/raid1/www/Hosts/bankrupt/TCRAP_Public/200519.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 19, 2020, Vol. 23, No. 100
Headlines
A U S T R A L I A
AUSFUNDS MANAGEMENT: ASIC Revokes Firm's AFS Licence Suspension
BULKBUILD PTY: First Creditors' Meeting Set for May 28
E K RECRUITMENT: First Creditors' Meeting Set for May 27
HARRIS SCARFE: New Owner Demands Price Reductions from Suppliers
ILLAWARRA HAWKS: Creditors Vote to Liquidate Foundation Club
ISLAND RESORTS: First Creditors' Meeting Set for May 26
JEWEL OF INDIA: Second Creditors' Meeting Set for May 25
JEWEL PROPERTIES: Second Creditors' Meeting Set for May 25
KELLIE M: Second Creditors' Meeting Set for May 25
LIBERTY FUNDING 2020-1: Moody's Gives B1 Rating to Class F Notes
RESTORED BEAUTY: Enters Members Voluntary Liquidation
TAILORMADE FINANCIAL: ASIC Cancels AFS Licence due to Liquidation
C H I N A
HILONG HOLDING: Moody's Cuts CFR & Senior Unsecured Ratings to B2
ZOOMLION HEAVY: S&P Upgrades ICR to 'B+' on Resilient Performance
H O N G K O N G
CENTURY SUNSHINE: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
I N D I A
AARYAMAN RECREATION: CARE Keeps D INR7.50cr Loan Rating in Not Coop
ADARSH NOBLE: CARE Keeps 'D' Debt Ratings in Not Cooperating
ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating
ANJANEYA COTTON: CARE Cuts INR5.75cr Loan Rating to 'D', Not Coop.
ASIAN IMPEX: CARE Keeps 'D' INR7.50cr Loan Rating in Not Coop.
BHAGIRATH DAIRY: CARE Lowers Rating on INR12.60cr Loan to D
DAVANGERE SUGAR: CARE Keeps D Debt Rating in Not Cooperating
DOLCE PHARMACEUTICAL: CARE Cuts Rating on INR11.75cr Loan to B
EMBEE AGRO: CARE Lowers Rating on INR20.33cr LT Loan to B-
FEDDERS ELECTRIC: CARE Keeps D Debt Ratings in Not Cooperating
GAJRAJ HOTELS: CARE Keeps 'D' LT Debt Rating in Not Cooperating
GANCO ENERGY: CARE Keeps 'D' INR10cr Debt Rating in Not Cooperating
GOAN REAL: CARE Keeps 'D' INR66.86cr Loan Rating in Not Cooperating
INDIA CARTONS: CARE Lowers Rating on INR10cr LT Loan to B-
INDIA: Goldman Sees Worst Recession With 45% Q2 Slump
INDIAN INFRA: CARE Keeps B+ Rating on INR6cr Loan in Not Coop.
KOTECHA INDUSTRIES: CARE Keeps 'D' Debt Ratings in Not Cooperating
KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating
METHRA INDUSTRIES: CARE Keeps D INR5.64cr Debt Rating in Not Coop.
MS SAWA: CARE Keeps 'D' INR16.27cr Debt Rating in Not Cooperating
PMT MACHINES: CARE Maintains 'D' Debt Ratings in Not Cooperating
PRINCE MFG: Ind-Ra Lowers Long Term Issuer Rating to 'D', Not Coop.
PRINCE SWR: Ind-Ra Cuts LT Issuer Rating to 'D', Not Coop
PROGRESSIVE CARS: CARE Cuts Rating on INR14.47cr Loan to 'B'
RAHUL PAM: CARE Cuts Rating on INR7.00cr LT Loan to B+, Not Coop.
RAYAT EDUCATIONAL: CARE Keeps 'D' Debt Ratings in Not Cooperating
S.V. PATEL: CARE Cuts Rating on INR7.0cr LT Loan to 'B', Not Coop.
SAJJALA WOVEN: CARE Keeps 'D' Debt Ratings in Not Cooperating
SATHWIK EXPORTS: CARE Cuts Rating on INR5.50cr Loan to C, Not Coop.
SREE JEYASAKTHI: CARE Lowers Rating on INR3.0cr Loan to 'C'
STEEL EXCHANGE: CARE Keeps 'D' Debt Ratings in Not Cooperating
TRANFORMEX FERROUS: CARE Keeps D INR4.64cr Debt Rating in Not Coop.
VASANI COLD: CARE Cuts INR6.53cr Loan Rating to 'B', Not Coop.
I N D O N E S I A
INDOSURYA INTI: Fitch Cuts National LT Rating to 'B+(idn)', on RWN
J A P A N
JAPAN: Sinks Into Recession in First Quarter of 2020
SOFTBANK GROUP: Vision Fund Books $17.7BB Loss on WeWork, Uber
L A O S
LAOS: Fitch Affirms 'B-' LT IDR, Alters Outlook to Negative
S O U T H K O R E A
MAGNACHIP SEMICONDUCTOR: S&P Alters Outlook to Pos., Affirms B- ICR
T H A I L A N D
CHAI WATANA: TRIS Rating Puts BB+ Rating on "Negative" CreditAlert
THAI AIRWAYS: Steps Closer to Restructuring in Bankruptcy Court
X X X X X X X X
[*] BOND PRICING: For the Week May 11, 2020 to May 15, 2020
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A U S T R A L I A
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AUSFUNDS MANAGEMENT: ASIC Revokes Firm's AFS Licence Suspension
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
revoked its suspension of Sydney-based responsible entity Ausfunds
Management Limited's Australian financial services (AFS) licence.
On April 8, 2020, ASIC suspended Ausfunds' AFS licence because
Ausfunds had breached its AFS licence by failing to maintain
sufficient financial resources. In response to the suspension
order, Ausfunds raised sufficient funds to rectify its net tangible
assets deficiency. In light of this, ASIC revoked the AFS licence
suspension on April 21, 2020.
Responsible entities with an AFS licence are required to meet the
minimum level of net tangible assets of AUD150,000. Ausfunds had
not maintained this level of financial resources over two
consecutive financial reporting periods, despite reminders from its
auditor about the financial requirements of its AFS licence.
Under the Corporations Act, ASIC has the power to suspend or cancel
an AFS licence if a licensee does not comply with the law, or if
ASIC has reason to believe a licensee is likely to contravene its
legal obligations.
Ausfunds has sought a review of ASIC's decision to suspend its AFS
licence in the Administrative Appeals Tribunal. A hearing date for
the appeal is yet to be set. Ausfunds has held AFS licence no.
440900 since Nov. 11, 2013. It operates the Ausfunds Special
Opportunities Fund managed investment scheme (ARSN 166 360 710).
BULKBUILD PTY: First Creditors' Meeting Set for May 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bulkbuild
Pty Ltd will be held on May 28, 2020, at 10:00 a.m. at the offices
of Morton + Lee Insolvency, Level 10/388 Queen Street, in Brisbane,
Queensland.
Leon Lee of Morton + Lee Insolvency was appointed as administrator
of Bulkbuild Pty on May 18, 2020.
E K RECRUITMENT: First Creditors' Meeting Set for May 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of E K
Recruitment Pty Ltd will be held on May 27, 2020, at 11:00 a.m. at
the offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
E K Recruitment on May 15, 2020.
HARRIS SCARFE: New Owner Demands Price Reductions from Suppliers
----------------------------------------------------------------
David Richards at ChannelNews reports that back in April,
department store chain Harris Scarfe was sold to Spotlight Group,
leaving unsecured creditors in the lurch for millions. Now, the new
owner is trying to "screw" current suppliers by demanding price
reductions that had been agreed by the administrator, or they won't
get paid on time.
According to several suppliers who have contacted ChannelNews
Spotlight Group Holding told suppliers last week that they want a
further 7.5% discount off the already agreed price with some
suppliers now being told that they won't be paid on time if they
don't agree to the proposed discounts.
"All we want are payment with the agreed terms, now Spotlight
buyers are simply trying to "screw" us," said one very angry
supplier.
ChannelNews relates that Rich-listers Zac Fried and his uncle Morry
Fraid, who is worth over AUD1 billion, own Spotlight Group Holding,
have not said how much they expect to extract from suppliers who
are already struggling due to COVID-19.
Under a deed of company arrangement, unsecured creditors owed
between AUD146 million and AUD236 million have been told that they
will receive between 1.3 cents and 20.5 cents in the dollar, with
landlords set to get only 4 cents in the dollar.
But Allegro Funds who acquired the retailer from questionable South
African owned Company Greenlit Brands is set to pocket the AUD70
million that was in the Harris Farm bank account when they went
broke despite only owning the business for days before calling in
the administrators.
ChannelNews notes that Spotlight got hold of the failed Harris
Scarfe after a deed of company arrangement (DOCA) was agreed upon
by creditors which would result in Harris Scarfe continuing to
trade under the ownership of Spotlight Group, the parent company of
craft retailer Spotlight and outdoor goods chain Anaconda.
"The insolvency of Harris Scarfe has resulted in unsecured
creditors losing money, an outcome which is obviously upsetting,"
administrator BDO said, ChannelNews relays.
Harris Scarfe fell into administration in December 2019 despite its
leading customer satisfaction rating and annual sales of AUD380
million.
ChannelNews notes that Spotlight Group was granted exclusivity to
acquire Harris Scarfe in early March after a due diligence process
that saw four parties shortlisted and given access to the trading
records of the business.
When Harris Scarfe fell into administration more than 450 staff
were let go as 21 stores were closed nationally.
ILLAWARRA HAWKS: Creditors Vote to Liquidate Foundation Club
------------------------------------------------------------
Sam Phillips at The Sydney Morning Herald reports that the NBL said
the Illawarra Hawks are here to stay despite creditors voting to
liquidate the foundation club.
According to the Herald, the franchise was recently placed into
voluntary administration for the second time in five years, at
which point the NBL claimed ownership of the club from Simon
Stratford.
But creditors have now voted to liquidate the club's remaining
assets after a report from administrator Michael Jones revealed
outstanding debts of more than AUD2 million, the report says.
The Herald relates that staff and players being owed about
AUD750,000 were part of those debts, though the NBL recently made a
commitment to pay players the amount they are each owed. There has
been no such commitment for the club's staff.
Mr. Jones' report revealed the club failed to turn a profit in each
of the past four years and suffered a AUD1.7 million loss over the
previous two financial years.
Despite Mr. Jones' recommendation, an NBL spokesperson said the
league was committed to finding a new owner and securing the club's
future, the Herald relays.
"The NBL is committed to the Hawks remaining in the league and we
are continuing to talk to a number of interested parties to find
the next owners of the club."
The club was the home of LaMelo Ball last season and the star NBA
prospect had made inquiries about potentially purchasing the team,
the report adds.
Michael Gregory Jones of Jones Partners was appointed as
administrator of Illawarra Hawks on April 2, 2020.
ISLAND RESORTS: First Creditors' Meeting Set for May 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Island
Resorts Pty Ltd will be held on May 26, 2020, at 10:30 a.m. via
teleconference only.
Glenn Thomas OKearney of GT Advisory & Consulting was appointed as
administrator of Island Resorts on May 14, 2020.
JEWEL OF INDIA: Second Creditors' Meeting Set for May 25
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A second meeting of creditors in the proceedings of:
- Jewel of India Holdings Pty Ltd;
- Jewel of Fine Foods Pty Ltd;
- Jewel of India Enterprises Pty Ltd;
- Jewel International Foods Pty Ltd as Trustee for the Jewel
International Foods Unit Trust;
- Jewel of India Admin Pty Ltd; and
- Jewel of India Retail Pty Ltd
has been set for May 25, 2020, at 1:30 p.m. Due to COVID-19, the
meeting will be held as a Virtual Meeting using Skype technology.
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 22, 2020, at 12:00 p.m.
James Dampney, Peter Gothard and Stephen Parbery of KPMG were
appointed as administrator of Jewel of India et al. on April 26,
2020.
JEWEL PROPERTIES: Second Creditors' Meeting Set for May 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Jewel Properties (Aust) Pty Ltd formerly as Trustee
for the Matta Family Trust;
- Jewel Equipment Pty Ltd; and
- Gardeners Nominees Pty Ltd
has been set for May 25, 2020, at 11:30 a.m. Due to COVID-19, the
meeting will be held as a Virtual Meeting using Skype technology.
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 22, 2020, at 12:00 p.m.
James Dampney, Peter Gothard and Stephen Parbery of KPMG were
appointed as administrator of Jewel Properties et al. on April 26,
2020.
KELLIE M: Second Creditors' Meeting Set for May 25
--------------------------------------------------
A second meeting of creditors in the proceedings of Kellie M Barber
Pty Ltd has been set for May 25, 2020, at 2:30 p.m. Creditors
wishing to attend by electronic means are advised they can utilise
the following facility:
Facility Number: 1800 062 923
Password: 7761 9280 7197
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 22, 2020, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Kellie M on April 9, 2020.
LIBERTY FUNDING 2020-1: Moody's Gives B1 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2020-1.
Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2020-1
JPY 26,300.0 million Class A1 Notes, Assigned Aaa (sf)
AUD 64.5 million Class A2 Notes, Assigned Aaa (sf)
AUD 22.0 million Class B Notes, Assigned Aa2 (sf)
AUD 10.5 million Class C Notes, Assigned A2 (sf)
AUD 8.0 million Class D Notes, Assigned Baa2 (sf)
AUD 9.0 million Class E Notes, Assigned Ba1 (sf)
AUD 2.0 million Class F Notes, Assigned B1 (sf)
The AUD9.0 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of Australian
residential mortgages. All mortgages were originated and are
serviced by Liberty Financial Pty Ltd (Liberty, unrated).
Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.
Residential mortgages remain Liberty's predominant business. As of
December 2019, it had a portfolio of Australian mortgage assets
over AUD8.2 billion, of which 75% was securitised in public
transactions.
RATINGS RATIONALE
The definitive ratings take into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 2.00% of the notes balance, the
legal structure, and the credit strength and experience of Liberty
as Servicer.
Moody's MILAN credit enhancement for the collateral pool is 7.50%,
while the expected loss is 1.50%. MILAN CE represents the loss
Moody's expects the portfolio to suffer in a severe recessionary
scenario, and does not take into account structural features of the
transaction. or lenders mortgage insurance benefit. The expected
loss represents a stressed, through-the-cycle loss relative to
Australian historical data.
After lenders mortgage insurance benefit, MILAN CE is 7.29%.
The key transactional features are as follows:
- Class A1 Notes benefit from 25.0% credit enhancement.
- The notes will be repaid on pro-rata amortization, where
principal is allocated across all notes, other than Class G Notes,
from closing date, unless there is an event of default. Upon
satisfaction of all stepdown conditions which include - the payment
date falling prior to payment date in May 2024, absence of charge
offs on any notes and average arrears greater than or equal to 30
days (as calculated over the prior 3 periods plus the current
period) do not exceed 4% - Class A1, Class A2, Class B, Class C,
Class D, Class E, and Class F Notes will receive a pro-rata share
of principal payments (subject to additional conditions). The Class
G Notes do not step down and will only receive principal payments
once all other notes have been repaid. The principal pay-down
switches to sequential pay across all notes, once the aggregate
loan amount falls below 20.0% of the aggregate loan amount at
closing, or on or following the payment date in May 2024.
- The liquidity reserve with a required limit equal to 2.0% of
the aggregate invested amount of the notes less the redemption fund
balance. The reserve is subject to a floor of AUD600,000.
- The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
proceeds paid to Liberty Credit Enhancement Company Pty Ltd as
Guarantor, from the bottom of the interest waterfall prior to
interest paid to the Class G noteholders. The reserve account will
firstly be available to meet losses on the loans and charge-offs
against the notes. Secondly, it can be used to cover any liquidity
shortfalls that remain uncovered after drawing on the liquidity
facility and principal. Any reserve account balance used can be
reimbursed to its limit from future excess income.
The key pool features are as follows:
- The portfolio has a scheduled loan to value ratio of 66.0%,
with proportion of loans with scheduled LTV above 80.0% (10.9%) and
above 90% (5.1%).
- The portfolio has a low weighted average seasoning of 7.4
months, with 60.6% of the portfolio originated in the past six
months.
- 6.7% of the loans in the portfolio were extended on an
alternative documentation ('alt doc) basis.
- The portfolio contains 3.7% exposure to borrowers with prior
credit impairment (default, judgment or bankruptcy). Moody's
assesses these borrowers as having a significantly higher default
probability.
- Investment and IO loans represent 22.5% and 6.3% of the pool,
respectively.
Its analysis has considered the effect of the coronavirus outbreak
on the Australia economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of consumer assets.
The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in July
2019.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
RESTORED BEAUTY: Enters Members Voluntary Liquidation
-----------------------------------------------------
The Courier-Mail reports that Restored Beauty Getaways Pty Ltd, a
surgery company which sold more than 14,000 plastic and cosmetic
surgery travel packages to Bali, Bangkok and Phuket collapses as
COVID-19 shuts borders.
At a general meeting of the members of the Company held on May 13,
2020, it was resolved that the Company be wound up and that
Domenico Alessandro Calabretta of Mackay Goodwin be appointed
liquidator.
TAILORMADE FINANCIAL: ASIC Cancels AFS Licence due to Liquidation
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
NSW-based financial services provider Tailormade Financial
Strategies Pty Ltd.
The cancellation took effect on April 9, 2020.
ASIC cancelled the AFS licence because Tailormade was in
liquidation. Under the Corporations Act 2001, ASIC may suspend or
cancel an AFS licence if the licensee is under administration and
is being wound up.
