/raid1/www/Hosts/bankrupt/TCRAP_Public/200811.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, August 11, 2020, Vol. 23, No. 160
Headlines
A U S T R A L I A
AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB'
CRK HOLDINGS: First Creditors' Meeting Set for Aug. 18
PEPPER RESIDENTIAL 27: S&P Assigns Prelim. BB- Rating on F Notes
QUEENSLAND HERITAGE: Second Creditors' Meeting Set for Aug. 17
SEAFOLLY PTY: Acquires Rival Jets After DOCA Approval
SOUND DIAGNOSTICS: Second Creditors' Meeting Set for Aug. 17
STAMFORD HOUSE: Second Creditors' Meeting Set for Aug. 17
[*] AUSTRALIA: Regulator Braces for Waves of COVID-19 Insolvencies
C H I N A
PUJIANG INTERNATIONAL: S&P Assigns 'B' LT Issuer Credit Rating
I N D I A
AASTHA INFRACITY: ICRA Moves B on INR48cr Loans to Not Cooperating
ADLABS ENTERTAINMENT: ICRA Keeps D Debt Rating in Not Cooperating
ANUBHA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
BANWARI PAPER: ICRA Hikes Rating on INR8cr Cash Loan to C
BFG INT'L: ICRA Withdraws D Rating on INR10cr Loan
BHARGAVA EDUCATIONAL: Ind-Ra Keeps 'B+' Rating in Non-Cooperating
CARPET INDUSTRIES: CARE Lowers Rating on INR4.08cr Loan to C
ECONOMY SALES: CARE Lowers Rating on INR9cr LT Loan to C
EMS AND EXPORTS: CARE Keeps C on INR45cr Loans in Not Cooperating
ERODE TEXTILE: ICRA Lowers Rating on INR45cr LT Loan to B+
FIBREMARX PAPERS: ICRA Hikes Rating on INR32cr Cash Loan to C
G.G. EXPORTS: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Stable
GARDEN SILK: CARE Keeps D Debt Ratings in Not Cooperating
GUJARAT AMBUJA: NCLAT Sets Aside to Insolvency Plea vs. Firm
HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
HIGHBAR TECHNOLOGIES: CARE Reaffirms D Rating on INR11cr Loan
HIRA AUTOMOBILES: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
MOHAN MOTOR: CARE Keeps D on INR60cr Loans in Not Cooperating
MOSAVI ENTERPRISES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
NEHA EXPORTS: CARE Keeps C on INR15cr Loans in Not Cooperating
NEOTECH EDUCATION: ICRA Keeps D on INR15.9cr Loan in NonCooperating
OM BESCO RAIL: CARE Keeps D on INR46cr Loans in Not Cooperating
PANNU STONE: CARE Lowers Rating on INR9.75cr LT Loan to C
PARADISE POLYMERS: CARE Keeps D on INR10cr Loans in Not Cooperating
PARAMOUNT INT'L: ICRA Keeps D on INR10.8cr Loan in Not Cooperating
PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to D
PIONEER FOOD: CARE Keeps D on INR30cr Loans in Not Cooperating
PRASAD MULTI: ICRA Keeps D on INR19.16cr Loans in Not Cooperating
RASHMI MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Neg.
SAI ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SARVESH BLISS: ICRA Keeps B on INR11.7cr Loans in Not Cooperating
SCS CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
SEAWAYS SHIPPING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
SHANTI G.D.: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
SHIVASHAKTI SUGARS: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
SHRIMATI JWELLERY: Insolvency Resolution Process Case Summary
SIKKIM HYDRO: Insolvency Resolution Process Case Summary
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
TULSYAN NEC: CARE Keeps D on INR830.8cr Loans in Not Cooperating
VENKATESWARA AQUA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
VISHWA INFRASTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
YASHASHREE TUBES: ICRA Keeps D on INR9.7cr Loans in Not Cooperating
YOGESH TRADING: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
I N D O N E S I A
AGUNG PODOMORO: Fitch Cuts IDR to C, Places USD Notes on Watch Neg.
MNC INVESTAMA: Moody's Withdraws Caa1 CFR Amid Insufficient Info
M A L A Y S I A
MALAYSIA: Bursa May Give PN17/GN3 Firms More Time to Submit Plan
N E W Z E A L A N D
Z ENERGY: To Cancel Forecourt Concierge Service; May Axe 100 Jobs
P H I L I P P I N E S
BOSS NETWORK: Shut Down by SEC Philippines for Fraud
S R I L A N K A
ORIENT FINANCE: ICRA Lanka Revises Issuer Rating to [SL]BB
X X X X X X X X
BOND PRICING: For the Week Aug. 3 to Aug. 7, 2020
- - - - -
=================
A U S T R A L I A
=================
AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB'
----------------------------------------------------------
S&P Global Ratings lowered its ratings to 'BB (sf)' from 'BB+ (sf)'
on the class B notes issued by Perpetual Trustee Co. Ltd. as
trustee of AIMS 2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1
Trust.
The lowered ratings on the class B notes reflect:
-- The small and increasingly concentrated nature of the pools. As
of June 30, 2020, AIMS 2004-1 Trust has a remaining mortgage
balance of A$8.7 million comprising 173 loans, AIMS 2005-1 Trust
has a remaining mortgage balance of A$9.5 million comprising 151
loans, and AIMS 2007-1 Trust has a remaining mortgage balance of
A$10.6 million comprising 163 loans.
-- S&P siad, "That as outstanding assets and notes decrease
significantly, tail risk takes greater precedence in both
transactional performance and our rating analysis. Yield strain
could occur as the portfolios continue to amortize, given each
trust's ability to generate sufficient income to cover expenses and
losses is reduced with the smaller remaining pool balance. The 'BB
(sf)' ratings reflect our view that the portfolios are currently
generating a sufficient level of excess spread, despite their small
pool size in the medium to long term under our cash-flow modeling.
We also take the view that potential adverse economic conditions
and changing circumstances (event risk) at the tail end of the
transaction's life could weaken the capacity for the trusts to meet
their financial commitments as the pools become smaller and further
concentrated."
-- The concentrations in the pools. The top 10 borrowers accounted
for over 30.2% of the pool balance for AIMS 2004-1 Trust, 28.3% for
AIMS 2005-1 Trust, and 28.2% for AIMS 2007-1 Trust.
-- S&P's assessment of pool concentrations by applying an
additional minimum loss projection when determining the expected
loss for each pool. Under this scenario, the two largest loans at
the 'BB' rating level are assumed to have defaulted and are
recovered upon. The loss severity for each loan is the higher of
50%, the loan's loss severity, and the pool's weighted-average loss
severity. The expected loss for the pool is the higher of that
number, and the number sized applying our standard credit analysis
as per S&P's "Australian RMBS Rating Methodology And Assumptions"
criteria, published Sept. 1, 2011.
-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put liquidity strain on the
transaction and raises the probability of upward pressure on
mortgage arrears over the longer term. As of July 30, 2020,
borrowers with COVID-19-related hardship arrangements make up 5.8%
of the pool balance in AIMS 2004-1 Trust, 11.3% of the pool balance
in AIMS 2005-1 Trust, and 20.0% of the pool balance in AIMS 2007-1
Trust.
-- That arrears in these transactions have been volatile due to
the small number of loans in the portfolio and are at high levels.
As of June 30, 2020, loans more than 30 days in arrears (excluding
loans under a COVID arrangement) total 7.4% in AIMS 2004-1 Trust,
6.0% in AIMS 2005-1 Trust, and 7.8% in AIMS 2007-1 Trust.
-- Losses as a percentage of the original note balance have been
steady since our last review at 0.14% for AIMS 2004-1 Trust, 0.47%
for AIMS 2005-1 Trust, and 0.91% for AIMS 2007-1 Trust.
-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.
RMBS Arrears Statistics: Australia, published monthly
RATINGS LOWERED
AIMS 2004-1 Trust
Class Rating To Rating From
B BB (sf) BB+ (sf)
AIMS 2005-1 Trust
Class Rating To Rating From
B BB (sf) BB+ (sf)
AIMS 2007-1 Trust
Class Rating To Rating From
B BB (sf) BB+ (sf)
CRK HOLDINGS: First Creditors' Meeting Set for Aug. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of CRK Holdings
Pty Ltd will be held on Aug. 18, 2020, at 2:30 p.m. via virtual
Zoom meeting.
Chris Chamberlain of Chamberlain's SBR was appointed as
administrator of CRK Holdings on Aug. 6, 2020.
PEPPER RESIDENTIAL 27: S&P Assigns Prelim. BB- Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No. 27. Pepper
Residential Securities Trust No. 27 is a securitization of
nonconforming and prime residential mortgages originated by Pepper
Homeloans Pty Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.
-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets its criteria for insolvency remoteness.
-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears. As of July 31, 2020, borrowers with
COVID-19 related hardship arrangements make up 5.35% of the closing
pool balance."
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. We are using this assumption in assessing
the economic and credit implications associated with the pandemic
(see our research here: www.spglobal.com/ratings). As the situation
evolves, we will update our assumptions and estimates accordingly.
