/raid1/www/Hosts/bankrupt/TCRAP_Public/190219.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, February 19, 2019, Vol. 22, No. 36
Headlines
A U S T R A L I A
ADK INVESTMENT: Second Creditors' Meeting Set for Feb. 25
COUNTRY WELLNESS - BERRY : 2nd Creditors' Meeting Set for Feb. 26
COUNTRY WELLNESS - ZUCCOLI: 2nd Creditors' Meeting Set for Feb. 27
PLANDO HUMAN: Second Creditors' Meeting Set for Feb. 26
VIRGIN AUSTRALIA: S&P Raises Senior Unsecured Notes Rating to 'B'
C H I N A
CIFI HOLDINGS: Fitch Gives Final 'BB' Rating to USD300M Sr. Notes
E-HOUSE (CHINA): S&P Assigns 'BB' Long-Term ICR, Outlook Stable
HYDOO INTERNATIONAL: Fitch Corrects Jan. 12 Ratings Release
KANGMEI PHARMA: Avoids Default as Guangdong Pressures Customers
[*] CHINA: Freezes $1.5 Billion of P2P Assets in Intensified Probe
I N D I A
ALLCHEM LIFESCIENCE: ICRA Cuts Rating on INR7cr Loan to B+
ALLWYN FURNITURE: Insolvency Resolution Process Case Summary
AURA MANAGEMENT: Insolvency Resolution Process Case Summary
BILCARE LIMITED: ICRA Moves 'MC' Rating to Not Cooperating
C.K. INDUSTRIES: ICRA Withdraws B+ Rating on INR19.95cr Loans
CHAYAGRAPHICS HEALTHCARE: ICRA Moves B+ Rating to Not Cooperating
CYGNUS EQUIPMENTS: ICRA Moves D on INR10MM Debt to Not Cooperating
DIVYALAKSHMI TEXTILES: Ind-Ra Assigns BB+ Rating on INR90MM Loan
DUREZA GRANITO: ICRA Moves B Ratings to Not Cooperating Category
GOLD KING: Insolvency Resolution Process Case Summary
GOOD VALUE: Insolvency Resolution Process Case Summary
GREENVISION TECHNOLOGIES: Ind-Ra Moves BB Rating to Non-Cooperating
HK ENNTERPRISES: CRISIL Migrates B Rating to Not Cooperating
IL&FS ENVIRONMENTAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
INDO BIOTECH: Insolvency Resolution Process Case Summary
JANTA LAND: ICRA Withdraws D Rating on INR250cr Term Loan
JAYPEE INFRATECH: NBCC, Suraksha Submit Bid to Buy Firm
KETAN CONSTRUCTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
LAILA SUGARS: CRISIL Migrates B Rating to Not Cooperating Category
M.G. AUTO: CRISIL Reaffirms 'B' Rating on INR6cr Secured Loan
MIRAMBIKA AGRO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
NATIONAL INSURANCE: A.M. Best Retains C++ Financial Strength Rating
NILKANTH COTTON: ICRA Reassigns Rating on INR8.05cr Loan to D
NISIKI INDIA: ICRA Reaffirms B+ Rating on INR10cr LT Loan
PRATIBHA ELECTRICAL: ICRA Moves 'D' Ratings to Not Cooperating
RAVIRAJ HI-TECH: ICRA Reassigns Ratings on INR15cr Loans to D
ROYAL POWER: ICRA Keeps B- on INR6.25cr Loan in Not Cooperating
RUCHI GLOBAL: ICRA Reassigns Rating on INR12.5cr Loan to D
S GOKUL: CRISIL Migrates C Rating to Not Cooperating Category
S. N. N. TEXTILES: ICRA Reaffirms B Rating on INR25cr Loans
SAFE DEVELOPMENT: CRISIL Migrates D Rating to Not Cooperating
SAHIL INTERNATIONAL: Insolvency Resolution Process Case Summary
SARASWATI EDUCATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating
SATTIK EXPORTS: Insolvency Resolution Process Case Summary
SHREE VINAYAK: CRISIL Assigns B+ Rating to INR10cr Loan
SHRIRAMKRUPA FIBRES: Ind-Ra Migrates B+ Ratings to Non-Cooperating
SHYAM SUNDER: CRISIL Lowers Rating on INR30cr LT Loan to D
SIGNET DENIM: ICRA Migrates B+ Ratings to Not Cooperating Category
SOL CABLES: ICRA Withdraws B+ Rating on INR0.40cr LT Loan
SRI DURGA: ICRA Withdraws B+ Rating on INR25cr LT Loan
SRS REAL: Insolvency Resolution Process Case Summary
SWASTIK ENTERPRISE: CRISIL Migrates B Ratings to Not Cooperating
SWASTIK TRADELINK: CRISIL Moves B+ on INR8cr Loan to NonCooperating
TIRUPATI CARBONS: Ind-Ra Migrates BB- LT Ratings to Non-Cooperating
TRIKONA PHARMACEUTICALS: ICRA Reaffirms B+ Rating on INR8cr Loan
VASU COCO: ICRA Migrates D Rating to Not Cooperating Category
N E W Z E A L A N D
ESSENTIAL ROOFING: Goes Into Liquidation Amid Unfinished Jobs
S I N G A P O R E
YUUZOO NETWORKS: Changes Financial Year From Dec. 31 to June 30
YUUZOO NETWORKS: Net Loss Narrows to SGD3.1MM in Q4 Ended Dec. 31
S O U T H K O R E A
DAEWOO SHIPBUILDING: Workers Cast Votes on Strike Against Sale
X X X X X X X X
[*] BOND PRICING: For the Week Feb. 12, 2019 to Feb. 16, 2019
- - - - -
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A U S T R A L I A
=================
ADK INVESTMENT: Second Creditors' Meeting Set for Feb. 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of ADK Investment
Pty Ltd, formerly trading as Narati Noodle and Grill, has been set
for Feb. 25, 2019, at 3:00 p.m. at the offices of Deloitte
Financial Advisory Pty Ltd, Level 23 Riverside Centre 123 Eagle
Street, in Brisbane, Queensland.
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 Feb. 22, 2019, at 4:00 p.m.
David Orr of Deloitte Financial Advisory was appointed as
administrator of ADK Investment on Jan. 18, 2018.
COUNTRY WELLNESS - BERRY : 2nd Creditors' Meeting Set for Feb. 26
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Country
Wellness Pharmacy Berry Springs Pty Ltd, formerly trading As "Berry
Springs Country Wellness Pharmacy" has been set for Feb. 26, 2019,
at 3:00 p.m. at the offices of BRI Ferrier, at Level 4, 307 Queen
Street, in Brisbane, Queensland.
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 Feb. 25, 2019, at 5:00 p.m.
Ian Alexander Currie and Stefan Dopking of BRI Ferrier were
appointed as administrators of Country Wellness on Aug. 27, 2018.
COUNTRY WELLNESS - ZUCCOLI: 2nd Creditors' Meeting Set for Feb. 27
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Country
Wellness Pharmacy Zuccoli Pty Ltd, formerly Trading As "TerryWhite
Chemmart Zuccoli", has been set for Feb. 27, 2019, at 10:00 a.m. at
the offices of BRI Ferrier, at Level 4, 307 Queen Street, in
Brisbane, Queensland.
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 Feb. 26, 2019, at 5:00 p.m.
Ian Alexander Currie and Stefan Dopking of BRI Ferrier were
appointed as administrators of Country Wellness Pharmacy Zuccoli on
Aug. 27, 2018.
PLANDO HUMAN: Second Creditors' Meeting Set for Feb. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Plando Human
Capital Pty Ltd has been set for Feb. 26, 2019, at 11:00 a.m. at
the offices of Farnsworth Shepard, at Level 5, 2 Barrack 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 Feb. 22, 2019, at 5:00 p.m.
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Plando Human on
Jan. 21, 2019.
VIRGIN AUSTRALIA: S&P Raises Senior Unsecured Notes Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings said that it has raised its issue-level rating
on Virgin Australia Holdings Ltd.'s senior unsecured notes to 'B'
from 'B-', following S&P's revision in the recovery rating on the
debt to '5' from '6'.
S&P said, "The upgrade reflects our view that the recovery
prospects for Virgin Australia's senior unsecured creditors have
improved over the past few years. We believe noteholders can now
expect modest (10%-30%; estimate rounded down to 15%) recovery in
our default scenario. This is the result of a reduction in the
initial leverage ratio for new aircraft and an increase in the
number and value of unencumbered aircraft, particularly highly
marketable aircraft such as the Boeing 737. As a result, we assess
the asset pool available to unsecured note holders in the event of
a default has increased.
"In addition, over the past few years Virgin Australia has further
entrenched itself within Australia's two-player domestic market. We
believe this strengthening supports the value contained in the
airline's operating licenses, airport lounges, slots, and IT
systems. This infrastructure would most likely be of value to
foreign airlines looking to establish a direct presence in the
Australian domestic market. We do not ascribe any residual value
to, or claims from, Virgin Australia's Velocity frequent-flyer
business given that it is separately financed with nonrecourse
debt.
"Our hypothetical default scenario assumes operational
underperformance associated with a combination of intensified
domestic competition, deterioration of general economic conditions
in Australia, or an external shock such as a terrorist incident or
mass pandemic event. In this scenario, Virgin Australia's earnings
and cash flows would significantly fall, impairing its ability to
meet its fixed obligations in the year ending June 30, 2022.
"We have valued the company on a discrete asset basis as a going
concern. Our valuations reflect our estimate of the value of the
various assets at default based on recent market appraisals or book
value as adjusted for expected realization rates in a distressed
scenario. Our recovery rating assumes that overcapacity would
result in some fleet rationalization."
Simulated default assumptions:
-- Simulated year of default: 2022
-- Jurisdiction: Australia
-- Administration cost: 5%
Simplified waterfall:
-- Adjusted gross enterprise value at default: A$1.74 billion
-- Net enterprise value (after 5% administration costs): A$1.65
billion
-- Secured first-lien debt claims: A$1.35 billion
-- Total value available to unsecured claims: A$304 million
-- Estimated senior unsecured notes and rejected operating lease
claims: A$1.31 billion/A$271 million
-- Recovery range: 10%-30% (estimate rounded down to 15%)
=========
C H I N A
=========
CIFI HOLDINGS: Fitch Gives Final 'BB' Rating to USD300M Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) USD300 million 7.625%
offshore senior notes due 2023 a final rating of 'BB'.
The notes are rated at the same level as CIFI's senior unsecured
debt, as they represent its direct, unconditional, unsecured and
unsubordinated obligations. CIFI intends to use the net proceeds to
refinance debt and for working capital. The final rating is in line
with the expected rating assigned on 13 February 2019.
KEY RATING DRIVERS
Stable Leverage on Strong Performance: Leverage, measured by net
debt/adjusted inventory with proportionate consolidation of joint
ventures (JV) and associates, was at 42.6% in 1H18 (2017: 39.0%),
which is appropriate for CIFI's rating. Fitch expects leverage to
fall slightly in the next 12-18 months as the company moderates its
land acquisition pace after expanding its land acquisition activity
in 2017. Total land bank was 40 million square metres (sq m) in
1H18, with an average cost of CNY6,500/sq m, sufficient for three
to four years of development.
Total contracted sales, including contracted sales by JVs and
associated companies, rose by 46% to CNY152 billion in 2018 and
surpassed its annual target of CNY140 billion. The average selling
price dropped slightly by 4% to CNY15,900/sq m mainly due to more
contracted sales from third-tier Chinese cities.
Healthy Margins: CIFI's EBITDA margin fell to 20.1% in 1H18 from
26.2% in 2017. The EBITDA margins would have been higher at 30.2%
in 1H18 and 28.8% in 2017 after adjusting for an acquisition
revaluation the company started in 2017. CIFI reclassified certain
project companies from non-consolidated JVs and associates into
subsidiaries and revaluated the fair value of the cost of delivered
properties. The accounting change resulted in higher cost of goods
sold and lower margins.