As part of the cancellation, Tailormade is required to maintain its
membership of the Australian Financial Complaints Authority for a
minimum of 12 months and hold adequate professional indemnity
insurance cover.
Tailormade held AFS licence no. 464688 since Oct. 31, 2014.
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C H I N A
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HILONG HOLDING: Moody's Cuts CFR & Senior Unsecured Ratings to B2
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Moody's Investors Service has downgraded Hilong Holding Limited's
corporate family and senior unsecured ratings to B2 from B1.
At the same time, Moody's has changed the outlook on Hilong to
negative from stable.
RATINGS RATIONALE
"The downgrade and negative outlook reflect Hilong's weakening
credit profile amid deeper global economic recession and low oil
prices," says Chenyi Lu, a Moody's Vice President and Senior Credit
Officer.
"Our expectations for a more prolonged, reduced demand for
oil-related products will weaken Hilong's earnings and financial
buffers to an extent that's larger than what we previously
assessed," adds Lu.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.
More specifically, Hilong's exposure to oilfield equipment and
services businesses, which are linked to volatile global oil
prices, has left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions given its sensitivity to
consumer demand and sentiment.
Moody's expects the company's revenue will decline 8% in 2020 and
recover by 5% in 2021, following a strong growth of 13% in 2019.
This assumption is driven by lower demand for drill pipe products
and oilfield services, as upstream oil and gas companies cut back
on capital spending. Moody's expects Brent oil to stay at $35/bbl
over 2020 before recovering to $45/bbl in 2021.
Nevertheless, Hilong's continued growth momentum for its extended
coating services and line pipe business, which supports the
deployment of China's natural gas network, will offer some business
resilience during industry challenges.
Moody's expects the company's adjusted EBITDA margin will decline
to around 21.5%-22.0% over the next 12-18 months from 23.7% in
2019, because of pricing pressures amid weaker demand.
As a result, Moody's expects Hilong's debt leverage, as measured by
adjusted debt/EBITDA, will increase to 4.6x this year from 3.8x in
2019. Such level of leverage is higher than Moody's previous
expectation and will reduce the company's buffer against
increasingly challenging operating conditions.
Hilong's liquidity is weak. At the end of 2019, the company had
cash and cash equivalents of RMB783 million and restricted cash of
RMB124 million. These liquidity sources and Moody's expected
operating cash flow of around RMB400 million over the next 12
months are insufficient to cover its RMB1.7 billion of short-term
debt, including USD165 million of notes due in June 2020, RMB233
millions of bills payable, and the estimated RMB100 millions of
maintenance capital expenditure over the same period.
However, this weak liquidity position is mitigated by Hilong's
track record of access to offshore and domestic banks and debt
markets, as well as to the equity capital markets. For instance,
Hilong issued a USD200 million bond in September 2019. At the end
of 2019, the company also had unencumbered fixed assets of RMB3.2
billion, including its pipe-laying and derrick vessel and drilling
rigs, which could be pledged for financing.
Moody's further expects the company will seek refinancing to
address its remaining USD165 million of bonds maturing in June
2020. Signs of an inability to execute its refinancing would add to
downward rating pressure.
The rating also takes into account the following environmental,
social and governance considerations.
First, the company is exposed to increasingly stringent regulations
for oil and gas operations and access to new resources. However,
Hilong has to date not experienced any major compliance violations
related to air emissions, water discharge or waste disposal.
Second, Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. Its action reflects the impact on Hilong
of the breadth and severity of the outbreak, and the broad
deterioration in credit quality it has triggered.
Third, on the governance front, the company's ownership is
concentrated in its key shareholder, Jun Zhang, who held a total
58.7% stake in the company at the end of 2019. This risk is
partially mitigated by the company's track record of good corporate
governance, listed status, and disciplined dividend policy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Hilong's ratings is unlikely over the next 12-18
months, given the negative outlook. The outlook could return to
stable if the company (1) maintains its revenue, earnings and
credit metrics despite challenging operating conditions; (2)
improves its free cash flow generation; and (3) improve its
liquidity.
The ratings could be downgraded if (1) its revenue and earnings
decline sharply as a result of the low and volatile oil prices; (2)
the strain on its working capital increases, prompting it to raise
a large amount of debt; (3) its debt leverage rises, such that
adjusted debt/EBITDA exceeds 6.5x on a sustained basis; or (4) its
liquidity position weakens. Signs of an inability to refinance its
upcoming maturities would also add to downward rating pressure.
The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.
Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are (1)
oilfield equipment manufacturing and services, (2) line pipe
technology and services, (3) oilfield services, and (4) offshore
engineering services.
The company listed on the Hong Kong Stock Exchange in 2011. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 58.7% equity interest as of the end of 2019.
ZOOMLION HEAVY: S&P Upgrades ICR to 'B+' on Resilient Performance
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On May 15, 2020, S&P Global Ratings raised its long-term issuer
credit rating on Zoomlion Heavy Industry Science and Technology Co.
Ltd. and the long-term issue rating on the company's guaranteed
senior unsecured notes to 'B+' from 'B'.
S&P said, "We expect Zoomlion to further deleverage in 2020 on
profit expansion and positive free cash flow. Zoomlion
significantly reduced its debt-to-EBITDA ratio to 3.5x in 2019,
from 6.0x in 2018, as robust demand and further margin expansion
resulted in strong EBITDA growth and solid free cash inflow.
Despite the COVID-19 impact, we expect healthy demand and a strong
market position to help Zoomlion maintain decent revenue growth and
a largely stable margin in 2020. These, together with disciplined
working capital management and a stringent external guarantee
policy, should lead to continued positive free cash flow. In
addition, the board's decision to suspend dividends in 2020 could
help the company preserve cash in the uncertain macroenvironment.
We therefore project Zoomlion's debt-to-EBITDA ratio to fall to
3.0x-3.3x in 2020. Although we expect the company's profit to
contract moderately in 2021 as the industry potentially enters a
down cycle, we still anticipate its leverage will stay below 4x. "
Resilient demand and a strengthening market position will support
Zoomlion's growth in a challenging 2020. Although construction
activities in China were generally halted in February 2020,
Zoomlion maintained broadly flat revenue in the first quarter. This
was despite overall industry demand shrinking in the low-teen
percentage range. As COVID-19 in China became largely contained in
March, sales of construction machinery rebounded, with
year-over-year growth turning positive for some product segments in
March and accelerating to above 30% in April. Demand prospects for
the rest of the year are strong, underpinned by the resumption of
construction activity from March, potential acceleration of
infrastructure investment, sustained replacement needs from the
upgrade of emission standards and overloading control.
S&P said, "We expect Zoomlion to continue to outpace market growth
and deliver close to 10% revenue growth in 2020. The company has
competitive offerings, strong market reach, and mostly mid-to-late
cycle product exposure. It has gained market share in the past few
quarters via an extended and upgraded product portfolio, and
expanded sales by over 50% in 2019. Healthy domestic demand could
more than absorb a decline in exports, which only accounted for
about 10% of total sales in 2019.
"In our view, Zoomlion can maintain its profitability despite
moderate supply chain disruptions. We estimate Zoomlion will keep
its adjusted EBITDA margin stable at 13.5%-14.5% in 2020, compared
with 14.2% in 2019. Given solid demand, industry pricing conditions
should remain healthy this year, as evident from 5%-10% price hikes
for some products announced by domestic producers in early April.
Although the COVID-19 pandemic has resulted in additional
expenditure as companies cope with supply chain disruptions, we
believe Zoomlion can manage the impact. The company only sources
close to 10% of its components and materials from abroad. Moreover,
its sizable inventory of imported parts on hand should help it
overcome the temporary delay in new parts delivery and maintain
normal operations till late second quarter. We also anticipate
Zoomlion's favorable pricing, mix upgrade, and economies of scale
will help the company absorb additional spending due to the
pandemic."
Earnings growth will enhance Zoomlion's cash flow and liquidity
position. Zoomlion's working capital turnover may weaken moderately
in 2020 as the company works to ease supply chain pressure. Even
so, S&P estimates it can post a decent profit and generate Chinese
renminbi (RMB) 4 billion-RMB5 billion of operating cash inflow,
compared with RMB6 billion in 2019. The operating cash flow should
be more than sufficient to fund a slight increase in capital
expenditure to RMB1.5 billion-RMB2 billion, from RMB1.3 billion in
2019, as the company increases production capacity for key
products. Zoomlion significantly reduced its short-term maturities
to RMB7 billion as of end-2019, from RMB22 billion in 2018. S&P
expects the company to maintain a high cash and liquid asset
balance of over RMB10 billion, which could further cushion its
overall liquidity position.
The sector's highly cyclical nature and intensified competition
expose Zoomlion to volatility, yet the company is better positioned
to handle a potential down cycle than in 2013-2016. The
construction machinery sector's inherent cyclicality, reliance on
credit sales, and fierce competition constrain Zoomlion's credit
strength. Given the typical replacement cycle of eight to 10 years,
sector sales may enter another down cycle from 2021 as the current
upcycle since the second half of 2016 comes to an end. However,
Zoomlion's expansion into new segments, such as aerial working
platforms and excavators, could help diversify its revenue base and
partly mitigate the impact of a potential down cycle. S&P's base
case factors in a 5%-10% revenue decline per year during 2021-2022
and slight margin contraction.
S&P said, "We also believe Zoomlion is better positioned to protect
its balance sheet quality compared with the last down cycle. The
company has implemented more prudent credit sales policies in
recent years. Its off-balance-sheet guarantee for credit sales was
RMB6 billion as of end-2019. We estimate it will likely stay below
RMB8 billion in 2020-2021, compared with RMB17 billion-RMB18
billion over 2013-2014.
"Nevertheless, we acknowledge a high degree of uncertainty
regarding the development of COVID-19 and the ensuing global
recession. Although the impact of the coronavirus outbreak on
China's construction machinery sector and Zoomlion appears
manageable at this point, the evolution of the pandemic could
introduce volatility to the company's performance beyond our base
case. Additionally, potential changes to the company's commercial
terms on credit sales and guarantee policy could result in greater
financial risks than our current expectation, particularly if
customer creditworthiness deteriorates during an economic
recession. Our base case assumes that Zoomlion continues to control
customer creditworthiness without experiencing notable delays in
receivable collection or recording significant provisions.
"The positive outlook reflects our expectation that Zoomlion will
moderately grow its revenue and profit in 2020 despite the
challenging macroenvironment. We anticipate Zoomlion's leverage may
drop further and stay below 4x in 2020-2021. At the same time, we
expect the company to maintain sufficient liquidity and refinance
short-term maturities with its own cash or new debt issuance."
S&P may revise the outlook back to stable if Zoomlion's
debt-to-EBITDA ratio approaches 4x. This could happen due to:
-- An unexpected sharp drop in sales or margin contraction on
slowing construction demand;
-- A deterioration in customer creditworthiness, causing
significant delays in receivable collection or large provisions;
or
-- Large-scale debt-funded acquisitions by the company.
S&P may raise the ratings if Zoomlion maintains its prudent
financial policy and keeps the debt-to-EBITDA ratio well below 4x
for a sustained period, even during a potential industry down
cycle. This could happen if:
-- Zoomlion implements effective risk management and does not
materially loosen its commercial terms for credit sales; and
-- The company strengths its market position, continues to grow
its revenue and profit, and generates healthy operating cash flow
to cover capital expenditure.
=================
H O N G K O N G
=================
CENTURY SUNSHINE: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Century Sunshine Group
Holdings Limited's corporate family rating to B3 from B2.
At the same time, Moody's has changed the outlook on the rating to
negative from stable.
RATINGS RATIONALE
"The downgrade and change in outlook to negative reflect Century
Sunshine's heightened refinancing risk, given its upcoming debt
maturities, weak liquidity profile, and limited progress on its
refinancing plans," says Shawn Xiong, a Moody's Assistant Vice
President and Analyst.
Century Sunshine's refinancing risk has increased as it needs to
address a large amount of upcoming debt maturities before the end
of 2020, including SGD101.75 million of offshore senior unsecured
notes due July 3, 2020. The company's total short-term debt was
HKD1.69 billion at the end of 2019, including revolving
facilities.
Century Sunshine's liquidity position is weak. At the end of
December 2019, its cash balance of around HKD833 million with
around HKD785 million unrestricted, along with Moody's forecast of
HKD300 million-HKD400 million of cash flow from operations, will be
insufficient to cover short-term debt maturities and estimated
reduced capital spending of HKD120 million over the next 12
months.
The company has a history of rolling over its bank borrowings and
reported unencumbered assets of around 85% as of December 31, 2019.
However, market uncertainties could potentially increase the
difficulties of the company's refinancing tasks.
Given its current weak liquidity position, Moody's expects Century
Sunshine's recently proposed issuance of HKD300 million of
convertible bonds will be an important source of cash flow in the
redemption of the upcoming SGD101.75 million senior unsecured notes
due July 2020.
The proposed transaction is subject to the approval of independent
shareholders at an extraordinary general meeting and approval from
the Securities and Futures Commission of Hong Kong for a
"whitewash" waiver for Century Sunshine's chairman making a
mandatory takeover offer as his shareholding with his concerted
parties will increase to 52.76% from 36.25% upon conversion of the
bonds.
However, the company recently filed for a delay in dispatch of the
circular in relation to the above approvals, which means the
circular will likely be dispatched on or before
May 22, 2020 to its shareholders.
Failure to complete the proposed transaction at all or on time will
further challenge the company's ability to redeem its SGD101.75
million senior unsecured notes.
Moody's expects Century Sunshine's production volume and revenue to
decline by 5%-10% for 2020 due to disruptions caused by the
coronavirus outbreak, before recovering in 2021. At the same time,
Moody's expects the company's margin to remain relatively stable as
the increase proportion of higher-margined organic fertilizers in
its product mix will offset the effects from the expected decline
in revenue. As such, Moody's expects the company's leverage -- as
measured by adjusted debt/EBITDA -- to increase slightly to
2.0x-2.5x over the next 12 months.
Century Sunshine's B3 corporate family rating reflects the
company's long track record in the organic fertilizer industry,
good profitability and moderate debt leverage.
On the other hand, the rating is constrained by Century Sunshine's
developing scale in competitive markets and weak liquidity
position.
From an environmental, social and governance perspective, the
rating incorporates the following considerations.
Firstly, Century Sunshine's chemical fertilizer and magnesium
mining operations are exposed to high environmental and safety
risk. However, the company has implemented a series of measures to
improve its operations to meet tightening environmental standards
as the Government of China (A1 stable) increasingly focuses on
environmental protection.
Secondly, social risks for commodity chemical companies are viewed
as high risk. Health and safety and end market perception are the
greatest risks for commodity chemical producers due to the presence
or use of potentially hazardous materials. Century Sunshine has
been improving its processes and safety standards to mitigate such
risks and its operations have not encountered material safety
issues in recent years.
Thirdly, Century Sunshine's ownership is concentrated in its key
shareholder, Mr. Chi Wen Fu, who held a total 34.75% stake in the
company as of the end of 2019. This risk is partially mitigated by
the company's track record of good corporate governance, its listed
status and the presence of three independent board directors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could return to stable if the company
successfully refinances its upcoming debt maturities, including the
SGD101.75 million senior unsecured notes.
The rating could be downgraded if Century Sunshine fails to meet
its payment obligations.
The principal methodology used in this rating was Chemical Industry
published in March 2019.
Listed in Hong Kong in 2004, Century Sunshine Group Holdings
Limited manufactures and sells fertilizers, including the general,
ecological and functional varieties. The company is also engaged in
magnesium mining and magnesium alloy production through Rare Earth
Magnesium Technology Group Holdings Limited, its Hong Kong
main-board listed, 72.4%-owned subsidiary as of the end of December
2019.
=========
I N D I A
=========
AARYAMAN RECREATION: CARE Keeps D INR7.50cr Loan Rating in Not Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aaryaman
Recreation Club Limited (ARCL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 13, 2019, placed
the rating(s) of ARCL under the 'issuer non-cooperating' category
as ARCL had failed to provide information for monitoring of the
rating. ARCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 16, 2020, April 22, 2020, April 23,
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(s).
Detailed description of the key rating drivers
At the time of last rating on February 13, 2019 the following was
the rating weaknesses
Key Rating Weaknesses
* On-going delay in debt servicing: Owing to weak liquidity
position, the company has been irregular in servicing its debt
obligation.
Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is
a closely held company, incorporated in 2014 is promoted by
Mr.Vimal Kalsariya, Mr.Ishwarlal Gehi , Mr. Kanaiyalal Gehi, Mr.
Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and
Mr. Jayantilal Godhadara. ARCL is setting up a project to establish
a Recreational club. The club will have various amenities such as
follows Theatres, Eateries, Beauty salon/Spa/Wellness centre, Guest
rooms, Conference hall, Party hall. The project will be executed in
two phases wherein three buildings namely Ruby, Sapphire and
Emerald will be constructed. In the first phase, ARCL is
constructing Ruby building for which the estimated cost is INR16.76
crore and the same is expected to completed by September 2019. The
Sapphire and Emerald will be constructed in the second phase which
is envisaged to start from October 2019 and expected to be
completed by March, 2021. Total cost of project is INR29.93 crore
which will be funded through term loan of INR7.50 crore, equity
capital of INR3.20 crore, unsecured loans of INR0.44 crore and the
rest amount will be obtained through membership fees.
ADARSH NOBLE: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adarsh
Noble Corporation Limited (ANCL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.25 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Short Term Bank 3.75 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 8, 2019, placed the
ratings of ANCL under the 'issuer non-cooperating' category as ANCL
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. ANCL continues to be
noncooperative despite request for submission of information
through email dated April 6, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on February 8, 2019 the following are
the rating weaknesses (updated for the information available from
Registrar of Companies).