PRELIMINARY RATINGS ASSIGNED
Pepper Residential Securities Trust No. 27
Class Rating Amount
(mil. A$)
A1-s AAA (sf) 148.55
A1-a AAA (sf) 201.45
A2 AAA (sf) 77.50
B AA (sf) 27.50
C A+ (sf) 15.00
D BBB+ (sf) 11.00
E BB+ (sf) 6.50
F BB- (sf) 4.55
G NR 7.95
NR--Not rated.
QUEENSLAND HERITAGE: Second Creditors' Meeting Set for Aug. 17
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Queensland
Heritage Pty Ltd has been set for Aug. 17, 2020, at 3:00 p.m. at
the offices of BDO Offices, Level 10, at 12 Creek St., in Brisbane
City, 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 Aug. 14, 2020, at 5:00 p.m.
Andrew Peter Fielding of BDO was appointed as administrator of
Queensland Heritage on July 13, 2020.
SEAFOLLY PTY: Acquires Rival Jets After DOCA Approval
-----------------------------------------------------
Inside Retail reports that despite being in a state of
administration, swimwear brand Seafolly has picked up
also-collapsed rival Jets a week after a unanimous vote to approve
former (and now current) owner L Catterton's deed of company
arrangement.
According to the report, administrator Scott Langdon of KordaMentha
said it makes sense for the two businesses to exist under the same
banner as they served different market segments.
"The combination presents clear and material synergies around
design, wholesale and supply chain," the report quotes Mr. Langdon
as saying.
Jets, which is currently owned by PAS Group, will be run primarily
as an e-commerce and wholesale business under Seafolly, the report
says.
Inside Retail relates that negotiations between the two business
wrapped up over the weekend and began while both were in
administration, with KordaMentha also conducting the sale process
that ultimately led to L Catterton to resume control of what
remained of Seafolly.
Prior to administration Seafolly traded in 44 stores locally and 12
overseas, and now trades across 20 stores and employs "more than
110" staff from around 400.
An unnamed source told AFR that L Catterton had driven the business
into the ground and made hundreds of its workers redundant, and was
now buying it back "for cents on the dollar," Inside Retail
relays.
The source also expressed concern that the administration process
was merely a formality and that the restructure had already been
agreed on before the business went down.
Inside Retail has not been able to verify these claims.
According to Inside Retail, KordaMentha said the DOCA was a
terrific result for the business, and that it was in the best
interest of all creditors and staff.
It's not clear when L Catterton's DOCA will be executed, the report
notes.
About Seafolly
Seafolly is an Australian swimwear brand with a local market share
of 35%. Seafolly has a retail network of 44 stores throughout
Australia and 12 stores overseas. Seafolly was founded in 1975 by
Peter and Yvonne Halas.
Scott Langdon and Rahul Goyal of KordaMentha Restructuring were
appointed Voluntary Administrators of Seafolly on June 29, 2020.
The appointment includes the entities relating to the Sunburn
business.
The company's creditors has voted in favor of a "rescue" proposal
by private equity firm L Catterton, which is the owner and major
creditor, following intervention by the Australian Securities and
Investments Commission (ASIC).
SOUND DIAGNOSTICS: Second Creditors' Meeting Set for Aug. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Sound
Diagnostics Pty Ltd has been set for Aug. 17, 2020, at 2:00 p.m.
via virtual meeting.
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 Aug. 14, 2020, at 5:00 p.m.
Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol were
appointed as administrators of Sound Diagnostics on May 25, 2020.
STAMFORD HOUSE: Second Creditors' Meeting Set for Aug. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of:
-- Stamford House 88 Pty Ltd;
-- Golden Carlingford Pty Ltd;
-- Pennant Hills Estates 88 Pty Ltd; and
-- Rainbowforce Pty Ltd
has been set for Aug. 17, 2020, at 11:00 a.m. at the offices of HLB
Mann Judd NSW, Level 19, 207 Kent Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2020, at 5:00 p.m.
Todd Gammel & Barry Taylor of HLB Mann Judd(NSW) were appointed as
administrators of Stamford House on July 13, 2020.
[*] AUSTRALIA: Regulator Braces for Waves of COVID-19 Insolvencies
------------------------------------------------------------------
Clancy Yeates at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission (ASIC) is
preparing for potential waves of small business insolvencies in
2021 and beyond, as regulators also consider moves to manage the
large numbers of borrowers falling into financial strife.
With AUD274 billion in mortgages and small business loans deferred
as an emergency response to the pandemic, ASIC commissioner Sean
Hughes told a parliamentary hearing on Aug. 5 that the regulator
was in daily contact with banks and other lenders to understand how
many borrowers could be in hardship, SMH relates.
A critical question for the financial system is what proportion of
the deferred loans will end up in distress in 2021, when deferral
periods end and the government is scheduled to withdraw support for
stricken firms, according to the report.
"We are certainly looking out beyond the pandemic, and in
particular to where the waves of potential insolvencies in small
business sectors may emerge into 2021 and 2022," SMH quotes
Mr. Hughes as saying in a response to Labor MP Anne Aly.
"We'e very mindful of the impact not only families and small
business, but also the impact on the insolvency profession and the
volume of work that is going to be flowing in that direction. But
it's certainly something we will be keeping a very close eye on
over the coming months and it's fair to say years."
Other financial experts have predicted the extent of banks' bad
loans will not become apparent until next year, SMH states.
SMH says Australian Prudential Regulation Authority (APRA) deputy
chairman John Lonsdale also told the House of Representatives
economics committee hearing that APRA expected a rise in impaired
loans, albeit from a "very very low" level of soured loans
currently.
According to SMH, Mr. Lonsdale said APRA had given banks temporary
capital concessions for deferred loans until March next year, which
would give banks time to work with customers and determine who
could resume repayments.
In response to a question on how APRA could protect borrowers when
insolvencies occurred, Mr. Lonsdale said regulators had a role in
"easing the transition" for loans that could not be repaid, given
the number of financially stressed borrowers.
"When you look at impairments, there is a role for us, and we are
doing that with other regulators, to think what other collective
action can we take to ease the transition for loans that cannot be
repaid?" Mr. Lonsdale, as cited by SMH, said.
"I should say this is something that banks do in the ordinary
course, what's unusual about this though, is the volumes that we
are talking about and that will need to be monitored and carefully
handled."
SMH relates that Mr. Lonsdale said the issue was being discussed
with banks and the Council of Financial Regulators - a body that
also includes ASIC, the Reserve Bank and the federal Treasury.
According to SMH, APRA figures last week showed the stock of
deferred loans was still rising in June, despite some people
resuming repayments, and Jefferies analyst Brian Johnson said it
was likely Victoria's latest lockdown had caused more people to
pause repayments.
APRA chairman Wayne Byres also defended the regulator's move to
soften its guidance for bank dividends last week, saying a setback
to the economy from Victoria's latest lockdown would not change its
view on banks making the payouts.
"We feel we've allowed for a significant deterioration in activity
in thinking about the right policy setting for dividends and
capital management," Mr. Byres said, SMH relays.
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C H I N A
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PUJIANG INTERNATIONAL: S&P Assigns 'B' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings, on Aug. 10, 2020, assigned its 'B' long-term
issuer credit rating to Pujiang International Group Ltd., a
manufacturer of bridge cables and prestressed materials.
The rating reflects S&P's view of Pujiang's small scale and limited
product and geographical diversity. The company's heavy reliance on
short-term debt weakens its capital structure and liquidity,
constraining the rating. Offsetting these weaknesses are Pujiang's
leadership position in the global bridge cables market, strong
technological capabilities, and good growth prospects.
Pujiang's businesses are likely to remain small in the global
metals production and processing industry, with limited product and
geographical diversity. S&P said, "We forecast revenue from
Pujiang's bridge cables and prestressed materials businesses to
grow to Chinese renminbi (RMB) 2.2 billion-RMB3.4 billion over
2020-2022, from RMB1.8 billion in 2019 due to business expansion.
However, its scale will remain small globally. Moreover, Pujiang
has limited product diversity given it mainly operates in the niche
market of bridge cables. We forecast revenue contribution from its
bridge cables and prestressed materials, mainly rare earth coated
prestressed products, will be about 61% and 39% over 2020-2022. We
expect the company will continue to focus on high-margin cables and
galvanized prestressed products over the period. Pujiang's
international exposure is also limited with 92% of revenues
generated from China in 2019. We estimate the company's overseas
profit contribution will remain limited in the next one to two
years."
S&P said, "We expect Pujiang to maintain its leadership position in
the bridge cables market globally in the next two years. The
company is one of the two players in the oligopolistic market of
super-long-span bridge cables globally, accounts for about half of
the market share, and has a satisfactory track record. Given the
high entry barriers in this niche market, we expect Pujiang will
remain a key player. The company leverages on its advanced
technology and strong expertise, which enabled it to achieve a high
tender success rate of 72.8% over 2016-2019. We believe the company
will continue its focus on technological development, and expect it
to spend RMB90 million-RMB130 million on research and development
over 2020-2021, representing over 4% of its revenue during the
period.
"In our view, Pujiang has good growth prospects over the next one
to two years. We expect the company will grow its business through
capacity and salesforce expansion, given the favorable environment
for infrastructure development in China. We forecast the company's
adjusted EBITDA will grow by 30% in 2020 and over 40% in 2021
through expanding its high-margin businesses. Ageing large bridges
entering into a phase of cable replacement will also provide
Pujiang with new growth opportunities in the medium term.
