/raid1/www/Hosts/bankrupt/TCRAP_Public/200331.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, March 31, 2020, Vol. 23, No. 65
Headlines
A U S T R A L I A
ASSET FINANCE: S&P Affirms 'B-' ICR on Planned Change in Ownership
CENCAT PTY: Second Creditors' Meeting Set for April 7
ENGINE ROOM: First Creditors' Meeting Set for April 7
KIKKI.K: To Close Stores; 440 Employees Stood Down
LOCKYER QUARRY: Second Creditors' Meeting Set for April 7
PEC AMSTEL: Second Creditors' Meeting Set for April 7
PEC PORTFOLIO: Second Creditors' Meeting Set for April 7
RED ENGINE: First Creditors' Meeting Set for April 7
SPEEDCAST INT'L: Identifies Hurdles as it Staves Off Collapse
TIGERLILY AUST: First Creditors' Meeting Set for April 1
C H I N A
CHINA GRAND: Moody's Alters Outlook on B1 CFR to Negative
SUZHOU BANK: Moody's Alters Outlook on Ba1 Deposit Rating to Neg.
XINJIANG GUANGHUI: Moody's Alters Outlook on B2 CFR to Negative
YIDA CHINA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion
I N D I A
BHAVANAM TEXTILES: CRISIL Moves B+ Ratings to Not Cooperating
DAGAR FARMS: CARE Lowers Rating on INR5.29cr LT Loan to 'D'
GANPATI STRUCTURES: CARE Cuts Rating on INR19cr LT Loan to B+
IL&FS EDUCATION: CARE Keeps D on INR200cr Debt in Not Cooperating
J. V STRIPS: CARE Lowers Rating on INR54cr LT Loan to 'D'
JINDAL STEELS: CRISIL Lowers Rating on INR58cr Loan to B+
K. D. INFRAENGICON: CARE Keeps 'D' Rating in Not Cooperating
K. SENTHIL: CRISIL Migrates B+ Ratings to Not Cooperating Category
KHURANA BLANKETS: CRISIL Withdraws B+ Rating on INR4.5cr Loan
KRISH AGRO: CARE Keeps 'D' Rating in Not Cooperating Category
LIBRA AUTO: CARE Lowers Rating on INR10cr LT Loan to 'D'
MAYAJUKTA TEA: CARE Assigns 'D' Rating to INR4.88cr LT Loan
MEET PRIVATE: CRISIL Lowers Rating on INR5cr Loan to B+
MOTHERSON SUMI: Moody's Assigns Ba1 CFR, On Review for Downgrade
NEW SAPNA: CARE Reaffirms 'D' Rating on INR5.50cr LT Loan
RBBR INFRASTRUCTURE: CARE Lowers Rating on INR11.25cr Loan to B+
RIGHILL ELECTRICS: CARE Lowers Rating on INR3.50cr Loan to D
SHREE MAA KALI: CARE Lowers Rating on INR9.50cr LT Loan to 'B-'
SHRIRAM TRANSPORT: Fitch Lowers LT Issuer Default Rating to BB
SUPREME MILLS: CARE Lowers Rating on INR5.75cr Loan to B+
TAPI PRESTRESSED: CRISIL Lowers Rating on INR30cr Loan to 'D'
TIRUPATI INDUSTRIES: CARE Lowers Rating on INR20cr Loan to B+
TOSHNIWAL ENTERPRISES: CRISIL Cuts Rating on INR29cr Loan to 'D'
VALLUVANAD HOSPITAL: CRISIL Withdraws D Rating on INR11cr Loan
VANI TRADING: CRISIL Lowers Ratings on INR6cr Loans to D
VEERAJ CONSTRUCTION: CRISIL Withdraws D Rating on INR12.5cr Loan
WESTIN RESINS: CARE Lowers Rating on INR18.96cr LT Loan to D
I N D O N E S I A
PT JASA MARGA: S&P Affirms BB+ LongTerm Issuer Credit Rating
N E W Z E A L A N D
SMITHS CITY: Lender Grants Extension on NZD1.5MM Loan Repayment
P H I L I P P I N E S
PAYASIAN PTE: SEC Shuts Down Cryptocurrency Investment Operator
PHILIPPINES: May Go Into Recession, Central Bank Governor Says
S I N G A P O R E
HUAN HSIN: Needs More Time to Finalize Exit-Offer Proposal
IBC CAPITAL: Moody's Alters Outlook on B2 CFR to Negative
X X X X X X X X
[*] BOND PRICING: For the Week March 23, 2020 to March 27, 2020
- - - - -
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A U S T R A L I A
=================
ASSET FINANCE: S&P Affirms 'B-' ICR on Planned Change in Ownership
------------------------------------------------------------------
S&P Global Ratings affirmed its long-term and short-term issuer
credit ratings on New Zealand-based finance company Asset Finance
Ltd. (AFL) at 'B-/B'. The outlook is stable.
S&P said, "The affirmation reflects our view that the potential
acquisition of Blackstar Finance Ltd. (BFL) by Clare Investment
Management Group (CIM)--BFL is the majority shareholder of
AFL--will not materially affect our assessment of AFL's financial
strength, as the group credit profile of the wider CIM group is
similar to the financial strength of AFL's previous parent,
Blackstar Capital Group.
"The ratings reflect our expectation that AFL can withstand
moderate funding and liquidity stress over a period of 12 months
following the coronavirus outbreak. AFL has a strong cash balance
of almost 20% of total assets and a sound debenture maturity
profile, with about 75% of debentures later than 12 months. The
entity is strongly capitalized with a regulatory capital ratio of
15.7% as of Sept. 30, 2019. This provides some buffer to credit
losses resulting from a weakening in asset quality, which we expect
in the current operating environment.
"Although we do not view liquidity shortfalls to be likely over a
12-month period, we believe AFL faces increased funding and
liquidity challenges following the coronavirus outbreak. As a
result, we revised our assessment of AFL's stand-alone credit
profile (SACP) to 'b-' from 'b'. We expect asset quality will
decline as AFL services small to midsize borrowers that are
generally not serviced by the banking sector. These borrowers will
be directly affected by the coronavirus outbreak, which has led
authorities to restrict their operations. The inability of these
borrowers to repay loans will lead to higher nonperforming assets
for AFL, which will likely result in weaker cash flows and
increased liquidity strains for AFL. As such, we have removed the
positive peer notch previously associated with AFL.
"Our credit rating on AFL is marginally stronger than that of the
group, reflecting our view that AFL has mechanisms in place to
manage operations over the next 12 months, a period of heightened
stress.
"The stable on AFL reflects our expectation the finance company
will maintain its credit quality at the current rating level over a
12-month period. We expect capital to remain strong with a
forecasted risk-adjust capital ratio of greater than 15% over the
period, while AFL's high level of liquid assets relative to its
balance sheet will help it manage its operations over the year.
Further, AFL holds capital well in excess of its regulatory
minimums. As a result, a moderate decline in its regulatory capital
levels to manage impaired assets would not result in a lowering of
the rating on a stand-alone basis.
"We would lower our long- and short-term ratings on AFL within the
next 12 months if we formed a view the finance company had become
vulnerable to default, such that it was dependent on favorable
business, financial, and economic conditions to meet its financial
commitments. This may happen if there is a significant spike in
nonperforming assets, or AFL is unable to attract new investors to
its debentures, or to roll over existing debentures. This would
weaken AFL's liquidity and capital positions, in our view. We would
also lower our ratings on AFL if we believed the company's
financial commitments were unsustainable in the long term even if
it did not face a near-term (within 12 months) credit or payment
crisis.
"We believe upward rating prospects are limited in the next 12
months mainly because of the high financial leverage and limited
franchise strength of the CIM group. We also expect that AFL's
target lending segment involves higher credit risk."
CENCAT PTY: Second Creditors' Meeting Set for April 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cencat Pty.
Limited has been set for April 7, 2020, at 11:00 a.m. at the
offices of Amos Insolvency, 25/ 185 Airds Road, in Leumeah, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 4:00 p.m.
Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Cencat Pty on March 3, 2020.
ENGINE ROOM: First Creditors' Meeting Set for April 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Engine Room
Productions Pty Ltd will be held on April 7, 2020, at 11:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants,
Suite 1, Level 15, at 9 Castlereagh Street, in Sydney, NSW.
Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Engine Room on
March 27, 2020.
KIKKI.K: To Close Stores; 440 Employees Stood Down
--------------------------------------------------
Eloise Keating at SmartCompany reports that stationery brand
Kikki.K has become the latest prominent retailer to temporarily
close its bricks-and-mortar stores, as Australia moves closer to
fully shutting down non-essential businesses and services in
response to the COVID-19 outbreak.
SmartCompany says the news comes almost three weeks since voluntary
administrators and receivers were appointed to the business, which
will continue to operate its online store.
In a statement on March 28, Kikki.K said its 59 stores across the
country have closed and about 440 employees have been stood down.
However, receiver Barry Wright from Cor Cordis confirmed the sale
process for the company is still underway, SmartCompany relays.
"Whilst the stores have temporarily closed due to COVID-19, we are
continuing with our efforts to sell the business as a going
concern, having had strong interest in the Kikki.K business to
date," SmartCompany quotes Mr. Wright as saying in the same
statement.
"Our online channels remain open for business, and we encourage all
the long term guests of Kikki.K to continue to support us during
this challenging period."
According to SmartCompany, Kikki.K has also temporarily closed its
stores in New Zealand and the UK, and the company says it is
closely monitoring the situation in Singapore and Hong Kong,
although its stores there continue to trade.
In an email to Kikki.K employees, seen by SmartCompany, co-founders
Kristina Karlsson and Paul Lacy said they will "continue to assess
the possibility of re-opening our stores in this ever-changing
situation".
"While social distancing and health hygiene measures for our store
teams and guests had been our focus to date, with the key aims of
preserving jobs and being available for our guests, we've taken the
decision that on balance now, the right course of action is to
close temporarily," the founders said.
"The economic and social health factors which have forced this
decision are outside of the control of Kikki.K."
Voluntary administrators and receivers were appointed to the
Kikki.K business on March 10, and within 24 hours, nine interested
buyers or partners had come forward, SmartCompany discloses. At the
same time, in-store sales jumped 94% and online sales grew by 400%,
according to emails seen by SmartCompany.
In their email to employees this week, Karlsson and Lacy reiterated
that "sales online have grown substantially in recent weeks".
"We expect most of our guests will simply switch from shopping in
stores to shopping with us online," they said.
According to SmartCompany, the retailer is currently running a
40%-off sale on all full-priced items, and Karlsson and Lacy said
the brand's online followers will soon have access to more free
content online, as well as Instagram Live events with Karlsson on
topics such as 'self-care in challenging times', 'gratitude as a
way to get through tough times', 'how to organise a productive home
workspace' and 'tips for supporting kids schooling from home'.
Kikki.K employees will also be given access to online sessions on
similar themes, they said.
"It's a profoundly challenging time, and the only way through is to
work together and look after each other the best we possibly can,"
the report quotes Ms. Karlsson as saying.
About Kikki.K
Kikki.K was founded by Karlsson and Lacy in Melbourne in 2001. It
operates 65 stores across Australia, the United Kingdom, New
Zealand, Singapore and Hong Kong.
The company employs 450 full-time equivalent employees and turns
over AUD70 million in annual revenue.
On March 10, the company said Jim Downey of J.P Downey & Co has
been appointed as voluntary administrator, while Barry Wright and
Bruno Secatore of Cor Cordis have also been appointed receivers of
the company, which is continuing to trade.
LOCKYER QUARRY: Second Creditors' Meeting Set for April 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lockyer Quarry
Pty Ltd has been set for April 7, 2020, at 11:00 a.m. at the
offices of Rodgers Reidy, Level 9, River Quarter, at 46 Edward
Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2020, at 11:00 a.m.
David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Lockyer Quarry on Feb. 14, 2020.
PEC AMSTEL: Second Creditors' Meeting Set for April 7
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A second meeting of creditors in the proceedings of PEC Amstel
Nominees Pty Ltd has been set for April 7, 2020, at 11:00 a.m. via
teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 4:00 p.m.
David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Amstel Nominees Pty Ltd on Feb. 14, 2020.
PEC PORTFOLIO: Second Creditors' Meeting Set for April 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of PEC Portfolio 1
Pty. Ltd. has been set for April 7, 2020, at 12:00 p.m. via
teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2020, at 4:00 p.m.
David Anthony Ross of Hall Chadwick was appointed as administrator
of PEC Portfolio on March 2, 2020.
RED ENGINE: First Creditors' Meeting Set for April 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Engine
Strategy Content Creative Pty Ltd will be held on April 7, 2020, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, at 9 Castlereagh Street, in Sydney,
NSW.
Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Red Engine on March 27, 2020.
SPEEDCAST INT'L: Identifies Hurdles as it Staves Off Collapse
-------------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that debt-laden
satellite broadcaster Speedcast has identified the daunting hurdles
in front of it as the company attempts to stave off collapse after
revealing on March 30 it made an unaudited loss of US$459.8 million
(AUD748 million) last year including US$413.8 million worth of
write-downs.
The company, which had US$669 million worth of debt as of
December 31, reported that total liabilities exceeded total assets
by US$202.7 million as of that date, SMH discloses.
Without resolution of the liquidity and recapitalisation issues,
the company said "there exists a material uncertainty that the
group will be able to continue as a going concern". This includes
bridging finance to "allow Speedcast to continue operating and
progress its recapitalisation and restructuring to reduce the
overall leverage of the company," SMH relays.
It also includes negotiating terms of a forbearance agreement with
its lenders, the report says. The forbearance is in relation to
interest and amortisation payments due on March 31 and the breach
of any debt covenants as of last year. It is also negotiating with
suppliers for overdue payments.
According to the report, the board said it had prepared the
accounts on an ongoing basis on the assumption that Speedcast would
succeed with its forbearance agreement, required funding and
recapitalisation, but noted "there is no guarantee that all of
these initiatives will be achieved".
The company has stated previously that Moelis is advising it on
funding and recapitalisation alternatives given the fact that
current equity market conditions preclude a meaningful equity
raising, SMH relays.
SMH says the debt-laden company's shares remain suspended until
accounting firm PwC completes the audit of this result which has
been under board scrutiny since a profit downgrade last month which
triggered the resignation of its chief executive Pierre-Jean
Beylier.
Speedcast said last week the coronavirus had had a "substantial
impact" on one of its core markets - cruise liners - and as a
result, the company was "not yet able to provide a reliable outlook
for the performance of the business" for the current financial
year, which ends on December 31, SMH adds.
On March 30, the company said it was seeing virus-related impacts
across a range of customers and business segments, the report
relates.
Speedcast CEO Pierre-Jean Beylier resigned after delivering a
profit downgrade to the board which is now reviewing the FY19
result, the report says.
SMH relates that the company also said the Australian Securities
and Investments Commission had forced the company to restate its
previous year's revenue meaning the prior year's US$1.9 million net
profit is a US$6.8 million loss.
"Speedcast has agreed to change its accounting policy and restate
the FY18 comparatives in this financial report in line with ASIC's
interpretation," the company, as cited by SMH, said in a note to
its accounts.
"The restatement does not impact the total amount of revenue that
will be recognised by the company, and that the company will
receive under the contracts, but simply the timing of the
recognition of the revenue."
Shares have been suspended since January 31 when they last traded
at 79 cents, the report notes.
About Speedcast
Based in Australia, Speedcast International Limited --
https://www.speedcast.com/ -- provide satellite services. The
Company offers a range of products and services, such as network
service, value added services, equipment sales and wholesale Voice
over Internet Protocol (VoIP).
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2020, Moody's Investors Service downgraded to B3 from B2
Speedcast International Limited's corporate family and senior
secured term loan ratings. The rating outlook remains negative.
TIGERLILY AUST: First Creditors' Meeting Set for April 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tigerlily
Aust Pty Ltd and TL Holdco Pty Ltd will be held on April 1, 2020,
at 2:30 p.m. via teleconference.
Scott David Harry Langdon and Jennifer Nettleton of KordaMentha
were appointed as administrators of Tigerlily Aust on March 22,
2020.
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C H I N A
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CHINA GRAND: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------
Moody's Investors Service has affirmed China Grand Automotive
Services Group Co., Ltd's B1 corporate family rating and the B1
senior unsecured debt ratings on the notes issued by China Grand
Automotive Services Limited and guaranteed by China Grand Auto.
At the same time, Moody's has changed the outlook on the company's
ratings to negative from stable.
