/raid1/www/Hosts/bankrupt/TCRAP_Public/181030.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, October 30, 2018, Vol. 21, No. 215
Headlines
A U S T R A L I A
CHOW BELLA: Second Creditors' Meeting Set for Nov. 1
INTERLOGIC PTY: Second Creditors' Meeting Set for Nov. 7
LOTHLANN PTY: Second Creditors' Meeting Set for Nov. 7
PRAGMATIC CUSTODIAN: Second Creditors' Meeting Set for Nov. 7
SAGE FINANCIAL: Second Creditors' Meeting Set for Nov. 5
UNIQUE ESTATES: Director Charged with AUD3.69 Million Fraud
UNIVERSAL FIRE: First Creditors' Meeting Set for Nov. 6
C H I N A
HNA GROUP: Seeks Buyer for US$300 Million 'Dream Jet'
H O N G K O N G
PRIME SOURCE: U.S. Trustee Unable to Appoint Committee
I N D I A
AKASH FASHION: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
AKR IMPEX: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
C GEMS & JEWELS: Ind-Ra Puts BB LT Issuer Rating, Outlook Stable
CAPTRONIC SYSTEMS: ICRA Lowers Rating on INR2cr Loan to B-
DAYAL STEEL: CRISIL Assigns B+ Rating to INR4cr Cash Loan
EASTERN MATTRESSES: CRISIL Cuts Rating on INR8.5cr Loan to B+
GLOBAL INSTITUTE: ICRA Maintains B+ Rating in Not Cooperating
GIRIJASHANKAR COTTON: ICRA Retains B+ Rating in Not Cooperating
HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.56cr Loan
JAI MAAKALI: ICRA Lowers Rating on INR45cr Cash Loan to D
JASSMINE ENTERPRISES: ICRA Lowers Rating on INR10cr Loan to D
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
KKR SPICES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
KWALITY LTD: KKR Files Insolvency Bid Against Firm
L. P. GREENS: CRISIL Migrates B+ Rating to Not Cooperating
LOKNETE SUNDERRAOJI: CRISIL Moves B+ Rating from Not Cooperating
M.P.K. ISPAT: CRISIL Migrates 'D' Rating to Not Cooperating
M.P.K. STEEL: CRISIL Moves D Rating to Not Cooperating Category
M.R. OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
MAHESH GINNING: ICRA Maintains B+ Rating in Not Cooperating
MARUTI NANDAN: CRISIL Lowers Rating on INR10.1cr Loan to B-
MARUTI PRODUCTS: ICRA Maintains B+ Rating in Not Cooperating
MINOP INNOVATIVE: CRISIL Migrates 'C' Rating from Not Cooperating
MUMS MEGA: ICRA Maintains 'B' Rating in Not Cooperating
NAYARA ENERGY: Moody's Assigns Ba2 CFR, Outlook Stable
OM SHIV: CRISIL Migrates B Rating to Not Cooperating Category
OSNAR CHEMICAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
PIXIE DUST: CRISIL Migrates B- Rating to Not Cooperating Category
PMT MACHINES: Insolvency Resolution Process Case Summary
PRECISION ELECTRONIC: CRISIL Moves B+ Rating to Not Cooperating
PRIUS COMMERCIAL: ICRA Lowers Rating on INR424cr Loan to B(SO)
R R INDUSTRIES: CRISIL Assigns B+ Rating to INR4.19cr LT Loan
RAM MEHER: CRISIL Migrates D Rating to Not Cooperating Category
RAVI MICRONS: ICRA Assigns B+ Rating to INR9cr Term Loan
REVATHI GOLD: CRISIL Migrates B+ Rating from Not Cooperating
S M ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
SAI WHITEGOLD: CRISIL Migrates B+ Rating to Not Cooperating
SATKAR CONTAINER: Insolvency Resolution Process Case Summary
SHREE RAJA: CRISIL Migrates B Rating to Not Cooperating Category
SHRI ASTER: Insolvency Resolution Process Case Summary
SHRI RAMALINGA: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
M A L A Y S I A
UTUSAN MELAYU: Submits Debt Restructuring Scheme to CDRC
N E W Z E A L A N D
VINOPTIMA ESTATE: Top Priced Gewurztraminer Wine Up for Sale
S I N G A P O R E
NOBLE GROUP: 2020 Noteholders Informed of Default, Board Says
X X X X X X X X
* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2018
- - - - -
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A U S T R A L I A
=================
CHOW BELLA: Second Creditors' Meeting Set for Nov. 1
----------------------------------------------------
A second meeting of creditors in the proceedings of Chow Bella
Group Pty Ltd has been set for Nov. 1, 2018, at 10:00 a.m. at the
offices of PKF, Level 8, 1 O'Connell Street, in Sydney, NSW.
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 Oct. 31, 2018, at 4:00 p.m.
Geoffrey Trent Hancock of PKF was appointed as administrator of
Chow Bella on Sept. 26, 2018.
INTERLOGIC PTY: Second Creditors' Meeting Set for Nov. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Interlogic
Pty Ltd, formerly known as Fast Line International Pty Ltd, has
been set for Nov. 7, 2018, at 9:00 a.m. at the offices of Dye &
Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East.
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 Nov. 6, 2018, at 5:00 p.m.
Nicholas Giasoumi and Roger Darren Grant of Dye & Co. were
appointed as administrators of Interlogic Pty on Oct. 15, 2018.
LOTHLANN PTY: Second Creditors' Meeting Set for Nov. 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Lothlann Pty
Limited has been set for Nov. 7, 2018, at 9:30 a.m. at the
offices of Crouch Amirbeaggi, Suite 403, 55 Lime Street, in
Sydney, NSW.
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 Nov. 5, 2018, at 9:30 a.m.
Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Lothlann Pty on Oct. 3, 2018.
PRAGMATIC CUSTODIAN: Second Creditors' Meeting Set for Nov. 7
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Pragmatic Custodian Pty Ltd;
- Pragmatic Training Pty Ltd (trading name: National Academy
of Beauty, National Academy of Early Childhood, Pragmatic
Education Group);
- Parapharm Pty Ltd (trading name: Paramount Higher Education)
- Beachside Training & Event Centre Pty Ltd; and
- Empower HR Pty Ltd
has been set for Nov. 7, 2018, at 3:00 p.m. at Chartered
Accountants Australia and New Zealand, Level 18, Bourke Place,
600 Bourke Street, in Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 2, 2018, at 5:00 p.m.
Robyn Erskine and Adrian Hunter of Brooke Bird were appointed as
administrators of Pragmatic Custodian on Oct. 3, 2018.
SAGE FINANCIAL: Second Creditors' Meeting Set for Nov. 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sage
Financial Solutions Pty Ltd, formerly trading as Iconic Home
Loans & Iconic Vehicle Finance, has been set for Nov. 5, 2018, at
10:30 a.m. at the offices of BRI Ferrier Western Australia,
Level 1, 99-101 Francis Street, in Northbridge, WA, on Nov. 5,
2018, at 10:30 a.m.
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 Nov. 2, 2018, at 4:00 p.m.
Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of Sage Financial on Oct. 1, 2018.
UNIQUE ESTATES: Director Charged with AUD3.69 Million Fraud
-----------------------------------------------------------
Georgina Mitchell at The Sydney Morning Herald reports that an
Australian real estate agent specialising in luxury properties
with high-profile owners, including fashion designer Collette
Dinnigan, has been charged with 15 fraud offences after she
allegedly misused AUD3.69 million which was placed into her
agency's trust account by various clients over the course of two
years.
Nicolette van Wijngaarden, 44, is the director of Unique Estates,
a boutique real estate agency now under liquidation which
specialised in selling multi-million dollar properties in NSW,
Victoria and Queensland, the report discloses.
She is accused of fraudulently dealing with home deposits paid to
her company, including AUD105,000 from the sale of Dinnigan's
Surf and Stables retreat at Milton on the NSW south coast in late
2017.
SMH relates that Ms. Van Wijngarden is also accused of "falsely
representing" that AUD1,165,876 from rental properties would
remain in the Unique Estates trust account until the money was
paid to the property owners.
The charges span from May 2016 to February 2018, the report
notes.
According to SMH, the properties involved are located at Byron
Bay, Port Stephens, the NSW north coast, the Victorian locales of
Daylesford, Cremorne and Mallacoota, and at Elanora on the Gold
Coast. All 15 charges are alleged to have been carried out at
Port Macquarie.
Most of the properties are grand homes, while two provide
accommodation: the secluded 16-hectare Rainforest Resort at Byron
Bay, and the waterfront Karbeethong Lodge guest house at
Mallacoota, near the NSW-Victoria border.
In late August, Ms. van Wijngaarden was charged by the NSW
Department of Fair Trading with ten counts of dishonestly
obtaining financial advantage by deception and five counts of
"licensee fraudulently convert money more than $5000", which
relates to trust money being "converted" for use by a corporation
or individual, the report recalls.
In a statement, a NSW Fair Trading spokesman confirmed 15 charges
had been laid against a 44-year-old woman.
"The total quantum of money involved in all charges alleged is in
excess of AUD3.5 million," the spokesman, as cited by SMH, said.
Unique Estates was placed into liquidation in May, owing an
estimated AUD4 million to 26 employees and other unsecured
creditors including BMW Australia Finance, the Australian Tax
Office and the Office of State Revenue.
According to a liquidators report published by ASIC, the Office
of Fair Trading have identified "a number of deficiencies in the
trust accounts" of Unique Estates, SMH relays.
SMH adds that liquidators from PwC also identified a "bookkeeping
error" where the value of certain assets was "significantly
overstated".
Ms. van Wijngaarden maintained contact with liquidators to
provide them with information as recently as August 20, four days
before charges were laid against her, SMH notes.
The matter will return to court on November 8, SMH discloses.
UNIVERSAL FIRE: First Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Universal
Fire & Safety Solutions Pty Ltd will be held at the offices of
Hayes Advisory, Level 16, 55 Clarence Street, in Sydney, NSW, on
Nov. 6, 2018, at 10:00 a.m.
Henry McKenna of Hayes Advisory was appointed as administrator of
Universal Fire on Oct. 25, 2018.
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C H I N A
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HNA GROUP: Seeks Buyer for US$300 Million 'Dream Jet'
-----------------------------------------------------
Reuters reports that cash-strapped Chinese conglomerate HNA Group
has put up for sale its luxurious $300-million-plus corporate
"Dream Jet" that sports a "seven-star" hotel-style cabin, say six
aviation industry sources familiar with the matter.