"We believe Pujiang's substantial short-term debt will continue to
weigh on its capital structure. As of Dec. 31, 2019, the company's
debt has a weighted average maturity of 1.1 years, lower than our
threshold of two years for a neutral capital structure assessment.
A significant reduction of short-term loans and securing long-term
financing is essential for Pujiang to improve its capital structure
and liquidity.
"We expect Pujiang's adjusted debt-to-EBITDA ratio to be 3.0x-4.0x
over 2020-2021, and operating cash flow to remain negative on
working capital requirements. We forecast the company's EBITDA to
improve on the expansion of the bridge cables and prestressed
materials businesses. However, operating cash flow will remain
negative due to significant working capital requirements mainly
driven by large prepayments and deposits over its business cycle.
At the same time, Pujiang's debt is likely to increase to support
business growth. Significant working capital outflows on the
company's ongoing business expansion is likely to bring volatility
to its financial risk profile, especially given its small scale.
"The stable outlook reflects our view that Pujiang will maintain
its leading market position in the super-long-span bridge cable
market globally and in the prestressed materials market in China
over the next one to two years. We also expect the company to
expand both its businesses over the period to generate steady funds
from operations. However, the company's scale will remain small in
the global metals production and processing industry. The increase
in operating cash flow will be offset by higher debt resulting in
largely stable leverage ratios.
"We could lower the rating on Pujiang if the company's
profitability deteriorates which weakens its business and financial
risk profiles. This could be driven by persistent pricing pressure
due to competition, below average capacity utilization, or weakened
ability to secure raw materials at reasonable prices. We could
lower the rating if Pujiang's debt-to-EBITDA ratio rises above 4.0x
for a sustained period.
"We could also lower the rating on Pujiang if the company's
liquidity deteriorates significantly. This could happen if the
company's operating cash flow weakens, short-term debt increases,
or banking relationships worsen significantly.
"We could upgrade Pujiang if the company improves its capital
structure by replacing short-term debt with long-term debt, such
that its weighted maturity of debt improves to above two years.
"We could also upgrade Pujiang if the company's debt-to-EBITDA
ratio falls below 3.0x and it maintains positive operating cash
flows for a sustained period. This could happen if: (1) Pujiang's
profitability improves significantly on better-than-expected
business expansion and its ability to control costs; or (2) the
company significantly reduces its debt by repaying it with
operating cash flows or equity financing."
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I N D I A
=========
AASTHA INFRACITY: ICRA Moves B on INR48cr Loans to Not Cooperating
------------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Aastha Infracity Limited (AIL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 48.00 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING, Rating Moved to
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated in 2010, AIL has started developing a residential
project — Aastha Greens — in Greater Noida West, Uttar Pradesh
in June 2015. The project has G+19 floors with a total of 636 units
spread over ~12.2 lakh sq ft of saleable area. The project cost is
estimated at INR182.7 crore and is envisaged to be funded by debt
of INR48 crores, customer advances of INR90.7 crore and promoter
funds of INR44.0 crore. The company is promoted by Mr. Sanjay Kumar
and Mr. Arun Kumar.
ADLABS ENTERTAINMENT: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR1100.00 crore bank facilities of
Adlabs Entertainment Limited to remain under Issuer Not Cooperating
category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1,100 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based TL Rating continue to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and Novotel,
a 4-star hotel - all under the Imagica Umbrellaat Khopoli, spread
over an area of 140 acres, with another surplus area of 170 acres.
The project was started in April 2011. The theme park commenced
partial operations and after a soft launch on April 18, 2013, it
commenced full scale operations from November 01, 2013. The water
park was commissioned from October 1, 2014, and the first phase of
the hotel, comprising 116 rooms, commenced in September 2015. The
snow park started operating from the first week of April 2016.
Currently, Novotel has 287 rooms.
ANUBHA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anubha
Industries Private Limited's (AIPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Negative.
The instrument-wise rating actions are:
-- INR800 mil. Fund based working capital limits downgraded with
IND BB/Negative rating;
-- INR592.2 mil. (reduced from INR771.9 mil.) Term loans due on
September 2023 downgraded with IND BB/ Negative rating; and
-- INR35.5 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating.
The downgrade and the Negative Outlook reflect Ind-Ra's expectation
of deterioration in AIPL's revenue and liquidity profile in FY21,
owing to the persisting slowdown in the textile sector, coupled
with the ongoing economic downturn, exacerbated by the COVID-19-led
business disruptions.
KEY RATING DRIVERS
The ratings reflect Ind-Ra's expectation of a decline in AIPL's
revenue in FY21 due to the lockdown in most of 1QFY21 and subdued
demand likely in 2QFY21. In FY20, the scale of operations remained
medium even as the revenue grew 7.4% yoy to INR3,070 million (FY19:
down 4.9% yoy).
Liquidity Indicator - Stretched: Ind-Ra expects the company's
liquidity position to deteriorate in FY21 on lower revenue and
continued high utilization of the working capital limits owing to
the challenging COVID-19 led economic situation. The average
maximum utilization of AIPL's bank limits against the sanctioned
limits was 96.8% over the trailing 12 months ended June 2020.
The net working capital cycle remained elongated at 135 days due to
the higher inventory towards the end of March 2020 at 167 days
because of a delay in the shipment of finished goods because of the
lockdown. The goods are likely to be shipped by September 2020;
however, a part of the orders is likely to be cancelled. AIPL's
cash flow from operations turned positive in FY20 after remaining
negative over FY15-FY19 due to its high working capital requirement
on high inventory holdings and increased debtor days. The company
infused equity of nearly INR330 million over FY19-FY20 to meet its
working capital requirements.
At FYE20, AIPL's cash and cash equivalents stood at INR12.3 million
(FYE19: INR0.8 million). The company has availed of the Reserve
Bank of India-prescribed moratorium over March-August 2020.
AIPL's credit metrics are likely to deteriorate in FY21 due to the
sharp decline in the revenue and absolute EBITDA because of the
persisting slowdown and low demand and disruptions caused by
COVID-19. The credit metrics remained weak despite improving in
FY20 due to an improvement in the absolute EBITDA to INR302 million
(FY19: INR258 million). The net leverage (adjusted net
debt/operating EBITDAR) was 5.6x in FY20 (FY19: 7.3x) and the
interest coverage (operating EBITDAR/gross interest expense +
rents) was 1.5x (1.2x).
AIPL's EBITDA margin is likely to be impacted in FY21 if the demand
does not pick up in 2HFY21 with the further easing of the lockdown.
The margin remained modest despite improving to 9.65% in FY20 due
to the low cotton prices (FY19: 8.8%, FY18: 12.4%), which are
likely to remain low even in FY21. The return on capital employed
was at 7.7% in FY20 (FY19: 6.1%).
The ratings are also constrained by AIPL's increasing customer
concentration with its top 10 customers contributing about 57% to
the total revenue in FY20 (FY19: 47%). The contribution of exports
increased to about 50% of the revenue in FY20 from 9.0% in FY19;
however, the company faces geographical concentration and country
risk too as a significant portion of the exports is to Bangladesh.
This risk is partially mitigated as the company takes export orders
that are fully backed by letters of credit.
The company executed job work of manufacturing personal protective
equipment in April and May 2020 and has further received another
order of INR70 million, likely to marginally supplement the revenue
lost due to the lockdown. AIPL was operating at 20%-25% capacity in
July 2020.
RATING SENSITIVITIES
Positive: An improvement in the liquidity position while
maintaining the revenue and EBITDA margin, leading to an
improvement in the interest coverage above 1.5x, will be positive
for the ratings.
Negative: A further stretch in the liquidity position, or a decline
in the revenue or EBITDA margin, resulting in deterioration in the
interest coverage below 1.5x will be negative for the ratings.
COMPANY PROFILE
Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Aditya Goyal is the managing director.
BANWARI PAPER: ICRA Hikes Rating on INR8cr Cash Loan to C
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Banwari
Paper Mills Limited (BPML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 8.00 [ICRA]C; revised from [ICRA]D
Term Loan 6.30 [ICRA]C; revised from [ICRA]D
Short-term
Non-fund Based 0.70 [ICRA]A4; revised from [ICRA]D
Rationale
The revision in ratings of BPML takes into account the written
feedback received from the banker stating no delays or default in
principal and/or interest payment in the last six months. The
ratings also positively factor in the extensive experience of the
promoters in the paper industry.
However, the ratings continue to be constrained owing to the
moderate scale of BPML's current operations which, coupled with
moderate operating margins, have resulted in moderate cash accruals
in the past few years.
Moreover, the financial profile remains modest as reflected by high
gearing, working capital-intensive nature of operations and weak
debt coverage indicators. The liquidity of the company also remains
stretched as reflected by low unutilised bank limits and high debt
repayments in the next few years. ICRA has also taken into account
the susceptibility of BPML's profitability to volatility in raw
material prices as well as intense competition in the industry,
which limits its pricing flexibility.
Key rating drivers and their description
Credit strength
* Experienced management with an established track record in paper
industry: The management of BPML is well qualified and the
promoters have experience of over three decades in the paper
industry.
