/raid1/www/Hosts/bankrupt/TCRAP_Public/210126.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, January 26, 2021, Vol. 24, No. 13
Headlines
A U S T R A L I A
ASPEC MASONRY: Second Creditors' Meeting Set for Feb. 1
GENESIS CARE: Moody's Completes Review, Retains B1 Rating
MYOB INVEST: Moody's Completes Review, Retains B3 Rating
NHGM SERVICES: Second Creditors' Meeting Set for Feb. 1
PRAESIDIUM GLOBAL: First Creditors' Meeting Set for Feb. 3
SILVER HERITAGE: HatchAsia Completes Takeover; New Board Named
C H I N A
GUANGZHOU R&F: Fitch Assigns B+ Rating on Proposed USD Notes
RADIANCE HOLDINGS: Moody's Assigns First-Time 'B1' CFR
SEAZEN GROUP: Moody's Upgrades CFR to Ba1, Outlook Stable
ZHONGLIANG HOLDINGS: Fitch Assigns B+ Rating to Proposed USD Notes
H O N G K O N G
NEWOCEAN ENERGY: Creditors OK Bid to Adjourn Court Scheme Meeting
I N D I A
ADARSHA INTERNATIONAL: CARE Cuts Rating on INR5.20cr LT Loan to C
ADYA BHAWAN: CARE Lowers Rating on INR4.67cr LT Loan to B
ARTEDZ FABS: CARE Keeps D Debt Rating in Not Cooperating
BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating
DEVAS MULTIMEDIA: NCLT Appoints Provisional Liquidator
DHAIRYA CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to B+
DURGASHREE CASHEW: CARE Keeps D Debt Rating in Not Cooperating
ELITE MOTORS: CARE Lowers Rating on INR7.39cr LT Loan to B-
GMR HYDERABAD INT'L.: Moody's Affirms Ba2 CFR, Rates USD Bond Ba2
GOKUL CERAMIC: Insolvency Resolution Process Case Summary
GURU NANAK: CARE Lowers Rating on INR4.0cr LT Loan to B
HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
IL&FS CLUSTERS: Ind-Ra Affirms & Withdraws 'D' Bank Loan Rating
INTEGRATED SPACES: CRISIL Keeps D Debt Ratings in Not Cooperating
INTERNATIONAL METAL: CARE Lowers Rating on INR8.0cr LT Loan to B-
JM FEED: CRISIL Keeps D Debt Rating in Not Cooperating Category
KINGFISHER AIRLINES: Mallya Applies for Another Route to Stay in UK
KYATI METALS: Insolvency Resolution Process Case Summary
LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
LEARNET SKILLS: Ind-Ra Hikes Bank Loan Rating to 'BB'
MPS STEELS: CARE Lowers Rating on INR9.18cr LT Loan to B-
OM BESCO: CRISIL Keeps C Debt Rating in Not Cooperating Category
OSHINA EXPO: CARE Lowers Rating on INR5.0cr LT Loan to B+
PRABHULINGESHWAR SUGARS: CARE Moves B+ Rating to Not Cooperating
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
ROSHA ALLOYS: CARE Lowers Rating on INR7.50cr LT Loan to B
ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B
RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVESWARA MILLS: CRISIL Lowers Rating on INR4cr Cash Loan to B
SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
SCHOOLNET INDIA: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
SECURE PRINT: CRISIL Keeps B- Debt Rating in Not Cooperating
SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV SHAKTI: CARE Lowers Rating on INR5.00cr LT Loan to C
SIMHAPURI TRANSPORT: CRISIL Keeps B+ Rating in Not Cooperating
SURAJ INN: CARE Lowers Rating on INR150cr NCD to Provisional B+
SURESH ANGADI: CARE Keeps D Debt Rating in Not Cooperating
VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
BUKIT MAKMUR: Fitch Assigns BB- Rating on Proposed USD Notes
BUKIT MAKMUR: Moody's Gives Ba3 Rating to New USD Sr. Sec. Notes
LIPPO MALLS: Moody's Confirms B1 CFR Following Funding Structure
X X X X X X X X
M V OMNI: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
[*] BOND PRICING: For the Week Jan. 18, 2021 to Jan. 22, 2021
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A U S T R A L I A
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ASPEC MASONRY: Second Creditors' Meeting Set for Feb. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Aspec Masonry
NSW Pty Ltd has been set for Feb. 1, 2021, at 2:30 p.m. via virtual
meeting.
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 Jan. 29, 2021, at 4:00 p.m.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Aspec Masonry on Dec. 15, 2020.
GENESIS CARE: Moody's Completes Review, Retains B1 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Genesis Care Finance Pty Ltd and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 19, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Genesis Care Finance Pty Ltd's B1 rating reflects: (1) demographic
trends that will drive expected growth in demand for oncology
services; (2) strong operating capabilities reflected by its solid
margins and (3) good liquidity profile.
The rating is constrained by elevated financial leverage (as
measured by Moody's adjusted debt/EBITDA) and potential execution
risks from clinic expansions.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
MYOB INVEST: Moody's Completes Review, Retains B3 Rating
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of MYOB Invest Co Pty Ltd and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 19, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
MYOB Invest Co Pty Ltd's B3 rating reflects its high Moody's
adjusted gross leverage and negative free cash flow predominantly
due to its accelerated research and development (R&D) pipeline
resulting in high capitalized R&D costs. However Moody's recognizes
that in the medium term this strategy has the potential to place
the company in a better competitive position in the growing
cloud-based software market.
The credit profile remains supported by: (1) its leading position
in the provision of accounting and business software to SMEs in
Australia and New Zealand; (2) the essential and mission critical
nature of its products to its clients; (3) its continued successful
migration to cloud accounting software, which will enhance
recurring revenues and customer retention; (4) good operating
cash-flow generation.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
NHGM SERVICES: Second Creditors' Meeting Set for Feb. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of NHGM Services
Pty Ltd has been set for Feb. 1, 2021, at 4:00 p.m. via virtual
meeting.
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 Jan. 29, 2021, at 4:00 p.m.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of NHGM Services on Dec. 15, 2020.
PRAESIDIUM GLOBAL: First Creditors' Meeting Set for Feb. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Praesidium
Global Pty Ltd will be held on Feb. 3, 2021, at 10:00 a.m. at the
offices of Morton + Lee Insolvency, Level 10, 388 Queen Street, in
Brisbane, Queensland.
Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Praesidium Global on Jan. 21, 2021.
SILVER HERITAGE: HatchAsia Completes Takeover; New Board Named
--------------------------------------------------------------
Ben Blaschke at Inside Asian Gaming reports that Philippines-based
HatchAsia Inc. has completed its takeover of Australian-listed
Southeast Asian casino operator Silver Heritage Group, with six new
directors replacing the former board as of Jan. 22.
IAG relates that former CEO Mike Bolsover, Chairman Matthew Hunter
and fellow director Darryl Kaplan are no longer associated with the
company, replaced by representatives of the new ownership group,
among them HatchAsia's President and CEO Kirk A. Arambulo and DFNN
Inc Executive Director Ramon C. Garcia Jr.
DFNN, which was recently the first company to receive a license
from Philippines gaming regulator PAGCOR to offer domestic online
gaming services under the nation's new PIGO scheme, owns almost 19%
of HatchAsia, the report says.
Also on the new board is Rafael Jose D. Consing Jr, SVP and CFO of
International Container Terminal Services, Inc. -- the Philippines
shipping giant owned by billionaire Enrique Razon Jr., IAG
discloses.
Mr. Razon is also founder, Chairman and CEO of Bloomberry Resorts
Corp, which owns Manila's Solaire Resort and Casino.
In a Jan. 22 filing under the Silver Heritage ticker, KPMG
administrators said a Deed of Company Arrangement (DOCA) had now
been fully effectuated and terminated, with "control of the company
now returned to the newly appointed directors," the report relays.
Completion of HatchAsia's takeover comes eight months after Silver
Heritage, operator of Nepal casinos Tiger Palace Resort Bhairahawa
and The Millionaire's Club in Kathmandu, entered voluntary
administration.
Silver Heritage stated at the time, "The company had been exploring
options to generate liquidity and prior to the emergence of
COVID-19 had received expressions of interest from several parties
in respect of possible transactions, IAG recalls.
"However, as a result of the emergence of COVID-19 and the forced
temporary closure of the company's facilities in Nepal, the timing
in relation to consummating one of the transactions has become
uncertain."
About Silver Heritage
Silver Heritage Group Limited -- http://www.silverheritage.com.au/
-- is engaged in the operation and management of casinos in Nepal
and Vietnam, and management of electronic gaming operations in
casinos in Laos and Cambodia. The Company's business is divided in
two business lines: Operation of casinos, and Provision and
operation of electronic gaming machines (EGMs). The Company
operates The Millionaire's Club & Casino (TMC) in Kathmandu, Nepal,
under its own license, and provides management services to the
Phoenix International Club casino (the Phoenix International Club)
in Bac Ninh, Vietnam. It provides EGMs to casinos and licensed
gaming clubs in Laos and Cambodia. The Company's geographic
segments include Laos, Vietnam, Nepal, Cambodia, Macau, Tinian and
Other.
Silver Heritage Group Ltd on May 20, 2020, said its main lender --
identified as OCP Asia -- had appointed John Park and Joseph
Hansell of business advisory firm FTI Consulting as receivers and
managers.
Amanda Coneyworth and Ryan Eagle of KPMG were appointed as
administrators of Silver Heritage on May 18, 2020.
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C H I N A
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GUANGZHOU R&F: Fitch Assigns B+ Rating on Proposed USD Notes
------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Guangzhou
R&F Properties Co. Ltd.'s (B+/Negative) proposed US-dollar senior
notes a 'B+' rating with a Recovery Rating of 'RR4'.
The proposed notes will be issued by Easy Tactic Limited, a wholly
owned subsidiary of R&F Properties (HK) Company Limited (RFHK;
B+/Negative), which is in turn a subsidiary of Guangzhou R&F. The
proposed notes' rating aligns with the rating of RFHK, which
provides the notes with an unconditional and irrevocable guarantee.
Meanwhile, Guangzhou R&F provides credit support to the notes via a
keepwell deed and deed of equity interest purchase and investment
undertaking. Guangzhou R&F intends to use the net proceeds to
refinance medium- to long-term debt due within one year.
RFHK is Guangzhou R&F's sole offshore financing and investment
platform. Its ratings are equalised with those of its parent based
on our assessment of moderate legal ties and strong operational and
strategic ties, in line with our Parent and Subsidiary Linkage
Rating Criteria.
Guangzhou R&F's ratings are constrained by weak liquidity and
refinancing risk, despite a strong business profile. The Negative
Outlook reflects reduced access to onshore capital markets and
refinancing risk on the upcoming maturities of Guangzhou R&F's
capital-market debt. However, we believe the company has options to
address the upcoming maturities, with CNY250 billion of saleable
resources. It is also in discussions for asset disposals that could
bring in additional liquidity and help it deleverage.
KEY RATING DRIVERS
Manageable Upcoming Maturities: Guangzhou R&F had CNY12 billion in
capital-market debt maturing or becoming puttable during the
remainder of 2021, including CNY9 billion due in 2Q21 and CNY3
billion in 2H21. The company had a cash balance, including
restricted cash, of CNY36 billion at end-9M20, of which it plans to
maintain CNY30 billion for normal operation. We believe the company
will be able to address the upcoming maturities in 2021.
Guangzhou R&F has already refinanced, repaid and extended CNY19
billion in bonds that matured in January 2021. This was achieved
through cash generated from operations (contracted sales net of
expenses), asset sales, bond issuance and stakes sales in urban
renewal projects.
Refinancing Hinges on Adequate Sales: The company's refinancing
plan is based on its expectation of generating substantial cash
flow from operations. It had flat yoy attributable contracted sales
of CNY139 billion in 2020, but remains confident for its 2021
sales, which are supported by adequate saleable resources.
Reduced Capital Market Access: Guangzhou R&F's access to the
onshore bond markets appears limited, as it has not issued any
onshore bonds since its CNY1 billion issuance in April 2020 and its
bonds are trading at yields of around 15%-20%. We believe it may be
challenging for the company to issue onshore bonds under current
market conditions, despite the extension of more than CNY1.5
billion in puttable onshore bonds in the past three months. The
company plans to issue US dollar bonds in the offshore market to
refinance USD800 million bonds due in 2Q21, including the proposed
notes, but this is subject to execution risk.
Progress in Deleveraging: The company reduced its total debt by
CNY18 billion and net debt by CNY16 billion in 9M20, without
refinancing at high rates or asset sales, by accessing its more
than CNY3 billion in cash flow from operations stemming from
disciplined land acquisitions and cost savings, despite weaker
contracted sales. Entities jointly controlled by the company's
major shareholders increased funding to the company by CNY6 billion
in 1H20, which also helped to cut Guangzhou R&F's debt.
Asset Disposals to Deleverage: The company has confirmed the sale
of a logistics park, an office building in Guangzhou and stakes in
some urban renewal projects for around CNY14 billion in the past
three months. It has received part of the proceeds and expects to
receive the rest in the next few months. It is in advanced talks on
other asset disposals. Guangzhou R&F has a large portfolio of
investment properties that it can monetise, totaling CNY37 billion
at end-9M20, as well as hotels that have a market value of about
CNY54 billion. However, we believe asset disposals are subject to
execution risk.
Low Off-Balance-Sheet Debt: The company's non-controlling interests
(NCI) remained low, at only 3% of equity. As a result, we believe
risk from off-balance-sheet debt is lower than that of peers and
that Guangzhou R&F has more flexibility to dispose of stakes in
development projects than developers with high NCIs.
DERIVATION SUMMARY
Guangzhou R&F's CNY139 billion attributable contracted sales scale
is significantly larger than the CNY40 billion-100 billion of 'BB-'
rated peers, except that of Greenland Holding Group Company Limited
(BB-/Stable). It is also larger than that of most 'B+' peers,
although it is lower than that of China Evergrande Group
(B+/Stable) and similar to that of Yango Group Co., Ltd.
(B+/Stable). Yango's average selling price (ASP) is 17% higher and
it has a faster churn rate, but Guangzhou R&F's 2019 EBITDA was
higher than Yango's and its land bank size is twice as large,
providing Guangzhou R&F with more flexibility on land-acquisitions
to control leverage. We expect Guangzhou R&F's leverage to be
around 5pp lower than that of Yango throughout 2021-2023.
Guangzhou R&F has a long land-bank life compared with peers and its
geographical diversification is comparable with that of 'BB+' and
'BB' rated peers. It operation, which is spread across more than
140 cities, is more geographically diversified than CIFI Holdings
(Group) Co. Ltd.'s (BB/Stable) more than 50 cities. Still, the
geographical spread of both companies' operations should mitigate
risk from local policy intervention and economic volatility.
Guangzhou R&F's attributable contracted sales are more than double
that of Zhenro Properties Group Limited (B+/Stable). Zhenro's ASP
is 50% higher than that of Guangzhou R&F with a faster churn rate.
However, Zhenro has a shorter land-bank life of around two years,
which limits its control over land acquisition costs. Zhenro's 2019
leverage was 8pp lower than that of Guangzhou R&F, but Zhenro has a
larger NCI position, which limits its deleveraging ability.
Guangzhou R&F has a better-quality land bank than China Fortune
Land Development Co., Ltd. (CFLD, B/Rating Watch Negative), as its
ASP is 26% higher. Its attributable contracted sales scale is also
55% larger. Both developers have low churn rates, but CFLD has a
higher EBITDA margin. Guangzhou R&F's leverage is 9pp lower,
although CFLD has better interest coverage from non-development
EBITDA because of its leading position in developing industrial
parks.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Attributable contracted sales of CNY119 billion-132 billion in
2020-2023
-- EBITDA margin, excluding capitalised interest from cost of
sales, at 27%-29% in 2020-2023
-- 15%-25% of contracted sales proceeds to be spent on land
acquisitions in 2020-2023 to maintain a land bank sufficient
for about three-to-four years of development
-- 45% of contracted sales proceeds to be spent on construction
cost in 2020-2023
-- ASP to rise by 1%-2% a year on average in 2020-2023
RECOVERY RATING ASSUMPTIONS
-- Guangzhou R&F to be liquidated in a bankruptcy, as it is an
asset-trading company
-- 10% administration claims
-- 70% advance rate to accounts receivable
-- 75% advance rate to adjusted net inventory to reflect the
above 25% EBITDA margin
-- 55% advance rate to investment properties, property, plant and
equipment
-- 60% standard haircut to net property, plant and equipment
-- 100% advance rate to restricted cash
The resulting recovery rate corresponds to a Recovery Rating of
'RR1'. However, the Recovery Rating is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's Issuer Default Rating and a Recovery
Rating of 'RR4'.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook will be revised to Stable if Guangzhou R&F is able
to sustain an improvement in its liquidity position and
demonstrates an ability to access the onshore bond market with
sizeable issuance
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Any delays or issues in the execution of asset disposals
-- Weaker contracted sales in the coming months than we expect
-- No meaningful improvement in the liquidity position, with
total cash/short-term capital-market debt of below 0.5x for a
sustained period
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Tight but Improving Liquidity: The company had CNY36 billion of
cash (including restricted cash) as of 9M20. It has repaid CNY7
billion in debt, extended another CNY2 billion that matured in 4Q20
and refinanced CNY19 billion that matures in 1Q21. There is CNY12
billion in capital-market debt maturing or turning puttable during
the remainder of 2021. We expect the company to cover this with
cash on hand, contracted sales proceeds collected, proceeds from
asset sales and issuance of new bonds.
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).
RADIANCE HOLDINGS: Moody's Assigns First-Time 'B1' CFR
------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) to Radiance Holdings (Group) Co. Ltd.
The outlook is stable.
RATINGS RATIONALE
"Radiance's B1 CFR reflects (1) the company's strengthening sales
execution, underpinned by its experience in developing properties
and established brand in its key markets, (2) its diversified
geographic coverage with a focus on tier 2 and major tier 3 cities
in China, and (3) its established access to onshore bank funding,"
says Danny Chan, a Moody's Assistant Vice President and Analyst.
The company also has good liquidity, although it has yet to
establish a track record of sustaining this.
"On the other hand, the B1 CFR is constrained by Radiance's lower
profitability compared with its peers in the Chinese property
market and its moderate financial metrics, due to its long revenue
recognition cycle and debt-funded expansion model," adds Chan, who
is also Moody's Lead Analyst for Radiance.
The B1 CFR also considers the company's exposure to its joint
ventures, which lowers its transparency and increases its
contingent liabilities.
Radiance has 25 years of property development experience in China
with operations in tier 2 and strong tier 3 cities in China, such
as Xi'an, Chongqing, Hangzhou and Fuzhou. These cities generally
have better economic fundamentals and infrastructure connection,
which support housing demand and thereby sales growth for the
company.
Moody's expects Radiance's gross contracted sales will remain
solid, growing 10%-15% annually in the next 1-2 years to reach
about RMB105 billion in 2021 and RMB120 billion in 2022 from RMB97
billion in 2020. Such solid sales will support the company's
liquidity and revenue growth in the next 12-18 months.
Radiance has demonstrated good sales execution and achieved strong
contracted sales growth of around 30% in 2017-2020. It has also
maintained good cash collection over the same period.
Radiance's B1 CFR rating also considers the company's good access
to onshore bond and bank markets. The company improved its offshore
funding channels as well by issuing debut offshore senior notes in
2019 and listing on the Hong Kong Stock Exchange in 2020. These new
funding sources have allowed the company to reduce its reliance on
high-cost trust loan and non-standard financing in the past 1-2
years.
However, Radiance's revenue recognition has been slow in the last
2-3 years as a result of the company's focus on contracted sales.
Revenue is expected to grow 15%-20% in the next 1-2 years,
supported by the company's contracted liabilities of RMB62 billion
as of June 2020. Its debt leverage, as measured by revenue/adjusted
debt, will improve to 50%-60% over the next 1-2 years from around
45% in 2019.
Additionally, Radiance's profit margin is low, a result of its need
to replenish its land bank by participating in the competitive
public auction market. Although Moody's expects the company's gross
margin will recover moderately in the next 1-2 years from a weak
level of 22% in 2019, its low profit margin will limit significant
improvements in its EBIT/interest coverage. Therefore, Moody's
expects Radiance's adjusted EBIT/interest coverage will improve to
2.2x-2.5x over the next 1-2 years from 2.0x in 2019.
These modest credit metrics position the company at the weaker end
of the B1 rating level.
Radiance's liquidity is good. The company's cash holdings, together
with Moody's estimated operating cash flow, will cover its maturing
debt and committed land and other payments over the next 12-18
months..
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, given
that its key shareholder, Mr. Lin, and his spouse ultimately held a
84.05% stake in the company as of November 2020.
Moody's has also considered (1) the presence of three independent
directors in Radiance's seven-member board; (2) the low level of
related-party transactions and dividend payouts; and (3) the
presence of other internal governance structures and standards as
required by the Hong Kong Stock Exchange, which mitigate the risks
associated with the company's concentrated ownership.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable rating outlook reflects Moody's expectation that
Radiance will maintain adequate liquidity and will adopt a
disciplined approach to land acquisitions to control debt growth,
while growing its revenue size as planned.
Moody's could upgrade Radiance's rating if the company (1)
successfully executes its business plan and grows its contracted
sales and revenue; (2) strengthens its financial profile, with
revenue/adjusted debt exceeding 70% and EBIT/interest above 3.0x;
and (3) maintains adequate liquidity, with its cash balance
consistently above 1.0x of short-term debt.
On the other hand, Moody's could downgrade the rating if (1) the
company's contracted sales weaken or revenue recognition slows
further; or (2) it adopts an aggressive approach to land
acquisitions, resulting in weakened financial metrics and
liquidity.
Financial metrics indicative of a rating downgrade include: (1)
EBIT/interest coverage below 1.5x-2.0x; (2) revenue/adjusted debt
below 50%-55%; or (3) cash/short-term debt below 1.0x on a
sustained basis.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
Established in 1996, Radiance Holdings (Group) Co. Ltd.
("Radiance") is a Beijing-based Chinese property developer with 25
years of property development experience. Its gross contracted
sales reached RMB97.2 billion in 2020. As of July 2020, the company
had 160 property development projects with a land bank of 29
million square meters across 31 cities in China. It was listed on
the Hong Kong Stock Exchange in October 2020.
SEAZEN GROUP: Moody's Upgrades CFR to Ba1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded Seazen Group Limited's
corporate family rating (CFR) to Ba1 from Ba2 and its senior
unsecured rating to Ba2 from Ba3.
At the same time, Moody's has upgraded to Ba1 from Ba2 Seazen
Holdings Co., Ltd.'s CFR and the backed senior unsecured rating on
the bonds issued by New Metro Global Limited and guaranteed by
Seazen Holdings.
All outlooks are stable.
Seazen Holdings is a 67.2%-owned subsidiary of Seazen Group,
accounting for 99.6% of Seazen Group's revenues in the first half
of 2020 and 86.9% of its debt as of the end of June 2020. The two
companies are collectively referred to as "Seazen".