Reuters relates that the 40-seat Boeing 787 jet with registration
"2-DEER", used for charters as well as by top HNA officials,
recently took Cambodian president Hun Sen to the U.N. General
Assembly in New York and flew between Brazzaville, capital of the
Republic of Congo, and Beijing, on dates coinciding with a visit
to China by President Denis Sassou Nguesso.
Under pressure from Beijing, aviation-to-hotels group HNA has in
2018 sold real estate, stakes in overseas companies and aviation-
related assets after a $50-billion acquisition spree in recent
years, Reuters says.
According to Reuters, one of the industry sources said HNA was
attempting to sell the fleet in its wholly-owned private Deer Jet
division and then shut it down.
The jet was put on the market in late July, after Co-Chairman
Wang Jian died in an accidental fall in France, another source
said, Reuters relays.
It could prove difficult to attract close to the purchase price
for the 40-seat 787, because of the limited market for widebody
private jets, which are usually bought by governments or
billionaires who prefer to select their own interior design, two
of the sources told Reuters on condition of anonymity.
Since January, HNA has sold or agreed to sell more than $20
billion worth of assets, including real estate in Sydney, New
York and Hong Kong, according to Reuters calculations and media
reports.
"We do understand that as they are doing the corporate
restructuring they are intending to sell the 787," one of the
sources told Reuters. "It is a very expensive aircraft, due to
the operational costs."
The HNA jet had originally been owned by Dell Technologies Inc
founder and chairman Michael Dell, one of the sources said, adds
Reuters.
About HNA Group
China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2018, the Financial Times said reports that the Chinese
aviation-to-finance conglomerate defaulted on a CNY300 million
(US$44 million) loan raised through a trust company, the lender
said on Sept. 13 as it sought to freeze HNA assets.
The FT said the announcement by Hunan Trust is a sign that HNA's
liquidity woes are beginning to have a broader impact outside
China's formal banking sector. According to the FT, the company
is already under strict supervision by a group of bank creditors,
led by China Development Bank, following a liquidity crunch in
the final quarter of last year. The default came despite an
estimated $18 billion in asset sales by HNA this year that have
done little to address its ability to meet its domestic debts,
the FT noted.
================
H O N G K O N G
================
PRIME SOURCE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
No official committee of unsecured creditors has been appointed
in the Chapter 11 case of Prime Source Accessories, Inc., as of
Oct. 4, according to a court docket.
About Prime Source Accessories
Prime Source Accessories, Inc., with headquarters in south
Florida and full service sourcing offices in Hong Kong &
Shenzhen, China, is a design and manufacturing and sourcing firm
targeting the teen, collegiate and adult segments of the retail
industry. Prime Source is a privately held company founded in
1997.
Prime Source Accessories filed a voluntary petition under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-
20158) on Aug. 21, 2018. In the petition signed by Jamie Chauss,
president, the Debtor disclosed $394,163 in assets and $1,011,261
in liabilities. The case is assigned to the Hon. Erik P. Kimball.
Craig I. Kelley, Esq., at Kelley & Fulton, PL, is the Debtor's
counsel.
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I N D I A
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AKASH FASHION: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Akash Fashion
Prints Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based Working Capital limits migrated to Non-
Cooperating Category with IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR156.9 mil. Term loan due on December 2022 migrated to Non-
Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1993, Akash Fashion Prints is located in
Ahmedabad, Gujarat. The company prints, dyes and knits on cotton
and polyester material.
AKR IMPEX: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of AKR Impex Private Limited (AKR). The
rating reflects modest scale of operations in an intensely
competitive market and below-average financial risk profile.
However, these weaknesses are mitigated by established track
record of operations and relationships with customers.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (Assigned)
Key Rating Drivers & Detailed Description
Weakness:
* Moderate scale of operation in an intensely competitive market:
AKR's scale remains modest, with revenue of INR56.6 crore in
fiscal 2018. Intense competition may continue to constrain
scalability.
* Below-average financial risk profile: The financial risk
profile is constrained by a leveraged capital structure and
average debt protection metrics.
Strengths:
* Established track record and longstanding relationships with
customers: The company has been processing pulses for over a
decade and has an established customer base.
Outlook: Stable
CRISIL believes AKR will continue to benefit over the medium term
from the extensive experience of the promoter. The outlook may be
revised to 'Positive' if ramp-up in scale of operations and
profitability and improvement in capital structure strengthen key
credit metrics. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of higher-than-
expected working capital requirement or decline in cash accrual.
Incorporated in 2006 by Mr S Kathiravan, AKR processes and trades
in a variety of pulses. The company has two processing units at
Tondiarpet, Chennai.
C GEMS & JEWELS: Ind-Ra Puts BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned C. Gems & Jewels
Pvt. Ltd. (CGJPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits assigned with
IND BB/Stable/IND A4+ rating; and
-- INR330 mil. Term loan due on February 2028 assigned with
IND BB/Stable rating.
KEY RATING DRIVERS
The ratings reflect CGJPL's small scale of operations, as
indicated by revenue of INR933.37 million in FY18 (FY17:
INR874.31 million). Moreover, the credit metrics are moderate due
to high debt and debt servicing liabilities. Interest coverage
(operating EBITDA/gross interest expense) was 1.84x in FY18
(FY17: 1.57x) and net leverage (total adjusted net debt/operating
EBITDA) was 5.25x (3.99x).
The ratings are constrained by CGJPL's tight liquidity position,
as evident by its around 98% utilization of the fund-based limits
during the 12 months ended August 2018.
Also, the EBITDA margins of the company are volatile due to its
presence in the trading and services segments where margins are
low and high, respectively. In FY18, around 89.72% of the revenue
was derived from the trading of fuel and the rest came from the
services segment. The EBITDA margins slightly declined to 7.26%
in FY18 (FY17: 7.64%), due to the marginal decline in revenue
stemming from the services segment. The company's return on
capital employed was 9.66% in FY18.
However, the ratings are supported by CGJPL's low working capital
requirements. The firm's net working capital cycle was 19 days in
FY18 (FY17: 4 days). The ratings also benefit from CGJPL's
promoter's experience of more than three decades in the oil
trading business.
RATING SENSITIVITIES
Positive: Substantial growth in the top line and operating
profitability leading an improvement in the credit metrics, all
on a sustained basis, could lead to a positive rating action.
Negative: A decline in the revenue and profitability leading to
deterioration in the overall credit metrics, all on a sustained
basis, could lead to a negative rating action.
COMPANY PROFILE
Incorporated in 1999, CGJPL offers a wide range of services at
Sirhind Rajpura Punjab. The company operates fuel stations of
Hindustan Petroleum Corporation Limited (IND AAA/Stable), motels,
shopping malls and restaurants.
CAPTRONIC SYSTEMS: ICRA Lowers Rating on INR2cr Loan to B-
----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR2.00-
crore fund-based facilities of Captronic Systems Private Limited
(CSPL) to [ICRA]B- from [ICRA]B+ and has reaffirmed the short-
term rating assigned to the INR8.00-crore non-fund based
facilities at [ICRA]A4. The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B-(Stable); Downgraded
Cash Credit from [ICRA]B+(Stable)
Short Term-
Bank Guarantee 8.00 [ICRA]A4; Reaffirmed
Rationale
The revision in the rating primarily takes into account the
company's weak operational and financial performance, as
reflected by an operating loss of INR0.4 crore and a cash loss of
INR2.6 crore in FY2018, owing to delay in projects execution. The
ratings also consider the company's weak financial risk profile,
characterised by the modest scale of operation, high gearing,
weak coverage indicators and high working capital intensity. The
ratings also factor in the sizeable interest outgo and debt
repayment obligations towards the loans availed, coupled with the
stretched liquidity position on account of long collection period
from Government clients. ICRA notes that the company's revenue
and margin remained volatile over the last few years owing to
project-specific requirements of its customers and delays at the
customers' end, leading to revenue deferment. Further, the
ratings consider the seasonality in cash flows, highly
concentrated in the third and fourth quarters, and the
vulnerability of the company's margins to foreign exchange
fluctuations. ICRA also notes the company's high reliance on
National Instruments Corporation for the procurement of critical
hardware and software requirements. However, an established
relationship with the supplier and CSPL's status as a Platinum
Alliance Partner, provides comfort to an extent.
The ratings, however, continue to derive comfort from the
management's extensive experience in custom-automated test
equipment, data acquisition and control systems mainly for
defence and aerospace; and the company's technical competence, as
reflected by its successful track record of design, development
and execution of various types of defence and aerospace projects.
The ratings consider the company's renowned client base and its
order book of INR20.4 crore primarily from the Defence Research
Development Organisation (DRDO) laboratories, Indian Space
Research Organisation (ISRO) establishments and automotive
customers supporting its revenue visibility over the near term.
ICRA also notes the company's favourable business outlook due to
the defence offset requirements and the fillip derived from the
Make in India policy.
Outlook: Stable
ICRA expects CSPL will continue to benefit from the promoter's
extensive experience in design and development of the custom-
automated test equipment, data acquisition and control systems,
majorly for defence and aerospace. Under the automotive segment,
the company has acquired several new customers like Renault
Nissan Technology & Business Centre, Visteon Electronics India
Pvt. Ltd., Mahindra Research Valley etc, which are likely to
support revenue growth and improve liquidity position. The
outlook may be revised to Positive if substantial growth in
revenues and profitability and better working capital management
strengthen the overall financial risk profile. The outlook may be
revised to Negative, in case lower-than-expected cash accruals or
increase in working capital requirements, weakens the liquidity
position of the company.
Key rating drivers
Credit strengths
Promoter's established track record in industry: The promoter has
an overall experience of 26 years, including over 20 years of
experience in design and development of automated test equipment,
data acquisition and control systems, mainly for defence and
aerospace. The company has increased its focus on the automobile
sector as evident from the higher revenue contribution from it in
FY2018.
Long-term relationship with key customers: The company has an
established and renowned customer base, which includes various
defence laboratories under DRDO, ISRO, Vikram Sarabhai Space
Centre (VSSC), Centre for Airborne Systems (CABS), Aeronautical
Development Establishment (ADE), Aeronautical Development Agency
(ADA), Hindustan Aeronautics Limited (HAL), Bharat Electronics
Limited (BEL), other PSUs etc.
Moderately diversified product/service portfolio across
industries: The company provides a range of products and services
in the field of custom-automated test controls, data acquisition
and control systems for various industries. In FY2018, the
company derived 31.7% of its revenue from the aerospace segment,
23.0% from the defence segment (where it has a strong presence)
and the remaining 45.3% from the automotive sector and other
industries such as manufacturing, power etc.
