March 28, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
* Stretched liquidity position: The plant remained non-operational
even after achieving COD due to non-availability of coal, primarily
on account of deallocation of the coal block and paucity of working
capital to procure coal via e-auction. Although, from April 1, 2018
the company has started receiving coal under SHAKTI policy, due to
shortage of working capital fund, the coal requirement could not be
fulfilled to run both the units. Hence, while operations have
commenced and the company reported PBILDT of INR260.0 crore in FY19
on revenue of INR1515 crore in FY19, the same has not been
sufficient to cover the fixed costs. This apart, there have been
deductions from bills raised to Punjab State Power Corporation Ltd.
(PSPCL), the offtaker for low PLF and hence liquidiate damages
being imposed. This under recovery of bills further puts pressure
on the liquidity. All the above factors coupled with high debt
repayment obligation has resulted in delays in debt servicing.
Key rating Strengths
* Strong and experienced promoter group: GPGSL belongs to
Hyderabad based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited (GVKPIL) and its subsidiaries has
substantial ownership interest into power generating assets and is
also engaged in building and developing of highway projects,
providing infrastructure facilities, exploration of oil & natural
gas, operations, maintenance and development (OMD) of airport
projects and exploration of coal mines.
Incorporated in 1998, GPGSL is a wholly-owned subsidiary of GVK
Energy Limited, which in turn is the subsidiary of GVK Power and
Infrastructure Limited (GVKPIL), the flagship company of GVK group.
GPGSL has implemented a 540 MW (2*270 MW), coal-fired thermal power
project at Goindwal Sahib, District Tarn Taran, Punjab. The project
was awarded to GVK group by Government of Punjab (GOP) & Punjab
State Electricity Board (PSEB) during the year 1996, through
International Competitive Bidding (ICB) route. The projected
achieved COD in April 2016. GPGSL has executed an amended and
restated PPA (for 25 years) with PSEB on May 26, 2009, for sale of
entire electricity to be generated through a two-part tariff
structure.
HOTEL JAYAPUSHPAM: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Hotel Jayapushpam
Private Limited's (Hotel JP) Long-Term Issuer Rating to 'IND BB'
from 'IND BB+' and simultaneously placed the rating on Rating Watch
Negative (RWN). The Outlook on the earlier rating was Stable.
The instrument-wise rating action is:
-- INR35.8 mil. (reduced from INR55 mil.) Term loan due on March
2021 downgrade and placed on RWN with IND BB/ RWN rating.
KEY RATING DRIVERS
The downgrade and the RWN reflect the adverse impact of the
nationwide lockdown on the company's occupancy levels and the
likely consequent substantial decline in its revenue and EBITDA in
FY21. Additionally, the agency expects the firm's FY20 top line to
have declined owing to the lower occupancy level in March 2020 and
expects the occupancy levels to remain low over the next
two-to-three months.
Liquidity Indicator - Poor: Hotel JP's cash flow from operations
increased to INR31 million in FY19 from INR26 million in FY18 due
to an improvement in the absolute EBITDA to INR40 million from
INR39 million. The company has a repayment obligation of INR24
million per annum and the entire debt will be repaid by April 2022.
Hotel JP has obtained a moratorium for the principle repayment and
the deferment of interest over March-May 2020 under the COVID-19
regulatory package scheme offered by the Reserve Bank of India. The
company had a cash balance of INR2.08 million at FYE19 (FYE18:
INR4.17 million). Ind-Ra expects the company's liquidity to remain
stretched in the medium term. Ind-Ra expects Hotel JP's debt
service coverage ratio, which was less than 1x in FY21, to be
impacted due to the lower revenue and EBITDA in the near-to-medium
term. However, the management expects the promoters to infuse funds
whenever the company requires.
The ratings factor in Hotel JP's continued small scale of
operations, though its revenue raised to INR209 million in FY19
from INR189 million in FY18. The revenue from the hotel segment
increased to INR88 million in FY19 from INR75.6 million in FY18 due
to an increase in the average room rent but the contribution from
the high-margin food and beverage segment decreased to 58% to total
revenue in FY19 from 60% in FY18. The company recorded revenue of
INR166 million in 10MFY20. It reported an average occupancy level
of 60%-65% for FY19.
The ratings continue to reflect Hotel JP's average EBITDA margin
that declined to 19% in FY19 from 20.9% in FY18 due to a reduction
in the food and beverage revenue. The company's return on capital
employed was 13% in FY19 (FY18: 13%).
The ratings continue to be constrained by Hotel JP's single
property-dependent operations as it has only one hotel.
The ratings continue to be supported by Hotel JP's comfortable
credit metrics with net financial leverage (adjusted net
debt/operating EBITDA) of 1.4x in FY19 (FY18: 2.1x) due to a fall
in debt and gross interest coverage operating (EBITDA/gross
interest expense) of 4.5x in FY19 (FY18: 4.5x) due to stable
interest expense (FY19: INR9 million; FY18: INR9 million) and a
slight increase in absolute EBITDA (INR40 million; INR39 million).
The ratings also continue to be supported by the founders'
experience of over a decade in the hotel business.
RATING SENSITIVITIES
The RWN indicates that the ratings may be downgraded or affirmed.
Ind-Ra will monitor the impact on the occupancy level due to the
outbreak of COVID-19 and the consequent lockdown. The agency will
also assess the firm's ability to recover from the COVID-19 impact
and its ability to improve its liquidity position. Ind-Ra will
resolve RWN by July 2020.
COMPANY PROFILE
Hotel JP, founded by J Ashok, is a three-star hotel with 94 rooms
in Chennai. At end-March 2020, 90 of its rooms were operational.
The hotel has a restaurant, a lounge bar, two pubs, a rooftop
restaurant, and seven banquets halls.
IND BARATH THERMOTEK: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind Barath
Thermotek Private Limited (IBTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non–Convertible 699.00 CARE D; ISSUER NOT
COOPERATING;
Debenture issue– Based on best available
Series I Information
Non–Convertible 80.00 CARE D; ISSUER NOT
COOPERATING;
Debenture issue– Based on best available
Series II Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated May 10, 2019, placed the
ratings of IBTPL under the 'issuer non-cooperating' category as
IBTPL had failed to provide information for monitoring of the
rating. IBTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated February 3, 2020, April 24, 2020 and April
27, 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 rating.
The ratings assigned to the instruments of Ind Barath Thermotek
Private Limited factors in the stretched liquidity position of the
company resulting in delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on May 10, 2019, the following were the
rating strengths and weaknesses.
Key Rating weakness
* Stretched liquidity position: The financial risk profile of
IBTPL is majorly dependent on the cash flows generated by
subsidiary Ind Barath Energy (Utkal) Limited (IBEUL) as the company
was floated to provide O&M to said subsidiary. On account delayed
project implementation of IBEUL, liquidity position of IBTPL
remained stressed with subsequent delays in debt servicing on the
NCD.
Key Rating strengths
* Long Track record of Group in the Power segment and experienced
promoters: Group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company. He is assisted by the team of experienced and professional
managers.
Ind-Barath Thermotek Private Limited (IBTPL) belongs to IndBarath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on
December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O &M) activity of the subsidiary Ind-Barath Energy
Utkal Limited which is setting up a 700MW (2* 350MW) coal based
power plant in Orissa.
INNOVATIVE IDEALS: CARE Lowers Rating on INR5.75cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Innovative Ideals and Services India Limited (II&SIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE D; Issuer not Cooperating;
Facilities Revised from CARE D; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines CARE's rating on II&SIL 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 takes into account the ongoing delays in servicing of
debt obligations due to stretched liquidity position.
Detailed description of the key rating drivers
At the time of last rating on Nov 22, 2019 the following were the
rating strengths and weaknesses
Rating Sensitivities
Positive Factors
* Improvement in liquidity position: The Company's ability to
establish a track record of timely servicing of debt obligations
with improvement in liquidity position.
Detailed description of Key rating drivers
Key rating Weakness
* Ongoing delays in debt servicing: There have been continuous
overdraws for more than 30 days in the cash credit account from Feb
29, 2020 and account is classified under SMA 2.
* Stretched liquidity position: The Company has stretched
liquidity position marked by negative cash accruals in H1FY20 and
huge fund blocked in inventory and debtors due to non-execution of
orders owing to overall slowdown in industry.
Incorporated as on December 6, 2000, Innovative Ideals and Services
India Private Limited as a private limited company, subsequently
the company was converted into public limited pursuant to special
resolution passed in August 30,2017 and the name of the company was
changed to "Innovative Ideals and Services India Limited" dated on
Sep 21, 2017. Subsequently II&SIL acquired the ongoing sole
proprietorship business of "M/S Innovative Solutions" vide business
acquisition agreement dated Sep 23,2017 and Ongoing sole
proprietorship business of "M/S Concept N Designs" i.e vide
business acquisition agreement dated September 29, 2017,
Consequently the ongoing businesses of these proprietorship
concerns were merged into II&SIL.
K. M. M. FOODS: CARE Keeps D on INR5.66cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. M. M.
Foods Private Limited (KFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.66 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 27, 2019, placed
the rating(s) of KFPL under the 'issuer non-cooperating' category
as KFPL had failed to provide information for monitoring of the
rating. KFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 06, 2020, April 14, 2020, April 15,
2020, April 16, 2020 and April 17, 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 rating(s).
Detailed description of the key rating drivers
At the time of last rating on February 27, 2019, the following are
weaknesses:
Key Rating Weaknesses
* Ongoing delay in debt servicing: Owing to weak liquidity
position, the company has been irregular in servicing its debt
obligation.
KFPL was incorporated in 2007 by Mr Prem Manglani and Mr. Ghanshyam
S Manglani. It is a contract based manufacture of Parle 20-20
biscuits for Parle Products Limited (PPPL). The company has its
manufacturing unit in Ahmedabad, Gujarat with an installed capacity
of 1196 Metric tonne (MT). The raw materials are entirely supplied
by PPPL and the manufacturing process is as per standards and
specifications of PPPL. KFPL is a part of the Manglani Group,
Gujarat, which has a presence in confectionery and bakery products
for over four decades.
MANGAL TRADING: CARE Lowers Rating on INR15cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Mangal Trading Company, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 31, 2019, placed the
ratings of Shree Mangal Trading Company under the 'issuer
non-cooperating' category as Shree Mangal Trading Company had
failed to provide information for monitoring of the rating. Shree
Mangal Trading Company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 28, 2020, March 30,
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.
The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by SMTC with CARE'S efforts to undertake a review
of the rating outstanding. The rating assigned to the company
remained constrained by small scale of operations coupled with low
net worth base, leveraged capital structure and elongated operating
cycle. The rating remained further constrained by fragmented and
unorganized nature of industry coupled with low entry barriers and
proprietorship nature of firm. The rating, however, continues to
draw comfort from experienced proprietor, moderate profitability
margins and debt service coverage indicators.
Detailed description of the key rating drivers
At the time of last rating on January 31, 2019 the following were
the rating weaknesses and strengths:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations coupled with low net worth base: The
scale of operations remained small marked by a total operating
income and gross cash accruals stood at INR17.20 crore and INR 1.08
crore respectively during FY16 (FY refers to the period April 1 to
March 31). Furthermore, the firm's net worth base was relatively
small at INR3.63 crore as on March 31, 2016. With the low base of
own funds, its operations are highly susceptible to any business
shock, thereby limiting its ability to absorb losses or financial
exigencies.
* Leveraged capital structure: The capital structure of the firm
stood leveraged owing to high reliance on external borrowings to
meet the working capital requirements.
* Elongated operating cycle: Being a trading firm, SMTC is
required to maintain adequate inventory of material and cater to
immediate demand of the customers, resulting into average inventory
holding period of around 67 days during FY16. The firm realizes
payments from its customers within 1-2 months and makes payments
within 10-20 days to its suppliers.
* Fragmented and unorganized nature of industry coupled with low
entry barriers: The company is operating in a competitive industry
wherein there is presence of a large number of players in the
unorganized and organized sectors. The company is comparative a
small players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins.
Key Rating Strengths
* Experienced proprietor in trading of building material coupled
with moderate profitability margin: The firm is promoted by Mr Ram
Niwas Yadav who has an overall experience of more than two and a
half decades in trading industry in his individual capacity.
Further, considering the trading nature of the business where the
value addition is low, the profitability margins as marked by
PBILDT and PAT margin stood moderate at 8.09% and 5.87%
respectively in FY16.
Haryana based, Shree Mangal Trading Company (SMTC) is a
proprietorship firm established in 2014 by Mr. Ram Niwas Yadav. The
firm is engaged in trading of mixed scraps (plastic scrap, metal
scrap and paper scrap) and grit (crushed stone). The firm has an
associate concern, namely, K N D Real Estate & Builders (KND). KND
is a proprietorship firm of Mr. Ram Niwas Yadav established in
2004. The firm is engaged in sale and purchase of land.
MANJEERA CONSTRUCTIONS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manjeera
Constructions Limited's (MCL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR109.2 mil. (reduced from INR120 mil.) Fund-based facilities
affirmed with IND BB+/Stable/IND A4+ rating; and
-- INR150 mil. (reduced from INR180 mil.) Non-fund-based
facilities affirmed with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects MCL's continued moderate offtake risk and
stretched liquidity. The rating factor in the corporate guarantee
provided by MCL to its wholly-owned subsidiary - Manjeera Retail
Holdings Private Limited (MRHPL).
MCL has two ongoing residential projects with two unsold units out
of 25 units in Purple Town and 111 units unsold out of 352 units
(share of MCL) in Manjeera Monarch. Ind-Ra expects the unsold
villas in Purple Town to be sold in FY21 and those in Manjeera
Monarch to be sold before FY23. Purple Town has 49 elite,
independent villas and Manjeera Monarch consists of 567 residential
flats in five blocks with G+14 floors. MCL has a share of 50% and
62% in the total area of Purple Town and Manjeera Monarch,
respectively.
