/raid1/www/Hosts/bankrupt/TCRAP_Public/200107.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, January 7, 2020, Vol. 23, No. 5
Headlines
A U S T R A L I A
PAPER CUP: First Creditors' Meeting Set for Jan. 10
C H I N A
FANTASIA HOLDINGS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+'
FANTASIA HOLDINGS: S&P Assigns 'B' Rating on New Unsecured Notes
IDEANOMICS INC: Seven Directors Elected to Board
MEITU INC: Expects to Post Loss in 2019
I N D I A
BALAJI WIRE: CARE Assigns B+ Rating to INR5.5cr LT Loan
BATHSHA MARINE: CARE Reaffirms B+ Rating on INR1.07cr LT Loan
BLUEFLAME INDUSTRIES: CARE Reaffirms B+ Rating on INR4.41cr Loan
BRAHMANI RIVER: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
CONCORD CONSTRUCTION: CARE Hikes Rating on INR25cr Loan to B
DECCAN AUTO: CARE Lowers Rating on INR42.35cr LT Loan to 'D'
EFFERENT REALESTATE: Insolvency Resolution Process Case Summary
FENIX PROCESS: CARE Moves D on INR13.6cr Debt to Not Cooperating
FRIENDS PAPER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
FUTURE RETAIL: Fitch Publishes BB(EXP) LT IDR, Outlook Positive
FUTURE RETAIL: S&P Assigns Prelim. 'BB-' LT Issuer Credit Rating
GRAPHTECH EXIM: CARE Lowers Rating on INR15.5cr Loan to B+/A4
IL&FS: Board Expects to Recover 50% of Overall Debt
JINDAL INFRASTRUCTURE: CARE Cuts Rating on INR11cr Loan to 'C'
K S MOTORS: CARE Reaffirms B+ Rating on INR18.67cr LT Loan
MAGNI TECH: CARE Moves B on INR2cr Loans to Not Cooperating
MAHALAXMI AGRO: CARE Reaffirms B Rating on INR4.77cr LT Loan
MALWA AGRO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
NOBLE PUBLICITY: Insolvency Resolution Process Case Summary
PALA DIOCESAN: Ind-Ra Rates INR1,425BB Bank Loans 'B'
RDG INTERIOR: Insolvency Resolution Process Case Summary
S. V. FOODS: CARE Lowers Rating on INR6.50cr LT Loan to B-
SALONAH TEA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
SANATAN MERCHANTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
SANKALP PAPERS: Insolvency Resolution Process Case Summary
SATYA SUBAL: CARE Reaffirms 'B' Rating on INR8.72cr LT Loan
SHARMA KALYPSO: Insolvency Resolution Process Case Summary
SHREE SAI INDUSTRIES: Insolvency Resolution Process Case Summary
SIDDESHWAR MULTIPURPOSE: CARE Reaffirms B Rating on INR6.56cr Loan
SMILECARE MULTISPECIALTY: Insolvency Resolution Case Summary
SUNDER IMPEX: CARE Hikes Rating on INR1.50cr LT Loan to BB-
TRAKO INFRA: Insolvency Resolution Process Case Summary
VARDHMAN RICE: CARE Keeps D on INR26.7cr Loans in Not Cooperating
WAVE GLOBAL: Insolvency Resolution Process Case Summary
S I N G A P O R E
CHINA SPORTS: JM Granted Extension to Submit Resumption Bid
EZION HOLDINGS: To 'Vigorously Defend' Against US$100MM Claim
SWIBER GROUP: Terminates US$200MM Investment Deal with Seaspan
USP GROUP: Nah Ee Ling Steps Down as CFO
X X X X X X X X
[*] BOND PRICING: For the Week Dec. 30, 2019 to Jan. 3, 2020
- - - - -
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A U S T R A L I A
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PAPER CUP: First Creditors' Meeting Set for Jan. 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of The Paper
Cup Company Pty Ltd will be held on Jan. 10, 2020, at 11:00 a.m. at
15/114 William St, in Melbourne, Victoria.
Graeme Beattie of Worrells was appointed as administrator of The
Paper Cup Company on Dec. 30, 2019.
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C H I N A
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FANTASIA HOLDINGS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+'
-----------------------------------------------------------------
Fitch Ratings assigned China-based homebuilder Fantasia Holdings
Group Co., Limited's (B+/Stable) proposed US dollar senior
unsecured notes a 'B+' rating, with a Recovery Rating of 'RR4'.
The proposed notes are rated at the same level as Fantasia's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. The company plans to use the net proceeds
from the proposed issue to refinance existing debt, including the
concurrent offer to repurchase its 8.375% senior notes due 2021,
and for general corporate purposes.
Fantasia's rating is supported by land reserves that are adequate
to sustain its current business scale, a healthy EBITDA margin and
moderate leverage. The company's land bank has some concentration
in Chengdu and Guilin, but it has more than 30 urban redevelopment
projects (URP) in the Greater Bay Area that provide geographical
diversification. The company's land reserves are sufficient for
property development over the next three to four years.
Fitch expects Fantasia to maintain its 2019-2020 EBITDA margin,
excluding capitalised interest, at similar levels to the 25.8% in
2018. Fitch also forecasts Fantasia's leverage, measured by net
debt/adjusted inventory, will remain around 45%, in line with 'B+'
rated peers. In addition, the expanding property-management
business under the company's listed subsidiary, Colour Life Service
Group Co., Ltd, supports Fantasia's ratings and gives it an
additional funding channel.
Fantasia's attributable contracted sales of CNY24 billion in 2018
constrain its ratings as its scale is smaller than that of 'B+'
rated peers. This smaller scale also limits the diversity of the
company's land reserves, although this may improve. Fantasia's land
reserves have material exposure to commercial-type developments
that have lower sales visibility as demand for these products is
more closely linked to economic cycles and more affected by
regulatory changes. Fitch expects Fantasia's attributable
contracted sales to rise by 11% in 2019.
KEY RATING DRIVERS
Adequate Land Bank and Projects: Fantasia is a mid-tier developer
with total contracted sales of CNY30 billion and an average selling
price of over CNY11,000 per sq m in 2018. The company has more than
50 projects spread across five key areas and 15 cities, with 69% of
the total land bank concentrated in the Chengdu-Chongqing Economic
Zone and Beijing-Hebei-Tianjin region at end-December 2018. The
concentration in these two regions limits Fantasia's scope to
mitigate regulatory risks, but its large number of projects helps
to diversify project-specific risks.
The company had a total land bank of 11.3 million sq m at
end-December 2018 spread across the Pearl River Delta, Yangtze
River Delta and central China, in addition to the two regions in
which it has a greater concentration. More than 35% of the sites
were in Chengdu while only 22% were in the better-performing Pearl
and Yangtze river deltas. Fantasia expects to add 1.38 million sq m
of land in Qingdao in 2019 and 0.97 million sq m of URPs in the
Greater Bay Area in 2020, and increase the URP in the Greater Bay
Area to more than 6.8 million sq m from 2021. Rising exposure to
URP projects can improve Fantasia's land bank mix and its
geographical diversification.
Property Management Supports Rating: Colour Life, which is
55.4%-owned by Fantasia, was listed in 2014 and is a leading
property-management company in China. Colour Life has expanded into
more than 200 cities, with 45% of its revenue-bearing gross floor
area (RGFA) located in the more affluent regions in China's eastern
and southern coasts. Colour Life is expanding the RGFA to boost
recurring income.
Colour Life is also collaborating with vendors, including JD.com,
Pagoda and 58Daojia, to provide services to residents that improve
their experience in residential projects. The company expects this
to give it room to increase service charges. Fitch expects
Fantasia's recurring EBITDA/gross interest expense to rise to 0.44x
by 2022, from 0.36x in 2018, aided by Colour Life's strong
recurring income.
Rationalising Debt Structure and Costs: Fantasia has a healthy
liquidity position of CNY28 billion in total cash, compared with
CNY14.7 billion in short-term debt as of December 2018. This allows
the company, which replaced its CFO recently, to focus on
restructuring its debt maturities with new offshore bonds. The
company has also increased the use of lower-cost bank loans and
reduced trust loans, onshore and offshore bonds in the debt mix.
Management said the company's overall financing costs fell to 8% in
the 5M19, from 8.7% in 2018.
Healthy Leverage and Margin: Fantasia's EBITDA margin remained
healthy in 2018 due to its low land costs. Fitch expects the EBITDA
margin to remain at 26%-27% in 2019-2021 due to a better selling
and administrative cost structure. Fitch estimates leverage of
44%-46% in 2019-2020, compared with 42%-45% in 2017-2018, and
expect the ratio to fall to 39%-41% in 2021-2022 on increasing
attributable contracted sales, with limited pressure to make large
land acquisitions to support its growth in light of its sufficient
land bank.
Scale Constrains Rating: Fantasia accelerated project development,
land replenishment and contracted sales from 2017 to try to catch
up with peers that have larger total contracted sales than its
CNY10 billion a year in 2013-2016.
Fantasia's attributable contracted sales reached CNY24 billion in
2018 (total contracted sales: CNY30 billion) from CNY16.5 billion
in 2017, but remained smaller than those of most 'B+' rated Chinese
property developers. Fitch expects Fantasia's attributable
contracted sales to rise by 6%-11% during 2019-2020. Attributable
sales are typically 75%-80% of total contracted sales.
DERIVATION SUMMARY
Fantasia's business and financial profile is comparable with those
of Helenbergh China Holdings Limited (B+/Stable) and Hong Kong
JunFa Property Company Limited (Junfa, B+/Stable).
Helenburgh's total contracted sales of CNY36 billion in 2018 were
slightly larger than those of Fantasia, but Fantasia had a higher
EBITDA margin of 25% (Helenbergh: 22%) and lower leverage at 42%
(Helenburgh: 50%). Both companies are geographically diversified.
Fantasia's recurring EBITDA/gross interest expense of 0.3x provides
support to its rating, whereas Helenburgh has minimal recurring
income.
Fantasia's contracted sales scale and EBITDA margin are similar to
Junfa's, but Junfa has higher leverage of 49%. Junfa had recurring
EBITDA/gross interest expense of 0.5x in 2018, higher than
Fantasia's 0.3x, due to Junfa's offices, malls and trade centres.
Junfa is a leading homebuilder in Yunnan province and Kunming city,
while Fantasia is a more diversified developer that focuses on Tier
1-2 cities.
Fantasia has a better business profile than most of the 'B' rated
peers, except Yango Group Co., Ltd. (B+/Stable). Fantasia's
leverage is lower than that of Yango, although the latter has a
bigger sales scale. Fantasia's leverage is similar to that of 'BB-'
rated peers such as Times China Holdings Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable), which have leverage
of 40%-45%. However, Times and Yuzhou have slightly larger business
scales and faster churn.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales to reach CNY27 billion to
34 billion in 2019-2020 (CNY24 billion in 2018 and
CNY17 billion in 2017)
- Average selling price at CNY11,500-13,300 per sqm in 2019-2021
(CNY11,180 per sq m in 2018)
- Attributable land premium equivalent to 24%-28% of
attributable contracted sales in 2019-2021 (28% in 2018)
- EBITDA margin (excluding capitalised interest) of 25.5%-27.7%
in 2019-2021 (25.8% in 2018)
KEY RECOVERY RATING ASSUMPTIONS
- Fantasia to be liquidated in bankruptcy as it is an asset-
trading company
- 10% administration claims
- Advance rate of 70% applied to net development-property
inventory, excluding joint ventures, as EBITDA margin is
20%-25%
- Advance rate of 60% is applied to net investment property
and property, plant and equipment
- Excess cash of CNY17.5 billion was applied to the recovery
analysis. This is based on the company's total cash minus
minimum cash requirement, which is equal to three months
of contracted sales.
- 40% recovery rate applied to investments in money-market
fund and debt instruments
- Cash under Colour Life deducted from group cash balance,
and senior unsecured debt held under Colour Life deducted
from group debt balance
- Residual value from Colour Life added to Fantasia's recovery
analysis
- Accounts receivable held under Colour Life deducted from
group receivables
These assumptions result in a recovery rate within the 'RR1' range.
However, the Recovery Rating is capped at 'RR4' because under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
China falls into Group D of creditor friendliness, and instrument
ratings of issuers with assets in 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
- Material increase in business scale and a much more
diversified land bank
- Leverage, measured by net debt/adjusted inventory, sustained
below 40% (45% at end-2018)
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Leverage, measured by net debt/adjusted inventory, above
50% for a sustained period
- EBITDA margin (excluding capitalised interest) below 20%
for a sustained period
- Sales efficiency, measured by attributable contracted
sales/net inventory excluding investment property, below
1.0x for a sustained period (1.0x at end-2018)
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: The company had CNY23.7 billion of available
cash and CNY1.0 billion of restricted cash at end-June 2019, which
was more than able to cover CNY11.3 billion of short-term debt.
Fantasia had CNY35 billion of credit facilities at end-2018, of
which CNY22.7 billion was unused.
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 Fantasia, either
due to their nature or the way in which they are being managed by
the company.
FANTASIA HOLDINGS: S&P Assigns 'B' Rating on New Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue credit rating
to a proposed issue of U.S.-dollar-denominated senior unsecured
notes by Fantasia Holdings Group Co. Ltd. (B/Stable/--). The issue
credit rating is subject to its review of the final issuance
documentation.
S&P said, "We equalize the bond rating with that on the issuer,
because we expect the priority debt ratio to fall within our
threshold for notching down, even though the ratio was above 50% in
2019. In our view, the priority debt ratio will only temporarily
remain above 50%.
"As of June 30, 2019, Fantasia's capital structure consisted of
about Chinese renminbi (RMB) 13.4 billion in secured debt and
RMB9.2 billion in unsecured debt issued by the company's
subsidiaries, which we consider as priority debt. Fantasia also has
RMB17.6 billion of unsecured debt at the parent level, which
consist mainly of offshore senior notes. We expect Fantasia's
priority debt ratio to decrease given its record of high use of
unsecured offshore borrowing, and because the company faces
relatively large maturities of its priority onshore bonds in
2020."
The issuance may aid Fantasia's upcoming refinancing and slightly
lengthen its debt maturity profile. Fantasia intends to use the
proceeds from this new issuance to refinance its existing debt,
including its offshore senior notes due in 2021, which it
concurrently offers to repurchase. Its offshore maturities are
concentrated in 2021, when US$1.4 billion will be due.
S&P said, "The stable outlook on Fantasia reflects our expectation
that the company's financial leverage will moderately decrease from
the peak in 2017-2018, as the company grows its contracted sales
and increases its revenue while maintaining stable profitability.
Fantasia recorded total contracted sales of RMB36.2 billion in
2019, which is in line with our expectations of an approximately
20% increase from 2018."
IDEANOMICS INC: Seven Directors Elected to Board
------------------------------------------------
At the Annual Meeting of Shareholders of Ideanomics, Inc. which was
held on Dec. 30, 2019, the shareholders elected Alfred Poor, Jerry
Fan, Chao Yang, Shane McMahon, James Cassano, Bruno Wu, Harry
Edelson, Steven Fadem, and John Wallace to the Company's Board of
Directors to hold office for a one-year term until the annual
meeting of shareholders in 2020 and until their successors are
re-elected and qualified. The shareholders also ratified the
selection of BF Borgers CPA PC as independent registered public
accounting firm for the fiscal year ending Dec. 31, 2019.
About Ideanomics
Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services. The company
is headquartered in New York, NY, and has offices in Beijing,
China. It also has a planned global center for technology and
innovation in West Hartford, CT, named Fintech Village.
Ideanomics reported a net loss of $28.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $10.86 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, Ideanomics had
$164.76 million in total assets, $47.26 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $116.24 million in total equity.
B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.
MEITU INC: Expects to Post Loss in 2019
---------------------------------------
Mo Yelin at Caixin Global reports that Meitu Inc. expects its
losses for 2019 to shrink sharply on the previous year, as the
company pushes to monetize a large user base and grow revenue from
advertising.
Meitu expects to lose between CNY190 million (US$27 million) and
CNY196 million for the year ending December, down 77.3% to 76.6%,
the Hong Kong-listed company said in a note this week, Caixin
relays. It reported a loss of CNY879 million in 2018.
