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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, April 30, 2019, Vol. 22, No. 86
Headlines
A U S T R A L I A
DENTAL SPACE: First Creditors' Meeting Set for May 9
GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
JEWEL OF INDIA: First Creditors' Meeting Set for May 8
QUEENSLAND NICKEL: Clive Palmer Agrees to Pay Unpaid Workers
RPA RAILWAY: First Creditors' Meeting Set for May 9
SCORDO TRANSPORT: Second Creditors' Meeting Set for May 3
WPG RESOURCES: Second Creditors' Meeting Set for May 6
C H I N A
BEIJING STATE-OWNED ASSETS MANAGEMENT: S&P Raises SACP to 'bb+'
CHUYING AGRO-PASTORAL: At Risk of Delisting After Reporting Losses
TUANDAI.COM: Police Arrest 41 People Associated with Failed Lender
I N D I A
BRIAR KNOLL: Insolvency Resolution Process Case Summary
CREST STEEL: Insolvency Resolution Process Case Summary
DIAMOND SOLVEX: CARE Cuts Rating on INR27cr LT Loan to B, Not Coop.
EXCEL ELTECH: Insolvency Resolution Process Case Summary
GREY'S EXIM: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
H&V ENGINEERING: Insolvency Resolution Process Case Summary
HAZARIBAGH RANCHI: CARE Cuts INR458cr Loan Rating to D, Not Coop.
HKR ROADWAYS: Ind-Ra Affirms INR15.250BB Bank Loan Rating at 'D'
INFINITY SWITCH: CARE Assigns B Rating to INR8.0cr LT Loan
JAGANNATH SPONGE: Insolvency Resolution Process Case Summary
JAI JAGDAMBEY: CARE Assigns B+ Rating to INR7.0cr LT Loan
JAIMAL SINGH: CARE Cuts INR5.75cr LT Loan Rating to B, Not Coop.
KASHI KANCHAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
KUDU FABRICS: CARE Cuts INR13cr LT Loan Rating to B+, Not Coop.
METRO AGRO: CARE Cuts Rating on INR6.0cr LT Loan to D, Not Coop.
NOOR IMPEX: CARE Cuts INR18cr LT/ST Loan Rating to D
OVERSEAS LEATHER: CARE Assigns B Rating to INR11.16cr Loan
PARSHURAM FORGE: Insolvency Resolution Process Case Summary
PODDAR CAR: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
R.R. DISTRIBUTORS: CARE Assigns B+ Rating to INR4.50cr LT Loan
RADHA CASTING: CARE Migrates B Rating to Not Cooperating
RAJ RAYON: Ind-Ra Affirms 'D' Long Term Issuer Rating
RAMAN CASTING: Insolvency Resolution Process Case Summary
RATNAKAR ISPAT: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
RICE TECH: CARE Cuts INR6.0cr LT Loan Rating to D, Not Coop.
SAKSHAM FOOD: CARE Assigns B+ Rating to INR5.75cr LT Loan
SHIVASHAKTI SUGARS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
SHREE RAJ: Insolvency Resolution Process Case Summary
SOLAPUR TOLLWAYS: Ind-Ra Cuts Term Loan Rating to 'B+', Keeps RWN
TAYAL POLYPLAST: CARE Assigns B+ Rating to INR5.97cr LT Loan
VIP ENTERPRISE: CARE Assigns B+ Rating to INR5.50cr Loan
J A P A N
JAPAN LIFE: Police Raids Offices Over Fraudulent Rental Business
M O N G O L I A
TAVAN BOGD: Fitch Gives 'B-' LT FC Rating, Outlook Stable
N E W Z E A L A N D
CBL CORP: Bank of China NZ Lifts Provision for Impaired Loan
P H I L I P P I N E S
HANJIN HEAVY: Philippines Says Won't Bar Chinese Takeover Bid
X X X X X X X X
BOND PRICING: For the Week April 22, 2019 to April 26, 2019
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A U S T R A L I A
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DENTAL SPACE: First Creditors' Meeting Set for May 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Dental Space
Pty Ltd will be held on May 9, 2019, at 10:00 a.m. at the offices
of SV Partners, at 22 Market Street, in Brisbane, Queensland.
David Michael Stimpson of SV Partners was appointed as
administrator of Dental Space on April 26, 2019.
GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Grandstand
Scaffold Services Pty Limited has been set for May 9, 2019, at
10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria
Square, in Adelaide, SA.
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 May 9, 2019, at 9:00 a.m.
Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Grandstand Scaffold on March 27, 2019.
JEWEL OF INDIA: First Creditors' Meeting Set for May 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of:
Jewel of India Holdings Pty Limited;
Jewel Fine Foods Pty Limited;
Jewel International Foods Pty Limited;
Jewel of India Enterprises Pty Limited;
Jewel Properties (Aust) Pty Limited;
Gardeners Nominees Pty Limited;
Jewel of India Retail Pty Limited;
Jewel of India Admin Pty Limited; and
Jewel Equipment Pty Limited
will be held on May 8, 2019, at 2:00 p.m. at York Room, The Grace
Hotel, 77 York Street, in Sydney, NSW.
James Douglas Dampney, Peter James Gothard and Stephen James
Parbery of Ferrier Hodgson were appointed as administrators of
Jewel of India on April 26, 2019.
QUEENSLAND NICKEL: Clive Palmer Agrees to Pay Unpaid Workers
------------------------------------------------------------
Felicity Caldwell at The Sydney Morning Herald reports that
controversial businessman Clive Palmer has announced he will pay
Queensland Nickel workers their unpaid entitlements, three years
after his refinery was shuttered in Townsville.
According to the report, Mr. Palmer, whose United Australia Party
is fielding candidates in next month's federal election, has faced
repeated criticism after Queensland Nickel went into liquidation in
2016, leaving hundreds of workers and taxpayers owed about AUD70
million.
SMH relates that United Australia Party leader Clive Palmer has
announced he will pay unpaid workers' entitlements at Queensland
Nickel. However, Mr. Palmer insisted neither he nor his companies
were responsible for dismissals at the Yabulu refinery.
"It was the administrators of Queensland Nickel who, despite the
direction of joint venture partners, refused to transfer employees
and assets to a new operator, which would have allowed workers to
keep their jobs," the report quotes Mr. Palmer as saying in a
statement. "It was the administrators who dismissed 546 people and
closed down the refinery for no good reason except political
gain."
Mr. Palmer said the recent Townsville floods persuaded him to pay
the workers, SMH relays.
"Considering the floods and cyclones that have ravaged north
Queensland, I have decided to pay any outstanding workers'
entitlement amounts not paid by the liquidators to these workers to
assist them and their families in these difficult times," he said,
notes the report. "QNI Resources will be publishing notices in the
Townsville media explaining how workers can forward claims so they
can be considered."
The special purpose liquidators of Queensland Nickel welcomed Mr
Palmer's commitment to pay the outstanding entitlement to former
workers, totalling about AUD7.16 million, stating it should be paid
immediately, given the amount of time it was outstanding.
"It is unclear whether Mr. Palmer intends to also repay Australian
taxpayers for the AUD66.86 million that was paid to Queensland
Nickel employees under the Commonwealth's Fair Entitlements
Guarantee in 2016," the liquidators said in a statement, report
SMH.
According to SMH, special purpose liquidator Stephen Parbery said
liquidation continued in the Supreme Court of Queensland against
Mr. Palmer, several individuals and related entities to recover
AUD200 million in claims against Queensland Nickel.
"The trial to hear these claims has been set down for 15 July 2019
and is expected to run for 45 days," Mr. Parbery, as cited by SMH,
said.
SMH relates that Mr. Parbery said Mr. Palmer's nephew, Clive
Mensink, also made 218 QNI employees redundant, three days before
he placed the company into voluntary administration in 2016.
Mr. Palmer has previously said he would reopen his mothballed
Townsville nickel refinery.
QNI Resources and QNI Metals managing director Nui Harris called on
Premier Annastacia Palaszczuk to expedite the approval of port,
rail and plant infrastructure to allow the recommissioning of the
refinery, SMH says.
About Queensland Nickel
Queensland Nickel was engaged in the production and marketing of
nickel and cobalt. It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.
The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected. The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.
On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.
FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."
On April 22, 2016, the Companies' creditors voted for
liquidation.
FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.
RPA RAILWAY: First Creditors' Meeting Set for May 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of RPA Railway
Possessions Australia Pty Ltd will be held on May 9, 2019, at 11:00
a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in
Brisbane, Queensland.
Nick Combis of Vincents was appointed as administrator of RPA
Railway on April 26, 2019.
SCORDO TRANSPORT: Second Creditors' Meeting Set for May 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Scordo
Transport Services Pty. Ltd has been set for May 3, 2019, at 11:30
a.m. at the offices of SV Partners, at Level 17, 200 Queen Street,
in Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2019, at 5:00 p.m.
Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of Scordo Transport on Feb. 22, 2019.
WPG RESOURCES: Second Creditors' Meeting Set for May 6
------------------------------------------------------
A second meeting of creditors in the proceedings of:
-- WPG Resources Ltd;
-- Challenger Gold Operations Pty Ltd;
-- Tarcoola Gold Pty Ltd;
-- Southern Coal Holdings Pty Ltd;
-- Tunkillia Gold Pty Ltd;
-- WPG Securities Pty Ltd; and
-- WPG Gawler Pty Ltd
has been set for May 6, 2019, at 1:00 p.m. at Terrace 1,
Stamford Plaza, 150 North Terrace, in Adelaide, SA.
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 May 3, 2019, at 4:00 p.m.
Brett Lord, Adam Nikitins and Samuel Freeman of EY were appointed
as administrators of WPG Resources on July 30, 2018.
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C H I N A
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BEIJING STATE-OWNED ASSETS MANAGEMENT: S&P Raises SACP to 'bb+'
---------------------------------------------------------------
S&P Global Ratings affirmed its 'A' long-term issuer credit rating
on Beijing State-Owned Assets Management Co. Ltd. (BSAM) and 'A-'
long-term issuer credit rating on BSAM HK, which is BSAM's offshore
financing and operating platform. We also affirmed the 'A-'
long-term issue rating on the US$1 billion senior unsecured notes
issued by BSAM HK.
S&P said, "We affirmed our rating on Beijing State-Owned Assets
Management Co. Ltd. (BSAM) because we continue to see an extremely
high likelihood that the company will receive support from the
Beijing municipal government when needed. We raised our assessment
of BSAM's stand-alone credit profile (SACP), given the company's
improving debt leverage and investment discipline.
"We have revised our assessment of BSAM's SACP upward to 'bb+' from
'bb', given the company's improving debt leverage amid its
contained investment appetite.
"In our view, BSAM will likely remain selective when making
debt-funded investments over the next 12-24 months. This could help
the company to maintain its loan-to-value (LTV) ratio below 45%
over the period. BSAM has made limited new investments and
divestitures over the past 12 months, reflecting its cautious
investment strategy amid tough macroeconomic conditions. A few
changes in the company's investment portfolio in 2018 include a
Chinese renminbi (RMB) 150 million capital injection into National
Speed Skating Stadium and a divesture of 3% shareholding in Beijing
Rural Commercial Bank as directed by the government. Going forward,
we expect the company to continue focusing on investments in the
Pan-Beijing area, with potential investments in the financial
services, environmental protection, elderly care, and sports and
leisure facilities segments.
"Moderate debt reduction and the 'A-share' listing of one of BSAM's
investees Dynagreen Environmental Protection Group Co. Ltd. has
aided the company's LTV improvement in the past 12 months. BSAM's
LTV ratio of 29% as of Sept. 30, 2018, reflects a net debt of RMB12
billion against a portfolio value of about RMB41.5 billion. This is
down from 36% as of Sept. 30, 2017. We estimate BSAM's portfolio
value using the market value for listed companies and the reported
book value for unlisted ones. We also anticipate that steadily
growing dividend income from BSAM's portfolio will provide
additional buffers to stabilize cash flow and manage leverage.
"We expect BSAM to maintain its role as a key investment platform
for the Beijing government to support public and social objectives
in a commercial manner. BSAM has showed good execution in
facilitating the capital city's 2022 Winter Olympic Games
preparation. This includes coordinating the construction of the
National Speed Skating Stadium, and potentially renovating the
National Stadium in which Olympic opening and closing ceremonies
will be held. We expect government reimbursement to be forthcoming
for these public projects, despite a possible time lag.