Liquidity Indicator – Stretched: MCL's average maximum
utilization of the fund-based facility stood at 94% over the 12
months ended January 2020. Its cash and cash equivalents stood at
INR17.33 million at FYE19 against the total outstanding debt of
INR475 million at FYE20. The principal repayment obligations of the
existing loan is INR115 million, INR288 million and INR72 million
for FY21, FY22 and FY23, respectively. At end-9MFY20, the company
had a cash balance of INR3.8 million. The company has also availed
the benefit of a three-month moratorium on its working capital
limit and term loan under the Reserve Bank of India's COVID-19
regulatory package.
The ratings are constrained by MCL's extended corporate guarantee
for MRHPL's term loan worth INR3,250 million; however, the
outstanding of the loan was INR1,880 million as of April 20, 2020.
The rating also factors the saleability and execution risk
associated with the company's upcoming projects namely Manjeera
Blue (villas), Manjeera French County (residential apartments), and
the Project by Vasavi Realtors LLP located in Hafeezpet, Hyderabad
as MCL holds 20% share in Vasavi Realtors. The means of funding are
yet to be tied up and approvals are yet to be obtained.
The execution risk associated with Purple Town and Manjeera Monarch
is low as, at end-April 2020, the construction of the former was
100% completed and that of the latter was 94% completed. The
occupancy certificate for Manjeera Monarch is awaited by the
company.
The ratings also factor in MCL's diversified revenue from various
segments including the real estate segment (contribution to total
revenue in 9MFY20: 83%; FY19: 69%), other segments such as
engineering, procurement and construction (9MFY20: 17%, FY19: 31%)
and windmills (1% every year).
The ratings also draw strength from MCL's healthy order book
status. At end-March 2020, the company had two contract orders
valued INR1,225 million located at Rajamundry, Andhra Pradesh and
Jharsuguda, Odisha pertaining to its engineering, procurement and
construction segment. The company had already executed INR464
million till end-March 2020 and the remaining of INR354.65 million
and INR406.45 million is likely to be complete in FY21 and FY22,
respectively. With respect to real estate, MCL has provided land
for the Bion project located in Kondapur, Hyderabad with no
construction cost involved.
The rating continues to be supported by the locational advantage of
MCL's on-going projects and the promoters' experience of more than
three decades in the real estate business. The company has
completed around 11 projects individually and around nine JV
projects through its subsidiaries and associate companies.
Moreover, the ratings are supported by the presence of the escrow
mechanism that ensures the transfer of appropriate funds for debt
servicing from the pooled escrow account on a timely basis.
RATING SENSITIVITIES
Positive: The successful completion of the projects and the sale of
units as planned, leading to strong cash flow visibility, could
lead to positive rating action.
Negative: Lower-than-expected sales volume or the lower realization
of the projects or significant time or cost overruns in the
projects could result in a negative rating action.
COMPANY PROFILE
Incorporated in1987, MCL has developed 8.69 million square feet of
the area spanning across residential, commercial, hospitality, and
retail projects. The group is promoted by Mr. G. Yoganand.
MARUTI GRANTES: CARE Lowers Rating on INR11cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maruti Grantes and Marbles Private Limited (MGMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE B+; Issuer not Cooperating;
Facilities Revised from CARE BB; Issuer
not Cooperating; on the basis
of best available information
Short Term 1.75 CARE A4; Issuer not cooperating;
Bank Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 11, 2019, placed the
ratings of MGMPL under the 'issuer non-cooperating' category as
MGMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MGMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
20, 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 rating.
The rating assigned to the bank facilities of Maruti Granites &
Marbles Private Limited (MGMPL) have been revised on account of its
modest scale of operations and deterioration of solvency position.
The rating, further, continues to remain constrained on account of
its moderate profitability margin, stretched liquidity position,
its presence in the highly competitive marble industry, direct
linkage with the cyclical real estate sector and exposure of
margins to volatility in foreign exchange rates.
The ratings, however, continue to favorably take into account the
vast experience of the promoters in the marbles industry, strong
group support and location advantage with ease in availability of
raw material and labour.
Detailed description of the key rating drivers
At the time of last rating on March 6, 2019, the following were the
rating strengths and weaknesses. (Updated for the information
available from Registrar of Companies):
Key Rating Weakness
* Modest scale of operations with moderate profitability margins:
The scale of the operations of the company stood modest marked by
Total Operating Income (TOI) stood at INR18.61 crore FY19 as
against INR19.27 crore in FY18. The profitability margins of the
company stood moderate marked by PBILDT and PAT margin of 13.69%
and 0.75% respectively in FY19 as against 12.42% and 1.12% in
FY18.
* Moderate solvency position: The capital structure stood moderate
marked by overall gearing of 1.82 times as on March 31, 2019
deteriorated from 1.75 times as on March 31, 2018. Further, the
debt coverage indicators stood weak marked by Total debt to GCA of
35.15 times deteriorated from 30.56 times as on March 31, 2018. The
interest coverage ratio of the company stood moderate at 1.26 times
in FY19.
* Vulnerability of margins to fluctuation foreign exchange rates:
MGMPL is exposed to foreign exchange fluctuation risk considering
that the company generates majority of its income in foreign
currency and currently does not have any active hedging policy.
Therefore, any adverse movement in the prices of foreign currency
can negatively affect the profitability margin of the company.
* Presence in a highly competitive marble industry and linkage to
cyclical real estate sector: Currently size of the Indian Marble
Industry is about INR20,000 crore and it is considered to be highly
fragmented with presence of large number of organized and
unorganized player. The industry is concentrated in Rajasthan and
Gujarat and majority of the processing units are clustered around
the mining area. The entry barriers to the industry are very low
and the operating margin is susceptible to new capacity additions
in the industry. The industry is primarily dependent upon demand
from real estate and construction sector across the globe. The real
estate industry is cyclical in nature and is exposed to various
external factors like the disposable income, interest rate
scenario, etc. Any adverse movement in the macro-economic factors
may affect the real estate industry and in turn business operations
of
MGMPL.
Key Rating Strengths
* Vast experience of the promoters in the marbles industry, strong
group support and location advantage with ease in availability of
raw material and labour: MGMPL is a family-centric business with Mr
Paras Rajgarhia, Mr Prakash Rajgarhia and Mr Prabhash Rajgarhia as
the key promoters of the company. All the promoters of the company
have more than 25 years of experience in the marble business. The
group has integrated operations which include mining, processing,
finishing and selling of products. Being a part of group, MGMPL is
benefited through procurement of marble blocks and marketing of its
products. MGMPL sources a part of its requirement of the marble
blocks from mines owned by its group concerns. These mines have
reserve of marbles with green shades. The mines are taken on 20
years of mining lease contract with the government and pays royalty
depending upon the extracts made. Furthermore, being situated in
Rajasthan which has the largest reserve of marbles in India with
estimated reserves of 1100 million tons accounting of more than 91%
of the total marble reserves of the country, MGMPL has easy access
to marbles blocks. Furthermore, skilled labour is also easily
available by virtue of it being situated in the marble belt in
India.
Liquidity Position: Stretched
The liquidity position of the company stood stretched marked by
operating cycle of 186 days in FY19 due to higher inventory and
collection period. The current ratio of stood moderate 1.43 times
as on March 31, 2019 and quick ratio stood below unity at 0.75
times as on March 31, 2019. The cash and bank balance stood at
INR0.33 crore as on March 31, 2019.
Maruti Granites & Marbles Private Limited (MGMPL), incorporated in
1987, is promoted by Udaipur (Rajasthan) based Rajgarhia family.
MGMPL is engaged in the business of marble processing with its
processing facility located at Sukher, Udaipur, Rajasthan having
processing capacity of 2,00,000 sq ft per month to process marble
slabs and tiles. The company procures marbles slabs and tiles from
domestic market including purchase from its group concern and
imports from Italy and Turkey against the import license issued by
Government of India (GOI). Import constituted around 55% of the
total raw material purchases during FY17.
ORISSA ENTERPRISES: CARE Assigns 'B+' Rating to INR3cr LT Loans
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Orissa
Enterprises (OE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 3.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 4.00 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of OE are constrained
by small scale of operation with moderate profitability margins,
proprietorship nature of constitution, client concentration risk
albeit reputed clientele and its presence in an intensely
competitive industry with tender driven process risk. The ratings,
however, derive comfort from extensive experience of the proprietor
in the industry, comfortable capital structure with satisfactory
debt coverage indicators and satisfactory order book position.
Key Rating Sensitivities
Positive Factors
* Fetch new orders on regular basis; execute orders within
stipulated time frame and receipt of receivables on a timely and
regular basis and sizable increase in scale of operation (turnover
to the tune of INR30 crore and above) on a sustained basis.
Negative Factors
* Delays in execution of orders beyond stipulated time frame and
delay in receipt of collection of receivables from customers and
sizable de-growth in scale of operation (turnover beyond INR10
crore) on a sustained basis.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operation with moderate profitability margins:
Orissa Enterprises is a small player vis-à-vis other players in
the domestic electrical contractor business marked by its total
operating income of INR18.33 crore with a PAT of INR0.91 crore in
FY19. However, the total operating income has increased by 26.67%
over FY18 mainly on account of timely execution of orders in hand.
Furthermore, the tangible net worth and total capital employed has
also remained low at INR3.66 crore and INR6.13 crore respectively,
as on March 31, 2019. Moreover, the entity has reported a turnover
of INR21.38 crore till March 31, 2020. The operating margin has
deteriorated year on year during last two years due to higher
increase in cost of operations but the same remained moderate at
7.04% in FY19 as against 7.22% in FY18. Further, due to increase in
capital charges, the PAT margin deteriorated during FY19 but the
same remained moderate at 4.95% in FY19 as against 5.29% in FY18.
* Proprietorship nature of constitution: Orissa Enterprises, being
a proprietorship firm, is exposed to inherent risk of withdrawal of
capital by the proprietor, restricted access to funding and risk of
dissolution on account of poor succession planning. Furthermore,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.
* Client concentration risk albeit reputed clients: Orissa
Enterprises executes orders mainly for various departments of
Government of Odisha which exposes it to client concentration risk.
However, the proprietor has long standing relationship with these
clients for around two decades which offsets the risk to some
extent. Moreover as the clients of the entity are government units
so the risk of default is minimal.
* Intensely competitive industry with tender driven process risk:
The entity has to bid for the contracts based on tenders floated by
the various department of Government of Odisha. Upon successful
technical evaluation of various bidders, the lowest bid is awarded
the contract. Since the type of work done by the entity is mostly
commoditized, the entity faces intense competition from other
players. Furthermore, orders are generally tender driven floated by
the government departments indicating a risk of non-receipt of
contract.
Key Rating Strengths
* Extensive experience of the proprietor in the industry: The
proprietor Mrs. Kumudini Bag has around two decades of experience
in electrical contractor business and she looks after the overall
management of the entity. She is supported by a team of experienced
professionals. Being in the industry for long period, the
proprietor has built up long standing relationship with its clients
and the entity is deriving benefits out of these.
* Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure remained comfortable marked by
overall gearing ratio of 0.68x as on March 31, 2019 as against
0.66x as on March 31, 2018. Deterioration in overall gearing ratio
was due to relatively higher utilisation of working capital
borrowings as on March 31, 2019. Further, the debt coverage
indicators also remained satisfactory marked by interest coverage
of 3.93x (FY18:4.15x) and total debt to GCA of 2.57x (FY18: 2.55x)
in FY19. Moreover, the interest coverage has deteriorated during
FY19 over FY18 due to increase in interest expenses.
* Satisfactory order book position: The entity has an unexecuted
order book position of INR27.90 crore (1.52x of TOI of FY19) as on
March 21, 2020 which is to be executed by August, 2020. The
satisfactory order book position is reflecting satisfactory revenue
visibility in near to medium term.
Liquidity: Adequate
Adequate liquidity reflected by sufficient cushion in accruals
vis-à-vis repayment obligations and modest bank limits utilization
to the extent of 73% during last 12 months ended on February 29,
2020. During FY19, the entity has reported a cash accrual of
INR0.96 crore as against term loan repayment obligation of INR0.06
crore for FY20. Moreover the cash balance was low at INR0.50 crore
as on March 31, 2019.
Orissa Enterprises (OE) was established in 2003 as a proprietorship
entity by Mrs. Kumudini Bag. Since its inception, the entity has
been engaged in installation and maintenance of high voltage
electric lines and substations on contract basis. The entity has
entered into an agreement with "Vedanta Limited" for maintenance of
water pipes and 33 KV line at Langigarh & Kesinga pump house on a
monthly fee basis and it earned a monthly income of INR0.10 crore
and 0.06 crore respectively. The entity has an order book position
of INR27.90 crore (1.52x of FY19 TOI) as on March 21, 2020 which is
to be completed by August, 2020.
P RAMU: Ind-Ra Moves B+ LongTerm Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated P Ramu's Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR4.4 mil. Term loan due on March 2021 migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating;
-- INR60.0 mil. Fund-based facility migrated to non-cooperating
category with IND B+ (ISSUER NOT COOPERATING) / IND A4
(ISSUER NOT COOPERATING) rating; and
-- INR13.5 mil. Non-fund-based facility migrated to non-
cooperating category with IND A4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 13, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
P Ramu is engaged in the execution of road contracts.
PREM NARAYAN: CARE Lowers Rating on INR9.90cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Prem
Narayan Rameshwar Dayal (PNRD), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.90 CARE D; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 27, 2019, placed the
rating of PNRD under the 'issuer non-cooperating' category as PNRD
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PNRD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
22, 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 rating(s).
The rating has been revised on account of overdrawings in cash
credit limits and bank overdraft for more than 30 days.
Detailed description of the key rating drivers
At the time of last rating on March 27, 2019, the following were
the rating strengths and weaknesses. (Updated for the information
available from due diligence with bank).
Key Rating Weaknesses
* Delay in debt servicing: As per banker interaction, there are
overdrawings in cash credit limits and bank overdraft for more than
30 days owing to poor liquidity position.