The acquisition revaluations are likely to continue as CIFI has a
significant number of JVs and associates and will make margins
appear more volatile. Nevertheless, Fitch believes CIFI's
diversified project portfolio across cities of different tiers
allows it to maintain its fast-churn strategy without sacrificing
the overall project margins.
Geographical Diversification: CIFI's diverse presence in the
Yangtze River Delta, Pan Bohai Rim, the central western region and
Guangdong and Fujian provinces provides room for further expansion.
CIFI entered 14 new cities in 7M18, with projects now spread over
53 cities, helping mitigate risks from local policy intervention
and economies. CIFI boosted land acquisition in tier-3 cities in
1H18, which are oversupplied, but focused contracted sales on
second-tier and robust third-tier cities, which have more
first-time buyers and upgraders. CIFI's saleable resources remain
well-diversified between cities of different tiers, providing
flexibility to adjust the sales mix for various market conditions.
Low Funding Costs: CIFI has diversified funding channels, including
onshore bonds and offshore bank loans. The company issued USD1.4
billion and CNY1.0 billion in senior notes and HKD2.8 billion in
zero-coupon convertible bonds during 2018, with proceeds used to
refinance borrowings. It also signed a 3.5-year club loan of up to
USD0.5 billion in March 2018. Its average funding cost remained
stable at 5.3% in 1H18 (2017: 5.2%), and should stay low due to
CIFI's active capital-structure management, despite tighter
liquidity and an unfavourable funding environment in 2018.
DERIVATION SUMMARY
CIFI's closest peer is Sino-Ocean Group Holding Limited
(BBB-/Stable, standalone: BB+) in terms of contracted sales and
land-bank size. Sino-Ocean has continued its geographic focus on
tier-1 and affluent tier-2 cities, while CIFI has increased its
focus on tier-2 and 3 cities. CIFI's leverage of around 40% is
similar to the leverage Fitch expected for Sino-Ocean in 2018.
CIFI's EBITDA margin, after adjusting for the acquisition
revaluation, is higher than Sino-Ocean's 23%-25%, but Fitch expects
Sino-Ocean's attributable recurring EBITDA interest coverage from
investment properties to be at 0.4x, while CIFI's recurring income
is negligible. The one-notch difference between Sino-Ocean's
standalone credit profile and CIFI's IDR is based on Sino-Ocean's
higher investment-property income.
CIFI's leverage is significantly lower than that of several 'BB'
range peers, including Guangzhou R&F Properties Co. Ltd.
(BB-/Negative) and Beijing Capital Development Holding (Group) Co.,
Ltd. (BBB-/Negative, standalone: BB). CIFI's EBITDA margin is in
line with that of Guangzhou R&F and Beijing Capital Development.
However, its recurring EBITDA interest coverage is lower than
Guangzhou R&F's 0.2x.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales of CNY80 billion in 2018,
followed by growth of 21% in 2019 and 12% in 2020
- Attributable land purchases at around 45%-55% of contracted
sales from 2018-2020
- Average land acquisition cost of CNY6,000-6,250 per sq m from
2018-2020
- 30% dividend payout ratio
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Leverage, measured by net debt/adjusted inventory, sustained at
below 30.0% (1H18: 42.6%)
- Maintaining high cash flow turnover despite the JV business
model and consolidated contracted sales/debt at over 1.2x (1H18:
1.1x)
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Substantial decrease in contracted sales
- EBITDA margin, not adjusting for the effect of acquisition
revaluation, sustained at below 25% (1H18: 20%)
- Net debt/adjusted inventory sustained above 45%
LIQUIDITY
Ample Liquidity: CIFI had unrestricted cash of CNY39.1 billion at
end-1H18, enough to cover short-term debt of CNY15.0 billion. The
company issued several tranches of senior perpetual, senior and
convertible bonds in the past several months and had approved but
unutilised facilities of CNY5.4 billion at end-1H18. This is
sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.
E-HOUSE (CHINA): S&P Assigns 'BB' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings, on Feb. 15, 2019, assigned its 'BB' long-term
issuer credit rating to E-House (China) Enterprise Holdings Ltd.
S&P also assigned its 'BB' long-term issue rating to the proposed
senior unsecured notes that the company plans to issue. The rating
on the proposed notes is subject to its review of the final
issuance documentation.
S&P said, "Our rating on E-House (China) Enterprise Holdings Ltd.
reflects the company's leading position in primary real estate
agency services, as well as real estate data and consulting
services in China. Our view considers execution risk, given the
nascent development and fast expansion of E-House's "Fangyou"
network of real-estate brokers, buyers, and sellers. We have also
taken into account the company's high customer concentration.
"We believe working capital management remained challenging for
E-House in 2018, due to an increase in accounts receivable days and
cash outlays from project deposits. By our forecasts, operating
cash flow will only break even or turn slightly positive in 2019.
At any rate, the company's strong cash position should temper
capital-management weaknesses and support the rating."
E-House's established market positions in its key segments will
likely continue to support strong earnings growth. The company's
strong customer relationships, long operating track record, and
clear business strategy should drive further market share gains
over the next 12-24 months. S&P estimates E-House's market share in
its primary agency services will increase to close to 5% in 2019,
compared with 4% in 2018. The company's leading position in real
estate data and consulting services will likely remain stable given
that its segment revenue is well ahead of competitors.
S&P expects E-House's customer concentration to remain high with
its top five customers accounting for 50%-60% of total revenue in
2018, and likely to stay in that range for the next two years.
Evergrande should continue to be the largest customer, with a
revenue contribution mildly stepping down from 30%-35% to about 25%
in the coming two years. Somewhat offsetting this concentration
risk is an improving customer mix, which will enable E-House to
gain more bargaining power. The second- and third-largest customers
by revenue are forecast to increase their contribution to about 10%
each in the next 12-24 months.
However, E-House has strong relationships with leading property
developers as customers of its primary real estate agency services.
Some of these developers, including the top three by contracted
sales last year, China Evergrande Group, China Vanke Co. Ltd., and
Country Garden Holdings Co. Ltd., are also shareholders. The
company also solicited 55 strategic cooperation agreements with
leading national property developers.
The company's operating cash flow has been weak in the past and
remains a key rating constraint. Since E-House's listing on the
Hong Kong stock exchange in 2018, the company's "other receivables"
have increased. This is in connection with project deposits paid to
developers under certain agency contracts, which represented
significant cash outlays at the end of 2018. These project deposits
are refundable, normally within 180 days, but they weigh on the
company's operating cash flow. In addition, the extension of debtor
days to one important customer early in 2018 also further worsened
working capital. As such, S&P estimates E-House's operating cash
flow was significantly more negative in 2018, compared with
outflows of RMB275 million in 2017 and RMB585 million in the first
half of 2018.
S&P said, "We forecast operating cash flow will turn slightly
positive in 2019, assuming repayments of project deposits by
developers and steady accounts-receivables management. By our
estimates, the accounts receivable days will hold flat at 270 days
in 2018 and 2019, from 260 in 2017. This is on the assumption that
no other significant debtor extensions will be granted. Moreover,
we believe management's incentive to pay project deposits to
developer customers should wane with a better customer mix and a
further increase in scale."
E-House's fast-expanding brokerage network service business,
Fangyou, will be another major driver of business performance in
the next 12-24 months. This service integrates small and
medium-sized real estate brokerage firms in China into the Fangyou
network, and utilizes the network to source buyers of new
properties for developer customers.
S&P expects the revenue contribution from the Fangyou business to
increase by more than 20% during 2019 and a further 25%-30% in
2020. The key support for the growth is the fast expansion of the
network and the number of joiners to this platform. In the first
half of 2018, the revenue contribution from Fangyou increased by
350% year-on-year to Chinese renminbi (RMB) 167 million, from a low
base in the same period of 2017.
E-House's profitability over 2018 and 2019 will likely be stable
with margins at 23%-24% after making adjustments for operating
leases. S&P said, "This is based on our expectation that commission
rates will remain at 0.87%-0.88% for 2018 and 2019. Meanwhile, we
expect revenue growth to accelerate over 2018-2019, given strong
project pipelines, and the fast development of Fangyou.
Specifically, we believe revenue growth will remain robust at
35%-40% in each of 2018 and 2019."
S&P said, "The stable outlook on E-House reflects our expectation
that the company will maintain good growth with sound
profitability. It also factors in an improving working capital such
that its operating cash flow will become positive over the next 12
months. We expect E-House's debt-to-EBITDA ratio to increase to
1.5x-2.0x, including the impact of additional debt issuance over
the next 12 months.
"We may lower the rating if E-House: (1) pursues more significant
debt issuance in the next 12 months than we expect; (2) takes
longer than we anticipate to expand its Fangyou platform business;
or (3) has lower profitability than we estimate due to intensified
competition, such that its debt-to-EBITDA ratio rises to and stays
above 2.0x over the next 12 months without signs of significant
improvement.
"We could also downgrade E-House if the company demonstrates
worse-than-expected working capital management such that its
operating cash flow does not improve to positive over the next 12
months."
Rating upside is limited in the next 12 months unless E-House
expands its primary agency and Fangyou businesses at a
significantly faster paces than we anticipate. Over the longer
term, S&P could raise the rating if the company demonstrates a
longer track record of prudent financial management by improving
its operating cash flow and leverage profile. A debt-to-EBITDA
ratio remaining sustainably below 1.5x, and an operating cash
flow-to-debt ratio of over 25% would demonstrate such improvement.
E-House is a China-based provider of real estate services,
including primary brokerage, data, and consulting. The Hong
Kong-listed company also operates a "Fangyou" network that connects
small-to-midsized brokers, property buyers, and developers in
China.
HYDOO INTERNATIONAL: Fitch Corrects Jan. 12 Ratings Release
-----------------------------------------------------------
Fitch Ratings replaced a ratings release on Hydoo International
Holding Limited published on January 12, 2019 to include Fitch's
Corporates Notching and Recovery Ratings Criteria and
Country-Specific Treatment of Recovery Ratings Criteria, which were
both omitted from the original release, and to update the analysts
listed.
The revised release is as follows:
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Chinese property developer Hydoo International Holding
Limited (Hydoo) at 'B-'. The Outlook is Stable. The
foreign-currency senior unsecured rating and the rating on its
outstanding USD160 million 13.75% senior unsecured bonds due 2018
have also been affirmed at 'B-', with a Recovery Rating of 'RR4'.
The ratings are supported by Hydoo's low forecast leverage of
approximately 14% as of end-December 2017, which has declined
further from 24% in 2016 following its recent asset disposals, as
well as its controlled pace of construction and land acquisition.
Hydoo's sufficient liquidity profile also supports its ratings as
it had an unrestricted cash balance of CNY976 million as of 1H17,
which was subsequently boosted by further asset disposals (Huaiyuan
and Xingning) in 3Q17 of roughly CNY689 million which should be
sufficient to cover its short-term debt of CNY1,455 million as of
end-June 2017. Hydoo's ratings are constrained by its small
business scale, low non-development income and sluggish trade
centre demand.
KEY RATING DRIVERS
Trade Centre Performance Stabilised: Hydoo is focused on trade
centre development, where demand has been weak in the past few
years due to SMEs scaling down new investments; slower relocation
demand; local government delays in completing transport networks;
and lower investor appetite for commercial properties. Contracted
sales have been shrinking, with declining average selling prices
(ASP) for Hydoo from 2014 to 1H17, but Fitch is starting to see a
slowdown in this decline compared with previous years, and with ASP
starting to stabilise.
Hydoo expects ASPs to stabilise at the current reduced level, and
there are signs that trade centre demand is beginning to pick-up as
local governments have been boosting their efforts to relocate
existing distributors located in city centres to more rural areas.
This is in order to free up the land for higher economic
value-added purposes such as residential and commercial uses due to
the run-up of property prices in the past few years.