Credit challenges
* Decline in sales and cash accruals in FY2020: As per the key
financials submitted by the company's management for FY2020, its
sales declined to INR41.35 crore on account of production stoppage
caused by machine failure. The deterioration in the top line has
also resulted in a decline in cash accruals to INR1.57 crore in
FY2020.
* Weak liquidity due to full utilisation in working capital limits:
There have been continuously full utilisation in the
working capital limits on account of higher inventory days.
* Highly fragmented and intensely competitive industry with a few
large paper mills and various smaller competitors: BPML's presence
in the highly fragmented paper industry characterised by intense
competition limits its pricing flexibility and hence, its ability
to effectively pass on the increase in raw material prices to
customers.
* Profitability exposed to volatility in waste paper prices and
ability to pass on increase in waste paper prices: Waste paper is
the key raw material of the company. Raw material cost forms a
major portion of the average selling price and the contribution
levels thus remain exposed to the movement in the same.
Accordingly, BPML's ability to effectively pass on the increase in
the raw material cost to its customers is critical.
Liquidity position: Poor
The working capital limit was almost fully utilised in the last six
months that ended in June 2020. The company's overall liquidity is
expected to remain poor due to scheduled debt repayment
obligations; thus, generation of adequate cash accruals will remain
crucial. However, given the past track record, the promoters are
expected to provide funding support for any cash flow mismatch over
the medium term.
Rating sensitivities
Positive triggers: An upward movement in rating may happen if there
is substantial and sustained growth in revenue and profitability
along with improved liquidity condition on a sustained basis.
Negative triggers: Negative pressure on company's ratings could
arise if further decline in revenues and profitability results in
lower cash accruals than repayment obligation on a sustained
basis.
BPML was initially established by Mr. R.N. Lakhotia and his family
in 1980. It was then purchased by Mr. Jasbir Singh Goraya and his
family the following year. Since then, the company is run by the
Goraya family in Kashipur. It manufactures writing papers, printing
papers and newsprint. The company has been operational for the past
39 years and usually manufactures papers from recycled wastes of
52, 56 and 58 grams per square metre (GSM) with brightness of
72–82%.
BFG INT'L: ICRA Withdraws D Rating on INR10cr Loan
--------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Bfg
International Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based- Withdrawn
Term Loan
Long Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Withdrawn
Facility
Short Term- 1.25 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Withdrawn
Long Term/ 0.25 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Withdrawn
Unallocated
Rationale
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension based on the No Due Certificate.
ICRA is withdrawing the rating and that it does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.
Key rating drivers
The key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.
Liquidity position
Liquidity position has not been captured as the rated instruments
are being withdrawn.
Rating sensitivities
Rating sensitivities have not been captured as the rated
instruments are being withdrawn
BFG is engaged in the manufacture of products made of fiberglass
reinforced plastic (FRP). Its manufacturing facility is located in
Sricity Special Economic Zone, Chitoor. It has the capability to
manufacture products that cater to a wide range of industries
including but not limited to defense, wind energy, construction,
aviation, transportation and marine. Currently the company's major
focus has been on transportation and wind energy sectors. The
Company is a wholly owned subsidiary of BFG International WLL,
Bahrain (BFG Bahrain).
BHARGAVA EDUCATIONAL: Ind-Ra Keeps 'B+' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhargava
Educational Society's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR58 mil. Term loan maintained in non-cooperating category
with IND B+ (ISSUER NOT COOPERATING) rating; and
-- INR5 mil. Working capital facility maintained in non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Bhargava Educational Society has a registered office in Banga,
Punjab, and was established in 2011 under the Societies
Registration Act, 1860. It runs one school – Darrick
International School - in Gunachaur, Punjab.
CARPET INDUSTRIES: CARE Lowers Rating on INR4.08cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ideal Carpet Industries (ICI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.08 CARE C; ISSUER NOT COOPERATING;
Facilities Revised from CARE B; Stable;
Issuer Not Cooperating; based
on best available information
Short-term Bank 8.00 CARE A4; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from ICI to monitor the rating(s)
vide e-mail communications/letters dated July 14, 2020, July 13,
2020, July 9, 2020, July 8, 2020, July 6, 2020, July 3, 2020, June
29, 2020, June 19, 2020, June 16, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further the banker could not be contacted. The rating on the
firm's bank facilities will now be denoted as CARE C; Stable;
ISSUER NOT COOPERATING/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to
non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further the rating continues to remain constrained on account of
its small scale of operations, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained by
its presence in the highly fragmented & competitive nature of
carpet and hotel Industry and its constitution being a partnership
firm. The ratings, however, continue to take comfort from the
experienced management along with long track record of operations.
Detailed description of the key rating drivers
At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:
Key Rating Weaknesses
* Small scale of operations: ICI's scale of operations continues
to remain small and stagnant on account of low to moderate
utilization/occupancy levels. Despite the presence in the industry
since 1971, firm scale of operations continues to remain small
which restrict financial flexibility in case of exigency.
* Leveraged capital structure: Firm's capital structure continues
to remain leveraged evident from overall gearing on account of low
partner capital base which resulted into increasing reliance on
outside borrowings in order to support routine operations of the
entity.
* Constitution as partnership: ICI's constitution as a partnership
firm has the inherent risk of possibility of withdrawal of the
partners' capital at the time of personal contingency and the firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, the partnership firms have restricted access to
external borrowing which limits their growth opportunities to some
extent.
* Foreign exchange fluctuation risk: The firm mainly exports
carpets and rug to international market. With initial cash outlay
for procurement in domestic currency and sales realization in
foreign currency, the firm is exposed to the fluctuation in
exchange rates which firm does not hedge. Hence margins remain
susceptible to the exchange rate movements.
* Fragmented and competitive carpet and hotel Industry: The Indian
carpet industry is characterized by numerous small players and is
concentrated in Northern part of India which includes Kashmir,
Jaipur, Agra and Bhadohi - Mirzapur. Bhadohi, Uttar Pradesh
contributes a significant portion of India's total carpet
production. Low entry barriers and low investment requirement makes
the hand knotted/tufted carpet industry highly lucrative and thus
competitive. ICI correspondingly faces stiff competition in the
export market from countries like Turkey, Iran, etc.
Key Rating Strengths
* Experienced partners: Mr. L R Maurya and Mr. S R Maurya, partner
of ICI are post graduates by qualification and have more than four
decades of experiences in the carpet manufacturing industry through
their association with ICI. Besides, both the partners are also
engaged in hotel business for past two decades through iHI. Mr.
Tushar and Mr. Kundan Arya, other partners in ICI, are also post
graduate by qualification and has nearly a decade of experience in
the carpet and hotel industry through their association with ICI.
All the partners collectively look after the overall operations of
the firm.
* Favorable location of Hotel "Rivatas by Ideal": ICl's hotel is
located in Varanasi, Uttar Pradesh. Varanasi is counted among most
popular cities of Uttar Pradesh. This city is believed to be among
oldest cities of world and is located on the bank of holy river
'Ganga'. Tourism controls approximately 50% of the city economy.
Many other sectors are dependent on tourism industry like hotels,
lodges, restaurants, handicrafts, handloom, transport, aviation,
etc. Furthermore, Union government is considering several projects
that would boost Varanasi tourism. Besides there are many other
site seeing attractions in Varanasi such as Kashi Vishwanath
Temple, St. Mary's Church, Manikarnik" Ghat, Sharat Kala Shavan,
Ramnagar Fort, Chunar Fort, Sarnath, Kaathwala Temple, Lakhania
Dari Caves and Waterfall, etc., that continues to enthral
travellers.
Uttar Pradesh-based ICI was established in 1971 as a partnership
firm by Maurya family. The firm is being managed by Mr. L R Maurya,
Mr. S R Maurya, Mr. Tushar, Mr. Kundan Arya and Mr. Sudhir sharing
profit and loss in the ratio of 25%, 25%, 25%, 12.5% and 12.5%,
respectively. The firm was primarily engaged into manufacturing of
hand-knotted carpets. Besides, ICI also entered into the hotel
industry and running hotel under the name of "Rivatas by Ideal"
since October 2012 in Varanasi (Uttar Pradesh). The firm majorly
exports its carpet products to overseas destination like USA,
European nations, etc. The firm has two other associates concerns
namely; Ideal Carpets Limited (ICL) (engaged in manufacturing of
carpet) and Ideal Hotels and Industries Limited (engaged in hotel
business).
ECONOMY SALES: CARE Lowers Rating on INR9cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Economy Sales, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.00 CARE C; Stable/CARE A4;
Facilities- ISSUER NOT COOPERATING;
Proposed Revised from CARE B; Stable/
CARE A4; Issuer Not Cooperating;
based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Economy Sales to monitor the
rating(s) vide e-mail communications/letters dated July 23, 2020,
July 22, 2020, July 20, 2020, July 18, 2020, July 6, 2020, July 3,
2020, June 29, 2020, June 19, 2020, June 16, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, the banker could not be contacted. The rating on
the firm's bank facilities will now be denoted as CARE C; Stable/
CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).