Gwalior (Madhya Pradesh) based PNRD was formed by Mr Prem Narayan
Gupta and currently it is being run by Mr. Santosh Kumar Gupta. The
firm is engaged in the business of trading of agro-commodities viz.
paddy, wheat, gram, masoor dal, moong dal etc. It procures material
from local market and mandi from farmers and sell it to local
market and within the state of Madhya Pradesh.
R. K. FROZEN: CARE Lowers Rating on INR13.95cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.
K. Frozen Foods, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.95 CARE B+; Issuer not Cooperating;
Facilities Revised from CARE BB-; Issuer
not Cooperating; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 28,2019, placed the
ratings of R. K. Frozen Foods under the 'issuer noncooperating'
category as R. K. Frozen Foods had failed to provide information
for monitoring of the rating. R. K. Frozen Foods continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2020, March 30, 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.
The ratings have been revised by taking into account
non-availability of requisite information and no due-diligence
conducted with banker due to non-cooperation by R.K. Frozen Foods
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information avaibility risk as a key factor
in its assessment of credit risk. Further, the Rating continue to
remain constrained owing to small scale of operations, low
profitability margins & leveraged capital structure and elongated
operating cycle. The ratings are further constrained by
susceptibility to fluctuations in raw material prices and monsoon
dependent operations and highly fragmented industry coupled with
high level of government regulation. The ratings, however, draws
comfort from partners.
Detailed description of the key rating drivers
At the time of last rating on January 28, 2019, the following were
the rating weaknesses and strengths:
Key Rating Weaknesses
* Small scale of operations: The scale of operations has remained
small marked by total operating income and gross cash accruals of
INR35.00crore and INR0.96 crore respectively in FY16 (FY refers to
the period April 1 to March 31). Further, the net worth base also
remains relatively small at INR4.86crore as on March 31, 2016. The
small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits. Furthermore, during
6MFY17 (refers to the period April 01 to September 30, based on
provisional results) the company has achieved TOI of INR25.00
crore.
* Low profitability margins and leveraged capital structure: The
profitability margin continues to remain low as marked by PBILDT
and PAT margin of 5.49x and 1.81x respectively for FY16. The
capital structure of the firm marked by overall gearing of above 2x
as on continues to remain leveraged on past two balance sheet dates
(March 31, 2015 and march 31, 2016) on account of high reliance on
working capital borrowing.
* Elongated operating cycle: The operating cycle of the firm
continues to remain elongated at 153 days for FY16. This is mainly
on account of high average inventory holding days of 121 days as
the company procures during harvesting season and builds up
processed inventory to cater to demand of its customers throughout
the year. The average collection period remained at around 30- 40
days while it purchase paddy mainly on cash or advance basis.
* Susceptibility to fluctuations in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
The prices of rice move in tandem with the prices of paddy. The
vegetables procured by the firm are perishable in nature.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and lead to volatility in raw material prices
which will adversely affect the profitability as well as growth
prospects for the firm.
* Highly fragmented industry coupled with high level of government
regulation: The nature of the products make the industry highly
fragmented with numerous players operating in the unorganised
sector with very less product differentiation. Furthermore, for
rice, there are several small scale operators which are not into
endto end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose off
semiprocessed rice to other rice millers for further processing.
Paddy prices are regulated by the government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers. Any adverse change in the policies of government
can affect the business.
Key Rating Strengths
* Experienced partners: Mr. Ajay Kumar Agarwal and Ms. Priti
Agarwal are partners in the firm. Mr. Ajay Kumar Agarwal looks
after the overall operations of the firm. He has experience of
around three decades in the area of seeds and agri-commodity
production and marketing through his association with this entity
and other group companies- R.K. Agarwal Agro Seeds Ltd. and
Nainital Tarai Seeds Ltd.
Kashipur based, R.K. Frozen Foods (RKF) is a partnership concern
established in April 2009 by Mr. Ajay Kumar Agarwal and Ms. Priti
Agarwal. RKF is engaged in processing fresh fruits & vegetables
into frozen form through individual quick freezing (IQF) technique.
RKF has set up its manufacturing facility at Udham Singh Nagar,
Uttarakhand. The facility has an installed capacity to process
35,000 quintal per annum of peas, 200 quintal per annum of corn and
4 metric tonne per hour for milling and processing of paddy as on
March 31, 2016.
RAICHUR POWER: Ind-Ra Affirms 'D' LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raichur Power
Corporation Limited's (RPCL) Long-Term Issuer Rating at 'IND D'.
The instrument-wise rating actions are:
-- INR1.0 bil. Working capital loans (Long-term)* assigned with
IND D rating; and
-- INR16.120 bil. (reduced from INR17.120 bil.) Proposed working
capital loans (Long-term) affirmed with Provisional IND D
rating.
* The final rating has been assigned following the receipt of the
sanction letter by Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects RPCL's intermittent delays in debt
servicing for the six months ended March 2020 due to cash flow
mismatches and delayed receivables from distribution companies in
Karnataka
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.
COMPANY PROFILE
RPCL has implemented a 1,600MW (2x800MW) coal-based thermal power
project in Yeramarus near Raichur, Karnataka. This site commenced
operations in April 2017 (one unit in March 2017 and other in April
2017).
KPCL, which is wholly owned by the government of Karnataka, owns
53.80% of RPCL. Of the remaining share capital, Bharat Heavy
Electricals Limited ('IND AA+'/Stable) holds 27.97%, and Industrial
Finance Corporation of India Limited holds 18.23%, according to the
audited annual accounts for FY18. The total installed capacity of
KPCL is more than 6,000MW.
RAVIRAJ GINNING: CARE Keeps 'D' on INR15cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raviraj
Ginning Pressing and Oil Industries (RGPOI) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE D; Issuer not co-operating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 30, 2019, placed the
rating(s) of RGPOI under the 'issuer non-cooperating' category as
RGPOI had failed to provide information for monitoring of the
rating. RGPOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 6, 2020, April 15, 2020, April 22,
2020, April 23, 2020 and April 24, 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 rating(s).
Detailed description of the key rating drivers
At the time of last rating on August 30, 2019, the following was
the rating weakness
Key Rating Weaknesses
* Ongoing delay in debt servicing: Owing to weak liquidity
position, the firm has been irregular in servicing its debt
obligation
Morbi (Gujarat) based RGPOI, a partnership firm, was constituted in
October 2005. The key partners of the firm are Mr. Mahendra
Jhalariya and Mr. Kalyanji Jhalariya. The firm is engaged in the
cotton ginning, pressing and oil extraction business with an
installed capacity of 32 metric tonnes per day (MTPD) of cotton
bales as on March 31, 2017.
SAKA EMBROIDERY: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Saka
Embroidery Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR80.70 mil. Long-term loans due on May 2028 migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR100.00 mil. Fund-based working capital limits migrated to
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 10, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1999 in Pune, Saka Embroidery is a wholesaler and
retailer of textiles such as sarees, dress materials, and readymade
dresses. Mr. Fulchand Rathod started the business in 1988. The
company is wholly-owned by Rathod family members. It has three
retail showrooms in Maharashtra.
SANGAM HANDICRAFT: CARE Cuts Rating on INR5.80cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sangam Handicraft Private Limited (SHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.80 CARE D; Issuer not Cooperating;
Facilities Revised from CARE B; Issuer
not Cooperating; on the basis
of best available information
Short Term 0.75 CARE D; Issuer not cooperating;
Bank Facilities Revised from CARE A4; Issuer not
Cooperating on the basis of best
available information
Detailed Rationale & Key rating Drivers
CARE had, vide its press release dated March 25, 2019, placed the
ratings of SHPL under the 'issuer non-cooperating' category as SHPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
24, 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 rating.
The ratings have been revised on account of overdrawing of more
than 30 days in its working capital bank borrowings owing to poor
liquidity position.
Detailed description of the key rating drivers
At the time of last rating on March 25, 2019, the following were
the rating strengths and weaknesses. (Updated for the
information available from due diligence with bank)
Key Rating Weakness
* Overdrawing and delay in debt servicing: There is overdrawing of
more than 30 days in its working capital bank borrowings owing to
poor liquidity position.
Jaipur (Rajasthan) based Sangam Handicraft Private Limited (SHPL)
was established in 1997 as a private limited company by Mr Shubhash
Gupta and his family members. SHPL is engaged in manufacturing of
silver and gold coins, biscuits shields, Trophy's, Utensils etc. It
majorly sells to the government department and banks, direct
customers and wholesalers as well. The company has an installed
capacity to manufacture 86 kgs per day (KGPD) of silver and gold
articles.
SANTOSH PULSE: CARE Lowers Rating on INR6cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Santosh Pulse Mill (SPM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B; Stable; Issuer not
Facilities Cooperating; Revised from
CARE B+; Stable; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 28, 2019, placed the
rating(s) of SPM under the 'issuer noncooperating' category as SPM
had failed to provide information for monitoring of the rating. SPM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 06, 2020, April 15, 2020, April 20, 2020,
April 21, 2020 and April 22, 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 rating(s).
The rating assigned to the bank facilities of SPM have been revised
on account of non-availability of requisite information. The
ratings factored in modest scale of operations with thin profit
margins, leveraged capital structure and weak debt coverage
indicators. Further, the rating also continues to remain
constrained on account of Susceptibility of margins to volatility
in raw material prices along with presence into fragmented and
competitive agro processing industry and proprietorship nature of
constitution. However, ratings further derive strength from
experienced proprietor in agro processing industry.
Detailed description of the key rating drivers
At the time of last rating on March 28, 2019 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Modest scale of operations coupled with thin profit margins:
During FY17 the scale of operation marked by total operating income
of SPM remained modest at INR 14.05 crore as against INR 30.42
crore during FY16. Further, the profit margins remained thin marked
by PBILDT and PAT Margin of at 7.62% and 0.39% during FY17 as
against 3.79% and 0.39% during FY16.
* Leveraged capital structure and weak debt coverage indicators:
On the back of increase in total debt level that of tangible net
worth, capital structure remained leveraged marked by overall
gearing ratio stood at 4.90x as on March 31, 2017 as against 4.12x
as on March 31, 2016. Further on the back of decrease in GCA level
and higher interest & finance charges, debt coverage indicators
remained weak marked by an interest coverage ratio and total debt
to GCA ratio stood at 1.04x and 159.20x during FY17 as against
1.20x and 14.26x during FY16.
* Susceptibility of margins to volatility in raw material along
with presence into fragmented and competitive agro processing
industry: The prices of agro commodities are subject to climatic
risk and are volatile in nature. Hence, any adverse movement in
their price can put pressure on the profit margins of the firm.
Further, high proportion of small scale units operating in the agro
processing industry has resulted in the fragmented nature of the
industry as well as intense competition within the players due to
low entry barriers which is limiting pricing flexibility.
* Proprietorship Nature of Constitution: Being a proprietorship
firm SPM is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital.
Key Rating Strengths
* Experienced proprietor in agro processing industry: Mr Ashok
Jethwani, proprietor, possesses an experience of more than one and
half decade in the agro processing industry. With the
long-standing industry experience, the proprietor has established
strong relationship with customers and suppliers over the years.
Dabhoi (Vadodara) based SPM is a proprietorship established in the
year 1998 and promoted by Mr. Ashok Jethwani. The firm engaged
mainly in processing and trading of Pigeon pea (Toor Dal) under the
brand name of "SHIVAM TUR DAL". Earlier in 1970, Mr.Brijlal
Jethwani (Father of Mr. Ashok Jethwani) along with his father and
two brothers established the business of trading of paddy and
pulses and other food grains. Later on in 1998, three brothers were
separated and Mr. Ashok Jethwani started his own business of
processing and trading of pulses. SPM operates from its sole
manufacturing facilities located at Vadodara with installed
processing capacity of 20 MTPA as on March 31, 2017.
SAPL INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SAPL Industries
Private Limited's (SAPL) Long-Term Issuer Rating to 'IND BB+
(ISSUER NOT COOPERATING)' from 'IND BBB+ (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance 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:
-- INR480 mil. Fund-based working capital limit downgraded with
IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR316 mil. Non-fund-based working capital limit downgraded
with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
SAPL has a lower public rating from another credit rating agency,
with which the company has been cooperative.
COMPANY PROFILE
Incorporated in 2001, SAPL Industries manufactures and exports
readymade garments.
SHIRPUR POWER: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shirpur Power
Private Limited's rupee term loan in the non-cooperating category.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR15.140 bil. Rupee term loan (long-term) due on September
2030 maintained in non-cooperating category with IND D
ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Shirpur Power, a wholly-owned subsidiary of Sixvents Power and
Engineering Limited, operates a 100% imported coal-based 300MW (2 X
150MW) subcritical thermal power plant near Dhule, Maharashtra.
SKV INFRATECH: CARE Cuts Rating on INR3.50cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SKV
Infratech Pvt Ltd, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE B; Issuer not Cooperating;
Facilities Revised from CARE B+; Issuer
not Cooperating; on the basis
of best available information
Short Term 10.50 CARE A4; Issuer not cooperating;
Bank Facilities Revised from CARE A4; Issuer
not Cooperating; on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 11, 2019, placed the
ratings of SKV Infratech Pvt Ltd under the 'issuer noncooperating'
category as SKV Infratech Pvt ltd had failed to provide information
for monitoring of the rating. SKV Infratech Pvt ltd continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2020, March 30, 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.
The rating takes into account small scale of operations, thin
profitability margins, leveraged capital and weak debt coverage
indicators, working capital intensive nature of operations and
competitive nature of industry. The ratings, however, continue to
draw comfort from long track record of operations coupled with
experienced director.
Detailed description of the key rating drivers
At the time of last rating on January 11, 2019 the following were
the rating weaknesses and strengths:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations: The scale of operations of the
company remained small as marked by total operating income and
gross cash accrual of INR85.53 crore and INR2.23 crore for FY18.