"In our view, BSAM's high-profile asset portfolio and track record
of operating these investments at a profit, and the public listings
of some investee companies will continue to underpin its importance
to Beijing government. The company's asset portfolio includes
premier sports and leisure, financial, and industrial assets."
The rating on BSAM is underpinned by the credit profile of the
Beijing municipal government. Beijing is one of the wealthiest and
most-developed provincial economies in China, benefitting from its
political status as the capital city and its fast-growing services
sector. This provides a strong tax-revenue base that will help
mitigate fiscal pressures from nation-wide tax-cut initiatives. S&P
said, "While we expect the city's debt level to continue to rise to
finance large projects in transportation infrastructure and social
welfare, Beijing's high internal cash reserves and strong access to
the domestic bond market will help ensure sufficiently high
coverage of upcoming debt-servicing needs. We also believe
Beijing's large state-owned enterprise (SOE) sector poses moderate
risk to the city's financial conditions, given generally
satisfactory management of the sector and ongoing SOE reforms."
S&P said, "We affirmed the rating on Beijing State-Owned Assets
Management (Hong Kong) Co. Ltd. (BSAM HK) because we expect the
company to maintain its status as a highly strategic subsidiary of
BSAM. BSAM HK is the only offshore investment and financing
platform for BSAM. In our view, BSAM's increasing focus on domestic
investment over the next two to three years won't diminish BSAM
HK's importance to the parent. That's given BSAM HK's important
role as a manager and operator of offshore assets and liabilities.
"The stable outlook on BSAM reflects our expectation that the
company will continue to receive strong support from the Beijing
government. That's given BSAM's role as the investment platform to
support social objectives and the development of strategically
important industries in a commercial manner. We anticipate that the
company's LTV ratio will be below 45% and the key portfolio
characteristics will remain largely stable over the next 24
months.
"The stable outlook on BSAM HK reflects that on the parent. We
expect BSAM HK to remain a highly strategic subsidiary of BSAM,
given its position as the parent's key financing and operating
platform outside China. The rating on BSAM HK will move in tandem
with that on BSAM.
"We could lower the rating on BSAM if we believe the Beijing
government's creditworthiness has deteriorated or if the company's
link with, and importance to, the Beijing government weakens. This
could be indicated by: (1) the municipal government transferring a
significant amount of assets under BSAM to other SOEs; or (2) the
Beijing government explicitly specifying that BSAM's importance to
managing municipal assets is less than that of other fellow SOEs;
or (3) the Beijing government reduces its ownership of BSAM to
materially below 100%.
"We could also lower the rating if our assessment of BSAM's SACP
declines by three notches or more (i.e., to 'b+' or below). This
could happen if the company finances a very significant portion of
its investments through debt, or if the value of investments
deteriorates materially due to weakened operating performance at
investee companies. BSAM's LTV ratio exceeding 60% would indicate
such credit deterioration.
"The potential for an upgrade is limited. We could raise the rating
on BSAM if its SACP improves to 'a' or higher, which we see as
unlikely over the next two years at least."
CHUYING AGRO-PASTORAL: At Risk of Delisting After Reporting Losses
------------------------------------------------------------------
Li Liuxi and Fran Wang at Caixin Global report that Chuying
Agro-Pastoral Group Co. Ltd., which is buckling under the pressures
of African swine fever, mounting debt and an investigation by
China's securities regulator, has warned investors that it is at
risk of being delisted after reporting enormous losses.
The company has been put under the "special treatment for warning
of delisting risks" since April 26 because its accounting firm has
given a disclaimer of opinion for the firm's 2018 report, Chuying
Agro-Pastoral said in a filing with the Shenzhen Stock Exchange,
Caixin relays. When a company is placed under special treatment,
the daily price-movement limit for its stock is lowered to 5% from
10%, Caixin notes.
In the statement earlier last week, Chuying Agro-Pastoral said that
its listing will be suspended if its auditor gives its 2019 annual
report an "adverse opinion" or a "disclaimer of opinion." And that
could cause it to eventually be kicked off the exchange, according
to Caixin.
When an auditor issues a "disclaimer of opinion," it is stating
that it can offer no opinion on whether an entity's financial
statements fairly represent its financial results, Caixin states.
Among the reasons for its disclaimer of opinion, the accounting
agency cited uncertainties in the sustainability of Chuying
Agro-Pastoral's business due to its debt defaults and ongoing
lawsuits against the firm, which have caused the court to freeze
some of its assets and bank accounts, Caixin relays citing a
separate stock exchange filing by the firm.
Other reasons include the auditor's inability to accurately verify
and value the company's assets due to restricted access to its
properties amid the African swine fever outbreak, and an
investigation by the China Securities Regulatory Commission into
the firm, which is suspected of violating of laws and regulations,
the filing said, without elaborating, says Caixin.
According to Caixin, Chuying Agro-Pastoral logged a loss of CNY1.1
billion ($163.2 million) in the first quarter of this year, after
losing CNY3.9 billion during the whole of 2018, according to
separate reports it filed with the Shenzhen bourse late on April
24. The company earned a profit of CNY45.2 million in 2017.
It blamed last year's poor performance on low pork prices in areas
hit by African swine fever--where its main farms are located--and
difficulties in selling its pigs due to a ban on moving the animals
out of infected regions. Its business was also affected by a
liquidity crunch due to the government deleveraging campaign, which
strained its financing channels, the company said in the 2018
report.
The company had missed repayment on a total of CNY3.1 billion in
debt by the end of 2018, according to the report cited by Caixin.
It is mired in 33 pending lawsuits against it, most involving debt
disputes. Its liability-to-asset ratio jumped to 87.89% last year
from 71.81% a year earlier.
Desperate to reduce its debt burden, Chuying Agro-Pastoral said in
November that it wanted creditors to accept ham and premium pork
products rather than cash as interest payments, Caixin says.
Creditors owed a combined CNY271 million in principal and interest
had agreed to the offer. The principal would be repaid in cash but
payment was being deferred, it said back then.
African swine fever is fatal to pigs but does not affect humans.
The first outbreak in China was reported in August 2018 in the
northeastern province of Liaoning and has now been found in all 31
provincial-level regions on the mainland, leading to the culling of
more than 1 million pigs, Caixin notes. Agricultural ministry
officials have forecast that pork prices will hit record highs in
the second half of the year due to short supply.
However, Chuying Agro-Pastoral remains cautious about its prospects
for this year. The swine fever situation is still "severe" and any
new outbreak could trigger consumer panic and a slump in demand for
pork, causing a "direct impact on the company's ability to make a
profit," it said.
The company's default risks remain because the liquidity squeeze
has continued, it added in the 2018 report, reports Caixin.
Based in Zhengzhou, China, Chuying Agro-Pastoral Group Co., Ltd.,
produces pork and poultry products. The Company provides pig
breeding, slaughtering, frozen pork distribution, feed
manufacturing, chicken egg supply, and cold chain logistics
services. Chuying Agro-Pastoral Group also conducts grain products
purchasing and warehousing businesses.
TUANDAI.COM: Police Arrest 41 People Associated with Failed Lender
------------------------------------------------------------------
Liu Caiping and Wu Gang at Caixin Global report that authorities
have arrested 41 people associated with Tuandai.com, one of China's
major peer-to-peer (P2P) lenders, after the platform collapsed in
March and left tens of thousands of investors scrambling to get
back their life savings.
Tuandai.com co-owners Tang Jun, Zhang Lin and two other people were
charged with fraudulent illegal fundraising and illegally
collecting people's deposits, Caixin discloses. The other 37
suspects were charged with illegally collecting public deposits,
according to prosecutors in the city of Dongguan in southern
China's Guangdong province.
Caixin says the P2P lending website was put under investigation for
illegal fundraising by Dongguan police on March 28. That same day,
Guangdong Paisheng Smart Technology Co. Ltd, a Shenzhen-listed
company controlled by Tang, asked that trading in its stock be
suspended because of fears of sharp fluctuations in its price
because it had failed to reveal "key issues."
Co-founded in 2012 by Tang and Zhang, Tuandai.com was one of the
earliest participants in the country's frenzy to take advantage of
the online lending boom. Hundreds of P2P platforms have collapsed
in the past two years after authorities tightened controls on this
sector to reduce financial risks, Caixin notes.
As of February 28, the platform had matched 220,000 lenders with
370,000 borrowers, with a total loan balance amounting to CNY14.5
billion ($2.2 billion), Caixin discloses.
The report says many of the investors have reported to authorities
hoping to get back their losses. Dongguan police said they have
received more than 150,000 cases of people reporting losses from
investing on Tuandai.com.
By April 2, authorities have frozen CNY3.1 billion in Tuandai.com's
bank accounts, confiscated 35 housing properties, one aircraft and
40 automobiles, says Caixin.
After discovering Tang and Zhang had tried to transfer and hide
some of their assets before the start of the investigation, police
started to freeze their bank accounts, the report relates. As of
April 19, police had uncovered more than CNY880 million that Tang
and Zhang tried to hide, the report notes.
After trading resumed in April, Paisheng Technology's stock price
continued to fall. It dropped to CNY20 per share on April 26, less
than half its price of CNY52 on March 27, Caixin discloses.
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BRIAR KNOLL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Briar Knoll Mills Pvt Ltd
Rajapalayam Road, NH-208
T. Pudupatti Post, Thirumangalam
Madurai 625704
Insolvency Commencement Date: February 25, 2019
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: August 23, 2019
Insolvency professional: A. Arumugam
Interim Resolution
Professional: A. Arumugam
1/56, Market Road, Devi Stores
1st Floor, Kelambakkam
Chennai 603103
Mobile: 8015240147
E-mail: arumuru2008@gmail.com
Last date for
submission of claims: April 29, 2019
CREST STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Crest Steel And Power Private Limited
Crest Steel And Power Private Limited Village
Joratarai, Post Mangatta
Rajnandgaon 491441
India
Insolvency Commencement Date: March 11, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 19, 2019
Insolvency professional: Mr. Ashish Singh
Interim Resolution
Professional: Mr. Ashish Singh
Flat No. 515, Baghba Apartment
Sector-28, New Delhi 110042
E-mail: ashishsinghcs@gmail.com
- and -
407, Indraprakash Building
Barakhamba Road
New Delhi 110001
E-mail: creststeel.ip@gmail.com
Last date for
submission of claims: May 6, 2019
DIAMOND SOLVEX: CARE Cuts Rating on INR27cr LT Loan to B, Not Coop.
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CARE Ratings revised the ratings on certain bank facilities of
Diamond Solvex Private Limited (DSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 27 CARE B; Issuer not cooperating;
Facilities Revised from CARE B+; Issuer Not
Cooperating on the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from DSPL to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Diamond Solvex Private Limited's bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The rating has been revised on account of susceptibility of margins
to raw material price volatility, intense competition and
regulatory risk inherent in the fragmented edible oil industry and
weak overall solvency position. The rating, however, derives
strength from the experienced promoters and increasing scale of
operations.
Key Rating Weaknesses
Intense competition in the fragmented edible oil industry and
regulatory risk: The company faces stiff competition in edible oil
space from large number of organized and unorganized players.
Majority of the edible oil demand of the country is met by the
regional and unorganized players. Moreover, due to the commodity
nature of the product, the company has to sell its products at
competitive rates to compete with other edible oil segments, which
also impacts the operating profit margins of the company. DSPL also
faces regulatory risk as the edible oil industry is highly
regulated by the government.
Susceptibility of margins to volatility in raw material prices: The
edible oil industry is exposed to agro-climatic risk and margins
are susceptible to fluctuations in raw material prices. Prices of
raw material are highly volatile in nature and depend upon factors
like, area under production, yield for the year, international
demand supply scenario, export quota decided by government and
others. The company thus remains susceptible to the raw material
price changes and hence has thin profitability margins.
Weak overall solvency position: The company had a weak capital
structure marked by long-term debt to equity and overall gearing
ratios of 2.38x and 10.55x, respectively, as on March 31, 2018. The
total debt to GCA ratio also remained at a weak level of 35.86x, as
on March 31, 2018. The interest coverage ratio remained at a
moderate level of 1.37x in FY18.
Key Rating Strengths
Experienced promoters: DSPL is promoted by two directors-Mr. Alok
Jain and Mr. Raj Kumar Jain. Mr. Raj Kumar Jain has a total
experience of more than four decades in the industry. Furthermore,
Mr. Alok Jain (son of Mr. Raj Kumar Jain) has an experience of more
than two and a half decades in the industry.
Increasing scale of operations: The operating income of DSPL has
increased steadily from INR121.10 crore in FY16 to INR 157.34 in
FY18, at a CAGR (compound annual growth rate) of ~14%.