Credit challenges
Weak financial profile: The company's financial risk profile is
characterised by the modest scale of operation, high gearing,
weak coverage indicators and high working capital intensity. In
FY2018, the company reported a net loss of INR3.4 crore on an
operating income (OI) of INR28.4 crore.
Volatile revenues and profit margins: The company's revenues and
margins have been volatile over the last few years owing to
project-specific requirements of its customers, and delays at the
customer end, leading to revenue deferment.
Stretched liquidity position: There are significant delays in the
collection of receivables, which remain outstanding for over six
months as the company generates a significant portion of the
total revenues from supplies to Government agencies, resulting in
high liquidity pressure as reflected by the fully-utilised fund-
based and non-fund based working capital facilities.
Vulnerability of profitability to adverse currency movements: The
company's margins are exposed to the foreign currency fluctuation
risk as it imports a major portion of the commercial off-the-
shelf (COTS) goods. Any adverse movement in the foreign exchange
rates could adversely impact the margins, considering it does not
have any hedging mechanism in place.
Captronic Systems Private Limited (CSPL) is primarily involved in
the design and development of custom-automated test equipment,
data acquisition and control systems. The company is also a
system integrator for application development in aerospace,
defence, automotive, manufacturing, and power sector solutions.
It provides offshore outsourcing services for software
development and validation testing. It is an ISO 9001 and CSIA
Level 1 certified company.
In FY2018, the company reported a net loss of INR3.4 crore on an
operating income of INR28.4 crore, compared to a net profit of
INR1.6 crore on an operating income of INR39.0 crore in the
previous year.
DAYAL STEEL: CRISIL Assigns B+ Rating to INR4cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the bank
facilities of Dayal Steel and Construction Private Limited
(DSCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Assigned)
Term Loan 4 CRISIL B+/Stable (Assigned)
The rating reflects the working capital-intensive operations and
weak financial risk profile. These rating strengths are partially
offset by promoters' extensive experience and funding support.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: Operations are highly
working capital-intensive, as reflected in gross current assets
of 670 days as on March 31, 2017 due to high debtors of 573 days
as on March 31, 2017.
* Weak financial risk profile: The financial metrics are weak,
with modest networth and moderate gearing (INR9.4 crore and at
1.3 times, respectively as on March 31, 2017). Debt protection
metrics are average: interest coverage and net cash accrual to
total debt ratios were of 1.1 and 0.13 times respectively for
fiscal 2016-17.
Strengths
* Promoter's extensive experience: The promoters have been in the
transport and hotel industry for around 2 decades and have a keen
grasp of local market dynamics and price trends. They help
calibrate purchasing and stocking decisions and in bringing
significant business linkages over and above the financial
support they continue to extend.
Outlook: Stable
CRISIL believes DSCPL will continue to benefit from the
promoters' extensive experience and funding support. The outlook
may be revised to 'Positive' if revenue growth and stable
profitability leading to stronger cash accrual. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly capital structure and liquidity, weakens
considerably due to lower revenue, profitability and cash
accrual, or stretch in working capital cycle.
Incorporated in 2009 by Mr Niraj Kumar Singh, Mr Manoj Kumar
Singh, Mr Ranjay Kumar Singh, and Mrs. Sandhya Singh, DSCPL is
present in the transportation and hotel businesses.
EASTERN MATTRESSES: CRISIL Cuts Rating on INR8.5cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Eastern Mattresses Private Limited (EMPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Term Loan 6.5 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects weakening of EMPL's financial risk
profile as a result of weak operating performance. Although
operating income increased marginally from INR45 crore in FY2017
to INR48 crore in FY2018, operating margin declined from 3.9% to
(8.6%). As a result, cash accrual declined from INR0.5 crore in
FY2017 to INR(5.7) crore in FY2018. Further, the capital
structure has also weakened, as indicated by the decline in net
worth from INR6 crore as on March 31 2017 to INR3 crore as on
March 31 2018 and increase in gearing from 1.7 times to 4.6 times
during the same period.
The rating reflects EMPL's modest scale of operations and below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of EMPL's promoters in the
mattress manufacturing industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Revenue was around INR48 crore in
fiscal 2018. The modest scale of operations restricts the
company's bargaining capacity with suppliers and customers and
exposes it to competition from larger players.
* Below-average financial risk profile: Financial risk profile is
below average with modest networth and high gearing of INR3.0
crore and 4.6 times, respectively, as on March 31, 2018. Debt
protection metrics are weak, with net cash accrual to total debt
and interest coverage ratio of -41% and -2.7 times, respectively,
in fiscal 2018.
Strength
* Extensive experience of the promoters: Benefits from the
promoters' near two decade-experience in the industry and
established relationships with suppliers and customers should
support the business.
Outlook: Stable
CRISIL believes EMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if equity infusion or larger accretion to reserves
improve financial risk profile and thereby strengthens the
capital structure. The outlook may be revised to 'Negative' if
decline in revenue or profitability, stretch in the working
capital cycle or any large debt-funded capital expenditure
(capex) weakens the financial risk profile.
Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra. EMPL is based in Thodupuzha, Kerala
and its operations are managed by Mr Firoz Meeran and Mr Nawas
Meeran.
GLOBAL INSTITUTE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR20.0 crore bank facilities of
Global Institute of Medical Science & Health Care (GIMSH)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 20.0 [ICRA]B+ (Stable) ISSUER NOT
Based COOPERATING; Continues to
remain Issuer Not Cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in November 2011, GIMSH is a closely-held company
registered under section 25 (not for Profit Company) that is
setting up a 300-bed multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, have extensive experience in the
healthcare sector and are currently running a 130-bedd hospital
in Jabalpur, Madhya Pradesh. They are also managing the affairs
of medical and engineering institutes (Institutes under Global
Nature Care Sangathan) located in Madhya Pradesh.
GIRIJASHANKAR COTTON: ICRA Retains B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR8.0 crore bank facilities of
Girijashankar Cotton Private Limited (GSPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 7.0 [ICRA]B+ (Stable) ISSUER NOT
based (CC Limit) COOPERATING; Continues to
remain Issuer Not Cooperating
category
Long term 1.0 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Continues to
remain Issuer Not Cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in October 2005, GCPL is engaged in cotton ginning
and pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the
firm is of various kinds such as desi, Shankar 6, BB, MCU-5 and
H4 cotton variety which is of high quality with staple length of
28-32 mm. The manufacturing facility is located in Sendhwa,
Madhya Pradesh.
The company registered an operating income (OI) of INR17.6 crore
with a profit after tax (PAT) of INR0.4 crore in FY2016.
HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.56cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR5.56-crore fund-based facilities of Hunsur Plywood Works Pvt.
Ltd. (HPWPL). ICRA has also reaffirmed the short-term rating at
[ICRA]A4 for the INR9.50-crore non-fund based facilities of
HPWPL. The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Facilities 5.56 [ICRA]B+ (Stable); reaffirmed
Non-fund based
facilities 9.50 [ICRA]A4; reaffirmed
Rationale
The reaffirmation of ratings considers HPWPL's modest scale of
operations despite moderate revenue growth of ~9% in FY2018 over
the previous fiscal, restricting its operational and financial
flexibility. The ratings also factor in the moderate financial
profile characterised by thin net margins, moderate capital
structure and coverage indicators along with high working-capital
intensity due to high inventory holdings. ICRA notes that HPWPL's
margins remain exposed to fluctuations in raw material prices as
well as forex rates as a major portion of the raw materials are
imported. The ratings further consider the intense competition in
the industry and the fragmented nature of the business, which
limits the company's bargaining power and pricing flexibility and
exerts pressure on its revenues and margins.
The ratings, however, continue to take comfort from the extensive
experience of the promoters and established presence of the
company in the timber industry. The ratings also take comfort
from the company's established relationship with key customers
and its diversified clientele, which mitigate the counterparty
risk to some extent and lend stability to revenues. The ratings
also positively factor in the stable demand outlook for timber
given the demand from furniture, real estate and infrastructure
sectors. Going forward, HPWPL's ability to scale up operations
and improve profitability while effectively managing working
capital requirements and foreign exchange fluctuations will be
the key rating sensitivities.
Outlook: Stable
ICRA believes that HPWPL will continue to benefit from the
extensive experience of its promoters in the timber business and
its established relationship with key customers. The outlook may
be revised to Positive if the firm is able to demonstrate
substantial and sustainable growth in revenues and profitability,
resulting in strong cash accruals, strengthening the overall
financial risk profile. The outlook may be revised to Negative if
weaker-than-expected operating performance and/or if higher-than-
anticipated capital expenditure, or a stretch in the working
capital cycle, weakens the liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters in the timber business: Mr.
Moiz S Vagh and his family members, the promoters of HPWPL, have
over four decades of experience in the timber and plywood
industry. The promoters also have controlling stake in Group
entities such as Pyramid Timber Associated Private Limited, The
Decorative Laminates India Private Limited and Ferro Foundries
Private Limited, which are mainly involved in similar line of
business. The company derives most of its revenue (~93% in
FY2018) from the sale of plywood and decorative plywood.
Long-term association with key customers: With long presence in
the timber business, the promoters have established strong
association with dealers and timber marts in Bengaluru,
Hyderabad, Mysore and other parts of South India, which supports
business volumes.
Credit challenges
Modest scale of operations: HPWPL's scale of operations continue
to remain modest at INR38.7 crore in FY2018 despite registering
~9% growth over FY2017, which was supported by improved demand
from the end-user industry. The moderate scale of operations
restricts operational and financial flexibility to a major
extent.
Financial profile characterised by moderate capital structure and
coverage indicators: High inventory holding requirements lead to
reliance on external borrowings for funding, resulting in high
debt levels and moderate capital structure with a gearing of 2.0
times as on March 31, 2018 and moderate coverage indicators.
Profitability exposed to forex risk: The company imports ~50-60%
of its raw materials from Burma, Malaysia, Italy, North Africa
and the US against 180 days letter of credit, which expose
margins to foreign exchange rates fluctuations in the absence of
any formal hedging mechanism.
Intense competition in a highly fragmented industry limits
bargaining power: Intense competition and the fragmented nature
of the industry limit its overall bargaining power as well as the
pricing flexibility. Demand for plywood is directly related to
the growth of construction and real-estate sectors, which expose
the company to sectoral concentration risk to an extent. However,
HPWPL's established relationship with its major customers offers
comfort to some extent.