"The upgrade of the CFRs to Ba1 reflects Seazen's improved credit
profile and our expectation that Seazen will continue to grow its
contracted sales and recurring income with financial discipline,
which in turn will allow it to maintain its strong credit metrics
and positions the two companies' CFRs at the strong end of the Ba
rating level," says Kaven Tsang, a Moody's Senior Vice President.
"The upgrade also considers the fact that Seazen's cash flow
stability and debt-servicing ability will continue to improve on
the back of growing rental income from its investment property
portfolio," adds Tsang.
RATINGS RATIONALE
The Ba1 CFRs reflect Seazen's solid sales execution ability,
sizable operation scale and growing stream of recurring rental
income. At the same time, the CFRs are constrained by Seazen's
geographic concentration in the Yangtze River Delta area and
exposure to joint-venture businesses.
Seazen's solid sales execution ability has been demonstrated by its
ability to restore its contracted sales growth after the
disruptions caused by the largest shareholder's misconduct in H2
2019 and COVID-19 in H1 2020. Its contracted sales grew 20.3% in
the fourth quarter of 2020 compared to a year ago, following a
17.5% decline in the first nine months of 2020. For full year 2020,
its contracted sales fell 7% to RMB251 billion.
Moody's expects Seazen will grow its business with financial
discipline, such that its contracted sales will grow 5%-10%
annually in the next 1-2 years while its annual debt growth will
remain around 10%. As a result, Seazen Group's revenue/adjusted
debt and EBIT/interest coverage will stay strong at 105%-110% and
4.0x-4.5x respectively over the next 1-2 years, compared with 91%
and 4.3x for the 12 months ended June 2020.
Similarly, Seazen Holdings' revenue/adjusted debt and EBIT/interest
coverage will stay robust at 110%-115% and 4.5x-5.0x respectively
over the next 1-2 years, compared with 109% and 4.9x for the 12
months ended September 2020.
Additionally, Moody's expects Seazen's rental income (excluding
income from commercial property management services) to grow to
RMB4.5 billion-RMB6.0 billion over the next 1-2 years from our
estimate of around RMB3 billion in 2020 and RMB2.3 billion in 2019.
As a result, Seazen Group's rental income/interest coverage will
strengthen to 60%-70% over the next 1-2 years from 38% in 2019.
Similarly, Seazen Holdings' rental income/interest coverage will
improve to 65%-75% from 40% over the same period. Such financial
profiles support the Ba1 CFRs.
Seazen's liquidity remains good, supported by its ample amount of
cash holdings. Moody's expects Seazen's cash holdings, together
with its cash flow from operating activities, will be enough to
cover its maturing debt (including onshore puttable bonds) and
committed land payments over the next 12-18 months.
Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.
From a governance perspective, the companies' ownership is
concentrated in its former chairman, who holds a 68.0% stake in
Seazen Group. This risk is mitigated by Seazen's established
management team, as well as its good institutional governance
structures and standards as required by the Hong Kong Stock
Exchange and the Shanghai Stock Exchange.
Seazen Group's Ba2 senior unsecured bond rating is one notch lower
than its CFR because of structural subordination risk. Most of
Seazen Group's claims are at the subsidiary level and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlooks reflect Moody's expectation that Seazen will
maintain its strong credit metrics, financial discipline and good
liquidity while pursuing growth in contracted sales and rental
income in the next 1-2 years.
The ratings of Seazen Group and Seazen Holdings could be upgraded
if they further diversify their land banks in terms of geographic
location and sustain their contracted sales and rental income
growth, while maintaining strong financial and liquidity profiles,
with rising rental income that can largely cover gross interest
expenses.
A significant reduction in contingent liabilities associated with
JVs or a lower likelihood of providing funding support to JVs could
also be positive to the ratings.
The ratings of Seazen Group and Seazen Holdings could be downgraded
if their contracted sales growth slows or they pursue aggressive
growth, such that their credit metrics weaken with EBIT/interest
coverage falling below 4.0x, revenue/adjusted debt falling below
75%-80%, or rental income/interest under 50%, all on a sustained
basis; or their liquidity weakens, as reflected by cash/short-term
debt falling below 125%.
Downward pressure could also increase if the companies' contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases significantly.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Seazen Group Limited operates through its 67.2%-owned mainland
subsidiary, Seazen Holdings, and engages primarily in residential
development in China. Seazen Group was founded in 1996 by Wang
Zhenhua, who is the former chairman of Seazen Group and Seazen
Holdings. Wang Zhenhua is the largest shareholder of Seazen Group,
holding a 68.0% stake in the company, and has been involved in the
property development business in China (A1 stable) since 1993. The
company had a land bank spread across 115 cities in China, with a
total gross floor area of around 137.1 million square meters at the
end of June 2020.
ZHONGLIANG HOLDINGS: Fitch Assigns B+ Rating to Proposed USD Notes
------------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Zhongliang
Holdings Group Company Limited's (B+/Stable) proposed 364-day
US-dollar senior notes a 'B+' rating, with a Recovery Rating of
'RR4'. The proposed notes are rated at the same level as
Zhongliang's senior unsecured rating because they will constitute
its direct and senior unsecured obligations.
Zhongliang's ratings are underpinned by its contracted sales scale,
which is comparable with 'BB' category homebuilders. The group's
projects spread across five core economic regions in China,
mitigating regional economic and policy risks. Zhongliang adopts an
ultra-fast-churn model and aims to begin sales soon after acquiring
land, leading to a low net inventory base. This, together with
guarantees to joint ventures (JV) and associates, could increase
the volatility of the company's financial profile and is a
constraint on Zhongliang's ratings.
KEY RATING DRIVERS
Geographically Diversified Homebuilder: Zhongliang's property
projects were located in more than 100 cities across five core
economic regions in China as of 2020. The majority were in third-
and fourth-tier cities, which have weaker demand fundamentals than
higher-tier cities. Zhongliang is responsive to changing market
conditions and has increased its presence in second-tier cities in
the past 18 months; 64% of the land it acquired in 1H20 was in
tier-two cities. The improved diversification mitigates regional
economic and policy shocks.
Strong Growth: Fitch expects attributable contracted sales to
continue to rise, after increasing to CNY102 billion in 2020, from
CNY16 billion in 2016, to help the company become one of China's
top-20 property developers. Zhongliang's standardised operational
procedures, which cover its entire property-development value chain
- including land acquisition, marketing, design and product lines -
have aided its rapid expansion. Its improving land bank quality is
evident from its average selling price of CNY12,500/square metre in
2020, up from CNY10,300/square metre in 2019.
Low Margin to Edge Higher: Fitch expects Zhongliang's EBITDA margin
to edge up to around 20%-22% in the coming four years, from 18% at
end-2019. This should be aided by improving selling, general and
administrative expenses by streamlining internal structures and
economies of scale. Its earned but not booked development-property
revenue carries a 22%-25% gross profit margin.
Low Net Inventory: Zhongliang's ultra-fast-churn model allows for
sound capital utilisation. It enters the pre-sale phase quickly
after land is acquired. Projects are small and aimed at the mass
market, enabling it to de-stock and achieve positive cash flow
generation within a short period. Internally generated cash flow
supports capital needs for land acquisition and development,
reducing the need for large debt funding. Zhongliang's
higher-than-peer contracted liabilities as a proportion of
inventory results in a low net inventory base against peers. Still,
Zhongliang's gross inventory is in line with higher-rated peers.
Leverage May Increase: Fitch believes continued growth in scale
amid a moderating property market may increase pressure to
replenish land, leading to volatile land acquisition expenditure.
This may result in swings in leverage, especially if contracted
sales slow significantly. Zhongliang's leverage - measured by net
debt/adjusted inventory with proportional consolidation of JVs and
associates - was a low 27% at end-2019 and around 33% at end-1H20.
Fitch expects leverage to increase to around 40% in the next few
years, but this depends on Zhongliang balancing fast-churn
contracted sales and land acquisitions.
Fitch estimates the unsold attributable land bank at end-1H20 was
sufficient for around 2.5-3.0 years of development and expects
Zhongliang to maintain a stable land bank life in the near term.
JV Guarantees: Zhongliang provides guarantees to its JVs and
associates, which totalled CNY8.5 billion at end-1H20 and were
large relative to consolidated net debt of CNY17.8 billion. We
assess Zhongliang based on proportionate consolidation; however, if
we were to measure leverage based on consolidated net debt and
guarantees/consolidated adjusted leverage, it would have been 67%
at end-2019 and 63% at end 1H20 - higher than that of most 'B+'
rated peers. This difference is due to low net leverage at JVs and
associates. We expect the gap to narrow, as the company plans to
decrease its guarantees.
Minority Shareholders: Fitch expects non-controlling interests as a
percentage of Zhongliang's equity to edge down in the medium term;
total non-controlling interests in the company's balance sheet
accounted for 65% of total equity at end-1H20, which was higher
than that of 'B+' peers. This reflects Zhongliang's reliance on
cash from contracted sales and capital contributions from
non-controlling shareholders, which are mainly developers, as a
source of financing to expand scale. This lowers Zhongliang's need
for debt funding, but creates potential cash leakage.
DERIVATION SUMMARY
Zhongliang's attributable contracted sales are at the high-end of
the 'B+' peer range in terms of scale. Its land bank is also spread
more widely across China's core economic regions than that of
peers, such as Hong Kong JunFa Property Company Limited
(B+/Stable). However, more than 70% of Zhongliang's gross floor
area is in tier three and four cities (55% in terms of saleable
value), which we believe have less resilient demand than first- and
second-tier cities.
We estimate that Zhongliang's unsold attributable land bank at
end-2019 was equivalent to around 2.8 years of gross floor area
sold - shorter than that of fast-churn peers, such as Risesun Real
Estate Development Co.,Ltd. (BB-/Stable) - with a land bank life of
3.5 years. This pressures Zhongliang to acquire land, even when
prices are not optimal, to maintain moderate growth. Zhongliang's
attributable contracted sales are at a similar scale to that of
CIFI Holdings (Group) Co. Ltd. (BB/Stable), but its net inventory
is only 36% of that of CIFI. This narrows its headroom to weather
the business cycle and explains its two-notch lower rating.
Zhongliang's land bank penetration is comparable with that of
Guangzhou R&F Properties Co. Ltd. (B+/Negative), which has a much
longer operating history. Zhongliang has higher consolidated
leverage, including guarantees to JVs and associates, but also a
stronger cash/short-term debt ratio. Zhongliang's churn rate is
higher, but its EBITDA margin is lower. Zhongliang has higher
non-controlling interests as a percentage of total equity,
reflecting its greater reliance on minority shareholders for
funding.
Zhongliang's fast-churn model resulted in a contracted sales/total
debt ratio of 2.4x in 2019, one of the highest among Fitch-rated
Chinese homebuilders. Its EBITDA margin is at the lower end of 'B+'
rated peers and it has minimal investment-property interest
coverage. The company's 2019 IPO on the Hong Kong stock exchange
enhanced its financial transparency, leading to better regulatory
oversight compared with unlisted 'B+' peers, such as Helenbergh
China Holdings Limited (B+/Stable) and JunFa.
Zhongliang's proportionately consolidated leverage is lower than
that of peers, but guarantees to JVs and associates are large
relative to consolidated net debt and constrain its ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Land bank life of three years till 2023;
-- Gross floor area acquired is 1.1x-1.3x of gross floor area
sold in 2020-2023;
-- Average selling price rising by 17% in 2020 and 3% in 2021;
-- Attributable contracted sales rising by 5% a year in 2020
2021;
-- Development-property cost of goods sold kept at 77% of sales
in 2020-2023 (2019: 74%);
-- Selling, general and administrative expenses at 4.8% of
contracted sales in 2020-2023 (2019: 4.8%);
-- Dividend payout ratio of 40% in 2020-2023 (2019: 40%).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Proportionate consolidated leverage sustained below 40%
without a large increase in guarantees to debts of JVs and
associates;
-- Available cash/short-term debt sustained above 0.8x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Proportionate consolidated leverage above 40% for a sustained
period;
-- Large increase in guarantees to debts of JVs and associates.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Zhongliang's short-term debt amounted to CNY23
billion, or 43% of total debt, at end-1H20. Liquidity, as measured
by cash/short-term debt, was 0.9x. Total cash of CNY35 billion,
after taking into account restricted cash, was enough to cover
short-term debt by a multiple of 1.5x at end 1H20.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=================
H O N G K O N G
=================
NEWOCEAN ENERGY: Creditors OK Bid to Adjourn Court Scheme Meeting
-----------------------------------------------------------------
Manifold Times reports that the scheme creditors of NewOcean Energy
Holdings Limited (NewOcean) approved a proposed resolution to
adjourn scheme meetings.
Manifold Times relates that NewOcean on January 18 published an
update regarding the company's announcements made on December 10
and December 14 to hold a meeting of creditors to discuss, among
other things, the refinancing of loans advanced to the Group by
banks and financial institutions as part of the company's debt
restructuring plan.
According to the report, the debt restructuring was planned to be
achieved through approval of the scheme(s) of arrangement by the
relevant Courts in Hong Kong and Bermuda, or if earlier by all
existing off-shore lenders of the Group.
The scheme meetings were scheduled by Edward Simon Middleton,
Chairman of the scheme meetings, to be held respectively at 11:00
a.m. (Hong Kong time) for the NOA scheme and 11:30 a.m. for the SA
scheme on Jan. 18, 2021.
According to the update, a resolution was tabled to adjourn the
meetings for up to three months or to such other date as directed
by the Hong Kong Court and the Bermuda Court with the exact date to
be published upon its confirmation, the report relays.
Manifold Times says the adjournment was proposed as NewOcean has
been engaged in ongoing discussions with some of the company's
major scheme creditors, which may in turn have implications over
the terms stated in the proposed court schemes.
The proposed resolution to adjourn was approved at each of the
scheme meetings by a unanimous vote by scheme creditors who
attended the meeting and NewOcean will further apply to the Hong
Kong Court and the Bermuda Court for direction, Manifold Times
reports.
Hong-Kong based NewOcean Energy Holdings Limited (HKG:342) --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments.
=========
I N D I A
=========
ADARSHA INTERNATIONAL: CARE Cuts Rating on INR5.20cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adarsha International (AIN), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from AIN to monitor the ratings
vide e-mail communications/letters dated December 7, 2020, December
9, 2020 and December 11, 2020, and numerous phone calls. However,
despite repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
AIN's bank facilities will now be denoted as CARE C; Stable; ISSUER
NOT COOPERATING. Further due diligence with the banker and auditor
could not be conducted.
Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating in November 1, 2019 the following were
the rating weaknesses and strengths:
Key Rating Weaknesses
* Small scale of operations with low profit margins: The scale of
operations of the firm was small marked by its total operating
income (TOI) of INR3.51 crore with a PAT of INR0.05 crore in FY17.
Furthermore the total operating income has been drastically
declining on y-o-y basis during last three financial years (FY15:
INR115.96 crore, FY16: INR39.28 crore and FY17: INR3.51 crore). The
firm exports majorly non-basmati rice to Bangladesh. Bangladesh had
imposed 28% import duty on exports of rice after its domestic
production recovered. So the turnover of AIN has drastically
declined in FY16 and FY17 as compare to FY15. However the firm has
reported turnover of INR54.71 crore in FY18 as Bangladesh reduced
import duty from 28% to 10% in June 2017 and again it reduced the
import duty from 10% to 2% in September-October 2017 to meet the
shortfall of the crops as flash floods damaged production of rice
in Bangladesh. Currently Bangladesh
has again increased the import duty to 28% on rice imports to
support its farmers after local production revived. Moreover, the
profitability margins of the firm remained low marked by PBILDT
margin of 2.28% (FY16: 0.96%) and PAT margin of 1.35% (FY16: 0.28%)
in FY17. The profit margin of the firm was low mainly on account of
its trading nature of business.
* Proprietorship nature of business: AIN, being a proprietorship
firm, is exposed to inherent risk of the capital being withdrawn at
time of personal contingency and entity being dissolved upon the
death/insolvency of the proprietor. Further, proprietorship firm
has restricted access to external borrowing as credit worthiness of
the partners would be the key factors affecting credit decision for
the lenders.
* Geographical concentration and Geo-Political Risk: AIN generates
100% revenue from export and the firm exports only to Bangladesh
and hence, a slump in the demand from this region might
significantly impact the revenue of the firm.
* Presence in highly competitive & fragmented industry: AIN
operates in highly fragmented and competitive market marked by the
presence of numerous organized as well as unorganized players in
India. Low entry barriers and low investment requirements makes the
industry highly lucrative and thus competitive. Smaller companies
in general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.
Key Rating Strengths
* Experienced proprietor with long track record of operations: AIN
was established as a proprietorship firm by Mr. Partha Saha since
April 2000 and engaged in trading of rice, dal and oil cake.
Accordingly, it has around two decades of record of operations and
has established good relationship with its clients. Currently the
firm is managed by Mr. Partha Saha is having around two decades of
long experience in the export business. He looks after the overall
management of the firm, with adequate support from a team of
experienced personnel.
* Strong capital structure with satisfactory debt coverage
indicators: The capital structure of the firm was strong with nil
debt equity ratio and overall gearing ratio due to nil debt as on
March 31, 2017. Moreover the debt coverage indicators of the firm
were also satisfactory with interest coverage ratio of 3.42x and
nil total debt to GCA in FY17.
Adarsha International (AIN) was established in April 2000 as a
proprietorship firm by Mr. Partha Saha. The firm is engaged in
exporting of non-basmati rice, dal and oil cake to Bangladesh. The
registered office of the firm is situated at North 24 Parganas,
West Bengal.
ADYA BHAWAN: CARE Lowers Rating on INR4.67cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Adya
Bhawan Limited (ABL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.67 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from ABL to monitor the rating
vide e-mail communications/letters dated December 7, 2020, December
9, 2020 and December 11, 2020 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
ABL's bank facilities will now be denoted as CARE B; Stable; ISSUER
NOT COOPERATING. Further, due diligence with the banker and auditor
could not be conducted.
Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating in November 15, 2019 the following were
the rating weaknesses and strengths (updated the information
available from Ministry of Corporate Affairs).
Key Rating Weaknesses
* Small scale of operations with moderate profit margins: ABL is a
small player vis-a-vis other players in the domestic textile
industry marked by total operating income of INR14.52 crore
(Rs.8.95 crore in FY18) with a PAT of INR0.10 crore in FY19. The
PBILDT and PAT margins stood at 6.05% and 0.65% respectively in
FY19.
* Volatility in input prices: The major inputs for any readymade
garments industry are fabric, threads, cloths etc., the prices of
which are highly volatile. Therefore the company is exposed to
volatility in the prices of input materials. This apart, it does
not enter into any agreement with contractors to safeguard its
margins against any increase in labour prices and being present in
a highly labour-intensive industry, it remains susceptible to the
same.
* Working capital intensive nature of business and high inventory
period: The company is into retailing of ladies and gents garments.
ABL has to maintain a large quantity of readymade garments for
display as well as for timely supply of its customers demand.
Accordingly the average inventory period of the company remained on
the higher side which has resulted into high working capital
intensive nature of its operations. However, it receives credit of
about eight months from suppliers due to its long presence of the
group in the industry, mitigated the working capital intensity to a
certain extent.
* Intensely competitive industry: Readymade garment industry is
highly fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. West Bengal and nearby
states are major textile hubs. High competition restricts the
pricing flexibility of the industry participants and has a negative
bearing on the profitability.
Key Rating Strengths
* Part of Kolkata based Keya Seth Group: ABL is a part of Kolkata
(West Bengal) based Keya Seth group. The group is established by
the Seth family of Kolkata, West Bengal. The group primarily
manufactures cosmetic products and provides services for hair and
skin solutions like hair treatment, enrichment of hair, enhancing
shine and skin conditioning solutions. Being part of Keya Seth
Group, ABL is deriving benefits out of the established brand
presence in the state of West Bengal.
* Renowned and experienced promoters: ABL is into readymade
garments manufacturing and retailing business. Mr. Asish Seth is
associated with the company since its inception. He has over a
decade of experience in cosmetic products industry. Furthermore,
Ms. Keya Seth, an entrepreneur and pioneer having eponymous brand
of aromatherapy products has over a decade of rich experience in
this sector and Mr. Sayontan Seth has two yearsof experience in
this sector. All the promoters are looking after the overall
management of the company. Further, the promoters are supported by
a team of experienced professional.
* Comfortable capital structure and satisfactory debt coverage
indicators: The capital structure of the company remained
comfortable marked by overall gearing ratio of 0.35x as on
March 31, 2019. The interest coverage remained at 1.59x (1.76x in
FY18) in FY19.
Adya Bhawan Limited (ABL), incorporated in February 2008 by the
Kolkata-based Seth family, is a part of the Keya Seth group. The
company is into retailing of readymade garments. The company also
sells cosmetics, bags, wallets, junk jewellery, and other items,
and presently operates through 4 outlets completely owned by it.
ABL has commenced operations from July 2015 onwards. The apparel
and junk jewellery products are primarily sold under its group
brand, Keya Seth Exclusive, whereas cosmetics are sold under the
brands Keya Seth Aromatics and Keya Seth Cosmetics, which are owned
by group entities.
ARTEDZ FABS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Artedz Fabs
Limited (AFL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 6, 2019, placed the
rating(s) of AFL under the 'issuer not-cooperating' category as AFL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. AFL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 8, 2021, January 9, 2021 and January 11, 2021. 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 takes into account ongoing delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on December 6, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
* Ongoing delays in debt servicing: As per the banker interaction,
there were continuous overdrawals in cash credit facility for more
than 30 days and the account has been classified as NPA.
Incorporated in 2006, Artedz Fabs Limited (AFL) is engaged in
manufacturing & trading of grey & finished cotton fabrics for
shirting material, wherein the dyeing process is completely
outsourced and the grey fabrics manufacturing is undertaken
inhouse, whereas the excess demand is met by way of outsourcing the
said activity. However, the company also undertakes trading of grey
& finished fabrics, depending upon the customers demand. The
company generally purchases primary raw material viz. yarn from
domestic market and sells finished fabric to wholesalers and
garment manufacturers mainly in Mumbai. The company's name has been
changed from Artedz Fabs Private Limited (AFPL) to AFL with effect
from February 19, 2018.
BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baroda Agro
Chemicals Limited (BACL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 23.61 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 4, 2020 placed the
rating of BACL under the 'issuer non-cooperating' category as BACL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. BACL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated January 8, 2021,
January 11, 2021 and January 12, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on February 4, 2020 the following
was the rating weaknesses.
Detailed description of key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: Debt servicing of BACL is
irregular as reflected by on-going delays in servicing of its term
loan principal and interest owing to stretched liquidity position
of the Company.
Vadodara-based (Gujarat) Baroda Agro Chemicals Limited (BACL) was
incorporated on January 17, 1996. BACL has been engaged in toll
manufacture of agro-chemical inputs. BACL built good manufacturing
facilities, technology, practices and knowledge, which has made it
a leader in toll manufacturing for agro-inputs in India. The
company is operating from its sole ISO certified manufacturing
facilities located at Panelav, Village Halol, Vadodara. BACL also
does job work on the raw materials received from its customers and
deliver the final product in turn. Final product of BACL i.e.,
pesticides and insecticides of various grades and types finds its
application fertilizers and pesticides, mainly used in agro
industries. The associate concerns of BACL, namely Ravi Plant
Biotechnologies Limited is engaged into business of metals and
chemicals and India Farmcare Private Limited which is engaged into
marketing pertaining to innovation in the areas of Crop Protection
Products, Fertilizers, Irrigation Systems and Agricultural
Implements.
