/raid1/www/Hosts/bankrupt/TCRAP_Public/191119.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 19, 2019, Vol. 22, No. 231
Headlines
A U S T R A L I A
APEX VAC: Second Creditors' Meeting Set for Nov. 25
CHAKTOMUK PTY: First Creditors' Meeting Set for Nov. 26
COOLAH HOME: Second Creditors' Meeting Set for Nov. 27
CRIDAKO PTY: Second Creditors' Meeting Set for Nov. 20
FOODCORP (VIC): First Creditors' Meeting Set for Nov. 27
HIVE (MANLY): First Creditors' Meeting Set for Nov. 26
MEDALLION TRUST 2019-1: S&P Gives Prelim. BB Rating on E Notes
RANELAGH REALTY: Second Creditors' Meeting Set for Nov. 26
STYLERUNNER PTY: Second Creditors' Meeting Set for Nov. 27
B H U T A N
ROYAL INSURANCE: A.M. Best Affirms C(Weak) Fin. Strength Rating
C H I N A
ANTON OILFIELD: Moody's Assigns B1 Rating to New Sr. Unsec. Notes
CEFC CHINA: Regulator Takes Over Brokerage Unit
CHANGCHUN CHANGSHENG: Court Declares Vaccine Maker Bankrupt
HYDOO INTERNATIONAL: Fitch Affirms B- LT IDR, Outlook Stable
SHANDONG SANXING: S&P Puts 'B+' ICR On CreditWatch Negative
H O N G K O N G
[] HONG KONG: Job Market Starts Weakening as Recession Deepens
I N D I A
ABBELINE IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
ABBELINE IMPEX: CRISIL Maintains D Rating in Not Cooperating
ABR PETRO: CRISIL Maintains 'B' Rating in Not Cooperating
AKAR CREATIONS: CRISIL Keeps D Rating in Not Cooperating
AKASH RICE: CRISIL Maintains B+ Rating in Not Cooperating
ANUSPA HERITAGE: CRISIL Maintains B- Rating in Not Cooperating
AVP BUILDTECH PRIVATE: Insolvency Resolution Process Case Summary
BENGAL CHEMICAL: Insolvency Resolution Process Case Summary
BRITEX COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
CLAVECON INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
CMJ BREWERIES: CRISIL Maintains 'D' Rating in Not Cooperating
CONTINENTAL FURNISHERS: CRISIL Keeps B- Rating in Not Cooperating
D.D. BUILDERS: CRISIL Lowers Rating on INR8.0cr Loan to B+
D.S. DUCTOFAB: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
DASMESH MECHANICAL: CRISIL Lowers Rating on INR5cr Loan to B+
DILLIP CONSTRUCTIONS: CRISIL Cuts Rating on INR10cr Loan to B+
EXTOL INFRACON: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
GLOBSYN KNOWLEDGE: CRISIL Maintains D Rating in Not Cooperating
GURU NANAK: CRISIL Maintains 'B-' Rating in Not Cooperating
HI-TECH ELECTROMECH: Insolvency Resolution Process Case Summary
HVR PROJECTS PRIVATE: Insolvency Resolution Process Case Summary
IDASA INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
INDIA TECHS: Insolvency Resolution Process Case Summary
JAMVANT ESTATES: Insolvency Resolution Process Case Summary
JAY PRESTRESSED: Insolvency Resolution Process Case Summary
MACROTECH DEVELOPERS: Fitch Cuts LT Issuer Default Rating to CCC
MAGAD REALTORS: Insolvency Resolution Process Case Summary
MASS METALS: Insolvency Resolution Process Case Summary
MEENAKSHI ENERGY: Insolvency Resolution Process Case Summary
MEHAK REALTECH: Insolvency Resolution Process Case Summary
MIDDLETON HOTELS: Insolvency Resolution Process Case Summary
MOJJ ENGINEERING: CARE Reaffirms 'B' Rating on INR7.38cr Loan
OCEANIC TROPICAL: PepsiCo Plea for Release of Machinery Rejected
RAJ POLY: CRISIL Maintains 'D' Rating in Not Cooperating
RAMEE HOTELS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
RUTIKA CREATIONS: Insolvency Resolution Process Case Summary
RYTHEM OVERSEAS: Insolvency Resolution Process Case Summary
S.K. BROTHERS: CARE Lowers Rating on INR4.10cr LT Loan to B+
SAMEEKSHA ESTATE: Insolvency Resolution Process Case Summary
SHIVAM PROTEIN: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
SILVERTON SPINNERS: Insolvency Resolution Process Case Summary
STELLA UDYOG: CARE Maintains B/A4 Rating in Not Cooperating
TATA STEEL: S&P Alters Outlook to Stable on Weaker Steel Prices
UNIQUE MERCANTILE: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
VAMSADHARA GINNING: CARE Lowers Rating on INR15cr Loan to 'B'
VISION MOTORS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
ZENITH APEX: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
[] INDIA: Insolvency Regime for Personal Guarantors from Dec. 1
N E W Z E A L A N D
WAIKATO BUSINESS: Goes Into Liquidation
T H A I L A N D
TMB BANK: Moody's Gives (P)Ba3 Rating to Foreign Add'l. Tier 1 Note
X X X X X X X X
[] BOND PRICING: For the Week Nov. 11, 2019 to Nov. 15, 2019
- - - - -
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A U S T R A L I A
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APEX VAC: Second Creditors' Meeting Set for Nov. 25
---------------------------------------------------
A second meeting of creditors in the proceedings of Apex Vac
Solutions Pty Ltd has been set for Nov. 25, 2019, at 9:00 a.m. at
the offices of CMA Chartered Accountants, at 219 Henley Beach Road,
in Torrensvile, 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 Nov. 22, 2019, at 4:00 p.m.
Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Apex Vac on Oct. 21, 2019.
CHAKTOMUK PTY: First Creditors' Meeting Set for Nov. 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chaktomuk
Pty Ltd will be held on Nov. 26, 2019, at 10:00 a.m. at the offices
of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex Street, in
Sydney, NSW.
Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Chaktomuk Pty on Nov. 14, 2019.
COOLAH HOME: Second Creditors' Meeting Set for Nov. 27
------------------------------------------------------
A second meeting of creditors in the proceedings of Coolah Home
Base Pty Ltd has been set for Nov. 27, 2019, at 11:00 a.m. at the
offices of DW Advisory, Level 2, at 32 Martin Place, in Sydney,
NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2019, at 5:00 p.m.
Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Coolah Home on Aug. 21, 2019.
CRIDAKO PTY: Second Creditors' Meeting Set for Nov. 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Cridako Pty
Ltd, formerly trading as Chris Sinko Ford, Chris Sinko Isuzu Ute,
Chris Sinko Suzuki and Chris Sinko Motor Group, has been set for
Nov. 20, 2019, at 11:00 a.m. at the offices of RI Ferrier, Level 4,
at 12 Pirie Street, 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 Nov. 19, 2019, at 5:00 p.m.
Stuart Otway of BRI Ferrier was appointed as administrator of
Cridako Pty Ltd on Oct. 16, 2019.
FOODCORP (VIC): First Creditors' Meeting Set for Nov. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Foodcorp
(Vic) Pty Ltd will be held on Nov. 27, 2019, at 11:00 a.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.
Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Foodcorp (Vic) on Nov. 15, 2019.
HIVE (MANLY): First Creditors' Meeting Set for Nov. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Hive
(Manly) Pty Limited will be held on Nov. 26, 2019, at 3:00PM (AEST)
and 4:00PM (AEDT) at the offices of SM Solvency Accountants, Level
10, at 144 Edward Street, in Brisbane, Queensland.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of The Hive (Manly) on Nov. 15, 2019.
MEDALLION TRUST 2019-1: S&P Gives Prelim. BB Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Medallion Trust Series
2019-1.
The preliminary ratings reflect:
-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination and lenders' mortgage insurance to 17.07% of the
portfolio, which covers 100% of the face value of these loans,
accrued interest, and reasonable costs of enforcement.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 0.85% of the invested amount of all notes and principal
draws, are sufficient under our stress assumptions to ensure timely
payment of interest.
-- The availability of a A$150,000 extraordinary expense reserve
funded upfront by Commonwealth Bank of Australia (CBA) to support
trust expenses. This reserve will be topped up with available
excess spread if drawn on.
-- The fixed-to-floating interest-rate swap, which is provided by
CBA to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the variable-rate RMBS. Under the swaps, the
trust receives payments based on the monthly compounded AONIA,
which matches the interest-rate benchmark payable to each class of
notes.
-- The underwriting standards and centralized approval process of
the seller, CBA.
PRELIMINARY RATINGS ASSIGNED
Medallion Trust Series 2019-1
Class Rating Amount
(mil. A$)
A1 AAA (sf) 920.00
A2 AAA (sf) 38.00
B AA (sf) 18.00
C A (sf) 11.00
D BBB (sf) 5.00
E BB (sf) 4.00
F NR 4.00
NR--Not rated.
RANELAGH REALTY: Second Creditors' Meeting Set for Nov. 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ranelagh Realty
Pty. Ltd., trading as Baylife Properties, has been set for Nov. 26,
2019, at 11:00 a.m. at Level 2, Riverside Quay, at
1 Southbank Blvd, in Southbank, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 25, 2019, at 4:00 p.m.
Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Ranelagh Realty on Nov. 1,
2019.
STYLERUNNER PTY: Second Creditors' Meeting Set for Nov. 27
----------------------------------------------------------
A second meeting of creditors in the proceedings of Stylerunner Pty
Ltd has been set for Nov. 27, 2019, at 11:00 a.m. at the offices of
Wesley Mission Conference Centre, at 220 Pitt Street, in Sydney,
NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2019, at 3:00 p.m.
Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Stylerunner Pty on Oct. 23, 2019.
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B H U T A N
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ROYAL INSURANCE: A.M. Best Affirms C(Weak) Fin. Strength Rating
---------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of C (Weak) and
the Long-Term Issuer Credit Rating of "ccc+" of Royal Insurance
Corporation of Bhutan Limited (RICB) (Bhutan). These Credit Ratings
(ratings) remain under review with negative implications.
Concurrently, AM Best has withdrawn these ratings as the company
has requested to no longer participate in AM Best's interactive
rating process.
The ratings reflect RICB's balance sheet strength, which AM Best
categorizes as weak, as well as its adequate operating performance,
neutral business profile and marginal enterprise risk management.
RICB's risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), declined to a weak level in 2018 and is
expected to remain subject to significant pressure and volatility
over the near term. This was driven principally by a provision for
non-performing loans arising from its credit finance business. The
company continues to exhibit a very high concentration of exposure
to retail and commercial loans in Bhutan, with the performance of
these assets in part correlated to economic conditions in the
country.
In addition, concern has arisen regarding the company's ability to
strengthen its capital adequacy in a timely manner and comply with
local regulatory solvency requirements on an ongoing basis. As of
year-end 2018, the company's regulatory capital adequacy ratio was
below the minimum requirement. Regulatory restrictions and
intervention have not occurred to date; however, this risk remains
over the near term.
While RICB's insurance operations remain profitable, its credit
finance business has impeded overall operating results materially.
The company's management team continues to execute remedial actions
aimed at improving the prospective performance of its loan
portfolio, including strengthening enforcement of collections, loan
refinancing, and tighter underwriting controls. While AM Best views
these actions positively, near-term operating results are expected
to be subject to a heightened level of volatility arising from
potential changes in provisions or write-offs for non-performing
loans.
The under review with negative implications status reflects AM
Best's expectation of near-term volatility in the company's balance
sheet strength and operating performance, as well as the potential
for further deterioration in these key rating fundamentals.
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C H I N A
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ANTON OILFIELD: Moody's Assigns B1 Rating to New Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
senior unsecured notes to be issued by Anton Oilfield Services
Group.
The outlook is stable.
Anton will use the proceeds from the proposed notes primarily to
refinance existing debt.
RATINGS RATIONALE
"The proposed issuance will not impact Anton's B1 corporate family
rating or the stable outlook, because most of the proceeds will be
used to refinance existing debt, while the issuance will also
improve the company's liquidity and debt maturity profile," says
Chenyi Lu, a Moody's Vice President and Senior Credit Officer.
Moody's expects Anton's adjusted debt/EBITDA will continue to
improve to around 2.5x over the next 12-18 months from 3.2x in the
12 months ended June 30, 2019, driven by continued earnings
improvements and a modest decrease in debt levels.
Moody's projects the company's revenue to grow 27% in 2019 and 15%
in 2020, mainly driven by (1) a continued recovery in its domestic
business, as Anton is well positioned to benefit from strong growth
in China's natural gas sector over the next two years; and (2)
continued traction in its overseas markets, particularly in Iraq.
Moody's expects the company's adjusted EBITDA margin to remain
around 30% over the next 12-18 months, as intense pricing
competition will be only partially mitigated by sustained cost and
expense control measures.
Anton's liquidity profile is modest. As of the end of June 2019,
the company had cash and cash equivalents of RMB632 million and
restricted cash of RMB406 million. These liquidity sources and the
company's expected operating cash flows of around RMB450-500
million over the next 12 months are just enough to cover its RMB959
million of debt maturing over one year, RMB392 million of bills
payable, and estimated maintenance capital spending of about RMB150
million over the next 12 months.
However, this modest liquidity position is mitigated by Anton's
track record of short-term debt refinancing, especially during the
weak oil price environment in 2015 and 2016, and its track record
of good access to the domestic bank and debt and equity capital
markets.
Moody's further expects the company's proposed notes will help
address its USD300 million bonds in advance of the December 2020
maturity.
The rating also takes into account the following environmental,
social and governance (ESG) considerations.
Firstly, the company is exposed to increasingly stringent
regulations for oil and gas operations and access to new resources.
However, Anton has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal. Anton has also been investing to upgrade its facilities
in light of environmental considerations.