Established in 1962, HPWPL is promoted by Mr. Moiz S Vagh and
family. It manufactures hardwood and decorative plywood, block
boards, flush doors and decorative veneers. The company's
manufacturing facility is at Hunsur in Mysore district of
Karnataka and is spread over 26 acres of land, with an installed
capacity to manufacture 1.0 million square feet of plywood per
annum. The company's products are marketed under the brand,
Hunsply.
In FY2018, the company reported a net profit of INR0.6 crore on
an OI of INR38.7 crore compared to a net profit of INR0.4 crore
on an OI of INR35.6 crore in the previous year.
JAI MAAKALI: ICRA Lowers Rating on INR45cr Cash Loan to D
---------------------------------------------------------
ICRA has revised the rating of bank facilities of Jai Maakali
Fish Farms Private Limited (JMFFPL) to [ICRA]D from [ICRA]B-. The
rating continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 45.00 [ICRA]D ISSUER NOT COOPERATING;
Revised from [ICRA]B-(Stable);
Rating continuous to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
Rationale
The rating downgrade factors in delays in debt servicing with
cash credit limits overutilized beyond 30 days due to liquidity
pressures arising from delays in payments by customers.
Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the
Jai Maakali Group of companies based at Tanuku, West Godavari
district. JMFFPL was incorporated in2003 and is engaged in fish
farming. The company is engaged in cultivation of fish such as
Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages
in West Godavari District (Andhra Pradesh). The annual production
capacity is around 10000 tonnes.
JASSMINE ENTERPRISES: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating of [ICRA]BB- with Stable
outlook and short-term rating of [ICRA]A4 assigned to the
INR16.00 crore fund-based bank limits of Jassmine Enterprises to
[ICRA]D. The ratings continue to remain under 'ISSUER NOT
COOPERATING' category and are denoted as '[ICRA]D ISSUER NOT
COOPERATING'. ICRA had earlier moved the ratings to 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term-Fund 10.00 [ICRA]D ISSUER NOT COOPERATING;
Based Cash Credit Downgraded from [ICRA]BB-
(Stable); Continues to remain
under NDS
Non-cooperation 6.00 [ICRA]D ISSUER NOT COOPERATING;
Short-Term- Downgraded from [ICRA]A4;
Fund Based Continues to remain under NDS
Rationale
The ratings downgrade takes into account instances of delays in
debt servicing during the past three months. The company's
liquidity position has remained stretched following delayed
payments from its customers. The ratings are also constrained by
the financial profile of the firm characterised by thin profit
margins due to the minimal value addition. The capital structure
of the firm too has deteriorated because of withdrawal of capital
due to the retirement of a partner, as reflected by a gearing of
2.02 times as on March 31, 2017. The ratings also take into
consideration the vulnerability of the firm's profitability to
fluctuations in foreign exchange rates, as the export sales have
grown year-on-year.
However, the ratings draw comfort from the significant experience
of the firm's promoters in the textile trading industry, and the
location advantage enjoyed in terms of proximity to customers and
suppliers.
Key rating drivers
Credit strengths
Extensive experience of the promoters in the textile business:
The partners of the firm, Mr. Mukesh Kumar Gadhiya and Mr. Shyam
Sunder Motwani have an experience of more than 25 years in the
textile business, especially in fabric trading. Due to the vast
knowledge of the foreign markets and business relationships
established over the years, the turnover of the firm has grown at
a healthy rate, especially the share of exports.
Location advantage by virtue of proximity to suppliers and
customers: The firm's office and warehousing facility is located
in Mumbai area which is close to Surat and Bhiwandi, home to many
fabric manufacturers. The proximity to suppliers ensures a steady
supply of required fabrics. JE also has the advantage of being
close to a large and easily accessible customer base. Since the
firm is also involved in exports of fabrics and readymade
garments, the location of its warehouse in Navi Mumbai has proved
to be an added advantage in terms of proximity to Jawaharlal
Nehru Port Trust (JNPT).
Credit challenges
Delays in servicing debt obligations: The firm was not able to
service its debt obligations in timely and regular manner due to
non-receipt of pending receivables from its customers. Hence its
account was moved to non-performing asset (NPA) category by the
bank on September 7, 2018.
Stretched liquidity on account of delayed realisation from
customers leading to stretched creditors and high working capital
limits utilization: The liquidity position of the firm has
remained stretched on account of increase in debtors which is
managed by stretched creditors. Also, the utilisation of cash
credit limits has remained high with average utilisation of 96%
during the period - September 2016 to August 2017.
Low profitability and accruals due to limited value additive
nature of business: The firm trades in various types of fabrics
and readymade garments which hardly involves any kind of value
addition. Limited value addition in the fabrics trading business
has kept the operating profit margins low at 2.16% in FY2017
(2.79% in FY2016). This along with high interest cost has subdued
the net profit margin to 0.57% in FY2017.
Leveraged capital structure due to withdrawal of partner's
capital: Due to the retirement of one of the partners, capital
was withdrawn from the business as on March 31, 2017. This led to
deterioration of the capital structure with the gearing increased
to 2.02 times as on March 31, 2017 from 0.79 time as on March 31,
2016. Even though the gearing improved in FY2018, it still
remained high at 1.56 times as on July 31, 2017.
Profitability vulnerable to volatility in currency market: With
48% of the revenue being generated from the export market in
FY2017, the receipts are exposed to adverse movements in the
Indian Rupee against the US Dollar. The volatility could have a
significant impact on the margins of the firm. JE enjoys export
incentives in the form of Duty Drawback and Merchandise Export
from India Scheme (MEIS) which support the operating profit
margins of the firm.
Jassmine Enterprises was established as a partnership concern in
August 2012. The firm was initially managed by the partners, Mr.
Shyam Sunder Motwani and Mr. Umesh Jani while Mr. Mukesh Kumar
Gadhiya joined the firm as partner in FY2016. However, in FY2017,
Mr. Umesh Jani retired from the business as partner. The firm has
its registered office in Mumbai and a warehouse facility in Navi
Mumbai (Maharashtra). It is involved in trading of various types
of fabrics, dress materials and readymade garments such as salwar
suits, shirts, kids' garments, tops and legins.
JE recorded a profit after tax of INR0.71 crore on an operating
income of INR124.64 crore for the year ending March 31, 2017.
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR14cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR14.00-crore fund-based facilities of Jivandhara Cotton
Industries. The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-
Cash Credit 14.00 [ICRA]B+ (Stable); Reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by the
low operating income and profitability, stretched capital
structure and weak coverage indicators. The rating also factors
in the vulnerability of the company's profitability to
fluctuations in raw material prices (raw cotton), considering the
inherently low value-added ginning business and the stiff
industry competition. Further, it is also exposed to regulatory
risks with regard to the minimum support price (MSP), which is
set by the Government. ICRA notes the partnership constitution of
JCI, wherein any significant withdrawal from the capital account
could adversely impact its net worth and thereby its credit
profile.
The rating reaffirmation, however, continues to favourably factor
in the extensive experience of the promoters in the cotton
ginning industry and the proximity of the company's manufacturing
unit to raw material sources.
Outlook: Stable
ICRA believes that JCI will continue to benefit from the
experience of the promoters in the cotton ginning industry. The
outlook may be revised to Positive if substantial growth in
revenue and profitability leads to adequate net cash accruals and
capital infusion, which strengthens its financial risk profile.
Conversely, the outlook may be revised to Negative if lower-than-
expected sales and profitability leads to lower-than-expected
cash accruals; or any major capital withdrawals or stretch in the
working capital cycle weakens the capital structure and the
overall liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters in cotton ginning industry: The
promoters of JCI have over a decade of experience in the cotton
ginning industry, resulting in established relationships with
customers.
Location-specific advantages: The firm is based in Rajkot
(Gujarat), an area of high cotton acreage and quality cotton
crop. Hence, the firm benefits in terms of lower transportation
cost and easy access to quality raw material because of its
proximity to raw material suppliers.
Credit challenges
Weak financial risk profile: The company's operating income
witnessed a sharp decline of 44% to INR58.76 crore in FY2018 from
INR104.54 crore in FY2017 as the management carried out
production in Navjivan Cotton Industries (Group concern) wherein
they received electricity duty exemption, which reduces the cost
of production. However, because of the low value-added nature of
the cotton ginning operations and the stiff competition, the
profitability continues to remain low with the operating
profitability at 0.33% in FY2018. However, the net profit margin
was better than the operating profitability; at 0.42% in FY2018
due to non-operating income earned, though continued to remain
low. Low profitability and high debt level resulted in weak debt
protection metrics with TD/OPBITDA of 21.93 times and an NCA/TD
of 4% as on March 31, 2018.
Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various
factors such as seasonality, climatic conditions, global demand
and supply situation, and export policy. Further, it is also
exposed to the regulatory risks with regard to the MSP set by the
Government.
Intense competition and fragmented industry structure - The
cotton ginning industry is highly fragmented with presence of
numerous small to mid-sized players. Thus, the firm faces stiff
competition, which limits its bargaining power and exerts
pressure on its margins.
Risks associated with partnership concern: Any capital
withdrawal, given the partnership nature of the firm, could
adversely impact its capital structure.
Jivandhara Cotton Industries (JCI) was established in 2006 and is
engaged in cotton ginning and pressing business. The firm has 28
ginning machines and one pressing machine; its production
capacity is 9,360 MTPA. The firm is managed by the Kadivar
family, with its manufacturing facility at Wankaner, in Rajkot
district. JCI also has an associate concern, Navjivan Cotton
Industries, which is engaged in same line of business.
In FY2017, the firm reported a net profit of INR0.44 crore on an
operating income (OI) of INR104.54 crore as against a net profit
of INR0.07 crore on an OI of INR22.46 crore in FY2016. In FY2018
(provisional financial statements), the company reported a net
profit of INR0.25 crore on an OI of INR58.76 crore.
KKR SPICES: CRISIL Assigns B+ Rating to INR5cr Cash Loan
--------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank loan
facilities of KKR Spices and Oleoresins Private Limited (KKR).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 1 CRISIL B+/Stable (Assigned)
The ratings reflect KKR's modest scale of operations in the
intensely competitive pulse processing and trading industry. The
rating also factors in the firm's below-average financial risk
profile, with modest net worth and weak debt protection metrics.
These weaknesses are partially offset by KKR's established
relationships with customers and suppliers, and its promoters'
extensive industry experience.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in fragmented industry: KKR scale of
operations has remained modest over the years which limits its
ability to benefit from economies of scale that are available to
players with larger volumes. Further, the domestic trading
business is fragmented, with numerous small-sized unorganized
players catering to local demands resulting in lower firm's
ability to bargain with its suppliers and customers, leading to
pressure on its operating margin.