RATINGS RATIONALE
"The negative outlook reflects its expectation that China Grand
Auto's operating performance in 2020 will be weaker than we had
previously expected due to the coronavirus outbreak, stretching its
metrics and raising refinancing risk," says Roy Zhang, a Moody's
Assistant Vice President and Analyst.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
China Grand Auto's exposure to retail and discretionary consumption
have left it vulnerable to shifts in market sentiment, given its
sensitivity to consumer demand.
"That said, the impact is partially mitigated by China Grand Auto's
large scale and highly diversified auto dealer network in China,
resilient business model, and strong banking relationships," adds
Zhang.
While new vehicle sales have started to recover as auto retailers
resume operation, Moody's expects slower economic growth and weaker
consumer confidence will affect auto demand in China. In the first
two months of 2020, the coronavirus outbreak and closure of retail
stores resulted in a 42% drop in China auto sales according to the
China Association of Automobile Manufacturers. This steep decline
follows an 8.2% drop in auto sales in 2019. Moody's expects China
Grand Auto's revenue will decline by 6.3% in 2020 due to lower
business volumes.
As the largest auto dealer in China by unit new car sales, China
Grand Auto has a diversified retail network across China and a
balanced brand exposure towards the high-end and luxury segments.
Moody's expects the company will benefit from industry
consolidation and be able to capture a good share of auto sales
once demand recovers in the second half of 2020 and 2021. The
company's credit profile also remained resilient through 2019, when
auto demand was weak in China.
Moreover, China Grand Auto's increasing profit contributions from
high-margin services and commission-based business have improved
operating stability. The company derived 67% of its gross profit
from these higher-margin segments in the first half of 2019.
To help preserve capital for debt repayment, Moody's expects China
Grand Auto will tighten its sales and administrative cost, reduce
dividend payments and slow its pace of expansion. The company
repaid its USD400 million perpetual securities in December 2019 and
USD300 million senior unsecured note in February 2020.
As a result, Moody's expects China Grand Auto's leverage, as
measured by total debt to EBITDA, to stay around 5.9x in the next
12-18 months.
China Grand Auto relies heavily on short-term debt, resulting in a
weak liquidity profile. At 30 June 2019, its restricted and
unrestricted cash pool of RMB20.3 billion was insufficient to cover
its short-term debt. Moody's expects that the company's financing
cost will rise as it refinances its existing debt at higher
interest rates.
Nevertheless, Moody's expects the company will be able to roll over
its debt or meet its debt obligations, given its profitable
operations, strong market position and inventory of branded cars.
The company has also demonstrated a track record of access to
diversified funding channels, including onshore debt instruments,
such as corporate bonds, medium-term notes, syndicated loans and
asset-backed securities.
In addition, its strategic relationships with auto makers and
highly liquid working capital provide it with a buffer against its
liquidity needs.
The senior unsecured bond rating on the proposed USD notes is
unaffected by subordination to claims at the operating company
level, because such claims are not material, based on Moody's
expectation that the majority of claims will remain at the holding
company level. Creditors of China Grand Auto also benefit from the
group's highly diversified business profile — with cash flow
generation across a large number of operating subsidiaries —
which mitigates structural subordination risk.
The rating also takes into account the following environmental,
social and governance (ESG) considerations.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on China Grand Auto of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.
In terms of governance risk, China Grand Auto's ownership is
concentrated in Xinjiang Guanghui Industry Investment (Group) Co.,
Ltd. (B2 negative), which held a 32.73% stake in the company at 21
September 2019. This risk is somewhat mitigated by the fact that
China Grand Auto is a listed and regulated entity, with minimal
intercompany transactions with Xinjiang Guanghui.
Moody's could change the outlook to stable if China Grand Auto
maintains its business profile and access to diversified funding
sources, improves its liquidity profile, and sustains its leverage
below 6.0x.
On the other hand, Moody's could downgrade the ratings if China
Grand Auto's (1) business profile weakens; (2) revenue and/or
margins decline due to deteriorating market conditions or the
termination of contracts with vehicle suppliers; (3) liquidity
position or funding access weakens; or (4) interest coverage — as
measured by EBITDA/interest — falls below 2.5x, or its leverage
rises above 6.0x on a sustained basis.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
Established in 2006, China Grand Automotive Services Group Co., Ltd
is listed on the Shanghai Stock Exchange and was 32.64% owned by
the unlisted Xinjiang Guanghui Industry Investment (Group) Co.,
Ltd. (B2 negative) at 30 June 2019.
SUZHOU BANK: Moody's Alters Outlook on Ba1 Deposit Rating to Neg.
-----------------------------------------------------------------
Moody's Investors Service has changed its outlook to negative from
stable and affirmed the ratings of the following banks:
- The Baa3 long-term foreign and local currency deposit ratings
of Bank of Nanjing Co., Ltd.
- The Baa2 long-term foreign and local currency deposit ratings
of Bank of Ningbo Co., Ltd.
- The Ba1 long-term foreign and local currency deposit ratings
for Bank of Suzhou Co., Ltd.
- The Baa2 long-term foreign and local currency deposit ratings
of Guangzhou Rural Commercial Bank Co., Ltd.
- The Baa3 long-term foreign and local currency deposit ratings
for Shenzhen Rural Commercial Bank Corporation Limited
- The Baa1 long-term foreign and local currency deposit ratings
and local currency senior unsecured debt rating of Fubon Bank
(China) Co., Ltd. (Fubon China)
RATINGS RATIONALE
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The China banking
sector has been affected by the shock through its exposure to
highly affected regions and industries. At the height of the
outbreak in late January and February, government restrictions and
consumer caution led to a drop in economic activity in the country.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety.
Although economic activity in China has resumed, the recovery is
tepid and is expected to remain so, adding to existing strain on
Chinese banks' operating environment following two months of slow
economic activity. The lifting of many of the restrictions intended
to reduce the spread of the virus should aid a rebound in the
second quarter as people return to work. However, the significant
supply chain disruptions in the first quarter and weak external
demand, particularly in the second quarter, will weigh on capacity
utilization.
Moody's expects the slow improvement in consumer demand will temper
the pace of recovery in the second half of the year. Fiscal easing
focused on increasing household spending will likely help lift
domestic demand in the second half of the year, but investment
growth, particularly in the private sector, will remain soft. At
the same time, Moody's expects further substantial fiscal policy
easing may be forthcoming after the next National People's Congress
meeting, and monetary and fiscal policy will support a steady
recovery for 2021.
The change in outlook to negative for the affected banks reflects
Moody's view that China's economic growth will slow in 2020 and
that the resultant risk of deterioration in the banks' credit
quality has heightened, pressuring the banks' baseline credit
assessments (BCAs).
Moody's expects credit profiles will weaken especially among banks
with less-diversified loan exposures and, for some, with weak
financial profiles relative to peer banks at the same BCA level.
Banks whose outlook has been changed to negative are those that
have portfolios that are more sensitive to economic downturns,
either due to their higher exposure to small and micro enterprises
or due to less-diversified portfolios with higher lending exposure
to the most affected sectors or regions. In addition, the regional
banks operate mainly in cities whose manufacturing and
trade-related sectors are vulnerable to a potential global
contraction in demand. As a result, these banks will face higher
asset quality and profitability pressures as the impact of
coronavirus outbreak on the economy continues and intensifies. Some
of these banks have also recorded relatively strong growth in
recent years, posing unseasoned risk to their loan portfolios and
pressuring capital ratios.
The government has announced various relief programs and fiscal and
monetary measures to support entities in the real economy,
including sectors and small and micro enterprises most affected by
the coronavirus outbreak.
These measures aim to reduce the economic shock by providing
liquidity, lowering operating expenses and financing costs,
alleviating imminent repayment pressure, boosting demand and
supporting factories' resumption of production activities. While
these measures will help delay the recognition of asset quality
deterioration and formation of non-performing loans (NPLs), their
effectiveness in curbing materially higher NPLs will depend on the
severity and duration of the outbreak and the implications of the
outbreak for the global economy.
Rating rationale for individual banks
Bank of Nanjing
Bank of Nanjing has considerable exposure to the manufacturing and
wholesale and retail sectors, which are meaningfully affected by
the coronavirus outbreak. The bank's exposure to small and micro
enterprises is also high, implying potential asset risk if the
economic slowdown is prolonged. The bank has allocated 80% of its
gross loans in Jiangsu province and 31% in Nanjing at the end of
June 2019.
While affirming its deposit ratings and BCA, Moody's continues to
factor in a high level of government support, resulting in a
two-notch uplift from the bank's ba2 BCA.
Bank of Ningbo
Bank of Ningbo has significant exposures to small and micro
enterprises and to the manufacturing and wholesale and retail
sectors. It has a relatively concentrated portfolio in Zhejiang
Province, which accounted for 63% of its loan book at the end of
June 2019. While the bank has managed the risk related to its small
and micro enterprises portfolio well historically, Zhejiang
Province is a manufacturing hub and the slowing global supply chain
will test small and micro enterprises in the region.
While affirming its deposit ratings and BCA, Moody's continues to
factor in a high level of government support, resulting in a
two-notch uplift from the bank's ba1 BCA.
Bank of Suzhou
Bank of Suzhou's asset quality is sensitive to economic downturns
and slowing global supply chains, due to its large exposure to
small and micro enterprises and the manufacturing sector, and its
relatively concentrated portfolio geographically in the city of
Suzhou, a manufacturing hub with many exported-oriented companies.
Loan prime rate reform will also pressure the bank's
profitability.
While affirming its deposit ratings and BCA, Moody's continues to
factor in a moderate level of government support, resulting in a
one-notch uplift from the bank's ba2 BCA.
Guangzhou Rural Commercial Bank
Guangzhou Rural Commercial Bank has a large exposure to small and
micro enterprises and weak profitability when compared to its rated
peers. It also has sizable exposures to wholesale and retail
sector, which are more vulnerable to the impact of the coronavirus
outbreak. It has a relatively concentrated portfolio in Guangzhou
city and Guangdong Province.
The bank's loan growth has also outpaced the industry average,
pressuring its asset quality and capital ratios. While affirming
the bank's deposit ratings and BCA, Moody's continues to factor in
a high level of government support, resulting in a two-notch uplift
from the bank's ba1 BCA.
Shenzhen Rural Commercial Bank
Shenzhen Rural Commercial Bank's loan growth has consistently
outpaced the industry average over the past 3 years, resulting in
unseasoned asset risk. The bank also has large exposures to small
and micro enterprises and sizable exposures to the wholesale and
retail and commercial real estate sectors, which are more
vulnerable to the impact of the coronavirus outbreak.
While affirming the bank's deposit ratings and BCA, Moody's
continues to factor in a moderate level of government support,
resulting in a one-notch uplift from the bank's ba1 BCA.
Fubon China
Fubon China's credit concentration in large borrowers is high
relative to its capital base. The bank's rapid loan growth in 2019
implies unseasoned risk and drags down its capital ratios. The bank
also faces expansion risk due to its rapid loan growth in Central
China, including Hubei Province, Hunan Province and Henan Province
since 2018.
While affirming its deposit ratings and BCA, Moody's continues to
factor in a very high level of support from Fubon Financial Holding
Co., Ltd. (Baa1 stable) and Taipei Fubon Commercial Bank Co Ltd (A2
stable, BCA baa2), resulting in four-notch uplift from the bank's
ba2 BCA.
Moody's does not have particular governance concerns for the
affected banks, and their governance practices follow those that
are stipulated in the act governing their respective entities.
WHAT COULD MOVE THE RATING UP/DOWN
Given the negative outlook on the affected banks' ratings, their
BCAs and deposit ratings are unlikely to be upgraded. However, the
outlook could change to stable if macro-economic conditions in
China improve and the affected banks maintain sound credit metrics
in line with their current ratings and assessments.
The banks' BCAs would face negative pressure should the operating
environment weaken materially, for example if China's economic
growth moderates further as the impact of the virus prolongs or if
corporate financial leverage increases significantly as a result of
loose monetary policies.
The banks' BCAs could also experience downward pressure if the
banks' (1) asset quality and profitability weaken materially; (2)
RWAs grow rapidly and lead to weaker capital positions; or (3)
liquidity conditions deteriorate.
For Bank of Nanjing, Bank of Ningbo, Bank of Suzhou, Guangzhou
Rural Commercial Bank and Shenzhen Rural Commercial Bank, there
could be downward pressure on their ratings should the Chinese
government's capability or willingness to support the banks
weaken.
For Fubon China, its rating could be downgraded if Fubon Financial
Holding and Taipei Fubon Commercial Bank's capacity to support the
bank weakens.
Affected ratings and assessment list:
Bank of Nanjing Co., Ltd.
- Affirmed Baa3 long-term foreign and local currency deposit
ratings, outlook changed to negative from stable
- Affirmed P-3 short-term foreign and local currency deposit
ratings
- Affirmed Baa3(cr)/P-3(cr) long term/ short-term Counterparty
Risk Assessment
- Affirmed Baa3/P-3 long-term/short-term local/foreign currency
Counterparty Risk Ratings
- Affirmed ba2 BCA and Adjusted BCA
- Outlook changed to negative from stable
Bank of Ningbo Co., Ltd.
- Affirmed ba1 BCA
- Affirmed ba1 Adjusted BCA
- Affirmed Baa2 long-term foreign and local currency deposit
ratings, outlook changed to negative from stable
- Affirmed P-2 short-term foreign and local currency deposit
ratings
- Affirmed Baa2(cr)/P-2(cr) long term/ short-term Counterparty
Risk Assessment
- Affirmed Baa2/P-2 long term/ short-term foreign and local
currency Counterparty Risk Ratings
- Outlook changed to negative from stable
Bank of Suzhou Co., Ltd.
- Affirmed ba2 BCA
- Affirmed ba2 Adjusted BCA
- Affirmed Ba1 long-term foreign and local currency deposit
ratings, outlook changed to negative from stable
- Affirmed Ba1 long-term foreign and local currency issuer
ratings, outlook changed to negative from stable
- Affirmed NP short-term foreign and local currency deposit
and issuer ratings
- Affirmed Baa3(cr)/P-3(cr) long term/ short-term
Counterparty Risk Assessment
- Affirmed Baa3/P-3 long term/ short-term foreign and local
currency Counterparty Risk Ratings
- Outlook changed to negative from stable
Guangzhou Rural Commercial Bank Co., Ltd.
- Affirmed ba1 BCA
- Affirmed ba1 Adjusted BCA
- Affirmed Baa2 long-term foreign and local currency
deposit ratings, outlook changed to negative from stable
- Affirmed P-2 short-term foreign and local currency
deposit ratings
- Affirmed Baa2(cr)/P-2(cr) long term/ short-term
Counterparty Risk Assessment
- Affirmed Baa2/P-2 long term/ short-term foreign and local
currency Counterparty Risk Ratings
- Outlook changed to negative from stable
Shenzhen Rural Commercial Bank Corporation Limited
- Affirmed ba1 BCA
- Affirmed ba1 Adjusted BCA
- Affirmed Baa3 long-term foreign and local currency
deposit ratings, outlook changed to negative from stable
- Affirmed P-3 short-term foreign and local currency
deposit ratings
- Affirmed Baa2(cr)/P-2(cr) long term/ short-term
Counterparty Risk Assessment
- Affirmed Baa2/P-2 long term/ short-term foreign and local
currency Counterparty Risk Ratings
- Outlook changed to negative from stable
Fubon Bank (China) Co., Ltd.
- Affirmed Baa1 for long-term local and foreign currency
deposit ratings, outlook changed to negative from stable
- Affirmed P-2 for short-term local and foreign currency
deposit ratings
- Affirmed Baa1 for long-term local currency senior
unsecured debt, outlook changed to negative from stable
- Affirmed Baa1 for long-term local and foreign currency
Issuer Rating, outlook changed to negative from stable
- Affirmed A3/P-2 for long-term/short-term local and
foreign currency Counterparty Risk Ratings
- Affirmed A3(cr)/P-2(cr) for long-term/short-term
Counterparty risk assessment
- Affirmed baa1 for Adjusted BCA
- Affirmed ba2 for BCA
- Outlook changed to negative from stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
BANK PROFILES
Bank of Nanjing is a city commercial bank headquartered in Nanjing,
Jiangsu Province. The bank reported total assets of RMB1,348
billion as of 30 June 2019.
Bank of Ningbo is a city commercial bank headquartered in Ningbo,
Zhejiang Province. The bank reported total assets of RMB1,205
billion as of 30 June 2019.
Bank of Suzhou is a city commercial bank headquartered in Suzhou,
Jiangsu Province. It reported total assets of RMB341 billion as of
the end of June 2019.
Guangzhou Rural Commercial Bank is a rural commercial bank
headquartered in Guangzhou city, Guangdong Province. It reported
total assets of RMB853 billion as of the end of June 2019.