Secondly, on the governance front, only three of Anton's
seven-member board of directors are independent. However, this is
mitigated by the fact that the audit and remuneration committees
are also chaired by independent nonexecutive directors, and by its
status as a listed and regulated company since 2007. And despite
weak liquidity, the company has a track record of refinancing its
bullet maturities in advance.
Anton's B1 corporate family rating reflects the company's (1)
integrated business model; (2) strong market position in the
domestic oil field services sector in China (A1 stable); (3)
growing capabilities, improved customer mix and more established
track record of operating geographically diversified businesses;
and (4) solid financial leverage.
At the same time, Anton's rating is constrained by the company's
(1) exposure to oil price volatility and risks related to its
overseas expansion, (2) small scale and high customer
concentration, and (3) weak liquidity.
Anton's senior unsecured bond ratings are not affected by
subordination to claims at the operating company level because the
latter are not seen as material, especially because Moody's expects
most claims to remain at the holding company level over the next
12-18 months.
The stable rating outlook reflects Moody's expectation that over
the next 12-18 months, Anton's credit and liquidity profiles will
gradually improve because of earnings growth, and prudent working
capital management and capital investments.
The ratings could be upgraded if Anton (1) achieves strong growth
in its order backlog, revenue and earnings; (2) prudently contains
its debt growth and maintains its current credit profile on a
sustained basis; and (3) sustains positive free cash flow
generation and maintains adequate liquidity.
The ratings could be downgraded if Anton's (1) order book declines
materially; (2) financial leverage weakens, such that its adjusted
debt/EBITDA exceeds 5.5x on a sustained basis, because of declining
profitability or higher debt arising from pressure on its working
capital; or (3) liquidity position weakens.
The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in May 2017.
Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.
The company is a leading Chinese oilfield services provider, and
focuses on China's fast-growing natural gas sector. It offers
integrated oil/gas field services solutions covering various phases
of field development, including oil production operation services,
well completion technologies, and drilling technologies, globally.
CEFC CHINA: Regulator Takes Over Brokerage Unit
-----------------------------------------------
Liu Caiping and Denise Jia at Caixin Global report that Chinese
regulators revoked all licenses of CEFC Shanghai Securities Co.,
citing the brokerage's unlawful actions including extending
financing to parent company CEFC Shanghai International Group and
its affiliates.
According to Caixin, the China Securities Regulatory Commission
(CSRC) appointed Grandall Law Firm (Beijing) to carry out an
administrative liquidation over a period of no longer than 12
months, while Guotai Junan Securities will take over the brokerage
business during that period. The CSRC will dispatch an on-site
working group to oversee the liquidation, the report says.
Caixin relates that the decision followed an investigation that
started in August 2018, which found the brokerage acted as an
"automated teller machine" for its parent, using its own funds as
well as clients' assets under management to provide financing to
CEFC Shanghai International, and transferring money to affiliates
of the parent for purchasing and leasing properties, the CSRC said
in a statement posted Nov. 15 on its website.
CEFC Shanghai International is the main business subsidiary of CEFC
China Energy Co. Ltd., the fallen energy and financial conglomerate
controlled by secretive tycoon Ye Jianming, according to Caixin.
CEFC China is one of the private Chinese conglomerates that spent
several years amassing sprawling assets abroad through debt-backed
investments. The company has been under regulatory and financial
pressure since Ye was placed under investigation last year on
suspicion of economic crimes.
Caixin adds that the CSRC said the brokerage has terminated all
business ties with its peer, and its liquidation does not involve
any other securities companies, so the spillover effects will be
very limited.
Caixin, citing a court order on Nov. 15, discloses that Dongguan
Securities Co. Ltd. filed a liquidation request to a Shanghai court
for CNY400 million ($57 million) of debt owed by CEFC Shanghai
International.
Caixin relates that the court order said Dongguan Securities said
it bought CNY400 million of bonds issued by CEFC Shanghai
International in September 2016 but did not received any interest
or principal payment.
The court also found that CEFC Shanghai International failed to
repay more than CNY22 billion of bonds and other debt since May
2018 and faces more than 100 lawsuits, execution orders and
arbitration cases, Caixin notes.
Caixin learned that CEFC Shanghai Securities tried to find a buyer
for all of its assets, but the regulator's liquidation decision
proved the failure of that effort. Under the current arrangement,
only the core brokerage and investment banking businesses are
allowed to transfer.
Once the liquidation is completed, remaining assets and liabilities
of the brokerage will be handed over to CEFC China, the regulator
said, adds Caixin.
CEFC China Energy Company Limited engages primarily in energy and
financial services businesses. It invests and develops upstream and
downstream of oil and gas fields, and petrochemicals in the
Middle East, Central Asia, and Africa. The company establishes
logistics chains, overseas storage, and transshipment terminals. It
also invests in securities, trusts, futures, banking, financial
assets transactions, leasing, factoring, direct risk management,
and online insurance.
CHANGCHUN CHANGSHENG: Court Declares Vaccine Maker Bankrupt
-----------------------------------------------------------
Xinhua News Agency reports that Changchun Changsheng Life Sciences
Limited, a Chinese company involved in a defective vaccine case,
was handed a bankruptcy ruling by a court in northeast China,
according to an announcement released on Nov. 8 by the Shenzhen
Stock Exchange.
Xinhua relates that the announcement said the Intermediate People's
Court of Changchun, capital of Jilin Province, ruled that Changchun
Changsheng is insolvent and unable to pay its debts when they are
due. Meanwhile, there is no possibility of reorganization.
Changchun Changsheng Life Sciences is a subsidiary of Changsheng
Bio-technology, a major Chinese vaccine maker.
Last year, authorities revoked their pharmaceutical production
license and imposed a fine of more than CNY9.1 billion (about
US$1.3 billion) on Changchun Changsheng for illegal production of
vaccines, Xinhua notes.
HYDOO INTERNATIONAL: Fitch Affirms B- LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed China-based Hydoo International Holding
Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B-'
with a Stable Outlook. Fitch has also affirmed Hydoo's senior
unsecured rating and the rating on its outstanding US dollar senior
unsecured notes at 'B-' with a Recovery Rating of 'RR4'.
Hydoo's ratings are supported by its sustained low leverage on
controlled construction and land acquisitions, but are constrained
by its weak business profile due to its small business scale, low
non-development income and sluggish trade-centre demand in Tier 3
and 4 cities. The increasing proportion of residential property
sales may mitigate its weak business profile.
KEY RATING DRIVERS
Contracted Sales Stabilising: In view of continued weak demand for
trade-centres in low tier cities, Hydoo has been repositioning its
land bank towards integrated projects with commercial and
residential components instead. Hydoo's contracted sales improved
136% yoy to CNY1.47 billion in 1H19, as the proportion of
residential projects increased. Fitch estimates 2019 full-year
contracted sales to be stable compared with 2018 at about CNY3
billion, as 2018 contracted sales was concentrated in the fourth
quarter. Sales of residential projects in 2019 mainly come from
Ganzhou, Jining and Wuzhou.
Low Leverage: Hydoo has maintained leverage, measured by net
debt/adjusted inventory, below 25% since 2015. Fitch expects
Hydoo's leverage to remain at below 30%, assuming disciplined capex
plans for 2019-2020. Leverage was 17.6% at end-June 2019 (16% at
end-2018), as the company slowed its pace of land acquisitions.
Hydoo's large land bank of 7.9 million sq m at end-June 2019 is
sufficient for over 10 years of development, which provides the
company with flexibility to cut land purchases, if necessary, to
maintain a low leverage.
Management Change: Hydoo's controlling shareholder completed a
share sale in September 2019 to three new independent shareholders.
Two of the new shareholders became Hydoo's co-chairmen and co-CEOs.
Fitch believes the shareholding structure and management change
will not significantly alter the business and financial profile of
the company. The new management team has expertise in property
development and cultural tourism in the Greater Bay Area, which may
aid Hydoo's expansion through the pursuit of a more geographically
diversified land acquisition strategy.
Healthy Gross Profit Margins: Hydoo's 1H19 EBITDA margin (after
adding back capitalised interest in the cost of sales) was weak at
0.2%, mainly due to less revenue booked while promotion and
marketing activities increased. Revenue recognition will be
concentrated in 2H19 rather than 1H19 due to the scheduled
completion of certain projects in late 2019, which resulted in
revenue being insufficient to support the company's selling and
administrative expenses in 1H19. Gross profit margin improved
slightly to 41% in 1H19 from 40% in 2018. Fitch forecasts EBITDA
margin for 2019-2021 to stabilise at 19%-20%.
Low Non-Development Income: Hydoo's rating is constrained by its
trade-centre development focus and lack of significant
non-development income. Income from property management services
and rentals contributed only around 5% of total revenue in 2018.
The lack of diversification weakens cash flow quality and raises
operational risk during industry downturns. Continued weakness in
trade-centre demand may lead Hydoo to cut its average selling price
and narrow its margin to speed up sales, which may substantially
reduce operational cash flow. Recurring EBITDA/gross interest paid
is likely to remain at 0.1x.
DERIVATION SUMMARY
Fitch has compared Hydoo with another trade-centre developer, China
South City Holdings Limited (CSC, B/Stable). Hydoo's
project-location and asset quality, contracted sales scale, margin
and business diversification in non-development income are weaker
than those of CSC. However, Hydoo does have lower leverage (net
debt/adjusted inventory) than CSC. The two companies' businesses
rely heavily on contracted sales of trade centres, and are more
susceptible to industry cycles.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
Include:
- Contracted sales of CNY3 billion-4 billion per year in
2019-2021
- EBITDA margin of 19%-20% over 2019-2021
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Positive rating action will not be considered unless Hydoo can
boost its scale substantially by expanding its geographical
coverage beyond lower-tier cities and sustain sales in subsequent
phases of its existing projects, while at the same time not
compromising its financial metrics.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Deterioration in refinancing prospects that has significant
adverse impact on its liquidity profile
- Sustained decline in trade-centre contracted sales
- Net debt/adjusted inventory sustained above 40%
- EBITDA margin sustained below 15% (after adding back
capitalised interest)
LIQUIDITY AND DEBT STRUCTURE
Tight but Manageable Liquidity: At end-June 2019, Hydoo had
available cash of CNY1.06 billion (excluding restricted cash of
CNY685 million, which is pledged for certain mortgage facilities
and bills payable) and short-term debt of CNY2.36 billion. Hydoo
repaid USD60 million of bonds due on August 30, 2019. Fitch expects
Hydoo to be able to refinance its USD157 million bonds due in May
2020, or repay with contracted sales proceeds.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
SHANDONG SANXING: S&P Puts 'B+' ICR On CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings, on Nov. 15, 2019, placed its 'B+' long-term
issuer credit rating on Shandong Sanxing Group Co. Ltd. (Sanxing)
and the 'B+' long-term issue rating on the company's guaranteed
notes on CreditWatch with negative implications.
S&P said, "We placed the ratings on CreditWatch with negative
implications based on Sanxing's slower progress than we expected in
refinancing its debt maturities in 2019 and 2020. The company has
several refinancing plans. However, the progress is slower than we
anticipated. Without new capital, Sanxing's liquidity will
significantly weaken post the paydown of its 2019 maturities."
Sanxing has more than sufficient liquidity to meet its 2019 debt
maturities. The company has about Chinese renminbi (RMB) 1.2
billion in unrestricted cash at the parent company level,
available-for-sale investments, and others. Meanwhile, it has
bullet maturities of RMB500 million on Nov. 12, 2019, and RMB500
million in December 2019. However, without refinancing, Sanxing may
not have sufficient liquidity to meet its maturities in late 2020
and in January 2021.
S&P said, "We believe Sanxing will be able to refinance its debt
maturities in 2020 and early 2021. However, with recent investor
aversion to private companies based in Shandong province, the pace
of refinancing will likely be slower than in the past, resulting in
greater financial risk for Sanxing."
Sanxing faces bullet maturities of RMB1.5 billion between September
and December 2020, and RMB1.9 billion in January 2021. The company
raised RMB319 million in the domestic bond market in August 2019.
At the same time, its operating performance was stable with a
year-over-year revenue and EBITDA growth of 1% and 0%,
respectively, during the first half of 2019. Sanxing's debt
leverage (ratio of debt to EBITDA) is also fairly manageable at
4.4x as of Sept. 30, 2019.
S&P said, "We aim to resolve the CreditWatch within 90 days after
assessing Sanxing's progress in refinancing and after discussing
with the management on the financial policy.
"We could lower the lower the rating in the absence of a
refinancing that take cares of the debt maturities in late 2020 and
early 2021.
"We would affirm the rating if Sanxing accelerates its refinancing
effort and addresses its liquidity shortfall in late 2020 and early
2021."
=================
H O N G K O N G
=================
[] HONG KONG: Job Market Starts Weakening as Recession Deepens
--------------------------------------------------------------
Eric Lam and Enda Curran at Bloomberg News report that after months
of political protests and the onset of a recession, Hong Kong's
resilient labor market is starting to crack.
Retailers, restaurants and hotels are cutting wages and hours or
letting staff go just to survive, Bloomberg says. An end to the
city's record-low unemployment level is widely anticipated if no
solution to the five months of turmoil can be found, the report
notes.
Nestor Manuel, 21, is among those affected. He has recently taken a
new job as a floor supervisor at Mint Supper Club in Hong Kong's
nightlife district after having to shift roles multiple times in
recent months, according to Bloomberg. A floor supervisor helps to
manage the customer-facing side of a restaurant.
"I've had to switch two times in the past six months during this
protest because companies couldn't afford me anymore," Bloomberg
quotes Mr. Manuel as saying. "It's sad to see the industry I love
dying."
Bloomberg says Mr. Manuel's previous employer cut salaries at first
to hang onto employees, yet soon had to take more drastic steps.
