/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200818.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, August 18, 2020, Vol. 23, No. 165 Headlines A U S T R A L I A ASKK INVESTMENT: ASIC Winds Up Managed Investment Scheme BEFIT TECHNOLOGY: First Creditors' Meeting Set for Aug. 13 PEARSON CONTRACTING: Second Creditors' Meeting Set for Aug. 25 VIRGIN AUSTRALIA: Bain's Revival Bid Faces Growing Legal Obstacle WALZED PTY: First Creditors' Meeting Set for Aug. 25 C H I N A HNA GROUP: Senior Creditors Offer to Take Control of Swissport ZHAOJIN MINING: S&P Affirms 'BB+' ICR on Robust Gold Prices ZHONGYUAN ASSET: Moody's Assigns Ba1 CFR & Alters Outlook to Stable [*] CHINA: Peer-to-Peer Lending Purge Leaves $115-BB in Losses I N D I A AGRA ICE: CARE Lowers Rating on INR7cr Bank Loans to B AIREN METALS: CARE Cuts Rating on INR28.86cr Long Term Loan to C ASHISH VESSEL: CARE Lowers Ratings on INR30cr Loan to 'B-/A4' ATMARAM AUTO: CARE Cuts Rating on INR7cr Bank Loans to B DHANA-SHREE: CARE Keeps D on INR1.32cr Loans in Not Cooperating DYNAMIC (CG): CARE Keeps D on INR49cr Loans in Not Cooperating ELLJAY TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating GURU RAM: CARE Lowers Rating on INR6cr Bank Loans to B HIMALAYA CONSTRUCTION: CARE Hikes Ratings on INR24cr Loans to B JYOTI ENTERPRISES: CARE Lowers Rating on INR4.50cr LT Loan to B- KRANTIAGRANI DR: CARE Cuts Rating on INR13.99cr Loans to B LAVASSA CORP: CARE Reaffirms D Rating on INR396.33cr LT Loan M K M S BUILDERS: CARE Keeps B+ on INR6cr Loans in Not Cooperating MAA TARA RICE: CARE Lowers Rating on INR11.25cr LT Loans to B+ MAHADEV COLD: CARE Lowers Rating on INR8cr LT Loans to B NARULA EXPORTS: CARE Lowers Rating on INR3.30cr LT Loan to B PANDURANG SAHAKARI: CARE Cuts Rating on INR268.48cr Loan to B+ PARAS STEEL: CARE Lowers Rating on INR7.50cr LT Loan to B- POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category R. AYUSH: CARE Lowers Ratings on INR10cr LT Loans to B- R. K. INDUSTRIES: CARE Lowers Rating on INR5.10cr LT Loan to B- SOHANLAL SONS: CARE Lowers Rating on INR8cr LT Loan to B SUN SHINE: CARE Keeps B- on INR16.25cr Loans in Not Cooperating I N D O N E S I A KAWASAN INDUSTRI: S&P Lowers ICR to 'B-', Outlook Stable L A O S LAOS: Moody's Cuts Issuer Rating to Caa2; Alters Outlook to Neg. M O N G O L I A DEVELOPMENT BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable KHAN BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable XACBANK LLC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable N E W Z E A L A N D DUCO PROMOTIONS: Placed in Voluntary Liquidation S I N G A P O R E HIN LEONG: Founder Charged with Abetment of Forgery for Cheating T H A I L A N D THAI AIRWAYS: Auditor Declines to Sign Off on 2020 Half Yr Accounts THAILAND: Recession Deepens With Biggest GDP Fall Since 1998 X X X X X X X X BOND PRICING: For the Week Aug. 10 to Aug. 14, 2020 - - - - - ================= A U S T R A L I A ================= ASKK INVESTMENT: ASIC Winds Up Managed Investment Scheme -------------------------------------------------------- The Federal Court has made orders to wind up Askk Investment Group Pty Ltd (ASKK) and the illegal unregistered managed investment scheme it operated in respect of land at Lot 2, 615 Hume Highway, Beveridge, Victoria (Land). The orders followed an investigation and subsequent application brought by the Australian Securities and Investments Commission. The Court found that the scheme was an unregistered managed investment scheme, when it was required to be registered under the Corporations Act. On that basis, the Court ordered that ASKK and the scheme be wound up. ASIC Deputy Chair Daniel Crennan QC acknowledged the Court's decision to wind up the illegal scheme. "This conduct put substantial funds at risk for investors who were not afforded the protections of a lawfully registered scheme. This action provides an example of ASIC's enforcement approach when consumers' funds are put at risk by illegal schemes," Mr. Crennan said. Timothy Norman and Salvatore Algeri of Deloitte Financial Advisory Pty Ltd were appointed liquidators of ASKK and the scheme. Investors can contact the liquidators at: askkinvestment@deloitte.com.au. Adjournment Application On Aug. 6, 2020, a group of approximately 60 investors applied to adjourn the hearing on Aug. 10, 2020 for the purposes of considering whether and how to respond to ASIC's winding up application. Counsel for those investors appeared at the hearing. The Court refused the adjournment on the basis that it was not supported by any affidavit material explaining why the application had been made at such a late stage and the utility of any proposed adjournment. From at least October 2017, ASKK raised in excess of AUD10 million dollars from more than 270 investors in relation to the Land. In December 2018, ASIC obtained interim orders restraining ASKK from dealing with funds in its bank accounts and other assets in relation to the illegal scheme. In June 2019, ASIC applied to the Court for orders to wind up ASKK and the illegal scheme it was operating in respect of the Land. The proceedings were defended by ASKK. The original restraining orders were varied to allow for various payments to be made from the bank accounts of ASKK as part of ASKK's defence of the proceeding and its proposal to "regularise" the illegal scheme. Refund of monies paid to Old Hume under sale of Land contract The Settlement Deed reached between ASKK and Old Hume Pty Ltd (the vendors of the Land), dated April 16, 2020, requires that Old Hume repay all monies paid to it by ASKK under the purported contract of sale for the Land. Old Hume has made the first payments of AUD3,257,479.43 and AUD63,559.97 as required by the Settlement Deed. Those monies will form part of the pool of assets available to the Liquidator for future distribution to creditors of ASKK. The remaining AUD9.75 million is due to be paid by Oct. 16, 2021. The Liquidator will: - oversee the further payment due by Old Hume; - call in the assets of ASKK; - assess creditors' and investors' claims; - make a distribution to creditors, including investors; and - investigate the conduct of the directors and other parties associated with ASKK and the scheme. BEFIT TECHNOLOGY: First Creditors' Meeting Set for Aug. 13 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Befit Technology Pty Limited will be held on Aug. 13, 2020, at 10:00 a.m. via Zoom Videoconferencing. Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland were appointed as administrators of Befit Technology on Aug. 13, 2020. PEARSON CONTRACTING: Second Creditors' Meeting Set for Aug. 25 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Pearson Contracting Pty Ltd ATF Pearson Family Trust has been set for Aug. 25, 2020, at 11:00 a.m. at the offices of Hamilton Murphy, Level 1, 255 Mary Street, in Richmond, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 24, 2020, at 4:00 p.m. Stephen Dixon of Hamilton Murphy was appointed as administrator of Pearson Contracting on July 21, 2020. VIRGIN AUSTRALIA: Bain's Revival Bid Faces Growing Legal Obstacle ----------------------------------------------------------------- Angus Whitley and Harry Brumpton at Bloomberg News report that Bain Capital's resurrection of collapsed airline Virgin Australia Holdings Ltd. faces mounting legal opposition as bondholders rally to derail the takeover and salvage some of their debt. What started weeks ago as a long-shot challenge to Bain's deal from two little-known investors in Asia has attracted the biggest names in finance, Bloomberg says. Now UBS Group AG, Deutsche Bank AG and other creditors holding AUD800 million (US$570 million) of Virgin Australia bonds support a plan to muscle out Bain and rescue the airline themselves, Bloomberg discloses citing court filings. Bloomberg notes that Virgin Australia crumbled in April owing AUD6.8 billion, and administrators at Deloitte fast-tracked a sale to Bain before the airline's cash ran out. The private equity firm plans to cut a third of the workforce and scale back the fleet, but it hasn't said how much creditors will receive. With indebted airlines on the brink of collapse worldwide, the standoff in Australia shows that recoveries in one of the pandemic's hardest-hit industries risk delay or even failure once creditors start picking through the remains. The corporate casualties are racking up from Thailand to the Americas, and include Virgin Atlantic Airways Ltd. On Aug. 17, Australia's federal court heard the bondholder group's request to have Virgin Australia's creditors vote on any offer, not just Bain's, according to Bloomberg. They also want more information on the airline from Deloitte to help finalize a rescue plan. Bloomberg relates that the bondholders are proposing swapping their debt for equity and injecting fresh funds into a reborn airline. In the best scenario, they'd claw back two-thirds of their original investment. The legal bid is led by Broad Peak Investment Advisers Pte. and Tor Investment Management (Hong Kong) Ltd., which together hold AUD300 million of Virgin Australia notes. According to Bloomberg, the Federal Court in Sydney last month said Deloitte's "preference for one proposal does not justify the exclusion of all other proposals from consideration by the creditors." But Deloitte has said the sale to Bain is binding and no other offer can be considered or recommended to creditors, who are due to vote on the deal Sept. 4. According to Bain, the bondholder group's proposal is "not credible, nor capable of progressing." In a statement, Bain accused Broad Peak and Tor of "trying to frustrate the administration process by creating as much noise and interference as possible," Bloomberg relays. While the proposal from Broad Peak and Tor would see Virgin listed in Australia, the firms have left room for a negotiated settlement with Bain, the report states. "We are sure bondholders and other creditors would welcome a serious, good faith discussion with Bain Capital to structure a solution that provides unsecured creditors the value that's rightfully due to them," the two firms said in a joint statement, Bloomberg relays. 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. Virgin Australia Holdings Ltd. was the first Asian airline to succumb to the challenges of the coronavirus pandemic. The airline carrier collapsed into voluntary administration in April 2020. Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri of Deloitte were appointed as administrators of Virgin Australia, et al., on April 20. The administrators were tasked to restructure and find new owners for the airline. The airline's frequent flyer program is a separate company and is not in administration. At the time of its collapse, Virgin Australia continued to operate some flights for essential workers, freight and the repatriation of Australians. The company owes AUD6.8 billion to lenders, bondholders, aircraft lessors, trade creditors and employees. On April 29, 2020, Virgin Australia and more than 30 of its affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore Algeri were tapped as foreign representatives. Renee M. Dailey, Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the Foreign Representatives. In June 2020, administrator Deloitte agreed to sell the airline carrier to American private equity giant Bain Capital. The size of the bid for the airline has not been revealed. WALZED PTY: First Creditors' Meeting Set for Aug. 25 ---------------------------------------------------- A first meeting of the creditors in the proceedings of WalZed Pty Ltd will be held on Aug. 25, 2020, at 9:00 a.m. via virtual Zoom Meeting. Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were appointed as administrators of Pearson Contracting on Aug. 14, 2020. ========= C H I N A ========= HNA GROUP: Senior Creditors Offer to Take Control of Swissport -------------------------------------------------------------- Alison Tudor-Ackroyd at South China Morning Post reports that debt-laden Chinese conglomerate HNA Group might have its stake in Swissport International wiped out under a plan to inject rescue financing into the beleaguered airport cargo handling company. A group of senior secured creditors, including Apollo Global Management and SVP Global, have made an offer to restructure EUR2 billion (US$2.4 billion) worth of Swissport's debt in return for equity, SCMP relates citing a person familiar with the matter. According to SCMP, the group of creditors holds EUR1.4 billion of Swissport's senior secured debt and has committed to investing in the company to help it through a collapse in international travel caused by the coronavirus pandemic. Holders of Swissport payment-in-kind notes, which pay out in additional bonds rather than cash, have agreed to the plan devised by the senior secured creditors, the person said, SCMP relays. A spokesman for Swissport said the company has been in discussions with lenders and investors since the early phase of the global Covid-19 related market collapse, according to SCMP. "We have been exploring several possible options to raise additional liquidity and to put Swissport on a stable financial foundation for the long term. These discussions are still ongoing and there has been significant and tangible progress," he said. In April, Swissport, the world's largest provider of airport ground services and air cargo handling, said it had 40,000 employees on furlough, or other state-supported programmes such as short-time work, recalls SCMP. The company made 10,000 employees redundant, leaving under 15,000 of its formerly 64,000-strong staff on active duty at the time. Headquartered near Zurich Airport, Swissport services flights at 300 airports in 50 countries. Ratings agency Moody's estimated on June 9 that significantly lower traffic will result in negative free cash flow of around half a billion euros this year. About 80 per cent of Swissport's revenue is linked to the number of flights it services, and the remaining 20 per cent is generated from cargo handling, which is also depressed due to lower economic activity and supply chain disruption. The company had EUR350 million cash as of May, SCMP discloses. SCMP says HNA itself is struggling for survival, having been made a state ward after Chinese authorities took over its management in February. The Hainan-based group has been trying to sell Swissport after its international expansion unravelled spectacularly, the report states. It is unclear if HNA, which bought Swissport for CHF2.73 billion (US$2.73 billion) in 2015 amid a global debt-funded acquisition spree, has responded to the senior secured creditors' offer, SCMP says. A spokesman for HNA declined to comment immediately when approached about the debt restructuring offer, adds SCMP. About HNA Group China-based HNA Group Co. Ltd. offers airlines services. The Company provides domestic and international aviation transportation, air travel, aviation maintenance, and aviation logistics services. HNA Group also operates holding, capital, tourism, logistics, and other business. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 17, 2018, HNA Group defaulted on a CNY300 million (US$44 million) loan raised through Hunan Trust. The company is already under strict supervision by a group of bank creditors, led by China Development Bank, following a liquidity crunch in the final quarter of 2017. The default came despite an estimated $18 billion in asset sales by HNA in 2018 that have done little to address its ability to meet its domestic debts, the FT noted. ZHAOJIN MINING: S&P Affirms 'BB+' ICR on Robust Gold Prices ----------------------------------------------------------- On Aug. 14, 2020, S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on the China-based gold producer Zhaojin Mining Industry Co. Ltd. (Zhaojin Mining). S&P also affirmed the 'BB+' long-term issue rating on Zhaojin Mining's guaranteed senior unsecured notes. S&P said, "In our view, Zhaojin Mining has good earnings prospects in 2020 as it will likely increase its self-produced gold output on robust gold prices. Despite disruptions caused by the coronavirus in the first quarter, we expect the company's self-produced gold output to rebound from the second quarter and grow by 11% this year on strong gold prices. Zhaojin Mining's adjusted EBITDA margin will increase to 40.0%-41.0% in 2020, from 37.2% in 2019, due to contribution from higher-margin mined gold. We assume the price of gold to average US$1,650 per ounce for the rest of 2020 and US$1,400 per ounce in 2021 in our base case. The Gold price is currently at about US$1,900 and hit a record high in early August. If the price stays at the current level, Zhaojin Mining's profitability will be better than our expectations. "We expect Zhaojin Mining's leverage to remain elevated over 2020-2021, before meaningful deleveraging from 2023 as the Haiyu mine comes on line in late 2022. In our view, high debt levels will keep the company's debt-to-EBITDA ratio high at 7.0x to 8.0x over the next one to two years. Haiyu mine's construction is on track and we expect the mine will add mined gold output of about 10 tons on a full-year basis, or about 50% of Zhaojin Mining's output in 2019. We expect this low-cost and high-quality mine to become Zhaojin Mining's largest profit driver from 2023 and will likely reach its full production capacity in 2024, providing the company with strong operating cash flows. "We have not factored in any potential acquisitions but Zhaojin Mining should have enough rating buffer. We believe the company has been looking for acquisitions globally, as part of a strategy of internationalization and long-term production growth. Zhaojin Mining has been cautious in investing abroad in consideration of political and execution risks, and its overseas investments so far are minority shareholdings in its peers. We view Zhaojin Mining's financial policy will stay disciplined and the company will remain selective in identifying targets, and unlikely to pursue large-scale ones. We expect the firm to focus on quality gold mines under construction or mines that will soon start production. In our view, cross-border acquisitions in 2020 could be challenging due to the COVID-19 pandemic, and we have not factored in potential acquisitions in our base case due to the uncertainty. If any debt-funded acquisitions go through, we expect Zhaojin Mining's leverage will rise; however its parent's EBITDA interest coverage ratio will remain above our rating trigger of 2.0x. "We expect to view Zhaojin Mining as a core subsidiary of Zhaojin Group for at least the next two to three years. We believe Zhaojin Mining will receive timely and sufficient support from the group if needed. We anticipate that Zhaojin Group will maintain its majority shareholding in Zhaojin Mining. In our view, Zhaojin Mining will remain integral to the overall development strategy of the group, being the latter's only gold mining subsidiary. Zhaojin Mining contributed to 92% of the group's adjusted EBITDA in 2019, and we expect this to further increase after the Haiyu mine commences operations. We therefore equalize the rating on the company with the credit profile of Zhaojin Group. "We expect fiscal pressures for Zhaoyuan city, where Zhaojin Mining is headquartered, to rise. Zhaoyuan's average total deficit will likely widen in our forecast horizon considering the revenue pressure amid the economic slowdown brought by COVID-19 outbreak. Zhaoyuan is a county-level city under the jurisdiction of Yantai city in Shandong province. In our view, Zhaoyuan's credit profile is supported by a high GDP per capita, high operating margin, and exceptional liquidity; however, weighing on its credit quality are the constraints as a tier 3 local government subject to a volatile and unbalanced institutional framework, high debt burden arising from ongoing borrowing for public services and contingent liabilities from the state-owned enterprise (SOE) sector, and exposures to economic volatility due to its concentration in the gold mining business. "We continue to assess Zhaojin Group to have very high likelihood of receiving extraordinary government support in case of financial distress." S&P's assessment is based on the following company characteristics: Very strong link. The Zhaoyuan government wholly owns Zhaojin Group. S&P said, "We believe that the government will not contemplate privatization for at least the next two to three years. The Zhaoyuan State-owned Assets Supervision and Administration Commission appoints Zhaojin Group's board members and senior management. In our view, the local government has strong influence on the company's strategy and business plans, and it has procedures in place to continuously monitor the company. We believe that a considerable deterioration in the creditworthiness of Zhaojin Group would significantly affect the reputation of the Zhaoyuan government." It may also hurt the ability of other government-related entities that are controlled by the local government to access debt capital markets. Very important role. The gold sector is a pillar industry in Zhaoyuan and one of the most important industries in Shandong province. Zhaojin Group is the largest gold producer in Zhaoyuan, the second largest in Shandong, and the fourth largest in China. It is also designated by the local government to be the consolidator of the gold industry. Zhaojin Group is the largest SOE in Zhaoyuan in terms of assets, revenue, and profitability. S&P believes credit stress or a default by the company would not only have an important impact on the local gold sector, but also a systemic impact on the local economy. S&P said, "The stable outlook reflects our view that Zhaojin Mining and Zhaojin Group can withstand a moderate decline in gold prices over the next 12 months if industry conditions were to deteriorate. We also anticipate that Zhaojin Mining will remain a core subsidiary of Zhaojin Group, and that the parent will have a very high likelihood of receiving extraordinary government support in case of financial distress. "We could lower the rating on Zhaojin Mining if Zhaojin Group's EBITDA interest coverage falls below 2.0x for a sustained period. This may happen if: (1) gold prices are 15%-20% below our expectation; or (2) the company sees significant overruns in its production costs or capital spending, or prolonged delays in commencement of the Haiyu mine. "We could also downgrade Zhaojin Mining if the credit strength of the Zhaoyuan municipal government deteriorates. "We may upgrade Zhaojin Mining if Zhaojin Group's financial metrics improve meaningfully for a sustained period. An indication of such improvement would be Zhaojin Group's debt-to-EBITDA ratio falling below 4.0x. This could happen if the company's cash flow improves on higher gold prices or lower capital spending. We see limited rating upside potential in the next 12 months." ZHONGYUAN ASSET: Moody's Assigns Ba1 CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Investors Service has downgraded the local currency and foreign currency long-term and short-term issuer ratings of Zhongyuan Asset Management Co., Ltd (Zhongyuan AMC) to Ba1/NP from Baa3/P-3. In addition, Moody's has assigned a Ba1 corporate family rating (CFR) to the company and downgraded its Baseline Credit Assessment (BCA) to b2 from b1. At the same time, Moody's has changed the entity-level outlook on Zhongyuan AMC to stable from negative. RATINGS RATIONALE This rating action comes after the China's Communist Party's Commission for Discipline Inspection in Henan province announced on July 29 that Zhongyuan AMC's former chief executive, Yue Shengli, was under investigation for suspected violation of laws [1]. While the details of the investigation have not yet been made public, the alleged misconduct of the former chief executive suggests a material weakness in the company's corporate governance. In addition, the company has also changed the auditor of its 2019 report to Hexin Certified Public Accountants LLP, a local CPA firm, from Ernst & Young, which in Moody's view raises concerns over the quality of the company's financial reporting and internal controls. Moody's regards Zhongyuan AMC's corporate governance weakness as a governance risk under its environmental, social and governance (ESG) framework, given its implications for the company's compliance and reporting. In addition to weak corporate governance, Zhongyuan AMC's b2 BCA reflects its (1) short track record; (2) high leverage; (3) weak profitability and high earnings volatility; and (4) abundant funding sources and liquidity. The company's leverage — measured by consolidated total assets/equity attributable to shareholders (excluding perpetual bond and minority interest) — was high at 31.9x at the end of 2019. It recorded more fair value losses in the first quarter of 2020, which has further eroded its weak capital base. Offsetting Zhongyuan AMC's weak corporate governance and capital position is the company's access to abundant low-cost funding from banks and capital markets, supported by its government ownership and policy role. Its large amounts of credit lines from banks somewhat mitigate the refinancing risk associated with its large debt maturing in 2020. The change in outlook to stable reflects Moody's expectation that the high level of government support will help the company maintain its financial profile at the current level, and limit the negative impact from the former chief executive's misconduct. For example, the Henan provincial government has been increasing its stake in Zhongyuan AMC through capital injections and by acquiring stakes from minority shareholders. The province's Department of Finance injected RMB600 million in equity capital into the company in July 2020. As of the end of July 2020, the province's Department of Finance directly and indirectly owned a 57.0% stake in Zhongyuan AMC's paid-in capital. In addition, the Zhengzhou City Department of Finance indirectly owned another 15.0%. Zhongyuan AMC's Ba1 CFR incorporates a four-notch uplift based on Moody's expectation of a high level of support from and a high level of dependence on the Government of China (A1 stable) in times of need, under Moody's Joint Default Analysis approach for government-related issuers. The assumption of a high level of support from the Chinese government considers Zhongyuan AMC's ownership structure and policy functions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Zhongyuan AMC's ratings if (1) there are signs the government is extending more support as the company assumes a greater strategic importance and policy role; or (2) the company's BCA is upgraded. Moody's could upgrade Zhongyuan AMC's BCA if the company (1) maintains a stable financial profile and operations amid the investigation into its former chief executive; (2) materially strengthens its capital base; (3) lowers its risk appetite, such as by reducing the size of its stock investments; (4) maintains abundant funding and liquidity resources; and (5) controls the credit risks associated with the broader economic slowdown. Moody's could downgrade Zhongyuan AMC's ratings if (1) the company undertakes more commercial-type activities that weaken its strategic importance and policy role; or (2) its BCA is lowered. Moody's could downgrade Zhongyuan AMC's BCA if (1) the company's asset quality or profitability materially deteriorates due to weaknesses in its corporate governance and internal controls; (2) it fails to strengthen its weak capital base and reduce its stock investments; (3) it pursues aggressive asset growth or undertakes major acquisitions that pressure its capital, risk management and liquidity profile; or (4) it funds its long-term assets with a higher proportion of short-term financing and secured borrowings. The methodologies used in these ratings were Finance Companies Methodology published in November 2019. Zhongyuan Asset Management Co., Ltd was established in August 2015 as the first local distressed asset management company in Henan province. Headquartered in the city of Zhengzhou, it primarily engages in distressed asset management, alternative investments, asset management and financial services, and reported assets of RMB76 billion as of December 2019. [*] CHINA: Peer-to-Peer Lending Purge Leaves $115-BB in Losses -------------------------------------------------------------- Bloomberg News reports that China's multi-year clampdown on its peer-to-peer lending industry has whittled the number to just 29 platforms, down from about 6,000 at its peak, according to the nation's top banking regulator. The crackdown, which is likely to be completed at the end of this year, has left investors with more than CNY800 billion (US$115 billion) in unpaid debt from failed platforms, Guo Shuqing, chairman of the China Banking Regulatory Commission, said on China Central Television on Aug. 14, Bloomberg relates. Regulators, together with the police, will try their best to recoup the money, he said. China in 2018 intensified efforts to purge an industry that once had more than $150 billion of loans outstanding and upwards of 50 million investors, but was plagued by fraud and defaults, Bloomberg recalls. Even the biggest players such as Lufax and Dianrong.com aren't being spared after the sector came in for special scrutiny under President Xi Jinping's crackdown on financial risk, Bloomberg says. Marketed as an innovative way to match savers with small borrowers, P2P platforms have had a rocky run globally. In China, the platforms had comprised one of the riskiest and least regulated slices of the shadow banking system, according to Bloomberg. The lack of oversight has allowed for world-beating growth, with outstanding P2P loans ballooning from almost nothing in 2012 to CNY1.22 trillion in December 2017 from almost 6,600 platforms, according to Shanghai-based research firm WDZJ. Bloomberg says the purge has so far been deeper than predicted. Citigroup Inc. analyst in 2018 estimated the nation would be left with about 50 platforms, Bloomberg relates. ========= I N D I A ========= AGRA ICE: CARE Lowers Rating on INR7cr Bank Loans to B ------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Agra Ice Factory and Cold Storage (AIFCS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 17, 2019, placed the rating of AIFCS under the 'issuer non-cooperating' category as AIFCS had failed to provide information for monitoring of the rating. AIFCS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated July 30, 2020, July 29, 2020 and July 28, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of requisite information and no due-diligence conducted due to non-cooperation by Agra Ice Factory and Cold Storage with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the rating continues to remain constrained owing to firm's small scale of operations coupled with low partner's capital base, low PAT margin, leveraged capital structure and elongated operating cycle. The rating is further constrained by dependence on vagaries of nature and seasonality of business and fragmented nature of industry. The rating, however, draws comfort from experienced partners. Detailed description of the key rating drivers Key Rating Weaknesses * Small scale of operations coupled with low partner's capital base: The scale of operations of the firm stood small marked by total operating income and gross cash accruals of INR2.17 crore and INR0.35 crore respectively, during FY17 (refers to the period April 1 to March 31). Furthermore, the partner's capital base also stood small at INR2.97 crore as on March 31, 2017. The small scale limits the firm's financial flexibility in times of stress and deprives it of scale benefits. Furthermore, during FY18 (based on provisional results); the firm has achieved the total operating income of INR2.22 crore. During 5MFY18 (refers to the period April 01 to August 31; based on provisional results) the company has achieved a total operating income of INR2.00 crore. * Low PAT margin and leveraged capital structure: The net profitability of the company stood low and below unity for the past three financial years, i.e. FY15-FY17 mainly on account of high interest and depreciation expense. The capital structure of the firm stood leveraged on past three balance sheet dates ending March 31, '15-'17, due to high dependence on external borrowings to meet working capital requirements. * Elongated operating cycle: The operating cycle of the firm stood elongated at 111 days for FY17 mainly on account of high average inventory holding days of 155 days as the firm procures during harvesting season and builds up processed inventory to cater to demand of its customers throughout the year. The firm receives average credit period of around 1-2 months from its suppliers. * Dependence on vagaries of nature and seasonality of business: Agro-based industry is characterized by its seasonality, as it is dependent on the availability of raw materials, which further varies with different harvesting periods. Potato is mainly a winter season crop and the production highly depends on vagaries of nature. Lower output of potato will have an adverse impact on the rental collections as the cold storage units collects rent on the basis of quantity stored. Fragmented nature of the industry: AIFCS's business risk profile is constrained on account of exposed to competition from other regional players operating in warehousing industry. AIFCS is operating in such an industry which is fragmented in nature and has limited entry and exit barrier. This leads to limited bargaining power with customers and restrict to charge additional rent, which constraints its scale of operations. Key Rating Strengths * Experienced partners: The firms operations are currently being managed by Mr. Pradeep Agarwal, Mr. Sanjeev Agarwal and Mr. Archit Agarwal. Mr. Pradeep Agarwal has accumulated experience of more than two decades in cold storage business through his association with this entity. He looks after the overall operations of the firm. He is ably supported by Mr. Sanjeev Agarwal and Mr. Archit Agarwal, who collectively look after administration and marketing operations of the firm. Agra, Uttar Pradesh based, Agra Ice Factory and Cold Storage, was established in July, 1964 as a partnership concern. The firm is currently being managed by Mr. Pradeep Agarwal, Mr. Sanjeev Agarwal, Mr. Archit Agarwal and Mr. Utkarsh Garg sharing profits and losses in the ratio 30%, 30%, 20% and 20% respectively. The firm is engaged in renting of its cold storage facility for potatoes, green peas, onion and spices to the local farmers and manufacturers in Agra, Uttar Pradesh with multi chambers having storage capacity of 1,18,188 quintals. AIREN METALS: CARE Cuts Rating on INR28.86cr Long Term Loan to C ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Airen Metals Private Limited (AMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 28.86 CARE C; Stable; Issuer not Facilities cooperating, Revised from CARE BB+; Stable on the basis of best available information Short term Bank 274.50 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 31, 2020, classified the ratings of AMPL under the 'Issuer non-cooperating' category as AMPL had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. 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 fair ratings. 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 the ratings is on account of ongoing delay in settlement of sales bill discounting facilities (not rated by CARE). The ratings continue to remain constrained by AMPL's thin profitability due to limited value addition, volatile raw material prices along with its presence in a competitive industry and high working capital intensity of operations. The ratings, however, continue to derive comfort from the vast experience of the promoters and its established track record in the copper extrusion industry, long standing association with its clientele and moderate capital structure and debt coverage indicators. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in debt servicing: As confirmed by the banker, there are ongoing delays in settlement of sales bills discounting facilities (not rated by CARE). Decline in operating margin in FY19 as well as reporting of lower than envisaged cash accruals: Operating margin of AMPL declined during FY19 with PBILDT margin of 3.18% which decreased from 3.45% in FY18 on account of higher cost raw material consumed. Further, the company reported PAT of INR3.90 crore and gross cash accruals of INR8.12 crore which were lower than envisaged levels for FY19. * High working capital intensity of operations: The operations of AMPL remained working capital intensive supported largely by the bank borrowings. The average utilisation of fund based working capital limits of the company stood high around 90% during the last 12 months ended December 2019. The company procures its raw material requirement largely through opening LC. This has resulted into average 96% utilisaiton of non-fund based limits for last 12 months ending December, 2019. * Volatile raw material prices: The main raw materials of AMPL are cathodes, copper rods and aluminium; prices of which generally exhibit high volatility. The prices of these metals are directly linked to London Metal Exchange (LME) prices. However, in order to mitigate the risk of price volatility, AMPL follows the policy of back-to-back raw material procurement for majority of its raw material requirement and it is also linked to the delivery schedule of order. However, the company's profitability was affected in FY19 due to high volatility in the raw material prices while the closure of Tuticorin plant of Vedanta Ltd. affected raw material availability for the company resulting in high volatility in raw material prices. The margins also tend to vary based on the rates at which orders are procured by the company from Central Organisation for Railway Electrification (CORE). * Intense competition in the industry: The copper industry is highly fragmented with the presence of both organized and unorganized players in the downstream segment providing similar products/services. Hence, the bargaining power of AMPL remains low due to competitive nature of the industry. The pricing flexibility also gets affected on account of tender driven nature of business with respect to contracts of Indian Railways. Key rating strengths * Qualified & experienced promoters: AMPL was incorporated by Mr. Sudhir Agarwal & Mr. Suresh Agarwal in 1995. Both promoters have more than 25 years of experience in copper industry. Promoters of AMPL have also incorporated Airen Copper Pvt Ltd (ACPL; rated CARE BB+; Stable Issuer not cooperating and CARE A4+; Issuer not cooperating) in February, 2002 which is in the business of manufacturing insulated and paper covered wires & strips of non-ferrous metals. * Increase in total operating income (TOI) in FY19: Total Operating Income of the company increased by 27.41% to INR516.57 crore in FY19. * Moderate capital structure and debt coverage indicators: AMPL's capital structure continued to remain moderate with overall gearing of 0.42 times as on March 31, 2019 as against 0.59 times as on March 31, 2018. However, total outside liabilities to net-worth stood at 2.18 times as on March 31, 2019 as against 2.25 times as on March 31, 2019. The debt coverage indicators continued to remain moderate with PBILDT interest coverage of 1.98 times in FY19 and total debt to GCA of 3.42 times as on March 31, 2019 though the same were inferior to respective envisaged levels. Incorporated in 1995 by Mr. Sudhir Agarwal at Jaipur, Rajasthan, AMPL commenced commercial operations in 1998. AMPL is engaged in the business of manufacturing paper-insulated strips, over-head contact wires/conductors, bus bars, sheets and tubes from non-ferrous metals, mainly copper and aluminium. AMPL has its manufacturing facility situated at Jaipur and Reengus, Rajasthan with an installed manufacturing capacity of 12,600 Metric Tonne Per Annum (MTPA) as on December 31, 2019. ASHISH VESSEL: CARE Lowers Ratings on INR30cr Loan to 'B-/A4' ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Ashish Vessel Demolition Private Limited (AVDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 30.00 CARE B-/CARE A4; Issuer Not Short-term Cooperating; Revised from Bank Facilities CARE B/CARE A4; ISSUER NOT COOPERATING; on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 1, 2019, placed the rating(s) of AVDPL under the 'issuer non-cooperating' category as AVDPL had failed to provide information for monitoring of the rating. AVDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated July 11, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The revision in rating factors in the non-cooperation by AVDPL and CARE's efforts to undertake a review of the ratings outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Detailed description of the key rating drivers At the time of last rating on August 1, 2019 the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies): Key rating Weakness * Low operating income and fluctuating operating margins: The total operating income remained low as the company did not purchase any vessel during last three financial years. Further small scale limits the company's financial flexibility in times of stress and deprives it from scale benefits. However operating margin improving and remain in the range of 17.70% – 39.50% during the last three years ended FY19, owing to reduction in operating expenses. Further net profit margin remains fluctuating in the range of 5.98% – 16.79% during the last three years ended FY19, owing to reduction in depreciation and interest cost. * Low networth base and weak debt coverage indicators: AVDPL's has low networth base as INR2.12 crore as on March 31, 2019, which restricting the financial flexibility to the company. Further owing to low cash accruals the debt coverage indicator remained weak marked by TDGCA stood at 11.13x times as on March 31, 2019. * Inherent industry risk characterized by high volatility in steel prices: The prices in the steel market are highly volatile and are driven by demand and supply conditions in the global as well as local markets with limited pricing power. This exposes the company to the risk of sharp price movements on the uncut ship as well as unsold inventory of steel scrap held by it, directly impacting its profitability. * High regulatory and environmental hazards risks and intense competition: The ship-breaking industry is highly regulated by the state government, which controls the availability and pricing of plots as well as required working and safety standards to be maintained by the ship-breakers for their labourers. The industry is also prone to risks related to pollution as it involves dismantling of ships which contain various hazardous substances. Further the ship-breaking industry is highly fragmented with limited scope for economies of scale and mechanization of operations due to government regulations for allotment and continued availability of ship-breaking plots. * Foreign exchange fluctuation risk: AVDPL purchases ship in USD denomination & furthermore it does not have any formal hedging policy resulting in susceptibility of the profitability margins any adverse movement in forex. Key Rating Strengths: Experienced promoter: The directors of ADVPL are reasonably experienced with Mr. Harikrishna Agarwal and Mr. Ashish Agarwal having more than a decade of experience in the ship breaking industry. Over the period, they have established good relations with intermediaries and the market players prevailing in ship breaking industry. * Presence in one of the largest ship-breaking regions: The ship breaking yard at Alang is considered to be one of the world's largest ship-breaking yards in India that cater to nearly 90% of India's ship-breaking activity. The unique geographical features of the area including a high tidal range, wide continental shelf, 15 degree slope, and a mud free coast, are ideal for any size ships to be beached easily during high tide. It accommodates nearly 145 plots spread over around 10 km long stretch along the sea coast of Alang, which has a typical location advantage suitable to the ship breaking business. Liquidity position - Stretched: Liquidity is marked by tightly matched accruals to repayment obligations, highly utilized bank limits and modest cash balance. Further the current ratio and quick ratio stood above unity level during FY19. Incorporated in 2003, Ashish Vessel Demolition Private Limited (AVDPL) is engaged in ship breaking activity in the Alang– Sosiya belt of Bhavnagar region in Gujarat. The company is promoted by Mr. Harikrishan Agarwal and Mrs. Padma Agarwal having experience of more than a decade in ship breaking business. The company engaged in the business of ship breaking activity through allotted plots at Alang Shipyard by Gujarat Maritime Board (GMB). The company purchased ship directly from owner or through sales agents for recycling them. Items like electrical equipment, machine parts etc. are sold directly to end users, while scrap is sold in the market to scrap traders and manufacturing units, who use the scrap to produce steel. ATMARAM AUTO: CARE Cuts Rating on INR7cr Bank Loans to B -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Atmaram Auto Enterprises, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Atmaram Auto Enterprises to monitor the rating vide e-mail communications/letters dated July 28, 2020, July 22, 2020, June 29, 2020, May 20, 2020, etc. and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, banker could not be contacted. The rating on Atmaram Auto Enterprises's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating). The rating has been revised on account of non-availability of requisite information and no due-diligence conducted due to non-cooperation by Atmaram Auto Enterprises with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the rating takes into account the constraints relating to firm's modest scale of operations, low profitability margins, leveraged capital structure and weak debt coverage indicators. Further, the rating is also constrained by risk associated with fortunes of the firm linked with growth plans of the manufacturer and its presence in competitive nature of the auto industry. The rating, however, continues to take comfort from experienced partners coupled with long track record of operations, moderate operating cycle & liquidity position. Detailed description of the key rating drivers Key Rating Weaknesses * Modest scale of operations: AAE's scale of operations remained modest as evident from total operating income and gross cash accruals of INR182.20 crore and INR1.59 crore respectively, during FY18 (refers to the period April 1 to March 31). Moreover, AAE's scale of operations remained fluctuating for the period FY16-FY18 (refers to the period April 1 to March 31). TOI registered decline in FY17 as against FY16 and thereafter registered increase in FY18 on account of higher quantity sold. Further, the net worth base also stood small at INR6.36 crore as on March 31, 2018. The small scale of operations limits the firm's financial flexibility in times of stress and deprives it of scale benefits. Furthermore, during FY19 (refers to the period April 1 to March 31; based on provisional results); the firm has achieved the total operating income of ~INR169.06 crore. * Low profitability margins, leveraged capital structure and weak debt coverage indicators: An automobile dealer's revenue are primarily driven by volumes, while the profits are driven by the sale of spares and service income, as the latter fetches higher profit margins. The firm has limited negotiating power with its principal and has no control over the selling price of the vehicles as the same is fixed by the principal. Thus, the profitability margins of the firm stood low marked by PBILDT and PAT margin of 2.22% and 0.64% respectively in FY18. The capital structure of the firm stood leveraged on past three balance sheet dates ending March 31, '16-'18 on account of low net worth base coupled with high debt levels owing to high dependence on the external debt to meet inventory financing requirements. Overall gearing ratio stood at 5.15x as on March 31, 2018 showing deterioration from 3.70x as on March 31, 2017 mainly on account of higher utilization of working capital borrowings as on balance sheet date and increase in unsecured loans and withdrawal of capital amounting to INR1.92 crore in FY18. Further, owing to high debt levels, debt service coverage indicators as marked by interest coverage and total debt to GCA stood weak at 1.68x and 20.55x respectively during FY18. * Fortunes of the firm linked with growth plans of the manufacturer: The firm procures its product directly from its principal; Hero Motocorp Limited and Mahindra & Mahindra Limited. Thus, the fortunes of the firm are directly linked to its supplier which exposes the firm's revenue growth and profitability to its supplier's future growth prospects. Any impact on business and financial profile of the manufacturer will also have an impact on the growth prospects of the firm. Presence in competitive nature of the auto industry: AAE is exposed to competition from the products of other OEM's and dealers operating in the same region. Accordingly, AAE has to resort to offering better buying terms like allowing discounts to capture the market share which, in turn, creates margin pressure and negatively impact the earning capacity of the firm. Furthermore, the auto industry is inherently vulnerable to the economic cycles and is sensitive to the interest rates and fuel prices. The firm thus faces significant risks associated with such cyclical nature of the auto industry. Key Rating Strengths * Experienced partners coupled with long track record of operations: AAE's business operations are currently being managed by Mr. Ramesh Agarwal, who is graduate and has accumulated experience of more than three decades in automobile industry through his association with this entity. He is ably supported by other partners; Mr. Anu Ratan Agarwal, Mr. Sanjay Agarwal and Mr. Sunil Agarwal having accumulated experience varied up to three decades in automobile industry through their association with this entity. Being in the industry for such a long period helps the management to gain adequate acumen about the business which will aid in smooth operations of the firm. * Moderate operating cycle & liquidity position: AAE has moderate operating cycle as marked by 46 days for FY18. The company has to maintain models of different vehicles and spares with each having various variants in the showroom in order to ensure ample availability and visibility, resulting in an average inventory holding period of 37 days in FY18. The company sells to customers on "Cash and Carry" basis. Further, around 70% of the vehicles are bought on vehicle financing basis through banks and NBFCs resulting in an average collection period of around 15 days for FY18. The company procures vehicles from Hero Motocorp Limited and Mahindra & Mahindra Limited (M&M) by making full advance payment and for spare parts it gets a credit period of around a week. The liquidity indicators of the firm stood moderate as marked by current and quick ratio of 1.64x and 0.94x respectively as on March 31, 2018. The cash and bank balances stood at INR0.86 crore as on March 31, 2018. Atmaram Auto Enterprises (AAE) is a partnership firm established in April, 1985. The firm is currently managed by Mr. Ramesh Agarwal. AAE is an authorized dealer of "Hero Motocorp Limited" and "Mahindra & Mahindra Limited" vehicles. The firm operates through its 3S (Sales, spare & services) facility and is engaged in the sale of two wheelers, passenger vehicles, light commercial vehicles and its spare parts. The firm operates through its four showrooms and three workshops; five are located at Agra (Uttar Pradesh) and two in Mathura (Uttar Pradesh). The firm has also got distributorship of "Reliance Jio Infocomm Limited" for the sale of mobile phones, SIM cards and recharge services in Agra region which contributes ~5% to the total revenue in FY18. DHANA-SHREE: CARE Keeps D on INR1.32cr Loans in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dhana-Shree Developers (DSD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 1.32 CARE D; ISSUER NOT COOPERATING; Facilities on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 22, 2019, placed the rating(s) of DSD under the 'issuer non-cooperating' category as DSD had failed to provide information for monitoring of the rating. DSD continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated July 11, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account the delays in the debt servicing. Detailed description of the key rating drivers At the time of last rating on July 22, 2019, the following were the rating strengths and weaknesses: Key rating Weakness * Delay in debt servicing: There were on-going delays in repayment of the debt obligation on account of stressed liquidity position. Key Rating Strengths: * Experienced partners: The partners of the firm Mr. Dnyaneshwar Dabhole, Mr. Vijay Mehta and Mr. Sameer Shah have more than two decades of experience in the construction and real estate industry. The partners have also executed residential projects through various group entities in Mumbai. Dhana Shree Developers (DSD) was established in 2000 by Mr. Dnyaneshwar Dabhole, Mr. Vijay Mehta, Mr. Sameer Shah and Mr. Balwantrai Mehta. The firm has been primarily involved in development of residential and commercial projects in Mumbai. DYNAMIC (CG): CARE Keeps D on INR49cr Loans in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dynamic (CG) Equipments Private Limited (DCEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 49.00 CARE D; ISSUER NOT COOPERATING; Facilities on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 3, 2019, placed the rating(s) of DCEPL under the 'Issuer Not-Cooperating' category as DCEPL 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. DCEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/email dated July 21, 2020; July 24, 2020 and July 27, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers At the time of last rating on June 3, 2019; the following were the rating weaknesses: Key Rating Weaknesses * Ongoing delays in debt servicing: There are over-drawals in cash credit account beyond 30 days due to delays in receipt of receivables from its clients, which has resulted in tight liquidity position of the company. * Deterioration in financial performance in FY16: The total operating income of the company decreased by 27.3% in FY16 from FY15 and stood at INR158.81 crore in FY16 vis-àvis INR218.65 crore in FY15. The PBILDT margin of the company deteriorated from 3.66% in FY15 to 2.99% in FY16. The company incurred net loss of INR2.5 crore in FY16 vis-à-vis PAT of INR1 crore in FY15. ELLJAY TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Elljay Textiles Private Limited (ETPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.85 CARE B; Stable; Issuer Not Facilities Cooperating; Based on best Available information Short term Bank 3.50 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 30, 2019 placed the rating(s) of ETPL under the 'Issuer non-cooperating' category as ETPL had failed to provide information for monitoring of the rating. ETPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated July 23, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account the non-availability of requisite information due to non- cooperation by ETPL with CARE's efforts to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Detailed description of the key rating drivers At the time of last rating on May 30, 2019 the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies). Key Rating Weaknesses * Small scale of Operation: The scale of operation of the company stood small marked by total operating income of INR29.90 crore in FY19 along with tangible networth base of INR3.96 crore as on March 31, 2019. Leveraged capital structure and weak debt protection metrics The overall gearing ratio of the company stood leveraged however marginally improved from 4.86x as on March 31, 2018 to 3.26x as on March 31, 2019.The debt coverage indicators marked by total debt to gross cash accruals (TD/GCA) stood modest and improved from 15.47x in FY18 to 8.20x in FY19. Further the Interest coverage ratio improved and stood at 2.57x in FY19 viz-a-viz 1.95x in FY18. * Working capital intensive nature of operation: The operating cycle days of the company stood elongated and marginally improved from 169 days in FY18 to 152 days in FY19. Key rating strengths * Experienced promoters and established track record of operations of more than 15 years: Mr. J. Thulsidharan, Managing Director, has an experience of around three decades in the textile industry. ETPL is in existence since 1995 and has an established set-up of dealer/distributors and supplier base. * Stable TOI and profitability margin in FY19: The TOI of the company stood stable at INR29.90 crore in FY19 when compared to INR30.38 crore in FY18. The PBILDT margin of the company also stood flat at 6.52% in FY19 as against 6.68% in FY18.However, the PAT in absolute term increased from INR0.08 crore in FY18 to INR0.60 crore in FY19 and therefore led to increase in PAT margin by 177 bps from 0.25% in FY18 to 2.02% in FY19. Tamil Nadu based, Elljay Textiles Private Limited (ETPL) was incorporated in 1995 by Mr. Jaganath and his son, Mr. J. Thulsidharan, with the objective of manufacturing cotton yarn. ETPL's manufacturing facilities are located in Sivagangai district of Tamil Nadu. GURU RAM: CARE Lowers Rating on INR6cr Bank Loans to B ------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Guru Ram Dass Ji Stone Crusher (GRDJSC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.00 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 13, 2019 placed the rating of GRDJSC under the 'issuer non-cooperating' category as GRDJSC had failed to provide information for monitoring of the rating. GRDJSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2020, July 30, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further banker could not be contacted. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings has been revised by taking into account non-availability of requisite information and no due-diligence conducted due to non-cooperation by Guru Ram Dass Ji Stone Crusher with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the ratings continue to remain constrained small scale of operation and weak coverage indicators, Elongated inventory holding period, regulatory risk pertaining to environmental issues, highly competitive nature of industry and Constitution of the entity being a partnership firm. The ratings, however, continue to take comfort from experienced directors in stone crushing industry, Moderate profitability margins, Location Advantage and Comfortable capital structure. Detailed description of the key rating drivers At the time of last rating on June 13, 2019, the following were the rating weaknesses and strengths: Key Rating Weaknesses * Small scale of operation and weak coverage indicators: The scale of operations of firm stood small marked by a total operating income and gross cash accruals of INR21.22 crore and INR0.63 crore respectively in FY18 (refers to period from April 01 to March 31) despite being operational for nearly a decade. Also, the partners' capital base was relatively small at INR6.25 Crore. The small scale limits the firm's financial flexibility in times of stress and deprives it of scale benefits. Further, debt service coverage indicators of the firm also stood weak as marked by the interest coverage and total debt to GCA stood weak at 1.59x and 9.61x respectively for FY18. * Elongated inventory holding period: The firm is engaged in the business of crushing and processing of river bed material (RBD), boulders which is seasonal in nature as the extraction of material is not allowed during monsoon. Hence, the firm maintains high level of inventory to cater to the needs of its customers during off-season. The inventory holding period stood at 98 days in FY18. Further, the firm receives credit period of around 10-15 days and extends collection period of around a month to its customers. The working capital requirements are met by the cash credit facility, the average utilization of which was around 50% for last 12 months period ended December 31, 2018. * Regulatory Risk Pertaining to environmental issues: The firm is engaged in crushing and processing of RBD, boulders which are procured from local suppliers. The raw material is extracted from river bed and banks. Such activities involve environmental concerns resulting in regulatory issues. Any delays faced by the suppliers in getting approvals from the concerned government authority will lead to delay in raw material procurement by firm hence, affecting revenue generation of the firm. * Highly competitive nature of industry: GRSC operates in a highly-fragmented industry wherein there is presence of a large number of players in the unorganized sectors. There are number of small and regional players catering to the same market which has limited the bargaining power of the firm and has exerted pressure on its margins. * Constitution of the entity being a partnership firm: The firm's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partner's 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 for the lenders. Key rating strengths * Experienced directors in stone crushing industry: Mr. Jagjeet Singh and Mr. Harpreet Singh collectively looks after the overall operations of the firm. They both have experience of around a decade in stone crushing industry through their association with GRSC. * Moderate profitability margins: The PBILDT margin stood moderate at 7.99% in FY18 as against 8.05% in FY17. The PBILDT margin declined on account of increase in employee cost and other expenses. The PAT margin of the firm continue to remain below unity from last three financial years (FY16-FY18) owing to high interest and depreciation cost and stood at 0.33% in FY18. * Location Advantage: The firm has its manufacturing facility located in State Industrial Development Corporation of Uttarakhand (SIDCUL) which is in proximity to the river bed and also close to their main customers. This ensures uninterrupted supply of raw material, along with savings in freight cost and reduction in lead time. * Comfortable capital structure: The capital structure of the firm stood moderate as on last three balance sheet dates ended on March 31, 18 as reflected by the overall gearing ratio of 0.97x as on March 31, 2018. Uttar Pradesh based Guru Ramdass Ji Stone Crasher (GRSC) was established on February 08, 2011 as a partnership firm and is currently being managed by Mr. Jagjeet Singh and Mr. Harpreet Singh. The firm was established with the objective of stone crushing, washing, grading & natural screening of stones. The firm procure the raw material i.e. river boulders from private contractor (truckers) who procure the material through payment of royalty to Uttarakhand Forest Department and Kumaun Mandal Vikas Nigam for Kosi river, Haldwani. The finished product i.e. stone grit, sand, stone dust etc. of various sizes which are being used in roads, bridges and other cement based products like RCC pipes, PSC poles, etc. and sells it to small and large players in construction industry and civil contractors. HIMALAYA CONSTRUCTION: CARE Hikes Ratings on INR24cr Loans to B --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Himalaya Construction Company Private Limited (HCCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.00 CARE B; Stable Revised from Facilities CARE C; Stable Long term/Short- 20.00 CARE B; Stable/CARE A4 Revised Term Bank from CARE C; Stable/CARE A4 Facilities Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of HCCPL have been revised taking into account of improvement in liquidity Position moderate capital structure and moderate debt coverage indicators. The ratings, also derives comfort from experienced management with long track record of operations. The rating, however, continues to remain constrained by small scale of operations, concentrated and low order book position, low profitability margins, elongated operating cycle. The ratings, further, continue to remain constrained by, highly competitive nature of Industry and business risk associated with tender based orders. Rating Sensitivities Positive Factors * Improvement in scale of operation marked by total operating income above INR60 crores on sustainable basis. Negative Factors * Deterioration in the capital structure marked with overall gearing above 1.50x on sustainable basis. Detailed description of the key rating drivers Key Rating strength * Experienced promoters with long track record of operations: HCCPL's operations are currently being managed by Mr. Ranbir Singh Chahal, Mr. Manjit Singh, Mr. Harisharan Singh and Mr. Gurtej Singh Chahal. Mr. Ranbir Singh Chahal and Mr. Manjit Singh have accumulated experience of nearly four decades in construction industry through their association with this entity. They are ably supported by other directors i.e., Mr. Harisharan Singh and Mr. Gurtej Singh Chahal having considerable experience of varied up to two decades in construction industry through their association with this entity. Furthermore, HCCPL is also supported by a team of qualified engineers, supervisory staff and technicians to work on various sites. * Moderate capital structure: The capital structure of the company stood moderate as marked by overall gearing ratio which stood at 0.67x as on March 31, 2020 (Prov) as compare to 1.99x as on March 31, 2019. The improvement in capital structure is on account of reducing debt levels due to scheduled repayment of term loans as on balance sheet date coupled with accretion of profits to reserves resultant to satisfactory net worth base. * Moderate debt coverage indicators: The coverage indicators as marked by interest coverage and Total debt to GCA improved and stood at 3.15 x and 3.23x respectively for FY20 (Prov.) as against 3.09x and 2.70x respectively for FY19 on account of decrease in external borrowings. * Adequate Liquidity position: Adequate Liquidity characterized by sufficient cash accruals against repayment obligations. The company has generated Gross Cash accruals of INR2.10 crores in FY20 (Prov). against repayment obligations of INR0.33 crores in FY20 (Prov). The current ratio and quick ratio stood at 2.92x and 1.77x respectively in FY20 (Prov). The company has unencumbered cash and bank balance of INR0.91 crores in FY20 (Prov). The working capital utilization stood 100 % for the past 12 months. The company has availed the moratorium facility and facility of deferment of interest from March 2020 to August 2020. Key rating weakness * Small and growing scale of operations: HCCPL is a small regional player mainly involved in executing civil construction contracts. The ability of the company to scale up to larger-sized contracts having better operating margins is constrained by its low cash accruals. The total operating income and gross cash accrual in FY20 (Prov) has improved and stood at INR35.00 crores and INR2.10 crores respectively as compare to INR19.27 crores and INR2.59 crores in FY19 on account of higher execution of contracts. The net worth of the company also stood moderate at INR10.18 crores in FY20 (Prov.). Moreover, as per the management, the company has achieved sales of about INR4.88 crore till July , 2020. However, the scale of operations continues to remain moderate. * Concentrated and low order book position: The company has a total unexecuted order book of ~INR44.15 crore as on July 25, 2020 pertain to from M/S Tidong Power Generation Pvt. Ltd., in New Delhi. The tenor of the orders, undertaken by the company, varies up to 36 months depending of the size of the project. The order book of the company is concentrated towards orders from M/S Tidong Power Generation Pvt. Ltd, New Delhi. Hence, effective and timely execution of the orders can have a direct bearing on the margins. Moreover, ability of the company to bag the new orders along with timely execution of the same thereby, increase its scale of operations remained critical. * Low Profitability Margins: The company majorly undertakes government projects, which are awarded through the tender based system. Therefore, the margins largely depend on nature of contract executed. The PBILDT and PAT margins of the company have remained moderate at 10.80% and 3.20% respectively for FY20 (Prov.) as against 24.34% and 8.37% respectively for FY19 (A). The PBILDT margin has deteriorated in FY20 (based on provisional results) over FY19 due to execution of tender with lower margins. However, the PAT margin also decline in line of PBILDT Margins. * Elongated operating cycle: The operating cycle of the company stood elongated at 110 days for FY20 (Prov) against 284 days for FY19. The elongation is mainly on account of high inventory period of 195 days in FY20 (vis-à-vis 53 days in FY19). The inventory days elongated due to higher inventory at project site for execution of projects. HCCPL receives a credit of around 4-5 months from its suppliers, due to its long standing presence in the industry resulting into healthy association with its suppliers. HCCPL gets the payment from its customers within 2-3 months resulting into average collection period of 83 days for FY20 (Prov). The average utilization of working capital limits remained almost 100% utilized. * Highly competitive nature of industry: HCCPL faces direct competition from various organized and unorganized players in the market. There are number of small and regional players catering to the same market which has limited the bargaining power of the company and has exerted pressure on its margins. Further, the award of contracts are tender driven and lowest bidder gets the work. Hence, going forward, due to increasing level of competition and aggressive bidding, the profits margins are likely to be under pressure in the medium term. * Business risk associated with tender-based orders: The company majorly undertakes government/public sector undertakings projects, which are awarded through the tender-based system. The company is exposed to the risk associated with the tender-based business, which is characterized by intense competition. The growth of the business depends on its ability to successfully bid for the tenders and emerge as the lowest bidder. Further, any changes in the government policy or government spending on projects are likely to affect the revenues of the company. Delhi based Himalaya Construction Company Private Limited (HCCPL) was incorporated in December, 1979. The company is currently being managed by Mr. Ranbir Singh Chahal, Mr. Manjit Singh, Mr. Harisharan Singh and Mr. Gurtej Singh Chahal. The company is engaged in civil construction works such as construction of tunnels, underground power house, surge shaft, dams, etc. for hydroelectric projects. The company mainly caters to government/ public sector undertakings. In order to get the business, company has to participate in tenders floated by government companies. The major raw materials required for execution of awarded task are brick ballast, sand, cement, RCC, steel bars, etc, which are procured from various dealers located in the domestic market. Also, the company works as a sub-contractor for various companies wherein supplies for the project is mainly provided by the main contractor. JYOTI ENTERPRISES: CARE Lowers Rating on INR4.50cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Jyoti Enterprises (JE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-LT- 