Caixin relates that the company didn't touch on the year's revenue
in the note, which made the projection based on core online
advertising revenue growth, as well as efforts to cut sales and
marketing costs. It noted the actual results may be different as
the accounts have not yet been audited.
Founded in 2008, Meitu owns a series of mobile apps, including
Meitu Xiuxiu, a hugely popular photo-enhancing tool which claims
more than 100 million monthly active users. The company boasted
more than 308 million monthly active users across its mobile
offerings as of June, including 112 million outside China.
Meitu once generated most of its revenue from selling smartphones.
But it sold its core hardware business to smartphone heavyweight
Xiaomi Inc. in 2018, and has since ramped up efforts to monetize
its large user base as part of its strategy to transform into a
social media company, according to Caixin.
For the first half of 2019, Meitu made 99.7% of its CNY464 million
in revenue from the so-called "internet business," a monumental
jump from only 6.6% at the end of 2016, when it reported the year's
revenues at CNY1.6 billion.
Aside from advertising, the company has drawn more revenue from
premium subscriptions, including through an augmented-reality based
advertising platform which partners with bricks and mortar retail
stores to let consumers "try on" products virtually, Caixin says.
According to Caixin, Meitu said in the note that revenue from
subscription fees had seen strong growth in 2019, though it did not
provide figures.
After listing in Hong Kong in 2016 with a share price of HK$8.5
($1.09), Meitu has seen its stock value wither more than 80%,
reflecting investors' concerns about its money-losing status. On
Jan. 2, Meitu closed at HK$1.62, down slightly by 1.2%, the report
adds.
Meitu, Inc. offers mobile application software. The Company
researches, produces, and markets image editing, live broadcasting,
and other related social software. Meitu Inc also participate in
mobile designing and retailing around the world.
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I N D I A
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BALAJI WIRE: CARE Assigns B+ Rating to INR5.5cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Balaji Wire (SBW), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 5.50 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SBW primarily takes
into account its modest scale of operations with weak financial
risk profile marked by moderate profitability margin, weak solvency
position and stretched liquidity position. The rating, further,
takes constrained on account of profitability susceptible to
fluctuations in raw material price, its presence in the highly
competitive and fragmented industry and constitution as a
partnership concern. The ratings, however, derive comfort from
experienced management.
Key Rating Sensitivities
Positive Factor
* Increase in scale of operation above INR45 crore on sustained
basis.
* Increase in profitability margins marked by PBILDT margin of
more than 5.00% on sustained basis
* Improvement in capital structure marked by overall gearing below
2 times on sustained basis.
Negative Factor
* Deterioration in capital structure marked by overall gearing of
more than 4.5 times owing to debt funded project.
* Deterioration in liquidity position marked by operating cycle of
more than 90 days owing to delay in payment realization from
customer
* Any changes in government policy which adversely affect its
scale of operations.
Detailed description of the key rating drivers
Key Rating Weaknesses
Growing scale of operation albeit stood modest coupled with
constitution as a partnership concern: Total Operating Income
(TOI) of the firm has continuously increased during past three
financial year ended FY19 (FY refers to period from April 1 to
March 31) and grew at a CAGR of 33.93% however stood modest at
INR28.87 crore in FY19. Its constitution as a proprietorship firm
restricts its overall financial flexibility. There is the inherent
risk of withdrawal of capital and dissolution of the firm in case
of death/insolvency of proprietor. Any withdrawals from the capital
account may affect its financial risk profile.
Weak financial risk profile moderate profitability margin,
leveraged capital structure and weak debt coverage indicators:
Owing to low value addition in the business, profitability margin
of the firm stood moderate marked by PBILDT margin and PAT margin
of 4.33% and 1.13% respectively in FY19. Further, GCA level
remained stagnant during past three financial years ended FY19 and
it stood at INR0.51 crore in FY19. Further, owing to modest
netowrth base of INR2.09 crore as on March 31, 2019, the capital
structure of the firm stood leveraged marked by overall gearing of
3.37 times as on March 31, 2019, deteriorated from 2.20 times as on
March 31, 2018 owing to higher utilization of working capital bank
borrowing and disbursement of new term loan to enhance the capacity
which was offset by profit accretion to reserves. Furthermore, the
debt coverage indicators stood weak with total debt to GCA of 13.73
times as on March 31, 2019, deteriorated from 7.90 times as on
March 31, 2018 owing to higher total debt level. Interest coverage
stood moderate at 1.98 times in FY19 as against 2.31 in FY18.
Profitability susceptible to fluctuations in raw material price:
The major raw materials of SBW are wire rod and GI Wire, the prices
of which are highly volatile. Moreover, the firm does not have any
long term contracts with the suppliers for the purchase of the
aforesaid raw materials. Raw material cost comprises more than 80%
of total cost incurred in FY19. Hence, any adverse movement in raw
material price without any corresponding movement in finished goods
price is may affect the profitability of the company.
Presence in highly competitive and fragmented industry: The steel
wire
manufacturing/trading segments are highly fragmented and
competitive marked by presence of numerous players across India.
Hence the players operating in the industry lacks pricing power and
exposed to competition induced pressures on profitability.
Key Rating Strengths
Experienced management: The promoters are engaged into wire
product industry since 2008 and hence, it has long track record of
operation of more than a decade in the industry. Over the period of
time, the promoters have established relationship with its
customers and suppliers. Overall affairs of the firm are managed by
Mr. Manoj Kumar Tanwani and Mr Raj Kumar Tanwani and both have more
a decade of experience in the industry.
Liquidity Position: Stretched
Liquidity position of the firm stood stretched marked by 80-90%
utilization of fund based limit during past 12 months ended
November 2019. The firm allows credit period of 30-60 days and
maintain inventory of around 30 days while it has to pay its
creditor within a week due to which operating cycle also stood at
66 days in FY19. Further, liquidity ratio of the company also
remained moderate marked by current ratio and quick ratio of 1.29
times and 0.88 times respectively as on March 31, 2019. SBW had
cash and bank balance of INR1.12 crore as on March 31, 2019 and
projected GCA of INR0.78 crore in FY20 as against repayment of
INR0.38 crore during FY20 without considering contingent
liabilities which depicts sufficient headroom for its current
repayment obligation.
Katni (Rajasthan) based SBW was formed in April 2015 by Mr. Manoj
Kumar Tanwani and Mr. Rajkumar Tanwani and agreed to share profit
and loss in the ratio of 51:49 by converting into proprietorship
firm of Mr. Manoj Kumar Tanwani which is engaged into manufacturing
of wire products since 2008. The major products of the firm include
Barbed Wire, Wired Nails, M.S. Wire and Chain Jali. SBW purchases
raw material from Raipur and Bhilai and sells its finished products
to dealers located majorly in Uttar Pradesh and Madhya Pradesh. The
firm uses brand name of Tiger Super and Shakti-Maan for barbed wire
and wired nails respectively.
BATHSHA MARINE: CARE Reaffirms B+ Rating on INR1.07cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bathsha Marine Exports Private Limited (BMEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 1.07 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 9.50 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of BMEPL continue to be
tempered by small scale of operations with thin profit margins,
moderate operating cycle days along with competitive nature of
industry. The ratings are further tempered by regulatory risk and
seasonality associated with seafood industry along with fluctuation
in foreign exchange prices. The ratings also factor in growth in
total operating income during FY19 and marginal improvement in
capital structure and debt coverage indicators (during April 1,
2018 to March 31, 2019).
The ratings however, are underpinned by the long track record and
experienced promoters for more than two decades in sea food
industry and locational advantage of the plant.
Rating Sensitivities
Positive Factors
* Increase in gross cash accruals by ~10%
* Improvement in capital structure, marked by
overall gearing below 2.5x
Negative Factors
* Decline in total operating income by ~30%
* Decline in PBILDT margin by 100 bps
* Elongation in working capital cycle
Detailed description of the key rating drivers
Key Rating Weaknesses
Small Scale of operations with thin profit margins: The scale of
operations, however improving, continued to remain small marked by
a total operating income of INR30 crore and a low net worth base of
INR3.93 crore in FY19 The PBILDT margin marginally declined and
stood at 6.32% in FY19 as compared to 7.27% in FY18 on back of
increase in cost of raw material for the execution of increased
orders. The PAT margin, however, improved and stood at 0.94% in
FY19 as compared to 0.75% in FY18 on back of a decrease in the
interest and finance costs.
Moderate operating cycle days: The operating cycle of the company
stood stretched at 93 days in FY19 as compared to 88 days in FY18
due to an increase in average inventory period from 100 days in
FY18 to 111 days in FY19 due to increase in the number of the
orders executed. The average collection period increased from 35
days in FY18 to 39 days in FY19 on back of delay in realizations
made during the year. The company allows a credit period of 30-45
days to its debtors and is able to make the realization within
35-40 days. The average creditor period also increased and stood at
57 days in FY19 as against 48 days in FY18.
Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: The company has to
stock shrimps for export during the off season, thus increasing its
inventory levels. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to pose
risk in the raw material procurement. Furthermore, due to limited
value addition nature of business and less technological input
entry barriers are low. Thus, processed sea food industry is highly
competitive with the presence of a large number of Indian players
as well as players from other international market. Furthermore,
exports of sea food is highly regulated, as exporters of sea food
have to meet various regulations imposed by importing nations as
well as imposed by the Indian government.
Profitability margins are susceptible to fluctuation in foreign
exchange prices: The company generates 100% of revenue through
export sales therefore the profitability margins of the company are
susceptible to fluctuation in foreign exchange prices because of
absence of hedging mechanism. The company, however, has made profit
from foreign exchange transactions of INR0.30 crore in FY19 and
INR0.20 crore in FY18.
Key Rating Strengths
Long track record and experience of the promoters for more than two
decades in sea food industry: BMEPL was incorporated in the year
1997, promoted by Mr. Akber Bathsha (Managing Director), Mrs.
Sunitha Bathsha (Director) and Mr. Yazar Bathsha (Director), all
the directors are qualified graduate having more than two decade of
experience in sea food industry. The directors are actively
involved in day to day operations of the company. Mr Akber Bathsha
has more than two decades of experience in sea food industry and
looks after the marketing activities. Due to long term presence in
the market, the promoters have good relations with suppliers and
customers.
Growth in total operating income during FY19: The total operating
income of the company increased by ~15% and stood at INR30 crore in
FY19. This increase was on back of increase in the production
during FY19 supported by increase in the quantum of orders,
acquiring new customers as well as retaining and repeating orders
form the existing customers.
Marginal improvement in capital structure and debt coverage
indicators
The capital structure of the company marked by overall gearing of
the company though improved stood moderately leveraged at 2.62x as
on March 31, 2019 as against 3.38x as on March 31, 2018 on back of
improved net worth position of the company. The debt coverage
indicators represented by TD/GCA of the company improved and stood
moderate at 11.11x as on March 31, 2019 as compared to 14.65x as on
March 31, 2108 on account of improvement in gross cash accruals.
TD/CFO of the company also improved and stood at 3.09x in FY19 on
back of increase in the cash flow from operations due to positive
working capital changes. The PBILDT Interest coverage improved
marginally and stood at 2.19x in FY19 as compared to 1.95x in FY18
due to a decrease in the interest and finance costs.
Locational advantage: The plant location of the company is located
in aquaculture Zone near Kerala, which enables the company to
procure raw materials and send the same for process immediately
after harvest. This results in better quality product as well as
lowers the transportation cost
Liquidity: Adequate
Adequate liquidity characterized by sufficient cushion in accruals
vis-à-vis repayment obligations and moderate cash balance of
INR0.11 Crore. Its bank limits are utilized to the extent of ~95%
and is supported by above unity current ratio of 2.18x as on
March 31, 2019.
Placo Enterprises Private Limited was incorporated in the year 1997
and later the name was changed to Placo Plastics Private Limited.
During 2003, the company name was changed to current nomenclature
Bathsha Marine Exports Private Limited (BMEPL). Initially the
company was engaged in storage of sea food. However, from May 2016,
the company commenced processing, packing and export of shrimp and
various fish to the places like Vietnam, Portugal, Australia,
Kuwait and Korea. The product profile of the company includes black
tiger, Vannamei, white shrimp, Cuttle Fish, Indian Mackeral, Yellow
Fin Tuna and Ribbon Fish.
BLUEFLAME INDUSTRIES: CARE Reaffirms B+ Rating on INR4.41cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Blueflame Industries Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short term Bank
Facilities 4.41 CARE B+; Stable Reaffirmed
Long term Bank
Facilities 3.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Blueflame Industries
Private Limited continue to remain constrained by its short track
record with small scale of operation and low profitability margins,
regulated nature of business, working capital intensive nature of
operation and weak capital structure with moderate debt coverage
indicators. However, the ratings continue to derive strength from
experienced management and stable demand outlook for LPG cylinders.
Rating Sensitivities
Positive Factors
* Sizeable increase in scale of operations from present level
(Total Operating Income above INR50.00 crore and cash accruals
above INR1.50 crore) on a sustained basis.
* Improvement in capital structure (overall gearing ratio below
1.50x) on a sustained basis.
Negative Factors
* Any sizeable de-growth in scale of operations from present level
(total operating income below INR20.00 crore and cash accruals
below INR0.40 crore) on a sustained basis.
* Elongation in gross current assets days beyond 100 days and
increased reliance on external borrowings to fund these
requirements on a sustained basis.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record with small scale of operations and low
profitability margins: The company has started its commercial
operation from January 2018, thus having very short track record
operation. Though, the total operating income improved
significantly during FY19 vis-a-vis FY18 mainly on account of full
year of operation; the scale of operations of the company remained
small marked by total operating income of INR20.37 crore with a PAT
of INR0.18 crore in FY19. Further, the net worth and total capital
employed was low at INR0.69 crore and INR10.27 crore, respectively,
as on March 31, 2019. This apart, the company has achieved a
turnover of INR19.27 crore during 7MFY20. The small size restricts
the financial flexibility of the company and hinders it's economies
of scale. The profitability margins of the company also remained
low marked by PBILDT margin of 5.87% and PAT margin of 0.93% during
FY19.
Working capital intensive nature of operations: LPG cylinders are
manufactured either in two piece or three piece construction. In
two piece construction, cylinders are fabricated by welding two
domed ends directly together. A three piece cylinder is fabricated
by joining two domed ends to a cylindrical body. The domed ends can
be tori-Spherical; Semi ellipsoidal. The raw material as per IS
6240 or equivalent either in coil or sheet form may be used for
producing LPG cylinders. For a two piece cylinder, circular blanks
are cut from sheet to produce top and bottom domes. Top dome
further undergoes piercing operation to accommodate bung. Valve
protection ring and foot rings are produced by blanking, rolling,
joining and forming operations. There are different stages involved
in manufacturing of LPG cylinder. Hence it is a working capital
intensive nature of business.
Regulated nature of business: Liquefied Petroleum Gas (LPG)
Cylinders are manufactured and tested under stringent norms before
they get certified by Bureau of Indian Standards (BIS) for market
use. These LPG cylinders are designed and manufactured as per
Indian standard. Normally, cylinders are produced in batches from
raw material specified in Indian standards and tested before
dispatching to market. As a part of design, cylinder thickness is
calculated, that is based on the shape of the cylinder dome and
cylindrical portion of the dome. Cylinders are then produced
through various stages and tested before BIS Certifies. The
essential tests to be conducted on cylinders before they get
certified by Bureau of Indian standards such tests are Acceptance
test, Burst and volumetric expansion test, Hydrostatic stretch test
and burst test, Hydrostatic test, Pneumatic leak test, Radiographic
examination and, Fatigue test/ Cycle test.
Weak capital structure with moderate debt coverage indicators: The
capital structure of the company has improved as on March 31, 2019
on account of accumulation of surplus into reserves, infusion of
equity capital amounting to INR0.49 crore and repayment of term
loan. However, the capital structure remained weak marked by debt
equity ratio of 11.80x and overall gearing ratio of 13.85x as on
March 31, 2019. Furthermore, the debt coverage indicators also
remained moderate marked by interest coverage of 1.40x and total
debt to GCA of 21.27x in FY19.
Key Rating Strengths
Experienced management: Mr. Nitin Punamchand Khara, Mr. Elesh
Punamchand Khara, Mr. Sunil Kumar Saria and Mr. Sunil Kumar
Aggarwal are the directors of the company and they look after the
overall management of the company. Mr. Nitin Punamchand Khara
having around three decades of experience in the same line of
business, looks after the day to day operations of the company. He
is supported by other directors and a team of experienced
professionals. The promoters are actively involved in the strategic
planning and running the day to day operations of the company along
with a team of experienced personnel.