The small scale limits the company's financial flexibility in times
of stress and deprives it of scale benefits.
* Weak profitability margins and leverage capital structure: The
profitability margins of the company continues to remain low as
marked by PBILDT margin and PAT margin of 4.36% and 2.03%
respectively in FY18. The capital structure of the company stood
leveraged marked by overall gearing of 2.14x as on March 31, 2018.
The debt coverage indicators remained moderate marked by interest
coverage ratio and total debt to GCA ratio of 6.62x and 4.89x
respectively for FY18.
* Competitive nature of industry: SKV faces direct competition
from various organized and unorganized players in the market. There
are a number of small and regional players in the industry which
has limited the bargaining power of the company and has exerted
pressure on its margins. Furthermore, the award of contracts are
tender driven and the lowest bidder gets the work. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in the
medium term.
Key Rating Strengths
* Experienced management: SKV is currently being managed by Mr.
Satish Singh and Mr. Varun Garg. Mr. Satish Singh has vast
experience of over two decades in the construction business through
his association with SKV and earlier with SK Builders. He is
supported by Mr. Varun Garg who has an experience of almost a
decade through his association with SKV and earlier with SK
Builders. Both look after the overall functions of the company.
SK Builders was established in early 90's by Mr. Satish Singh as a
partnership firm which was later reconstitution into company in
August 2012 and name changed to SKV Infratech Pvt. Ltd. (SKV). The
company is engaged in construction works which involve construction
of roads and development work like construction of drains and
culvert. SKV executes contracts mainly for government departments
like New Okhla Industrial Development Authority, Yamuna Expressway
Industrial Development Authority and Greater Noida Industrial
Development Authority.
SWAMI YOGANAND: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swami Yoganand
Charitable Trust's bank facilities' ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- INR49.5 mil. Term loan (long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR30 mil. Working capital facility (long-term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
COMPANY PROFILE
The trust was established in 2002. It runs two boarding schools
under the name Vatsalya International School in Anand, Gujarat.
TANISHQ REALITIES: Ind-Ra Lowers LT Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tanishq Realities'
Long-Term Issuer Rating to 'IND D' from 'IND B+' while
simultaneously migrating the rating to the non-cooperating
category. The Outlook on the earlier rating was Stable. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR300 mil. Term loan due on June 2020 downgraded and migrated
to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
The downgrade reflects Tanishq Realities' continuous delays in debt
servicing due to tight liquidity position, and the company is
categorized as a non-performing asset since September 2019.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.
COMPANY PROFILE
Set up in 2012, Tanishq Realities is a Pune-based partnership firm,
engaged in executing residential and commercial real estate
projects in the city.
THRISSUR EXPRESSWAY: CARE Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thrissur
Expressway Private Ltd (TEL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 505.18 CARE D; ISSUER NOT COOPERATING;
Facilities Reaffirmed
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 11, 2018 placed the
rating of TEL under the 'issuer non-cooperating' category as TEL
had failed to provide information for monitoring of the rating. TEL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated April 21, 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 rating(s).
The ratings take into account delay in debt servicing owing to
delay in project execution.
Detailed description of the key rating drivers
At the time of last rating on December 11, 2018 the following were
the rating strengths and weaknesses
Key rating weakness
* Delays in meeting the debt obligations due to delay in the
project execution: There have been delays meeting debt obligations
primarily due to delay in the execution of project on account of
delay in land acquisition.
Key rating strengths
* Established track record of the group and sponsors as a developer
of various BOT-based roads: KMC Constructions Limited (KMCCL) of
the KMC group is an integrated construction, infrastructure
development and management company headquartered in Hyderabad,
India. The company is engaged in the business of construction and
development of road projects. The group has more than four decades
of track record in building large infrastructure projects in road
sector and execution track record of more than 15,000 km of road.
China Railway 18th Bureau (Group) Co., Ltd (CR18G) is one the
largest enterprises in the constructionindustry globally. It has
executed EPC contracts and managed infrastructure assets across the
world. For TEL, CR18G is a technical partner to KMC and is not
involved in obtaining sponsor undertakings. KMCCL and KMCIL
together are the sponsors for TEL.
Incorporated on April 08, 2009, Thrissur Expressway Ltd (TEL) is an
Special Purpose Vehicle [SPV, (incorporated as Thrissur Expressway
Private Limited and subsequently changed to public limited
company)] for the purpose of 6-laning of the Vadakancherry-Thrissur
section of NH-47 design change from km 236.135 to km 264.490 km
(28.355 km length) in the state of Kerala on
Design-Build-Finance-Operate (DBFO) basis, under the Concession
Agreement (CA) from NHAI. Currently, KMCIL hold around 90% equity
stake in TEL and CR18G holds the balance 10%.At the end of
September 2017, TEL has achieved financial progress of 89.69%
(against 100% targeted by end of September 2017) and cumulative
physical progress achieved at the end of September is 87.64%
(against 100% targeted at the end of September 2017).
UDAY AUTOLINK: CARE Keeps D on INR34.59cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uday
Autolink Private Limited (UAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 34.59 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 27, 2019, placed
the rating(s) of UAPL under the 'issuer non-cooperating' category
as UAPL had failed to provide information for monitoring of the
rating. UAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 06, 2020, April 14, 2020, April 15,
2020, April 16, 2020 and April 17, 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 rating(s).
Detailed description of the key rating drivers
At the time of last rating on February 27, 2019 the following was
weakness:
Key Rating Weaknesses
* Ongoing delay in debt servicing: Owing to weak liquidity
position, the firm has been irregular in servicing its debt
obligation.
Ahmedabad based UAPL was incorporated on July 7, 2011 by Mr Uday
Bhatt & Ms Mohiniben Bhatt. UAPL is an authorized dealer of Maruti
Suzuki India Limited. It is engaged in selling of Maruti Suzuki
India Limited's passenger cars & provides after sales services to
the customers. UAPL's showroom/workshop is located at Kathwada
village in Ahmedabad district of Gujarat. UAPL is a part of Galaxy
Group having diverse business interests in real estate,
hospitality, etc.
VIP ENTERPRISE: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of VIP
Enterprise Private Limited (VEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.50 CARE B+; Stable Reaffirmed
Detailed Rationale and Key Rating Drivers
The rating assigned to the bank facilities of VEPL continue to
remain constrained on account of its moderate scale of operations
along with thin profitability, leveraged capital structure, weak
debt coverage indicators and stretched liquidity position during
FY19 (refers to period April 01 to March 31). Further, the rating
further continues to remain constrained on account of fortunes of
the company linked with growth of principal automobile
manufacturers in addition to exposure to intense competition in the
automobile dealership industry.
The rating, however, continues to derive strength from long
standing experience of VEPL's promoters in automobile dealership
Industry.
Rating Sensitivities:
Positive Factors
* Growth in PBILDT margin of more than 3% with an increase in GCA
from current level on a sustained basis.
* Improvement in capital structure with an overall gearing of lower
than 3 times with an improvement in overall liquidity position.
Negative Factors
* De-growth in TOI and GCA by more than 50%.
* Deterioration in debt coverage indicators marked by interest
coverage of below unity times.
Detailed description of key rating drivers
Key Rating Weaknesses
* Moderate scale of operations and thin profitability: VEPL is an
authorized automobile dealer of Ashok Leyland and Royal Enfield for
Light Commercial Vehicles (LCVs) and Passenger vehicles. During
FY19, the scale of operations of VEPL as marked by total operating
income (TOI) continued to remain stable and moderate at INR54.40
crore as compared to INR54.19 crore during FY18. The PBILDT margin
of VEPL also continued to remain thin at 1.77% during FY19 as
against 1.42% during FY18 led by a marginal decrease in
proportionate cost of pre delivery expenses. Consequently, PAT
margin of VEPL also remained thin at 0.32% during FY19 as against
0.26% during FY18.
* Leveraged Capital structure: Capital structure of VEPL
deteriorated, however continued to remain leveraged as marked by an
overall gearing ratio of 6.24 times as on March 31, 2019 as against
4.83 times as on March 31, 2018, the deterioration in overall
gearing is owing to increase in the amount of outstanding short
term trade advances as well as higher utilization of working
capital bank borrowings as on balance sheet date.
* Weak debt coverage indicators: Debt coverage indicators of VEPL
deteriorated and continued to remain weak as marked by total debt
to gross cash accruals (TDGCA) of 29.27 years as on March 31, 2019
as compared to 28.35 years as on March 31, 2018 owing to increase
in the total debt level as on March 31, 2019. The interest coverage
ratio continued to remain moderate at 1.65 times during FY19 (1.51
times during FY18) led by higher PBILDT during FY19.
* Fortunes of the company linked with growth of principal
automobile manufacturers: Though the company is an authorized
dealer of established brands like Ashok Leyland and Royal Enfield,
any unfavorable event affecting the growth plans of Original
Equipment Manufacturers (OEM) will have a significant impact on the
performance of VEPL.
* Exposure to intense competition in the automobile dealership
industry: VEPL's business growth is exposed to the intense
competition in the automobile dealership industry. VEPL is an
authorized dealer for Royal Enfield (Two Wheeler- Passenger
Vehicle) and Ashok Leyland (Four Wheeler- Light Commercial
vehicles). Hence the entity has to compete with dealers of other
reputed brands. Intense pricing pressure has forced automobile
players to cut costs, leading to competitive rates of commissions
for dealers.
Key Rating Strengths
* Long standing experience of promoters in automobile dealership
Industry: VEPL was earlier into the same business under the name
of VIP Automobiles Private Limited. The key director Mr. Jayant
Vaidya, has an experience of around three decades in the automobile
industry. Another director Mr. Navinchandra Janani also holds
experience of two decades in the field of automobile dealership
field. Both these key promoters look after management and
operations of the business. Another directors, Mr. Keshav Faldu,
looks after accounts and finance department. All over, VEPL is
benefitted from the long standing experience of its directors.
Liquidity Analysis: Stretched
Liquidity position of VEPL continued to remain stretched during
FY19 led by high average working capital utilization at ~90% for
the past 12 months ended March, 2020. Cash and bank balance
remained modest at INR1.02 crore; while net cash flow from
operations continued to remain negative as on March 31, 2019. The
operations are also working capital intensive in nature as marked
by high net working capital to total capital employed at ~92%
during FY19. Furthermore, the operating cycle also elongated tot 41
days in FY19 from 22 days in FY18, led by an increase in inventory
holding period. The current ratio remained moderate at 1.32 times
as on March 31, 2019.
Surat based (Gujarat) VIP Enterprise Private Limited (VEPL) was
incorporated in April, 2012. The entity is as an authorized dealer
of Ashok Leyland (Light Commercial Vehicles - LCVs) and Royal
Enfield (passenger vehicles). The company also provides ancillary
products like helmets, automobile spare parts and accessories
besides providing maintenance services for the vehicles from its
workshops. VEPL has two showrooms and five workshops in Surat.
YANTRA E-SOLAR: CARE Keeps B on INR15.63cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yantra
eSolar India Pvt. Ltd. (Yantra) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.63 CARE B; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
Yantra has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on Yantra e-Solar India P. Ltd.'s bank
facility will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of the company are
constrained by decline in the operating income during FY19
(Audited) (FY refers to period April 1 to March 31), leveraged
capital structure with erosion of net worth on account of
accumulated losses as on March 31, 2019, low plant load factor PLF
levels and inherent risk associated with solar power project which
are susceptible to climate at the site location. The rating is,
however, underpinned by low off-take and credit risk owing to the
long-term Power Purchase Agreement (PPA) with Gujarat Urja Vikas
Nigam Ltd, long track record, comfortable collection period and
positive outlook for renewable power industry. The rating also
factors in proposed change in promoter holding and management of
the company during FY20.
Detailed description of the key rating drivers:
At the time of last rating on January 08, 2019, the following were
the rating strengths and weaknesses: (Updated based on audited
financials for FY19 received from the company)
Key Rating Weaknesses:
* Subdued operational & financial performance in FY19: During
FY19, the operational performance of the company remained in line
with FY18 with the company reporting PLF of 14.55% in FY19
vis-à-vis 14.85% in FY18. The gross revenue of the company in FY19
remained almost similar to FY18 with marginal decline of 2% due to
marginally lower PLF for the year. However, with overhead costs
(employee and O&M expenses) that escalated cost of sales, Yantra
reported net loss of INR1.58 crore in FY19 vis-à-vis net loss of
INR2.05 crore in FY18. Nevertheless, it continued to report GCA of
INR1.96 crore. During 9MFY20, the company has registered gross
revenue of INR4.81 crore.
* Leveraged capital structure led by erosion of net worth: Yantra's
debt profile comprises term loan and interest free unsecured loans
from promoters. The capital structure of the company continues to
remain leveraged with deterioration of overall gearing to 2.57x as
on March 31, 2019 from 2.47x as on March 31, 2018, mainly due to
erosion of net-worth on account of accumulation of net-loss during
FY19. The debt coverage indicator, total debt to GCA remains weak
at 18.64x for FY19. However, the other debt coverage indicator,
PBILDT interest coverage ratio is satisfactory at 1.67x in FY19.
* Exposure to climatic conditions & technological risks: The site
receives an average of solar radiation of 5.305 kWh per meter
square per day. The power generation level of a solar power plant
primarily depends upon factors like solar radiation levels,
temperature and climatic conditions which are beyond human control
& can adversely affect the operational efficiency of the plant.
Also, design parameters, inverter efficiency and module degradation
depend on the overall manufacturing pattern and technical soundness
of the modules. Achievement of desired solar power output is
subject to change in climatic conditions and technological risk due
to limited track record of solar technology in India.
Key Rating Strengths:
* Proposed change in promoter holding and management: Yantra was
promoted by Mr. Santosh Varalwar (promoter of VVL) and Mr. Nixon
Patel. However, in FY20, the promoters have proposed to transfer
shareholding to Shah Family of Monarch Networth Capital Ltd.
