/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200623.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, June 23, 2020, Vol. 23, No. 125 Headlines A U S T R A L I A EQUESTRIAN AUSTRALIA: Placed in Voluntary Administration HERCULES NORTHSHORE: First Creditors' Meeting Set for June 30 SKY AND SPACE: Second Creditors' Meeting Set for June 30 TELEGRAPH POINT: First Creditors' Meeting Set for June 30 VENTIA PTY: Moody's Affirms CFR at Ba2, Outlook Stable VIRGIN AUSTRALIA: Administrator Gets Final Offers from Bain, Cyrus VIRGIN AUSTRALIA: Bain says it Won't Cut Any Deeper Than Rival [*] AUSTRALIA: Potential 'Avalanche' of Small Co. Wind-Ups Looms C A M B O D I A NAGACORP LTD: S&P Assigns B+ Rating to New US Dollar Sr. Notes C H I N A CHONGQING LIFAN: Geely to Take Over as Virus Stokes Shake-Up FOSUN INTERNATIONAL: S&P Rates Guaranteed U.S.-Dollar Notes BB HILONG HOLDING: Defaults on US$165 Million Dollar Bond JINGRUI HOLDINGS: Moody's Rates Senior Unsecured USD Notes B3 H O N G K O N G [*] HONG KONG: Bankruptcy Filings Jump to 17-Year High in May I N D I A A S WOOD: CARE Lowers Rating on INR2.50cr LT Loan to B+ AASTHA HI-TECH: CARE Keeps D INR9.0cr LT Debt Rating in Not Coop. ARCVAC FORGE: CARE Keeps D Debt Ratings in Not Cooperating BABA BHUMAN: CARE Lowers Rating on INR10.80cr LT Loan to B- BALU IRON: CARE Lowers Rating on INR100cr LT Loan to B+ BHAVANI RICE: CARE Keeps D INR7cr Debt Rating in Not Cooperating CHAUDHARY RICE: CARE Lowers Rating on INR8.40cr LT Loan to B- CHINTAMANI FINLEASE: CARE Keeps B+ INR5cr Debt Rating in Not Coop. DIGI EXPORT: CARE Lowers Rating on INR16cr LT Loan to D DIGNITY BUILDCON: CARE Keeps D INR775cr Debt Rating in Not Coop. ESSEM ENTERPRISE: CARE Lowers Rating on INR8.86cr LT Loan to B- FAIR DEAL: CARE Downgrades Rating on INR70cr LT Loan to B HYGIENE FEEDS: CARE Lowers Rating on INR60.00cr LT Loan to D INCREDIBLE REALCON: CARE Keeps D INR600cr Debt Rating in Not Coop. J K ELECTRIC: CARE Lowers Rating on INR1cr LT Loan to B- JUHI INDUSTRIES: CARE Keeps D INR219.10cr Debt Rating in Not Coop. KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating MANAGING COMMITTEE: CARE Keeps D INR6.0cr Debt Rating in Not Coop. MP AGRO BRK ENERGY: Insolvency Resolution Process Case Summary NATH MOTORS: CARE Downgrades Rating on INR42cr LT Loan to C PAWAN IMPEX: CARE Keeps D INR185.0cr Debt Rating in Not Cooperating PROVENTUS AGER: CARE Keeps D INR13.0cr Debt Rating in Not Coop. RAMESHWAR COTTEX: CARE Keeps D INR8.54cr Debt Rating in Not Coop. SHARAN HOSPITALITY: CARE Keeps D INR74cr Debt Rating in Not Coop. SHREE GANESH COLD: CARE Keeps D INR6.0cr Debt Rating in Not Coop. SHRI GANESH INDUSTRIES: CARE Cuts Rating on INR8.78cr LT Loan to B- SPITI EDUCATIONAL: CARE Assigns B- Rating to INR36.85cr LT Loan SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating SRI LAKSHMI VENKATADRI: CARE Reaffirms Then Withdraws B+ Rating SVIIT SOFTWARE: CARE Keeps D INR57cr Debt Rating in Not Cooperating TAGORE EDUCATIONAL: CARE Keeps D INR41.34cr Debt Rating in Not Coop VAISHNAVI FOOD: CARE Lowers Rating on INR1.79cr LT Loan to B+ VIZEBH COMPOSITECH: CARE Keeps D INR15.0cr Debt Rating in Not Coop. [*] Fitch Alters Outlook on 9 Indian Banks' IDRs to Negative I N D O N E S I A CHANDRA ASRI: S&P Alters Outlook to Neg. & Affirms BB- ICR MODERNLAND REALTY: S&P Lowers ICR to CCC, Outlook Negative L A O S LAOS: Moody's Places B3 Ratings on Review for Downgrade S I N G A P O R E SWIBER HOLDINGS: Judicial Managers Ask for Six-Month Extension X X X X X X X X [*] BOND PRICING: For the Week June 15, 2020 to June 19, 2020 - - - - - ================= A U S T R A L I A ================= EQUESTRIAN AUSTRALIA: Placed in Voluntary Administration -------------------------------------------------------- Amelia Bernasconi and Mike Pritchard at ABC Rural report that the peak body for equestrian sport in Australia has been placed in voluntary administration by its board in what has been described as a "difficult decision". According to ABC Rural, Equestrian Australia (EA) said the decision follows the withdrawal of funding by Sports Australia and the impact of COVID-19 on its forecast revenue. "This places the organisation at risk of trading insolvently," EA said in a statement. "Clearly, the current EA model does not work. ABC Rural says EA's high-performance program will be immediately transferred to the Australian Institute of Sport. "The HP panel will remain in place, funding returned to the AIS and the program will continue unabated in pursuit of equestrian gold at the upcoming Olympics," the statement, as cited by ABC Rural, read. Craig Shepard and Kate Conneely, of KordaMentha, have been appointed voluntary administrators, and said business would continue as usual, ABC Rural discloses. "The objective of the administration is to stabilise the business and create a plan that will allow the organization to come out of Administration with a solid future," ABC Rural quotes Mr. Shepard as saying. "The operations of EA continue without change at this stage and there is no planned loss of jobs," said EA. "The current directors have agreed to work with the administrator to rebuild the organisation as quickly as possible." ABC Rural adds that Board spokesperson John Glenn said: "We have faced overwhelming challenges as an organisation over the past few years, but this EA board is unified and committed to a fresh start. EA was formed in the 1950s for Australia's equestrian debut at the 1956 Olympics in Melbourne. EA riders have won nine Olympic gold medals, four silver and eight bronze. HERCULES NORTHSHORE: First Creditors' Meeting Set for June 30 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Hercules Northshore Pty Ltd will be held on June 30, 2020, at 10:00 a.m. via virtual meeting. Joanne Dunn and John Park of FTI Consulting were appointed as administrators of Hercules Northshore on June 18, 2020. SKY AND SPACE: Second Creditors' Meeting Set for June 30 -------------------------------------------------------- A second meeting of creditors in the proceedings of Sky and Space Global Limited has been set for June 30, 2020, at 3:00 p.m. via teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 29, 2020, at 5:00 p.m. Richard Lawrence, Richard Albarran and Cameron Shaw of Hall Chadwick Chartered Accountants were appointed as administrators of Sky and Space on April 6, 2020. TELEGRAPH POINT: First Creditors' Meeting Set for June 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Telegraph Point Sports & Recreation Club Limited will be held on June 30, 2020, at 10:00 a.m. at 182 Mooney Street, in Telegraph Point, NSW. Christopher J MacDonnell and Gregory J Parker of Restructuring Solutions were appointed as administrators of Telegraph Point on June 18, 2020. VENTIA PTY: Moody's Affirms CFR at Ba2, Outlook Stable ------------------------------------------------------ Moody's Investors Service has affirmed Ventia Pty Limited's Ba2 corporate family rating. At the same time, Moody's has affirmed Ventia Finco Pty Limited's Ba2 senior secured bank credit facility rating. The outlook on all ratings remains stable. RATINGS RATIONALE "The rating affirmation reflects the improvement in Ventia's business profile that will result from its transformative acquisition of Broadspectrum Pty Ltd. The acquisition will improve Ventia's market position, revenue diversification and service offerings," says Saranga Ranasinghe, a Moody's Vice President and Senior Analyst. The acquisition has received all necessary regulatory approvals and is expected to complete by June 30, 2020. Both Ventia and Broadspectrum are infrastructure service providers in Australia and New Zealand. The acquisition complements Ventia's current services offerings and diversifies its revenue streams. While Ventia has a strong market position in the telecommunications sector in Australia and New Zealand, Broadspectrum is the largest services provider to the defence sector. "Despite the improvement in its business profile, the fully debt-funded transaction will weaken Ventia's financial profile," adds Ranasinghe. The incremental debt to fund the transaction will increase Ventia's financial leverage beyond the threshold set for its Ba2 rating at 4.5x in the current financial year ending in December 2020. Ventia's headroom within the rating has been eroding following a string of shareholder-friendly initiatives over the last 3-4 years. But Moody's expects the company to reduce its leverage and remain within the tolerance level set for its rating over the next 18 months. That said, further debt-funded shareholder distributions and/or debt-funded acquisitions that increase its financial leverage or delay deleveraging could weaken its current rating. Moody's expects a contraction in Ventia's margins following the acquisition, given the lower margins of the Broadspectrum business. The stable outlook reflects Moody's view that Ventia will successfully integrate Broadspectrum and operate within the parameters set for its current rating. Ventia has a strong liquidity profile. With the integration of Broadspectrum, Moody's expects the combined entity to generate around AUD200 million of cash flow from operations over the next 12 months, which will be more than sufficient to cover Moody's expectations for Ventia's capital expenditure. In addition, Ventia's liquidity will also benefit from an increased Revolver Credit Facility of AUD 233m from AUD 133m, which remains undrawn and matures in May 2024. The facility does contain springing financial covenants but under Moody's base case, the company should maintain an adequate cushion under its covenants. 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. The impact on the telecommunications and infrastructure services segment has been relatively less severe given the essential nature of their operations. Moody's regards the coronavirus outbreak as a social risk under its environmental, social and governance (ESG) framework, given the substantial implications for public health and safety. Ventia is 50% owned by Apollo Global Management LLC. Ventia's ownership structure presents some governance risk, to the extent that private equity firms tend to prioritize more aggressive growth plans and strategies, including a tolerance for higher leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Ventia's adjusted debt/EBITDA is sustained below 3.5x and EBITA margins improve and are sustained above 10%. On the other hand, Moody's could downgrade the ratings if Ventia engages in further debt-funded shareholder-friendly initiatives and/or is unable to deleverage the company following the Broadspectrum acquisition, such that its debt/EBITDA remains above 4.5x and EBITA margins remain below 5% The principal methodology used in these ratings was Construction Industry published in March 2017. Ventia is a leading services provider to clients in Australia and New Zealand across the telecommunications, infrastructure and utilities sectors. Ventia is a 50:50 investment partnership between CIMIC Limited and funds managed by affiliates of Apollo Global Management LLC. VIRGIN AUSTRALIA: Administrator Gets Final Offers from Bain, Cyrus ------------------------------------------------------------------ Paulina Duran and Jamie Freed at Reuters report that Virgin Australia Holdings Ltd's administrator said on June 22 that it had received final offers for Australia's second-biggest airline from Bain Capital and Cyrus Capital Partners and that it hoped to select a preferred bidder by June 30. Bondholders are working on a revival plan for the airline involving a debt-to-equity swap if they are not satisfied with the bid the administrator chooses, Reuters relates citing a person with knowledge of the matter. Virgin, which competes against larger rival Qantas Airways Ltd, entered voluntary administration in April and owes nearly AUD7 billion ($4.80 billion) to creditors. Bain and Cyrus have both proposed to operate the airline as a smaller, single-branded domestic and short-haul international carrier with growth potential, administrator Vaughan Strawbridge of Deloitte said in a statement, Reuters relays. Australia's Foreign Investment Review Board has approved both bids, he said. Reuters relates that a Cyrus spokesman said the firm had committed to keeping the airline's headquarters in Brisbane and backing the existing management team. Bain declined to comment. According to Reuters, the airline owes about AUD2 billion total to 6,500 unsecured bondholders, the second-most numerous creditor group behind employees that will vote on a deal at a meeting in August. The bondholders are preparing the backup plan to help avoid liquidation if the administrator's preferred offer is not acceptable, the person with knowledge of the matter told Reuters on condition of anonymity. About Virgin Australia Brisbane, Queensland-based Virgin Australia is Australia's second-largest airline. It commenced services in 2000 as Virgin Blue, wholly owned by the Virgin Group. As reported in the Troubled Company Reporter-Asia Pacific on April 22, 2020, Bloomberg News related that Virgin Australia Holdings Ltd. became Asia's first airline to fall to the coronavirus after the outbreak deprived the debt-burdened company of almost all income. Administrators at Deloitte, who have taken control of the Brisbane-based carrier, aim to restructure the business and find new owners within months. More than 10 parties have expressed an interest, Deloitte related on April 21. Virgin Australia, which has furloughed 80% of its 10,000 workers, will continue to operate some flights for essential workers, freight and the repatriation of Australians, Bloomberg said. The airline's frequent flyer program is a separate company and is not in administration. Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri of Deloitte were appointed as administrators of Virgin Australia, et al., on April 20, 2020. The company owes AUD6.8 billion to lenders, bondholders, aircraft lessors, trade creditors and employees. On April 29, 2020, the company and certain affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. VIRGIN AUSTRALIA: Bain says it Won't Cut Any Deeper Than Rival -------------------------------------------------------------- Patrick Hatch at The Sydney Morning Herald reports that Bain Capital's local boss Mike Murphy has moved to address concerns his fund will strip Virgin Australia back to a shadow of its former self, saying he doubts it will be any smaller under his ownership than if rival bidder Cyrus Capital wins control of the bankrupt airline. SMH relates that the US buyout giant will also back Virgin's existing chief executive Paul Scurrah and his management team, Mr. Murphy said in an interview on June 18, and adopt their "Virgin 2.0" plan to relaunch the airline after it went into voluntary administration in April owing AUD6.8 billion. According to SMH, Bain Capital's Mike Murphy said Virgin will need to re-launch with a "sensible" amount of capacity to ensure its long-term success. Amid efforts to win support from workers and creditors ahead of submitting a binding offer for Virgin to its administrators Deloitte on June 22, Mr. Murphy trumpeted the US fund's financial fire power in the form of a AUD25 billion fund he said is available to get Virgin off the ground and support it through any future shocks, SMH relays. SMH relates that some unions--which will be a crucial voting block when creditors vote on any rescue deal--have said Cyrus Capital is a stronger bidder due to its history investing in airlines alongside Richard Branson's Virgin Group, and also believe it will save more of Virgin's 9000-strong workforce. But Mr. Murphy said his goal was to maximise jobs at Virgin, while also being "thoughtful" about relaunching the business in line with market demand to ensure it had the best chance of long-term success. “I'd be surprised, frankly, if the plan is for [Cyrus'] view of the business to be bigger than ours," the report quotes Mr. Murphy as saying. “What we want in five years' time or eight years' time, or whenever it becomes time for different owners to be guiding the business, is for the business to be as strong or stronger as it was in its heyday and employing, ideally, as many people as it was prior to the crisis." "But to get to that long-term success, we have to be sensible about how much capacity is put into the sky straight out of the crisis and make sure that balancing act between customer demand and the operational business that we stand up is realistic." Mr. Murphy on June 18 joined Cyrus in backing Virgin chief executive Paul Scurrah's "Virgin 2.0" plan, which includes stripping its domestic fleet back from multiple aircraft types to just its Boeing 737s and focus them on flying profitable routes. “We're definitely backing Paul and his team to get this business back up and growing," he said. According to the report, Mr. Murphy stressed that Bain would not turn Virgin back into a budget airline and that he saw a "sweet spot" in the market between Jetstar and Qantas. Virgin had tried to take Qantas on head to head in a battle for premium travellers in the past, he said, and "it wasn't a happy outcome for anybody". Despite being loss-making for the past seven years, Mr. Murphy said Virgin could be profitable by the end of this year once freed from its "incredibly high" debt burden. Cyrus has said it is looking at a two- to three-year turnaround. SMH meanwhile reports that Mr. Murphy extended an olive branch to Virgin's unsecured bondholders, who are owed AUD2 billion and growing increasingly nervous they will be completely wiped out. "I would not agree that they will walk away with nothing," he said. There have been concerns that Virgin could go into insolvency before a new owner can be installed at a second creditors' meeting in August. But Mr. Murphy said that if chosen as the preferred bidder at the end of this month, Bain would fund the airline's operations from that point on, the report adds. About Virgin Australia Brisbane, Queensland-based Virgin Australia is Australia's second-largest airline. It commenced services in 2000 as Virgin Blue, wholly owned by the Virgin Group. As reported in the Troubled Company Reporter-Asia Pacific on April 22, 2020, Bloomberg News related that Virgin Australia Holdings Ltd. became Asia's first airline to fall to the coronavirus after the outbreak deprived the debt-burdened company of almost all income. Administrators at Deloitte, who have taken control of the Brisbane-based carrier, aim to restructure the business and find new owners within months. More than 10 parties have expressed an interest, Deloitte related on April 21. Virgin Australia, which has furloughed 80% of its 10,000 workers, will continue to operate some flights for essential workers, freight and the repatriation of Australians, Bloomberg said. The airline's frequent flyer program is a separate company and is not in administration. Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri of Deloitte were appointed as administrators of Virgin Australia, et al., on April 20, 2020. The company owes AUD6.8 billion to lenders, bondholders, aircraft lessors, trade creditors and employees. On April 29, 2020, the company and certain affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. [*] AUSTRALIA: Potential 'Avalanche' of Small Co. Wind-Ups Looms ---------------------------------------------------------------- John Kehoe at Australian Financial Review reports that the federal government and banks are discussing how to wean businesses off loan repayment holidays and the moratorium on insolvent trading after September, as corporate undertakers prepare for a wave of bankruptcies when the emergency supports end. Despite the economy suffering a sharp recession due to COVID-19, the number of companies entering administration plunged 68% to 56 entities in early June compared with the same week last year, AFR discloses citing insolvency data from the Australian Securities and Investments Commission. According to AFR, John Winter said some economic stress is inevitable when the support measures expire. The stay of execution has been enabled by the government's JobKeeper wage subsidies, banks granting more than 215,000 businesses with loans worth over AUD59 billion a six-month repayment deferral and protecting company directors from insolvent-trading prosecution, AFR says. AFR relates that the extraordinary measures are due to expire in late September, setting up a potential economic cliff. "There is certainly a confluence of events that is going to put stress on the economy come the beginning of October because everything is coming off at once," AFR quotes Australian Restructuring Insolvency and Turnaround Association chief executive John Winter as saying. AFR says Treasurer Josh Frydenberg and his department, financial regulators, banks, business groups and insolvency practitioners are consulting on the planned roll-off of the measures. One suggestion has been to extend by a few months the moratorium on directors being liable for insolvent trading, or to prolong the time companies have to respond to demands from creditors and to appoint administrators. Banks have been contacting borrowers to see if they can resume their repayments before September, the report notes. =============== C A M B O D I A =============== NAGACORP LTD: S&P Assigns B+ Rating to New US Dollar Sr. Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issue rating to the U.S. dollar senior notes proposed by NagaCorp Ltd. (Naga; B+/Stable/--), a Cambodia-based casino operator. The rating on the proposed notes is subject to its review of the final issuance documentation. S&P said, "We expect Naga to use the net proceeds to fully repay its existing US$300 million senior unsecured notes due May 2021 and for general corporate purposes. This will extend the company's debt maturity profile and improve its liquidity, which we assess as adequate. Naga's casinos have remained closed since April 1, 2020. However, we believe Naga's strong cash balance of US$473 million as of March 31, 2020, can support its business for more than two years, even assuming zero revenue and minimum capital expenditure for 2020. "The rating on the notes is the same as the issuer credit rating on Naga because we see no elements of subordination risk in the company's capital structure. As of March 31, 2020, Naga's capital structure consisted only of the existing US$300 million senior unsecured notes at the holding company level. "We expect Naga to sustain its dominant market position in the Cambodian gaming industry and continue to ramp up its Naga2 operations. We also expect Naga to appropriately manage the refinancing or redemption of its unsecured notes over the next 12 months." ========= C H I N A ========= CHONGQING LIFAN: Geely to Take Over as Virus Stokes Shake-Up ------------------------------------------------------------ Reuters reports that Volvo owner Geely is set to take over an automaker battered by a prolonged sales decline exacerbated by the impact of the novel coronavirus, said three people with knowledge of the matter, in an indication of how the pandemic is stoking consolidation. Zhejiang Geely Holding Group Co Ltd plans to become the top shareholder of Chongqing Lifan Holdings Ltd and inject fresh capital into China's one-time leading motorcycle maker, said two of the people, who declined to be identified as the matter was private, Reuters relays. The price and size of the stake and the amount of fresh capital were not immediately clear. According to Reuters, the takeover comes as Chinese auto sales ended almost two years of decline in April, with the relaxation of virus-busting measures releasing pent-up demand. Still, executives at some of China's biggest automakers have said they expect a changing landscape following the virus, with competition between both domestic and international automakers pushing smaller peers into restructuring or bankruptcy, Reuters says. With employment a government priority this year, Geely's intervention in Lifan would be a boon for Chongqing's local economy for which the debt-laden firm is a major employer and taxpayer. Liquidity-starved Lifan is set to propose debt restructuring to creditors on Saturday with options including asset sales and debt-to-equity swaps, and plans to complete the restructuring as early as August, said the two people. Lifan's debt totalled CNY31 billion ($4.4 billion) in June last year, with 60% due within a year, while assets stood at CNY41.5 billion, Reuters discloses citing filings. Its cash balance was CNY370 million versus CNY3.1 billion at the end of 2017. The automaker had only CNY450 million out of CNY12.6 billion worth of credit lines from 25 banks, filings, as cited by Reuters, showed. Lifan was founded by entrepreneur Yin Mingshan in 1992 as a motorcycle maker and produced its first car in 2006--the Lifan 520 four-door sedan which was later exported to Russia. Sales have remained a fraction of domestic peers such as Geely. In 2018, it raised nearly CNY4 billion selling land to the government and unit Lifan Motors to electric vehicle (EV) startup Li Auto. After completing the takeover, Geely plans to shift part of its EV business and production to Lifan, said one of the people. About Chongqing Lifan Chongqing Lifan Holdings Ltd manufactures motorcycle and automobile products. The Company produces automobiles, motorcycles, automobile parts, motorcycle parts, and other products. Chongqing Lifan Holdings also operates financial investment, real estate development, and other businesses. FOSUN INTERNATIONAL: S&P Rates Guaranteed U.S.-Dollar Notes BB -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term issue rating to the proposed U.S.-dollar-denominated senior unsecured notes that China-based Fosun International Ltd. will unconditionally and irrevocably guarantee. Fortune Star (BVI) Ltd., a special purpose entity, will issue the notes. The rating is subject to its review of the final issuance documentation. The rating on the notes is the same as the issuer credit rating on Fosun (BB/Stable/--) because of credit substitution under the guarantee. As an investment holding company, Fosun's secured debt at the parent level is less than 50% of the total debt at the parent level. Hence, it does not breach our 50% notching-down threshold for structural subordination risk. Fosun will use the proceeds from the proposed notes for refinancing, working capital, and other general corporate purposes. S&P said, "The stable outlook reflects our expectation that Fosun will maintain good access to funding channels over the next 12 months. The stable outlook also reflects our expectation that the diversified conglomerate will fund the majority of its investments with proceeds from asset disposals. In our view, at the current rating, Fosun should be able to endure a short-term spike in the loan-to-value ratio to marginally over 45% (from 37% at year-end 2019) due to market volatility." HILONG HOLDING: Defaults on US$165 Million Dollar Bond ------------------------------------------------------ Hong Shen, Rebecca Choong Wilkins, and Ina Zhou at Bloomberg News report that defaults in China's dollar bond market are accelerating amid the economic fallout from the coronavirus. According to Bloomberg, Hilong Holding Ltd., an oil equipment and services company, became the latest to default on June 22 when it failed to repay a $165 million dollar bond. The company had sought to swap the debt with new debt, but failed to get sufficient investor support. That payment failure brings the value of defaults in China's offshore market to $4 billion this year, up 150% from a year earlier, according to data compiled by Bloomberg. Defaults onshore have slowed this year as the government seeks to avoid aggravating the economic slowdown. China's dollar bond market has seen a record 11 defaults and distressed exchanges so far this year, up from nine last year, said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group Ltd. "There's been a broad sector hit across private firms in particular." Hilong said investors representing about 63.45% of the principal amount of the bond which comes due Monday accepted the exchange offer, Bloomberg relates citing a filing to the Hong Kong Stock Exchange. That's short of the required minimum acceptance rate of 80%. Concern had been growing that the company would fail to win sufficient support for its offer to swap new bonds for old ones. The 2022 dollar bond fell to record low of 30 cents on the dollar last week, while its shares plunged 28% over the past five days, according to Bloomberg. The Shanghai-based company is assessing the impact of the default on its other indebtedness and has extended the deadline of the exchange offer for a fourth time, until June 29, according to Hilong's filing cited by Bloomberg. Hilong is the latest borrower from Asia's struggling oil sector to show signs of stress, after Hong Kong-listed oil explorer MIE Holdings Corp. defaulted on a dollar note in early May and an oil refiner from the eastern Shandong province missed a principal installment of a $1 billion loan earlier this month. Both Moody's Investors Service and Fitch Ratings have recently downgraded Hilong following an earlier deadline extension, citing concerns over the firm's heightened refinancing risk. During an investor call in late May, the company acknowledged it faces regulatory hurdles to transfer onshore funds abroad. It also said that it is in talks to bring in strategic investors but that such efforts may take a few months to complete. About Hilong Holding 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. As reported in the Troubled Company Reporter-Asia Pacific on June 11, 2020, Moody's Investors Service has downgraded Hilong Holding Limited's corporate family and senior unsecured ratings to B3 from B2 and the rating on Hilong's proposed senior secured notes to B3 from B2. At the same time, Moody's has placed the ratings on review for further downgrade. The outlook was changed to ratings under review from negative. The TCR-AP reported on June 11, 2020, that Fitch Ratings has downgraded Hilong Holding Limited's Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'B'. At the same time, Fitch has downgraded its senior unsecured rating and ratings on its US dollar bonds to 'CC' from 'B', with the Recovery Rating remaining at 'RR4'. The expected rating on the company's proposed US dollar bonds is also downgraded to 'CC(EXP)' from 'B(EXP)', with the Recovery Rating staying at 'RR4'. All ratings have been removed from Rating Watch Negative. Hilong's ratings have been downgraded to reflect the high refinancing risk related to the company's USD165.11 million 7.25% senior unsecured notes due June 22, 2020, as its proposed exchange offer has not met the minimum acceptance amount and there has been limited progress in moving funds offshore. JINGRUI HOLDINGS: Moody's Rates Senior Unsecured USD Notes B3 ------------------------------------------------------------- Moody's Investors Service has assigned a B3 rating to the proposed senior unsecured USD notes to be issued by Jingrui Holdings Limited's (B2 stable). Jingrui plans to use the proceeds from the proposed notes to refinance its existing indebtedness. RATINGS RATIONALE "The proposed bond issuance will lengthen Jingrui's debt maturity profile and improve its liquidity position, without having a material impact on the company's credit metrics," says Cedric Lai, a Moody's Vice President and Senior Analyst. Moody's expects Jingrui's leverage, as measured by revenue/adjusted debt, will moderate to 55%-60% over the next 12-18 months from 64% in 2019, which is driven by an expected increase in debt to replenish its land bank over the same period. On the other hand, Moody's expects the company's interest coverage, as measured by adjusted EBIT/adjusted interest expenses, will slightly improve to 2.0x-2.1x over the next 12-18 months from 1.7x in 2019, as the expected improving gross margin from the top-tier cities projects will more than offset the growth in interest expenses over the same period. Jingrui's total contracted sales fell 20.4% year-on-year to RMB5.5 billion for the first five months of 2020 due to coronavirus-related disruptions. However, Moody's expects its sales will gradually recover through the remainder of 2020, keeping total contracted sales at around RMB23 billion-RMB26 billion in the coming 12-18 months from RMB25.2 billion in 2019. Jingrui's B2 corporate family rating reflects the company's modest scale and moderate financial profile. The rating also takes into account the company's track record of developing properties in Shanghai and other cities in the economically strong Yangtze River Delta area. However, the CFR is constrained by the company's relatively low profitability and high geographic concentration in the Yangtze River Delta area. In terms of governance considerations, Moody's has taken into account the concentrated ownership by Jingrui's founder and key shareholder, Mr. Yan Hao, who approximately held a 38% stake in Jingrui at December 31, 2019. The risk of a concentrated ownership is mitigated by the presence of three special committees, the audit committee, the remuneration committee and the nomination committee, two of which are dominated and chaired by independent non-executive directors. Additionally, the company has established internal governance structures and standards as required under the Corporate Governance Code for companies listed on the Hong Kong Stock Exchange. Moody's regards the impact of the deteriorating global economic outlook amid the rapid and widening spread of the coronavirus outbreak as a social risk under its environmental, social and governance framework, given the substantial implications for public health and safety. Jingrui's liquidity position is adequate. Moody's expects the company's cash holdings along with its operating cash flow will be sufficient to cover its committed land payments and maturing debt in the next 12-18 months. As of December 2019, the company had a cash balance of RMB13.7 billion (including restricted cash of RMB3.1 billion), which could cover about 1.5x of its short-term debt of RMB9.4 billion. Jingrui's B3 senior unsecured debt rating is one notch lower than its CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries and have priority over Jingrui's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the expected recovery rate for claims at the holding company will be lower. The stable outlook reflects Moody's expectation that Jingrui will sustain its improved sales execution for properties in higher-tier cities in China and maintain adequate liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade the ratings if Jingrui substantially grows its scale while maintaining (1) sound credit metrics, with adjusted revenue/debt above 95%-100% and EBIT/interest coverage above 3.5x on a sustained basis; and (2) an adequate liquidity position on a sustained basis. Moody's could downgrade the ratings if Jingrui's (1) liquidity weakens, such that its cash/short-term debt falls below 100%; and (2) profit margins come under pressure, constraining its interest coverage and financial flexibility, such that its EBIT interest coverage falls below 2.0x on a sustained basis. The principal methodology used in this rating was Homebuilding And Property Development Industry published in January 2018. Jingrui Holdings Limited is a Shanghai-based property developer. The company was listed on the Hong Kong Stock Exchange in October 2013. It was originally established in 1993 as Shanghai Jingrui Property Development Company by a group of businessmen, including its current key shareholders and executive directors, Mr. Chen Xin Ge and Mr. Yan Hao. The company engages in property development, with a focus on residential projects in the Yangtze River Delta and other second-tier cities in China. As of December 2019, Jingrui had a total land bank of about 4.71 million square meters, located across 19 cities in China, including Tianjin, Ningbo, Suzhou, Hangzhou, Wuhan and Shanghai. ================= H O N G K O N G ================= [*] HONG KONG: Bankruptcy Filings Jump to 17-Year High in May ------------------------------------------------------------- Reuters reports that bankruptcy filings in Hong Kong rose to a 17-year high, records showed on June 19, as the coronavirus pandemic dealt a heavy blow to the businesses following months of social unrest. There were 2,079 petitions presented last month, Official Receiver's Office said, the highest since May 2003, Reuters relays. According to Reuters, the figure came as the city's unemployment rate rose to 5.9% in the March to May period, the highest in more than 15 years. The number of compulsory winding-up filings stood at 68 in May, the highest since July 2009. The total number of bankruptcy filings in the first five months was 3,605, 12.4% higher than 3,207 a year earlier, Reuters discloses. A much higher than usual figure in May could be partly due to delays in process, as the Office noted the special work arrangements of the judiciary during February to April affected the statistics during the period. Court operations were significantly reduced during those months due to coronavirus restrictions, Reuters states. Hong Kong's retail sales, one of the hardest hit industries, slumped 36% in value terms in April from a year earlier. The city's biggest retailer association has estimated that 15,000 retail stores will close down by the end of the year if operating conditions do not improve, according to Reuters. Hong Kong's economy shrank 8.9% in the first quarter compared with a year earlier, posting the third straight quarter of year-on-year contractions for territory, and its worst quarterly drop since records began in 1974, adds Reuters. ========= I N D I A ========= A S WOOD: CARE Lowers Rating on INR2.50cr LT Loan to B+ ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of A S Wood Impex Private Limited (ASWIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2.50 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE BB+; Stable; Issuer Not Cooperating; Based on Best available information Short Term Bank 45.00 CARE A4; Issuer not Facilities cooperating; Revised from CARE A4+; Issuer Not Cooperating on the basis of Best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 18, 2019, placed the ratings of ASWIPL under the 'issuer non-cooperating' category as ASWIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASWIPL continues to be non-cooperative despite repeated requests for submission of information through phone calls, e-mails dated May 28, 2020; June 2, 2020 and June 8, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by AWIPL. 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 March 25, 2019 the following were the rating strengths and weaknesses: Key Rating Weaknesses * Experienced and resourceful promoters: The promoters of ASWIPL and SRCPL have a long standing experience in timber industry. Mr. Sita Ram is into timber industry for about five decades and currently acts as guiding force for the entire operations of the group. His sons, Mr. Ajay Singhal and Mr. Sudhir Singhal also have considerable experiences in the industry as they joined the business in 1983 and 1996 respectively. * Long track record and moderate scale of operations: The group has a long track record of operations in the sawing and trading of timber industry and therefore enjoys long standing relationships with the customers and suppliers. It has a sawing facility spread across 40 acres in Gujarat which makes it possible for the group to sell products of various sizes and dimensions to its customers as per their requirements. * Diversified customer profile and widespread distribution network: ASWIPL and SRCPL have diversified customer profile, having long standing relationship of more with majority of key customers ranging beyond 5 years. The group has a wide distribution network of more than 500 wholesalers, distributors and retailers spread across India. * Moderate financial risk profile: The group's combined overall gearing improved and stood moderate at 1.05x as on March 31, 2017 (PY: 1.61x) on account of increase in net worth on the back of accretion of profits to reserves and infusion of funds through equity and subordinated unsecured loans coupled with lower total debt due to comparatively lower acceptances outstanding as on March 31, 2017. The combined interest coverage stood moderate at 1.49x in FY17, however moderated marginally as compared to 1.56x in FY15 on account of higher interest cost on the debt funded working capital requirement. Key Rating Weaknesses * Low profitability margins due to trading nature of operations: The profitability margins of ASWIPL and SRCPL are low which is inherent to the trading business operations. However, PBILDT margin improved to 3.12% in FY16 (PY: 2.52%) on account of relatively lower cost of traded goods. Consequently, PAT margin also improved to 0.53% (PY: 0.47%), however, was partially offset by higher interest cost. The group operates in a fragmented and competitive industry which has numerous players thereby limiting the pricing power of industry players. * Working capital intensive operations: The operating cycle of the group stood at 37 days in FY17 (PY: 27 days). However, the business operations of ASWIPL and SRCPL are working capital intensive in nature as majority of the import of timber is backed by LCs with a usance period of up to 120 days whereas it extends a credit period of up to 90 days to its customer depending on the length of the relationship and sales volumes to individual customers. The group also maintains an inventory of about one to two months to meet diverse customer requirements and also to take care of transit time for goods to reach from import destinations to its go-downs. * Foreign exchange fluctuation and import regulation risks: ASWIPL and SRCPL are exposed to foreign exchange fluctuation risk as these companies imports timber and sell domestically. The group does only hedges some part of its foreign currency exposure by booking forward contracts, therefore is exposed to any fluctuation in foreign currency, in case it is not able to adjust the same in the prices of its goods. * Highly competitive and fragmented industry scenario: The group operates in a highly fragmented industry with low entry barriers which leads to presence of numerous players operating with small operations and proximity to the customers. The high level of competition and commoditized nature of timber industry restricts the pricing power of industry players which has a bearing on their profitability profile. Analytical approach: A S Wood Impex Pvt Ltd (ASWIPL) and Sita Ram & Company Pvt Ltd (SRCPL), are part of the Sita Ram group and are engaged in similar line of business with common promoters and management. Due to significant operational and management linkages among these entities, CARE has taken a combined approach in the credit risk assessment. ASWIPL (incorporated in 2007) and SRCPL (originally established in 1967) are part of Sita Ram group. These entities are engaged into sawing and trading of timber. The group imports Malaysian hardwood, African and Latin American teak wood and softwood from New Zealand, Europe, US and Canada. It also has sawing capacities of around 2 lakh cubic meters annually at its facilities situated at Gandhidham in Kutch district of Gujarat. The group was originally founded by late Mr B L Singhal during 1943 when he started with trading of local woods from Odisha. The group has a diversified clientele of more than 400 wholesalers, distributors and retailers spread across India. AASTHA HI-TECH: CARE Keeps D INR9.0cr LT Debt Rating in Not Coop. ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aastha Hi-Tech Storage LLP (AHSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 9.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 13, 2019, placed the ratings of AHSL under the 'issuer non-cooperating' category as AHSL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. AHSL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 6, 2020, May 20, 2020, May 22, 2020, May 23, 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 ratings. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in July 1, 2019 the following were the rating strengths and weaknesses Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Liquidity: Poor The current ratio stood poor at 20.19 times as on March 31, 2016. AHSL provides credit period ranging between 45 days to 60 days to its customers which are mainly individual farmers. However, AHSL pays to its creditors with within 50 to 70 days which has led to negative working capital cycle of 9 days during FY16. Unencumbered cash & bank balance was INR0.12 crore as on March 31, 2016 and cash flow from operating activities remained positive at INR2.47 crore during FY16. Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's commercial operations started from April 2015 and FY16 was its first full year of operations. AHSL was set up to provide cold storage facilities at Banaskatha (Gujarat) with total installed capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31, 2016. The main objective of setting up AHSL is to preserve potatoes and other vegetables for longer duration. The plant is located at ban (Gujarat) which is one of the major Potatoes growing area region in Gujarat. ARCVAC FORGE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arcvac Forge Cast Private Limited (AFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 110.94 CARE D; Issuer not cooperating; Facilities Based on best available Information Short term Bank 28.25 CARE D; Issuer not cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 6, 2019, placed the ratings of AFPL under the 'issuer non-cooperating' category as AFPL 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. AFPL continues to be non-cooperative despite request for submission of information through email dated May 18, 2020 and 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 ratings. Detailed description of the key rating drivers At the time of last rating on March 6, 2019 the following were the rating weaknesses (updated for the information available from Registrar of Companies and Auditor Interaction) Key Rating Weaknesses * Delays in debt servicing: There were delays in debt servicing and the account was reported as Non-Performing Asset. * Weak financial risk profile: The Company reported loss of INR2.74 crore on total operating income of INR160.35 in FY19 vis-àvis loss of INR17.83 crore on total operating income of INR129.04 crore in FY18. Arcvac Forge Cast Private Limited, formerly known as Arcvac Forge Cast Ltd (AFPL: erstwhile known as Indvac Metals and Forge Pvt Ltd), incorporated in July 2003, was promoted by Chhajer family of Kolkata. The company is engaged in manufacturing & selling of ingots and steel forging (open die). AFPL commenced its commercial production from March 2007 by setting up a Steel Melting Shop (SMS) with an installed capacity of 17,600 MTPA and steel forging capacity of 15,000 MTPA at Dankuni, West Bengal. Over the years, it increased its SMS/ingot capacity to 40,000 MTPA and forging to 28,000 MTPA. BABA BHUMAN: CARE Lowers Rating on INR10.80cr LT Loan to B- ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Baba Bhuman Shah Ji Industries (BBS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.80 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; Issuer Not Cooperating; Based on Best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 30, 2019, placed the rating of Baba Bhuman Shah Ji Industries under the 'issuer non-cooperating' category as Baba Bhuman Shah Ji Industries had failed to provide information for monitoring of the rating. BBS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 5, 2020, June 4, 2020, June 3, 2020 and June 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. 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 The rating has been revised on account of fragmented nature of industry coupled with high level of government regulation, susceptibility to fluctuation in raw material prices and monsoon dependent operations and partnership nature of constitution. Key Rating Weaknesses * Susceptibility to fluctuation in raw material prices and monsoon dependent operations: Agro-based industry is characterized by its seasonality, due to its dependence on raw materials whose availability is affected directly by the vagaries of nature. Adverse climatic conditions can affect their availability and leads to volatility in the raw material prices. Any sudden spurt in the raw material costs may not be passed on to customers due to firm's presence in highly competitive industry. * Fragmented nature of industry coupled with high level of government regulation: The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. Partnership nature of constitution BBS's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Baba Bhuman Shah Ji Industries (BBS) was established in February 2014 as a partnership firm by Mr. Harish Kumar, Mr. Rakesh Kumar, Mr. Ram Kishan, Mr. Sunil Kumar, Mrs. Vanita Rani and Mr. Rakesh Kumar. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab, with an installed capacity of 25,000 Metric tonnes per annum. BALU IRON: CARE Lowers Rating on INR100cr LT Loan to B+ ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Balu Iron and Steel Company (BISC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 100.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE BB-; Stable; Issuer Not Cooperating; Based on Best available information Detailed Rationale & Key Rating Drivers CARE had vide its press release dated March 30, 2018 placed the rating of BISC under the issuer non cooperating category as it had failed to provide information for monitoring of the rating. Further, vide press release dated May 20, 2019 CARE continued the ratings in issuer non-cooperation category. BISC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated June 1, 2020. 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. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The revision in rating assigned to the bank facilities of Balu Iron & Steel Company (BISC) takes into account the absence of information required for the purpose of monitoring the rating. The rating continues to be constrained by the low profitability of the firm due to its trading nature of operations, high gearing of the firm and the constitution of the entity as a partnership firm. The rating is also constrained due to the cyclical nature of the steel Industry. The rating however is strengthened by the vast experience of the promoters of the firm, increasing scale of operations and the firm having exclusive distributorship rights for JSW steel. Detailed description of the key rating drivers At the time of last rating on May 17, 2019 the following were the rating strengths and weaknesses. Key Rating Weakness * Highly Leveraged Capital Structure: The firm had a high overall gearing of 3.6x as of March 31, 2016. This is mainly due to the large working capital loans of the firm. The firm's overall gearing has improved from 16.71x as of March 31, 2014 to 6.27x as of March 31, 2015 and 3.6x for March 31, 2016. Liquidity- Stretched Liquidity is marked by tightly matched accruals, highly utilized bank limits and modest cash balance. The working capital utilisation as per banker interaction is 90%. In the light of the lock down imposed where the cash generation is stressed, the firm has opted for an ad hoc of INR3.91 crore and moratorium form its bankers for the debt obligations. Key Rating Strengths * Experience of Promoters: The promoters of the firm have a longstanding experience in the Iron and steel business. They have been involved in the distribution of Iron and Steel products of leading Steel producers. One of the main promoters, Mr. Kanagachalam, has been involved in the business for more than 25 years. The other promoters also have been involved in the business for more than 10 years and have widespread experience of the business in entire Tamilnadu. * Exclusive Dealership of JSW Steel: BISC functions as an exclusive dealer to JSW steel in distributing steel products such as TMT bars, hot rolled Plates, Cold Rolled Steel and other steel products. The firm distributes these products in the 12 districts of Western & Southern Tamilnadu. Being the exclusive dealer of JSW steel, which is one of the largest steel producers in the country has enabled BISC to consistently expand its business. Balu Iron and Steel Company (BISC) was formed in 2013 to get into Iron & steel trading business. The firm was started to be a dealer in TMT bars, Cold Rolled and Hot Rolled Steel. The Firm now functions as an exclusive dealer for JSW steel in 12 districts of Western and Southern Tamilnadu. The Firm has a warehouse headquarters at Coimbatore. The Firm was started by 4 partners – Mr. G. Kanagachalam, Mr. B. Karthick, Mrs. K. Jagatha & Mrs. B. Bhagyalakshmi. BHAVANI RICE: CARE Keeps D INR7cr Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhavani Rice Mill (BRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 26, 2019, placed the ratings of BRM under the 'issuer noncooperating' category as BRM had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. BRM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2020, May 23, 2020, May 26, 2020, May 27, 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 ratings. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in July 5, 2019 the following were the rating strengths and weaknesses. Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Liquidity: Poor Liquidity position remained moderate marked by current ratio of 1.50 times as on March 31, 2017. The operating cycle of BRM stood elongated at 77 days during FY17 as against 66 days during FY18. The cash flow from operating activity stood negative at INR0.72 crore during FY17 as against INR0.80 crore during FY16 mainly on account of increase in inventory on hand as on March 31, 2017. Bavla (Gujarat) based Bhavani Rice Mill (BRM) was established in 1975 as a proprietorship firm by Mr. Bhailalbhai Patel and later converted into partnership firm. BRM is engaged in the milling and processing of non-basmati rice. BRM is operating from its sole manufacturing plant located in Bavla (Gujarat) having installed paddy processing capacity of 100 Metric Tonnes per day as on March 31, 2017. CHAUDHARY RICE: CARE Lowers Rating on INR8.40cr LT Loan to B- ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Chaudhary Rice Mills (CRM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; Issuer Not Cooperating; Based on Best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 30, 2019, placed the rating of CRM under the 'issuer noncooperating' category as Chaudhary Rice Mills had failed to provide information for monitoring of the rating. CRM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 5, 2020, June 4, 2020, June 3, 2020 and June 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. 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 The rating has been revised on account of Susceptibility to fluctuation in raw material prices and monsoon dependent operations, fragmented nature of industry coupled with high level of government regulation and partnership nature of constitution. The rating, however, drives strength from established track record of operations along with experienced partners. Key Rating Weaknesses * Susceptibility to fluctuation in raw material prices and monsoon dependent operations: Agro-based industry is characterized by seasonality due to its dependence on raw materials whose availability is affected directly by the vagaries of nature. Adverse climatic conditions can affect their availability and leads to volatility in raw material prices. * Fragmented nature of industry coupled with high level of government regulation: The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. Additionally, the raw material (paddy) prices are regulated by government to safeguard the interest of farmers, which in turn limits the bargaining power of the rice millers. * Partnership nature of constitution: CRM's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Key Rating Strengths * Established track record of operations along with experienced partners: CRM was established in 1981 and is currently being managed by Mr. Anil Kumar and Mrs. Vijeta Rani having an industry experience of three and a half decades and a little more than two and a half decades respectively through their association with CRM only. Both the partners have adequate acumen about various aspects of business which is likely to benefit CRM in the long run. Chaudhary Rice Mills (CRM) was established in 1981 as a partnership firm and is currently being managed by Mr. Anil Kumar and Mrs. Vijeta Rani sharing profit and losses equally. The firm is engaged in processing of paddy at its manufacturing facility located in Fatehabad. CHINTAMANI FINLEASE: CARE Keeps B+ INR5cr Debt Rating in Not Coop. ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Chintamani Finlease Limited (CFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 5.00 CARE B+; Stable; Issuer not Debentures Cooperating; Based on best Available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 25, 2019, placed the ratings of CFL under the 'Issuer Not Cooperating' category as the company had failed to provide information for monitoring of the ratings as agreed to in its rating agreement. Chintamani Finlease Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter dated May 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 CARE has not received any information except financials for FY18 and FY19 (extracted from Registrar of Companies). At the time of last rating on March 25, 2019, the following were the weaknesses and strengths (updated for the information available from RoC). Key Rating Weakness * Small scale of operations with high regional concentration: CFL's scale of operations continues to be small, with marginal growth in its operating income during FY19. The loan portfolio of the company stood at INR10 crore as on March 31, 2019 visà-vis INR8.62 crore during as on March 31, 2018. The company currently operates in Delhi only. * Unsecured nature of loan book: As on September 30, 2017, unsecured personal loans constituted 97% of the total loan book and remaining 3% is gold loans and loan against property. Weak resource base: CFL has moderate resources profile with funding from two institutions (one bank and an NBFC). CFL had outstanding term loan of INR1.8 crore from Tata Capital Limited which is a loan against property. Total borrowings of the company stood at INR3.52 crore as on March 31, 2019 down from INR4.96 crore as on March 31, 2018. The company is yet to tap various other funding avenues. * Moderate income and profitability: The earning profile of Chintamani Finlease Limited continues to be moderate in line with its scale of operations. The earning profile is relatively moderate marked by total income of INR3.5 crore and profit after tax (PAT) of INR0.47 crore in FY19 as against total income of INR2.5 crore and PAT of INR0.33 crore in FY18. CFL reported ROTA of 4.45% (P.Y 3.63%) during FY19. * Moderate Asset Quality: Company's gross NPA and net NPA were 1.63% and 0.81% respectively as on March 31, 2017 vis-àvis GNPA and NNPA at 3.67% and 3.54% respectively during FY16. GNPA and NNPA stood at 2.57% and 1.82% respectively as on Sept. 30, 2017. Key Rating Strengths * Long track record of operations with experienced management: Chintamani Finlease Limited was promoted by Mr. Puran Chand Jain in 1995, who worked for banks during his corporate tenure. Now, Mr. Pradeep Kumar Jain is the Chief Managing Director of the company. He worked for Andhra Bank for 25 years and later joined CFL. He has got vast experience in banking and is supported by an experienced second line of leadership consisting of Mr. D P Bhutani, General Manager, who has 37 years of experience in Andhra Bank. The promoters are well supported by other professionals having rich experience in their field. * Comfortable capitalization profile for current scale of operations: The capitalization profile of CFL was comfortable with overall CAR at 78.18% as on March 31, 2017 and 74.24% as on Sept. 30, 2017, as against overall CAR at 82.69% as on March 31, 2016. The tangible net worth of the company stood at INR6.8 crore as on March 31, 2019 vis-à-vis INR5.48 crore as on March 31, 2018. The overall gearing of the company is comfortable at is 0.52 times as on March 31, 2019. CFL's capitalisation level is adequate for the current level of operations. Liquidity: The company was maintaining cash and equivalent of INR0.27 crore end March 31, 2019 Chintamani Finlease Limited is a public limited company incorporated on April 28, 1995 under Registrar of Companies Delhi and Haryana. It is headquartered in New Delhi. It is registered as a non deposit taking NBFC with RBI since July 19, 2002. Chintamani Finlease was founded by Sh. Puran Chand Jain in the year 1995. Mr. Pradeep Kumar Jain is the promoter of the company and has 25 years of experience in Andhra Bank. The loan portfolio of Chintamani is INR10 Crore as on March 31, 2019. The company provides Personal Loans, Loan against Property, Gold Loans and other secured loans. It is operational in Delhi only with only one branch and staff of 17 employees including 5 field officers. DIGI EXPORT: CARE Lowers Rating on INR16cr LT Loan to D ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Digi Export Venture Private Limited (DEVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 16.00 CARE D; Issuer not Cooperating; Facilities Revised from CARE A4; Issuer Not Cooperating based on best available information Detailed Rationale & Key Rating Drivers CARE has revised the rating of DEVPL to CARE D; Issuer Not Cooperating from CARE A4; Issuer Not Cooperating based on best available information on account of on-going delays in repayment of the debt as per the confirmation with the banker/lender. CARE had, vide its press release dated May 3, 2019 placed the ratings of Digi Export Venture Private Limited (DEVPL) under the 'issuer non-cooperating' category as DEVPL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. DEVPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated June 3, 2020, June 5, 2020 & June 9, 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 Key Rating Weaknesses: Ongoing delays in debt servicing: There are ongoing delays in servicing of its debt obligations. Digi Export Venture Private Limited (DEVPL) was incorporated on June 25, 2010 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder Kaur Kalra. The company is involved in the manufacturing and assembling of public address (PA) systems and components, including loud speakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment. The company commenced operations in 2012 and its manufacturing facility is located in Greater Noida, U.P. DEVPL belongs to the 5 core group, based in New Delhi. The 5 core group was established in 1983 and apart from DEVPL, the group has six other companies namely, Indian Acoustics Private Limited, Visual & Acoustics Corporation LLP, EMS & Exports, Happy Acoustics Private Limited, 5 Core Acoustics Private Limited and Five Core Electronics Limited which are all involved in the same line of business. DIGNITY BUILDCON: CARE Keeps D INR775cr Debt Rating in Not Coop. ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dignity Buildcon Private Limited (DBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 775.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 27, 2019, placed the ratings of DBPL under the 'Issuer Not Cooperating' category as the company had failed to provide the surveillance fees and requisite information required for monitoring of the ratings as agreed to in its rating agreement. Dignity Buildcon Private Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of Dignity Buildcon Private Limited will 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 from the company. However, as per the lender the account was classified as NPA and now it is under NCLT. Incorporated in March 2006, Dignity Buildcon Private Limited (DBPL) is a part of GYS Group. DBPL is a wholly owned subsidiary of Prius Real Estate Private Limited (PREPL) which is owned by GYS Group. DBPL is currently developing a commercial project "Prius Vision" in Sector-62, Gurgaon with total leasable area of 13.00 lakh square feet (lsf). Mr. Yuvraj Narain Gorwaney and Ms. Shabnam Dhillon are the promoters of the GYS group. ESSEM ENTERPRISE: CARE Lowers Rating on INR8.86cr LT Loan to B- --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Essem Enterprise (Essem), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.86 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; Issuer Not Cooperating; Based on Best available information Short Term Bank 1.43 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Essem to monitor the ratings vide letters/emails dated June 1, 2020, June 4, 2020, June 8, 2020 and numerous phone calls. However, despite CARE's repeated requests, the entity has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the 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 Essem's bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING*and CARE A4; ISSUER NOT COOPERATING. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The revision in the rating takes into account the non- availability of information and no due diligence conducted with the auditor due to non- cooperation by Essem's with CARE's efforts to undertake a review of the outstanding ratings. Detailed description of the key rating drivers At the time of last rating in April 30, 2019 the following were the rating strengths and weaknesses Key Rating Weaknesses * Small scale of operations with moderate profit margins: The size of the operations of the entity remained small with total operating income of INR19.63 crore in FY17 and a PAT of INR1.06 crore in FY17. Furthermore, the total capital employed was also low at INR20.64 crore as on March 31, 2017.The profitability margins of the entity remained moderate with operating margin at 14.96% and PAT margin of 5.41% in FY17. * Proprietorship nature of constitution: Essem, being a proprietorship entity, is exposed to inherent risk of the capital being withdrawn at time of personal contingency of the proprietor and the entity being dissolved upon the death/insolvency of the proprietor. Moreover, the proprietorship entity has restricted access to external borrowing as credit worthiness of the proprietor would be the key factors affecting credit decision for the lenders. * Volatility in input prices: The major inputs for any civil contractors are bitumen, asphalt, murram, stone chips and metals, the prices of which are volatile. Furthermore, all the contracts executed by the entity do not contain any price escalation clause and the entity is exposed to volatility in prices of input materials. This apart, it does not enter into any agreement with contractees to safeguard its margins against any increase in labour prices and being present in a highly labour intensive industry, it remains susceptible to the same. * Working capital intensive nature of operations: The operations of the entity are highly working capital intensive mainly due to high inventory and debtor collection period. The average inventory period was on the high side mainly due to work uncertified as on account closing dates. Due to its low bargaining power coupled with high competition in the industry Essem has to allow high credit period to its customer. Moreover, it receives credit of about four months from its creditors which mitigates its working capital intensity to a certain extent. Leveraged capital structure with moderate debt coverage indicators: The capital structure of Essem has remained leveraged as on March 31, 2017 marked by overall gearing of 2.83x. The debt protection indicators remained moderate marked by satisfactory interest coverage of 1.79x and moderate total debt to GCA of 11.35x years in FY17. * Intense competition and sluggish economic scenario: The entity has to bid for the contracts based on tenders opened by the various public sector units like Kolkata Municipal Corporation, Indian Railway. Upon successful technical evaluation of various bidders, the lowest bid is awarded the contract. Since the type of work done by the entity is mostly commoditized, the entity faces intense competition from other players. The entity receives projects which majorly are of a short to medium tenure (i.e. to be completed within maximum period of one to two years). Apart from this, present economic slowdown is also having a negative bearing on the construction sector which may also hinder the growth of the entity. Key Rating Strengths * Long track record of operations and experienced management: The entity is into civil construction activities since 1985 and thus has more than three decades of track record of operations. Furthermore, the proprietor, Mr. Santanu Mukherjee has around 32 years of experience in the civil construction industry, looks after the day to day operations of the entity. Kolkata (West Bengal) based Essem Enterprise (Essem) was established as proprietorship entity in the year 1985 by Mr. Santanu Mukherjee. Since its inception, the entity has been engaged in civil construction activities in the segment like construction of road, bridges, water drain, box culvert and buildings. Along with civil construction activities, the entity has also been engaged in allied electrical, underground pipeline and mechanical jobs. The entity participates in tenders and executes orders for the Indian Railway, Kolkata Municipal Corporation, Hindustan Aeronautics Limited etc. FAIR DEAL: CARE Downgrades Rating on INR70cr LT Loan to B --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Fair Deal Cars Private Limited (FDCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 70.00 CARE B; Stable, Issuer not Facilities cooperating; Revised from CARE BB+; Stable; on the basis of best available information Short term Bank 5.00 CARE A4; Issuer not Facilities Cooperating; Revised from CARE A4+; Issuer Not Cooperating on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information and NDS from the company to monitor the ratings vide e-mail communications dated June 2, 2020, May 25, 2020, May 18, 2020, May 8, 2020, April 30, 2020, March 31, 2020 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on FDCPL's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING /A4; 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 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 February 28, 2019, following were the rating strengths and weaknesses: Key Rating Weaknesses * Financial Risk Profile: The capital structure of FDCPL remained leveraged with an overall gearing of 6.75 times as on March 31, 2018 (PY: 5.91 times). Further, debt coverage indicators remained moderated marked by total debt to GCA of 48.01 times (PY: times) as on March 31, 2018 which increased from 39.52 times as on March 31, 2017. Majority of debt comprises of working capital borrowings to fund inventory which is inherent in the automobile dealership business and unsecured loans. * Working capital intensive nature of operations: Inventory management is crucial for FDCPL as it needs to maintain optimal inventory of vehicles and spare parts to meet the customer demand and unforeseen supply shortage. FDCPL receives inventory either against advances or on cash payments to its principal. The average inventory period of the company stood at 46 days in FY18 as against 46 days in FY17 due to no improvement in liquidation of inventory. Since, majority of the vehicles are financed by banks/financial institution and the processing of such vehicle loans takes up marginal time, the average collection period of the company stood at 15 days; the credit period availed for spares stood at around 5 days in FY18. * Limited bargaining power with OEMs: FDCPL's business model is largely in the nature of trading wherein profitability margins are moderate. Moreover, dealers have less bargaining power over principal manufacturer. In order to capture the market share, the auto dealers' offers better buying terms like allowing discounts on purchases. Such discounts offered to customers create margin pressure. Key Rating Strengths * Experienced Promoters: The overall management of FDCPL is looked after by Mr. Raju Agarwal (Managing Director) who has an experience of more than two decades in the automobile dealership business. In 2006, FDCPL was awarded dealership of MSIL. Due to longstanding experience in the automobile dealership business and long association with MSIL, the promoter has been able to increase their dealership network. Mr. Raju Agarwal is ably supported by his brother Mr. Sunil Agarwal who also has experience of over two decades in automobile dealership business. * Established track record of operations: FDCPL is engaged in automobile dealership business for 11 years and has a long standing association of 11 years with its principal MSIL. FDCPL currently operates four 3S (sales, service and spares) dealership outlets, three 1S (Sales) showroom (including two premium car showroom under MSIL's NEXA brand) in Delhi NCR, with total employee strength of around 350 personnel. FDCPL has an integrated mode of operations, functioning in various verticals of automobile dealership business to provide one stop solution to its customers. It has service stations, spare parts distribution, and tie-ups for vehicle finance and insurance which provide the customer with complete solution at single point. Incorporated in 2006, FDCPL is an authorised automobile dealer of MSIL at Delhi and Noida. The company is owned and managed by Mr. Raju Aggarwal and his family members. The company has three service stations and five showrooms (included two Maruti premium car showrooms). HYGIENE FEEDS: CARE Lowers Rating on INR60.00cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Hygiene Feeds & Farms Pvt Ltd (HFFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 60.00 CARE D; ISSUER NOT COOPERATING; Facilities Revised from CARE BB-; Stable; Issuer not cooperating on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 19, 2019, placed the ratings of HFFPL 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. Hygiene Feeds & Farms Pvt Ltd continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed & revised the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings for the bank facilities of Hygiene Feeds & Farms Pvt Ltd have been revised & will 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 from the company. However, as per the lender the account was classified as NPA. Hygiene Feeds & Farms Pvt Ltd (HFFPL), incorporated in May, 2010, is promoted by Mr. Robin Dahiya and his family members. The company is engaged in the manufacturing of poultry feeds (pre-starter, starter and finished grades). The manufacturing facility of the company is located in Panipat (Haryana) with total installed capacity of around 1, 68,000 TPA/35 MTPH of poultry feed. The company supplies poultry feed for broilers under its brand name of 'Hygiene Feeds'. INCREDIBLE REALCON: CARE Keeps D INR600cr Debt Rating in Not Coop. ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Incredible Realcon Private Limited (IRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term 600.00 CARE D; Issuer not cooperating; Instruments Based on the basis of best (Non-convertible available information Debentures) Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 15, 2019, placed the ratings of IRPL 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. Incredible Realcon Private Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 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. The ratings on long term instruments of Incredible Realcon Private Limited will 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 from the company. However as per the debenture trustee, the company had not paid the payment of interest/redemption due on March 31, 2020. Analytical Approach: Standalone. The rating of the NCDs of Incredible Realcon Private Limited (IRPL) were earlier based on the credit enhancement in the form of an unconditional and irrevocable corporate guarantee for debt servicing provided by Ireo Private Limited (IPL), however, with the deterioration in the credit profile of IPL, IRPL has been analyzed on standalone basis. Incredible Realcon Private Limited (IRPL) incorporated in 2013 is part of Ireo Group (IREO) and is a SPV being promoted for business of promotion, development and construction of real estate. However presently there is no ongoing project in IRPL. J K ELECTRIC: CARE Lowers Rating on INR1cr LT Loan to B- -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of J. K. Electric Contractor (JKEC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 1.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE BB-; Stable; Issuer Not Cooperating; Based on Best available information Short Term Bank 14.00 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 16, 2018 placed the rating(s) of JKEC under the 'Issuer not Cooperating' category as JKEC 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. JKEC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an letter/email dated June 5, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings of JKEC have been revised on account of non-availability of requisite information. The ratings have been taken into account of its modest scale of operations in a highly competitive industry and its financial risk profile marked by leveraged capital structure, moderate debt coverage indicators and stressed liquidity position. The ratings are, further, constrained on account of customer concentration as well as geographical concentration, vulnerability of margins to fluctuation in the raw material prices and its constitution as a proprietorship concern. The ratings, however, favorably take into account experienced management with long track record of operations. Detailed description of the key rating drivers At the time of last rating on April 29, 2019, the following were the rating strengths and weaknesses Key Rating Weakness * Modest scale of operation: The scale of operation of the firm remained modest at INR27.66 crore and PAT of INR1.45 crore in FY17. However, PBILDT margin and PAT margin of the firm stood moderate at 9.67% and 5.24% respectively in FY17 as against 8.31% and 5.20% in FY16. * Leverage capital structure and stressed liquidity position: The capital structure of the company remained leveraged at 2.48 times as on March 31, 2017; however marginally improved from 2.72 times as on March 31, 2017. Further total debt to GCA significantly deteriorated from 5.68 times as on March 31, 2016 to 14.72 times as on March 31, 2017. However, interest coverage ratio remained moderate at 2.27 times as on March 31, 2017. The operating cycles of the company remained negative in FY17 also. The current and quick ratio of the company stood at 1.21 times and 0.83 times respectively as on March 31, 2017. * Highly competitive government civil construction industry: The construction industry is highly fragmented in nature with presence of large number of unorganized players and a few large organized players coupled with the tender driven nature of construction contracts poses huge competition and puts pressure on the profitability margins of the players. Further, the profitability of the company is exposed to fluctuation in raw material prices where contract size is less than one contract and contract period is less than one year. * Constitution as a proprietorship concern: The constitution of a firm as a proprietorship concern restricts its overall financial flexibility in terms of limited access to external funds for any future expansion plans. Further, there is inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/insolvency of proprietor. Key Rating Strengths * Experienced management with long track record of operations: Mr. Rameshwar Dayal Khandelwal has around three decades of experience in the industry. He looks after overall affairs of the firm along with his brother, Mr. Gopal Khandelwal who has more than two decades experience in the industry. Jaipur (Rajasthan) based J. K. Electric Contractor (JKEC) was formed in 1981 as a proprietorship concern by Mr. Rameshwar Dayal Khandelwal. JKEC is registered as 'A' (highest scale in A to D grade) class approved government electric contractor with Electricity Board of Rajasthan. JUHI INDUSTRIES: CARE Keeps D INR219.10cr Debt Rating in Not Coop. ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Juhi Industries Pvt. Ltd. (JIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 219.10 CARE D; Issuer not cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 18, 2019, placed the rating of JIPL under the 'issuer non-cooperating' category as JIPL 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. JIPL continues to be non-cooperative despite request for submission of information through letter/email dated May 6, 2020 and 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 ratings. Detailed description of the key rating drivers At the time of last rating on March 18, 2019 the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies): Key Rating Weaknesses * Ongoing delays in debt servicing: There are ongoing delays in the servicing of JIPL's debt obligations. * Elongated working capital cycle: The operating cycle deteriorated sharply to 915 days in FY19 (refers to the period from April 1 to March 31) from 124 days in FY18 due to decline in scale of operations resulting in higher debtors and inventory period. * High leverage and weak debt coverage indicators: Loss incurred in FY19 resulting in erosion of net worth coupled with increase in term loan borrowing led to deterioration in the capital structure and debt coverage indicators. Key Rating Strengths * Experienced Promoters: JIPL has satisfactory track record in the steel industry and established operations with regionally known brand name "Ultrashakti". The board of directors consists of two promoter directors - Mr. Mithilesh Pandey (Chairman) and Mr. Sanjay Kumar Shah having an experience of a decade in the iron and steel industry. Analytical approach: Standalone JIPL, incorporated in October 1998, is promoted by Mr Mithilesh Pandey and Mr. Sanjay Kumar Shah. JIPL is engaged in the business of manufacturing TMT bars at its plant located in Saraikela, Jharkhand having an installed capacity of 96,000 MTPA, having a light section mill (24,000 MTPA), pipe plant (80,000 MTPA) and Galvanising plant (30,000 MTPA). The Company sells its products in the local market through a network of dealers under the regionally known brand name "Ultrashakti". The board of directors consists of promoter directors, Mr Mithilesh Pandey (Chairman) and Mr. Sanjay Kumar Shah. KOHINOOR FOODS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kohinoor Foods Ltd (KFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 199.50 CARE D; Issuer not cooperating; Facilities Based on the basis of best available information Short-term Bank 747.30 CARE D; Issuer not cooperating; Facilities Based on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 4, 2019, placed the ratings of KFL 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. Kohinoor Foods Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of Kohinoor Foods Limited will 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 from the company. However, the rating takes into account the continuing default in repayment of borrowing obligations due to continuous losses resulting in negative cash flows. Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the milling, processing and selling of rice, and trading of food products and other agri-commodities. The company has a rice mill located at Murthal (Haryana) with total installed capacity of 50 metric tonne per hour (MTPH) and a food processing unit at Sonepat (Haryana) with inhouse production capacity of 75,000 ready meals per day as on March 31, 2018. Over the years, KFL has emerged as one of the dominant Indian players in the global basmati rice market. KFL has established its brand both in India and abroad in geographies like USA, UK, Middle Eastern countries, Australia, Belgium and other European countries. MANAGING COMMITTEE: CARE Keeps D INR6.0cr Debt Rating in Not Coop. ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Managing Committee of Institute of Management & Information Science (MCIMIS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.00 CARE D; ISSUER NOT COOPERATING; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Managing Committee of Institute of MCIMIS to monitor the ratings vide letters/emails dated June 1, 2020, June 4, 2020, June 8, 2020 and numerous phone calls. However, despite CARE's repeated requests, the entity has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the 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 MCIMIS's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of these ratings (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 in April 26, 2019 the following were the rating strengths and weaknesses Key Rating Weaknesses On-going delays in debt servicing: There are on-going delays in the servicing of term loan of the entity. MCIMIS was set up in December 1996 as a society. The society is running educational institution in the name of Institute of Management & Information Science (IMIS) at Bhubaneswar, Orissa. The Institute has intake sanctioned capacity of 120 students for Post Graduate Diploma in Management (PGDM) for the academic year 2016-2017 and the course is approved by All India Council for Technical Education (AICTE). MP AGRO BRK ENERGY: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M.P. Agro BRK Energy Foods Limited Plot No. 71 (B & C) Industrial Area Dewas MP 455001 IN Insolvency Commencement Date: March 5, 2020 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: December 13, 2020 (180 days from commencement) Insolvency professional: Ms. Teena Saraswat Pandey Interim Resolution Professional: Ms. Teena Saraswat Pandey 387F 114 Scheme Part 1 Behind Diksha Boys Hostel Sant Nagar, Indore Madhya Pradesh 452010 E-mail: teenasaraswat@yahoo.co.in ip.mpagro@gmail.com Last date for submission of claims: June 30, 2020 NATH MOTORS: CARE Downgrades Rating on INR42cr LT Loan to C ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Nath Motors Private Limited (NMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 42.00 CARE C; Stable; Issuer not Facilities cooperating; Revised from CARE B; Issuer Not Cooperating on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information and NDS from the company to monitor the ratings vide e-mail communications dated June 2, 2020, May 25, 2020, May 18, 2020, May 8, 2020, April 30, 2020, March 31, 2020 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on NMPL's bank facilities will now be denoted as CARE C; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of in-cooperation from the company for the updated information and financial performance during FY18 and 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 February 28, 2019, following were the rating strengths and weaknesses: Key Rating Weaknesses * Leveraged capital structure: Total debt of the company stood at INR 51.72 crore as on 31-Mar-2017. Majority of debt comprises of working capital borrowings to fund inventory which is inherent in the automobile dealership business. The company has inventory funding facility (EDFS- Electronic dealer funding system) for both vehicles and spare parts. The overall gearing of NMPL remained at 8.25 times as on March 31, 2017 (PY: 8.12 times) due to small net worth base of the company of INR 6.49 crore as on 31-Mar2017. * Working capital intensive nature of operations: The operations of NMPL is highly working capital intensive with funds being blocked in inventory and marginally on debtors coupled with low credit period from suppliers as it must make entire advance payments to HCIL before delivery of vehicles. As on 31-Mar-17, the inventory days stood at 98 days (PY: 102 days). Average holding period of receivables tend to be in range of 15-30 days. As on 31-Mar-17, the debtor days stood at 31 days (PY: 11 days). As on 31-Mar-17, the creditor days stood at 12 days (PY: 21 days). * Limited bargaining power with OEMs: NMPL's business model is largely in the nature of trading wherein profitability margins are moderate. Moreover, dealers have less bargaining power over principal manufacturer. In order to capture the market share, the auto dealers' offers better buying terms like allowing discounts on purchases. Such discounts offered to customers create margin pressure. * Inherent competition and cyclical nature of the auto industry: NMPL is exposed to competition from the products of other OEM's and dealers operating in the same region. Accordingly, NMPL has to resort to offering better buying terms like allowing discounts to capture the market share. Such discounts create margin pressure and negatively impact the earning capacity of the company. However, the company's long association with its clients, its established network helps it to sustain the competition and maintain its strong market position in the region. Furthermore, the auto industry is inherently vulnerable to the economic cycles and is highly sensitive to the interest rates and fuel prices. The company thus faces significant risks associated with such cyclical nature of the auto industry. Key Rating Strengths * Experienced promoters: The overall management of NMPL is looked after by Mr. Girish Bhatia (Director). His overall experience in automotives and related fields is around 25 years with the association in his father's business in this sector. Ms. Monica Garg (an MBA finance graduate) was introduced in the board in July, 2016 and is currently looking after finance and business operations. * Locational Advantage: Company's premises are best suited for the car sales because of its locational advantage (Mohan Cooperative Industrial Estate). Almost all the passenger car dealers are present in this belt. This belt is considered as hub for all the passenger car market from affordable to premium cars especially in South Delhi. All the dealerships of the group are present in the same area within walking distance from each other with Honda & Hyundai showrooms locate adjacent to each other. Incorporated in 2002, NMPL is an authorised dealer of passenger vehicles and spare parts of Honda Cars India Ltd (Honda) operating since April 2013. The company currently operates 2 showrooms, one each in Delhi and Faridabad under the brand name Delight Honda, equipped with 3S (sales, service and spares) facilities. PAWAN IMPEX: CARE Keeps D INR185.0cr Debt Rating in Not Cooperating ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pawan Impex Private Limited (PIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank* 185.00 CARE D; Issuer not cooperating; Facilities Based on best available information *The rating is based on the credit enhancement in the form of structured payment mechanism which entails operating escrow account and maintenance of DSRA in the form of BG (covering two month's principal and interest obligation). Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 27, 2019, placed the ratings of PIPL under the 'Issuer Not Cooperating' category as the company had failed to provide the surveillance fees and requisite information required for monitoring of the ratings as agreed to in its rating agreement. Pawan Impex Private Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of Pawan Impex Private Limited will 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 for the company except financials for FY19 extracted from ROC. However, as per the lender the account was classified as NPA and now it is under NCLT. Incorporated in 2002, PIPL is a wholly-owned subsidiary of GYS Real Estate Private Limited (GREPL), the holding company of the GYS group, and is promoted by Delhi-based Mrs. Shabnam Dhillon and Mr. Yuvraj Narain Gorwaney. Furthermore, the promoters of Fortis/Religare group have close ties with the Dhillon family. PIPL owns and manages a commercial building "GYS Global" at Sector 125, Noida, with total leasable area of 3.57 lakh square feet. The property is currently leased out to Religare Enterprises Limited (REL), Religare Finvest Limited (RFL), Religare Securities Limited (RSL), Eli Research, Vatika Group, Finserve Shared Service Limited (FSSL), Monotype Solutions and Rategain IT Solutions for varying lease period of 11 months to 5 years and lock-in period ranging from 11 month to 3 year. PROVENTUS AGER: CARE Keeps D INR13.0cr Debt Rating in Not Coop. --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Proventus Ager India Pvt ltd (PAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 13.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 7, 2019, placed the ratings of PAPL under the 'issuer non-cooperating' category as PAPL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. PAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2020, May 23, 2020, May 26, 2020, June 4, 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 ratings. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in May 7, 2019 the following were the rating strengths and weaknesses Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Liquidity: Weak Liquidity position of PAPL remained weak marked by below unity current ratio and elongated operating cycle. Vadodara-based PAPL is promoted by Mr Doraprasad Nimmagada (promoter of Jay Polypack Private limited and Jay Agro Industries) in January 2015. The board of directors of PAPL comprises of Mr Doraprasad Nimmagada, his wife Mrs Aruna Nimmagada and his son Mr. Vijay Nimmagada. PAIPL has commenced the trading operations during FY16 (refers to the period April 1 to March 31) from May 2015. The company primarily procures Agrochemicals, Pesticides and Insecticides from its group entity i.e. Jay Agro Industries (JAI, rated CARE 0; Issuer Not Cooperating in November 2017) and markets it through dealers across the country. RAMESHWAR COTTEX: CARE Keeps D INR8.54cr Debt Rating in Not Coop. ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rameshwar Cottex (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.54 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated November 15, 2019, placed the ratings of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2020, May 23, 2020, May 26, 2020, June 4, 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 ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in November 15, 2019 the following were the rating strengths and weaknesses. Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Rajkot (Gujarat) based RC is a partnership firm promoted by Mr. Pravin L Nakum, Mr. Kailash L Nakum and Mrs. Manjula K Nakum in August 2015. The Firm is engaged in cotton ginning and pressing to produce cotton bales and cotton seeds and also trading of raw cotton. Firm has also started Oil milling from April 2018. The manufacturing unit of the firm is located at Rajkot (Gujarat) and operates with an installed capacity of 54 Metric Tonnes per day as on March 31, 2018. SHARAN HOSPITALITY: CARE Keeps D INR74cr Debt Rating in Not Coop. ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sharan Hospitality Private Limited (SHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank* 74.00 CARE D; Issuer not cooperating; Facilities Based on best available information * The rating is based on the credit enhancement in the form of structured payment mechanism which entails operating escrow account and maintenance of DSRA in the form of BG (covering two month's principal and interest obligation). Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 27, 2019, placed the ratings of SHPL under the 'Issuer Not Cooperating' category as the company had failed to provide the surveillance fees and requisite information required for monitoring of the ratings as agreed to in its rating agreement. Sharan Hospitality Private Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of Sharan Hospitality Limited will 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 for the company except the financials for FY19 extracted from ROC. However, as per the lender the account was classified as NPA and now it is under NCLT. Incorporated in 2002, SHPL is a wholly-owned subsidiary of Triple Ess Realtors Private Limited (TERPL), the holding company of the GYS group. SHPL owns and manages a commercial building "GYS Infinity" at Vile Parle (East), Mumbai with total leasable area of 0.80 lakh square feet. The property is currently leased out to Viacom 18 Media Private Limited, Religare Support Services Limited (RSSL), Religare Finvest Limited (RFL) and Finserve Shared Services Limited (FSSL) for varying lease periods of 5-8 years and lock-in period ranging from 24 months to 5 year. SHREE GANESH COLD: CARE Keeps D INR6.0cr Debt Rating in Not Coop. ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ganesh Cold Storage (SGCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 11, 2019, placed the ratings of SGCS under the 'issuer non-cooperating' category as SGCS had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. SGCS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2020, May 23, 2020, May 26, 2020, June 4, 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 ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in October 11, 2019 the following were the rating strengths and weaknesses. Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Liquidity: Weak Liquidity position of SGCS remained weak marked by low current ratio and elongated operating cycle. Established in 1999 as a partnership firm, SGCS is engaged into providing cold storage facility to farmers for storing potatoes on a rental basis. The firm has controlled atmosphere cold storage facility located at Deesa; Gujarat having a capacity to store 8,250 Metric Tonne (MT)/ 1,65,000 bags of potatoes as on March 31, 2018. The firm is managed by Mr. Popatlal Chamanaji Kachhawa, Mr. Kalidas Chamanaji Kachhawa and Mr. Lalabhai Chamanaji Kachhawa. Besides providing cold storage facility, the firm also provides interest bearing advances to farmers for potato farming purposes against the stock of potato stored. SHRI GANESH INDUSTRIES: CARE Cuts Rating on INR8.78cr LT Loan to B- ------------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shri Ganesh Industries (SGI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.78 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B; Stable; Issuer Not Cooperating; Based on Best available information Short Term Bank 3.00 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 30, 2019, placed the rating of SGI under the 'issuer noncooperating' category as Shri Ganesh Industries had failed to provide information for monitoring of the rating. SGI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 5, 2020, June 4, 2020, June 3, 2020 and June 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. 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 The rating has been revised on account of susceptibility to fluctuation in raw material prices and monsoon dependent operations, fragmented nature of industry coupled with high level of government regulation and partnership nature of constitution. The ratings, however, drive strength from experienced partners with demonstrated financial support and location advantages. Key Rating Weaknesses * Susceptibility to fluctuation in raw material prices and monsoon dependent operations: Agro-based industry is characterized by its seasonality, due to its dependence on raw materials whose availability is affected directly by the vagaries of nature. The price of rice moves in tandem with the prices of paddy. Availability and prices of agro commodities are highly dependent on the climatic conditions. Adverse climatic conditions can affect their availability and leads to volatility in raw material prices. Paddy is the major raw material and the peak paddy procurement season is during November to January during which the firm builds up raw material inventory to cater to the milling and processing of rice throughout the year. The monsoon has a huge bearing on crop availability which determines the prevailing paddy prices. Since there is a long time lag between raw material procurement and liquidation of inventory, the firm is exposed to the risk of adverse price movement resulting in lower realization than expected. The surge in unexpected demand has to be met by procuring semi-processed rice from smaller rice millers which may also increase the average cost of raw materials. * Fragmented nature of industry coupled with high level of government regulation: The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. There are several small scale operators which are not into end-toend processing of rice from paddy, instead they merely complete a small fraction of processing and dispose-off semiprocessed rice to other big rice millers for further processing. Furthermore, the concentration of rice millers around the paddy growing regions makes the business intensely competitive. Additionally, the raw material (paddy) prices are regulated by government to safeguard the interest of farmers, which in turn limits the bargaining power of the rice millers. * Partnership nature of constitution: SGI's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision of the lenders. Key Rating Strengths * Experienced partners with demonstrated financial support: SGI was established in 2006 by Mr. Ramesh Kumar and Mrs. Geeta Garg. Mr. Ramesh Kumar has an industry experience of two decades through his association with SGI and Shri Ganesh Rice Mil (SGR), a partnership firm engaged in similar business operations. On the other hand, Mrs. Geeta Garg has an industry experience of more than two decades gained through her association with the group concern of SGI, i.e. Parkash Chand Rampal Commission Agent (PCR). * Location advantages: SGI's manufacturing unit is located in Sirsa, Haryana. The area is one of the hubs for paddy/rice, leading to its easy availability. The unit is also in proximity to the grain market resulting in procurement at competitive rates and lower logistical costs. The presence of SGI in the vicinity of paddy producing regions gives it an advantage over competitors operating elsewhere in terms of easy availability of the raw material as well as favorable pricing terms. The favorable location also puts the firm in a position to cut on the freight component on raw materials. Shri Ganesh Industries (SGI) was established in 2006 as a partnership firm by Mr. Ramesh Kumar and Mrs. Geeta Garg sharing profit and losses in the ratio of 3:2, respectively. The firm is engaged in processing of paddy at its manufacturing facility located in Sirsa, Haryana, with an installed capacity of 43,200 Tonnes per annum as on December 31, 2017. SGI has a group concern, namely, Parkash Chand Rampal Commission Agent (PCR) which was established in 1992 as a proprietorship firm and is working as a commission agent for buying and selling paddy. SPITI EDUCATIONAL: CARE Assigns B- Rating to INR36.85cr LT Loan --------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Spiti Educational Society (SES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 36.85 CARE B-; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SES is constrained by small scale of operation along with short track record of operations, highly leveraged capital structure and tight liquidity position due to initial stages of operations. Rating is further constrained by Seasonality associated with cash flow of education institutions and regulatory framework for educational sector in India. The rating, however, draws comfort from experienced management and buoyant prospects of K-12 segment in India. Rating Sensitivities Positive Factor: * Improvement in scale of operations as marked by total operating income of INR10 crore and above on a sustained basis. * Improvement in enrolment as envisaged amidst the intense competition * Improvement in profitability margins as marked by positive net surplus Negative Factor: * Deterioration in SBIDT below 30% * Lower than envisaged student enrolment Detailed description of the key rating drivers Key Rating Weakness * Small Scale of operation along with short track record of operations: Academic year 2019-2020 was first operation year of Suncity School and total operating income during this time stood small at INR 5.74 crore (based on provisional numbers; refers to period from April 1, 2019 till March 31, 2020) and gross accruals stood at negative for the said period. Further, post project implementation risk in the form of stabilization of the servicing facilities to achieve the envisaged scale of operation and stability risk associated with the products in the light of competitive nature of industry remains crucial for SES. * Highly leveraged capital structure due to initial stages of operations: The capital structure of the company is marked by small corpus of INR0.35 crore and term loan from financial institutions of INR37.96 crore as on March 31, 2020 (based on provisional results). The leverage ratios of the trust however, stood extremely high mainly on account of debt funded capex and exhaustion of corpus on account of net deficit due to high depreciation and finance expenses on initial years of operations. However, going forward, with the consistent increase in income, and no major capital expenditure in the medium term, the profitability is expected to improve with the improvement in debt protection metrics. * Seasonality associated with cash flow of education institution: Unlike entities in manufacturing/service sector which have cash inflow spread over the year, cash inflows of most of the educational institutions are relatively skewed as the tuition fee is collected annually/semi-annually/quarterly/monthly. At the same time, cash outflow towards capital expenditure and operating expenditure is spread over the entire year. Given this, the management of cash flow assumes greater significance in educational institutions. * Regulatory framework for educational sector in India: Educational sector in India is placed in the concurrent list of the constitution and thus comes under the purview of both Central and State Government. The sector is regulated by Ministry of Human Resource at the national level, by the education ministries in each state, as well as by Central bodies like Central Board of Secondary Education (CBSE) and 14 other professional councils. The operating and financial flexibility of the education sector are limited, as regulations governs almost all aspects of operations, including fee structure, number of seats, changes in curriculum and infrastructure requirements. Key Rating Strength * Experienced and Resourceful Management: Gurugram based Suncity School is established under management of Spiti Educational Society. Mr. Jai Prakash Dalal and his son Mr. Rohit Dalal are president and secretary, respectively, of the society and are engaged in managing operating school. Both have cumulated experience of more than one and a half decade in education industry through their association with other institutes like International Heritage research and educational society at Tohana, Fatehabad, Haryana along with B.ed, M.Ed., J.B.T. , nursing college, I.T.I. and high school namely Colonel Public School. * Buoyant prospects of K-12 segment in India: India, with world's second largest population comprises 1.3 bn individuals, which offers immense opportunity for growth of the country's education industry. About 27% of Indian population is in the school going age group of 0-14 years. Over the past 50 years, number of individuals lying in age bracket of 15-64 years and 65+ years has risen, while number of individuals lying in age bracket 0-14 years has seen a fall. The outlook of this industry remains bright in light of growing middle class population with rising population, growing income levels, growing emphasis on girls' education, increasing private spend on education, increase in variety of courses offered by colleges and universities, growing emphasis of government on developing Indian education, etc. However, challenges relating to access to and participation in education, quality of education imparted, governance and management, and financial commitment to education development continue to persist. Liquidity: Stretched Repayment obligation for FY21, which amounts to ~Rs.0.61 crore, is tightly matched with expected cash accruals of INR0.70 crore. Further, current ratio and quick ratio should below unity as on March 31, 2020 (as per provisional results). However, liquidity is supported by funds infusion by promoters in form interest free unsecured loans which amounted to INR 16.66 crore as on March 31, 2020 (as per provisional results). Spiti Educational Society (SES) was registered in 2016 by Mr Jai Prakash Dalal with an objective to run not for-profit education society. SES is running a school in the name of "Suncity School" at Sector- 37D, Gurugram, Haryana which provides education for primary, secondary and senior secondary level (i.e. K- 12 School). Academic Session (AS) 2019-20 was its first year of operations and the school had total strength of 300 students from class nursery to class VIII along with 45 teaching and administrative staff. SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sreekanth Pipes Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2.00 CARE D; Issuer Not cooperating; Facilities Based on best available information Short term Bank 8.00 CARE D; Issuer Not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 25, 2019, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter/email dated June 8, 2020, May 29, 2020, and April 30, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned are on account of delays in debt servicing by the company ascertained by CARE as part of its due diligence exercise. Detailed description of the key rating drivers At the time of last rating on April 25, 2019, the following were the rating strengths and weaknesses: Key rating weakness: * Delays in debt servicing: CARE as part of its due diligence exercise interacts with various stakeholders of the company including lenders to the company and as part of this exercise has ascertained that there are delays in debt servicing by the company. * Small scale of operations coupled with losses reported for FY18: The scale of operations of SPPL continues to remain small with Total Operating Income of INR 33.47 crore for FY18 on a Networth base of INR 0.35 crore as on March 31, 2018. Further, the company reported net loss of INR 1.28 crore for FY18 as against profit in the previous year. * Leveraged capital structure: The capital structure of the company deteriorated significantly as on March 31, 2018 owing to increased debt levels coupled with erosion of Networth on account of losses reported in FY18. Overall gearing of the company was at 7.43x as on March 31, 2018. Key Rating Strengths: Experienced Promoters: SPPL belongs to Nandi Group, a South India based industrial house, promoted by Mr SPY Reddy. He is a Graduate in Engineering (Mechanical) and worked in M/s Baba Atomic Research Centre, Mumbai during 1973 to 1977. He is the Chairman of Nandi Group of Industries and has also been elected as Member of Parliament (MP) from Nandyal Constituency. Established marketing channel: SPPL has established goodwill with the end users and the distributors of the products due to the established brand name of Nandi group which has presence in diversified business. The company is operating in fourteen districts across four states namely- Telangana (10 districts), Andhra Pradesh (2 districts), Maharashtra (1 district) and Karnataka (1 district). The company has appointed district wise distributors in Andhra Pradesh and operates through in rest of the districts. Sreekanth Pipes Private Limited (SPPL), incorporated in 2002, is part of Nandyal (Andhra Pradesh) based Nandi Group of companies. Promoted by Mr. Sajjala Sreedhar Reddy, SPPL is engaged in the business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes and fittings at its facility located at Medak District, Telangana. The manufacturing facility has an installed capacity of 12,500 metric tonnes per annum (MTPA). The products are widely used in irrigation, telecommunication, potable water supplies, electrical industry, construction industry, sewerage and drainage etc. SRI LAKSHMI VENKATADRI: CARE Reaffirms Then Withdraws B+ Rating ---------------------------------------------------------------- CARE has reviewed and reaffirmed the rating assigned to the bank facilities of Sri Lakshmi Venkatadri Agro Food Industries at CARE B+; stable; Issuer not cooperating; based on the best available information and has simultaneously withdrawn it, with immediate effect. The rating withdrawal is at the request of Sri Lakshmi Venkatadri Agro Food Industries and 'No Objection Certificate' received from the banks that have extended the facilities rated by CARE. Detailed description of the key rating drivers Key Rating Weaknesses * Intense competition from several other players and material price volatility: SLVAFI faces stiff competition in the Rice business from large number of established and unorganized players in the market. Competition gets strong with the presence of unorganized players leading to pricing pressures. However, increasing demand scenario of Rice and its by-products in the country enables well for the entity. Further, the profitability margins of the firm are susceptible due to fluctuation in paddy prices. * Constitution of the entity as partnership firm: SLVAFI, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firm business has restricted avenues to raise capital which could prove a hindrance to its growth. Key Rating Strengths * Established track record and experience of the partner for one decade in Rice milling Industry: SLVAFI was established in the year 2008 and was promoted by Mr. N. Rajgopal (Managing Partner) and his family members. He has around a decade of experience in rice processing industry. Through his experience in the rice processing industry, the firm has established healthy relationship with key local suppliers and customers as well. Karnataka based, Sri Lakshmi Venkatadri Agro Food Industries (SLVAFI) was established in 2008 as a partnership firm by Mr. N Rajagopal, Mr. D Bheemesh, Mrs. N Vijayalakhsmi & Mrs. D Manjula. The firm is engaged in processing and trading of rice. The manufacturing unit of the firm is located at Koppal, Karnataka with the area covering five acres. Apart from rice processing, the firm is also engaged in selling of by-products such as broken rice and bran. SVIIT SOFTWARE: CARE Keeps D INR57cr Debt Rating in Not Cooperating ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SVIIT Software Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank^ 57.00 CARE D; Issuer not cooperating; Facilities Based on best available information ^The rating is based on the credit enhancement in the form of structured payment mechanism which entails operating escrow account and maintenance of DSRA in the form of BG (covering two month's principal and interest obligation). Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 27, 2019, placed the ratings of SSPL under the 'Issuer Not Cooperating' category as the company had failed to provide the surveillance fees and requisite information required for monitoring of the ratings as agreed to in its rating agreement. SVIIT Software Private Limited continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated May 21, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available Information which however, in CARE'S opinion is not sufficient to arrive at a fair rating. The ratings on bank facilities of SVIIT Software Private Limited will 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 for the company except financials for FY19 extracted from ROC. However, as per the lender the account was classified as NPA and now it is under NCLT. Incorporated in 2000, SSPL is a wholly-owned subsidiary of GYS Real Estate Private Limited (GREPL), the holding company of the GYS group. SSPL owns and manages a commercial building "GYS Global" at Sector 125, Noida, with total leasable area of 1.10 lakh square feet. The property has been leased out to Finserve Shared Services Limited (FSSL), Dataflow Services (India) Private Limited, Times Internet Limited and Skymet Weather Services Private Limited for varying lease period of 11 months to 5 years and lock-in period ranging from 11 months to 3 years. TAGORE EDUCATIONAL: CARE Keeps D INR41.34cr Debt Rating in Not Coop ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tagore Educational Trust (TET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 41.34 CARE D; Issuer Not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 28, 2018 placed the ratings of TET under the 'issuer non-cooperating' category as TET had failed to provide information for monitoring of the rating. Further, vide its press release dated May 8, 2019, CARE has revised the ratings of TET from 'CARE BB+; Stable' to 'CARE D' in issuer not cooperating category. TET continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated May 18, 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 May 8, 2019, the following were the rating strengths and weaknesses. Key Rating Weaknesses * Delays in debt servicing: CARE had as part of its due diligence exercise interacts with various stakeholders of the company including lenders to the company. As part of this exercise, at the time of last review, CARE had ascertained delay in debt servicing. Post the last review, CARE has not been able to obtain any feedback on the timely debt servicing of the trust. TET was founded in January 1997 under Indian Trust Act as a Telugu minority institution, by Prof. Mala Jagathrakshagan (Chairperson) with the main objective of rendering philanthropic and educational services. The trust manages six institutions in Chennai, comprising Tagore Engineering College (TEC), Tagore Arts & Science College (TASC), Tagore Dental College & Hospital (TDCH), Tagore Medical College & Hospital (TMCH), Hilton Higher Secondary School (HHSS) and Hilton Teacher Training Institution (HTTI). TET's board of trustees comprises of close family members of its chairperson. VAISHNAVI FOOD: CARE Lowers Rating on INR1.79cr LT Loan to B+ ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Vaishnavi Food Products (VFP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 1.79 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE BB-; Stable; Issuer Not Cooperating; Based on Best available information Short Term Bank 5.00 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from VFP to monitor the ratings vide letters/emails dated June 1, 2020, June 4, 2020, June 8, 2020 and numerous phone calls. However, despite CARE's repeated requests, the entity has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the 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 VEP's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING*and CARE A4; ISSUER NOT COOPERATING. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The revision in the rating takes into account the non- availability of information and no due diligence conducted due to non- cooperation by VEP's with CARE's efforts to undertake a review of the outstanding ratings. Detailed description of the key rating drivers At the time of last rating in April 30, 2019 the following were the rating strengths and weaknesses Key Rating Weaknesses * Constitution as partnership firm: VFP, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. * Small scale of operation with moderate profit margins: VFP is a small player in the rice milling business with a PAT of INR0.36 crore on total operating income of INR11.72 crore in FY16 and total capital employed of INR3.77 crore as on March 31, 2016. The small size restricts the financial flexibility of the firm in times of stress and deprives it from benefits of economies of scale. Due to its small scale of operations, the absolute profit levels of the firm also remained low resulting in lower cash accruals. However, total operating income of VFP grew at a compounded annual growth rate of 8.37% during last three years (FY14-FY16) on account of high demand of rice. The profit margins of the firm remained moderate marked by operating margin in the range of 5.97% to 6.76% and PAT margin in the range of 2.98% to 3.11% during last three years (FY14–FY16). Further the operating margin deteriorated in FY16 by 79 bps due to high increase in cost of operations. Furthermore despite decline in capital charges, PAT margin deteriorated marginally in FY16 and the same remained at 3.05% in FY16. * Regulation by Government in terms of minimum support price (MSP): The Government of India (GOI), every year decides a minimum support price (MSP – to be paid to paddy growers) for paddy which limits the bargaining power of rice millers over the farmers. The MSP of paddy was increased during the crop year 2019-20 to INR1815/quintal from INR1750/quintal in crop year 2019-20. Given the market determined prices for finished product vis-à-vis fixed acquisition cost for raw material, the profitability margins are highly vulnerable. Such a situation does not augur well for the firm, especially in times of high paddy cultivation. * Seasonal nature of availability of raw material resulting in high working capital intensity and exposure to vagaries of nature: Agro product processing business is working capital intensive as the millers have to stock paddy by the end of each season till the next season as the price and quality of agro products are better during the harvesting season. Further, while raw material is sourced mainly on cash basis, the millers are required to extend credit period of around three weeks to their customers. Accordingly, the working capital intensity remains high impacting company's profitability. Accordingly, the average fund based working capital utilisation remained high at 97% during the last twelve months ended November, 2016. Also, agro products cultivation is highly dependent on monsoons, thus exposing the fate of the firm's operation to vagaries of nature. * Fragmented and competitive nature of the industry: VFP's plant is located in Durg, Chhattisgarh which is in close proximity to hubs for paddy/rice cultivating region of Chhattisgarh. Owing to the advantage of close proximity to raw material sources, large numbers of small units are engaged in milling and processing of rice in the region. This has resulted in intense competition which is also fuelled by low entry barriers. Given that the processing activity does not involve much of technical expertise or high investment, the entry barriers are low. Key Rating Strengths * Experienced partners & satisfactory track record of operations: VFP has been engaged in rice milling business since 2010 and thus has around six years of track record of operations. Due to satisfactory presence it the industry the firm has established its presence in the industry. VFP is managed by Mr. Sunil Kumar Mittal who is having around two decades of experience in rice milling business, looks after the day to day operations of the firm. He is supported by all other partners who are also having long experience in this industry. * Close proximity to raw material sources and favourable industry scenario: VFP's plant is located in Durg, Chhattisgarh which is close to the vicinity to a major rice growing area of Chhattisgarh, thus, resulting in logistic advantage. The entire raw material requirement is met locally from the farmers (or local agents) helping the firm to save simultaneously on transportation cost and paddy procurement cost. Further, rice being a staple food grain with India's position as one of the largest producer and consumer, demand prospects for the industry is expected to remain good in near to medium term. * Comfortable capital structure with comfortable debt protection matrices: The capital structure of the firm remained comfortable with satisfactory debt equity ratio at 0.14x and overall gearing ratio at 0.52x as on March 31, 2016. The leverage ratios were improved as on March 31, 2016 on account of repayment of term loans, accumulation of surplus and relatively lower utilization of working capital limits. The debt protection metrics of the firm has also remained comfortable with comfortable interest coverage of 4.02 times and satisfactory total debt to GCA of 2.46 years in FY16. The interest coverage ratio has improved in FY16 on account of low interest costs. Furthermore the total debt to GCA also improved on account of higher internal cash accruals and relatively low debt levels as on March 31, 2016. Chhattisgarh based Vaishnavi Food Products (VFP) was constituted as partnership firm via partnership deed dated October 15, 2010. The firm is managed by three partners namely Mr. Sunil Kumar Mittal, Mr. Santosh Agarwal and Mr. Omprakash Agarwal having equal share of profit in the firm. The firm is engaged in processing and milling of non-basmati rice. The milling and processing unit of VFP is located at Dhamdha Road, Durg in Chhattisgarh with processing capacity of 39600 metric ton per annum. VFP procure paddy from farmers & local agents and sells its products through the wholesalers and distributors across Chhattisgarh. VIZEBH COMPOSITECH: CARE Keeps D INR15.0cr Debt Rating in Not Coop. ------------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vizebh Compositech Private Limited (VCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.00 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 5, 2019, placed the ratings of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2020, May 23, 2020, May 26, 2020, May 27, 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 ratings. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings take account its on-going delays and irregularity in servicing its debt obligations. Detailed description of the key rating drivers At the time of last rating in July 5, 2019 the following were the rating strengths and weaknesses. Key Rating Weaknesses * On-going delay in debt servicing: There were delays in servicing of bank facilities till May, 2020 due to poor liquidity position of the firm. Liquidity: Poor The liquidity position remained stretched marked by current ratio, quick ratio which has stood below unity as on March 31, 2016. Also its working capital cycle remained at 20 days during FY16. Gujarat (Vadodara) based VCPL was incorporated in October, 2013 by Mr. Pradeep Mahalik, Mr. Amrish Patel, and Mr. Jinesh Patel. VCPL is into manufacturing of different variants of composites, including non-composites, sheet-moulding compound/dough-moulding compound/bulk-moulding compound, fiber-reinforced polymers, carbon composites, composites advanced material, and thermoplastic polymer products. The company has started its commercial production from March, 2016. [*] Fitch Alters Outlook on 9 Indian Banks' IDRs to Negative ------------------------------------------------------------ Fitch Ratings has revised the Outlook to Negative from Stable on the Long-Term Issuer Default Ratings of the following India-based banks, while affirming their IDRs, Support Ratings and Support Rating Floors: Export-Import Bank of India (EXIM) State Bank of India (SBI) Bank of Baroda (BOB) Bank of Baroda (New Zealand) Limited (BOBNZ) Bank of India (BOI) Canara Bank (Canara) Punjab National Bank (PNB) ICICI Bank Limited (ICICI) Axis Bank Limited (Axis) At the same time Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the Outlook at Negative. The rating actions follow Fitch's revision of the Outlook on the 'BBB-' rating on India to Negative from Stable on June 18, 2020 due to the impact of the escalating coronavirus pandemic on India's economy. The IDRs for all the Indian banks are support-driven and anchored to their respective SRFs. They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account its assessment of the sovereign's ability and propensity to provide extraordinary support. The Negative Outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic. The rating action does not affect the banks' Viability Ratings. EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful. KEY RATING DRIVERS IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS EXIM EXIM's IDR of 'BBB-' is equalised with that of the sovereign, and is driven by its SR of '2' and SRF of 'BBB-', which reflect Fitch's view of a high probability of extraordinary state support, if required. It is based on EXIM's high strategic and systemic importance due to its unique policy role, its strong government linkages and 100% state ownership. EXIM is the main entity through which the government extends lines of credit to less-developed countries. It plays a key policy role in supporting the state's diplomatic efforts and trade policy through financing and promoting India's international trade as defined in the Export-Import Bank of India Act, 1981, which underscores its importance to the sovereign. The agency believes that a default on EXIM's debt obligations would have adverse consequences on the sovereign's reputation, and potentially the country's financial markets. ESG - Management Strategy: EXIM has an ESG Relevance Score of '4' for Management Strategy. Fitch assesses that the bank's management strategy is relevant to the rating as it is defined by its policy role and affects support prospects that drive its long-term ratings. This has a positive effect on the IDR. ESG - Governance Structure: EXIM has an ESG Relevance Score of '4' for Governance Structure. The government has a high degree of influence on the bank through its 100% ownership, which cannot be reduced unless its founding legislation is modified by parliament. The government also enjoys strong representation on EXIM's board of directors via appointees from the Ministry of Finance, Ministry of External Affairs and Ministry of Commerce and Industry, which highlights the strong oversight and control exercised by the state over the bank. These are key variables that affect support prospects that drive the long-term ratings. It has a positive effect on the IDR. SBI SBI's IDR of 'BBB-' is at the same level as its SRF, which is driven by its SR of '2'. It reflects its expectation that SBI is highly likely to receive extraordinary state support, if required, due to its very high systemic importance. SBI is the largest Indian bank with nearly 25% market share in system assets and deposits, it is 57.9% state-owned and has a much broader policy role than peers. ESG - Governance: SBI has an ESG Relevance Score of '4' for Governance Structure. It reflects its assessment that key governance aspects, such as board independence and effectiveness, ownership concentration, protection of creditor or stakeholder rights and related-party transactions, affect support prospects that drive the long-term rating due to the state's high influence. However, it has a negative effect on the VR. ESG - Financial Transparency: SBI has an ESG Relevance Score of '4' for Financial Transparency as Fitch assesses that the quality and frequency of financial reporting and the auditing process have a negative effect on the intrinsic profile of the bank. These factors have become more prominent in the past few years because of the sharp financial deterioration at state banks as well as the wide reported divergences between the banks' and regulator's recognition of non-performing loans. BOB, BOBNZ, PNB, CANARA AND BOI The 'BBB-' IDRs of BOB, PNB, Canara and BOI are at the same level as their SRFs, driven by their SRs of '2' which, in Fitch's assessment, reflects a high probability of extraordinary state support for these banks. It is based on the banks' high systemic importance, which stems from their significant market share - which has increased for BOB, PNB and Canara due to state-driven mergers - their large retail deposit franchises, majority government ownership and role in policy lending. BOB NZ is a fully owned subsidiary of BOB and its IDR is driven by a high probability of support from its parent and, ultimately, from the Indian government. There is strong integration between the two entities, and BOB NZ's small size relative to the parent makes potential support manageable. Therefore, Fitch expects government support for BOB to flow to the subsidiary. ESG - Governance Structure: The banks have an ESG Relevance Score of '4' for Governance Structure. It reflects its assessment that key governance aspects, such as board independence and effectiveness, ownership concentration, protection of creditor or stakeholder rights and related-party transactions, affect support prospects that drive the long-term ratings due to the state's high influence. However, it has a negative effect on the VRs. ESG - Financial Transparency: The banks have an ESG Relevance Score of '4' for Financial Transparency. It reflects its assessment that the quality and frequency of financial reporting and the auditing process have a negative effect on the intrinsic profiles of the banks. These factors have become more prominent in the past few years because of the sharp financial deterioration at state banks as well as the wide reported divergences between the banks' and the regulator's NPL recognition. IDBI IDBI's IDR of 'BB+' is lower than the sovereign rating of 'BBB-', and driven by its SRF and SR of '3', which reflects a moderate probability of extraordinary state support based on the bank's systemic importance and linkages to the state. The Negative Outlook on IDBI's IDR remains unchanged. It reflects its expectation that the state's propensity to provide extraordinary support to IDBI may diminish following the government's proposal to sell its stake in the bank and dispose of part of its stake in IDBI Bank's majority shareholder, Life Insurance Corporation of India. ESG - Governance: IDBI has an ESG Relevance Score of '4' for Governance Structure. It reflects its assessment that key governance aspects, such as board independence and effectiveness, ownership concentration, protection of creditor or stakeholder rights and related-party transactions, affect support prospects that drive the long-term ratings due to the state's high influence. However, it has a negative effect on the VR. ESG - Financial Transparency: IDBI has an ESG Relevance Score of '4' for Financial Transparency as Fitch assesses that the quality and frequency of financial reporting and the auditing process have a negative effect on the intrinsic profile of the bank. These factors have become more prominent in the past few years because of the sharp financial deterioration at state banks as well as the wide reported divergences between the banks' and the regulator's NPL recognition. ICICI AND AXIS The IDRs of ICICI and Axis at 'BB+' are driven by their SRFs, which are lower than the sovereign rating, and anchored to their SRs of '3'. The SRFs reflect Fitch's expectation of a moderate probability of extraordinary state support for these banks, due to their systemic importance, market position and private ownership. The probability of extraordinary state support for the two large private banks will be lower than for large state banks, which are likely to have priority due to the sovereign's constrained finances. ESG - Financial Transparency: Both banks have an ESG Relevance Score of 4 for Financial Transparency. Fitch assesses that the quality and frequency of financial reporting and the auditing process have a negative effect on the intrinsic profile of the banks. These factors have become more prominent in the past few years because of several incidents in the last four years involving at least one of the two banks, where their reported impaired loans differed from that calculated by the regulator, they failed to appropriately disclose related-party lending, and the regulator has questioned their calculation of liquidity coverage ratios. The number of incidents related to financial transparency has come down in recent years, but it is too early to say if the gaps have been reasonably addressed. SENIOR DEBT The banks' medium-term note programmes and senior notes, where applicable, are rated at the same level as their Long-Term IDRs, in line with Fitch's criteria. The notes constitute direct, unsubordinated and unsecured obligations of the banks, and rank equally with all their other unsecured and unsubordinated obligations. RATING SENSITIVITIES IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS AND SENIOR DEBT Factors that could, individually or collectively, lead to negative rating action/downgrade: EXIM, SBI, BOB, BOBNZ, PNB, CANARA AND BOI The SRs and SRFs of the banks are most sensitive to the agency's assessment of the government's propensity and ability to support them, based on their size, systemic importance and linkages to the state. Weakening of the government's ability to provide extraordinary support - reflected by negative action on India's sovereign ratings - would likely lead to negative action on the IDRs. Negative action on the IDRs is also likely should Fitch perceive any reduction in the government's propensity to