Leverage May Decline: Hydoo's leverage (net debt/adjusted
inventory) deteriorated swiftly to 24% by end-2016 from a net cash
position at end-2014 because of slower sales and continued capex.
Hydoo's plans to cut its construction pace and land acquisitions
could help it deleverage in the next two years. Fitch may see
leverage decline to below 10% by 2018, when also considering the
asset disposals of CNY892 million in 2017 and assuming disciplined
capex plans. Hydoo's large land bank of over 9 million square
metres (sqm) (post-disposal), is still sufficient for around 14
years of development based on 2016 gross floor area (GFA) sold,
giving Hydoo more flexibility in cutting future land purchases if
necessary.
Low Non-Development Income: Hydoo's rating is constrained by its
focus on trade centre development and its lack of significant
non-development income. Rental income contributed only 2% of total
revenue as of 1H17. The lack of diversification results in Hydoo's
weaker cash flow quality, and raises its operation risk amid
industry downturns. Continued weakness in the demand for trade
centres may lead to ASP cuts and a narrower margin to speed up
sales, which may substantially reduce operational cash flow
generation. Recurring EBITDA/gross interest paid is likely to
remain at the 0.1x level.
Higher Risk in Lower-Tier Cities : Hydoo's trade centres are mainly
in Tier 3 and Tier 4 cities spread across 10-12 cities to tap
relocation and urbanisation demand. Fitch believes sales are more
volatile in these cities than in more developed cities, and demand
may reach saturation faster due to the smaller populations and GDP
in these economies. Sales for the subsequent phases of Hydoo's
large-scale integrated trade centre projects (those of 400,000 sqm
or larger) would hinge on continued urbanisation, but lower-tier
cities will face intense competition for financial and human
resources from other developing cities.
US Dollar Notes Refinancing in Progress: Management plans to
refinance its USD160 million bonds due 2018 with new issuance, and
has submitted an application to the National Development and Reform
Commission. Fitch will continue to monitor the progress of NDRC's
approval for Hydoo, and believes the company is able to execute its
refinancing plan - given its sufficient liquidity position,
especially after its asset disposals.
DERIVATION SUMMARY
Fitch has compared Hydoo with other trade centre developers such as
China South City Holdings Limited (CSC) (B/Stable) and Wuzhou
International Holdings Limited (CCC). Hydoo is weaker than CSC in
project location and asset quality, contracted sales scale, margin
and business diversification in non-development income. However,
Hydoo does have lower leverage (net debt/adjusted inventory) than
CSC.
Hydoo has a faster asset churn than Wuzhou and slightly wider
EBITDA margin. Hydoo's and Wuzhou's business relies heavily on
contracted sales of trade centres, and are more susceptible to
industry cycles. Hydoo's financial profile compares strongly
against that of Wuzhou with its much lower leverage, justifying the
one-notch rating difference.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
- Contracted ASP increase of 3% per year over 2018-2019
- Contracted GFA increase by 25% in 2018 and 5% in 2019
- Contracted sales of roughly CNY3.5 billion in 2018 and CNY3.8
billion in 2019
- EBITDA margin of around 20% over 2018-2019
- CNY436 million used for land bank acquisition in 2018
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
Positive rating action will not be considered unless Hydoo is able
to boost its scale substantially by expanding its geographical
coverage beyond lower-tier cities, and is able to sustain sales in
subsequent phases of its existing projects, while at the same time
not compromising on financial metrics
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Deterioration in refinancing prospects that has a significant
adverse impact on the liquidity profile
- Sustained decline in trade centre contracted sales
- Net debt/adjusted inventory sustained above 40% (2016: 24%)
LIQUIDITY
Liquidity Stronger after Asset Sales: Fitch believes that Hydoo has
sufficient liquidity to meet its debt obligation after its asset
disposals in 2017, and given its available bank credit facilities
of over CNY2 billion. Hydoo had unrestricted cash of CNY976 million
as of end-1H17, with short-term debt of CNY1,455 million (i.e. only
enough to cover 67% of its short-term debt). Hydoo's USD160 million
2018 senior notes will also be due in December 2018. However,
liquidity has substantially improved after the asset disposals for
CNY892 million.
FULL LIST OF RATING ACTIONS
Hydoo International Holding Limited
Long-Term IDR affirmed at 'B-'; Outlook Stable
Senior unsecured foreign-currency rating affirmed at 'B-';
Recovery Rating of 'RR4'
USD160 million 13.75% senior unsecured notes due 2018 affirmed at
'B-'; Recovery Rating of 'RR4'
KANGMEI PHARMA: Avoids Default as Guangdong Pressures Customers
---------------------------------------------------------------
Caixin Global reports that embattled Chinese pharmaceutical company
Kangmei Pharmaceutical Co. on the verge of defaulting on almost
$300 million of bonds was able to retire the debt thanks to
pressure from the local government on the company's hospital
customers.
Caixin relates that the Shanghai-listed company repaid CNY2.09
billion (US$309 million) of principal and interest on a short-term
bond due Feb. 12, the company said.
Kangmei, which has been implicated in a series of bribery scandals
involving local officials, was able to make the payment because the
Guangdong provincial government told all hospitals that owed money
to Kangmei to pay up by Feb. 12, or else the hospitals' heads would
be held accountable, Caixin learned.
Caixin says the provincial government leaned on the drugmaker's
customers at the request of the municipal government of Jieyang,
where the company is based. Jieyang has a relatively weak economy
in one of the most prosperous provinces in China. Kangmei is a
major employer and taxpayer in the city.
According to the report, China Chengxin Credit Rating Group, a
local credit rating company, on Feb. 12 cut its ratings on Kangmei
and several of its bonds to AA+ from AAA and placed the company on
negative watch, citing concentrated debt maturity and increasing
liquidity pressure.
As of Feb. 12, the company had a total of CNY21.65 billion of
outstanding bonds, including a CNY2 billion bond due on March 26
and another CNY2 billion bond due April 20, according to China
Chengxin.
Caixin notes that the pharmaceutical company has been stumbling
since mid-2018 and has lost more than 70% of its market value.
Kangmei's shares jumped Feb. 13 and Feb. 14 after it avoided the
bond default, the report says. The stock closed at CNY8.37 on Feb.
14, up 14% from Feb. 12's close, but still well below its high of
around CNY22 last October, Caixin notes.
Caixin says Kangmei was involved in several bribery cases involving
government officials. According to court documents released last
June, the company bribed Cai Ming, former director of the drug
safety supervision department at the Guangdong Province Food and
Drug Administration, to the tune of CNY300,000 from 2014 to 2015,
Caixin recalls.
In exchange for bribes, Cai used his position to help Kangmei and
27 other pharmaceutical companies obtain drug approvals and drug
safety certificates.
According to Caixin, Kangmei's founder and President Ma Xingtian
maintains close relations with many local government officials.
Even though several such officials have been sentenced to prison in
corruption cases, Ma has remained unscratched.
Late last year, Kangmei said it was investigated by securities
regulators for suspected violation of information disclosure,
Caixin recalls.
As of Feb. 1, nearly 50% of the company's shares have been pledged
as collateral for debt, Caixin discloses citing data from the China
Securities Depository and Clearing Corp. The controlling
shareholder with a 33% stake, Kangmei Industrial Investment
Holdings, has pledged almost all the shares it holds, the drugmaker
said in a statement last November, Caixin relates.
Kangmei faces the risk of passive stock offloading by its
controlling shareholder because of the high ratio of pledged stock,
which has made it more difficult to obtain further financing, China
Chengxin said, Caixin relays.
Caixin says the company has been trying to raise cash through asset
sales. Last month, it proposed to sell its 9.46% stake in GF Fund
Management Co. Ltd. for CNY1.39 billion, adds Caixin.
[*] CHINA: Freezes $1.5 Billion of P2P Assets in Intensified Probe
------------------------------------------------------------------
Bloomberg News reports that Chinese police has frozen about CNY10
billion (US$1.5 billion) of assets across more than 380
peer-to-peer lenders in an escalated investigation into illicit
financing.
Codenamed 'Fox Hunt,' the operation spanned 16 countries and
regions including Thailand and Cambodia and led to the arrests of
62 suspects implicated in Chinese P2P frauds since June, China's
Ministry of Public Security said in a statement on Feb. 17,
Bloomberg relays. It didn't disclose more details but said police
is still recouping losses.
While a lack of oversight contributed to a ballooning in P2P loans,
the sector has come in for special scrutiny under President Xi
Jinping's crackdown on financial risk, according to Bloomberg.
Authorities are now dramatically shrinking the market, which
spawned the nation's biggest Ponzi scheme, protests in major
cities, and life-altering losses for thousands of savers.
According to Bloomberg, some P2P companies are attracting investors
by promising high interest rates under the guise of "financial
innovation," while others fabricated investment projects and
squandered the money, the police said. At least 100 people have
dropped out of contact or disappeared before the firms went bust,
with some having fled overseas, according to the statement cited by
Bloomberg.
The number of Chinese peer-to-peer lenders may drop by 70 percent
this year to as few as 300, Bloomberg discloses citing an estimate
from Shanghai-based Yingcan Group. Only some 50 firms will survive
eventually, Citigroup Inc. predicts.
=========
I N D I A
=========
ALLCHEM LIFESCIENCE: ICRA Cuts Rating on INR7cr Loan to B+
----------------------------------------------------------
ICRA has downgraded the long-term rating of [ICRA]BB- to [ICRA]B+
and reaffirmed the short-term rating of [ICRA]A4 for the
INR11.00-crore facilities of Allchem Lifescience Pvt. Ltd. (ALPL).
The rating continues to be in the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 7.00 [ICRA]B+ (Stable); ISSUER NOT
Term Loan COOPERATING; Downgraded from
[ICRA]BB- (Stable); Rating
continues to remain under
'Issuer Not Cooperating'
category
Fund based- 2.00 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Downgraded from
[ICRA]BB- (Stable); Rating
continues to remain under
'Issuer Not Cooperating'
category
Non-Fund Based 2.00 [ICRA]A4 ISSUER NOT
Limits COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests, 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.
Rationale
The long term rating downgrade reflects the deterioration in
financial profile of the company in FY2018, marked by increase in
debt levels and resultant weakening of coverage indicators.
Allchem Lifescience Private Limited (ALPL) was established in 2003
as Allchem Laboratories, a proprietorship concern by Mr. Bipin
Patel. Subsequently, in January 2017, the company was converted to
a private limited company with Mr. Bipin Patel as the major
stakeholder (70%). ALPL manufactures drug intermediates and key
starting materials used in the manufacture of Active Pharmaceutical
Ingredients (API's). Its manufacturing unit, spread over 10000
square meters, is located in Vadodara, Gujarat and is ISO
9001:2008, 14000:2004 and OHSAS 18000:2007 certified. It is
equipped with four glass lined reactors and ten stainless steel
reactors, having capacities between 1.00 to 3.00 kilo litres and
resulting in a total production capacity of 200 MTPA.
ALLWYN FURNITURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Allwyn Furniture Private Limited
3G/19, N I T Faridabad
Haryana 121002
Insolvency Commencement Date: January 7, 2019
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: July 6, 2019
(180 days from commencement)
Insolvency professional: Mr. Sunil Kumar Agrawal
Interim Resolution
Professional: Mr. Sunil Kumar Agrawal
E-29, South Extension-II
New Delhi 110049
E-mail: aggarwalsk21@yahoo.com
- and -
904, Sector-7C
Faridabad 121006
E-mail: irpallwynfurniture2019@gmail.com
ipsunilagrawal21@gmail.com
Last date for
submission of claims: January 30, 2019
AURA MANAGEMENT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Aura Management Services Private Limited
8-C, Hansalaya Building
Barakhamba Road
Delhi 110001
Insolvency Commencement Date: January 15, 2019
Court: National Company Law Tribunal, New Delhi Special Principal
Bench
Estimated date of closure of
insolvency resolution process: July 13, 2019
(180 days from commencement)
Insolvency professional: Mukesh Gupta
Interim Resolution
Professional: Mukesh Gupta
F-1, Milap Nagar
Uttam Nagar
New Delhi 110059
E-mail: camukeship@rediffmail.com
cirp.aura@rediffmail.com
Last date for
submission of claims: February 8, 2019
BILCARE LIMITED: ICRA Moves 'MC' Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the medium-term rating for the proposed fixed
deposit programme of Bilcare Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "MC ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed fixed 125.00 MC ISSUER NOT COOPERATING;
deposit (FD) Rating moved to the 'Issuer
programme 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.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.