Monarch Networth Capital Ltd (MNCL) is a stock brokerage company
promoted by Mr. Vaibhav Shah. Presence of long term PPA with
Gujarat Urja Vikas Nigam Ltd resulting in low off –take credit
risk: Yantra has Power Purchase Agreement (PPA) with Gujarat Urja
Vikas Nigam Ltd (GUVNL, rated CARE AA-; Stable/CARE A1+) in Dec,
2010 for a period of 25 years from Commercial Operation Date (COD).
GUVNL will purchase power at INR 9.98/kWh for first 12 years and
for the subsequent 13 years the power cost will be INR7/kWh. The
project achieved COD on October 23, 2012 as against Scheduled
Commercial Operation Date (SCOD) of Dec. 31, 2011 and the total
operating capacity commissioned is 4.95 MW. The sound financial
risk profile of the purchaser largely mitigates the credit risk of
off taker.
* Escrow mechanism in place & comfortable operating cycle: The
company maintains an escrow account with the lender, where the
company records its receipts and meet the necessary expenses
(inclusive of management fees, overheads etc.) & the debt
obligations. While there is no stipulated waterfall mechanism, the
lenders debit principal & interest primarily from bill receipts
followed by transfer of balance funds at the request of the company
for other expenses. Yantra has a comfortable collection period of
35 days in FY19 that has improved from 40 days in FY18 as the
company continues to record timely receipts from the GUVNL within
average time-period of 5-7 days. Payments are received post
deduction of rebate.
Yantra eSolarIndia Pvt. Ltd. (Yantra), incorporated in August 2010,
was promoted by Mr. Santosh Varalwar [MD of Vivimed Labs Ltd (VLL),
who holds shares as nominee of VLL], Mr. Nixon Patel of RAS Global
Ltd and Mr. B. Ravi Kumar of GRV Estates P. Ltd. The present
management has agreed to transfer entire shareholding to Ahmedabad
based promoters Mr. Bankim Shah & Mr. Himanshu Shah who have been
inducted as additional directors in August 2019. The transfer is
pending due to final approval from GUVNL.
The company was established to set up 5 MW Solar Photovoltaic (PV)
Grid Interactive Power plant in Charanka Village, Santalpur Taluka,
Patan Dist of Gujarat. The project achieved COD on October 23, 2012
as against Scheduled Commercial Operation Date (SCOD) of Dec. 31,
2011. The company has entered into Power Purchase Agreement (PPA)
with Gujarat UrjaVikas Nigam Ltd. for a period of 25 years from
Commercial Operation Date (COD). GUVNL will purchase power at INR
9.98/kWh.
YOGESH CHOUDHARY: CARE Lowers Rating on INR9.82cr Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yogesh Choudhary (YC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 9.82 CARE C; Stable/CARE A4;
Short term Issuer not cooperating;
Bank Facilities Revised from CARE BB;
Stable/CARE A4; Issuer
Not Cooperating; on the
basis of best available
information
Long-term 5.18 CARE C; Stable; Issuer
Bank Facilities not cooperating; Revised
from CARE BB; Stable;
Issuer Not Cooperating
on the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 19, 2019, placed
the rating(s) of YC under the 'Issuer not Cooperating' category as
YC had not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement. YC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated April
21, 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 rating(s).
The ratings assigned to the bank facilities of YC have been revised
on account of stretched liquidity position. The ratings, further,
continue to remain constrained on account of its modest scale of
operations, leveraged capital structure, customer concentration as
well as geographical concentration, constitution as a partnership
firm and high competitive intensity in the government civil
construction segment with absence of price escalation clause led to
vulnerability of margins.
The ratings, however, continue to derive strength from the long
track record of operations coupled with experienced management and
moderate profitability margins.
Detailed Description of Key Rating Drivers
At the time of last rating on February 19, 2019, the following were
the rating strengths and weaknesses
Key Rating Weaknesses
* Modest scale of operations along with leveraged capital structure
and stretched liquidity position: The scale of operations of the
firm remained modest with Total Operating Income (TOI) and PAT of
INR39.99 Crore and INR 1.76 crore in FY18. During FY18, TOI of the
firm increased by 82.51% over FY17 due to higher order execution in
the FY18. The capital structure of the firm stood leveraged with an
overall gearing of 1.79 times as on March 31, 2018, marginally
deteriorated from 1.77 times as on March 31, 2017 mainly on account
of increase in term debt. The debt service coverage indicators of
the firm stood moderate with total debt to GCA of 4.68 times as on
March 31, 2018; however, deteriorated marginally from 4.57 times as
on March 31, 2017 mainly on account of high debt. Further, interest
coverage ratio stood moderate at 2.42 times in FY18. The Operating
Cycle of the firm stood at negative 26 days in FY18. The current
and quick ratio of the firm stood moderate at 1.59times and 1.42
times respectively in FY18. Further, as per banker interaction,
there are instances of overdrawal in fund based limits/working
capital bank borrowings in last six months ended March 2020 which
were cleared in 5-7 days of successive months.
* Customer concentration and geographical concentration and
constitution as a partnership firm: Client base of YC is skewed
towards government departments in Rajasthan. The firm derives
majority of its contracts from PWD and housing board. Further, YC
is a regional player and all the projects are executed in Rajasthan
only which reflects geographical concentration risk. Also, its
presence is majorly in construction of residential and commercial
buildings which exposes it to sectorial concentration risk as well.
Further, its constitution as a partnership firm with low net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of withdrawal
of capital and dissolution of the firm in case of death/insolvency
of partner.
* High competitive intensity in the government civil construction
segment and absence of price escalation clause led to vulnerability
of margins: The construction industry is highly fragmented in
nature with presence of large number of unorganized players and a
few large organized players coupled with the tender driven nature
of construction contracts poses huge competition and puts pressure
on the profitability margins of the players. Further, as the firm
participates in tenders invited by large lead contractor, high
competition and lower bargaining power restricts its profitability
margins.
Key rating strengths
* Long track record of operations coupled with experienced
management: The firm was formed in 1996 and hence has track record
of more than two decades in the construction industry. Mr. Yogesh
Choudhary, partner, looks after overall affairs of the firm and has
more than two decades of experience in the construction industry.
With long-standing presence in the industry, it has established
relationship with government departments and the same is reflecting
through its multiple work order in hand from PWD, RSRDC and private
players. As on December 11, 2017, the firm had orders of
INR128.31crore.
* Moderate profitability margins: PBILDT and PAT margins of the
firm stood at 10.01% and 4.41% respectively in FY18. PBILDT margin
declined by 272 bps over FY17 mainly on account of high cost of
material consumed. In line with decline in PBILDT margin, PAT
margin also declined by 328 bps over FY17 due to high depreciation
and interest charges.
Bharatpur-based (Rajasthan) Yogesh Choudhary (YC) was formed in
year 1996 by Mr. Yogesh Choudhary as a partnership firm along with
Mrs. Sunita Choudhary to share profit or loss in equal ratio. YC is
engaged in road construction and is registered as "AA" class
approved contractor (Highest in the scale of AA to E) indicating
eligibility to bid for contracts of any amount. The firm undertake
projects for road construction from Public Works Department (PWD)
and Rajasthan State Road Development and Construction Corporation
(RSRDC) and it has executed projects in the area of Alwar, Bayana
and Hindaun etc.
=================
I N D O N E S I A
=================
AIRY ROOMS: To Shut Operations by the End of May
------------------------------------------------
Eisya A. Eloksari at The Jakarta Post reports that homegrown hotel
aggregator start-up Airy will cease operations by the end of May as
the COVID-19 pandemic hits the hospitality business.
According to the report, the company said in an email to its
property partners that it would cease its agreement with them as
the company had stopped operational activities.
"We have done our best to overcome the impact of this disaster.
However, given the significant technical decline and reduction in
human resources, we have decided to stop our operations
permanently," read the email as reported by kompas.com on May 7,
the Jakarta Post relays.
The Jakarta Post relates that the email continues by stating that
after May 31, the company would no longer provide services to its
partners. The decision came after the start-up laid off around 70
percent of its staff last month, the report notes.
The hospitality and travel sector have been the hardest hit by the
pandemic, forcing more than 700 hotels in the country to close down
as social distancing calls and travel bans continue globally to
contain the coronavirus spread. The disease has infected more than
12,700 people in Indonesia, with the death toll reaching 900 as of
Thursday afternoon, according to official data.
Airy public relations manager Vinda Mudita told The Jakarta Post
that she was unable to give detailed information about the layoffs
and business shutdown.
The start-up's CEO, Louis Alfonso Kodatie, previously said the
company had tried to mitigate the effects of the pandemic. He
expressed optimism that the travel industry would recover.
Airy will be the first hospitality start-up to permanently cease
operations in Indonesia, as similar companies continue to furlough
and lay off workers, as well as impose pay cuts to cope with the
outbreak impacts, the report notes.
Established in 2015, Airy -- https://www.airyrooms.com/ -- has
2,000 properties with more than 30,000 rooms.
GARUDA INDONESIA: Capital Injection Ruled Out By Government
-----------------------------------------------------------
Bloomberg News reports that Indonesia is finalizing a $1 billion
financial bailout plan for its flag carrier to help it stave off a
debt default after the coronavirus crisis forced the airline to
ground most of its planes.
Bloomberg relates that the rescue plan includes a proposal to
restructure PT Garuda Indonesia's $500 million sukuk due next month
and arrange new bridge loans of as much as $500 million to meet
working capital requirements for three to six months, Deputy
State-Owned Enterprises Minister Kartika Wirjoatmodjo said.
According to Bloomberg, Wirjoatmodjo said Garuda will table the
sukuk proposal to investors on May 18 that will include an option
to extend the maturity of the securities by three years or a
staggered repayment. Last month, the carrier asked bondholders to
begin talks with its financial adviser, citing an "extremely
challenging environment for airlines" following the virus
outbreak.
Bloomberg notes that the government help in tiding over the
financial crunch should sooth investor concerns about Garuda's
ability to survive the pandemic that's forced airlines worldwide to
seek state bailouts and emergency funding. Garuda, in which
Indonesia's government owns almost 61%, has already cut employee
salaries and renegotiated aircraft lease agreements to tackle a
slump in travel sparked by the pandemic.
"Garuda remains a good company with bright prospects," Bloomberg
quotes Wirjoatmodjo, a former chief executive of state-owned PT
Bank Mandiri, as saying. "Its business will remain robust after the
outbreak ends."
Garuda's $500 million notes due June 3 have tumbled to 42.492 cents
on the dollar from 98.72 cents at the end of January as concerns
mounted over the airline's ability to repay the debt, according to
Bloomberg-compiled prices. Garuda's Chief Executive Officer Irfan
Setiaputra said in a March interview the airline won't default on
the debt and was in talks with several banks about refinancing,
recalls Bloomberg.
With the revenue forecast to take a hit from the pandemic, the
national carrier is ramping up its cargo business and utilizing its
fleet to ferry Indonesians stranded overseas, Bloomberg states.
Garuda and its unit PT Citilink Indonesia secured around $384
million in loans and credit lines from state lender PT Bank Rakyat
Indonesia this month to shore up working capital.
Bloomberg says Wirjoatmodjo ruled out a direct capital injection by
the government as an option to address Garuda's financial woes.
"The government needs to seriously reconsider the competitiveness
of Garuda and manage its cost structure post COVID-19 before
considering any capital injection," said Bharat Joshi, an
investment director at PT Aberdeen Standard Investments Indonesia,
Bloomberg relays. "The aviation landscape will continue to evolve
and the glory days of travel won't return anytime soon."
Bloomberg notes that Garuda has also been dealt a blow with Saudi
Arabia banning pilgrimages to Mecca and other holy Islamic cites, a
major revenue source for the carrier. Foreign tourist arrivals to
Indonesian slumped 64% in March to 470,900, the lowest since
February 2009, and may further slide in the coming months with the
tourism industry grinding to halt.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- provides
airline services in Indonesia and internationally. It operates
through Flight Operations, Aircraft Maintenance Services, and Other
Operations segments. The company undertakes the scheduled and
non-scheduled commercial air transportation of domestic or
international passengers, cargoes, and mails; and provides aircraft
repair, maintenance, and overhaul services. It also distributes
computerized reservation systems; and provides travel agency,
ticketing, aircraft rental, catering, hotel management, cargo,
information technology, and ground handling services. The company
operates through a fleet of 144 aircraft.
=====================
N E W Z E A L A N D
=====================
GREEN FAMILY: Pukekohe Mad Butcher Placed Into Liquidation
----------------------------------------------------------
Aimee Shaw at NZ Herald reports that Green Family Butchers Ltd,
trading as Mad Butcher Pukekohe, has been placed into liquidation.
According to the Herald, the company was placed into liquidation on
May 5 and Victoria Toon of Corporate Restructuring Ltd was
appointed liquidator.
Ms. Toon, who has been contacted for comment, is seeking claims
from creditors until June 3, the report says.
She has not responded to the Herald's request for comment.
The Herald says Mad Butcher Pukekohe is one of a string of Mad
Butcher stores that have been liquidated over the past year. It is
not yet known if the store closed due to the impacts of Covid-19 or
a separate matter.
In November, Mad Butcher Northcote on Auckland's North Shore closed
its door for good when its franchise agreement with Mad Butcher
Holdings ended and was not extended, the Herald recalls.
This follows the closure of Mad Butcher stores in Glen Innes and
Albany earlier last year after the companies running these were
placed into liquidation.
The Herald relates that the only remaining Mad Butcher store in
Whangarei closed its doors in January last year and its former
owner was in the Auckland High Court defending an injunction order
by Mad Butcher Holdings following the end of the franchise
agreement.
Mad Butcher store numbers have dramatically decreased over the past
few years. There have been more than 20 outlet liquidations, of
which six franchisees have been liquidated since 2017. The numbers
do not include stores that have closed at the end of franchise
agreements.