DEVAS MULTIMEDIA: NCLT Appoints Provisional Liquidator
------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has admitted the petition filed by Antrix Corporation, the
commercial arm of Indian Space Research Organisation, for winding
up Devas Multimedia and has appointed a provisional liquidator for
the company. A two-member NCLT Bengaluru bench of the NCLT has
directed the provisional liquidator to take control of the
management, properties and actionable claims of Devas Multimedia.
The tribunal has also directed the existing management of Devas
Multimedia to extend full cooperation to the provisional liquidator
appointed by it, the report says.
"We admit the company petition and the respondents are granted time
to file their replies," said an NCLT bench comprising Member
Judicial Rajeswara Rao Vittanala and Member Technical Ashutosh
Chandra, in its order passed on January 19.
The NCLT has posted the matter on February 8 for further hearing
into the matter, ET notes.
ET relates that the government, through the Ministry of Corporate
Affairs, also supported the Antrix Corporation plea before the NCLT
and pointed out towards the various documents filed in the case for
winding up of Devas Multimedia.
MCA officials submitted that continuance of Devas Multimedia's name
on the rolls of Registrar of Companies (RoC) was not warranted and
should be wound up, says ET.
According to ET, the counsel representing Devas Multimedia has
asked for some more time to file reply and said a reasonable
opportunity should be provided to make its representation.
They also submitted that the cause of action arose a long time
back, there was no urgency in the present petition.
However, the NCLT after going through the submissions by Solicitor
General Tushar Mehta and Additional Solicitor General N Venkatarama
representing Antrix Corporation, said, in view of "circumstance of
the case, and the law on the issue, we are of the considered
opinion that prima facie case is made out by the Petitioner in
favour of granting interim order as prayed for."
"Since the R1 Company (Devas) has suffered various adverse findings
with cogent evidence at the hands of various statutory authorities
. . . it would not be proper to permit R1 Company to continue its
name on the rolls of Registrar of Companies, Bengaluru," it said.
Devas Multimedia was incorporated on December 17, 2004.
According to the petition, the then officials of Antrix Corporation
including its the then chairman had executed contract dated January
28, 2005, ET recalls.
This was finally terminated on February 25, 2011, as it was
obtained fraudulently in connivance of the then officials. The
investigating agencies - CBI and Enforcement Directorate - have
unearthed fraud in executing of the agreement, Antrix said.
ET says CBI had later filed charge sheets and ED had initiated PMLA
proceedings. Even the MCA had also initiated an investigation into
the affairs of Devas Multimedia but a stay was granted by the Delhi
High Court.
In its petition, Antrix Corporation submitted that it itself was a
"victim of the fraud and corruption" to which its then chairman and
other officials were a party, and on account thereof has suffered
an arbitral award on September 14, 2015 running into more than half
a billion dollars, which with interest, comes to more than a
billion dollars today, according to ET.
It has preferred an appeal before the High Court of Delhi, against
the arbitral award.
Devas had applied for FIPB approvals for the investment of INR579
crore and the investment has resulted for activities for money
laundering, the report adds.
DHAIRYA CONSTRUCTION: CARE Cuts Rating on INR10cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhairya Construction (DRC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 27, 2020 placed the
rating of DRC under the 'issuer non-cooperating' category as DRC
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. DRC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated January 8, 2021,
January 11, 2021 and January 12, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating assigned to the bank facilities of DRC has been revised
on account of non-availability of requisite information.
Detailed description of the key rating drivers
At the time of last rating done on January 27, 2020, the following
were the rating strengths and weaknesses
Detailed description of key rating drivers
Key Rating Weaknesses
* Deterioration in capital structure and debt coverage indicators:
The capital structure of DRC deteriorated and remained moderate
marked by an overall gearing ratio of 1.20 times as on March 31,
2019 as against 0.56 times as on March 31, 2018 owing to an
increase in debt level. The debt coverage indicators of DRC stood
weak as marked by total debt to Gross Cash accruals (TDGCA) of
17.36 years as on March 31, 2019 as against 10.37 years as on March
31, 2018 led by an increase in debt level. The interest coverage
ratio remained moderate at 1.83 times for FY19.
* Moderate scale of operations coupled with moderate profit margins
and elongated operating cycle: The operations of DRC remained
moderate, as marked by total operating income (TOI) of INR50.24
crore during FY19 as against INR31.57 crore in FY18. The PBILDT
margin remained moderate at 7.72% during FY19 as against 9.90%
during FY18. PAT margin remained low at 2.99% in FY19. The
operating cycle remained elongated to 126 days in FY19 as compared
to 183 days during FY18 on account of decrease in average
collection and inventory period.
* Proprietorship nature of constitution: DRC being a proprietorship
firm is exposed to inherent risk of the proprietor's capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital. The proprietor may withdraw capital from the
business as when it is required, which may put pressure on the
capital structure of the firm which may restrict the financial
flexibility to a certain extent.
* Competitive and tender-driven nature of business: DRC does not
directly participate in the tenders published by the government and
local authorities owing to pendency of requisite registration.
However, major business prospects of DRC are dependent on the
sub-contract construction work, received from group entities viz.
Cube Construction Engineering Limited (CCEL) and Katira
Construction Limited (KCL) which in turn caters to the state
government, this makes DRC highly dependent on the other
contractors and time periods when the government roles out tender.
Further, construction contracting business is highly fragmented and
competitive in nature with large number of players leading to
aggressive bidding which may lead to dip in its profitability.
* Geographical concentration risk along with susceptibility of
profit margins to volatile raw material prices: The outstanding
order book as on December 31, 2018, remained restricted towards
different regions in the state of Gujarat state only. Hence, any
unforeseen event and changes in state government policies may have
a huge impact on the profitability of DRC, thus increasing its
vulnerability to geographical risk. Also, most of contracts are not
covered under any price-escalation clause; hence any volatility in
the input costs like sand, steel, cement has to be borne by DRC.
Key Rating Strengths
* Experienced proprietor with well-established track record of
operations: The proprietor, Mr. Birju Chhotalal Shah, is having an
experience of over two decades in the civil construction Industry
and looks after the overall management of DRC. Presently, Mr. Birju
Shah is serving as a director in various infrastructure companies.
The extensive experience of the proprietor and his healthy
industrial relationships has helped DRC to bag good construction
contracts and subcontracts. DRC has also demonstrated low execution
risks demonstrated by its track record of executing similar
projects in past.
Bhuj-based (Gujarat) DRC, proprietorship firm was established in
2013, for carrying out the business of civil construction by Mr.
Birju Chhotalal Shah. Mr. Birju Shah aged 46 years, is a graduate
in civil engineering (B. E. Civil) and has an experience of more
than 2 decades in the civil construction industry. DRC undertakes
civil construction work, allotted directly or sublet by other
construction contractors (mainly group entites comprising Cube
Construction Engineering Limited (CCEL) and Katira Construction
Limited (KCL)). It constructs commercial and residential buildings
viz. government housing projects, residential bungalows, PPP
(Public Private Partnership) projects viz. bus stands, museums and
other civil construction work, mainly in Saurashtra region and
Bhuj-Kutch, Ahmedabad and Surat districts of Gujarat.
DURGASHREE CASHEW: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgashree
Cashew continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 23, 2019, placed
the rating(s) of Durgashree Cashew under the 'issuer
noncooperating' category as DC had failed to provide information
for monitoring of the rating. DC continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and email dated November 11, 2020 to November
18, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the public available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on December 23, 2019 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Delays in debt servicing obligations: The client has undergone
restructuring of debt facilities in October, 2019 and availed WCTL.
There are on-going delays in servicing of interest.
* Small scale of operations with low networth: The firm has a track
record of nine years, however, the total operating income (TOI) of
the firm remained low at INR8.95 crore in FY17 with a low net worth
base of INR1.49 crore as on March 31, 2017 as compared to other
peers in the industry.
* Declining PBILDT margins: The PBILDT margins of the firm are seen
declining during the review period. The PBILDT margin of the firm
has decreased from 11.05% in FY15 to 8.41% in FY17, as although
sales realizations increased, the firm could not pass on the
increase in raw material cost to its customers. The firm follows
the strategy of purchasing high quantities of stocks of raw cashew
when the price is relatively low which could cause fluctuations in
the profitability margins in the future. Furthermore, PAT margin of
the firm stood in the range of 1.57%-2.06% due to y-o-y increase in
interest and financial expenses.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged as on March 31,
2017. The debt equity ratio has improved from 1.06x as on March 31,
2015 to 0.38x as on March 31, 2017 due to repayment of term loans
and vehicle loans. However, the overall gearing ratio of the firm
deteriorated from 1.67x as on March 31, 2015 to 3.12x as on March
31, 2017 due to high utilization of working capital limits.
The debt coverage indicators of the firm stood weak during the
review period. The total debt/GCA though deteriorated from 7.03x in
FY15 to 15.36x in FY17 due to increase in debt levels at the back
of high utilization of working capital limits. The PBILDT
interest coverage ratio improved marginally from 2.09x in FY15 to
2.30x in FY17 due to increase in PBILDT levels. However, it
deteriorated to 2.04x in FY17 due to increase in interest cost at
the back of high utilization of working capital limits.
* Working Capital intensive as well as labour intensive nature of
operations: The operating cycle of the firm stood between 60-161
days due to high average inventory period during review period. The
firm imports 3-4 times in a year from the foreign countries in the
months of April or May and December or January. The average
inventory period stood high during the review period as the firm
purchases high quantities of stocks of raw cashew when the price is
relatively low and also seasonal availability of raw cashews. The
firm also purchases raw cashews locally from farmers. The firm
receives the payment from its customers within 30 days from the
date of invoice. The firm makes payment to the foreign suppliers
within 7 days once the raw material reaches at the customs port.
Further, the firm makes purchases from the local farmers and
traders on cash basis. The average utilization of CC facility was
80% for the last 12 months ended August 31, 2018. The processing of
raw cashew into graded cashew involves both working capital and
labour requirements. The First three processes of roasting shelling
and drying involves machines and the next levels of peeling,
grading and packing involve labour. Hence, DC's operations are not
only working capital intensive but it is also labour intensive.
* Exposure to foreign exchange fluctuation risk: As imports
constitute around 90% of the total purchases of the firm, the firm
is exposed to foreign exchange fluctuation risk. The imports
exports raw cashew nuts from Dubai, Singapore, Indonesia, African
countries like Benin, Togo, Ivory Coast, and Tanzania etc. The firm
enters into contract with the supplier for purchase of raw material
and the firm receives them at the customs port within 45 days from
the date of contract. The firm makes payment in foreign currency
(USD) within 7 days once the raw material reaches the port The firm
has no hedging policy there by exposing the payables to foreign
exchange fluctuation risk.
* Highly fragmented and competitive industry: The cashew processing
business is highly fragmented with presence of large number of
organized and unorganized players in India as well abroad. There is
a high competition within the industry due to low entry barriers
and low product differentiation, thus limiting the pricing
flexibility. Raw cashew being an agro-commodity, the availability
of the same depends upon the climatic conditions.
* Constitution of the entity as partnership firm: Constitution as a
partnership has the inherent risk of possibility of withdrawal of
the capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for the
lenders. The partners of the firm have withdrawn capital to the
tune of INR0.33 crore in FY17.
Key Rating Strengths
* Reasonable track record and experience of the promoters for more
than a decade in cashew industry: Durgashree Cashews (DC) was
established in 2009 as a partnership firm by Mr.B. Satish Shetty
and Mrs.Suhasini S Shetty. Mr.B. Satish Shetty has around 25 years
of experience in cashew processing business. Further, Mrs.Suhasini
S Shetty has experience of more than a decade of experience in
cashew processing business. Due to long experience of the partners,
they were able to establish long term relationship with clientele.
The same is expected to help the partners in developing their
business in near future.
* Growth in total operating income: The total operating income of
the firm increased y-o-y at a CAGR of 28.27% i.e., from INR5.44
crore in FY15 to INR8.95 crore in FY17, at back of increase in
sales volume and sale price per tin coupled with repetitive orders
from existing customers. Furthermore the firm has achieved turnover
of INR9.95 crore in FY18 (Provisional).
* Stable outlook of cashew industry: India is the top consumer of
cashew kernels in the world by absorbing over 25 per cent of the
supply, “Cashew nut demand has shot up 53 per cent since 2010.
Global demand for the cashew kernel has surged 53% since 2010,
surpassing production in at least four of the past seven years. In
a steadily growing $30-billion global tree nut market, the cashew
nut segment will continue to lead, and it is expected to account
for 28.91 per cent of the market by 2021. Global cashew production
is estimated at 7.4 million tonne.
Durgashree Cashews (DC) was established in 2009 as a partnership
firm by Mr.B. Satish Shetty and Mrs.Suhasini S Shetty. The firm is
engaged in processing of raw cashew nut into cashew kernels, the
process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
through imports from Dubai, Singapore, Indonesia, African countries
like Benin, Togo, Ivory Coast, and Tanzania etc. The firm also
purchases raw cashews locally from farmers. Imports constitute 90%
of the total purchases. The firm sells the cashew kernels
throughout India through agents. Goa, Karnataka, Maharashtra,
Punjab and Rajasthan are the major states covered by the firm. The
firm also generates income from sale of by-products cashew shells,
cashew husk and rejections.
ELITE MOTORS: CARE Lowers Rating on INR7.39cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Elite Motors Private Limited (EMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.39 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 29, 2017, placed the
rating of EMPL under the 'issuer non-cooperating' category as EMPL
had failed to provide information for monitoring of the rating.
EMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 1, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of absence of information
on company's financial and operational performance and other
critical data related to the business of the company post the last
review. Further, CARE is unable to carry out the due diligence
exercise with lenders and therefore is unable to assess the
company's ability to service the debt obligations and hence the
revision in rating.
Detailed description of the key rating drivers
At the time of last rating on October 24, 2019 the following were
the rating strengths and weaknesses (updated for the FY19
financials available from Registrar of Companies)
Key Rating Weaknesses
* Weak financial risk profile: The company has witnessed a decline
in total income by 27.86% from INR87.25 crore in FY18 to INR62.94
core in FY19. Cash accruals of the company improved from INR1.53
crore in FY18 to INR2 crore in FY19. Overall gearing improved from
5.01x in FY18 to 2.40x in FY19 on account of reduction in overall
debt from INR26.69 crore as on March 31, 2018 to INR14.76 as on
March 31, 2019.
* Intense competition from other auto dealers exerts pressure on
margin: The nature of business being trading of automobiles is
characterized by high competition, low profitability margins, high
amount of working capital requirements, etc. EMPL has limited
negotiating power as the margins on products are set by VW thereby
restricting the company to earn incremental income.
Key Rating Strengths
* Experienced promoters with reasonable track record in automobile
dealership: The key promoter of EMPL, Mr. Gurjit Singh (CMD) has
around three decades of experience in retail, distribution and real
estate business. The day-to-day operations of EMPL are looked after
by Mr. Gurjith Singh (CMD), who is adequately supported by his two
sons Mr. Jas Singh and Mr. Pavan Singh and a group of professionals
having rich business experience.
* Lineage of brand image and adequate support from Volkswagen:
Volkswagen extends adequate support to EMPL in the form of cash
discounts, free accessories to customers, sharing of promotional
and marketing expenses.
Elite Motors Private Limited (EMPL) was promoted by Mr. Gurjit
Singh and Mrs. Sonia Singh in September 2007. EMPL is an authorized
dealer for passenger vehicles (PV) of Volkswagen India Private
Limited (VIPL). It operates through one show room and one yard
having a capacity of parking 500 cars in Bangalore. The showroom is
occupied on leased premises and is equipped with 3-S facilities
(Sales, Service and Spare-parts). Elite group was established in
Bangalore in the year 1975, with the business in trading of
crockery and consumer durables. In the year 2005, the group
diversified into automobiles and since then established three
dealerships for Honda, Ford and Volkswagen.
GMR HYDERABAD INT'L.: Moody's Affirms Ba2 CFR, Rates USD Bond Ba2
-----------------------------------------------------------------
Moody's Investors Service has affirmed GMR Hyderabad International
Airport Limited's (HIAL) Ba2 corporate family rating.
At the same time, Moody's has assigned a Ba2 rating to HIAL's
proposed senior secured USD bond of up to USD300 million.
The Ba2 senior secured rating of the proposed bond reflects its
pari passu ranking with other senior secured obligations of HIAL.
The outlook on the ratings remains negative.
Proceeds from the bond will be used to meet the airport's capital
expenditure requirements.
HIAL has a long-term concession to operate the Rajiv Gandhi
International Airport (RGIA) in Hyderabad under a public-private
partnership model. HIAL is undertaking a major airport expansion
that will cost INR55 billion and take 2-3 years to complete.
RATINGS RATIONALE
"The rating affirmation reflects the expected improvement in HIAL's
revenue over the next 12-18 months, on the back of a likely tariff
increase in the next control period (CP3) and a gradual recovery in
passenger traffic and non-aeronautical businesses under our base
case," says Spencer Ng, a Moody's Vice President and Senior
Analyst.
"The recovery in HIAL's FFO/debt metrics back to the mid-single
digit percentage range will likely take 2-3 years, considering the
additional debt the airport is raising to fund the remaining funds
needed to complete its expansion," adds Ng.
Despite the reduction in passenger traffic as a result of the
pandemic, HIAL is committed to proceeding with the original
expansion program with only a modest delay that is driven by time
needed to remobilize its workforce after the lockdown. Moreover,
HIAL has entered into fixed-term fixed-price contracts for the
expansion, which reduces the ability to postpone or scale down the
project in response to the decline in its operating cashflow.
The negative outlook reflects potential downside risk over the next
12-18 months, which could stem from a slower than expected recovery
in the airport's traffic, an unfavorable or delayed tariff decision
from the upcoming reset, or delays in securing the additional
funding required to complete its expansion.
Moody's expects airport tariffs to increase in CP3 as a result of
its growing regulated asset base, after factoring in its
expansion-related capital spending and its contribution to the
Hyderabad metro project. However, the extent of the tariff increase
will depend on the regulator's decision over how much of the
expansion spending should be capitalized into HIAL's regulated
asset base, the airport's entitlements to revenue true-up from past
control periods, as well as its assumption over passenger traffic
.
Tariff decisions and implementations have frequently been delayed
in the past, and -- if repeated -- could keep HIAL's FFO/debt
metrics at a very weak level and result in a faster than expected
depletion of its liquidity position. HIAL's next tariff control
period is scheduled to commence in April 2021.
As at the end of December, the airport had around INR13 billion of
available liquidity which is sufficient to meet its cash
requirements through to the end of September 2021. This includes
cash on hand of around INR2 billion and short-term investments of
INR11 billion, but excludes INR2 billion of intercompany deposits
extended to its ultimate parent entity, GMR Infrastructure, which
is scheduled to be repaid in August 2021.
Successful completion of the proposed bond issuance will strengthen
the airport's liquidity profile and will provide a substantial
portion of the remaining funding needed for the expansion.
In the first six months of the fiscal year ending March 2021,
monthly passenger traffic at RGIA fell 76% relative to the
comparable period in the previous fiscal year. However, domestic
traffic has shown early signs of recovery in recent months, with
monthly passenger numbers in November exceeding 50% of the 2019
level.
Moody's does not expect a full recovery of passenger traffic to
pre-pandemic levels until 2023, and any recovery remains vulnerable
to a potential resurgence in infections or a default in major
airline counterparties.
A recovery in HIAL's traffic - once the coronavirus outbreak
stabilizes -- should benefit from the strong industry fundamentals
in India and the airport's predominantly domestic-based passenger
mix.
HIAL's Ba2 CFR continues to reflect the airport's established
market position in its catchment area, which has a predominantly
domestic origin and destination passenger mix.
Moody's regards the coronavirus pandemic as a social risk under its
environmental, social and governance framework (ESG), given the
substantial implications for public health and safety.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely, given the negative outlook
and the impact of the coronavirus outbreak. Nevertheless, Moody's
could change the outlook to stable if (1) the new tariff is
implemented in line with Moody's base case expectation, (2)
operating conditions recover to a level that would allow the
airport to maintain FFO/debt at the mid-single digit percentage
range, and (3) it successfully completes its debt issuance
initiatives.
On the other hand, Moody's could downgrade HIAL's Ba2 ratings if
there is any evidence of liquidity stress or a material delay in
securing the additional funding needed to complete the expansion or
absence of a concrete plan to procure the required funding
sufficiently in advance of actual requirement.
Moody's could also downgrade HIAL's ratings if FFO/debt is likely
to remain below 4% on an extended basis beyond Moody's current
expectation, and which could result from (1) a significant delay or
an adverse outcome from the upcoming tariff determination, (2) a
slower than expected recovery in operating conditions, or (3)
material missteps in the implementation of the expansion project.
The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.
GMR Hyderabad International Airport Limited has a long-term
concession to operate the Rajiv Gandhi International Airport in
Hyderabad under a public-private partnership model. The airport is
one of the leading airports in India by passenger traffic.
The airport has a current design capacity of 12 million passengers
per annum. Equity in the company is held by GMR Airports (63%),
Malaysia Airports Holdings Berhad (11%, A3 negative), the
Government of India (Baa3 negative) through the Airports Authority
of India (13%), and the Government of Telangana (13%). GMR Airports
is a subsidiary of GMR Infrastructure Limited (51%) and Groupe ADP
(49%).
GOKUL CERAMIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gokul Ceramic Private Limited
8-A, National Highway
Village: Dhuva
Taluko: Wankaner
Dist.: Rajkot
Gujarat 363622
Insolvency Commencement Date: January 15, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: July 14, 2021
Insolvency professional: Darshan Bharatbhai Patel
Interim Resolution
Professional: Darshan Bharatbhai Patel
31, Vrindavan
Inquilab Society
Gulbai Tekra, Polytechnic
Ahmedabad 380015
E-mail: ca.darshanbpatel@gmail.com
- and -
505, 5th Floor, Sears Tower
Gulbai Tekra, Panchwati
Ahmedabad 380006
E-mail: ip.cadarshan@gmail.com
Last date for
submission of claims: February 2, 2021
GURU NANAK: CARE Lowers Rating on INR4.0cr LT Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Guru
Nanak Engineering Services (GES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Short Term Bank 11.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 26, 2019 placed the
ratings of GES under the 'issuer non-cooperating' category as GES
had failed to provide information for monitoring of the rating. GES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 16, 2020, December 30, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
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 ratings.
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by GES 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 owing by Small scale of operations
with low partner's capital and low PBILDT margin, Geographical and
customer concentration risks, Business risk associated with
tender-based orders and highly competitive industry with presence
of several organized and unorganized players.
The ratings, however, continue to take comfort from experienced
Partners, Moderate capital structure and coverage indicators and
Comfortable operating cycle.