Incorporated in 1987, Bilcare Limited (Bilcare) is primarily
involved in manufacturing speciality pharmaceutical packaging
barrier films. Bilcare provides pharmaceutical packaging innovation
(PPI) services and products, global clinical services (GCS) and
anti-counterfeit technologies to major pharmaceutical companies.
Over the years, Bilcare has diversified its geographical presence
by organic and inorganic expansion. The company's manufacturing
facilities are located in India, Singapore, USA and Europe and its
R&D facilities are in India, Singapore and the USA.
C.K. INDUSTRIES: ICRA Withdraws B+ Rating on INR19.95cr Loans
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook ISSUER NOT COOPERATING assigned to the INR19.95 crore bank
facilities of C.K. Industries (CKI).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-
Cash Credit 15.00 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Withdrawn
Unallocated 4.95 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Withdrawn
Rationale
The ratings assigned to C.K. Industries have been withdrawn at its
request based on the no objection certificate provided by its
banker.
Established in 1997 as a partnership firm, C.K. Industries (CKI) is
involved in ginning and pressing for the production of cotton bales
and cottonseeds. It is also engaged in crushing activities for the
production of cottonseed oil and cottonseed oil cakes. CKI's
manufacturing facility at Rajkot (Gujarat) is equipped with 34
ginning machines, eight expellers and a pressing machine, with a
production capacity of 28.9 MT of cotton bales and 49.7 MT of
cottonseeds per day. The firm is promoted by Mr. Arvind Kakadia and
his family, who have over a decade of experience in the cotton
ginning sector.
CHAYAGRAPHICS HEALTHCARE: ICRA Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Chayagraphics Healthcare Private Limited to the
'Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]B+ (Stable)/A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 6.50 [ICRA]B+ (Stable); ISSUER NOT
Based Limit- COOPERATING; Rating moved to
Cash Credit the 'Issuer Not Cooperating'
category
Short Term-Non- 1.25 [ICRA]A4; ISSUER NOT
fund based limits COOPERATING; Rating moved to
the '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/dated/
limited 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 2014, CHPL is involved in the trading of medical
consumables and devices, including contrast media, disinfectant
chemicals and equipment, X-ray films, X-ray accessories, automatic
X-ray film processors, and ultrasound equipment. The company is
based out of Bangalore, with branch offices in Kolkata, Mumbai and
Chennai. CHPL is promoted by Mr. V Prasad, Mr. P Ashok, Mr. MS
Keshva and Mr. Vinay. The promoters are also associated with other
group concerns, namely, Prognosys Medical Systems Private Limited
and Chayahraphics (India) Private Limited (CIPL).
In FY2018, the company reported a net loss of INR0.3 crore on an
operating income of INR34.7 crore compared to a net loss of INR0.1
crore on an operating income of INR30.1 crore in the previous
year.
CYGNUS EQUIPMENTS: ICRA Moves D on INR10MM Debt to Not Cooperating
------------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Cygnus Equipments and Rentals Private Limited (CERPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating moved to the '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/dated/
limited 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 2009, CERPL is involved in renting and leasing of
construction equipment (primarily concrete handling equipment)
across India. It caters mainly to the Ready Mix Concrete (RMC)
manufacturing companies. CERPL is a part of the Cygnus group, which
is founded and managed by Mr. K. K. Singhania. He possesses vast
business experience in different sectors such as construction
equipment, real estate, land development, warehousing, investment
and finance, trading, import and manufacturing.
DIVYALAKSHMI TEXTILES: Ind-Ra Assigns BB+ Rating on INR90MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Divyalakshmi Textiles
Pvt Ltd.'s (DTPL) additional proposed bank loans as follows:
-- INR90 mil. Proposed term loan assigned with Provisional IND
BB+/Stable rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan/transaction documents for the above
instruments to the satisfaction of Ind-Ra.
RATING SENSITIVITIES
Positive: A significant improvement in revenue and EBITDA margin
while maintaining credit metrics at healthy levels, all on a
sustained basis, would lead to a positive rating action.
Negative: A decline in revenue and/or EBITDA margin, leading to
deterioration in credit metrics on a sustained basis and/or a
stressed liquidity position, will lead to a rating downgrade.
COMPANY PROFILE
Incorporated in 2005, DTPL manufactures cotton yarn and has an
installed capacity of 28,800 spindles. It is located in
Aruppukottai (Tamil Nadu).
DUREZA GRANITO: ICRA Moves B Ratings to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR32.50 crore bank facilities
of Dureza Granito Pvt. Ltd. to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable)/A4 ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 25.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Cash Credit 4.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Bank Guarantee 3.50 [ICRA]A4 ISSUER NOT
COOPERATING; Rating moved to
'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/dated/
limited 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.
Dureza Granito Pvt. Ltd. (DGPL) is engaged in manufacturing glazed
vitrified tiles with the plant situated at Wankaner, Gujarat. The
company was incorporated in September 2016. DGPL is managed by four
promoters. The promoters have long experience in ceramic business
as they are involved in the same line of business since many years
through its associate concern and have incorporated this new entity
looking towards the upcoming demand of glazed vitrified tiles.
GOLD KING: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Gold King Tex India Private Limited
No. 67, Goundampalayam Village
Royarpalayam Tiruchengode
TN 637205
Insolvency Commencement Date: January 25, 2019
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: July 24, 2019
(180 days from commencement)
Insolvency professional: Chandramouli Ramasubramaniam
Interim Resolution
Professional: Chandramouli Ramasubramaniam
(C Ramasubramnaniam)
'RAJI' 3B1, 3rd Floor, Gaiety Palace
No. 1L, Blackers Road
Mount Road, Chennai
Tamil Nadu 600002
E-mail: fcs.rms@gmail.com
Last date for
submission of claims: February 8, 2019
GOOD VALUE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Good Value Marketing Company Limited
3rd Floor, Industrial Assurance Building
Churchgate, Mumbai 400020
Insolvency Commencement Date: December 28, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 26, 2019
Insolvency professional: Manoj Kumar Jain
Interim Resolution
Professional: Manoj Kumar Jain
11, Friends Union Premises Co-op.
Society Ltd
2nd Floor, 227, P.D. Mello Road
Opp: St. George Hospital, Fort
Mumbai 400001
Tel.: 022-2269-5289
E-mail: manojj2102@gmail.com
Last date for
submission of claims: February 8, 2019
GREENVISION TECHNOLOGIES: Ind-Ra Moves BB Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Greenvision
Technologies 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 these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR120.0 mil. Fund-based limits migrated to non-cooperating
category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR125.0 mil. Non-fund-based limits migrated to non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2008 and managed by Mr. Biju Bruno, Mr. Bipin
Shaparia and Mr. Aditya Ajay Mehta, Greenvision Technologies
manufactures lead-acid batteries and trades tubular batteries.
HK ENNTERPRISES: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of HK
Ennterprises-Delhi (HK) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with HK for obtaining
information through letters and emails dated December 17, 2018,
January 11, 2019 and January 16, 2019 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 HK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HK 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 HK to 'CRISIL B/Stable Issuer not cooperating'.
Set up as a partnership firm in 2017 by Mr.Ramesh Kumar and Mr.
Ravindra Alhawat, HK is engaged into supply of construction and
building materials primarily in and around Delhi.
IL&FS ENVIRONMENTAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS
Environmental Infrastructure and Services Limited's (IEISL)
Long-Term Issuer Rating to 'IND D' from 'IND BB' while resolving
the Rating Watch Negative (RWN).
The instrument-wise rating actions are:
-- INR250 mil. Fund-based limits (Long-/short-term) downgraded;
Off RWN with IND D rating;
-- INR54 mil. Term loan (Long-term) due on June 2021 downgraded;
Off RWN with IND D rating; and
-- INR896 mil. Proposed bank loans* (Long-/short-term)
downgraded; Off RWN with Provisional IND D rating.
*The rating is provisional and shall be confirmed upon the sanction
and execution of the loan documents for the above facilities by
IEISL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing by IEISL since
December 2018 owing to a tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
result in an upgrade.
COMPANY PROFILE
IEISL largely operates the following five segments across India:
processing and disposal (municipality solid waste management
business), construction & demolition, collection & transportation,
waste to energy and social advisory. Collection & transportation
(except in Varanasi) and waste to energy segments have been
segregated into separate entities while the remaining segments are
included in the standalone financials.
INDO BIOTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Indo Biotech Foods Limited
3rd Floor, Industrial Assurance Building
Churchgate, Mumbai 400020
Insolvency Commencement Date: December 31, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 29, 2019
Insolvency professional: Manoj Kumar Jain
Interim Resolution
Professional: Manoj Kumar Jain
11, Friends Union Premises Co-op.
Society Ltd
2nd Floor, 227, P.D. Mello Road
Opp: St. George Hospital, Fort
Mumbai 400001
Tel.: 022-2269-5289
E-mail: manojj2102@gmail.com
Last date for
submission of claims: February 8, 2019
JANTA LAND: ICRA Withdraws D Rating on INR250cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D assigned earlier
to the INR250w1112wexedwexsxx css-crore long-term bank facilities
of Janta Land Promoters Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 250.0 [ICRA]D; withdrawn
based Term Loan
Rationale:
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and at the request of the company.
Incorporated in 2003, Janta Land Promoters Private Limited (earlier
known as Janta Land Promoters Limited) is engaged in commercial,
industrial, retail and residential real estate development in the
cities of Mohali and Ludhiana in Punjab and Kasauli in Himachal
Pradesh. JLPL was promoted by its current managing director, Mr.
Kulwant Singh. The promoters started their first venture in the
form of a plotting project in Ludhiana. In Mohali, the company is
developing projects in sectors 90, 91, 94, 95, 82, 83 and 66A.
Total area under development is more than 8 million sq ft.
JAYPEE INFRATECH: NBCC, Suraksha Submit Bid to Buy Firm
-------------------------------------------------------
BloombergQuint reports that state-owned NBCC (India) Ltd. and
Mumbai-based Suraksha Group have submitted bids to take over
bankruptcy-bound Jaypee Infratech and complete stalled housing
projects in Noida, sources said.
The value of the bids could not be immediately ascertained, the
report says. NBCC Chairman and Managing Director Anoop Kumar Mittal
said the company is "keen to acquire" Jaypee Infratech and complete
over 20,000 pending housing units, BloombergQuint relates.
BloombergQuint says Mittal declined to share the bid value but said
the resolution plan submitted by the company is beneficial for all
stakeholders, including banks, homebuyers and NBCC.
NBCC, in an exchange filing, said it has submitted the bid to
interim resolution professional Anuj Jain, BloombergQuint reports.
BloombergQuint says Jain, who is carrying out the insolvency
process, had earlier shortlisted four players - NBCC, Kotak
Investment, Singapore-based Cube Highways and Suraksha Group - to
submit their resolution plans by Feb. 15.
Kotak Investment and Cube Highways have not submitted bids, sources
said, the report notes.
A meeting of the committee of creditors was held on Feb. 18 to
discuss bids, BloombergQuint says.
In October 2018, Jain started a fresh initiative to revive Jaypee
Infratech on the National Company Law Tribunal's direction after
lenders rejected the over Rs 7,000-crore bid of Suraksha Group.