While Hong Kong's overall unemployment rate has remained at 2.9%
since July, close to a record low, that strength is waning. The
October jobless figure was released on Nov. 17 and was forecast to
rise to 3%.
Bloomberg meanwhile reports that the rate in the consumption and
tourism-related sector, which includes retail, accommodation and
food services, is showing greater signs of strain. It rose to a
two-year high of 4.9% for the July-to-September period.
Things were even worse in the food and beverage sector, where
unemployment hit a six- year high of 6.0%, according to Bloomberg.
With the protests showing no signs of ending, shopping malls,
restaurants and the subway system will likely continue to close
early, said Ines Lam, an economist at CLSA Ltd, Bloomberg relays.
"Giving workers unpaid leave and cutting hours is employers' first
response to the downturn in business revenue," the report quotes
Ms. Lam as saying. "As I expect protest activities to continue for
longer, Hong Kong's tourism, retail and dining sectors are going to
see further decline in businesses."
Bloomberg relates that Ms. Lam expects unemployment in the retail,
accommodations and food services industries to hit 10% by mid-2020,
pushing the headline rate to 4%, a level not seen since November
2010.
At the same time, the arrival of a recession means workers may not
enjoy the mobility they once had, as options for alternative
employment within sectors diminish, the report states.
Instead, a need for training to compete likely means the
participation rate – or those actively seeking employment –
will fall as workers drop out or leave the city instead of looking
for a new job. Hong Kong's labor force participation rate has
remained above 60% since 2011, Bloomberg discloses citing data from
the Hong Kong Census & Statistics Department.
"Some of these workers may choose not to participate in the labor
force after being laid off, given that some of them might have been
attracted to work because of the relatively higher wages in recent
years in the first place," Bloomberg quotes Tommy Wu, senior
economist with Oxford Economics Ltd. in Hong Kong, as saying.
According to Bloomberg, the real pain is expected to begin
surfacing in the new year, when months of protests start to more
deeply affect spending patterns.
"Small businesses can hang on for three to six months," said Kevin
Lai, chief economist for Asia excluding Japan at Daiwa Capital
Markets. He expects unemployment will creep up in January,
potentially reaching 3.5% in the near term, Bloomberg relays.
Bloomberg says the upcoming festive season, one of the peak
spending periods of the year, will be a make or break time for many
restaurants and retailers.
=========
I N D I A
=========
ABBELINE IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abbeline Impex
Private Limited (AIPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer's Credit 7.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AIPL continues to be 'CRISIL D Issuer not
cooperating'.
AIPL, incorporated in November 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It import heavy metal and
copper scrap in which it trades in the domestic market. Mr. Gupta
and his father-in-law, Mr. Anil Garg, manage business operations.
The registered office of the company is in Mumbai.
ABBELINE IMPEX: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abbeline Impex
Private Limited (AIPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer's Credit 7.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AIPL continues to be 'CRISIL D Issuer not
cooperating'.
AIPL, incorporated in November 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It import heavy metal and
copper scrap in which it trades in the domestic market. Mr. Gupta
and his father-in-law, Mr. Anil Garg, manage business operations.
The registered office of the company is in Mumbai.
ABR PETRO: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of ABR Petro Products
Limited (APPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11.55 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Overdraft 3.25 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Term Loan 0.20 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of APPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of APPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 1993, APPL is based in Gorakhpur, Uttar Pradesh.
The company manufactures woven sack fabric rolls, with an installed
capacity of 350 tonne per month. It also undertakes job work for
HPCL for bottling and refilling LPG cylinders.
AKAR CREATIONS: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Akar Creations
Private Limited (ACPL) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 25 CRISIL D (ISSUER NOT
Overdraft COOPERATING)
Facility
Loan Against 3.5 CRISIL D (ISSUER NOT
Property COOPERATING)
Mortgage Loan 10.0 CRISIL D (ISSUER NOT
Facility COOPERATING)
Overdraft 20.0 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 4.2 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.3 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ACPL continues to be 'CRISIL D Issuer not
cooperating'.
ACPL, incorporated in 1993 by the Borkar family, develops real
estate projects in Goa and Mumbai. The company's key promoters are
Mr Avinash Borkar and Mr. Chinmai Borkar.
AKASH RICE: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Akash Rice And Agro
Industries Private Limited (ARAIPL) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 5.68 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ARAIPL for obtaining
information through letters and emails dated
October 22, 2019 and October 29, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARAIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARAIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ARAIPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
ARAIPL, incorporated in 2013, is setting up a parboiled rice mill
unit for manufacturing of raw rice and parboiled rice in East
Champaran district, Bihar with capacity of 6 tonnes per hour. The
company is promoted by Mr. Panna Lal Sah and Mr Bhupendra Sah.
ANUSPA HERITAGE: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anuspa Heritage
Products Private Limited (AHPPL) continues to be 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 1.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Proposed Long Term 11.5 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 1.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AHPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AHPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AHPPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.
Incorporated in 2006 by Mr. Rakesh Bansal and Ms. Anuradha Bansal,
AHPPL manufactures soap cakes. More than 80 percent of revenue is
derived from contract manufacturing, and the remaining comes from
sales under own brands, Anuspaa and Anuved. The company has two
manufacturing units in Parwanoo, Himachal Pradesh.
AVP BUILDTECH PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: AVP Buildtech Private Limited
Registered office:
B-63, First Floor
Flatted Factory Complex
Okhla Mandi
New Delhi 110020
Project:
AVS Orchard
GH-03C, Sector-77
Noida 201301 (UP)
Insolvency Commencement Date: November 5, 2019
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: May 4, 2020
(180 days from commencement)
Insolvency professional: Manish Kumar Gupta
Interim Resolution
Professional: Manish Kumar Gupta
404, 4th Floor, Laxmideep Building
Laxmi Nagar, District Centre
Vikas Marg, New Delhi
Delhi 110092
E-mail: manishvivek@yahoo.com
avpbuildtech.ip@gmail.com
Classes of creditors: Allottees under real estate project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Ramit Rastogi
110/s-2, Saraswati Block
Sector D, Pocket-6
Vasant Kunj
New Delhi 110070
E-mail: rastogiassociates7@gmail.com
Mr. Shashi Sharma
D-8, Gali No. 7
Shiv Ram Park, Nangloi
New Delhi 110041
E-mail: shashi@firmca.com
Mr. Praveen Satija
House No. 96, Sector-5
Gurgaon 122001
E-mail: pravin.satija@gmail.com
Last date for
submission of claims: November 22, 2019
BENGAL CHEMICAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bengal Chemical & Pharmaceuticals Limited
6, Ganesh Chunder Avenue
Kolkata WB 700013
IN
Insolvency Commencement Date: November 1, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 28, 2020
Insolvency professional: CA Sonu Jain
Interim Resolution
Professional: CA Sonu Jain
Poddar Court, Gate No. 2
Room No. 327, 3rd Floor
18 Rabindra Sarani
Kolkata 700001
E-mail: casonujain@gmail.com
crp.bengalchemical@gmail.com
Last date for
submission of claims: November 14, 2019
BRITEX COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Britex Cotton
International Limited (BCIL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 75 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BCIL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BCIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BCIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of BCIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a
first-generation entrepreneur from Mumbai. The company trades in
yarn, fabrics, and cotton, and operates mainly in the Indian
market.
CLAVECON INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Clavecon India
Private Limited (CIPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 12 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with CIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of CIPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Established in 2013 by Mr. B B Goyal, CIPL manufactures AAC blocks.
The company, based in Ghaziabad, commenced commercial operations in
June 2015.
CMJ BREWERIES: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of CMJ Breweries Private
Limited (CMJ) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 54.4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 11.4 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 164.3 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with CMJ for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CMJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CMJ is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of CMJ continues to be 'CRISIL D Issuer not
cooperating'.
CMJ, incorporated in November 2007, is promoted by the
Meghalaya-based Jain family, which is engaged in businesses such as
structural steel, cement, household implements, stone products, and
food processing. The company began setting up a greenfield brewery
in 2009, which commenced operations in November 2011 with installed
capacity of 100,000 HL per annum (hlpa). It expanded capacity to
200,000 hlpa by April 2013, and to 300,000 hlpa by December 2014.
It completed its canning line in December 2014 at New Industrial
Area in Byrnihat, Meghalaya. It has also set up a
100-kilolitres-per-day grain-based distillery for extra-neutral
alcohol, a 200,000-cases-per-month bottling unit for Indian-made
foreign liquor, a 4.2-megawatt captive power plant, a
6000-litre-per-day malt spirit manufacturing unit, and a carbon
dioxide recovery plant. The distillery commenced operations in
October 2014.
CONTINENTAL FURNISHERS: CRISIL Keeps B- Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Continental
Furnishers Private Limited (CFPL) continues to be 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2.25 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Letter of Credit .60 CRISIL A4 (ISSUER NOT
COOPERATING)
Proposed Long Term 2.15 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with CFPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of CFPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.
CFPL was incorporated in 1971; however, business operations started
in 2005. The company is promoted by Delhi-based Mr. Sanjiv Lamba.
It operates through the tender-based model and manufactures modular
furniture for corporate entities and institutions. Its
manufacturing facility is in Kalan, Una (Himachal Pradesh).
D.D. BUILDERS: CRISIL Lowers Rating on INR8.0cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of D.D. Builders
Limited (DDB) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11.75 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 8.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with DDB for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DDB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DDB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of DDB revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Incorporated in 1994 by Kalahandi, Odisha-based Agrawal family, DDB
executes irrigation contracts, primarily in Odisha. It is
registered as a superclass contractor with Department of Water
Resources, Odisha. Mr Ghasiram Agarwal, Mrs Saraswati Agarwal, Mr
Trilochan Agarwal, and Mr Chirag Agarwal are the directors of the
company.
D.S. DUCTOFAB: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D.S. Ductofab
Systems Private Limited (DSDSPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR230.00 mil. Fund-based limit assigned with IND BB/Stable
rating;
-- INR65.10 mil. Term loan due on January 2026 assigned with IND
BB/Stable rating; and
-- INR24.90 mil. Non-fund-based limit assigned with IND A4+
rating.
KEY RATING DRIVERS
The ratings reflect DSDSPL's medium scale of operations, as
reflected by revenue of INR1474 million in FY19 (FY18: INR899
million). The revenue increased by 64% YoY in FY19 as all the three
plants of the company became operational during the year.
The ratings reflect DSDSPL's average EBITDA margins due to its
presence in a highly competitive industry. The margin fell to 5.69%
in FY19 (FY18: 5.90%) due to an increase in raw material costs.
DSDSPL's return on capital employed was 12.86% in FY19 (FY18:
12.11%).
The ratings also factor in DSDSPL's moderate credit metrics due to
the average EBITDA margins. The metrics improved in FY19 due to an
increase in operating EBITDA to INR83.84 million (FY18: INR53.11
million). The gross interest coverage (operating EBITDA/gross
interest expense) was 1.76x in FY19 (FY18: 1.71x) and the net
leverage (total adjusted net debt/operating EBITDA) was 5.19x
(6.00x)
Liquidity Indicator – Stretched: DSDSPL's average maximum
utilization of fund-based limits was about 97.78% for the 12 months
ended October 2019. The cash flow from operations remained negative
at INR86 million in FY19 (FY18: negative INR29 million) on account
of negative changes in working capital. Moreover, as of March 31,
2019, DSDSPL had cash of only INR2.46 million against the total
debt of INR437.36 million. The networking capital cycle
deteriorated marginally to 80 days in FY19 (FY18: 76 days) on
account of a decline in creditor days.
The ratings, however, are supported by the company's strong
presence across the country and the promoters' experience of over
two decades in the industry.
RATING SENSITIVITIES
Negative: Any deterioration in the scale of operations, absolute
EBITDA and liquidity position due to the high utilization of bank
limits, which could lead to the interest coverage declining below
1.3x, on a sustained basis, could be negative for the ratings.
Positive: An improvement in the liquidity position, indicated by
the presence of adequate unencumbered cash or sustained cushion in
bank limit utilization of around 10% while maintaining EBITDA
margins and interest coverage increasing above 2x, on a sustained
basis, would lead to positive rating action.
COMPANY PROFILE
D. S. Ductofab Systems Private Limited was incorporated on August
1, 2006. It is engaged in the manufacturing of fabricated,
rectangular, spiral round and spiral oval (Elliptical) hollow ducts
that are used for the air management systems used in heating
ventilation in air conditioning (HVAC) industries. It provides a
one-spot solution to HVAC companies. The promoters have more than
25 years of experience in the trading of iron and steel products.
The company's manufacturing facilities are located in Haryana,
Gujrat, and Hyderabad.
DASMESH MECHANICAL: CRISIL Lowers Rating on INR5cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Dasmesh
Mechanical Works (DMW) to CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Long Term Loan 3.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Term Loan 13.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with DMW for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DMW, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DMW is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of DMW revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
DMW was set up in 1972 as a proprietorship firm by Mr Sawaranjit
Singh. The firm manufactures tractor-mounted agricultural
implements such as seed drills, rotary tillers, double-notched
coulters, and straw reapers. Its manufacturing facility is in
Amargarh, Punjab.
DILLIP CONSTRUCTIONS: CRISIL Cuts Rating on INR10cr Loan to B+
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dillip Constructions
Private Limited (DCPL) revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of DCPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
Incorporated in 1997, Bhubaneswar-based DCPL operates in the civil
engineering segment and undertakes construction of buildings,
mainly for private sector companies. Mr Dillip Kumar Khatai manages
daily operations.
EXTOL INFRACON: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Extol Infracon
India Private Limited's (EIIPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR30 mil. Fund-based working capital limit migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) rating;
-- INR35.5 mil. Non-fund-based working capital limit Migrated to
non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
rating; and
-- INR10.69 mil. Term loan due on August 2024 migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated on July 27, 2011, Hyderabad-based EIIPL is engaged in
design engineering, manufacturing, process equipment, project
management, structural fabrication, construction, and other
businesses.