Detailed description of the key rating drivers
At the time of last rating on December 26, 2019 the following were
the rating weaknesses and strengths:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations with low partner's capital and low
PBILDT margin: The scale of operations has remained small marked by
a total operating income and gross cash accruals of INR37.05 crore
and INR1.46 crore respectively during FY18 (FY refers to the period
April 1 to March 31). Furthermore, the firm's capital base was
relatively small at INR5.09 crore as on March 31, 2018. Low capital
base and small scale of operations restricts the ability of the
firm to scale up and bid for larger sized contracts having better
operating margins. During 6MFY19 (6MFY refers to the period April 1
to September 30; based on provisional results) the firm has
achieved total operating income of ~Rs.15.00 crore. The firm has
tender driven nature of business with profitability margins are
directly associated with nature of contract executed. PBILDT margin
has been declining for the past three year i.e (FY16-FY18) from
7.38% in FY16 to 5.46% in FY18 (refers to the period April 01 to
March 31) owing to lower margin contracts executed. Further, the
net profitability stood at around ~3.41% for the past three year
(FY16-FY18).
* Geographical and customer concentration risks: The order book of
the firm stood around 1.40 times of its total operating income for
FY18 and has to be completed up to 3 years, thereby giving the firm
near term revenue visibility. Out of the unexecuted order book,
approximately 65% of the orders are from PWD which is concentrated
to a single client (pertaining to the construction of roads). Most
of the orders being executed are fixed price, fixed time in nature
and hence effective and timely execution of the orders has a direct
bearing on the margins attained. Since major orders are from the
government departments like HUDA and PWD for construction of roads,
bridges and other civil construction works, timely flow of orders
and any unfavourable change in their policy towards contract
allotment and delay in realization can impact the operations of the
firm.
* Business risk associated with tender-based orders: The firm
majorly undertakes civil construction projects, which are awarded
through the tender-based system. The tender based business is
characterized by intense competition and the growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.
* Highly competitive industry with presence of several organized
and unorganized players: GES faces direct competition from various
organized and unorganized players in the market. There are a number
of small and regional players catering to the same market which has
limited the bargaining power of the firm and exerted pressure on
the margins. Hence, going forward, due to the increasing level of
competition and aggressive bidding, the profits margins are likely
to be under pressure in the medium term.
Key Rating Strengths
* Experienced Partners: The firm is managed by Mr. Kanwarjeet
Singh, he has experience of more than one decade in the industry
through his association with the firm.
* Moderate capital structure and coverage indicators: The capital
structure continues to remain moderate marked by overall gearing of
1.36x as on March 31, 2018 as against 0.71x as on March 31, 2017.
Though, the same deteriorated on account of increase in unsecured
loan coupled with higher utilization of working capital limit as on
balance sheet date. However, the same continued to remain moderate.
Further, the coverage indicators of the firm continue to remain
moderate marked by interest coverage ratio and total debt to
GompanyCA of 3.54x and 4.76x for FY18.
* Comfortable operating cycle: For the smooth execution of
projects, inventory is required to be maintained at project site
and also inventory is in form of work in progress, resulting in
average inventory days stood at 41 days in FY18. The firm raises
bill on monthly basis based upon execution of the work whereby the
realization takes in around 1 month. Further, the firm normally
receives an average payable period of around 1-2 month from its
suppliers. The average utilization of working capital borrowing
remained at around 70% for last 12 months' period ended September
30, 2018.
Faridabad (Haryana) based GES established as a partnership firms by
Mr. Gurucharan Singh and Mr. Kanwarjeet Singh Singh sharing profit
and loss in ratio of 8% and 92% respectively. The firm is engaged
in construction works which involve the construction of roads,
bridges and other civil construction works. GES executes contracts
mainly for Public Work Department (PWD), Haryana and Haryana Urban
Development Authority (HUDA). The firm gets the contact through
bidding process.
HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hemnil Metal
Processors Private Limited (HMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 9.62 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with HMPPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.
HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himalaya
Construction Co.Pvt Limited (HCCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with HCCPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh,
HCCPL is a 'Class A' civil contractor that constructs tunnels for
hydroelectric projects for irrigation purposes, power houses, dams,
roads, and railways. It also undertakes other types of heavy
construction work.
IL&FS CLUSTERS: Ind-Ra Affirms & Withdraws 'D' Bank Loan Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS Clusters
Development Initiative Limited's (ICDI) bank facilities at 'IND D'
and simultaneously withdrawn the rating.
The detailed rating actions are:
-- INR300 mil. Fund-based working capital limits (long-
term/short-term) affirmed and withdrawn; and
-- INR60 mil. Non-fund-based working capital limits (long-
term/short-term) affirmed and withdrawn.
*Affirmed at 'IND D' before being withdrawn
KEY RATING DRIVERS
On August 31, 2020, the National Company Law Tribunal (NCLT)
approved the sale of the shares of Schoolnet India Limited's
(Schoolnet; 'IND BB'/Stable), held by Infrastructure Leasing &
Financial Services Limited and IL&FS Employee Welfare Trust, to
Falafal Technology Private Limited (FTPL; a 100% subsidiary of
Lexington Equity Holdings Ltd, free and clear of all encumbrances,
liens, security interest and third-party claims including any
statutory or tax claims. The NCLT also approved the sale of the
identified business undertaking of each of ICDI and Skill Training
Assessment Management Partners Limited, on a slump-sale basis for a
lump sum consideration of INR1 each. Lexington's shareholding in
Schoolnet now stands at 99.82%, through its two subsidiaries –
FTPL and India Equity Partners, from 26.13% earlier. On September
8, 2020, Lexington also took management control of Schoolnet by
constituting a three-member board, of which two members are
Lexington's representatives. Post the restructuring, Schoolnet has
only one subsidiary with 80% shareholding – Learnet Skills
Limited (formerly IL&FS Skills Development Corporation Limited;
debt rated at 'IND BB'/Stable/'IND A4+').
The ratings have been withdrawn as the rated bank facilities have
been shifted to Schoolnet effective September 30, 2020, following
the NCLT's order. Subsequently, the fund-based working capital
limits were fully paid off on December 28, 2020.
COMPANY PROFILE
Set up in September 2006, ICDI specializes in cluster development
and project management consultancy services. It focuses on 10
sectors and has a diversified client base comprising government,
private sector, bilateral and multilateral institutions. Schoolnet
owns a 100% stake in ICDI.
INTEGRATED SPACES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Integrated
Spaces Limited (ISL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Loan Against 5 CRISIL D (ISSUER NOT
Property COOPERATING)
Term Loan 25 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with ISL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ISL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ISL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ISL continues to be 'CRISIL D Issuer Not Cooperating'.
ISL was initially set up in 1995 as a partnership firm, named Shah
Construction and Company, by Gala and Savla families. The firm was
reconstituted as a private limited company, under the current name
in 2008. The company undertakes residential and commercial real
estate development in and around Mumbai, and presently has 6
ongoing projects with saleable area of 0.3 million square foot.
INTERNATIONAL METAL: CARE Lowers Rating on INR8.0cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
International Metal Industries (IMI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 24, 2019 placed the
ratings of IMI under the 'issuer non-cooperating' category as IMI
had failed to provide information for monitoring of the rating. IMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 16, 2020, December 30, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
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 ratings.
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by IMI 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 owing by Small scale of operations
with low net worth base, Low PAT margin, leveraged capital
structure and weak coverage indicators, Elongated collection period
and weak liquidity indicators, Raw material price variability,
Susceptible to cyclicality of steel industry and highly competitive
nature of industry. The ratings, however, continue to take comfort
from experienced proprietor and Growing scale of operations.
Detailed description of the key rating drivers
At the time of last rating on December 24, 2019 the following were
the rating weaknesses and strengths:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations with low net worth base: The scale of
operations has remained small marked by total operating income of
INR11.91crore and gross cash accruals of INR0.48 crore during FY18
(FY refers to period April 1 to March 31). Further, the
proprietor's capital base remained relatively low at INR3.90 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.
* Low PAT margin, leveraged capital structure and weak coverage
indicators: Though, PBILDT margin continued to remain moderate at
9.83% in FY18. However, high interest and depreciation cost has
restricted the net profitability of the firm and PAT margin stood
below unity at 0.54% in FY18. Capital structure marked by overall
gearing deteriorated at 1.67x as on March 31, 2018 as against 1.03x
as on March 31, 2017 mainly on account of higher utilization of
working capital limits as on balance sheet date. Further, the debt
service coverage indicators marked by interest coverage ratio and
total debt to GCA (TDGCA) deteriorated to 1.69x and 13.64x
respectively in FY18 as against 2.44x and 7.48x respectively in
FY17 mainly on account of increase in debt levels, consequently
resulting into higher interest cost. Further, deterioration in
TDGCA has also taken into account lower gross cash accruals.
* Elongated collection period and weak liquidity indicators: The
collection period of the firm continued to remain elongated at 332
days for FY18. Being engaged in highly competitive business, the
firm has to allow high credit period to its customers. Further, the
firm registers significant sales during last quarter of the
financial year. The firm maintains inventory in form of raw
material for smooth functioning of its manufacturing process. Also,
the firm maintains inventory in form of finished goods to meet the
demand of the customers. Hence, the average inventory period stood
at 140 days for FY18. Further, the liquidity indicators continue to
remain weak as marked by current and quick ratio of 1.07x and 0.78x
respectively as on March 31, 2018.
* Raw material price variability: The firm has no long-term
contract price with its raw material suppliers and the firm sources
the material on need basis as per the price prevailing in the
market. This exposes the firm's margins to fluctuations in the
prices of raw materials. Further, IMI is not able to pass on the
rise in raw material prices to its end consumer due to stiff
competition.
* Susceptible to cyclicality of steel industry: Prospects of steel
industry are strongly co-related to economic cycles. Demand for
steel products is sensitive to trends of particular industries such
as automotive, construction, infrastructure, cement, sugar, pipes
and consumer durables, which are the key consumers of steel
products. These key user industries in turn depend on various
macroeconomic factors, such as consumer confidence, employment
rates, interest rates and inflation rates, etc. in the economies in
which they sell their products. When downturns occur in these
economies or sectors, steel industry may witness decline in demand,
which may lead to decrease in steel prices putting pressure on the
entire value chain.
* Highly competitive nature of industry: IMI operates in a highly
competitive nature of industry where the presence of large number
of players. The industry is characterized by low entry barriers due
to low technological inputs and easy availability of standardized
machinery for production. This further leads to high competition
among the various players and low bargaining power with the
suppliers.
Key Rating Strengths
* Experienced proprietor: Mr. Jinendra Kumar Jain is a graduate by
qualification and has an overall experience of around four decades
in the metal industry through his association with this entity and
associate entities.
* Growing scale of operations: For the period FY16-FY18, IMI's
total operating income grew from INR3.31 crore to INR11.91 crore
reflecting a compounded annual growth rate (CAGR) of 89.69% owing
to higher quantity of products sold. Furthermore, during 8MFY18
(refers to the period April 1 to November 30) the firm has achieved
a turnover of INR6.62 crore.
Himachal Pradesh based, International Metal Industries (IMI) was
established in February, 2012 as a proprietorship concern by Mr.
Jinender Kumar Jain and commenced its commercial operations in
August, 2014. The firm is engaged in manufacturing of Stainless
Steel cold and hot rolled sheets. The manufacturing facility of the
firm is located at Bilaspur District, Himachal Pradesh with an
installed capacity of 700 metric tons as on November 30, 2018. The
major raw materials required for manufacturing stainless steel
cold/hot rolled sheets is stainless steel sheets which it procures
from V S Manufacturers, Butler Steel Private Limited, Aman Steel,
Pooja Trading firm etc. Stainless Steel hot/cold rolled sheets
produced by IMI are supplied to manufacturing companies located in
located in Delhi and NCR viz. namely Siddhi Traders, Gaurav Steel
Industries, Haryana Impex and Moksh Exim etc.
JM FEED: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. M. Feed
Mills Private Limited (JMF) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.8 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with JMF for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMF, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JMF continues to be 'CRISIL D Issuer Not Cooperating'.
JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The manufacturing facility is at Jind (Haryana).
The company is promoted by Mr Baljit Singh and family.
KINGFISHER AIRLINES: Mallya Applies for Another Route to Stay in UK
-------------------------------------------------------------------
Deccan Herald reports that Vijay Mallya, who is due to be
extradited to India, has applied for "another route" to be able to
stay in the UK, the embattled liquor tycoon's barrister
representing him in bankruptcy proceedings in the High Court here
confirmed in the court for the first time.
Deccan Herald relates that the 65-year-old businessman, whose legal
challenge to the Indian government's extradition request was turned
down at the Supreme Court level in the UK last year, remains in
Britain on bail until UK Home Secretary Priti Patel signs off on
the order for him to be extradited to India to face charges of
fraud and money laundering related to the now-defunct Kingfisher
Airlines.
"The extradition was upheld but he [Mallya] is still here because
as you know there is another route for him to apply to the
Secretary of State [Patel] for status," barrister Philip Marshall,
when specifically asked by Deputy Insolvency and Court Judge Nigel
Barnett about the status of the extradition proceedings during a
remote hearing on Jan. 16, Deccan Herald relays.
According to the report, the UK Home Office has so far only
confirmed on background that a confidential legal process remains
ongoing before the extradition request, signed by the Home
Secretary on February 3, 2019, can be certified and executed.
This had raised widespread speculation that Mallya had sought
asylum in the UK, details of which are neither confirmed nor denied
by the Home Office in Britain while an application is pending.
It is likely that the reference made by Mallya's barrister is to an
asylum route which, according to legal experts, would depend upon
whether Mallya applied for asylum prior to the extradition request
or after, the report says.
"He would need to argue much stronger grounds. There are specific
rules that detail when asylum is a bar to extradition, it is clear
that claiming asylum after all appeals have been exhausted is
unlikely to be considered a valid claim to asylum protection," the
report quotes Toby Cadman, co-founder of Guernica 37 International
Justice Chambers and a UK-based extradition specialist, as saying.
The court on Jan. 22 also heard how Mallya, who submitted written
evidence for the hearing, was in a "constrained" position as a
close relative had passed away as a result of COVID-19.
The remote hearing in the commercial division of the High Court in
London was to establish whether the court can sanction substantial
sums towards Mallya's living expenses and legal fees from the sale
of a French luxury property Le Grand Jardin last year.
The money is held in the UK's Court Funds Office (CFO) as part of
bankruptcy proceedings brought by a consortium of Indian banks led
by the State Bank of India (SBI) in pursuit of unpaid loans.
Mallya's legal team argues that he should be sanctioned the
required funds to meet mounting legal costs in India and the UK,
which includes costs to be paid to the UK's Crown Prosecution
Service (CPS) which argued the extradition proceedings on behalf of
the Indian authorities.
The lawyers for the banks have challenged this as it would
dissipate the funds owed to his creditors towards speculative and
"unreasonable" costs while other sources of funds remain available
to the businessman.
According to Deccan Herald, the banks' barrister, Tony
Beswetherick, argued that Mallya's latest written evidence shows
that he "does have other assets that he can utilise to meet the
very significant costs he is seeking to have validated and paid
(including two yachts that he has put into storage in Southampton,
debts owed to him by family trusts, and cars in storage in
France)".
However, Mallya's lawyers pointed to a worldwide freezing order in
place that constrains access to his assets and the conclusion in
October last year of his consultancy arrangement for a Formula One
team meant he had no other sources of income at his disposal.
They claimed the conduct of the banks was "highly oppressive" and
an attempt to "starve Dr Mallya of the funds," Deccan Herald
relates.
At the end of a half-day hearing, the judge reserved his judgment
on the issue of access to court-held funds and is expected to hand
down his ruling in the coming weeks, the report notes.
The hearing forms part of a series as both sides make arguments for
and against a bankruptcy order against Mallya in the UK, adds
Deccan Herald.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan Aviation
Ltd., served about 35 domestic destinations with a fleet of more
than 40 aircraft, including Airbus jets and ATR 72 turboprops.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
15, 2014, Bloomberg News said Kingfisher Airlines has grounded
planes since October 2012. The airline lost its operating license
in January 2013 after failing to convince authorities it has enough
funds to restart flights.
As reported in the TCR-AP on Nov. 25, 2016, the Times of India said
the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA). Justice Vineet Kothari gave
this direction on Nov. 18, while allowing a petition filed in 2012
by Aerotron, a UK-based company, for recovery of a little over $6
million due to it for supply of rotable aircraft
components to KFA.
KYATI METALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Kyati Metals and Trading Private Limited
Plot no. 24/C, Road No. 8 Film Nagar
Jubilee Hills, Hyderabad
Telangana 500033
Insolvency Commencement Date: January 18, 2021
Court: National Company Law Tribunal, Coimbatore Bench
Estimated date of closure of
insolvency resolution process: July 17, 2021
(180 days from commencement)
Insolvency professional: CA. S. Prabhu
Interim Resolution
Professional: CA. S. Prabhu
M/s SPP & Co
Chartered Accountants
No. 27/9, Nivedh Vikas
Pankaja Mill Road
Puliyakulam
Coimbatore 641045
E-mail: carpprabhu@gmail.com
Last date for
submission of claims: February 3, 2021
LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Cotfab Private Limited (LCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 13.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 21, 2020 placed the
rating of LCPL under the 'issuer non-cooperating' category as LCPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. LCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated January 8, 2021,
January 11, 2021 and January 12, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on January 21, 2020 the following
was the rating weakness:
Detailed description of key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: The rating assigned to the bank
facilities of LCFPL takes into account on-going delays in servicing
term loan principal installment and interest obligations.
Rajkot (Gujarat) based Lakshmi Cot Fab Private Limited was
incorporated in September, 2013 by Mr. Nimish Lotiya, Mr. Vishal
Lotiya and Mr. Harilal Khakhar. LCFPL is engaged into cotton
ginning, cleaning and bailing process with an installed capacity of
350 Full Pressed cotton bales per day (165 kg each) as on March 31,
2018. The company procures raw cotton from farmers and sells its
products in domestic market to the states like Gujarat, Maharshtra,
Tamilnadu etc.
LEARNET SKILLS: Ind-Ra Hikes Bank Loan Rating to 'BB'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Learnet Skills
Limited's (formerly IL&FS Skills Development Corporation Limited))
bank facilities to 'IND BB'/Stable/'IND A4+' from 'IND D' as
follows:
-- INR100 mil. Non-fund-based limit/Fund-based limit (Long-
term/Short-term)* upgraded with IND BB/Stable/IND A4+ rating.
*The limit is fungible
Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of Learnet and its parent Schoolnet India
Limited (Schoolnet; IND BB/Stable; holds 80.01% in Learnet), due
to the strong operational and strategic linkages between them.
The upgrade reflects Schoolnet prepaying a debt of INR1.3 billion
(about 22% of the total consolidated debt at end-March 2020) so
far, post the National Company Law Tribunal's (NCLT) order and the
reconstitution of its board. Also, most of the debt has been
restructured with a seven-year ballooning maturity, which has
significantly improved Schoolnet's liquidity profile. Schoolnet's
business profile is now robust with a consolidated orderbook of
INR11 billion (around INR10 billion in Schoolnet and INR1 billion
in Learnet) at end-December 2020. Falafal Technology Private
Limited (FTPL; a 100% subsidiary of Lexington Equity Holdings Ltd
(Lexington)), which now holds 99.82% of Schoolnet, has agreed to
cause Schoolnet to service its entire debt without any haircut to
the lenders; there are no overdue payments. These are the reasons
for the accelerated curing period.
KEY RATING DRIVERS
Change in Shareholding Structure: On August 31, 2020, the NCLT
approved the sale of the shares of Schoolnet, held by
Infrastructure Leasing & Financial Services Limited (IL&FS Limited)
and IL&FS Employee Welfare Trust, to FTPL, free and clear of all
encumbrances, liens, security interest and third-party claims
including any statutory or tax claims. The NCLT also approved the
sale of the identified business undertaking of each of IL&FS
Cluster Development Initiative Limited and Skill Training
Assessment Management Partners Limited, on a slump-sale basis for a
lump sum consideration of INR1 each. Lexington's shareholding in
Schoolnet now stands at 99.82%, through its two subsidiaries –
FTPL and India Equity Partners, from 26.13% earlier. On September
8, 2020, Lexington also took management control of Schoolnet by
constituting a three-member board, of which two members are
Lexington's representatives. Post the restructuring, Schoolnet has
only one subsidiary with 80% shareholding – Learnet.
Leading Player in Skill Development Category: Apart from providing
technological education services in over 30,000 government and
private schools, Schoolnet has presence in the skill development
segment through Learnet, with about 300 centers across India.
Learnet has collaborations with over 20 central ministries and
state departments, over 35 corporates, four universities, and over
1,600 employers, thereby ensuring an order book of INR1 billion at
end December 2020.
Moderate Revenue Visibility: Learnet's business model depends on
the nature of contracts it bags year-to-year, which drives its
profitability. Revenue visibility is moderate with an order book of
about INR1 billion, which is broadly in line with Learnet's annual
revenue run-rate. Learnet's revenue remained largely unchanged
year-on-year at INR1.5 billion in FY20, impacted only marginally
due to COVID-19-led disruptions. Its FY21 revenue growth is likely
to be muted due to delays in project sourcing and implementation
and a reduction in financial budgets of state/central government.
Seasonal and Concentrated Income Stream: Similar to Schoolnet,
Learnet's revenues are also dominated by government orders. This
makes Learnet's earnings vulnerable to seasonality and increases
its dependence on government policies as government tenders are
generally released in 4Q.
Liquidity Indicator – Adequate on Consolidated Level: The
consolidated cash was about INR0.2 billion at end-December 2020,
with unutilized fund-based credit lines of about INR0.2 billion. As
against this, the debt servicing in 4QFY21 is minimal and the total
debt servicing in FY22 stands at about INR0.7 billion, with the
debt service coverage ratio being comfortably above 1.0x.
However, as per the NCLT order, Schoolnet has to repay debt of
INR0.73 billion, for which IL&FS has already agreed and executed
the revised repayment schedule spanning over a seven-year period,
in line with other unsecured lenders. Schoolnet is required to
review and accept the seven-year repayment structure by September
8, 2021. Also, FTPL shall, on the 'best effort basis', replace the
debt of INR0.73 billion, without any firm commitment but not later
than September 8, 2021, or according to the extension provided by
IL&FS further on. Timely refinancing or debt rescheduling remain
key rating monitorables.
Standalone Performance: Learnet's standalone revenue declined 10%
yoy to INR1,468 million in FY20 due to COVID-19-led disruptions.
Its EBITDA loss stood at INR54 million in FY20 as against a loss of
INR355 million in FY19. The finance cost was INR95 million and
INR68 million in FY20 and FY19, respectively. However, the past
leverage and interest coverage indicators are not relevant to the
rating process due to the restructuring of the overall debt under
the NCLT process.
RATING SENSITIVITIES
Positive: An improvement in Schoolnet's credit profile could lead
to a positive rating action.
Negative: A weakening of Schoolnet's credit profile or any
weakening of Learnet's linkages with Schoolnet could lead to
negative rating action.
COMPANY PROFILE
Learnet is a joint venture between Schoolnet and National Skill
Development Corporation (19.99%). The company addresses training
needs across government organizations, private companies,
international bodies and trainees themselves.