In its heyday, the butcher chain had 40 stores throughout the
country. Today, the chain is about half the size.
The liquidator of a string of the liquidated Mad Butcher
franchisees told the Herald last year that the franchise's business
model was "flawed".
"The business model is flawed, and as such is unsustainable," Peter
Jollands of Jollands Callender said in November when asked about
the future of the chain, the Herald recalls.
The Herald adds Mr. Jollands said profit from Mad Butcher stores
was "insufficient to sustain a business", and that was the reason
so many outlets were going under. "There is no profit, or if there
is, it's diminishing."
=================
S I N G A P O R E
=================
PHOENIX COMMODITIES: Goes Into Liquidation Amid Trading Losses
--------------------------------------------------------------
Reuters reports that Phoenix Commodities Pvt Ltd, a trader of
agricultural products with offices in Dubai and Singapore, is being
liquidated after amassing more than $400 million in potential
trading losses, according a document prepared by the liquidators
seen by Reuters.
The business, founded 20 years ago, grew into a company generating
$3 billion in revenue in 2019 trading grain, coal, metals and other
products but it unravelled when the coronavirus outbreak upset
financial markets, Reuters says. According to Reuters, Phoenix
blamed the liabilities on currency volatility caused by the onset
of the coronavirus, affecting financial derivatives linked to the
U.S. dollar and other currencies, the document prepared by the
liquidators said.
Executives from restructuring firms Quantuma LLP and KRyS Global
were appointed as joint liquidators and notice was sent to the
company's creditors on April 24, according to the document cited by
Reuters.
The holding company was based in the British Virgin Islands, where
the liquidation process took place. A notice was sent to creditors
for a meeting with the liquidators on May 8, the document showed.
Prior to the appointment of liquidators, the group had available
banking facilities of approximately $1.6 billion with a number of
banks based in Singapore, Britain and Dubai, the document showed,
Reuters relays.
The company's major shareholder, Gaurav Dhawan, who was executive
chairman of the trading group, named in the document, could not be
reached for a comment. Two sources said he had recently left Dubai
for London. "Following an accelerated review of the company's
available financial and company records Quantuma established that
the company was facing potential crystallised liabilities of over
$400 million as a result of accrued losses incurred by its
financial derivative trading desk in PGD," the document said,
Reuters relays.
PGD refers to Phoenix Global DMCC, the company's Dubai-based arm
that traded commodities via the Dubai Multi Commodities Centre
(DMCC), the report notes.
Reuters adds that the document said that Phoenix's senior
management advised Quantuma that it should book a total of $450
million into the company's profit and loss account as of March 31,
2020 from the trading losses.
The Phoenix Group operated globally with about 100 corporate
entities located in Europe, Africa, Asia, Australia and North
America and employed over 2,500 employees.
=============
V I E T N A M
=============
LEFLAIR: E-Commerce Startup Files for Bankruptcy
------------------------------------------------
DealStreetAsia reports that e-commerce startup Leflair has filed
for bankruptcy after closing its local business earlier this year,
according to one of its co-founders.
Leflair in February this year temporarily suspended its local
operations as it looks to make adjustments in its business
structure, the company's co-founder and CEO Loic Gautier told Tech
in Asia=.
Founded in 2015, Leflair focuses on making high-end beauty, home,
and fashion products more accessible and more affordable. The
company said it directly sources products from brands and
distributors that it consigns to its warehouses for faster delivery
times, Tech in Asia relates.
With this model, Leflair said it maintained the highest average
order value among e-commerce players, with about 40% of its total
user base spending upwards of US$100 every month on its platform,
according Tech in Asia.
To maintain the quality of its service and sustain its growth rate,
Mr. Gautier said a large amount of funding is required, Tech in
Asia relays. "With our current revenues in Vietnam, it would
require many more millions of dollars in funding to get to a place
where we would be able to generate significant profits, which we
could not find in the current context and for our geography," Tech
in Asia quotes Mr. Gautier as saying.
Leflair launched in Vietnam in 2015 as the country's first premium
e-commerce website for women, men, kids, and home.
VINGROUP JOINT: S&P Affirms Then Withdraws 'B+' LT ICR
------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' long-term issuer
credit rating on Vingroup Joint Stock Co. with a negative outlook.
S&P then withdrew the rating at the issuer's request.
WEFIT: Fitness Startup Files for Bankruptcy
-------------------------------------------
DealStreetAsia reports that Vietnam-based WeFit, a fitness startup
modelled after ClassPass, has filed for bankruptcy after running
out of cash in the wake of the COVID-19 pandemic.
DealStreetAsia relates that WeFit announced its bankruptcy and
termination of all services to its customers on May 11, saying the
coronavirus crisis "has exhausted all of the company's operating
capital."
Founded in 2016, WeFit had raised funding from investors including
the Vietnam Innovative Startup Accelerator, ESP Capital, CyberAgent
Capital and South Korea's KBInvest.
According to DealStreetAsia, WeFit's parent company, ONACLOVER,
said in an April 30 note that it was facing insolvency, and
informed its creditors and shareholders to contact the Hanoi
People's Court for requests regarding their rights and interest.
Originally a service connecting users to gym facilities, the
startup had later expanded into other health and beauty care
services, the report says.
Troubles at the startup came to the fore in late 2019 as reports
emerged of it having piled on debt, DealStreetAsia states. In
February, the company's deputy CEO Nguyen Hai Dang replaced its
founder Nguyen Khoi as CEO. The challenges were exacerbated for
WeFit as all gym and spa centres were forced to close during the
COVID-19 lockdown, DealStreetAsia relates.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 4, 2020 to May 8, 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 0.97
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY L 13.25 02/15/18 USD 0.15
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 14.86
VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 19.55
VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 43.61
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.90
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.65
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 15.77
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 13.49
CHINA
-----
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.95
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.87
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.52
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.00
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 59.98
AN SHUN YU KUN REAL ES 5.48 11/10/21 CNY 66.31
ANHUI FOREIGN ECONOMIC 7.30 12/24/21 CNY 11.91
ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 20.19
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 47.18
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 40.62
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 20.69
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 60.88
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 59.92
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 41.61
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 40.00
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.68
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 41.25
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.39
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.36
BAYAN ZHUOER HETAO WAT 8.54 03/31/22 CNY 31.85
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.89
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 20.77
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.12
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.54
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.60
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONST 6.74 04/22/21 CNY 20.80
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 61.13
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 60.90
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 20.16
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.15
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.11
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.28
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.27
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.42
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 41.11
BEIJING XINCHENG INFRA 7.50 04/21/21 CNY 20.82
BEIJING XINGZHAN INVES 6.66 04/24/21 CNY 20.75
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 63.45
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 52.56
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.75
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.60
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 41.26
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 20.58
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 20.53
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.95
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 61.22
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.00
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 61.73
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 60.86
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 60.60
CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 61.11
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 60.96
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 40.72
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 38.00
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 20.66
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.64
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.40
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 60.84
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.89
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.80
CHANGSHA ECONOMIC & TE 8.45 04/13/22 CNY 31.50
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 61.53
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 59.73
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 47.87
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 45.80
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.59
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.10
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 60.34
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 20.80
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.67
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 41.69
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 40.92
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 27.00
CHANGXING COUNTY TRANS 6.75 06/16/21 CNY 40.70
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 40.95
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 30.30
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 40.59
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.62
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.00
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.52
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.50
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 41.45
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.11
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 46.00
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 40.91
CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 60.63
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.50
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.20
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.65
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.30
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 41.70
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 18.50
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 61.29
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 59.30
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 41.60
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 81.28
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 61.23
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.19
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 21.37
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 20.78
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.24
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 60.68
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 59.92
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 48.60
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 39.92
CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 74.96
CHENZHOU XINTIAN INVES 6.15 04/24/22 CNY 39.41
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHINA GRAND AUTOMOTIVE 8.63 04/08/22 USD 81.25
CHINA MINSHENG INVESTM 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDIN 8.90 12/13/21 CNY 55.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.36
CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 61.58
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 75.82
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 56.59
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.40
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.07
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.01
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.35
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.30
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.25
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.10
CHONGQING CHANGSHOU EC 7.20 07/15/21 CNY 40.79
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.68
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.00
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.25
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.01
CHONGQING DASUN ASSET 6.98 09/10/20 CNY 20.24
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 60.63
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 61.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 60.46
CHONGQING FULING DISTR 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTR 7.89 03/20/21 CNY 20.84
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.89
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 40.98
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.96
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.00
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.55
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.33
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.10
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.32
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.04
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 25.00
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 20.08
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.50
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.36
CHONGQING JIANGBEIZUI 6.50 07/21/21 CNY 40.90
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.70
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.99
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.88
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.62
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.05
CHONGQING KANGDA ENVIR 7.00 12/18/22 CNY 70.00
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.68
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERT 6.30 08/22/20 CNY 20.23
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.19
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.12
CHONGQING LIANGJIANG N 3.10 08/05/21 CNY 70.38
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 22.72
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 20.81
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.82
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.65
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.41
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.02
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.88
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.57
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 20.58
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.37
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 40.76
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 20.85
CHONGQING TEA GARDEN I 7.70 05/20/21 CNY 40.68
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 41.39
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.83
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 40.52
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.64
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 69.90
CHONGQING WANZHOU SANX 4.95 08/25/22 CNY 61.51
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 62.91
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 60.16
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 41.05
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 41.60
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 40.87
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 41.86
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.76
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.70
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.64
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.57
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 41.45
CHUZHOU CITY CONSTRUCT 6.17 11/30/21 CNY 61.66
CHUZHOU CITY CONSTRUCT 6.40 08/22/21 CNY 41.27
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 38.49
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 41.02
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.44
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.00
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.43
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 60.01
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 59.00
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.76
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.00
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 58.72
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 52.11
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.68
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.64
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 41.00
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 40.98
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.60
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.59
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.55
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.54
DANDONG PORT GROUP CO 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 63.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 61.57
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.37
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.11
DANGYANG XINYUAN INVES 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 39.72
DANYANG INVESTMENT GRO 3.99 01/25/23 CNY 60.50
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.36
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.15
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.32
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.20
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 62.50
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 59.53
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.99
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.46
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 20.64
DAYE ZHENHENG CITY DEV 7.95 11/27/20 CNY 20.55
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 61.10
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 41.04
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.88
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.85
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.60
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.00
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 20.52
DONGLING GROUP INC CO 8.00 07/14/22 CNY 62.13
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 20.70
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.83
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.54
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.13
DR PENG HOLDING HONGKO 5.05 06/01/20 USD 55.56
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 40.00
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 39.40
DUNYUN STATE-OWNED ASS 6.60 12/28/22 CNY 60.33
EASTAR HOLDINGS GROUP 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 47.54
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 40.90
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 40.63
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 46.50
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 41.06
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 22.00
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 20.71
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.46
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.23
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 41.10
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 59.93
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 41.02
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.52
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.03
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.59
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUST 7.08 06/27/21 CNY 40.97
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 41.43
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 61.62
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.09
FUQING CITY STATE-OWNE 5.94 11/26/22 CNY 57.26
FUQING CITY STATE-OWNE 6.66 03/01/21 CNY 25.40
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 42.80
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 40.48
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 60.30
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 59.66
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 61.52
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 41.14
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 61.80
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 60.00
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 20.68
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.22
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.14
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 61.42
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.52
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.30
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 62.42
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 58.79
GOOCOO INVESTMENT CO L 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.06
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.04
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 41.42
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.74
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.20
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.80
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.79
GUANGDONG TAIANTANG PH 4.98 02/02/21 CNY 69.00
GUANGXI BAISE DEVELOPM 7.27 06/20/21 CNY 40.40
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.92
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 20.18
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.45
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 20.66
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 20.54
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 60.95
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 59.99
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 41.35
GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 74.20
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 73.62
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 64.46
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.55
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.00
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 41.50
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 41.80
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.83
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.29
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 60.19
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 59.78
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.65
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.40
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 61.52
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 57.97
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 41.13
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 60.89
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 52.21
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 51.43
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.78
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.72
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.85
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.75
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.50
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.02
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 72.67
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 59.66
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 58.04
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 61.64
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.33
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.46
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.82
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.00
HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 59.11
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 41.93
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.24
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.00
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 20.36
HAIXI STATE-OWNED CAPI 8.60 01/02/21 CNY 20.48
HAIYAN COUNTY STATE-OW 7.00 09/04/20 CNY 20.25
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 67.20
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 61.44
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.75
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.74
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 61.03
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 59.96
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 40.92
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 29.00
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 41.23
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 40.40
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 61.07
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 60.00
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 61.48
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 60.85
HANGZHOU XIAOSHAN ECO& 6.90 05/13/21 CNY 40.99
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.41
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.37
HANGZHOU YUHANG CITY C 7.00 03/03/21 CNY 20.84
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.66
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 20.77
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 20.49
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 60.07
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 59.96
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 41.03
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 40.99
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 60.41
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 66.11
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 65.84
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.97
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.93
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.33
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.00
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.79
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.78
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 25.52
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 18.55
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.67
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.28
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 40.73
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.18
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.04
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.00
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 20.64
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.82
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.77
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 41.16
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.95
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.66
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 41.32
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 40.81
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HNA GROUP INTERNATIONA 6.25 10/05/21 USD 74.46
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 20.00
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 19.99
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 26.00
HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 61.13
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.39
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.80
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.56
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 20.62
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.72
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.69
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 40.91
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.48
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.20
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.19
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 40.00
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 39.89
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 60.07
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.95
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.65
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.05
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 61.22
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 60.40
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.80
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.72
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.62