GLOBSYN KNOWLEDGE: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Globsyn Knowledge
Foundation (GKF) continues to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 3.55 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 12.70 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GKF for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GKF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GKF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of GKF continues to be 'CRISIL D Issuer not
cooperating'.
GKF was founded in December 2004 in Kolkata by Mr. Bikram Dasgupta.
The trust is managed by parent Globsyn Technologies Ltd
(incorporated in 1997; engaged in the software and education
industries). GKF offers Post Graduate Diploma in Management (PGDM)
and Bachelor of Business Administration (BBA) courses through its
institute, Globsyn Business School, in Bishnupur (West Bengal).
GURU NANAK: CRISIL Maintains 'B-' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Guru Nanak Rice Mill
- Bilaspur (GNRM) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Long Term Bank 1 CRISIL B-/Stable (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with GNRM for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GNRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GNRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GNRM continues to be 'CRISIL B-/Stable Issuer not
cooperating'.
Established as a partnership firm in Bilaspur, Uttar Pradesh, by
Mr. Gurjeet Singh and Mr. Amreet Pal Singh in 1994, GNRM mills and
sorts basmati and non-basmati rice and sells in the domestic market
under its brand, Sardar Rice.
HI-TECH ELECTROMECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Hi-Tech Electromech Private Limited
G-16, MIDC Baramati
Pune, MH 413133
IN
Insolvency Commencement Date: October 17, 2019
Court: National Company Law Tribunal, Pune Bench
Estimated date of closure of
insolvency resolution process: April 14, 2020
(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: 9921516368
9422327957
E-mail: cmapawar1@gmail.com
Last date for
submission of claims: November 22, 2019
HVR PROJECTS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: HVR Projects Private Limited
Registered office:
103/20, Foreshore Road
Near Jain Hospital Bus Stop
Howrah, West Bengal 711102
Insolvency Commencement Date: October 30, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 26, 2020
(180 days from commencement)
Insolvency professional: Sabir Kanti Mazumder
Interim Resolution
Professional: Sabir Kanti Mazumder
155/A, Unique Park
Behala, Kolkata 700034
E-mail: sabirk01@gmail.com
ip.sabir19@gmail.com
Last date for
submission of claims: November 18, 2019
IDASA INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Idasa India Ltd.
(IIL) continues to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.9 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 4.6 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with IIL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of IIL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
IIL was set up in 1985, and is promoted by Mr Suresh Kumar
Aggarwal. The company processes milk and manufactures skimmed milk
powder and ghee under its brand, IDASA. The processing unit is
situated in Malerkotla (Punjab).
INDIA TECHS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. India Techs Ltd
60/2177 B, Pattathil House
K P Vallon Road
Kadavanthara
Kochi 682020
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Thiruvananthapuram Bench
Estimated date of closure of
insolvency resolution process: Aptil 22, 2020
Insolvency professional: Sasitharan Ramaswamy
Interim Resolution
Professional: Sasitharan Ramaswamy
T.C.55/33, Sarayu
Chirakkara Temple Road
Kaimanam, Pappanamcode
PO, Thiruvananthapuram
695018
E-mail: rsasidharan.in@gmail.com
indiatechcirp@gmail.com
Last date for
submission of claims: November 19, 2019
JAMVANT ESTATES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jamvant Estates Private Limited
Registered address:
B-292, Chandra Kanta Complex
Shop No. 8
Near Metro Pillar No. 161
New Ashok Nagar
New Delhi 110096
Insolvency Commencement Date: November 6, 2019
Court: National Company Law Tribunal, Principal Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
(180 days from commencement)
Insolvency professional: Mr. Udayraj Patwardhan
Interim Resolution
Professional: Mr. Udayraj Patwardhan
Sumedha Management Solutions Private
Limited
C703, Marathon Innova
Off Ganapatrao Kadam Marg
Lower Parel West, Mumbai
Maharashtra 400013
E-mail: udayraj_patwardhan@
sumedhamanagement.com
jamvant@sumedhamanagement.com
Last date for
submission of claims: November 20, 2019
JAY PRESTRESSED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jay Prestressed Products Ltd
Registered office:
113, Netaji Subhash Road
4th Floor, Room No. 59
Kolkata WB 700001
IN
Office:
C-47 Wazirpur Industrial Area
Wazirpur Delhi 110052
DL IN
Insolvency Commencement Date: November 8, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: May 5, 2020
Insolvency professional: CA Nitesh Kumar More
Interim Resolution
Professional: CA Nitesh Kumar More
18 Rabindra Sarani, Gate No. 1
7th Floor, Room No. 701
Kolkata 700001
E-mail: nmore2091@gmail.com
Last date for
submission of claims: November 22, 2019
MACROTECH DEVELOPERS: Fitch Cuts LT Issuer Default Rating to CCC
----------------------------------------------------------------
Fitch Ratings downgraded Macrotech Developers Limited's Long-Term
Issuer Default Rating to 'CCC' from 'B-'. Fitch has also downgraded
the rating on the company's USD325 million 12% senior unsecured
bond due March 2020, which was issued by Lodha Developers
International Limited and guaranteed by MDL and certain
subsidiaries, to 'CCC' with a Recovery Rating of 'RR4' from
'B-'/'RR4'. All ratings were removed from Rating Watch Negative, on
which they were placed on August 16, 2019.
The downgrade reflects MDL's deteriorating liquidity position as
the company has only raised GBP120 million (around USD155 million)
towards repaying the USD325 million bond due on March 13, 2020,
compared with its expectations that the company will be able to
raise the full amount by mid-November 2019. The availability of the
GBP120 million facility, which is secured against the unsold
inventory at the Lincoln Square (LSQ) project, poses some execution
risks as it is subject to the practical completion of the units,
which MDL expects by December 2019. In addition, MDL plans to
obtain a GBP150 million loan facility by end-December 2019, which
will be secured against the 1 Grosvenor Square project in central
London.
The outlook for MDL's collections in India has weakened
significantly to below its expectations. At the same time, funding
conditions in India continue to be tight, which increases the
refinancing risks for MDL's onshore debt maturities of INR8 billion
in the fourth quarter of the financial year ending March 2020
(FY20) and INR50 billion in FY21. MDL is currently negotiating the
sales of assets and funding from private-equity investors to
improve its tight domestic liquidity position.
Failure to achieve the above refinancing plans may result in a
downgrade of the rating by one or more notches, although MDL has
made some progress in securing inventory financing in London and
asset sale in India in the last three months.
KEY RATING DRIVERS
Looming Debt Maturities: MDL has remaining construction loans of
GBP170 million due in December 2019 and GBP517 million due in March
2021 related to two London projects, a USD325 million bond due in
March 2020, and domestic debt maturities of INR8 billion due in the
fourth quarter of FY20, INR50 billion in FY21 and INR47 billion in
FY22. MDL has had limited success in raising funds, and the
refinancing risk on the US dollar bonds has increased
significantly. The company expected to secure a sizeable new
facility from an existing investor, but original plan has not
materialised.
Risks of LSQ Inventory Financing: MDL has obtained an inventory
financing facility worth GBP120 million at its LSQ project, but it
carries conditions, such as receipt of the certificate of practical
completion of all units of the development, which MDL says has been
obtained for 75% of the project to-date. At September 30, 2019, the
LSQ project had sales of GBP304 million, which covers the
construction loan of GBP290 million on the project due in December
2019, the outstanding amount on which has reduced to GBP170 million
at present, MDL says. The company expects to repay the loan in full
at maturity as completed apartments are handed over to owners, thus
freeing up the unsold units for inventory financing. .
GSQ Project Risks: Fitch expects the proposed GBP150 million
financing at the GSQ project to be more challenging to secure than
at LSQ as the construction loan of GBP517 million will have first
charge over the project's inventory. In addition, sales totalled
GBP256 million at September 30, 2019, which is insufficient to
repay the construction loan due in March 2021. This exposes the
existing and prospective lenders to price and sales-volume risk,
although this is mitigated by the project's attractive location,
and improving sales momentum as it draws closer to its completion.
Facility of Last Resort: MDL has also signed a USD100 million loan
agreement with a related party which is secured by its shares. MDL
has stated that it will use this as a measure of last resort to
cover any shortfall in funding the upcoming maturities. However,
Fitch has insufficient information to make an assessment about the
credit strength of the related party and therefore Fitch has not
factored this potential funding source into its rating case.
Domestic Liquidity Remains Tight: Fitch expects MDL to face
challenges in repaying the majority of its domestic debt maturities
through project cash flows because property demand in India has
weakened more than Fitch expected, and Fitch expects this trend to
continue. MDL has, however, indicated that demand has turned around
to some extent in the recent festival season. At the same time,
domestic funding for property developers is tight. MDL would need
to rely on alternative sources, such as private-equity funds or
assets sales, to meet its debt-servicing requirements.
MDL has agreed to sell a building in Mumbai for INR10.6 billion and
expects to receive the funds within the next two weeks, which would
meet its domestic liquidity needs for the rest of FY20. MDL says it
is also negotiating a long-term facility of INR20 billion with an
existing private-equity lender and expects to sign the final
documents by mid-January 2020, which if successful would help
mitigate the FY21 debt-repayment risk.
Weaker Domestic Demand: Fitch now expects MDL's onshore cash flow
from operations (CFFO) deficit (including debt maturities) to be
wider at INR9 billion in FY20 and INR42 billion in FY21, versus its
previous expectation of INR3 billion in FY20 and INR37 billion in
FY21. MDL says it has offered longer repayment terms to buyers,
even for completed projects, to spur demand. MDL reported 1HFY20
pre-sales of INR33 billion, compared with its previous full-year
forecast of INR76 billion, and 1HFY20 collections of INR34 billion
compared with its previous full-year expectations of INR90 billion.
Fitch now expects full-year pre-sales of INR70 billion and
collections of INR72 billion.
DERIVATION SUMMARY
A USD787.5 million rights issue in July 2019 shored up
Indonesia-based property developer PT Lippo Karawaci Tblk's
(B-/Stable) liquidity and operating expenses until end-2020.
Despite sound liquidity, Lippo's rating reflects the weakness in
its business risk profile. The company is implementing plans to
revive weak property pre-sales at the standalone company. MDL's
near-term liquidity position is considerably weaker than that of
Lippo, and it is rated two notches lower.
PT Agung Podomoro Land Tbk's (CCC+) rating was upgraded on October
4, 2019 from 'CCC-' after the company addressed its near-tem
maturities. APLN was able to repay the debt that was pressurising
its liquidity with proceeds from IDR800 billion in shareholder
advances and bridge loans from a private-equity fund. In contrast,
MDL currently has higher liquidity risk than APLN as MDL's earliest
unfunded debt maturity - the US dollar bond - is due in March 2020,
which justifies the one notch lower rating for MDL, in its view.
Oceanwide Holdings Co. Ltd.'s (Oceanwide, B-/Stable) poor credit
metrics partly reflect its active investments in financial
institutions and its larger exposure to commercial development
properties with a longer cash-collection cycle. Oceanwide's
leverage is estimated to remain high in the 80% range for the next
few years, similar to MDL. However, MDL is facing higher near-term
liquidity pressures, which is reflected in a rating that is two
notches lower than that on Oceanwide.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Domestic pre-sales of INR70 billion in FY20 and INR73 billion
in FY21 (FY19: INR72 billion)
- Domestic cash collection of INR72 billion in FY20 and INR74
billion in FY21 (FY19: INR92 billion)
- Domestic construction costs of INR37 billion in FY20 and INR38
billion in FY21 (FY19: INR44 billion)
- Domestic cash flow deficit (including debt maturities) of INR8
billion in FY20 and INR42 billion in FY21
- London property pre-sales of INR16 billion in FY20 and INR21
billion in FY21 (FY19: INR6 billion, FY18: INR24 billion)
- London property cash collection of INR30 billion in FY20 and
INR50 billion in FY21 (FY19: not applicable)
- London property construction costs of INR10 billion in FY20
(FY19: INR14 billion)
Recovery Rating Assumption
- The recovery analysis assumes that MDL would be liquidated in a
bankruptcy rather than continue as a going-concern because it is an
asset-trading company. Fitch has assumed a 10% administrative
claim.
- Fitch has assumed a 75% advance rate against accounts
receivable, which include unbilled revenue that stems from the
completion of construction milestones for property projects.
- Fitch has assumed an 82% advance rate against the book value of
MDL's consolidated adjusted inventory (including London assets).
Fitch has not assumed a 100% advance rate to reflect the need to
potentially cut prices and sell the inventory faster in a
distressed scenario, although Fitch notes that MDL reported a gross
profit margin of around 50% in recent years, implying a high market
value for its inventory.
- All of MDL's consolidated debt in FY19, apart from the
outstanding US dollar senior notes, have been treated as
prior-ranking or secured debt, including trade payables.
Prior-ranking debt also assumes the construction loan in London
gets fully drawn down to the GBP807 million available.
- After adjusting for administrative claims, the recovery level
for MDL's secured debt corresponds to a 'RR1' Recovery Rating, and
that for the senior notes to a 'RR1' Recovery Rating. Nevertheless,
Fitch has rated the senior notes 'CCC' with a Recovery Rating of
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings criteria, India falls into 'Group D' for creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's Issuer Default
Rating.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Fitch may upgrade the ratings once the company secures funds to
complete its USD325 million bond repayment and resolves all
refinancing over FY20-FY21
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- The inability to secure sufficient refinancing may result in a
downgrade of the rating by one or more notches
LIQUIDITY
Weak Liquidity: MDL's liquidity position has deteriorated due to
its limited success in raising funds to repay the US dollar bond
due March 2020. Fitch expects cash collected at the LSQ project
over the next few months to be sufficient to repay the remaining
GBP170 million construction loan for the project. MDL's ability to
draw down the inventory financing at LSQ and to secure the
financing at its GSQ project remain subject to execution risks.