The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
The revision in the long term rating assigned to the bank
facilities of Economy Sales (ES) mainly takes into account decline
in total operating income, net losses, decline in profitability
margins, deterioration in capital structure and coverage
indicators. The ratings further continue to remain constrained by
working capital intensive nature of operations, weak liquidity
position presence in highly competitive industry. The ratings,
however, continue to draw comfort from the experienced partners.
Detailed description of the key rating drivers
At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:
Key Rating Weaknesses
* Small though fluctuating scale of operations: The scale of
operations of the firm has remained small marked by total operating
income of INR17.49 crore and negative gross cash accruals of
INR1.23 crore during FY18 (refers to the period April 1 to March
31). Further, the firm's net worth base stood relatively small at
INR0.18 crore as on March 31, 2018. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. Further the scale of operations of the firm
has been fluctuating for the past three financial years i.e.
FY16-FY18. The total operating income of the firm grew by 13.11% in
FY17 but declined by 32.96% in FY18. During 9MFY19 (refers to the
period April 01 to December 31; based on provisional results) the
firm has achieved a total operating income of around INR18.00
crore.
* Deterioration in the overall financial risk profile: The firm
reported net losses of INR1.30 crore during FY18. PBILDT margins
also registered a dip from 5.59% in FY17 to 0.53% in FY18.
Deterioration was primarily on account of high inventory holding of
traded goods and increased interest expenses. As on March 31, 2018,
the total debt of the firm comprises of term loans of INR1.77
crore, unsecured loans of INR0.10 crore and Working capital limits
of INR8.61 crore. The capital structure of the firm deteriorated
and continues to remain leveraged marked by overall gearing of
57.60x as on March 31, 2018 as against 5.18x as on March 31, 2017.
The deterioration in the capital structure is mainly on account of
erosion of net worth base due to net losses incurred in FY18. The
debt service coverage indicators deteriorated marked by interest
coverage ratio and total debt/GCA of 0.07x and -8.53x respectively
in FY18 as against 1.16x and 42.08x in FY17 on account of
operational losses and low GCA levels.
* Elongated inventory holding: For FY18, the current ratio remained
moderate at 1.13x. However, the quick ratio was very low at 0.59x
attributed to high inventory holding period. Being a readymade
garment retailer, it is critical for ES to maintain wide range of
color, designs, size to meet the immediate demand of its customers.
This resulted in significant finished good inventory leading to
high working capital intensity of business operations (inventory
days of 168 days in FY18). The firm sells and purchase mainly on
cash and advance basis. The working capital requirements were met
largely through bank borrowings which resulted in an average
utilization of almost 100% of its working capital limits for the
last 12 months period ended December 31, 2018.
* Intense competitive pressure in highly fragmented industry: ES
operates in highly fragmented and unorganized market of trading of
readymade clothes marked by large number of smallsized players. The
industry is characterized by low entry barrier due to minimal
capital requirement and easy access to customers and supplier.
* Industry risk: Apparel sector is highly dependent on fashion
trends, consumer spending habits as well as economic cycles.
Therefore, the companies need to manage their inventories according
to fashion and changing trends. At times, a fashion is short-lived,
thus there is a risk of inventory getting obsolete and does not
meet the taste and preferences of the customers leading to losses.
Key Rating Strengths
* Experienced partners: The operations of the firm are currently
being managed by Mr. Ravi Kishor Gupta, Mr. Kunal Gupta and Mr.
Gaurav Gupta. Mr. Ravi Kishor Gupta is having an experience of
around three decades in trading industry through his association
with ES. Mr. Kunal Gupta and Mr. Gaurav Gupta both have an
experience of almost one and a half decade through their
association with ES.
Delhi-based, Economy Sales (ES) is a partnership firm established
in 1990 and is currently being managed by Mr. Ravi Kishor Gupta,
Mr. Kunal Gupta and Mr. Gaurav Gupta. The firm trades in readymade
branded clothes from its six retail outlet located in Delhi NCR
region (Jhandewalan, Lajpat Nagar, Noida, etc.).
EMS AND EXPORTS: CARE Keeps C on INR45cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of EMS and
Exports (EAE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 2.00 CARE C; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-term Bank 43.00 CARE A; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 21, 2017, placed the
rating(s) of EAE under the 'issuer noncooperating' category as EAE
had failed to provide information for monitoring of the rating. EAE
continues to be noncooperative despite repeated requests for
submission of information through email dated July 8, 2020;
July 14, 2020 and July 21, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on May 3, 2019 the following were the
rating strengths and weaknesses:
Key Rating Weakness
* Moderate financial risk profile characterized by low
profitability margins: The operations of the group are
characterized by low profitability margins. Combined PBILDT and PAT
margins remained at similar levels in FY16 (refers to the period
April 1 to March 31) at 3.88% (PY: 3.80%) and 0.90% (PY: 0.80%)
respectively. On account of increase in scale of operations of the
group, combined GCA increased from INR5.94 crore in FY15 to INR8.38
crore in FY16. During FY17, the PBILDT margin and PAT margin of
EMS stood at 3.88% and 0.90%, respectively.
* Working capital intensive operations: Since the group is involved
in the exports of public address equipments, its operations are
working capital intensive. Average working capital cycle of EMS
stood at 114 days as on 31 March 2016.
* Foreign exchange fluctuation risk owing to exports: 5 core group
is exposed to foreign exchange fluctuation risk on account of
export-oriented business.
* Presence in highly competitive and fragmented industry: The group
operates in a highly competitive electronic industry wherein there
is presence of a large number of players in the unorganized and
organized sectors.
* Constitution of the entity being a partnership firm: EMS's
constitution as a partnership firm has the inherent risk of
withdrawal of the partner's capital at the time of personal
contingency.
Key Rating Strengths
* Experienced Promoters: 5 core group is promoted by Mr. Amarjit
Singh Kalra and his wife, Ms. Surinder Kaur Kalra. Mr. Amarjit
Singh Kalra has more than two decades of experience in the
manufacturing of electronic goods (home theaters, car speakers,
public address systems etc). He handles the overall operations of
the all the group companies along with his wife Ms. Surinder Kaur
Kalra, who is having an experience of more than 13 years in the
consumer electronics segment.
* Strong presence and established brand name of "5 core" in the
export market for consumer electronics: During FY16, 5 Core group
reported total combined operating income of INR587.91 crore as
compared to total combined operating income of INR484.51 crore in
FY15, registering y-o-y growth of around 21%. Further during FY16,
EMS reported total operating income of INR105.07 crore as against
total operating income of INR91.33 crore in FY15, registering y-o-y
growth of around 15.04%.
* Established relationship with distributors along with diverse
customer base: The 5 core group has a strong network of
distributors for its brand "5 core", who act as an intermediary
between the group and its customers. Furthermore, the group has a
diverse customer base in more than 55 countries.
EMS was incorporated on January 1, 2009 by Mr. Amarjit Singh Kalra.
The firm is involved in the manufacturing and assembling of public
address (PA) systems and components, including loud speakers,
amplifiers, microphones, and woofers, and related electronic and
electrical equipment. The firm commenced operations in January 2009
and its manufacturing facility is located in Kashipur,
(Uttaranchal). EMS belongs to the 5 core group, based in New Delhi.
The 5 core group was established in 1983 and apart from EMS, the
group has six other companies namely, Indian Acoustics Private
Limited, Visual & Acoustics Corporation LLP, 5 Core Acoustics
Private Limited, Five Core Electronics Limited, Happy Acoustics
Private Limited and Digi Export Venture Private Limited which are
all involved in the same line of business. During FY16
(provisional), EMS reported total operating income of INR105.07
crore and PAT of INR1.21 crore as against total operating income of
INR91.33 crore and PAT of INR0.98 crore during FY15.
ERODE TEXTILE: ICRA Lowers Rating on INR45cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Erode
Textile Mall Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 45.00 [ICRA]B+(Stable) ISSUER NOT
Fund Based COOPERATING; Rating downgraded
from [ICRA]BB (Stable)
ISSUER NOT COOPERATING and
continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating is downgraded because of lack of adequate information
regarding Erode Textile Mall Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Erode Textile Mall Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Incorporated in FY2009, Erode Textile Mall Private Limited is a SPV
that was formulated to set up a textile market complex at Erode,
approved under Comprehensive Power-loom Cluster Development Scheme
(CPCDS) of the Ministry of Textiles. The textile market complex is
being developed under the name of Texvalley and is located near
Erode, Tamil Nadu. On full completion, the project envisages the
textile market complex to contain 1,600 marts, 940 weekly market
spaces, exposition hall, warehouse, communication centre, etc.
Texvalley is designed to be the one-stop destination for the entire
range of wholesale textile goods.
Mr. P. Periyaswamy of the Lotus Group is the Chairman of the
company and is involved in business activities including
transportation business, TVS auto dealership, commercial
bus-transportation service, financial services etc. Mr. C.
Devarajan (Managing Director of URC Construction Ltd.) is the Vice
Chairman of the company And Mr. P. Raajasekhar of the Lotus Group
is the Managing Director.
FIBREMARX PAPERS: ICRA Hikes Rating on INR32cr Cash Loan to C
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Fibremarx Papers Private Limited (FPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 32.00 [ICRA]C; revised from [ICRA]D
Term Loan 17.50 [ICRA]C; revised from [ICRA]D
Short-term
Non-fund Based 2.50 [ICRA]A4; revised from [ICRA]D
Rationale
The revision in ratings of FPPL take into account the written
feedback received from banker stating no delays or default in
principal and/or interest payment in the last six months. The
ratings also positively factor in the extensive experience of the
promoters in the paper industry.