Stable demand for LPG cylinders: Liquid Petroleum Gas (LPG) is used
worldwide for cooking and heating, especially in the area without
connection to piped natural gas. It is a clean fuel. What
distinguish LPG from other fuels is cylinder management. Because
LPG has to be stored under pressure, metal cylinders are required.
India is a fastest LPG consumption country in the world. In India
government also launched several programmes to cover up the
villages which are currently using traditional methods of fuelling
for cooking. LPG demand growth is expected to remain high in near
future. Accordingly, metal cylinder demands are high in near
future.
Liquidity: Adequate - Liquidity is marked by sufficient cushion in
accruals vis-a-vis repayment obligations. The company has generated
cash accruals of INR0.45 crore in FY19 and it has cash balance of
INR0.10 crore as on March 31, 2019. The average utilization of fund
based limits remained at around 84% during last 12 months ended
November 30, 2019. The current ratio stood above unity
Blueflame Industries Private Limited was incorporated in 2015 by
Mr. Nitin Punamchand Khara with an objective to enter into LPG
cylinder manufacturing and repair business. The company has
established a LPG cylinder manufacturing unit at Dhanbad, Jharkhand
with an installed capacity of 5 lakh LPG cylinders per annum. The
commercial operation of the company started from January, 2018. The
company has also obtained necessary license from the respective
authority.
BRAHMANI RIVER: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brahmani River
Pellets Limited's (BRPL) Long-Term Issuer Rating of 'IND D (ISSUER
NOT COOPERATING)'.
The instrument-wise rating actions are:
-- The 'IND D' rating on the INR4.614 bil. Term loan due on
December 2016 withdrawn; and
-- INR1.140 bil. Non-convertible debentures issued on December
2013 ISIN INE750J07036 G-Sec Rate+3.7% (10.8%) due on
September 2023 withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate issued by the security trustee
and the lenders for the above facility.
COMPANY PROFILE
BRPL was founded in 2006 by the Stemcor Group for setting up a
4mtpa iron ore pellet production facility at Jajpur, Odisha
including a 4.7 mtpa beneficiation plant at Barbil and about 230km
slurry pipeline from Barbil to Kalinganagar, Jajpur. BRPL was taken
over by JSW Group entity and Thriveni Group entity with effect from
February 23, 2018, from its erstwhile promoters.
CONCORD CONSTRUCTION: CARE Hikes Rating on INR25cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Concord Construction (CC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 25 CARE B; Stable Revised from
Facilities CARE BB-; Stable to CARE D
and upgraded to CARE B; Stable
Short-term Bank 25 CARE A4 Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to long term bank facilities
of CC to 'CARE D' is on account of continuous overdrawals for the
month of May and June 2019 for the working capital limit mainly due
to stretched liquidity. The rating has been revised to 'CARE B;
Stable' as the debt servicing has been regular since July 2019. The
ratings assigned to the bank facilities of CC continue to be
constrained by the modest scale of operations with limited
geographical diversification and order book confined to few
customers. The rating is also constrained by high gearing and
working capital intensive nature of operations.
The rating, however, derives strength, from experienced promoters
and stable financial performance for FY19 backed by established
relationship with Government bodies.
Rating Sensitivities
Positive Factors
* Growth in the scale of operations marked by increase in total
operating income and improvement in order book position on
sustained basis
* Improvement in profitability on sustained basis
Negative Factors
* Continuous decline in order book position
* Any further deterioration in working capital cycle
Detailed description of the key rating drivers
Key Rating Weaknesses
Instances of over drawings in the past: The firm has reported
overdrawing in its cash credit account for a period of more than 30
days in the past (May 2019 and June 2019). However, same was
regularised and cash credit account remained regular since
July 2019.
Modest scale of operations with limited geographical concentration
and confined to few customers: Majority of the projects taken up by
the firm are restricted to two states, Karnataka and Kerala. The
company's current order book comprises of the projects from
Karnataka. CC receives its work orders mainly from government
departments. All these are tender-based and the revenues are
dependent on the firm's ability to bid successfully for these
tenders. The scale of operations remained modest with the
volatility in revenue in the past. However the revenue remained in
the range of INR30–INR35 crore for the past two years ending
FY19. This is because the firm has been receiving major orders only
from the end of FY16, major being from the Karnataka Government.
The fact of limited geographical as well as customer concentration
exposes the firm to concentration risks and political risks. The
total order book outstanding as on December 25, 2019 stood
at around INR32 Crore.
High Gearing and working capital intensive nature of operations:
The firm's nature of business is highly working capital intensive
in nature. The Government authorities award a contract to the firm
on the basis of a performance guarantee. Consequently, the firm has
to execute the contract and claims a part of the bill on percentage
completion basis. This requires the firm to utilise their working
capital in full till receipt of payments. The higher utilisation of
working capital renders the overall gearing of the firm at a high
level. As of March 31, 2019, the overall gearing stood at 3.92x and
the Total Debt to Cash Accruals stood at 15.49x.
Highly competitive industry: Concord receives its work orders
mainly from government and quasi government departments/companies.
All these are tender-based and the revenues are dependent on the
company's ability to bid successfully for these tenders. There are
numerous fragmented & unorganized players operating in the industry
which makes the civil construction space highly competitive.
Profitability margins come under pressure because of this
competitive nature of the industry. However, the promoters'
industry experience mitigates this risk to some extent.
Key Rating Strengths
Experienced Promoters: The firm is in the business of civil
construction since 1997 and managed by 7 partners of the Kallatra
Pariwar Group of Kerala. The partners are engaged in the businesses
for more than 2 decades and have executed various Government orders
successfully. Kallatra Pariwar is a group founded by Late Kallatra
Abdul Khader Haji in the State of Kerala. The group has diversified
business activities ranging from Plantation to Infra structure
development. Now the group is managed by the children of Late
Kallatra Abdul Khader Haji.
Stable Financial Performance backed by established relationship
with Government bodies: The firm is into the civil construction
business for the past two decades and has executed various orders
since 2012 for Karnataka and Kerala government. The major orders
executed by the company are mainly in the states of Karnataka and
Kerala and the company has a longstanding relationship with both
the state Government bodies.
The firm has reported stable income of INR33.4 crore in FY19 almost
flat performance as compared to INR34.4 crore in FY18 mainly on
execution of ongoing orders. The firm has reported PBILDT margin of
16.28% for FY19 (PY: 15.51% for FY18). The company reported PAT of
INR1.2 crore for FY19 (PY: INR1.3 crore).
Liquidity- Stretched
The firm is engaged in the civil construction industry with orders
from Government authorities. The payments are generally released
after raising invoice on stage wise completion basis. However, the
firm has to invest its working capital funds for the ongoing
projects. This keeps their inventory levels at a higher level
rendering the utilization at peak levels. The working capital
utilization is almost fully utilized throughout the year.
Concord Constructions was incorporated by Kallatra Pariwar Group in
1997 and is engaged in civil construction works across Karnataka
and Kerala. The firm started taking up major projects towards the
end of 2012 for Karnataka Government and has worked on various
small projects since then. Concord is registered as a partnership
with major partners coming from the Kallatra group. The Kallatra
Pariwar group has diversified business activities namely Kallatra
ship builders, Kallatra Technologies, Kallatra Wood Industries.
DECCAN AUTO: CARE Lowers Rating on INR42.35cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Deccan Auto Limited (DAL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term bank 42.35 CARE D Revised from CARE BB+;
facilities Stable
Short term bank
Facilities 8.00 CARE D Revised from CARE A4+
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of DAL is
on account of delays with respect to repayment of principal
obligations of term loans owing to cash flow mismatches.
Detailed description of the key rating drivers
Key rating weakness
Delays in debt servicing owing to liquidity issues: Lenders have
reported that there are delays with respect to repayment of
principal obligations of term loans primarily on account of
liquidity constraints due to cash flow mismatches.
Regulated nature of industry: The industry is regulated with
various approvals and certification albeit some of the norms have
been relaxed by Authorized Regulatory Bodies. Govt. of India with a
view to regulate the bus body industry and passenger safety has
announced the new code of accreditation for bus body builders.
Accreditation implies evaluating, assessing and approving the
capacities of a bus body builder to consistently ensure the
specified quality of bus bodies.
Key rating strengths
Experienced promoters: DAL is a part of Prasaditya group, promoted
by Mr. M.S.R.V Prasad (Chairman), who has about three decades of
experience in diverse sectors such as cement manufacturing, steel
manufacturing, steel and alloy castings, software & services, among
others. The group also has presence in the asset reconstruction
space through the company Pridhvi Asset Reconstruction and
Securitization Company Limited (PARAS) which has been jointly
promoted Mr. Prasad along with Dr. Murali Krishna Prasad Divi in
2007.
Deccan Auto Limited (DAL), promoted by Mr. M.S.R.V Prasad
(Chairman), Mr. V. A. Norhi (Managing Director) and Mr. M. Sunil
Prasad, was incorporated in 2011 in Hyderabad, Telangana. The
company is engaged in bus assembling and bus body building at its
manufacturing facilities (annual installed capacity of 3,000 buses)
located at Kodakanchi village, Medak district, Telangana. The
company is part of PRASADITYA group. The group has varied interest
ranging from manufacturing to asset reconstruction.
EFFERENT REALESTATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Efferent Realestate Private Limited
House No. 2/56 A, Floor 3rd Landmark
Near Sachdeva Paneer Bhandar
Moti Nagar, New Delhi West
Delhi 110015
Insolvency Commencement Date: December 20, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 17, 2020
Insolvency professional: Gaurav Katiyar
Interim Resolution
Professional: Gaurav Katiyar
D-32, East of Kailash
New Delhi 110065
E-mail: cagauravkatiyar@gmail.com
efferent.cirp@gmail.com
- and -
The Insolvency and Bankruptcy
Board of India (IBBI)
7th Floor, Mayur Bhawan
Shankar Market, Connaught Circus
New Delhi 110001
Classes of creditors: Allottee under real estate project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Shyam Arora
96, Aravali Apartment
Alaknanda, New Delhi 110019
E-mail: arora.shyaam@yahoo.com
Mr. Manoj Kumar Singh
203, 2nd Floor
10 Sikka Complex Community Centre
Preet Vihar, Delhi 110092
E-mail: cma.msingh@gmail.com
Mr. Devendra Umrao
Flat No. 603, 6th Floor
Tower-D1, Cleo County
Sector-121, Noida
Uttar Pradesh 201301
E-mail: dev.umrao@gmail.com
Last date for
submission of claims: January 10, 2020
FENIX PROCESS: CARE Moves D on INR13.6cr Debt to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Fenix
Process Technologies Private Limited (FPTPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.18 CARE D Revised from CARE D;
Facilities ISSUER NOT COOPERATING
Short-term Bank 13.62 CARE D Revised from CARE D;
Facilities ISSUER NOT COOPERATING
Details of instruments/facilities in Annexure-1
In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
FPTPL and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE D; ISSUER NOT
COOPERATING*'. However, the company has now submitted the requisite
information to CARE. CARE has carried out a full review of the
rating and the rating stands at 'CARE D'.
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of FPTPL continues to
factors in delays in repayment of debt obligation.
Rating Sensitivities
Positive factors
* Repayment of debt obligations on timely manner and demonstration
of default free track record of more than 90 days.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in servicing of debt obligations: As per the interaction with
the banker, there are on-going delays in repayment of interest and
principal on term loan.
Liquidity analysis: Poor
Liquidity is poor marked by lower accruals when compared to
repayment obligations. This has constrained the ability of the
company to repay its debt obligations on a timely basis.
FPPL was incorporated in 2005 and is based out of Pune
(Maharashtra). The company is engaged in designing, engineering and
providing equipment solutions for distillation and other
mass-transfer operations. The company undertakes projects from
plant erection to supplying custom machineries. FPPL procures the
raw material i.e. Steels and aluminium from in Maharashtra based
dealers based dealers and whole sellers. The major customers of the
company include chemical factories and distilleries companies.
FRIENDS PAPER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Friends Paper
Mill's (FPM) 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 D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR100.00 mil. Fund-based working capital limits (Long-term)
migrated to Non-Cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR68.26 mil. Term loan (Long-term) due on March 2022 migrated
to Non-Cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 24, 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 2016, FPM manufactures kraft paper at its 100MT/day
facility in Pathankot, Punjab.
FUTURE RETAIL: Fitch Publishes BB(EXP) LT IDR, Outlook Positive
---------------------------------------------------------------
Fitch Ratings published Indian retailer Future Retail Limited's
expected Long-Term Foreign-Currency Issuer Default Rating of
'BB(EXP)'. The Outlook is Positive. Fitch has also assigned the
proposed senior secured US dollar bond to be issued by Future
Retail Limited a rating of 'BB(EXP)'.
The rating is "expected" as the rating analysis has been based on
the restructured FRL entity. Under the restructuring, FRL will buy
the in-store infrastructure assets it currently leases from Future
Enterprises Limited for INR40 billion. The purchase will be funded
by INR15 billion in additional equity the main shareholders have
committed to contribute and the combination of FRL's internal
accruals, security deposits paid to Future Enterprises under the
lease rental arrangements, and borrowings, including a proposed
benchmark-sized senior secured bond.
As part of the restructuring, the cross-guarantee arrangements
between FRL and Future Enterprises will cease upon payment of the
proceeds of the bond for the assets to be acquired and Future
Enterprises using the funds to repay debt with the
cross-guarantees. Fitch will look to convert the ratings from
expected to final once this transaction is completed and the
cross-guarantees removed, ensuring that the final terms and
conditions of the bond conform to its understanding.
FRL's expected rating reflects its strong business profile, as
India's leading retail group. The company owns the country's
leading hypermarket chain, Big Bazaar; convenience stores, Easyday
and Heritage; fashion chain, fbb; and premium food store, Foodhall.
Its network is one of the most extensive in India with a presence
in 29 states (including 4 Union Territories). Its stores generated
more than 350 million customer footfalls and USD2.9 billion in
revenue in the financial year ended March 31, 2019 (FY19).
The Positive Outlook reflects its belief that FRL's strong business
profile will allow it to take advantage of the continued forecast
growth in Indian consumption expenditure - particularly in
organised retail - and help FRL's financial profile improve to a
level commensurate with a 'BB+' rating by FY22. Fitch believes that
the recently completed deal for Amazon.com, Inc. (A+/Positive) to
take a stake in a shareholder of FRL will provide opportunities for
FRL to increase sales and assist with the implementation of its
"online-to-offline" strategy to improve customer engagement,
particularly given Amazon's position as a global market leader in
online retailing.
KEY RATING DRIVERS
Leading Indian Retailer: FRL had 1,550 stores and around 16.4
million square feet in retail space in 432 cities across India at
September 30, 2019 (1HFYE20). It plans to expand to around 1,800
stores by end-FY23, mainly through its Big Bazaar, fbb standalone
fashion stores and Easyday convenience stores. With its large
Indian footprint and Big Bazaar's reputation as one of India's most
trusted brands, Fitch believes that FRL is in a strong position to
take advantage of the rise in Indian consumers' spending and move
towards organised retailers from the informal market.
Changing Indian Retail Landscape: Consumption expenditure in India
rose at an average annual rate of around 7% from 2012 to 2016, and
Fitch expects it to continue to grow at a CAGR of around 9% until
2020. Annual same-store sales growth (SSSG) at two of FRL's leading
chains, Big Bazaar and fbb, reflect this trend, with SSSG of
10%-14% and 9%-12%, respectively, from FY15 to FY19. Fitch also
expects organised retailers, such as FRL, to benefit from
consumers' shift away from informal retailers, which make up around
90% of the Indian retail market, as convenience and selection
become more important.
Despite the favourable environment for organised retailers, the
sector continues to face challenges from the highly diverse
demographics of Indian consumers, and hence complexity of
penetrating beyond the middle- and high-income groups in the
cities, and strong competition from the unorganised sector.
Benefits from Restructuring: The proposed restructuring will
simplify the structure of the group for debt investors. The new
issuing entity, FRL, is the main income-generator of the group, and
the transfer of the in-store infrastructure assets to FRL will
provide the security for the proposed senior secured bond. In its
view, there are also operational benefits from the new structure,
with FRL having better visibility and control over growth plans and
capex requirements.