Fitch expects FY20 onshore debt maturities to be mostly manageable
through loans from certain domestic banks and potential commercial
asset sales.
Fitch expects MDL to find meeting its FY21 debt maturities
challenging given the weak outlook for domestic collections and the
funding pressure among non-bank financial institutions that has
reduced funding availability for property developers. Of MDL's
INR50 billion in FY21 onshore debt maturities, 58% are loans from
NBFIs and housing-finance companies, which Fitch believes the
company will have to seek alternative funding for. Fitch forecasts
a cash flow deficit of INR42 billion in FY21, assuming bank
financing is available to fund more than 50% of its construction
costs. To address the remaining maturities, MDL needs to access
alternative sources of funding, potentially at a higher cost.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
MDL has an ESG Relevance Score of 4 for Governance Structure due to
the concentrated ownership and board independence risk, which have
a negative impact on the credit profile, and are relevant to the
rating in conjunction with other factors.
MDL has an ESG Relevance Score of 4 for Financial Transparency due
to the lack of timely and adequate disclosure compared with other
listed peers, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.
MAGAD REALTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Magad Realtors Private Limited
Registered address:
B-292, Chandra Kanta Complex
Shop No. 8
Near Metro Pillar No. 161
New Ashok Nagar
New Delhi 110096
Insolvency Commencement Date: November 6, 2019
Court: National Company Law Tribunal, Principal Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
(180 days from commencement)
Insolvency professional: Mr. Udayraj Patwardhan
Interim Resolution
Professional: Mr. Udayraj Patwardhan
Sumedha Management Solutions Private
Limited
C703, Marathon Innova
Off Ganapatrao Kadam Marg
Lower Parel West, Mumbai
Maharashtra 400013
E-mail: udayraj_patwardhan@
sumedhamanagement.com
magad@sumedhamanagement.com
Last date for
submission of claims: November 20, 2019
MASS METALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Mass Metals Private Limited
Plot No. 49A, 1st Floor
Street No. 30
New Rohtak Road
Anand Parbat
New Delhi 110005
Insolvency Commencement Date: November 7, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
Insolvency professional: Vishnu Dutt
Interim Resolution
Professional: Vishnu Dutt
219, Anarkali Bazar
Jhandewalan Ext.
New Delhi 110055
E-mail: vishnudutt2050@yahoo.com
Last date for
submission of claims: November 22, 2019
MEENAKSHI ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Meenakshi Energy Limited
405, Saptagiri Towers
1-10-75/1/1 to 6, Begumpet
Hyderabad 500016
Insolvency Commencement Date: November 7, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: May 5, 2020
(180 days from commencement)
Insolvency professional: Mr. Ravi Sankar Devarakonda
Interim Resolution
Professional: Mr. Ravi Sankar Devarakonda
D 602, Prestige St. Johnswood Apartments
No. 80, Tavarakere Main Road
Bangalore 560029
E-mail: ravicacsma@icai.org
- and -
C/o EY Restructuring LLP
Oval Office, 18
iLabs Centre, Hitech City
Madhapur, Hyderabad
Telangana 500081
E-mail: claims.mel@in.ey.com
ip.mel@in.ey.com
Last date for
submission of claims: November 21, 2019
MEHAK REALTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mehak Realtech Private Limited
Registered address:
B-292, Chandra Kanta Complex
Shop No. 8
Near Metro Pillar No. 161
New Ashok Nagar
New Delhi 110096
Insolvency Commencement Date: November 6, 2019
Court: National Company Law Tribunal, Principal Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
(180 days from commencement)
Insolvency professional: Mr. Udayraj Patwardhan
Interim Resolution
Professional: Mr. Udayraj Patwardhan
Sumedha Management Solutions Private
Limited
C703, Marathon Innova
Off Ganapatrao Kadam Marg
Lower Parel West, Mumbai
Maharashtra 400013
E-mail: udayraj_patwardhan@
sumedhamanagement.com
mehak@sumedhamanagement.com
Last date for
submission of claims: November 20, 2019
MIDDLETON HOTELS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Middleton Hotels Private Limited
10, Middleton Street
Kolkata 700071
West Bengal
Insolvency Commencement Date: October 31, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 29, 2020
(180 days from commencement)
Insolvency professional: Chandra Kumar Jain
Interim Resolution
Professional: Chandra Kumar Jain
18, Rabindra Sarani
Poddar Court, Gate No. 1
8th Floor, Room No. 816
Kolkata 700001
E-mail: ckcacs@yahoo.co.in
middleton.cirp@gmail.com
Last date for
submission of claims: November 14, 2019
MOJJ ENGINEERING: CARE Reaffirms 'B' Rating on INR7.38cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Mojj
Engineering Systems Limited (MESL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.38 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 31.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of MESL takes into
account the delay in the repayment of its fixed tenure working
capital loan (not rated by CARE) availed during FY19. The same was
mainly on account of liquidity mismatch due to delay in realization
of debtors. The ratings further continue to remain constrained on
account of the moderate scale of operations, moderate profitability
margins, moderate solvency position and susceptibility of the
margins to underlying volatility in raw material prices.
The above weaknesses are partially underpinned by extensive
experience of the promoters with demonstrated track record
of operations, healthy and growing order book position.
Rating Sensitivities
Positive factors
* Ability of the company to timely realize it's debtors,
regularization of the said fixed tenure working capital loan (Not
rated by CARE)
* Demonstration of a default free track record of over 90 days
* Further improvement in scale of operations and profitability
indicators in a sustained manner, with timely execution of orders
in hand
Negative factors
* Further delay in realization of debtors resulting in further
stretch in the liquidity position of the company
Detailed description of the key rating drivers
Key Rating Weakness
Delays in servicing of debt obligation: As per audit report of FY19
and banker interaction, the MESL has delayed the repayment of said
fixed tenure working capital loan (Not rated by CARE) on account of
liquidity mismatch caused by delay in realization of debtors.
Moderate scale of operations and net worth base: Despite being
operational for over three decades, the scale of operations of the
company remained modest with a TOI of INR195.38 crore in FY19
(Audited) as against INR110.41 crore in FY18(Audited). The tangible
net worth also improved with accretion of the profit to reserves
and infusion of equity during FY19. The tangible net-worth stood
moderate at INR45.21 crore as on March 31, 2019 which confines the
financial flexibility of the company. Despite the improvement, the
scale remained moderate.
Moderate profitability indicators: The PBILDT and PAT margins of
the company stood moderate at 8.81% and 5.39% in FY19 as against
5.46% and 2.16% in FY18. Despite the improvement, the same remains
modest and susceptible to the volatile raw materials prices, in the
absence of any long term contract with suppliers. Volatility in the
raw material prices has a direct bearing on the profitability of
the company.
Moderate solvency position: The capital structure of MESL
deteriorated during the year due to overall increase in debt
profile on account of the fixed tenure working capital loan availed
during FY19. The overall gearing stood at 0.43x as on March 31,
2019 as against 0.22x as on March 31, 2018. The debt coverage
indicators continue to remain modest, despite the deterioration in
the gearing levels.
Key Rating Strengths
Long and established track record of the company with experienced
promoters: Established in October 1986, MESL has a long operational
track record of around three decades in the manufacturing of
dryers, evaporators, industrial sprays, distilleries etc. The
promoters of MESL, Mr. Madhusudan Gupta and Mr. Dhirendra Oke have
more than three decades of industry experience owing to which the
company has established long-term relationship with the customers
and suppliers. Furthermore, the company has a team of
well-qualified and experienced management and has well-classified
divisions for smooth execution of the projects.
Healthy order book position: MESL has an outstanding order book
position of INR215 crore for execution on August 31, 2019,
resulting in order book to sales (FY19-Audited) ratio of 1.10x. The
order book provides the revenue visibility for the short term.
Further, the ability of the company to complete the said orders,
keeping the liquidity scenario under control, will remain crucial
for the overall financial risk profile of the company.
Liquidity Indicators: Stretched
The liquidity position of MESL is stretched, characterized by
tightly matched accruals as against repayment obligations,
stretched operating cycle with major funds blocked in inventory and
receivables. Further, the utilization of working capital bank
borrowings stood on higher side during the year leaving the minimum
headroom to meet additional working capital requirements. The same
has resulted in a delay in debt servicing for its fixed tenure
working capital loan (Not rated by CARE) availed during FY19.
Mojj Engineering Systems Limited (MESL), headquartered at Pune, was
incorporated as a private limited company in 1986 and subsequently
converted into public limited company in 1994. MESL is a project
engineering company which designs and delivers, on turnkey basis,
custom built plants, systems & equipment such as dryers,
evaporators, industrial sprays and distilleries.
OCEANIC TROPICAL: PepsiCo Plea for Release of Machinery Rejected
----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has rejected the plea of Pepsico India Holdings
seeking release its machinery from Oceanic Tropical Fruits, which
is under the insolvency process.
The beverages major had moved the NCLAT against the order passed on
May 28, 2019, by the Chennai bench of National Company Law Tribunal
denying permission to PepsiCo to take back its machinery that was
lying at Oceanic Tropical Fruits, Bloomberg recalls.
According to BloombergQuint, the NCLAT observed that Pepsico India
Holding cannot derive advantage of its own agreement with Oceanic
Tropical Fruits over the Insolvency & Bankruptcy Code, which has
provision of termination in case of bankruptcy or liquidation or
similar situation to get the assets back.
BloombergQuint relates that the appellate tribunal also held that
there were claims and counter claims by Oceanic Tropical Fruits and
PepsiCo over the money to be paid to each other.
"From the aforesaid fact, it is clear that the claim and counter
claim by the corporate debtor (Oceanic Tropical Fruits) and the
appellant Pepsico India Holdings, till it is decided, the question
of handing over any asset i.e. Plant & Machinery to the appellant
does not arise," a three-member bench headed by Chairman Justice SJ
Mukhopadhaya said, BloombergQuint relays.
BloombergQuint adds that the appellate tribunal observed that a
liquidator has to ensure that the corporate debtor (Oceanic
Tropical) remains a going concern and steps required to be taken
for revival and restructuring of the company during the process.
"Even during the liquidation process, the Liquidator is to ensure
that the Corporate Debtor remains a going concern," the NCLAT
said.
BloombergQuint says the Resolution Professional/Liquidator
submitted before NCLAT that after initiation of the insolvency, it
was not open for PepsiCo to terminate the agreement as IBC mandates
him to make every endeavor to protect and preserve the value of the
corporate debtor and manage its operations as a going concern.
However, the NCLAT also said that if the corporate debtor is not
sold in its totality along with the employees and there is no
option but to sell its assets and to distribute the same amongst
the creditors, then at that stage, Pepsico India Holdings may ask
the Liquidator to return plant & machinery, "if it belongs to it as
the third party," BloombergQuint relays.
Oceanic Tropical Fruits is facing insolvency proceedings after the
NCLT allowed the plea of leading private sector lender ICICI Bank
claiming a default of around Rs 100 crore, BloombergQuint notes.
PepsiCo India in 2011 had entered into a 10-year contract with
Oceanic Tropical to manufacture, process and package its
mango-based drink Slice.
According to the report, PepsiCo India said as per their agreement,
either party was entitled to terminate the agreement if the other
party entered into bankruptcy, liquidation or in the event that its
business or assets were confiscated or seized or a winding up
petition was admitted.
PepsiCo had sent a termination notice on Nov. 28, 2017, after the
insolvency was triggered against Oceanic Tropical Fruits and had
sought permission to take back its machinery which was lying at
corporate debtor's plant, adds BloombergQuint.
RAJ POLY: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Raj Poly Products
Limited (RPPL) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with RPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of RPPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 1992, RPPL trades in plastic granules such as low-,
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.
RAMEE HOTELS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramee Hotels
Private Limited (Ramee) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based limits assigned with IND BB-/Stable
rating;
-- INR25 mil. Non-fund-based limits assigned with IND A4+ rating;
and
-- INR448.66 mil. Term loan due on April 2026 assigned with
IND BB-/ Stable rating.
KEY RATING DRIVERS
The ratings reflect Ramee's modest scale of operations, weak credit
metrics and modest EBITDA margins as it operates in highly
competitive and price-sensitive hospitality industry. According to
the provisional financials for FY19, Ramee's revenue was INR349.09
million (FY18: INR302 million), net interest coverage (operating
EBITDA/net interest expense) was 1.50x (4.66x) and net financial
leverage (adjusted net debt/operating EBITDAR) was 7.91x (6.95x).
The credit metrics deteriorated year-on-year in FY19 primarily due
to an increase in the total debt and the consequent rise in
interest expense (FY19: INR72.68 million; FY18: INR21.00 million).
The margins deteriorated to 31.12% in FY19 (FY18: 32.39%) due to a
rise in other expenses. The returned capital employed stood at
0.20% in FY19 (FY18: 0.03%).
Liquidity Indicator – Stretched: The company had liquid cash and
cash equivalents of INR57.57 million at FYE19 (FY18: INR146.05
million) against the total debt of INR912 million (INR826.25
million). Ramee's average use of the fund-based facility was 99.66%
for the 12 months ended September 2019. Cash flow from operations
turned positive to INR102.99 million (FY18: negative INR21.00
million); the working capital cycle remained negative at 69 days in
FY19 (FY18: negative 7 days).
The ratings are, however, supported by around two decades of
experience of the directors in the hospitality industry.
RATING SENSITIVITIES
Negative: A decline in the scale of operations and/or deterioration
in the credit metrics could lead to negative rating action.
Positive: A substantial increase in the scale of operations leading
to an improvement in the credit metrics with net leverage below
3.5x could lead to positive rating action.