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.60
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 41.75
HUANGSHI CIHU HIGH-TEC 9.30 01/21/21 CNY 20.71
HUANGSHI CIHU HIGH-TEC 8.70 12/05/20 CNY 20.45
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 41.57
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 35.20
HUAWEN MEDIA GROUP 5.45 11/08/20 CNY 47.65
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 41.56
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 63.23
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 60.00
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.24
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 61.03
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 42.25
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 40.85
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 61.96
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 60.26
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 60.40
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 59.61
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.80
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.47
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 39.66
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.42
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.28
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 39.16
HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.36
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 58.79
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 57.92
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.95
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.62
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 20.67
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.80
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.00
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 41.10
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.59
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.15
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.84
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 60.37
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 39.33
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 39.47
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 40.38
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 41.72
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 60.47
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 58.77
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.63
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 46.50
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 40.85
JIANGDONG HOLDING GROU 7.14 04/24/21 CNY 20.89
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.55
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.50
JIANGMEN NEW HI-TECH I 7.39 11/04/20 CNY 20.47
JIANGSU HAIZHOUWAN DEV 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.21
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.00
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.01
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.76
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.44
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.00
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.52
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.20
JIANGSU NANTONG NO2 CO 8.10 07/10/21 CNY 40.18
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 25.22
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.80
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.12
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.10
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 45.00
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 40.76
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 40.92
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 25.20
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 41.21
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 61.70
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 60.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 41.51
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 20.79
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 61.35
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 60.00
JIANGSU ZHUFU INDUSTRI 4.93 12/29/20 CNY 40.33
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 58.84
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 70.72
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 69.91
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.75
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.10
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 49.34
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 40.89
JIANGXI PROVINCE SITON 8.20 04/18/21 CNY 20.82
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 20.38
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 60.93
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 59.46
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 40.96
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 60.42
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 69.56
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 20.82
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 20.65
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 61.33
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 60.28
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.92
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TO 6.55 08/27/21 CNY 40.56
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 61.98
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.21
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.17
JILIN NORTHEAST SOCK I 6.80 12/19/21 CNY 69.75
JILIN RAILWAY INVESTME 7.18 03/04/21 CNY 20.14
JINAN CITY CONSTRUCTIO 6.80 03/20/21 CNY 20.67
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.09
JINAN HI-TECH HOLDING 6.38 06/19/21 CNY 40.81
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 61.31
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.89
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.87
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 60.26
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 58.00
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.08
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.06
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 40.57
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 39.00
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 60.94
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 59.73
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 40.24
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.90
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.20
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 20.37
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 18.57
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 60.94
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 20.50
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.93
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.55
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 40.91
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 41.34
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.58
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.50
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 81.32
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 62.06
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 40.56
JINZHOU CITY INVESTMEN 8.50 12/27/20 CNY 20.58
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 20.59
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.59
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 40.06
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 61.56
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 59.55
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 41.58
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.40
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.29
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.53
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.46
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.81
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.75
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.74
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 59.11
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.10
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.67
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 21.25
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 25.18
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 24.75
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 61.41
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 60.00
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.05
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.04
KUNMING DONGJUN REAL E 4.50 11/02/21 CNY 49.98
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 45.45
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 41.04
KUNSHAN HIGH TECHNOLOG 7.10 03/26/21 CNY 20.78
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.65
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.60
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 40.38
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.42
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.33
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.41
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.39
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 41.40
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 40.85
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 41.10
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 40.82
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.66
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.27
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 61.09
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 60.81
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 61.84
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 58.99
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 11.46
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 61.48
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 59.87
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 60.10
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 58.75
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.04
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 41.01
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 40.37
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.00
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 61.76
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.02
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.38
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.27
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 61.18
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 60.94
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 61.09
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 60.14
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.68
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.50
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.36
LIUZHOU CITY INVESTMEN 7.18 12/31/22 CNY 47.15
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.36
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.35
LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 64.44
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 40.96
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED AS 6.58 08/15/21 CNY 40.97
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 60.16
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 59.25
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 20.59
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.99
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.23
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 41.00
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 40.00
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 60.24
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 59.91
LU'AN CITY CONSTRUCTIO 5.05 04/26/21 CNY 51.14
LU'AN CITY CONSTRUCTIO 3.97 02/22/21 CNY 50.60
LU'AN CITY CONSTRUCTIO 5.20 09/25/20 CNY 50.57
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 41.09
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT 5.25 09/11/20 CNY 40.22
LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 61.83
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 61.91
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU TOUZI JI 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.77
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.76
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 41.24
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 41.11
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.42
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.70
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.40
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.11
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.08
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.06
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.02
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 41.60
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.25
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.23
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.40
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 65.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 61.56
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.57
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.56
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.09
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.08
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 41.29
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 40.95
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 20.84
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 61.25
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 60.99
NANJING HEXI NEW TOWN 3.20 07/22/21 CNY 69.50
NANJING HEXI NEW TOWN 3.47 06/17/21 CNY 66.00
NANJING JIANGNING ECON 7.94 04/14/24 CNY 66.82
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.23
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.88
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.01
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.13
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.02
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.47
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.10
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 46.80
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 40.98
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 59.66
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 44.80
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 40.72
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 61.18
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.15
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.12
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 20.69
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.71
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.34
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.25
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.01
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.87
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 41.35
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 63.32
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 62.94
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.36
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.29
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 20.62
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.60
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.40
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 60.18
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 20.77
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.34
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.20
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 20.76
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 41.61
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 21.50
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 20.93
NINGHAI COUNTY URBAN I 7.99 04/16/21 CNY 20.88
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 20.61
NINGXIA TAIRUI PHARMAC 7.00 12/28/22 CNY 75.00
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 42.10
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.58
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TEC 8.20 04/16/21 CNY 20.67
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 61.56
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 60.84
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.70
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 42.36
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.48
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.69
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 49.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 62.03
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 61.81
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.80
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.73
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.31
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.20
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 61.14
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 55.50
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.87
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.30
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 60.28
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 59.48
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.46
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.00
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.92
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 41.40
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 59.74
PIZHOU RUNCAI ASSET MA 5.90 12/18/20 CNY 50.49
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.10
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.09
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.51
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 41.18
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.79
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 41.27
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 59.00
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 57.28
QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 74.80
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.38
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 20.91
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 39.56
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.50
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.92
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.75
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 60.49
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.67
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.60
QIDONG URBAN CONSTRUCT 7.90 04/28/21 CNY 20.96
QIDONG URBAN CONSTRUCT 8.20 04/04/21 CNY 20.98
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.54
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.02
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.65
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 21.13
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 20.78
QINGDAO JIAOZHOU BAY D 6.33 09/18/21 CNY 41.33
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.18
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 20.69
QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 35.76
QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 35.47
QINGHAI STATE-OWNED AS 5.90 12/17/22 CNY 60.00
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.61
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.60
QINGYUAN TRANSPORTATIO 8.20 12/19/20 CNY 20.55
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 47.50
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 40.52
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 60.76
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 59.95
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 20.73
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.42
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.16
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.77
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.00
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 44.90
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 41.00
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 60.06
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 40.82
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.76
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.50
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 20.79
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.91
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.90
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.03
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.01
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 60.53
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.99
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.68
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.10
RIZHAO CITY CONSTRUCTI 5.80 06/06/20 CNY 20.03
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 45.90
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 40.91
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 20.73
RUDONG COUNTY KAITAI C 4.57 01/08/23 CNY 61.27
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.82
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.50
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 61.02
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.88
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.76
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.74
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 61.49
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 60.94
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 60.90
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 59.58
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 49.61
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 41.12
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 41.08
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.72
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.15
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 41.60
SHAANXI PROVINCIAL EXP 5.99 06/18/20 CNY 60.22
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 40.98
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 41.22
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.07
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.01
SHANDONG BORUN INDUSTR 6.50 11/02/21 CNY 66.53
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 42.00
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.34
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.32
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 62.45
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 61.76
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 44.00
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 41.24
SHANDONG JINMAO TEXTIL 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTIL 8.00 09/25/20 CNY 35.84
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 20.32
SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP C 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP C 6.20 05/30/21 CNY 9.50
SHANDONG TAIYANG INDUS 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.73
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.00
SHANDONG WANTONG PETRO 7.97 11/29/21 CNY 31.45
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.73
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.72
SHANGHAI CHONGMING CON 6.40 06/13/20 CNY 25.09
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.64
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.61
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.51
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 41.78
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 73.52
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.24
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.20
SHANGHAI PUTAILAI NEW 5.50 03/19/21 CNY 66.67
SHANGHAI PUTAILAI NEW 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 60.77
SHANGHAI YONGYE ENTERP 6.84 05/21/20 CNY 25.04
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 20.24
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.47
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.34
SHANTOU CITY CONSTRUCT 8.57 03/23/22 CNY 32.23
SHANTOU INVESTMENT & F 7.99 03/04/24 CNY 66.22
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 68.38
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 60.79
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 41.60
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 42.03
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 41.20
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 40.98
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 41.67
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 40.00
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 61.82
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 41.90
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 41.29
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 40.00
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 43.90
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 40.74
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.50
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.49
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.37
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.14
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 21.00
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 20.57
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 60.76
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 58.14
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.57
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.44
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.07
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.00
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 41.19
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 60.32
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 41.26
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.06
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.00
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 41.17
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 65.48
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 64.90
SHENZHEN METRO GROUP C 5.40 03/25/23 CNY 47.44
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.96
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG REAL ESTA 5.65 05/15/20 CNY 20.00
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 41.54
SHIJIAZHUANG URBAN CON 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 61.90
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 41.78
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 41.21
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.36
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 20.29
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.20
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.19
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 61.27
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.59
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.30
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.00
SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 60.45
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.88
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.87
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 59.06
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 58.24
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.71
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 41.27
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 41.50
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.95
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.32
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 60.99
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 58.68
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.86
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.00
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.71
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 20.76
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.97
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.74
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.30
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 41.18
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.42
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.09
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.69
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 21.91
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 20.84
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 20.64
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 60.89
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 59.18
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.06
SUIZHOU YULONG WATER S 6.10 03/28/23 CNY 62.80
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 40.18
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTI 6.88 10/29/20 CNY 20.38
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.81
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.52
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.85
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.55
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.51
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.50
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.41
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 41.10
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 40.92
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.48
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.19
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.83
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 20.68
TAHOE GROUP CO LTD 7.50 07/05/20 CNY 70.00
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 62.09
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.92
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.38
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 61.80
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 21.30