MPS STEELS: CARE Lowers Rating on INR9.18cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MPS
Steels Private Limited (MSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.18 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 16, 2019, placed
the rating(s) of MSPL under the 'issuer not cooperating' category
as MSPL had failed to provide information for monitoring of the
rating. MSPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated November 13, 2020 to November 26, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The revision in the ratings assigned to the bank facilities of MPS
Steels Private Limited(MSPL) continue to remain constrained by
small scale of operations, decline in profitability margins,
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations, profit margins
susceptible to price fluctuations, intense competition due to
fragmented nature of industry. The rating, however continues to
derive strength from long experience of the promoters of over two
decades in similar business.
Key Rating Weaknesses
* Small Scale of operations: The scale of operations of the company
although improved stood small at INR39.89 crore in FY19 as compared
to INR32.21 crore in FY18.
* Decline in profitability margins: The profitability margins
marked by PBILDT margin declined and stood at 4.50% in FY19 as
compared to 9.38% in FY18. Further PAT margin stood negative at
2.43% in FY19 as compared to 2.43% in FY18 due to increase in the
finance costs and decline in PBILDT in absolute terms.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leveraged because of
erosion of capital on account of accumulated losses incurred by the
company. The debt coverage indicators marked by TD/GCA and
PBILDT/Interest coverage stood weak at 34.26 times and 1.19 times
respectively in FY19 as compared to 6.98 times in FY18 due to low
cash accruals and decline in PBILDT in absolute terms.
* Working capital intensive nature of operations: The operating
cycle of the company stood negative at 89 days in FY19 as compared
to 109 days in FY18 due to the elongated creditor's period of 191
days as on March 31, 2019.
* Profit margins susceptible to price fluctuations: MSPL has to
purchase raw materials from the market and does not have any long
term contracts for purchase of the same. The raw material is the
major cost driver for MSPL and raw material prices are volatile in
nature which are driven by the global prices and are also dominated
by the demand supply scenario prevailing on a particular day.
Hence, the profitability margin sis susceptible to fluctuation in
raw material prices and any adverse fluctuation in the prices can
adversely affect the profitability margins of the firm.
* Intense competition due to fragmented nature of industry: MSPL
faces intense competition from various regional and unorganized
players of steel industry. The spectrum of the industry is highly
fragmented and competitive marked by presence of numerous players
in India, in view of low entry barriers. Hence, the players in the
industry (incl. MSPL) do not have pricing power and are exposed to
competition induced pressures on profitability.
Key Rating Strengths
* Long experience of promoters of over two decades in similar
business: The promoters of MSPL have over two decades of experience
in similar business belonging to the Beepath Group.
MPS Steels Private Limited (MSPL) was originally established as MPS
Steels Castings Private Limited, part of the Paragon Steel Group.
It had two divisions – castings and ingots. Subsequently in FY13,
the ingot division was taken over by Bee Path group, whose
promoters are Mr. Palakkandy UsmanKoya Moideenkoya, Mr. Mujeeb
Rehman Charupadikkal and Mr. Palakkandy Hafeezula and thus MSPL was
incorporated. The directors, Mr. Palakkandy UsmanKoya Moideenkoya
and family, have been in the steel industry for close to two
decades are involved in the day to day activities of the business
of MSPL. MSPL commenced its operations in May 2013 and is engaged
in manufacturing MS ingots. The manufacturing unit is situated in
Palakkad in 2.5 acres which has in-house warehouse to the extent of
approx. 1 acre. MSPL is certified by ISO 9001:2008 and ISI
certification for entire product range.
OM BESCO: CRISIL Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of OM Besco Rail
Products Limited (OBRPL) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with OBRPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OBRPL, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OBRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OBRPL continues to be 'CRISIL C Issuer Not Cooperating'.
Incorporated in 2008 and promoted by the Kolkata-based O P Tantia
group, OBRPL manufactures alloy steel casting products (bogies,
couplers, draft gear, and CMC crossings) that are used to make
freight wagons. Plant in Mugma, Jharkhand, has installed capacity
of 16,100 tonne per annum.
OSHINA EXPO: CARE Lowers Rating on INR5.0cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oshina Expo Private Limited (OEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING
Category
Detailed Rationale and key rating drivers
CARE has been seeking information from OEPL to monitor the rating
vide e-mail communications dated January 6, 2021, January 5, 2021,
December 29, 2020 and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on OEPL'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 rating is revised on account of no due-diligence conducted due
to non-cooperation by Oshina Expo Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings takes into account the
constraints relating to company's modest scale of operations,
stretched liquidity position, susceptibility of profit margins due
to volatile material prices and presence in competitive and
fragmented and labour intensive industry. The ratings, however,
draw comfort from experienced promoters, diversified customer base,
improvement in financial risk profile and moderate operating
cycle.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Modest scale of operations: The scale of operations of the
company remain modest as marked by total operating income and gross
cash accruals of INR113.34crore and INR1.46 crore respectively in
FY19 as against INR 92.34 crore and INR 1.13 crore in FY18 owing to
higher quantity sold to existing customers as well as addition of
new customers in company's portfolio. However, the tangible net
worth of the company stood small at INR3.14 crore due to low
capitalization during past which further limits the financial
flexibility of the company to the extent. The modest scale limits
the company's financial flexibility and deprives it from scale
benefits. Though, the risk is partially mitigated by the fact that
the scale of operation is growing continuously. OEPL's total
operating income grew from INR 94.26 crore in FY17 to INR 113.34
crore in FY19 reflecting a compounded annual growth rate of 6.34%.
Furthermore, during 8MFY20 (FY refers to the period April 01 to
November 30; based on provisional results), the company has
achieved total operating income of INR92.10 crore for 8MFY20.
Liquidity analysis: Stretched
Liquidity is stretched on account of highly utilized bank limits to
the extent of almost 80-90% and lowest cash and bank balance of
INR0.34 crore as on March 31, 2019. The current and quick ratio
stood 1.14x and 0.92x as on 31 March, 2019 as against 1.11x and
0.86x in 31 March, 2018 respectively.
* Susceptibility of profit margins due to volatile material prices:
The material is the major cost driver (constituting about 50% of
total cost of sales in FY19 and 85% of total cost of sales in FY18)
and the prices of the same are volatile in nature therefore cost
base remains exposed to any adverse price fluctuations in the
prices of the products. Footwear being major cost components
amongst all material materials is volatile in nature. Accordingly,
the profitability margins of the company are susceptible to
fluctuation in raw material prices. With limited ability to pass on
the increase in material costs in a competitive operating spectrum,
any substantial increase in raw material costs would affect the
company's profitability.
* Presence in competitive and fragmented and labour intensive
industry: Company operates in a highly competitive and fragmented
valve industry. The company witnesses intense competition
from both the other organized and unorganized players domestically.
This fragmented and highly competitive industry results into price
competition thereby posing a threat to the profit margins of the
companies operating in the industry. Further the operations are
labour intensive as it is dependent on skilled and availability of
labour.
Key Rating Strengths
* Experienced promoters: OEPL is managed by Mr. Samit Jain, Mrs.
Suchitra Jain and Ms. Neelam Mehta who have rich experience for
more than two decades in the footwear industry. All the promoters
are assisted by experienced management team in the field of
accounts, sales and production to carry out day-to-day operations
of the company. Company has presence in the unorganized market in
Northern states with some of the major group brands being "Ektta",
"Tucson", "Nicholas" and "Prozone".
* Diversified customer base: The company has a diverse customer
base. Its products are sold through offline channel to retail
stores in Uttar Pradesh, the company has distribution channel of
around 125-150 sub-distributors.
* Improvement in financial risk profile: The profitability of the
company has been continuously improving over the past three
financial years, FY17-FY19, though the margins continue to remain
low as marked by PBILDT margin of 2.51% in FY19 as against 2.73% in
FY18. The slight deterioration in the PBILDT margin was on account
of increase in cost of sales. The company partially transferred the
increase in cost of production due to price rise to the customers
and settled for little margin of profit. Consequently, Further, PAT
margin stood low at 0.62% in FY19 as against 0.42% in FY18.
Further, the gross cash accruals also improved from INR1.13 crore
in FY18 to INR1.46 crore in FY19 on account of better
profitability. Capital structure of OEPL has been improving as on
last three balance sheet dates ending March 31, 2017, '18 and '19
as marked by overall gearing ratio of 3.39x as on March 31, 2019 as
against 4.18x as on March 31, 2018, though it continues to remain
leveraged. The improvement in the capital structure over the
previous years was on account of repayment of rupee term loans and
car loan. Owing to better profitability and higher GCA levels, the
debt coverage indicators have also improved over the previous
years, though continue to remain weak as marked by interest
coverage and total debt/GCA of 2.84x and 7.27x respectively for
FY19 as against 2.33x and 9.01x respectively for FY18.
* Moderate operating cycle: The operating cycle of the company
stood moderate as marked by 31 days for FY19 majorly on account of
improvement in creditors' days from 75 days to 57 days in FY19. The
company extended credit period of around 50-80 days to its
customers and stood 68 days in FY19. The company is required to
maintain adequate inventory for meeting the demand of its customers
and inventory period stood 20 days. The company receive credit
period of around two months from its supplier's resultant into
credit period of around 57 days for FY19. The working capital
borrowings of the company remained 80-90% utilized during the past
12 months ending November 30, 2019.
Oshina Expo Private Limited (OEPL) was established as a
proprietorship concern in 2002 by Mr Samit Jain and his family and
the firm was converted in 2012 into a private limited company. OEPL
is engaged in the business of trading (constitutes 100% of total
sales) of footwear such as shoes, sandals and slippers, etc. for
both men and women. The company has four associate companies M.B.
Rubber Pvt. Ltd, JRS Footwears Pvt .Ltd, Lakhani Infinity Footcare
Pvt. Ltd and Zee Footwears Pvt. Ltd. which are engaged in the same
line of business.
PRABHULINGESHWAR SUGARS: CARE Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shri
Prabhulingeshwar Sugars and Chemicals Ltd (SPSCL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 126.58 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Short Term Bank
Facilities 80.00 CARE A4; ISSUER NOT
COOPERATING; Rating moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SPSCL to monitor the
rating(s) vide e-mail communications November 18, 2020, December
11, 2020, December 16, 2020 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SPSCL's
bank facilities will now be denoted as CARE B+/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).
Detailed description of the key rating drivers
At the time of last rating on March 27, 2020 the following were the
rating strengths and weaknesses.
Key Rating Weaknesses
* Weak financial profile characterised by drop in margins and weak
debt coverage indicators: The company's financial risk profile is
marked by highly leveraged capital structure and weak debt coverage
indicators. PBDILT margin reduced from 18.98% in FY18 to 15.31% in
FY19. Drop in profitability margins was on account of fall in cane
crushing days due to draught conditions in the last quarter of FY19
leading to lower yield of cane. Debt equity ratio deteriorated from
0.82x in FY18 to 1.15x in FY19 and overall gearing deteriorated
from 3.84x in FY18 to 4.59x in FY19 due to increase in term debt.
TDGCA also increased from 20.89x in FY18 to 26.03x in FY19. Based
on CARE's interaction with bankers, the company did not availed
moratorium under RBI's COVID 19 package to defer the debt
obligations.
* Working capital intensive nature of operations: High levels of
inventory holding (due to seasonality associated with sugarcane),
coupled with low credit on sugarcane purchase, makes the operations
of the company working capital intensive. SPSCL has an inventory
holding period of 365 days in FY19 (PY: 400). Working capital cycle
improved from 135 days in FY18 to 120 days in FY19 on account of
reduction in inventory period.
* Cyclical and regulated nature of the industry: Cyclical nature of
the sugar industry significantly impacts the operating performance
and cash flow generation of the sugar companies. Both the raw
material prices and distribution of end products (sugar) are
regulated by the government. In addition to this, sale and
distribution of by-products (molasses and power) also are regulated
at different levels in different States. Sugar industry is also
impacted by vagaries of monsoon and prevailing agro climatic
condition. Integrated players are in a better position to counter
cyclicality of the sugar business.
Key Rating Strengths
* Extensive experience of the promoters in sugar and allied
industries: SPSCL is promoted by Mr. Jagadeesh S Guduganti who has
an extensive experience of over 40 years in the sugar and allied
industries. The group also has considerable experience in supplying
sugar machinery. Mr. Jagadeesh is a licensed sugar machinery
manufacturer registered with Commissionerate of Sugar Maharashtra &
Andhra Pradesh, Gujarat & Karnataka.
* Improved operational performance: The plant operated only for 99
days in FY19 and crushed around 9.52 lakh MT of sugar cane in FY19.
In FY19, company: earned total revenue of INR 392.27 cr against
INR305 cr in FY18 recording a growth of 28.63% in FY19 over FY18.
However, sugar sales realization reduced from INR 3416/ Qtl in FY18
to INR 2822.49/ Qtl in FY19 on account of export of
about 20% of total sugar produced in FY19 to European countries.
During 11MFY20, the plant ran for 104 days and earned total revenue
of INR 422.57 Cr and revenue of INR 307.60 cr by selling 10.51 lakh
Quintal of sugar at average realization of INR 2928.12/Qtl.
* Integrated operations with captive source of power: SPSCL has
integrated operations with power generation capacity of 41.5 MW.
The company uses the power generated for captive consumption and
the surplus power is sold to various Electricity Supply Companies
in Karnataka. During FY19, company generated 83.63 mn units of
which 38.80 mn units were used for captive consumption and rest was
sold to other companies in Karnataka.
Shri Prabhulingeshwar Sugars & Chemicals Ltd. (SPSCL), incorporated
in 1995 by Mr. Jagadeesh S Gudagunti who has an extensive
experience as a consultant and machinery supplier for sugar and
allied industries. SPSCL primarily engaged in the manufacturing of
sugar and allied products, started its commercial operations in
1999 with plant capacity of 2500 TCD & 17.5 MW cogeneration plant
in Siddapur Village, Jamakhandi Taluka of Bagalkot District in
Karnataka. SPSCL has extended its capacity to 12000 TCD & 41.5 MW
with recovery around 9.5-12.5% from the cane crushed. Company is
diversified into other fields such as power and ethanol production.
SPSCL has 2 associates namely Siddapur Distillaries Ltd and
Gudagunti Project Engineers Pvt. Ltd.
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVSRSN
Enterprise Private Limited (PVSRSN) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 10 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with PVSRSN for
obtaining information through letters and emails dated June 29,
2020 and December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PVSRSN, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PVSRSN is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PVSRSN continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
PVSRSN was set up as a proprietorship firm in 2003 by Mr. P V Sita
Rama Swamy Naidu. The firm was reconstituted as a closely held
company in 2008. PVSRSN undertakes civil construction activities
entailing irrigation and roadwork, and has implemented projects in
Andhra Pradesh.
RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhadevi
Industries (RDI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 1.2 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1.2 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 6.3 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL Ratings has been consistently following up with RDI for
obtaining information through letters and emails dated June 29,
2020 and December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RDI, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDI continues to be 'CRISIL D Issuer Not Cooperating'.
RDI was set up in 2005 by Mr. Bosukunda Radhakrishna and his family
members. The firm manufactures forged components for the automobile
industry. It is based in Kakinada, Andhra Pradesh.
RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajesh
Projects (India) Private Limited (RPIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 56.26 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank
Facilities 23.00 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated April 14, 2017, placed the
ratings of RPIPL under the 'issuer non-cooperating' category as
RPIPL had failed to provide information for monitoring of the
rating. RPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 4, 2021; December 16, 2020 and December 1, 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 November 8, 2019 the following were
the rating strengths and weaknesses:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: There have been on-going delays by
RPIPL in servicing of its debt obligations. This could be
attributed to the tight liquidity position of the company owning to
slowdown in real estate market leading to slow sales and collection
from customers.
RPIPL was incorporated in 1999 & is engaged in real estate
business. Historically, the group was mainly into development of
commercial projects in Delhi and has successfully executed 14
commercial/retail projects in Delhi. In 2010, the company ventured
into residential group housing projects in Noida and Greater Noida
region. The group was promoted by Mr. Jai Bhagwan Goyal, a
qualified Civil Engineer, who has more than 40 years' experience in
construction. Currently his son, Mr. Rajesh Goyal who is also MD of
RPIPL, is actively handling the operations of group. RG Luxury
Homes is being developed on a total area of 18.5 acres in
Sector-16B, Greater Noida. The total saleable area is 38.2 lsf. The
projects offer 2 & 3 BHK apartments in 12 towers.
ROSHA ALLOYS: CARE Lowers Rating on INR7.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rosha Alloys Private Limited (RAP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 24, 2019, placed the
rating of RAP under the 'issuer non-cooperating' category as RAP
had failed to provide information for monitoring of the rating. RAP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by RAP 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. The long term rating has been revised on
account of low profitability margins and weak capital structure,
raw material price fluctuation risk and highly competitive and
fragmented industry. The rating, however, draws strengths from
experienced promoters.
Key rating Weaknesses
* Low profitability margins: The profitability margins marked by
PBILDT margin and PAT margin stood low at 1.56% and 0.22% in FY19
respectively (PY: (1.98% and 0.31% respectively).
* Leveraged capital structure: The overall gearing ratio stood
leveraged at 2.71x as on March 31, 2019 (PY: 2.72x). Further, the
total debt to GCA stood weak at 17.37x for FY19 (PY: 23.19x).
However, interest coverage ratio stood moderate at 1.66x in FY19
(PY: 1.59x).
* Raw material price fluctuation risk: The major raw material for
the company is iron & steel scrap which is sourced from the local
market on spot price basis. The input prices over the years have
shown volatile trends. RAP is thus exposed to risks associated with
volatility in raw material prices owing to absence of any long-term
sourcing arrangements.
* Highly competitive and fragmented industry: The iron and steel
industry in which RAP operates is highly fragmented and competitive
in nature marked by the presence of various large and small
players. The industry is characterized by low entry barriers due to
low technological inputs and easy availability of standardized
machinery for the production. The players in the steel industry,
especially the small players, do not have any pricing power and are
exposed to competition induced pressures on profitability.
Key Rating Strengths
* Experienced promoters: The company is promoted by Mr. Harbans
Singh Rosha, Mr. Hardev Singh Rosha, Mr. Harinderpal Singh Rosha
and Mr. Hardeep Singh Walia collectively having an industry
experience of more than one and a half decade through their
association with RAP and other firms. The promoters have adequate
acumen about various aspects of business which is likely to benefit
RAP in the long run. Furthermore, the long track record has aided
the company in establishment of strong relationships with suppliers
as well as customers.
Rosha Alloys Private Limited (RAP) was incorporated as a private
limited company in November 2002 by Mr. Harbans Singh Rosha, Mr.
Hardev Singh Rosha, Mr. Harinderpal Singh Rosha and Mr. Hardeep
Singh Walia. The company is engaged in the manufacturing of steel
ingots at its facility located in Mandi Gobindgarh, Punjab with an
installed capacity of 24480 metric tonne of steel ingots per annum
as on March 31, 2017. Besides RAP, the directors are also engaged
in managing another group concerns namely Delight Flour mill
Private Limited, Rosha traders, Sohan Singh Rosha & Sons and Shri
Ganesh Roller Flour Mill.
ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Roy
Apparels Private Limited (RAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.86 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RAPL to monitor the rating
vide e-mail communications/letters dated December 30, 2020, January
4, 2021 and January 6, 2021 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further, Roy
Apparels Private Limited has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
RAPL'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.
Detailed description of the key rating drivers
At the time of last rating in November 12, 2019 the following were
the rating strengths and weaknesses: (Updated the information
available from Ministry of Corporate Affairs).
Key Rating Weaknesses
* Small scale of operations with moderate profit margins: The scale
of operations of the company remained relatively small marked by
its total operating income (TOI) of INR25.45 crore with PAT of
INR0.52 crore in FY19. Further the profitability margin remained
moderate marked by PBILDT margin at 13.46% and PAT margin at 2.06%
in FY19.
* Exposed to volatility in prices of raw materials and its presence
in a labour intensive industry: The major raw materials are
fabrics, cotton yarn, thread etc., the prices of which are highly
volatile. Moreover, the company does not have any long term
contracts with the suppliers for the purchase of the aforesaid raw
materials and it procures the required raw materials from open
market at spot prices. Hence, the profitability margins of the
company are exposed to any sudden spurt in the raw material prices.
Also the garments division of the company is a highly labour
intensive nature of business due to involvement of high number of
manual labours for design, cutting and stitching of readymade
clothes. Thus, any kind of labour unrest or substantial increase in
wages may have an adverse impact on the profitability of the
company. However, RAPL's plant is located at Kolkata, West Bengal,
where ample number of skilled and unskilled labours are available.
* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by overall gearing at 2.52x as on March 31, 2019.
Further the debt coverage indicators also remained moderate marked
by interest coverage at 3.38x and total debt to GCA at 5.66x during
FY19.
* Intensely competitive industry: Given lower capital requirements,
apparel manufacturing is characterized by low entry barriers. The
industry is highly fragmented industry with presence of large
number of organized and unorganized manufacturers resulting in
limited pricing power leading to low operating margins. At the same
time, RAPL also faces competition from manufacturers in the
neighboring countries like China, Bangladesh and Sri Lanka etc.
Key Rating Strengths
* Long track record and experienced promoters: RAPL is into
apparels manufacturing business since 2008 and thus has long track
record of operations. The promoters Mr. Nanda Dulal Roy and Mrs.
Krishna Roy are having over 25 years of experience in apparels
manufacturing business. They look after the overall management of
the company supported by a team of experienced professionals.
* Diversified and reputed clientele: Since its inception, the
company has been engaged in manufacturing of apparels such as
T-shirts, caps, shirts, trousers, sportswear, jackets, sweat shirts
for advertising & promotions or even everyday workwear for the
corporates as per their specification and requirement. Due to its
long track record of operations, the promoters have established
satisfactory relationship with its clients. The company has huge
and reputed client base which includes reputed names like Birla
Corporation Limited, Deccan Corporate, Ramco Cements Limited, JSW
Cement Limited, ACC Limited, Bharti Airtel Limited, ICICI Bank
Limited, Axis Bank Limited, ITC Limited etc.
Roy Apparels Private Limited (RAPL) was incorporated on April 08,
2008 and the registered office of the company is situated at
Kolkata, West Bengal. Since its inception, the company has been
engaged in manufacturing of apparels such as T-shirts, caps,
shirts, trousers, sportswear, jackets, sweat shirts for advertising
& promotions or even everyday work-wear for corporates as per their
specification. Currently the company has four manufacturing units
located in Kolkata (2 units) and South 24 Parganas (2 units) with
an aggregate installed capacity of 10,000 pieces of apparels per
day. The unit-3 and unit-4 plants which are located in South 24
Parganas have started the commercial operations in October 2017 and
March 2018 respectively. Further the company has availed moratorium
on interest and principal repayment of term loan from its lender
(Deutsche Bank; facility not rated by CARE) from March 2020 to
August 2020.
RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rudra
Enterprises (RER) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with RER for
obtaining information through letters and emails dated June 29,
2020 and December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RER, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RER
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RER continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2000 as partnership firm,RER trades in home appliances of
the LG brand and in lubricant products for Castrol India Ltd. Rudra
Enterprises, based in Ranchi, is promoted by Mr. Varun Pratap
Singh, Mr. Rudra Pratap Singh, Mr. Abhay Pratap Singh, and Mr. Sheo
Prasad Singh, who have over a decade's experience in the industry.
SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sapna Gems
(SG) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Post Shipment Credit 12 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Short Term
Bank Loan Facility 5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SG for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SG, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SG
continues to be 'CRISIL D Issuer Not Cooperating'.
SG, set up in 1978 as a partnership firm, mainly trades in polished
diamonds. The firm also cuts and polishes diamonds. It derives 97%
of its revenue from trading, and 3% from processing. SG currently
has two partners: Mr Popatlal Shah and Mr Devendra Shah.
SARVESWARA MILLS: CRISIL Lowers Rating on INR4cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Sarveswara Mills India Private Limited (SMIPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable' ISSUER NOT
COOPERATING)
Letter of credit 0.71 CRISIL A4 (ISSUER NOT
& Bank Guarantee COOPERATING; Revised from
'CRISIL A4+' ISSUER NOT
COOPERATING)
Long Term Loan 3.29 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable' ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SMIPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMIPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMIPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.
Incorporated in 2006, SMIPL is engaged in the business of
manufacturing and selling of Unplasticised Poly Vinyl Chloride
(UPVC) products like Windows, Doors, Ventilators office partition
and UPVC profiles under the brand name 'Alpine'. The company has
its registered office in Palladam, Tirupur (Tamil Nadu).
SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SAS Trading
Company (STC) continue to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL C (ISSUER NOT
COOPERATING)
Term Loan 1.92 CRISIL C (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with STC for
obtaining information through letters and emails dated June 29,
2020 and December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of STC, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STC continues to be 'CRISIL C Issuer Not Cooperating'.
STC, set up in August 2014 in Kollam (Kerala), trades in polyvinyl
chloride (PVC) pipes, sanitary items, tiles, home improvement
products, and construction products. The firm is promoted by Mr.
Ajithkumar K, Ms. Mini Kumari D, and Mr. Sarju S.
SCHOOLNET INDIA: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Schoolnet India
Limited's Long-Term Issuer Rating to 'IND BB' from 'IND D'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR698 mil. (reduced from INR850 mil.) Fund-based working
capital limits upgraded with IND BB/Stable/ IND A4+ rating;
-- INR530 mil. (reduced from INR2.244 bil.) Non-fund-based
working capital limits upgraded with IND BB/Stable/ IND A4+
rating;
-- INR100 mil. Term loan upgraded and withdrawn (paid in full)
are withdrawn; and
-- INR290 mil. Working capital term loan limits* upgraded and
withdrawn (paid in full) are withdrawn.
*Upgraded to 'IND BB'/Stable before being withdrawn.
Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of Schoolnet and its 80.01%-owned
subsidiary Learnet Skills Limited (Learnet; 'IND BB'/Stable), due
to the strong operational and strategic linkages between them.
The upgrade reflects Schoolnet prepaying a debt of INR1.3 billion
(about 22% of the total consolidated debt at end-March 2020) so
far, post the NCLT order and the reconstitution of its board. Also,
most of the debt has been restructured with a seven-year ballooning
maturity, which has significantly improved Schoolnet's liquidity
profile. Schoolnet's business profile is now robust with a
consolidated orderbook of INR11 billion (around INR10 billion in
Schoolnet and INR1 billion in Learnet) at end-December 2020.
Falafal Technology Private Limited (FTPL; a 100% subsidiary of
Lexington Equity Holdings Ltd (Lexington)), which now holds 99.82%
of Schoolnet, has agreed to cause Schoolnet to service its entire
debt without any haircut to the lenders; there are no overdue
payments. These are the reasons for the accelerated curing period.
KEY RATING DRIVERS
Change in Shareholding Structure: On August 31, 2020, the NCLT
approved the sale of the shares of Schoolnet, held by
Infrastructure Leasing & Financial Services Limited (IL&FS Limited)
and IL&FS Employee Welfare Trust, to FTPL, free and clear of all
encumbrances, liens, security interest and third-party claims
including any statutory or tax claims. The NCLT also approved the
sale of the identified business undertaking of each of IL&FS
Cluster Development Initiative Limited and Skill Training
Assessment Management Partners Limited, on a slump-sale basis for a
lump sum consideration of INR1 each. Lexington's shareholding in
Schoolnet now stands at 99.82%, through its two subsidiaries –
FTPL and India Equity Partners, from 26.13% earlier. On 8 September
2020, Lexington also took management control of Schoolnet by
constituting a three-member board, of which two members are
Lexington's representatives. Post the restructuring, Schoolnet has
only one subsidiary with 80% shareholding – Learnet.
Leading Player in Education and Skill Development Categories: Apart
from providing technological education services in over 30,000
government and private schools, Schoolnet has presence in the skill
development segment through Learnet, with about 300 centers across
India. Schoolnet's strategy is to shift from B2B/government-driven
projects to more consumer-facing B2C projects and increase the
company's digital footprint in sourcing and delivery. According to
the management, COVID-19-led disruptions have heightened the
importance of online learning and personalized training solutions.
Strong Revenue Visibility: Schoolnet's business model depends on
the nature of contracts it bags year-to-year, which drives its
profitability. The revenue visibility is reasonable with a
multi-year order book of INR11 billion, of which, about INR5
billion is likely to be billed in FY21. Schoolnet's consolidated
revenue was muted at INR3.9 billion in FY20 and INR1.3 billion in
1HFY21 as against INR5.9 billion in FY19 due to COVID-19-led
disruptions. While FY20 performance was affected by the lack of
equipment supplies from China, 1HFY21 performance remained muted
due to the closure of education institutes, delays in project
sourcing/implementation and a reduction in financial budgets of
state/central government.
Seasonal and Concentrated Income Stream: Schoolnet's revenues are
dominated by government orders. This makes its earnings vulnerable
to seasonality and increases its dependence on government policies
as government tenders are generally released in 4Q. The government
is the largest spender on education and skills and Schoolnet's
businesses continue to be dependent on government spending.
Highly Working Capital Intensive Business: As Schoolnet derives a
large part of its revenue from governments, high receivables are
and will remain a key business risk. In FY20, Schoolnet's top
customer contributed 23% to its consolidated revenue. In FY20, the
total consolidated receivables stood at INR2.8 billion (receivable
days over FY17-FY20: 258-287). The management has articulated that
write-off on government receivable remains minimal.
Liquidity Indicator – Adequate on Consolidated Level: The
consolidated cash was about INR0.2 billion at end-December 2020,
with unutilized fund-based credit lines of about INR0.2 billion. As
against this, the debt servicing in 4QFY21 is minimal and the total
debt servicing in FY22 stands at about INR0.7 billion, with the
debt service coverage ratio being comfortably above 1.0x.
However, as per the NCLT order, Schoolnet has to repay debt of
INR0.73 billion, for which IL&FS has already agreed and executed
the revised repayment schedule spanning over a seven-year period,
in line with other unsecured lenders. Schoolnet is required to
review and accept the seven-year repayment structure by September
8, 2021. Also, FTPL shall, on the 'best effort basis', replace the
debt of INR0.73 billion, without any firm commitment, but not later
than 8 September 2021, or according to the extension provided by
IL&FS further on. Timely refinancing or debt rescheduling remain
key rating monitorables.
Standalone Performance: Schoolnet's standalone revenue declined 43%
yoy to INR2,311 million in FY20 due to COVID-19-led disruptions.
Its EBITDA loss stood at INR218 million in FY20 as against EBITDA
profit of INR628 million in FY19. The finance costs were INR438
million and INR539 million in FY20 and FY19, respectively. However,
the past leverage and interest coverage indicators are not relevant
to the ratings due to the restructuring of the overall debt under
the NCLT process.
RATING SENSITIVITIES
Positive: A positive rating action could result from:
-- a recovery in the revenue and profitability, leading to an
improvement in the cash flow and the debt service coverage ratio
sustaining above 1.25x
-- an improvement in the liquidity profile by increased cash
accruals or the timely recovery of receivables or a tie-up of
additional funding lines
Negative: A negative rating action could result from:
-- any visibility of the company's liquidity profile weakening
with internal accruals and unencumbered cash being insufficient to
service debt obligations over the next 12 months
-- an elongation in the working capital cycle and/or a significant
write-off of receivables
-- the lack of visibility in the timely refinancing or
rescheduling of the debt of INR0.7 billion due to IL&FS
COMPANY PROFILE
Started in 1997, Schoolnet is active in the education technology
and skill training business segment, and provides solutions to
schools, colleges, vocational training institutes, state
governments and corporates. Lexington holds 99.82% in Schoolnet.
SECURE PRINT: CRISIL Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Secure Print
Solutions Private Limited (SPSPL) continue to be 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 13 CRISIL B-/Stable (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPSPL for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPSPL, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPSPL continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.
SPSPL, based in Kolkata, is promoted by Mr. Rajneesh Jain and Mr.
Rahul Jain. The company was incorporated in 2002 and is engaged in
variable data printing for prepaid scratch cards for various
telecom players.
SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanti Agro
Foods Private Limited (SSC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 1.46 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 3.04 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with SSC for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSC, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSC continues to be 'CRISIL D Issuer Not Cooperating'.
SAFPL was established as a partnership firm, Shanti Agro Foods, in
2008 by Mr Sahil Verma and Mr Bishanbar Lal. In 2014, the business
operations were taken over by SAFPL with Mr Sahil Verma and Mr
Bishanbar Lal as directors. The company mills and processes basmati
and non-basmati rice. Its facility at Nilokheri in Karnal, Haryana,
has milling and sorting capacity of around 10 tonne per hour.
SHIV SHAKTI: CARE Lowers Rating on INR5.00cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Shakti Monolithics Private Limited (SSMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SSMPL to monitor the rating
vide email communications/letters dated December 30, 2020, January
4, 2021 and January 6, 2021 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
SSMPL's bank facilities will now be denoted as CARE C; Stable;
ISSUER NOT COOPERATING. Further due diligence with the lender and
auditor could not be conducted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The revision in the rating takes into account the significant
declined in total operating income and deterioration in operating
cycle during FY19, Audited (refers the period from April 1, to
March 31). Moreover, the rating continues to remain constrained by
its small scale of operations volatility in prices of raw
materials, moderate capital structure with weak debt coverage
indicators, elongated operating cycle and its presence in a
fragmented and highly competitive industry. The rating, however,
continues to derive strengths from the experience of the promoters
and long track record of operations.
Key Rating Weaknesses
* Small scale of operations: The total operating income has
witnessed year on year decline and the same stood at INR1.32 crore
in FY19 as against INR4.15 crore in FY18 and INR22.59 crore in
FY17.
* Volatility in prices of raw materials: The major raw materials
used in the manufacturing process are mixed scrap of power plants,
rejected mag carbon grog, magcrome, magnesite, high alumina, fire
clay etc. which are purchased from different steel & power plants
and thus, the prices of raw materials remain highly volatile. This
apart, availability of raw materials is a major concern for SSMPL
as a number of players participate in this bidding process to
procure raw materials and at times it becomes difficult to procure
raw materials at suitable prices.
* Moderate capital structure and weak debt coverage indicators: The
capital structure remained moderate marked by overall gearing ratio
at 1.63x as on March 31, 2019. Further the debt coverage indicators
deteriorated and remained weak marked by interest coverage at 1.30x
and total debt to GCA at 34.08x in FY19.
* Elongated operating cycle: The operating cycle of the company has
elongated year on year and the same stood at 2059 days in FY19 as
against 566 days in FY18 and 101 days in FY17.
* Fragmented and highly competitive industry: SSMPL is dealing with
refractory materials which are highly fragmented and competitive in
nature due to low entry barriers. Furthermore, all the entities
dealing with the same products with a little product
differentiation resulting into price driven sales. Intense
competition restricts the pricing flexibility of the company in the
bulk customer segment.
Key Rating Strengths
* Long track record of operations and experienced promoters: SSMPL
is into manufacturing of refractory materials since 2004 and thus
has a decade of track record of more than a decade. Being in the
same line of business since long period, the promoters have built
established relationship with its clients and the company is
deriving benefits out of this. The key promoters, Mr. Sunil Kumar
Seth have over two decades of experience in same line of business.
They look after the dayto-day operations of the company.
Shiv Shakti Monolithics Private Limited (SSMPL) was incorporated in
July, 2004 by Mr. Sunil Kumar Seth, Mr. Radha Krishan Purbey and
their family members. Since its inception, the company has been
engaged in manufacturing of refractory materials like calcined MAG
carbon, refractory grog, castable, bed material, fire clay,
refractory bricks etc. which mainly find applications in iron and
steel industry. The manufacturing facility of the company is
located at Adityapur Industrial Area, Jamshedpur with aggregate
installed capacity of 21760 metric ton per annum.
SIMHAPURI TRANSPORT: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Simhapuri
Transport (ST) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ST for
obtaining information through letters and emails dated June 29,
2020 and December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ST, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ST
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
ST, established as a partnership firm Visakhapatnam based Mr.
V.Madhava Rao, is a third-party logistics and road transportation
services provider. The proprietor has experience of two decades in
the transport business.
SURAJ INN: CARE Lowers Rating on INR150cr NCD to Provisional B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Suraj Inn Private Limited (SIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible
Bonds 150.00 Provisional CARE B+; Stable;
ISSUER NOT COOPERATING;
Revised from Provisional
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking No default statement (NDS) from Suraj Inn
Private Limited (SIPL) to monitor the rating(s) through several
e-mail communications/letters with last three e-mails dated January
6, 2020, January 4, 2020, December 31, 2020 and numerous phone
calls. However, despite repeated requests, the company has not
submitted NDS since November 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SIPL's
bank facilities will now be denoted as Provisional CARE B+/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 rating has been revised on account of non-submission of No
Default Statement (NDS) since the month of November 2020 as well as
likely impact on company's operational and financial performance
due to impact of Covid-19 on hospitality industry.
Detailed description of the key rating drivers
At the time of last rating on March 23, 2020 the following were the
rating strengths and weaknesses.
Key Rating Weaknesses
* Non submission of No Default Statement (NDS) since Nov '20:
Despite CARE's requests dated January 06, '20, January 04, '20,
December 31, '20 and numerous phone calls, the company has not
submitted monthly NDS since Nov '20.
* Weak financial risk profile with eroded networth and high debt in
relation to cashflow: The company operates a 5-star hotel with 172
keys in Bangalore and generated total revenue from operations to
the tune of INR 55.52 Cr (PY: INR 39.52 Cr) at a PBILDT margin
(including other income) of 45.50% (PY: 28.71%). Company's debt is
however significant. In addition to the borrowing from group
companies aggregating to INR283.3 cr, as on March 31, 2019 the
borrowing from banks include INR 74.72 Cr term loan and INR 10.83
Cr WC borrowing. Owing to huge interest obligations towards
borrowings from bank as well as group, which is close to two times
of the PBILDT itself, the company has been posting losses
historically and the networth is fully eroded. The company's
interest coverage ratio was 0.57x in FY19 (FY18: 0.27x). However
excluding the interest on loan from group companies, which is only
being accrued, the company made cash profits in FY19.
Notwithstanding the above, with higher proposed debt, coverage
ratios are expected to moderate.
* Refinancing risk associated with the issue: The company has
proposed to raise Non-Convertible Bonds of INR 150 crore to repay
external debt besides predominately settling group dues. However,
as mentioned earlier the company's present cash flow do not
adequately support the higher debt being proposed. Accordingly
company had structured the principal repayments to be low in the
first three years and by end of which period, the same is expected
to refinanced, exposing bond holders to refinancing risk.
Key Rating Strengths
* Operational hotel with consistently improving performance aided
by advantageous location: Hotel's first full year of operation was
in FY17 and post stabilisation for the first two years, robust
growth in income was witnessed in FY19. RevPar has improved over
the quarters though it remains volatile across quarters
attributable to the seasonality in the business. The hotel's
average Revpar was INR 6251 during FY19 and for 9MFY20 it was INR
7318. During 9MFY20, the company clocked a TOI of INR 43.49 Cr at
PBILDT margin of 41.9%.
* Operations and management agreement with Hitlon: The hotel has
been operational since 2016. SIP has a management-cum-marketing
contract with Hilton International Management Corporation (Hilton)
for 'Double Tree Suites' for a period of twenty years (ending Dec
31, 2031). Hilton is one of the leading brands in the luxury hotel
segment in the world. SIP has to pay management fee of 2% of
revenue, 6% of operating profit as incentive fee.
* Favourable bond repayment structure: The proposed bond issue
shall be utilised towards repayment of the existing bank loan as
well as repay part of the existing indebtedness from the group
(MDPL). DSRA for 3 months coupon and principal would also be set
aside. In the first three years, only a small percentage of
repayments are scheduled), effectively translating into adequate
debt coverage during the initial 3 years.
Suraj Inn Pvt. Limited (SIP) is promoted by Mr. Sushil Mantri,
chairman of Mantri Group and by Malpani group based out of
Ahmednagar, Maharashtra. SIP had constructed and presently
operating a 5-star hotel under the name 'Double Tree Suites' having
172 keys, a banquet (of 212 covers) and 3 meeting rooms of 50
people's capacity each. The hotel operations were partially
commenced in Apr'15 while the full operations commenced in the
month of Apr'16. The hotel is managed and operated by Hilton
International Management Corporation (Hilton).
SURESH ANGADI: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suresh
Angadi Education Foundation (SAEF) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SAEF to monitor the
rating(s) vide e-mail communication dated November 19, 2020 and
numerous phone calls. However, despite repeated requests, the
trust has not provided the requisite information for monitoring the
ratings. Also, the Trust has not been submitting the NDS. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which, however, in
CARE's opinion, is not sufficient to arrive at a fair rating. The
rating on Suresh Angadi Education Foundation's bank facilities
continues to be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on October 24, 2019 the following were
the rating strengths and weaknesses:
Key Rating Weakness
* Delay in debt servicing by the company: The trust had been
delaying the repayments on its debt facilities due to cash flow
mismatch leading to liquidity issues. CARE has been unable to
ascertain the current repayment track record of the Trust as the
due diligence with lenders could not be conducted.
SAEF was established in the year 2008 by Mr. Suresh Channabasappa
Angadi, who was once an MP from Belagavi, Karnataka till Sept'20.
The trust was established to set up educational institute in
Belagavi. SAEF started Angadi College of Commerce & Science
(affiliated with Rani Chennamma University, Belgavi) in 2008 which
provides courses like PUC, B.Com, BBA, B.Sc. & BCA. Subsequently in
2009, it started Angadi Institute of Technology and Management
(affiliated with Vishveshwarayya Technological University) which
provides courses like B.E (Civil, Mechanical, Electrical &
Electronics., Computer Science), MBA, M.Tech and other PG courses.
VEDIK ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vedik Ispat
Pvt Ltd (VIPL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 85.39 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short-term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from VIPL to monitor the
rating(s) vide e-mail communications/letters dated November 6,
2020, November 23, 2020, November 25, 2020 and December 28, 2020
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on VIPL bank facilities and/or instruments
will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in rating of bank facilities of Vedik Ispat Pvt Ltd is
on account of absence of critical information on financial and
operational performance of company and its future capex details.
CARE is unable to assess the company's ability to service the debt
obligations and hence the revision in rating.
Detailed description of the key rating drivers
At the time of last rating on February 6, 2020 the following were
the rating strengths and weaknesses (updated for the feedback from
the lender):
Key Rating Weaknesses
* Ongoing delay in debt servicing: Ongoing delays reported in
servicing of term loan obligations and overdues for more than 30
days in its working capital limits availed from banks as per banker
interaction. The delays were due to increase in raw material prices
resulting in high cost of conversion leading to losses. The same
has led to tight liquidity position owing to which operations of
the manufacturing unit were affected. As per banker interaction,
account is currently under NPA category.
Vedik Ispat Pvt. Ltd. (VIPL), incorporated in 1992, was a dormant
company till 2010. In 2010, it started a project to set up a hot
and cold-rolled sheets facility in Hindupur (AP), which started
commercial activity in 2011, with an installed capacity of 72,000
TPA of slabs/billets. The plant has capability to produce both Mild
Steel (MS) and Stainless Steel (SS) products. In 2018-19, the
company undertook installation of Annealing pickling plant to
process HR coils as a part of its forward integration strategy.
Apart from the above, VIPL is also engaged in trading of TMT bars,
MS Pipes, angels and ingots.
=================
I N D O N E S I A
=================
BUKIT MAKMUR: Fitch Assigns BB- Rating on Proposed USD Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to PT Bukit Makmur
Mandiri Utama's (BUMA, BB-/Negative) proposed US-dollar notes. The
proposed notes are rated at the same level as BUMA's Issuer Default
Rating (IDR), as they constitute its direct, unsubordinated and
unsecured obligations. BUMA plans to use the proceeds from the
proposed notes to repay all or the majority of existing debt.
BUMA's rating reflects its position as Indonesia's second-largest
mining contractor, with a market share of about 15% and a
satisfactory operational record with customers. The rating also
reflects the concentration risk the company faces, with about 80%
of its volume coming from only three counterparties, and the highly
cyclical nature of the domestic coal contracting industry.
The Negative Outlook continues to reflect BUMA's low rating
headroom. Fitch expects funds from operations (FFO) net leverage to
remain near the negative rating sensitivity of 3.3x in 2021 -
albeit lower than Fitch’s expectation of 3.6x in 2020 - before
improving to less than 2.5x from 2022. The improvement is based on
Fitch’s expectations of expanding volume, higher realisations and
better cost management.
KEY RATING DRIVERS
Improving Earnings: Fitch expects BUMA's EBITDAR to improve to over
USD220 million in 2021, from about USD160 million in 2020 (USD267
million in 2019), supported by volume growth, better prices in line
with Fitch’s coal-price assumptions and cost optimisation in
2020. About 70% of BUMA's coal-mining contracts are linked to coal
prices and are affected by coal-price movements.
Cost Savings: Fitch estimates that BUMA's costs fell in 2020, after
peaking in 2019, after the company optimised its capacity to match
a lower volume base and improved operational efficiencies. BUMA let
go of more than 2,000 employees in 2020, with its employee costs
falling to USD95 million in 9M20 (9M19: USD104 million); this
includes one-time costs of USD7 million.
Contracts Wins Key: Fitch thinks BUMA will increasingly rely on
winning new customers in the next few years to maintain earnings.
BUMA's PT Berau Coal contract, which accounts for about half of its
revenue, ends in 2025, when the mine reserves will be depleted.
Fitch believes BUMA's strong reputation and 20-plus years of
experience will help secure new business and manage operational
execution risk of new business. New contracts can also reduce
customer concentration - a key constraint on BUMA's rating over the
medium term.
BUMA extended its contract with a subsidiary of PT Bayan Resources
Tbk (BB-/Stable) in 2021, which will raise overburden volume by
around 650 million bank cubic metres (bcm) until 2031. This should
offset the volume lost from a contract with PT Kideco Jaya Agung
that ended in 2020. Fitch expects BUMA to exercise financial
prudence and be selective in choosing new opportunities after
facing payment issues with new, albeit small, customers in
2017-2019. Still, Fitch would treat any major acquisitions as an
event risk.