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: There are delays in interest
servicing of the Cash Credit (CC) account.
* Improvement in financial performance in FY19 albeit shortfall in
GCA vis-à-vis debt repayment: Total operating income declined by
53% y-o-y to INR46.44 crore in FY19. However, the PBILDT margin
improved to 6.15% in FY19 (1.01% in FY18). Interest coverage ratio
improved to 1.79x in FY19 as compared to 0.39x in FY18. The company
has reported GCA of INR1.24 crore in FY19 vis-à-vis debt repayment
obligation of INR1.97 crore. However, the capital structure of the
company improved marked by overall gearing ratio at 0.61x as on
March 31, 2019 vis-à-vis 0.88x as on March 31, 2018. TDGCA also
improved to 4.81x in FY19.
Adarsh Noble Corporation Limited (ANCL) was incorporated in 2006 by
Bhubaneswar-based Mr. M. K. Acharya. Prior to setting up of ANCL,
the promoters were engaged in construction business through a
partnership firm, named A. P. Construction since 1997. ANCL is
engaged in Engineering, Procurement and Construction (EPC) in the
field of construction and maintenance of petrochemical storage
tanks, equipment erection, etc. Majority contribution to revenue of
the company is from public sector entities in the oil & gas sector
and large players in the aluminium & steel sector.
ANAMIKA CONDUCTORS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anamika
Conductors Private Limited (ACPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term/Short 35.00 CARE D/CARE D; ISSUER NOT
term Bank COOPERATING; Based on best
Facilities Available information
Long-Term Bank 41.63 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-term Bank 44.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 7, 2019, placed the
ratings of ACPL under the 'issuer non-cooperating' category as ACPL
had failed to provide information for monitoring of the rating.
ACPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone and calls. 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.
Detailed description of the key rating drivers
At the time of last rating on January 7, 2019 the following were
the rating strengths and weaknesses.
Key Rating Weakness
* Irregularity in debt servicing: There are on-going delays in
servicing of the debt by the ACPL as per verbal communication by
the banker.
Anamika Conductors Pvt. Ltd (ACPL) was incorporated as Anamika
Conductors Pvt Ltd on December 15, 1988 at Jaipur, Rajasthan by Mr.
Sharad Bakliwal. Subsequently, it was converted into a public
limited company on April 19, 1996 and has been converted back to
private limited company in June, 2015. ACPL was in the business of
manufacturing of aluminum cables & conductors (used in transmission
lines for electricity supply up to 400 kv) with an installed
capacity of 18,000 KM p.a. as on March 31, 2016. ACL also had 5
wind mills having aggregate power generation capacity of 3.75 MW as
on March 31, 2016. ACPL's products were used in electricity
transmission & distribution as per specification required by Bureau
of Indian Standards (BIS). ACPL's products were approved by all
major state electricity transmission and distribution entities of
India in FY16.
ANJANEYA COTTON: CARE Cuts INR5.75cr Loan Rating to 'D', Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anjaneya Cotton Traders (ACT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.75 CARE D; Issuer not cooperation;
Facilities Revised from CARE B; Stable;
on basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 13, 2019, placed the
rating(s) of ACT under the 'issuer non-cooperating' category as ACT
had failed to provide information for monitoring of the rating. ACT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail communications/letters dated from October 2019 to April,
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.
Detailed description of the key rating drivers
The rating has been revised on account of delays in debt servicing
Key Rating Weaknesses
* Delays in Debt Servicing: ACT has been facing liquidity issues
due to which the firm is unable to service the debt obligation. The
banker has confirmed that the account has been classified as NPA.
* Constitution of the entity as a proprietorship with inherent risk
of withdrawal of capital: The firm being a proprietorship firm is
exposed to inherent risk of capital withdrawal by the proprietor,
due to its nature of constitution. Further, any substantial
withdrawals from capital account would impact the net worth and
thereby the financial profile of the firm.
Key Rating Strengths
* Experienced promoters: ACT is a proprietary concern started by
Mr Challa Viswanadh Bhargava Reddy. Mr Bhargava Reddy is
engineering graduate and working with a leading IT company. Since
Mr Bhargava Reddy is employed, he has executed registered General
Power of Attorney (GPA) in favor of his father; Mr Challa Siva
Venkata Reddy who is looking after the day-to-day affairs of the
firm.
Anjaneya Cotton Traders (ACT) is a propriety concern started by Mr
Challa Vishwanadha Bhargava Reddy in 2007. Day to day activities of
the firm is looked after by his father Mr Siva Venkata Reddy. The
firm is engaged in manufacturing and processing of Kappas into
cotton lint. The firm has 14 double roller cotton ginning machine
and baling press located at Guntur district of Andhra Pradesh.
ASIAN IMPEX: CARE Keeps 'D' INR7.50cr Loan Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian Impex
(AI) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated May 30, 2019, placed the
rating(s) of AI under the 'issuer noncooperating' category as AI
had failed to provide information for monitoring of the rating. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 22, 2020, April 23, 2020, April 24, 2020
and April 28, 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 May 30, 2019 the following was the
rating weakness:
Key Rating Weaknesses
* On-going delay in debt servicing: Owing to weak liquidity
position, there are on-going delays in debt servicing.
Asian Impex (AI), incorporated in 2010, is promoted by Mr. Haron
Haji Panja, Mr. Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif
Harun Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is
engaged in processing of sea foods and exports the same to Europe,
Gulf countries, Africa and China. AI has a processing cum storage
facility located at Veraval (Gujarat) with total installed capacity
of 50 MTPD (metric ton per day) for processing of Sea Foods and
1,000 metric tons storage capacity as on March 31, 2016.
BHAGIRATH DAIRY: CARE Lowers Rating on INR12.60cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhagirath Dairy Private Limited (BDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.60 CARE D; Issuer not cooperating;
Facilities Revised from CARE B+; Stable;
Fund Based ISSUER NOT COOPERATING on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 05, 2019, placed the
rating of BDPL under the 'issuer non-cooperating' category as BDPL
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. BDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. 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 have been revised on account of delays in debt
servicing as per audit report of FY19 received from ROC.
Key Rating Weaknesses
* Ongoing delay in debt servicing: As per Audit report received
from ROC, there are delays in debt servicing owing to stretched
liquidity position.
Nagaur (Rajasthan) based Bhagirath Dairy Private Limited (BDPL) was
incorporated in 2012 by Mr Bhagirath Ram Choudhary along with his
family members. BDPL has commenced its operations from October,
2016. The company is engaged in the business of processing of milk
and milk products. The plant of the company is located at Luni
Tehsil, Jodupur District (Rajasthan) with an installed capacity of
5 lakh litres per day (LLPD) of raw-milk as on March 15, 2018. BDPL
is in agreement with "Amul" for process the milk and milk products.
DAVANGERE SUGAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Davangere
Sugar Company Limited (DSCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term bank 12.23 CARE D; Issuer not cooperating;
Facilities– Based on best available
Term Loan Information
Long Term Bank 99.00 CARE C; Stable Issuer not
Facilities cooperating; Based on best
(Fund Based) available information
Short Term Bank 13.22 CARE A4; Issuer not
Facilities cooperating; Based on best
(Non Fund Based) available Information
Detailed Rationale & Key Rating Drivers
DSCL 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 DSCL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING for its term loan
facility, CARE C; Stable ISSUER NOT COOPERATING for long term fund
based facilities and CARE A4; ISSUER NOT COOPERATING for the short
term facilities.
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 January 28, 2020 the following were
the rating weaknesses and strengths:
Key Rating Weaknesses
* Delay in servicing of term loan for the month of December 2019:
The company had reported delay in servicing the debt obligations
pertaining to two term loans during the month of December, 2019 and
the same was on account of cash flow mismatches during the month.
However the bankers have informed that there are no instances of LC
devolvement or CC overdrawals.
* Operations in a cyclical and regulated industry and stretched
liquidity position: The cyclical nature of the sugar industry
significantly impacts the operating performance and cash flow
generation of DSCL. The company's inventory holding period was as
high as 370 days in FY19 (FY18: 337 days) which resulted into a
stretched operating cycle of 403 days (PY: 403 days). The current
ratio of the company was 0.9 and quick ratio was 0.43 as on March
31, 2019 against 0.77 and 0.43 respectively as on March 31, 2018.
The company's fund based utilisation was close to 100% for the 12
month ended November, 2019. The raw material prices are regulated
by the government. In addition to this, sale and distribution of
by-products (molasses and power) are also regulated at different
levels in different States.
Key Rating Strengths
* Long track record and experienced promoters: DSCL has more than
four decades of track record in the present line of business. DSCL
enjoys established relationship with farmers having operated in the
same region over the decades. The day to day operations of the
company are looked after by Mr S S Ganesh (MD), who is adequately
supported by a group of professionals having rich business
experience in the operative industry.
* Improvement in operational performance in FY19 and 9MFY20: The
company produced 21,804 metric tonnes of sugar in FY19 (PY: 6482
metric tonnes) at a recovery rate of 9.45% against 9.24% the
previous year. The company also produced 53.65 million units power
in FY19 against 21.22 million units in FY18. The company reported
33% growth in total operating income in FY19 wrt FY18 at a PBILDT
margin of 27.65% (PY: -3.24%) and PAT of INR 3.22 Cr with a PAT
margin of 2.83% (PY: -13.45%). TDGCA though remained stretched,
improved from 92.02x as on March 31, 2018 to 17.59x as on March 31,
2019. For 9MFY20, the company reported total operating income of
INR 151.19 Cr at a PBILDT margin of 15.4% and a PBT of INR 1.24
Cr.
Davangere Sugar Company Limited was incorporated in 1970 as a joint
sector undertaking between Karnataka Agro Industries Corporation
(KIAC), Karnataka State Industrial Investment and Development
Corporation (KSIIDC) and Farmers. DSCL commenced commercial
operations in October 1974. However, owing to continuous losses
from operation, it was declared a sick unit in FY87. Subsequently,
with the debt restructuring and support from financial
institutions, DSCL came out of Board of Industrial and Financial
Reconstruction in 1996. The present promoters acquired the shares
owned by KIAC and KSIIDC and took over the management of DSCL in
1995. Shri. S S Ganesh takes care of the day to day functioning of
the company. As on March 31, 2019, the promoters hold 59.54% stake
in DSCL. The company has an installed sugar crushing capacity of
4750 TCD and a multi fuel co-generation unit of 24.5MW.
DOLCE PHARMACEUTICAL: CARE Cuts Rating on INR11.75cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dolce Pharmaceutical Private Limited (DPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 11.75 CARE B; Stable; Issuer not
Facilities cooperation; Revised from
CARE B+; based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from DPPL to monitor the
rating(s) vide e-mail communications/letters dated November 6,
2019, December 9, 2019, February 2, 2020, March 11, 2020 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on DPPL's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of non-cooperation by DPPL
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.
Detailed description of the key rating drivers
At the time of last rating on April 2, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
*Stabilization risk albeit successful completion of the project:
The company has successfully completed the envisaged project
and also commenced its operations from December 6, 2018 where the
company has started manufacturing on job work basis and achieved
minuscule scale of revenues. However, the stabilization risk
continues to persist since, the operations are at very nascent
stage where, the required quality certifications are also in
process. Hence, being the existence of the company in highly
regulated market, ability of the company to get the required
certifications and thereafter start its own production and achieve
the envisaged revenues and profitability remains critical.
* Presence in highly regulated, fragmented & competitive
pharmaceutical industry: The company operates in pharmaceutical
industry which is highly regulated and fragmented, predominantly
unorganized and small players catering to market. Also being
domestic player currently, it could face threat from imports in
future if unable to cater to this upcoming demand. Increased
accessibility to medicines at affordable prices increases the
competition in the market and thus put pressure on the profit
margins.
* Susceptibility of margins to volatile raw material prices: The
profit margins are susceptible to the volatile prices of raw
material required for manufacturing of pellets and capsules. The
profit margin may get affected, due to fluctuation in material
prices and lower price realization due to intense competition in
the market.
* Weak financial risk profile: The financial risk profile remained
weak marked by very nascent stage of operations with weak
profitability, highly leveraged capital structure and weak debt
coverage indicators in FY19.
Key Rating Strengths
* Experienced promoters in the pharmaceutical industry: DPPL is
managed by Mr. Gopakumar P. Nair, Mrs. Rakhi Gopakumar Nair and Mr.
Milind Gadkari who are technically qualified and has an average
experience of around 2 decades in the pharmaceutical industry.
Further, the promoters are also supported by experienced and
qualified second line of management.
* Locational Advantage of the unit: The company's unit is located
at Boisar which has locational advantage as there are several units
of pharmaceuticals manufactures which requires pellets as a raw
material for consumption. Furthermore, there are very few pallets
manufacturing units in the nearby vicinity which may provide better
business opportunities to the company.
Dolce Pharmaceutical Private Limited (DPPL) was incorporated in
1994 and was taken over in 2010 by Mr. Gopakumar P. Nair and Mrs.
Rakhi Gopakumar Nair who are currently the directors of the
company. DPPL is engaged in manufacturing sugar based pelletisation
and capsulation which has installed capacity of 30 MT pellets per
month and 3.75 crore capsules per month. DPPL has successfully
completed the capital expansion project undertaken during FY18 and
commenced its commercial operations from December 6, 2018. The
company manufactures medicines for cardiovascular diseases, Pain
killers, Vitamins, Anti-Alergic, etc. The company operates its
administration office and plant situated at Tarapur, Boisar.
EMBEE AGRO: CARE Lowers Rating on INR20.33cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Embee Agro Food Industries Private Limited (EAFIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 20.33 CARE B-; ISSUER NOT COOPERATING;
Facilities Revised from CARE B; ISSUER NOT
COOPERATING; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 6, 2019, placed the
rating(s) of EAFIPL under the 'issuer not cooperating' category as
EAFIPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its rating
agreement. EAFIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
07, 2020 to April 17, 2020 and numerous phone calls. 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.
Detailed description of the key rating drivers
The rating assigned to the bank facilities of EAFIPL have been
revised on account of non-availability of requisite information.
The ratings, further, continue to remain constrained by small scale
of operations with marginal decline in FY18, leveraged capital
structure and weak debt coverage indicators.
The ratings, however, continue to derive strength from established
track record and experience of the promoter in rice milling
industry, improvement in PBILDT margin in FY18 and marginal decline
in PAT margin, location advantage with presence in cluster and easy
availability to paddy and healthy demand outlook of rice.
Key Rating Weakness
* Small scale of operations with marginal decline in FY18: The
total operating income of the company marginally declined by
~3.30%, and continued to remain small, and stood at INR46.60 crore
in FY18 as against INR48.19 crore in FY17.
* Leveraged capital structure and weak debt coverage indicators:
The overall gearing of the company improved marginally, however
continued to remain leveraged, and stood at 2.80x as on March 31,
2018 as against 3.07x as on March 31, 2017.The debt coverage
indicators marked by PBILDT interest coverage, continued to remain
weak, and marginally declined from 1.18x on FY17 to 1.54x in FY18.
TD/GCA and TD/CFO stood at 17.47x and 6.15x in FY18, respectively.
Key Rating Strengths
* Established track record and experience of promoter in rice
milling industry: EAFIPL has established track record of 10 years.
Mr S Animisha (Managing Director) has more than 25 years of
experience in the rice milling industry. Mr B Soma shekar Gowda has
more than four decades of experience in the rice milling industry
and is very well versed with the working of the business and the
industry. Due the directors' vast business experience, the company
is able to established healthy relationship with key suppliers,
customers and with the local farmers, dealers and also with the
agents facilitating the business within the state and other
states.
* Improvement in PBILDT margin in FY18 and marginal decline in PAT
margin: The PBILDT margin improved by 478 bps in FY18 and stood at
12.68% as against 790% in FY17. The PAT margin also, marginally
declined by 4 bps and stood at 1.37% in FY18 as against 1.41% in
FY18.
* Location advantage with presence in cluster and easy availability
to paddy: The rice milling unit of EAFIPL is located at Davangere
district, which is one of the major paddy cultivation areas in
India. The manufacturing unit is located near to the rice producing
region, which ensures easy raw material access and smooth supply of
raw materials at competitive prices and lower logistic expenditure.
The company procures paddy from the local farmers which is readily
available and also resulting in low transportation costs.
* Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term, India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. The rice industry in India is broadly
divided into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the
export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.
Embee Agro Food Industries Private Limited (EAFIPL) was
incorporated in 2005 as a private limited company promoted by Mr B.
Somashekhar Gowda and other three directors. All the directors
belong to same family. EAFIPL erstwhile known as Magnur Syndicate,
a partnership firm established in the year 1999 and promoted by Mr
B. Somashekahar Gowda and other three partners. Since inception,
the company is engaged inrice milling and processing, however, the
processing activity closed in August 2012 since pollution control
board insisted to close the unit in that location. Therefore, the
company entered into trading of paddy and rice. Later, the company
purchased a 7 acres land at Karnataka Industrial Area Development
Board (KIADB) to set up a processing unit. The main raw material;
paddy, is directly procured from local farmers located in and
around Davangere and nearby locations during the off season. The
major sales of the company are in Karnataka and Maharashtra
regions.
FEDDERS ELECTRIC: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fedders
Electric & Engineering Limited (FEEL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 460.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Short Term Bank 762.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 14, 2018, continues
to place the ratings of Fedders Electric & Engineering Limited
under the 'Issuer Not Cooperating' category as the company had
failed to provide the requisite information required for monitoring
of the ratings as agreed to in its rating agreement. Fedders
Electric & Engineering Limited continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and a letter/email dated April 2, 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. The rating of
bank facilities of Fedders Electric &
Engineering Limited 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).