Diamond Solvex Private Limited (DSPL) was incorporated in the year
1992. The company is a family owned business, promoted by Mr. Atul
Jain and Mr. Raj Kumar Jain. The company is engaged in the
extraction of rice bran and sun flower oil and manufacturing of
de-oiled cakes.
EXCEL ELTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Excel Eltech (India) Pvt Ltd
Plot No. 3, LIC Colony
Yellareddyguda
Hyderabad 500073
Insolvency Commencement Date: April 22, 2019
Court: National Company Law Tribunal, Bench-I at Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 19, 2019
(180 days from commencement)
Insolvency professional: Ravi Chandra Mohan Kadiyala
Interim Resolution
Professional: Ravi Chandra Mohan Kadiyala
#D.No. 6-3-248, Flat No.202A
Maheswari Towers
Road No. 1, Banjara Hills
Hyderabad 500034
Telangana State
E-mail: mohan.ravichandra@gmail.com
Last date for
submission of claims: May 6, 2019
GREY'S EXIM: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Grey's Exim
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR4.5 mil. Long-term loan (long- term downgraded with IND D
(ISSUER NOT COOPERATING) rating;
-- INR242.5 mil. Fund-based limit (long-/short-term) downgraded
with IND D (ISSUER NOT COOPERATING) rating;
-- INR55 mil. Non-fund-based limit (short-term) downgraded with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR48 mil. Proposed fund-based limit (long-/short-term)
downgraded with Provisional 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 the over-utilization of the fund-based limit
by Grey's Exim over the last four months ended March 2019.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could lead to positive rating action.
COMPANY PROFILE
Incorporated in Mumbai in 1985, Grey's Exim is promoted by Mr.
Mehul Sedani. The company manufactures woven, knit and cotton
garments, and trades fashion fabrics.
H&V ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: H&V Engineering And Constructions Private Limited
A-401, M.K. Plaza
Kasarvadavali Near Hyper City Mall
Ghodbunder Road
Thane MH 400607
Insolvency Commencement Date: April 12, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: October 15, 2019
(180 days from commencement)
Insolvency professional: Anish Gupta
Interim Resolution
Professional: Anish Gupta
413, Autumn Grove
Lokhandwala, Kandivali East
Mumbai 400101
Mobile: 9821099720
E-mail: anish@csanishgupta.com
agirp03@gmail.com
Last date for
submission of claims: May 2, 2019
HAZARIBAGH RANCHI: CARE Cuts INR458cr Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hazaribagh Ranchi Expressway Limited (HREL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Senior Non- 458.00 CARE D; ISSUER NOT COOPERATING
Convertible Revised from CARE C; ISSUER NOT
Debenture COOPERATING; Issuer not
issue (NCD)- cooperating based on best
Series A available information
Subordinate 143.00 CARE D; ISSUER NOT COOPERATING
Non-Convertible Revised from CARE C; ISSUER NOT
Debenture issue COOPERATING; Issuer not
(NCD)-Series B cooperating based on best
available information
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the Non-Convertible
Debentures of HREL factors in the default in debt servicing
obligation (interest and principal) that was due on April 12,
2019.
CARE vide its press release dated April 4, 2019 had indicated about
the heightened risk of default by HREL in debt obligation due on
April 12, 2019, owing to the IL&FS Transportation Networks Limited
(ITNL) group's stated stance in recent National Company Law
Appellate Tribunal's (NCLAT) order, that entities in 'Amber' would
make payments to only the operational creditors for being 'going
concern'.
HREL has INR53 crore in Debt Service Reserve Account which are
sufficient to cover the half yearly repayment obligation of senior
secured lenders.
As per the recent NCLAT order dated Feb. 11, 2019, entities
classified into the 'Amber' category, indicate that the entities do
not have ability to meet all the obligations (financial and
operational). The 'Amber' classified entities can make payment to
operational creditors and senior secured financial creditors.
However, the appeal was made that entities in 'Amber' can make
payment only to remain a going concern (i.e. operational
creditors).
Previously, the ratings were on 'Credit Watch with Negative
Implications' for following reasons
A. Based on uncertainty that the HREL's management could possibly
cease and desist upcoming further repayments citing the NCLAT order
as done by other group companies
B. Due to increased Operations & Maintenance (O&M) risks based on
the weakening of the credit profile of the sponsor & contractor,
i.e. ITNL [rated CARE D; Issuer Not Co-operating]
C. Because of 'Expression of Interest' for sale of its ownership
stake in various road projects including HREL.
Detailed description of the key rating drivers
Key Rating Weaknesses
Default in debt servicing obligation: As intimated by the debenture
trustee, HREL has defaulted on its debt obligation. This indicates
management's stance of making payments only to operational
creditors to remain a going concern and not making payments to
senior secured financial creditors, despite the availability of
sufficient liquidity to service the obligation.
Weakened Credit profile of the sponsor and O&M contractor HREL is
promoted by ITNL(CARE D; Issuer Not Cooperating) and Punj Lloyd
Limited (PLL) (CARE D). ITNL has entered into a sponsor support
agreement with HREL in regards to management control, cover any
shortfall between the termination payments and total debt
outstanding in respect of the debentures in case of a termination
event, fund any increase in the O&M costs (for both regular and
major maintenance works including admin) over and above the base
case business plan and funding any shortfall in annuity due to
non-availability of lane as stipulated in the concession. As ITNL's
overall credit profile has significantly deteriorated, it leads to
higher risk in meeting any of these obligations arising from the
project on account of sponsor undertaking. Any impairment with
regards to performing O&M contract may lead to a deduction in
annuity.
Analytical approach: Standalone. Previously the assigned ratings
factored in the standalone approach and the credit enhancement
derived from the Structured Payment Mechanism (SPM) adopted for the
NCD's repayments, and hence the symbol of Structured Obligation
(SO) was suffixed. However, given the stance taken by group in past
for non-adherence to the SPM and recent appeal made to NCLAT dated
Feb. 11, 2019 for payment to only operational creditors (in Amber
category; to keep entities going concern) indicates that there is
no credit enhancement left to be derived from the SPM, hence, the
approach is shifted to standalone only.
Liquidity Analysis: HREL has maintained INR 53 Crore in DSRA which
is in line with the stipulated requirement to repay its senior
secured lenders.
Hazaribagh-Ranchi Expressway Limited was incorporated on March 19,
2009, as a Special Purpose Vehicle promoted by ITNL; holding 99.99%
and Punj Lloyd Limited holding the balance. The company entered
into a Concession Agreement (CA) with National Highway Authority of
India - NHAI (rated 'CARE AAA Stable') on October 8, 2009 for the
purpose of designing, constructing and maintaining the 4-laning of
the Hazaribagh - Ranchi section of NH-33 from 40.50 km to 114.00 km
in Jharkhand on a Build Operate Transfer (BOT) - Annuity basis. The
concession period is for 18 years commencing from the appointed
date, including construction period of 910 days. HREL achieved
provisional completion on September 15, 2012 and received first
annuity of INR64.08 crore (semi-annual) in July 2013. The project
was completed ahead of time and Commercial Operation Date (COD) was
achieved 134 days ahead of scheduled project completion which
entitled HREL to receive the early completion bonus of INR47.00
crore which was received in FY14. HREL completed the construction
of project stretch in August 2014 and received the project
completion certificate in April 2015.
HKR ROADWAYS: Ind-Ra Affirms INR15.250BB Bank Loan Rating at 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed HKR Roadways
Limited's (HKRRL) bank loans' rating as follows:
-- INR15.250 bil. Bank loans (long-term) affirmed with IND D
rating.
KEY RATING DRIVERS
The affirmation reflects continued delays in debt serving
obligations by HKRRL since the last rating action due to a tight
liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
be positive for the rating.
COMPANY PROFILE
HKRRL is a special purpose company incorporated to implement a lane
expansion (to four lanes from two lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from Andhra Pradesh Road Development Corporation.
INFINITY SWITCH: CARE Assigns B Rating to INR8.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Infinity
Switch Technologies Private Limited (ISTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term bank
facilities 8.00 CARE B; Stable Assigned
Detailed Rationale& Key Rating Drivers
The rating assigned to the bank facilities of ISTPL are constrained
on account of project stabilization risk, nascent and small scale
of operations, low capitalization with moderately leveraged gearing
position and weak debt coverage indicators. The rating is further
constrained on account of working capital intensive nature of
operations and presence in competitive and fragmented and labor
intensive industry.
The rating however, derives strength from experienced, qualified
and resourceful promoters.
The ability of ISTPL to increase its scale of operations and
improvement in profitability margins and capital structure along
with efficient management of working capital cycle along with
timely completion of project are the key rating sensitivities.
Detailed description of Key rating drivers
Key Rating Weaknesses
Nascent & small scale of operations: ISTPL commenced commercial
production in October 2017. Thus the overall operations are at a
nascent stage. In FY18 the company incurred net loss of INR0.13
crore on a total of revenue of INR 0.55 crore. Moreover, during
April 01, 2018 to March 19, 2019, the company has earned revenue of
only INR 0.70 crore. With repayment for one term loan already
commenced from June 2018, its ability to use the capacity at
envisaged utilization levels and generate sufficient accruals shall
be critical from credit perspective.
Project stabilization risk: The company had ventured into a project
of setting up of manufacturing facility at Khandala, Satara in
2016. Land was acquired for the said project in October 2016 and
the project was started in November 2016. Installed capacity of the
manufacturing plant for manufacturing switches is 2,25,000 pieces
per month and of conceal box is 1,00,000 pieces per month. ISTPL
has completed the project in March 2018 at a cost of INR12.50
crore, funded through debt of INR 5.00 crore and promoter's funds
amounting to INR 7.50 crore. ISTPL's leverage ratios remained on
the higher side as on March 31, 2018, because of loans taken for
the capex undertaken as well as the bank borrowings to meet the
working capital requirements. PBILDT and PAT margin stood negative
owing to operating and net losses incurred during FY18. Also, going
further the same is expected to remain thin on account of the low
value addition to the product.
Low capitalization with moderately leveraged gearing position and
weak debt coverage indicators: ISTPL has a small net worth
(amounting to INR4.26 crore in FY18), which reflects improvement
from INR 1.24 crore in FY17 owing to unsecured loans from promoters
amounting to INR 3.03 crore being subordinated to bank debt as per
the sanction letter terms, hence it is considered as quasi equity.
Led by the same, the capital structure marked by overall gearing
ratio improved and stood moderately leveraged at 1.92x as on March
31, 2018 vis-a-vis 2.18x as on March 31, 2017. However, the small
net worth base limits its financial flexibility to meet any
exigency. Moreover, due to negative profitability and thereby
negative accruals, the overall debt coverage indicators marked to
TDGCA also remained weak.
Working capital intensive nature of operations: The operations of
ISTPL are working capital intensive in nature on account of the
product requiring moderate production time. Generally they operate
on cash basis and take 100% advance from few customers, whereas to
some customers they provide credit period of 30 to 60 days.
Similarly, the company enjoys credit period of 30 days from its
suppliers, however when it procures the raw material in bulk
quantity, it gets further relaxation in making payment to its
suppliers.
Weak liquidity position: The liquidity position of ISTPL stood weak
marked by below unity current ratio and quick ratio during the past
three years ending FY18. The cash flow from operating activity
remained negative at INR 1.30 crore as on March 31, 2018
(vis-à-vis negative at INR 0.84 crore as on March 31, 2017). NWC
as a percentage of total capital employed stood at 14.91% as on
March 31, 2018. Also, the average utilization of the open cash
credit limit stood at 50% for the past twelve months ending
February 2019.
Presence in competitive and fragmented and labour intensive
industry: Firm operates in a highly competitive and fragmented
electrical goods industry. The firm witnesses intense competition
from both the other organized and unorganized players domestically.
This fragmented and highly competitive industry results into price
competition thereby posing a threat to the profit margins of the
companies operating in the industry.
Further the operations are labour intensive as it is dependent on
skilled and availability of labour.
Key rating Strengths
Experienced and highly qualified promoters: ISTPL is managed and
promoted by Mr. Sanjay Zawar and family who possess vast experience
of more than three decades in the electrical industry. The
directors are supported by a strong team of qualified professionals
having significant industry experience in their respective working
domain.