Controls to Protect Creditors: While Future Enterprises will
continue to be a critical part of the supply chain in both
procurement and logistics, there are numerous controls in place to
ensure all related-party transactions are on a market basis, which
will protect the access of FRL shareholders and creditors to
profits and cash.
M&A and Partnership Appetite Reduced: FRL's main shareholder has
historically used M&A to help to grow its business, including the
purchase of Travel News Services India (licensee of WH Smith) and
Foodworld in 2018, and the HyperCity acquisition and the merger
with Heritage Foods Limited in 2017. Fitch is not aware of any
transactions under consideration, and believe FRL's main focus in
the future is on organic growth. Fitch believes that the
development of its recent tie-ups with WH Smith and 7-Eleven in
India will reduce the need to identify M&A opportunities.
Any future M&A that may delay FRL's ability to improve its credit
metrics to within the positive guidelines beyond FY22 could result
in Fitch revising the Outlook to Stable.
Amazon Transaction Supports Growth: Fitch views the deal with
Amazon as positive for FRL's credit profile, particularly as the
company prioritises increasing its online presence as part of its
growth strategy. Fitch believes that Amazon's global leadership in
online retailing will provide FRL with know-how that can accelerate
FRL's ability to generate more sales and implement its
"online-to-offline" strategy to improve customer engagement.
In its view, Amazon's commitment to its partnership with FRL is
underscored by its USD200 million investment in FRL shareholder
Future Coupons Private Limited; its call option to purchase a
controlling stake in FRL in three to 10 years; and the access that
FRL provides to India's population of 1.3 billion.
DERIVATION SUMMARY
FRL's rating compares well with China-based retailer, Golden Eagle
Retail Group Limited (BB/Stable), whose rating reflects the solid
execution of its strategy and stable performance in its retail
operations. This results in Golden Eagle having a slightly better
financial profile than the post-restructuring FRL. However, FRL's
larger scale, better diversification across India and exposure to a
fast-growing consumer market - which Fitch believes will be
enhanced by its partnerships with major international retailers -
underscores the two issuers' ratings at the same level, with FRL
having a Positive Outlook.
The ratings on FRL and US-based retailer, Burlington Stores Inc.'s
(BB+/Stable) are supported by exposure to growing markets and
comparative advantages in their respective markets. Burlington has
a stronger financial profile than FRL now, but the Positive Outlook
on FRL reflects its expectation that its financial profile will
move to be more in line with that of Burlington as it continues to
execute on its partnerships with international retailers.
While FRL's business profile is strong for its rating, it is weaker
than its larger and internationally diversified peers, including
Cencosud SA (BBB-/Rating Watch Negative). Compared with FRL,
Cencosud is significantly larger and has better diversification
with activities in food retail, shopping mall, department store and
non-food retail segments, as well as geographic diversification
across Latin America. This underscores the two-notch rating gap
between the two entities. Cencosud's exposure to Argentina and high
leverage constrain its rating, while the heightened economic
uncertainty in Chile is reflected in the Rating Watch Negative.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Sales to grow by between 14%-20% per year from FY20 to FY23,
including additional sales expected from the Amazon deal from FY21
- EBITDA margins to improve by around 3pp in FY21, and then by
around 0.5pp per year to FY23
- Capex to range between INR7 billion and INR10 billion per year
from FY20 to FY23
- Dividends to resume in FY20
- Equity contribution of INR20 billion to be received as part of
the warrant issue to Future Coupons Private Limited in FY20 (INR5
billion received in April 2019)
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Leverage, defined as total adjusted net debt/operating EBITDAR,
declining to below 3.0x for a sustained period (FY19: 4.5x).
- Fixed-charge cover, defined as operating EBITDAR/(interest paid
+ rents) increasing to above 2.5x for a sustained period (FY19:
1.5x).
- EBITDA margin sustained above 9% (FY19: 5.2%).
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
Fitch will revise the Outlook to Stable should the above metrics
not be met. Fitch will consider downgrading the rating if leverage
remains above 4.0x for a sustained period.
LIQUIDITY AND DEBT STRUCTURE
Free Cash Flow Supports Liquidity: FRL's capital structure mainly
consists of a term loan, working capital loan and equity. At FYE19,
FRL had INR37.53 billion in committed, but unused, facilities.
Under the proposed transaction, FRL intends to issue a
benchmark-sized senior secured note, proceeds of which will be used
to finance the payment to Future Enterprises for the in-store
infrastructure assets. Following this, the cross-guarantees between
FRL and Future Enterprises will cease and financing for FRL will be
solely located within the FRL group.
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.
FUTURE RETAIL: S&P Assigns Prelim. 'BB-' LT Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings, on Jan. 6, 2020, assigned its preliminary 'BB-'
long-term issuer credit rating to Future Retail Ltd. and
preliminary 'BB-' long-term issue rating to the company's proposed
senior secured bonds.
The ratings on Future Retail reflect the company's higher leverage
than peers' and its small scale in a highly fragmented and
intensely competitive retail market in India. Future Retail's good
market position across retail formats provides immense opportunity
for growth and supports its business position.
Future Retail is a leading brick-and-mortar retailer in India in
terms of revenue (US$2.9 billion in the fiscal year ending March
31, 2019), similar to Avenue SuperMarkets Ltd. (D'Mart, US$2.9
billion), but much smaller than Reliance Retail Ltd (US$16.8
billion). Future Retail's operations are also smaller than that of
global peers such as Russia-based X5 Retail Group N.V.,
Canada-based Metro Inc. and Italy-based Esselunga S.p.A.
Future Retail's 1,550 stores with 16.4 million square feet of
retail space across 432 Indian cities provide it a pan-India
footprint. The company runs a risk of operations in a single
country. However, S&P believes India's diverse geography,
multicultural demographics, fast-rising middle-class income, and
very low organized retail penetration present an immense
opportunity.
S&P said, "India's organized retail penetration is still nascent,
in our view. According to a joint study by Deloitte Touche Tohmatsu
India LLP and the Retailers Association of India (RAI), organized
retail will account for 25% of the retail market in India by 2021,
compared with just 12% in 2017. Over this period, the study expects
the Indian retail market to expand to US$1,200 billion, from US$795
billion. In our view, the rapid increase in penetration will help
Future Retail quickly bridge the gap with its larger global
peers."
India's retail regulations do not allow more than 51% foreign
ownership in multi-brand retail. This gives companies such as
Future Retail an edge. However, S&P believes Indian retailers are
facing significant competition from deep-pocketed e-commerce
players such as Amazon India and Walmart Inc.-backed Flipkart India
Pvt. Ltd. The Deloitte-RAI study expects the Indian e-commerce
market to capture about 7% retail market share by 2021, from about
3% in 2017. This indicates a much faster growth than for
traditional brick-and-mortar retailers such as Future Retail.
Online retailers are pulling high-end customers away from the
traditional players, buoyed by a high level of discounting and
increasing data-led mobile phone penetration. Categories such as
electronics, especially mobile phones, and garments are
significantly affected by the heavy discounts by online retailers.
Staples such as food, groceries, and personal care products are
also seeing early-stage competition from the likes of
Alibaba.com-backed Supermarket Grocery Supplies Pvt. Ltd.
(Bigbasket) and Softbank Corp.-backed Grofers India Pvt. Ltd. In
S&P's view, the discounting model is unsustainable in the longer
run but the competition will remain intense over the next three to
five years.
Competition is forcing companies such as Future Retail and D'Mart
to shift towards an "omni-channel" strategy. S&P believes Future
Retail's increasing focus on new small-format convenience stores
(EasyDay) and its recent collaboration with Amazon.com, Inc. are
steps in that direction.
S&P said, "We believe Future Retail's multi-format strategy with
higher focus on fashion than peers' makes the company's operations
working-capital intensive. We expect Future Retail's inventory
turnover ratio to improve gradually over the next two to three
years because the company's increasing mix of convenience stores
should improve the share of fast-moving groceries and personal-care
products.
"In our opinion, Future Retail's EBITDA margins of 11%-12% reflect
good profitability, in line with global peers'. A large part of the
company's profitability is due to its higher margins from private
brands and fashion, which account for 43% and 30% of overall sales,
respectively.
"Our preliminary rating on Future Retail is based on our
expectation that the company will acquire its in-store leased
assets from Future Enterprises Ltd. (FEL) for about Indian rupee
(INR) 41.1 billion using proceeds of its proposed benchmark-size
issuance of senior secured notes and an equity infusion of INR15
million from the Biyani family (the promoters of Future Retail).
The proposed transaction with FEL is approved by minority
shareholders and is in the process of being approved by existing
lenders of Future Retail and FEL. Our preliminary ratings are also
subject to review of the issuance documentation.
"FEL would use the proceeds to pay its debt, which is guaranteed by
Future Retail. Therefore, in our view, the proposed transaction
will be leverage neutral for the wider Future Group and it should
simplify the capital structure and reduce the financial
interdependencies between Future Retail and FEL."
The Biyani family office has already infused INR5.0 billion as part
of its subscription to convertible warrants of Future Retail. The
Biyani family office will use the proceeds from its recent US$200
million transaction with Amazon.com to fund the remaining INR15.0
billion.
The proposed transaction will also help Future Retail save about
INR6.5 billion in annual lease rent payouts to FEL and extinguish
the cross-guarantees provided to FEL. This would provide greater
flexibility for Future Retail to invest in store expansion. Post
the transaction, S&P expects Future Retail's leverage (ratio of
funds from operation [FFO]-to-debt) to settle at 17%-19% over the
next two to three years, from 22.4% in fiscal 2019. The proposed
notes' issuance will also provide sustainability to Future Retail's
capital structure, which is dominated by short-term working capital
loans.
S&P said, "We believe Future Retail's operations are India-centric
and do not provide a natural hedge against its foreign currency
exposures. While assigning the preliminary rating, we assume Future
Retail will enter into appropriate hedges to mitigate foreign
currency risks arising from the proposed notes issuance.
"In our view, Future Retail's expansion strategy will continue to
weigh on its free operating cash flows (FOCF) over the next 12-24
months. We expect negative FOCF over the period. The company's
capital expenditure should increase because investments in
large-format in-store assets will also be made by Future
Retail--they were made by FEL earlier."
Future Retail's front-end retail store operations are supported by
other Biyani family office group entities such as FEL and Future
Consumer Ltd. (FCL). FEL manages sourcing and merchandising of
private brands fashion while its subsidiary Future Supply Chain
Solutions Ltd. (FSC) manages the supply chain operations of Future
Retail. FCL meets the private brand groceries, food, general
merchandise, and home and personal care supplies. FEL, FSC, and FCL
are independently listed on Indian stock exchanges but are
majority-owned and controlled by the Biyani family office, with
some overlap in key management positions. The companies also share
the "Future" brand.
S&P said, "In our view, the operations of Future Retail, FEL, and
FCL are interlinked because Future Retail is the single-largest
customer for FEL and FCL. Despite their independent identities, we
view them as one economic group combined on a pro forma basis with
inter-locking relationships, hereinafter called the Future Group.
We expect the operational linkages to continue despite the release
of financial guarantees between Future Retail and FEL, post the
proposed transaction.
"We estimate Future Group's credit profile to be slightly better
than Future Retail's on a stand-alone basis. In our view, Future
Group's business position benefits from full integration of retail
operations across Future Retail, FEL, and FCL; higher profitability
from individual business contributions; and a larger scale of
operations. We estimate, Future Group's pro forma consolidated
leverage to be 16%-18% over the next two to three years, comparable
to Future Retail's. However, we believe these strengths are not
sufficient to create a one-notch distinction between the credit
profiles of Future Group and Future Retail.
"The stable outlook on Future Retail reflects our expectation that
the company's operations will grow at a healthy pace over the next
12 months, with a steady increase in same-store sales and rapid
expansion of stores. We expect Future Retail's leverage to be
17%-19% over the period.
"The stable outlook also reflects our expectation of continued
liquidity support for Future Retail from Indian banks and our view
that Future Group's credit assessment will not change
significantly.
"We could downgrade Future Retail if its operating performance
weakens such that its leverage falls sustainably below 15%. Sales
growth dropping below 5% despite elevated expansionary spending, or
debt-fueled acquisitions or shareholder distribution could result
in such a scenario.
"We could also lower the rating on Future Retail if developments at
other Future Group entities cause us to lower our credit assessment
of the group.
"We could lower the rating by multiple notches if liquidity support
from Indian banks to the company wanes, such that we assess Future
Retail's liquidity as weak.
"We are unlikely to upgrade Future Retail unless we believe the
company's liquidity has become adequate, such that sources of
liquidity are sustainably above 1.2x uses. This would require a
significant and permanent reduction in short-term debt and reduced
capital spending."
Future Retail is India's leading retailer. It is listed on Indian
stock exchanges and is 47% owned by the Biyani family office. The
company engages in retailing of primarily in food, grocery, home
and personal care, and general merchandise via Big Bazaar and
Easyday/Heritage Fresh convenience stores, and fashion via its
Fashion at Big Bazaar format.
GRAPHTECH EXIM: CARE Lowers Rating on INR15.5cr Loan to B+/A4
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Graphtech Exim Private Limited (GEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short 15.50 CARE B+; Stable/CARE A4; ISSUER
Term Bank NOT COOPERATING; Revised from
Facilities CARE BB-; Stable/CARE A4 on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
GEPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on GEPL's bank facilities will now be
denoted as CARE B+;Stable/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of significant decline in
scale of operations along with deterioration in the capital
structure in FY19 (FY refers to the period from April 1 to
March 31).
The ratings further remained constrained on account of inherent
risk associated with contractual business, high amount of bank
guarantee as well as deposits towards contracts execution and
indirect linkage to infrastructure and real estate business with
fixed obligation.
The ratings however, derive strength from the experienced promoters
in the contract-based business. The ratings, further, derive
strength from moderate profitability margins and its
comfortable liquidity position.
Detailed description of the key rating drivers
At the time of last rating on September 26, 2018, the following
were the rating strengths and weaknesses. (updated for the
information available from the client)
Key Rating Weaknesses
Significant decline in scale of operation in FY19: Owing to tender
driven nature of operations, the scale of operations of the company
remained fluctuating during past three years. The company has
registered Total Operating Income (TOI) of INR23.48 crore in FY19,
which declined by 62.61% over FY18.
Deterioration in capital structure: The capital structure of the
company stood comfortable with an overall gearing ratio of 0.97
times as on March 31, 2019, however, deteriorated from 0.53 times
as on March 31, 2018 mainly due to infusion of unsecured loan by
the promoters and relatives. Total debt to GCA stood weak at 12.02
times as on March 31, 2019.
Inherent risk associated with contractual business and modest scale
of operations: GEPL operates in the industry where the income of
the entity is primarily dependent on collection of royalty from the
contracts based on the renewal of old contracts as well as awarding
of fresh contracts.
Indirect linkage to infrastructure and real estate business with
fixed obligations: GEPL is engaged in royalty collection on
various stand stones. Usages of stand stones are mainly on
infrastructure activity thus decline in real estate or
infrastructure projects in Rajasthan region may negatively impact
revenues of the company.
Moreover, GEPL has to pay fixed obligation on every contract to
awarding authority irrespective of the lower collection of royalty
which exposes firm to short-term liquidity mismatches.
Key Rating Strength
Experienced promoters in the contract based business: Overall
affairs of GEPL are managed by its key promoter, Mr Abhay Singh
Shekhawat, Mr Azad Kunwar Chudawat and Mr Jitendra Pal Singh.
Promoters have more than two decades of experience in real estate
and royalty collection business.
Moderate profitability margins: During FY19, the company has
reported net profit and cash profit as against net loss and cash
loss in FY18. Further, profitability margin of the company stood
moderate marked by PBILDT margin and PAT margin of 14.64% and 2.83%
respectively in FY19.
Moderate liquidity position: Liquidity position of the company
remained moderate marked by current ratio and quick ratio 2.63
times as on March 31, 2019 improved from 1.87 times as on March 31,
2018. Further, operating cycle remained negative due to high
creditor period.