COMPANY PROFILE
Ramee was incorporated in June 1998 in India and promoted by
Vardaraj Manjappa Shetty. It is engaged in the hospitality business
and operates three hotels in Mumbai and Pune. Its registered office
is in Dadar, Mumbai.
RUTIKA CREATIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rutika Creations Private Limited
Plot No. K1 to K5
City Industrial Estate
Udhana Navsari Road
Udhana, Surat Gujarat 394210
India
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
Insolvency professional: Bhavi Shreyans Shah
Interim Resolution
Professional: Bhavi Shreyans Shah
C 201, Embassy Appt.
Near Ketav Petrol Pump
Dr. V.S. Road, Ahmedabad
Gujarat 380015
E-mail: ca.bhavishah@gmail.com
- and -
9/B, Vardan Complex
Nr. Vimal House
Lakhudi Circle, Navrangpura
Ahmedabad 380014
E-mail: ipbhavishah@gmail.com
Last date for
submission of claims: November 20, 2019
RYTHEM OVERSEAS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rythem Overseas Trade Limited
85, Ballygunge Garden
Kolkata 700019
Insolvency Commencement Date: November 7, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
Insolvency professional: Yogesh Gupta
Interim Resolution
Professional: Yogesh Gupta
S Jaykishan, Chartered Accountants
12 Ho Chi Min Sarani
Suite No. 2D, 2nd Floor
Kolkata 700071
E-mail: yogeshgupta31@rediffmail.com
- and -
256 Garden Towers
Picnic Garden Road
8th Floor, Block A
Kolkata 700039
Last date for
submission of claims: November 21, 2019
S.K. BROTHERS: CARE Lowers Rating on INR4.10cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.K
Brothers (SKB), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 4.10 CARE B+; ISSUER NOT COOPERATING;
Facilities Revised from CARE BB-; Issuer
Not cooperating on the basis of
best available information
Long term/Short 7.50 CARE B+/CARE A4; ISSUER NOT
Term Bank COOPERATING; Revised from
Facilities CARE BB-; Issuer not cooperating/
CARE A4; on the basis of best
available information
Short term Bank 2.00 CARE A4; ISSUER NOT COOPERATING;
Facilities based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 5, 2018, placed the
rating of S.K Brothers SKB under the 'issuer noncooperating'
category as S.K. Brothers had failed to provide information for
monitoring of the rating.
Brothers continues to be non-cooperative despite repeated requests
for submission of information through emails, phone calls and email
dated August 26, 2019, August 22, 2019, August 21, 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(s).
Detailed description of the key rating drivers
The long term rating of the firm has been revised on account of
susceptibility to fluctuation in raw material prices and monsoon
dependent operations.
Key rating Weaknesses
Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: The price of rice moves in tandem with the
prices of paddy. Availability and prices of agro commodities are
highly dependent on the climatic conditions. Adverse climatic
conditions can affect their availability and leads to volatility in
raw material prices.
Fragmented nature of industry coupled with high level of government
regulation: The commodity nature of the product makes the industry
highly fragmented with numerous players operating
in the unorganized sector with very less product differentiation.
The raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.
S.K Brothers (SKB) was established as a proprietorship firm in 2005
by Mr. SumitSingla. Later on, the constitution of the firm was
changed to a partnership firm in December, 2012 with Mr.
SumitSingla and Mrs. Nirmala Rani as its partners. The firm is
engaged in the processing of paddy at its manufacturing facility
located at Moga, Punjab having an installed capacity of 10,800
metric tonne per annum (MTPA), as on March 31, 2015. The firm sells
rice under the brand name of 'Sanjeevni' and 'Modern Family' in the
states of Haryana and Punjab through a network of commission agents
and also exports the same to Italy, Canada, Australia, Egypt and
Saudi Arabia. Besides SKB, the partners of the firm are also
engaged in another group concern namely
Ronak Ram Devi Chand, which is engaged in trading of wheat and
paddy since 1984.
SAMEEKSHA ESTATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sameeksha Estate Private Limited
Registered address:
B-292, Chandra Kanta Complex
Shop No. 8
Near Metro Pillar No. 161
New Ashok Nagar
New Delhi 110096
Insolvency Commencement Date: November 6, 2019
Court: National Company Law Tribunal, Principal Bench
Estimated date of closure of
insolvency resolution process: May 4, 2020
(180 days from commencement)
Insolvency professional: Mr. Udayraj Patwardhan
Interim Resolution
Professional: Mr. Udayraj Patwardhan
Sumedha Management Solutions Private
Limited
C703, Marathon Innova
Off Ganapatrao Kadam Marg
Lower Parel West, Mumbai
Maharashtra 400013
E-mail: udayraj_patwardhan@
sumedhamanagement.com
sameeksha@sumedhamanagement.com
Last date for
submission of claims: November 20, 2019
SHIVAM PROTEIN: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shivam Protein
Products Private Limited's (SPPPL) Long-Term Issuer Rating to 'IND
D' from 'IND B+'. The Outlook on the earlier rating was Stable. The
agency has simultaneously migrated the rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR17.20 mil. Term loan due on October 2019 downgraded and
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR90.00 mil. Fund-based limits downgraded and migrated to
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects continued delays in servicing long-term debt
by SPPPL from September 2019.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.
COMPANY PROFILE
Incorporated in 2004 in Dabhoi, Gujarat, SPPPL is engaged in the
processing of pulses.
SILVERTON SPINNERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Silverton Spinners Limited
Falta Industrial Growth Centre
Sector IV, 24 Pgs. (S) Falta
WB 743504
Insolvency Commencement Date: November 8, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: May 6, 2020
Insolvency professional: Mr. Parveen Bansal
Interim Resolution
Professional: Mr. Parveen Bansal
J-347, Block J
Sarita Vihar
New Delhi, Delhi
E-mail: pkbansa100@gmail.com
- and -
AAA Insolvency Professionals LLP
E-10A, Kailash Colony
Greater Kailash-1
New Delhi 110048
E-mail: parveenbansal@aaainsolvency.com
silverton.spinners@
aaainsolvency.com
Last date for
submission of claims: November 22, 2019
STELLA UDYOG: CARE Maintains B/A4 Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Stella
Udyog continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term/Short 7.00 CARE B/CARE A4; ISSUER NOT
term Bank COOPERATING, Based on best
Facilities available information
Detailed Rationale & Key Rating Drivers
CARE had, in its press release dated July 6, 2018, placed the
rating of Stella Udyog under the 'issuer noncooperating' category
as Stella Udyog had failed to provide information for monitoring of
the rating. Stella Udyog continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and email dated September 25, 2019,
September 24, 2019, September 23, 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(s).
Detailed description of the key rating drivers
At the time of rating in July 6, 2018, following were the rating
strengths and weaknesses:
Key rating Weaknesses
Partnership nature of constitution: Stella Udyog's constitution as
a partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factor affecting credit
decision of the lenders.
Presence in fragmented and competitive industry: Textile Industry
in India is highly fragmented with presence of large number of
small and medium scale units. Due to high degree of fragmentation,
small players hold very low bargaining power against both its
customers as well as its suppliers resulting in such companies
operating at very thin profit margins.
Stella was incorporated on November 29, 2014 as a partnership firm
by its partner; Mr. Prem Prakash Bansal to engage in trading
business of knitted fabric which is to be used for manufacturing of
hosiery garments by its customers. Mr. Prem Prakash Bansal has
jointly promoted this entity with M/s Advaith Investment Ltd (AIL)
which is a family concern and was incorporated as an investment
entity in May 2008. The flagship entity of the promoters namely Yug
Industries which is also engaged in trading of knitted fabric and
hosiery garments since May 2011. The commercial trading activity of
Stella has started from January 2015.
TATA STEEL: S&P Alters Outlook to Stable on Weaker Steel Prices
---------------------------------------------------------------
S&P Global Ratings, on Nov. 15, 2019, revised its rating outlook on
Tata Steel and its subsidiary ABJA Investment Co. Pte. Ltd. to
stable from positive. S&P affirmed the 'BB-' long-term issuer
credit ratings on the companies and the 'BB-' long-term issue
rating on various U.S.-dollar-denominated senior unsecured notes
issued by ABJA Investment.
S&P revised the outlook on Tata Steel Ltd. to stable from positive,
given that it no longer expectz Tata Steel's funds from operations
(FFO) to debt to sustainably cross 15% over the next six to 12
months.
Tata Steel's consolidated EBITDA per ton has fallen to Indian rupee
(INR) 6,155 for the second quarter of fiscal 2020 (ending March 31,
2020), from INR10,394 for the fourth quarter of fiscal 2019, driven
mainly by lower-than-expected demand in the domestic housing,
construction, and automotive sectors--all of which are linked to
the growth slowdown and reduced availability of retail financing
that India is currently facing.
S&P said, "We expect Tata Steel's adjusted EBITDA to drop by
one-third to INR200 billion in fiscal 2020 before recovering to
about INR245 billion in the medium term, given that we expect unit
profitability for the India business to improve to about
INR11,000-INR12,000 per ton over the following year from the
prevailing INR10,000-INR11,000 per ton. We believe a moderation of
their expansion capital expenditure (capex)--together with steady
volume performance--should move their FFO to debt to nearly 14% by
fiscal 2021 from fiscal 2020 levels of 9%-11%.
"We expect large steelmakers in India to proactively slow down
their capacity addition plans in response to a weak price outlook
and for the market to add 5-6 million tons in demand per year
despite a growth slowdown, purely due to the pent-up demand for
infrastructure, low housing penetration, and the expected pace of
construction activity. A sharp increase in imports from China is a
risk to our estimates, although Tata Steel will maintain its
superior ability to serve a number of markets on account of its
cost leadership and reputation for quality.
"Tata Steel's continuous efforts to streamline working capital in
its India business and reduce costs in its Europe business as well
as its ability to operate at consistently high utilization will be
critical to anchor the earnings stability we expect from hereon.
"We expect Tata Steel's Europe business to remain with them over
our forecast horizon despite their best efforts to find a buyer in
the aftermath of the joint-venture cancellation with thyssenkrupp
AG (BB-/Developing/B). We believe the Europe business will remain
significantly weaker than Tata Steel's India operations and its own
historic performance. At 20% of the overall debt burden and less
than 10% of overall EBITDA, the Europe business does impose a drag
on Tata Steel's deleveraging trajectory.
"Tata Steel's leverage is substantially higher than regional and
global peers', all of whom have reduced debt materially in fiscal
2018 and fiscal 2019 using upcycle cash flow. In contrast, Tata
Steel has utilized its cash flow for acquisition and growth capex.
While we expect stability in steel prices, a number of industry and
macroeconomic stresses continue to build, including increasing
steel production in China, disruption from trade wars, and slower
Chinese growth. Tata Steel's higher leverage leaves the company
more exposed to a potential downcycle than other steelmakers.
"The stable outlook reflects our expectation that Tata Steel will
deleverage modestly over the next 12 months with FFO to debt
ranging from 10% to 14% as sustained sales volumes and restrained
capital spending drive positive free cash flows despite weak steel
prices.
"We could lower the rating on Tata Steel if its EBITDA to interest
coverage remains below 2x. Weaker-than-expected operating
performance such as the EBITDA of its India business falling below
INR5,000 per ton could be indicative of such a scenario. We may
also lower the rating if Tata Steel's liquidity position worsens
materially because of a large acquisition.
"We could upgrade Tata Steel if its FFO to debt approaches 20%.
This could happen in the unlikely event that the EBITDA per ton of
its India operations crosses INR14,000 per ton on a full-year
basis. A prerequisite for such upside is control on capex and
acquisition spending so that meaningful free operating cash flows
are generated."
Tata Steel is one of the largest steel producers globally with an
annual crude steel capacity of about 31 million tons (MT)--about 18
MT in India and 13 MT in Europe. Its India operations benefit from
domestic access to iron ore although it still has to supplement its
coal needs with imports. The company's business position is a mix
of low-cost highly efficient steelmaking capacities in India that
serve a high-growth market and high cost capacities in Europe,
which the company is exploring options to divest. In fiscal 2018,
the company acquired a 5 MT capacity for INR350 billion from
India's bankruptcy auctions and the company plans to grow the share
of value-added products in India over time.
-- India's annual GDP growth of 6.3% for 2020 and 7.0% for 2021,
which should support annual steel demand growth of 4%-5% over the
next two years.
-- A modest recovery in prices for Indian steel, from the lows
seen in the first and second quarters of 2020.
-- India sales volumes to rise to 18.8 MT in fiscal 2021 and in
fiscal 2022, up from S&P's estimate of 17 MT in fiscal 2020,
largely by an increase in production volume from Bhushan Steel and
Usha Martin.
-- India's integrated steel capacities to show EBITDA per ton of
INR13,000 over the next two years and Bhushan Steel to have an
EBITDA per ton of INR6,000-INR7,000 over the same period.
-- Capex of INR74 billion in fiscal 2020, stepping up to INR79
billion each in fiscal 2021 and fiscal 2022. These figures assume
that the bulk of the Kalinganagar Phase II capex and all the
incremental volumes are pushed out beyond the forecast horizon due
to a subdued steel price environment.
-- Europe operations to remain fully consolidated with EBITDA per
ton ramping up to GBP28 per ton in fiscal 2021 from the GBP11 per
ton we expect for fiscal 2020.
-- Positive free operating cash flow of approximately INR51
billion in fiscal 2020 and INR55 billion in fiscal 2021.
-- Dividend payout of INR14 billion per year.
Based on these assumptions, S&P arrives at the following credit
measures:
-- FFO-to-debt ratio of 13%-15% over fiscals 2021 and 2022, from
an estimated 10% in fiscal 2019.
-- Ratio of debt to EBITDA declining to 4x over the same period,
compared with S&P's estimate of 5x for fiscal 2019.