However, the ratings continue to be constrained owing to moderate
scale of FPPL's current operations which, coupled with moderate
operating margins, have resulted in moderate cash accruals in the
past few years. Moreover, the financial profile remains modest as
reflected by high gearing, working capital intensive nature of
operations and weak debt coverage indicators. The liquidity of the
company also remains stretched as reflected by low unutilized bank
limits and high debt repayments in the next few years. ICRA has
also taken into account the susceptibility of FPPL's profitability
to volatility in raw material prices as well as intense competition
in the industry, which limits its pricing flexibility.
Key rating drivers and their description
Credit strength
* Experienced management with an established track record in paper
industry: The management of FPPL is well qualified and the
promoters have experience of over three decades in the paper
industry.
Credit challenges
* Modest scale of operations: The operating income (OI) was
moderate at INR152.72 on account of intense competition from
regional domestic players and low pricing power.
* Full utilisation in working-capital limits in last six months:
The working capital limits of the company remained fully utilised
in the last six months that ended in June 2020 on account of high
inventory days and debtor days.
* Highly fragmented and intensely competitive: FPPL's presence in
the highly fragmented paper industry characterised by intense
competition limits its pricing flexibility and in turn, its ability
to effectively pass on the increase in raw material prices to
customers.
* Profitability exposed to volatility in waste paper prices and
ability to pass on increase in waste paper prices: Waste paper is
the key raw material of the company. Raw material cost forms a
major portion of the average selling price and thus, the
contribution levels remain exposed to the movement in the same.
Accordingly, the ability of the company to effectively pass on the
increase in the raw material cost to its customers is critical.
Liquidity position: Poor
The working capital limit was almost fully utilised in the last six
months that ended in June 2020. The company's overall liquidity is
expected to remain poor due to scheduled debt repayment obligations
and thus, generation of adequate cash accruals will remain crucial.
However, given the past track record, the promoters are expected to
provide funding support for any cash flow mismatch over the medium
term.
Rating sensitivities
Positive triggers: An upward movement in rating may happen if there
is substantial and sustained growth in revenues and profitability
along with improved liquidity condition on a sustained basis.
Negative triggers: Negative pressure on the company's ratings could
arise if there is further decline in revenues and profitability
thus, resulting in lower cash accruals than repayment obligation on
a sustained basis.
FPPL started operations in 2006 to manufacture paper for writing,
printing and newsprint. The initial capacity was 33,000 metric
tonnes (MT) per annum, which was subsequently increased over the
years and is currently 60,000 MT per annum. The company
manufactures 60-80 grams per square metre (GSM) of writing paper,
45-50 GSM of newsprint and its customer mix consists of publishers,
retailers, wholesalers.
G.G. EXPORTS: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded G.G. Exports'
(GGE) Long-Term Issuer Rating to 'IND BB' from 'IND BB+'. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR1.0 bil. Fund-based working capital limits Long-term rating
downgraded; Short-term rating affirmed with IND BB/Stable/IND
A4+ rating.
KEY RATING DRIVERS
The downgrade reflects GGE's weak operating performance in FY20 and
Ind-Ra's expectation of a continued stretched liquidity position in
the near term, on account of likely negative cash flow from
operations in FY21 owing to the COVID-19 led lockdown. According to
FY20 provisional financials, revenue declined 30.7% YoY to
INR2,766.5 million, mainly due to the subdued demand for diamonds,
on account of the COVID-19 pandemic and the overall slowdown in the
industry. The firm continued to report lower sales of INR146.73
million in 1QFY21 (1QFY20: INR731.65 million), as its operations
remained closed during April to May 2020 due to the COVID-19 led
lockdown. GGE's scale of operations remains medium. Ind-Ra expects
the revenue to decline further in FY21 on account of the continued
slowdown in the global market. The firm derived 43% of the revenue
from exports to majorly Hong Kong and the US in FY20 (FY19: 35%)
and the remaining from the domestic market.
The firm's EBITDA margin declined to 3.6% in FY20 (FY19: 6.7%) on
account of its high fixed-cost structure. The margin remained
modest with a return on capital employed of 4.7% in FY20 (FY19:
13.5%). Moreover, the margin is vulnerable to price movements of
rough, and cut and polished diamonds, and forex volatility (FY20:
forex gains of INR32.64 million; FY19: forex losses of INR36.93
million). Any decline in the price of cut and polished diamonds,
with the price of rough diamonds remaining constant could exert
pressure on GGE's EBITDA margins. The firm uses forward cover,
which mitigates the forex risk to some extent. Ind-Ra expects the
EBITDA margin to remain low during FY21 on account of lower sales.
Liquidity Indicator - Stretched: GGE is entirely dependent upon its
cash flow from operations (FY20: INR45.14 million, FY19: INR492.62
million) to meet its financial liabilities. Hence, any adversity in
the operations would lead to near-term cash flow mismatch. The
firm's free cash flow turned negative to INR15.8 million in FYF20
(FY19: INR488.7 million), on account of around INR61.7 million of
capex incurred towards the upgradation of its machines. Moreover,
its net working capital cycle elongated to 190 days in FY20 (FY19:
135 days) due to high inventory holding period of 190 days (138
days) and average debtor period of 60-70 days. However, Ind-Ra
expects the working capital cycle to improve to some extent from
FY21 on account of the modernization of the machineries, which
would result in an improvement in the overall yield and a reduction
in the overall lead time.
The firm had sanctioned INR750 million of working capital limits
available. GGE's average use of the working capital limits was 53%
during the 12 months ended June 2020. The firm had kept its overall
working capital utilization low in FY20 to improve its net profits.
The firm did not have any long-term loans on its book at 1QFYE21.
It had cash and cash equivalents of INR49.6 million and INR304.5
million of unutilized working capital limits at FYE20. The firm
also has INR300 million of sanctioned working capital limits, which
were unutilized as of end-July 2020. The firm does not anticipate
any major debt-funded capex plans in the near-to-medium term.
The ratings continue to factor in the partnership nature of the
organization.
However, the rating remain supported by GGE's comfortable credit
metrics, despite deterioration in the gross coverage (operating
EBITDA/gross interest expense) to 2.8x in FY20 (FY19: 3.5x) and net
leverage (Ind-Ra-adjusted net debt/operating EBITDAR) to 4.8x
(1.7x). The deterioration in the metrics was on account of 13.8%
yoy increase in the debt levels to INR520 million and a decline in
EBITDA to INR98.37 million in FY20 (FY19: INR267.68 million). The
firm's interest expense reduced in FY20 due to the shift to rupee
loans from foreign currency-denominated loans. As a result, Ind-Ra
expects the interest expenses to remain low in FY21. The firm has
not availed the Reserve Bank of India-prescribed moratorium on its
loans. However, the agency expects the credit metrics to weaken
further in FY21 on account of the likely lower earnings and the
firm's continued high reliance on external borrowings to fund its
working capital requirement.
The ratings also remain supported by the partner's nearly four
decades of experience in the diamond trading and manufacturing
business, leading to longstanding relationships with its customers
and suppliers.
Furthermore, the ratings continue to benefit from the firm's
diversified customer base, whereby no single customer accounting
for more than 10% of the total revenue in FY19-FY20.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations along with
efficient managing of the net working capital cycle, leading to the
gross coverage sustaining above 2.5x and an improvement in the
liquidity position, would lead to positive rating action.
Negative: A stretch in the net working capital cycle or a sustained
decline in the operating performance, leading to the gross coverage
reducing below 1.5x and a substantial deterioration in the
liquidity position, all on a sustained basis, would lead to
negative rating action.
COMPANY PROFILE
Formed in 2010, GGE is a partnership firm wholly owned and managed
by the Zadaphia family. The firm is engaged in the cutting and
polishing of 0.01-3.00-carat-sized diamonds. It has a manufacturing
facility in Surat, Gujarat, and a registered office in Mumbai,
Maharashtra.
GARDEN SILK: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garden Silk
Mills Limited (GSML) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1,779.32 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-Term Bank 532.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GSML to monitor the rating
vide e-mail communications dated July 9, 2020, July 10, 2020 and
July 14, 2020. 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. The rating on GSML bank 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(s).
The ratings assigned to Garden Silk Mills Limited continue to
factors in debt in debt servicing obligations as well as NPA
classification by lenders. The company has been admitted into the
Corporate Insolvency Resolution Process (CIRP).
Detailed description of the key rating drivers
Key Rating weakness:
* Delay in debt servicing obligations: Due to the weakened
liquidity position there are on-going delays in servicing of
interest and default in repayment of debt obligation by the
company. The company has initiated Corporate Insolvency Resolution
Process as per NCLT order dated June 24, 2020. Further, as per
exchange filling dated February 6, 2020 on BSE, the company has
informed that Deed of Assignments of Debt was executed between
lenders of the company and Invent Assets Securitization and
Reconstruction Pvt. Ltd. (ARC) whereby consortium debt of
INR1679.87 crore payable by Garden Silk Mills Ltd. has been
assigned in favor of Invent ARC.