Shenzhen Rural Commercial Bank is a rural commercial bank
headquartered in Shenzhen with reported assets totaled RMB316.9
billion at the end of 2018.
Fubon China is headquartered in Shanghai. It reported total assets
of RMB71 billion as of the end of 2018.
XINJIANG GUANGHUI: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Xinjiang Guanghui Industry
Investment Co., Ltd.'s B2 corporate family rating and B3 senior
unsecured debt ratings.
At the same time, Moody's has changed the outlook on the company's
ratings to negative from stable.
RATINGS RATIONALE
"The negative outlook reflects its view that Guanghui Group's
operating performance in 2020 will likely be weaker than expected,
given the increasing refinancing risks stemming from the
deteriorating global economic outlook," says Roy Zhang, a Moody's
Assistant Vice President and Analyst.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
Guanghui Group's exposure to retail and discretionary consumption
have left it vulnerable to shifts in market sentiment, especially
given its sensitivity to consumer demand.
"That said, the impact is partially mitigated by Guanghui Group's
large operating scale, strong market position in China's auto
dealer industry, and track record of successfully refinancing its
debt, as reflected by its B2 rating," adds Zhang.
Guanghui Group's revenue increased to RMB189 billion in 2018,
growing by an average rate of 22% over the past three years.
Meanwhile, its leverage -- as measured by adjusted total debt to
EBITDA -- decreased to 6.0x at the end of 2018 from a peak of 9.9x
at the end of 2016. These strong results were supported by the
company's leadership position in the domestic auto dealer industry,
and by its diversified business operations in energy and property.
Guanghui Group is the largest shareholder in China Grand Automotive
Services Grp Co., Ltd (CGA, B1 negative), the leading auto dealer
in China (A1 stable) in terms of unit sales, with a large network,
strong geographic coverage, and a diversified brand offering. Its
33%-owned auto dealer business accounted for 88% of its
consolidated revenue in 2018.
Moody's expects Guanghui Group's leverage ratio will increase from
6.0x at 31 December 2018 to 7.0x-7.1x in the next 12 to 18 months,
due to the weak operating environment.
Founded in 1989, the company is one of the largest privately-owned
enterprise in Xinjiang province. Over the past three decades, it
has been through several economic cycles while meeting its debt
obligations.
Guanghui Group's liquidity profile is weak due to its high reliance
on short-term debt, which amounted to around RMB66.6 billion at the
end of June 2019 and well exceeded its cash holdings -- including
pledged deposits -- of RMB31.5 billion.
However, the company has a good track record of refinancing its
debt, and also demonstrated good funding access in 2019 when
overall funding conditions were not favorable for privately-owned
enterprises in China.
In March, Guanghui Group exchanged about US$58 million of existing
notes into new US$ notes due in 2021.
The rating also takes into account the following environmental,
social and governance (ESG) considerations.
In terms of environmental and social risks, some of Guanghui
Group's businesses, such as its oil and gas, coal mining and
chemical businesses, are exposed to high risks associated with
tightening emission standards and health and safety measures.
However, such risks are partially mitigated by the company's track
record of operational continuity and business diversification.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Guanghui Group of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.
In terms of corporate governance factors, Guanghui Group is a
private company, and its corporate governance and transparency are
weaker than those of publicly listed companies. The company's share
ownership is concentrated in Ms. Sun Guangxin, who holds a 50.06%
stake in the company as of the end of 2018. Such risk is partially
mitigated by the presence of China Evergrande Group (B1 stable) as
the second largest shareholder, with a 40.97% stake as of the same
date.
The B3 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of Guanghui Group's claims are
at its operating subsidiaries and have priority over its senior
unsecured claims at the holding company in a bankruptcy scenario.
The outlook could be revised back to stable if Guanghui Group: (1)
maintains its business profile; (2) improves its liquidity; and (3)
refinances its short-term debt.
On the other hand, Moody's could downgrade the ratings if (1)
Guanghui Group reduces its ownership in, or control over, CGA; (2)
CGA's credit profile weakens materially; or (3) Guanghui Group's
liquidity or credit metrics further deteriorate, such that its
adjusted debt/EBITDA exceeds 8.0x and its EBITDA/interest falls
below 1.0x-1.5x on a sustained basis.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments, namely auto
dealerships, energy and real estate. At the end of June 2019, the
company held a 33% stake in China's largest auto dealer by revenue,
China Grand Automotive Services Co., Ltd.
Founded in 1989, the unlisted Xinjiang Guanghui was 50.06% owned by
the Mr. SUN Guangxin at the end of 2018. Mr. Sun is the chairman,
founder and controlling shareholder.
YIDA CHINA: S&P Cuts ICR to 'SD' on Distressed Exchange Completion
------------------------------------------------------------------
On March 27, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Yida China Holdings Ltd. to 'SD' from 'CC'. At the
same time, S&P lowered its long-term issue rating on the
China-based company's senior unsecured notes to 'D' from 'C'.
S&P said, "We lowered the ratings on Yida following the completion
of the debt exchange of its 6.95% senior notes due April 2020 for
new senior notes due March 2022. The company issued about US$225
million in new notes, representing approximately 75% of the total
outstanding principal amount of the original notes.
"We view the transaction as a distressed exchange tantamount to a
default because Yida has insufficient internal resources and
limited funding options to repay the maturing notes in whole
without the debt exchange. We expect the company to repay the
remaining US$53 million with internal funds.
"We will review Yida's credit profile soon and could raise the
ratings after we reassess the company's liquidity and financial
performance expectation." Yida will likely continue to see
exceptionally weak liquidity and face repayment risks, in
particular for its Chinese renminbi (RMB) 800 million domestic
corporate bond due in September 2020.
Yida is a business park developer in China. It also develops
residential properties in integrated community projects. Yida
listed on the Hong Kong stock exchange in 2014. China Minsheng
Investment Group Corp. Ltd. became its controlling shareholder in
late 2016.
Yida holds a total land bank of 9.8 million square meters gross
floor area as of end-June 2019, 70% of which is located in Dalian.
Yida owns six business parks and manages 24 parks on behalf of
other owners in China.
=========
I N D I A
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BHAVANAM TEXTILES: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhavanam
Textiles India Private Limited (BTIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 0.79 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 1.63 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BTIPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BTIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BTIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BTIPL to 'CRISIL B+/Stable Issuer not cooperating'.
BTIPL, incorporated in February 2013, manufactures cotton yarn with
installed capacity of 13,644 spindles. The Guntur (Andhra Pradesh)
based company is promoted by Mr Bhavanam Rama Koti Reddy and Ms
Bhavanam Adi Lakshmi.
DAGAR FARMS: CARE Lowers Rating on INR5.29cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dagar Farms (DF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.29 CARE D; ISSUER NOT COOPERATING
Facilities Revised from CARE B+; Stable
Issuer not cooperating on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of DF
takes into account ongoing delays in the servicing of debt
obligation.
Ongoing delays in the servicing of debt obligation: There have been
ongoing delays in the servicing of debt obligation.
Haryana-based Dagar Farm (DF) was established in 2015 as a
proprietorship concern by Mr. Sandeep Dagar. DF is engaged in
poultry farming business which involves growing of 1 day chick into
egg laying birds and then their eggs are incubated till the chicks
grow. The processing facility of the firm is located at Jhajjar,
Haryana with a breeding capacity of 3,00,000 layer birds per batch
as on December 31, 2017.
GANPATI STRUCTURES: CARE Cuts Rating on INR19cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ganpati Structures Private Limited (GSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 19.00 CARE B+; Stable; "Issuer not
Facilities cooperating; Revised from
CARE BB-; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GSPL to monitor the
rating(s) vide e-mail communications dated November 13, 2019,
December 23, 2019, January 22, 2020 and March 3, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, GSPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
GSPL'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 has been revised on account of continuous low
profitability margins, leveraged capital structure and weak debt
coverage indicators. Further, the rating is also constrained due to
strecthed liquidity position and its susceptibility to fluctuation
in raw material prices and highly fragmented industry leading to
high competition.
The rating, however, continue derives comfort from vast experience
of promoters in steel industry and improvement in scale of
operation in FY19 (FY refers to the period from April 1 to
March 31).
Detailed description of the key rating drivers
At the time of last rating on April 15, 2019, the following were
the rating strengths and weaknesses. (Updated for the information
available from ROC).
Key Rating Weaknesses
* Low profitability margins: The profitability margins of the
company has declined and stood low marked by PBILDT and PAT margin
of 3.09% and 0.30% respectively in FY19. PBILDT margin has dipped
by 666 bps in FY19 over FY18 owing to higher cost of material
consumed as well as higher trading cost. PAT margin also declined
by 48 bps in FY19 over FY18 owing to decline in PBILDT margin.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure stood leveraged marked by overall gearing of
2.17 times as on March 31, 2019 however improved from 2.62 times as
on March 31, 2018 mainly due accretion of profit to reserves and
scheduled repayment of term loan during the year. Further, the debt
coverage indicators stood weak marked by Total debt to GCA of 15.01
times as on March 31, 2019 improved from 15.76 times as on March
31, 2018 mainly due to proportionately higher increase in total
debt than GCA level. Interest coverage stood moderate at 1.68 times
in FY19 (1.67 times in FY18).
* Stretched liquidity position: The liquidity position of company
stood stretched marked by almost full utilization of its working
capital bank borrowings. Further, the operating cycle of the
company has improved from 147 days in FY18 to 55 days in FY19
mainly on account of declined in average collection period and
average inventory holding period. The current ratio stood moderate
at 1.06 times as on March 31, 2019 and below unity quick ratio at
0.19 times as on March 31, 2019.
* Susceptibility to fluctuation in raw material prices: The
primary raw materials required for manufacturing of TMT (Thermo
Mechanically Treated Steel) bars are steel, coke,iron ore and
limes. Any adverse fluctuation in these raw materials prices is
likely to impact the profit margins of GSPL. Furthermore, the
market for raw material is seller dominated which restricts the
bargaining power of the buyers. GSPL's profit margins would remain
susceptible to changes in the raw material prices as existing
orders are executed at predetermined price while price revision is
made for new orders' according to fluctuation in raw material
price.
* Highly fragmented industry leading to high competition: GSPL is
exposed to high fragmentation in the steel industry, which has
numerous players at the bottom of the value chain due to low entry
barriers, low capital and technology requirements. Further, the low
lead time for setting up a new plant and the lack of product
differentiation reduce the entry barriers for new entrants
resulting in overcapacity in the industry.
Key Rating Strengths
* Vast experience of promoter in steel industry: GSPL has been
promoted and is being managed by three directors Mr. Amit Joshi,
Mr. Omprakash Joshi and Mr. Ashokkumar Joshi and all the directors
have vast experience in steel industry. All the promoters holds on
an average more than two decades of experience in the steel
industry.
* Improvement in scale of operation in FY19: During FY19, Total
Operating Income (TOI) has improved significantly by 2.78 times as
against FY18 owing to higher sales.
Indore (Madhya Pradesh) based Ganpati Structures Private Limited
(GSPL) was incorporated as a private limited company in June 24,
1996 by three directors Mr. Amit Joshi, Mr. Omprakash Joshi and Mr.
Ashokkumar Joshi. GSPL is engaged into manufacturing of structural
units like TMT(Thermo Mechanically Treated Steel) Bars, MS(Mild
Steel) Bars, MS Angles, MS flat Bars, MS Rod. The manufacturing
unit of the company is located near Indore, Madhya Pradesh, which
has an installed capacity of 250 Tonne per day as on March 31,
2018. It has an associate concerns named Ganpati Structures Private
Limited-Trading, Ganpati Steel Suppliers and Sadhanand Alloys LLP
which was engaged into same line of industry.
IL&FS EDUCATION: CARE Keeps D on INR200cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Education and Technology Services Limited (IFLS) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Commercial Paper 200.00 CARE D Issuer not cooperating;
(CP) Issue Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from IFLS to monitor the rating
vide email communications dated March 11, 2020, March 9, 2020,
March 4, 2020, February 28, 2020, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on IL&FS Education and Technology Services Limited's
facilities will now be denoted as CARE D 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.
The revision in the rating assigned to the commercial paper of
IL&FS Education & Technology Services Limited (IETS) takes into
account the default on the CP redemption of INR100cr due on
Nov. 20, 2018 due to the tight liquidity position of the company
and significant deterioration in the financial strength of the
promoter company IL&FS Limited.
Detailed description of the key rating drivers
Credit Risk Assessment
Key Rating Weaknesses
* Delay in servicing of debt obligations: The company has
defaulted in the redemption of Commercial Paper of INR100cr due on
Nov 20, 2018. The default is mainly due to tight liquidity position
and deterioration in the financial strength of the promoter company
IL&FS Limited.
* Significant deterioration in the financial flexibility of parent
company IL&FS Limited:
There has been significant deterioration in the financial risk
profile in the holding company IL&FS Limited rated CARE D (equity
ownership of 68.93% in IETS) mainly due to the delay in infusion of
equity capital & monetization of certain identified assets and
securing funding line from promoter entities as a liquidity
measure. Although, IL&FS Limited has past track record of selling
assets and raising equity, but these inflows have been inadequate
to meet the further funding commitments to the group companies
leading to an increase in the gearing levels over a period of time.
With relatively high leverage, it would largely have to depend on
strategic sale in various projects/group companies to support
various group entities going forward. IETS derived significant
financial and management support from IL&FS Ltd and the available
sanctioned credit lines from IL&FS Ltd. amounting to INR 200 cr
were available as a liquidity support at all times. The
deteriorated credit risk profile of the parent has adversely
impacted the support available to IETS from IL&FS Limited including
the timely availability of the credit lines amounting to INR 200 cr
from IL&FS Ltd.
* Long gestation period in projects to achieve cash break-even:
IETS has to incur upfront expenditure on the hardware while setting
up any ICT project and the collections are spread over a period of
5 years. Therefore, due to upfront expenditure and staggered
collections, the company has minimum cash breakeven of 2.5 years in
an ICT project. Also due to the delay in the collections from state
governments, the breakeven further extends to approx. 3 years and
the company has to depend on bank finance, suppliers credit etc.
for its fund requirements. Presently, majority of ICT projects
started during the period of FY13 and FY14 and have achieved their
break-even during FY17. Therefore, these projects are expected to
generate cash surpluses during their remaining life (i.e.
collections are expected to be higher than expenses remaining to be
incurred). Going forward, it becomes imperative for the company to
generate positive operating cash flow to service its debt
obligation.
* High receivable leading to high working capital requirement:
Since the counterparties are state governments, IETS experiences
high collection period along with large portion of accrued but not
due revenue, thereby resulting in higher working capital
requirement.
* High competition from regional players: IETS faces high
competition in its ICT business from established as well as
regional players. Therefore with the increasing competition, it
becomes important for IETS to maintain its delivery performance
standards and keep pricing of its products in line with the
competition.
Key Rating Strengths
* Track record in securing and executing tender based projects from
State Governments: IETS business comprises education services
vertical, sale of K-Yan and ICT business. Over period of time,
there has been shift from the ICT business to K-Yan, thereby
improving the revenue mix for the company. All of the ICT projects
and some of the K-Yan projects are secured by the company through a
tender based process. IETS has successfully won tenders from
various state governments viz. Gujarat, Maharashtra, Bihar, Odisha,
West Bengal, Himachal Pradesh, Arunachal Pradesh etc. and has
demonstrated a successful track record of implementing the same
over the past five years. As on April 24, 2018 the company has an
order book of INR 703 cr comprising of ICT and other government
business.
* Strong order book position with a Diversified product profile and
patented product: The company has a diversified product profile
which comprises of the ICT projects, K-yan, K-class (IT enabled
classrooms), Schools & Infrastructure management, training services
etc. Besides, skills projects and cluster development projects are
also undertaken through wholly owned subsidiaries of IETS. IETS has
a total order book position as on April 24, 2018 of INR703 crores
to be executed in the next 1 to 3 years. Analytical approach:
Consolidated – For analytical purpose, financial of IL&FS Skills
Development Corporation (ISDC), IL&FS Clusters Development
Initiative Limited (ICDIL) & IL&FS Education & Technology Services
Limited are consolidated. ISDC and ICDIL are wholly owned
subsidiaries of IETS.
IL&FS Education & Technology Services Ltd (IETS) is engaged in the
business of providing education technology and training services in
public private partnership (PPP) mode. The company was set up in
1997 and is the social infrastructure development arm of
Infrastructure Leasing & Financial Services Limited (IL&FS, CARE
D). IETS provides solutions in education and training to
educational institutions, state governments and private corporate
with a focus on nurturing human capital. The company works in key
areas of education, skill development, and cluster development. The
skill development and cluster development are undertaken in two
separate wholly owned subsidiaries of IETS namely IL&FS Skills
Development Corporation and IL&FS Clusters Development Initiative
Limited.