S&P said, "We estimate Tata Steel's sources of liquidity will
exceed its uses by 1.73x over the 12 months to September 2020. We
project the sources to cover uses even if EBITDA drops by 15%.
"We expect Tata Steel to manage its debt maturities, given its good
banking relationships and access to capital markets."
Principal liquidity sources:
-- Cash and cash equivalents of INR46 billion as of Sept. 30,
2019.
-- Estimated FFO of about INR120 billion over the next 12 months.
-- Proceeds of INR11 billion from release of working capital.
Principal liquidity uses:
-- Debt maturities of INR107 billion over the 12 months.
-- Maintenance capex of INR45 billion annually.
UNIQUE MERCANTILE: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Unique Mercantile
India Limited (UMIL) 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 action is:
-- INR1.50 bil. Proposed term loan migrated to non-cooperating
category with Provisional IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
UMIL has business interests in real estate, insurance, hotel, and
hospitality industries.
VAMSADHARA GINNING: CARE Lowers Rating on INR15cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vamsadhara Ginning And Pressing Industries (VGAPI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE B+; Stable Based on
best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking no default statement from VGAPI to monitor
the rating vide e-mail communications dated September 11, 2019,
September 23, 2019, September 30, 2019 and numerous phone calls.
However, despite repeated requests, the firm has not provided no
default statement for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on VGAPI'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 ratings.
VISION MOTORS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vision Motors
Private Limited (VMPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR751 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating;
-- INR92 mil. Term loans due on January 2024 assigned with IND
BB+/Stable rating; and
-- INR3 mil. Non-fund-based working capital limits assigned with
IND A4+ rating.
Analytical Approach: The rating approach factors in a one-notch
uplift to reflect the company's modest linkages with its parent,
Popular Mega Motors Private Limited (PMMPL), and its ultimate
parent, Popular Vehicles and Services Limited (PVSL), in the form
of a corporate guarantee to the extent of 50.8% of VMPL's total
debt. The promoters of Popular Group have also provided a personal
guarantee to VMPL. The ratings also factor in the financial support
available to VMPL from PMMPL and PVSL, in case of any need.
KEY RATING DRIVERS
The ratings reflect the modest EBITDA margins of VMPL, which is an
authorized car dealer for Honda Motor India Pvt. Ltd (Honda), owing
to intense competition in the business. The EBITDA margins remained
stable at 2.41% in FY19 (FY18: 2.43%, FY17: 2.75%) as revenue grew
only marginally to INR4,559.7 million (INR4,416.2 million;
INR5,090.6 million) and costs remained largely unchanged. Its
return on capital employed was 8.4% in FY19 (FY18: 7.8%). The
company reported revenue of INR1,653.3 million in 1HFY20.
In addition, the rating factor in VMPL's weak credit metrics. The
company's gross interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.21x in FY19 (FY18:1.54x, FY17: 1.78x) as
the interest of INR24.16 million on the intercorporate loan of
INR85 million (interest rate of 8.5%) was debited to the profit and
loss account in FY19. The loan had earlier been non-interest
bearing; in FY19, the company decided to pay interest on such loans
and convert the entire amount of loan along with the interest into
equity. Out of the total interest expenditure of INR24.16 million,
INR16.9 million pertains to the period prior to FY19. The net
leverage (total adjusted net debt/operating EBITDAR) improved to
7.45x (7.54x, 6.42x) on account of repayment of an intercorporate
loan of INR85 million and improvement in operating EBITDA to INR110
million in FY19 from INR107 million in FY18.
Liquidity indicator- Stretched: The average maximum fund-based
working capital utilization was 76.1% for the 12 months ended
September 2019. The company had cash and cash equivalents of INR26
million as on March 31, 2019 (March 31, 2018: INR38 million). The
cash flow from operations turned negative at INR45 million in FY19
(FY18: INR57 million) due to an increase in working capital
requirements. However, Ind-Ra expects the cash flow from operations
to be positive over FY20-FY23 because of an improvement in the
working capital cycle.
VMPL has term loan repayment obligations of INR18.46 million,
INR34.44 million and INR17.22 million for FY20, FY21 and FY22,
respectively. The debt service coverage ratio (DSCR) is likely to
remain in the range of 0.92x-1.32x over FY20-FY22.
VMPL's working capital cycle elongated to 50 days in FY19 (FY18: 42
days, FY17: 46 days), mainly due to an increase in debtor days
(FY19: 22 days; FY18: 15 days). The company does not obtain any
credit period from Honda. VMPL had an inventory holding period of
30 days in FY19 as against 31 days in FY18. Also, the company does
not provide a credit period to its customers, apart from the sales
made to defense personnel.
Additionally, the ratings are constrained by high geographical
concentration. VMPL's operations are concentrated in the state of
Kerala, rendering the company vulnerable to any weakening in the
region's economy, political disturbances, natural calamities such
as floods, etc. However, the company is the largest dealer for
Honda cars in Kerala, with a market share of around 31%-33%. Over
the medium term, Ind-Ra believes VMPL will maintain its healthy
market position in the automobile dealership market for Honda in
Kerala.
Furthermore, the automobile dealership business is intensely
competitive. The ratings also take into account the cyclical nature
of the auto industry and its susceptibility to macro-economic
factors.
The ratings, however, are supported by VMPL's large scale of
operations, which enables it to provide a wider range of vehicle
options to its customers and also results in cost benefits due to
economies of scale. Also, the large scale of operations helps the
company secure better financial incentives from Honda.
The ratings are also supported by the promotor's experience of one
decade in the dealership business.
RATING SENSITIVITIES
Negative: A substantial decline in the revenue or EBITDA margin and
deterioration in the liquidity position, leading to sustained
deterioration in the interest coverage below 1.5x, could be
negative for the ratings.
Positive: A significant increase in the revenue EBITDA margins,
improvement in the liquidity position and sustained improvement in
the interest coverage above 2.0x could be positive for the
ratings.
COMPANY PROFILE
Incorporated in 2008, VMPL has a dealership for Honda cars in
Kerala. The company has seven showrooms (in Kottayam, Thrissur,
Calicut, Ernakulam, Muvattupuzha, Pathanamthitta and Kalpetta),
seven service centers and five body shops in Kerala. The company is
a constituent entity of the Kuttukaran group, which is engaged in
vehicle dealership in various states of India.
ZENITH APEX: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Zenith Apex
Private Limited's (ZAPL) 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:
-- INR200 mil. Fund-based working capital limit Migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR25 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2004, ZAPL manufactures industrial leather hand
gloves and industrial welding garments on the job-work basis and is
also engaged in the trading of yarn.
[] INDIA: Insolvency Regime for Personal Guarantors from Dec. 1
---------------------------------------------------------------
BloombergQuint reports that the insolvency regime for individual
guarantors to corporate debtors will be in force from Dec. 1,
according to the government.
BloombergQuint says the provisions for resolution for individuals
under the Insolvency and Bankruptcy Code is being implemented in a
phased manner.
On Nov. 15, the corporate affairs ministry said the provision
pertaining to personal guarantors to corporate debtors would come
into force from Dec. 1, according to BloombergQuint.
BloombergQuint notes that the Code provides for a market-driven and
time-bound resolution for stressed assets.
A case is taken up for resolution under the law only after approval
from the National Company Law Tribunal.
In October, Corporate Affairs Secretary Injeti Srinivas said
personal insolvency regime would be fully operational in one year.
"In the first phase, personal guarantor to a corporate debtor is
almost under commencement. The next would be the fresh start
process, basically giving relief to very small borrowers who are
not in a position to repay the debt. That may be in another four to
six months. Then proprietorship and partnership and others," he had
said, BloombergQuint relays.
=====================
N E W Z E A L A N D
=====================
WAIKATO BUSINESS: Goes Into Liquidation
---------------------------------------
Christel Yardley at Stuff.co.nz reports that Waikato Business
Publications Limited, the company that owns and publishes Waikato
Business News, has gone into liquidation.
According to Stuff, the company's two shareholders and directors
Deidre Morris and Alan Neben passed a resolution to go into
liquidation on September 18, appointing Bryan Williams of BWA
Insolvency Ltd to act as liquidator.
The company is a division of Neben Morris Media, which publishes
six other magazines including Bay of Plenty Business News, INSPO
Magazine, Waikato Agribusiness News and Grey Power Magazine.
Stuff relates that in his first report filed on September 25,
Mr. Williams gave background to the liquidation: "The company
experienced slower sales from 2015 onwards, and in a drive to
increase sales the company engaged more salespeople. Increased cost
of sales and operating overheads, together with a decrease in
revenue resulting from competing digital platforms, caused the
activity to no longer be viable in the hands of the company."
Its provisional statement of affairs showed that it owed Inland
Revenue NZ$134,970.28, Stuff discloses.
Mr. Morris could not be reached for comment, but Mr. Neben said it
was a voluntary liquidation prompted by a restructuring of the
business and there were no job losses as a result, Stuff relays.
Mr. Neben said Waikato Business News would continue publishing, the
report relays.
According to Stuff, Mr. Neben described the move as a
"restructure". He was overseeing the Bay of Plenty News
publication while Morris published Waikato Business News.
When asked to comment on Mr. Williams' background to the
liquidation, Mr. Neben said: "There were a few issues there and we
felt that a restructure was a better way of going forward. I think
those changes are already looking pretty positive from what I can
see."
Stuff adds that the liquidators report said it was "not practical"
at that stage to estimate the date of completion of the
liquidation.
"This will depend on any investigative activity that may be
required to be undertaken as well as any action I may take in
respect of transactions entered into by the Company prior to the
commencement date of the liquidation."
===============
T H A I L A N D
===============
TMB BANK: Moody's Gives (P)Ba3 Rating to Foreign Add'l. Tier 1 Note
-------------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 foreign currency
long-term rating to the perpetual Additional Tier 1 capital
securities component of the USD3 billion Euro Medium Term Note
program of TMB Bank Public Company Limited (TMB, Baa1 positive,
baa3).
Moody's had previously assigned a (P)Baa1 rating to the senior
unsecured component of the program.
The terms and conditions of the proposed capital securities
incorporate trigger events and non-viability language that are
compliant with rules set by the Bank of Thailand (BOT); thereby
allowing the securities to be considered Additional Tier 1
capital.
The notes can be issued through TMB's Cayman Islands branch.
RATINGS RATIONALE
The (P)Ba3 rating is positioned three notches below TMB's baa3
Adjusted Baseline Credit Assessment (BCA), in line with Moody's
standard notching guidance for contractual non-viability preferred
securities with optional, non-cumulative distribution skip
mechanisms.
The three-notch difference from the Adjusted BCA reflects the
higher expected loss in these securities, and the impairment
associated with discretionary coupon suspension.
Under the terms and conditions, the principal of the Additional
Tier 1 capital securities will be written down, partially or in
full, upon the occurrence of a non-viability event, or when TMB's
Common Equity Tier 1 (CET 1) ratio on either a standalone or
consolidated basis is less than the trigger level of 5.15%.
The non-viability event is defined as the occurrence of the BOT
and/or any other empowered government agency (the Relevant
Authority) deciding to grant financial assistance to TMB, such as
in the form of a capital injection, without which, TMB would become
unable to continue its business in any manner.
The level of write down will be determined by TMB, as notified to
and acknowledged by the Relevant Authority. Under the terms and
conditions of the securities, the amount of write down will have to
be sufficient to ensure that TMB does not become non-viable or the
issuer's CET 1 ratio is restored above the trigger level.
In addition, for classification as Additional Tier 1, TMB as a
going concern may choose not to pay the dividend on a
non-cumulative basis before any principal write down is triggered.
As such, the dividend distribution is fully discretionary.
These securities are senior to all shareholders, but junior to
secured creditors, all depositors, general creditors, senior
unsecured debt and Tier 2 subordinated debtholders.
The (P)Ba3 rating does not apply to any individual notes to be
issued under the program. The ratings on individual notes to be
issued under the program will be subject to Moody's review of the
terms and conditions set forth in the final base and supplementary
transaction documents of the notes to be issued.
WHAT COULD CHANGE THE RATING UP/DOWN
The ratings of the Additional Tier-1 securities are notched from
TMB's Adjusted BCA. As such, the ratings of the securities will
move in tandem with TMB's Adjusted BCA.
Moody's could upgrade TMB's BCA if TMB successfully merges with
Thanachart Bank Public Company Limited without any materially
negative impact on TMB's financial fundamentals.
Moody's could downgrade TMB's BCA if (1) the bank's standalone
credit profile deteriorates, such that there is a material
deterioration in its asset quality, profitability and
loss-absorbing buffers; (2) the merger results in a material
negative impact on TMB's capital position or other financial
fundamentals, or both; or (3) the operating environment in Thailand
deteriorates materially, resulting in a lowering of the bank's
BCA.
The principal methodology used in these ratings was Banks published
in August 2018.
TMB Bank Public Company Limited, headquartered in Bangkok, reported
total assets of THB900.9 billion ($29.4 billion) as of September
30, 2019.