Incorporated in 1979, Garden Silk Mills Limited (GSML) is engaged
in manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli, they deal in wide range of
Polyester Chips, Polyester Filament Yarns (PFY), Preparatory Yarns,
Woven (grey) Fabric as well as Dyed and Printed Sarees and Dress
Materials The manufacturing facilities are located in Vareli
(weaving unit) and Jolwa (manufacturing unit of chips and yarn), in
Surat District. The company is currently under insolvency
resolution process.
GUJARAT AMBUJA: NCLAT Sets Aside to Insolvency Plea vs. Firm
------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has upheld an NCLT order setting aside a plea to
initiate insolvency proceedings against Gujarat Ambuja Exports Ltd
(GAEL).
A three-member NCLAT bench upheld the order of the Ahmedabad bench
of the National Company Law Tribunal (NCLT), which had set aside
the plea of Samay Impex, an operational creditor of Gujarat Ambuja
Exports Ltd (GAEL), Business Standard relates.
Earlier on Feb. 17, 2020, the NCLT had dismissed the plea of Samay
Impex to initiate corporate insolvency resolution process (CIRP)
against GAEL on the ground of pre-existing dispute regarding the
supply of goods, the report recalls.
"We find no legal infirmity in the impugned order. The appeal is
accordingly dismissed at the very pre-admission stage," said the
NCLAT bench headed by Acting Chairperson Justice B L Bhat.
Business Standard says the NCLAT order came over the petition filed
by Samay Impex, challenging the NCLT order before it.
According to the report, the appellate tribunal said dispute raised
by GAEL over the demand notice and payment made after
reconciliation and settlement of accounts between the two parties
is of much before the issuance of demand notice.
"Such dispute, being pre-existing i.e. prior to issuance of demand
notice and corporate debtors plea of having satisfied the
operational debt after reconciliation of accounts and rebate
allowed cannot be resolved in CIRP. In the given circumstances, the
Adjudicating Authority (NCLT) was right in declining to initiate
CIRP against the corporate debtor," it said.
Samay Impex had claimed default of an operational debt of Rs 9.39
lakh over supply of steam coal, the report notes.
However, Gujarat Ambuja Exports submitted before the NCLAT that the
accounts are stood fully settled and paid after reconciliation
based on the consideration of the debit note and the rebate given
later through the credit note.
"Appellant could not satisfy us as to how the corporate debtor
could be held to be in default after reconciliation followed by
last payment effected through cheque . . .," it said.
It further said that the rebate given later through the credit note
cannot be said to be illusory or moonshine, Business Standard
relays.
Gujarat Ambuja Exports Ltd (GAEL), which is in the agro-processing
business, caters to food, pharmaceutical and feed industry.
HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hema
Construction (HC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.50 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-Term Bank 4.50 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 4, 2019 placed the
rating(s) of HC under the 'Issuer not Cooperating' category as HC
had not provided requisite information and fees for monitoring of
the rating for the rating exercise as agreed to in its rating
agreement. HC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/email dated July 20, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on July 2, 2019, the following were
weaknesses.
Key Rating Weaknesses
* Irregularity in debt serving: There were irregularity in debt
servicing in past
Udaipur-based (Rajasthan) Hema Construction (HC) was formed in 1978
by Mr. Harish Gaurav as a proprietorship concern. HC is mainly
engaged in the business of construction, installation and
commissioning of water supply lines, construction of sewage lines
and sewage treatment plants and construction & repair of roads.
HIGHBAR TECHNOLOGIES: CARE Reaffirms D Rating on INR11cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Highbar Technologies Limited (HTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank Facilities- 11.00 CARE D; Issuer not cooperating;
Fund-based LT- Rating reaffirmed; Based on
Term loan best available information
Details of instruments/facilities in Annexure-1
CARE had, vide its press release dated July 2, 2019, placed the
rating of HTL under the 'issuer non-cooperating' category as HTL
had failed to provide information for monitoring of the rating. HTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 20, 2020, July
17, 2020, and July 16, 2020. 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.
The ratings assigned to the bank facilities of HTL factors in the
ongoing delay in debt servicing on the rated term loan due to the
weak liquidity position of the company.
Detailed description of the key rating drivers
At the time of last rating on 02-July-19 following were the key
strengths and weaknesses:
Key rating weakness
* Ongoing delay in debt servicing: The weak liquidity position has
constrained the company's ability to service its debt in a timely
manner and there have been continuing delays in servicing of debt
obligations to the lenders.
Highbar Technologies Limited (HTL), a 100% subsidiary of Hindustan
Construction Company Ltd (HCC; rated CARE D for its bank facilities
and instruments), was formed in 2009 by spinning off the IT
department of HCC-one of the largest infrastructure development
companies which has implemented Enterprise Resource Planning (ERP)
as well as other Information Technology (IT) solutions to connect
all its project locations on SAP platform. Information technology
is very crucial for the infrastructure sector, considering multiple
locations and projects that the companies operate in. Thus, HCC
leveraged its technical expertise in the infrastructure sector to
provide end to end IT services to infrastructure clients.
HTL's business mainly involves developing, designing, marketing of
supporting services, products and accessories used in field of IT.
HIRA AUTOMOBILES: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hira Automobiles
Limited's (HAL) Long-Term Issuer Rating to 'IND B+ (ISSUER NOT
COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating action is:
-- INR400 mil. Fund-based limits downgraded with IND B+ (ISSUER
NOT COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade reflects substantial deterioration in HAL's revenue,
EBITDA and credit metrics in FY20, according to publicly available
data. The revenue declined around 25% yoy to INR2,770.19 million in
FY20 due to the economic slowdown and COVID-19 disruptions at
year-end and consequently, EBITDA also deteriorated 31% yoy to
INR75.82 million. The company's modest EBITDA margin declined to
2.74% in FY20 from 2.97% in FY19 due to the low fixed cost
absorption resulting from the fall in top line. The return on the
capital employed was 6.09% in FY20 (FY19: 9.26%).
Despite the decline in interest cost to INR73.86 million in FY20
(FY19: INR80.84 million) and debt to INR774 million (INR913.35
million), the credit metrics substantially deteriorated due to the
significant decline in EBITDA. The interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.03x in FY20 (FY19:
1.35x; FY18: 1.37x) and the net leverage (adjusted net
debt/operating EBITDA) to 9.96x (7.81x; 8.01). Ind Ra expects the
credit metrics to deteriorate further in FY21, led by weakened
operations due to the COVID-19 disruptions and the global economic
slowdown.
Liquidity Indicator - Stretched: HAL's liquidity position is
stretched due to the thin EBITDA, low cash position and an increase
in the working capital cycle. The working capital cycle elongated
to 93 days in FY20 from 74 days in FY19 due to the increase in the
inventory days to 63 (53) and debtor days to 32 (22). However, the
cash flow from operations turned positive in FY20 to INR61.39
million due to the positive change in working capital.
HAL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. The company has not provided
information such as audited financials, interim financials,
utilization reports and key details required for the surveillance
exercise.
COMPANY PROFILE
Incorporated in 1989, HAL started its operations as a Maruti Suzuki
car dealer with one showroom and a workshop in Patiala. The company
has dealerships at nine locations in Punjab - Patiala, Muktsar,
Rajpura, Nabha, Malout, Devigarh, Gidderbaha, Bhadson and Samana.
Besides selling cars and related accessories, it provides financing
and insurance solutions for the same. HAL is listed on BSE Ltd.
MOHAN MOTOR: CARE Keeps D on INR60cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 60.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale and Key Rating Drivers
CARE had, vide its press release dated March 5, 2018, placed the
ratings of MMUPL under the 'issuer non-cooperating' category as
MMUPL 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. MMUPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email communications
dated July 9, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on May 6, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weakness
* Ongoing delays in the account: The ratings assigned to the bank
facilities of Mohan Motor Udyog Private Limited takes into account
ongoing delay in account for more than 30 days in debt servicing.
Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorised dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorised dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.
MOSAVI ENTERPRISES: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mosavi
Enterprises Private Limited's (Mosavi) Long-Term Issuer Rating of
'IND BB' on Rating Watch Negative (RWN).
The instrument-wise rating action is:
-- INR960 mil. Non-convertible debentures (NCDs)ISIN INE280Y07017
1% coupon rate issued on August 10, 2017, due on August 9,
2022 maintained on RWN with IND BB/RWN rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of Mosavi, Seaways Shipping and Logistics Limited ('IND BB/RWN'),
and the subsidiaries of Seaways to arrive at the rating, on account
of operational, management, legal and financial linkages among the
entities. Mosavi is wholly owned by the promoters of Seaways.
KEY RATING DRIVERS
The maintenance of RWN reflects a similar rating action on Seaways,
with which Mosavi has strong legal linkages. A cross-default clause
is applicable to the debt raised by way of NCDs by Mosavi. The NCDs
have been secured by an 87.8% share pledge of Seaways. The agency
expects Seaways to provide the required assistance to Mosavi, in
case of its inability to timely service the debt repayment.
The NCDs worth INR960 million have a staggered repayment schedule
over three years with its last installment due on August 9, 2022.