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 20.43
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 60.87
TAIYUAN ECONOMIC TECHN 7.43 04/24/21 CNY 20.83
TAIYUAN HIGH-SPEED RAI 6.50 10/30/20 CNY 25.45
TAIYUAN HIGH-SPEED RAI 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 20.83
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 64.10
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 63.91
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.60
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.13
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.84
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 64.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 25.33
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 20.71
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 61.03
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 60.81
TANGSHAN CAOFEIDIAN DE 7.50 10/15/20 CNY 20.25
TIANJIN BAOXING INDUST 7.10 10/17/20 CNY 20.14
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 20.50
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 47.00
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 40.25
TIANJIN BINHAI NEW ARE 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 60.35
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 40.65
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.50
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.41
TIANJIN DONGLI CITY IN 6.05 06/19/20 CNY 20.01
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 45.62
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.42
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.30
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 44.67
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 41.65
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 40.22
TIANJIN HARBOR CONSTRU 6.29 10/21/21 CNY 70.41
TIANJIN HARBOR CONSTRU 8.00 04/01/21 CNY 41.35
TIANJIN HARBOR CONSTRU 8.80 01/24/21 CNY 41.57
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.60
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.51
TIANJIN HOPETONE CO LT 7.50 07/25/21 CNY 73.64
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 40.81
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.53
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 47.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.65
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.30
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.60
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 47.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 40.58
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.76
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.74
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.59
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.35
TIANJIN REAL ESTATE TR 8.59 03/13/21 CNY 20.87
TIANJIN RESIDENTIAL CO 8.00 12/19/20 CNY 20.19
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 38.95
TIANJIN WATER INVESTME 8.40 01/15/21 CNY 25.63
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.89
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.89
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.68
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.47
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 41.44
TIANRUI GROUP CEMENT C 5.95 09/25/20 CNY 54.00
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 61.05
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 60.00
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.57
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 20.20
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 48.00
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 41.29
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.86
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 54.00
TSINGHUA UNIGROUP CO L 4.94 03/25/22 CNY 70.00
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.40
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMEN 8.39 04/25/22 CNY 52.47
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 62.06
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 59.19
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 41.88
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 59.26
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 41.51
WEICHI HOLDING GROUP C 5.40 12/21/20 CNY 54.29
WEIFANG BINHAI INVESTM 6.16 04/16/21 CNY 25.66
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 60.62
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 59.39
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 60.20
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 58.40
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 41.58
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 60.46
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 59.70
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.61
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.57
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.29
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.26
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.29
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.28
WENZHOU HIGH-TECH INDU 7.30 05/30/21 CNY 40.75
WENZHOU HIGH-TECH INDU 7.95 03/21/21 CNY 20.77
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 43.00
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 40.92
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 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
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 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
WUHAI CITY CONSTRUCTIO 8.19 04/21/21 CNY 20.78
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.74
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 41.35
WUHAN JIANGXIA URBAN C 8.99 01/20/21 CNY 20.92
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 41.50
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 40.96
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.32
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.22
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 41.22
WUHU JINGHU CONSTRUCTI 6.68 05/16/20 CNY 20.02
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.61
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.49
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.90
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 61.52
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 59.40
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.27
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.00
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.40
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 60.70
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.61
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.45
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.32
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.23
WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 61.87
WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.34
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.33
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 24.88
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 20.63
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.52
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.23
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 40.70
XI'AN INTERNATIONAL IN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 60.43
XIANGTAN CITY CONSTRUC 7.80 01/30/22 CNY 54.00
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.37
XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 74.39
XIANGTAN JIUHUA ECONOM 6.59 01/21/22 CNY 38.33
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.86
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.67
XIANGTAN LIANGXING SOC 7.89 04/23/21 CNY 20.40
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 40.12
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 35.49
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.00
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.87
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.57
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 43.38
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 40.79
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 61.02
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 60.59
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 41.05
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.04
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.22
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.06
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.83
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.50
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 41.17
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 52.72
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 40.94
XIAOGAN URBAN CONSTRUC 6.89 05/29/21 CNY 40.97
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 61.15
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 60.81
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.14
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 59.27
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.04
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.00
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.57
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.49
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 20.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.11
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.77
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.70
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 41.34
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 40.75
XINYANG HONGCHANG PIPE 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 20.79
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.54
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.45
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.40
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.50
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 47.00
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 40.79
XINYU CITY SHANTYTOWN 6.42 12/09/20 CNY 40.43
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.70
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.39
XINZHENG NEW DISTRICT 5.40 03/29/21 CNY 33.71
XINZHENG NEW DISTRICT 6.40 01/29/21 CNY 25.58
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.00
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 61.13
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 60.50
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 41.39
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.26
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.19
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 20.90
XUZHOU BOCHANT DEVELOP 5.69 07/28/21 CNY 66.62
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.63
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.30
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 61.53
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 60.00
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.19
XUZHOU ECONOMIC TECHNO 7.35 04/21/21 CNY 20.92
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 20.75
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 40.88
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 62.10
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.21
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.20
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 20.36
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.71
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.62
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.60
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.80
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.40
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 41.07
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 40.55
YANCHENG SOUTH DISTRIC 6.70 07/30/21 CNY 41.29
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 59.68
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.86
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 20.22
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 61.60
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.55
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.20
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 60.99
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 20.50
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 41.51
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 66.63
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 61.78
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.24
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.22
YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 60.49
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.82
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 20.61
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 61.77
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 43.47
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 40.79
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.76
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 6.50 05/02/22 CNY 72.33
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00
YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.84
YINCHUAN URBAN CONSTRU 6.88 05/12/21 CNY 40.90
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 39.68
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 59.42
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 59.96
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.66
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.64
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 70.36
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 60.63
YINING CITY STATE OWNE 5.37 09/24/22 CNY 61.40
YINING CITY STATE OWNE 5.37 09/24/22 CNY 60.19
YINING CITY STATE OWNE 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNE 8.90 01/23/21 CNY 20.73
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 61.18
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 50.41
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 41.95
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 43.50
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 40.81
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 41.19
YONG ZHOU CITY CONSTRU 7.30 10/23/20 CNY 20.40
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 41.18
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.82
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.06
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.63
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.20
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.95
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.73
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.29
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.00
YUEYANG URBAN CONSTRUC 6.05 07/12/20 CNY 20.11
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 41.59
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 40.93
YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 62.10
YUNNAN METROPOLITAN CO 6.77 05/23/21 CNY 40.32
YUYAO CITY CONSTRUCTIO 7.09 05/19/21 CNY 41.02
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.65
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 62.02
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 60.55
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 20.14
ZHANGJIAGANG JINCHENG 6.88 04/28/21 CNY 40.90
ZHANGJIAJIE ECONOMIC D 7.80 04/17/21 CNY 20.74
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.89
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 41.22
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 41.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 40.89
ZHANJIANG INFRASTRUCTU 6.93 10/21/20 CNY 20.39
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 41.56
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 61.44
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 20.54
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 41.09
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 71.44
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 61.20
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 41.39
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.87
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.64
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.21
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.06
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 61.80
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.50
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.18
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 41.41
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.15
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.12
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 20.67
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 20.55
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 40.17
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URB 8.35 02/26/21 CNY 20.59
ZHENJIANG NEW AREA URB 8.99 01/16/21 CNY 20.51
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 60.52
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.45
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.00
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.69
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HO 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 41.01
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GR 7.00 10/15/20 CNY 15.00
ZHOUKOU INVESTMENT GRO 7.49 04/21/21 CNY 20.53
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.18
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 25.38
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 57.19
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 56.54
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 57.44
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 56.90
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 20.31
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.80
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.77
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 20.61
ZHUZHOU CITY CONSTRUCT 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.30
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.26
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 41.54
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 41.05
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 40.86
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 57.37
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 56.83
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 61.23
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 60.95
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.67
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 60.11
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 59.77
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.34
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 60.92
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 59.68
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 24.00
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 20.88
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 58.58
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 70.61
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 69.69
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 53.80
INDONESIA
---------
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 54.27
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 52.34
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.91
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.72
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 17.14
AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 25.22
AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 25.26
APG HABITAT PVT LTD 1.00 09/09/28 INR 55.86
APG INTELLI HOMES PVT 1.25 02/04/35 INR 42.13
APG INTELLI HOMES PVT 1.25 02/04/35 INR 39.77
AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.50
AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 60.53
BENGAL AEROTROPOLIS PR 5.00 12/01/30 INR 73.11
BENGAL AEROTROPOLIS PR 5.00 12/01/29 INR 74.57
BRITANNIA INDUSTRIES L 8.00 08/28/22 INR 30.27
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 66.70
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 64.32
CREIXENT SPECIAL STEEL 0.01 08/28/25 INR 62.35
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 36.04
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 58.24
DAYAKARA SOLAR POWER P 0.10 04/05/26 INR 60.32
DEWAN HOUSING FINANCE 8.50 04/18/23 INR 21.72
DLF CYBER CITY DEVELOP 0.01 11/19/24 INR 71.11
EDELWEISS ASSET RECONS 2.00 07/22/29 INR 59.85
EDELWEISS ASSET RECONS 2.00 01/15/29 INR 61.38
EDELWEISS ASSET RECONS 2.00 10/07/28 INR 62.23
EDELWEISS ASSET RECONS 2.00 11/20/27 INR 65.18
EDELWEISS ASSET RECONS 2.00 03/28/27 INR 67.22
FUTURE RETAIL LTD 5.60 01/22/25 USD 27.41
FUTURE RETAIL LTD 5.60 01/22/25 USD 25.93
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 65.32
GREEN URJA PVT LTD 0.01 02/14/30 INR 44.65
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 56.25
HITODI INFRASTRUCTURE 0.01 06/30/27 INR 52.78
INDIA INFOLINE FINANCE 5.88 04/20/23 USD 63.35
INDIABULLS HOUSING FIN 6.38 05/28/22 USD 57.75
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 3.22
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 26.85
JTPM ATSALI LTD 0.01 08/29/48 INR 13.57
KANAKADURGA FINANCE LT 0.01 04/15/36 INR 25.47
KVK ENERGY & INFRASTRU 0.01 01/25/24 INR 72.73
MARIS POWER SUPPLY CO 2.00 04/18/28 INR 63.44
MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 29.74
MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 27.63
MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 27.63
ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 26.57
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 42.29
PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 45.06
PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 48.08
PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 51.38
PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 55.01
PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 58.99
PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 63.34
PUNJAB INFRASTRUCTURE 0.40 10/15/26 INR 68.04
PUNJAB INFRASTRUCTURE 0.40 10/15/25 INR 73.08
PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.32
REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 63.50
REDKITE CAPITAL PVT LT 2.50 01/15/28 INR 66.88
REI AGRO LTD 5.50 11/13/14 USD 0.58
REI AGRO LTD 5.50 11/13/14 USD 0.58
RELIANCE COMMUNICATION 6.50 11/06/20 USD 10.02
SHRIRAM TRANSPORT FINA 5.10 07/16/23 USD 75.01
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.56
SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 79.61
SURBHI INVESTMENTS & T 2.50 10/21/28 INR 64.48
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 30.39
VIDEOCON INDUSTRIES LT 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT 4.00 10/16/37 INR 57.42
WS T&D LTD 0.10 03/24/29 INR 48.22
ZYDUS FOUNDATION 0.10 03/25/25 INR 65.49
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 72.59
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 72.62
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 73.17
KOREA
-----
ECOMAISTER CO LTD 2.00 10/11/22 KRW 54.19
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 46.84
KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 70.28
KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 71.11
KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 71.87
KIBO ABS SPECIALTY CO 5.00 02/26/21 KRW 62.77
KIBO ABS SPECIALTY CO 5.00 09/11/20 KRW 74.10
LOTTE CARD CO LTD 0.54 06/28/49 KRW 41.60
PAPERCOREA INC 1.00 01/21/21 KRW 0.08
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 63.06
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 54.17
SINBO SECURITIZATION S 5.00 07/24/23 KRW 68.84
SINBO SECURITIZATION S 5.00 06/27/23 KRW 68.98
SINBO SECURITIZATION S 5.00 03/20/23 KRW 70.50
SINBO SECURITIZATION S 5.00 02/28/23 KRW 70.64
SINBO SECURITIZATION S 5.00 01/25/23 KRW 67.93
SINBO SECURITIZATION S 5.00 09/28/22 KRW 72.60
SINBO SECURITIZATION S 5.00 08/31/22 KRW 68.02
SINBO SECURITIZATION S 5.00 07/26/22 KRW 66.96
SINBO SECURITIZATION S 5.00 07/24/22 KRW 66.97
SINBO SECURITIZATION S 5.00 06/29/22 KRW 72.50
SINBO SECURITIZATION S 5.00 06/27/22 KRW 67.02
SINBO SECURITIZATION S 5.00 02/28/22 KRW 70.28
SINBO SECURITIZATION S 5.00 02/23/22 KRW 66.68
SINBO SECURITIZATION S 5.00 01/26/22 KRW 65.79
SINBO SECURITIZATION S 5.00 01/25/22 KRW 65.80
SINBO SECURITIZATION S 5.00 12/27/21 KRW 70.97
SINBO SECURITIZATION S 5.00 09/27/21 KRW 74.64
SINBO SECURITIZATION S 5.00 08/31/21 KRW 65.75
SINBO SECURITIZATION S 5.00 08/25/21 KRW 74.89
SINBO SECURITIZATION S 5.00 07/26/21 KRW 64.50
SINBO SECURITIZATION S 5.00 06/29/21 KRW 72.07
SINBO SECURITIZATION S 5.00 03/21/21 KRW 62.11
SINBO SECURITIZATION S 5.00 12/21/20 KRW 62.94
SINBO SECURITIZATION S 5.00 06/23/20 KRW 74.57
MALAYSIA
--------
AEON CREDIT SERVICE M 3.50 09/15/20 MYR 0.79
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.48
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.16
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.25
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.82
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.45
MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 0.97
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.83
SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.26
SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.51
SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 72.81
SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 73.99
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02
NEW ZEALAND
-----------
PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.04
SKY NETWORK TELEVISION 6.25 03/31/21 NZD 73.29
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 44.92
APL REALTY HOLDINGS PT 5.95 06/02/24 USD 46.14
ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 32.06
EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.22
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 61.94
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 52.13
GOLDEN ENERGY & RESOUR 9.00 02/14/23 USD 74.27
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 74.17
HYFLUX LTD 4.60 09/23/19 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.25 09/07/18 SGD 38.63
INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 30.53
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.80
MEDCO BELL PTE LTD 6.38 01/30/27 USD 60.04
MEDCO BELL PTE LTD 6.38 01/30/27 USD 58.19
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.70
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.52
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 63.34
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 62.86
MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 22.59
MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 64.39
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.42
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.26
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.87
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.69
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.89
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.56
SSMS PLANTATION HOLDIN 7.75 01/23/23 USD 59.36
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
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 69.02
SRI LANKA
---------
SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 55.62
SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 54.95
SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 53.67
SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 53.51
SRI LANKA DEVELOPMENT 5.28 01/22/25 USD 50.49
SRI LANKA DEVELOPMENT 6.70 05/01/23 USD 59.93
SRI LANKA DEVELOPMENT 5.66 05/01/23 USD 57.94
SRI LANKA DEVELOPMENT 4.64 05/01/23 USD 56.43
SRI LANKA DEVELOPMENT 4.60 05/01/23 USD 56.36
SRI LANKA DEVELOPMENT 6.62 03/16/23 USD 60.36
SRI LANKA DEVELOPMENT 4.73 03/16/23 USD 56.35
SRI LANKA DEVELOPMENT 5.94 01/22/23 USD 59.93
SRI LANKA DEVELOPMENT 4.76 01/22/23 USD 57.79
SRI LANKA DEVELOPMENT 6.07 01/22/23 USD 57.48
SRI LANKA DEVELOPMENT 6.60 05/01/22 USD 66.58
SRI LANKA DEVELOPMENT 6.30 05/01/22 USD 66.15
SRI LANKA DEVELOPMENT 5.75 05/01/22 USD 65.38
SRI LANKA DEVELOPMENT 5.55 05/01/22 USD 65.09
SRI LANKA DEVELOPMENT 5.52 05/01/22 USD 65.05
SRI LANKA DEVELOPMENT 4.22 05/01/22 USD 63.58
SRI LANKA DEVELOPMENT 4.19 05/01/22 USD 63.53
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.93
SRI LANKA DEVELOPMENT 5.79 01/22/22 USD 68.19
SRI LANKA DEVELOPMENT 4.49 01/22/22 USD 66.62
SRI LANKA DEVELOPMENT 4.59 01/22/22 USD 66.45
SRI LANKA DEVELOPMENT 6.11 08/15/21 USD 74.11
SRI LANKA DEVELOPMENT 5.93 08/15/21 USD 73.89
SRI LANKA DEVELOPMENT 4.67 08/15/21 USD 72.69
SRI LANKA DEVELOPMENT 5.87 07/30/21 USD 74.46
SRI LANKA DEVELOPMENT 5.75 07/30/21 USD 74.35
SRI LANKA DEVELOPMENT 4.04 07/30/21 USD 72.79
SRI LANKA DEVELOPMENT 3.91 07/30/21 USD 72.66
SRI LANKA DEVELOPMENT 4.59 06/30/21 USD 74.72
SRI LANKA DEVELOPMENT 4.15 06/30/21 USD 74.33
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.71
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.66
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 56.03
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 55.89
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.79
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.63
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.81
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.61
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.44
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.32
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.67
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.49
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.88
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.75
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 59.08
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 57.93
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 58.85
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 57.80
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 58.03
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 57.88
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.78
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.66
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.31
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.25
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 70.24
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 69.99
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 66.74
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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