* Below-average financial risk profile: The below-average
financial risk profile, marked by a small net worth, high total
outside liabilities to tangible net worth (TOLTNW) ratio and
below average debt protection metrics renders its financial risk
profile highly susceptible to external business shocks such as a
slowdown in the business or any incremental debt.
Strengths
* Promoters' extensive industry experience and established
relations with customers and suppliers: KKR trades in and chilies
and the promoter family has been in the agro commodities trading
business for the past five decades. Over the years, the promoter
family has developed strong relations with major suppliers and
customers in the southern region resulting in healthy growth in
revenues over the years.
Outlook: Stable
CRISIL believes that KKR will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
healthy growth in revenues and profitability leading to improved
cash accruals and interest coverage. Conversely, the outlook may
be revised to 'Negative' if low revenue and profitability, or any
large capital expenditure (capex) programme weakens KKR's
financial risk profile.
Incorporated in the year 2010 and based out of Nellore, KKR is
involved into trading of chilies. The Company is promoted by Mr.
Kilari Venkata Rosiah and Ms. Kilari I Lakshmi Saraswati.
KWALITY LTD: KKR Files Insolvency Bid Against Firm
--------------------------------------------------
The Hindu reports that global private equity player KKR has filed
insolvency plea against Kwality Ltd. before the National Company
Law Tribunal (NCLT).
In 2016, Kwality had announced that it had raised INR300 crore
from KKR India Financial Services and got additional commitment
of INR220 crore, The Hindu recalls. According to the report, the
amount was raised to fund its expansion plans and enter into
consumer segment.
The matter was listed for Oct. 22 before an NCLT bench in Delhi
comprising Ina Malhotra and Deepa Krishan, the report says.
The Hindu adds that the company had earlier this month informed
the BSE that KKR India Financial Services Private Ltd. has filed
a petition before NCLT under section 7 of IBC 2016.
Kwality Limited manufactures dairy products which includes
skimmed milk powder, diary whitener, whole milk powder, ice cream
mix powder, butter and ghee.
L. P. GREENS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of L. P. Greens
(LPG) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 6.15 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 8.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with LPG for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LPG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LPG is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of LPG to 'CRISIL B+/Stable Issuer not cooperating'.
Established in November 2013, L. P. Green is proprietorship
concern promoted by Mr. Kesho Lal Goel. The hotel has three
banquet halls, three conference halls, 62 rooms, in-house
recreational rooms and restaurants. The hotel was operationalized
in June ' 2017.
LOKNETE SUNDERRAOJI: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Loknete
Sunderraoji Solanke Sahakari Sakhar Karkhana Limited (LSSSSKL)
from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 30 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facilities of LSSSSKL to 'CRISIL
B+/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing the information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.
The rating continues to reflect societies established presence in
the sugar industry and healthy relationship with farmers,
integrated nature of its operations and moderate financial risk
profile. These strengths are partially offset by working capital
intensive operations and exposure to regulatory changes and
cyclicality in the sugar industry.
Key Rating Drivers & Detailed Description
Strengths
* Established market position and healthy relationship with
member farmers: Benefits from the company's long-standing
presence in the Maharashtra (Beed district) sugar industry since
1992 and the established relationships with local farmers
supports the business.
* Integrated operations and a favorable outlook for the sugar
industry: The company produces sugar and by-products, such as
rectified spirit and ethanol through a distillery, and power
through a co-gen plant. Integrated operations and healthy margin
estimated on by-products will ensure a better operating
performance over medium term. Benefits would also be derived from
sustained sugar prices and a favourable demand-supply scenario,
over the medium term.
Weaknesses
* Leverage Capital Structure: Despite moderate Networth of
INR38.9 crore, gearing remains high at 7.97 times, as on March
31, 2018, due to higher reliance on external debt.
* Working capital-intensive operations: Gross current assets
stood at 405 days as on March 31, 2018, because of substantial
inventory of 417 days, thereby constraining liquidity.
* Exposure to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated
and is also exposed to risks related to seasonality in sugarcane
production. These factors can impact the scale of operations and
margin.
Outlook: Stable
CRISIL believes LSSSSKL will continue to benefit from its
established relationship with farmers in the command area, and
integrated operations. The outlook may be revised to 'Positive'
if significant improvement in cash accrual, supported by higher
revenue and operating margin, leads to a sustainably stronger
capital structure. The outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens on
account of low cash accrual or a stretch in the working capital
cycle caused by further increase in inventory.
LSSSSKL was established in 1992 by Late Sunderraoji Solanke and
his family. The company is based in Beed, Maharashtra and
manufactures sugar with a cane crushing capacity of 5000 tonne
per day, a 22-megawatt co-generation power plant and 45
kiloliters per day distillery.
M.P.K. ISPAT: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.P.K. Ispat
India Private Limited (MPKI) to CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Standby Line
of Credit 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 6.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MPKI for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MPKI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPKI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPKI to CRISIL D/CRISIL D Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPKI, MPK Metals Pvt Ltd (MPKM), and
MPK Steels India Pvt Ltd (MPKS). This is because the three
companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKS have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.
About the Group
MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the
products under its own brand, MPK. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj
Upadhyay.
MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the
company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj
Upadhyay.
MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to
March 31) with 2013-14 being its first full year of operations.
The company has been set up as a backward integration unit of the
group to manufacture steel billets and ingots for captive
consumption in MPKS and MPKM. The company has its plant in Bagru
(Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr.
Manoj Upadhyay.
M.P.K. STEEL: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.P.K. Steel
India Private Limited (MPKS) to CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 0.36 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Standby Line of
Credit 0.50 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 2.44 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MPKS for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MPKS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPKS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPKS to CRISIL D Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPKS, MPK Metals Pvt Ltd (MPKM), and
MPKI Ispat India Pvt Ltd (MPKI). This is because the three
companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKS have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.
About the Group
MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the
products under its own brand, MPK. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj
Upadhyay.
MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the
company are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj
Upadhyay.
MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the
group to manufacture steel billets and ingots for captive
consumption in MPKS and MPKM. The company has its plant in Bagru
(Jaipur) and is managed by Mr. Santosh Kumar Upadhyay and Mr.
Manoj Upadhyay.
M.R. OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.R.
Overseas Private Limited (MROPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 47 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MROPL for
obtaining information through letters and emails dated July 23,
2018 and August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MROPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MROPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MROPL to 'CRISIL B+/Stable Issuer not cooperating'.
MROPL was originally set up as a partnership firm in 1996 by Mr
Nand Kumar Arora, Mr Rajesh Kumar Arora, Mr Sanjiv Kumar Arora,
and Mr Rohit Arora, and was reconstituted as a private limited
company in 1998. It processes basmati rice varieties (PUSA 1121,
PUSA 1509, traditional basmati, and blended rice) in the domestic
and overseas markets, and has milling and sorting capacity of 8
tonne per hour (tph) and 6 tph, respectively. Its plant is in
Delhi and has Hazard Analysis and Critical Control Points
(HACCP), ISO 9001:2001, and US Food and Drug Administration
(USFDA) certifications.
MAHESH GINNING: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR5.25 crore bank facilities of
Mahesh Ginning Private Limited (MGPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term 5.25 [ICRA]B+ (Stable) ISSUER NOT
fund based COOPERATING; Continues to
remain Issuer Not Cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is part of the Mahesh Group belonging to the
Tayal family of Sendhwa, Madhya Pradesh, which is predominantly
engaged in cotton trading and ginning, and has more than two
decades of experience in this line of business. MGPL procures
kapas from farmers/mandis, which is processed in ginning mills
for removing seeds and other impurities. The cotton bales are
sold to spinning mills and traders whereas cotton seeds are sold
to oil extraction units.
The entity reported a net profit of INR0.47 crore on an operating
income of INR33.92 crore in FY2016 as against net profit of
INR0.18 crore on an operating income of INR40.41 crore in FY2015.
MARUTI NANDAN: CRISIL Lowers Rating on INR10.1cr Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maruti Nandan Oils Private Limited (MOPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Proposed Long Term 2.4 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
Warehouse 10.1 CRISIL B-/Stable (Downgraded
Financing from 'CRISIL B/Stable')
The downgrade reflects weakening of the MOPL's business risk
profile; revenue and operating margin fell to INR49.72 crore and
1%, respectively, in fiscal 2018 from INR50.96 crore and 4.3% in
fiscal 2018. Liquidity was also constrained as cash accrual was
inadequate to meet maturing debt.
The rating also factors in MOPL's volatile profitability and a
modest financial risk profile. These weaknesses are partially
offset by the experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Volatile profitability: Operating margin has been 0.9-4.3% for
the three fiscals through 2018 because of fluctuations in price
of raw materials. The margin is expected to remain modest over
the medium term due to low value addition and intense
competition.
* Modest financial risk profile: Low operating margin led to weak
debt protection metrics, with interest coverage and net cash
accrual to adjusted debt ratios of 0.68 time and 0.03 time,
respectively, in fiscal 2018. The metrics are likely to remain
muted over the medium term. Total outside liabilities to adjusted
networth ratio was 1.1 times as on March 31, 2018.
Strength
* Experience of promoters: Benefits from the promoters'
experience of over a decade, their strong understanding of local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.
Outlook: Stable
CRISIL believes MOPL's business risk profile will remain
constrained over the medium term by large working capital
requirement. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and profitability
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if stretched working capital cycle or
any large, debt-funded capital expenditure weaken financial risk
profile.
MOPL, incorporated in 2008 at Mansa (Punjab), extracts rice bran
oil with installed capacity of 400 million tonne per day. Mr
Sunny Kumar and Mr Parminder Kumar are the promoters.
MARUTI PRODUCTS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR21.78 crore bank facilities of
Maruti Products Private Limited (MPPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 4.28 [ICRA]B+ (Stable) ISSUER NOT
based (Term Loan) COOPERATING; Continues to
remain Issuer Not Cooperating
category
Long-term/short- 17.50 [ICRA]B+(Stable)/A4 ISSUER NOT
term fund-based/ COOPERATING; Continues to
non fund-based remain Issuer Not Cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in April 2010, MPPL manufactures steel billets in
its manufacturing facility located in Jaipur with a total
installed capacity of 27,000 Metric Tonne Per Annum (MTPA). The
company procures its key raw materialssuch as sponge iron and
steel scrap from domestic as well as international market and
supplies its product to the rolling mills located in Rajasthan.