IETS reported a total operating income of INR806 crore in FY18
(refers to the period April 1 to March 31) and earned a PBILDT and
PAT at INR158 crore and INR30 crore respectively as compared to
PBILDT and PAT of INR162 crore and INR 41 crore respectively on
total operating income of INR662 crore during FY17.
J. V STRIPS: CARE Lowers Rating on INR54cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of J. V
Strips Ltd (JVSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 54 CARE D; ISSUER NOT COOPERATING
Facilities Revised from CARE C; Stable;
ISSUER NOT COOPERATING on the
basis of best available
information
Long/Short Term 10 CARE D; ISSUER NOT COOPERATING
Bank Facilities Revised from CARE C; Stable;
ISSUER NOT COOPERATING/
CARE A4; ISSUER NOT COOPERATING
on the basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from JVSL to monitor the ratings
vide e-mails communications/letters dated Oct. 31, 2019, Nov. 29,
2019, Dec. 31, 2019, Feb. 3, 2020, March 17, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information and NDS for monitoring
the ratings. 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. Hence, based on the information from public sources
regarding the delay in timely repayment of its debt obligations,
CARE has downgraded its ratings on the bank facilities of JVSL to
'CARE D/CARE D Issuer Not Cooperating' from 'CARE C/CARE A4 Issuer
Not Cooperating'.
The ratings on J.V Strips Ltd's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING/CARE D; 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.
JVSL is incorporated in1995 by Mr. Jai Bhagwan Bindal who has
experience of more than 36 years in the steel industry. The company
is engaged in the manufacturing of Cold Rolled (CR) steel strips
and coils. The manufacturing facility of the company was located at
Jhajjar, Haryana.
JINDAL STEELS: CRISIL Lowers Rating on INR58cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Jindal Steels
(Bangalore) (JSB) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 58 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Channel Financing 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with JSB for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JSB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JSB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of JSB revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Setup in 1983 and based in Bangalore, JSB is a partnership concern
managed by Mr. Sushil Kumar Jindal and his family. The firm is
engaged in trading of TMT bars, channels, angles, joists, and
beams. JSB deals in products manufactured by Rashtriya Ispat Nigam
Ltd and Steel Authority of India Ltd in Karnataka.
K. D. INFRAENGICON: CARE Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. D.
Infraengicon Private Limited (KDIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.15 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Long/Short term 4.00 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from KDIPL to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
January 14, 2020, February 8, 2020, March 2, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
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 KDIPL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.
Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on July 24, 2019 the following were the
rating weaknesses and strength.
Key Rating Weaknesses
* Delays in debt servicing: There are on-going delay in debt
servicing of the company.
Jharkhand based K.D. Infraengicon Private Limited (KDIPL) was
initially incorporated as MD. Quiyamuddin Khan Engineers Private
Limited on August 03, 2010. Subsequently the name of the company
has been changed to its current name (KDIPL) on May 15, 2017. Since
its inception, KDIPL has been engaged in civil construction
business in the segments like construction of road, bridges etc.
The company procures orders through tender and executes orders
floated by the various Govt. entities.
K. SENTHIL: CRISIL Migrates B+ Ratings to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K. Senthil
Kumar HUF (KSKH) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KSKH for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KSKH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSKH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KSKH to 'CRISIL B+/Stable Issuer not cooperating'.
Set up in 1996, Namakkal, Tamil Nadu-based KSK, a proprietorship
firm of Mr K Senthil Kumar, is engaged in manufacturing eggs from
layer chicken.
KHURANA BLANKETS: CRISIL Withdraws B+ Rating on INR4.5cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Khurana
Blankets Private Limited (KBPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B+/Stable'; Rating
Withdrawn)
Long Term Loan 4.65 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B+/Stable'; Rating
Withdrawn)
Proposed Long Term 3.35 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'CRISIL B+/Stable'; Rating
Withdrawn)
CRISIL has been consistently following up with KBPL for obtaining
information through letters and emails dated March 3, 2020 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KBPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for KBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of KBPL to 'CRISIL
B+/Stable Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of KBPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 2013 and promoted by Mr. Ashwini Kumar and Mr
Sandeep Kumar, KBPL was engaged in the blanket trading business
from 2013 to November 2015. The company currently set up its unit
in Panipat to manufacture polar and mink blankets.
KRISH AGRO: CARE Keeps 'D' Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krish Agro
Farms Private Limited (KAPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 12.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from KAPL to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
December 20, 2019, March 7, 2020, March 14, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the company 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 KAPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.
Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on January 3, 2020 the following were
the rating weaknesses and strength.
Key Rating Weaknesses
Delays in debt servicing: There are delays in the debt servicing of
the company.
Kolkata-based Krish Agro Farms Private Limited (KAPL) was
incorporated in August 2013 for setting up a rice milling and
processing plant. The company was promoted by Mr Chandra Jeet Shaw,
Mrs Chitra Rekha Shaw and Mr Ravi Jaiswal. The company is into
milling and processing of non-basmati rice and it has started
commercial operations from November 27, 2015 onwards. The milling
unit of KAPL is located at Hooghly, West Bengal with processing
capacity of 100,000 Metric Ton Per Annum (MTPA). KAPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across West Bengal.
LIBRA AUTO: CARE Lowers Rating on INR10cr LT Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Libra Auto Car Company Limited (LACL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE D; Issuer not cooperating;
Facilities Revised from CARE C; ISSUER NOT
COOPERATING on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 22, 2019, placed the
rating of LACL under the 'issuer non-cooperating' category as LACL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. 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 ratings have been revised on account of publically available
information of delay in debt servicing.
Key Rating Weaknesses
* Ongoing delay in debt servicing: As per publically available
information, there are delays in debt servicing.
LACL was incorporated in 2005 and promoted by Mr Pavit Pal Singh,
Mr Kesar Singh and Mr Gurinderjit Singh. LACL is an authorized
dealer of entire range of passenger vehicles (PV) of Maruti Suzuki
India Limited (MSIL). LACL operates a 3S facility (Sales, Spares,
Service) coupled with sale and purchase of pre-owned cars (True
Value) and has its showroom located on Jalandhar Bypass, Ludhiana,
Punjab.
MAYAJUKTA TEA: CARE Assigns 'D' Rating to INR4.88cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mayajukta Tea Estate Private Limited (MTEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.88 CARE D Assigned
Short-term Bank
Facilities 0.20 CARE D Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of MTEPL are primarily
constrained by the on-going delay in debt servicing of the
company.
Key Rating Sensitivities
Positive factors
* Track record of timely servicing of debt obligations for at
least 90 days.
* Sustained improvement in financial risk profile, especially
liquidity.
Detailed description of the key rating drivers
* On-going delay in debt servicing: There is on-going delay in term
loan servicing of the company owing to inadequate cash accruals
from operations and weak liquidity position. The liquidity of the
company remained weak mainly due to its stretched inventory period
during last three years.
Liquidity Indicator
Liquidity: Poor - Poor liquidity marked by inadequate accruals as
compared to its repayment obligations, highly utilized bank limits
and low cash balance of INR0.10 crore as on March 31, 2019. This
could constrain the ability of the entity to repay its debt
obligations on a timely basis.
Mayajukta Tea Estate Private Limited (MTEPL) was incorporated in
2005 and later on it was taken over by Mr. Sambit Dutta and Mrs.
Kakoli Dutta with effort from November 2015. The company has been
engaged in bought tea leaves processing. The processing facility of
the company is located in Jalpaiguri with a processing capacity of
1.20 lakh kgs per month. The company has its owned blending and
packaging unit and it markets its finished product (i.e. CTC tea)
under its various brand names like Mayajukta, Mayajukta Gold etc.
MEET PRIVATE: CRISIL Lowers Rating on INR5cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Meet Private
Limited (MPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB+/Negative/CRISIL A4+ Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 5.0 CRISIL B+/Stable (ISSUER NOT
Discounting COOPERATING; Revised from
'CRISIL BB+/Negative ISSUER
NOT COOPERATING')
Overdraft 0.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Negative ISSUER
NOT COOPERATING')
Packing Credit 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Negative ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with MPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of MPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB+/Negative/CRISIL A4+ Issuer not
cooperating'.
Set up by Mr. Uttam Singh Handa in 1980, MPL is currently managed
by his son Mr Jagat Singh Handa. It manufactures finished leather
and leather products such as jackets and coats, and accessories
such as bags and belts at its two units in Okhla Industrial Area,
New Delhi.
MOTHERSON SUMI: Moody's Assigns Ba1 CFR, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Motherson Sumi Systems Limited and has withdrawn the
company's Baa3 issuer rating.
At the same time, Moody's has placed the Ba1 CFR under review for
further downgrade. The outlook has been revised to rating under
review from negative.
RATINGS RATIONALE
"The rapid and widening spread of the coronavirus outbreak is
creating a severe and extensive credit shock for Motherson," says
Kaustubh Chaubal, a Moody's Vice President and Senior Credit
Officer. "The review for downgrade of the Ba1 CFR will focus on the
impact from the outbreak on manufacturing operations, consumer
demand, and on any government support and countermeasures taken by
Motherson."
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto parts
supplier sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment.
More specifically, the weaknesses in Motherson's credit profile,
including its exposure to final consumer demand for automobiles,
has left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Motherson remains vulnerable
to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety. Its action
reflects the impact on Motherson of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.
"The downgrade is driven by Motherson's already weak positioning in
the Baa3 rating category before the current market stress, with
financial metrics below its expectation for a Baa3 rating," adds
Chaubal.
Moody's estimates Motherson's consolidated adjusted debt/EBITDA and
adjusted EBITA margin to be close to its downgrade triggers of 3.0x
and 5% respectively.
Given that auto parts suppliers has been one of the sectors most
significantly affected by the shock as described above, Motherson's
Ba1 CFR is on review for further downgrade.
The review for downgrade will consider (i) the outbreak's impact on
the manufacturing operations of Motherson. A number of automotive
original equipment manufacturers and auto parts suppliers have
already temporarily closed facilities in order to ensure the safety
of their employees and Moody's expects that such closures could
become more extensive and extenuated. The review will assess the
impact from facility closures and global automotive production
declines Motherson is experiencing and will experience in the
coming quarters.
The review will also consider (ii) the lingering impact of
diminished consumer demand on automotive production, resulting from
consumer concerns surrounding the coronavirus outbreak, and
government policies restricting consumer movement over coming
quarters; (iii) the impact of government measures to support
corporates and consumers in Motherson's main markets, and (iv) the
impact of any countermeasures taken by Motherson.
The review will aggregate these effects in conjunction with
Motherson's liquidity profile. The level of cash, availability
under liquidity facilities, financial maintenance covenant
pressure, and the pressure of refinancing debt maturities coming
due over the next 12-24 months will be major considerations in
Moody's review of liquidity profiles.
Moody's expects to conclude the review within 90 days.
Given the current market situation Moody's does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically, adjusted
debt/EBITDA would have to drop back sustainably below 3.0x, with
sustainable positive free cash flow generation.
Moody's could downgrade the rating if Motherson fails to return to
meaningful operating profit generation in the second half of 2020
allowing it to reduce the cash burn.
Moody's could also downgrade the rating in case of a prolonged and
deeper slump in demand than currently anticipated, leading to
further balance sheet deterioration and a longer path to restoring
credit metrics in line with a Ba1 credit rating (EBITA margins of
at least 5.0%; debt/EBITDA not exceeding 3.5x on a sustained
basis).
The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.
Headquartered in Delhi, Motherson Sumi Systems Limited is the
flagship entity of the Samvardhana Motherson Group (SMG) with
global operations.
The company was formed in 1986 through a technical and financial
collaboration with Sumitomo Wiring Systems, Japan (unrated, a
wholly owned subsidiary of Sumitomo Electric Industries, Ltd. (A1
negative)).
As of December 31, 2019, Sumitomo Wiring held a 25.1% stake in
Motherson, while the founding Sehgal family held a direct 2.9%
stake and an indirect 30.2% stake through their investment vehicle
Samvardhana Motherson International Limited.
NEW SAPNA: CARE Reaffirms 'D' Rating on INR5.50cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of New
Sapna Granite Industries (NSGI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D Reaffirmed
facilities
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NSGI continues to
remain constrained on account of on-going irregularity in its debt
servicing due to its poor liquidity position.
Detailed description of key rating drivers
Key Rating Weaknesses
* On-going irregularities in debt servicing: NSGI has exhibited
on-going irregularity in servicing its term loan principal and
interest obligations, while the cash credit account is also
over-drawn for more than 30 days as on February, 2020 owing to poor
liquidity position of the firm.
Liquidity Analysis: Poor
The liquidity position of NSGI remained poor as marked by elongated
operating cycle of 194 days in FY18 (251 days in FY17). Current
ratio remained at 1.25 times as on March 31, 2018 as compared to
1.27 times as on March 2017. The cash credit account remained
overdrawn for more than 30 days for the past twelve months period
ended February, 2020. Cash and Bank balance remained low at INR0.05
crore as on March 31, 2018, while cash flow from operations
remained at INR 2.16 crore during FY18. The firm is unable to
service its debt obligations.
Godhra-based NSGI established in 2011 is a proprietorship firm
engaged in cutting and polishing of raw granite stones. The
installed capacity of the plant is processing 6,00,000 square feet
of stone per annum as on March 31, 2018. The proprietor has an
experience of over a decade in stone cutting and polishing. He was
earlier engaged in cutting and polishing of marble, granite and
kota stone through a firm named Sapna Kota Stone. The granite
stones are sold to traders and real estate builders in and around
Gujarat, Rajasthan and Maharashtra.
RBBR INFRASTRUCTURE: CARE Lowers Rating on INR11.25cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RBBR
Infrastructure Private Limited (RIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 11.25 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE BB-; Stable Based on
best available information
Short-term Bank 1.75 CARE A4; ISSUER NOT COOPERATING
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from of RIPL to monitor the
rating(s) vide e-mail communications dated May, 2019 to March 12,
2020 and numerous phone calls. However, despite CARE's repeated
requests, the company 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 best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on RBBR
Infrastructure Private Limited bank facilities will now be denoted
as CARE B+; 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 rating.
Detailed description of the key rating drivers
The rating assigned to the bank facilities of RBBR Infrastructure
Private Limited continues to be tempered by small scale of
operations, working capital intensive nature of operations,
declining profitability margins, leverage capital structure and
weak debt coverage indicators, fragmented industry with competition
from established players in the market. The rating however
continues to draw its strength from extensive experience of the
promoters in the concrete, minerals, dental products and real
estate industry coupled with state of art manufacturing facility,
stable outlook of the concrete sector.
Key Rating Weaknesses
* Small scale of operations: The scale of operations stood small
at INR19.55 crore in FY19 as compared to INR16.32 crore in FY18.
* Working capital intensive nature of business operations: The
operating cycle stood elongated at 271 days in FY19 as compared to
222 days in FY18.
* Declining profitability margins: The PBILDT margin declined and
stood at 18.73% in FY19 as compared to 24.86% in FY18 due to
increase in the material costs. Further, the PAT margin stood
negative at 4.04% in FY19 as compared to 2.33% in FY18 due to
decrease in PBILDT in absolute terms.
* Leverage capital structure and weak debt coverage indicators:
The overall gearing deteriorated and stood at 5.90x in FY19 as
compared to 0.76x in FY18 on account of increase in the total debt
levels. However, the TD/GCA and interest coverage stood at 15.39x
and 1.80x in FY19 as compared to 6.07x and 2.17x in FY18 on account
of decrease in the cash accruals on back of decrease in net worth.
* Fragmented industry with competition from established players in
the market: Although the RCC products manufacturing market has
high entry barriers, it has several organized and unorganized
players, distributed across the country, there is increasing threat
from big players dominating the industry. Their reputable brand
names and strong financials seem to cast a strong competition for
others who wish to penetrate the market.
Key Rating Strengths
* Extensive experience of the promoters in the concrete, minerals,
dental products and real estate industry coupled with state of art
manufacturing facility: RIPL is a family owned business. The
promoters have extensive experience of 10 years, in the fields of
RCC product manufacturing, mineral industry and real estate
sector.
* Stable outlook of the concrete sector: Overall market conditions
will remain stable for Indian cement manufacturers, considering a
gradual economic growth forecast across cement end-markets, with
real estate and infrastructure helping sustain volumes. Indian
cement manufacturers benefit from their ability to pass any raw
material price shock and manage operating efficiency to sustain
their EBITDA margins. The outlook, however, is constrained by the
possible impact of the ban on sand mining that would affect the
construction and house building activities. Moreover, an increase
in input cost could limit cement realizations and EBITDA per ton.