Udaipur (Rajasthan) based Graphtech Exim Private Limited (GEPL) was
incorporated in 1997 by its key promoter, Mr. Abhay Singh
Shekhawat, Mr. Azad Kunwar Chundawat and Mr. Jitendra Pal Singh
Chundwat. GEPL is engaged in royalty collection business on
contractual basis in Rajasthan. Further, the promoters has also
promoted Bayan Contractors and Builders Private Limited (BCBPL),
Devgagnga Contarctors Private Limited (DCPL) and Parth Network
Private Limited (PNPL). BCBPL is engaged in the business of real
estate development business and leasing of property, DCPL is
engaged in royalty collection business and also operates hotel and
PNPL operates hotel.
IL&FS: Board Expects to Recover 50% of Overall Debt
---------------------------------------------------
Business Insider reports that Uday Kotak, the Chairman of the
restructured IL&FS board, on Dec. 31, 2019, said that the board
expects to recover 50 per cent of the overall outstanding debt in
its books as on Sept. 30, 2018. The crisis-ridden group has total
outstanding debt of over Rs 90,000 crore.
Addressing the 32nd Annual General Meeting (AGM) of the lending
group, Kotak said that the ongoing resolution process has become a
"test case" of group wide resolution of stressed assets, the report
relates.
"Resolution, restructuring and recovery formed the three vital
pillars of the strategy adopted by the new board," the report
quotes Kotak as saying.
He said the board is committed to completing the resolution process
at the earliest and is working towards addressing "significant"
portion of addressable debt by July 2020, Business Insider relays.
During the AGM, it was also announced that the government of
Gujarat has approved the purchase IL&FS Group's stake in Gujarat
International Finance Tec-City Company Ltd. (GIFTCL), whereby a
state government entity would buy the 50 per cent state of IL&FS,
resolving debt of approximately Rs 1,200 crore, the report adds.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.
JINDAL INFRASTRUCTURE: CARE Cuts Rating on INR11cr Loan to 'C'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal Infrastructure (JI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 11.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE B; Stable; ISSUER NOT
COOPERATING; based on best
available information
Short-term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from JI to monitor the ratings
vide e-mail communications dated December 13, 2019, December 6,
2019, December 2, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on JI's bank
facilities will now be denoted as 'CARE C; Stable; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Jindal Infrastructure with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.
Detailed description of the key rating drivers
At the time of last rating in October 14, 2019, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses:
Small scale of operations: JI is a relatively small player in the
construction industry marked by its total operating income of
INR42.98 crore with a PAT of INR2.48 crore in FY18, Provisional.
The net worth base and total capital employed was low at INR4.78
crore and INR21.60 crore, respectively, as on March 31, 2018.
During 8MFY19, the firm has booked turnover of INR22.87 crore.
Working capital intensive nature of business and exposure to
volatility in input prices: The major input materials for the firm
are bitumen, asphalt, murram, stone chips and metals, the prices of
which are volatile. Further the orders executed by the firm does
not contain price escalation clause and thus the firm remains
exposed to the price volatility of the input materials. This apart,
any increase in labour prices will also impact its profitability
being present in a highly labour intensive industry. The operations
of the firm remained working capital intensive as the firm executes
orders mainly for public sector units. Accordingly the average
utilization of working capital was moderately on the higher side at
around 90% during last 12 months ended May 31, 2018.
Client concentration risk albeit reputed clientele: JI executes
orders mainly for various public sector units like PWD, Irrigation
Department, etc. and earns revenue of about 80%-90% of its total
operating income from the above clients which exposes it to client
concentration risk. However, the firm has long standing
relationship with these clients for more than a decade which
offsets the risk to some extent. Further the clients of the firm
are reputed government players and hence, default risk is minimal.
However, the firm currently does not have any work order in hand.
Partnership nature of constitution: JI, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.
Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the firm remained leveraged marked by
overall gearing ratios at 3.52x as on March 31, 2018. The debt
coverage indicators also remained moderate marked by interest
coverage ratio of 2.89x and total debt to GCA of 4.41x during FY18,
Provisional.
Intense competition and tender driven process risk: The firm has to
bid for the contracts based on tenders opened by the various public
sector units. Upon successful technical evaluation of various
bidders, the lowest bid is awarded the contract. The firm receives
projects which majorly are of a short to medium tenure (i.e. to be
completed within maximum period of one to two years). Apart from
this, present sluggish economy is also having a negative bearing on
the construction sector which may also hinder the growth of the
firm. Furthermore, orders are generally tender driven floated by
government units indicating a risk of non-receipt of contract in a
competitive industry.
Key Rating Strengths
Experienced partner with long track record of operations: The firm
is into civil construction business since 2009 and thus has a track
record of operations of around nine years. Due to long track record
of operations the firm has established satisfactory relationship
with its clients. Furthermore the partners; Mr. Mukesh Kumar
Agrawal has around two decades of experience in civil construction
business and he looks after the day to day operations of the firm.
He is supported by other partner Mr. Vishnu Prasad Agrawal along
with a team of experienced professionals.
Satisfactory profitability margins: The profitability margins of
the firm remained satisfactory during last three years (FY16-FY18).
However, the operating margin deteriorated due to higher operating
expenses but the same stood at 13.56% (19.76% in FY17) in FY18,
Provisional. Further, the PAT margin also deteriorated due to high
capital charges but the same stood at 5.76% (6.36% in FY17) in
FY18, Provisional.
Jindal Infrastructure (JI) was established as a partnership firm in
2009 by Mr. Mukesh Kumar Agrawal and Mr. Vishnu Prasad Agrawal
based out of Chhattisgarh. Since its inception, the firm has been
engaged in civil construction activities in the segment like
construction of buildings, bridges, roads, etc. The firm is
classified as A5 class contractor by Public Works Division,
Chhattisgarh which indicates that the firm can participate for
higher value contracts released by government departments. JI
participates in tenders and executes orders for the Public Works
Department (Chhattisgarh), Irrigation Department, etc.
K S MOTORS: CARE Reaffirms B+ Rating on INR18.67cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of K S
Motors Private Limited (KSMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 18.67 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of KSMPL is primarily
constrained on account of its thin profitability margins owing to
trading nature of business along with leveraged capital structure
and weak debt coverage indicators, dependency of the company's
performance on the its principal Mahindra & Mahindra Limited and
TVS Motor Company, stretched liquidity position and inherent
competition associated within automobile dealership industry.
The above constraints outweigh the benefits derived from the
experience of the promoters in automobile dealership business, long
and established relationship with leading Original Equipment
Manufacturer (OEM), i.e. Mahindra & Mahindra Limited and TVS Motor
Company and moderate scale of operations.
Rating Sensitivities
Positive Factors
* Increase in its profitability margins marked by PBILDT margin
above 4.00% along-with improvement in debt coverage indicators
on sustained basis.
* Improvement in overall gearing below 10.00 times.
Negative Factors
* Increase in overall gearing beyond 30.00 times on sustained
basis mostly led by elongation in its working capital cycle.
* Decline in operating profit margins below 1.00% on sustained
basis.
Detailed description of key rating drivers
Key Rating Weaknesses
Thin profitability margins: The profitability of the company
remained thin mainly on account of trading nature of the business
which is inherent to the automobile dealership business. PBILDT
margin has improved by 43 bps and stood at 3.32% in FY19 as against
to 2.89% in FY18 on account of lower cost of traded goods (better
margin) and better incentives received during the year. KSMPL's
PBILDT margins have improved to 3.58% during 7MFY20 mainly on
account of increase in commission income, income from services and
decline in operational expenses. PAT margin of the company improved
and stood at 0.11% in FY19 as against losses in FY18. Further,
PBILDT margin and PAT margin stood at 3.58% and 0.56% during
7MFY20.
Leveraged capital structure and weak debt coverage indicators: The
capital structure of KSMPL remained highly leveraged with an
overall gearing of 42.74 times as on March 31, 2019 though improved
from 56.79 times as on March 31, 2018 on account of accretion of
profit to reserve along with lower total debt as on balance sheet
date. Overall gearing has further improved to 23.56 times as on
October 31, 2019. KSMPL's debt coverage indicators improved
significantly although stood weak with total debt to GCA of 25.70
times as on March 31, 2019 against 199.18 times as on March 31,
2018 on account of increase in its GCA level along with lower total
debt as on balance sheet date. PBILDT interest coverage improved
and remained moderate at 1.36 times in FY19 as compared to 1.04
times in FY18 due to improvement in operating profitability.
Further, PBILDT interest coverage stood at 1.34 times during
7MFY20.
Limited bargaining power with principal automobile manufacturer:
KSMPL's business model is largely in the nature of trading wherein
profitability margins are very thin. Moreover, in this business a
dealer has very less bargaining power over principal manufacturer.
Volume driven business intense competition in the auto dealership
industry: Indian automobile industry is highly competitive in
nature as there are large numbers of players operating in the
market like M&M, MSIL, Tata Motors, Hyundai, Honda, Toyota etc. in
the passenger vehicle segment. Original Equipment Manufacturers
(OEMs) are encouraging more dealerships to improve penetration and
sales, thereby increasing competition amongst dealers. Entry of the
global players in the Indian market has further intensified the
competition.
Key Rating Strengths
Vast experience of the promoters in the automobile dealership
business: The overall management of KSMPL is looked after by Mr
Kishore Singh Gehlot (Managing Director) who has an experience of
around four decades in the automobile dealership business. Mr
Kishore Singh Gehlot is ably supported by his son Mr Karan Gehlot
who has experience of more than a decade in automobile dealership
business. They in turn are supported by well qualified and
experienced management team.
Established track record of operations with long standing
association with its principal - M&M and TVS: KSMPL is engaged in
automobile dealership business and has a long standing association
with its principals M&M since 1990. KSMPL currently operates one
M&M 3-s (Sales, Service and Spares) Showrooms each at Jaipur, Tonk,
Dausa, Gangapurcity, Sawai Madhopur, Kotputali, Jaitpura in
Rajasthan and one 2-s (sales and spares) outlet at Jaipur in
Rajasthan. KSMPL was also awarded with dealership of TVS Motor
Company in the year 1985 and currently operates two 3-s (Sales,
Service and Spares) Showrooms at Jaipur. KSMPL has an integrated
mode of operations, functioning in various verticals of automobile
dealership business to provide one stop solution to its customers.
It has service stations, spare parts distribution, and tie-ups for
vehicle finance and insurance which provide the customer with
complete solution at single point.
Moderate scale of operations: During FY19, KSMPL's Total Operating
Income (TOI) grew by around 9% on y-o-y basis to INR666.72 crore on
account of improvement in volume sales of Bolero, Pick-up, XUV 500
and as well as sales of new models such as XUV 300 and Marazoo.
Further, KSMPL's has reported net sales of INR441.86 crore and PBT
of INR3.32 crore in 7MFY20 against net sales of INR459.90 crore and
PBT of INR0.03 crore in 7MFY19.
Liquidity: Stretched
The operations of KSMPL is working capital intensive with funds
being blocked in inventory and marginally on debtors coupled with
low credit period from its suppliers as it has to make entire
advance payment to M&M before delivery of vehicles and spares
parts. The average of maximum and average utilization of its bank
limits stood around 91% and 63% during past 12 months ended
November, 2019. Further, the operating cycle stood at 51 days for
FY19. Further, KSMPL has unencumbered cash and cash equivalent of
INR3.89 crore as on March 31, 2019 and expected GCA of INR7.63
crore in FY20 as against repayment of INR5.85 crore during FY20.
Industry Outlook
In FY20 (Apr-Nov), passenger vehicles segment witnessed a decline
of 14.1% y-o-y in sales with maximum decline of about 35% y-o-y in
the vans segment followed by about 19.6% decline in the passenger
cars segment. Multi-Utility Vehicles (MUV) segment sales witnessed
an increase of about 4.3% y-o-y during the period. Increased
insurance cost, high ownership cost and price hikes due to new
safety norms along with the prolonged lending impediment in the
market continue to weigh down on the industry.
Going forward, CARE expect demand to pick up on m-o-m basis in
December 2019, and continue in Q4 FY20 with various planned product
launches, festival demand and pre-buying of automobiles before the
implementation of BS-VI norms on April 1, 2020. Also, most of the
OEMs in PV segment have announced price hikes from January 2020 to
cover the increasing input costs which is expected to boost demand
in December 2019 while exerting pressure on sales in Q4 FY20.
Jaipur based K S Motors Private Limited (KSMPL) is looked after by
Mr Kishore Singh Gehlot who has an experience of around four
decades in the automobile dealership business. Mr Kishore Singh
Gehlot is ably supported by his son Mr Karan Gehlot who has
experience of more than a decade in automobile dealership business.
KSMPL currently operates one M&M 3-s (Sales, Service and Spares)
Showrooms each at Jaipur, Tonk, Dausa, Gangapurcity, Sawai
Madhopur, Kotputali, Jaitpura in Rajasthan and one 2-s (sales and
spares) outlet at Jaipur in Rajasthan. KSMPL has also dealership of
TVS Motor Company for two Wheelers for Jaipur.
MAGNI TECH: CARE Moves B on INR2cr Loans to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Magni
Tech Speciality Cables Private Limited (MTSCPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 2.00 CARE B; Stable: ISSUER NOT
Facilities COOPERATING; Based on best
Available
Detailed Rationale & Key Rating Drivers
MTSCPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on MTSCPL's bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating of MTSCPL has been reaffirmed on account of modest scale
of operations with moderate profitability margins, weak solvency
position and stretched liquidity position. The ratings are,
further, constrained on account of vulnerability of margins to
volatile raw material prices and its presence in cyclical, highly
fragmented and competitive cable industry. The ratings, however,
derive strength from experienced management and certified
manufacturing facilities with diverse product range catering to
wide spectrum of industries.
Further, CARE has withdrawn the outstanding ratings of 'CARE B;
Stable/ CARE A4' assigned to the bank facilities of MTSCPL with
immediate effect. The above action has been taken as per MTSCPL's
request and 'No Due Certificate' provided by Dena Bank.
Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operations with moderate Profitability margins
Total Operating Income (TOI) of the company has improved by 69.25%
in FY19 over FY18 and stood at INR18.40 crore. Profitability of the
company stood thin with PBILDT and PAT margin of 5.23% and 0.89%
respectively in FY19 as against 7.53% and 0.68% respectively in
FY18.
Weak solvency position
The capital structure of the company stood weak with an overall
gearing ratio of 5.20 times as on March 31, 2019. Same, total debt
to GCA increased from 27.01 times as on March 2018 to 20.11 times
as on March 2019.
Susceptibility of profitability margins to volatile raw material
prices coupled with presence in a highly fragmented and competitive
industry: The major raw materials required for manufacturing of
conductors are aluminum, steel and copper, prices of which are
highly fluctuating in nature and move in tandem with global
demand-supply factors. Adverse changes in prices of the same would
have an impact on the profitability margins of the company. To
mitigate its risk, MTSCPL stocks up raw material as and when it
gets a favourable rate.
MTSCPL operates in a highly fragmented market with the presence of
a large number of organized and unorganized players due to low
entry barriers. Also, the presence of large players with an
established marketing & distribution network leads to intense
competition in the industry. Additionally, on account of rapidly
changing dynamics of the end user industries (power distribution &
transmission and electrical products) as well as competition from
cheap Chinese imports, conductor manufacturers are required to
upgrade their facilities at regular intervals resulting in regular
capital commitments.
Key Rating Strength
Experience of promoters in cable manufacturing industry
Mr. Ranjeet Singh Deora has experience of more than three decade in
the industry and look after production and financials activities of
the company. Mr. Laxman Singh Deora, Director, has 9 years of
experience in the industry and looks after the overall affairs of
the company.
Stable demand outlook for Indian power transmission industry:
Power sector, in any country, is critical for the socio-economic
development. India is expected to add 278 GW of generation capacity
in the next four years till FY22 including conventional and
non-conventional energy sources. Further, investments to modernize
the existing T&D network to improve efficiency augur well for the
T&D sector and for the companies engaged in business of laying
power transmission lines etc.
Liquidity: Stretched
Liquidity position of PPL stood elongated with operating cycle of
111 days in FY19. The current ratio and quick ratio of the company
stood 1.49 times and 0.64 times respectively as on March 31, 2019.
Further, it has cash and bank balance of INR0.02 crore as on March
31, 2019.