Shareholder Changes: Fitch thinks a potential shareholder change at
BUMA is largely credit neutral. BUMA says the shareholding at
Northstar Tambang Persada Ltd (NPT), which effectively holds 37.9%
of BUMA, is likely to change from the consortium of large
international funds to BUMA's current CEO and another individual
over the next 12 months. BUMA plans a consent solicitation prior to
the two individual shareholders increasing their combined stake to
over 50% in NPT. Hence, Fitch does not expect this to trigger the
change-of-control clause in BUMA's existing notes.
Fitch views the shareholder change to be conducive to BUMA's growth
strategy
Lower Capex: Fitch expects equipment capacity to remain high, but
with a minimal contribution to the cost base, as BUMA plans to park
its spare equipment in line with its lower volume expectation. This
will reduce repair and maintenance expenses, which Fitch believes
will lower capex requirements over the next three years. Fitch
estimates capex in 2020 was limited to maintenance at USD30
million. Fitch forecasts maintenance and growth capex of around
USD100 million a year over 2021-2023.
Strong Market Position: Fitch expects BUMA to maintain its position
as Indonesia's second-largest coal-mining contractor. Fitch
estimate BUMA's key customers - Berau Coal, PT Adaro Indonesia
(BBB-/Stable) and PT Indonesia Pratama, a subsidiary of Bayan -
contributed about 80% of BUMA's 2020 volume. These customers have
efficient cost positions, and Berau Coal and Adaro have a
relationship of more than 15 years with BUMA.
DERIVATION SUMMARY
BUMA's closest rated peers are PT ABM Investama Tbk (B+/Negative)
and Emeco Holdings Limited (B+/Stable). BUMA's one-notch
differential to ABM's rating is justified by its stronger business
profile, driven by its more efficient mine-contracting business,
which has higher margins and greater market share. BUMA also has a
larger scale than ABM in an industry where scale is important. ABM
benefits from its diversified business, although an improvement in
its mining-contractor business was offset by weakness in its
coal-mining business in the low coal-price environment. BUMA's
financial profile is also slightly stronger than that of ABM.
BUMA has better revenue visibility than Emeco, an Australia-based
equipment-rental company, and a more stable business model that
stems from its long-term contracts with miners and integration in
the production stage. Emeco's financial profile has improved over
the last few years and is now comparable with that of BUMA.
However, BUMA benefits from the stickiness of its coal-mining
contracts, unlike Emeco, underscoring the one-notch differential
between the two ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Volume decline of more than 20% in 2020, followed by a
recovery of 19% in 2021 and 10% in 2022
-- Blended mining rates falling by 6% in 2020, recovering by 5%
in 2021. Rates remain constant after 2021, reflecting Fitch's
coal-price assumptions of USD32.5/tonne in 2021 and
USD32/tonne thereafter
-- Costs of goods sold to decline and remain at around
USD1.23/bcm in 2020-2023 (2019: USD1.38/bcm)
-- Capex of USD30 million in 2020, USD100 million a year in 2021-
2022 and USD110 million in 2023
-- No dividend payouts through to 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action:
-- Fitch does not expect positive rating action in the near-term
due to the Negative Outlook on BUMA's IDR.
-- The Outlook will be revised to Stable if BUMA is able to
sustain credit metrics at levels stronger than Fitch’s
negative sensitivities from 2021. This would be driven by
maintaining volume as it substitutes the declining volume from
existing counterparties with new contracts.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Weakening market position, including failure to retain major
customers, as well as contract volume and cash flow generation
falling short of Fitch's expectations, leading to
deteriorating credit metrics.
-- FFO net leverage of above 3.3x for a sustained period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Refinancing to Tackle Tight Liquidity: BUMA's cash balance was
USD146 million as of end-September 2020. Fitch expects BUMA to
refinance to meet the majority of debt maturities after factoring
in internal cash generation. BUMA's proposed US dollar notes, if
successful, will address its tightening liquidity; its USD350
million notes are due February 2022 and its USD58 million of bank
loans are due in November 2021.
The company does not have any undrawn, committed bank facilities;
however, Fitch expects it will be able to secure bank credit
facilities as back-up funding should the proposed note issuance
fail or be delayed, given BUMA's proven operational record.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
BUKIT MAKMUR: Moody's Gives Ba3 Rating to New USD Sr. Sec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Bukit Makmur
Mandiri Utama (P.T.)'s (BUMA) proposed US dollar senior secured
notes.
The rating outlook is negative.
BUMA will use the net proceeds from the notes to fully repay its
outstanding bank loans, and use the remaining proceeds to redeem a
portion of its outstanding US dollar notes.
RATINGS RATIONALE
"Although BUMA's internal cash sources will be sufficient to meet
all of its cash needs through December 2021, proceeds from the
proposed notes are essential to alleviating refinancing risk of its
US dollar notes maturing in February 2022," says Maisam Hasnain, a
Moody's Assistant Vice President and Analyst.
The Indonesian mining contractor had $337 million of US dollar
notes and $57 million outstanding of bank loans as of December 31,
2020. Moody's estimates BUMA's cash balance as of December 31, 2020
was around $100 million.
The proposed notes are currently rated in line with BUMA's Ba3
corporate family rating (CFR) because Moody's expects the notes to
constitute the majority of BUMA's debt over the next 12-18 months.
The notes will also be issued by BUMA, which is a pure operating
company with no subsidiaries. Both of these factors mitigate
subordination risk.
However, BUMA's proposed notes could be notched down from its CFR
in the future if secured bank debt constitutes a majority of its
consolidated debt, or if the preponderance of its consolidated
claims are at future non-guarantor subsidiaries.
In January, Souls Humanity Pte. Ltd. (SHPL), a private company
controlled by Ashish Gupta and Ronald Sutardja (BUMA's President
Director), acquired an effective 16.7% stake in BUMA from an
existing shareholder consortium comprising Northstar Equity
Partners, TPG Capital, GIC Pte. Ltd. and China Investment
Corporation. There is also an option for SHPL to purchase the
remaining stake held by the consortium, which would take SHPL's
effective shareholding in BUMA to around 37.9%, making it BUMA's
largest effective shareholder.
As a result, some uncertainty remains regarding the ultimate
ownership of BUMA, which gives rise to governance risks. To that
end, BUMA's ratings would likely be downgraded if the changes in
its effective shareholding result in liquidity pressure, delays in
its refinancing plans or causes a shift from its current financial
policies, which include prioritizing positive free cash flow
generation and limited shareholder returns.
At the same time, BUMA's Ba3 CFR continues to reflect its (1)
position as Indonesia's second-largest coal mining services
contractor by overburden volume, with a well-recognized franchise
and established relationships with some of Indonesia's largest coal
miners; and (2) track record of resilient operating performance and
proactive capital management through industry downturns.
BUMA's CFR is also constrained by its (1) high level of customer
concentration, namely with Berau Coal (P.T.); (2) geographic
concentration in Indonesia; and (3) exposure to the cyclical nature
of the thermal coal sector.
"The negative outlook reflects the company's sizeable near-term
refinancing risk associated with its maturing bank loans and notes,
uncertainties around its ownership composition and future financial
policies, and execution risk regarding the company's growth plans,"
adds Hasnain, also Moody's Lead Analyst for BUMA.
The ability to sign new customer contracts will be critical for
BUMA to maintain its credit quality over the next two to three
years, in order to prevent a reduction in scale and an increase
customer concentration risk, following a material reduction in
overburden removal volume in 2020.
BUMA's recent announcement of a large contract extension with PT
Indonesia Pratama, a subsidiary of Bayan Resources Tbk (P.T.) (Ba3
stable) is credit positive because it will help the mining
contractor offset some lost volumes following the non-renewal of a
key customer contract in 2020. BUMA has also tendered for two large
coal mining service contracts and expects the tender results to be
announced within the first half of 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could downgrade the ratings if (1) BUMA is unable to raise
sufficient funds with its proposed US dollar notes to eliminate
near-term refinancing risk while maintaining an adequate liquidity
buffer; (2) its underlying financial policies were to change
materially as a result of a change in shareholding; (3) it is
unable to win new contracts, or if its expiring contracts are not
renewed on similar or enhanced terms; (4) it experiences declining
earnings or profitability; or (5) payments from its largest
customer Berau Coal are delayed, such that the average days for
payment collection exceed 65 days.
Credit metrics indicative of a downgrade include BUMA's adjusted
debt/EBITDA staying above 3.5x, retained cash flow/net debt staying
below 20%, or EBITA/interest expense staying below 2.0x, on a
sustained basis.
An upgrade of BUMA's ratings is unlikely over the next 12-18
months, given the negative outlook. However, Moody's could revise
the outlook to stable if (1) BUMA improves its liquidity and
addresses its near-term debt maturities, including its US dollar
bond due February 2022; (2) it wins new mining service contracts to
grow overburden removal volumes, without weakening its credit
metrics or materially increasing execution risk, and (3) there is
clarity that the changes in its shareholding composition will not
weaken BUMA's credit profile.
In addition to having sufficient cash sources to meet its cash
needs over the next 12 months, specific indicators that Moody's
would consider for a change in outlook to stable include BUMA's
adjusted debt/EBITDA staying below 3.25x and retained cash flow/net
debt staying above 25%, on a sustained basis.
The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.
Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a
coal mining services contractor in Indonesia, providing open-cut
mining services to some of the country's largest coal producers.
BUMA is 100% owned (less one share) by PT Delta Dunia Makmur Tbk,
an investment holding company listed on the Indonesia Stock
Exchange, which, in turn, is 38% owned by an international
consortium through Northstar Tambang Persada Ltd, comprising
Northstar Equity Partners, TPG Capital, GIC Pte. Ltd., China
Investment Corporation, and Souls Humanity Pte. Ltd. The remaining
62% stake in Delta is held by public and institutional investors.
LIPPO MALLS: Moody's Confirms B1 CFR Following Funding Structure
----------------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating of Lippo Malls Indonesia Retail Trust (LMIRT) following the
announcement of the finalized funding structure and rights issuance
results for the planned acquisition of Lippo Mall Puri.
At the same time, Moody's has confirmed the B1 backed senior
unsecured rating on the bond issued by LMIRT Capital Pte. Ltd., a
wholly-owned subsidiary of LMIRT. The bond is guaranteed by the
trustee of LMIRT.
The outlook on all ratings is changed to negative from rating under
review.
This action concludes the review for downgrade initiated by Moody's
on September 2, 2020.
"The ratings confirmation reflects the improvement in LMIRT's
liquidity following the waivers of financial covenants in its bank
loans and its new USD75 million committed credit facility to
address its SGD175 million syndicated term loan maturing in August
2021," says Junling Tan, a Moody's Analyst.
"The B1 rating incorporates LMIRT's degree of independence as a
publicly listed and regulated trust in Singapore (Aaa stable)
despite becoming a subsidiary of its sponsor, Lippo Karawaci Tbk
(P.T.) (B3 stable) following the rights issuance. However, given
the linkages between LMIRT and Lippo Karawaci, LMIRT's rating will
remain constrained at no more than two notches above that of Lippo
Karawaci," adds Tan
The negative outlook reflects uncertainty surrounding the extent of
impact on the earnings and performance of LMIRT's properties from
the coronavirus-related disruption. A delay in the operating
environment recovery leading to weaker performance of LMIRT's
properties, may result in a breach in financial covenants under the
trust's bank loans from the fourth quarter of 2021 onwards, which
will weaken the trust's liquidity profile.
RATINGS RATIONALE
Moody's estimates LMIRT's 2020 revenue to have declined 46% from
the previous year due to temporary mall closures and weaker demand
for retail space. Consequently, Moody's expects LMIRT's adjusted
net debt/EBITDA will weaken to around 10.7x in 2020 from 5.2x in
2019, and adjusted EBITDA/interest expense to around 1.3x from 3.0x
over the same period. However, a gradual recovery in operating
conditions and an improvement in occupancy rates in 2021 should
strengthen adjusted net debt/EBITDA and EBITDA/interest expense to
7.5x and 1.8x, respectively, in 2021.
LMIRT's liquidity is adequate. As of September 30, 2020, the trust
had cash and cash equivalents of SGD123 million and USD75 million
(SGD102 million) in undrawn committed credit facilities, compared
to utilized revolving credit facilities of around SGD44 million and
a syndicated term loan of SGD175 million maturing in August 2021.
Moody's expects LMIRT will rely on external funding should the
trust decide to redeem its SGD140 million perpetual securities
callable in September 2021.
At the same time, Moody's estimates the trust's short-term debt to
increase to around 25% of total debt in 2020 from 8% in 2019, as a
result of the drawdown of its revolving credit facilities. B1
rating also incorporates Moody's expectation that the trust will
improve the maturity profile of its debt over the next few months.
In terms of environmental, social and governance (ESG) factors,
Moody's has taken into consideration the governance risk stemming
from related-party transactions between LMIRT and the Lippo group
of companies. This risk is partially mitigated by the regulatory
oversight provided by the Monetary Authority of Singapore and
exercised through the board, which mostly consists of independent
directors. Furthermore, there is an alignment of interest between
LMIRT and its sponsor, Lippo Karawaci, because the latter has
around 58% stake in the trust.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative ratings outlook, an upgrade is unlikely over the
next 12-18 months. Nonetheless, the outlook could return to stable
if (1) the trust shows improvement in operating performance,
leading to the strengthening of its credit metrics, such that
adjusted net debt/EBITDA falls below 7.0x-7.5x and adjusted
EBITDA/interest expense increases above 2.0x on a sustained basis;
or (2) the trust maintains good liquidity and a well-distributed
debt maturity profile.
On the other hand, LMIRT's ratings could be downgraded if: (1) the
operating environment fails to recover or deteriorates further,
leading to higher vacancy levels and declining operating cash flows
or falling asset valuations; or (2) the trust's credit metrics
fails to improve, with adjusted net debt/EBITDA remaining above
7.5x or adjusted EBITDA/interest expense staying below 2.0x; or (3)
the trust fails to maintain adequate liquidity over the next 12 to
18 months; or (4) the trust increases its exposure to Lippo group
of companies; or (5) the credit quality of Lippo group of
companies, including Lippo Karawaci, weakens. A downgrade of Lippo
Karawaci's rating will also result in downgrade of LMIRT's rating.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.
Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust and has been listed on the Singapore Stock
Exchange since November 2007. At September 30, 2020, it had a
portfolio of 21 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.45
billion.
===============
X X X X X X X X
===============
M V OMNI: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M V Omni
Projects (India) Ltd's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR1.20 bil. Fund-based working capital limits (Long-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR1.90 bil. Non-fund-based working capital limits (Short-
term) maintained in non-cooperating category with IND D
(ISSUER NOT COOPERATING) rating;
-- INR10 mil. Forward-contract limits (Short-term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR120 mil. Proposed corporate loan (Long-term)* are
withdrawn.
*Since it was outstanding for more than 180 days
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 10, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
M V Omni Projects (India) commenced operations as a proprietorship
firm, M V Omni Enterprise, in 1994 and was incorporated as a
limited company in 2002. The company is engaged in civil
construction activities, with a major focus on the construction of
residential and commercial buildings for government and
public-sector entities. It is also engaged in irrigation works and
the construction of roads.
[*] BOND PRICING: For the Week Jan. 18, 2021 to Jan. 22, 2021
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.06
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.43
PALADIN ENERGY LTD 10.00 02/01/23 USD 66.38
PALADIN ENERGY LTD 10.00 02/01/23 USD 66.38
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 8.30
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 8.50
VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 8.39
VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 9.39
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 8.42
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 8.63
VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 5.02
CHINA
-----
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.56
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.63
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.15
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.24
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 37.70
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 39.28
AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 39.99
ANHUI HUAAN FOREIGN ECO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.09
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.22
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 20.14
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 24.57
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.84
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 60.03
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.69
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.70
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.50
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.73
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.66
ANQIU HUAAN STATE OWNED 7.00 09/14/24 CNY 75.00
ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 59.18
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.19
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.53
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 57.02
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 58.74
BANK OF CHINA LTD/PARIS 0.95 09/21/23 USD 50.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.12
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 40.08
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 45.50
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 59.94
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.17
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 30.70
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.06
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.35
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 38.68
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 40.00
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 20.05
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.19
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.37
BEIJING CULTURAL INVEST 5.10 04/28/22 CNY 67.00
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.10
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.26
BEIJING HAIDIAN STATE-O 5.40 12/26/21 CNY 64.10
BEIJING HAIDIAN STATE-O 5.20 03/08/22 CNY 63.58
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.31
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.18
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.13
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.20
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 60.51
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 61.22
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.00
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.11
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 19.76
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 20.00
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 40.24
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 45.65
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 57.22
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 58.70
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 54.02
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 59.21
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 20.01
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 30.00
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 57.71
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.32
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.00
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.26
BOHAI LEASING CO LTD 7.00 06/20/21 CNY 50.00
BOHAI LEASING CO LTD 7.00 09/10/21 CNY 56.20
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.00
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 40.04
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 59.41
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 60.27
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.52
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.66
BRILLIANCE AUTO GROUP H 5.30 10/23/20 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 01/22/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 03/13/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 04/18/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 06/03/22 CNY 68.50
BRILLIANCE AUTO GROUP H 5.40 09/14/23 CNY 55.80
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 56.93
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 68.50
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 59.80
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 68.50
BRILLIANCE AUTO GROUP H 5.80 03/20/24 CNY 54.80
BRILLIANCE AUTO GROUP H 5.80 06/17/24 CNY 60.78
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.00
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.41
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 59.82
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 59.87
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.33
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 66.41
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.08
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 39.91
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 40.00
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.21
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.26
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 39.87
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 40.41
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.12
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.12
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 30.52
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.26
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.67
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 46.35
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.41
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.60
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 72.67
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.00
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.56
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 39.82
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 40.10
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.03
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.13
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.04
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.30
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 20.12
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.92
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.98
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.16
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 40.49
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.20
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 19.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 20.27
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.07
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.07
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.00
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.49
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.39
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.40
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.18
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.42
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.68
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.22
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.76
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.20
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.11
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.45
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 40.44
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 48.83
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.26
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.00
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.51
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 58.72
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 59.45
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.11
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.57
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.60
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.16
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 19.66
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.00
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 72.01
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 72.88
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.33
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.76
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 39.82
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 48.60
CHENZHOU WENLV INDUSTRY 5.34 11/28/23 CNY 59.51
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 67.73
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 73.48
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 58.92
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.00
CHINA FORTUNE LAND DEVE 5.80 05/23/22 CNY 28.00
CHINA FORTUNE LAND DEVE 5.00 05/30/22 CNY 68.15
CHINA FORTUNE LAND DEVE 5.50 03/23/25 CNY 27.50
CHINA FORTUNE LAND DEVE 5.17 04/20/25 CNY 25.00
CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 62.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.36
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.44
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.58
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.67
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.91
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 57.48
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.00
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.20
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 39.20
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 40.21
CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 57.76
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.92
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.96
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.17
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.04
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.19
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 59.73
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 60.05
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 20.09
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 27.33
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.00
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.28
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 20.21
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.28
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.06
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.30
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.56
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.67
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.18
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 56.76
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 57.59
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 39.85
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 39.89
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.10
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.26
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.18
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.29
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.06
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.10
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.03
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.15
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.45
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.70
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.88
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.29
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.44
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.47
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 58.94
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.04
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.00
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.04
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.03
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.28
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 19.90
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 26.25
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 20.13
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 21.70
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.11
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.00
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.35
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 39.69
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 40.00
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.09
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.12
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 39.43
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.18
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.50
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.59
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.33
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.18
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.54
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.18
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.08
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 40.35
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.83
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.94
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.00
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.33
CHUZHOU CITY CONSTRUCTI 6.30 11/30/21 CNY 30.58
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 89.00
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80
CULTURAL INVESTMENT HOL 5.45 10/26/22 CNY 55.00
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 58.31
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 59.17
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.00
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.04
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 40.05
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 59.61
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 60.00
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 20.28
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.09
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.09
DALIAN SHITAI CITY CONS 7.09 02/20/21 CNY 19.93
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 56.61
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 57.32
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.38
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.45
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 59.28
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.35
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 39.76
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.80
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.23
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.31
DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 70.88
DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 74.43
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 20.03
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.47
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 59.12
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.15
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.39
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.37
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.00
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.19
DAZHOU INVESTMENT CO LT 3.99 11/04/26 CNY 74.85
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 20.10
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.15
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 58.63
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.04
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 59.94
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 59.97
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.11
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.78
DONGTAI STATE-OWNED ASS 3.04 11/16/23 CNY 57.13
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 20.11
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 28.48
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 40.28
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 41.58
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 59.94
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.05
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 37.30
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 39.16
DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 40.26
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.24
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 57.94
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.57
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.23
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.53
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.10
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.50
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.39
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.61
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 60.07
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.53
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.44
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.34
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.34
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 39.83
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 40.00
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.85
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.85
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.06
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.83
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 59.12
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN FUSHENG GROUP CO 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP CO 7.90 12/17/21 CNY 70.99
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.25
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.71
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.86
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.44
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.48
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.35
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 25.02
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 40.89
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 39.74
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.06
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.81
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.18
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.41
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.44
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.50
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.48
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55
GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 72.38
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.71
GANZHOU DEVELOPMENT INV 8.10 12/11/23 CNY 64.65
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 19.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 20.02
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.89
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.96
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.38
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.28
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.21
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.35
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.58
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.59
GOOCOO INVESTMENT CO LT 8.00 02/01/21 CNY 50.00
GOTION HIGH-TECH CO LTD 6.50 04/13/23 CNY 61.03
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 40.35
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 44.00
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.16
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.16
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.49
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.50
GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 60.48
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.25
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.37
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.24
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.24
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 59.27
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.10
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.14
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.01
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 20.11
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 23.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 20.05
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 21.15
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.20
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.50
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.52
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.54
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.65
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 60.00
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 62.78
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.63
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.70
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.06
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.40
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.87
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.97
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 74.85
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 40.06
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 45.00
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.64
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.70
GUIYANG GUANCHENG INDUS 7.50 12/25/22 CNY 70.95
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.13
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.34
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.86
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 59.00
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.85
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 38.47
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 40.31
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 40.03
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 41.00
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.44
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.71
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.53
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.57
GUIZHOU LIUPANSHUI PAND 7.30 07/24/24 CNY 60.01
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 40.73
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 60.60
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 62.99
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.41
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 56.52
GUIZHOU SHUICHENG WATER 8.00 11/27/25 CNY 61.00
GUIZHOU XINDONGGUAN CIV 7.70 09/05/24 CNY 70.05
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.43
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 59.80
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.47
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.65
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.16
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.31
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.53
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 20.06
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.85
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.35
HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 46.65
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 40.67
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 42.20
HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 45.00
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.31
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.17
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.75
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 56.93
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.29
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 58.86
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.38
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.63
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.65
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.65
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.00
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.19
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.10
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.10
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.22
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.02
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.21
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.35
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.65
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 59.98
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.58
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.17
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.14
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.23
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 20.06
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.06
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 20.18
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 21.85
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.84
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.89
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.29
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 39.74
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 42.42
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.21
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.39
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.55
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.36
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.63
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 20.01
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.34
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.63
HENAN ENERGY & CHEMICAL 6.98 11/02/21 CNY 37.87
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.40
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.80
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 19.97
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 40.00
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 59.78
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 20.13
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 21.10
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.21
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.68
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.65
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.71
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.10
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.38
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 20.28
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 25.88
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.10
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.95
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.14
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 21.00
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 71.00
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 34.50
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.00
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.20
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.65
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 41.54
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.44
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.81
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 20.07
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 27.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 57.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 59.01
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.69
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.74
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.00
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.04
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.30
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.49
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.70
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 39.96
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.38
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.38
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.24
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.12
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.12
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 39.95
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 40.10
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.54
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.85
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 59.95
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.99
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.52
HUAWEN MEDIA GROUP 5.45 11/08/22 CNY 72.07
HUAWEN MEDIA GROUP 6.00 04/04/23 CNY 45.10
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 40.47
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 42.40
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 46.09
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 39.92
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.36
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.21
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 22.25
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.50
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.55
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 18.60
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 20.10
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.51
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.70
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.39
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.58
HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.87
HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.94
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 57.90
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 58.64
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.14
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.18
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 39.21
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.56
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 58.32
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.85
HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 39.31
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 39.45
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 61.71
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 61.71
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.06
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.30
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.93
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.87
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.14
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.90
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.91
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.24
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.15
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.51
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 39.21
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 39.04
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.10
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 20.41
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 22.10
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.21
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 58.90
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.93
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.21
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 59.89
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.08
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.45
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.47
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.47
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 61.00
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 20.15
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 40.55
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 41.10
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.47
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.73
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.97
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.99
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.29
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.59
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.44
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.45
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 59.95
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 61.51
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.20
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.51
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.69
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.72
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.13
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.80
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.21
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.85
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.86
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.18
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.25
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.16
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.12
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.72
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 30.00
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.10
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.14
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.21
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.32
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.00
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.67
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 40.41
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 47.50
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.67
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.69
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 20.15
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 30.19
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.00
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.12
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.41
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 39.38
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 40.00
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 29.61
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 40.08
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.12
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.62
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 20.23
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 29.34
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.10
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.37
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.05
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 39.42
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 41.00
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 39.91
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.35
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 20.09
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 21.13
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.04
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.07
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.53
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.73
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 58.12
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 59.53
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 40.41
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.00
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 61.67
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 80.44
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.05
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.27
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.30
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.06
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.40
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 60.18
JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 71.02
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 19.85
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 20.05
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.08
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.26
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.69
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 40.41
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.20
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.22
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 40.00
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 40.46
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.00
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.15
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 39.84
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 40.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.01
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.65
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.77
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.16
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.16
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.00
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.57
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.13
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.87
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 59.01
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 58.70
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 59.78
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.70
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.82
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.33
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.71
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.99
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 40.09
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 58.99
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.55
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.78
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.19
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.90
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 59.42
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.88
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.93
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 19.96
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 20.04
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 25.00
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 40.17
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 42.82
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.51
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.36
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.52
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.11
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.54
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.03
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.60
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 19.88
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 20.85
JIZHONG ENERGY GROUP CO 6.05 08/13/22 CNY 59.77
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.10
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 38.50
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 59.86
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.30
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.39
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 38.53
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 40.00
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 55.70
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 55.97
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.13
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.13
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.13
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 18.95
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 20.13
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.34
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.13
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.13
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.33
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 24.75
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.24
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 20.10
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.06
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.60
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 19.79
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.99
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.33
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.95
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.95
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 58.69
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 59.30
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.35
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.85
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.00
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.16
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 20.15
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 25.00
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 59.28
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.74
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.82
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.11
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 59.00
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 60.54
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 3.63