Further, the cement industry would benefit from the recent budget,
as it is more focused on various infrastructure and housing
projects.
RBBR Infrastructure Private Limited (RIPL) was incorporated on
March 28, 1996, by the promoters of Daga Group- a group with
interests in mining, mineral processing, dental products and real
estate. RIPL is engaged in the manufacturing of concrete products
such as RCC (Reinforced Cement Concrete) pipes, pre-cast manholes,
chambers, box culverts, slabs, tanks, staircases, etc under the
brand name of READYCRETETM. Its manufacturing facility is located
at Hosur, Tamil Nadu .The company procures its raw materials from
across Southern India and has a reputed clientele located across
Andhra Pradesh, Karnataka, Kerala and Tamil Nadu.
RIGHILL ELECTRICS: CARE Lowers Rating on INR3.50cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Righill Electrics Private Limited (REPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 3.50 CARE D; Issuer not cooperating;
Facilities Revised from CARE B-; Stable;
Issuer Not Cooperating on the
basis of best available
information
Short term Bank 1.50 CARE D; Issuer not cooperating;
Facilities Revised from CARE A4; Issuer
Not Cooperating on the basis of
Best available information
Detailed Rationale & Key rating Drivers
CARE has been seeking information from REPL to monitor the
rating(s) vide e-mail communications/letters dated March 11, 2020,
March 12, 2020 and March 13, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company 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 best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, REPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. REPL's bank
facilities will now be denoted as CARE D/CARE D; 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 overdrawing of more
than 30 days owing to poor liquidity position.
Detailed description of the key rating drivers:
At the time of last rating on April 22, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available from banker interaction).
Key Rating Weakness
* Overdrawing owing to poor liquidity position: As per banker
interaction, there is overdrawing of more than 30 days owing to
poor liquidity position.
REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications including oil field equipment. It also manufactures
parts and assemblies like Electronic Control Modules; printed
circuit boards (PCBs), plugs and sockets connectors etc. It
specialises in designing and manufacturing of controls and electric
parts for oil rigs. The major revenue is derived from the sale of
rig equipment, and thus the revenues largely depend on the rigging
activity and in turn the crude oil prices. It also provides
services pertaining to repairs and maintenance and provides annual
maintenance contracts (AMC) for its customers. REPL has installed
rigs in India as well as outside India for various large players
such as ONGC, OIL India, BHEL.
National drilling Company, ESSAR, John energy Limited etc. The
company has an employee base of 54 engineers who provide on-site
services to its customers. The manufacturing facility of the
company is located in Bhopal, Madhya Pradesh.
SHREE MAA KALI: CARE Lowers Rating on INR9.50cr LT Loan to 'B-'
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Maa Kali Polymers (SMKP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.50 CARE B-; Stable; ISSUER NOT CO-
Facilities OPERATING; Revised from CARE B;
Stable based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SMKP to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
December 25, 2019, February 25, 2020 and February 29, 2020 and
numerous phone calls However, despite CARE's repeated requests, the
entity has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SMKP's bank facilities will
now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING.
Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the rating takes into account the non-availability
of adequate information and the banker could not be contacted due
to non-cooperation by the entity.
Detailed description of the key rating drivers
At the time of last rating on April 11, 2019, the following were
the rating weaknesses and strength.
Key Rating Weaknesses
Project risk: The firm is currently setting up a plant for
manufacturing of leon bags with an installed capacity of 800 kgs
per day with an aggregate project cost of INR15.77 crore to be
financed by term loans of INR7.50 crore, partner's capital of
INR4.95 crore and unsecured loans from partners of INR3.32 crore.
The plant will be spread over an area of 8 bighas and the same will
be equipped with state of the art technology. The financial closure
for the debt portion of the project is yet to be tied –up and
therefore project funding risk exits. However, the firm has already
spent around INR4.50 crore (28.54% of total project cost) on the
aforesaid project funded by partners' contribution till February
28, 2019. Since the project is into nascent stage of implementation
project implementation risk also exits. Moreover, the commercial
operation of the firm is estimated to start from November 2019.
Partnership nature of constitution: Shree Maa Kali Polymers (SMKP)
being a partnership firm, is exposed to inherent risk of withdrawal
of capital by the Partners, restricted access to funding and risk
of dissolution on account of poor succession planning. Furthermore,
Partnership firms have restricted access to external borrowing as
credit worthiness of Partner would be the key factors affecting
credit decision for the lenders Exposure to volatility in raw
material prices: The primary raw materials required by SMKP are PP
resins, the prices of which are highly volatile. Further, the firm
does not have any long term contracts with the domestic suppliers
for the purchase of raw materials. Hence, the profitability margins
of the company could get adversely affected with any sudden spurt
in the raw material prices.
Highly competitive and fragmented nature of the industry: The
plastic and polymers industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
small size of the company limits the scope for margin expansion.
Key Rating Strengths
Experienced partners and strategic location of the plant: Key
promoter, Mr. Rajesh Kumar Agarwal (aged about 46 years), has two
decade of experience in trading of Leon Bag through his
proprietorship firm. He will look after the overall management of
the firm. He will be supported by Mr. Ashwani Prasad (aged about 31
years) who also has around a decade of business experience looks
after the day to day operations of the firm along with other
partners with a team of experienced professionals who have rich
experience in the similar line of business.
Diversified use and favourable end user industry: Polypropylene
(PP) has high tensile strength and plastic woven sacks are much
cleaner both in use and production and resist fungal attack. Air
permeable sacks made from PP are suitable for the packaging of
diversified products like cement, fertiliser, other chemical
products, food grains, oil seeds, sugar, salt etc. Due to numerous
advantages of PP woven sacks over jute sacks, these are finding
more and more applications in packaging of a wide range of products
of various industries.
Shree Maa Kali Polymers (SMKP), established on November 15, 2017,
was promoted by Mr. Rajesh Kumar Agarwal, Mr. Rahul Agarwal, Mr.
Ashwani Prasad and Mr. Devank Agarwal for setting up a
manufacturing plant for Polypropylene Woven Sacks.
The firm is currently setting up a plant for manufacturing of PP
Woven Sacks with an installed capacity of 800 kgs per day with an
aggregate project cost of INR17.77 crore to be financed by 4.95
crore from partners' capital and 3.32 crore from unsecured loans by
the partners contribution and lance by term loan of 7.50 crore and
working capital of 2.00 crore. The financial closure for the debt
portion of the project is yet to be tied –up. However, the firm
has already spent around INR4.50 crore on the aforesaid project
funded by partners' funds till February 28, 2019. The commercial
operation of the firm is estimated to start from November 2019.
SHRIRAM TRANSPORT: Fitch Lowers LT Issuer Default Rating to BB
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
of Shriram Transport Finance Company Limited and Muthoot Finance
Limited to 'BB' from 'BB+'. It has also downgraded the Long-Term
IDR of India Infoline Finance Limited to 'B+' from 'BB-'. All their
ratings have been placed on Rating Watch Negative. Fitch has also
placed the 'BB-' Long-Term IDR of Manappuram Finance Limited on
RWN.
The rating actions reflect increasing macro-economic challenges for
the Indian non-bank financial institution (NBFI) sector. These
include the growing effects from measures to contain the COVID-19
pandemic, which will compound the tightening in funding conditions
for NBFIs in recent weeks. The RBI's recent liquidity and
regulatory support measures should help to improve the funding
environment in the near term, but it also underlines the severity
of the situation and Fitch sees continued uncertainty in the coming
months nonetheless.
Fitch also expects the constraints on business activity to lead to
operational disruptions that will directly affect asset quality.
This comes on top of existing weak asset quality across banks and
some NBFIs, and under-capitalisation in the banking system, which
are likely to continue to hamper the growth and funding of the NBFI
sector. Fitch recently revised down India's GDP growth forecast for
the fiscal year ending March 2021 (FY21) to 5.1%, from 5.6%
previously, and the risks are skewed to the downside as the
authorities attempt to contain the virus.
KEY RATING DRIVERS
IDRS
The weaker economic outlook and uncertain funding conditions
negatively affect its assessment of the sector's operating
environment, growth and asset-quality prospects. The support
measures announced by the RBI on March 27 should help address some
near-term pressures on reported asset-quality metrics and market
liquidity, but will not materially change the anticipated
deterioration in underlying borrower repayment capacity. Fitch also
expects debt markets to remain risk averse, while banks are likely
to be selective when providing fresh funds to the NBFI sector.
The RWN on the ratings reflects sustained uncertainty in the near
term, partly stemming from the authorities' measures to contain the
spread of COVID-19. All four entities have retained funding market
access despite market dislocation in recent weeks, but any evidence
of increased refinancing risk, weaker funding access, or an
outsized deterioration in asset quality could lead to further
rating downside for the four NBFIs.
IIFL
The downgrade and RWN reflect its expectation of increased pressure
on IIFL's asset quality, which will weigh on its funding and
liquidity. SME loans, developer financing and capital market
finance, which Fitch perceives to be of higher risk in current
conditions, make up 40%-45% of IIFL's loan portfolio. Another 7% of
loans were extended to microfinance at end-December 2019, which may
also be more vulnerable in a downturn as borrowers are typically
less financially resilient.
Fitch believe that IIFL's exposure to these risker loan segments
renders it more susceptible to shifts in market confidence, and in
the current environment outweighs the relative resilience of its
home loans and gold loans, which make up close to half of the loan
book.
IIFL's IDR also reflects its moderate franchise in India's NBFI
sector and experienced management team, as well as its appetite for
high growth and tolerance for elevated leverage.
Fitch believe IIFL's funding and liquidity access remains weaker
than that of other Fitch-rated peers and more vulnerable in times
of heightened risk aversion. This is despite the funding mix
remaining stable and adequately balanced at present. The liquidity
position and contingent liquidity coverage remained broadly stable
at end-February 2020 with net positive liquidity gaps and adequate
contingent liquidity coverage of upcoming liabilities. However, the
company continues to be more reliant on loan assignments and
securitisation to fund its portfolio, and existing liquidity
buffers can be eroded if the sector's funding strains are
prolonged.
MFIN
MFIN's ratings reflect its moderate franchise in the niche of
gold-backed financing, and its history of low credit losses and
satisfactory leverage. These are counterbalanced by elevated
key-person risk, a track record of shortcomings in governance and
operational management, and growing risk appetite as the company
pursues higher growth in non-gold backed financing segments, which
are relatively new to MFIN.
The RWN takes into account potential earnings reduction as the
unfavorable operating environment slows portfolio growth,
particularly in gold loans (currently 66% of the total portfolio),
which amortise at a faster pace due to the product's short tenor.
The asset quality of other segments is also likely to deteriorate
as borrower earnings are affected by slower domestic economic
activity, while collections and recoveries may also be disrupted.
MFL
The downgrade and RWN reflect the weakening operating environment
and the related operational challenges. Slower economic activity
will dampen MFL's business growth prospects, while its branch-led
distribution model for gold-backed loans, which form 89% of MFL's
total loans, will be affected by disruptions from measures to
contain the pandemic. Fitch expects delinquencies to rise as
borrower earnings are affected by the slower economic growth, while
recoveries of the gold collateral backing the loans may be delayed
as auctions may be affected in the near term.
MFL's ratings nonetheless remain at the higher end of rated peers,
reflecting the strength of its established franchise in niche
gold-backed financing, its history of low credit losses,
satisfactory leverage and adequate liquidity coverage. These are
counterbalanced by high exposure to operational risks in the
business and MFL's concentration in gold loans.
STFC
The downgrade and RWN on STFC's ratings largely stems from the
deterioration in the operating environment for India NBFIs. STFC's
portfolio will face increased asset-quality risks as the commercial
vehicle portfolio is more exposed to business activity in India
that will be hampered by the measures taken to tackle the
coronavirus.
Fitch expects delays in loan collections and asset recoveries if
current restrictions on business activity are prolonged. This would
place pressure on near-term on asset quality, credit costs and
profitability. This comes as STFC already has the highest NPL ratio
of Fitch's rated portfolio at 8.7% at end-December 2019, with
credit costs accounting for a significant 38%-58% of pre-provision
profit. However, STFC's credit costs have been much lower than NPLs
and remained between 2.2%-3.8% of average loans over FY17-3QFY19.
STFC's ratings remain at the higher end of rated peers' as it has a
dominant position in used commercial-vehicle financing, experienced
management, and an established track record in managing collections
and recoveries while maintaining satisfactory earnings through past
credit cycles.
MTN PROGRAMMES, SENIOR SECURED DEBT, AND RECOVERY RATINGS
The ratings on the MTN programmes and foreign-currency senior debt
of the entities are at the same level as their Long-Term
Foreign-Currency IDRs, while the rupee-denominated senior debt of
STFC is rated at same level as its Long-Term Local-Currency IDR in
accordance with Fitch's rating criteria.
Most of India NBFIs' debt is secured and Fitch believes that
non-payment of NBFIs' senior secured debt would best reflect
uncured failure of the entity. NBFIs can issue unsecured debt in
the overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as their primary
financial obligations.
Fitch has assigned a Recovery Rating of 'RR4' to IIFL's senior
secured debt rated at 'B+', in accordance with Fitch's criteria for
entities with a Long-Term IDR of 'B+' or below, reflecting
'Average' recovery prospects in the event of a default.
RATING SENSITIVITIES
IDRS
Fitch will re-assess the Rating Watch Negative on the ratings when
the impact of measures to contain the coronavirus in India and
steps to address recent funding market constraints become clearer.
A prolonged period of disruption to economic activity, signs of
increased funding strain or an excessive deterioration in asset
quality could lead to lower ratings for the entities, while an
improvement in funding conditions and reduced asset quality risks
would ease the pressure on the ratings.
IIFL
A deterioration in asset quality, signs of more constrained funding
access, narrowed or negative liquidity gaps or reduced liquidity
buffers would lead to negative rating action. Leverage increasing
beyond 7x (December 2019: 5.1x) would also add to pressure on the
ratings.
The ratings may be upgraded when there is greater evidence that
IIFL is able to maintain and improve its funding and liquidity
profile without over-reliance on asset sales and securitisation,
even as current market constraints continue. This is provided that
the company demonstrates reasonably steady collections on its
developer financing, SME and microfinance portfolios throughout the
period.
MFIN
The IDR would be under pressure from business disruptions or
curtailed funding access due to adverse governance or operational
events or heightened risks from deterioration in the economic
environment. The rating would also be sensitive to a rising risk
appetite due to aggressive growth in non-gold lending segments and
a rise in leverage to beyond 5x (September 2019: 3.7x).
Fitch believes that the ratings have limited upside potential in
the near term. The ability of the company to address the potential
regulatory and governance risks and manage the evolving business
risks will be important before an upgrade can be considered.
MFL
The IDR may be downgraded if operational risk losses exceed Fitch's
expectations, if asset quality or the price of gold collateral
deteriorates sharply, or if liquidity coverage or funding access
were to weaken. The rating may also be downgraded if leverage were
to increase and debt/tangible equity were to exceed 4.5x for a
prolonged period (September 2019: 2.8x), or if aggressive expansion
in new lending segments leads Fitch to significantly weaken its
assessment of MFL's risk appetite and future asset quality.
An upgrade of MFL's Long-Term IDR would hinge on an improvement in
the operating environment - including a strengthening in the
domestic financial system, which is unlikely in the near term -
together with a steady record of expansion in its franchise beyond
the niche gold loan market. The latter is also only likely in the
medium to longer term, if at all, as the company appears focused on
its core niche markets in which it performs generally well.
STFC
Negative action on the IDR may result if the funding and liquidity
profile were to weaken. A rise in non-performing assets leading to
higher credit costs and impaired profitability could also weigh on
the rating, especially if it leads to a lower leverage tolerance,
given STFC's riskier business profile. Leverage consistently
greater than 5.5x (September 2019: 5.3x) would weigh on the IDR.
An upgrade of STFC's Long-Term IDR would depend on a material
strengthening in the operating environment, including the domestic
financial system - which is unlikely in the near term - assuming
other rating factors are also expected to be sustained at levels
commensurate with a higher rating.
MTN PROGRAMMES, SENIOR SECURED DEBT, AND RECOVERY RATINGS
The ratings on the MTN programmes and senior secured debt would
move in tandem with the entities' respective Long-Term IDRs. IIFL's
Recovery Ratings would be sensitive to Fitch's assessment of likely
recoveries on its senior secured notes.
ESG CONSIDERATIONS
ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).