MINOP INNOVATIVE: CRISIL Migrates 'C' Rating from Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on the bank facilities of Minop
Innovative Technologies Pvt. Ltd. (MITPL) from 'CRISIL
C/FC/CRISIL A4 Issuer Not Cooperating' to 'CRISIL C/FC/CRISIL A4'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 9 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 1 CRISIL C (Migrated from
'CRISIL C ISSUER NOT
COOPERATING')
Proposed Short Term 1 CRISIL A4 (Migrated from
Bank Loan Facility 'CRISIL A4 ISSUER NOT
COOPERATING')
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
of MITPL to 'CRISIL C/FC/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of the rating. Consequently, CRISIL is migrating its
rating on the bank facilities of MITPL from 'CRISIL C/FC/CRISIL
A4 Issuer Not Cooperating' to 'CRISIL C/FC/CRISIL A4'
The rating continues to reflect delay in debt servicing (not
rated by CRISIL), which is regularized as on date, modest scale
of operations and exposure to high project concentration risk.
These weaknesses are partially offset by experience of promoters.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Scale of operations remains modest
with operating income of INR1.88 crore in fiscal 2018.
* Exposure to high project concentration risk: Project
concentration risk is high, since only one contract'with Bharat
Coking Coal Ltd (BCCL) - exists. Delays in the timely receipt of
payments from BCCL results in cash flow mismatches. It had led to
delay in debt servicing of loan (not rated by CRISIL), however,
it is repaid fully as on September 2018. The company had issued a
writ Petition against BCCL (Bharat coking Coal Limited) for their
unilateral decision of banning the project for 3 years, the
judgement of high court has come in favor of the company and
operations will be resumed soon.
Strength
* Experience of promoters: The promoters have over three decades
of experience in design and planning, exploration, development of
mines through the group company, Maheshwari Mining Pvt Ltd -
('CRISIL B+/FB+/Stable/CRISIL A4 Issuer Not Cooperating') -
engaged in similar line of business.
MITPL, incorporated in December 2005, has undertaken a contract
for the development of the Muraidih underground mines (in
Jharkhand) of BCCL and extraction of coal from Muraidih I and III
seam. The company obtained the contract under a consortium with
it being the leader. MITPL is equally owned by families of Mr
Biswanath Pan, Mr Sanjiv Kumar Ganeriwala, and Mr Pravin
Parkeria.
MUMS MEGA: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the INR95.0 crore bank facilities of
Mums Mega Food Park Private Limited (MMFPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term 95.0 [ICRA]B (Stable) ISSUER NOT
fund based COOPERATING; Continues to
remain Issuer Not Cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
MMFP is a special purpose vehicle (SPV) which was incorporated in
January 2012, to undertake a Mega Food Park project in the Buxar
district of Bihar under the MoFPI's Mega Food Parks Scheme. The
cost of the project estimated at INR154.48 crore, is proposed to
be funded by INR32.32 crore of equity, INR50 crore of grant from
MoFPI, INR15 crore of grant from Government of Bihar and INR57.16
crore of term loans.The company is promoted by Ultra Home
Construction Pvt Ltd and ABIP, entities belonging to the Amrapali
group. The Amrapali group is a well established real estate
player in Delhi with execution track record of residential and
commercial projects across the National Capital Region. ABIP
manufactures products such as corn flakes, jams, pickles, sauce
and vinegar, under the brand name 'Mums'. The company has started
a new unit in Buxar for manufacturing of corn flakes and grits.
NAYARA ENERGY: Moody's Assigns Ba2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Nayara Energy Limited.
The rating outlook is stable.
RATINGS RATIONALE
Nayara operates a refinery in Vadinar, India with a total crude
distillation capacity of 20 million metric tons per annum
(mmtpa). The refinery has a high complexity index of 11.8.
"Nayara's Ba2 CFR is underpinned by its strategically-located
refinery with a stable operating track record, strong margins
supported by its high-complexity refinery and integrated
infrastructure, as well as its moderate credit metrics," says
Rachel Chua, a Moody's Assistant Vice President and Analyst.
Moody's expects Nayara's leverage will improve over the next 12-
18 months, with adjusted retained cash flow (RCF)/debt of 16%-18%
from 12% in FY2018.
The Ba2 rating also takes into account Nayara's supportive
shareholder group - PJSC Oil Company Rosneft (Baa3 stable) and a
consortium comprising Trafigura Holdings Pte Ltd and UCP PE
Investment Limited - which acquired the company in August 2017.
Given Nayara's working relationships with Rosneft and Trafigura,
Moody's expects the new shareholder group will provide
operational, technical and management expertise and oversight.
"At the same time, the rating assumes that Nayara will not be
subject to current or future sanctions imposed on its
shareholders," adds Chua, who is also Moody's lead analyst for
Nayara. "Such a scenario would be credit negative, and if it
occurs, would prompt us to reassess Nayara's business profile and
the credit implications."
The rating remains constrained by Nayara's moderate refinery
scale, single-site operations with high reliance on its primary
crude distillation unit, and exposure to the inherently cyclical
nature of the industry.
At March 31, 2018, Nayara had cash and short-term investments of
INR47.8 billion compared to INR80.5 billion of debt maturing over
the next 12 months.
Nonetheless, its liquidity profile has improved, following the
INR24 billion bond issuance in August 2018 and the long-term
export prepayment agreement that was executed in September 2018.
These debt-raising exercises have alleviated Nayara's reliance on
short-term financing and lengthened the company's debt maturity
profile.
The rating outlook is stable, reflecting Moody's expectation that
Nayara's high refinery utilization rate and operational
competitiveness will continue to support its credit metrics. The
rating also incorporates Moody's expectation that the company
will not upstream shareholder distributions over the next few
years.
A rating upgrade is unlikely over the next 12 months, given
Nayara's modest scale, low business diversity and the
concentration risk at its refinery.
Nonetheless, upward rating pressure could emerge, if the company
meaningfully improves its operating profile, through: 1)
expanding its spectrum of downstream products into higher value-
added petroleum and petrochemicals; 2) reducing its reliance on
its primary crude distillation unit or single-site plant; and 3)
increasing its refining capacity.
Specific credit metrics that Moody's would consider for an
upgrade include: adjusted debt/EBITDA below 2.5x, RCF/adjusted
debt exceeding 25% and adjusted EBIT interest cover above 3.0x,
all on a sustained basis.
Moody's would downgrade Nayara's Ba2 CFR if: 1) the operating
environment deteriorates materially, leading to a decline in its
cash flow; 2) the company faces operational disruption at its
refinery; 3) Nayara embarks on material debt-funded expansions or
acquisitions; or 4) the company engages in shareholder
distributions over the next 3-4 years.
Specific credit metrics that Moody's would consider for a
downgrade include adjusted debt/EBITDA above 3.5x-4.0x,
RCF/adjusted debt below 15%, or adjusted EBIT interest cover
below 2.5x.
The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.
Nayara Energy Limited is a refiner and supplier of petroleum
products in India and overseas. It operates the country's second
largest single-site refinery in Gujarat, with a nameplate
capacity of 405 thousand barrels per day and a high complexity
index of 11.8.
Nayara was delisted from the National Stock Exchange of India in
February 2016, and acquired by the new shareholder group in
August 2017 for $12.9 billion. Nayara is 49.13% owned by a
wholly-owned subsidiary of Rosneft and 49.13% owned by Kesani
Enterprises Company Limited, a joint venture between commodity
trader, Trafigura and Russian private equity group United Capital
Partners. The remaining 1.74% stake is held by retail investors.
OM SHIV: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Shiv
Foods (OSF) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with OSF for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OSF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OSF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of OSF to 'CRISIL B/Stable Issuer not cooperating'.
Established in 2017 as a partnership firm by Ms. Saroj Sharma,
Ms. Pushpa Saravagi, Mr. Ajay Mittal, Mr. Vijay Kumar Mittal, and
Mr. Sonam Sharma, OSF is setting up a rice milling unit in
Gwalior, Madhya Pradesh.
OSNAR CHEMICAL: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Osnar Chemical
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR 40 mil. Fund-based facilities maintained in Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
rating; and
-- INR40 mil. Non-fund-based facilities maintained in Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)/
IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1972, Osnar Chemical offers services in road
development and improvement and undertakes contracts for
waterproofing and damp-proofing work.
PIXIE DUST: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pixie Dust
(PD) to CRISIL B-/Stable Issuer not cooperating'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 15 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 5 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with PD for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PD. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PD is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PD to CRISIL B-/Stable Issuer not cooperating'
Promoted by Ms Swapna Mathivanan, Mr Jeevan Nedunchezhiyan, and
Dr M A S Subramanian in 2013, PD is setting up a luxury resort
with 40 cottages, swimming pool, restaurant and bar. The firm has
a restaurant, Celine's Kitchen, in Puducherry, which has been
operational since 2014.
PMT MACHINES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: PMT Machines Limited
Registered Office:
Post Box No. 1102
Behind PCMC Building, Mumbai-Pune Road
Pimri, Pune 411018, Maharashtra
Insolvency Commencement Date: October 22, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 20, 2019
(180 days from commencement)
Insolvency professional: Ram Ratan Kanoongo
Interim Resolution
Professional: Ram Ratan Kanoongo
Headway Resolution and Insolvency
Services Pvt. Ltd.
1006, Raheja Centre, Nariman Point
Mumbai 400021, Maharashtra
E-mail: rrkanoongo@gmail.com
cirppmt@gmail.com
Last date for
submission of claims: November 5, 2018
PRECISION ELECTRONIC: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Precision
Electronic Instruments Company (PEIC) to ' CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 5.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Bill .25 CRISIL B+/Stable (ISSUER NOT
Discounting COOPERATING; Rating Migrated)
Long Term Loan .45 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1.55 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with PEIC for obtaining
information through letters and emails dated September 28, 2018
and October 5, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PEIC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PEIC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PEIC to ' CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating.
Set up as a proprietorship concern in 1995 by Mr. Rajnish Kumar
Agarwal, PEIC manufactures weighbridges, scales, vehicle metres,
and tracking devices under the Goldtech brand. Unit is in
Bahadurgarh, Haryana.