Infinity Switch Technologies Private Limited (ISTPL) was
incorporated as a private limited company in September2015. However
the operations started in October2017. The company is promoted by
Mr. Sanjay Zawar and is engaged in manufacturing of electrical
switches and accessories like regulators, sockets, USB sockets,
mounting frame, conceal box, etc. They procure the raw material
like plastic HIPS (High Impact Polysterene), polycarbonate, brass
and packaging material locally as well as from Mumbai and Gujarat
and manufacture the products at its manufacturing facility located
at Khandala, Satara. The customer base comprises of electrical
dealers and distributors, real estate builders, technicians based
pan India. The company had ventured into a project of setting up of
manufacturing facility at Khandala, Satara in 2016. Land was
acquired for the said project in October 2016 and the project was
started in November 2016 and commercial operations were started in
April 2017, wherein the trial runs were undertaken from April 1,
2017 to March 31, 2018. During FY18, the company had operated the
plant on trial run and hence, revenue generated through trial run
production has been recognized as sales in FY18. Therefore, FY19
will the first full year of operations.
JAGANNATH SPONGE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jagannath Sponge Private Limited
Registered office:
Subhash Chowk Main Road
Rajgangpur
Odisha 770017
Insolvency Commencement Date: April 22, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: October 19, 2019
Insolvency professional: Samya Sengupta
Interim Resolution
Professional: Samya Sengupta
Todi Chambers, 2, Lal Bazar Street
Room No. 204 & 205
Kolkata 700001
E-mail: samyax@gmail.com
cirp.jspl@gmail.com
Last date for
submission of claims: May 6, 2019
JAI JAGDAMBEY: CARE Assigns B+ Rating to INR7.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai
Jagdambey Dall Mill (JJDM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.00 CARE B+; Stable Assigned
Detailed rationale
The ratings assigned to the bank facilities of JJDM are primarily
constrained on account of its moderate scale of operations with
thin profit margins, highly leveraged capital structure with weak
debt coverage indicators and modest liquidity. The ratings also
remain constrained by proprietorship nature of constitution,
susceptibility to fluctuation in raw material prices and seasonal
and fragmented agro processing industry with low entry barriers.
The ratings, however, derive benefit from vast experience of
promoter in agro processing industry and close Proximity to raw
material sources. The ability of JJDM to increase its scale of
operations with improvement in profitability, capital structure and
debt coverage indicators along with efficient working capital
management is a key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Proprietorship nature of constitution: JJDM being a proprietorship
firm is exposed to inherent risk of the proprietor' capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital.
Moderate scale of operations with thin profit margins: During FY18,
JJDM has registered a growth in its scale of operations by 25.25%
and remained moderate at INR35.20 crore as against INR28.10 crore
during FY17. The profit margins stood thin marked by PBILDT and PAT
margins at 2.51% and 0.52% during FY18 as against 2.99% and 0.65%
during FY17 owing to low value addition nature of agro processing
business.
Modest liquidity: The liquidity stood modest marked by current
ratio of 1.41 times as on March 31, 2018 Further, average working
capital utilization remained high at 73% for the past 12 months
ended February 2019. Cash flow from operating activities (CFO)
turned negative at INR0.42 crore in FY18 as against positive CFO of
INR0.16 crore during FY17. As on March 31, 2018, cash and bank
balance was low INR0.05 crore.
Highly leveraged capital structure and weak debt coverage
indicators: Owing to higher utilization of working capital
borrowings, as on March 31, 2018, overall gearing ratio remained
highly leveraged at 4.85x as on March 31, 2018 as against 4.53x as
on March 31, 2017. The debt coverage indicators also stood
weak owing to thin profitability with high debt marked by total
debt to GCA of 24.68 times during FY18 as compared to 20.01 times
as on March 31, 2017. Interest coverage ratio has also deteriorated
marginally and stood at 1.41 times during FY18 as against 1.46
times during FY17.
Susceptibility to fluctuation in raw material prices and seasonal
industry: JJDM is primarily engaged in the processing and milling
of various agro based products like various types of dall and other
products. The prices are also sensitive to seasonality of agro
products production, which is highly dependent on monsoon.
Any volatility in the commodities prices will have an adverse
impact on the performance of the dall mill.
Fragmented nature of industry and low entry barriers: JJDM operates
in lower segment of value chain and faces stiff competition from
other players in the area. The commodity
nature of the product makes the industry highly fragmented with
more than two-third of the total number of players being in
unorganized sector with very less product differentiation. Due to
the fragmented nature and low entry barriers in the industry, the
agro processing commodity mills have limited flexibility over
pricing their products which also results in low profit margins.
Key Rating Strengths
Vast Experience of Promoter in Agro Processing Industry: JJDM has
been promoted and managed by Mr. Jinad Rai Panjwani who holds total
experience of more than a decade in the same line of business. He
looks after entire management of the JJDM.
Close Proximity to raw material sources: The milling and processing
as well as trading facility of JJDM is located in Katni district of
Madhya Pradesh, which is the most convenient place of food grains
milling as well as trading. The location also provides proximity to
sources of raw material access and smooth supply of raw materials
at competitive prices and lower logistic expenditure (both on the
transportation and storage). It enjoys good road, rail and air
connectivity leading to better lead time and facilitating delivery
of finished products in a timely manner.
Katni (M.P.) based Jai Jagdambey Dall Mill (JJDM) is a
proprietorship firm established in 2002 by Mr. Jind Rai Panjwani.
JJDM is engaged into Milling and processing of matar, makka, paddy
and Trading of Rahar chunni, Rahar dall, rice, gram dall, besan,
gram chunni. The manufacturing unit of the firm is located near
Near collectorate, Jabalpur road, Katni, Madhya Pradesh.
JAIMAL SINGH: CARE Cuts INR5.75cr LT Loan Rating to B, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jaimal Singh Satnam Singh (JSSS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.75 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable; Issuer Not
Cooperating on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from JSSS to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Jaimal Singh Satnam Singh's bank facilities
will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The rating has been revised on account of susceptibility of margins
to raw material price volatility, competitive nature of the
industry and small scale of operations. The rating, however,
derives strength from the experienced proprietor.
Key Rating Weaknesses
Susceptibility of profitability margins to raw material price
fluctuations: The raw material cost has always been a major
contributor to the total operating cost. The entities in textile
industry are susceptible to fluctuations in raw material prices.
Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods. It being a product of
international importance, its price is very volatile depending on
the demand-supply situation in the global markets. The price of
other raw materials, i.e. polyester & synthetic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.
Competitive nature of the industry: The firm operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from domestic players as well as from players situated
outside India, especially in China and Bangladesh.
Small scale of operations: The scale of operations of the firm has
remained historically at a small level.
Key Rating Strengths
Experienced proprietor: The firm is managed by Mr. Ajinder Pal
Singh. Mr. Ajinder Pal Singh has an experience of more than
two-and-a-half decades in the textile industry.
Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is
being managed by Mr. Ajinder Pal Singh (proprietor). The firm is
engaged in the manufacturing & selling of ladies dress material
under its own brand name 'R.Tex'.
KASHI KANCHAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kashi Kanchan
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:
-- INR150 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR40 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
April 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Kashi Kanchan was incorporated as a partnership concern in 1974 by
Mr. Surendra Kumar Padhi and Mr. Abhimanyu Padhi. The firm was
reconstituted as a private limited company in 2005. Kashi Kanchan
undertakes civil construction activities in the road, drainage, and
building construction, primarily in Odisha.
KUDU FABRICS: CARE Cuts INR13cr LT Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kudu Fabrics (KF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 13 CARE B+; Issuer not cooperating;
Facilities Revised from CARE BB; Issuer Not
Cooperating on the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from KF to monitor the rating
vide e-mail communications/letters dated February 14, 2019;
February 15, 2019; February 16, 2019; February 18, 2019; and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Kudu Fabrics' bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The rating has been revised on account of susceptibility of margins
to raw material price volatility and competitive nature of the
industry. The rating, however, derives strength from the
experienced proprietor.
Key Rating Weaknesses
Susceptibility of profitability margins to raw material price
fluctuations: The raw material cost has always been a major
contributor to the total operating cost. The entities in textile
industry are susceptible to fluctuations in raw material prices.
Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods. It being a product of
international importance, its price is very volatile depending on
the demand-supply situation in the global markets. The price of
other raw materials, i.e. polyester & synthetic yarn is linked to
that of crude oil. The general volatility in the crude oil prices
also has an impact on the price of this product.
Competitive nature of the industry: The firm operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from domestic players as well as from players situated
outside India, especially in China and Bangladesh.
Key Rating Strengths
Experienced promoters: The firm is being promoted by Mr. Ganga
Bishan Mittal and Mr. Gaurav Mittal who have an experience of ~26
years and ~17 years, respectively, in the textile industry.
Kudu Fabrics (KF) is a partnership firm established in the year
1998. The firm is engaged in the manufacturing of fabric and
readymade garments for men and women at its manufacturing facility
located at Ludhiana, Punjab. Besides KF, the partners are also
involved in another group concern namely Kudu Industries Limited
(KIL; CARE BB; Stable; Issuer Not Cooperating/CARE A4; Issuer Not
Cooperating), engaged in the manufacturing of knitted fabric since
1990.
METRO AGRO: CARE Cuts Rating on INR6.0cr LT Loan to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Metro Agro Mills (MAM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE D; Issuer not cooperating;
Facilities Revised from CARE B+; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 12, 2018, placed
the rating of MMAM under the 'issuer non-cooperating' category as
MAM had failed to provide information for monitoring of the rating.
MAM continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated April 09, 2019, April 10, 2019, April 11, 2019 and April 12,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The rating revision to the bank facilities of Metro Agro Mills
(MAM) is on account of ongoing overdrawals in the cash credit
facility.
Key Rating Weakness
Overdue in cash credit facility: The firm was unable to generate
sufficient cash flows leading to strained liquidity position
resulting in overdrawals in the cash credit facility.
Key Rating Strengths
Long experience of promoters' family in agricultural industry: The
promoters possess experience of around 20 years in the rice milling
business, agriculture being the conventional business of the
promoters' family. Before the inception of MAM, the promoters were
engaged in the rice milling business in small scale apart from
managing the other business engaged in manufacturing of black stone
for building materials, manufacture of sand from black stone etc.
Support of promoters and group entity: MAM is supported by the
promoters (by infusion of capital year on year and unsecured loan
of INR0.70 cr during the review period) and M/s Metro Metal
Industry and M/s Rice tech Agro Mills by way of corporate
guarantee. However, no comfort is being taken from the corporate
guarantee as the group details and the corporate guarantee
documents were not furnished.
Metro Agro Mills (MAM) was established in April 2002 as a
partnership firm. Mr. A.M.Koya, Mr.A.M.Sijumon, Mrs.Mini Koya,
Mrs.Laila Makkar, Mr.A.M.Seemon are partners of the firm. The firm
belongs to the 'Beepath' Group (based in Kerala) and is engaged in
the business of rice milling (processing of paddy into rice) and
also into trading of rice (which constitute around 25% of the rice
sales). The key raw material, paddy is procured from farmers in
Kerala, Tamil Nadu and Karnataka.
NOOR IMPEX: CARE Cuts INR18cr LT/ST Loan Rating to D
----------------------------------------------------
CARE Ratings revised the ratings on long-term and short-term bank
facilities of Noor Impex Private Limited (NIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short- 18.00 CARE D/CARE D Revised from
Term Bank CARE C; Stable/CARE A4 and
Facilities Removed from Issuer Not
Cooperating
In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of NIPL
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE C; Stable/ CARE
A4; ISSUER NOT COOPERATING'. However, the Company has now submitted
the requisite information to CARE. CARE has carried out a full
review of the rating and the rating stand at 'CARE D'.
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of NIPL
is primarily due to on-going delays in debt servicing owing to weak
liquidity position.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going delays in Debt servicing: There were instances of LC
devolvement due to weak liquidity position of the Company. There
are on-going delays in debt servicing obligations for more than 30
days as on April 15, 2019, with regards to payment of LC amount due
to stretched liquidity position of the company.
Gandhidham-based (Gujarat), NIPL was incorporated in the year 2009
by Latiwala family by Mr Allaudin Latiwala, his two sons Mr Shabbir
Latiwala and Mr Yusuf Latiwala and his wife, Mrs Shaheda Latiwala.
The wood logs are imported from Malaysia, New Zealand and Africa
while the processed timbers are sold to the customers based in
Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh. The
installed capacity is 300 cubic feet per day as on March 31, 2018.
Mr Shabbir Latiwala is also engaged with a proprietorship firm
named as 'Noorani Saw Mill' and partnership firm named 'South India
Overseas LLP' engaged into similar business operations.