4.50 CARE B-; Stable; Issuer not Cash Credit cooperating; Revised from CARE B+; Stable; ISSUER NOT COOPERATING; on the basis of best available information Non-fund-based- 3.00 CARE A4; Issuer not ST Bank cooperating; Based on best Guarantee available information Non-fund-based- 0.50 CARE A4; Issuer not ST Proposed non cooperating; Based on best Fund based available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 14, 2019, placed the rating(s) of JE under the 'issuer noncooperating' category as ABC had failed to provide information for monitoring of the rating. JE continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3, 2020, June 29, 2020, June 19, 2020, June16, 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. Further, banker could not be contacted. The rating on the firm's bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING/ CARE 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 take into account non-availability of requisite information and no due-diligence conducted due to non-cooperation by the firm with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating assigned to the bank facilities of Jyoti Enterprises (JE) is primarily constrained by its small scale of operations, concentrated order book position, elongated operating cycle and presence in a highly competitive industry coupled with business risk associated with tender-based orders. The rating, however, draws comfort from long-standing experience of the proprietor coupled with long track record of operations. Detailed description of the key rating drivers At the time of last rating on June 14, 2019, following were the rating strengths and weaknesses: Key Rating Weaknesses * Small scale of operations: JE's scale of operations remained small as marked by total operating income and gross cash accruals of INR14.17 crore and INR0.62 crore respectively for FY17. Furthermore, the firm's net worth base also stood relatively small at INR1.44 crore as on March 31, 2017. The small scale limits the company's financial flexibility in times of stress and deprives it of scale benefits. * Concentrated order book position: The unexecuted order book of the firm stood at INR20.98 crore as on June 30, 2018 which is equivalent to ~1.48x the total operating income achieved in FY17, thereby giving near term revenue visibility. However, the unexecuted order book is concentrated towards contracts from Central Public Works Department, West Bengal, Central Public Works Department, Uttarakhand and The West Bengal Small Industries Development Corporation Limited, West Bengal. Hence, effective and timely execution of the orders has a direct bearing on the margins. * Elongated operating cycle: The firm raises bills on monthly basis on the completion of certain percentage of work and thereon which gets acknowledge by customer after necessary inspection of work done. Post the inspection, department clears the payment after deducting certain percentage of bill raised (2.5% of bill amount) in the form of retention money, which they refund after completion of order/contract. Furthermore, there are normally procedural delays involved in relation to clearance of bills. Entailing the same, results into average collection period of 105 days for FY17. The firm maintains minimum inventory in the form of raw materials at different sites for smooth execution of contracts which leads to inventory days of 54 in FY17. Further, the firm receives credit period of around a month from its suppliers. * Highly competitive industry coupled with business risk associated with tender-based orders: JE faces direct competition from various organized and unorganized players in the market. There are number of small and regional players and catering to the same market which has limited the bargaining power of the firm and has exerted pressure on its margins. The firm majorly undertakes government projects (Central Public Works Department (CPWD)), which are awarded through the tender-based system. The growth of the business depends on its ability to successfully bid for the tenders and emerge as the lowest bidder. Further, any changes in the government policy or government spending on projects are likely to affect the revenues of the firm. Key Rating Strengths * Experienced proprietor coupled with long track record of operations: Mr. Sanjay Agarwal has an accumulated experience of nearly two decades in construction business through his association with this entity and look after the overall operations of the firm. The proprietor is having a considerable track record in this business which has resulted in long term relationships with both suppliers and clients. Delhi based Jyoti Enterprises (JE) was established in the year 2000 as a proprietorship firm. The firm is currently managed by Mr. Sanjay Agarwal. The firm is "Class-I" contractor and is engaged in the construction of buildings, designing, supply, installation, testing, commissioning and maintenance of fire protection systems, internal water supply, drainage, roads & pavement, internal electrification & related development works, etc. for buildings. KRANTIAGRANI DR: CARE Cuts Rating on INR13.99cr Loans to B ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Krantiagrani Dr. G.D. Bapu Lad Sahakari Sakhar Karkhana Limited (KBSSKL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 13.99 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed description of the key rating drivers CARE had, vide its press release dated June 17, 2019, placed the rating of KBSSKL under the 'issuer non-cooperating' category as KBSSKL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBSSKL continues to be non-cooperative despite repeated requests for submission of information through email dated July 24, 2020, June 28, 2020 and June 29, 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 rating. The revision in the rating assigned to the bank facilities of KBSSKL takes into account non-availability of information due to non-cooperation by KBSSKL with CARE's efforts to undertake a review of the rating outstanding. Further, due diligence with bank who has extended the facility could not be undertaken. 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 June 17, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses * Cyclicality and agro-climatic risk associated with the sugar industry: Sugarcane is the key raw material used for the manufacture of sugar and sugar-related products. The availability and yield of sugarcane depends on factors like rainfall, temperature and soil conditions, demand-supply dynamics, government policies etc. The production of sugarcane and hence sugar is cyclical in nature, wherein production of sugarcane is on an uptrend for two years and then declines over the next two years, before trending up again. * Financial risk profile marked with Growth in TOI albeit having thin profitability margins, high overall gearing and weak debt coverage indicators: KBSSKL registered a y-o-y growth of 18.36% in total operating income in FY16 to INR316.76 crore (about 78% of the total revenue contributed by sugar segment) as against INR267.64 crore in FY15. During FY16, the remaining sales contribution comprised revenue from co-generation unit (15%), and distillery unit and by product sales (Press mud, sludge etc.) during FY16. KBSSKL being a co-operative society has relatively lower profit margin compared to other Private Sugar factory, as it distributes the surplus profit by way of incremental sugar cane payment. The PBILDT margin of the company remained in a range of 8% to 10% over the period of past 3 years i.e FY14 –FY16 and the PAT margins was improved but stood very low at 0.11% during FY16 as against 0.05% in FY15. The debt profile of the company includes long term rupee term loans for sugar factory and co-generation unit and working capital borrowings. The total debt to equity and overall gearing of KBSSKL deteriorated and stood at 1.59x and 3.03x respectively as on March 31, 2016 as against 1.42x and 2.77x as on March 31, 2016, mainly on account of additional excise duty loan and increased working capital utilization due to higher quantum of unsold sugar inventory. Key Rating Strengths * Experienced Management: Krantiagrani Dr. G.D. Bapu Lad Sahakari Sakhar Karkhana Limited (KBSSKL) is a co-operative society promoted by Late. Mr. Krantiagrani Dr G.D. Lad (Founder Promoter) to undertake the manufacturing of sugar and related production. Mr. G.D. Lad was a social activist and ex. Member of Legislative Assembly (MLA) from Tasgaon constituency. Presently the society is spearheaded by Mr. Arun Lad (Chairman) (son of Mr. G.D. Lad), who has an experience of over 3 decades in the sugar industry. Prior to KBSSKL, Mr, Lad was associated with Rajaram Bapu Sahakari Sakhar Karkhana Ltd as director. * Partially integrated scale of operations resulting in de-risking of core sugar business: KBSSKL, with an installed capacity of 5000 TCD and 19.70 MW (as on March 31, 2016) is relatively an average size player in the sugar industry. The partially integrated nature of facility of KBSSKL enables diversification of revenue stream and betters KBSSKL's ability to absorb the fluctuations in the prices of raw material (sugarcane), finished goods and cyclicality, inherent to the sugar industry. * Location advantage with adequate cane availability led by cordial relations with local populace: The partially integrated sugar plant of KBSSKL is located in the sugarcane cultivation area in village Kundal, Taluka Palus, Sangli, Maharashtra. The total agricultural land under command area is about 65,000 hectare of which sugar cultivation land covers area of about 25,000 hectares, translating into availability of nearly 20.0 lakh MT of sugarcane (with an average yield of 80 MT/hectare). The major sugar factories in the vicinity include, Rajarambapu Sahakari SSK Limited (11,400 TCD), Sonhira SSK Limited (2500 TCD) and Udgiri Sugars Limited (2,500 TCD). KBSSKL was incorporated in the year 1997 by Late. Mr. Krantiagrani Dr. G.D. Lad (Founder Promoter) to undertake the manufacturing of sugar and related products. The first crushing season of factory was conducted in the year 2003 with an installed capacity of 2,500 tonnes of cane crushed per day (TCD). The crushing capacity was subsequently enhanced in stages, with the capacity as on March 31, 2016 at 5,000 TCD. KBSSKL also commissioned a bagasse fired co-generation unit with an installed capacity of 19.70 mega-watts (MW). Presently the society is spearheaded by Mr. Arun Lad (Chairman), son of Mr. G.D. Bapu Lad and Mr. Vijay S. Patil (Managing Director). LAVASSA CORP: CARE Reaffirms D Rating on INR396.33cr LT Loan ------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Lavasa Corporation Limited (LCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 396.33 CARE D; Issuer not cooperating; Facilities– Rating Reaffirmed; Based on Term Loan best available information Long term Bank 547.81 CARE D; Issuer not cooperating; Facilities– Rating Reaffirmed; Based on Term Loan best available information Long-term 96.39 CARE D; Issuer not cooperating; instruments– Rating Reaffirmed; Based on NCD I best available information Long-term 250.00 CARE D; Issuer not cooperating; instruments– Rating Reaffirmed; Based on NCD IV best available information Long-term 114.45 CARE D; Issuer not cooperating; instruments– Rating Reaffirmed; Based on NCD V best available information CCPS 525.00 CARE D; Issuer not cooperating; Rating Reaffirmed; Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from LCL to monitor the rating(s) vide e-mail communications/letters dated July 17, 2020. 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. Lavasa Corporation Limited has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE's rating on Lavasa Corporation Ltd.'s bank facilities/instruments will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account the delays in debt servicing owing to stressed liquidity position. LCL has been admitted in NCLT on August 30, 2018. Detailed description of the key rating drivers At the time of last rating on December 31, 2016, the following was the rating weakness (updated for the information available from the annual report published on the HCC website.): Key Rating Weaknesses * Delays in Debt Servicing: There are on-going delays in debt servicing to the lenders owing to stressed liquidity position. * Admission to NCLT: LCL was admitted to NCLT under IBC on August 30, 2018. RP has been appointed for the same. Post issuance of public announcement dated March 16, 2020 for inviting resolution plans from the prospective resolution applicants ("PRAs") for consolidated CIRP of LCL, few prospective resolution applicants have shown their interest in submitting resolution plans for the consolidated CIRP. The date for submission of resolution plans now has been extended to August 25, 2020. The RP is supporting the prospective resolution applicants by providing all the necessary information/documents/data required by them up to the extent available with the RP for plan submission. M K M S BUILDERS: CARE Keeps B+ on INR6cr Loans in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of M K M S Builders continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.00 CARE B+; Stable; Issuer Not Facilities Cooperating; Based on best Available information Detailed Rationale & Key Rating Drivers CARE has been seeking no default statement from M K M S Builders to monitor the ratings vide e-mail communications dated July 28, 2020 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided no default statement 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 ratings on M K M S Builders bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. MAA TARA RICE: CARE Lowers Rating on INR11.25cr LT Loans to B+ -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Maa Tara Rice Mills (MTRM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 11.25 CARE B+; Stable; Issuer not Facilities cooperating, Revised from CARE BB-; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Maa Tara Rice Mills (MTRM) to monitor the rating(s) vide e-mail communications/letters dated May 5, 2020, June 19, 2020, July 13, 2020 and July 17, 2020 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on MTRM's bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of lack of substantial information and inability to monitor the performance of the firm which is critical for assessing the credit profile of the firm. Further, due diligence with the lender could not be conducted due to non-cooperation by the firm. Detailed description of the key rating drivers At the time of last rating in May 16, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses: * Relatively small scale of operation with low profitability margins: MTRM is a relatively small player in rice milling industry with total operating income and PAT of INR61.46 crore and INR0.72 crore respectively, in FY18. Further, the net worth base and total capital employed was moderate at INR8.63 crore and INR21.43 crore, respectively, as on March 31, 2018. Moreover, the firm has achieved total operating income of INR84.46 crore and PAT of INR0.88 crore in FY19 based on provisional financials. The small size restricts the financial flexibility of the firm in times of stress and it suffers on account of economies of scale. The profitability margins remained low marked by PBILDT and PAT margins at 3.83% and 1.18%, respectively, during FY18. Further, the profitability margin deteriorated during FY19, provisional due to increase in cost of operations and interest charges and the same remained low marked by PBILDT at 3.69% and PAT at 1.04% respectively during FY19. * Partnership nature of constitution: MTRM, being a partnership firm, is exposed to inherent risk of withdrawal of capital by the partners, restricted access to funding and risk of dissolution on account of poor succession planning. Furthermore, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. * High working capital intensity and exposure to vagaries of nature: Rice milling is a working capital intensive business as the rice millers have to stock rice by the end of each season till the next season as the price and quality of paddy is better during the harvesting season. Also, paddy cultivation is highly dependent on monsoons, thus exposing the fate of the company's operation to vagaries of nature. Accordingly, the working capital intensity remains high leading to higher stress on the financial risk profile of the rice milling units. Accordingly, the average utilization of working capital limits was almost full during last 12 months ended March 31, 2019. * Moderate capital structure and debt coverage indicators: The capital structure of the firm remained moderate marked by the overall gearing ratio at 1.48x as on March 31, 2018.Further, the overall gearing ratio deteriorated marginally to 1.50x as on March 31,2019 due to low networth base owing to withdrawal of capital by the partners. The debt coverage indicators of the firm deteriorated and the same remained moderate marked by interest coverage of 2.45x (FY17: 3.16x) and total debt to GCA of 12.54x (FY17: 6.10x) in FY18. The interest coverage ratio deteriorated during FY19, provisional due to high interest costs but the same remained moderate at 2.09x in FY19. Moreover, the total debt to GCA improved marginally during FY19, provisional on account of higher generation of cash accruals. * Regulated nature of the industry: The Government of India (GoI) decides a minimum support price (MSP-to be paid to paddy growers) for paddy every year limiting the bargaining power of rice millers over the farmers. The MSP of paddy was increased during the crop year 2019-20 to INR1815/quintal from INR1750/quintal in crop year 2018-19. Given the market determined prices for finished product vis-à-vis fixed acquisition cost for paddy, the profitability margins are highly volatile. Such a situation does not augur well for the firm, especially in times of high paddy cultivation. * Fragmented and competitive nature of the industry: MTRM's plant is located in Budge Budge, South 24 Paraganas district which is in close proximity to hubs for paddy/rice cultivating region of West Bengal. Owing to the advantage of close proximity to raw material sources, large number of small units is engaged in milling and processing of rice in the region. This has resulted in intense competition which is also fuelled by low entry barriers. Given that the processing activity does not involve much of technical expertise or high investment, the entry barriers are low. Key Rating Strengths * Experienced partners with long track record of operations: The firm has commenced its commercial operation at its plant from April 1997 and thus has long track record of operations. Mr. Aditya Shaw, Mr. Chandra jeet Shaw and Ms. Radhika Shaw having more than three decades of experience in similar line of business through their family business, look after the day to day operations of the firm along with a team of experienced professionals who have rich experience in the similar line of business. * Close proximity to raw material sources and favourable industry scenario: MTRM's plant is located at Budge Budge, South 24 Paraganas district which is in the midst of paddy growing state i.e. West Bengal. The entire raw material requirement is met locally from the farmers (or local agents) which helps the firm to save on substantial amount of transportation cost and also procure raw materials at effective prices. 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. * Satisfactory capacity utilisation and client profile: The capacity utilization improved during FY19 and the same stood satisfactory at 85.30% in FY19 as against 74.40% in FY18. The firm is the authorised dealer to supply (Food & Supply Department) Alipore, (Govt. of West Bengal), Food Corporation of India, National agricultural Cooperative Marketing Federation of India (Govt. of India), West Bengal Essential Commodities Supply Corporation Limited, and sells its by-products to different whole seller such as M/s Pragati Agri Product (P) Ltd. Kolkata and M/s Lakshmi Enterprises. * Liquidity position: The liquidity position of the firm remained moderate marked by current ratio of 1.37x and quick ratio of 0.66x as on March 31, 2019. The liquidity is supported by its cash and cash equivalent amounting to INR0.13 crore as on March 31, 2019. The firm has generated gross cash accruals of INR1.15 crore during FY19, provisional. Maa Tara Rice Mills (MTRM) was established as a partnership firm in January 1997 by the Shaw family. Moreover, the commercial operations of the firm commenced from April 1997. The firm is engaged in milling of raw rice, bran and husk. The milling unit of MTRM is located at Budge Budge, West Bengal with a paddy processing capacity of 80,000 metric tons per annum (MTPA). MTRM procures paddy from farmers & local agents across the district of South 24 paraganas and sells its finished products through the wholesalers and brokers located in West Bengal. MTRM has two associate entities namely Maa Tara Agro Products and Baba Jatadhari Agro (India) Private Limited which are engaged in processing of agro commodities. MAHADEV COLD: CARE Lowers Rating on INR8cr LT Loans to B -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Mahadev Cold Storage (MCS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.00 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 28, 2019 placed the rating of MCS under the 'issuer non-cooperating' category as MCS had failed to provide information for monitoring of the rating. MCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2020, July 30, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings has been revised by taking into account non-availability of requisite information and no due-diligence conducted with banker due to non-cooperation by Mahadev Cold Storage with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the ratings continue to remain constrained Small scale of operations with low net worth base and Leveraged capital structure. The ratings, however, continue to take comfort from Experienced Partners and Moderate profitability. Detailed description of the key rating drivers At the time of last rating on June 28, 2019, the following were the rating weaknesses and strengths: Key Rating Weaknesses * Small scale of operations coupled with low net worth base: The scale of operations has remained small marked by a total operating income (TOI) and gross cash accruals of INR2.64 crore and INR0.47 crore during FY16 (FY refers to the period April 1 to March 31). The capital base of the firm also remained low at INR2.16 crore as on March 31, 2016. Further the firm has achieved a total operating income of INR0.60 crore for Q1FY18 (refers to period April 1 to June 30). The small scale limits the firm's financial flexibility in times of stress and deprives it from scale benefits. * Leveraged capital structure: The capital structure of the firm remained leveraged for the past three balance sheet date, i.e., March 31, 2014-March 31, 2016 on account low partner's capital. As on March 31, 2016 the overall gearing stood at 2.67x. * Fragmented nature of the industry: MCS business risk profile is constrained on account of exposed to competition from other regional players operating in warehousing industry. Firm is operating in such an industry which is fragmented in nature and has limited entry and exit barrier. This leads to limited bargaining power with customers and restrict to charge additional rent, which constraints its scale of operations. Key rating strengths * Experienced partners: The cold storage facility was set up in May, 2007 by Shri Indra Pal Singh, Smt. Manju Devi, Smt. Kalpana Tiwari, Shri Varun Kumar Rathore, Shri Arun Kumar Rathore and Shri Pushkar Kumar Rathore. The partners of the firm have experience varied up to three decades in the cold storage business through their association with MCS and in individual capacity. The partners collectively look after the overall operations of the firm. * Moderate profitability margins: The profitability margins marked by PBILDT and PAT margins of the firm remained moderate for the past 3 financial years (FY14-FY16) owing to service sector undertaking with low fixed and variable cost to be absorbed. The PBILDT and PAT margin stood at 32.98% and 4.52% for FY16. Aligarh (Uttar Pradesh) based Mahadev Cold Storage (MCS) a partnership firm was incorporated in 2007 by Shri Indra Pal Singh, Smt. Manju Devi, Smt. Kalpana Tiwari, Shri Varun Kumar Rathore, Shri Arun Kumar Rathore and Shri Pushkar Kumar Rathore. MCS is engaged in renting of its cold storage facility for potatoes to the local farmers in Aligarh with multi chambers. NARULA EXPORTS: CARE Lowers Rating on INR3.30cr LT Loan to B ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Narula Exports (NE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 3.30 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Short term Bank 3.20 CARE A4; Issuer Not Cooperating Facilities based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from NE to monitor the ratings vide e-mail communications/ letters dated July 30, 2020, July 28, 2020, July 2, 2020, May 20, 2020, and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on NE's bank facilities will now be denoted as CARE B; Stable/ CARE 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 ratings. The ratings has been revised on account of non-availability of requisite information and no due-diligence conducted with banker due to non-cooperation by Narula Exports with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating takes into account small scale of operations, low profitability margins, Foreign exchange fluctuation risk and Competitive nature of the industry. The rating, however, continues to draw comfort from experienced management and long track record of operations and Moderate capital structure and Moderate coverage indicators and Comfortable Operating Cycle and modest liquidity positions. Detailed description of the key rating drivers At the time of last rating on July 23, 2019, the following were the rating weaknesses and strengths: Key Rating Weaknesses * Small scale of operations: The scale of operations has remained small marked by total operating income and gross cash accruals of INR39.17 crore and INR0.61 crore respectively during FY18 (FY refers to the period April 1 to March 31) on account of fewer contracts from abroad as well as domestic, but was offset by revenue from the new business segment of polyvinyl chloride granules. Further, the net worth base stood moderate at INR4.96 crore as on March 31, 2018. The small scale limits the firm's financial flexibility in times of stress and deprives it from scale benefits. Though, the risk is partially mitigated by the fact that the scale of operation is growing continuously in next financial years. Furthermore, the firm has achieved TOI of INR45.68 crore during FY19 (refers to the period April 01 to March 31, based on provisional results). * Low profitability margins: The profitability margins as marked by PBILDT stood low at 2.46 % for FY18 as against 4.21 % in FY 17 owning to increase in cost of material consumed. PAT margins also stood low at 0.51% respectively in FY18 as compared to 1.72% respectively in FY17 due to higher decline in PBILDT level vis-a-vis declined in capital charges. The PBILDT margins and PAT Margins stood 1.63 % and 0.60 % respectively in FY 9(Provisional). * Foreign exchange fluctuation risk: The firm is mainly focused in the export market and its export contribution to total sales stood around 50% for FY18. The traded material is mainly procured from domestic markets. With initial cash outlay for procurement in domestic currency and significant chunk of sales realization in foreign currency, the firm is exposed to the fluctuation in exchange rates. However, the firm has a policy of hedging 40-50% of its export receivables which still exposes the firm to any sharp appreciation in the value of rupee against for the un-hedged portion. * Competitive nature of the industry: The medical equipment trading industry in India is highly fragmented and dominated by a large number of independent and small scale unorganized players leading to high competition among the industry players. Smaller companies/firms like PGPL in general are more vulnerable to intense competition due to their limited pricing flexibility, which constrains their profitability as compared with larger companies who have better efficiencies and pricing power considering their scale of operations. Key Rating Strengths * Experienced management and long track record of operations: The operations of NE are currently being managed by Mr. Praveen Kumar Narula and Mr. Subhash Kumar Narula. Both are graduates by qualification and have an experience of more than two decades of experience in the trading (Medical) industry through their association with Narula Exports and other family run businesses. The firm is in operations since 1990 which is registered in August ,2017. The partners are having a considerable track record in this business which has resulted in long term relationships with both suppliers and customers. * Moderate capital structure and Moderate coverage indicators: The capital structure of the firm stood moderate as on past two balance sheet dates, ended March 31, 2018. The debt profile of the firm comprised of vehicle loan of INR0.52 crore and working capital borrowings of INR2.61 crore as against tangible net worth of INR4.96 crore. The overall gearing stood at 0.63x as on March 31, 2018 as against 0.35x as on March 31, 2017 owing to repayment of debt obligations. In FY19(Provisional), the overall gearing stood 0.06x. Owing to moderate debt levels, the coverage indicators as characterized by interest coverage ratio and total debt to GCA remained moderate at 2.74x and 5.10 x respectively in FY 18 as against 3.74x and 1.30sx respectively in FY 17. In FY 19 (Provisional), the interest coverage ratio and total debt to GCA stood 3.48x and 0.07x respectively. * Comfortable Operating Cycle and modest liquidity positions: The operating cycle of the firm stood moderate at 23 days in FY18. The firm offers a credit period of around one month to its customers, owing to highly competitive industry. Further, it receives a similar credit period of around one month from owing to long standing relationship with the suppliers. In FY 19(Provisional), the operating cycle stood 20 days. The current ratio is appearing to be moderate of 1.43x in FY18 from 1.70x in FY17. The quick ratio is also appearing to be moderate as 1.37x in FY 18 as compare to 1.27x in FY17. The firm has free cash and bank balances amounting INR0.04 crore as on 31st March, 2018. The working capital utilization remained around 85% during the period of 12 months ended March 31, 2019. The current ratio and quick ratio in FY19(Provisional) stood 2.74x and 1.94x respectively. Delhi-based Narula Exports (NE) was established on August 1, 2017. The firm is currently managed by brothers, Mr. Praveen Kumar Narula and Mr. Subhash Kumar Narula. The firm is in operations since 1990 as an unregistered, but in 2017 it is a registered partnership firm. The partners have a vast experience of more than 2 decades in the same line of business. NE is engaged in the trading and exports of Medical and Healthcare equipment at its unit located in Delhi. The firm trades in hospital products such as furniture, equipment, consumables, and medical disposables which it procures from manufacturers and traders from Delhi NCR and assembles according, then export or sale domestically. It supplies to hospitals based on tenders, and is an approved vendor in Africa, Ethiopia, Nepal, Latin America, and the Gulf. The firm exports 50% of its products in countries like US, UK, France and Africa through tenders from the government departments, Ministries of Health of Ethiopia, Tanzania. PANDURANG SAHAKARI: CARE Cuts Rating on INR268.48cr Loan to B+ -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shree Pandurang Sahakari Sakhar Karkhana Limited (SPSSKL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 268.48 CARE B+; Stable; Issuer not Facilities cooperating, Revised from CARE BB; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 22, 2019, placed the rating of SPSSKL under the 'issuer non-cooperating' category as SPSSKL had failed to provide information for monitoring of the rating. SPSSKL continues to be non-cooperative despite repeated requests for submission of information through numerous phone calls, a letter dated July 15, 2020 and email dated July 16 2020, July 21 2020, July 24, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of no due diligence conducted and non-availability of latest operational and financial information of the firm, uncertainty around the outbreak of covid-19 and its impact on the firm's operations. 