PRIUS COMMERCIAL: ICRA Lowers Rating on INR424cr Loan to B(SO)
--------------------------------------------------------------
ICRA has downgraded the rating for INR424-crore term loans of
Prius Commercial Projects Private Limited (PCPPL) from
[ICRA]BB+(SO) to [ICRA]B (SO). The outlook on the rating has been
changed from stable to negative. The letter SO in parenthesis
suffixed to a rating symbol stands for Structured Obligation. An
SO rating is specific to the rated issue, its terms, and its
structure. SO ratings do not represent ICRA's opinion on the
general credit quality of the issuers concerned.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 424.00 [ICRA] B (SO) (negative);
rating downgraded from
[ICRA]BB+ (SO) (stable)
Rationale
The rating revision takes into account stretched liquidity
position of PCPPL and its subsidiaries on account of high
leverage, delay in leasing the space in the commercial properties
and lower-than-estimated support from Finserve Shared Services
Limited (FSSL). On account of the same, four subsidiaries of
PCPPL have delayed on their debt repayments. FSSL is PCCPL's
associate entity and was required to make lease payments to PCCPL
to enable payments of LRD loan but it has been facing liquidity
constraints due to high leverage, significant short-term debt and
illiquid investments of the promoter group.
The rating continues to be constrained by PCCPL's elevated
borrowings which has led to losses and poor debt coverage
indicators and has restricted the incremental fund raising
capacity. The ratings also continue to factor in PCPPL's negative
networth on account of its significant accumulated losses.
The rating derives comfort from structure of the instrument,
which involves charge on escrow account through which all inflows
are to be routed and provision of Debt Service Reserve Account
(DSRA3) for two months of Instalments. Rating also continues to
derive comfort from PCCPL's reputed lessees, its healthy lease
rates and occupancy as well as the favourable location of its
commercial building in Saket area of New Delhi.
PCCPL holds four wholly-owned subsidiaries, each of which owns
and manages one commercial property located in different parts of
the country. Of PCCPL's total balance sheet, almost 62% (Rs. 620
crore) have been invested into these subsidiaries. While the
long-term nature of these investments is putting pressure on
PCCPL's return indicators, it can also result in higher funding
requirements for PCCPL if it has to provide support to the
subsidiaries to meet their debt repayments.
Outlook: Negative
The negative outlook reflects the fact that group is currently
facing stretched liquidity position and four of the subsidiaries
of PCCPL have delayed on debt repayments. The outlook may be
changed to stable or the rating may be upgraded in case the group
is able to improve the cash flow position through asset
monetisation, refinancing of its loans at significantly better
terms or through substantial increase in its operational inflows.
The ratings are likely to be downgraded if the liquidity
situation remains stretched.
Key rating drivers
Credit strengths
Instrument structure: Payment mechanism includes charge on escrow
account through which all inflows are to be routed and provision
of Debt Service Reserve Account (DSRA) for two months of
instalments.
Favourable location of PCPPL's commercial property: PCPPL's
commercial property is located in Saket district centre in New
Delhi and its catchment area includes affluent sections of South
Delhi. The fully developed infrastructure, good connectivity and
the property's proximity to large premium retail space, hotels
and Grade A commercial offices makes the location attractive.
Reputed lessees and robust lease rates in PCPPL's property: Some
of the reputed tenants in PCPPL's property are LG Electronics,
Mitsui Chemicals, Hennes & Mauritz Retail, and Amarchand
Mangaldas. The company owns and manages Grade 'A' office space
and is able to command robust lease rates and has attained more
than ~92% occupancy.
Credit weaknesses
Stretched liquidity position: Stretched liquidity position of the
company and its subsidiaries on account of high debt, delay in
leasing the space in the commercial properties and lower-than-
estimated support from Finserve Shared Services Limited (FSSL).
On account of the same, four subsidiaries of PCPPL have delayed
on their debt repayments.
Support to Subsidiaries: A majority of PCPPL's funds have been
invested in its four subsidiaries, which puts pressure on PCPPL's
return indicators; it can also result in higher funding
requirements for PCPPL if it has to support the subsidiaries to
meet their debt repayments.
High leverage constrains financial flexibility: To fund the
losses over the years, the company has resorted to additional
leverage which has led to poor debt coverage indicators and has
restricted the incremental fund raising capacity.
Prius Commercial Projects Private Limited (previously known as
GYS Real Estates Private Limited) was incorporated on December 8,
2006. 84% stake in the company is held by Ms. Shabnam Dhillon and
16% stake is held by Mr. Yuvraj Narain Gorwaney. The company is
based out of New Delhi and it owns and manages a commercial
property in Saket in New Delhi. The commercial building is
operational since 2009 and has total leasable area of 2,56,641 sq
ft. GYS has five subsidiaries, each of which owns and manages
commercial properties in various locations. Total saleable area
across the six companies (GYS and its five subsidiaries) is 1.15
million sq ft.
R R INDUSTRIES: CRISIL Assigns B+ Rating to INR4.19cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R R Industries - Hyderabad (RRI)
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 4.19 CRISIL B+/Stable (Assigned)
Long Term Loan 1.81 CRISIL B+/Stable (Assigned)
Bank Guarantee 4.50 CRISIL A4 (Assigned)
Cash Credit 1.50 CRISIL B+/Stable (Assigned)
The ratings reflect modest scale of operations in the competitive
aerospace and defense segment, high capital structure and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of
promoter.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Scale of operations is moderate as
reflected in revenue of INR25.14 crore in fiscal 2018. Revenue is
expected to remain same over the medium term and low
profitability margins.
* High capital structure: The TOLTNW was 5.2 times as on
March 31, 2018; the net worth stood at INR3.5 crores as on the
same date
* Large working capital requirement: Working capital intensive as
reflected in gross current asset (GCAs) of 249 days as on
March 31, 2018 driven by high debtor days.
Strengths
* Expensive industry experience of promoter: The business risk
profile benefits from its proprietor's extensive experience in
the aerospace and defense segment. RRI is promoted by Mrs. V.
Kamala Kumari. It benefits from its proprietor's extensive
experience and established relationships with customers and
suppliers.
Outlook: Stable
CRISIL believes RRI will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial and sustained
improvement in revenue, profitability and improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of steep decline in profitability margins, or
significant deterioration in capital structure because of stretch
in working capital cycle
RRI was set up in 1999 by Mrs. V. Kamala Kumari. The firm designs
and manufactures of composite products, used in the defense
industry. It is based in Hyderabad.
RAM MEHER: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ram Meher
Infradevelopers Private Limited (RMIPL) to CRISIL D Issuer not
cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 1.4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 5.1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RMIPL for
obtaining information through letters and emails dated July 23,
2018 and August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RMIPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on RMIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RMIPL to CRISIL D Issuer not cooperating'.
RMIPL was incorporated in 2009, promoted by Mr Ram Vinod Singh,
Mr Ravi Singhal, Mr Girish Chand Goyal, and Mr Nitish Goyal,
based in Agra. The company undertakes residential real estate
development in this city.
RAVI MICRONS: ICRA Assigns B+ Rating to INR9cr Term Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR9.00-crore term loan facility and the INR4.00-crore cash
credit facility of Ravi Microns LLP. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR0.80-crore non-fund based
limits of the firm. The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 9.00 [ICRA]B+ (Stable); Assigned
Cash Credit 4.00 [ICRA]B+ (Stable); Assigned
Bank Guarantee 0.80 [ICRA]A4; Assigned
Rationale
The ratings remain constrained by the small-scale operations and
the risk associated with the plant's stabilisation as per the
expected operating parameters. Furthermore, the assigned ratings
also take into account the firm's financial risk profile, which
is expected to remain weak in the near to medium term, given the
debt-funded nature of the project and the impending debt
repayments. The rating is also constrained by the intense
competition and the vulnerability of profitability to adverse
movements in key raw material prices.
The assigned ratings, however, favorably factor in the experience
of the partners in the ceramic industry and the location
advantage enjoyed by the firm, which ensures easy access to
Morbi-based customers.
Outlook: Stable
ICRA believes that RML will benefit from the experience of its
partners in the ceramic industry. The outlook may be revised to
Positive if timely stabilisation and scale-up of operations lead
to higher profitability and cash accruals during the initial
phase. The outlook may be revised to Negative if slower ramp-up
in sales and accrual, or sizeable working capital requirement
weakens the financial risk profile, especially the liquidity.
Key rating drivers
Credit strengths
Extensive experience of partners in ceramic tiles industry: The
key partners, Mr. Kartavya J. Aghara, Mr. Jayeshkumar P. Aghara
and Mr. Hiteshbhai J. Sanavda have extensive experience in the
ceramic industry through their associations with Jayco Ceramic
and Romex Tiles Pvt. Ltd., which are involved in the
manufacturing of tiles.
Location-specific advantage: The manufacturing facility of the
company is in the ceramic hub of Morbi (Gujarat), which provides
easy access to prospective clients.
Credit challenges
Limited track record of operations: Being in a nascent stage
(commercial operations commencing from February 2018), the firm
remains exposed to risks associated with stabilisation and
successful scale up of operations as per the expected parameters.
Weak financial risk profile: The firm's financial risk profile is
expected to remain weak in the near term because of the debt-
funded project and the impending debt repayments, with an
estimated gearing of 2.22 times, DSCR of 1.25 times and Total
Debt/OPBDITA of 5.61 times in FY2019.
High competition: The competitive intensity of the industry
remains high because of low capital intensity and limited entry
barriers. The presence of large number of players in the
unorganised segment, with most of them based in Gujarat, and
operating with low-cost structures creates a pressure on the
pricing.
Profitability to remain susceptible to volatility in raw material
prices: Raw material price is a major component that determines
the cost competitiveness of the industry. The company has,
however, little control over the prices of raw materials. Thus,
the margins are expected to remain exposed to movement in raw
material prices and the company's ability to pass on any upward
movement to its customers.
Incorporated in April 2017, Ravi Microns LLP (RML) manufactures
potassium and sodium feldspar powder, which is used as a raw
material in the ceramic tiles industry. The unit is located at
Morbi, Gujarat, and has an installed capacity of producing
1,20,000 metric ton of feldspar powder per annum. The firm's
commercial operations commenced from February 2018.
REVATHI GOLD: CRISIL Migrates B+ Rating from Not Cooperating
------------------------------------------------------------
CRISIL is migrating the rating on the Revathi Gold Agro Products
(RGAP) bank facility from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Cash Term Loan 1.5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the bank facility of RGAP to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, management has subsequently started
sharing information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the
rating on the RGAP bank facility from 'CRISIL B+/Stable Issuer
Not Cooperating' to 'CRISIL B+/Stable'.
The rating reflects the firm's modest scale of, and working
capital-intensive, operations and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of proprietor and longstanding relationship with
customers.
Key Rating Drivers & Detailed Description
Weakness:
* Modest scale of operations: With revenue of about INR21.89
crore in fiscal 2018, scale remains small, leading to weak
profitability.