OVERSEAS LEATHER: CARE Assigns B Rating to INR11.16cr Loan
----------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Overseas Leather Goods Company Private Limited (OLGCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.16 CARE B; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of OLGCPL is constrained
by small scale of operations with low profit margins, exposed to
volatility in prices of raw materials, working capital intensive
nature of operation, leveraged capital structure with weak debt
coverage indicators and intensely competitive industry. The rating,
however, derives strength from experienced promoters with
satisfactory track record of operations and strategic location of
the plant.
Going forward, the ability of the company to increase its scale of
operations with improvement in profit margins and ability to manage
working capital effectively shall be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with low profit margins: OLGCPL is a
relatively small player in the Leather industry with total
operating income (TOI) of INR11.42 crore (FY17: INR11.57 crore)
with a net loss of INR1.12 crore (PAT of INR0.74 crore in FY17) in
FY18. The company has reported net loss mainly due to wire off of
irrecoverable export receivable of INR0.75 crore. The networth base
of the entity also stood low at INR5.09 crore as on March 31, 2018.
The small size restricts the financial flexibility of the entity in
terms of stress and deprives it from benefits of economies of
scale. Moreover, the entity has reported turnover of INR9.43 crore
during 11MFY19. The profitability margins of the entity remained
low marked by PBILDT margin of 0.26% (5.59% in FY17) in FY18.
Exposed to volatility in prices of raw materials: The raw material
costs constituted the highest costs to the total cost of sales for
FY18 which is around 98%. OLGCPL does not have any tannery unit for
manufacturing of finished leather, its basic raw material for
manufacturing of leather goods like bags, wallet etc. Thus in the
absence of backward integration of its basic raw material, it has
to depend upon local suppliers for purchase of finished leather.
Accordingly, any adverse movement in prices of raw materials with
no corresponding change in final goods prices can have an adverse
impact on the profit margins of the entity.
Working capital intensive nature of operation: OLGCPL's business,
being manufacturing of leather products like Men's wallet, ladies
wallet, handbag, purses, etc and industrial gloves, industrial
safety products and small leather goods remained working capital
intensive in nature marked by its high operating cycle. The company
maintains inventory of raw material for around a month for smooth
running of its production process. Accordingly the average
inventory holding period remained high at 433 days (FY17:451 days)
during FY18. The average utilization of fund based limit was around
95% during the last 12 months ended in February 2019.
Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company deteriorated and remained
leveraged with overall gearing ratio of 2.08x (FY17: 1.94x) as on
March 31, 2018. Furthermore, the debt coverage indicators remained
weak marked by below utility interest coverage during FY18.
However, the company served its debt obligations through its
working capital during FY18.
Intensely competitive industry: The leather industry is highly
fragmented with a large number of small to medium scale organized
and unorganized players owing to low entry barriers with no visible
differentiators in product profile. High competition in the
operating spectrum and small size of the entity limits the scope
for margin expansion. Though government policies towards the
industry have been supportive both for small-scale sector
development as well export promotion, the industry is caught up
with socio political issues relating to slaughtering of animals.
With the production clustered in 4-5 locations, distribution
network becomes the key to success. Many companies in the leather
products have a strong distribution network and enter into brand
building exercise to improve the sales and market share. Hence the
players in the industry do not have pricing power and are exposed
to competition induced pressures on profitability.
Key Rating Strengths
Experienced promoters with satisfactory track record of operations:
OLGCPL is into manufacturing of leather and leather products
business since 1993 accordingly has established track record of
operations in the industry. The Mr. Anup Kumar Chattopadhyay (aged
about 69 years), having more than three decades of experience in
this line of business, looks after the day to day operations of the
company. He is supported by other directors Mr. Shreemoyee
Chattopadhyay, Mr. Ranjan Banerjee, Ms. Puspa Chatterjee having
more than two decades of experience in this line of business along
with a team of experienced professional and involved in the
strategic planning and running the day to day operations of the
company.
Strategic location of the plant: The manufacturing facility of
OLGCPL is located at Khodaganj which is in close proximity to the
various tanneries situated at Calcutta Leather Complex for sourcing
of finished leather, the main raw material for manufacturing of
fashion leather products. Accordingly, the availability of raw
materials is not an issue. Further the manufacturing plant has
ample supply of cheap labour. Moreover, the company exports major
part of its products to overseas market through vessels from
Kolkata port. Thus, the company gets the benefit of its location.
West Bengal based Overseas Leather Goods Company Private Limited
(OLGCPL) incorporated in July 1993, was promoted by Mr. Anup Kumar
Chattopadhyay, Mr. Shreemoyee Chattopadhyay, Mr. Ranjan Banerjee
and Ms. Puspa Chatterjee. Since its inception, OLGCPL has been
engaged in processing of leather and manufacturing of leather
products like Men's wallet, ladies wallet, handbag, purses, etc and
industrial gloves, industrial safety products and small leather
goods. The manufacturing facility of the company is located at
Kolkata, West Bengal with an installed capacity of 50,000 pieces
per month of Fine leather items and 1,00,000 pairs per month of
industrial gloves, industrial safety products. The company sells
its entire products in the international market. The major export
destinations of the company are European countries like Germany,
Belgium, Spain etc.
Comment on liquidity position: The liquidity position of the
company was stressed as reflected by its inadequate cash accruals
from operations. Moreover, the current ratio was low at 1.27x as on
March 31, 2018. The company has cash and bank balance of INR0.08
crore as on March 31, 2018.
PARSHURAM FORGE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Parshuram Forge Private Limited
T-46, MIDC Industrial Area
Hingna Road
Nagpur 440036
Insolvency Commencement Date: April 22, 2019
Court: National Company Law Tribunal, Pune Bench
Estimated date of closure of
insolvency resolution process: October 19, 2019
(180 days from commencement)
Insolvency professional: Laxman Digambar Pawar
Interim Resolution
Professional: Laxman Digambar Pawar
Flat No. 16, First Floor
Bhakti Complex
Behind Dr. Ambedkar Statue, Pimpri
Pune 411018
Mobile No.: 9921516368, 9422327957
E-mail: cmapawar1@gmail.com
Last date for
submission of claims: May 9, 2019
PODDAR CAR: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Poddar Car World
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:
-- INR403 mil. Fund-based limits migrated to Non-Cooperating
Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERTAING) rating;
-- INR2.5 mil. Non-fund-based limits migrated to Non-Cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR18.22 mil. Long-term loan due on March 2021 migrated to
Non-Cooperating Category with IND BB+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
2, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
COMPANY PROFILE
Poddar Car World has sales, service and spares showrooms for cars
manufactured by Maruti Suzuki India Limited. In addition, it deals
in pre-owned car sales and provides the facility for exchanging
used cars through Maruti True Value.
R.R. DISTRIBUTORS: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.R.
Distributors Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.50 CARE B+; Stable Assigned
Short-term Bank
Facilities 3.50 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of R.R. Distributors
are constrained by its modest scale of operations with leveraged
capital structure, foreign exchange fluctuation risk and its
presence in a highly competitive industry. The ratings, however,
drive strength from experienced management, moderate operating
cycle and moderate profitability margin.
Going forward, the ability of the company to increase the scale of
operations while improving its capital structure and effectively
managing its working capital requirement shall be the key rating
sensitivity.
Key Rating Weakness
Modest scale of operations: The scale of operations of R.R.
Distributors Private Limited has remained small marked by a total
operating income and gross cash accruals of INR66.51 crore and
INR0.16 crore respectively during FY18 (FY refers to the period
April 01 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, company's total operating was INR45 crore
during 9MFY19 (refers to the period April 1 to December 31).
Leverage Capital Structure: The capital structure of the firm stood
leveraged owing to high dependence on the external borrowing to
meet its working capital requirements. The overall gearing ratio
remained above 8x as on the balance sheet date of the past two
financial years (ie: FY17 & FY17).
Foreign exchange fluctuation risk: R.R. Distributors Private
Limited imports from various countries depending upon getting the
best possible rates. With initial cash outlay for procurement in
foreign currency and sales realization in domestic currency, the
company is exposed to the fluctuation in exchange rates. Further,
the company is not involved in any sort of hedging.
Highly competitive industry: R.R. Distributors Private Limited
operates in a highly competitive marked by the presence of numerous
players in India. Hence the players in the industry do not have any
pricing power and are exposed to competition induced pressures on
profitability.
Key Rating Strengths
Experienced Management: R.R. Distributors Private Limited is
currently being managed by Mr. Raj Kumar Gupta and Mr. Aman Gupta.
Mr. Raj Kumar Gupta is a graduate by qualification with Experience
of more than three decades in the industry. Mr. Aman Gupta is a
graduate in administration with less than a decade of experience in
business management in trading companies. Both of them will look
after the overall management of the company.
Moderate operating cycle: Operating cycle of the company stood
around 36 days in FY18. The company gives a credit period of around
3 months to its customers resulting in an average collection period
of 77 days in FY18. The company generally maintains of the traded
products to meet immediate demand resulting in an average inventory
holding is of 15 days in FY18. The company gets a credit period of
around two months from its suppliers resulting in an average
creditor period of 57 days in FY18. The working capital borrowings
were fully utilized for past 12-months ended December, 2018.
Liquidity position of the company stood moderate as marked by
current ratio and quick ratio of 1.25x and 1.01x.
Moderate profitability margins: The profitability margins of the
company have been historically on the lower side on account of
trading nature of business which is driven by high volumes and low
margins/ lower level of value addition. This apart, interest burden
also restricts the net profitability of the company. PBILDT margin
of the company stood at 3.75% in FY18 as against 3.20% in FY17.
However, the PAT margin stood at 0.13% in both FY17 and FY18.
Delhi based, R.R. Distributors Private Limited was incorporated in
August, 1998 as a private limited company with the purpose of
trading of writing, printing paper and paperboards. The company is
managed by Mr. R.K. Gupta and is son Mr. Aman Gupta. Mr. R.K. Gupta
has 11 years of solid experience in electronics. The firm imports
from all across the globe like USA, Europe, Indonesia, Japan, etc.
RADHA CASTING: CARE Migrates B Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Radha
Casting and Metalik Private Limited (RCMPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 4.00 CARE B; Stable; ISSUER NOT
COOPERATING; Based on best
Available information
Detailed Rationale and key rating drivers
CARE has been seeking information from RCMPL to monitor the rating
vide email communications/letters dated February 5, 2019, February
6, 2019 and numerous phone calls. However, despite our repeated
requests, the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on RCMPL's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
At the time of last rating in December 15, 2017 the following were
the rating strengths and weaknesses; (Updated for the information
available from Registrar of Companies.)
Detailed description of the key rating drivers
Key Rating Weakness
Small scale of operations: The size of operations of the company
remained small marked by total operating income of INR92.38 crore
with a PAT of INR0.53 crore in FY18. Furthermore, the total capital
employed was also low at INR15.42 crore as on March 31, 2018.
Lack of backward integration vis-à-vis volatility in raw material
prices: The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry.
Since, raw material constituting of ingots, billets etc. is the
major cost driver for RCMPL. RCMPL does not have any backward
integration for its raw materials and procures the same from
outside, exposing the company to price volatility risk. As a
result, RCMPL remains exposed to the volatility in raw material
prices and it has to absorb adverse fluctuations in prices that
might occur from the time of material procurement to dispatch as
raw material prices remains volatile over the years.
Intense competition due to fragmented nature of industry: RCMPL is
engaged in the manufacturing of MS Ingots, which is primarily
dominated by large players and characterized by high fragmentation
and competition due to presence of numerous players in India owing
to relatively low entry barriers. Hence, the players in the
industry do not have much pricing power which induced pressures on
profitability.
Working capital intensive nature of business: RCMPL business, being
manufacturer of non alloys steel ingot, is working capital
intensive. The average utilisation of working capital remained
moderately on the higher side at around 80% during last 12 month
ended in March, 2019.
Key Rating Strengths
Experienced Promoters: The key promoters Mr. Dhananjay Kumar & Mr.
Pawanjay Kumar have an experience of more than a decade in iron and
steel industry. The day-to-day operations of the company are looked
after by both the promoters.
Proximity to raw material sources: RCMPL plant is located at
Ramgarh in Jharkhand, which is in proximity to the steel and mining
areas of West Bengal, Jharkhand and Odisha. Hence, its presence in
the steel and mining region results in benefits derived from a
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.