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 July 22, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses * Highly leverage capital structure and weak debt protection indicators: The capital structure of the company remained highly leveraged as marked by high overall gearing of 5.46x as on March 31, 2016. Although improved vis-à-vis FY15, the debt coverage indicators of the company remained weak during FY16. * Working capital intensive nature of operations: The operative cycle of the SPSSKL deteriorated to 351 days during FY16 from 217 days during FY15 led by increase in the stock of finished goods inventories. High current liabilities to fund the inventory holding led to below unity current ratio. However, free cash and cash equivalent as on March 31, 2016 provided liquidity cushion to the company. * Cyclical and seasonal nature of industry along-with inherent agro-climatic risks: Sugarcane is the key raw material used for the manufacture of sugar and sugar-related products. The availability and yield of sugarcane depends on factors like rainfall, temperature and soil conditions, demand-supply dynamics, government policies etc. The production of sugarcane and hence sugar is cyclical in nature. Key Rating Strengths * Experienced promoters and long track record of the company in sugar manufacturing: SPSSKL is a co-operative society promoted by Mr. Sudhakarrao Paricharak (founder Chairman) to undertake sugar and sugar related production. Mr. Paricharak is the former MLA from Pandharpur constituency and has a more than three decades of experience in sugar industry. Mr. Suhakar is ably supported by Mr. Yeshwant Kulkarni as a Managing Director who also has a rich industry experience in the sugar industry. * Fully integrated business operations: SPSSKL is a fully integrated player of the industry having a sugarcane crushing capacity of 4,500 TCD, distillery with the capacity of 45 KLPD, baggase based co-generation plant having the capacity of 19 MW. The fully integrated nature of business operations enables diversification of revenue stream. * Improvement in the operating margins during FY16 albeit with stagnant total operating income: The total operating income (TOI) of SPSSK remained stagnant and registered a minor y-o-y decline of 3.60% to INR304.77 crore during FY16 as against INR316.16 crore during FY15. Despite declining sales realization of sugar, the operating margin of the SPSSKL improved by 473 bps to 13.98% during FY16 as against the margin of 9.25% during FY15. Further, the gross cash accruals (GCA) of SPSSKL registered a healthy y-o-y growth of 107% during FY16. SPSSKL was incorporated under Maharashtra Co-Operative Societies Act 1960 in August 1988, to undertake sugar and sugar related production by Mr. Sudhakarrao Paricharak, former member of legislative assembly (MLA), Pandhapur (Founder Chairman of SPSSKL). The first crushing season of the sugar factory was conducted in Sugar Season (SS) 1992-93 with an installed capacity of 1250 TCD. SPSKL gradually expanded its capacity from 1250 TCD (with co-generation unit of 9MW) during the year 1998 to its current capacity of 4500 TCD (with an aggregate co-generation capacity of 19MW) and distillery unit of 45 Kilo Liters per Day (KLPD) as on March 31, 2016. PARAS STEEL: CARE Lowers Rating on INR7.50cr LT Loan to B- ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Paras Steel Industries (PSI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.50 CARE B-; Stable; Issuer not Facilities- cooperating; Revised from Cash Credit CARE B+; Stable; ISSUER NOT COOPERATING on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 20, 2019, placed the rating(s) of PSI under the 'issuer non-cooperating' category as PSI had failed to provide information for monitoring of the rating. PSI continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3, 2020, June 29, 2020, June 19, 2020, June16, 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. Further, banker could not be contacted. The rating on the firm's bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING/ CARE 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 take into account non-availability of requisite information and no due-diligence conducted due to non-cooperation by the firm with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating assigned to the bank facilities of Paras Steel Industries (PSI) is primarily constrained by its modest and fluctuating scale of operations, leveraged capital structure and weak debt coverage indicators. The rating is further constrained by raw material price fluctuations risk and highly competitive nature of industry. The ratings, however, draws comfort from experienced management, moderate profitability margins and moderate operating cycle. Detailed description of the key rating drivers At the time of last rating on June 20, 2019, following were the rating strengths and weaknesses: Key Rating Weaknesses * Modest and fluctuating scale of operations: PSI's scale of operations remained modest as marked by total operating income and gross cash accruals of INR57.03 crore and INR1.72 crore respectively, during FY18 (refers to the period April 1 to March 31; based on provisional results). Moreover, PSI's scale of operations remained fluctuating for the period FY16-FY18 (refers to the period April 1 to March 31). TOI registers a decline in FY17 over FY16 and thereafter registered significant increase in FY18 on account of higher quantity sold to existing and newly added customers. Further, the net worth base also stood small at INR3.71 crore as on March 31, 2018. The small scale limits the firm's financial flexibility in times of stress and deprives it of scale benefits. * Leveraged capital structure and weak debt coverage indicators: The firm has debt mainly in form of unsecured loans (USLs) and working capital borrowings with USLs having significant proportion. The capital structure of the firm stood leveraged on past three balance sheet dates ending March 31, '16-'18 on account of relatively low net worth base against high debt levels owing to high dependence on external borrowings to meet working capital requirements. Overall gearing stood high at 5.85x as on March 31, 2018 as against 6.23x as on March 31, 2017 mainly on account of higher reliance on external debt. Further, owing to high debt levels; the debt service coverage indicators as marked by interest coverage and total debt to GCA remained weak at 1.79x and 12.60x during FY18. * Raw material price fluctuations risk and highly competitive nature of industry: The firm is exposed to the raw material price volatility risk due to the volatility experienced in the prices of steel and allied products and their prices fluctuates rapidly due to demand supply gap. Raw materials such as stainless steel (SS) scraps constitute a major component of the raw material i.e., around 74% of the total cost of production for the last 3 years (FY16- 18), hence any volatility in their prices has a direct impact on the profitability margins of the firm. Furthermore, PSI operates in highly competitive industry characterized by the presence of large number of players in the unorganized sector. There are number of small and regional players and catering to the same market which has limited the bargaining power of the company and has exerted pressure on its margins. Key Rating Strengths * Experienced management: Mr. Abhay Jain and Mr. Atul Jain are the partners of the PSI and they collectively look after the overall operations of the firm. Both the partners are graduates by qualification and have associated with this firm since inception. Besides this, the partners have considerable experience varied up to two decades in trading of SS products through their association with "Arham Alloy & Steel Private Limited" and "Naman Steel". * Moderate profitability margins and operating cycle: The profitability margins of the firm remained moderate for the past three financial years (FY16-FY18). In metal industry, the prices of end products are directly correlated to raw material prices which are highly volatile in nature. PBILDT margin stood at 6.85% in FY18 as against 10.12% in FY17 since the firm compromised on its margins to increase its scale of operations along with higher raw material prices. Consequently, PAT margin also declined and stood at 2.23% in FY18. The operating cycle of the firm stood moderate at 52 days for FY18. Owing to large product portfolio (wide product category, different design, sizes etc.), the firm is required to maintain adequate inventory of raw material for smooth running of its production processes and finished goods of all the products to meet the immediate demand of its customers resulting in average inventory holding period of around 61 days in FY18. Being in highly competitive nature of industry, the firm has liberal credit policies wherein it allow credit around 3 months resulting into average collection period of 54 days in FY18. On the contrary, the firm receives payable period of around 1-2 months from its suppliers. The average utilization of the working capital limits remained 86% utilized for the last 12 months period ended April, 2018. Delhi based Paras Steel Industries (PSI) was established in August 2010 as a partnership firm and started its commercial operations from September, 2011. The firm is currently managed by Mr. Abhay Jain and Mr. Atul Jain sharing profits and losses equally. The firm is engaged in the manufacturing of stainless steel (SS) ingots, stainless steel (SS) round bars, stainless steel (SS) flat bars, strips, angles, etc. The firm has its manufacturing facility located at Alwar, Rajasthan with a combined installed capacity of 12,500 Tonnes per annum as on March 31, 2018. The firm procures the raw material such as stainless steel (SS) scraps, etc. from manufactures and traders located in Delhi, Haryana, Maharashtra, Uttarakhand and Tamil Nadu. The firm sells its product to various manufacturers and traders located across India. The firm has two associate concerns namely; "Arham Alloy & Steel Private Limited" (incorporated in 2007) and "Naman Steel" (established in 1999) engaged in the trading of SS scraps. POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Polymech Components Private Limited (PCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.43 CARE B-; Issuer Not Facilities Cooperating; Based on best Available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 01, 2019, placed the rating(s) of PCPL under the 'issuer non-cooperating' category as PCPL had failed to provide information for monitoring of the rating. PCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated July 11, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The revision in rating factors in non-cooperation by PCPL and CARE's efforts to undertake a review of the ratings outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Detailed description of the key rating drivers At the time of last rating on August 1, 2019, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies): Key rating Weakness * Moderate scale of operation & low profit margins: The total operating income has marginally improved by 2.07% and stood at INR44.87 crore in FY19 (vis-à-vis INR43.96 crore in FY18). However, the overall scale of operations continue to remain modest which limits the company's financial flexibility in times of stress and deprives it from scale benefits. Further operating margin declined by 87 bps and stood at 4.67% in FY19 (vis-à-vis 5.54% in FY18) on account of increase in employee and power & fuel expenses. However net profit margin has improved by 15 bps and stood at 0.36% in FY19 (vis-à-vis 0.21% in FY18) on account of lower depreciation and interest cost. Nevertheless, the profit margins continue to remain weak. * Leveraged capital structure and weak debt protection metrics: PCPL's capital structure remained leveraged on account of high reliance on external debt to fund its business operations. Further owing to this and coupled with low cash accruals, the debt coverage indicators continue to remains weak. * Working capital intensive nature of operation: The operations continue to remain working capital intensive in nature with funds blocked in higher inventory holding in anticipation of future orders and low credit period received from its suppliers. On account of this, the utilization of the working capital limit remained high. * Presence in highly fragmented auto component industry: The Indian auto component industry is large and highly fragmented and predominantly controlled by the unorganized sector. Further, the stiff competition makes it difficult to completely pass on the rising input costs to the OEMs. The replacement and export market is also very price-sensitive and hence the auto component manufacturers hardly have any bargaining power in these segments as well. Key Rating Strengths: * Experienced and qualified promoter with long track record of operations: The promoters of PMCPL are vastly experienced with Mr. Manoj Vora [a B.E. (Electronics)] having an experience of more than two decades in auto component industry. He looks after overall management of company. Established in 1982 as a partnership firm, Poly-Mech Components Private Limited (PMCPL) is engaged in the manufacturing of auto components and construction hardware parts at its plant located at Shahapu, Thane. PMCPL manufactures various products (such as hose clamps, circlips, bearing pullers, washers, snap ring, spring steel parts, sheet metal components, steel clamps, pipe clamps, sanitary clamps) which find application in automobiles, construction and engineering sector. PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pushp Prem Constructions (PPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-LT- 2.40 CARE D; ISSUER NOT COOPERATING Cash Credit based on best available information Non-fund-based- 1.60 CARE D; ISSUER NOT COOPERATING ST- Bank based on best available Guarantee information Fund-based/Non- 6.00 CARE D; ISSUER NOT COOPERATING fund-based based on best available LT/ST-Proposed information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 12, 2019, placed the rating(s) of PPC under the 'issuer non-cooperating' category as PPC had failed to provide information for monitoring of the rating. PPC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020, July 06, 2020, July 03, 2020, June 29, 2020, June 19, 2020, June16, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating has been reaffirmed by taking into account non-availability of information and no due-diligence conducted due to non-cooperation by Pushp Prem Constructions with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, banker could not be contacted. The ratings on Pushp Prem Constructions's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Agra, Uttar Pradesh based Pushp Prem Constructions (PPC) was established in the year 2012 as a proprietorship firm and started its commercial operations from 2013. The firm is currently managed by Mr. Prem Prakash Gupta. The firm is "Class A" contractor and is engaged in construction works such as construction of R.C.C. overhead water tanks, pump house, rising main & drainage system, etc. R. AYUSH: CARE Lowers Ratings on INR10cr LT Loans to B- ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of R. Ayush Enterprises (RAE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-LT- 9.00 CARE B-; Stable; Issuer not Cash Credit cooperating; Revised from CARE B+; Stable; ISSUER NOT COOPERATING; on the basis of best available information Fund based-LT 1.00 CARE B-; Stable; Issuer not Proposed fund cooperating; Revised from Based limits CARE B+; Stable; ISSUER NOT COOPERATING; on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated 14-06-2019, placed the rating(s) of RAE under the 'issuer noncooperating' category as RAE had failed to provide information for monitoring of the rating. RAE continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3, 2020, June 29, 2020, June 19, 2020, June16, 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. Further, banker could not be contacted. The rating on the firm's bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account non-availability of requisite information and no due-diligence conducted due to non-cooperation by the firm with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating assigned to the bank facilities of R. Ayush Enterprises (RAE) is primarily constrained by its short track record and small scale of operations, leveraged capital structure and weak debt coverage indicators, working capital intensive nature of operations, and highly fragmented nature of industry characterized by intense competition. The rating, however, draws comfort from experienced proprietor coupled with moderate profitability margins. Detailed description of the key rating drivers At the time of last rating on June 14, 2019, following were the rating strengths and weaknesses: Key Rating Weaknesses * Short track record coupled with small scale of operations: The firm started its commercial operations from April, 2016 and has a relatively short track record in this business as compared to other established players. RAE's scale of operations remained small as evident from total operating income and gross cash accruals of INR34.53 crore and INR0.35 crore, respectively, during FY18 (refers to the period April 1 to March 31; based on provisional results). Furthermore, the net worth base of the firm stood relatively small at INR0.89 crore as on March 31, 2018. The small scale limits the firm's financial flexibility in times of stress and deprives it from scale benefits. * Leveraged capital structure and weak debt coverage indicators: The firm has debt mainly in the form of unsecured loans and working capital borrowings. The capital structure of the firm stood leveraged marked by overall gearing of above 15x as on past two balance sheet dates ending March 31, '17-'18 on account of low net worth base and high dependence on external borrowings to meet the working capital requirements. Further, owing to high debt levels, debt service coverage indicators as marked by interest coverage and total debt to GCA stood weak below 1.30x and above 35x respectively, for past two financial years (FY17-FY18). * Working capital intensive nature of operations: The operations of the firm are working capital intensive in nature as marked by operating cycle of 124 days for FY18. Owing to large product portfolio coupled with seasonal nature of commodities, the firm is required to maintain adequate inventory of traded goods to cater the immediate demand of the customers resulting in an average inventory holding period of around 114 days for FY18. Further, being present in a highly competitive industry, the firm normally extends credit period of around 10-20 days to its customers resulting in an average collection period of 17 days in FY18. Moreover, the firm procures the traded products from its suppliers with maximum credit period stood at around a week. The average utilization of working capital limits remained around 90% utilized during the past 12 months period ended July, 2018. * Highly fragmented nature of industry characterized by intense competition: The spectrum of the trading industry in which the firm operates is highly fragmented and competitive marked by the presence of numerous players in India. Hence, the players in the industry do not have any pricing power and are exposed to competition induced pressures on profitability. Moreover, the value addition is low on account of trading nature of business operations which further impacts the profitability margins. Key Rating Strengths * Experienced proprietor coupled with moderate profitability margins: Mr. Ayush Bansal looks after the overall operations of the firm and holds experience of nearly one decade in trading industry through his family run business. The profitability margins of the firm stood moderate marked by PBILDT and PAT margin of above 3% and 0.70% respectively during past two financial years (FY17-FY18) on account of long standing presence in the market. Delhi based R. Ayush Enterprises (RAE) was established in April, 2016 as a proprietorship firm and is currently managed by Mr. Ayush Bansal. The firm is engaged in the wholesale trading of dry fruits, spices, kirana items, herbs, etc. to local traders based in Delhi. The firm is managing its operations from Khari Baoli, Delhi. R. K. INDUSTRIES: CARE Lowers Rating on INR5.10cr LT Loan to B- --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of R. K. Industries – Kashipur (RKI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.10 CARE B-; Stable; Issuer not Facilities cooperating, Revised from CARE B; Stable on the basis of best available information Short-term Bank 0.60 CARE A4; Issuer not Facilities cooperating; Based on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 13, 2019, placed the ratings of RKI under the 'issuer non-cooperating' category as RKI had failed to provide information for monitoring of the rating. RKI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated July 30, 2020, July 29, 2020 and July 28, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The long-term rating has been revised on account non-availability of requisite information and no due-diligence conducted due to non-cooperation by R. K. Industries - Kashipur with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the ratings continues to remain constrained owing to firm's small and declining scale of operation, leveraged capital structure, weak debt coverage indicators and working capital intensive nature of operations. The ratings are further constrained by risk associated with business susceptible to the vagaries of nature and fragmented and competitive nature of industry. The ratings, however, draws comfort from long track record of operations and experienced proprietor in processing of rice and moderate profitability margins and moderate liquidity indicators. Detailed description of the key rating drivers Key Rating Weaknesses * Small and declining scale of operations: Despite being operational for nearly four decades, the scale of operations has remained small which limits the firm's financial flexibility in times of stress and deprives it from scale benefits. Furthermore, the total operating income of the firm has been declining on y-o-y basis in last three financial years (FY14-FY16) on account of decline in quantity sold due to lower orders received from the existing customers. * Leverage capital structure and weak debt coverage indicators: The capital structure continues to remain leveraged owing to low proprietor's capital base. Furthermore, debt coverage indicators also continue to remain weak on account of high debt levels against the profitability levels. * Working capital intensive nature of operations: Operations of the firm are working capital intensive with average operating cycle of 162 days for FY16. The firm maintains inventory of around three months during FY16 to cater to the milling and processing of rice throughout the year. The firm provides a credit period of around three months to its customers and receives a credit period of around a month from its creditors. The working capital requirements are met through external borrowings. * Business susceptible to the vagaries of nature: 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. * Fragmented and competitive nature of industry: The commodity nature of the product makes the industry highly fragmented, with numerous players operating in the unorganized sector with very less product differentiation. Furthermore, the concentration of rice millers around the paddy growing regions makes the business intensely competitive. Key Rating Strengths * Long track record of operations and experienced proprietor in processing of rice and moderate profitability margins and liquidity indicators: The firm was established in 1977, having a track record of four decades in the milling and processing of paddy. The operations of RKI is currently being managed by Mr. Atul Kumar Agrawal, a graduate having an experience of around four decades in rice processing industry through his association with R.K Industries. The profitability margin of the firm remained moderate for the past 3 financial years (FY14-16). Further, the liquidity indicators stood moderate as marked by current and quick ratio of 2.18x and 1.21x respectively as on March 31, 2016. Kashipur-based (Uttarakhand) R.K. Industries (RKI) was established in April 1977 as proprietorship concern by Mr. Atul Kumar Agrawal. The firm procures the raw material (unprocessed rice/de-husked paddy) from grain markets in Uttar Pradesh, Uttaranchal and Bihar through commission agents. RKI sells its product mainly to local distributors based in Delhi (NCR). Furthermore, it also sells its product to Food Corporation of India (FCI) and in the local market. The by-product of rice, viz, husk, rice bran, and 'phak' are sold in the local market of Uttar Pradesh and Uttarakhand. SOHANLAL SONS: CARE Lowers Rating on INR8cr LT Loan to B -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Sohanlal Sons (SS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.00 CARE B; Stable; Issuer not Facilities cooperating, Revised from CARE B+; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 4, 2019, placed the rating of SS under the 'issuer noncooperating' category as SS had failed to provide information for monitoring of the rating. SS continues to be non-cooperative despite repeated requests for submission of information through numerous phone calls, letter dated July 15, 2020 and email dated July 16, 2020. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of latest operational and financial information of the firm, uncertainty around the outbreak of covid-19 and its impact on the firm's operations. Further, CARE takes note of the moratorium availed by the firm from March 2020 to August 2020. 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 July 4, 2019, the following were the rating strengths and weaknesses Key Rating Weaknesses * Financial risk profile marked by thin profit margins, leveraged capital structure and weak debt protection metrics: The total operating income of the entity registered growth of 7.55% (y-o-y) in FY16 to INR242.42 crore as compared to INR225.42 crore in FY15. SS's PBILDT margin saw increase to 0.59% for FY16 as compared to 0.19% for FY15 on account of increase in sales as well as decrease in raw material cost which stood at 92.39% of TOI in FY16 as against 99.49% in FY15. The interest coverage ratio improved and stood at 1.41x in FY16 as against 0.35x in FY15. Overall gearing deteriorated and stood at 7.77x as on March 31 ,2016 as against 6.87x as on March 31, 2015 on account of increase in the working capital utilization of the firm. * Risk associated with trading nature of business, competitive and fragmented nature of the Industry: SS operates in an industry which comprises of several players in the unorganized sector and is characterized by high degree of fragmentation exposing it to the competitive intensity. There also exist big sized players (other steel manufactures) along with strong marketing & distribution network resulting in increase in competition in the industry. Key Rating Strengths * Experienced proprietor: The proprietor Mr. Kapil Agarwal (aged 41 years) is a Commerce graduate with an experience of over two decades in the steel trading business. He is ably supported by a team of qualified and experienced professionals. Authorized distributor of Topworth Urja & Metals Limited and Shri Bajrang Power & Ispat Ltd. with wide dealer network SS is the authorized distributor of 'Lodha Thermax TMT Bars' manufactured by Topworth Urja & Metals Limited for Nagpur region (Maharashtra) and 'Goel TMT Bar'' manufactured by Shri Bajrang Power & Ispat Ltd. for Vidharbha region (Maharashtra). SS achieves it sales in the allocated territory through its wide dealer network which provides the entity a competitive edge and has helped secure the distributorship. SS, based out of Nagpur (Maharashtra) is a proprietorship entity of Mr. Kapil Agarwal and commenced operation in June, 2013. Since inception, the entity has been engaged in trading of iron &steel products such as Thermo Mechanically Treated (TMT) bars, MS Ingots, MS Billets, angles, channels, etc. with TMT bars contributing around 70% of the total revenue over the period FY16 (refers to April 1 ,2015 to March 31,2016). The entity is also involved in trading of textiles; however the same contributes very less to the total revenue. SUN SHINE: CARE Keeps B- on INR16.25cr Loans in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sun Shine Rice Unit (SSRU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 16.25 CARE B-; Stable; Issuer Not Facilities Cooperating based on best Available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 28, 2019 placed the rating of SSRU under the 'issuer noncooperating' category as SSRU had failed to provide information for monitoring of the rating. SSRU continues to be noncooperative despite repeated requests for submission of information through e-mails dated July 29, 2020, July 30, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further banker could not be contacted. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings has been reaffirmed by taking into account non-availability of requisite information and no due-diligence conducted due to non-cooperation by Sun Shine Rice Unit (SSRU) with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Further, the ratings continue to remain constrained Small scale of operation Low profitability margins, leveraged capital structure and weak coverage indicators and Working capital intensive nature of operations. The rating further constrained by Business susceptible to the vagaries of nature and Fragmented nature of the industry. The ratings, however, continue to take comfort from experienced promoters. Detailed description of the key rating drivers At the time of last rating on June 28, 2019, the following were the rating weaknesses and strengths: Key Rating Weaknesses * Small scale of operations: The scale of operations has remained small marked by total operating income (TOI) and gross cash accruals of INR61.94 crore and INR0.80 crore respectively during FY16 (FY refers to the period April 1 to March 31) Further, the firm's net worth base was relatively small at INR4.70 crore as on March 31, 2016. The same has continued to remain small which inherently limits firm's financial flexibility in times of stress and deprives it from scale benefit. * Low profitability margins, leveraged capital structure and weak coverage indicators: The profitability margins of the firm continue to remain on a lower side due to low value addition and highly competitive market. The PBILDT margin stood at 5.04% during FY16 as against 4.56% in FY15. Furthermore, high financial and depreciation charges restricted the net profitability of the firm and PAT margin stood below 0.22% for during the last financial year (FY16). The capital structure of the firm continue to remain highly leveraged due to relatively low net worth base coupled with high dependence on external borrowings to meet the working capital requirements. Furthermore, due to low profitability margins against high debt levels, the coverage indicators continue to remain weak with interest coverage and total debt to gross cash accruals of 1.35x and 30.04x for FY16. * Working capital intensive nature of operations: The operations of the firm continued to remain working capital intensive in nature and operating cycle stood at 114 days during FY16. The procurement of paddy is done from 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 firm extends a credit of around 28 days to its customers and receives credit from its creditors for around 47 days. Furthermore, the firm has high dependence of bank borrowings to fund its working capital requirements. * Business susceptible to the vagaries of nature: Agro-based industry is characterized by seasonality, as it is dependent on the availability of raw materials, which varies with different harvesting periods. 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. * Fragmented nature of the industry: The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. This low bargaining power coupled with low entry barriers for new player's results into low margin for rice millers. Key rating strengths * Experienced promoters: Sun Shine Rice Unit (SSR) is a partnership firm established in 2010 by Mr. Inder Parkash, his nephews Mr. Narain Parkash, Mr. Vijay Kumar, Mr. Sanjay Kumar and his daughter-in-law Ms. Sudesh Rani sharing profits and loss equally. All the partners have experience of around half a decade through their association with SSR. Karnal (Haryana) based Sun Shine Rice Unit (SSR) is a partnership firm established in 2010 by Mr. Inder Parkash, Mr. Narain Parkash, Mr. Vijay Kumar, Mr. Sanjay Kumar and Ms. Sudesh Rani sharing profits and loss equally. SSR commenced commercial operations from July 2011, and is engaged in the processing of basmati rice. The manufacturing facility is located at Taraori, Haryana. SSR procures paddy through commission agents and stockist from the local grain markets located in Haryana, Punjab, and Uttar Pradesh. The firm sells rice through network of commission agents to exporters based in Haryana, Punjab and Gujarat. ================= I N D O N E S I A ================= KAWASAN INDUSTRI: S&P Lowers ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Indonesia-based PT Kawasan Industri Jababeka Tbk. (Jababeka) to 'B-' from 'B'. The outlook is stable. S&P also lowered its long-term issue rating on the company's guaranteed senior unsecured notes to 'B-' from 'B'. The downgrade reflects S&P's expectation of Jababeka's weakened EBITDA generation in 2021 on the back of poor marketing sales this year. The company's EBITDA in 2021 is likely to weaken because the COVID-19 outbreak in Indonesia, which has severely affected the company's 2020 sales, will likely linger for the rest of the year. Meanwhile, S&P expects recurring EBITDA from Jababeka's power plant, dry port, and estate management operations to remain subdued beyond 2020. S&P estimates EBITDA from the company's property segment to decline 30%-40% in 2021, due to significantly weaker sales in 2020. The coronavirus outbreak is likely to dent Jababeka's 2020 marketing sales to Indonesian rupiah (IDR) 650 billion-IDR700 billion, a decline of 60%-63% from 2019. This stems from a substantial decline in land sales in Kendal and Cikarang because prospective foreign buyers face travel restrictions in the effort to control the pandemic. Sales visibility remains low over the next few months, given the spread of the virus in Indonesia has showed little signs of easing. In S&P's view, the proportion of land sales will decline to 30%-40% of total sales in 2020, from over 60% in 2019. Residential and commercial property sales this year are supported by existing inventories and new launches at the Cikarang estate. S&P said, "We estimate marketing sales in 2021 will improve 20%-25%, driven by increased residential launches and land sales as the pandemic subsides and foreign direct investment into Indonesia recovers. However, we do not expect meaning contribution to the company's 2021 EBITDA." Jababeka's marketing sales have slowed substantially in the first half of 2020 to IDR256 billion, a two-thirds decline over the same period last year. Land and industrial building sales at Cikarang estate accounted for about one-third of sales. Jababeka's joint venture in Kendal saw no land and industrial building sales during the first half. The leisure and hospitality segment is likely to hurt Jababeka's consolidated EBITDA. S&P expects the segment's EBITDA to remain negative in 2020 and 2021 as tourism and leisure activities recover slowly post COVID-19. S&P expects recurring EBITDA from Jababeka's power plant, dry port, and estate management operations to remain subdued at IDR340 billion-IDR360 billion annually over 2020-2021. A recovery of recurring EBITDA back to 2018's level of IDR420 billion is unlikely. The Bekasi power plant has been in reserve shutdown mode for most of second-quarter 2020. Reserve shutdown is where the plant is shut temporarily until demand rises. Jababeka still receives payment on the capacity charge from PT Perusahaan Listrik Negara (PLN) on the basis of take or pay of the availability of the power plant. S&P expects the same trend to continue in the second half of 2020, owing to low energy demand amid the pandemic. While EBITDA margin will improve toward 40%-45% due to less energy wastage from frequent starts and shutdowns, it is not enough to offset the revenue decline. Owing to the higher-than-average generation cost of the Bekasi power plant, it resulted in lower priority in electricity dispatch to PLN. S&P said, "We expect Jababeka's EBITDA interest coverage to decline to 1.2x-1.4x in 2021, from about 1.6x in 2020, as a result of the significant slowdown in EBITDA generation in 2021. "At the same time, we project recurring EBITDA interest coverage will decline to 75%-85% of the company's annual interest obligations in 2020 and 2021, down from over 100% in 2018. Our previous rating of 'B' on Jababeka was also predicated on recurring EBITDA fully covering annual interest expense. We expect the company to report a higher EBITDA interest coverage of 1.5x–1.7x for 2020, benefiting from a strong sales backlog from 2019, as well as a change in accounting standard requirements." A recovery in Jababeka's consolidated EBITDA interest coverage toward 2.0x will entail a sustained recovery in EBITDA of close to IDR800 billion. To achieve that, the company will have to boost its annual marketing sales to above IDR 2,200 billion per year, or find alternate earnings sources as EBITDA generation from its power plant will remain subdued. In S&P's view, liquidity at the consolidated (excluding joint ventures [JVs]) level has very limited buffer against a potential slowdown in sales collection, especially if the COVID-19 outbreak lingers beyond 2020. Operating cash inflows are just sufficient to cover all operating cash outflows, interest expenses, and short-term debts. Jababeka had cash balance of IDR710 billion as of June 30, 2020, excluding cash at joint ventures. S&P estimates discretionary free cash flows after capital expenditure and share buybacks to turn negative to about IDR100 billion for 2020, slightly reducing its cash buffer by year end. S&P said, "Jababeka's share buyback of IDR48 billion in June has not materially affected its liquidity, even though we view this as credit negative amid sales and earnings uncertainty. Our base case is that Jababeka will not engage in further share buybacks over the next six to 12 months." The company has limited amortizing debt due in 2020, about IDR71 billion, and has