Sikar (Rajasthan) based Magni Tech Speciality Cables Private
Limited (MTSCPL) was incorporated in 2014 by Mr. Laxman Singh Deora
and Mr Virendra Singh Deora. MTSCPL is engaged in the business of
manufacturing and supplying of Insulated wire and cable, Shielded
cable, Screened Cable and Communication cable (Industrial Used for
machinery), Single core house cable, flat submersible cable and
Optical fiber cables. It manufacturers Insulated wire and cable in
different sizes from its manufacturing facility located at Shree
Khatu Shyamji Industrial Area, Sikar.
MAHALAXMI AGRO: CARE Reaffirms B Rating on INR4.77cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mahalaxmi Agro Mills (MAM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.77 CARE B; Stable Reaffirmed
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of MAM continues to
remain constrained on account of small though growing scale of
operations, leveraged capital structure and weak coverage
indicators. The rating is further constrained on account of
elongated operating cycle, business susceptible to vagaries of
nature and fragmented and competitive nature of industry. However,
the rating continues to draw comfort from experienced promoters and
moderate profitability margins.
Rating Sensitivities
Positive Factors
* Improvement in scale of operations as marked by total operating
income to INR50 crore and above on a sustained basis.
Negative Factors
* Deterioration in capital structure as marked by overall gearing
above 5.50x on a sustained basis.
* Elongation in working capital cycle to above 200 days on a
sustained basis.
Key Rating Weaknesses
Small though growing scale of operations: The scale of operations
stood small though growing as evident from the CAGR of 28.01%
during FY17-19. The total operating income stood at INR16.53 crore
in FY19 as against INR14.51 crore in FY18. Furthermore, the
company's net worth base also remains relatively small at INR1.88
crore as on March 31, 2019. The small scale limits the company's
financial flexibility in times of stress and deprives it of scale
benefits. Though, the risk is partially mitigated by the fact that
the scale of operations is growing continuously. For the period
FY17-FY19, MAM's total operating income grew from INR7.88 crore to
INR16.53 crore reflecting a compounded annual growth rate (CAGR) of
28.01% owing to increase in quantity sold. Further, the company has
achieved a turnover of INR15 crore during 8MFY20 and has orders
worth INR65 lakh in hand to be delivered till end of December,
2019.
Leveraged capital structure and coverage indicators: As on March
31, 2019, the debt profile of the company comprises of rupee term
loan of INR1.07 crore, unsecured loans of INR0.55 crore and working
capital borrowings of INR6.88 crore as against the total networth
of INR1.88 crore in FY19. The capital structure of the company
stood leveraged owing to higher dependence on external borrowings
and low networth base as marked by overall gearing which stood
above 3.50x for the balance sheet date of the past three financial
years i.e. FY17-FY19. The team has classified unsecured loan to the
tune of INR1.00 crore each in FY17, FY18 and FY19 as quasi equity
as the same is subordinated to debt as per sanction letter which
leads to improvement in gearing from 10.79x to 4.53x in FY19, from
9.29x to 3.85x in FY18 and from 25.35x to 4.73x in FY17. Further,
higher dependence on external borrowings resulted in weak coverage
indicators as marked by interest coverage ratio and total debt to
GCA of 1.58x and 24.31x respectively in FY19 as against 1.51x and
26.96x respectively in FY18. The coverage indicators improved over
the previous year on account of higher PBILDT and higher GCA levels
relative to previous year.
Elongated operating cycle: Operations of the company are working
capital intensive in nature marked by operating cycle of 170 days
in FY19 as against 158 days in FY18. Being a seasonal product the
company maintain adequate inventory of raw material (paddy) to
cater to the milling and processing of rice throughout the year,
resulting in inventory period of 199 days for FY19. Though the
company usually sells for cash but to some customers it gives
credit upto 35 days while procures the raw material usually on cash
basis and gets a low credit period of 30-60 days from the
suppliers. The working capital limits of the company were 90%
utilized during the past 12 months ended November 30, 2019.
Business susceptible to the vagaries of nature: Agro-based
industry is characterized by seasonality, as it is dependent on the
availability of raw materials, which varies with different
harvesting periods. Paddy is the major raw material and the peak
paddy procurement season is during October to January during which
the company builds up raw material inventory to cater to the
milling and processing of rice throughout the year. The monsoon has
a huge bearing on crop availability which determines the prevailing
paddy prices. Since there is a long time lag between raw material
procurement and liquidation of inventory, the company is exposed to
the risk of adverse price movement resulting in lower realization
than expected.
Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very less
product differentiation. There are several small scale operators
which are not into endto-end processing of rice from paddy, instead
they merely complete a small fraction of processing and dispose-off
semiprocessed rice to other big rice millers for further
processing. Furthermore, the concentration of rice millers around
the paddy growing regions makes the business intensely competitive.
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.
Liquidity: Stretched
Liquidity is marked by tightly matched accruals of INR0.35 crore to
repayment obligations of INR0.20 crore , highly utilized bank
limits to the extent of 90% and modest unencumbered cash and bank
balance of INR16.42 lakh. Further, the liquidity indicators stood
weak as marked by current and quick ratios of 0.98x and 0.13x
respectively as on March 31, 2019.
Uttar Pradesh based Mahalaxmi Agro Mills (MAM) was established in
the year January 1996 under the company D.M. Agro Products Private
Limited as a private limited and is currently managed by Mr.
Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr.
Anurag Maheshwari. MAM is engaged in the milling, processing and
trading of paddy with an installed capacity to process 4 tonnes per
hour (TPH) as on December 24, 2019 at its manufacturing facility
located in Mainpuri, Uttar Pradesh. The key raw material i.e. paddy
is procured from local grain markets and sells its product i.e.
different varieties of rice to wholesalers and traders located in
Uttar Pradesh, Delhi, Rajasthan and Bihar through
brokers/commission agents. The company is also engaged in
processing of groundnuts at the same manufacturing facility.
MALWA AGRO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Malwa Agro Foods
Private Limited's (MAFPL) 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:
-- INR7.7 mil. Term Loan due on June 2023 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating; and
-- INR124 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 2, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2006, Indore-based MAFPL is engaged in the
processing and milling of wheat-based products. The company has an
installed capacity of 1,009,000 metric tons per annum. It operates
three manufacturing units, two of which are located in Indore and
one in Jabalpur. MAFPL markets all of its products under the brand
Heera Motee and Golden Kiran.
NOBLE PUBLICITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Noble Publicity Service Private Limited
101/102 Hetal Arch S V Rd
Malad West Mumbai
MH 400064
IN
Insolvency Commencement Date: November 4, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 2, 2020
Insolvency professional: Ms Pooja Piyush Kabra
Interim Resolution
Professional: Ms Pooja Piyush Kabra
601, Sidhi Harmony
Building No. Ndr28
Opposite Building No. 87
Near R S Mani Supershop
Tilaknagar, Mumbai City
Maharashtra 400089
E-mail: rathipoojar@gmail.com
- and -
B-202, Sharaton Classic
Dr. Charatsingh Colony
Andheri East, Mumbai
Maharashtra 400069
E-mail: cirpnoblepublicity@gmail.com
Last date for
submission of claims: November 25, 2019
PALA DIOCESAN: Ind-Ra Rates INR1,425BB Bank Loans 'B'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pala Diocesan
Medical Education Trust's (PDMET) bank facilities rating of 'IND
B'. The Outlook is Stable.
The detailed rating action is:
-- INR1,425.70 bil. Bank loans assigned with IND B/Stable rating.
KEY RATING DRIVERS
The ratings reflect PDMET's small scale of operations with a total
income of INR39.72 million in FY19 (FY18: INR41.74 million).
Tuition fee income was the major source of revenue generation,
which contributed 60.21% on average to total income during
FY14-FY19, followed by other income (22.97%). Other income mainly
emanates from hostel receipts which proportioned 87.32% on average
to other income during FY14-FY19.
Liquidity Indicator - Poor: PDMET's available funds (cash and
unrestricted investments) declined to INR9.47 million in FY19
(FY18: INR45.19 million) due to CAPEX incurred for its hospital
project. The available funds do not provide an adequate financial
cushion to debt (Available funds/total long-term debt - FY19:
2.88%; FY18: 57.87%) and operating expenditure (Available
funds/operating expenditure - FY19: 28.38%; FY18: 173.33%).
However, the nil collection period and the absence of a working
capital facility provide some cushion to the liquidity position.
The trust does not have sufficient funds for the debt service
commitments of INR24.45 million in FY20. Thus, it will rely on
unsecured loans and donations provided by the trustees to meet the
debt service commitments of INR24.45 million in FY20.
The rating factors in PDMET's high debt burden (debt/CBBID) and
weak debt service coverage during FY17-FY19. In FY19, debt/CBBID
increased to 51.88x due to an increase in term loan to INR329.17
million in FY19 from INR78.09 million in FY18. The trust had
borrowed INR1,418.50 million term loan towards CAPEX works of the
hospital and INR973.70 million was outstanding, as of 31 October
2019. The hospital has commenced commercial operation in November
2019 and the management expects the hospital to be fully
operational from March 2020. The DSCR stood at 0.18x in FY19 (FY18:
0.78x) due to low CBBID against high debt service commitments. Debt
servicing was met through unsecured loans and donations provided by
the trustees during FY17-FY19.
The rating is also constrained by the trust's fall in operating
margins over FY14-FY19. It reported an operating loss of INR1.60
million in FY19 (FY18: INR6.41 million) due to 28.01% YoY growth in
operating expenditure and 2.16% YoY fall in operating income.
Furthermore, the trust reported a net deficit of INR13.69 million
in FY19 mainly due to 27.41% YoY growth in total expenditure.
The ratings, however, are supported by PDMET's long operational
track record of around 14 years and strong financial support from
trustees in the form of unsecured loans (FY19: INR27.03 million;
FY18: INR17.62 million) and donations of INR771.22 million received
during FY14-FY19. Ind-Ra expects support from the trustees to
continue if required.
RATING SENSITIVITIES
Positive: Events that may, individually or collectively, lead to a
positive rating action are:
a. An improvement in operating profitability from operating loss;
b. DSCR rising above 1x in the medium term;
c. A significant improvement in debt/CBBID to 5x.
Negative: Events that may, individually or collectively, lead to a
negative rating action are:
a. Delay in full commissioning of a hospital;
b. Lack of financial support from trustees in the form of
unsecured loans and donations.
COMPANY PROFILE
PDMET was established as a public charitable trust in 2005 in
Kottayam, Kerala. It runs a nursing college named 'Mar Sleeva
College of Nursing' which offers Bachelor of Nursing, Post Basic
Bachelor of Nursing and Master of Nursing courses. It also manages
a multi-specialty hospital (Mar Sleeva Medicity) with 700 beds
capacity and a men's hostel (St. Alphonsa Hostel).
RDG INTERIOR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: RDG Interior Decoration Exterior Architecture
Private Limited
344/4, Ground Floor
N.S.C. Bose Road
Kolkata 700047
Insolvency Commencement Date: December 19, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: June 20, 2020
Insolvency professional: Tapan Chakraborty
Interim Resolution
Professional: Tapan Chakraborty
Plot-100/11, Rathtala
Bankpara, Barasat-I
North 24 Parganas
West Bengal, Pin 700124
E-mail: tapanchakraborty2611957@gmail.com
- and -
Intelligent IP Management Solutions
Private Limited
2nd Floor, YMCA Building
25, Jawaharlal Nehru Road
Kolkata 700087
E-mail: rdg.cirp@gmail.com
Last date for
submission of claims: January 6, 2020
S. V. FOODS: CARE Lowers Rating on INR6.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
V. Foods (SVF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.50 CARE B-; Stable Revised from
Facilities CARE B; Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating of SVF takes into account significant
decline in scale of operations with registration of net loss and
cash loss in FY19 (refers to period from April 1 to March 31). The
rating, further, continues to remain constrained on account of weak
solvency position, stretched liquidity position, vulnerability of
margins to fluctuation in the prices of agricultural commodities
due to seasonality of products and constitution as a partnership
concern. The rating, further, constrained on account of project
implementation risk. The rating, however, continues to favorably
take into account experienced partners and established marketing
network.
Rating Sensitivities
Positive Factors:
* Increase in scale of operations of the company above INR20 crore
with registration of net and cash profit
* Successful completion of project undertaken within the envisaged
cost and in timely manner
Negative Factors:
* Untimely support by the promoter in the form of unsecured loans
or capital as its crucial for operations of the firm
Detailed description of the key rating drivers
Key Rating Weaknesses
Significant deterioration in scale of operation with registration
of net and cash loss in FY19: During FY19, Total Operating Income
(TOI) of the firm dipped significantly by 78.29% over FY18 and
stood modest at INR5.44 crore owing to lower demand. However, till
November 30, 2019, the firm has achieved TOI of INR5.50 crore
approximately The PBILDT margin improved by 20 bps, however
remained thin at 3.44% in FY19 owing to higher proportionate
decrease in cost of material consumed than in TOI. However, with
significant dip in TOI and high interest and finance expenses, the
firm registered net loss of INR0.65 crore in FY19 against net
profit of INR0.01 crore in FY18. Further, the firm also registered
cash loss of INR0.64 crore in FY19 as against INR0.04 crore in
FY18.
Weak solvency position: The capital structure of the firm remained
weak, however, deteriorated significantly from 6.98 times as on
March 31, 2018 to 26.67 times as on March 31, 2019 owing to higher
utilization of working capital bank borrowings and infusion of
unsecured loans and further, registration of net loss resulted in
deterioration in tangible net worth of firm. Further, with net and
cash loss the total debt to GCA stood negative with below unity
interest coverage in FY19.
Project Implementation Risk: The firm has undertaken a project for
purchase of Dall Mill with installed capacity of 4,000 Kg per day.
It envisaged project cost of INR3.50 crore including land cost of
INR2.50 crore to be funded through term loan of INR2.50 crore and
balance by of unsecured loans. The project is to be completed by
May, 2020. The project is at initial stage and firm is yet to
purchase the land.
Vulnerability of margins to fluctuation in the prices of
agricultural commodities due to seasonality of products: As the
firm is engaged in food processing, the prices of agriculture
commodities due to seasonality affects the prices of the products
and remained fluctuating and depend on production yield, demand of
the commodities and varies of weather. Hence, profitability of the
firm is exposed to vulnerability in prices of agriculture
commodities. Further, the business of the firm is characterized by
no addition, highly fragmented and competitive in nature as evident
by the presence of numerous unorganized and few organized players.
The entry barriers in this industry are very low on account of low
capital investment and technological requirement. Due to this, the
players in the industry do not have any pricing power. Further, the
industry is characterized by high degree of government control both
in procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.
Constitution as a partnership concern: Its constitution as a
partnership concern with low net worth base restricts its overall
financial flexibility in terms of limited access to external fund
for any future expansion plans. Furthermore, there is an inherent
risk of possibility of withdrawal of capital and dissolution of the
concern in case of death/insolvency of partner.
Key Rating Strengths
Experienced partners: Mr. Sunil Kumar Tiwari, partner, is graduate
by qualification and has more than two decade of experience in the
industry. He looks after overall affairs of the firm and is
assisted by other partner, Mr. Vikas Choudhary, who is also
graduate by qualification and has more than a decade of experience
in the industry. Further, he is supported by a team of sales
persons and distributors having an experience in the field of
marketing. It has more than 300 distributors covering Rajasthan,
Punjab, Haryana, Delhi and West Bengal. Further, the partners have
also promoted Ratnawali Dairy Products LLP which is engaged in
processing of dairy products.
Diversification of product portfolio: The firm has diversified its
product profile; the firm commenced trading of Dairy products and
ghee from September, 2018. Further the firm has undertaken a
project for purchase of dall mill costing to INR3.50 crore funded
through term loan of INR2.50 crore and balance through unsecured
loans. The project is to be completed by May, 2020. With expansion
of its products portfolio the firm has expected its scale of
operations to increase in coming years.