He invited companies and investors to submit resolution plans to
revive Jaypee Infratech, which has many stuck housing projects in
Noida and Greater Noida.
In 2017, the National Company Law Tribunal had admitted the
application by an IDBI Bank-led consortium seeking resolution for
Jaypee Infratech under the Insolvency and Bankruptcy Code. The
tribunal had appointed Jain as interim resolution professional to
manage the company's business and invite bids from investors,
BloombergQuint recalls.
Consequently, Lakshdeep, part of Suraksha group, had emerged as the
front runner to acquire the firm. However, in May last year,
lenders rejected the Rs7,350-crore bid by Lakshdeep as they found
the amount to be inadequate.
According to BloombergQuint, the realty firm has an outstanding
debt of nearly Rs 9,800 crore, of which Rs 4,334 crore pertains to
IDBI. Other lenders are IIFCL, LIC, SBI, Corporation Bank,
Syndicate Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI,
J&K Bank, Axis Bank and Srei Equipment Finance.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over 36
years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.
On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation,
according to Livemint. The stay was later revoked by the court,
which directed the resolution professional to submit an interim
resolution plan that takes into account the interest of
homebuyers.
The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers. Out of this,
only INR750 crore has been deposited so far, Livemint relayed.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.
KETAN CONSTRUCTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ketan
Construction Ltd.'s (KCL) Long-Term Issuer Rating to 'IND D' from
'IND BBB (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- INR1.050 bil. Fund-based working capital limit (Long-term)
downgraded with IND D rating; and
-- INR5.010 bil. Non-fund-based working capital limit (Short-
term) downgraded with IND D rating.
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing by KCL during the
three months ended January 2019 owing to a tight liquidity
position. The company had devolved its non-fund based limit for
more than 30 days at end-January 2019.
RATING SENSITIVITIES
Positive: Timely debt service for at least three consecutive months
could result in a positive rating action.
COMPANY PROFILE
Ketan Construction is an Ahmedabad-based civil contracting company.
It was founded in 1999 as a closely held public limited company by
the Barad family. The company executes irrigation, road,
transmission and mining projects.
LAILA SUGARS: CRISIL Migrates B Rating to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Laila Sugars
Private Limited (LSPL) to 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 130 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 13.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 26.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with LSPL for obtaining
information through letters and emails dated September 7, 2018 and
October 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 LSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LSPL 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 LSPL to 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in Vijayawada (Andhra Pradesh) in 2009, LSPL
manufactures sugar and its by-products: molasses, bagasse, and
press mud. It is a part of the Laila group of companies having
diverse business interests, including sugar, paper, nutraceuticals,
herbals, and educational institutions.
M.G. AUTO: CRISIL Reaffirms 'B' Rating on INR6cr Secured Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
M.G. Auto Service (MGAS) at 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft
Facility 6 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect a weak financial risk profile and
low bargaining power with the principal, Class India Private
Limited (Class). These rating weaknesses are partially offset by
the extensive experience of the promoters in distribution of
harvesters and an established market position in Karnataka.
Key Rating Drivers & Detailed Description
Weakness
* Low bargaining power with the principals: The company is a dealer
of Class and Terex India Pvt Ltd (Terex) products. Hence, revenue
growth and margins are directly linked to the performance of these
principals. Dealers do not have any significant bargaining power
with the principals, resulting in a low operating margin and
unavailability of credit from suppliers. With limited dealership
agreements, the company is susceptible to supplier concentration
risk.
* Below-average financial risk profile: The networth was small at
around INR3.61 crore and the total outside liabilities to tangible
networth (TOLTNW) ratio was high at more than 2 times, as on March
31, 2018. The networth is likely to remain moderate over the medium
term on account of limited accretion to reserves driven by low
profitability in trading operations. This also constrains the debt
protection metrics.
Strengths
* Extensive industry experience of the promoters: The promoters
have been in the dealership business over 15 years. They have taken
the dealership of CLASS harvesters as Bellary, Karnataka, is in the
middle of large paddy growing areas where demand is strong. Over
the years they have developed a strong relationship with the
principal and customers.
Liquidity
MGAS has below average liquidity marked by high bank limit
utilization of average 91 per cent for last twelve months ended
December 31, 2018 and expected cash accruals will be around INR0.13
crores in FY'19, which is not sufficient for funding its
incremental working capital requirement. Company does not have
fixed repayment obligations and does not have debt funded capex
over the medium term period.
Outlook: Stable
CRISIL believes MGAS will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' if the financial risk profile improves, most likely
driven by an increase in scale of operations and improvement in
profitability. The outlook may be revised to 'Negative' in case of
a decline in revenue and profitability, or large, debt-funded
capital expenditure, leading to deterioration in the financial risk
profile.
Set up in the year 2002 by Mr Nagaraju, Mr Surendra and their
family members, MGAS is an authorized dealer of combine harvesters
(paddy harvester machines) of CLAAS India Private Limited in
Karnataka and Terex India Pvt Ltd.
MIRAMBIKA AGRO: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mirambika Agro
Industries' (MAI) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance 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 continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based facilities (Long-term/Short-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR4.56 mil. Long-term loans (Long-term) due on November 2019
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects delays by MAI in debt servicing during the
three months ended January 2019, due to tight liquidity.
RATING SENSITIVITIES
Positive: Timely debt service for at least three consecutive months
would be positive for the ratings.
COMPANY PROFILE
MAI was incorporated as a partnership firm by Mr. Manhardan
Gadhavi, Ms. Pravinaben Gadhavi and Mr. Pratapsang Gadhavi in 2012.
The firm is engaged in the processing of various agro-commodities
such as rice, wheat, and pulses.
NATIONAL INSURANCE: A.M. Best Retains C++ Financial Strength Rating
-------------------------------------------------------------------
A.M. Best has maintained under review with negative implications
status the Financial Strength Rating of C++ (Marginal) and the
Long-Term Issuer Credit Rating of "b" of National Insurance Company
Limited (National) (India).
The under review with negative implications status has been
extended pending the receipt of an expected capital injection by
India's government, as communicated by National's management, as
well as the review of operating results for the financial year
ending March 31, 2019.
On Aug. 17, 2018, the ratings of National were downgraded,
following a significant reduction in National's capital position.
The ratings were placed under review with negative implications
pending the progress of initiatives to improve risk-adjusted
capitalization. These initiatives are still ongoing, and the
company's management expects significant capital injections by
India's government. Therefore the under review with negative
implications status is extended. National is a fully owned
government company and the third-largest non-life insurer in
India.
NILKANTH COTTON: ICRA Reassigns Rating on INR8.05cr Loan to D
-------------------------------------------------------------
ICRA has reassigned the long-term rating for the bank facility of
Nilkanth Cotton Industries (NCI) to [ICRA]D ISSUER NOT COOPERATING
from [ICRA]B ISSUER NOT COOPERATING. The rating continues to remain
in the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING" for the bank facilities of the
company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 6.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Reassigned from [ICRA]B (Stable);
Rating continues to remain in the
'Issuer Not Cooperating' category
Fund-based- 2.05 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Reassigned from [ICRA]B (Stable);
Rating continues to remain in the
'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, despite
the downgrade.
Rationale
The ratings take into consideration the irregularity in debt
servicing by NCI, as confirmed by its lender to ICRA.
Nilkanth Cotton Industries (NCI) was set up as a partnership firm
in the year 2014. It is engaged in the business of manufacturing
cotton bales and cotton seed oil through ginning and pressing of
raw cotton (kapas) and cotton seed crushing activity. The firm's
manufacturing facility is located at Rajkot, Gujarat and is
equipped with 24 ginning, 1 pressing machines and 5 expellers for
crushing of cotton seeds with the processing capacity of ~18,144 MT
of raw cotton and 2160 MT of seeds annually. The commercial
production commenced from January 2015. NCI is a partnership firm
with the promoters having an extensive experience in the cotton
industry.
NISIKI INDIA: ICRA Reaffirms B+ Rating on INR10cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Nisiki
India Private Limited at [ICRA]B+(Stable)/ [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 10.00 [ICRA]B+(Stable); Reaffirmed
based Cash Credit
Short-term Non- 8.00 [ICRA]A4; Reaffirmed
fund-based
Letter of Credit
The ratings continue to remain constrained by Nisiki India Private
Limited's weak financial profile characterised by low
profitability, leveraged capital structure, weak debt coverage
indicators and high working capital intensity of operations due to
elongated receivables. The ratings also consider the vulnerability
of its profitability to fluctuations in foreign exchange rates and
prices of traded goods, and intense competition in the industry.
Nonetheless, the ratings favourably factor in the extensive
experience of the promoters along with the company's operating
track record for nearly 25 years in the trading business. The
ratings also note its established customer base spread across
various industries in India.
Outlook: Stable
ICRA expects NIPL to benefit from the extensive experience of its
promoters in the trading business of electrical and mechanical
accessories. The outlook may be revised to Positive if healthy
growth in the revenues and profitability, or improvement in the
working capital indicators strengthens the financial risk profile.
The outlook may be revised to a Negative if cash accrual is lower
than expected, or if a stretch in the working capital cycle weakens
liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters; long track record of operations
in trading industry: Incorporated in 1992, NIPL primarily trades
electrical and mechanical accessories like bearings, motors, fans
etc in the domestic market. The company's key promoters, Mr.
Shrikant Gholba and Mrs. Uma Gholba, have extensive experience of
over two decades in the trading business.
Established customer base spread across various industries - The
company's customer profile includes several reputed original
equipment manufacturers (OEMs) such as Lucas TVS, IFB Industries,
Kirloskar Brothers, V-Guard Industries, Amara Raja Batteries etc
from diverse industries like automobile, home appliances,
electronics and industrial. NIPL's customer concentration risk
remains moderate with its top five customers accounting for ~36% of
the total sales in FY2018 as against 29% in FY2017.
Credit challenges
Weak financial profile characterised by low profitability,
leveraged capital structure and weak debt coverage indicators:
NIPL's profitability indicators have historically remained weak
owing to low value addition in the trading business. The company's
operating profit margins continued to remain weak at 5.55% in
FY2018 as against 5.06% in FY2017. The net profit margin also
remained subdued due to high interest charges and stood at 0.87% in
FY2018 as against 0.38% in FY2017. The company's capital structure,
despite witnessing some improvement, continued to remain leveraged
with a gearing of 2.83 times as on March 31,2018 as against 3.45
times as on March 31, 2017. NIPL's debt coverage indicators
remained weak as on March 31, 2018 with interest coverage of 1.02
times, TD/OPBITDA of 5.42 times and NCD/TD of 4% as compared to
interest coverage of 0.94 times, TD/OPBITDA of 6.83 times and
NCD/TD of 2% as on March 31, 2017.
High working capital intensity of operations due to elongated
receivables: The company's working capital intensity remained on
the higher side due to its elongated receivable days and stood at
30% as on March 31, 2018. NIPL offers a credit period of 90-120
days to its clients, given the intense competition in the trading
industry, while its purchases are mainly made on a clean credit of
60-90 days or against 90 days' letter of credit. The company also
had sizeable receivables pending for over 180 days (29% of the
total receivables) as on March 31, 2018, any write off of which may
impact its profitability indicators.
Vulnerability of profitability to fluctuations in foreign exchange
rates and volatility in prices of traded goods: NIPL entirely
imports traded goods, which exposes its profitability to any
adverse movements in the foreign exchange rates, given that there
is no formal hedging policy in place at present. The profitability
also remains vulnerable to any unfavourable movement in prices of
traded goods, though the same is mitigated to an extent by passing
on the price increase on to its customers.
Intense competition exerts pricing pressures and limits bargaining
power: The trading industry is highly fragmented with a large
number of organised and well-established players as well as
unorganised players in the market, which exerts pricing pressures
and limits the company's bargaining power.