no material debt refinancing needs until October 2023. Liquidity at Jababeka (excluding JVs) will be a key focus in S&P's analysis given the significant amount of marketing sales at its JV level in recent years. A substantial portion of cash flows are generated at JV level and are inaccessible by the other wholly owned debt servicing entities. Marketing sales at the JVs accounted for 46% of total marketing sales in 2019 and 22% in 2018. Jababeka's ongoing lawsuit remains an overhang but it has yet to have an adverse impact on operations. The unresolved lawsuit stemmed from a shareholder dispute, which happened during the last annual general meeting (AGM) on June 26, 2019. Despite the ongoing lawsuit, there has yet to be an adverse impact on the company's operations and sales. The business continues to be run by the same management and board. The ongoing lawsuit against Jababeka could prevent the company from holding its AGM before the Aug. 31, 2020, deadline as stipulated by the financial regulator. Missing the AGM deadline could result in some form of penalty on the company. However, it is unlikely to cause material cash flow impact. The stable outlook reflects S&P's expectation that Jababeka will maintain its ratio of liquidity sources to liquidity uses of over 1x in the next 12 months. This can be achieved by balancing the weakened sales prospects with stringent working capital management, reduced discretionary capital spending, and controlling shareholder distributions. S&P could lower the rating if: -- Jababeka's operating conditions continue to weaken, leading to further deterioration of liquidity or faster-than-expected cash burn. An indication of that could be liquidity sources declining materially below 1.0x of uses, or cash balance falling to a level below the company's annual interest costs. -- The ongoing lawsuit and shareholder tussle affects the company's management, operations, or sales performance in a way that hurts its liquidity or results in an accelerated repayment of its notes. S&P could raise the rating if Jababeka improves its marketing sales and recurring EBITDA such that its EBITDA interest coverage approaches 2.0x on a sustainable basis. This will also entail healthy liquidity in Jababeka with no material cash burn. ======= L A O S ======= LAOS: Moody's Cuts Issuer Rating to Caa2; Alters Outlook to Neg. ---------------------------------------------------------------- Moody's Investors Service downgraded the Government of Laos's issuer rating to Caa2 from B3 and changed the outlook to negative. This concludes the review for downgrade initiated on June 19, 2020. The decision to downgrade the rating to Caa2 reflects Moody's assessment that Laos is facing severe liquidity stress, given sizeable debt servicing payments due this year and persisting until 2025, and constrained financing options. Heightened liquidity risk is exacerbated by weak external and fiscal buffers and poor governance, and points to a material probability of default in the near term. The negative outlook reflects the risk of material losses to investors in the event of a default by Laos, beyond what would be consistent with a Caa2 rating. A more severe deterioration in credit fundamentals than Moody's currently expects, potentially because of a more acute impact of the coronavirus shock, would raise the probability of default and may imply larger losses to private sector creditors. Concurrently, Moody's has lowered Laos's long-term foreign-currency bond ceiling to Caa1 from B1, its long-term foreign-currency deposit ceiling to Caa3 from Caa1, and its long-term local-currency bond and deposit ceilings to B1 from Ba3. RATINGS RATIONALE RATIONALE FOR THE DOWNGRADE TO Caa2 HEIGHTENED FINANCING STRESS EXACERBATED BY WEAK GOVERNANCE Laos's government liquidity risks have increased significantly. While borrowing requirements remain moderate at about 13% of GDP, the government has not developed a credible financing strategy to meet both near- and medium-term debt payments. Financing gaps in the immediate future raise the risk of default in a challenging financing environment. Laos' government debt service amounts to $1.2 billion in 2020. Loans from commercial banks and Thai-baht bonds mature in September and October this year, respectively. Financing stresses are unlikely to abate given that, between 2021-2025, Laos faces debt service repayments averaging a little over $1 billion annually, including principal payments on a $150 million Eurobond due in June 2021. The government plans to meet its debt service requirements through a combination of sizeable commercial borrowing, rollovers, and bilateral support. However, raising new borrowing at affordable costs will be very challenging in the current market environment. As a result, in the absence of financial assistance from International Financial Institutions which seems unlikely to materialize in the foreseeable future, Moody's expects that Laos will predominantly rely on rollovers of or new commercial bank loans while reprofiling some bilateral debt. However, the possibility that these options may fail to materialize in time raises the risk of default. To date, it is unclear how much progress has been achieved on several aspects of the government's funding plan. Uncertainty remains around the status of bilateral discussions surrounding recent and upcoming maturities. In general, the absence of a transparent financing strategy and opacity around how maturing debt obligations have and will continue to be met, raise uncertainty about the capacity for the government to secure financing in time and at affordable costs. The option to refinance external debt domestically would deplete further already low foreign exchange reserves, intensifying liquidity and external risks further. FISCAL AND EXTERNAL CHALLENGES HAVE INCREASED Government borrowing needs are compounded by wider deficits and weaker growth, as a result of the impact of the coronavirus outbreak on the manufacturing and tourism sectors. Moody's expects real GDP will contract 0.2% year-on-year in 2020, down from 6.7% on average over the last five years. Coupled with measures to alleviate the impact of the pandemic 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 6.7% of GDP in 2020, from 3.5% of GDP in 2019. The combination of slower growth and wider fiscal deficits will lead to 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 that Moody's expected previously. A resolution of outstanding arrears, the size of which is not publicly known, would raise the debt burden further; while non-resolution would continue to hinder economic activity at a time when companies already face a significant revenue shock. On the external front, a wider current account deficit coupled with slower FDI inflows will weigh on foreign exchange reserves. Moody's expects reserves to fall in 2020, to $740 million, from close to $1 billion in 2019. Under these assumptions, Moody's projects the External Vulnerability Indicator, or the ratio of external debt maturing over the following year to reserves, to remain at rather elevated levels at above 260% in 2021. 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 around financing options in the wake 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. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook reflects downside risks beyond what would be consistent with a Caa2 rating. A more severe deterioration in credit fundamentals than Moody's currently expects, potentially because of a more acute impact of the coronavirus shock, would further weigh on the rating. Laos' economy is narrowly diversified, with growth reliant on a few large infrastructure projects. More significant project delays or cancellations than built into Moody's baseline assumptions, would weigh on GDP growth and heighten fiscal, liquidity and external pressures. 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: b2 On August 11, 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 economic fundamentals, including its economic strength, have materially decreased. The issuer's institutions and governance strength, have materially decreased. The issuer's governance and/or management, have materially decreased. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The systemic risk in which the issuer operates has not materially changed. The issuer has become increasingly susceptible to event risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook indicates that an upgrade is unlikely in the near term. Moody's would consider changing the outlook to stable, if Laos's financing risks diminished durably on the back of securing various financing options to meet upcoming repayments. Moody's would downgrade the rating, in the event of a larger or more rapid fall in foreign exchange reserves and/or further increase in liquidity stress that would make a default by the government on its debt payments increasingly likely. The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019. =============== M O N G O L I A =============== DEVELOPMENT BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Mongolia's only policy bank, Development Bank of Mongolia LLC (DBM), at 'B'. The Outlook is Stable. KEY RATING DRIVERS IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR The IDRs and Support Rating Floor of DBM are equalised with the IDRs of the Mongolian sovereign (B/Stable), reflecting its assessment that the state has strong propensity to support the bank, if required. This stems from DBM's policy role, full state ownership and close linkages to the government, such as board representation, lending to state-owned companies and state-guaranteed legacy debt. The government decided to appoint the Ministry of Finance (MoF) to exercise the ownership rights of DBM shares in April 2020. The MoF also chairs the bank's board, aiming to improve the supervision and DBM's operations. DBM is the only policy financial institution in Mongolia and it has a specific mandate to finance projects in important sectors that support the economy, as specified in the Development Bank of Mongolia Act. The act stipulates that at least 60% of DBM's exposures should be channelled towards export-related projects. DBM was mandated to provide soft loans to national cashmere manufacturers and crop farmers at preferential rates as part of government stimulus measures in March and April 2020 amid the coronavirus pandemic. Fitch views the state's 100% ownership of the bank as strategic in light of DBM's policy role. The DBM act requires the government to conduct on-site inspections of the bank every two years to verify if DBM is in compliance with applicable laws and regulations. The last inspection was conducted in 2019 and most of the recommendations were implemented. The Stable Outlook reflects that of the Outlook on Mongolia's sovereign rating. The Support Rating of '4' takes into account its view of the state's lower ability to provide support, as reflected in the sovereign's 'B' rating. Fitch does not assign a Viability Rating to DBM because the bank's operations are largely determined by its policy role and it has limited commercial operations. ESG - Governance: DBM has an ESG relevance score of '4(+)' for Governance Structure. The government has a high degree of influence on the bank though its 100% ownership. The government also has representation on the board with the MoF as chair. These are key variables that affect support prospects that drive the long-term ratings. It has a positive effect on the IDR. SENIOR DEBT AND RECOVERY RATING Fitch equalises the rating on the senior unsecured debt issues with DBM's Long-Term IDR as they constitute direct, unsecured and unsubordinated obligations of the bank. They rank pari passu with DBM's other unsecured and unsubordinated obligations, and they are subordinated to the secured debt of the bank and the obligations of its subsidiaries. The senior unsecured notes contain various default clauses that are closely linked to the creditworthiness of the sovereign, reinforcing its expectation of strong incentive for the state to support the bank, if required. The Recovery Rating of 'RR4' indicates typical recovery prospects of 31%-50%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR An upgrade of the DBM's ratings is likely if Fitch were to upgrade the rating of the Mongolian sovereign, assuming there are no changes in the sovereign's propensity to provide support. The Support Rating can only be upgraded if the sovereign rating were to upgrade by more than one notch. SENIOR DEBT AND RECOVERY RATING An upgrade of the notes' rating could come from an upgrade of DBM's ratings, which will be led by the sovereign rating upgrade. Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR Any negative rating action to the sovereign's IDRs would directly prompt a similar action on DBM's ratings. DBM's ratings may be notched down from the sovereign rating if the bank's policy role were to diminish, the state's stake in the bank were to fall significantly or the linkages between the two were to weaken. Fitch does not expect these scenarios to occur in the near to medium term. SENIOR DEBT AND RECOVERY RATING A downgrade of the sovereign rating will also trigger a downgrade in the rating on the notes. A downgrade of the notes' rating could also result from a change in Fitch's view on DBM's linkages to the government, including state ownership. The Recovery Rating of the notes is sensitive to Fitch's assessment of potential recoveries for creditors in case of default or non-performance. It could be downgraded if there is a change in Fitch's assumptions on the quality or the recovery rates of the assets. ESG CONSIDERATIONS DBM has an ESG Relevance Score of '4(+)' for Governance Structure, as detailed in the Key Rating Drivers section. It has a positive effect on the ratings in conjunction with other factors. Except for the matters discussed, the highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or the way in which they are being managed by the entity(ies). KHAN BANK: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Mongolia-based Khan Bank LLC at 'B' and its Viability Rating at 'b'. The Outlooks on the bank's Long-Term IDRs are Stable. Fitch also upgraded Khan Bank's Support Rating to '4' from '5' and revised the Support Rating Floor to 'B' from 'B-'. Fitch expects the operating environment for Mongolian banks to benefit from continued banking sector reforms in the medium term, despite near-term challenges to Mongolia's growth prospects stemming from the global coronavirus pandemic. Fitch maintains a stable outlook on the operating environment mid-point of 'b', which is aligned with that on the sovereign rating of 'B', reflecting the correlation between Mongolia's economy and bank performance. Fitch forecasts the economy to contract by 2% in 2020, before expanding by 7.9% in 2021, with the assumption that Mongolia's exports gradually improve, driven by the rebound in China's demand for industrial goods. However, risks to Mongolia's growth outlook remain amid uncertainty about how the pandemic develops globally, as well as the speed of China's economic recovery. The Mongolian banking sector may undergo significant consolidation over the next few years due to tighter legislation and enforcement, which is more likely when the pandemic subsides. The results of parliamentary elections in June 2020 provide a favourable backdrop for local authorities to resume banking-sector reforms, one of the main objectives in the state monetary policy for 2020. The policy requires the Bank of Mongolia to commit to building up banks' resilience and to continue to enforce the regulatory framework, especially in terms of banks' capitalisation, before the IMF concludes its reviews for its Extended Fund Facility, which expired in May 2020. These developments, in its view, are positive for the overall operating environment for banks in the medium term and offset pressures from the coronavirus pandemic. Fitch expects pressure on Mongolian banks' asset quality in 2020 and 2021, reflecting the impact of the pandemic on many businesses and individuals. The reported past-due loans of the banking system increased to 5.8% of total loans by end-June 2020 from 4.5% at end-2019, while the reported non-performing loan (NPL) ratio increased to 11% from 10%. However, Fitch believes the actual loans in difficulty are under-reported due to the central bank's support measures that allow delays in the recognition of consumer non-performing loans and restructuring of loans without classifying them as non-performing. Near-term profitability is also under pressure for all Mongolian banks, resulting from higher loan-loss provisioning and weaker earnings due to slower credit growth. Small banks and those with thinner capital buffers are more vulnerable with the increasing capital requirement, although the authorities may allow temporary breaches on a case-by-case basis. KEY RATING DRIVERS IDRS AND VIABILITY RATING The Long-Term IDRs of Khan Bank are at the same level as its Viability Rating and the Support Rating Floor. The Viability Rating is highly influenced by the operating environment in Mongolia, which Fitch scores at 'b' with a stable outlook. The Stable Outlook on its IDRs is in line with the rating Outlook on the sovereign and reflects its expectations that the bank will maintain its intrinsic credit profile with stronger- than-peers' capitalisation despite pressure on asset quality and profitability. Fitch expects Khan Bank's impaired loan ratio and the corresponding provisions to increase due to the coronavirus pandemic, which is reflected in the negative outlook on its asset quality score. The bank's regulatory NPL ratio increased slightly to 6.5% by end-June 2020 from 6.2% at end-2019. The increase was partly due to the one-time payoff of pension loans by the government, which reduced the bank's total loans by around 10%, while the impact of economic disruptions from the pandemic has not been fully reflected. Regulatory relief in the form of a moratorium on loan repayments or restructuring for affected borrowers has halted the recognition of credit impairments for now. Fitch expects the impairments to start showing up towards the end of this year or next year. Fitch expects Khan Bank's earnings and profitability to be under stress due to weaker income generation and higher credit costs in the near term. Khan Bank's profitability remains at the higher end among all other peers, as the bank benefits from lower funding costs due to the majority of funding coming from customer deposits. Its net interest margin is likely to decline due to slower loan growth while maintaining deposit growth. The risk controls and capital management frameworks should help the bank maintain sufficient risk buffers amid sector-wide loan quality deterioration. Khan Bank's higher-than-peer total capital ratio of 20% at end-June 2020 indicates better loss-absorption capacity. Khan Bank's Tier 1 ratio was 19.7% at end-June 2020, well above the end-point for the new Tier 1 capital requirement of about 13% by July 2021. Fitch expects the bank to be able to meet this requirement even though potential credit impairment may consume some capital over the next one to two years. Fitch expects Khan Bank's funding and liquidity profile to remain adequate, anchored by its strong domestic franchise. The bank accounts for over 30% of system deposits. The lending business is supplemented by foreign-currency term funding from international financial institutions, which comprised 12% of the bank's total funding at end-2019. SUPPORT RATING AND SUPPORT RATING FLOOR The upgrade of Khan Bank's Support Rating to '4' and the revision of the Support Rating Floor to 'B', equalising with the sovereign rating, reflects Fitch's assessment that the sovereign has higher propensity to provide extraordinary support to Khan Bank compared to other commercial banks. The equalisation with the sovereign rating is largely based on the bank's systemic importance and its large share of retail deposits in Mongolia. The bank has been designated a domestic systemically important bank (D-SIB). Fitch believes that the Mongolian authorities would favour support over a bail-in for Khan Bank as it is more cost-effective to support the bank because it is primarily funded by domestic deposits, which are covered by deposit insurance. Mongolia's re-capitalisation law provides grounds for sovereign support as well as for a bail-in, should any D-SIB need it. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRS AND VIABILITY RATING Khan Bank's Long-Term IDRs would be upgraded if its Viability Rating or Support Rating Floor, or both, were upgraded. The Support Rating Floor can only be upgraded if the sovereign rating is upgraded, as they are already equalised. Khan Bank's Viability Rating is sensitive to developments in Mongolia's operating environment. A sovereign rating upgrade, combined with steady and significant progress towards a stronger legal and regulatory framework, could open up the possibility of an upgrade on its Viability Rating. It would then be more specifically dependent on a sustained improvement in asset quality (e.g. with impaired loan ratio consistently below 5%) and maintaining the Fitch Core Capital ratio consistently above 20% (end-2019: 20%). SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating Floor of Khan Bank is equalised with the sovereign rating. It can be upgraded only if the sovereign rating is upgraded and Fitch believes that the propensity of sovereign support has not diminished. Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRS AND VIABILITY RATING Khan Bank's Long-Term IDRs could be downgraded if both its Viability Rating and the Support Rating Floor are downgraded. A sovereign rating downgrade is highly likely to lead to a corresponding downgrade in Khan Bank's Support Rating Floor, Long-Term IDRs and Viability Rating given the bank's substantial exposure to sovereign credits directly or indirectly. Khan Bank's Viability Rating could also be downgraded if a weaker economic environment leads to deterioration in the following metrics: - impaired loans/gross loans increasing and sustained above 10%; - operating profit/risk-weighted assets sustained below 3%; and - Fitch Core Capital ratio declining below 16%, without a clear path to return above this level. SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and the Support Rating Floor could be downgraded if Fitch assesses that the sovereign's ability to provide support has weakened, such as indicated by a sovereign downgrade. Likewise, a downgrade could be driven by the propensity to support having diminished, which could be driven by a significant decline in the bank's systemic importance and deposit market share. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). XACBANK LLC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of Mongolia-based XacBank LLC at 'B' and its Viability Rating at 'b'. The Outlooks on the bank's Long-Term IDRs are Stable. Fitch expects the operating environment for Mongolian banks to benefit from continued banking-sector reforms in the medium term, despite near-term challenges to Mongolia's growth prospects stemming from the global coronavirus pandemic. Fitch maintains a stable outlook on the operating environment mid-point of 'b', which is aligned with that on the sovereign rating of 'B', reflecting the correlation between Mongolia's economy and bank performance. Fitch forecasts the economy to contract by 2% in 2020, before expanding by 7.9% in 2021, with the assumption that Mongolia's exports gradually improve, driven by the rebound in China's demand for industrial goods. However, risks to Mongolia's growth outlook remain amid the uncertainty about how the pandemic develops globally, as well as the speed of China's economic recovery. The Mongolian banking sector may undergo significant consolidation over the next few years due to tighter legislation and its enforcement, which is more likely when the pandemic subsides. The results of parliamentary elections in June 2020 provide a favourable backdrop for local authorities to resume banking-sector reforms, one of the main objectives in the state monetary policy for 2020. The policy requires the Bank of Mongolia to commit to building up banks' resilience and to continue to enforce the regulatory framework, especially in terms of banks' capitalisation, before the IMF concludes its reviews for its Extended Fund Facility, which expired in May 2020. These developments, in its view, are positive to the overall operating environment for banks in the medium term and offset pressures from the coronavirus pandemic. Fitch expects pressure on Mongolian banks' asset quality in 2020 and 2021, reflecting the impact of the pandemic on many businesses and individuals. The reported past-due loans of the banking system increased to 5.8% of total loans by end-June 2020 from 4.5% at end-2019 while the reported non-performing loan (NPL) ratio increased to 11% from 10%. However, Fitch believes the actual loans in difficulty are under-reported due to the central bank's support measures that allow delays in the recognition of consumer non-performing loans and restructuring of loans without classifying them as non-performing. Near-term profitability is also under pressure for all Mongolian banks, resulting from higher loan-loss provisioning and weaker earnings due to slower credit growth. Small banks and those with thinner capital buffers are more vulnerable with the increasing capital requirement, although the authorities may allow temporary breaches on a case-by-case basis. KEY RATING DRIVERS IDRS AND VIABILITY RATING XacBank's IDRs are driven by its intrinsic credit profile, which is represented by its Viability Rating. The bank's Viability Rating is highly influenced by the operating environment in Mongolia, which Fitch scores at 'b' with a stable outlook. The Stable Outlook on the bank's IDRs is in line with the rating Outlook of the sovereign and reflects its expectation the bank will maintain its intrinsic credit profile amid near-term pressure on asset quality and profitability due to the coronavirus pandemic. Fitch expects XacBank's impaired-loan ratio to rise after an improvement earlier due to the potential deterioration from the pandemic. The bank's regulatory NPL ratio of 5.6% at end-June 2020 was better than the system average of 11%. The asset quality mid-point of 'b-', in its view, captures its higher focus on SME lending, which is more vulnerable to asset-quality deterioration during economic contractions. Fitch believes the deterioration is somewhat mitigated by the government relief measures and the loan restructuring, and Fitch expects the increase in its impaired loans will remain commensurate with its rating. XacBank's loan growth will continue to be constrained by its need to meet the capital requirement. Fitch expects XacBank's earnings and profitability to be under stress due to weaker income generation and higher credit costs in the near term. XacBank's profitability is weighed down by its higher-than-peer funding and operating costs. Fitch expects the bank to continue its strategy of focusing on replacing higher-cost funding to improve its profitability in the short-to-medium term. Its customer deposit/total funding ratio increased to 59% by end-2019 from 46% at end-2017, although operating profit fell 35% by end-2019 from a year earlier due to the increase in loan-loss provisioning. XacBank's capital ratio has improved, with the Tier 1 ratio reaching 14% by end-June 2020, meeting the revised capital requirement, after the bank modified its strategy by slowing loan growth and reducing risk-weighted assets. The loan portfolio contracted by 6% in 2019 and the risk density dropped to 52% from 65% a year earlier. However, the bank's capitalisation will be stressed when it starts to recognise the credit impairments later this year or next year for loans affected by COVID-19. Fitch believes its risk controls and capital-management framework will help maintain its risk buffer. Fitch also expects its shareholders to provide ordinary capital support, if necessary. Fitch expects XacBank's funding and liquidity profile to remain adequate with a steady domestic franchise while loan growth remains slow. Its lending business is supplemented by foreign-currency term funding from international financial institutions. Its customer deposits rose by about 16% in 2019, which increased the contribution of deposits to total funding to 59%. Its regulatory liquidity ratio was 50% at end-June 2020, well above the minimum requirement of 20%. SUPPORT RATING AND SUPPORT RATING FLOOR The affirmation of XacBank's Support Rating and Support Rating Floor reflects Fitch's view that the sovereign's propensity to provide extraordinary support remains unchanged, based on the bank's systemic importance and stable retail deposit franchise in Mongolia. The bank has been designated a domestic systemically important bank (D-SIB). Fitch believes the Mongolian authorities would favour support over a bail-in for the D-SIBs, subject to the authorities' conditions and the banks' viability prospects. However, XacBank's high wholesale funding structure, in its view, would be a consideration by the authorities for a bail-in in some scenarios in which the sovereign's ability is constrained. Mongolia's re-capitalisation law provides grounds for sovereign support as well as for a bail-in, should any D-SIB need it. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRS AND VIABILITY RATING XacBank's Viability Rating is sensitive to developments in Mongolia's operating environment. A sovereign rating upgrade, combined with steady and significant progress towards a stronger legal and regulatory framework, could open up the possibility of positive rating action for XacBank. Rating upside for XacBank would be subject to significant and sustainable improvement in profitability, with operating profit/risk-weighted assets above 3.5%, and capitalisation, with its Fitch Core Capital ratio consistently above 16%, while maintaining loan quality at the current level. SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Rating and Support Rating Floor could be upgraded if the sovereign rating is upgraded or its assumptions of the sovereign's propensity to provide support change, which could be triggered by a significant increase in XacBank's deposit market share. Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRS AND VIABILITY RATING A sovereign rating downgrade is highly likely to lead to a corresponding downgrade in XacBank's Long-Term IDR and Viability Rating given the bank's substantial exposure to the sovereign's credits directly or indirectly. XacBank's ratings could also be downgraded if its company profile were compromised by a structural weakening of its franchise and higher risk appetite. A downgrade could also come from a weaker economic environment that leads to deterioration in the following financial metrics: - impaired loans/gross loans increasing and sustained above 10%; and - operating profit/risk-weighted assets sustained below 1%; SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and the Support Rating Floor could be downgraded if Fitch assesses that the sovereign's propensity to support is diminished, which could be driven by a significant decline in the bank's systemic importance. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). ===================== N E W Z E A L A N D ===================== DUCO PROMOTIONS: Placed in Voluntary Liquidation ------------------------------------------------ Stuff.co.nz reports that three companies owned by high-profile boxing promoter David Higgins have been placed into voluntary liquidation. The Companies Office showed Duco Promotions and associated companies Mammoth Events and Zenith Events, all owned and directed by Higgins, were placed into voluntary liquidation on Aug. 11, Stuff discloses. Mr. Higgins, who co-founded Duco Events in 2004, is perhaps best known as New Zealand heavyweight boxer Joseph Parker's manager. According to Stuff, Mr. Higgins said the three businesses being wound up had not been in operation for at least a year-and-a-half, however his other events businesses were still running. "It really didn't serve any purpose and the three companies were sitting there on the shelves and it was always on my agenda to tidy them up, restructure them and get rid of them, the Covid-19 situation brought it to a head," the report quotes Mr. Higgins as saying. "Long story short, it's business as usual." Public records showed Duco Promotions received a wage subsidy of NZD28,118 for four staff, who continued to work for him under other companies, Stuff adds. Mr. Higgins said the three businesses in voluntary liquidation did not owe money to creditors, however, an office space was registered under Duco Promotions, and he was working with the landlord to find a new tenant. He said his other companies, Duco Touring, Duco Events and Sports Advisory and Management, were still operating and hosting a number of events in coming months, the report relays. "Make no mistake we have great events scheduled and we'll be back." The next event Higgins' company Duco Events was hosting was the "Summer of Synthony" on October 30. Mr. Higgins had an 80 per cent stake in all three companies, while Melbourne-based Rachael Carroll owned the remaining 20 per cent in each of the three companies, Stuff notes. Covid-19 had hit events businesses hard, Mr. Higgins said. "It's always been tough in events and [Covid-19] is one more challenge we're overcoming, so we're staying positive." He said his other companies were managing to stay in operation through the wage subsidy and cash reserves, the report adds. ================= S I N G A P O R E ================= HIN LEONG: Founder Charged with Abetment of Forgery for Cheating ---------------------------------------------------------------- The Business Times reports that the shocking fallout of Singapore's oil trading and offshore empire Hin Leong is deepening. On Aug. 17, its founder, tycoon Lim Oon Kuin was charged with abetment of forgery for the purpose of cheating while separately, he and his two children are facing a US$19 million claim from the court-appointed managers of one of the sprawling group's debt-hit units. BT relates that Lim or OK Lim, 78, who is considered a major mover and shaker and "big brother" in Singapore's mammoth and tight-knit oil and shipping milieu, was charged via video link and granted court bail of SGD3 million. The offence carries a maximum punishment of up to 10 years and a fine. According to BT, the Lim family's headache is mounting and has transfixed the city-state's oil community. Last month, the interim judicial managers (IJMs) of Ocean Tankers Pte Ltd - one of the world's largest operators of oil tankers that was brought to its knees after trouble rocked the group's flagship Hin Leong Trading (HLT) - filed a claim against Lim, his daughter Lim Huey Ching and son Evan Lim Chee Meng, BT recalls. The managers alleged that Ocean Tankers made two separate payments collectively worth US$19.02 million in April to the trio as partial repayment of shareholder's loan when the firm was insolvent and hence, are seeking to recover the sums that it deemed were "unlawful transactions", according to court documents obtained by BT. BT relates that the IJMs, Ernst & Young's Angela Ee and Purandar Rao, are also claiming for the sum to be returned to Ocean Tankers on the basis that the three individuals have breached their fiduciary duties, which required them to ensure the firm's assets were not dissipated or exploited for their own benefit at the expense of creditors. Ms. Lim and Mr. Evan Lim are directors of Ocean Tankers while Lim had resigned as the company's director and managing director in April as cracks surfaced on the group's dilemma amid an unprecedented oil crash, BT notes. The claim is "frivolous and vexatious" and is an abuse of the court process, said Davinder Singh Chambers LLC, the legal firm representing the Lim family, in court documents obtained by BT. The law firm denied that Ocean Tankers was insolvent over the periods, as alleged by the IJMs, and pointed out that Lim had provided some US$225 million in loans to Ocean Tankers and had the right to demand repayment, BT relates. A pre-trial conference on the case has been fixed for Sept. 2, BT discloses. Ocean Tankers was placed under IJMs on May 12. Two weeks ago, the court placed HLT under JM while the latest unit of the crumbling group to be included under a court-supervised restructuring is Xihe Group, which owns nearly all the vessels operated by Ocean Tankers. According to BT, the charge against Lim arose from investigations by Singapore's white-collar crime buster, Commercial Affairs Department into HLT. According to the charge sheet, Lim instigated an employee of HLT to forge a document purportedly issued by UT Singapore Services. BT relates that the document stated that Hin Leong had transferred more than one million barrels of gasoil to China Aviation Oil (Singapore) Corp. The document was allegedly used to secure more than US$56 million in trade financing from a financial institution. The police said that investigations are ongoing into other offences allegedly committed by Lim, BT adds. About Hin Leong Hin Leong Trading (Pte.) Ltd. provides petroleum products and transportation services. The Company offers oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading serves customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. =============== T H A I L A N D =============== THAI AIRWAYS: Auditor Declines to Sign Off on 2020 Half Yr Accounts ------------------------------------------------------------------- Reuters reports that Thai Airways International Pcl shares were suspended by the bourse on Aug. 14 after auditors declined to sign off on its financial statements for the six months to June 30. According to Reuters, auditor Deloitte Touche Tohmatsu Jaiyos Co Ltd said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults which created "material uncertainty" and may affect the value of assets and liabilities. Thai Airways is under bankruptcy protection and was due to submit its rehabilitation plan to the bankruptcy court on Aug. 17. In a statement, the airline said losses from operations since 2013 had resulted in a capital deficiency, Reuters relays. Thai Airways booked losses of THB22.68 billion (US$730.4 million) and THB5.35 billion its first and second quarters, respectively, Reuters discloses citing a delayed earnings report released late on Aug. 13. The collapse of travel and tourism due to the outbreak of the new coronavirus slashed revenue by 23.7% to THB38 billion in the first quarter, Acting President Chansin Treenuchagron said on Aug. 17, adds Reuters. In the three months ending in June, it booked THB2.49 billion in revenue, down 94.1% from the same period a year earlier. The airline began suspending flights in February, the report notes. About Thai Airways Thai Airways International PCL (BAK:THAI) -- http://www.thaiairways.co.th/-- is the national carrier of Thailand. The company provides air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific. The Company is a state enterprise which is controlled by the government and partly owned by the public. As reported in Troubled Company Reporter-Asia Pacific on May 21, 2020, Thailand's cabinet approved a plan to restructure troubled Thai Airways International Pcl's finances through a bankruptcy court, the Southeast Asian country's prime minister said on May 19. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-backed rescue package that was heavily criticised in the country. Thai Airways on May 27 said it appointed board members as rehabilitation planners in a bankruptcy court submission. Thai Airways posted losses every year after 2012, except in 2016. In 2019, it reported losses of THB12.04 billion. THAILAND: Recession Deepens With Biggest GDP Fall Since 1998 ------------------------------------------------------------ Suttinee Yuvejwattana and Randy Thanthong-Knight at Bloomberg News report that Thailand's economy contracted the most in more than two decades, deepening its recession as the nation's key drivers of trade and tourism remain hobbled by the global coronavirus pandemic. Gross domestic product shrank 12.2% from a year ago, the National Economic and Social Development Council said on Aug. 17, its biggest decline since the Asian financial crisis in 1998. The figure wasn't quite as bad as the median estimate of a 13% contraction in a Bloomberg survey of economists. Bloomberg says the outlook for Thailand's economy this year is the most dire in Asia given its reliance on exports and tourism, both of which have suffered heavy blows amid the Covid-19 outbreak. The pain has been compounded by the strong baht, which gained more than 6% in the April-June quarter, the second-best performing currency in Asia tracked by Bloomberg. "We are concerned about the economy, especially employment, bad debts" and small and medium enterprises," Bloomberg quotes Thosaporn Sirisumphand, secretary general of the economic council, as saying. "Government spending will remain the key economic driver this year, as all other drivers remain weak." According to Bloomberg, the council cut its full-year forecast to a 7.3%-7.8% contraction, from an earlier estimate of a 5%-6% fall. That forecast, which assumes the virus outbreak is contained in the fourth quarter of the year and there's no big second wave, is better than the 8.1% fall seen by the country's central bank and the 8.5% decline the Finance Ministry expects. "The worst is likely over, but there is still no reason to pop the champagne yet," Bloomberg quotes Howie Lee, economist at Oversea-Chinese Banking Corp. in Singapore, as saying. "From here we expect the pace of economic recovery to be gradual, with many challenges still facing the Thai economy." In a separate briefing Aug. 17, Supattanapong Punmeechaow, the energy minister and deputy prime minister in charge of the economy, said the government will establish a center focusing on economic revival, including representatives from government agencies and the private sector, Bloomberg reports. The baht fell 0.2% to 31.182 per dollar after the data. The benchmark stock index fell 0.4%, reversing an earlier gain. Bloomberg says the latest data reflect the fact that the economy was shut for part of the second quarter, and borders remain closed to most foreigners. The government has gradually eased restrictions on domestic movement since May, and almost all businesses can now open. Bloomberg relates that the government, which has announced $60 billion in stimulus, is in the midst of changing its economic team. New Finance Minister Predee Daochai will need to work with Sethaput Suthiwart-Narueput, who will take over as central bank governor Oct. 1, to coordinate fiscal and monetary policy, the report discloses. Anti-government protests, mainly by young people, are starting to gain momentum and add to uncertainty, according to Bloomberg. More than 10,000 people rallied in Bangkok on Sunday [Aug. 16], one of the biggest gatherings yet as protesters demand an end to the military-led administration and call for the monarchy's powers to be reined in. "Notwithstanding the expected prolonged slump in tourism, the recent unrest in Thailand may also dampen investor sentiment, in addition to the already-fragile consumption trend," OCBC's Lee said, Bloomberg relays. Bloomberg says that other key points from the briefing are: - GDP fell a seasonally adjusted 9.7% in the second quarter compared with the previous three months, the council said on Aug. 17, better than the median estimate of an 11.2% contraction in a Bloomberg survey - Exports are expected to decline 10% this year - Second quarter unemployment was 1.95%, its highest level since 2009 and double the normal rate. Another 1.8 million workers may be at risk of losing their jobs - More than THB300 billion ($9.6 billion) in government cash handouts helped keep consumption afloat - The government will roll out more aid for business, workers, and exports in coming months =============== X X X X X X X X =============== BOND PRICING: For the Week Aug. 10 to Aug. 14, 2020 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.04 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17 PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63 PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63 VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 15.65 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.42 VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 15.23 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.15 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00 VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 6.82 CHINA ----- AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.75 AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.69 AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.24 AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.12 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.30 AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 69.32 ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 59.01 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 58.93 ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 20.08 ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 19.60 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 27.18 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 20.32 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 24.57 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 20.65 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 59.63 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.83 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.82 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 60.02 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 58.79 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 41.14 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 40.00 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 56.50 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.38 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.00 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 45.50 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 41.45 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.47 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.32 BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 31.30 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 58.54 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 21.20 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 20.70 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 19.99 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.83 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.39 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.33 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.49 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.41 BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.45 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.12 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01 BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27 BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.05 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.11 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.00 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 40.51 BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 20.61 BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.40 BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.00 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 62.03 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 52.22 BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.44 BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.00 BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.02 BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00 BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 45.65 BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.30 BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 30.00 BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 20.31 BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40 BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.26 BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.47 BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.00 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.42 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.00 BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.02 BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.90 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.62 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.50 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 60.85 CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29 CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 60.19 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 59.93 CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.21 CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 21.40 CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 20.47 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 60.00 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.87 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.78 CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.86 CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.80 CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 30.93 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.67 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.30 CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 72.69 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 71.74 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 70.00 CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 46.65 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 59.96 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 60.17 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.77 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 24.00 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 20.55 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.60 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 47.32 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 41.10 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 27.00 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 20.57 CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 30.30 CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 20.70 CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 20.55 CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 19.94 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.45 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.34 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.30 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.20 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.19 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 41.01 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 40.00 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 42.10 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 41.16 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 26.00 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 20.49 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.42 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.04 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.05 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.00 CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 20.46 CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 48.83 CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 41.44 CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.11 CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 40.74 CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 39.30 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.92 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.00 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.92 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.58 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.60 CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 20.52 CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 73.33 CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25 CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.12 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.82 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.80 CHENZHOU INDUSTRY INVESTM 6.45 01/23/22 CNY 40.36 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.87 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.12 CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 39.78 CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65 CHINA OCEANWIDE HOLDINGS 8.60 09/21/21 CNY 68.00 CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 63.00 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.14 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 61.50 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 60.47 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.48 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.41 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 41.00 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 40.77 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.73 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.30 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.15 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.52 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.16 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.34 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.00 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.29 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.00 CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.07 CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.38 CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.00 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.80 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.13 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 27.33 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 20.42 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.66 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.00 CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 30.80 CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 20.58 CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.63 CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.00 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.24 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.16 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.00 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 21.00 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 20.70 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.29 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.13 CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 20.51 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 74.76 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.04 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.01 CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.55 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.88 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.76 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.57 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.10 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.06 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.00 CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 70.10 CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.73 CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.60 CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.14 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.05 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.00 CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 20.56 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.99 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.44 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.90 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.23 CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 21.70 CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 20.25 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.15 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 39.69 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 21.70 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 20.47 CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 20.34 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.67 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.00 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.76 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00 CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00 CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.22 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 23.90 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 20.33 CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.73 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 60.66 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.79 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.50 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 40.63 CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 21.60 CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 20.65 CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 41.08 CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 40.00 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.76 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.39 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.57 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.38 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 44.55 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 40.85 CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 40.71 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25 CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25 CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80 CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.59 DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60 DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.27 DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.26 DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.00 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 61.26 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.82 DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 58.42 DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.53 DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35 DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35 DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30 DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 58.70 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 57.73 DALIAN SHITAI CITY CONSTR 7.09 02/20/21 CNY 20.07 DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00 DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.40 DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 60.61 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.81 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.37 DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 20.00 DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 40.00 DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 39.71 DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.51 DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.14 DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.28 DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 39.30 DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 38.92 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 59.06 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 58.92 DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 23.53 DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 20.33 DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.26 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.45 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00 DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.83 DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00 DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33 DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 60.58 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 59.78 DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 28.26 DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 20.34 DONGLING GROUP INC CO 8.00 07/14/22 CNY 41.26 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 28.48 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 20.52 DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.35 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 41.58 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 40.61 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.31 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.27 DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 39.46 DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.10 EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 27.54 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 20.52 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.22 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 26.50 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 20.65 FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 22.00 FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 20.44 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.48 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.42 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 61.24 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 60.42 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 59.40 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 58.77 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 44.49 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 41.02 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 59.35 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.79 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.33 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.00 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 19.73 FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.24 FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.65 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.55 FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.53 FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.00 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.74 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.50 FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.18 FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 25.18 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.39 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.03 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 59.95 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 58.80 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.34 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.04 FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.67 FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.57 FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.55 FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.00 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.93 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.00 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 20.27 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 19.00 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.68 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.08 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.78 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.26 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.00 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 61.13 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 58.93 GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 44.00 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 41.21 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.56 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.35 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.30 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.06 GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.10 GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.00 GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.59 GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00 GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00 GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.16 GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 24.77 GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 20.25 GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 23.00 GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 20.45 GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 21.15 GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 20.44 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.17 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.16 GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00 GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 40.99 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.48 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 72.93 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 63.07 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 62.87 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 60.00 GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.39 GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.00 GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.90 GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.00 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 45.00 GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 40.51 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 59.26 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.89 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 58.87 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.40 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.90 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.00 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.72 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 58.09 GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 41.21 GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.00 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.20 GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 51.28 GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 49.65 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.84 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.41 GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 63.72 GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.50 GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.38 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.66 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.34 HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.32 HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.24 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.91 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88 HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.22 HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.22 HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.10 HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.00 HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 40.63 HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 55.18 HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 42.20 HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 41.16 HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.67 HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42 HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.18 HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30 HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30 HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.20 HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.07 HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 47.20 HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 40.73 HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.05 HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.00 HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45 HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.12 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 59.16 HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 29.00 HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 20.57 HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40 HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 20.67 HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 72.89 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 61.22 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 60.62 HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 20.56 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.27 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.15 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.49 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.44 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.75 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.48 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 21.85 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 20.56 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.32 HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00 HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00 HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.92 HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.70 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.59 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.46 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 64.27 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.36 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.10 HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.22 HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00 HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.93 HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.80 HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.22 HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55 HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.81 HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.74 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.05 HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50 HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.10 HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00 HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 59.75 HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 21.10 HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 20.39 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.84 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.67 HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88 HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 40.68 HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 20.40 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.80 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.52 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 31.83 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 64.10 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 60.12 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 41.54 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 40.90 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.79 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.21 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 27.84 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 20.42 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.85 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.01 HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 58.96 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 40.52 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.33 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.00 HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.11 HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.10 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.34 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.00 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.65 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.26 HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 21.65 HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 20.60 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.27 HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.60 HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 20.42 HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.37 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 41.14 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 40.65 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 63.00 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.41 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 60.17 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.05 HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.44 HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.25 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 41.29 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 40.00 HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 45.50 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 42.40 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 41.28 HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.24 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.11 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.57 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.00 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 22.25 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 20.48 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.09 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 60.06 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.84 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.82 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 59.54 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 58.73 HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 40.22 HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.50 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.48 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 47.00 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 39.47 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 74.05 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 70.00 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.84 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.31 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.30 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.50 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.36 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.36 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.20 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.42 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.00 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.17 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.16 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.78 HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.40 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.38 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.00 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.20 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 40.