Comfortable capital structure and debt coverage indicators: The
capital structure of the company remained comfortable marked by
debt equity and overall gearing ratios of 0.01x and 0.37x
respectively as on March 31, 2018. The debt coverage indicators
also remained comfortable marked by interest coverage and total
debt to GCA of 4.28x and 2.50x, respectively, in FY18.
RCMPL was incorporated in June 2006, was promoted by brothers Mr.
Dhananjay Kumar and Mr. Pawanjay Kumar of Jharkhand. The company
had initially set up a pig iron plant (installed capacity 15000
metric tonnes per annum: MTPA) at Ramgarh, Jharkhand and commenced
commercial operation in the year 2008. But, later on, in May 2011,
the company was forced to shut down its pig iron plant due to iron
ore scarcity owing to iron ore mining related issues leading to
rising raw material cost and weak demand. Since, February 2012, the
company had started manufacturing Mild Steel (MS) Ingots with
installed capacity of 15, 000 MTPA at its existing plant.
Liqudity Position: The liquidity position of the company was low
marked by its current ratio of 0.82x as on March 31, 2018. The
company has free cash and bank balance of INR0.01 crore as on March
31, 2018. The company has generated cross cash accrual of INR1.66
crore during FY18.
RAJ RAYON: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raj Rayon
Industries Limited's (RRIL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR2,538.5 bil. Term loan (Long-term) affirmed with IND D
(ISSUER NOT COOPERATING) rating;
-- INR2,571.8 bil. Working capital term loans (long-term)
affirmed with IND D (ISSUER NOT COOPERATING) rating;
-- INR1,023.8 bil. Fund-based working capital limits (long-
term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)
rating;
-- INR42.5 mil. Non-fund-based limits (Short-term) affirmed with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR1,063.4 bil. Funded interest term loans (long-term)
affirmed 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 affirmation reflects the continued decline in RRIL's revenue to
INR181.6 million in 9MFY19 (9MFY18: INR499.8 million; FY18:
INR762.704 million; FY17: INR2,761.04 million) and EBITDA losses.
The ratings also reflect the auditors' comments in 9MFY19 results,
published on the Bombay Stock Exchange, which stated that RRIL has
been classified as a non-performing asset by its bankers under the
consortium.
RATING SENSITIVITIES
Positive: Recovery from the strategic debt restructuring scheme and
improvement in profitability, along with timely debt servicing,
would lead to positive rating action.
COMPANY PROFILE
RRIL is a public limited company manufacturing polyester yarn at
its plant, located in Silvassa. Its products include polyester
texturized yarn, partially oriented yarn, fully drawn yarn, twisted
yarn, and polyester chips.
RAMAN CASTING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Raman Casting Pvt. Ltd.
House No. 275 Village Dera Delhi
South West Delhi DL 110074 IN
Insolvency Commencement Date: April 10, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 7, 2019
(180 days from commencement)
Insolvency professional: Brijesh Kumar Tamber
Interim Resolution
Professional: Brijesh Kumar Tamber
C-10, Basement, Nizamuddin (West)
New Delhi 110013
E-mail: officeofbrijeshktamber@gmail.com
irpoframancasting@gmail.com
Last date for
submission of claims: May 7, 2019
RATNAKAR ISPAT: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ratnakar Ispat
India 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:
-- INR73.8 mil. Term loan due on October 2022 migrated to Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR100.0 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND BB- (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in July 2012, Ratnakar Ispat India is promoted by Mr.
Shankar Lal Jat, Mrs. Prem Devi Jat, and Mrs. Geeta Devi. The
company has an 80,000-metric-ton-per-annum thermos-mechanically
treated bar and MS billet manufacturing facility in Khasra
(Rajasthan). The company commenced commercial production from April
2015.
RICE TECH: CARE Cuts INR6.0cr LT Loan Rating to D, Not Coop.
------------------------------------------------------------
CARE Ratings revised the ratings on long-term bank facilities of
Rice Tech Agro Mills (RTAM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE D; Issuer not cooperating;
Facilities Revised from CARE B+; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 12, 2018, placed
the rating of RTAM under the 'issuer non-cooperating' category as
RTAM had failed to provide information for monitoring of the
rating. RTAM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated April 09, 2019, April 10, 2019, April 11, 2019 and
April 12, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The rating revision to the bank facilities of Rice Tech Agro Mills
(RTAM) is on account of ongoing overdrawals in the cash credit
facility.
Key Rating Weakness
Overdue in cash credit facility: The firm was unable to generate
sufficient cash flows leading to strained liquidity position
resulting in overdrawals in the cash credit facility.
Key Rating Strengths
Long experience of promoters' family in agricultural industry: The
promoters possess experience of around 20 years in the rice milling
business, agriculture being the conventional business of the
promoters' family. Before the inception of MAM, the promoters were
engaged in the rice milling business in small scale apart from
managing the other business engaged in manufacturing of black stone
for building materials, manufacture of sand from black stone etc.
Support of promoters and group entity: RTAM is supported by the
promoters (by infusion of capital year on year and unsecured loan
of INR0.70 cr during the review period) and M/s Metro Metal
Industry and M/s Metro Agro Mills by way of corporate guarantee.
However, no comfort is being taken from the corporate guarantee as
the group details and the corporate guarantee documents were
not furnished.
Rice Tech Agro Mills (RTAM) was established in 1998 as a
partnership firm. Mr. A. M. Koya, Mr. A. M. Sijumon, Mrs. Mini
Koya, Mrs. Laila Makkar and Mrs. A. M. Seemon are partners of the
firm. The firm belongs to the 'Beepath' Group and is engaged in the
business of rice milling (processing of paddy into rice) and also
into trading of rice (which constitute around 25% of the total
operating income). The key raw material, paddy, is procured from
farmers in Kerala, Tamil Nadu and Karnataka.
SAKSHAM FOOD: CARE Assigns B+ Rating to INR5.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Saksham
Food Industries (SFI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.75 CARE B+; Stable Assigned
Short-term Bank
Facilities 4.00 CARE A4 Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of SFI is constrained by
nascent stage of operations with operation stabilization risk,
proprietorship nature of constitution, regulated by government in
terms of minimum support price, high working capital intensity and
exposure to vagaries of nature and its presence in a fragmented and
competitive nature of industry. However, the aforesaid constraints
are partially offset by its experienced proprietor and close
proximity to raw material sources & favourable industry scenario.
Going forward, the ability of the firm to stabilise its operations,
achieve revenue and profitability as envisaged and ability to
manage working capital effectively would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Nascent stage of operations with operation stabilisation risk: The
entity has successfully set up its rice milling and processing
plant with aggregate cost of INR9.31 crore funded at a debt equity
of 3.66x and started its commercial operations from August 2018 and
thus has very short track record of operations. However, SFI has
reported revenue of INR29.60 crore with a PAT of INR0.34 crore
during FY19. Going forward the ability of the entity to stabilize
its operations and achieve envisaged revenue and profitability will
remain the key rating sensitivity.
Regulation by Government in terms of minimum support price (MSP):
The Government of India (GoI), every year decides a minimum support
price (MSP) to be paid to paddy growers which limits the bargaining
power of rice millers over the farmers. The MSP of paddy increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-à-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the firm, especially in times of
high paddy cultivation.
High working capital intensity and exposure to vagaries of nature:
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the firm's operation to
vagaries of nature. Accordingly, the working capital intensity
remains high leading to higher stress on the financial risk profile
of the rice milling units.
Proprietorship nature of constitution: SFI, being a proprietorship
firm, is exposed to inherent risk of withdrawal of capital by the
proprietor, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factors affecting credit
decision for the lenders.
Fragmented and competitive nature of the industry: SFI's plant is
located in Surajpur, Chhattisgarh which is in close proximity to
hubs for paddy/rice cultivating region of Chhattisgarh. Owing to
the advantage of close proximity to raw material sources, a large
number of small units are engaged in milling and processing of rice
in the region. This has resulted in intense competition which is
also fuelled by low entry barriers. Given that the processing
activity does not involve much of technical expertise or high
investment, the entry barriers are low.
Key Rating Strengths
Experienced Proprietor: The firm is being managed by Mr. Sandeep
Agrawal having around a decade long experience in the rice milling
industry looks after the day to day operations of the firm. He is
well supported by a team of experienced professionals.
Close proximity to raw material sources and favourable industry
scenario: SFI's plant is located at Surajpur, Chhattisgarh which is
in the midst of paddy growing areas of the state. The entire raw
material requirement is met locally from the farmers (or local
agents) which helps the firm to save on substantial amount of
transportation cost and also procure raw materials at effective
prices. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term.
Established in July 2017, Saksham Food Industries (SFI) was
promoted by Mr. Sandeep Agrawal of Surajpur, Chhattisgarh to set up
rice milling and processing plant. The firm has successfully set up
its milling and processing plant with aggregate cost of INR9.31
crore funded at debt equity of 3.66x and started its commercial
operations from August 2018. The plant of the firm is located at
Surajpur, Chhattisgarh with an installed capacity of 39680 metric
tons per annum (MTPA).
Liquidity position
The liquidity position of the firm was adequate marked by current
ratio of 1.26x as on March 31, 2019, Provisional. The liquidity is
further supported by cash and cash equivalent amounting to INR0.10
crore as on March 31, 2019, Provisional. The firm has generated
gross cash accrual of INR1.25 crore in FY19, Provisional. The
average utilization of fund based limit was around 95% during last
8 month ended on March 31, 2019.
SHIVASHAKTI SUGARS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivashakti Sugars
Limited (SSL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.
The instrument-wise rating action is:
-- INR250 mil. Fund-based limits assigned with IND BB+/Stable
rating.
KEY RATING DRIVERS
The rating is constrained by SSL's weak credit metrics, as the
company's debt levels (FY18: INR5,609 million; FY17: INR6,773
million) are high due to the working capital-intensive nature of
the operations. The company has a long net working capital cycle
(FY18: 131 days) because of the high levels of inventory that it
has to maintain during the crushing season. SSL's EBITDA interest
coverage (operating EBITDA/gross interest expense) stood at 1.2x in
FY18 (FY17: 1.4x) and the net leverage (total adjusted net
debt/operating EBITDA) was 8.4x (8.9x). Ind-Ra expects the interest
coverage to improve gradually over the medium term with repayment
of loans. The net leverage, though, will remain weak owing to the
high debt levels for working capital requirement.
Moreover, the company's EBITDA margin fell to a modest 11.2% in
FY18 (FY17: 27.7%) due to the increased cost of procurement. The
return of capital employed stood at 9% in FY18 (FY17: 11%).
The ratings reflect SSL's moderate liquidity position, with average
maximum working capital limit utilization of around 47% for the 12
months ended February 2019. Growth in sales and better debtor
realization enabled the company to record positive cash flow of
INR1,338 million in FY18 (FY17: negative INR888 million) and free
cash flow of INR1,233 million (negative INR2409 million). Ind-Ra
expects the group to have generated positive cash flow from
operations in FY19 on the back of revenue growth. SSL has scheduled
debt repayment of about INR249 million in FY20, which will be met
from internal accruals. The company's cash and cash equivalents
stood at INR12.58 million as on December 31, 2019.
SSL has a moderate business profile, with integrated operations.
Its sugar facility has an overall sugar capacity of 10,000 tons
crushed per day and a 37MW cogeneration plant. Of the total power
generation capacity, the company uses around 21MW for its own
consumption during the peak season and sells the remainder to
Karnataka state discoms at INR5.23 per unit. SSL reported revenue
of INR5,938 million in FY18 (FY17: INR2,739 million) at 70%
utilization level with a recovery rate of 11.13%. Revenue
increased on a YoY basis mainly because of higher sales of sugar.
As per the company, it achieved a revenue of around INR4,893
million in 11MFY19.
The ratings are supported by promoters' experience of more than two
decades in agro-based industries.
RATING SENSITIVITIES
Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led capex, leading to a deterioration of
interest coverage or liquidity, on a sustained basis, could be
negative for the ratings.
Positive: Any improvement in the revenue or operating margin,
resulting in the interest coverage improving to above 2x levels, on
a sustained basis, could be positive for the rating.
COMPANY PROFILE
SSL was incorporated in 1995 by Dr. Prabhakar B Kore (Member of
Parliament, Rajya Sabha), who has more than two decades of
experience in the sugar industry. The company has a sugar unit with
a crushing capacity of 10,000TCD and a 37MW cogeneration plant.