Liquidity Position
The company had unencumbered/free cash and bank balance (including
liquid investments) of INR0.11 crore as on March 31, 2018. The
company's outstanding debtors over six months stood at INR3.18
crore (29%) out of the total debtors of INR11.06 crore as on March
31, 2018, resulting into higher utilisation of working capital
borrowings as its monthly fund-based working capital utilisation
averaged at 83% during the 12-month period that ended on December
31, 2018.The company's debt repayments remain sizeable relative to
its cash accruals, exerting pressure on its liquidity position.
Incorporated in 1992, NIPL is involved in trading of different
types of bearings, motors, fans, and other electrical and
mechanical accessories in the domestic market. The company entirely
imports finished goods from large manufacturers located primarily
in China, which manufacture the products based on the designs and
specifications.
In FY2018, NIPL reported a net profit of INR0.33 crore on an OI of
INR38.26 crore, as compared to a net profit of INR0.14 crore on an
OI of INR37.29 crore in the previous year.
PRATIBHA ELECTRICAL: ICRA Moves 'D' Ratings to Not Cooperating
--------------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Pratibha Electrical Contractor LLP (PE) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Cash 6.50 [ICRA]D ISSUER NOT COOPERATING;
Credit Limits Rating moved to the 'Issuer Not
Cooperating' category
Short Term-Non 16.00 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating moved to the 'Issuer Not
Limits Cooperating' category
Long Term/Short 1.50 [ICRA]D/[ICRA]D ISSUER NOT
Term-Unallocated COOPERATING; Rating moved to
Limits the '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.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.
Established in 1987 and converted into Limited Liability
Partnership (LLP) in June 2014, the firm is engaged in executing
turnkey electrification projects. The firm undertakes planning and
implementation of lighting systems and power distribution of the
factory premises, process plants, and commercial complex and
residential colonies. In addition, the firm also specializes in
securing sanction for High Tension (HT) load requirements from the
Maharashtra State Electricity Board (MSEB) and other government
authorities. The partner, Mr H. L Joshi has experience of more than
20 years in the electrical contracting space.
RAVIRAJ HI-TECH: ICRA Reassigns Ratings on INR15cr Loans to D
-------------------------------------------------------------
ICRA has reassigned the rating for the INR15.00 crore bank
facilities of Raviraj Hi-Tech Private Limited (RHPL) to [ICRA]D
ISSUER NOT COOPERATING from [ICRA]B with a Stable outlook ISSUER
NOT COOPERATING. The rating continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-Term 9.93 [ICRA]D ISSUER NOT COOPERATING;
Loan Limits Rating reassigned from
[ICRA]B (Stable) and continues
to remain in the 'Issuer Not
Cooperating' category
Long term-Cash 5.00 [ICRA]D ISSUER NOT COOPERATING;
Credit Limits Rating reassigned from
[ICRA]B (Stable) and continues
to remain in the 'Issuer Not
Cooperating' category
Long term 0.07 [ICRA]D ISSUER NOT COOPERATING;
Unallocated Rating reassigned from
Limits [ICRA]B (Stable) and continues
to remain in the '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 reassignment follows the delays in debt servicing by
RHPL to the lender, as confirmed by them to ICRA.
The company operates on a modest scale restricting financial and
operational flexibility. Working capital intensity of the firm has
remained high over the years, with inventory levels and outstanding
receivableslargely determining the working capital requirements.
Also, its profitability remains susceptible to fluctuations in
foreign exchange rates, as the company does not follow any hedging
mechanism for its exports. ICRA has limited information on the
entity's performance since the time it was last rated in January
13, 2016.
As part of its process and in accordance with its rating agreement
with , 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. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information
Established in 2000, Raviraj Hi-tech Private Limited (RHPL) is
engaged in manufacturing and supply of wide range of precision
machined components mainly used in variety of products and
sub-assemblies. RHPL currently manufactures precision machined
components mainly catering to automobiles and electronics
industries made out of raw materials such as mild steel, stainless
steel, aluminium and brass.
ROYAL POWER: ICRA Keeps B- on INR6.25cr Loan in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Royal Power Turnkey Implements Private Limited (RPTL) continues to
remain in the 'Issuer Not Cooperating' category. The ratings are
now denoted as "[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Cash 6.25 [ICRA]B- (Stable) ISSUER NOT
Credit Limits COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Non-fund based- 8.75 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
Limits to remain in the 'Issuer Not
Cooperating' category
The rating is based on limited information on the entity's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
As part of its process and in accordance with its rating agreement
with RPTL, 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. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.
Incorporated in 2011, RPTL is engaged in executing turnkey power
projects for various Government departments in Maharashtra, Goa and
Chhattisgarh. The company is a registered class 'A' contractor with
different states and local governing bodies.
RUCHI GLOBAL: ICRA Reassigns Rating on INR12.5cr Loan to D
----------------------------------------------------------
ICRA has reassigned the ratings for the INR440.0 crore bank
facilities of Ruchi Global Limited to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]BB (Stable)/[ICRA]A4 ISSUER NOT COOPERATING.
The rating continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 12.5 [ICRA]D ISSUER NOT COOPERATING;
Limits Reassigned from [ICRA]BB (Stable)
and continues to be in non-
cooperating category
Fund and non- 427.5 [ICRA]D ISSUER NOT COOPERATING;
fund based Reassigned from [ICRA]A4 and
Limits continues to be in
non-cooperating category
Rationale
The rating action follows the delays in debt servicing, as
confirmed by its lender to ICRA. 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, despite the downgrade.
Established in 1996, Ruchi Global Limited (RGL) is engaged in the
business of trading in steel items and agricultural commodities.
RGL is a trading arm of Ruchi Group and is a closely held company.
RGL is primarily involved in the trading of steel, edible oil, soya
products, soyabean, wheat, pulses, chemicals and other agro and
non-agro commodities. Ruchi Group is a reputed industrial
conglomerate in India with interests in businesses ranging from
steel to food products. The Group is actively involved in soya
processing, edible oils, dairy products, cold rolled sheets and
coils, galvanized sheets and coils.
S GOKUL: CRISIL Migrates C Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S Gokul Das
(SGD) to 'CRISIL C Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL C (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Working 4.25 CRISIL C (ISSUER NOT COOPERATING;
Capital Facility Rating Migrated)
CRISIL has been consistently following up with SGD for obtaining
information through letters and emails dated January 11, 2019 and
January 16, 2019 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 SGD. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGD 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 SGD to 'CRISIL C Issuer not cooperating'.
SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr S Gokul Das. It is a contractor for the
Kerala state Public Works Department.
S. N. N. TEXTILES: ICRA Reaffirms B Rating on INR25cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of S. N. N.
Textiles Private Limited (SNNTPL) at [ICRA]B(Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, Fund- 7.0 [ICRA]B(Stable); reaffirmed
based facilities-
Cash credit
Long-term, Fund 18.0 [ICRA]B(Stable); reaffirmed
based facilities-
Term loan
Rationale
The rating reaffirmation takes into account the modest scale of
operations of S. N. N. Textiles Private Limited (SNNTPL) and the
accumulated losses since its inception resulting in a negative
net-worth position. The ratings also consider the tight liquidity
profile as reflected in the high working capital utilisation and
high term loan repayment obligations in the near-term. ICRA also
notes that the company is vulnerable to fluctuations in cotton and
yarn prices and regulatory risks with regards to the minimum
selling price (MSP) for raw cotton and curbs on exports for cotton
lint and yarn. The ratings consider high customer concentration
with the top three customers contributing to 73.5% of the total
sales in FY2018. The ratings, however, favorably consider the
significant experience of the promoters in the spinning industry
resulting in an established customer and supplier base for the
company.
Outlook: Stable
ICRA believes SNNTPL will continue to benefit from the extensive
experience of its promoters in the cotton spinning industry. The
outlook may be revised to 'Positive' if the company's capital
structure and profitability improves , going forward. The outlook
may be revised to 'Negative' if the debt-protection metrics or
liquidity position deteriorate further affecting the company's
financial risk profile.
Key rating drivers
Credit strengths
Long experience of the promoters in the spinning industry: SNNTPL
was established in 2013 however the promoters of the company have
been associated with spinning industry for more than 15 years
leading to established relations with customers in the textile
industry.
Credit challenges
Financial profile characterized by weak return indicators and
aggressive capital structure: The company's financial profile is
characterized by low PAT margin of -6% in FY2018, primarily due to
high depreciation expense and its RoCE remained low at 3%.
Nonetheless, the commencement of solar power plant is expecting to
result in cost savings, thereby improving the profitability, going
forward. With continued losses and continued capex in the recent
past, the capital structure remains stretched.
Intense competition limits pricing flexibility and exposes earnings
to price risk: SNNTPL operates in an intensely competitive and
commoditised spinning industry, characterized by low product
differentiation and fragmented structure, which restrict pricing
flexibility. Thus, the earnings of spinners remain exposed to the
volatility in cotton prices, which have constrained contribution
levels in the past.
Liquidity Position:
The company's liquidity position remains stretched in current
fiscal due to high capital expenditure incurred and high term loan
repayments in the near-term. Going forward, enhancement in working
capital limits and sanction of additional term loan (for solar
project) remain critical to improving the liquidity position of the
company.
S.N.N. Textiles Private Limited (SNNTPL) was incorporated in 2013
and is engaged in the manufacture of cotton yarn. The company
manufactures cotton yarn in the coarser count range of 40s to 60s.
The company commenced operations with 9600 spindles in FY2015.
Currently, the company has an installed capacity of 18480 spindles
with its manufacturing facility located at Annur in Tamil Nadu. The
promoter and his family members hold 100% stake in the company. The
company also has a 600KW windmill capacity to meet a part of its
power requirements.
SAFE DEVELOPMENT: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Safe
Development Alms Trust (SDAT) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 12.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Proposed Term Loan 7.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 15.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SDAT for obtaining
information through letters and emails dated December 17, 2018,
January 11, 2019 and January 16, 2019 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 SDAT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDAT 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 SDAT to 'CRISIL D Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
SDAT is a registered charitable trust constituted by the Minority
Community of Muslims, with its headquarters at Karuna Hospital
Campus at Melamuri in Palakkad. Since its inception in 1993, the
trust has been in the medical education and healthcare segments.
SAHIL INTERNATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sahil International Pvt. Ltd.
Chamber No. 104, Pushpa Chamber
1st Floor, Jiwan Tower
Patel Nagar, Civil Lines
Opp. Old DMC, Ludhiana
Punjab 141001
Insolvency Commencement Date: January 21, 2019
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: July 20, 2019
(180 days from commencement)
Insolvency professional: Mahesh Bansal
Interim Resolution
Professional: Mahesh Bansal
M/s. Mahesh Bansal & Associates
SCF 24, First Floor, Bhadaur House
Ludhiana 141008 (Punjab)
E-mail: emmbee.consulting@gmail.com
ip.sahilinternational@gmail.com
Last date for
submission of claims: February 4, 2019
SARASWATI EDUCATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saraswati
Educational Charitable Trust's bank loans ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR358.2 mil. Term loan due on March - June 2022 maintained in
Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating;
-- INR300 mil. Proposed term loan maintained in Non-Cooperating
Category with Provisional IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR20 mil. Working capital facility Maintained in Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 9, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Saraswati Educational Charitable Trust has colleges situated near
Lucknow. It also runs an aviation academy, a medical college, and a
410-bed hospital.
SATTIK EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sattik Exports Private Limited
Registered office:
H-1/16, S.L. Sarani V.I.P. Joramandir
Kolkata 700059
West Bengal
Insolvency Commencement Date: January 18, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 16, 2019
Insolvency professional: Chhedi Rajbhar
Interim Resolution
Professional: Chhedi Rajbhar
40, Strand Road, Model House
2nd Floor, Room No. 49
Kolkata 700001
E-mail: crajbharco.ca@gmail.com
sattik.cirp@gmail.com
Last date for
submission of claims: January 31, 2019
SHREE VINAYAK: CRISIL Assigns B+ Rating to INR10cr Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facility of Shree Vinayak Agro (SVA).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 10 CRISIL B+/Stable (Assigned)
The rating reflects the firm's below-average financial risk profile
because of modest net worth and average debt protection metrics;
modest scale of operations; susceptibility to volatile cotton
prices and to regulatory changes; and exposure to intense
competition in the cotton industry. These weaknesses are partially
offset by the extensive industry experience of its partners.