Assignments:
Issuer: TMB Bank Public Company Limited
Non-cumulative bank preferred stock medium-term
note program (foreign currency), assigned (P)Ba3
Issuer: TMB Bank Public Co. Ltd (Cayman Islands)
Non-cumulative bank preferred stock medium-term
note program (foreign currency), assigned (P)Ba3
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week Nov. 11, 2019 to Nov. 15, 2019
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.00
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
CHINA
----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.06
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 60.00
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 61.21
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 56.87
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 40.18
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 41.15
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.29
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.19
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.87
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.06
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 20.06
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.97
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.54
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 47.27
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.32
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.26
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.90
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 41.15
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 41.40
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.09
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.30
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 61.26
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.51
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.24
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 22.10
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.57
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 40.57
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.01
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.30
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.41
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.20
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.33
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 41.15
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.27
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 61.58
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.69
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 40.79
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.66
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.24
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.16
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.30
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.62
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.18
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.16
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 61.67
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.48
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.58
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 20.09
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 41.22
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.72
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.13
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 62.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.61
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 41.32
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.03
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 60.07
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.15
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.20
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 41.05
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.26
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.16
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.51
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.70
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.40
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.34
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.80
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.10
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.24
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.05
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.05
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.95
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 40.43
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.25
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 60.33
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 17.05
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.16
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.60
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 20.08
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.07
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 42.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.34
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.37
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.56
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 60.59
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 19.99
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 59.18
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 50.01
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.49
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.81
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 40.62
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.15
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.30
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.76
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 41.35
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.12
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.48
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.08
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.20
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.29
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 41.45
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 20.18
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.31
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.79
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.98
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.46
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.79
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 40.94
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.12
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.02
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.07
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.63
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.90
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.56
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.37
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.30
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.33
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.45
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.80
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.68
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.70
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.87
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.95
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.97
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 70.10
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.28
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.93
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.09
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.20
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 60.05
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.52
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.75
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.82
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.16
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.63
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.91
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.66
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.43
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.01
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 40.77
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 61.78
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.63
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 20.08
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.91
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.15
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.76
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.07
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.16
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.00
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.46
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.13
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.20
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 41.09
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.60
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.70
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.72
DALIAN DETA HOLDING CO LT 6.50 11/15/19 CNY 20.04
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.80
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.50
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.73
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.81
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.81
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.82
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.82
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.35
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 41.12
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 59.64
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.02
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.11
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.45
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.58
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 58.36
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.62
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.83
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.84
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 61.53
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.11
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.23
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.93
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.53
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 48.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 61.72
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.08
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.15
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 41.16
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 41.17
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.98
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.76
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 65.01
DR PENG TELECOM & MEDIA G 7.00 04/25/23 CNY 75.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.29
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 20.02
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.24
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.44
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 41.54
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 41.16
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 61.46
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.32
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.04
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.82
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 40.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 43.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 40.80
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.52
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.32
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.12
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 61.20
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.36
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.81
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.33
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 70.73
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 59.98
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 20.15
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 40.14
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 61.11
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 61.36
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.28
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.80
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 25.19
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.24
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 41.03
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 20.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 25.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.33
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.68
GOOCOO INVESTMENT CO LTD 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.06
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.73
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.73
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.76
GUANGDONG TAIANTANG PHARM 4.98 02/02/21 CNY 65.00
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.86
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 61.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 40.54
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 41.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.74
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.27
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.98
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 41.15
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 42.07
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.97
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.29
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.52
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.49
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.63
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 25.01
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.03
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 61.05
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 74.23
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 72.40
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 74.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.90
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 63.01
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 39.90
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 40.68
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.92
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.33
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.15
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.06
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.31
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.13
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 61.06
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 40.60
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 41.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 40.90
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.51
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.34
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.14
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.11
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.12
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.50
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.17
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.50
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.47
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 41.21
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.12
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.30
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.26
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.35
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 40.83
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 46.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 41.34
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 43.26
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.38
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.14
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 59.74
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 50.43
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 50.72
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.06
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.36
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.16
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 61.01
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.46
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.52
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.24
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.38
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.15
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.32
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 58.41
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 20.16
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.45
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 41.05
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 67.89
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.92
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.28
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 20.09
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.43
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.32
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 41.25
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 41.38
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.94
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 40.71
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 41.12
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 20.02
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.47
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.96
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.20
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.21
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.33
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 72.86
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.79
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.46
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.94
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 40.98
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 41.31
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 60.64
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 20.09
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 41.42
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 41.01
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.32
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 58.76
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.90
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.56
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 61.77
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 62.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.84
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.97
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.18
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.25
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.50
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.19
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.59
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.89
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.85
JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 74.63
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 41.16
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.17
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.19
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.87
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.99
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.54
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.36
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.01
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.71
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.29
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.48
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 61.06
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 20.04
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 31.00
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.39
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 40.96
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 20.07
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 70.06
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 58.90
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 68.51
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.97
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.98
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 41.10
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.15
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 40.30
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 41.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.03
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.77
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.02
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.30
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 20.07
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.28
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.37
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.46
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.70
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 41.22
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.07
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.42
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.35
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 59.30
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.25
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 41.14
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.30
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.74
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.25
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.83
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.23
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 38.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 40.58
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.89
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 47.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.27
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 40.75
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.47
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 46.95
JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 74.39
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.49
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.84
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 20.06
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.62
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.80
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.94
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.89
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 41.04
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.71
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 60.66
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.70
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.20
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.79
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.00
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.18
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.05
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.16
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 36.10
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.33
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.23
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.08
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 73.94
KUNMING EXPRESSWAY CONSTR 7.50 01/21/20 CNY 20.14
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 20.02
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDING 6.28 11/07/19 CNY 20.05
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 41.39
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 41.33
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.59
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 39.84
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.89
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.49
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.95
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.96
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 61.28
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 60.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 60.58
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.55
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 40.83
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 40.94
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 45.23
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.09
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.18
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 59.94
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.19
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.27
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.60
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.07
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.49
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.50
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 62.29
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 70.90
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.02
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.11
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 60.98
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.94
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 41.25
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.00
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.51
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 49.74
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.65
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 20.06
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.10
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 20.08
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 61.33
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.84
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.10
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.14
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.34
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.45
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.46
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.70
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.75
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.76
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.20
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 20.19
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.09
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.22
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.26
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.78
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.99
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.03
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 69.84
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.79
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 42.10
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.12
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.01
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.11
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.13
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 41.24
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.07
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.95
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.43
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.64
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.22
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 20.19
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 24.00
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.53
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.55
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.15
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 61.55
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 40.63
NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 74.37
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 41.32
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.27
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.13
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.36
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 41.31
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.88
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP CO 7.20 10/16/19 CNY 20.02
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.16
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.24
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.33
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.45
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.30
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.40
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 41.52
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 61.84
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 41.29
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.15
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.76
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.22
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.34
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.85
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.30
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.92
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.00
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.06
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.25
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 59.71
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.04
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.08
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 61.24
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 41.38
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 48.80
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.80
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 41.23
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 41.41
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.27
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 19.95
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.22
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.32
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 20.01
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 62.48
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.69
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 62.09
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 64.90
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.34
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 20.07
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 61.04
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.16
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 40.32
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 52.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 54.86
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 63.50
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.23
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.25
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 41.19
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.02
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 41.10
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.63
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.08
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.37
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 21.50
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.31
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.00
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.01
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.33
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 41.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.63
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 40.98
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.54
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.56
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.19
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.21
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.43
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.82
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 41.02
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 41.27
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.21
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 41.34
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.22
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.47
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.47
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.53
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.63
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.84
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.60
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.86
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.48
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 61.84
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 62.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.85
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.88
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.69
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 40.42
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 20.17
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 40.29
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 43.40
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.12
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.33
SHANDONG WANTONG PETROLEU 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.11
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.94
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.31
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.98
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.05
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.15
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.47
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.50
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.19
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.18
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.09
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.18
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.96
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 51.07
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.02
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.10
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 61.77
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 41.19
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 20.03
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.44
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 20.16
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.90
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.99
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.04
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.14
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.70
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 20.10
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.61
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.05
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.20
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.58
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.21
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 45.26
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.68
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.00
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.66
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 61.49
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.02
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.14
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 41.05
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.61
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.80
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.50
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 40.86
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 41.41
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.96
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 42.30
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.10
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.98
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.52
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.23
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.39
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 60.96
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.92
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.42
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.92
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 72.84
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.20
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.78
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 72.00
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.52
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.30
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.16
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.34
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.47
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.50
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 20.06
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.97
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.22
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.29
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.62
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.01
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.67
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.38
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 59.89
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 41.04
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.18
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.13
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.01
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 40.79
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.07
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.71
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.29
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 40.60
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.07
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 41.14
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.13
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 19.90
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 20.02
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 40.78
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 41.00
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.53
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 41.01
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 19.90
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 20.15
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.65
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 41.36
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 20.02
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.25
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 20.20
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 41.30
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 41.03
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.69
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 40.98
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 41.28
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 73.86
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 74.60
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.20
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.34
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.44
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.37
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.59
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 20.06
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.14
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.00
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.21
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 40.31
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.80
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.77
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.14
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 60.66
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 20.03
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 20.06
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.08
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.30
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.88
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 58.95
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 72.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 72.42
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.50
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 39.80
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 41.16
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.47
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.78
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.80
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.29
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.87
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.78
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.20
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.77
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 20.25
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 37.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 50.95
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 40.89
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.91
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 41.16
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.44
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.43
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 61.17
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.63
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.29
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.30
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.23
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.50
TUNGHSU OPTOELECTRONIC TE 5.09 11/17/21 CNY 29.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 62.03
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.19
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.20
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 61.82
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.01
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 20.04
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.08
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.39
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.42
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.54
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 60.68
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 10.60
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.51
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.18
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.19
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 41.54
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.16
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 60.78
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.12
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 61.72
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.12
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.73
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.43
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.11
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.15
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 40.86
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 42.53
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.10
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.46
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.60
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 72.47
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.14
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.47
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.48
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 41.12
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.21
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 20.05
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 60.23
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 61.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.52
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.04
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.43
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.15
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.53
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 58.11
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.50
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.92
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 59.80
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.10
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 81.37
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.87
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.18
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 60.78
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.38
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.00
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.56
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.21
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.40
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 55.31
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 57.96
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.47
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.50
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.27
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 19.85
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.02
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 20.17
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 41.20
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.36
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.54
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.26
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.18
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.22
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 41.08
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.54
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.52
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.88
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 70.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.56
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.07
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.19
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.96
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 51.16
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 41.19
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 41.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.41 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.40
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.68
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 65.72
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.37
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.57
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.93
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.23
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.29
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.53
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.42
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.54
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.60
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.07
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 41.22
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.40
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 42.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 40.47
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 20.02
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.26
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 20.03
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.00
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.42
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.56
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 62.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 40.26
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 72.13
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.20
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.96
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.39
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.04
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.40
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 30.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 66.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 50.11
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 58.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.33
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.70
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 41.20
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.07
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.82
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.84
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.37
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 59.99
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 41.31
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 49.95
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.58
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 74.58
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 62.19
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.00
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.01
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.04
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.42
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 40.58
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 61.07
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.34
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.42
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 59.63
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 60.00
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.24
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.00
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.05
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 61.08
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.68
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.02
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.07
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 20.01
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.54
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 40.85
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.50
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.10
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.49
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.09
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.28
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.05
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.16
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 20.02
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 41.32
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 38.00
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.88
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.24
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.68
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 40.24
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.33
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 20.09
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.61
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 41.31
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.56
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.04
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.17
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.95
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.14
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.17
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 60.81
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 61.96
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 62.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 64.99
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.46
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 61.75
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.37
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.38
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 40.80
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 41.12
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 48.49
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.05
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.58
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.60
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.69
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 40.80
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 59.81
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.57
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 74.63
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 41.06
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.72
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.44
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 45.00
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 72.52
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.31
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 60.01
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.66
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 40.96
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 60.90
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.11
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.16
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.61
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.70
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 62.60
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.95
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 41.18
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.20
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.45
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.03
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.50
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 61.08
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 40.56
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.14
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 70.47
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 70.78
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 70.00
HNA GROUP INTERNATIONAL C 7.00 01/24/20 USD 74.89
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.27
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.44
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 8.03
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 12.19
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.48
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.51
APG HABITAT PVT LTD 1.00 09/09/28 INR 52.63
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 32.18
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.42
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 58.77
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 58.82
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 71.50
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 72.99
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 74.73
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.23
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 71.93
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.23
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 55.25
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.23
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 40.23
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 54.44
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 56.41
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 39.02
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 50.93
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 52.52
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 53.40
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 56.44
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 58.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 41.30
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 2.86
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.36
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 47.86
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 4.61
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.12
JTPM ATSALI LTD 0.01 08/29/48 INR 9.96
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 22.80
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 67.97
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 4.01
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 60.17
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 26.96
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 24.86
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 24.86
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 23.96
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 39.78
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.31
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.20
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 51.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 55.21
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 59.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 63.45
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 68.07
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 72.98
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.60
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 60.22
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 63.53
REI AGRO LTD 5.50 11/13/14 USD 0.02
REI AGRO LTD 5.50 11/13/14 USD 0.02
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 13.76
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 61.21
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.54
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.86
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 54.18
WS T&D LTD 0.10 03/24/29 INR 44.78
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.47
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 38.21
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 65.73
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 69.60
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 70.36
KIBO ABS SPECIALTY CO LTD 5.00 02/28/20 KRW 70.59
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 72.72
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 74.70
LOTTE CARD CO LTD 3.95 06/28/49 KRW 68.35
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 68.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 39.78
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.53
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 65.56
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.22
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 66.70
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 67.93
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 68.14
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.45
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 68.88
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 69.45
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 70.59
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 70.95
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.05
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.05
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 73.53
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.03
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 74.71
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 74.95
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.28
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.37
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.37
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.25
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.14
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.21
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.16
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.29
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 70.45
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 71.60
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.85
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT BH 6.00 10/31/21 MYR 0.26
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.28
PHILIPPINES
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BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
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ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 46.13
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 70.61
EZION HOLDINGS LTD 0.25 11/20/27 SGD 61.29
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 73.75
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 74.04
HYFLUX LTD 4.60 09/23/19 SGD 40.05
HYFLUX LTD 4.25 09/07/18 SGD 40.25
HYFLUX LTD 4.20 08/29/19 SGD 40.33
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 46.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 33.46
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 29.00
NEPTUNE ORIENT LINES LTD/ 4.40 06/22/21 SGD 67.58
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 42.40
OSA GOLIATH PTE LTD 12.00 10/09/20 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.13 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
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9482.
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