SHREE RAJ: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Shree Raj Mahal Jewellers Private Limited
Shop No. 1 & 2, Lower Ground Floor 2678
Diamond Mall, Gurudwara Road, Karol Bagh
New Delhi 110005
Insolvency Commencement Date: April 24, 2019
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: October 20, 2019
Insolvency professional: Nishant Gaurav Gupta
Interim Resolution
Professional: Nishant Gaurav Gupta
"Siddhant Advocates"
108 1st Floor, Aggarwal Chambers
O & P Block, Dilshad Garden, Delhi
National Capital Territory of Delhi
110095
E-mail: nishantgaurav@outlook.in
cirp.rajmahal@outlook.in
Last date for
submission of claims: May 9, 2019
SOLAPUR TOLLWAYS: Ind-Ra Cuts Term Loan Rating to 'B+', Keeps RWN
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Solapur Tollways
Private Limited's (STPL) senior project term loan to 'IND B+' from
'IND BB' while maintaining the Rating Watch Negative (RWN) as
follows:
-- INR5,884.2 bil. Senior project term loan due on March 31, 2030
downgraded; maintained on RWN with IND B+/RWN.
KEY RATING DRIVERS
The downgrade and maintaining of RWN reflects the project's
continued sluggish physical and financial progress along with
STPL's inability to achieve provisional completion (i.e. at least
75% of the total length of the project highway) by March 31, 2019,
cost overruns, and the penalties levied on the company.
STPL achieved physical progress of 69.15% by end-February 2019 as
against the planned progress of 96.18%. According to the lenders
independent engineer, the construction of the highway and
structures has been slow and the concessionaire needs to expedite
the same. The delays in project completion are mainly attributed to
slow construction work on the acquired land stretches, and delays
in land acquisition, obtaining environmental clearances, shifting
utilities and removing encroachments. Slack construction progress
has already led to the replacement of some contractors.
STPL had received a recommendation from the Regional Office,
National Highways Authority of India (NHAI; 'IND AAA'/ Stable) and
the independent engineer (IE) to shift the commercial operations
date (COD) to March 31, 2019 from November 29, 2018. In March 2019,
the company received a recommendation letter from the IE and
regional NHAI office for extending the COD further ahead to 12
October 2019. The extension of date of commencement of commercial
operations (DCCO) is within the Reserve Bank of India's framework
for extension of DCCO by additional one year beyond two years for
infrastructure projects for reason beyond the control of promoters.
If STPL does not achieve project completion again by 12 October
2019, it will lead to further penalties or could increase
termination risks.
Also, the repayment schedule had been proposed to be extended to
January 31, 2020 from September 30, 2019. Subsequent to the
receipt of the recommendation letter extending the COD, the company
has requested the lenders to shift the repayment start date to July
30, 2020; the approval from the lenders is awaited. The debt will
be repayable in 47 unequal quarterly installments. The debt has a
heavily back-ended amortization profile, with nearly 72% of the
debt to be amortized in the last five years of the loan tenor.
The debt service reserve account equivalent to one quarter's
principal and interest payment will be created closer to the
commercial operations date in the form of a bank guarantee.
The project, being a toll road, has an inherent traffic-related
risk. According to the traffic study, the stretch is dominated by
commercial traffic, which holds reasonable revenue potential while
also being vulnerable to volatility related to economic cycles. The
actual traffic demand and growth will become clear only once the
project is operational.
The sponsors have provided unsecured loans for interest servicing
during the construction phase. The parent sponsor, SREI
Infrastructure Finance Limited has undertaken to meet cost overruns
and any shortfall in resources for project completion. The sponsor
has also undertaken to fund any cash flow shortfall in meeting the
minimum debt service coverage ratio covenant of 1.10x for the first
five years from the actual project commissioning date.
Moreover, the price risk is reasonably mitigated by the provision
of a flat 3% increase in base toll rate annually. Additionally, the
rates are linked to 40% of the increase in wholesale price index).
RATING SENSITIVITIES
The RWN will be resolved after Ind-Ra attains clarity on the
achievement of project completion by October 12, 2019. The RWN
indicates that the rating may be affirmed or downgraded.
Additionally, any adverse regulatory action from the concession
authority and/or additional cost overruns not funded by the
sponsors will lead to a rating downgrade.
COMPANY PROFILE
STPL is an SPV, promoted by Bharat Road Network Limited. It was
incorporated to implement a lane expansion project under a 25-year
concession from NHAI. The project road is a 100km stretch from
Solapur to Maharashtra-Karnataka border and is part of the National
Highway 9. The project cost is estimated at INR8,826.2 million,
which is being funded by a term loan of INR5,884.2 million and
sponsor equity of INR2,942.1 million.
TAYAL POLYPLAST: CARE Assigns B+ Rating to INR5.97cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tayal
Polyplast (TP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.97 CARE B+; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of TP is constrained by
its nascent stage of operations, partnership nature of
constitution, volatility in raw material prices and working capital
intensive nature of operation and highly competitive and fragmented
nature of the industry. The rating, however, derives comfort from
extensive experience of the partners.
Going forward, the ability of the firm to stabilize its operations,
increase its scale of operations, improve profitability margins
and ability to management its working capital effectively will be
the key rating sensitivities.
Detailed description of the key rating drivers
Nascent stage of operations: The firm was established in January
2018 and it has commenced commercial operations from October 2018
onwards and thus has very short track record of operations. The
firm has reported a turnover of INR1.48 crore with a PBILDT of
INR0.21 crore, net loss of INR0.20 crore and cash accruals of
INR0.02 crore during the period from October 2018 to February 28,
2019.
Partnership nature of constitution: TP being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/insolvency of the partners.
Furthermore, partnership entities have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders. Volatility
in raw material prices and working capital intensive nature of
operation: The primary raw material required by the firm is PVC
Rasin, pigments and other addictive, the price of which are
volatile and therefore any upward movement in raw material prices
with no corresponding increase in finished products prices may
impact the profitability of the firm. Furthermore, the operations
of the firm remained working capital intensive as reflected by its
moderately high working capital utilization in the past.
Highly competitive and fragmented nature of the industry: The
manufacturing Pipes and fittings industry is highly fragmented with
a large number of small to medium scale organized and unorganized
players owing to low entry barriers with no visible differentiators
in product profile. High competition in the operating spectrum and
small size of the firm limits the scope for margin expansion.
Key Rating Strengths
Experienced partners: Mr. Shrikishan Agarwal (aged about 60 years),
having around three decades of business experience
through his associate concern and he looks after the day to day
operations of the firm. He is supported by other partner Mr. P.K.
Agrawal and Mr. Ashish Agrawal who also have long experienced in
this type of business.
Established in January 2018, Tayal Polyplast (TP) was promoted by
Shrikishan Agrawal, Mr. Ashish Agrawal and Mr. P.K. Agrawal to set
up a PVC pipes and fillings manufacturing unit at Sambalpur, Odisha
with an installed capacity of 2640 metric tons per annum (MTPA).
After successful setting of its manufacturing plant, the firm has
started its commercial operation October 2018.
Liquidity
The liquidity position was moderate marked by its current ratio of
1.04x as on Feb. 21, 2019. The free cash and bank balance was
INR0.11 crore as on 21 Feb 2019. The average fund based working
capital utilization was around 70% during last 5 months ended on
February 2019.
VIP ENTERPRISE: CARE Assigns B+ Rating to INR5.50cr Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of VIP
Enterprise Private Limited (VEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.50 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of VEPL is primarily
constrained on account of it s moderate scale of operations with
thin profit margins, leveraged capital structure and weak debt
coverage indicators along with modest liquidity position during
FY18 (refers to the period April 1 to March 31). The rating, is
further constrained on account of fortunes of the company linked
with growth of principal automobile manufacturers in addition to
exposure to intense competition in the automobile dealership
industry.
The rating, however, derives strength from long standing experience
of VEPL's promoters in automobile dealership Industry and its
comfortable operating cycle.
The ability of VEPL to Increase its scale of operations along with
improvement in profitability and solvency position and efficient
management of working capital are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Moderate scale of operations with thin profit margins: The scale of
operations if VEPL marked by total operating income (TOI) remained
moderate at INR54.19 crore during FY18 as compared to INR40.29
crore in FY17 on account of increase in number of vehicles sold
during FY18, albeit the TOI increased at a Compounded Annual Growth
Rate (CAGR) of 58.21% during past three years FY16-FY18. VEPL sold
2258 vehicles during FY18 as against 2142 vehicles during FY17. The
PBILDT margin, however, remained thin at 1.44% (INR0.78 crore)
during FY18 as against 1.03% (INR0.42 crore) during FY17, while the
PAT also remained thin at INR0.14 crore during FY18 as against
INR0.11 crore during FY17.
Leveraged Capital structure and weak debt coverage indicators: The
capital structure of VEPL has remained leveraged marked by overall
gearing at 4.83 times as on March 31, 2018 [March 31, 2017: 2.95
times], the deterioration in the gearing ratio is owing to increase
in the total debt level led by higher utilization of working
capital facility as on balance sheet date. The debt coverage
indicators stood weak marked by total debt to Gross Cash Accruals
(TDGCA) of 28.35 years as on March 31, 2018 which deteriorated from
22.18 years as on March 31, 2017 due to increase in the total debt
level. Further, interest coverage stood modest at 1.51 times during
FY18 as against 1.78 times during FY17, the deterioration is owing
to increase in the interest and finance cost during FY18.
Modest liquidity position: The liquidity position of VEPL remained
modest marked by high average working capital limits utilization at
~95% during past twelve months period ended February, 2019, while
the current ratio remained moderate at 1.55 times as on March 31,
2018 as compared to 1.41 times as on March 2017, owing to increase
in inventory as on balance sheet date. The cash and bank balance
remained at INR1.76 crore as on March 31, 2018, while the net cash
flow from operations remained negative during FY18.
Fortunes of the company linked with growth of principal automobile
manufacturers: Though the company is an authorized dealer of
established brands like Ashok Leyland and Royal Enfield but any
unfavorable event affecting the growth plans of Original Equipment
Manufacturer (OEM) will have a significant impact on the
performance of VEPL.
Exposure to intense competition in the automobile dealership
industry: VEPL's business growth is exposed to the intense
competition in the automobile dealership industry. VEPL is an
authorized dealer for Royal Enfield (Two Wheeler- Passenger
Vehicle) and Ashok Leyland (Four Wheeler- Light Commercial
vehicles). Hence the entity has to compete with dealers of other
reputed brands. Intense pricing pressure has forced automobile
players to cut costs, leading to competitive rates of commissions
for dealers.
Key Rating Strength
Long standing experience of promoters in automobile dealership
Industry: VEPL was earlier into the same business under the name of
VIP Automobiles Private Limited. The key director Mr. Jayant
Vaidya, has an experience of around three decades in the automobile
industry. Another director Mr. Navinchandra Janani also holds
experience of two decades in the field of automobile dealership
field. Both the key promoters look after management and operations
of the business. While Mr. Keshav Faldu (director), looks after
accounts and finance department. All over, VEPL is benefitted from
the long standing experience of its directors.
Comfortable operating cycle: The operating cycle remained
comfortable at 23 days during FY18 which is in same line with FY17
of 22 days. The gross current asset days remained comfortable at 30
days against creditors of 7 days.
Surat based (Gujarat) VEPL was incorporated in April, 2012. The
entity is as an authorized dealer of Ashok Leyland and Royal
Enfield. The company also provides ancillary products like helmets,
spare parts and accessories besides providing maintenance services
for the vehicles. VEPL has two showrooms and four workshops in
Surat (Gujarat).
=========
J A P A N
=========
JAPAN LIFE: Police Raids Offices Over Fraudulent Rental Business
----------------------------------------------------------------
Japan Today reports that police raided on April 25 offices of Japan
Life Co, a bankrupt company suspected of having engaged in a
fraudulent rental business, for allegedly failing to inform a
customer in 2017 about its excessive debts when concluding a
contract, an investigative source said.
The police searched some 30 places in Tokyo and 11 other
prefectures in connection with the case, the report says. The
company went under in March 2018, with debts estimated at JPY240.5
billion as of March 2017, Japan Today discloses citing a credit
research firm.
Japan Today says the Tokyo-based company encouraged buyers, mainly
elderly people, of its magnetic necklaces costing several million
yen and other health items to become so-called rental owners. Under
the scheme, the company would enter into a contract with customers,
promising to pay them a 6 percent annual rental fee if they lent
their purchased products to others.
According to the report, source said the raids were conducted on
suspicion the company made a contract with a Tokyo woman in her 60s
while deliberately concealing the fact that it had excessive
liabilities in August 2017.