Key Rating Drivers & Detailed Description
Weakness:
* Below-average financial risk profile: The firm's financial risk
profile is below-average marked by modest net-worth, moderate total
outside liabilities to tangible net worth (TOLTNW) ratio and
average debt protection metrics. TOL/TNW and interest coverage
ratio was at 6.3 times and 1.7 times respectively for the fiscal
2018.
* Modest scale of operations: SVA's modest of operations is
reflected in operating income of INR52 crores during 2017-18. The
scale of operations is modest on account of intense competition in
cotton industry which restricts the firm's ability to scale up
significantly.
* Susceptibility to volatile cotton prices, and exposure to
regulatory changes and intense competition in the cotton industry:
Cotton prices constitutes the large portion of the total cost of
sales (Above 90%) and cotton prices have been volatile in past
resulting in risk arising due to any adverse change in the same
which may negatively affect company's operating margins.
Furthermore Government of India (GoI) fixes the minimum support
price (MSP) for each crop every year to help cotton farmers sell
their produce under MSP operations and avoid distress sales. Which
coupled with intense competition in the industry exposes firm to
price risk and any adverse change in government policy.
Strengths:
* Extensive industry experience of partners: SVA's partners have an
experience of 15 years in the cotton and polyester trading
industry. CRISIL believes that SVA will continue to benefit from
established relationship with customers and suppliers, over the
medium term and register steady topline growth
Liquidity
Warehouse receipts utilization is around 20% percent for the past
two months as the account has been opened in December 2018,
gradually the utilization is expected to be higher with improvement
in the scale of business. Cash accrual are expected to be over
INR0.3 crores which are sufficient against term debt obligation of
INR0.09 crores over the medium term. High gearing and small net
worth limits SVA's financial flexibility, and restrict the
financial cushion available to the company in case of any adverse
conditions or downturn in the business CRISIL believes that bank
limit utilization is expected to remain moderate on account
efficient working capital requirement.
Outlook: Stable
CRISIL believes SVA will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability, or a large equity
infusion by the partners. The outlook may be revised to 'Negative'
if there is a steep decline in profitability, or sizeable intake of
debt to fund capital expenditure or working capital requirement.
SVA is Hisar, Haryana based partnership firm established by Ajay
Munjal, Ram dass, Pankaj Bhatia, Sanjeev Bhatia and Alpana Taneja
is engaged in trading of Cotton yarn, Polyster staple fibre and
Cotton.
SHRIRAMKRUPA FIBRES: Ind-Ra Migrates B+ Ratings to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shriramkrupa
Fibres' 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 these ratings. The rating will now appear as 'IND B+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR75 mil. Fund-based working capital limits migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating; and
-- INR24.23 mil. Term loan due on September 2021 migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in June 2013 as a proprietorship firm, Shriramkrupa
Fibres is engaged in the ginning and pressing of raw cotton. Its
250 cotton bales per day plant are located in Wardha
(Maharashtra).
SHYAM SUNDER: CRISIL Lowers Rating on INR30cr LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shyam Sunder Estates Private Limited (SSEPL) to 'CRISIL D' from
'CRISIL B-/Stable'. The rating downgrade reflects delays in
servicing of principal and interest of term loan availed for
ongoing project. This is on account of delay in receipt of customer
advances.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 30 CRISIL D (Downgraded from
'CRISIL B-/Stable')
SSEPL also has high demand risk, susceptibility to timely flow of
customer advances and to the inherent risks and cyclicality in the
real estate industry. These weaknesses are partially offset by
extensive experience of the promoters in the real estate sector in
Mumbai.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in servicing of debt obligations: SSEPL has been delaying
in servicing of interest on its term loan because of weak liquidity
arising from lower bookings and receipt of customer advances
* High demand Risk: SSEPL has high demand risk as less than 60% of
the flats have been sold Ramp-up in bookings and timely receipt of
customer advances remains critical to repay upcoming debt
obligations.
* Exposure to inherent risks and cyclicality in the real estate
industry: The real estate sector in India is cyclical and marked by
sharp movements in prices and a highly fragmented market structure.
The overall uncertain economic climate and changing regulatory
environment exposes the firm to cyclicality in the sector.
Strength
* Extensive experience of promoters: Promoters have constructed 45
residential and commercial projects in Mumbai and Pune.
Longstanding presence in the real estate industry has enabled the
promoters to build established relationship with customers.
Liquidity
SSEPL has weak liquidity as reflected in delay in repayment of debt
obligations on account of low cash inflows.
SSEPL, promoted by Mumbai based Darvesh group, is currently
undertaking construction of residential project- 'Darvesh Grand' at
Khar (West), Mumbai.
SIGNET DENIM: ICRA Migrates B+ Ratings to Not Cooperating Category
------------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Signet Denim Pvt. Ltd. (SDPL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable) ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 57.00 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Fund based- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating moved to
the '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 2015, Signet Denim Private Limited (SDPL) is
setting up a Greenfield project in Surat, Gujarat for manufacturing
denim fabric. The proposed unit will be equipped with 120 air jet
looms with a production capacity of 24 million meters per annum
(MMPA).
SOL CABLES: ICRA Withdraws B+ Rating on INR0.40cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR3.00 crore bank
limits of Sol Cables.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund- 0.40 [ICRA]B+(Stable); Withdrawn
based limit
Unallocated limit 2.60 [ICRA]B+(Stable)/[ICRA]A4;
Withdrawn
Rationale
The ratings assigned for the bank facilities of the firm have been
withdrawn at the request of the firm and on the basis of no dues
certificate provided by its banker.
Mahalaxmi Industries was incorporated in June 2010; the firm was
renamed as Sol Cables in April 2014. SC is a partnership firm,
closely held within the Bora family. The firm manufactures various
categories of network cables, which are sold in the domestic
market, mainly to its group company, Om Trading Company. SC has its
manufacturing facility in Goa with a capacity to produce around 900
km. of cables per month.
SRI DURGA: ICRA Withdraws B+ Rating on INR25cr LT Loan
------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]B+ with a stable outlook
for the INR25.00 crore bank facilities of Sri Durga Enterprises
(SDE).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-fund
based CC 25.00 [ICRA]B+(Stable); Withdrawn
Rationale
The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the firm, based on no
objection certificate provided by its lenders.
Outlook: NA
Key rating drivers
Key Rating drivers has not been captured as the rated instrument
is being withdrawn
Sri Durga Enterprises (SDE), established in the year 2003, is
engaged in the trading of Paper and Paper Boards. The firm is an
authorised dealer to ITC. The firm sells paper products offered by
ITC Speciality Paper Division along with other paper mills. It is a
partnership firm promoted by Mr. Pothuri Srinivas Kumar and
Smt.Pothuri Madhuri Devi.
SRS REAL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: SRS Real Infrastructure Limited
SRS Multiplex, Top Floor City Centre
Sector-12 Faridabad
Faridabad HR 121007 IN
Insolvency Commencement Date: January 21, 2019
Court: National Company Law Tribunal, Gurugram Bench
Estimated date of closure of
insolvency resolution process: July 20, 2019
(180 days from commencement)
Insolvency professional: Sandeep Chandna
Interim Resolution
Professional: Sandeep Chandna
#23, Ground Floor
A-Block, South City-2
Sector-49, Sohna Road
Gurgaon 122018
E-mail: cssandeep@live.in
cirp.srsrealinfra@gmail.com
Classes of creditors: Real estate buyers
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Shyam Arora
96, Aravali Apartment
Alaknanda, New Delhi-19
E-mail: arora.shyaam@yahoo.com
Mr. Gyaneshwar Sahai
A-1404, The Resort, Sector-75
Faridabad 121004
E-mail: gyaneshwar.sahai@gmail.com
Mr. Arvind Kumar Jain
OD-14, FF, Malibu Town
Sohna Road, Gurugram 122018
E-mail: csarvindjain@gmail.com
Last date for
submission of claims: Februrary 4, 2019
SWASTIK ENTERPRISE: CRISIL Migrates B Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
Enterprise - Ahmedabad (SE) 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 5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated October 29, 2018 and
November 28, 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 SE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SE 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 SE to 'CRISIL B/Stable Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Incorporated in 1990, SE is engaged into trading cloth & chemicals.
The firm also have distributorship of HTC, App Daily, and Zopo. The
operations are managed by Mr Sandeep Jain.
SWASTIK TRADELINK: CRISIL Moves B+ on INR8cr Loan to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
TradeLink Private Limited (STPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with STPL for obtaining
information through letters and emails dated October 29, 2018 and
November 28, 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 STPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STPL 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 STPL to 'CRISIL B+/Stable Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Incorporated in 2001, Swastik Tradelink Pvt Ltd (STPL), is promoted
by Mr Sandeep Jain. The company is engaged into trading of steel,
chemicals, cloth. The company also have distributorship of Reliance
Jio and Spice Mobile.
TIRUPATI CARBONS: Ind-Ra Migrates BB- LT Ratings to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tirupati Carbons &
Chemicals 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:
-- INR4.75 mil. Long-term loan due on October 2020 migrated to
Non-Cooperating Category with IND BB- (ISSUER NOT
COOPERATING) rating;
-- INR40 mil. Fund-based limits migrated to Non-Cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR5 mil. Non-fund-based limits migrated to Non-Cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 7, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in December 2006, Tirupati Carbons & Chemicals is
engaged in graphite manufacturing and has five mines in Jharkhand.
It has an installed capacity of 3,500 tons per annum and its
production capacity is 3,000 tons per annum.
TRIKONA PHARMACEUTICALS: ICRA Reaffirms B+ Rating on INR8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Trikona
Pharmaceuticals Pvt. Ltd. (Trikona) at [ICRA]B+(Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-
Term Loans 8.00 [ICRA]B+(Stable); reaffirmed
Rationale
The reaffirmation of the rating is constrained by the company's
nascent stage of operations with Research and Development (R&D)
completed for fifteen products; highly competitive and fragmented
dermatology segment with presence of many large players in the
industry; and limited experience of the management in the
pharmaceutical manufacturing industry. ICRA notes the high
dependence on promoter's funds to meet the repayment obligations
starting from April 2019 as the company yet to start its commercial
operations. Therefore, timely commencement and ramp-up of
operations remains key rating monitorable.
The rating, however, positively considers resourceful promoters
with experience in the medical diagnostic industry with promoters
being founder directors of Vijaya Diagnostic Centre Pvt. Ltd
(VDCPL, rated [ICRA]A(Stable)/[ICRA]A1) having 57 centres in
Telangana, Andhra Pradesh and Karnataka; and established
relationships with doctors and hospitals across three states.
Further, the company has received approval for four products and
commercial production is expected to begin from February 2019.
Outlook: Stable
The stable outlook reflects ICRA belief that Trikona
Pharmaceuticals Pvt Ltd (TPPL) will benefit from the resourceful
promoters with experience in medical diagnostic industry. The
outlook may be revised to 'Positive' if there is timely
commencement and successful ramp-up of operations with healthy
operating margins. The outlook may be revised to "Negative' if
there is further delay in commencement of operations, slow ramp up
of operations weakening liquidity position.
Key rating drivers
Credit strengths
Resourceful promoters with experience in diagnostic industry: The
founder promoters have more than four decades of experience in the
medical diagnostic industry and have established relationships with
doctors and hospitals across Telangana, Andhra Pradesh and
Bangalore. TPPL is promoted by Dr. S. Surendranath Reddy and Mr. K.