Liquidity: Stretched
Liquidity is marked by full utilization of its higher utilization
of working capital limit in past 12 months ended November, 2019
with thin cash and bank balance of INR0.11 crore as on March 31,
2019. Further the firm registered cash loss in FY19 of INR0.64
crore which is mitigated to an extent as the firm does not have any
repayment obligation of the firm. However going forward it will be
crucial with debt funded project in the firm. Moreover, the debtor
stood at INR5.03 crore constituting 92.46% of its TOI in FY19 which
resulted in significant increase in collection period with
elongated operating cycle of 573 days in FY19 against 110 days in
FY18. The partners are continuously infusing funds in the firm to
help in smooth functioning of the firm, as partners infused
unsecured loans of INR1.18 crore in FY19. The current ratio
remained moderate at 1.38 times as on March 31, 2019, however,
quick ratio remained below unity at 0.79 times as on March 31,
2019.
Jaipur (Rajasthan) based S.V. Foods (SV) was formed in 2012 as a
partnership concern by Mr. Sunil Kumar Tiwari and Mr. Vikas
Choudhary. SV is engaged in the business of packaging and marketing
of food products like rice flakes poha, papad, daliya, moong dal,
cattle feed and etc. The firm gets the product from other
manufacturers on job work basis as well directly and sells the
products after packaging in its brand name. The products are sold
under the brand name of "Nandraj". It markets its products in
Rajasthan, Punjab, Delhi, West Bengal and Haryana.
SALONAH TEA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Salonah Tea
Private Limited's (STPL) 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:
-- INR80.00 mil. Fund-based working capital limits affirmed and
migrated to non-cooperating category with IND B+ (ISSUER NOT
COOPERATING) rating; and
-- INR210 mil. Term loan due on March 2025 affirmed and migrated
to non-cooperating category with IND B+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
STPL was incorporated in 2012, in Kolkata, West Bengal by the
Bhuwalka Family. The company is engaged in the plantation and
processing of tea both – crush, tear, curl and orthodox, with a
total annual production capacity of 2,500,000kg. The company's tea
garden is located in Nagaon, Assam.
SANATAN MERCHANTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanatan Merchants
Private Limited's (SMPL) additional bank facility a long-term
rating of 'IND BB'. The Outlook is Stable.
The agency has affirmed the existing ratings:
-- Long-Term Issuer Rating affirmed with IND BB/Stable rating;
-- INR40 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating; and
-- INR90 mil. Fund-based working capital limits affirmed with IND
BB/Stable/IND A4+ rating.
RATING SENSITIVITIES
Negative: Deterioration in the interest coverage ratio below 1.5x
and further stress on the liquidity position will be negative for
the ratings.
Positive: Improvement in the credit metrics as well as the
liquidity profile, on a sustained basis, will be positive for the
ratings.
COMPANY PROFILE
Incorporated in 1994 and with its registered office in Kolkata,
SMPL deals in trading of hand tools and power tools such as marble,
stone cutting machines, granite cutting machines, wood cutting
machines, pesticide sprayers, and rice processing machines, and
trades writing, stationery, personal care products, and other
accessories.
SANKALP PAPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sankalp Papers Industries Private Limited
At. & Po-Dumkhal
Tal-Valod, Dumkhal
Dist-Tapi, Tapi
Surat GJ 394640
Insolvency Commencement Date: December 16, 2019
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: June 13, 2020
Insolvency professional: Gordhanbhai Ratnabhai Godhani
Interim Resolution
Professional: Gordhanbhai Ratnabhai Godhani
16, Sakarta Society
Kargil Chowk, Punagam
Surat, Gujarat 395010
E-mail: grgodhani@gmail.com
- and -
209 Rajhans Point
Geetanjali, Varachha Road
Surat 395006
Last date for
submission of claims: January 7, 2020
SATYA SUBAL: CARE Reaffirms 'B' Rating on INR8.72cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Satya
Subal Himghar Private Limited (SSHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.72 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 0.17 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SSHPL continue to
remain constrained by small size of operations with low
profitability, regulated nature of industry, seasonality of
business with susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, leveraged capital
structure with moderate debt coverage indicators and competition
from other players. The ratings, however, continue to derive
strength from experienced promoters and proximity to potato growing
area.
Key Rating Sensitivities
Positive Factors
* Sizeable increase in scale of operations from present level
(Total Operating Income above INR20.00 crore and cash accruals
above INR1.00 crore) on a sustained basis.
* Improvement in capital structure with overall gearing ratio
reaching comfortable level of below 1.00x on a sustained basis.
Negative Factors
* Any sizeable de-growth in scale of operations from present level
(total operating income beyond INR3.00 crore and cash accruals
below INR0.50 crore) on a sustained basis.
* Deterioration in capital structure with overall gearing ratio
beyond 4.00x on a sustained basis.
Detailed description of the Key Rating Drivers
Key Rating Weaknesses
Small size of operations with low net profitability margins The
company provides cold storage services to farmers and traders and
it receives rental income for the same. Accordingly, the scale of
operations of the company remained small marked by total operating
income at INR3.72 crore (INR3.58 crore in FY18) with PAT of INR0.08
crore (net loss of INR0.01 crore in FY18) and GCA of INR0.72 crore
(INR0.66 crore in FY18) in FY19. Furthermore, the net worth base of
the company remained low at INR2.65 crore (INR2.58 crore as on
March 31, 2018) as on March 31, 2019. The profit margins of SSHPL
have remained low marked by satisfactory PBILDT margin of 49.61%
and low PAT margin 2.10% in FY19.
Regulated nature of business
In West Bengal, the basic rental rate for cold storage operations
is regulated by state government through West Bengal State
Marketing Board. Due to ceiling on the rentals to be charged it is
difficult for cold storage units like SSHPL to pass on sudden
increase in operating costs leading to downward pressure on
profitability.
Seasonality of business with susceptibility to vagaries of nature
SSHPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in February. The
loading of potatoes in cold storages begins by the end of February
and lasts till March. Additionally, with potatoes having a
preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato and other
vegetables is highly dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers
Against the pledge of cold storage receipts, SSHPL provides
interest bearing advances to farmers. Working capital limits under
produce marketing loan scheme from bank are used to extend advances
to farmers, which are routed to the farmers through SSHPL. Before
the close of the season in November, the farmers are required to
pay their outstanding dues, including repayment of the loan taken,
along with the interest. In view of this, there exists a risk of
delinquency in loans extended to farmers, in case of downward
correction in potato or other stored goods prices as all such goods
are agro commodities.
Leveraged capital structure with moderate debt coverage indicators
The capital structure as marked overall gearing ratio of the
entity, although improved, however remained leveraged at 3.36x
respectively as on March 31, 2019 vis-à-vis 3.38x as on March 31,
2018. Improvement in capital structure was due to repayment of term
loan and accumulation of surplus into reserves. The debt coverage
indicators marked by total debt to GCA has also improved in FY19
over FY18 and remained moderate at 12.45x in FY19. The same has
improved mainly on account of lower debt levels as on balance sheet
date. Furthermore, the interest coverage ratio remained moderate at
1.57x during FY19.
Competition from other local players
Despite being capital intensive, entry barrier for setting up of
new cold storage unit is low on account of government support and
high demand for cold storages in West Bengal. The storage business
is highly competitive in the potato growing regions of the state as
it is the second largest producer of potato in India. In Medinipur,
one of the major potato growing districts of the state around 72
cold storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold storage
owners to lure farmers by offering them lower rental and other
services.
Key Rating Strength:
Experienced promoters
The key promoter, Mr. Bhaskar Ghosh is associated with the company
since its inceptions and thus has wide experience in cold storage
industry. He looks after the day to day operations of the company
with appropriate support from other codirectors.
Proximity to potato growing area
SSHPL is situated in the Paschim Medinipur district of West Bengal
which is one of the major potato growing regions of the state. The
favourable location of the storage unit, in close proximity to the
leading potato growing areas augers well for the company, as it
provides it with a wide catchment and making it suitable for the
farmers in terms of transportation and connectivity.
Liquidity: Stretched: The liquidity position of the entity remained
stretched marked by tightly matched gross cash accrual vis-à-vis
its debt repayment obligation. The average utilization of fund
based limits remained high at around 96% during last 12 months
ended on November 30, 2019. The balance sheet shows low cash and
bank balance amounting to INR3.67 crore as on March 31, 2019.
Satya Subal Himghar Private Limited was incorporated in April, 2012
by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh and Mr. Sasanka Sekhar
Ghosh. Since its inception, SSHPL has been engaged in the business
of providing cold storage services primarily for potatoes to local
farmers and traders on rental basis with an aggregate storage
capacity of 172000 quintals per annum. The cold storage facility of
the company is located at Paschim Medinipur, West Bengal. Besides
providing cold storage services, the company also provides interest
bearing advances to farmers for their agricultural activities
against the receipts of potato stored.
SHARMA KALYPSO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sharma Kalypso Private Limited
16C, Basant Lok Vasant Vihar
New Delhi 110057
Insolvency Commencement Date: January 2, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 29, 2020
Insolvency professional: Navjit Singh
Interim Resolution
Professional: Navjit Singh
218-a, 1st Floor, Shop No. 4
Rama Market, Pitampura
Delhi 110034
E-mail: navjit92ca@gmail.com
- and -
Resurgent Resolution Professionals LLP
Unit No. 905, 9th Floor, Tower-C
Unitech Business Zone
The Close South
Sector-50, Gurgaon
Haryana 122018
E-mail: skpl.cirp2019@gmail.com
Last date for
submission of claims: January 16, 2020
SHREE SAI INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Shree Sai Industries Private Limited
127-A Masjid Bunderdarukhana Reay Road
Mumbai MH 400010
Insolvency Commencement Date: December 20, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 17, 2020
(180 days from commencement)
Insolvency professional: Mr. Vinodkumar Pukhraj Ambavat
Interim Resolution
Professional: Mr. Vinodkumar Pukhraj Ambavat
Room No. 40, 9/15 Morarji Velji Bldg
1st Floor, Dr. M.B. Velkar Street
Kalbadevi Road, Mumbai
Maharashtra 400002
E-mail: vinod.ambavat@ajallp.com
- and -
Areion Resolution & Turnaround
Private Limited
D-511, 5th Floor, Kanakia Zillion
Junction of LBS Road & CST Road
BKC Annexe, Kurla (West) Mumbai
Mumbai City MH 400070
E-mail: irp.ssipl@gmail.com
Last date for
submission of claims: January 4, 2020
SIDDESHWAR MULTIPURPOSE: CARE Reaffirms B Rating on INR6.56cr Loan
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Siddeshwar Multipurpose Heemghar Private Limited (SMHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.56 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 0.12 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SMHPL continue to
remain constrained by small size of operations with low profit
margins, regulated nature of business, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in loans
extended to farmers, leveraged capital structure with weak debt
coverage indicators and competition from other players. The
ratings, however, continue to derive strength from experienced
promoters and proximity to potato growing area.
Key Rating Sensitivities
Positive Factors
* Sizeable increase in scale of operations from present level
(Total Operating Income above INR20.00 crore and cash accruals
above INR1.50 crore) on a sustained basis.
* Improvement in capital structure with overall gearing ratio
reaching comfortable level of below 1.00x on a sustained basis.
Negative Factors
* Any sizeable de-growth in scale of operations from present level
(total operating income beyond INR3.00 crore and cash accruals
below INR0.50 crore) on a sustained basis.
* Deterioration in capital structure with overall gearing ratio
beyond 4.00x on a sustained basis.
Detailed description of the Key Rating Drivers
Key Rating Weaknesses
Small size of operations with low net profitability margins: The
company provides cold storage services to farmers and traders and
it receives rental income for the same. Accordingly, the scale of
operations of the company remained small marked by total operating
income at INR3.21 crore (INR2.96 crore in FY18) with PAT of INR0.08
crore (INR0.03 crore in FY18) and GCA of INR0.45 crore in FY19.
Furthermore, the net worth base of the company remained low at
INR2.17 crore (INR2.09 crore in FY18) in FY19. The profit margins
of SHPL have remained low marked by satisfactory PBILDT margin of
35.69% and low PAT margin 2.43% in FY19.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SMHPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.
Seasonality of business with susceptibility to vagaries of nature:
SMHPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in February. The
loading of potatoes in cold storages begins by the end of February
and lasts till March. Additionally, with potatoes having a
preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato and other
vegetables is highly dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SMHPL provides interest bearing
advances to farmers. Working capital limits under produce marketing
loan scheme from bank are used to extend advances to farmers, which
are routed to the farmers through SSHPL. Before the close of the
season in November, the farmers are required to pay their
outstanding dues, including repayment of the loan taken, along with
the interest. In view of this, there exists a risk of delinquency
in loans extended to farmers, in case of downward correction in
potato or other stored goods prices as all such goods are agro
commodities.
Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio at 3.48x as on March 31, 2019 vis-à-vis
3.79x as on March 31, 2018. Improvement in capital structure was
due to schedule repayment of term loan as on the balance sheet
date. The debt coverage indicators represented by total debt to GCA
has also improved in FY19 over FY18 and remained moderate at 16.91x
as on March 31, 2019. The same has improved mainly on account of
lower debt levels as on balance sheet date. Furthermore, the
interest coverage ratio remained moderate at 1.54x during FY19.
Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit is
low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly competitive
in the potato growing regions of the state as it is the second
largest producer of potato in India. In Medinipur, one of the major
potato growing districts of the state around 72 cold storages is in
operation. In view of the same, cold storage business is highly
competitive in this region forcing cold storage owners to lure
farmers by offering them lower rental and other services.
Key Rating Strength:
Experienced promoters: The key promoter, Mr. Bhaskar Ghosh is
associated with the company since its inceptions and thus has wide
experience in cold storage industry. He looks after the day to day
operations of the company with appropriate support from other
codirectors. Proximity to potato growing area SMHPL is situated in
the Paschim Medinipur district of West Bengal which is one of the
major potato growing regions of the state. The favourable location
of the storage unit, in close proximity to the leading potato
growing areas augers well for the company, as it provides it with a
wide catchment and making it suitable for the farmers in terms of
transportation and connectivity.
Liquidity: Stretched - Liquidity is marked by highly utilized bank
limits and low cash balance of INR0.22 crore as on March 31, 2019.
The company does not have any capex plan in near future. Its bank
limits was around 98% utilised during last 12 months ended on
November 30, 2019. The current ratio stood at 0.79x as on
March 31, 2019.
Siddeshwar Multipurpose Heemghar Private Limited (SMHPL) was
incorporated in May 2010 by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh,
Mr. Sasanka Sekhar Ghosh, Mr. Kinkar Prasad Ghosh and Mr. Shankar
Ghosh. Since its inception, SSHPL is engaged in the business of
providing cold storage services primarily for potatoes to local
farmers and traders on rental basis with an aggregate storage
capacity of 142000 quintals per annum. The cold storage facility of
the company is located at Paschim Medinipur, West Bengal. Besides
providing cold storage facility, the company also provides interest
bearing advances to farmers for their agricultural activities
against the receipts of potato stored.
SMILECARE MULTISPECIALTY: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Smilecare Multispecialty Hospitals India Private Limited
D.No. 13, Panchavati Township
Akkireddypallem
Vishakapatnam 500012
A.P.
Insolvency Commencement Date: December 17, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 14, 2020
Insolvency professional: Rachamallu Ramachandra Reddy
Interim Resolution
Professional: Rachamallu Ramachandra Reddy
Flat No. 508, Block A1
TVS Lakeview Apartments
Road No. 10, Near Ramalayam
Panchavati Colony
Manikonda, Hyderabad 500089
Telangana
E-mail: umarachamallu12081961@gmail.com
Last date for
submission of claims: January 6, 2020
SUNDER IMPEX: CARE Hikes Rating on INR1.50cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunder Impex Private Limited (SIP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1.50 CARE BB-; Stable Revised from
Facilities CARE B+; Stable
Short term Bank 13.50 CARE A4 Reaffirmed
Facilities
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of SIP have been revised
on account of experienced promoters, improvement in financial risk
profile and SIP's well established relationship with its customers.
However, the ratings continue to remain constrained by small though
growing scale of operations elongated operating cycle, geographical
and customer concentration risk, raw material price fluctuation
risk and highly competitive nature of industry.
Rating sensitivities
Positive Factors
* Improvement in scale of operations as marked by total operating
income of INR80 crore and above on a sustained basis.
* Improvement in profitability margins as marked by PBILDT and
PAT margins of above 7% and 3% respectively on a sustained
basis.
Negative Factors
* Deterioration in liquidity position as marked by current and
quick ratios below 1x.