The company had about 7,000 creditors in Japan and some 400 in Hong
Kong. A number of damages suits have been filed across Japan
against former executives and other senior officials of Japan
Life.
In March last year, the Tokyo District Court decided to start the
company's bankruptcy proceedings after the Consumer Affairs Agency
ordered Japan Life to suspend part of its operations four times in
the year to December 2017 over the dubious practice.
Japan Life, which sells health magnetizers and healing mattresses,
filed for bankruptcy on Dec. 26, 2017.
===============
M O N G O L I A
===============
TAVAN BOGD: Fitch Gives 'B-' LT FC Rating, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Tavan Bogd Trade LLC, a leading
Mongolian conglomerate focused on consumer products, a Long-Term
Foreign-Currency Rating of 'B-'. The Outlook is Stable.
The IDR reflects TBG's solid domestic business profile, supported
by a strong market position, recognizable brands and a record of
expanding revenue and earnings through a combination of organic
growth and acquisitions. These factors mitigate its modest size
relative to global peers. The IDR is constrained mainly by TBG's
consistently negative free cash flow, due primarily to high cash
outflows for inventory at its cashmere business.
KEY RATING DRIVERS
Market Position Mitigates Scale: Fitch does not view TBG's modest
scale as a rating constraint at the current level, being the clear
leader in its key segments. TBG dominates the Mongolian cashmere
market with an 85% share through its Gobi and Goyo brands, and
benefits from vertically integrated operations that create a wider
range of product categories and exert greater control over the
quality and margin of its products than competitors without such
capability. Fitch expects growth for the cashmere business to be
driven by increased tourism traffic to Mongolia for domestic
revenue, and for channel expansion and increased brand awareness to
support export sales.
Robust Barriers to Entry: High brand recognition across TBG's key
segments in the domestic market, close relationships with its
suppliers, and an ability to generate synergies across different
segments ensure that TBG's leadership is well entrenched, and
throws up significant barriers to entry. TBG's automobile
dealership commands a market share of 75% of new Toyota vehicle
sales, the most popular brand in Mongolia, and sold 52% of total
new vehicle sales in the financial year 2018 (FY18, to December
2018), well ahead of the closest competitor's 15% share.
High Inventory, Volatile Cash Flows: TBG's weak cash generation is
a key constraint on its IDR. FCF at the group level has been
negative over FY16-FY18, with rising cash outflows driven primarily
by high inventory levels in the cashmere business and also heavy
investment in capacity expansion. At Gobi, the main entity in this
segment, average inventory days had risen to 436 by FYE18 from 366
at FYE16, and operating cash flow has been negative over the last
few years as a result.
Fitch believes that TBG's efforts at optimizing working-capital
management could speed up inventory turnover and reduce related
cash outflows. However, it sees a risk that cash flow at Gobi and
at the Group level could remain volatile on account of
working-capital swings. Any improvement of TBG's cash flow profile
hinges on TBG's ability to strengthen its inventory management.
Proportional Deconsolidation of Gobi Minorities: Fitch considers
TBG's business profile on a fully consolidated business due to the
strong operational ties with Gobi. Gobi accounted for 22% of
consolidated revenue and 38% of consolidated EBITDA in FY18. Its
analysis of the credit profile, however, focuses on TBG's adjusted
financial profile after deconsolidation of significant minorities
of 49% at Gobi because TBG controls only part of Gobi's cash flows
as a listed company. Credit metrics on a proportionally
deconsolidated basis are weaker, with FFO adjusted gross leverage
at FYE19 half a turn higher at 4.4x in its rating case.
Its analysis emphasizes gross debt, due to its expectation of
volatility in working-capital outflows. Fitch may focus on net debt
leverage if TBG generates FCF on a sustained basis.
Benefits from Diversification: Fitch views TBG's revenue and
earnings as reasonably well diversified, providing downside
protection; 34% of FY18 revenue came from food production and
services, including international franchisee restaurants like KFC
and Pizza Hut, as well as distribution of high-quality food and
non-food articles from well-known international brands. TBG is well
entrenched in these relatively stable businesses, providing
earnings visibility. Tourism, hospitality and restaurants is small
in terms of revenue contribution (4% of FY18), but likely to
produce a relatively stable performance in light of Mongolia's
growing popularity and growth potential for tourism.
DERIVATION SUMMARY
The closest peers to TBG are consumer-focused companies like PT Pan
Brothers Tbk (B/Stable). Both have limited operating scale, but the
one-notch difference is due to TBG's lack of track record to
generate consistent positive free cash flow. The closest domestic
peer is Mongolian Mining Corporation (MMC, B/Stable). Both are
constrained by geographical concentration. However, it expect MMC's
leverage to be stable due to sustained profit generation and stable
capex spending, which supports the differential of one notch.
KEY ASSUMPTIONS
- Double-digit revenue growth declining from the low 20s to
mid-teens, driven by continued growth in the cashmere segment,
supported by robust performance in the car dealership and
consumer-oriented business lines
- EBITDA margin in the mid-teens, driven by lower profitability
in the car dealership and costs for the expansion of the cashmere
business and other consumer-oriented business lines
- Maintenance capex at 3% of annual revenue, with a temporary
rise to 5% in FY20 for the planned new Toyota showroom
- Continued negative FCF to reflect the risk of further
inventory-related outflows, but significant improvement reflecting
its expectation of a focus on inventory management
- Dividends in line with management guidance
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted gross leverage after adjusting for minorities at
Gobi below 3.0x
- Significant improvement in inventory turnover leading to
sustained positive CFO at Gobi JSC and sustained positive FCF at
the consolidated TBG level
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Failure to improve inventory turnover leading to worsening CFO
at Gobi JSC and accelerating cash burn at the consolidated TBG
level
- FFO adjusted gross leverage after adjusting for minorities at
Gobi, sustained at above 4.5x
- Evidence of material weakening in market position, as reflected
in declining revenue and EBITDA
- Failure to lengthen the debt maturity profile significantly
LIQUIDITY
Adequate Liquidity: Liquidity at TBG excluding Gobi will be
adequate because TBG has some flexibility to reduce dividends to
preserve cash. However, TBG's current reliance on short-term debt
is a weakness in its liquidity profile. Moreover, there is a risk
that its own liquidity could worsen as a result if Gobi's working
capital does not improve and TBG provides support to Gobi.
=====================
N E W Z E A L A N D
=====================
CBL CORP: Bank of China NZ Lifts Provision for Impaired Loan
------------------------------------------------------------
Duncan Bridgeman at The New Zealand Herald reports that Bank of
China New Zealand has revealed a NZ$19.6 million provision for
impairment losses, understood to be linked to a loan to stricken
insurance company CBL Corp.
The Herald relates that the bank did not identify the borrower in
its latest disclosure statement but CBL's administrators have
reported that the bank has applied to put CBL into liquidation with
a court hearing expected in May.
Bank of China does say the NZ$32.8 million loan is complex and
recovery uncertain.
"The information surrounding the financial condition of the
borrower and recoverability of the loan is complex in nature and
limited in availability," Bank of China (NZ) said in its disclosure
statement for the year to December 31, 2018, the Herald relays.
The level of provisioning has increased from NZ$12 million as at
December 2017.
"Judgment and estimation are required in determining the amount of
the provision for impairment loss. The provision for impairment
loss on the loan reflects management's best estimate of the
expected credit loss and the amount recovered may be more or less
than the provision recognized at December 31, 2018.
"However there is a high degree of judgment and uncertainty in the
provision and the loss ultimately suffered by the bank may be
significantly greater or less than the amount provided."
Auditor EY noted the issue under an "emphasis of matter" without
modifying its opinion on the bank's accounts, the Herald
discloses.
CBL has been in voluntary administration since February last year
after the Reserve Bank sought an interim liquidation of its New
Zealand supervised arm. Liquidators for subsidiary company, CBL
Insurance, have identified a potential shortfall of up to NZ$343m.
CBL Corp, an NZX listed company, itself owes almost NZ$172.8m to
creditors, including Bank of China and the Industrial and
Commercial Bank of China.
About CBL Corp.
Founded in 1973, CBL Corporation Limited (NZE: CBL), together with
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.
CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.
On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators by
the Board of CBL Corporation Ltd and certain of its subsidiaries.
The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL entities
-- CBL Corporation Limited; LBC Holdings New Zealand Ltd; LBC
Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.
=====================
P H I L I P P I N E S
=====================
HANJIN HEAVY: Philippines Says Won't Bar Chinese Takeover Bid
-------------------------------------------------------------
Neil Jerome Morales and Karen Lema at Reuters report that all
offers from potential buyers of a strategically located but
debt-laden Philippine shipyard will be welcome, the trade minister
said on April 25, ruling out barring Chinese firms over national
security fears.
Reuters relates that Trade Secretary Ramon Lopez said the
government would not, and could not, block interested buyers of
distressed shipbuilder Hanjin Philippines, which defaulted on $1.3
billion in loans, of which $900 million is owed to South Korean
banks and the rest to five Philippine lenders.
Hanjin, a unit of South Korea's Hanjin Heavy Industries &
Construction Co Ltd, until recently employed 20,000 workers at its
yard in Subic Bay, which until 1992 was home to a U.S. navy base
used during World War Two and the Vietnam War.
Subic is considered an important asset because of the bay's
shelter, deep water and access to the South China Sea.
According to Reuters, Mr. Lopez was responding to a report by
Japan's Nikkei Asian Review that the Philippine government was set
to bar Chinese from bidding for the Subic facility because of
national security concerns, citing an unidentified trade ministry
official, who said the defence ministry had signified
reservations.
"We did not make any statement barring Chinese or any nationality
from bidding," Mr. Lopez told Reuters.
Reuters relates that Mr. Lopez said it would be up to creditors to
decide which offer to accept.
In January, Hanjin Philippines filed for court rehabilitation
proceedings as it grappled with a slump in the global shipping and
shipbuilding industry.
Defence Secretary Delfin Lorenzana, has voiced his support for the
shipyard to be controlled by a Philippine entity, possibly with the
navy buying a stake and using it to build vessels.
Interest from two unidentified Chinese firms, which was confirmed
to Reuters by a Philippine trade official, comes as China rapidly
expands and fortifies its presence in the South China Sea, a trade
route for $3 trillion of commerce each year, amid global concern
that Beijing is seeking to establish a new hegemony in Asia,
politically, economically and militarily.
It also comes amid U.S. warnings and growing global scrutiny of
Chinese technology firms because of fears they could be vehicles
for Chinese state spying, which they have rejected, Reuters says.
According to Reuters, John Thomas Deveras, senior executive
vice-president of the mid-sized lender Rizal Commercial Banking
Corp, said Chinese were not being excluded and at least eight
foreign companies had expressed interest and buying Hanjin. Hanjin
borrowed $145 million from RCBC.
"All companies can approach and negotiate," Mr. Deveras told
Reuters.
He said American, Japanese, Dutch, French, Swedish and South Korean
firms had made approaches, but declined to name them.
No timeframe has been announced for the sale, Reuters notes.
Cezar Consing, president of another creditor, Bank of the
Philippine Islands, which lent $52 million to Hanjin Philippines,
told shareholders on April 25 that talks on the sale were
progressing, according to Reuters.
"We believe there's some light at the end of the tunnel," the
report quotes Mr. Consing as saying.
About Hanjin Heavy
Korea-based Hanjin Heavy Industries & Construction Co. established
a shipyard in Subic, west of Manila, and delivered its first vessel
from the yard in July 2008. It uses the Philippine yard to build
big ships while its facility in Korea focuses on smaller vessels.
Hanjin Heavy Industries and Construction Philippines, Inc.
(HHIC-Philippines) filed for voluntary rehabilitation on Jan. 8,
2019, at the Olongapo City Regional Trial Court amid "heavy"
financial losses and debts amounting to about $400 million from
local banks. The company reported that it also had $900 million in
debts with lenders in South Korea.
The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion). HHIC-Philippines employs about 4,000 people.
The Korean company filed a financial rehabilitation plan before the
Olongapo City Regional Trial Court Branch 72.
Earlier this year, the court granted its petition for receivership
and placed the South Korean shipbuilding firm under corporate
rehabilitation.
Its liquidity problem had forced it to lay off more than 7,000
workers in December 2018, according to Rappler.com.
===============
X X X X X X X X
===============
BOND PRICING: For the Week April 22, 2019 to April 26, 2019
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
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 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
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 20.38
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
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 40.39
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
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 20.10
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21
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 1.33
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55
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 1.03
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 69.96
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.56
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.
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thereof are US$25 each. For subscription information, contact
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