extend timely support, in which case the agency will reassess the Support Ratings and Support Rating Floors, and in turn, the banks' IDRs and senior debt ratings, although that is not its base case. Any change in BOB's IDR would have a similar impact on BOB NZ, but the latter's IDR could also be downgraded by a weaker propensity for its parent and, ultimately, the government, to support the subsidiary. IDBI Weakening of the government's ability to provide extraordinary support - reflected by a downgrade in India's sovereign ratings - would likely lead to a similar negative action on IDBI Bank's IDR. At the same time, the Support Rating Floor and IDR could be downgraded if the government's stake in IDBI Bank is diluted or if the bank ultimately becomes privatised. That said, Fitch sees IDBI Bank as systemically important, though less so than the larger banks, meaning support will continue to be a factor in the ratings. ICICI AND AXIS Fitch would downgrade the Support Ratings and Support Rating Floors, and in turn, the banks' IDRs if Fitch believes that the sovereign's ability and propensity to support the banks weakens, which could be the case if the sovereign rating was downgraded. The senior debt ratings for all banks would be downgraded if their Long-Term IDRs were downgraded. Factors that could, individually or collectively, lead to positive rating action/upgrade: EXIM, SBI, BOB, BOBNZ, PNB, CANARA AND BOI An upgrade in EXIM and SBI's Support Rating Floors is more probable in the event of a sovereign upgrade than for the other large state banks, even though the government's ability and propensity to support those banks would be high due to their systemic importance. This is because of EXIM's and SBI's much higher systemic importance and policy roles, making them strategically more important to the state. However, an upgrade of the sovereign rating appears less likely in the near term. Similarly, a revision of the sovereign rating Outlook to Stable would lead to a corresponding IDR outlook revision, provided the sovereign's propensity to support remains unchanged. Any changes in BOB's IDR would have a similar effect on BOB NZ. IDBI An upgrade of the sovereign rating appears less likely in the near term, although a stronger ability of the sovereign to offer support may lead to positive action on IDBI Bank's ratings. However, a revision of the sovereign rating Outlook to Stable will not lead to a corresponding revision of its IDR, given the government's plans to reduce its (indirect) majority shareholding in IDBI. ICICI AND AXIS A sovereign rating upgrade, which appears unlikely in the near term, would not lead to an upgrade in the banks' IDRs unless a sovereign rating upgrade coincided with a strengthening of the sovereign's ability and more importantly, propensity to support the banks, in Fitch's view. ICICI and Axis's IDRs are driven by their SRFs, which are above the VRs. An improvement in the banks' VRs beyond the SRFs would lead to an equivalent increase in the IDRs. However, Fitch views such an upgrade is highly unlikely given the weak operating environment and pressure on financial profiles. Similarly, a revision of sovereign rating Outlook to Stable would lead to a corresponding revision of the Outlook on IDRs, provided the sovereign's propensity to extend support remains unchanged. All the banks' senior debt ratings are sensitive to changes in their IDRs and will move in tandem with the IDRs should they be upgraded. 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. ESG CONSIDERATIONS EXIM EXIM has an ESG Relevance Score of 4 for Management Strategy as Fitch believes that the high degree of government influence in management strategy affects its support prospects, which drive the long-term ratings. EXIM has an ESG Relevance Score of 4 for Governance Structure as Fitch believes that the high degree of government influence in key governance aspects affects its support prospects, which drive the long-term ratings. SBI, BOB, PNB, CANARA, BOI AND IDBI These banks have an ESG Relevance Score of 4 for Governance Structure as Fitch believes that key governance aspects affect its support prospects, which drive the long-term ratings. The banks also have an ESG Relevance Score of 4 for Financial Transparency, as Fitch believes their financial reporting and auditing process affect their intrinsic profiles. ICICI AND AXIS ICICI and Axis have an ESG Relevance Score of 4 for Financial Transparency. It reflects its assessment that the quality and frequency of financial reporting and the auditing process have an effect on their intrinsic profiles. Except for the matters discussed, the highest level of ESG credit relevance, if present, is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity(ies), either due to their nature or the way in which they are being managed by the entity(ies). Axis Bank Limited - LT IDR BB+; Affirmed - ST IDR B; Affirmed - Support 3; Affirmed - Support Floor BB+; Affirmed - Senior unsecured; LT BB+; Affirmed IDBI Bank Limited - LT IDR BB+; Affirmed - ST IDR B; Affirmed - Support 3; Affirmed - Support Floor BB+; Affirmed - Senior unsecured; LT BB+; Affirmed ICICI Bank Limited - LT IDR BB+; Affirmed - ST IDR B; Affirmed - Support 3; Affirmed - Support Floor BB+; Affirmed - Senior unsecured; LT BB+; Affirmed Export-Import Bank of India (EXIM) - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed - Senior unsecured; LT BBB-; Affirmed Canara Bank - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed - Senior unsecured; LT BBB-; Affirmed Bank of India - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed - Senior unsecured; LT BBB-; Affirmed Bank of Baroda - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed - Senior unsecured; LT BBB-; Affirmed Bank of Baroda (New Zealand) Limited - LT IDR BBB-; Affirmed - Support 2; Affirmed Punjab National Bank - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed State Bank of India - LT IDR BBB-; Affirmed - ST IDR F3; Affirmed - Support 2; Affirmed - Support Floor BBB-; Affirmed - Senior unsecured; LT BBB-; Affirmed ================= I N D O N E S I A ================= CHANDRA ASRI: S&P Alters Outlook to Neg. & Affirms BB- ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on PT Chandra Asri Petrochemical Tbk. (CAP) to negative from stable. S&P affirmed its 'BB-' long-term issuer credit rating on the company and the 'BB-' long-term issuer rating on its outstanding notes. S&P revised the outlook on CAP to negative to reflect its view that the company's weakened operational performance has placed downward pressure on the credit quality of its parent, Barito. Lackluster earnings from CAP will weaken Barito's credit quality in 2020. CAP reported an EBITDA loss of US$12 million in first-quarter 2020, driven mainly by a contraction in petrochemical spreads owing to lackluster demand and falling crude oil prices. S&P said, "Although the spreads have improved in recent months and product prices have rebounded, we still expect CAP's 2020 EBITDA to decline by 23% to around US$135 million, compared with our previous expectation of about US$200 million. We anticipate a sharp EBITDA rebound in 2021 to US$210 million, but this will still be below a mid-cycle level." S&P said, "Based on our revised earnings outlook for CAP, we expect Barito's earnings to decline by 9% in 2020. The lower decline in Barito's earnings is because we expect another key subsidiary, Star Energy Ltd., to contribute to stable annual EBITDA of about US$400 million over the next two years. We expect Barito's debt-to-EBITDA ratio to breach our downside trigger of 4.0x in 2020 and linger at 3.8x–4.2x in 2021. This compares with our previous expectation of about 3.5x in 2020. "Furthermore, CAP's dividends to shareholders in 2020 will likely be lower than in previous years amid a weaker petrochemical market. As a result, we anticipate Barito will rely on other resources, such as warrants and bond financing, to service its maturing debt." Funding for long-term projects such as the second petrochemical expansion plant project (CAP2) or Java 9 and 10 may require additional debt at Barito's level. The final investment decision on CAP2 has been postponed to 2022, thereby reducing near-term event risk. However, if CAP were to announce a rights offering to partially fund CAP2, S&P cannot rule out Barito participating in the offering. If proceeds from Barito were to be debt-funded, it would further hit its credit quality. Weaker earnings and elevated debt could undermine CAP's credit quality. S&P expects CAP's EBITDA per ton to average around US$60 in 2020 and US$90 in 2021, compared with the historical mid-cycle level of US$140. A macroeconomic rebound should support earnings recovery, but ample petrochemical supplies in the market will likely limit the recovery. Petrochemical spreads are difficult to predict beyond three to six months. S&P said, "However, we believe EBITDA per ton of at least US$110 or a material reduction in CAP's debt through sustainable cuts in capital expenditure (capex) and dividends are crucial for the ratio of debt to EBITDA to revert to 3.5x levels. We consider this ratio to be appropriate for a 'b+' SACP assessment. In our view, these spread levels are unlikely in the next 12 months." The CAP management has lowered planned investments for 2020 to US$135 million, from US$430 million, by delaying CAP2 to 2022. Furthermore, CAP announced zero 2019-end dividends to manage and maintain its cash level. S&P said, "Accordingly, we expect discretionary cash flows (DCF) to be marginally positive at US$16 million in 2020. However, we anticipate negative DCF of US$43 million in 2021. This compares with 2019's negative US$214 million DCF." S&P said, "We forecast CAP's adjusted debt will rise to about US$860 million by 2021 from US$813 million in 2019 and around US$600 million in 2017. The continued increase in the company's absolute debt has led to its credit ratios being more sensitive to volatility in petrochemical spreads than in the past. We had earlier expected a gradual decline in absolute debt, which has not happened since 2018. We believe CAP's appetite for long-term expansion for CAP2 remains intact and weighs on the company's balance sheet leverage. "We expect CAP's debt-to-EBITDA ratio to be 5.8x–6.5x in 2020 and 3.8x-4.5x in 2021, from 4.6x in 2019. This is in line with our earnings forecast, while our pre-COVID-19 expectations were less than 3.5x debt-to-EBITDA during the same period. "We continue to view CAP as a core member of the Barito group. We believe the company plays an integral part in the group's strategy, given its sizable contribution to consolidated earnings and status as the main dividend contributor to the parent. We expect Barito and related parties to maintain a majority shareholding in CAP over the next few years and influence the company's strategic direction and financial policies. "We also regard CAP to be a non-insulated subsidiary of Barito, despite the presence of Siam Cement Group Public Co. Ltd. (SCG) as a minority shareholder. Hypothetical financial difficulties at the group could affect CAP directly or indirectly--for example, through a possibly more generous dividend policy. We also note some commonality in funding sources. Barito has raised multiple bank loans in the past using CAP's shares as collateral. Future expansion at CAP may also require equity participation from Barito, should CAP proceed with its rights issuance. "Our assessment of CAP's SACP reflects the company's modest scale compared with regional peers', high single-site concentration, and exposure to volatile petrochemical product spreads. CAP's integrated operations and larger operating scale following a recent cracker expansion mitigate these weaknesses. "The negative outlook on CAP reflects our view that Barito's credit profile has limited buffer over the next 12-24 months, with its consolidated debt-to-EBITDA ratio of about 4x. We expect CAP to remain a core subsidiary of the group. "We anticipate CAP's earnings will be pressured over the next 12-24 months by weak petrochemical demand amid trade tensions and shutdowns related to COVID-19, such that its debt-to-EBITDA ratio remains above 4x over the period. "We may lower the rating on CAP if the consolidated credit profile of Barito further weakens. Barito's consolidated ratio of debt to EBITDA exceeding 4.0x without any prospect of near-term improvement could indicate such weakness." The ratio could deteriorate if: -- CAP's operations decline materially because of a pronounced and lasting decline in product spreads; -- Star Energy faces geological or operational issues, undermining power generation; or -- New investments through the group increase Barito's gross debt beyond US$3.5 billion, without commensurate additions in cash flow. The rating on CAP could also come under pressure if Barito's liquidity deteriorates due to a depleting cash pile, material fall in dividend income, or an absence of timely refinancing. S&P said, "We may revise down our assessment of CAP's SACP to 'b' if the company's debt-to-EBITDA ratio approaches 5x with no prospect of recovery. Such a scenario could most likely arise if CAP's investments increase its debt toward US$1 billion while EBITDA fails to stay above US$300 million due to prolonged weakness in petrochemical spreads. "We may revise the outlook on CAP to stable if Barito's debt-to-EBITDA ratio improves to below 4.0x. Such an improvement hinges on CAP's annual EBITDA staying at least US$250 million. Barito and CAP maintaining sufficient liquidity and raising necessary funding for investments well in advance without sizable debt funding, and new projects being completed on time and within budget would also support the outlook revision to stable. "We may revise our assessment of CAP's SACP to 'bb-' if the company's debt-to-EBITDA ratio improves to below 3.5x with prospect of sustaining at that level through the spread cycle. Such a scenario would dictate a notable decrease in its debt level." MODERNLAND REALTY: S&P Lowers ICR to CCC, Outlook Negative ---------------------------------------------------------- On June 19, 2020, S&P Global Ratings lowered its long-term issuer credit rating on PT Modernland Realty Tbk. to 'CCC' from 'B-'. At the same time, S&P lowered the long-term issue rating on the company's guaranteed senior unsecured notes to 'CCC' from 'B-'. S&P removed the ratings from CreditWatch, where they were placed with negative implications on April 7, 2020. The downgrade reflects Modernland's limited progress in refinancing its near-term maturities as well as the company's significant liquidity stress. Modernland has yet to demonstrate concrete progress in refinancing its domestic Indonesian rupiah (IDR) 150 billion notes. The company's ability to meet its upcoming financial obligations is highly dependent on substantial improvement in business conditions or access to additional lines of credit, which it believes is highly uncertain due to the COVID-19 pandemic. S&P said, "In our view, Modernland does not have established diversified banking relationships for funding, and negotiating bank loans will take time. Uncertainty over the duration of the COVID-19 outbreak in Indonesia and the resultant impact on the company's operating results will further narrow its window of refinancing opportunity. "We believe the pandemic has severely hurt Modernland's marketing sales and cash collection, exacerbating the company's weak cash inflow since the beginning of 2020. We estimate that its cash balance could fall below IDR200 billion by end-June 2020, from IDR554 billion as of end-December 2019." The company has not collected IDR680 billion in receivables from PT Waskita Modern Realty for a land sale transaction in early 2018. Modernland's weak cash inflow coincides with its significant financial obligations over the next three months. These include IDR150 billion of domestic bonds maturing in July, and IDR120 billion-IDR130 billion of interest payment in August and another IDR120 billion-IDR130 billion in October for its U.S. dollar notes. Weak operating conditions will also increase the company's refinancing risk for its US$150 million senior unsecured notes maturing in August 2021. The success of a notes placement will be increasingly dependent on favorable market conditions. Modernland remains structurally dependent on foreign currency bond markets and investor sentiment to fund its operations. Both are currently negative toward Indonesian issuers with weaker credit fundamentals. In S&P's view, limited refinancing progress and subdued operating conditions increase the risk that Modernland may undertake capital market transactions or renegotiate terms of its financial obligations that could constitute a distressed exchange. The negative outlook on Modernland indicates the prospect of a further downgrade over the next two to three months in the absence of concrete refinancing progress. S&P said, "We could lower the ratings further if Modernland does not come up with a concrete refinancing plan for its near-term financial obligations over the next two to three months. "We would lower the ratings to 'SD' if Modernland undertakes capital market transactions that we assess as constituting a distressed exchange, such as material capital market purchases that are below par. "We may raise the ratings if Modernland shores up its liquidity significantly and makes concrete progress in refinancing its upcoming financial obligations." Modernland is an Indonesia-based property developer. The company primarily engages in residential and industrial township development in the suburbs of Jakarta. Its major projects include Jakarta Garden City, Modern Cikande, and Modern Bekasi. ======= L A O S ======= LAOS: Moody's Places B3 Ratings on Review for Downgrade ------------------------------------------------------- Moody's Investors Service has placed the Government of Laos's B3 issuer ratings on review for downgrade. The decision to place the ratings on review for downgrade reflects rising external vulnerabilities and government liquidity risks related to financing stresses set against Laos's week external and fiscal buffers and challenging global financial conditions. 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. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. For Laos, the coronavirus outbreak presents material liquidity risks, arising both from larger financing needs and uncertain access to financing sources for external debt maturities. The review period will allow Moody's to assess the capacity of the government to secure financing in a timely fashion and at manageable costs in order to meet its upcoming debt service obligations. Laos's bond and deposit ceilings remain unchanged, with the local currency bond and deposit ceilings of Ba3, foreign currency bond ceiling at B1, and a foreign currency deposit ceiling at Caa1. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS RATIONALE FOR INITIATING THE REVIEW FOR DOWNGRADE WEAKENING EXTERNAL POSITION DRIVEN BY UPCOMING DEBT SERVICE REPAYMENTS, ADVERSE FINANCING CONDITIONS Laos faces significant external debt payments this year and in the coming years. In a challenging financing environment globally, sources of refinancing are uncertain while the sovereign's external buffers are low. Laos' government debt service repayments amount to $1.2 billion in 2020, more than half of which is owed to private sector creditors, including Thai baht-denominated bond holders and commercial banks. Between 2021-2025, Laos faces debt service repayments averaging a little over $1 billion annually. In order to meet these repayments, Moody's expects that Laos will predominantly rely on market sources of financing, particularly commercial bank loans; and bilateral sources of financing, including China (A1 stable), its largest lender. While Moody's expects financing to be available, its cost may stress Laos' liquidity position. Moreover, refinancing some of this debt domestically would strain already-low foreign exchange reserves. Moody's expects that foreign exchange reserves will fall to around $800 million by year end, below this year's maturing external debt. Multilateral assistance may be an alternate financing option, including the G20 Debt Service Suspension Initiative. However, participation in an assistance program administered by the International Monetary Fund and adherence to program conditions are prerequisites to relief under the Debt Service Suspension Initiative, which may take time to establish. Moreover, indications that the government was likely to participate in debt relief initiatives which Moody's concluded were likely to entail losses for private sector creditors would likely be negative for the rating. HIGHER BORROWING REQUIREMENTS TO WEAKEN FISCAL POSITION Laos' liquidity position is also under pressure from higher financing needs this year. Government borrowing needs are compounded by wider deficits, driven by the impact of the coronavirus outbreak on the manufacturing and tourism sectors. Moody's expects real GDP growth will slow to 0.9% in 2020, before posting a recovery to 6.0% in 2021. Coupled with measures to alleviate the impact on small businesses and individuals, this will result in revenue shortfalls relative to the original budget. Even with efforts to cut non-essential spending, the budget deficit will widen to 6.5% of GDP in 2020, from 3.5% of GDP in 2019. The combination of slower growth and wider fiscal deficits will drive a deterioration in fiscal and debt metrics. Moody's expects the debt ratio will continue to gradually edge higher, to peak at 64% of GDP in 2022 from 58% of GDP in 2019. This marks a departure from a path of gradual moderation expected previously. Wider deficits combined with debt repayment obligations will raise Laos's borrowing requirements to 12.9% of GDP in 2020, from just above 9.0% estimated prior to the coronavirus outbreak. Although borrowing requirements are not high compared with several other B3-rated peers that are also experiencing financing stress, as mentioned, there are significant uncertainties around the sources and costs of financing. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Environmental considerations are material to Laos's credit profile, as the country is vulnerable to climate change risk. Natural disasters, including storms, floods, landslides and droughts, have adversely affected agricultural conditions and weighed on economic growth. Increased frequency of droughts due to climate change would also reduce Laos's hydropower production potential. Furthermore, substantial reconstruction and rehabilitation costs following natural disasters constrain fiscal flexibility. Social considerations are relevant to Laos's credit profile. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. The coronavirus has posed a material cost to domestic economic activity. Moreover, the acute financing risks explained above are triggered by heightened uncertainty about the impact of the outbreak. More generally, Moody's assessment of Laos's economic strength incorporates social considerations related to the low level of human capital and limited access to quality healthcare and education. That said, the country benefits from a young population, while per capita incomes have doubled over the past 10 years given strong and stable economic growth. Governance considerations are material to Laos's credit profile. The country's rankings on the WGI are low and point to weak rule of law and control of corruption. Transparency and accountability in government policymaking remain limited owing to the institutional setup that is closely intertwined with the political structure, notwithstanding recent improvements in data availability. TRIGGERS FOR DOWNGRADE/CONFIRMATION OF THE RATING A downgrade would arise if financing sources for Laos's borrowing requirements seemed unlikely to cover the sovereign's immediate financing needs, at affordable costs and without a further weakening of reserves. Indications that the government was likely to participate in debt relief initiatives which Moody's concluded were likely to entail losses for private sector creditors would also be negative for the rating. Downward pressure on the rating could also arise from an increased likelihood that government debt will continue to rise markedly beyond Moody's current projections, with a related further deterioration in debt affordability. Moody's could consider confirming the rating at B3 if Laos's financing risks diminished materially. At the same time, measures that suggest a declining debt trajectory will be restored from 2021, which would contribute towards lower medium-term borrowing needs would support the B3 rating. GDP per capita (PPP basis, US$): 8,109.6 (2019 actual) (also known as Per Capita Income) Real GDP growth (% change): 6.0% (2019 estimate) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 6.3% (2019 actual) Gen. Gov. Financial Balance/GDP: -3.5% (2019 actual) (also known as Fiscal Balance) Current Account Balance/GDP: -4.5% (2019 actual) (also known as External Balance) External debt/GDP: 90.0% (2019 estimate) Economic resiliency: b1 Default history: No default events (on bonds or loans) have been recorded since 1983. On June 17, 2020, a rating committee was called to discuss the rating of the Laos, Government of. The main points raised during the discussion were: The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer has become increasingly susceptible to event risks. The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. ================= S I N G A P O R E ================= SWIBER HOLDINGS: Judicial Managers Ask for Six-Month Extension -------------------------------------------------------------- Annabeth Leow at The Business Times reports that Swiber Holdings could have its time under judicial management extended once again, said a bourse filing on June 16. The judicial managers have now applied for the period to be extended from June 30 to Dec. 31, 2020, with a court hearing on the matter to be held on June 26, BT says. "The board and the judicial managers will provide further updates on the progress of the judicial management in due course," they said in a joint announcement. Trading in Swiber shares has been suspended since 2016, the report notes. About Swiber Holdings Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a Singapore-based investment holding company. The Company, through its subsidiaries, is engaged in offshore marine engineering; vessel owning and chartering, and provision of corporate services. The Company is an integrated offshore construction and support services provider for shallow water oil and gas field development. It offers a range of engineering, procurement, installation and construction (EPIC) services, complemented by its in-house marine support and engineering capabilities, to support the offshore field development and production activities of its clientele base across the Asia Pacific, Middle East, Latin America and West Africa regions. It operates approximately 10 construction vessels. The Company's subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to place itself under judicial management instead of liquidation. According to Reuters, Swiber shocked markets in July 2016 by filing for liquidation, as it faced hundreds of millions of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG Services Pte Ltd. have been appointed as the joint and several interim judicial managers of Swiber Holdings Limited and Swiber Offshore Construction. Swiber had $1.43 billion of liabilities and $1.99 billion of assets on March 31, 2016, before it sought court protection in late July, Bloomberg News reported citing the company's last published accounts. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week June 15, 2020 to June 19, 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 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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 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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 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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 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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 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JIULONGJIANG 6.48 06/20/21 CNY 40.89 ZHANJIANG INFRASTRUCTU 6.93 10/21/20 CNY 20.39 ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 41.56 ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 40.00 ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 61.44 ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 60.00 ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 30.00 ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 20.54 ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 48.50 ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 41.09 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 71.44 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 70.00 ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 61.20 ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 60.00 ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 41.39 ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 40.00 ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.87 ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.64 ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.21 ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.06 ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 61.80 ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 60.00 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.50 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.18 ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 46.20 ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 41.41 ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.15 ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.12 ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 28.49 ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 20.67 ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 28.50 ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 20.55 ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 40.17 ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 39.60 ZHENJIANG NEW AREA URB 8.35 02/26/21 CNY 20.59 ZHENJIANG NEW AREA URB 8.99 01/16/21 CNY 20.51 ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 64.70 ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 60.52 ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.45 ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.00 ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.69 ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.65 ZHONGMINTOU LEASING HO 7.55 09/21/21 CNY 49.49 ZHONGRONG XINDA GROUP 7.10 01/22/21 CNY 33.70 ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 41.01 ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 40.00 ZHONGTIAN FINANCIAL GR 7.00 10/15/20 CNY 15.00 ZHOUKOU INVESTMENT GRO 7.49 04/21/21 CNY 20.53 ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.40 ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.18 ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 26.65 ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 25.38 ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 57.19 ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 56.54 ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 57.44 ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 56.90 ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 21.15 ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 20.31 ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.80 ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.77 ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 24.50 ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 20.61 ZHUZHOU CITY CONSTRUCT 8.36 11/10/21 CNY 43.75 ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.30 ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.26 ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 41.54 ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 40.00 ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 41.05 ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 40.86 ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 57.37 ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 56.83 ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 61.23 ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 60.95 ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.67 ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.00 ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 60.11 ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 59.77 ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.34 ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.00 ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 60.92 ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 59.68 ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 24.00 ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 20.88 ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 60.00 ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 58.58 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 70.61 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 69.69 ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 57.96 ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 53.80 INDONESIA --------- ABM INVESTAMA TBK PT 7.13 08/01/22 USD 54.27 ABM INVESTAMA TBK PT 7.13 08/01/22 USD 52.34 BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00 BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11 DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.91 DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.72 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 4.27 ACME FAZILKA POWER PVT 0.01 09/07/46 INR 17.14 AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 25.22 AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 25.26 APG HABITAT PVT LTD 1.00 09/09/28 INR 55.86 APG INTELLI HOMES PVT 1.25 02/04/35 INR 42.13 APG INTELLI HOMES PVT 1.25 02/04/35 INR 39.77 AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.50 AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 60.53 BENGAL AEROTROPOLIS PR 5.00 12/01/30 INR 73.11 BENGAL AEROTROPOLIS PR 5.00 12/01/29 INR 74.57 BRITANNIA INDUSTRIES L 8.00 08/28/22 INR 30.27 BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 66.70 BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 64.32 CREIXENT SPECIAL STEEL 0.01 08/28/25 INR 62.35 CUMULUS TRADING CO PVT 0.01 05/21/32 INR 36.04 CUMULUS TRADING CO PVT 0.01 01/23/30 INR 58.24 DAYAKARA SOLAR POWER P 0.10 04/05/26 INR 60.32 DEWAN HOUSING FINANCE 8.50 04/18/23 INR 21.72 DLF CYBER CITY DEVELOP 0.01 11/19/24 INR 71.11 EDELWEISS ASSET RECONS 2.00 07/22/29 INR 59.85 EDELWEISS ASSET RECONS 2.00 01/15/29 INR 61.38 EDELWEISS ASSET RECONS 2.00 10/07/28 INR 62.23 EDELWEISS ASSET RECONS 2.00 11/20/27 INR 65.18 EDELWEISS ASSET RECONS 2.00 03/28/27 INR 67.22 FUTURE RETAIL LTD 5.60 01/22/25 USD 27.41 FUTURE RETAIL LTD 5.60 01/22/25 USD 25.93 GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 65.32 GREEN URJA PVT LTD 0.01 02/14/30 INR 44.65 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00 HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 56.25 HITODI INFRASTRUCTURE 0.01 06/30/27 INR 52.78 INDIA INFOLINE FINANCE 5.88 04/20/23 USD 63.35 INDIABULLS HOUSING FIN 6.38 05/28/22 USD 57.75 JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 3.22 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 26.85 JTPM ATSALI LTD 0.01 08/29/48 INR 13.57 KANAKADURGA FINANCE LT 0.01 04/15/36 INR 25.47 KVK ENERGY & INFRASTRU 0.01 01/25/24 INR 72.73 MARIS POWER SUPPLY CO 2.00 04/18/28 INR 63.44 MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 29.74 MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 27.63 MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 27.63 ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 26.57 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 42.29 PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 45.06 PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 48.08 PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 51.38 PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 55.01 PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 58.99 PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 63.34 PUNJAB INFRASTRUCTURE 0.40 10/15/26 INR 68.04 PUNJAB INFRASTRUCTURE 0.40 10/15/25 INR 73.08 PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.32 REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 63.50 REDKITE CAPITAL PVT LT 2.50 01/15/28 INR 66.88 REI AGRO LTD 5.50 11/13/14 USD 0.58 REI AGRO LTD 5.50 11/13/14 USD 0.58 RELIANCE COMMUNICATION 6.50 11/06/20 USD 10.02 SHRIRAM TRANSPORT FINA 5.10 07/16/23 USD 75.01 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.56 SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 79.61 SURBHI INVESTMENTS & T 2.50 10/21/28 INR 64.48 SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59 SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61 TN URJA PVT LTD 0.10 02/22/36 INR 30.39 VIDEOCON INDUSTRIES LT 2.80 12/31/20 USD 30.25 WATSUN INFRABUILD PVT 4.00 10/16/37 INR 57.42 WS T&D LTD 0.10 03/24/29 INR 48.22 ZYDUS FOUNDATION 0.10 03/25/25 INR 65.49 JAPAN ----- AVANSTRATE INC 0.10 10/29/32 JPY 9.75 TKJP CORP 0.58 03/26/21 JPY 2.02 TKJP CORP 0.85 03/06/19 JPY 2.02 TKJP CORP 1.02 12/15/17 JPY 0.50 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 72.59 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 72.62 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 73.17 KOREA ----- ECOMAISTER CO LTD 2.00 10/11/22 KRW 54.19 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 46.84 KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 70.28 KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 71.11 KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 71.87 KIBO ABS SPECIALTY CO 5.00 02/26/21 KRW 62.77 KIBO ABS SPECIALTY CO 5.00 09/11/20 KRW 74.10 LOTTE CARD CO LTD 0.54 06/28/49 KRW 41.60 PAPERCOREA INC 1.00 01/21/21 KRW 0.08 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 63.06 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SILLAJEN INC 1.00 03/21/24 KRW 54.17 SINBO SECURITIZATION S 5.00 07/24/23 KRW 68.84 SINBO SECURITIZATION S 5.00 06/27/23 KRW 68.98 SINBO SECURITIZATION S 5.00 03/20/23 KRW 70.50 SINBO SECURITIZATION S 5.00 02/28/23 KRW 70.64 SINBO SECURITIZATION S 5.00 01/25/23 KRW 67.93 SINBO SECURITIZATION S 5.00 09/28/22 KRW 72.60 SINBO SECURITIZATION S 5.00 08/31/22 KRW 68.02 SINBO SECURITIZATION S 5.00 07/26/22 KRW 66.96 SINBO SECURITIZATION S 5.00 07/24/22 KRW 66.97 SINBO SECURITIZATION S 5.00 06/29/22 KRW 72.50 SINBO SECURITIZATION S 5.00 06/27/22 KRW 67.02 SINBO SECURITIZATION S 5.00 02/28/22 KRW 70.28 SINBO SECURITIZATION S 5.00 02/23/22 KRW 66.68 SINBO SECURITIZATION S 5.00 01/26/22 KRW 65.79 SINBO SECURITIZATION S 5.00 01/25/22 KRW 65.80 SINBO SECURITIZATION S 5.00 12/27/21 KRW 70.97 SINBO SECURITIZATION S 5.00 09/27/21 KRW 74.64 SINBO SECURITIZATION S 5.00 08/31/21 KRW 65.75 SINBO SECURITIZATION S 5.00 08/25/21 KRW 74.89 SINBO SECURITIZATION S 5.00 07/26/21 KRW 64.50 SINBO SECURITIZATION S 5.00 06/29/21 KRW 72.07 SINBO SECURITIZATION S 5.00 03/21/21 KRW 62.11 SINBO SECURITIZATION S 5.00 12/21/20 KRW 62.94 SINBO SECURITIZATION S 5.00 06/23/20 KRW 74.57 MALAYSIA -------- AEON CREDIT SERVICE M 3.50 09/15/20 MYR 0.79 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.48 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.16 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.25 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.82 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16 HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.45 MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 0.97 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.83 SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.26 SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.51 SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 72.81 SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 73.99 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02 NEW ZEALAND ----------- PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.04 SKY NETWORK TELEVISION 6.25 03/31/21 NZD 73.29 PHILIPPINES ----------- BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 22.75 SINGAPORE --------- ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 44.92 APL REALTY HOLDINGS PT 5.95 06/02/24 USD 46.14 ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 51.38 ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 51.38 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82 BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80 BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80 BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 32.06 EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.22 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GEO COAL INTERNATIONAL 8.00 10/04/22 USD 61.94 GEO COAL INTERNATIONAL 8.00 10/04/22 USD 52.13 GOLDEN ENERGY & RESOUR 9.00 02/14/23 USD 74.27 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 74.17 HYFLUX LTD 4.60 09/23/19 SGD 38.63 HYFLUX LTD 4.20 08/29/19 SGD 38.63 HYFLUX LTD 4.25 09/07/18 SGD 38.63 INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 30.53 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.80 MEDCO BELL PTE LTD 6.38 01/30/27 USD 60.04 MEDCO BELL PTE LTD 6.38 01/30/27 USD 58.19 MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.70 MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.52 MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 63.34 MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 62.86 MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 22.59 MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 64.39 MULHACEN PTE LTD 6.50 08/01/23 EUR 38.42 MULHACEN PTE LTD 6.50 08/01/23 EUR 38.26 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.87 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.69 PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.89 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.56 SSMS PLANTATION HOLDIN 7.75 01/23/23 USD 59.36 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 THETA CAPITAL PTE LTD 6.75 10/31/26 USD 69.02 SRI LANKA --------- SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 55.62 SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 54.95 SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 53.67 SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 53.51 SRI LANKA DEVELOPMENT 5.28 01/22/25 USD 50.49 SRI LANKA DEVELOPMENT 6.70 05/01/23 USD 59.93 SRI LANKA DEVELOPMENT 5.66 05/01/23 USD 57.94 SRI LANKA DEVELOPMENT 4.64 05/01/23 USD 56.43 SRI LANKA DEVELOPMENT 4.60 05/01/23 USD 56.36 SRI LANKA DEVELOPMENT 6.62 03/16/23 USD 60.36 SRI LANKA DEVELOPMENT 4.73 03/16/23 USD 56.35 SRI LANKA DEVELOPMENT 5.94 01/22/23 USD 59.93 SRI LANKA DEVELOPMENT 4.76 01/22/23 USD 57.79 SRI LANKA DEVELOPMENT 6.07 01/22/23 USD 57.48 SRI LANKA DEVELOPMENT 6.60 05/01/22 USD 66.58 SRI LANKA DEVELOPMENT 6.30 05/01/22 USD 66.15 SRI LANKA DEVELOPMENT 5.75 05/01/22 USD 65.38 SRI LANKA DEVELOPMENT 5.55 05/01/22 USD 65.09 SRI LANKA DEVELOPMENT 5.52 05/01/22 USD 65.05 SRI LANKA DEVELOPMENT 4.22 05/01/22 USD 63.58 SRI LANKA DEVELOPMENT 4.19 05/01/22 USD 63.53 SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94 SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94 SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.93 SRI LANKA DEVELOPMENT 5.79 01/22/22 USD 68.19 SRI LANKA DEVELOPMENT 4.49 01/22/22 USD 66.62 SRI LANKA DEVELOPMENT 4.59 01/22/22 USD 66.45 SRI LANKA DEVELOPMENT 6.11 08/15/21 USD 74.11 SRI LANKA DEVELOPMENT 5.93 08/15/21 USD 73.89 SRI LANKA DEVELOPMENT 4.67 08/15/21 USD 72.69 SRI LANKA DEVELOPMENT 5.87 07/30/21 USD 74.46 SRI LANKA DEVELOPMENT 5.75 07/30/21 USD 74.35 SRI LANKA DEVELOPMENT 4.04 07/30/21 USD 72.79 SRI LANKA DEVELOPMENT 3.91 07/30/21 USD 72.66 SRI LANKA DEVELOPMENT 4.59 06/30/21 USD 74.72 SRI LANKA DEVELOPMENT 4.15 06/30/21 USD 74.33 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.71 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.66 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 56.03 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 55.89 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.79 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.63 SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.81 SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.61 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.44 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.32 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.67 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.49 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.88 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.75 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 59.08 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 57.93 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 58.85 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 57.80 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 58.03 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 57.88 SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.78 SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.66 SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.31 SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.25 SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 70.24 SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 69.99 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 66.74 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.55 MDX PCL 4.75 09/17/03 USD 22.88 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***