Detailed description of the key rating drivers
CARE has not received any information. However, as per the lender
the account was classified as NPA and now it is under NCLT.
FEEL, a public limited company, was incorporated by the Punj group
in 1957. The company provides customized solutions on a turnkey
basis in the areas of infrastructure, involving manufacturing,
engineering, designing of Steel Structures, Engineering,
Procurement & Construction (EPC) for transmission of power,
manufacture and supply of towers for wind turbines, and environment
control systems for industrial and customized applications.
Further, the Company has concluded the transaction with respect to
the sale of the brand name, logo, trademark or any other
intellectual property rights associated with "LLOYD" and/or "Lloyd"
to Havells India Limited for a consideration of Rs 50.00 Crores on
8th May, 2017. Subsequently, after approval from the Registrar of
Companies, the name of the Company has been changed from Fedders
Lloyd Corporation Limited to Fedders Electric and Engineering
Limited.
GAJRAJ HOTELS: CARE Keeps 'D' LT Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gajraj
Hotels Private limited (GHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.03 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 4, 2019, placed the
ratings of GHPL under the 'issuer non-cooperating' category as
Gajraj Hotels Private limited had failed to provide information for
monitoring of the rating.
Gajraj Hotels Private limited continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated March 21,2020, March
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 ratings.
The rating has been reaffirmed by taking into account
non-availability of requisite information and no due-diligence
conducted due to non-cooperation by Gajraj Hotels Private Limited
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.
Detailed description of the key rating drivers
At the time of last rating on January 4, 2019 the following were
the rating weakness:
* There is ongoing delays in meeting the debt obligations in
account.
GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj' (HG)
established in the year 1992. GHPL has set up another hotel by the
name of 'Motel Gajraj Continental' (GC) in Bahadurgarh, Haryana,
which commenced its full-fledged operations from April 2013. From
April 2016 onwards, the company has discontinued the operations of
'Hotel Gajraj'.
GANCO ENERGY: CARE Keeps 'D' INR10cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganco
Energy India Private Limited (GEIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 8, 2019, placed the
ratings of under the 'issuer non-cooperating' category as company
had failed to provide information for monitoring of the rating. The
company continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and
email dated January 31, 2020 to 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.
Detailed description of the key rating drivers
The ratings assigned to the bank facilities of GEIPL
continues to tempered by delays in debt servicing, small scale of
operation, Weak debt coverage indicators. The ratings however
underpinned by experienced promoters and management team
Key Rating Weakness
* Delays in debt servicing: The firm has poor liquidity position
due to insufficient cash flows, thereby resulting in delays in
servicing debt obligations.
* Small scale of operations: The scale of operations of the
company stood small at INR4.64 crore in FY19 with net worth base of
INR2.53 crore as on 31st March 2019.
* Weak debt coverage indicators: The debt coverage indicators of
the company stood TD/GCA of 17.29x and interest coverage of 1.62x
in FY19.
Key Rating Strengths
* Experienced Promoters and management team: GEIPL is promoted by
Mr. G Appala Naidu, who is a B.A. graduate and has 4 years of
experience in solar off grid projects. Further, Mr. G Appala Naidu
also has experience of more than a decade in real estate sector and
has executed projects like; Sukhibhava Real Estate Private Limited,
Vishakhapatnam. Another promoter, Mrs. G Chinni Kumarilakshmi, has
completed her Master of Arts. She is Director of GEIPL and will
also be handling the Administrative Department. Mr. G Vishnu
Murthy, the Technical Director of the company, is having more than
22 years of experience in solar business and has undertaken various
projects such as; installation of solar power plant, operations and
management of the same, installation of solar module manufacturing
units etc.
Ganco Energy India Private Limited (GEIPL) was incorporated in the
year 2014 and promoted by Mr. G. Appala Naidu and Mrs. G Chinni
Kumarilakshmi. GEIPL proposes to install 60 MW automatic Solar
Photovoltaic (SPV) module manufacturing line at Bhemunipatnam,
Visakhapatnam.
GOAN REAL: CARE Keeps 'D' INR66.86cr Loan Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goan Real
Estate Construction Pvt. Ltd. (GRECPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 66.86 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
GRECPL 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 GRECPL'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 ratings take into account the on-going delays in servicing of
its debt obligations.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in repayment of term loan: There are ongoing delays in
repayment of term loan on account of cash flow mismatches
and liquidity stress in the company.
Goan Real Estate and Construction Pvt Ltd (GRECPL), incorporated in
1989, has been promoted by the Dynamix Group. The Dynamix Group was
founded in the early 1970's by Mr. K. M. Goenka with a foray in
real estate development. GRECPL is developing an integrated
township-type project named "Aldeia de Goa" located at Bambolim,
Goa, spread over nearly 145 acres of land. The project is being
developed in a phase wise manner. The project encompasses exclusive
plots, villas, apartments, landscaped gardens, multiple clubhouses,
a five star hotel and a proposed mall with commercial and retail
spaces. Out of the five phases, Phases I, II, IV and V (Sector 1)
are completed.
INDIA CARTONS: CARE Lowers Rating on INR10cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
India Cartons (IC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE B-; Stable; Issuer not
Facilities cooperation; Revised from
CARE BB-; Stable; Issuer not
cooperating on basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 27, 2019, placed
the rating(s) of IC under the 'Issuer noncooperating' category as
IC had failed to provide information for monitoring of the rating.
IC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 21, 2020 and 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.
The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
India Cartons with CARE's efforts to undertake a review of the
outstanding rating as CARE views information availability risk as a
key factor in its assessment of credit risk.
Detailed description of the key rating drivers
At the time of last rating on February 27, 2019 the following were
the rating strengths and weaknesses:
Key Rating Weakness
* Small size of operations along with thin profitability margins:
The firm has small size of operations marked by a low net worth
base of INR5.65 crore as of March 31, 2017 (prov.), with marginal
increase from INR5.05 crore as of March 31, 2016 on the bank of
accretion of profits generated through better sales. The PBILDT
margin remained unchanged at 2.76% during FY17 (Prov.) despite the
increase in operating income, mainly due to higher material costs
associated with better sales. Since the firm is in its nascent
stage of manufacturing rigid variety boxes, improvement in this
segment will further improve the margins to a large extent. The
firm's PAT margin also improved in line with the PBILDT margin from
0.52% in FY16 to 0.64% in FY17 (Prov.) due to increase in profits
earned in absolute terms.
* Highly fragmented and competitive business segment due to
presence of several players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around Ambur area in Tamil Nadu, which compete with
IC.
* Constitution of a partnership concern with risk of withdrawal of
capital: The firm was established as a partnership concern and the
risk of withdrawal of partner's capital prevails. There is parity
between the existence of the firm and the life of the partners.
* Performance of India Cartons linked to fortunes of the Indian
footwear industry: The boxes manufactured by IC are sold 100% to
the footwear companies. Thus the orders are placed based on the
manufacturing capabilities of the companies associated with IC. The
peak season of sale is during the months of August to February,
during which the sale of footwear is at its peak on account of
festive occasions.
* Working capital intensive nature of business coupled with
moderate operating cycle days: The firm is engaged in a working
capital intensive nature of business segment. The firm purchases
printing ink, duplex boards based on the thickness specifications
for the corrugated carton boxes and carton boxes from local
suppliers and duplex boards for rigid boxes from China through
dealers. The raw material is cut, printed, laminated, varnished,
punched and packed before storing the corrugated cartons as flat
boards, whereas the rigid boards are cut, printed, and the boxes
are put together in hand before storing them as finished goods.
Each process takes one day's time when processed in batches and due
to elongated process the average inventory days stood 49 days as of
FY17 (Prov.). On sales the firm gives credit to its customers from
50 to 120 days based on the size of the order and on purchases,
cash payments are made in order avail discount and at a few
instances avails credit upto 20 days. The operating cycle days
stood moderate at 71 days. The working capital utilization levels
stood at 100 % for the past one year ended November 30, 2017.
Key Rating Strengths
* Four decade long experience of the promoter in jewellery
business: IC is owned by Mr. C. Madanraj and his son, Mr. M.
Naresh Kumar. Mr. M. Arun Kumar, son of Mr. C. Madanraj is the
manager of the concern. The forefathers of Mr. C. Madanraj moved
from Rajasthan to Ambur, Tamil Nadu and established a pawn
brokerage concern about a century ago. Later, this concern was
taken over by the heirs of the family and at present the family has
two running pawn broking and jewellery retailing outlets namely,
Naresh Kumar Jewellers and Champalal Jewellers in Ambur, Tamil
Nadu. Also, the partners are engaged in real estate business
segment for the past 10 years. The partners ventured into the shoe
box manufacturing segment in 2010.
* Diversified product portfolio with adequate manufacturing
facilities: The firm has a manufacturing facility measuring 4.30
acres located in Ambur, Tamil Nadu. There are 103 employees working
in the manufacturing unit and 7 members working in the office. IC
manufactures 3 varieties of shoe boxes, namely, corrugated carton
box, carton box and rigid box. The firm has a cumulative installed
capacity to manufacture 1,09,600 boxes per day and the utilization
level stood at 30% per day.
* Growth in total operating income: The total operating income
(TOI) has been increasing year-on-year at a CAGR of 32.13% from
INR21.42 crores in FY14 to INR49.41 crores in FY17 (Prov.). The TOI
income more than doubled from INR28.37 crore in FY15 to INR48.24
crore in FY16 mainly on the back of addition of new variety to the
range of boxes. The firm started to manufacture rigid box variety
from FY16, which fetch a better price in the market. The firm has
been receiving running orders from its customers and hence the TOI
continued to remain stable during FY17 (Prov.)
* Moderate capital structure and debt coverage indicators: The
capital structure marked by overall gearing stood moderate at 1.11x
as on March 31, 2017 (Prov.), improved from 1.24x as on March 31,
2016 on the back of increase in the networth associated with
accumulation of profits earned. The firm has not availed any term
loans till date. The firm manages its working capital requirements
through the overdraft facility. The total debt/GCA improved
marginally from 12.25x as of FY16 to 11.75x as of FY17 (Prov.) on
the back of improved cash accruals associated with better revenue
generation during the year. The interest coverage ratio improved
marginally to 1.95x in FY17 (Prov.) as against 1.93x in FY16.
* Relationship with established players in the market: The firm
supplies shoe boxes to established players in the market. Prior to
establishing IC, Mr. Arun Kumar, was into trading of footwear and
accessories for around 15 years through his association with Misri
Industries. Through this association, the firm was able to find a
place in the market of shoe box makers. The clientele base of IC
includes Tata International Limited (ICRA A1), Kora Shoes (CARE BB;
Stable / A4), Sara Suole Private Limited (CRISIL BBB+;
Positive/A4), Florance Shoes Private Limited, Radhika Shoecrafts
Private Limited etc.
India Cartons (IC) was established by Mr. C. Madanraj and his son,
Mr. M. Naresh Kumar on April 08, 2010 as a partnership concern in
Ambur, Tamil Nadu. The firm is engaged in manufacturing of
packaging material for the footwear industry. The main products
manufactured by IC include cartons, corrugated cartons and rigid
boxes. The entity sells its finished products to customers located
in Tamil Nadu, Karnataka and Indore. The major raw material being
duplex boards are procured from suppliers in Tamil Nadu and China
for finer quality. The manufacturing unit is also located in Ambur,
Tamil Nadu and has an installed capacity of 1,09,600 boxes per day
and the utilization level stood at 30% per day.
INDIA: Goldman Sees Worst Recession With 45% Q2 Slump
-----------------------------------------------------
Bloomberg News reports that Goldman Sachs expects India will
experience its deepest recession ever after a poor run of data
underscored the damaging economic impact of lockdowns in the
world's second-most populous nation.
Gross domestic product will contract by an annualized 45% in the
second quarter from the prior three months, compared with Goldman's
previous forecast of a 20% slump, Bloomberg discloses. A stronger
rebound of 20% is now seen for the third quarter, while projections
for the fourth quarter and first of next year are unchanged at 14%
and 6.5%.
Those estimates imply that real GDP will fall by 5% in the 2021
fiscal year, which would be deeper than any other recession India
has ever experienced, Goldman economists Prachi Mishra and Andrew
Tilton wrote in a note dated May 17, Bloomberg relays.
India's government has extended its nationwide lockdown until May
31, while further easing restrictions in certain sectors to boost
economic activity, as coronavirus cases escalate across the
country, according to Bloomberg. The announcement followed Finance
Minister Nirmala Sitharaman's fifth briefing in as many days, in
which she outlined details of the country's $265 billion virus
rescue package, which is equivalent to 10% of India's GDP.
"There have been a series of structural reform announcements across
several sectors over the past few days," the Goldman economists
wrote. "These reforms are more medium-term in nature, and we
therefore do not expect these to have an immediate impact on
reviving growth. We will continue to monitor their implementation
to gauge their effect on the medium-term outlook."
INDIAN INFRA: CARE Keeps B+ Rating on INR6cr Loan in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indian
Infradevelopers (IID) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B+; Issuer Not Cooperating;
Facilities 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 IID under the 'issuer noncooperating' category as IID had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. IID continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 9, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on March 27, 2019, the following
were the rating strengths and weaknesses
Detailed description of key rating drivers
Key Rating Weaknesses
* Decline in turnover during FY17: During FY17, the TOI of IID
declined to INR8.25 crore as against INR13.82 crore during FY16,
while the orders executed were largely for the government entities
in the state of Gujarat.
* Moderate profitability and debt coverage indicators: During
FY17, the operating profits stood moderate at INR1.59 crore
(19.24%) as against INR1.48 crore (10.70%) during FY16. The debt
coverage indicators as marked by total debt to gross cash accrual
(TDGCA) deteriorated marginally and stood at 6.70 times as on March
31, 2017 as against 5.65 times as on March 31, 2016. The interest
coverage ratio also remained moderate at 2.05 times during FY17
(2.73times during FY16).
* Partnership nature of constitution coupled with presence in
highly competitive and tender driven construction industry:
Construction industry is fragmented in nature with a large number
of medium scale players present at the regional level. This coupled
with the tender driven nature of construction contracts poses huge
competition and puts pressure on the profit margins of the players.
IID being a partnership entity, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of retirement/insolvency/personal contingency of any of the
partners.
Key Rating Strengths
* Experienced partners: The key partner, Mr Dilipsinh J Borana has
more than two decades of experience in the construction industry.
He has developed long standing relationship with key government
customers located in the state of Gujarat.
* Comfortable capital structure: The capital structure of the firm
stood comfortable as marked by overall gearing of 0.79 times as on
March 31, 2017 as against 0.80 times as on March 31, 2016.
Liquidity position: Stretched
The liquidity position of IID remained stretched as marked by
elongated operating cycle of 255 days during FY17 as against 133
days during FY16 due to an increase in average collection and
inventory holding period. The overall operations remained working
capital intensive in nature as marked by high working capital limit
utilization at 80% during the past 12 months ended February, 2018.
The cash and bank balance stood at INR0.13 crore, while the net
cash flow from operations remained at INR0.95 crore as on March 31,
2017.
Established in January 2013, Surendranagar-based (Gujarat) IID is a
partnership firm run by four partners having equal profit and loss
sharing proportion in the firm. IID is engaged into the business of
construction, repair & maintenance of roads. IID is registered as
'AA' class approved contractor by Government of Gujarat and works
generally on road construction, repair and
maintenance contract of roads for Government of Gujarat.
KOTECHA INDUSTRIES: CARE Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kotecha
Industries Limited (KIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Short Term Bank 3.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 14, 2019 placed the
ratings of KIL under the 'issuer non-cooperating' category as KIL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. KIL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 09, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on February 14, 2019, the following
were the rating strengths and weaknesses (updated for details
available from publicly available information)
Detailed description of key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: KIL has been irregular in
servicing its debt obligation and there are on-going delays in debt
servicing due to weak liquidity position of the company.
KIL is a closely held limited company, incorporated on May 9, 2008
and promoted by Mr Hardik Kotecha and Mr Manharlal Kotecha. The
company is engaged into the trading Poly Vinyl Chloride (PVC) resin
in domestic markets based on the orders given by customers. KIL has
set up its unit in Rajkot and has a branch office and a warehouse
in Mumbai. The PVC resin is procured from suppliers spread across
India as well as is imported from South Korea.
KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Krishnanand Infrastructure and Developers Private Limited (SKIDPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Short Term Bank 8.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 14, 2019 placed the
ratings of SKIDPL under the 'issuer non-cooperating' category as
SKIDPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. SKIDPL continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 08, 2020,
April 13, 2020, April 15, 2020 and April 20, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on
SKIDPL's bank facilities will now be denoted as CARE D/ CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on February 14, 2019 the following
were the rating weaknesses:
Detailed description of key rating drivers
Key Rating Weaknesses
* Ongoing delay in debt servicing: SKIDPL was irregular in
servicing its debt obligation and there were on-going delays in
debt servicing due to weak liquidity position of the company.
Vapi-based (Gujarat), SKIDPL was incorporated in 2011, by Mr Anand
Tripathi and Mr Kapil Tiwari. SKIDPL belongs to Shree Krishnanand
Group which comprises of various other entities. SKIDPL is engaged
into the business of undertaking turnkey projects involving civil
works, erection, commissioning and electrical works of industrial
buildings. SKIDPL also undertake projects from Government of
Gujarat. SKIDPL is executing the contract works for public and
private companies.