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 10.99
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.65
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.80
LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 60.60
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 38.84
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 39.97
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.39
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.49
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.14
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.69
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 39.93
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.50
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 38.38
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.57
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 52.88
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.56
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.24
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.37
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.38
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.36
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.41
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 30.12
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.03
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.09
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.81
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.83
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 61.99
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 18.00
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 20.22
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.20
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.45
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.60
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 20.14
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 30.31
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 19.95
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.60
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.75
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.42
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.51
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.36
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.72
LU'AN CITY CONSTRUCTION 3.97 02/22/21 CNY 50.03
LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.17
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.00
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.61
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.26
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.54
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.00
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.28
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.26
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.27
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 70.00
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 73.70
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.37
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.73
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.16
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 59.09
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 60.40
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 40.21
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 44.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.46
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.60
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.41
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.69
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.04
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.71
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.00
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.05
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.39
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.54
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.17
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.23
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 40.48
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 45.32
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.00
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.13
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 40.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.08
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.08
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.40
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.48
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 39.99
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.18
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 31.20
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 59.90
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.07
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 40.01
NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.76
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.04
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.46
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.66
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.00
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.12
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.23
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.03
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.50
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.94
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.65
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.40
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.76
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 59.67
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.23
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 45.96
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 46.10
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.13
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 55.20
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 59.29
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.01
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.41
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 19.64
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.18
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.60
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 20.07
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 71.22
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.79
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.85
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.44
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 60.13
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 40.38
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 41.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.36
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.27
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 61.14
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 59.86
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 62.05
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.17
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.29
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 20.10
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 28.53
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.64
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.68
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 36.36
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 39.60
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 20.07
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 26.30
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.32
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.36
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 20.15
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 29.00
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 40.38
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 48.29
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.22
NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.20
NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.70
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.20
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.52
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 20.15
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.63
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 60.00
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.20
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.53
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 58.89
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 59.02
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.12
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.19
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 20.02
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 20.76
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 56.98
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 59.33
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.32
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.06
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.00
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.70
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.00
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.18
PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 57.19
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 58.09
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.51
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.58
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.10
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.66
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 36.00
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 40.46
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.00
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.14
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.12
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.51
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.01
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.54
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.00
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.15
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 20.20
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 22.46
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 39.49
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 40.00
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.63
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.63
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.21
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.34
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 46.90
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.20
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.78
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 63.88
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 63.98
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.17
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.35
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 39.96
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 40.00
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 39.58
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.05
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.83
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.60
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.81
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 59.75
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.01
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 60.05
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.20
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.14
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.51
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.61
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.09
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.09
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.17
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.20
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.35
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.29
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 21.00
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 20.08
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 28.79
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.57
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.20
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.68
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.08
QINGHAI PROVINCIAL INVE 7.25 02/22/20 USD 29.41
QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 30.00
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 31.16
QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 56.00
QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 30.45
QINGHAI STATE-OWNED ASS 6.38 08/14/28 CNY 44.63
QINGHAI STATE-OWNED ASS 7.20 11/25/28 CNY 44.63
QINGHAI STATE-OWNED ASS 6.70 10/10/29 CNY 44.63
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.08
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.08
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.06
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 59.19
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 60.11
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 20.15
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.57
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 58.39
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.36
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.80
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.90
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 60.11
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 39.67
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 41.95
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.13
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 19.92
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.04
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.44
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.92
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 20.19
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 23.42
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.24
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.25
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.39
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.41
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 40.81
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 41.09
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.00
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.14
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.63
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.17
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 20.11
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.45
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.62
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.73
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.77
RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 39.88
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.50
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.66
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.53
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.88
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.87
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.05
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 59.79
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 60.23
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 60.70
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 60.70
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 59.94
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 60.69
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.36
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.57
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 25.12
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.18
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.20
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.26
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.69
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.53
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.38
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.33
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 19.80
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.06
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 20.12
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 23.10
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 39.83
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 41.01
SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 33.24
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.58
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.62
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.36
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.37
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.50
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.29
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 42.70
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.12
SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 0.20
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.13
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.13
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.17
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.75
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 24.99
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.75
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.55
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.30
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.60
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.31
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.33
SHANGHAI PUTAILAI NEW E 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 39.40
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 40.03
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.02
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.22
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 30.88
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 63.50
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 63.55
SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 62.60
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 54.50
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 70.29
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.56
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.68
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.08
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.51
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 40.75
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 48.00
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.22
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.57
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.17
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.26
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.00
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.45
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.00
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.44
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.16
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 59.73
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.13
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.26
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15
SHAOYANG BAOQING INDUST 5.78 07/04/26 CNY 69.31
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 58.94
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 59.74
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.39
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.22
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.60
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.00
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.37
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 38.00
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 39.71
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 20.02
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 27.50
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 45.38
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 46.80
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.00
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.50
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 40.60
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG URBAN CONS 6.55 03/09/21 CNY 40.24
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.62
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.11
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.35
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.00
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.31
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 69.72
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 70.00
SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.67
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.68
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.12
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.20
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 46.00
SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 59.65
SICHUAN COAL GASIFICATI 7.00 12/14/23 CNY 61.23
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.54
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.81
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.74
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.48
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 19.98
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.00
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 51.24
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 51.24
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 58.94
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 60.15
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 40.28
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 48.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.30
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.35
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.31
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.92
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.56
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 59.52
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.29
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 19.86
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 20.78
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 20.14
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 27.82
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.16
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.25
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 39.95
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.00
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 39.78
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 57.32
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 59.15
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.00
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.18
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 57.97
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 58.02
SUINING ROUGANG INVESTM 5.65 01/24/24 CNY 58.93
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.17
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 59.07
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 59.08
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.30
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20
SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 60.05
SUNING.COM CO LTD 5.00 03/13/23 CNY 65.00
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.05
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.05
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 60.70
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 61.34
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.00
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.05
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.36
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.76
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.25
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.45
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.60
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.72
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 20.08
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 22.60
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 59.73
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.16
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.04
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.07
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.55
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 39.53
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 43.87
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.00
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.12
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 20.11
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 26.50
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.27
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.55
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.00
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 40.02
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 40.81
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.48
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.98
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 20.08
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 21.00
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.80
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.88
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 55.31
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 59.12
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 20.00
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 19.81
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.13
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.59
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.98
TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 39.96
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 30.47
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 31.30
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 19.98
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 44.24
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.04
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.59
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 39.99
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 40.05
TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 39.60
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.03
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.03
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 44.75
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 19.93
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.02
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 69.98
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 20.05
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 59.31
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.45
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 71.98
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 73.40
TIANJIN REAL ESTATE GRO 4.50 09/29/20 USD 73.75
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 19.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.46
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.53
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.97
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.07
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 39.00
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 40.03
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.37
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.08
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.29
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 59.67
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 60.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.17
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.98
TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77
TSINGHUA HOLDINGS CORP 3.15 10/25/21 CNY 48.64
TSINGHUA HOLDINGS CORP 4.95 08/08/22 CNY 36.40
TSINGHUA HOLDINGS CORP 5.30 03/26/23 CNY 42.00
TSINGHUA UNIGROUP CO LT 5.60 11/15/20 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.20 03/16/21 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.15 12/26/21 CNY 12.96
TSINGHUA UNIGROUP CO LT 4.94 03/25/22 CNY 16.55
TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.00 08/14/22 CNY 19.38
TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 11.65
TSINGHUA UNIGROUP CO LT 5.11 01/25/24 CNY 13.00
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.33
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 50.90
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.14
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.33
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.00
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.68
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.40
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 60.00
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 20.42
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 28.81
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 59.67
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 25.07
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.24
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.39
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 58.40
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 59.58
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.51
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.72
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.18
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.36
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.33
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 58.87
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.39
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.06
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.76
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 60.00
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 60.21
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.86
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.97
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.22
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.22
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 19.80
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.12
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.16
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.22
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.31
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.51
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 5.42
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 20.12
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.06
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.28
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 23.02
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.21
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.27
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.18
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.58
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.44
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.73
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.74
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.08
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.12
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 20.20
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 26.35
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.48
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.67
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.00
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.19
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 57.60
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 59.70
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.00
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.58
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.30
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.33
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.83
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.86
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.05
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.01
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.77
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.43
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.55
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 20.14
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 24.88
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.62
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.65
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 20.10
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 21.46
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 20.22
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 36.60
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 39.22
XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 54.50
XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 44.70
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 56.76
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 58.02
XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 59.50
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.03
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 28.99
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 18.52
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 19.40
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 71.53
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.11
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 15.49
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 19.72
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.03
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.13
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.45
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.79
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.37
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.38
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.12
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 39.69
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.74
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.44
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.56
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.00
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.09
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.73
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 60.28
XIAOCHANG SHUNHE DEVELO 4.15 10/17/23 CNY 57.68
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.06
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.11
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.21
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.40
XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.90
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.11
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.17
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.38
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.45
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.85
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.85
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 27.97
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 28.78
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.75
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.78
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.40
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.59
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 20.07
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 21.35
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.68
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.70
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.72
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.87
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.25
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.75
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 26.30
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 38.89
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 40.00
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 40.47
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 41.53
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.17
XINYU CITY SHANTYTOWN Z 6.50 11/13/22 CNY 71.53
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 40.62
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 25.00
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 20.08
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 21.07
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.39
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 20.13
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.00
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.03
XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 32.31
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 59.69
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.00
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.44
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.20
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.30
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 20.21
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 58.66
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 59.21
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.20
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.24
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.61
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.01
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.97
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.90
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.95
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.05
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.13
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.33
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.40
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.21
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.71
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.42
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.20
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.30
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.05
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 60.06
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.28
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 20.01
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 26.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.18
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.93
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.70
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63
YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 59.62
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 39.98
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.31
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.99
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.68
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.20
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.51
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.08
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.20
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.00
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.15
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 39.95
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 40.29
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.90
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.35
YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 39.99
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 58.38
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 60.00
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.80
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18
YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 39.89
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02
YINING CITY STATE OWNED 8.90 01/23/21 CNY 19.92
YINING CITY STATE OWNED 8.90 01/23/21 CNY 20.00
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.00
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.11
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 39.95
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.96
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.00
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.15
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 40.06
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 48.00
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.50
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 57.79
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.35
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 57.47
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.87
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 69.34
YONGCHENG COAL & ELECTR 7.50 02/02/21 CNY 39.88
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.00
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.25
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 59.38
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.42
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.42
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.50
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.35
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.41
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.03
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.07
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 19.76
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 20.07
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.71
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 60.09
YUEYANG YUNXI CITY CONS 5.18 11/21/23 CNY 57.78
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.14
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 40.51
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 44.47
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.12
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.45
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 58.75
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 59.36
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 57.60
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 58.63
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 18.00
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.85
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.24
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 39.54
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 40.00
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 59.80
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.12
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.20
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.21
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 20.07
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.30
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.34
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.82
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.23
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.52
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.14
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.30
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.79
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.80
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.00
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.59
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.02
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.07
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.22
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 20.07
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 30.00
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.31
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 20.17
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 24.00
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 69.89
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.64
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.66
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 39.89
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 40.36
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 20.24
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 21.06
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 20.49
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 21.20
ZHEJIANG YATAI PHARMACE 0.50 04/02/25 CNY 70.01
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.41
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.42
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.55
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 20.33
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 26.20
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.00
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.02
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 19.80
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 20.02
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 20.02
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 58.97
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.78
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 39.54
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 40.00
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 59.15
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 64.70
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 39.87
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.29
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.20
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 20.07
ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.25
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.27
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.80
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.94
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.09
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 59.96
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.00
ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.54
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 40.57
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 23.75
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.17
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.41
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.59
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.67
ZHUZHOU HI-TECH AUTO EX 4.47 11/03/23 CNY 74.62
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.52
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 58.30
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 39.30
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 40.58
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 39.75
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.70
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.83
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 39.64
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 39.68
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 38.01
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 40.00
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 57.89
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 59.29
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 62.75
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 70.02
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 52.51
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 57.96
ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 70.05
HONG KONG
---------
CAIYUN INTERNATIONAL IN 5.50 04/08/22 USD 63.74
DR PENG HOLDING HONGKON 7.55 12/01/21 USD 70.25
HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.33
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 9.88
ACME MEDAK SOLAR ENERGY 0.01 08/29/46 INR 12.55
ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 12.43
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 26.39
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 26.34
APG HABITAT PVT LTD 1.00 09/09/28 INR 62.37
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 44.17
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 45.32
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 63.30
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 63.00
BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 46.52
BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.26
CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 48.00
CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 71.51
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 64.12
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 40.14
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 25.94
DLF ASPINWAL HOTELS PVT 0.01 10/15/30 INR 43.16
DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 47.87
DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 47.41
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 49.99
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 46.52
DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 47.94
DLF RECREATIONAL FOUNDA 0.01 10/15/30 INR 45.24
DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 46.51
DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 47.87
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 48.19
DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 48.09
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 74.66
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 72.32
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 68.92
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 67.89
EDELWEISS ASSET RECONST 2.00 03/28/29 INR 67.18
EDELWEISS ASSET RECONST 2.00 07/22/29 INR 66.07
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 50.53
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 50.53
GREEN URJA PVT LTD 0.01 02/14/30 INR 49.83
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 6.69
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 65.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 61.44
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.59
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 28.49
JTPM ATSALI LTD 0.01 08/29/48 INR 11.72
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 27.27
KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 73.51
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 70.00
MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 46.69
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 46.69
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 31.98
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 29.35
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 29.35
NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 12.55
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 28.09
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 72.61
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 67.68
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 63.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 58.79
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 54.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 51.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 48.08
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 45.17
PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 12.55
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 28.97
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 74.08
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 69.54
REI AGRO LTD 5.50 11/13/14 USD 0.96
REI AGRO LTD 5.50 11/13/14 USD 0.96
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 8.61
REWANCHAL SOLAR POWER P 0.01 08/29/46 INR 12.55
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 47.88
SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 46.43
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63
SUNWORLD SOLAR POWER PV 0.01 08/31/46 INR 12.43
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 70.57
SUTARA ROADS & INFRA LT 0.01 08/31/30 INR 55.59
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.48
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.48
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 07/15/25 INR 73.53
TATA SMARTFOODZ LTD 0.01 11/23/25 INR 71.29
TN URJA PVT LTD 0.10 02/22/36 INR 30.14
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 59.02
WS T&D LTD 0.10 03/24/29 INR 54.24
ZYDUS FOUNDATION 0.10 03/25/25 INR 74.90
INDONESIA
---------
ALAM SUTERA REALTY TBK 6.25 11/02/25 USD 72.26
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 4.38
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 5.40
MEDIKALOKA HERMINA TBK 8.00 09/08/23 IDR 58.35
MNC INVESTAMA TBK PT 9.00 05/11/21 USD 66.91
WAHANA OTTOMITRA MULTIA 9.15 05/29/21 IDR 70.75
JAPAN
-----
AVANSTRATE INC 0.15 10/29/32 JPY 9.75
HIS CO LTD 0.44 02/20/24 JPY 67.25
HIS CO LTD 0.58 02/19/27 JPY 50.68
MITSUI E&S HOLDINGS CO 0.70 09/15/23 JPY 70.52
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
UNIZO HOLDINGS CO LTD 0.51 05/26/21 JPY 71.25
UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 59.91
UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 45.37
UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 39.76
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.50
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 30.50
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 28.50
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 26.96
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 22.50
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 20.50
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 19.90
MALAYSIA
--------
AEGEAN MARINE PETROLEUM 4.00 11/01/18 USD 24.50
AEGEAN MARINE PETROLEUM 4.25 12/15/21 USD 24.50
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.65
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.23
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.11
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.38
HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.33
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.64
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 68.66
PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 67.89
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.30
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 73.58
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.18
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.13
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.13
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.80
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 44.61
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 13.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 30.00
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 16.23
MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 29.85
MULHACEN PTE LTD 6.50 08/01/23 EUR 60.59
MULHACEN PTE LTD 6.50 08/01/23 EUR 60.78
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 58.13
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.23
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 68.23
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.76
SSMS PLANTATION HOLDING 7.75 01/23/23 USD 69.82
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.12
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 73.13
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 43.81
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 68.00
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 73.78
KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 73.10
KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 72.26
KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 71.04
LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.96
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.61
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 67.67
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 64.87
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 63.31
SINBO SECURITIZATION SP 5.00 12/27/21 KRW 72.92
SINBO SECURITIZATION SP 5.00 01/25/22 KRW 61.55
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 62.84
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 63.75
SINBO SECURITIZATION SP 5.00 02/28/22 KRW 72.25
SINBO SECURITIZATION SP 5.00 06/27/22 KRW 65.80
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 74.61
SINBO SECURITIZATION SP 5.00 07/24/22 KRW 65.48
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 66.71
SINBO SECURITIZATION SP 5.00 08/29/22 KRW 66.30
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 66.34
SINBO SECURITIZATION SP 5.00 09/26/22 KRW 66.05
SINBO SECURITIZATION SP 5.00 09/28/22 KRW 74.71
SINBO SECURITIZATION SP 5.00 12/25/22 KRW 70.15
SINBO SECURITIZATION SP 5.00 01/25/23 KRW 65.78
SINBO SECURITIZATION SP 5.00 01/29/23 KRW 69.93
SINBO SECURITIZATION SP 5.00 02/28/23 KRW 72.70
SINBO SECURITIZATION SP 5.00 03/20/23 KRW 72.54
SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.91
SINBO SECURITIZATION SP 5.00 07/24/23 KRW 67.58
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.45
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.45
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.97
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.97
SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.49
SINBO SECURITIZATION SP 5.00 11/21/23 KRW 68.85
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.32
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.32
SINBO SECURITIZATION SP 5.00 12/25/23 KRW 70.51
SINBO SECURITIZATION SP 3.00 01/29/24 KRW 66.35
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.32
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.32
SINBO SECURITIZATION SP 5.00 02/27/24 KRW 69.23
SINBO SECURITIZATION SP 4.00 04/15/24 KRW 66.57
SRI LANKA
---------
SRI LANKA DEVELOPMENT B 6.92 01/01/23 USD 73.67
SRI LANKA DEVELOPMENT B 4.28 01/22/23 USD 69.16
SRI LANKA DEVELOPMENT B 4.48 01/22/23 USD 69.45
SRI LANKA DEVELOPMENT B 5.94 01/22/23 USD 71.73
SRI LANKA DEVELOPMENT B 4.26 03/16/23 USD 67.75
SRI LANKA DEVELOPMENT B 6.62 03/16/23 USD 71.60
SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 66.44
SRI LANKA DEVELOPMENT B 4.17 05/01/23 USD 66.50
SRI LANKA DEVELOPMENT B 5.66 05/01/23 USD 69.09
SRI LANKA DEVELOPMENT B 6.69 05/01/23 USD 70.80
SRI LANKA DEVELOPMENT B 6.70 05/01/23 USD 70.82
SRI LANKA DEVELOPMENT B 6.71 05/01/23 USD 70.83
SRI LANKA DEVELOPMENT B 4.81 01/22/25 USD 59.18
SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 61.79
SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 61.89
SRI LANKA DEVELOPMENT B 6.05 01/22/25 USD 61.97
SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 63.11
SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 63.75
SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 63.88
SRI LANKA DEVELOPMENT B 6.82 01/22/25 USD 63.93
SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 64.05
SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 70.48
SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 70.60
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 67.06
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 67.07
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 65.73
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 65.90
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 65.67
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 65.72
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 64.55
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 64.61
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 64.35
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 64.44
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 63.87
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 63.90
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.71
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.82
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.62
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.72
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.95
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.96
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 62.52
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 62.71
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 56.82
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***