Sunil Chandra, who are also promoters of Vijaya Diagnostic Centre
Pvt. Ltd which is into providing comprehensive diagnostic services
having 57 centres.
Credit weaknesses
Nascent stage of operations: The company has completed Research and
Development (R&D) for fifteen products; and received approvals for
four products. The company expects to start commercial production
of the products from February 2019.
High dependence on promoter's funds for timely debt servicing: The
delay in commercial operations has led to dependence on the
promoter's funds for funding the increase in project cost and
timely repayment of debt obligations commencing from April 2019.
The delay was due to regulatory amendment that currently requires
minimum 12 months of analytical stability and accelerated stability
data for getting approval as against six months data earlier.
Highly fragmented and competitive dermatology segment: The
dermatology segment in highly competitive with presence of many
large players in the industry which might affect the revenues and
profitability of the company; however, the company plans to
manufacture novel combinations which are expected to support the
company's revenues and margins to an extent.
Liquidity Position:
The liquidity is expected to remain stretched on account of
significant repayment obligations commencing from April 2019. The
shortfall is expected through be met from promoter's contribution.
Trikona Pharmaceuticals Pvt. Ltd. (Trikona) was incorporated in
2016 and is promoted by Dr. S. Surendranath Reddy and Mr. K. Sunil
Chandra. The promoters are also founders of Vijaya Diagnostic
Centre Pvt. Ltd which is into providing comprehensive diagnostic
services. Trikona is into R&D, product development and
manufacturing of formulations for dermatology segment which
includes creams, gels and ointments for treatment of anti-fungal,
wound healing, anti-bacterial and pigmentation categories. The
company plans to manufacture formulations under loan license
agreement from third-party manufacturers. The commercial operations
are expected to begin from February 2019.
In FY2018, the company reported a net loss of INR4.29 crore as
compared to a net loss of INR1.32 crore in FY2017.
VASU COCO: ICRA Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Vasu Coco Resorts Private Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, 43.00 [ICRA]D; ISSUER NOT
Term Loans COOPERATING; Moved to
issuer non-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/dated/
limited 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.
Vasu Coco Resorts Private Limited owns the 60-room 5-star property
'Vasundhara Sarovar Premiere' hotel in Vayalar, Kerala; which is
managed by Sarovar Hotels and Resorts Private Limited. The property
offers a mix of rooms, which include regular rooms, suites,
heritage rooms and cottages, floating cottages and also two-house
boats. The property also has three F&B outlets, which includes a
multi cuisine restaurant, a sea food specialty restaurant and a
poolside cafe. The property also offers other services like bar,
spa/health centre and boating services.
=====================
N E W Z E A L A N D
=====================
ESSENTIAL ROOFING: Goes Into Liquidation Amid Unfinished Jobs
--------------------------------------------------------------
Sam Sherwood at Stuff.co.nz reports that Essential Roofing Limited
has gone into liquidation, despite saying he was working to help a
trail of unhappy customers.
Stuff revealed on Feb. 14 that the company, run by Christchurch man
Macaulay Marchant, owed customers thousands of dollars worth of
work he was yet to begin. The customers include a 77-year-old woman
who paid Mr. Marchant about NZ$6,000 and a man owed more NZ$15,000
worth of work.
Mr. Marchant told Stuff on Feb. 14 he had taken on too much work,
was "snowed under", and understaffed. He hoped to have everything
sorted within a month and hoped to compensate homeowners. The
company was also in discussion with licensed contractors to
complete the work in a "timely manner," Stuff relays.
On Feb. 15, the website for his business said the company had been
placed into liquidation.
Companies Office records showed Mr. Marchant put the company into
liquidation on Friday night, Feb. 15.
According to Stuff, Mr. Marchant said on Feb. 17 he would contact
the customers for each job outstanding and vowed to complete them.
He confirmed the liquidation.
Essential Roofing Limited, which was incorporated in August 4,
2017, earlier claimed on its website to be "Canterbury's #1 roofing
option," Stuff says.
=================
S I N G A P O R E
=================
YUUZOO NETWORKS: Changes Financial Year From Dec. 31 to June 30
---------------------------------------------------------------
Rachel Mui at The Business Times reports that YuuZoo Networks Group
Corp - previously known as YuuZoo Corp - on Feb. 14 announced that
it has changed its financial year end from
Dec. 31 to June 30 to "better coordinate and finalise its year-end
financial reporting requirements with its professional advisers".
According to the report, Yuuzoo said this will result in "greater
administrative and operational efficiencies" as the year-end is
generally a busy period. Its new financial year ending June 30 will
cover a period of 18 months from Jan. 1, 2018 to June 30, 2019.
In March 2018, the Singapore bourse suspended shares in YuuZoo,
citing auditors' inability to give their opinion on the veracity of
financial statements for the year to Dec. 31, 2017, BT recalls.
Audited results for that period, released in September 2018, later
showed a 12-month net loss of SGD101 million, against the net
profit of SGD2.29 million that the group had reported, while the
audited revenue came in at SGD18 million, against the unaudited
figure of SGD62.2 million, according to BT.
The report notes that trading remains suspended as the group is
under investigation by the Commercial Affairs Department (CAD). In
April 2018, CAD raided YuuZoo's offices, seizing materials related
to the financial years 2013 to 2016, and interviewed former
management staff, BT recalls.
In January this year, two independent directors - Joseph Lee and
Brendan Goh - resigned after several months with the company, BT
adds.
YuuZoo Corporation Limited, an investment holding company, engages
in social networking, e-commerce, payments, and gaming businesses
in Singapore and internationally.
YUUZOO NETWORKS: Net Loss Narrows to SGD3.1MM in Q4 Ended Dec. 31
-----------------------------------------------------------------
Rachel Mui at The Business Times reports that YuuZoo Networks Group
Corp - previously known as YuuZoo Corp - narrowed its
fourth-quarter losses mainly due to the absence of amortisation
costs and the impairment of assets available for sale, according to
unaudited financial results released late on Feb 14.
For the three months ended Dec 31, the online media company
narrowed its net loss to SGD3.1 million, from a loss of SGD78.7
million for the year-ago period, BT discloses.
Loss per share for the quarter stood at 0.45 cent, from a loss of
9.90 cents last year.
No dividends have been declared, unchanged from the preceding
year.
Meanwhile, revenue fell 93 per cent to SGD740,000 from SGD11.3
million, mainly attributable to lower logistics services revenue
generated by YuuLogistics France, the company said, BT relays.
It added that there was no amortisation for the fourth-quarter as
all intangible assets were fully written off in fiscal 2017,
according to BT.
"As a result of restructuring and strategic alignment by the group,
management was of the view that no future economic benefits would
be generated from the existing intangible assets, due to the
current changes in technological and industry landscape," Yuuzoo,
as cited by BT, said in a regulatory filing.
The group posted amortisation costs of SGD21.7 million, and
impairment expenses of SGD38.6 million for the year-ago period,
both of which were absent in its latest quarter.
For the full year, YuuZoo also narrowed its net loss to SGD2
million, from a loss of SGD100.9 million a year ago, BT discloses.
This translated to a loss per share of 0.37 Singapore cent, from a
loss of 12.67 Singapore cents in the previous year.
Revenue for the 12-month period was down 13 per cent to SGD15.7
million.
Nonetheless looking ahead, the group expects industry growth to
remain strong in key areas it operates in, namely social commerce,
as well as the online and mobile payments sector, BT adds.
YuuZoo Corporation Limited, an investment holding company, engages
in social networking, e-commerce, payments, and gaming businesses
in Singapore and internationally.
=====================
S O U T H K O R E A
=====================
DAEWOO SHIPBUILDING: Workers Cast Votes on Strike Against Sale
--------------------------------------------------------------
Yonhap News Agency reports that unionized workers at Daewoo
Shipbuilding & Marine Engineering Co., a major shipyard in South
Korea, began voting on whether to go on strike in opposition to
Hyundai Heavy Industries Co.'s proposed takeover.
According to Yonhap, the votes by the some 5,600-member union set
to run through Feb. 19 will be critical in a mega deal between
Hyundai Heavy and the state-run Korea Development Bank (KDB).
Early this month, Hyundai Heavy, the world's largest shipyard by
sales, and the policy lender KDB said they would sign a formal deal
on Daewoo Shipbuilding early next month, Yonhap relats.
KDB is Daewoo Shipbuilding's main creditor, with a 55.7 percent
stake in the company.
Yonhap says the labor unions at Hyundai Heavy and Daewoo
Shipbuilding fiercely opposed the deal claiming it could lead to
massive layoffs.
If the takeover goes ahead as planned, the South Korean
shipbuilding industry is expected to be dominated by two major
shipbuilders -- Hyundai Heavy and Samsung Heavy, Yonhap notes.
Yonhap says South Korean shipbuilders, once a cornerstone of the
country's economic growth and job creation, had been reeling from
mounting losses in the past few years, caused by an industrywide
slump and a glut of vessels amid tough competition with Chinese
rivals.
The report relates that the government has been hoping that the
local shipbuilding industry can be overhauled in a way that two
major players can dominate the sector to better compete against
Chinese rivals and tackle sectoral ups and downs.
The combination of the two shipbuilders would create an unrivaled
player in the sector. As of last year, Hyundai Heavy had an order
backlog totaling 11.14 million compensated gross tons (CGTs), the
largest among others in the sector. The comparable figure for
Daewoo Shipbuilding was 5.84 million CGTs.
Their combined order backlog accounts for 21.2 percent of the total
around the globe, Yonhap notes.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding & Marine
Engineering Co. -- http://www.dsme.co.kr/-- is engaged in building
ships and offshore structures. Its product portfolio includes
commercial ships, such as liquefied natural gas (LNG) carriers, oil
tankers, containerships, liquefied petroleum gas (LPG) carriers,
pure car carriers; offshore structures, such as FPSO vessels,
drilling rigs, drillships and fixed platforms, and naval vessels,
including submarines, destroyers, rescue ships and patrol boats.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Feb. 12, 2019 to Feb. 16, 2019
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.96
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.90
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.94
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 1.00
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 61.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.50
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 41.60
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.25
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.90
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 44.50
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.50
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.58
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.76
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.40
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.51
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.40
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.51
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66
CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.49
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.49
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.12
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.22
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50
FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95
SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48
SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86
SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19
TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39
WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44
DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50
PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 10.36
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 18.25
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 18.28
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 31.35
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.74
ASHOKA HIGHWAYS BHANDAR 2.00 09/19/22 INR 72.98
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 54.90
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 55.06
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 65.89
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 67.55
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 69.44
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 71.55
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.28
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 29.31
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 35.93
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 49.32
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 49.93
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 49.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 51.96
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 53.66
GREEN URJA PVT LTD 0.01 02/14/30 INR 35.94
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 69.13
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 46.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 41.97
IL&FS PARADIP REFINERY 1.50 08/29/22 INR 74.90
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 67.54
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 20.14
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 18.78
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 60.37
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 54.70
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 67.89
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 22.75
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 20.76
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 20.76
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 19.71
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 58.63
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 32.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 35.33
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 38.06
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 41.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 44.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 47.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 51.74
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 55.92
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 60.44
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 65.32
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 20.48
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 60.21
REI AGRO LTD 5.50 11/13/14 USD 0.32
REI AGRO LTD 5.50 11/13/14 USD 0.32
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 25.48
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 55.79
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
TN URJA PVT LTD 0.10 02/22/36 INR 23.53
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.75
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 49.31
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 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 12/21/20 KRW 65.80
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.35
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.60
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.35
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 61.55
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29
I-BHD 3.00 10/09/19 MYR 0.29
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25
PUC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.00
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 68.00
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57
SINGAPORE
---------
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.60 09/23/19 SGD 45.01
HYFLUX LTD 4.25 09/07/18 SGD 45.38
HYFLUX LTD 4.20 08/29/19 SGD 45.79
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32
OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24
THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 68.70
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 75.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.45
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81
*********
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 2019. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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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.
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