METHRA INDUSTRIES: CARE Keeps D INR5.64cr Debt Rating in Not Coop.
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Methra
Industries India Private Limited (MIIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.64 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 27, 2019 placed the
rating(s) of MIIPL, under the 'issuer non-cooperating' category as
MIIPL had failed to provide information for monitoring of the
ratings. MIIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated April 22, 2020 & 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.
Detailed description of the key rating drivers
At the time of last rating on February 27, 2019 the following were
the rating weaknesses (Updated for information from MCA)
Key Rating Weakness
* On-going delays in servicing debt obligations due to stressed
liquidity position and working capital intensive nature of
Operations: The company has been facing liquidity stress due to
insufficient cash accruals during the review period to meet the
debt obligations of time. Furthermore, the company operates in a
working capital intensive nature of industry due to high inventory
holding. The company is engaged in manufacturing of concrete blocks
(Autoclaved Aerated Blocks) along with trading of gypsum which
requires high inventory holding to meet production requirement as
well as meet the customer's requirement on time.
Methra Industries India Private Limited (MIIPL) was established on
April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy Venkatesan
with the objective of manufacture of concrete blocks (Autoclaved
Aerated Blocks) which are eco-friendly under the brand name "CELL O
CON" using the German technology. In addition to the manufacture of
AAC blocks, MIIPL also trades the gypsum material which is used in
plastering of building. The company reported profit after tax (PAT)
of INR 2.17 crore on a total operating income (TOI) of INR 22.72
crore in FY19 as against PAT of INR0.36 crore on TOI of INR 13.08
crore in FY18. Also the company has tangible net-worth base of INR
3.21 crore as on March 31, 2019.
MS SAWA: CARE Keeps 'D' INR16.27cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MS Sawa
Clay and Minerals Private Limited (MSSCM) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.27 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 12, 2019, placed
the rating(s) of MSSCM under the 'issuer non-cooperating' category
as MSSCM had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. MSSCM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 23, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating based on best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
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 12, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
* Irregularity in debt servicing: The account of the company is
NPA owing to stretched liquidity position.
Chittorgarh (Rajasthan) based M S Sawa Clay & Minerals Private
Limited (MSSCM) was incorporated in 2012. The company is managed by
Mrs. Tamana Begam along with her sons, Mr. Juned Khan, Javed Khan
and Mr. Saeed Khan. The project of MSSCM is completed in April 2016
and started commercial operation. The company will purchase silica
sand and kaolin from its group company, Progressive and Popular
Minerals Private Limited (PPMPL). PPMPL has eight mines on lease
having mineral reserve of red ochre, silica sand and china clay
spread across Chittorgarh region. Further, it has two clay washing
plant and two grinding powder plants for processing of minerals to
produce more finesse products and minerals which find its
applications in various industries.
PMT MACHINES: CARE Maintains 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PMT
Machines Limited (PMT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 428.27 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 7, 2018, placed the
rating of PMT under the 'issuer non-cooperating' category as PMT
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. PMT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated April 17, 2020, April 15, 2020,
April 13, 2020, phone calls and a letter dated April 20, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information.
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 December 7, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from the banker):
Key Rating Weakness
Due to weakened liquidity position, there have been on-going delays
in servicing of interest and default in repayment of debt
obligation by the company.
PMT Machines Ltd (PMT) was incorporated on September 08, 1961 as
Traub India Pvt Ltd, promoted by TRAUB, a leading German Machine
Tool Company with a major shareholding of 70%, along with Mr D. L.
Shah. In 1979, TRAUB divested its entire stake in favour of Mr D.
L. Shah. Later on in September 1989, it became deemed public
limited company and was renamed as PMT Machines Ltd. Subsequently
in 1994, Mr D. L. Shah sold the company to the Sandesara group. It
is one of the oldest machine tools producers in India. It
specializes in production of metal-working machine tools. Sterling
Biotech Ltd (SBL) is the flagship company of the Vadodara based
Sandesara group. It is mainly engaged in the manufacturing of
pharmaceutical grade gelatin which has wide range of applications
such as capsules, tablets, etc.
PRINCE MFG: Ind-Ra Lowers Long Term Issuer Rating to 'D', Not Coop.
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prince Mfg
Industries Private Limited's (erstwhile 'Prince Industries')
Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from
'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The instrument-wise rating actions are:
-- INR105.8 mil. Term loan (Long-term) due on September 30, 2021
downgraded with IND D (ISSUER NOT COOPERATING) rating;
-- INR417.0 mil. Fund-based cash credit (Long-term) downgraded
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR310.0 mil. Non-fund-based working capital (Short-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade reflects Prince Mfg Industries' delays in debt
servicing, according to the information available in the public
domain.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2003, Prince Mfg Industries is a Mumbai-based
manufacturer of polyvinyl chloride pipes and fittings for drainage,
plumbing, and irrigation purposes. It has a manufacturing facility
in Haridwar and a customer base across India.
PRINCE SWR: Ind-Ra Cuts LT Issuer Rating to 'D', Not Coop
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prince S.W.R
Systems Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating.
The instrument-wise rating actions are:
-- INR81.6 mil. Term loan (Long-term) due on April 4, 2019
downgraded with IND D (ISSUER NOT COOPERATING) rating;
-- INR827.2 mil. Fund-based cash credit (Long-term) downgraded
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR525 mil. Non-fund-based limit (Short- term) downgraded with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade reflects Prince S.W.R Systems' delays in debt
servicing, according to the information available in the public
domain.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
COMPANY PROFILE
Incorporated in 1995, Prince S.W.R. Systems is a Mumbai-based
manufacturer of polyvinyl chloride pipes, and fittings for
drainage, plumbing, and irrigation purposes. The company has two
manufacturing facilities in Silvassa.
PROGRESSIVE CARS: CARE Cuts Rating on INR14.47cr Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Progressive Cars Private Limited (PCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 14.47 CARE B; Stable; Issuer not
Facilities cooperation; Revised from
CARE B+; Stable; Issuer not
cooperating; on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 28, 2019 placed the
ratings of PCPL under the 'issuer non-cooperating' category as PCPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. PCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 8, 2020,
April 13, 2020 and April 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on PCPL's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating revision in rating takes into account its deterioration
in capital structure and debt coverage indicators in FY19 (FY;
refers to the period April 1 to March 31). The ratings, further
continues to remain constrained owing to thin profit margins along
with competition faced by PCPL from other Original Equipment
Manufacturers (OEMs) and limited bargaining power with principal
manufacturer in a highly competitive industry.
The rating, however, continues to derive comfort from moderate
scale of operations, experienced promoters with established track
record of its operations and PCPL being an authorized dealer of a
reputed OEM.
Detailed description of the key rating drivers
At the time of last rating done on March 28, 2019 the following
were the rating weaknesses (updated for publically available
information).
Key Rating Weaknesses
* Thin profit margins with deterioration in capital structure and
debt coverage indicators: During FY19, PBILDT margins of PCPL
remained low at 4.13% (3.14% during FY18), while PAT margin
remained thin at 0.06% in FY19 (0.11% in FY18). Capital structure
of PCPL deteriorated and remained leveraged marked by an overall
gearing ratio of 5.26 times as on March 31, 2019 as against 2.88
times as on March 31, 2018, led by an increase in total debt level.
Debt coverage indicators of PCPL also continued to remain weak as
marked by total debt to gross cash accruals (TDGCA) of 63.46 years
as on March 31, 2019 (31.58 years as on March 31, 2018), while
interest coverage ratio remained low at 1.13 times during FY19.
* Competition from other OEMs and limited bargaining power with
principal manufacturer in a highly competitive industry: Indian
auto dealership business is highly fragmented and competitive with
presence of large number of auto dealers catering to different
brands. Entry of global players in the Indian market has further
intensified competition. PCPL is an authorized dealer of TATA
Motors Limited (TML) and TVS Motor Company Ltd (TMCL), wherein it
has very low bargaining power over the principal manufacturer. The
margin on products is pre-decided at a particular level by the
principal manufacturer and thereby restricting the company to earn
incremental income.
Key Rating Strengths
* Moderate scale of operations: The scale of operation of PCPL
remained moderate during FY19 marked by total operating income
(TOI) of INR 79.88 crore as against INR71.67 crore in FY18.
* Experienced promoters with established track record of
operations: PCPL is promoted by Mr. Hiralal Gupta who is having
more than a decade of experience through PCPL in automobiles
dealership business and more than three decades of experience in
transportation business, whereas Mr. Avinash H. Gupta's decade long
experience in automobiles dealership business is through his
association with PCPL itself. PCPL is operating in automobiles
dealership business since 1999, having an established track record
of operations of 16 years. Its association with TML has been of
more than decade and around 5 years of association with TMCL.
* Authorized dealer of a reputed OEM: PCPL is an authorized dealer
of TML and TMCL, having an established presence in India. Being the
dealer of reputed and growing OEM's, PCPL has opportunity to grow
its operations and turnover.
Ahmedabad-based (Gujarat), PCPL was incorporated as a private
limited company in November 1999 as an authorized dealer and an
authorized service centre for Fiat Cars. PCPL closed down its Fiat
cars dealership in 2003 and became an authorized dealer and an
authorized service centre for passenger cars manufactured by TATA
Motors Limited (TML, rated CARE AA-; Negative/CARE A1+) and opened
its first showroom and workshop in Anand, PCPL opened its second
TATA Motors cars showroom in Nadiad in the year 2007. In 2012 PCPL
became an authorized dealer and an authorized service centre for
two wheelers manufactured by TVS Motor Company Ltd. (TMCL, rated
CARE AA+; Stable/CARE A1+) and opened its first two wheelers
showroom in Anand. In 2017 PCPL opened its third TATA Motors cars
showroom in Ahmedabad. Mr Hiralal Gupta and Mr Avinash Gupta are
actively looking after the entire operations of the company. Apart
from having more than decade and a half of experience in
automobiles dealership business Mr Hiralal Gupta also has more than
3 decades of experience in transportation business.
RAHUL PAM: CARE Cuts Rating on INR7.00cr LT Loan to B+, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rahul Pam Private Limited (RPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 CARE B+; Stable; Issuer not
Facilities cooperating; Revised from
Fund Based CARE BB-; Stable; On the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information and NDS from RPPL to monitor the
ratings vide e-mail communications January 31, 2020, February 28,
2020, March 31, 2020, April 3, 2020, April 16, 2020, April 20,
2020, April 22, 2020, April 23, 2020 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, JLAPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The ratings on the
company's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings have been revised on account of in-cooperation from the
company for the updated information and financial performance
during FY19 (refers to the period from April 1 to March 31),
non-receipt of requisite information and hence CARE is not able to
conduct appropriate analysis.
Detailed description of the key rating drivers
At the time of last rating on January 30, 2019 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Financial profile marked by low net worth base, low operating
margins and high overall gearing: The total operating income of
the company increased to INR357.73 crore in FY19 as compared to INR
283.43 crore in FY18. The PBILDT and PAT margins stood at 5.12%
(PY: 2.47%) & 2.97% (PY: 0.27%) in FY19. The capital structure of
RPPL remained leveraged with an overall gearing of 4.43 times as on
March 31, 2019. Majority of debt comprises of working capital
borrowings to fund inventory which is inherent in the automobile
dealership business.
* Working capital intensive operations: Being in dealership
business, RPPL's operations are working capital intensive in
nature. The company has to maintain inventory of different models
of vehicles for which payment has to be made in advance to the OEMs
due to which creditor days remain low. The average collection
period and average inventory days stood at 16 days (PY27 days) and
35 days (38 day) respectively during FY19.
* Highly competitive and fragmented auto dealership business with
linkage with cyclical automobile Industry: RPPL faces aggressive
competition on account of established presence of other automobile
manufacturers like Force motors, Eicher Motors, Swaraj Mazda,
Volvo, Mahindra & Mahindra, etc. in the commercial vehicle segment.
Entry of global players in the India market further intensified
competition. The margin on product is predecided at a particular
level by the principal manufacturer thereby limiting margin.
Key Rating Strengths
* Experienced Promoters: RPPL is promoted by Mr. Rahul Rao as an
authorized dealer of Ashok Leyland Ltd. (AL), Hyundai Motor India
Limited (HMIL) and Honda Motorcycle and Scooter India Pvt. Ltd.
(HMSIL). Mr. Rahul Rao has a working experience of nearly three
decades in auto dealership business and looks after the overall
operations of RPPL.
Rahul Pam Private Limited (RPPL) is an authorized dealer of reputed
auto Original equipment manufacturers (OEMs) of Ashok Leyland (AL),
Hyundai Motor India Limited (HMIL), Honda Motorcycle and Scooter
India Pvt. Ltd. (HMSIL). RPPL is promoted by Mr. Rahul Rao. He is
supported by his sons Mr. Kartik Rao and Mr. Kunal Rao who are
directors in RPPL with each having experience of over 5 years in
same business. Apart from sale of passenger and commercial
vehicles, RPPL is engaged in the servicing of vehicles and sale of
spare parts in Karnal (Haryana). The company operates five
showrooms in Haryana of which four are in Karnal and one in Yamuna
Nagar with attached workshops and stockyards.
RAYAT EDUCATIONAL: CARE Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rayat
Educational and Research Trust (RERT) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 33.36 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
RERT 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 ratings on RERT'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 in to account ongoing delays in the servicing of
the debt obligations.
Detailed description of the key rating drivers
At the time of last rating on April 4, 2019 the following was the
rating weakness:
Key Rating Weaknesses
* Ongoing delays in debt servicing: There are ongoing delays in
the servicing of the debt obligations.
Rayat Educational & Research Trust (RERT) was established in 2001.
Currently, the trust is running one campus having six colleges and
two schools located in Ropar, Punjab. The Trust was established
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University) - Jalandhar, SCERT
(State Council of Educational Research and Training) - Punjab, PU
(Punjab University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.
S.V. PATEL: CARE Cuts Rating on INR7.0cr LT Loan to 'B', Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.V.
Patel & Sons (SVPS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 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 29, 2019 placed the
rating of SVPS under the 'issuer noncooperating' category as SVPS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SVPS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 9, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 assigned to the bank facilities of SVPS has been revised
on account of non-availability of requisite information. The
ratings take into account modest scale of operations and thin
profit margins, leveraged capital structure and weak debt coverage
indicators during FY18 (FY; refers to the period April 1 to March
31) along with competitive and tender driven nature of business.
The ratings are further constrained on account of partnership
nature of its constitution, presence in highly fragmented and
seasonal industry with limited value addition and susceptibility of
profit margins to volatile raw material prices. The ratings,
however, derive strength from the experienced promoters with long
industrial track record and location advantage.
Detailed description of the key rating drivers
At the time of last rating done on March 29, 2019, the following
were the rating strengths and weaknesses.
Detailed description of key rating drivers
Key Rating Weaknesses
* Modest scale of operations and thin profit margins: The total
operating income (TOI) of the firm is on a declining trend since
the past three years ended FY17 and stood modest at INR21.62 crore
during FY17 as against INR23.67 crore in FY16. The PBILDT margin of
the firm stood low at 5.05% while the PAT margin stood thin at
0.15% in FY17 owing to low-value addition nature of business.
* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators: The capital structure stood
leveraged marked by overall gearing of 2.87 times as on March 31,
2017 as against 2.76 times as on March 31, 2016. The debt coverage
indicators remained weak marked by total debt to gross cash accrual
of 19.87 years as on March 31, 2017, while the interest coverage
ratio stood modest at 1.54 times during FY17.
* Partnership nature of constitution: There is inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of retirement/insolvency/personal contingency of any of the
partners.
* Presence in highly fragmented and seasonal industry with limited
value addition: SVPS operates in an industry characterized by
presence of large number of small and medium scale units due to low
technological and financial investment requirement which results
into fragmented nature of the industry as well as intense
competition from the large domestic integrated players. Being agro
based products; the availability of oilseeds and castor seeds are
susceptible to agro-climatic vagaries, pests/diseases, which may
affect the crop output and quality.
* Susceptibility of operating margins to volatile raw material
prices: The major raw materials for SVPS are agro-commodities
namely cotton seed and castor seed, whose prices have been
volatile in nature and depend upon factors like area under
cultivation, yield for the year, international demand supply
scenario, government regulation and inventory carry forward of last
year.
Liquidity position: Stretched
The liquidity position remained stretched marked by current ratio
of 1.26 times as on March 31, 2017, while the working capital cycle
stood elongated at 121 days during FY17. The average utilization of
working capital borrowings stood high at 90% during past twelve
months ended November, 2017.
Key Rating Strengths
* Experienced partners: Mr. Jagdish Ramanbhai Patel is looking
after day to day activities of the firm and is having rich
experience of more than a decade in the same line of business. Mr.
Rajesh Ramanbhai Patel is also in the same line of business since a
decade and is looking after finance and banking operations.
* Strategically located within the cotton-producing belt of
Gujarat: SVPS's manufacturing facilities are located in Kheda
district of Gujarat state, which is one of the largest producer of
raw cotton in India. It enjoys benefits in terms of lower logistics
expenditure, easy availability of raw material, labour, water and
power connection.
Kheda-based (Gujarat), SVPS is a partnership firm established on
23rd April, 2004, by seven partners including Mr. Rajesh Ramanbhai
Patel and Mrs. Rita Rajeshbhai Patel. The partnership was
reconstituted on September 30th 2008, whereby five old partners of
the firm retired and two new partners i.e. Mr. Jagdish Ramanbhai
Patel and Mrs. Kokilaben Ramanbhai Patel joined the firm.