SUPREME MILLS: CARE Lowers Rating on INR5.75cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Supreme Mills India Private Limited (SMIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.75 CARE B+; Stable; Issuer Not
Facilities Cooperating; Revised from
CARE BB-; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SMIPL to monitor the rating
vide e-mail communications dated January 2020 to February, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Supreme Mills India Private
Limited's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The ratings assigned to the bank facilities of Supreme Mills India
Private Limited continues to be tempered by small scale of
operation, working capital intensive nature of operations and
highly fragmented industry and volatility associated with raw
material prices. The rating also factors in growth in total
operating income, satisfactory PBILDT margin and thin PAT margin.
The rating continues to derive strength from experienced promoters
in the textile industry.
Key Rating Weaknesses
* Small scale of operation: The scale of operation stood small
marked by TOI of INR 19.74 crore in FY19 and tangible net worth
base of INR3.36 crore as on March 31, 2019.
* Moderately leveraged capital structure and weak debt coverage
indicators: The overall gearing stood moderately leveraged at
1.88x as of March 31 2019 as against 1.55x as of March 31 2018. The
total debt/GCA has marginally declined from 9.39x in FY18 to 9.71x
in FY19.The interest coverage ratio marginally improved from 2.01x
in FY18 to 2.03x in FY19.
* Working capital intensive nature of operations: The operating
cycle of SMIPL stood elongated at 97 days in FY19 as compared to 90
days in FY18 majorly due to nominal increase average inventory
period days in FY19. Average collection and creditor days stood at
around 60 and 30 days during FY19.
* Highly fragmented industry and competitive business segment due
to presence of numerous players: The company is into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized companies that compete with each
other along with several large enterprises.
Key Rating Strengths
* Experience of the promoters in textile industry: The managing
director, Mr. G. Arulmozhi has experience of about three decades in
the textile industry. Prior to establishing SMIPL, he was engaged
in trading of textile machinery through his association with
Premier Associates which was established in 1998. Prior to
establishing Premier Associates, he was working with Super Sales
Engineering for about 12 years. Ms. Sujini, has 17 years of
experience in this field through her association with SMIPL since
its inception in 2000.
* Financial performance marked by growth in operating income along
with satisfactory PBILDT margin and thin PAT margin: The total
operating income in FY19 improved and stood at INR 19.74 crore as
against INR 18.53 crore in FY18.The PBILDT margin improved from
6.40% in FY18 to 7.31% in FY19. The PAT margin stood stable at
0.97% in FY19 as against 0.99% in FY18.
Supreme Mills India Private Limited (SMIPL) was incorporated on
November 13, 2000 by Mr. G. Arulmozhi and Ms. A. Sujini in
Coimbatore, Tamil Nadu. The company is engaged in manufacturing of
cotton yarn which finds its application primarily in manufacturing
bed sheets and towels.
TAPI PRESTRESSED: CRISIL Lowers Rating on INR30cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tapi
Prestressed Products Limited (TPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 30 CRISIL D (Downgraded from
'CRISIL B/Stable')
Letter of credit 24 CRISIL D (Downgraded from
& Bank Guarantee 'CRISIL A4')
Proposed Letter 5.5 CRISIL D (Downgraded from
of Credit & Bank 'CRISIL A4')
Guarantee
The downgrade reflects the recent instances of delay in servicing
interest obligations on its cash credit facility leading to account
remaining in overdue position for over 30 consecutive days.
Key Rating Drivers & Detailed Description
Delays in servicing term loan obligations: There has been delays in
interest servicing on cash credit facility availed from one bank
and account has been in overdue for over 30 days.
Weaknesses:
* Moderate scale operations and exposure to risk related to its
tender based business: TPPL has a moderate scale of operations as
indicated by revenue of about INR87.2 crores as on March 31, 2019.
The scale of operations remains susceptible to order execution and
timely completion of projects.
* Large working capital requirement: Gross current assets were high
at 507 days as on March 31, 2019, driven by debtors and inventory
of 378 and 181 days, respectively.
* Weak financial risk profile: Despite moderate networth, the
financial risk profile remains constrained because of subdued debt
protection metrics and stretched liquidity.
Strength:
* Extensive experience of the promoters in the civil construction
business: Benefits from the promoters' experience of more than
three decades should continue to support business risk profile.
Liquidity Poor
Liquidity is weak as indicated by instances of delay in interest
repayments for cc facility over 30 days.
Rating Sensitivity factors
Upward factors
* Track record of timely debt servicing for at least 90 days
* Improvement in operating performance and working capital cycle
Set up as a closely held public limited company in 1986 by Mr M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.
TIRUPATI INDUSTRIES: CARE Lowers Rating on INR20cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Industries (TI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 20.00 CARE B+; Stable ISSUER NOT
Facilities COOPERATING Revised from
CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from TI to monitor the rating
vide e-mail communications dated January 2, 2020, February 10,
2020, February 13, 2020, February 25, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on TI'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.
The rating has been revised on account of non-availability of
update on financial as well as operational information regarding
FY19 and 9MFY20.
Detailed description of the key rating drivers
At the time of last rating on March 11, 2019, the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
* Fluctuating TOI with thin profitability margins: The scale of
operation of TI had a fluctuating trend over the last three
financial years ended FY18. The total operating income (TOI)
declined by 15.63% on y-o-y basis and stood at INR183.45 crore in
FY18 as compare to INR217.43 on account of lower sales realization
of pulses mainly due to decline in pulses prices in Indian market.
Profitability margins of the firm stood thin mainly on account of
limited value addition along with its presence in the highly
fragmented and competitive industry leading to pressure on
profitability. PBILDT margin improved over the last three years;
though the same stood moderate at around 3.60% in FY18 as against
3.13% in FY17 on account of marginally lower raw material consumed
cost. Furthermore, PAT margin stood thin and increased from 0.42%
in FY17 to 0.96% in FY18 mainly due to profit on sale of land and
building. As per provisional results for 9MFY19, the firm has
reported a TOI of INR140.88 crore and PBILDT of INR6.42 crore.
* Leveraged capital structure and moderate debt coverage
indicators: Overall gearing stood leveraged at 3.94 times as on
March 31, 2018 which improved from 4.60 times as on March 31, 2017
on account of decline in unsecured loans. However, on excluding
unsecured loans from total debt, the adjusted overall gearing stood
moderate around 1.43 times as on March 31, 2018 deteriorated from
0.96 times as on March 31, 2017. The debt coverage indicators stood
moderate with PBILDT interest coverage of 1.32 times in FY18 which
moderated from 1.38 times in FY17 on account of higher interest
charges. Furthermore, total debt to GCA remained weak though
improved and stood around 20.71 times as on March 31, 2018 as
against 32.09 times as on March 31, 2017 mainly due to increase in
GCA due to profit on sale of asset.
* Proprietorship nature of constitution: TI's constitution as a
Proprietorship firm restricts its overall financial flexibility.
There is also the inherent risk of withdrawal of capital and
dissolution of the firm in case of death/ insolvency of promoters.
Any significant withdrawals from the capital account will affect
its capital structure. However, proprietor has envisaged shifting
the current business of TI in newly formed Tirupati Mahima
Industries LLP from FY20. As confirmed by the banker, TI has been
taken over by the Tirupati Mahima Industries LLP. Presence in
highly competitive and fragmented agro-processing industry along
with exposure to commodity price fluctuation risk: The competitive
nature of agro-product processing industry due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector translate into
inherently thin profitability margins. Further being an
agricultural commodity, the pricing and distribution of pulses are
exposed to climatic and agriculture-related risks as well as
government policies.
Key Rating Strengths
* Experienced partners with long track record of operations: Mr
Jugal Kishore Dangayach, has more than four decades in experience
of agro commodity business with 3 decades of experience being with
this entity. Mr. Jugal Kishore Dangayach is actively involved in
managing the overall affairs of the company. Further, the directors
are assisted by a team of managerial personnel having relevant
experience in their respective fields. The firm is also benefitted
on account of operational synergy as other group entity i.e. TPPL
is also in the same line of business and both the entities enter
into purchase and sales transaction with each other as per the
requirements.
* Proximity to raw material sources along with established
relationship with suppliers and dealers: TI's processing unit is
located at Jaipur, Rajasthan, which is among the top five crop
producing regions of India which makes it easier for the firm to
access its primary raw material. TI meets majority of its raw
material requirement from Rajasthan as well as Madhya Pradesh. Over
the years, TI has established healthy relationship with the brokers
and agents for procurement of raw material and sale of the finished
products as well as it's by products. The top 10 customers
constituted around 12%-13% of TOI during past three financial year
ended FY18 depicting low customer concentration.
Established in 1987 as a proprietorship entity of Mr Jugal Kishore
Dangayach, Tirupati Industries (TI) is engaged in processing of
variety of pulses, besan and churi (by-product). TI has its
processing unit located at VKI area, Jaipur with combined installed
capacity of 1,63,200 tons per annum (TPA) as on March 31, 2018. TI
procures the raw material primarily from domestic market through
various brokers and agents. The entity's sales are largely in
Rajasthan and nearby states through agents and distributor network.
TI has a sister concern namely Tiruapti Pulses Private Limited
(TPPL) which is engaged in similar business of processing of
pulses.
TOSHNIWAL ENTERPRISES: CRISIL Cuts Rating on INR29cr Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded the ratings of Toshniwal Enterprises Controls
Ltd (TECL) to 'CRISIL D/ CRISIL D Issuer Not Cooperating' from
'CRISIL BB/Stable/ CRISIL A4+ Issuer Not Cooperating'. The
downgrade reflects delay in repayment of debt by the company.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 29 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Letter of Credit 1.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Fund- 1.7 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 4.8 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with TECL for obtaining
information through letters and emails dated August 31, 2019, and
February 6, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best-available or limited
or dated information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
'Scenario 1' outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL
A4+ Issuer Not Cooperating'.
The downgrade reflects delay in repayment of debt by the company.
Incorporated in 1991, TECL provides telecommunication testing, and
measurement products and services. Operations are being managed by
Mr Rajesh Toshniwal. Service offerings include radio frequency
optimisation, electromagnetic field (EMF) testing, network
benchmarking, installation and de-installation of BTS (base
transceiver station), frequency planning, drive testing and
optimization and others. TECL is also an authorized distributor for
testing and measurement devices of various telecommunication
companies.
VALLUVANAD HOSPITAL: CRISIL Withdraws D Rating on INR11cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Valluvanad Hospital Complex Limited (VHCL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 11 CRISIL D (ISSUER NOT COOPERATING;
Migrated from 'CRISIL D'; Rating
Withdrawn)
CRISIL has been consistently following up with VHCL for obtaining
information through letters and emails dated February 27, 2020 and
March 3, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VHCL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for VHCL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of VHCL to 'CRISIL
D Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of VHCL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 1989 and promoted by Mr M Ramakrishnan, VHCL
operates the 250-bed super-speciality Valluvanad Hospital in
Palakkad, Kerala.
VANI TRADING: CRISIL Lowers Ratings on INR6cr Loans to D
--------------------------------------------------------
CRISIL has downgraded the ratings of Sri Vani Trading and Co. (SVT)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. The downgrade reflects
delays by SVT in servicing of debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Foreign Letter 5 CRISIL D (ISSUER NOT COOPERATING;
of Credit Downgraded from 'CRISIL A4
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with SVT for obtaining
information through letters and emails dated May 31, 2018, August
31, 2019, February 6, 2020 and November 22, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SVT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVT, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
The downgrade reflects delays by SVT in servicing of debt
obligation.
Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber.
VEERAJ CONSTRUCTION: CRISIL Withdraws D Rating on INR12.5cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Veeraj
Construction (VC) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.5 CRISIL D (ISSUER NOT COOPERATING;
Migrated from 'CRISIL D'; Rating
Withdrawn)
Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING;
Migrated from 'CRISIL D'; Rating
Withdrawn)
CRISIL has been consistently following up with VC for obtaining
information through letters and emails dated March 3, 2020 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for VC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of VC to 'CRISIL
D/CRISIL D Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of VC on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.
VC established in 2009, promoted by Sanjay Kotecha and Vandana
Kotecha, is having class 1 registration, and undertakes civil
construction work for irrigation department in Maharashtra. Firm is
located at Nashik, Maharashtra.
WESTIN RESINS: CARE Lowers Rating on INR18.96cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Westin Resins and Polymers Private Limited (WRPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 18.96 CARE D Revised from CARE BB;
Facilities Stable
Short-term Bank 5.00 CARE D Revised from CARE A4
Facilities
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of WRPPL
takes into consideration the delays in debt servicing marked by
continuous overdrawals for more than thirty days observed in the
cash credit facility. The ratings further continue to be
constrained on account of modest and fluctuating scale of
operations, moderate profit margins, moderately leveraged capital
structure and weak debt coverage indicators. The ratings also
continued to be tempered on account of working capital intensive
nature of operations, supplier concentration risk and presence in
highly fragmented industry. The ratings however, continue to
derive strength from experienced promoters, operational synergy
with group companies coupled with reputed and established client
base.
Rating Sensitivities
Positive Factors
* Timely repayment of the debt obligations with regularization of
the working capital limits
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing marked by continuous overdrawals
in cash credit account: As per the bank statement received for
cash credit account for the period March 1, 2019 to February 29,
2020 of Bank of Maharashtra, there were frequent overdrawals in the
cash credit account and some of them were consecutive for more than
30 days during the past 6 months ending February 2020 due to
stretched liquidity position of the company.
* Modest and fluctuating scale of operations: The overall scale of
operations remained fluctuating with total operating income stood
in the range of INR85.60 crore to INR89.72 crore during FY17-FY19.
Moreover, the same has decreased by 6.99% (from INR89.72 crore in
FY18 to INR83.45 crore in FY19) which is primarily on account of
lower demand from its existing customers. Furthermore, during
11MFY20 (refers to the period April 1, 2019 to February 29, 2020),
the company achieved a turnover of INR75.39 crore (vis-à-vis
INR57.92 crore during 9MFY19). Due to modest scale of operations,
the tangible networth of the company also remained modest at
INR16.73 crore as on March 31, 2019.
* Moderate and fluctuating profit margin: During FY19, PBILDT
margin stood moderate in the range of 7.58% to 7.88% in FY17-FY19
and the same remained fluctuating due to fluctuating in the raw
material prices during the years. The PAT margin has also remained
moderate in the range of 1.80% to 1.95% during the said periods.
* Moderately leveraged capital structure and weak debt coverage
indicators: During FY19, the capital structure of the company
continues to remained moderately leveraged marked by overall
gearing of 1.47x as on March 31, 2019 (vis-a-vis 1.86x as on March
31, 2018). However, the same has marginally improved primarily on
account of repayment of various long-term loans during the year
along with increase in the tangible networth base due to accretion
of profits. However, despite decrease in debt levels, the debt
coverage indicators deteriorated marked by interest coverage of
1.65x for FY19 (vis-a-vis 1.90x for FY18) owing to increase in the
interest cost. Further total debt/GCA marginally deteriorated and
stood at 11.84x in FY19 (vis-a-vis 11.67x in FY18) due to decrease
in the GCA level during the year.
* Working capital intensive nature of operations: The overall
operations of the company remained working capital intensive in
nature due to high amount of funds blocked in debtors and moderate
portion in inventory which led to moderately weak liquidity
position. The company is restricted to lower bargaining power with
its reputed clientele and in order to sustain business relations
needs to offer a high credit period. As a result of the same the
company stretched credit period to its suppliers. Moreover the
utilization of working capital limits remained full with frequent
overdrawals in the same.
* Supplier concentration risk: During FY19, top five suppliers of
WRPL constituted 57.49% of total purchases (vis-àvis 51.13% in
FY18), out of which top three suppliers namely Crest Chemicals
constituted 27.81%, Supreme Petrochem Ltd. constituted 13.25% and
Ketul Chem Pvt. Ltd. constituted 7.64% indicating supplier
concentration risk. However, comfort can be taken owing to
long-term relationship maintained with the company.
* Presence in highly competitive and fragmented industry: WRPPL
operates in highly competitive industry marked by the presence of
organized as well as unorganized sector. Further, the chemical
industries are also marked by the presence of various laws and
regulations pertaining to the chemical sector thereby deriving
critical in terms of leading competition. Thus the ability of the
company to strictly follow the laws and continuously adapt to
changes in the market can have an impact on the profitability
margin of the company.
Key rating Strengths
* Experienced promoters: WRPPL is promoted by the Sawant family
with Mr. Babaji Sawant the founder and Managing Director of the
company. He has a total work experience of nearly 3 decades in the
Fibre glass, plastic and polyester resin industry and being
associated with group companies Associated Polytech Industries
Private Limited (APIPL) since 1998 and Raj Pigment Products (RPP)
since 2010.