Detailed description of key rating drivers
Key Rating Strengths
Experienced promoters
Mr. Sushil Kumar Bansal (aged 53 years) and Mr. Manish Bansal (aged
49 years) are shareholders and directors of the company. Both of
them have more than two decades of experience in stainless steel
industry. They were initially involved in trading of stainless
steel products in 1981 and later on in 1996, started manufacturing
of stainless steel sheet and stainless steel products using the
brand name 'Sunder'. Mr. Sushil Kumar Bansal looks after the
production function of the company whereas Mr. Manish Bansal heads
the marketing department of SIP.
Improvement in financial risk profile
The profitability of the company has been continuously improving
over the past three financial years, FY17-FY19, though the margins
continue to remain low as marked by PBILDT margin of 4.60% in FY19
as against 5.10% in FY18. The slight deterioration in the PBILDT
margin was on account of increase in cost of sales. The company
partially transferred the increase in cost of production due to
price rise to the customers and settled for little margin of
profit. Also, the company faces stiff competition and hence the
company strategizes to compromise on margins to maintain the market
share. Consequently, PAT margin continues to remain low at 0.70% in
FY19 as against 0.60% in FY18. Further, the gross cash accruals
also improved from INR0.54 crore in FY18 to INR0.43 crore in FY19
on account of better profitability. Capital structure of SIP has
been improving as on last three balance sheet dates ending March
31, 2017, '18 and '19 as marked by overall gearing ratio of 3.49x
as on March 31, 2019 as against 3.64x as on March 31, 2018, though
it continues to remain leveraged. The improvement in the capital
structure over the previous years was on account of repayment of
unsecured loans and vehicle loan. Owing to better profitability
and higher GCA levels, the debt coverage indicators have also
improved over the previous years, though continue to remain weak as
marked by interest coverage and total debt/GCA of 1.35x and 36.38x
respectively for FY19 as against 1.34x and 44.17x respectively for
FY18.
Key Rating Weaknesses
Small scale of operations
The scale of operations continues to remain small, though
continuously growing as reflected by a CAGR of 5.92% during past
three financial years, FY17-19. The total operating income stood at
INR43.89 crore in FY19 as against INR38.58 crore in FY18 on account
of higher number of orders executed. Further, the company's net
worth base was relatively small at INR4.49 crore as on March 31,
2019. The small scale limits the company's flexibility in times of
stress and deprives it of scale benefits. Further, the company is
projecting a turnover of INR47 Crore during FY20 and has achieved
INR29 crore in 8MFY20. The company has orders worth INR5 crore in
hand which are to be delivered till March, 2020. Also, the company
has long standing relationship with its clients, thus, it is able
to get repeat monthly orders of around INR2.50 crore.
Elongated operating cycle
The operating cycle continues to be elongated at 131 days for FY19.
The average collection period continued to remain high at 97 days
as majority of the customers are overseas distributors and SIP
grants a credit period of 90-180 days to its overseas and domestic
buyers. The company maintains inventory of around 70-80 days in the
form of raw material for smooth production processes and finished
goods to meet the immediate demand of its customers. The entire
production process takes around 60-90 days. Further, the company
gets a maximum credit period of 30-45 days, thus, resulting into
average creditor period of 12 days in FY19. Furthermore, working
capital borrowings remained 90% utilized for the 12 month period
ended November, 2019, indicating high reliance on the bank finance
to meet the working-capital requirements.
Geographical and customer concentration risk though
well-established relationship with its customers
The top three customers of SIP accounted for 30% of the sale in
FY19 (40% in FY18). This exposes SIP's revenue growth and
profitability to its customer's future growth plans. However, the
company has been getting repeat orders since inception from its
clients and has established relationship with its customers due to
long standing experience of the promoters in stainless steel
industry. Furthermore, the exports sales are mainly concentrated to
Saudi Arabia. The company is also exposed to unfavorable changes in
the government policy of that country.
Raw material price fluctuations risk and highly competitive
industry
Raw material constituted around 80-90% of the total cost of
production for the last 3 years FY17-FY19. The company is exposed
to the raw material price volatility risk due to the volatility
experienced in the prices of stainless steel and allied products
and their prices fluctuates rapidly due to demand supply gap. They
constitute a major component of the raw material and hence any
volatility in their prices has a direct impact on the profitability
margins of the company. SIP operates in a highly competitive
industry with competition from both organized and unorganized
players established in vicinity of the company in Wazirpur
Industrial Area. The same results in low bargaining power with its
customers impacting profitability margins of the company.
Liquidity: Adequate
Adequate liquidity characterized by sufficient cushion in accruals
of INR0.43 crore vis-à-vis nil repayment obligations and moderate
unencumbered cash balance of INR0.41 crore. Its bank limits are
utilized to the extent of 90% and has sought enhancement in bank
lines and the current and quick ratios stood above unity at 1.53x
and 1.18x respectively as on March 31, 2019.
Incorporated in 2005, SIP is a Delhi-based private limited company
promoted by Mr Sushil Kumar Bansal and Mr Suresh Goyal. The company
is currently being managed by Mr Sushil Kumar and Mr Manish Bansal.
SIP is engaged in the manufacturing of customized stainless steel
products mainly bar stools, tables and utensils used in kitchen.
The manufacturing unit of SIP is located at Wazirpur Industrial
Area in New Delhi with installed capacity of 200 tonnes per month
and the manufacturing processes are ISO 9001:2008 certified. The
company sells its product to domestic wholesalers and trading
houses located overseas. The company exports its products primarily
to Saudi Arabia, Dubai, Nigeria, USA, etc The products are sold
under the brand name 'Sunder' as well as are exported under the
private labels as required by the overseas customer. The raw
material required for productions of stainless steel products are
stainless steel flat, stainless steel patties and cold rolled
circle which the company procures domestically.
TRAKO INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Trako Infra India Private Limited
705/706 Exim Link Building
Mulund Goregaon Link Road
Nahur West Mumbai
MH 400078
IN
Insolvency Commencement Date: December 12, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 9, 2020
Insolvency professional: Rajeev N Bhatia
Interim Resolution
Professional: Rajeev N Bhatia
304, Richa Industrial Estate
Off Link Road, Andheri West
Mumbai 400053
E-mail: rajeevnbhatia@gmail.com
trako.ibc@gmail.com
Last date for
submission of claims: December 26, 2019
VARDHMAN RICE: CARE Keeps D on INR26.7cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vardhman Rice Mills Private Limited (SVRM) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 26.77 CARE D; ISSUER NOT COOPERATING;
Facilities On the basis of best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 12, 2018, reviewed the
rating(s) of SVRM under the "Issuer non-cooperating" category as
SVRM had failed to provide information for monitoring of the
rating. SVRM continues to be non-cooperative despite requests for
submission of information through emails, phone calls and a
letter/email dated October 30, 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).
The overdrawals have continued and the company has been classified
as a Non-Performing Asset (NPA) by the lenders.
SVRM was initially incorporated as CSJ Organics Private Limited in
March 2009 by Mr Ram Bhaj Jain, and later on its name was changed
to SRML. Till March 31, 2013, the company was not operational and
on April 1, 2013, the company took over the existing business of
Shri Vardhman Rice Mills (a partnership firm established in 2010).
The company is engaged in milling and processing of rice. The
processing facility is located in Gohana (Haryana) with an
installed capacity of 70,080 tonnes per annum (TPA) as on March 31,
2015.
WAVE GLOBAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Wave Global Educational Services Private Limited
Plot No. 6 S/F Left Side
Sector-5, H.L. Care MLU
Dwarka, New Delhi 110075
Insolvency Commencement Date: November 18, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 16, 2020
Insolvency professional: Radhey Shyam Yadav
Interim Resolution
Professional: Radhey Shyam Yadav
Flat No. 2, Aakriti Aptts
62 IP Extn, Patparganj, East
National Capital Territory of Delhi
110092
E-mail: rsyadav01@gmail.com
- and -
1203, Vijaya Building
17, Barakhamba Road
Connaught Place
New Delhi 110001
E-mail: cirp.wave@gmail.com
Last date for
submission of claims: January 14, 2020
=================
S I N G A P O R E
=================
CHINA SPORTS: JM Granted Extension to Submit Resumption Bid
-----------------------------------------------------------
Vivienne Tay at The Business Times reports that the judicial
managers of China Sports International have been granted an
extension by the Singapore Exchange until April 30 to submit a
proposal to resume share trading, they said in a regulatory update
on Jan. 6.
To present a meaningful resumption proposal, the judicial managers
said they require time to assess whether the conditions precedent
for an implementation agreement are capable or likely to be
fulfilled, BT relates.
According to the report, the implementation agreement, entered into
on Nov. 15, is for the proposed transfer of China Sport's listing
status to construction company Mahabuild.
Other extensions granted include having until Aug. 10 to announce
the sportswear maker's financial statements for the first, second
and third quarters of fiscal 2018 and 2019, for the two full fiscal
years, as well as the first and second quarters of fiscal 2020, BT
relays.
BT says the judicial managers also have until Sept. 10 to convene
annual general meetings (AGMs) for fiscal 2017, 2018 and 2019. The
respective annual report for each financial year is also to be
issued at least 14 days before each AGM date.
The judicial managers added that they are presently unable to
obtain clarity on China Sport's financial condition due to limited
or no immediately available resources for the financial results to
be drawn up and announced, BT relays.
They added that it is a "practical impossibility" for the financial
results to be drawn up. Hence, it is not meaningful to convene AGMs
due to the lack of financial results.
China Sports shares have been suspended since Dec. 4, 2017, the
report notes.
About China Sports
China Sports International Limited, an investment holding company,
designs, manufactures, and sells sports fashion footwear; and
designs and sells sports fashion apparel and accessories under the
YELI brand in the People's Republic of China. The company operates
through two segments, Footwear; and Apparels and Accessories. Its
products are designed for functional and casual use, catering to
the lifestyle of its consumer group comprising kids and young
adults. China Sports International Limited also produces footwear
on an OEM basis for various brands and exports to various countries
worldwide.
As reported in the Troubled Company Reporter-Asia Pacific on June
28, 2018, the Strait Times said that the High Court of Singapore
confirmed Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche
LLP as the joint and several judicial managers of China Sports
International. The duo, who were previously China Sports' interim
judicial managers, were appointed after a June 26, 2018,
substantive hearing of the company's judicial management (JM)
application. In its orders, the High Court said that the firm was
to be placed under JM to keep the company afloat, conduct
arrangements or compromises between the company and any persons,
and seek a "more advantageous realisation" of the company's assets
instead of a winding-up. Among other things, the judicial managers
are authorised to take control of all of the company's assets,
operate or close the company's bank accounts and negotiate with the
company's creditors or potential investors.
EZION HOLDINGS: To 'Vigorously Defend' Against US$100MM Claim
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that Ezion Holdings
plans to fight a multimillion-dollar claim against its subsidiary,
the board announced on Jan. 3.
BT relates that Ezion's wholly-owned Teras Conquest 2 (TC2PL) has
been slapped with a notice of arbitration by Whitesea Shipping &
Supply, which describes itself on its corporate website as an
offshore support vessel operator based in the United Arab
Emirates.
According to the report, the legal tussle centres on how TC2PL did
not deliver a vessel, Rising Phoenix, to Whitesea - which the
claimant alleges breached a July 2016 deal and led to the
expectation loss of more than US$100 million on the profits that
Whitesea had expected to earn from the vessel.
But TC2PL's position is that it was not obliged to hand over Rising
Phoenix to Whitesea, "because, amongst other things, the claimant
did not make payment" under their agreement. The outstanding
purchase price for the vessel, according to Ezion, was some US$48
million, BT relays.
Whitesea has turned to the Singapore International Arbitration
Centre to appoint a single arbitrator, and Ezion "intends to
vigorously defend" against the proceedings, the board said.
The troubled liftboat operator added that it "does not believe that
the proceedings will cause any material disruptions to its
operations and business" and said shareholders would be kept
updated on any further developments, BT relays.
Trading in Ezion shares was voluntarily suspended in March 2019, as
chairman Wang Kai Yuen and chief executive Chew Thiam Keng asked
shareholders to pray for them, the report notes.
About Ezion Holdings
Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and offshore wind farm
industry.
SWIBER GROUP: Terminates US$200MM Investment Deal with Seaspan
--------------------------------------------------------------
Mars W. Mosqueda Jr. at Deal Street Asia reports that Swiber Group
and New York-listed shipping firm Seaspan Corporation have
terminated a $200-million investment deal, according to a
disclosure.
Deal Street Asia relates that Swiber has informed the Singapore
Exchange that certain conditions precedent for the completion of
the planned investment were not fulfilled before the Dec. 31, 2019,
deadline.
"No agreement was made between the parties for an extension of the
long-stop date . . . the company and Seaspan have agreed that the
investment agreement has been terminated in accordance with its
terms," Swiber said in a statement, Deal Street Asia relays.
Under the supposed agreement, Swiber would have received a
$200-million investment from Seaspan in two tranches to help the
company get back on its feet after over two years in judicial
management, the report states. Under the term sheet, the first
tranche of $10 million (previously $20 million) will come in upon
closing in exchange for an 80% stake in a new holding company where
certain assets of the existing Swiber Group will be transferred,
the report says.
The report relates that the remaining amount of $190 million will
be unlocked upon securing the development stage Liquified Natural
Gas (LNG)-to-power project in Vietnam and achieving major project
milestones.
However, certain conditions precedent for the completion of the
initial investment, including those relating to the transfer of
certain assets and the debt restructuring and were not fulfilled
nor waived, the report notes.
Deal Street Asia says the former SGX Mainboard-listed Swiber Group
used to operate a fleet of 28 vessels. Given the capital-intensive
nature of the business and the relatively small market
capitalisation, the company has been tapping into the capital
markets through private share placements, rights issues, and
convertible debt issuances since its listing in 2006.
However, in 2016, the O&M company began facing difficulties in
fundraising as banks started paring their exposures to the O&M
industry from early 2015 as crude oil prices slumped, the report
recalls.
This and other factors resulted in rapid deterioration in Swiber's
finances, prompting the company to seek investors. After failing to
secure funding, it applied for liquidation, the report notes.
DBS Group, with an exposure of SGD700 million to the firm at that
time, got Swiber to withdraw the liquidation bid and instead placed
the company in judicial management, says Deal Street Asia.
"The judicial managers remain open to considering other options for
the restructuring of the company and Swiber Offshore Construction
Pte. Ltd. and will provide updates on any material developments as
and when appropriate," Swiber, as cited by the report, said.
About Swiber Holdings
Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2016, Reuters said Swiber Holdings Ltd has applied to place
itself under judicial management instead of liquidation. According
to Reuters, Swiber shocked markets in July 2016 by filing for
liquidation, as it faced hundreds of millions of dollars in debt
and a decline in orders, becoming the largest local company to fall
victim to the slump in oil prices.
Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.
Swiber had $1.43 billion of liabilities and $1.99 billion of assets
on March 31, 2016, before it sought court protection in late July,
Bloomberg News reported citing the company's last published
accounts.
USP GROUP: Nah Ee Ling Steps Down as CFO
----------------------------------------
Annabeth Leow at The Business Times reports that the chief
financial officer (CFO) of indium ingot dealer USP Group has
resigned, the eighth departure to be disclosed by the company in
the past year.
Nah Ee Ling, 40, will leave on Jan. 31 "to pursue other career
opportunities", the board said in a bourse filing on Jan. 3, BT
relays. Ms. Nah, who had held the post since end-2014, recently
lost a re-election bid to retain her board seat at the annual
general meeting on Sept. 30, 2019, the report says.
Her departure marks the highest-profile exit since Lim Boh Soon
resigned as chief executive in mid-October 2019 "pursuant to his
employment contract", just one month into the job, according to the
report.
BT says the USP board has affirmed in its latest filing that there
are no unresolved differences in opinion on material matters
between Ms Nah and the directors, nor issues that must be flagged
to shareholders.
Mainboard-listed USP, which was put on the bourse's financial
watch-list in December 2019, last traded at 6.9 Singapore cents, BT
discloses.
USP Group Limited provides oil blending and property development
services. The Company, through its subsidiaries, offers the
blending and distribution of diesel and engine oils as well as
provides property holding, development, management and related
services for the residential and commercial sectors throughout
Singapore.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Dec. 30, 2019 to Jan. 3, 2020
------------------------------------------------------------
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
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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