Presently, the firm has four partners including Mr. Jagdish
Ramanbhai Patel, Mrs. Rita Rajeshbhai Patel, Mr. Rajesh Ramanbhai
Patel and Mrs. Kokilaben Ramanbhai Patel. SVPS is engaged in the
business of crushing of cottonseeds and castor seeds with its
product profile comprising mainly of cotton seed oil, cotton seed
oil cake, castor seed oil, castor seed oil cake. The manufacturing
facility, located in Kapadvanj (Gujarat), is equipped with nine
expellers for cotton seed crushing and nine expellers for castor
seed crushing having an installed capacity of manufacturing 6
metric tonne per day (MTPD) of cotton oil, 50 MTPD of cotton cake,
30 MTPD of castor oil and 38 MTPD of castor cake as on March 31,
2017.
SAJJALA WOVEN: CARE Keeps 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sajjala
Woven Sacks Private Limited (SWSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.17 CARE D; Issuer not cooperating;
Facilities on the basis of best available
Information
Short-term Bank 1.00 CARE D; Issuer not cooperating;
Facilities on the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 25, 2019, placed the
rating(s) of SWSPL under the 'issuer non-cooperating' category as
SWSPL had failed to provide information for monitoring of the
rating. SWSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an e-mail communications/letters dated from October 2019 to
April, 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.
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:
Key Rating Weakness
* Delays in debt servicing due to stressed liquidity condition of
the company: The company has ongoing delays on account of cash
liquidity position.
Key Rating Strengths
* Experienced promoters for more than a decade in the industry:
SWS is managed by Mr. S. Sandeep Reddy and Mrs. Bhageerathi who
have more than a decade of experience in the line of business and
looks after overall operations of the company. The vast experience
of promoters has helped the company in managing its operations even
during tight liquidity conditions.
Incorporated in 2007, Sajjala Woven Sacks Private Limited (SWS) is
engaged in manufacturing of High Density Polyethylene (HDPE) based
woven sack, bags and fabric. SWS has manufacturing facility at
Kadapa with installed capacity of 40 lakhs bags per month and 70 MT
of fabric per month.
SATHWIK EXPORTS: CARE Cuts Rating on INR5.50cr Loan to C, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sathwik Exports (SE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.50 CARE C; Stable; Issuer not
Facilities cooperation; Revised from
CARE B; based on best
available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 26, 2019, placed the
rating(s) of SE under the 'issuer not cooperating' category as SE
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. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated April 7, 2020 to April 17, 2020
and numerous phone calls. 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 SE have been revised
on account of non-availability of requisite information. The
ratings, further, continues to remain constrained on account of
small scale of operations, low profitability margins and weak debt
coverage indicators, working capital intensive nature of
operations, highly fragmented industry with intense competition
from large number of players and constitution of entity as a
partnership firm with inherent risk of withdrawal of capital. The
ratings, however, continue to derive strength from the long track
record with experienced partners, comfortable capital structure and
stable outlook for agriculture (agro product) industry.
Detailed description of the key rating drivers
At the time of last rating on March 26, 2019 the following were the
rating strengths and weaknesses:
Key Rating Weakness
* Small scale of operations with decline in total operating income:
Despite the firm has track record more than one decade, the total
operating income of the firm remained small at INR28.86 crore in
FY17 with low net worth base of INR4.88 crore as on March 31, 2017
as compared to other peers in the industry. Furthermore, the total
operating income of the firm has declined from INR48.43 crore in
FY15 to INR28.86 crore in FY17 on account of unavailability of
sufficient orders from its customers.
* Low profitability margins and weak debt coverage indicators: The
profitability margins of the firm have been fluctuating during the
review period. The PBILDT margin of the firm has been fluctuating
in the range of 4%-5% due to fluctuations in the material prices
and increase in employee costs. The PAT margin of the firm has also
seen fluctuating in the range of 1.50%-1% due to fluctuation in the
operating profit and financial expenses and depreciation
provisions. The debt coverage indicators of the firm have been
deteriorating and remained at weak level during the review period.
The total debt/GCA has been deteriorating year-on-year from 6.33x
in FY15 to 9.80x in FY17 due to decrease in gross cash accruals.
Furthermore, the PBILDT interest coverage ratio, also seen
declining from 3.00x in FY15 to 2.02x in FY17 due to decrease in
operating profit.
* Working capital intensive nature of operations: The operating
cycle of the firm is working capital intensive nature of business
since the firm is engaged in the manufacturing of desiccated
coconut powder. The operating cycle of the firm has been increasing
from 55 days in FY15 to 117 days in FY17 due to increase in the
inventory period from 48 days in FY15 to 116 days in FY17. The firm
avails the credit period from the farmers up to 15 to 20 days and
receives the payment from its customers within 20 days. The firm
holds sufficient inventory level of up to 60 days to meet customer
demand on time. The utilization of cash credit limit in the last
12 months ended with March 23, 2018 remained 90 per cent.
* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in the manufacturing of
desiccated coconut powder which is highly fragmented industry due
to presence of large number of organized and unorganized players in
the industry and faces huge competition.
* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. Furthermore,
the partnership firms are attributed to limited access to funding.
Furthermore, there is some withdrawal in the partner's capital
during FY17 INR0.52 crore for personal use.
Key Rating Strengths
* Long track record and experienced partners: SE was established
in 2003 by Mr. Janardhana Nayak and his family members. Mr.
Janardhana Nayak is a B.Com graduate. He is the managing partner of
the firm who takes care of day to day operations. All the partners
have more than one decade of experience in the manufacturing of
desiccated coconut powder since inception of the business. The firm
has established good relationship with suppliers and customers due
to presence in the business for a longer period of time.
* Satisfactory capital structure: The capital structure of the
firm marked by overall gearing ratio remained satisfactory at 1.10x
as on March 31, 2017 due to satisfactory net worth commensurate
with the size of operations and y-o-y accretion of profit to the
net worth along with low debt levels. The debt profile of the firm
as on March 31, 2017 includes vehicle loans (11%), working capital
bank borrowings (84%) and unsecured loans (5%) to meet working
capital requirement.
* Stable outlook for agriculture (agro product) industry:
Agriculture plays a vital role in India's economy. Over 58 per cent
of the rural households depend on agriculture as their principal
means of livelihood. As per the 2nd advised estimates by the
Central Statistics Office (CSO), the share of agriculture and
allied sectors (including agriculture, livestock, forestry and
fishery) is estimated to be 17.3 per cent of the Gross Value Added
(GVA) during 2016-17 at 2011-12 prices. India is expected to
achieve the ambitious goal of doubling farm income by 2022 i.e. The
agriculture sector in India is expected to generate better momentum
in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold
storage. Furthermore, the growing use of genetically modified crops
will likely improve the yield for Indian farmers. India is expected
to be self-sufficient in pulses in the coming few years due to
concerted efforts of scientists to get early-maturing varieties of
pulses and the increase in minimum support price. The government of
India targets to increase the average income of a farmer household
at current prices to INR219,724 (US$ 3,420.21) by 2022-23 from
INR96,703 (US$ 1,505.27) in 2015-16.
Karnataka based, Sathwik Exports (SE) was established in 2003 as a
partnership firm by Mr. Janardhana Nayak and his family members. SE
is engaged in the manufacturing of Desiccated Coconut Powder. The
firm purchases Coconut from the farmers located in and around
Karnataka. The firm sells its final products to the customers
located in Madhya Pradesh, Uttar Pradesh, Delhi and Gujarat. The
current installed capacity for the manufacturing of Desiccated
Coconut Powder is 80,000 units per month. The firm generates 85 per
cent of the revenue by manufacturing and export of Desiccated
Coconut Powder and the remaining 15 per cent of the revenue by
selling its by products such as Coconut Chips, Husks and Coconut
Shells respectively.
SREE JEYASAKTHI: CARE Lowers Rating on INR3.0cr Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Jeyasakthi Saw Mill (SJSM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 3.00 CARE C; Stable; Issuer not
Facilities cooperation; Revised from
CARE B; Stable; Issuer not
cooperating on basis of
best available information
Short-term Bank 6.00 CARE A4; Issuer not cooperation
Facilities on basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 26, 2019, placed
the rating(s) of SJSM under the 'Issuer non-cooperating' category
as SJSM had failed to provide information for monitoring of the
rating. SJSM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 21, 2020 and 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.
The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
Sree Jeyasakthi Saw Mill with CARE's efforts to undertake a review
of the outstanding rating as CARE views information availability
risk as a key factor in its assessment of credit risk.
Detailed description of the key rating drivers
At the time of last rating on February 26, 2019 the following were
the rating strengths and weaknesses:
Key Rating Weakness
* Small scale of operations with fluctuating in total operating
income: The scale of operations of the firm marked by the total
operating income (TOI) has been declining and remained small during
the review period. Total operating income declined from INR 12.76
crore in FY15 to INR 9.34 crore in FY16 due to decline in sale as
the result of increase in timber cost. However the same grew to
INR12.56 crore in FY17 at the back of increase in orders from
existing customers.
* Fluctuating and thin profitability margins during review period:
The firm has fluctuating PBILDT margins during review period. The
PBILDT margin of the firm Improved from 3.35% in FY15 to 5.54% in
FY16 due to decline in employee cost. However it decreased to 4.37%
in FY17 due to increase in cost of goods and other expenses (custom
duty charges). The PAT margin of the firm improved from 0.63% in
FY15 to 0.81% in FY16 due to increase in PBILDT in absolute terms.
However it deteriorated to 0.66% in FY17 due to increase in
depreciation cost and interest cost.
* Weak capital structure and weak debt coverage indicators: The
debt equity ratio of the firm has remained below unity for the last
three balance sheet date ended March 31, 2017. The overall gearing
ratio of the company improved from 1.80x as on March 31, 2015 to
1.62x as on March 31, 2016 due to decrease in total debt on account
of lower utilization of working capital. Also, the ratio improved
to 1.57x as on March 31, 2017 due to increase in tangible networth
albeit increased in total debt at the back of availement of vehicle
loan. SJSM has weak debt coverage indicators during review period.
Total debt/ GCA of the firm improved from 35.52x in FY15 to 28.08x
in FY16 due to increase in cash accruals coupled with decrease in
total debt. However it deteriorated to 28.93x in FY17 due to
marginally increased in total debt levels. The PBILDT interest
coverage ratio of the firm deteriorated from 1.34x in FY15 to 1.31x
in FY17 due to increase in interest cost.
* Working capital intensive nature of operations and elongated
operating cycle: The firm has elongated operating cycle which
stood at 101 days in FY17 though improved from 246 days in FY16 due
to improvement in average collection period. The firm is required
to keep inventory levels of around 3-4 months to meet customers'
demand. Furthermore, the firm imports wood and teak in bulk from
the suppliers located at international markets like Burma, South
Africa, Malaysia, etc. which also results in high inventory levels.
The firm receives payment from its customers' up to 120 days. The
credit period availed by the firm from its suppliers with in within
120-180 days due to 80% of total purchases are imports coupled with
due to long term relationship with supplier whereby the firm avails
extension in the credit period. The average utilization of working
capital limit stood at 70 % for the last 12 month ended November
30, 2017.
* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm
is exposed to inherent risk of capital withdrawal by the partners,
due to its nature of constitution. Further, any substantial
withdrawals from capital account would impact the networth and
thereby the financial profile of the firm. The partners have
withdrawn capital of INR 0.16 crore in FY16.
* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in trading of wood which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry the firm faces
huge competition.
Key Rating Strengths
* Long track record and experience of the partners for more than
three decades in trading industry: SJSM was established in 2002
and has been in the trading of wood and teak industry for more than
three decades now. The
firm is managed by Mr. P Sanjeev kumar and Mrs. Meena (spouse of
Mr. Sanjeev kumar). Mr. Sanjeev kumar is qualified graduate and has
more than three decades of experience in the trading of wood and
teak industry. Due to long term presence in the market, the
partners have developed good relations with suppliers and
customers.
Sree Jeyasakthi Saw Mill (SJSM) was established in 2002 as a
partnership firm by Mr. P Sanjeev kumar (Managing Partner) and S.
Meena (Partner).The firm is engaged in trading (wholesale and
retail) of wood and teak products from past 30 years. The firm
imports majority of the timber wood from the suppliers located in
the international markets like Burma, South Africa, Australia, and
Malaysia. The firm sells the products to customers located in
Kerala, Tamil Nadu, and Pondicherry and Telangana.
STEEL EXCHANGE: CARE Keeps 'D' Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Steel
Exchange India Limited (SEIL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 575.42 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Short Term Bank 347.00 CARE D; Issuer Not Cooperating;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 28, 2018 placed the
rating of SEIL under the 'issuer non-cooperating' category as SEIL
had failed to provide information for monitoring of the rating.
SEIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls. 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 December 28, 2018 the following were
the rating strengths and weaknesses: (updated for the information
available from Stock Exchange)
Key Rating Weaknesses
* Continued delays in debt servicing owing to weak liquidity
position: There are continued delays in debt servicing on account
of liquidity constraint. The company continued to incur losses
during FY19 which has led to stretched liquidity position and
consequently delays. The same have also been reported in the audit
financials of the company.
* Significant decline in operations: The Company has reported 23%
decline in total operating income to INR598.76 cr during 9MFY20
from INR775.82 crore during 9MFY19.
* Continued leveraged capital structure with further deterioration:
The capital structure of the company continues to remain leveraged.
The net worth of the company has completely eroded as on March 31,
2019.
* Working capital intensive nature of operations: SEIL operates in
a working capital intensive industry which is generally associated
with high working capital requirements. Operating cycle of the
company remained relatively stressed at 202 days in FY19 as against
262 days in FY18, on account of high inventory holding period.
Key Rating Strengths
* Experienced and resourceful promoter group: SEIL is the flagship
company of the Vizag Profiles group of companies. The Chairman and
Managing director, Mr B Satish Kumar is well qualified and
possesses two decades of experience in various industries with more
than a decade of experience exclusively in the steel industry. Mr
Satish is assisted by a team of professionals who are responsible
for handling the key functional areas and have experience in their
respective fields for more than two decades.
Incorporated in February 1999, Steel Exchange India Ltd (SEIL) is
primarily engaged in the manufacturing of TMT bars apart from
billets, ingots and power generation. The company has a
manufacturing facilities for sponge iron (220,000 Tons Per Annum
(TPA)), billets (240,000 TPA), ingots (90,000 TPA), and TMT bars
(225,000 TPA). Apart from the above, the company also has wire
drawing unit with capacity of 30,000 TPA and a 12 MW gas-based
power plant. The company also deals in sale and purchase of steel
products through its trading division and is recognized as one of
the largest dealers for Rashtriya Ispat Nigam Limited. In November
2014, Simhadri Power Limited after receipt of due approvals from
high court of Andhra Pradesh is merged with SEIL. A 60MW thermal
power plant is located within the premises of SEIL.
TRANFORMEX FERROUS: CARE Keeps D INR4.64cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tranformex
Ferrous Private Limited (TFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.64 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 11, 2019, placed the
rating(s) of TFPL under the 'issuer non-cooperating' category as
TFPL had failed to provide information for monitoring of the
rating. TFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 16, 2020, April 22, 2020, April 23,
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(s).
Detailed description of the key rating drivers
At the time of last rating on March 11, 2019 the following were the
rating weaknesses:
Key Rating Weaknesses
* On-going delay in debt servicing: Owing to weak liquidity
position, the company has been irregular in servicing its debt
obligation.
Vadodara (Gujarat) based TFPL incorporated in 2013 is engaged into
the business of recycling of Steel Scrap, TFPL imports Light metal
scraps (LMS) from Istambul, Dubai. LMS comprised of rubber and
steel. TFPL removes the rubber and process the remaining steel it
in order to convert it into Mild Steel Scrap. TFPL is operating
from its sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12000metric tonnes per annum
(MTPA) for MS Steel Scrap.
VASANI COLD: CARE Cuts INR6.53cr Loan Rating to 'B', Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vasani Cold Chains Private Limited (VCCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.53 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 VCCPL under the 'issuer non-cooperating' category as
VCCPL had failed to provide information for monitoring of the
rating. VCCPL 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).
The revision in long term rating factored in decrease in scale of
operations, debt coverage indicators and elongation in operating
cycle in FY19 (Audited, refers to period April 1 to March 31). The
ratings also factored in low profitability, leveraged capital
structure and stretched liquidity. Further, the rating also
continues to remain constrained on account of competition from
other local players, and business prospects depend on vagaries of
nature and seasonality of business. However, rating takes comfort
from experience of the promoters, along with the readily available
market base.
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
* Decrease in scale of operations with low profitability: During
FY19, VCCPL has registered de-growth of 46.51% and remained small
at INR 3.78 crore as against INR 5.89 crore during FY18. Profit
margins have continued to remain low marked by below unity PAT
Margin 0.24% during FY19 0.68% during FY18.
* Leveraged capital structure and deteriorated debt coverage
indicators: on back of decrease in debt level, As on March 31,
2019 capital structure has improved but remained leveraged marked
by overall gearing ratio of 3.17x as against 3.33x as on ,arch 31,
2018. As a result of decrease in profitability in absolute term,
Debt coverage indicators deteriorated and remained weak marked by
total debt to GCA ratio and interest coverage ratio of 27.83 years
and 1.55x respectively during FY19 as against 25.31 years
and 1.64x during FY18.
* Competition from other local players: VCCPL operates in the cold
storage services industry which is highly fragmented with presence
of numerous independent small-scale enterprises owing to low entry
barriers leading to high level of competition in the segment.
* Business prospects depends on vagaries of nature and seasonality
of business: The operations of the company will be seasonal in
nature since it has direct linkage with agriculture sector.