* Operational synergy with Group Company coupled with reputed and
established client base: WRPPL has operational synergies with its
two group companies (namely Associated Polytech Industries Private
Limited (APIPL) and Raj Pigment Products (RPP)). APIPL is engaged
in Distribution of Fibre glass, Rexine, Polyester resins, Cobalt,
Catalyst and Pigments and RPP is engaged in manufacturing of
polyester and epoxy coloring pigments. With vast experience and
Group Company's established presence in the industry, they have
developed strong business relations with reputed clientele and
receive repeat orders.
Liquidity: Poor
The liquidity position remained poor marked by lower accruals as
compared to repayment obligations. The working capital limits fully
utilized during past 12 months ended February 2020 with frequent
overdrawals in the same. The cash & bank balance stood modest at
INR0.34 crore as on March 31, 2019. This has constrained the
ability of the company to repay its debt obligations on a timely
basis.
Incorporated in 2010 by the Sawant family, Westin Resins and
Polymers Private Limited (WRPPL) is engaged into manufacturing of
saturated and unsaturated polyester resins from its manufacturing
facility located in the Thane, Maharashtra. The facility is spread
over 7 acres of land and has an installed capacity of manufacturing
12000 Metric Tons (MT) of saturated and unsaturated resins per
annum. Products of the company find use as raw materials in
chemical industry, marine, automobile industry and manufacturing of
optical fibre. The company operates out of Mumbai but has an
established customer base in Maharashtra, Gujarat, Karnataka and
Tamil Nadu.
=================
I N D O N E S I A
=================
PT JASA MARGA: S&P Affirms BB+ LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on PT Jasa Marga (Persero) Tbk. (JM) and the 'BB+' long-term
issue rating on the Indonesia-based toll-road developer and
operator's senior unsecured notes.
S&P said, "We affirmed the ratings on JM because we continue to
believe that the company will benefit from extraordinary support
from the Indonesian government, if needed. This is supported by the
company's dominance in Indonesia's toll-road sector and the
government's focus on expanding the country's road infrastructure.
"At the same time, we revised downward our assessment of JM's
stand-alone credit profile (SACP) to 'b' from 'b+'. This is because
we expect continuing pressure on the company's financial profile
and ability to withstand lower cash flows from government-imposed
travel restrictions. Even in the absence of a complete lockdown,
JM's toll traffic has reduced by 10%-15% over the past one to two
weeks. Moreover, the magnitude, length, and impact of COVID-19 are
still unclear given that Indonesia is still in the early stages of
the outbreak. Based on the experience in China and Europe, a total
lockdown can result in a 40%-75% fall in traffic, depending on the
traffic mix.
"We foresee a trough in JM's financial profile in 2020 and 2021. We
believe the company's financial profile does not have sufficient
cushion to fund its interest obligations in the event of a sharp
fall in traffic. Even without a prolonged reduction in traffic, we
had estimated funds from operations (FFO) cash interest coverage of
1.1x in 2020 and 1.2x in 2021. We expect a sharp increase in the
company's debt and associated interest costs upon commissioning of
new toll roads.
"We have also revised our assessment of JM's liquidity to less than
adequate from adequate due to the company's high funding needs for
refinancing and contractor pre-financing payments (essentially
capex). JM's upcoming debt maturities (representing about 10% of
the total group debt) and lump sum contractor pre-financing
payments post completion of toll roads put its liquidity under
pressure.
"We view JM's announcement of a plan to buy back shares of up to
Indonesian rupiah (IDR) 500 billion as credit negative. This is
because it is happening at a time when market funding conditions
are challenging and the company's need for preserving liquidity is
increasingly important.
"We continue to view that JM, as an important majority
government-owned company, has good relationships with, and access
to, local banks. We expect the company to be able to maintain its
funding access to domestic banks as it has done in the past.
However, we see risks in the company's access to capital markets
during the current global market volatility.
"The stable outlook over the next six to 12 months reflects our
expectation that JM will maintain its strategic role in developing
Indonesia's road infrastructure and continue to benefit from its
close relationship with the government. The stable outlook also
reflects the outlook on the sovereign credit rating on Indonesia.
We also expect JM to maintain good access to banks and have
sufficient facilities to meet its upcoming obligations."
S&P may lower the rating on JM if:
-- S&P revises downward our assessment of JM's 'b' SACP by one
notch to 'b-';
-- S&P lowers the sovereign credit rating on Indonesia; or
-- S&P believes government support for JM could significantly
weaken.
S&P can revise downward its assessment of the SACP if:
-- The company's liquidity deteriorates due to heightened
refinance risk or weakening banking relationship and access to
funding; or
-- JM's FFO cash interest coverage remains below 1.2x for a
sustained period beyond 2021, with no prospects of recovery. This
could happen if cash flows are weaker than S&P expects as a result
of a reduction in toll traffic on a prolonged basis. Unanticipated
significant delays in project execution, delays or increases in
land receivables, delays in toll tariff adjustments, a less
supportive regulatory framework, or a material weakening of a
construction contractor or toll road equity partner could also lead
to such deterioration.
S&P said, "We are unlikely to upgrade JM in the next six to 12
months, given the pressure on the company's cash flows due to weak
operating conditions, and less than adequate liquidity.
"However, we could raise the rating on JM if we upgrade Indonesia
while our view of the company's link and role with the government
and of JM's 'b' SACP remains unchanged.
"Over the longer term, we may upgrade JM if we revise upward the
company's 'b' SACP by two notches to 'bb-'." This could happen if
JM improves its liquidity profile and is able to achieve FFO cash
interest coverage of above 1.5x on a sustained basis, despite high
capex in the next two years. This could happen because of the
following: (1) stronger operating cash flows than S&P expects; or
2) higher non-debt funding than S&P anticipates; and (3)
disciplined and well executed capital spending.
S&P said, "We assess JM's liquidity as less than adequate because
we anticipate the company's liquidity sources will be less than
1.2x liquidity uses over the 12 months ending March 31, 2021. This
level offers scant protection against unexpected adverse
developments, such as if EBITDA declines by 10% from our forecast,
exacerbated by volatile market conditions following the outbreak of
the COVID-19 pandemic."
Principal liquidity sources include:
-- Cash and short-term investments of IDR1.5 trillion as of Feb.
29, 2020.
-- Cash flow from operations of IDR0.5 trillion over the 12 months
ending March 31, 2021.
-- IDR13 trillion already raised from banks to make contractor
financing payments.
-- Undrawn committed credit lines of about IDR3.8 trillion at the
holding company level.
-- Undrawn committed credit lines of about IDR15.8 trillion
secured for contractor pre-financing payments. All the facilities
mature beyond March 31, 2021.
Principal liquidity uses include:
-- IDR-denominated bonds of IDR1 trillion and senior unsecured
Komodo bonds of IDR4 trillion maturing in October 2020 and December
2020, respectively.
-- Committed capex, consisting almost entirely of
contractor-pre-financing payments, of IDR26 trillion (including
IDR13 trillion paid through bank lines) over the 12 months ending
March 31, 2021.
-- S&P's base-case assumption of about IDR0.2 trillion shareholder
dividend payouts and around IDR0.1 trillion share buybacks over the
same period.
=====================
N E W Z E A L A N D
=====================
SMITHS CITY: Lender Grants Extension on NZD1.5MM Loan Repayment
---------------------------------------------------------------
Radio New Zealand reports that Smiths City has reached an agreement
with ASB Bank to delay a NZD1.5 million dollar repayment of a loan
due today, March 31.
It also said it is starting talks with potential investors to
support the business, RNZ says.
According to RNZ, the company said Covid-19 has caused an
unforeseen and unprecedented shock to the business, and forced the
closure of its stores and online business
It said the repayment delay, which is part of its NZD65 million
borrowing will give it time to line up investors.
RNZ relates that Smiths City said it believes it has enough capital
to cover its debts as they fall due, but said its current capital
structure is not sustainable given the outlook and it must secure
more funding.
It is working with PWC to develop a strategy for addressing its
capital structure, and is negotiating new deals with landlords,
cancelled or deferred spending, and cut directors' pay by 20
percent, the report relays.
Almost all its 465 employees have been stood down on 80 percent of
their wages, adds RNZ.
Smiths City Group Limited -- https://www.smithscity.co.nz/ --
engages in retail trading and consumer finance businesses in New
Zealand. It is involved in the retailing of heating solutions,
consumer electronic products, kitchen appliances, indoor and
outdoor furniture, bedding, lawnmowers, cycles, and camping
equipment to middle to lower income household.
=====================
P H I L I P P I N E S
=====================
PAYASIAN PTE: SEC Shuts Down Cryptocurrency Investment Operator
---------------------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Securities and Exchange Commission (SEC) has ordered the shut down
of cryptocurrency investment operator Payasian Pte. Ltd. Corp. for
supposedly running the Paya platform without a license.
In a statement over the weekend, the corporate regulator said it
issued a cease and desist order to Payasian on March 20, including
anyone representing it such as partners, operators, directors,
officers, salesmen agents, representatives, promoters and
subsidiaries, BusinessWorld relays.
According to BusinessWorld, the order commands Payasian to
"immediately cease and desist under pain of contempt from further
engaging in, promoting and facilitating selling and/or offering for
sale securities in the form of investment contracts and/or other
activities/transactions." It also restricts Payasian from
transactions with funds in its depository banks.
BusinessWorld relates that the SEC said while Payasian is
registered as a corporation, it does not have the secondary license
needed to sell or offer securities.
BusinessWorld says Payasian allegedly operates an investment scheme
by inviting the public to put their money in the company in
exchange of getting passive and active income, through Paya tokens
and recruitment bonuses. The SEC said this is considered offering
and selling "securities in the form of investment contracts."
The Securities Regulation Code (SRC) requires that companies
selling securities obtain from the SEC a separate license to do so,
and to register the securities before distribution.
"Without the registration statement duly filed with and approved by
this Commission, Payasian's act of selling/offering 'Sharer
Packages' which are securities in the form of investment contracts
constitutes a clear violation of (the SRC). This warrants and
justifies the immediate issuance of a cease and desist order," the
SEC said, quoting the cease and desist order, BusinessWorld
relays.
The SEC said Payasian offers "Sharer Packages" priced as low as
PHP8,145 for 1,040 Paya tokens, equivalent to a maximum commission
of PHP500 a day. An individual may invest up to PHP5.8 million to
buy 740,749 Paya tokens, in exchange for getting a maximum
commission of PHP10,000 a day, BusinessWorld notes.
In November 2019, the SEC has already issued an advisory against
investing in Payasian, saying then that its operators claim to be
connected to a certain Payasian Solutions Pte. Ltd. located in
Singapore, recalls BusinessWorld.
The known website of Payasian was no longer accessible as of March
29, adds BusinessWorld.
PHILIPPINES: May Go Into Recession, Central Bank Governor Says
--------------------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Philippine economy could go into recession this year, central bank
Governor Benjamin E. Diokno said on March 29, as the coronavirus
pandemic brings everything to a standstill.
"We're looking at negative to maybe 1% [growth] given this
development," he told the ABS-CBN News Channel, BusinessWorld
relays.
The global economy has now entered a recession - a period of
economic decline where output falls for two successive quarters -
that could be as bad or worse than the 2009 downturn, International
Monetary Fund (IMF) Managing Director Kristalina Georgieva said on
March 27, BusinessWorld reports.
Countries needed to boost spending as a safeguard against
bankruptcies and possible market debt defaults, she told a news
briefing.
"It is now clear that we have entered a recession as bad or worse
than in 2009," BusinessWorld quotes Ms. Georgieva as saying. "This
is a very big crisis and it's not going to be sorted out without a
very massive deployment of resources."
"Seems about right, but still to be collectively agreed by the
economic team," Socioeconomic Planning Secretary Ernesto M. Pernia
said in a mobile phone message, referring to Mr. Diokno's growth
estimate.
According to BusinessWorld, Mr. Diokno said the economy might still
grow by 3% in the first quarter because the Luzon-wide quarantine
took effect in the last two weeks of March.
"The second quarter will probably be negative, the third quarter,
maybe around negative also and then we start picking up by the
fourth quarter," the Bangko Sentral ng Pilipinas chief said.
Earlier, the National Economic and Development Authority said
economic growth might be -0.6% to 4.3% this year. The government
had originally targeted growth of 6.5-7.5% this year from 5.9% last
year, BusinessWorld discloses.
BusinessWorld says the central bank has cut its benchmark rate by
50 basis points (bps) and eased rules for banks. It is also buying
P300 billion in government securities.
The Monetary Board also cut the reserve requirement ratio for
universal and commercial lenders by 200 bps to 12% effective
today.
The policy-setting body has authorized Mr. Diokno to slash the
ratio by as much as 400 bps this year amid the pandemic.
Before the outbreak, Mr. Diokno pledged to bring down the ratio to
a single digit by the end of his term in 2023. That could happen
sooner given the situation, he said.
"If necessary, we are willing to cut it to 10%," BusinessWorld
quotes Mr. Diokno as saying.
=================
S I N G A P O R E
=================
HUAN HSIN: Needs More Time to Finalize Exit-Offer Proposal
----------------------------------------------------------
Claudia Tan at The Business Times reports that electronics contract
manufacturer Huan Hsin Holdings, told by the Singapore Exchange
(SGX) to delist in December 2018, said in its FY2019 financial
statement on March 27 that it requires "more time to finalise the
exit offer proposal".
The basis for the SGX's call was Huan Hsin's repeated failure to
meet listing requirements for profitability and market value, but
it has yet to submit a reasonable cash exit, BT says.
According to BT, Huan Hsin widened its loss to SGD11.7 million for
the year ended Dec. 31, 2019, compared to a loss of SGD2.4 million
a year ago.
It recorded a 29 per cent decrease in revenue to SGD11.2 million
from SGD15.7 million in FY2018 on the back of weaker demand for
telecommunications and electronic products, the report discloses.
Loss per share shrank further to 2.94 Singapore cent from a loss
per share 0.62 Singapore cents in the preceding year.
As at Dec. 31, 2019, the group's current assets were SGD7.5 million
and current liabilities, SGD50.2 million, and "posts a
going-concern issue," noted the group in its financial statement,
BT relays.
"Management remains confident and is committed to the process of
corporate restructuring to streamline operations and disposing
non-performing assets to lower costs and reduce borrowings," it
said.
Shares in the company are suspended, the report notes.
Singapore-based Huan Hsin Holdings Ltd, an investment holding
company, operates as an integrated contract manufacturer of
telecommunications and electronic products.
IBC CAPITAL: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service has affirmed IBC Capital Limited's B2
corporate family rating.
At the same time, Moody's has affirmed the B2 senior secured rating
on the $610 million first lien term loan due in September 2023 and
the B3 rating on the $155 million second lien term loan due in
September 2024. These loans are issued by Goodpack as the Parent
Borrower and IBC Capital US LLC as the US Co-borrower, and
substantially guaranteed by all subsidiaries.
Moody's has also revised the outlook on these ratings to negative
from stable.
RATINGS RATIONALE
"The negative outlook reflects its expectation for a weakening in
Goodpack's operating performance through 2020 amid ongoing
challenges in the global tire industry," says Stephanie Cheong, a
Moody's Analyst.
"The spread of the coronavirus has led to weaker consumer sentiment
and a scale back in tire production across the world, both of which
will lead to reduced demand for Goodpack's solutions," adds
Cheong.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Despite Goodpack's
leading position in the niche logistics market for natural and
synthetic rubber, it is exposed to the automotive industry as well
as global trade activity, both of which will be significantly
affected by the shock given their sensitivity to demand and
sentiment.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Goodpack of the
breadth and severity of the shock, and the deterioration in credit
quality it has triggered, which will take time to recover.
Goodpack has limited headroom under its B2 ratings. Moody's
estimates Goodpack's leverage -- as measured by adjusted
debt/EBITDA -- will be around 6.6x-6.9x over the next 12 months,
which is considered high for its current rating. Any deviation from
this expectation would increase the likelihood of a downgrade.
While Moody's expects the company's operating performance and
financial metrics to recover once virus-related disruptions ease,
the timing and pace of recovery is highly uncertain.
"Nevertheless, the ratings affirmations reflect its expectation
that the company will continue to maintain adequate liquidity over
the next 12 months, with its cash and committed revolving credit
availability remaining above $40 million at all times," adds
Cheong.
As December 31, 2019, Goodpack had a cash balance of $45.9 million
(including pledged cash of $8.5 million) with $38.4 million
available under its revolver.
Goodpack's $195 million credit line, which is separated into a $95
million revolving credit facility and a $100 million standalone
letter of credit facility, will be due in March 2021. Moody's
expects Goodpack to fully refinance this credit line in a timely
manner, at least six months ahead of its maturity. Failing which,
the ratings will face immediate downgrade pressure.