* Large working capital requirement: Gross current assets were
164 days as on March 31, 2018, because of large inventory
requirement.
Strengths:
* Extensive experience of partners: The partners have been in the
rice milling industry for over two decades, resulting in
established relationship with a wide clientele.
Outlook: Stable
CRISIL believes RGAP will benefit over the medium term from the
extensive experience of partners. The outlook may be revised to
'Positive' if significant improvement in capital structure,
revenue, and operating margin strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
profitability weakens due to increased competition, or if working
capital management deteriorates.
Established in 2010 as a partnership firm by Mr. R P
Chandirasekaran based RGAP processes paddy to produce rice,
broken rice and husk.
S M ENTERPRISES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S M
Enterprises - East Delhi (SME) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 17 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SME for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SME. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SME is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SME to 'CRISIL B+/Stable Issuer not cooperating'.
Set up as a proprietorship concern by Mr. Bharat Kalra, SME is
engaged into supply of construction and building materials.
SAI WHITEGOLD: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai
Whitegold (SW) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SW for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SW. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SW is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SW to 'CRISIL B+/Stable Issuer not cooperating'.
Set up in January 2017 as partnership firm, SW is engaged in
cotton ginning and pressing. The firm is promoted by Mr.
Hamunandas Chandak and Mr.Kapil Chandak.
SATKAR CONTAINER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Satkar Container Lines Pvt Ltd
B-72, 2nd Floor, Rohit House
Vishwakarma Colony, Tunghlakabad, M.B. Road
New Delhi 110044
Insolvency Commencement Date: October 10, 2018
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: April 7, 2019
(180 days from commencement)
Insolvency professional: Devnidhi Arya
Interim Resolution
Professional: Devnidhi Arya
308-310, Agarwal Chamber-2, 30-31
Veer Savarkar Block, Shakarpur
Delhi 10092
E-mail: devaryafca@gmail.com
Landline No.: 011-43215950
Mobile No.: +91-9818125950
Classes of creditors: As per the last Audited Financial
Statements of the Corporate Debtor
for the Financial Year 2015-16 available
on the Ministry of Corporate Affairs
website on the basis of inspection done
vide SRN U34946491 Dated 23rd October
2018, there are only Bank Loan & Trade
Payables.
Last date for
submission of claims: November 4, 2018
SHREE RAJA: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Raja
Ram Prints Private Limited (SRPPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 3.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 3.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SRPPL for
obtaining information through letters and emails dated
September 28, 2018, October 5, 2018 and October 9, 2018 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 while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRPPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SRPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SRPPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2004, SRPPL, promoted by Mr Suresh Chand Gupta
initially traded in all types of fabrics. In June 2015, it set up
a plant for dyeing and printing cotton and other wider width
fabrics in Pali (Rajasthan). The plant has an installed capacity
of around 120,000 meter per day.
SHRI ASTER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shri Aster Silicates Limited
Plot No. 831, B/h.J.M Huber Chemicals
Jhagadia GIDC, Jhagadia, Dist. Bharuch
Jhagadia Bharuch Gujarat 393110
Insolvency Commencement Date: October 22, 2018
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: April 19, 2019
(180 days from commencement)
Insolvency professional: Parag Sheth
Interim Resolution
Professional: Parag Sheth
404, Sachet II, Opp. GLS University
Maradia Plaza Lane, C.G. Road
Ahmedabad 380006
E-mail: pksheth@hotmail.com
irp.astersilicates@gmail.com
Last date for
submission of claims: November 5, 2018
SHRI RAMALINGA: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Ramalinga
Textiles' Long-Term Issuer Rating to 'IND D' from 'IND BB-'. The
Outlook was Stable. The agency has simultaneously migrated the
rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working capital limit (Long-
term/Short-term) downgraded and migrated to Non-Cooperating
Category with IND D (ISSUER NOT COOPERATING) rating; and
-- INR44 mil. Non-fund-based working capital limit (Short-term)
downgraded and migrated to Non-Cooperating Category with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
KEY RATING DRIVERS
The downgrade reflects Shri Ramalinga Textiles's delays in debt
servicing during the last 12 months ended September 2018 due to a
tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
Shri Ramalinga Textiles was established in October 2014 after it
was carved out of another group entity Shri Govindaraja Textiles
Private Limited. It manufactures cotton yarn, polyester yarn,
polyester cotton and polyester viscose-blended yarn and has an
installed capacity of 37,092 spindles.
===============
M A L A Y S I A
===============
UTUSAN MELAYU: Submits Debt Restructuring Scheme to CDRC
--------------------------------------------------------
Bernama reports that Utusan Melayu (Malaysia) Bhd said it has
submitted the Proposed Debt Restructuring Scheme to the Corporate
Debt Restructuring Committee (CDRC) for its consideration.
On Aug. 30, 2018, Utusan Melayu received a letter issued from the
CDRC, approving its application for assistance to mediate between
the company and its subsidiaries and respective financiers,
expecting to submit its debt restructuring plan within 60 days.
"Utusan wishes to inform that the Company submitted the Proposed
Debt Restructuring Scheme to CDRC today for their consideration,"
it said, Bernama relays.
Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines
and books, and also indoor and outdoor advertising; Printing,
which is engaged in printing of magazines and books; Information
technology and multimedia, and Investment holding, management
services and others. It publishes newspapers, which include
Utusan Malaysia, Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its
magazines include Mastika, Saji, Infiniti and Wanita. The
Company, through its subsidiary, publishes educational books that
cover all levels of education, from pre-school to university. It
also publishes children's books and other general titles covering
subjects, such as religion and women's titles. Its other services
include transportation, audio video production and series, and
archive and research information services.
Utusan Melayu was classified as a PN17 company on Aug. 21, 2018,
as it had failed to provide a solvency declaration to Bursa
Malaysia after defaulting on its principal and profit payment to
Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd totalling
MYR1.18 million.
On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective
financiers.
====================
N E W Z E A L A N D
====================
VINOPTIMA ESTATE: Top Priced Gewurztraminer Wine Up for Sale
------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that a Hawkes Bay vineyard
that has gone into receivership has raised questions about the
marketability of the gewurztraminer wine variety.
Vinoptima Estate vineyard and winery at Ormond, near Gisborne,
was established by wine industry pioneer, Nick Nobilo, in 2000 to
produce gewurztraminer wine only, Stuff discloses.
According to the report, receiver Andrew Mackay said he had
commissioned Bayleys to call for tenders for the approximate
100,000 litres of the aromatic white wine and it was attracting
interest.
Stuff relates that a Marlborough vintner, Nikolai Chief winemaker
Nikolai St George said his company, The Brothers Gewurztraminer
2014, was one of the most awarded wines but had still proved
difficult to sell, Stuff says.
"Vinoptima is a beautiful vineyard. But sauvignon and chardonnay
seems to be where the world has pigeon-holed a lot of New Zealand
wine," the report quotes Mr. St George as saying.
Gewurztraminer is often advertised as "an ideal partner for fresh
sashimi, pickled ginger, soya sauce and wasabi".
While the Giesen gewurztraminer sold between NZ$20 to NZ$30 a
bottle, the Vinoptima vintages were aimed at a more luxury market
with prices starting at NZ$75 a bottle, according to its web
site, Stuff relays.
"You could look on that statistic and assume that there is a huge
potential for the grape and little competition in the market,"
Stuff quotes Bayleys agent Damian Campbell as saying. "The
vineyard might be purchased by a bigger competing wine label for
its gewurztraminer plantings, or for the land, infrastructure,
and winery plant - with the option of planting a new grape
variety, or target new markets."
"Vinoptima's grapes have always been picked by hand to ensure a
high degree of quality control so there is room to increase
efficiency," Mr. Campbell said.
It only used grapes grown within its vineyards, and bottling was
carried out on-site.
According to Stuff, Vinoptima receiver Mackay's first report
reveals debts secured by a general security agreement of NZ$11.9
million, with another NZ$3.1m owed to unsecured creditors.
"As a result of additional significant funding required to
produce the current season vintage with no confirmed sales
orders, the decision was made to appoint receivers."
"The key sales market was intended to be China. The wine produced
has received critical acclaim, but sales have been slow
particularly as the previous distributor into China stopped
operations despite having entered into a multi-year distribution
agreement with Vinoptima.
"The result of poor sales affected trading operations and
incurring trading losses the company was reliant on shareholder
support to fund ongoing trading. A proposal for a new Chinese
agent was negotiated in June 2018, however, there remained a lack
of confirmed orders," Mr. Mackay, as cited by Stuff, said.
=================
S I N G A P O R E
=================
NOBLE GROUP: 2020 Noteholders Informed of Default, Board Says
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that holders of
certain notes from Noble Group have been informed of a default,
the board said on Oct. 26.
Its 6.75 per cent US dollar fixed-rate senior notes due 2020,
with a principal amount of nearly US$1.18 billion, face a default
after the company filed a Chapter 15 bankruptcy petition in the
United States, according to the report.
The Business Times relates that the board noted that the filing
does not affect its proposed debt restructuring, but seeks legal
recognition in the US of a scheme of arrangement that was begun
in England.
In the event of default, said the board, the notes' principal,
premium and accrued and unpaid interest will be immediately due
and payable, without any action needed from the trustee or
noteholders, the report relays.
Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume. Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP). Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.
Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.
In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders. In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.
To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales. The English Scheme will be the primary
proceeding to restructure Noble's funded debt.
On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court will conduct the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.
Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.
Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133). Kirkland &
Ellis LLP serves as U.S. counsel.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2018
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.30
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.30
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.80
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.96
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.18
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 46.00
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.81
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35
BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.03
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30
DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82
DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54
DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93
GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44
HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38
HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07
INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00
LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47
MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82
NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97
REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48
RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36
WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57
WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41
WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73
XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36
YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00
YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79
YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33
YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.05
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.21
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97
ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 71.81
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52
EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22
EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13
EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.53
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.38
REI AGRO LTD 5.50 11/13/14 USD 1.38
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43
JAPAN
-----
TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 2.37
TAKATA CORP 0.85 03/06/19 JPY 2.37
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57
KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.48
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36
I-BHD 3.00 10/09/19 MYR 0.37
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18
PUC BHD 4.00 02/15/19 MYR 0.14
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42
NEW ZEALAND
------------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.00
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.65
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.65
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.42
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.00
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 52.01
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 52.00
AUSGROUP LTD 8.45 10/20/18 SGD 51.35
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00
BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13
EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 50.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 31.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 67.60
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.75
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
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 2018. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***