Further, lower output of agro commodities (i.e Dates, Chana, Moong,
Yellow peas etc) may have an adverse impact on the rental
collections as the cold storage units collect rent on the basis of
quantity stored and the production is highly dependent on vagaries
of nature.
Key Rating Strengths
* Experienced promoters with established track record in the
industry: VCCPL is promoted by Mr. Prakashkumar, aged 55 years,
hold experience of around 3.5 decades. He is proprietor of firm
"Vipul Coconuts" and Mr. Vipul Vasani, aged 27 years, graduate by
qualification, hold experience of around 8 years through his
association with "Vipul Coconuts".
* Readily available market base: VCCPL is benefitted by the
customer/farmer base which is established by Mr.Prakashkumar Vasani
since last 3.5 decades through his association with "Vipul
Coconuts". Vipul Coconuts deal only in coconuts while VCCPL is
engaged in multi commodity storage as both are doing different
business but the market remains the same which will eventually help
VCCPL.
Liquidity Analysis: Stretched
As on March 31, 2019, liquidity was stretched marked by
insufficient cash accruals of INR 0.28 crores as against debt
obligation of INR 0.42 crore for FY20. Working capital cycle
remained also elongated at 313 days during FY19 as against 165 days
during FY18 as a result of increase in inventory holding period.
Further, as on March 31, 2019, current ratio and quick ratio
remained at 1.96x and 0.93x respectively as against 1.99x and 0.83x
respectively as on March 31, 2018. As on March 31, 2019, cash and
bank balance remained at INR 0.10 crore. Further cash flow from
operations have turned positive and remained at INR 0.95 crore
during FY19 as against negative INR 0.05 crore during FY18. Average
working capital utilization remained at 70% for past twelve months
ending December 2017.
Rajkot (Gujarat) based, Vasani Cold Chains Pvt. Ltd. (VCCPL) was
incorporated in 2014 by Mr. Vipul Vasani and Mr. Prakashkumar
Vasani, and became operational from November 2016. The company is
engaged in trading of agro commodities and cold storage services
with installed capacity of 5000 MTPA. GCCPL deals in Dates, Chana,
Potatoes , Yellow Peas etc as per seasonal requirement.
=================
I N D O N E S I A
=================
INDOSURYA INTI: Fitch Cuts National LT Rating to 'B+(idn)', on RWN
------------------------------------------------------------------
Fitch Ratings Indonesia has downgraded PT Indosurya Inti Finance's
National Long-Term Rating to 'B+(idn)' from 'BBB+(idn)', and placed
the rating on Rating Watch Negative (RWN).
The downgrade reflects its belief that Indosurya's franchise and
reputation have suffered considerable damage by payment default and
reported governance failure at Indosurya group company, Koperasi
Simpan Pinjam Indosurya Cipta (Indosurya Cooperative). This follows
new information that has come to light over the past few days.
Fitch believes that name sharing and management overlap gives rise
to potential contagion risk for Indosurya, even though its legal
structure is not connected to Indosurya Cooperative. These
developments have lowered its assessment of Indosurya's management
and governance, and may affect the company's ability to access
funding, which Fitch believes has been impaired by recent events.
The RWN reflects considerable uncertainty regarding the impact on
Indosurya's business from default by Indosurya Cooperative, which
may continue to be adversely affected as new information is
revealed. The RWN also partly reflects considerable downside risk
to Fitch's coronavirus base case, which could result in Indosurya's
financial profile - particularly funding and liquidity -
deteriorating beyond its expectations due to the pandemic.
'BBB' National Long-Term Ratings denote a moderate level of default
risk relative to other issuers or obligations in the same country
or monetary union.
'B' National Long-Term Ratings denote a significantly elevated
level of default risk relative to other issuers or obligations in
the same country or monetary union.
KEY RATING DRIVERS
Indosurya's rating is based on Fitch's assessment of the company's
significantly weakened standalone credit profile and reflects a
funding and liquidity profile that is highly susceptible to lender
confidence. It also reflects its heightened governance concerns
based on developments at Indosurya Cooperative. The rating also
takes into consideration the company's small franchise with a
limited record of operation and a financial profile that will
deteriorate with meaningful downside risk due to the coronavirus
pandemic.
Fitch believes Indosurya's access to funding is unstable under
prevailing stressed conditions. Indosurya's ability to refinance
maturing bank loans and access additional bank and capital market
funding in the coming months will be crucial in helping it to
navigate through the crisis. The level of encumbered assets, with
the ratio of unsecured debt/total debt at 0.5% at end-2019 (2018:
20%), renders the company with limited funding flexibility.
Indosurya, established in 2011, is a private family-owned finance
company that primarily extends financing to SMEs. Indosurya's small
franchise has expanded rapidly since establishment, with net
managed receivables of IDR3.4 trillion (around USD220 million) at
end-2019, accounting for an industry share of around 0.5%. However,
this is still one of the lowest shares among Fitch-rated Indonesian
multi-finance companies. Advances are typically secured on property
and are mainly used for business expansion or acquisition of
capital goods (around 60% of financing receivables), with average
tenors of five years.
Fitch expects the performance of Indosurya and other Indonesian
finance companies to deteriorate in the short term due to the
challenging operating environment and large-scale economic
disruptions as a result of the pandemic. This will pressure
companies' asset quality, profitability and credit growth, and
access to funding may become more difficult, particularly for
independent companies.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Fitch expects to resolve the RWN within six months, by which time
there should be sufficient visibility to assess the impact on
Indosurya's business and financial profile from the Indosurya
Cooperative default and economic fallout from the pandemic.
Evidence of inability to access funding, negative liquidity gaps
for short-term maturities or reduced liquidity buffers would result
in a downgrade. Evidence of broader governance failure across the
group, including Indosurya, would also lead to a downgrade.
A downgrade could also stem from a significantly greater
coronavirus-related deterioration in Indosurya's other financial
profile factors than under its base case, or as a result from the
economic environment deteriorating significantly beyond its
base-case scenario. In this downside scenario, Fitch expects to
revise its assessment of the operating environment for Indonesia's
finance companies downwards. Such an environment would see greater
and more prolonged asset-quality deterioration, placing further
pressure on earnings and potentially capitalisation, resulting in
negative pressure on its assessment of most financial profile
factors.
Any downgrade of the National Long-Term Rating would include the
possibility of a multi-notch downgrade.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Positive rating action is highly unlikely in the near-term as
reflected in the RWN and based on current operating conditions and
prospects. Improved certainty of access to long-term funding
sources would be credit positive and could result in resolution of
the RWN with a Stable Outlook, if Fitch believes that governance
risks were contained. Reduced asset-quality risks would also ease
near-term pressure on the rating.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
Financial statements received from Indosurya to end-2019 remain
unaudited. The delay in the auditing process limits its ability to
independently verify information received and, in conjunction with
recent developments at Indosurya Cooperative, heightens risks in
relation to the company's governance. However, Fitch believes that
these risks are adequately reflected in the company's National
Long-Term Rating at 'B+(idn)'/RWN.
=========
J A P A N
=========
JAPAN: Sinks Into Recession in First Quarter of 2020
----------------------------------------------------
Bloomberg News reports that Japan's economy sank into a recession
last quarter that's likely to deepen further as households limit
spending to essentials and companies cut investment, production and
hiring to stay afloat amid the coronavirus pandemic.
Gross domestic product shrank an annualized 3.4 percent in the
January-March quarter compared with the previous quarter as exports
slid and social distancing crimped consumer spending, Cabinet
Office figures showed May 18, Bloomberg discloses.
While the result was slightly better than an expected 4.5 percent
drop, helped by a downgrade of the previous quarter's contraction,
economists and policymakers agree that worse is in store in the
current quarter, according to Bloomberg.
Bloomberg says two consecutive quarters of shrinking GDP confirm
that the world's third-largest economy fell into a recession even
before Prime Minister Shinzo Abe declared a national emergency for
the pandemic in April. Analysts project a 21.5 percent contraction
for the quarter through June, which would be a record for official
data going back to 1955.
"There's no doubt that this quarter has gotten much worse,"
Bloomberg quotes economist Takeshi Minami at Norinchukin Research
Institute as saying. "Companies are struggling to secure funding
and that suggests business investment will remain weak and many
workers are concerned about their wages."
Bloomberg notes that the crisis has put pressure on policymakers to
step up relief and stimulus measures that, at a record JPY117
trillion, already account for more than 20 percent of GDP.
Bloomberg relates that Economy Minister Yasutoshi Nishimura,
speaking on May 18 after the GDP report, said government is aiming
to pass a second extra budget swiftly to get more aid to the
economy.
The new money, coming only weeks after the passage of a first
supplementary budget, is expected to provide rent support for small
businesses and bigger subsidies for firms that don't fire workers.
It will also add to the developed world's heaviest public debt
burden, the report says.
The Bank of Japan last month lifted its ceiling on government bond
purchases as the government ramps up spending, recalls Bloomberg.
The BOJ is also expected to introduce another lending program for
small companies at an emergency meeting that could be held early as
this week, adds Bloomberg.
SOFTBANK GROUP: Vision Fund Books $17.7BB Loss on WeWork, Uber
--------------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that SoftBank Group Corp.
said its Vision Fund business lost JPY1.9 trillion ($17.7 billion)
last fiscal year after writing down the value of investments,
including WeWork and Uber Technologies Inc.
Bloomberg relates that the company posted an overall operating loss
of 1.36 trillion yen in the 12 months ended March and a net loss of
961.6 billion yen, according to a statement on May 18. The
Tokyo-based conglomerate released figures in two preliminary
earnings statements last month. The losses are the worst ever in
the company's 39-year history.
According to Bloomberg, SoftBank founder Masayoshi Son's $100
billion Vision Fund went from the group's main contributor to
profit a year ago to its biggest drag on earnings. Uber's
disappointing public debut last May was followed by the implosion
of WeWork in September and its subsequent rescue by SoftBank. Now
Mr. Son is struggling with the impact of the coronavirus on the
portfolio of startups weighted heavily toward the sharing economy.
Mr. Son was scheduled to hold a briefing discussing the results
later on May 18.
SoftBank also recorded losses from its own investments, including
WeWork and satellite operator OneWeb, which filed for bankruptcy in
March, Bloomberg notes.
Last year, after WeWork's effort to go public fell apart, SoftBank
stepped in to organize a $9.5 billion bailout and put its own chief
operating officer, Marcelo Claure, in charge of turning around the
business, Bloomberg recalls. Earlier this year, the Japanese
company scrapped one part of the agreement -- to buy $3 billion of
shares from existing shareholders, including former Chief Executive
Officer Adam Neumann.
Under SoftBank control, WeWork has been offering some tenants
discounts to minimize cancellations following government-mandated
coronavirus quarantines, which have forced non-essential employees
globally to work from home. The New York-based company also hasn't
paid April rent for some locations and is approaching landlords
regarding rent abatements, revenue-sharing agreements and other
lease amendments as it seeks to trim liabilities, people with
knowledge of the matter have said, Bloomberg relays.
According to Bloomberg, Mr. Son's investments in hotel-booking
service Oyo Hotels & Homes and Uber, among the biggest in his
portfolio, have also fared poorly. Oyo, in which SoftBank invested
about $1.5 billion, last month furloughed employees in countries
outside its home market of India as it struggles to survive the
virus. Uber's shares are trading about 28% below its IPO price.
As the concerns about investments mounted, Son responded with two
share buybacks in rapid succession. The first 500 billion yen
repurchase announced in mid-March initially failed to lift
SoftBank's stock. When the shares plunged more than 30% in the week
that followed, Son unveiled a 2 trillion yen follow-up.
SoftBank has already used roughly half of the first allotment,
Bloomberg states. The company said on May 15 that it had bought
JPY250.6 billion of its own stock since March 13 under the original
re-purchase plan.
Bloomberg relates that before the earnings were announced on May
18, the company said it plans to spend up to JPY500 billion more to
buy back shares through next March. The announcement is part of a
broader plan to sell assets to raise as much as 4.5 trillion yen
over the coming year to buy shares and slash debt.
Bloomberg adds that SoftBank also announced changes to its board,
subject to approval at the general shareholder meeting in June.
Jack Ma, the co-founder of Alibaba Group Holding Ltd., will step
down after 13 years as a director. Three new directors have been
nominated. In addition to SoftBank Chief Financial Officer
Yoshimitsu Goto, Lip-Bu Tan and Yuko Kawamoto will join, bringing
the total of external board members to four. Kawamoto will be the
first female director.
Bloomberg says Mr. Son's increasingly risky bets over the past few
years coincided with departures from SoftBank's board of some of it
most outspoken members. Shigenobu Nagamori, the founder of motor
maker Nidec Corp., stepped down in 2017, while Fast Retailing Co.
Chief Executive Officer Tadashi Yanai left last December. When Paul
Singer's Elliott Management Corp. disclosed in February that is has
built a stake of close to $3 billion in SoftBank, one of its
requests was to increase the number of independent directors.
"Activist investors might choose to stay in the background for now,
given all the sensitivity around the Covid-19 impact. So these new
independent director appointments and the buybacks are clearly a
small win for Elliott," Bloomberg quotes Justin Tang, head of Asian
research at United First Partners, as saying. "But once the
Covid-19 fallout is behind us, I am certain they can and will push
for more change."
About Softbank Group
Headquartered in Tokyo, SoftBank Group Corp. provides
telecommunication services. The Company also operates ADSL
(Asymmetric Digital Subscriber Line) and fiber optic high-speed
Internet connection, e-Commerce businesses, and Internet based
advertising and auction businesses.
As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, on April 27, 2020, Egan-Jones Ratings
Company, on April 14, 2020, downgraded the foreign currency and
local currency senior unsecured ratings on debt issued by SoftBank
Group Corporation to B from BB-. EJR also downgraded the rating on
commercial paper issued by the Company to B from A3.
The TCR-AP also reported that Moody's Japan K.K. downgraded
SoftBank Group Corp.'s corporate family rating and senior unsecured
rating to Ba3 from Ba1, and its subordinate rating to B2 from Ba3
in March 2020. At the same time, Moody's has placed the ratings
under review for further downgrade. The rating action follows SBG's
announcement on March 23, 2020 that it will monetize up to JPY4.5
trillion (about $41 billion) of its investment portfolio and use
the proceeds to repurchase up to JPY2 trillion ($18 billion) of its
own shares. It will use the remaining JPY2.5 trillion ($23 billion)
to pay back its debt at the holding company. The company plans to
execute these transactions over the next four quarters.
=======
L A O S
=======
LAOS: Fitch Affirms 'B-' LT IDR, Alters Outlook to Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Laos' Long-Term Foreign-Currency Issuer
Default Rating at 'B-' and revised the Outlook to Negative from
Stable.
KEY RATING DRIVERS
The Negative Outlook reflects the economic and financial-market
effects of the coronavirus shock, which have compounded Laos'
external financing risks associated with its forthcoming external
debt maturities and low foreign-exchange buffers. Public finances
will also deteriorate from a combination of slower nominal GDP
growth, fiscal relief measures and restrictions to contain the
pandemic. GDP growth in 2020 will be hit severely by the
coronavirus shock, although Laos has reported relatively few cases
of the virus at just 19 as of mid-May, and a one-month lockdown
expired on May 3, 2020.
Laos faces a challenging external debt repayment profile. About
USD900 million in public external debt-service payments (interest
and amortisation) are due over the remainder of 2020, including
baht-denominated maturities in the Thai bond market of roughly
USD150 million in June and USD100 million in October, against
foreign-exchange reserves of about USD1 billion at end-March 2020.
The capacity to roll over or refinance upcoming maturities over the
next few months will be an important indicator of the authorities'
ability to meet their financing obligations during the remainder of
the year. Roughly USD1 billion in external debt servicing will be
due annually from 2021-2023.
The capacity for increased funding from traditional financing
sources has declined in recent years and the authorities' plans to
access international market financing in 2020 are hampered by the
current environment. Its baseline projections of Laos' external
finances do not incorporate proceeds from global bond issuance in
2020 based on its view that market conditions will remain
challenging. In addition to the scope for refinancing the upcoming
baht-denominated bonds, Fitch understands that the Lao government
has lined up additional commercial bank loans to help meet external
payments over the next several months. Fitch also expects the
government to roll over much of the USD200 million in bank loans
with various financial institutions maturing in September.
Fitch anticipates that additional bilateral and multilateral
financing, particularly from China, could be forthcoming to fill
the financing gap. Geopolitical considerations and economic
interests are likely to spur further bilateral lending or debt
relief in the absence of sufficient financing from other sources.
The government could also request financing with multilateral
institutions through the various facilities established to manage
the coronavirus shock.
Laos' foreign-exchange reserves remain inadequate, considering the
country's managed currency regime, large import bill, and external
debt-servicing requirements. Gross reserves rose to USD1.0 billion
(1.5 months of current external payment coverage) by end-March 2020
from USD887 million (1.3 months of coverage) at end-2018. Fitch
expects gross reserves to decline to USD750 million (1.1 months of
coverage) by end-2020 and remain around that level through 2021.
The authorities target a measure of reserves to non-FDI related
imports, which stands at approximately three months.
Laos continues to face pressure on the exchange rate and the
availability of domestic US dollar liquidity. The Bank of Lao,
which manages the currency in a crawling band against the US
dollar, has allowed the Lao kip reference rate to depreciate about
4% over the past year against the US dollar. The exchange rate in
the parallel market reached 8% above the reference rate in recent
weeks, indicating stronger depreciation pressure on the local
currency. Meanwhile, the kip has appreciated considerably against
the Thai baht since January 2020 due to the baht's broad
depreciation earlier in the year.