In terms of environmental, social and governance factors, Moody's
has considered governance risk arising from Goodpack's concentrated
ownership and its aggressive financial policy as demonstrated by
its tolerance for elevated leverage following the leveraged buy-out
by KKR.
Moody's expects Goodpack to maintain its leading position in the
niche logistics market for natural and synthetic rubber, and
preserve its high profitability with its adjusted EBITDA margin
staying above 45%.
That said, these positives are balanced against the company's high
leverage and the ongoing challenges in the automotive industry,
which are exacerbated by the impact of the coronavirus on end
market demand and supply chain disruptions.
Given the negative outlook, Moody's is unlikely to upgrade
Goodpack's ratings over the next 12-18 months. The outlook could be
stabilized if Goodpack demonstrates an ability to reduce its
financial leverage, such that its adjusted debt/EBITDA falls below
6.5x and EBITA/interest exceeds 1.5x on a sustained basis, while
maintaining a good liquidity profile.
Moody's could downgrade the ratings if there is a loss or a
meaningful decline in volumes from a major customer/s, or if the
company is unlikely to be able to refinance its $195 million credit
line well ahead of its maturity in March 2021. In this regard, it
would expect that in the current highly volatile market and
operating environment that Goodpack would have a credible plan and
high likelihood of refinancing this major maturity by no later than
the end of 2Q 2020.
Credit metrics indicative of downward ratings pressure include its
financial leverage exceeding 6.5x and EBITA/interest falling below
1.5x over a prolonged period.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
IBC Capital Limited, operating as Goodpack, acquired Goodpack in
September 2014 for $1.4 billion. IBC Capital Limited is an indirect
wholly owned subsidiary of a fund affiliated and advised by
Kohlberg Kravis Roberts & Co L.P.
Goodpack, headquartered in Singapore, owns a fleet of 3.9 million
intermediate bulk containers used for the packaging, transportation
and storage of cargo; primarily natural rubber and synthetic
rubber.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 23, 2020 to March 27, 2020
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
US MASTERS RESIDENTIAL PR 7.75 12/24/20 AUD 25.23
CHINA
-----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.20
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.15
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 68.92
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 19.60
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 20.46
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 40.74
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.00
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.05
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.32
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.96
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.11
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 46.96
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.02
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 59.28
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.16
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.61
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.73
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.90
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.94
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.03
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.29
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.36
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.10
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.15
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.23
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 18.91
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.43
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.15
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 40.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.09
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.21
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.78
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.00
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.88
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.39
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.44
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.50
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.56
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 61.20
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.41
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.17
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.09
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 61.28
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
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 38.00
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.63
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 40.76
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 5.63 09/01/20 CNY 20.27
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 58.72
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.51
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.63
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 60.79
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.95
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 58.23
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.47
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 80.42
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.56
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 64.02
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.14
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 40.81
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.96
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.73
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.07
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.08
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 61.45
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.09
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.73
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.90
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 40.97
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.73
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.00
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.03
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.65
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.05
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.07
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.08
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.43
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.49
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 61.08
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.07
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.10
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.02
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.32
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.34
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.50
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.72
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 18.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.04
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 60.35
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.47
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.81
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.01
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 40.66
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.88
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.91
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 40.33
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 48.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 58.82
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 57.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.33
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.03
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.02
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.40
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.42
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 21.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 41.02
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.88
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.06
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.35
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.09
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 60.94
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 40.93
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 61.18
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.29
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 41.04
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.43
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.60
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.39
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.16
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.14
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.45
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.47
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.92
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.00
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 59.97
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.60
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.80
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.26
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 39.93
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.01
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 40.89
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.90
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 42.72
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.63
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.83
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.12
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.89
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 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.32
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.08
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.10
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 40.01
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.24
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.73
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.38
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 59.71
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.01
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.53
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.71
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.15
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.05
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.19
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.27
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 61.71
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.54
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.77
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.70
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.75
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.51
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 20.04
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.17
CHUZHOU CITY CONSTRUCTION 6.17 11/30/21 CNY 61.42
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.17
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.90
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.61
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.71
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.49
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 57.45
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.67
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.75
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.76
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.72
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.73
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.86
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.38
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.19
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.15
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.39
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.20
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.31
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.50
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 59.33
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.55
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.65
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.68
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 41.32
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.81
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.58
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.65
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.68
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 61.86
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.45
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.72
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 40.78
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.91
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.58
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 47.16
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 58.59
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.95
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.08
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.49
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 40.67
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 40.86
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 62.05
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.29
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.26
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.27
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.69
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 23.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.18
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.10
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 19.99
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 60.90
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.25
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.93
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.52
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.74
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 60.31
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 41.07
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
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.08
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.32
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.05
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 40.79
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.85
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.13
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.67
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.10
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.15
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.43
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 39.50
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.65
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.93
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.32
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.56
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.01
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.88
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 41.51
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 74.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.60
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.71
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.02
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.46
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.22
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.78
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 78.89
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 54.00
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 59.71
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.01
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 57.35
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.92
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.72
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.29
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.03
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 61.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.44
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 74.70
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 67.65
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 61.50
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.51
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.72
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.65
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 61.63
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.16
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.04
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.86
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.45
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.00
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.62
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.32
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.70
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.32
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.79
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.81
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 41.03
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 49.00
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.55
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.31
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.01
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.86
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.91
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.10
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.83
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.90
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.77
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.85
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.07
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.11
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.47
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.67
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.84
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 41.27
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.06
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 74.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.12
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.06
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.72
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.38
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.68
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.58
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.49
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.07
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 80.32
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.12
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 40.98
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 41.14
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.82
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.95
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.00
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.32
HNA GROUP CO LTD 5.99 11/27/22 CNY 69.02
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 49.00
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.37
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 40.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.55
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.16
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.26
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.38
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 8.60 12/25/20 CNY 20.87
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.70
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.81
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 59.50
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.44
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 61.50
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.52
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.94
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.67
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.61
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.08
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.11
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.38
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.49
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 61.14
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 40.91
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.49
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.78
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.90
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.67
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.87
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.84
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 39.60
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.97
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 60.00
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.92
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.64
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.07
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.23
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 59.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.10
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.86
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.35
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.98
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.55
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.05
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 40.85
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.00
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.04
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.34
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.61
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.53
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 20.83
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 29.30
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.00
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.82
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.90
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.64
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.02
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.32
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 41.07
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 48.80
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.00
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.89
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.76
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 41.14
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.39
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.89
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 60.49
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 41.03
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.28
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.73
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.12
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.57
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.88
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.76
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.03
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.26
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.30
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.67
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.01
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.29
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 68.88
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 40.91
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.13
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 40.95
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.42
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.43
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.69
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.89
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 19.99
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.88
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.22
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.78
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.90
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.11
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.80
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.93
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.12
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.62
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 59.56
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.20
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 40.34
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.69
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.50
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.60
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.04
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.52
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.38
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.41
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 61.56
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.05
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.07
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.68
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.50
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.72
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.64
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.67
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 61.37
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.63
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.07
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.15
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.74
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.66
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 59.91
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.53
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 57.50
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 59.90
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.77
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 18.63
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.29
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 21.20
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 21.82
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 40.00
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 24.75
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.18
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.38
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.21
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.22
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.00
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.15
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 40.95
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 40.81
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.81
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 40.20
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.95
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.05
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.36
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.38
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 41.18
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.65
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.49
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.13
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.33
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.03
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.00
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.14
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.27
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.70
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.07
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 25.16
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.62
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.17
LIUPANSHUI AFFORDABLE HOU 5.08 01/29/23 CNY 78.54
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 58.90
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 60.33
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 79.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.23
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.20
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.43
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 47.28
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.28
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.85
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.91
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 40.79
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.11
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.92
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 60.42
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.52
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.88
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.38
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.87
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 58.78
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.22
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 60.66
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.16
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.83
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 40.89
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.15
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.18
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.57
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.33
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.40
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.29
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.62
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG CITY INVESTMEN 5.34 10/27/23 CNY 74.90
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.60
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.61
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.02
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.05
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.00
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.02
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.16
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.45
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 41.02
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.75
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.02
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 69.48
NANJING JIANYE SCIENCE & 7.00 08/26/25 CNY 70.41
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.14
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.07
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.25
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.02
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.06
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 61.70
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.03
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 40.88
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.73
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.29
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 60.75
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.08
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 70.06
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.09
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.06
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.94
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.47
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.50
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 40.77
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.48
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 41.10
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.93
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.98
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 40.89
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.57
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.05
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.06
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.26
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.50
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.82
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 40.60
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.23
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.60
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 40.75
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.41
OCEANWIDE HOLDINGS CO LTD 7.50 12/21/20 CNY 74.62
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.96
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 59.61
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 60.91
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.50
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.52
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 40.80
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.10
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.27
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.40
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 39.86
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 43.02
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 51.63
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.09
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.10
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.24
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 55.50
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.72
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.13
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.27
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.44
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 41.30
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 58.88
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.47
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 74.93
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.48
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.63
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.66
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.22
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.88
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 64.54
QIANDONGNANZHOU KAIHONG A 5.30 09/22/26 CNY 74.67
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.24
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.73
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.43
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.50
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 47.64
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 40.80
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.20
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.25
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.13
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 40.86
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.09
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.79
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 39.93
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 32.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.19
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 53.60
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 58.90
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 40.98
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.00
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.60
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.73
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 40.70
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.49
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 40.92
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.28
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.17
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.30
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.42
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.94
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 58.82
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 40.80
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 40.75
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 41.01
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.15
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.17
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 61.21
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 61.29
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 20.12
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.15
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 59.00
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.35
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.23
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.95
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 40.79
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.61
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.90
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.83
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.78
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.51
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.94
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 61.01
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.74
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.54
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.71
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.86
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.60
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.82
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 65.96
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.82
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 42.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.49
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.50
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.39
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 41.45
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 RENCHENG RONGXIN 7.30 10/18/20 CNY 20.31
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 53.08
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 20.04
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 60.52
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.85
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 40.02
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.10
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.79
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.80
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.22
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 40.94
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.53
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.50
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 62.26
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.80
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.96
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.97
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.62
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 60.05
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.25
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 61.05
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.29
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.93
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.41
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.57
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.12
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.70
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.20
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.63
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 41.59
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 40.80
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.33
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.28
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 21.00
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.44
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.57
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 40.89
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.30
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 61.13
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.73
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.11
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 41.00
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.75
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 64.51
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.35
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 74.16
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.11
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.13
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 71.38
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.35
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.84
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.39
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.82
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.95
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 19.90
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.30
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.99
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.27
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 61.40
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.56
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 60.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 58.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 80.16
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.05
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 39.86
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.20
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 40.86
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 40.62
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 59.39
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.11
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.71
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 40.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.22
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.79
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.20
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 40.14
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.39
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.48
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.70
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.83
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.87
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.00
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.54
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.15
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 40.90
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.57
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.70
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.40
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.60
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 21.30
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 60.67
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.97
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.50
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 40.93
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.80
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.31
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.32
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.74
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 41.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.10
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.53
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 61.73
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.04
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.25
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.26
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 19.70
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.33
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.38
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.26
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.03
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.44
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 19.96
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.10
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.54
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 40.71
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 59.44
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 41.76
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 70.93
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.59
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 47.57
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.73
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 60.33
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.27
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.69
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.57
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 40.69
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.65
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 39.30
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.94
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.12
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 19.99
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 25.85
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 38.70
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.74
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.81
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.89
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.40
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.33
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.46
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.25
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.33
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 41.09
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 48.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.14
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.10
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.37
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 61.71
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.05
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.07
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 42.23
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WEICHI HOLDING GROUP CO L 5.40 12/21/20 CNY 59.66
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.76
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 60.08
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.33
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.32
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.02
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.13
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.82
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 43.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.00
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.84
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.96
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.23
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 21.03
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 61.17
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.03
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 41.44
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.14
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.27
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 58.90
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 61.03
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.20
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.38
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 22.53
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.69
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.00
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.31
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.30
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.36
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 40.84
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.03
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.72
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.76
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.41
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.16
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 60.37
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 49.50
XIANGTAN CITY CONSTRUCTIO 7.80 03/12/22 CNY 53.60
XIANGTAN CITY CONSTRUCTIO 7.80 01/30/22 CNY 55.10
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.40
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.56
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.85
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 38.21
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.68
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 35.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.59
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.11
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.18
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.86
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.33
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.11
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 61.07
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.16
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.28
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 40.50
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.14
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.78
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.79
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.81
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 57.83
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.01
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 40.74
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.64
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 61.33
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.07
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.12
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 40.50
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.46
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.76
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.27
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.53
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.91
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.55
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.47
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.54
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.00
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.74
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 40.90
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.47
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.16
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.24
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.28
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.22
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.15
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.05
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 41.18
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.02
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.37
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.39
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.82
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.90
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 20.91
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.32
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 59.30
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.30
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.96
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.65
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.16
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.35
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 61.61
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.46
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 71.84
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.04
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.73
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 25.32
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 61.21
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 60.91
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 6.50 05/02/22 CNY 49.58
YIHUA ENTERPRISE GROUP CO 5.80 07/26/20 CNY 53.74
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 48.03
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 40.97
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.07
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.80
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.89
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.38
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.88
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.46
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.47
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.90
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 58.91
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 40.96
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.99
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.46
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 49.87
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 61.65
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.06
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.69
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.52
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.71
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 58.66
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.02
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.43
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.69
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.13
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.17
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.95
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.41
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.39
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.00
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.25
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.04
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.36
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.25
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.80
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.86
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 40.97
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.91
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.04
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 40.90
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.13
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.40
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.55
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.41
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 61.02
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.66
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.20
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.31
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 61.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.02
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.09
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.16
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.68
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.87
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.54
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.60
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.13
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.23
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.61
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.76
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.19
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.67
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.64
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.37
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.40
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 40.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.36
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 49.43
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 40.56
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.40
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.29
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 57.63
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 58.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.27
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.34
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.77
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.67
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.52
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.55
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.92
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.08
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.36
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.57
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.61
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.33
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.52
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.60
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 78.26
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.20
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 59.11
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 63.20
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 63.01
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 65.00
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 9.21
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 12.92
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 7.77
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 11.18
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.63
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.67
APG HABITAT PVT LTD 1.00 09/09/28 INR 54.20
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 31.58
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.85
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 59.07
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 59.11
BENGAL AEROTROPOLIS PROJE 5.00 12/01/30 INR 67.56
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 69.37
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 71.40
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 73.70
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 67.98
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 29.98
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 59.78
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.89
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 41.34
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 55.93
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 58.37
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 19.02
DLF CYBER CITY DEVELOPERS 0.01 11/19/24 INR 69.22
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 51.50
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 53.19
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 54.15
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 57.39
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 59.58
GREEN URJA PVT LTD 0.01 02/14/30 INR 42.64
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.17
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 48.64
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 2.18
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.46
JTPM ATSALI LTD 0.01 08/29/48 INR 9.97
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 23.13
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 70.50
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 61.67
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 27.51
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 25.12
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 25.12
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 24.22
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 40.08
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.76
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.72
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.92
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 52.39
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 56.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 60.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 64.53
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 69.24
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 74.27
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.88
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 61.39
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 64.96
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.68
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 62.50
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.35
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.22
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 53.85
WS T&D LTD 0.10 03/24/29 INR 46.31
JAPAN
-----
AVANSTRATE INC 0.10 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 47.58
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 37.37
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.69
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 69.51
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 70.33
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 71.12
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 73.43
LOTTE CARD CO LTD 3.95 06/28/49 KRW 63.57
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 66.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 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 8.10 06/26/15 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 47.47
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 61.97
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 64.13
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 65.41
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 65.71
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 65.72
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.27
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.98
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.48
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 67.94
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.37
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 69.50
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 69.74
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 69.87
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 70.19
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 71.34
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 71.70
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.78
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.84
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.97
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 74.10
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 74.32
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.55
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.15
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.66
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.13
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.30
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.34
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.85
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.22
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.03
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.18
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.85
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.98
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 71.14
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 72.31
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.90
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.27
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.29
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 56.83
EZION HOLDINGS LTD 0.25 11/20/27 SGD 74.09
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.30
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.95
HYFLUX LTD 4.25 09/07/18 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.60 09/23/19 SGD 38.63
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 35.38
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.50
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.75
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.90
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 1.33
PACIFIC RADIANCE LTD 4.30 03/31/20 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 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
VIETNAM
-------
VIETNAM GOVERNMENT BOND 3.80 01/16/50 VND 74.66
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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