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 40.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 39.06 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 38.90 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.10 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.02 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 59.80 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.86 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.87 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.43 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.27 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.26 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 26.50 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 20.44 JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 20.48 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 41.10 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 40.99 JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.19 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 61.28 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 60.32 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 61.51 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 60.41 JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 45.00 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 61.00 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 60.54 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.80 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.50 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.61 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.00 JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 40.84 JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 20.22 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.06 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 28.80 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 20.49 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.88 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.98 JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 25.00 JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 20.34 JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.42 JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.00 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.07 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.69 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32 JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 40.91 JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 47.50 JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 40.78 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 30.19 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 20.51 JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 60.00 JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 59.99 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 58.33 JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.18 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 59.62 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 70.07 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.59 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.70 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.37 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 29.34 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 20.45 JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56 JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.15 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.66 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.31 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.47 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 69.27 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 42.86 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 39.81 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 21.13 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 20.30 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 21.80 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 20.55 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 59.79 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.47 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00 JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.55 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.90 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 60.54 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 59.22 JILIN NORTHEAST SOCK INDU 7.50 05/19/22 CNY 71.71 JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.84 JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 20.11 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.49 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.48 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61 JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 20.37 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.60 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.34 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.04 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00 JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.33 JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.00 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.58 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.52 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.14 JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 31.76 JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 30.99 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.15 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57 JINGMEN DONGBAO DISTRICT 4.44 07/22/23 CNY 20.00 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 60.70 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.27 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.96 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.68 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 40.86 JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 44.44 JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 40.73 JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.50 JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.02 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 58.31 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 57.68 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 61.36 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 60.92 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.28 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.29 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 25.00 JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.90 JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.32 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 20.32 JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 42.82 JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 39.97 JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 40.92 JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 39.55 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.88 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.36 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.49 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.40 JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.60 JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.39 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.13 KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.24 KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.23 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.26 KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.15 KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 24.15 KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 22.30 KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25 KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.87 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 40.00 KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.38 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 25.45 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 20.45 KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 20.45 LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.60 LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.35 LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 40.16 LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 34.90 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.59 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.39 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.54 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.53 LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.85 LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.65 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.62 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.31 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.45 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.29 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 60.11 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 59.94 LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 60.68 LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 58.54 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.24 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 3.63 LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 60.77 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.28 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 58.75 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.55 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.49 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.11 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.10 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.09 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.57 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.68 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.66 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.12 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.11 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.10 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.43 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.39 LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 40.77 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.17 LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.46 LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.45 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 63.68 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.44 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00 LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.45 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.30 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.24 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 30.31 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 20.47 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.81 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.43 LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.42 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.56 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.40 LU'AN CITY CONSTRUCTION I 5.05 04/26/21 CNY 50.59 LU'AN CITY CONSTRUCTION I 3.97 02/22/21 CNY 50.20 LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.20 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.96 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.00 LUOHE CITY INVESTMENT HOL 5.25 09/11/20 CNY 40.07 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.38 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.10 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.64 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 74.03 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 70.00 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.58 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.57 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 40.61 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 44.99 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 40.64 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.83 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.20 MEISHAN ASSET MANAGEMENT 7.84 02/26/21 CNY 20.38 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.36 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.14 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 60.04 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 59.08 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 45.32 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 40.84 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.09 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.07 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 59.79 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 45.00 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 41.33 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.53 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.39 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 31.20 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 20.58 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.72 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.04 NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 70.01 NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 40.10 NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 65.41 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 60.57 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 59.89 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.74 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 60.60 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 59.64 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 60.15 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 59.76 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 46.17 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 26.80 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 20.59 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 59.12 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 55.20 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 24.80 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 20.49 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.60 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.54 NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.08 NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.03 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 25.40 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 20.46 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.96 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 61.50 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 59.46 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 60.82 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.57 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.00 NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 61.88 NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 60.80 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.16 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.00 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 28.53 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 20.68 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.44 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.43 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.61 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36 NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00 NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00 NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 26.30 NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 20.47 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.84 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.67 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 29.00 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 20.42 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 48.29 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 41.32 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.66 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.00 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.70 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.69 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.30 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.10 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.40 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 59.79 NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 20.54 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 60.27 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 59.03 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.38 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.73 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.71 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.92 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.00 PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.45 PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.32 PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.36 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00 PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 49.00 PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 49.00 PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 61.16 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 60.61 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.66 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.36 PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.08 PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.33 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.07 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.00 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 59.60 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 58.74 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.54 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.21 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.77 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 40.85 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 59.58 PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.19 PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.44 PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.19 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.29 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.60 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.39 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 46.90 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 40.87 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 57.68 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.65 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 59.98 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 21.00 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 20.63 QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 39.60 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 59.13 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 58.70 QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 60.75 QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 59.95 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 60.01 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 59.30 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.61 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.61 QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 20.59 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.52 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.92 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.41 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 46.38 QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 20.46 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.30 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 40.64 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.65 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 28.79 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 20.39 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 60.40 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 59.67 QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 60.51 QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 59.95 QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.40 QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 35.20 QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 56.23 QINGHAI STATE-OWNED ASSET 5.90 12/17/22 CNY 56.20 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31 QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.30 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 27.50 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 20.34 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 60.87 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 59.02 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 21.28 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 20.41 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.23 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.04 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.00 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.15 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.00 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.80 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.73 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.35 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.34 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 59.17 QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 22.55 QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 20.38 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.56 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.15 QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.51 QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 20.33 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 23.42 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 20.59 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.32 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.03 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 59.86 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.72 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00 REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00 REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10 RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.54 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 25.90 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 20.59 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 24.03 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 20.42 RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.29 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 78.32 RUGAO COMMUNICATIONS CONS 3.74 03/23/23 CNY 59.81 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 60.05 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 59.85 RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 29.00 RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.45 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.93 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.48 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.54 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 58.97 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.93 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 59.76 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.32 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 58.90 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 50.66 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.86 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.58 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.00 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00 SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 59.44 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 40.68 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.42 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.80 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 61.01 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.06 SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 66.04 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.95 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.24 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 40.77 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 20.78 SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 42.45 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 41.01 SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 24.00 SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 20.78 SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84 SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70 SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40 SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.10 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10 SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50 SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52 SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 42.86 SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.36 SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.00 SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 18.95 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.75 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.52 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.75 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.27 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.90 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.79 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.64 SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.68 SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.49 SHANGHAI PUTAILAI NEW ENE 5.50 03/19/21 CNY 66.67 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 61.07 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.75 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.14 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.80 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.34 SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 31.53 SHANTOU INVESTMENT & FINA 7.99 03/04/24 CNY 64.64 SHANXI INTERNATIONAL ELEC 5.88 05/24/22 CNY 62.60 SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 69.90 SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 54.50 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 60.54 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.83 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.00 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 48.00 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 41.35 SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 40.62 SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 41.07 SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.93 SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00 SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 41.56 SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 40.00 SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 23.90 SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 20.32 SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.33 SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.32 SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55 SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.12 SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 40.61 SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.32 SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 59.77 SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 57.99 SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.78 SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.69 SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 20.53 SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 41.00 SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 40.00 SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 41.26 SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 39.73 SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50 SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 40.59 SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 63.79 SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 46.42 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 63.25 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 47.20 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 40.91 SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 41.40 SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 41.17 SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.71 SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.00 SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.68 SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.12 SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87 SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.07 SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.24 SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.23 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.53 SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.47 SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.00 SICHUAN CHENG'A DEVELOPME 7.18 09/12/20 CNY 20.06 SICHUAN COAL GASIFICATION 7.00 04/18/23 CNY 60.32 SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.85 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.51 SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 60.87 SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 59.92 SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.73 SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.72 SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 58.53 SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 57.62 SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.42 SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 48.00 SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 40.84 SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.77 SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.00 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.73 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.30 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.56 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.06 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.58 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.00 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.78 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.63 SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 27.82 SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 20.58 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.45 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00 SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 20.42 SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 44.18 SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 39.85 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 59.19 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 58.41 SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.48 SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.00 SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83 SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.71 SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.70 SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.38 SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.55 SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.17 SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 41.20 SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 40.67 SUIZHOU YULONG WATER SUPP 6.10 03/28/23 CNY 59.76 SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.06 SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01 SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.15 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.97 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.94 SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.07 SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.06 SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.80 SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.39 SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.66 SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.06 SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.47 SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.53 SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.23 SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 40.98 SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 22.60 SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 20.40 TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 60.62 TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 59.76 TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.70 TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.16 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.22 TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.31 TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87 TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 59.74 TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.39 TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.00 TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.10 TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.19 TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 26.50 TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 20.42 TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.45 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.14 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 44.00 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 41.27 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.12 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 60.78 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 59.56 TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.60 TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.07 TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 21.00 TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 20.28 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.99 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.95 TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.10 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.19 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.09 TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 27.15 TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 20.22 TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.06 TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90 TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.69 TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.25 TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.24 TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 39.59 TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.51 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 45.65 TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 58.36 TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 57.75 TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00 TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 44.47 TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.74 TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 39.00 TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.37 TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 40.87 TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 40.83 TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.36 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 41.70 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 40.59 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.35 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.24 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.10 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.00 TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.38 TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.00 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.20 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.19 TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 27.50 TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 20.44 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.92 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.02 TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 73.17 TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 20.39 TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.03 TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 73.92 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 39.20 TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 24.94 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.60 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.77 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.40 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.34 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.32 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.00 TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 60.00 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 59.63 TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50 TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.09 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.98 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.61 TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 65.51 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 41.38 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 40.85 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 ULANQAB CITY INVESTMENT D 8.39 04/25/22 CNY 51.68 ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 61.51 ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 58.74 URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 41.19 URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 40.00 WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.46 WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.28 WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 61.05 WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 59.77 WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81 WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 41.07 WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 25.35 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.18 WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 59.13 WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 58.40 WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 59.02 WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 58.50 WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.86 WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.00 WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 59.41 WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 58.48 WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.78 WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.45 WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.69 WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.22 WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.46 WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.19 WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.63 WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.60 WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.60 WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.59 WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.40 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 CONSTRUCTION I 8.19 04/21/21 CNY 20.50 WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 5.39 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.38 WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02 WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 40.68 WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.53 WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.32 WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 20.40 WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 40.46 WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 60.05 WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 59.99 WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35 WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 40.70 WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 59.59 WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 59.78 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.68 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.00 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 60.56 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 59.50 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 40.69 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.51 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.40 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.27 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.10 WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 60.07 WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 59.83 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.45 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.02 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.13 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.11 WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 61.05 WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 60.64 WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.12 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.11 XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 20.53 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.40 XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 59.68 XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 64.80 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 28.99 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 20.17 XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 37.79 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.75 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.73 XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 20.26 XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.96 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.00 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 19.99 XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 60.30 XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 59.54 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.88 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.66 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 23.38 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 20.42 XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.15 XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 59.97 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 45.00 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 40.60 XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 60.27 XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 59.95 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.50 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.45 XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69 XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 40.46 XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 32.72 XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 20.52 XIAOGAN URBAN CONSTRUCTIO 3.94 07/05/21 CNY 63.12 XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 20.51 XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.54 XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.42 XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 60.16 XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 59.81 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 42.71 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 41.82 XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.71 XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.21 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 58.46 XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 21.35 XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 20.40 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.83 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.81 XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 34.44 XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 33.49 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.75 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.73 XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 26.30 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 20.49 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.27 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.32 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.14 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 41.53 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 40.93 XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 27.00 XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.24 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 41.39 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 40.95 XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 25.25 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 21.07 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 20.37 XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.28 XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 60.10 XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 59.32 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 40.78 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.32 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.15 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 26.00 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 20.67 XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.34 XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 59.60 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.00 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.78 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.03 XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 20.49 XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 31.50 XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 20.59 XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 21.00 XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 20.60 XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46 XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.06 YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05 YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05 YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.15 YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30 YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.97 YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.60 YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.44 YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.37 YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.40 YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.05 YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.33 YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.63 YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.92 YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.56 YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 41.17 YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.15 YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.07 YANGZHONG CITY INVESTMENT 5.15 06/03/23 CNY 60.95 YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.70 YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.43 YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 60.36 YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 59.55 YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 26.00 YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.40 YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.89 YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.00 YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 46.63 YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 41.14 YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.03 YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.00 YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 60.03 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 60.00 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 59.99 YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 29.30 YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 20.30 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.63 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00 YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 23.47 YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 20.47 YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.70 YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.61 YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00 YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99 YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00 YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90 YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00 YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 20.41 YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 20.53 YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 40.29 YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 39.17 YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 60.00 YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00 YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.79 YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 58.48 YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.99 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85 YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18 YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 60.90 YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00 YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.85 YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95 YINING CITY STATE OWNED A 8.90 01/23/21 CNY 20.51 YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40 YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.27 YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 50.03 YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 41.10 YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 40.00 YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 23.50 YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 20.37 YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 48.00 YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 40.62 YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.13 YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.69 YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00 YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.86 YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.42 YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 60.50 YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.30 YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79 YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79 YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.39 YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.18 YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.07 YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 78.50 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 60.28 YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50 YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 44.47 YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 40.83 YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.55 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 61.30 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 60.50 YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 20.50 YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 20.63 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.09 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.45 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.43 ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04 ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.05 ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 20.41 ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 20.50 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 62.67 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 60.14 ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90 ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.70 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.93 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.00 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.60 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.47 ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.15 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 41.28 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 40.00 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.49 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00 ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 30.00 ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 20.40 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 40.52 ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 24.00 ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 20.63 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.03 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.00 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.48 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 41.06 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 40.00 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06 ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.03 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 40.72 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.03 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.45 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.02 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.08 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.39 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.30 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.13 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 60.81 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 58.76 ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 20.36 ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.34 ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 64.70 ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 60.49 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 59.87 ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.42 ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49 ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70 ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.49 ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00 ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 23.88 ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 20.27 ZHOUSHAN DINGHAI CITY CON 6.67 07/20/22 CNY 40.62 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 40.70 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.12 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 56.42 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 55.80 ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.90 ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.66 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.63 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.26 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.09 ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 41.16 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.28 ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75 ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.16 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.85 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.55 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.00 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.46 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.04 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.78 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.15 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.42 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.74 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.46 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.15 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.00 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 58.49 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 57.36 ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 59.03 ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 56.21 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 69.70 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 67.66 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 57.96 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 52.98 HONG KONG --------- HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 75.00 DR PENG HOLDING HONGKONG 7.55 12/01/21 USD 71.48 INDIA ----- ABM INVESTAMA TBK PT 7.13 08/01/22 USD 67.09 ABM INVESTAMA TBK PT 7.13 08/01/22 USD 65.58 BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00 BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.92 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.78 GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 67.77 INDONESIA --------- 3I INFOTECH LTD 2.50 03/31/25 USD 4.27 AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 24.80 AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 24.76 APG HABITAT PVT LTD 1.00 09/09/28 INR 58.45 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 42.31 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 40.52 AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.94 AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.78 BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.95 CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 66.57 CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 60.51 CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 37.55 DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 26.17 DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 44.15 DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 46.92 EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 69.72 EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 67.38 EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 64.09 EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 63.13 EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 61.38 FUTURE RETAIL LTD 5.60 01/22/25 USD 64.42 FUTURE RETAIL LTD 5.60 01/22/25 USD 58.28 GREEN URJA PVT LTD 0.01 02/14/30 INR 46.68 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00 HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 58.94 HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 55.19 INDIABULLS HOUSING FINANC 6.38 05/28/22 USD 72.79 JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURES 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 26.84 JTPM ATSALI LTD 0.01 08/29/48 INR 10.98 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 25.50 KRIBHCO INFRASTRUCTURE LT 1.00 04/15/26 INR 72.34 MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 66.62 MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 30.05 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 27.55 MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 27.55 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 26.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 70.17 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 65.42 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 60.97 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 56.83 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 53.01 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 49.56 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 46.44 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 43.64 PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.23 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 69.66 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 65.67 REI AGRO LTD 5.50 11/13/14 USD 0.56 REI AGRO LTD 5.50 11/13/14 USD 0.56 RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.64 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.63 SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 67.08 SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54 SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54 SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61 TN URJA PVT LTD 0.10 02/22/36 INR 29.18 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.25 WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 56.26 WS T&D LTD 0.10 03/24/29 INR 50.57 ZYDUS FOUNDATION 0.10 03/25/25 INR 70.08 INDONESIA --------- 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 0.99 11/27/26 JPY 73.14 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 67.88 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 66.72 SOUTH KOREA ----------- ECOMAISTER CO LTD 2.00 10/11/22 KRW 60.98 HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 46.42 KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 75.01 KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 72.52 KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 71.76 KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 70.93 KIBO ABS SPECIALTY CO LTD 5.00 02/24/23 KRW 69.67 KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.39 LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.65 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.91 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 SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 73.25 SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 73.15 SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 72.71 SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 71.61 SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 71.29 SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 71.14 SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 70.92 SINBO SECURITIZATION SPEC 5.00 07/24/23 KRW 69.29 SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12 SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 68.82 SINBO SECURITIZATION SPEC 5.00 06/27/23 KRW 68.30 SINBO SECURITIZATION SPEC 5.00 08/29/22 KRW 67.10 SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 67.10 SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 67.08 SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.07 SINBO SECURITIZATION SPEC 5.00 07/24/22 KRW 67.07 SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 66.75 SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 66.74 SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.38 SINBO SECURITIZATION SPEC 5.00 06/27/22 KRW 66.06 SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.30 SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 64.09 SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 63.13 SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 62.72 SRI LANKA --------- SRI LANKA DEVELOPMENT BON 5.66 05/01/23 USD 74.36 SRI LANKA DEVELOPMENT BON 4.57 01/22/23 USD 73.78 SRI LANKA DEVELOPMENT BON 4.38 01/22/23 USD 73.73 SRI LANKA DEVELOPMENT BON 4.35 03/16/23 USD 72.52 SRI LANKA DEVELOPMENT BON 4.26 05/01/23 USD 71.48 SRI LANKA DEVELOPMENT BON 4.22 05/01/23 USD 71.39 SRI LANKA DEVELOPMENT BON 6.87 01/22/25 USD 70.12 SRI LANKA DEVELOPMENT BON 6.75 01/22/25 USD 69.75 SRI LANKA DEVELOPMENT BON 6.50 01/22/25 USD 68.98 SRI LANKA DEVELOPMENT BON 6.02 01/22/25 USD 67.51 SRI LANKA DEVELOPMENT BON 5.98 01/22/25 USD 67.39 SRI LANKA DEVELOPMENT BON 4.90 01/22/25 USD 63.84 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.17 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.06 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.56 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.49 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.43 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.26 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.50 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 67.43 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.17 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 66.98 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.61 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.50 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.97 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.88 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.50 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.38 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 64.25 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 63.98 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.56 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.43 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 51.00 MALAYSIA -------- AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 0.85 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.52 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.24 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.01 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16 HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.50 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.01 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.62 SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 74.53 SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 73.38 SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 72.10 SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 70.84 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.17 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75 SINGAPORE --------- ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 50.54 APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 51.27 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.64 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.63 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 50.67 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 27.38 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 51.89 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 46.51 GOLDEN ENERGY & RESOURCES 9.00 02/14/23 USD 73.94 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 GROUP 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 31.05 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00 JGC VENTURES PTE LTD 10.75 08/30/21 USD 77.65 MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.55 MODERNLAND OVERSEAS PTE L 6.95 04/13/24 USD 29.23 MULHACEN PTE LTD 6.50 08/01/23 EUR 41.76 MULHACEN PTE LTD 6.50 08/01/23 EUR 41.30 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.92 ORO NEGRO DRILLING PTE LT 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 67.56 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 62.17 SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 46.62 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 5.55 10/10/16 SGD 12.25 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 THAILAND -------- MDX PCL 4.75 09/17/03 USD 22.88 G STEEL PCL 3.00 10/04/15 USD 0.55 ********* 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 ***