Fitch forecasts the current account deficit to widen to 7.6% of GDP
in 2020 from 4.5% in 2019, before narrowing slightly to 7.3% in
2021 (estimates and forecasts are based on the authorities' data,
whereas the World Bank uses an alternative estimate showing an
11.3% of GDP deficit in 2019). The larger deficit in 2020 will be
largely driven by its expectations of a decline in current account
receipts from tourism exports and remittances, though these will be
partially offset by increased electricity exports. Much of the
deficit will continue to be financed by FDI inflows.
The coronavirus shock will also weigh on public finances. Revenues,
which are already low as a share of GDP, are forecast to contract
sharply by about 25% due in part to economic stimulus measures
including tax exemptions and tax payment deferrals. The government
plans to further reduce administrative spending by 10% and cut some
non-critical spending to offset the revenue decline. Fitch revised
its 2020 forecast for the fiscal deficit to about 7.1% of GDP from
its February forecast of 4.0%, a widening from an estimated 4.5% in
2019, as Fitch believes it could be challenging to fully offset the
revenue contraction. Fitch forecasts public and publicly guaranteed
(PPG) debt to rise to 64.9% of GDP in 2020 from an estimated 58.9%
in 2019, which stands slightly above the 2020 'B' median of 60%.
Fitch expects revenues to recover in 2021, reducing the fiscal
deficit to 5.5% of GDP. However, the shock marks a setback to the
government's recent progress in narrowing the fiscal deficit and
efforts to improve medium-term revenue prospects through its tax
administration and electronic payment measures. Weak revenue
performance presents a challenge to debt sustainability. Under its
forecasts, PPG debt as a share of revenues rises to 539% in 2020,
before improving modestly to 446% in 2021. PPG debt as a share of
GDP will continue rising, reaching 66.5% in 2021.
In addition, the government is exposed to possible contingent
liabilities, estimated by the IMF at up to 30% of GDP, from
public-private partnership (PPP) projects and the Kunming-Vientiane
Railway, although these are not explicitly guaranteed. However,
debt sustainability risks are partly offset by the high share of
PPG debt that is on concessional or semi-concessional terms from
multilateral and bilateral sources, roughly 65% of the total, which
reduces debt-servicing costs.
The 'B-' rating also reflects the following factors:
GDP growth will take a significant hit due to the response to the
coronavirus pandemic. Fitch forecasts GDP growth to slow to 0.5% in
2020 from an estimated 5.5% in 2019, which is a revision from a
2020 forecast of 6.1% when it assigned the rating in February. The
lifting of lockdown restrictions in early May should help spur
domestic activity. However, remaining border restrictions, which
are likely to be lifted only gradually, could disrupt exports and
are driving a large drop in tourism inflows and related economic
activity this year. Construction on major infrastructure projects,
including the Lao-China railway and the Vientiane-Vang Vieng
highway, has continued through the last several months, though some
hydropower projects and mining operations were temporarily
disrupted. Improved prospects in China, a key trading partner,
should provide some support to growth in the coming quarters.
Under its baseline projections for the global economy, Fitch
expects the coronavirus shock to economic activity in Laos to be
temporary, with GDP growth rebounding to 6.1% in 2021. Sustained
infrastructure and hydropower construction activity and increasing
electricity and gold exports will support growth. Tourism inflows
should also improve gradually beginning in the final quarter of
2020 through 2021.
However, there are considerable risks to the macroeconomic outlook
and its baseline projections, given the uncertain evolution of the
pandemic globally and domestically. A pick-up in growth beginning
in the second half of the year is contingent on Laos avoiding a
second wave of infections and a re-imposition of domestic social
distancing restrictions, which would further hit domestic economic
activity. A slow-paced emergence from lockdown measures in major
economies could lead to a more gradual global recovery than it
currently expects or a second wave of infections could drive a
further deterioration in the global economy, posing risks to Laos'
growth outlook in the next two years.
Nevertheless, Laos' medium-term growth prospects continue to
compare well with the 'B' median, despite the shock in 2020. Ample
investment in the hydropower sector, increased regional rail and
road connectivity, natural resource wealth and a young population
provide the basis for a strong growth outlook. It remains to be
seen whether an overarching strategy can be put in place to
maximise growth potential from these opportunities. In this regard,
the government is implementing some initiatives, such as building
up electrical transmission networks, creating special economic
zones and developing human capital.
Net external debt, which Fitch forecasts to reach 85.9% of GDP in
2020, is well above the 'B' median of 32.9%, exposing Laos to debt
sustainability risks in the event that economic returns on large
infrastructure projects fail to materialise. Private external debt
comprises roughly 45% of total external debt, a large portion of
which is from PPP investments in the hydropower sector. Many of the
hydropower producers have guaranteed 25-year income streams through
long-term power purchase agreements, offsetting some risks around
external debt sustainability, although any future risks or disputes
related to these contracts could reduce their value to the
government.
Laos is politically stable, but scores below the 'B' median for
World Bank governance indicators, reflecting considerable
weaknesses in institutional capacity and control of corruption. The
government of Prime Minister Thongloun Sisoulith, who took office
in 2016, has made efforts to address these weaknesses. A number of
laws were passed over the past year to enhance fiscal and debt
management, and strengthen the banking system. However, these
policies remain in their initial implementation stages.
ESG
ESG - Governance: Laos has an ESG Relevance Score of '5' for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Laos has a low World Bank
Governance Indicator ranking in the 24th percentile, reflecting
relatively weak rights for participation in the political process,
weak institutional capacity, and a high level of corruption.
SOVEREIGN RATING MODEL AND QUALITATIVE OVERLAY
Fitch's proprietary SRM assigns Laos a score equivalent to a rating
of 'B' on the Long-Term Foreign-Currency IDR scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:
- External Finances: -1 notch, to reflect potential external
liquidity pressures in light of very low levels of foreign-exchange
reserves and external financing constraints against rising external
debt-servicing needs. A high level of net external debt poses risks
to external debt sustainability.
Fitch's rating committee removed a -1 QO notch adjustment to the
Public Finances analytical pillar. This reflected the committee's
view that risks around public finances were now more fully captured
in the SRM and that limited public financing flexibility was
sufficiently reflected in the -1 notch on External Finances.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Indications that the sovereign is facing near-term external
financing strains, for instance, if there is insufficient financing
from multilateral or bilateral creditors or the sovereign is unable
to roll over bond and commercial-bank financing in order to meet
upcoming debt maturities.
- Sustained rise in the PPG debt/GDP ratio, resulting from the
government's fiscal policy stance or a materialisation of
contingent liabilities.
Factors that could, individually or collectively, lead to positive
rating action/upgrade are:
- An increase in foreign-exchange reserves, potentially from
unlocking new sources of financing, reducing vulnerability to
external shocks and liquidity risks.
- Fiscal consolidation sufficient to stabilise the PPG debt/GDP
ratio.
- An improvement in governance and institutional capacity, for
instance, through an increase in the World Bank governance
indicators or enhancements to macroeconomic management.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Public Finance issuers have a
best-case rating upgrade scenario (defined as the 99th percentile
of rating transitions, measured in a positive direction) of three
notches over a three-year rating horizon; and a worst-case rating
downgrade scenario (defined as the 99th percentile of rating
transitions, measured in a negative direction) of three notches
over three years. The complete span of best- and worst-case
scenario credit ratings for all rating categories ranges from 'AAA'
to 'D'. Best- and worst-case scenario credit ratings are based on
historical performance.
KEY ASSUMPTIONS
- Fitch assumes that, notwithstanding its narrowing financing
options, the government will be able to use bilateral and
multilateral borrowing relationships, in tandem with issuance in
the Thai market and commercial-bank borrowing, to repay or
refinance debt maturing in 2020.
- The global economy performs in line with Fitch's April 22, 2020
global economic outlook, particularly China, which is a key source
of external financing and trade.
LIMITED INFORMATION
Lack of an international investment-position dataset means that
there is no authoritative data on non-bank, private-sector net
assets. This does not affect the indicators that feed into the SRM,
but may lead to an overstated level of net external debt.
Fitch uses public and publicly guaranteed debt in lieu of the
standard general government debt definition. The composition of
this debt may be broader than its standard general government debt
definition, and its estimate may therefore be overstated in the
absence of details on publicly guaranteed debt.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Laos has an ESG relevance score of '5' for political stability and
rights, as World Bank governance indicators have the highest weight
in Fitch's SRM and are highly relevant to the rating and a key
rating driver.
Laos has an ESG relevance score of '5' for rule of law,
institutional and regulatory quality and control of corruption, as
World Bank governance indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver.
Laos has an ESG Relevance Score of '4' for human rights and
political freedoms, as social stability and voice and
accountability are reflected in the World Bank governance
indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.
Laos has an ESG relevance score of '4' for international relations
and trade, in light of its high reliance on China for external
financing, FDI inflows, and trade.
Laos has an ESG relevance score of '4' for creditors' rights, as
willingness to service and repay debt is relevant to the rating and
a rating driver, as for all sovereigns.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
=====================
S O U T H K O R E A
=====================
MAGNACHIP SEMICONDUCTOR: S&P Alters Outlook to Pos., Affirms B- ICR
-------------------------------------------------------------------
S&P Global Ratings revised the outlook on Korea-based chip maker
MagnaChip Semiconductor Corp. to positive from stable. S&P also
affirmed its 'B-' long-term issuer credit rating and issue ratings
on the company.
S&P said, "The outlook revision mainly reflects our view of
MagnaChip's improved financial flexibility from the asset sale and
management's intent to use proceeds from the sale to delever its
balance sheet. MagnaChip announced on March 31, 2020, that it has
agreed to sell its foundry services business and the factory in
Cheongju (Fab 4), South Korea, to a consortium led by private
equity firms Alchemist Capital Partners Korea Co. Ltd. and Credian
Partners Inc. The sale is likely to rake in net cash proceeds
(after tax obligations and other charges of about 15%) of US$280
million-US$300 million, which combined with the company's cash
balance as of March 31, 2020, of US$157 million exceeds its current
reported borrowings of US$305 million. Additionally, the sale will
also result in transfer of severance liabilities of about US$90
million from MagnaChip's books. Based on these developments, we
expect MagnaChip's debt-to-EBITDA ratio to improve to 3.0x-4.0x
over the next 12-24 months under our base case, compared with 6.5x
in 2019. However, this improvement is subject to the completion of
the asset sale transaction as planned."
MagnaChip's standard products segment benefits from good premium
product mix and long-term growth prospects. Both its display
solutions and power solutions businesses have expanded in recent
years and have strong growth prospects. The display segment is
benefitting from the increased adoption of OLED panels by
smartphone makers and potential future growth in new products such
as foldable and flexible phones and "internet of things." The power
solutions business also has growth prospects from electric vehicles
industry. Furthermore, S&P believes MagnaChip's performance will
not be as severely hit by the COVID-19 pandemic as many companies
in other industries. This is because the smartphone industry
continues to see a push by smartphone makers to switch to OLED
panels from LCD panels. The trend is the force behind MagnaChip's
robust performance in the first quarter of 2020 despite production
disruptions and demand softness from key Chinese and Korean
markets.
Potential volatility in MagnaChip's operating performance is likely
to further increase after the foundry sale. That performance
volatility will remain a key constraint to MagnaChip's credit
quality. The sale of the foundry business will significantly reduce
the scale of the company, while increasing its product and customer
concentration, thus exposing it to more volatile earnings. The
foundry business contributed 35%-40% of MagnaChip's consolidated
revenue and gross profits. After the sale, the display-solutions
segment will constitute the bulk of sales, thus increasing
concentration exposure to trends in the display panel market.
The positive outlook on MagnaChip reflects S&P's expectation that
the company will improve its financial metrics over the next 12-24
months, primarily by using its cash proceeds from the asset
disposal to lower its leverage.
Upside scenario
S&P may raise the rating on MagnaChip if the transaction is
completed, and the company uses the proceeds for substantial debt
reduction while maintaining steady operating performance and
sufficient cash buffer, thereby improving its financial metrics. A
debt-to-EBITDA ratio below 4.0x on a sustainable basis would
indicate such an improvement.
Downside scenario
S&P may revise the outlook to stable if the foundry asset sale is
cancelled, or if MagnaChip uses the cash proceeds for shareholder
returns or investments rather than deleveraging, such that its
financial metrics does not improve as S&P expects.
===============
T H A I L A N D
===============
CHAI WATANA: TRIS Rating Puts BB+ Rating on "Negative" CreditAlert
------------------------------------------------------------------
TRIS Rating places Chai Watana Tannery Group PLC's (CWT) "BB+"
rating on CreditAlert with a "negative" implication. "The rating
action reflects our concerns over the refinancing risk of its
debentures coming due amid unfavorable financial market
conditions," TRIS Rating says.
CWT has a total of THB631.4 million debentures due this year. These
include debentures worth THB337.1 million due on May 23, 2020 and a
further worth THB294.3 million due on September 1, 2020. Currently,
the company has undrawn credit facilities, plus cash and marketable
securities, of about THB200 million, resulting in a shortfall of
THB137.1 million for the debentures due on May 23, 2020. CWT plans
to seek an agreement from the debenture holders for a partial and
deferred payment for the debentures due this month. The debentures
due on September 1, 2020 could be covered by new bank loans and
proceeds from the sale of its solar power project. However, the
current turmoil in the financial markets and the slowdown in the
automotive sector have raised concerns over the refinancing risk.
CWT's operating performance has improved recently, boosted by a
rise in revenue and earnings from the auto leather business and the
power generation business. The company's total operating revenue
rose to THB2 billion in 2019, from a low of THB0.9 billion. Its
earnings before interest, tax, depreciation, and amortization
(EBITDA) increased to THB350 million in 2019 from a level below
THB100 million per annum in the past several years. Nevertheless,
the coronavirus (COVID-19) pandemic is dampening auto demand
significantly. TRIS Rating preliminarily estimates the company's
total operating revenue will drop by about 20% to THB1.7 billion in
2020 and recover gradually to a level above THB2 billion per annum
during 2021-2022. The predictable revenue from the power generation
business and a rise in revenue from the new business, aluminum-body
boats and mini buses, should help alleviate the fallout from the
COVID-19. In 2019, the power generation business made up
approximately 17% of CWT's total operating revenue and 45% of total
EBITDA. In TRIS Rating's view, the long-term outlook on CWT's
business remains unchanged. "We are concerned about the company's
liquidity in the near term and its investment plan that will likely
squeeze cash flow in the medium term," TRIS Rating says.
"We expect the company's further expansion for its power generation
business will strain its balance sheet and cash flow over the next
three years. CWT plans to invest in a waste-to-energy (WTE)
project, producing up to 10 megawatts (MW) of electricity from
refuse-derived fuel (RDF). This project involves construction of a
waste management facility (the first phase) and a power generation
facility (the second phase). The total investment cost is
preliminarily estimated at THB1-THB1.3 billion, representing about
30% of total assets." TRIS Rating holds the view that the company
will need a capital increase if it starts the second phase.
Aggressive debt-funded investments could put pressure on the
rating.
TRIS Rating will keep monitoring the situation and resolve the
CreditAlert once CWT demonstrates sufficient liquidity sources to
cover its debt servicing obligations.
Thailand-based Chai Watana Tannery Group PCL (SET:CWT) --
http://www.cwt.co.th/home/index.php-- tans, curries, and finishes
buffalo hides and skins into leather. The Company also manufactures
and distributes dog toys and furniture made from its leather
products.
THAI AIRWAYS: Steps Closer to Restructuring in Bankruptcy Court
---------------------------------------------------------------
Anuchit Nguyen and Suttinee Yuvejwattana at Bloomberg News report
that flag carrier Thai Airways International Pcl is a step closer
to restructuring via a bankruptcy court after a key government
panel backed the plan, which is due for consideration by the
Cabinet today.
A committee that oversees policies for state-run enterprises agreed
that the airline should seek such a rehabilitation, government
spokeswoman Narumon Pinyosinwat told reporters in Bangkok on May
18, Bloomberg relates.
Bloomberg says governments worldwide have devoted more than $85
billion to propping up airlines after the coronavirus pandemic
wiped out travel demand and grounded fleets. Thailand's borders are
restricted under a state of emergency through May and most inbound
international flights are banned until the end of June, though some
domestic flights have restarted.
Thai Airways, majority owned by the Finance Ministry, has
outstanding debt of about THB92 billion ($2.9 billion), of which
approximately 78% is owed to bond investors, according to data
compiled by Bloomberg.
According to Bloomberg, Tris Rating Co., which is partly owned by
S&P Global Ratings, said in a statement that the fact officials are
considering filing for bankruptcy restructuring "has eroded our
confidence that necessary actions from the government will be taken
to enable THAI to meet all of its obligations in a timely manner."
Tris Rating has downgraded its rating on Thai Airways and the
carrier's senior unsecured bonds to BBB from A.
"Holders of Thai Airways' bonds are watching closely for details of
its rehabilitation plan," Bloomberg quotes Thiti Tantikulanan,
senior executive vice president of Kasikornbank Pcl, as saying at a
seminar. "The impact on the overall bond market will be limited
because Thai Air bonds have been mostly sold to a limited group of
investors."
Thai Airways has posted annual losses almost every year since the
start of 2013. The flag carrier was under pressure to turn around
its performance even before the Covid-19 outbreak.
Shares in the carrier slid as much as 13% on May 18 to the lowest
level in more than a month. The stock has tumbled more than 90%
from a peak in 1999, Bloomberg notes.
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 11, 2020 to May 15, 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
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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
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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
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