The first installment payment towards these NCDs, originally due on
August 9, 2020, has now been postponed to January 9, 2021. However,
there are no changes in the due date for the repayment of the
balance installments and the same has to be paid as per the
original due date.
As per the provisional financials, Mosavi reported a revenue of
INR83 million in FY20 (FY19: INR116 million) and EBITDA of INR4
million (INR9 million).
Mosavi does not have any other debts except NCDs.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments at Seaways
on the stake sale of its key subsidiary - Maxicon Container Line
Pte Ltd - and will take an appropriate rating action by December
2020 – January 2021 on receiving adequate clarity on the
deleveraging process and the liquidity profile of Seaways. The
rating of Mosavi will follow a similar action with that of
Seaways.
COMPANY PROFILE
Incorporated in May 2017, Mosavi is engaged in material handling
operations, transportation, and storage across ports. The company
commenced commercial operations in September 2017.
Mosavi also leases equipment used for lifting cargo onto ships and
unloading cargo from ships, transport vehicles that move
goods/cargo between ships and warehouses, and others.
NEHA EXPORTS: CARE Keeps C on INR15cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neha
Exports continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1.00 CARE C; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-term Bank 14.00 CARE A; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 22, 2017, placed the
rating(s) of Neha Exports under the 'issuer noncooperating'
category as Neha Exports had failed to provide information for
monitoring of the rating. Neha Exports continues to be
non-cooperative despite repeated requests for submission of
information through email dated July 8, 2020; July 14, 2020 and
July 21, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on May 3, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Moderate financial risk profile characterized by low
profitability margins: During FY16 (refers to the period April1 to
March 31), PBILDT margin stood at 2.85% (PY: 2.71%). PAT margin
improved from 0.72% in FY15 to 1.06% in FY16 on account of increase
in PBILDT margin as well as lower interest expenses. Overall
gearing improved from 2.03x as on March 31, 2015 to 1.01x as on
March 31, 2016.
* Working capital intensive operations: Since the firm is involved
in the exports of public address equipments, its operations are
working capital intensive. During the FY16, average working capital
cycle stood at 110 days.
* Constitution of the entity being a proprietorship firm: Neha
Exports' constitution as a proprietorship firm has the inherent
risk of withdrawal of the proprietor's capital at the time of
personal contingency.
* Foreign exchange fluctuation risk owing to exports: Neha Exports
is exposed to foreign exchange fluctuation risk on account of
export-oriented business.
* Presence in highly competitive and fragmented industry: The firm
operates in a highly competitive electronic industry wherein there
is presence of a large number of players in the unorganized and
organized sectors.
Key Rating Strengths
* Experienced Promoters: Neha Exports was incorporated on December
20, 2006 by Ms. Madhu Gulati. Ms. Madhu Gulati has more than thirty
years of experience in the manufacturing, assembling and export of
electronic goods (home theaters, car speakers, public address
systems etc).
* Established presence in the export market for consumer
electronics: During FY16, 5 Core group reported total combined
operating income of INR587.91 crore as compared to total combined
operating income of INR484.51 crore in FY15, registering y-o-y
growth of around 21%. Further during FY16, the firm reported total
operating income of INR63.05 crore as against total operating
income of INR60.07 crore in FY15, registering y-o-y growth of
around 5%.
* Established relationship with distributors along with diverse
customer base: The firm has a strong network of distributors who
act as an intermediary between the firm and its customers.
Furthermore, the group has a diverse customer base in more than 55
countries.
Neha Exports was incorporated on December 20, 2006 by Ms. Madhu
Gulati. The firm is involved in the manufacturing, assembling and
export of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipments. The firm commenced operation
in 2008 and its manufacturing facility is located in Dharuhera,
Haryana.
Ms Madhu Gulati is sister of the promoter of the '5 Core' group
i.e. Amarjit Singh Kalra. The '5 core' group was established in
1983 apart from Neha Exports, the group has six other companies
namely, Indian Acoustics Private Limited, Visual & Acoustics
Corporation LLP, 5 Core Acoustics Private Limited, Five Core
Electronics Limited, Happy Acoustics Private Limited and Digi
Export Venture Private Limited which are all involved in the same
line of business.. Neha Exports is also using the brand name '5
Core' for marketing and selling its products. During FY16 (refers
to the period April 1 to March 31), Neha Exports reported total
operating income of INR63.05 crore and PAT of INR0.67 crore as
against total operating income of INR60.07 crore and PAT of INR0.43
crore during FY15.
NEOTECH EDUCATION: ICRA Keeps D on INR15.9cr Loan in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR15.90 crore of
Neotech Education Foundation (NEF) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 15.90 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. The
college offers civil, electrical and mechanical engineering courses
at undergraduate level. Additionally, the college also started
offering Diploma courses in civil, computer, electrical and
mechanical streams with the total intake of 300 students per batch
from academic year 2014-15.
OM BESCO RAIL: CARE Keeps D on INR46cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Besco
Rail Products Limited (OBRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 46.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale and Key Rating Drivers
CARE had, vide its press release dated December 1, 2017, placed the
ratings of OBRPL under the 'issuer non-cooperating' category as
OBRPL 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. OBRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email communications
dated July 17, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on May 24, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weakness
* Ongoing delays in the account: The ratings assigned to the bank
facilities of Om Besco Rail Products Limited takes into account
ongoing delay in debt servicing due to stretched liquidity position
of the company.
Om Besco Rail Products Ltd. (Om Besco) was promoted by Shri Madhu
Sudan Tantia (son of Shri O.P Tantia) in March 2008. The company,
after incorporation, remained dormant for about 4 years. In 2012,
Om Besco ventured into setting up manufacturing facility of alloy
steel casting products (bogies, couplers, draft gears) to be used
in railway freight wagons with a plant capacity of 16,100 MTPA in
Jharkhand. The project is backward integration to meet the raw
material requirement of the flagship company - Besco Ltd (Wagon
division) [Besco].
PANNU STONE: CARE Lowers Rating on INR9.75cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pannu Stone Crusher (PSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.75 CARE C; ISSUER NOT COOPERATING;
Facilities- Revised from CARE B; Stable;
Proposed Issuer Not Cooperating; based
on best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from PSC to monitor the rating(s)
vide e-mail communications/letters dated July 14, 2020, July 13,
2020, July 9, 2020, July 8, 2020, July 6, 2020, July 3, 2020, June
29, 2020, June 19, 2020, June 16, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on the firm's bank facilities will now be denoted as CARE C;
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 ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by the firm with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, both banker and auditor confirmed the non-establishment of
the operational functions of the firm and the firm still being in
its project phase constrained by project execution and
stabilization risk associated with debt funded project coupled with
debt funding yet to be tied up, regulatory risk pertaining to
environmental issues, highly competitive nature of the industry and
constitution of the entity being a partnership firm. Going forward;
achievability of envisaged revenue and profitability given
debt-funded capex would be a key rating sensitivity. Ability of the
firm for timely and successful completion of the remaining project
within envisaged cost would be another key rating sensitivity.
Detailed description of the key rating drivers
At the time of last rating on June, 2019, following were the rating
strengths and weaknesses:
Key Rating Weaknesses
* Project execution and stabilization risk with debt funding yet to
be tied up: PSC is setting up manufacturing and processing unit for
stone crushing in Nainital, Uttarakhand with total project cost of
INR5.50 crore. The project is proposed to be funded through term
loan of INR3.60 crore and balance through promoters' contribution
in form of partners' capital. The debt for the same is yet to be
tied up. As on August 31, 2018, out of the total project cost, cost
incurred by the firm stood at INR1.10 crore towards construction of
Factory building which was funded through internal accruals. The
production was expected to commence from October, 2018. This
exposes the firm towards project execution in terms and completion
of the project with-in the envisaged time and cost. Furthermore,
project stabilization risk of the manufacturing facilities to
achieve the envisaged scale of business and off- take risk
associated with the sale of its products in the light of
competitive nature of industry remains crucial for the company.
* Regulatory risk pertaining to environmental issues: The firm is
engaged in crushing and processing of river bed materials (RBD)
which are extracted from river bed and banks. Any delays faced by
the suppliers in getting approvals from the concerned government
authority will lead to delay in raw material procurement by PSC;
consequently, affecting revenue generation of the firm.
* Highly competitive nature of the industry: PSC operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized sectors. There are number of
small and regional players catering to the same market which has
limited the bargaining power of the firm and has exerted pressure
on its margins.
* Constitution of the entity being a partnership firm: PSC
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.
Key Rating Strengths
* Experienced partners: The firm is being managed by Mr. Arvind
Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and Mr. Ranbir
Singh. All the partners' possess considerable experience of around
one and half decade in construction and real estate business
through their association with M/s Krishna Colonizer. They have
nearly three years of experience in stone crusher business through
their association with M/s Naini Stone Crushers (operations
discontinued in 2016).
* Location Advantage: The firm has its manufacturing facility is
located in Nainital, Uttarakhand. Location advantage ensures
uninterrupted supply of raw material, along with savings in freight
cost and reduction in lead time.
Nainital, Uttarakhand based Pannu Stone Crusher (PSC) was
established in July, 2016. The firm is currently being managed by
Mr. Arvind Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and
Mr. Sukhveer Singh Pannu. The firm was established with the
objective of stone crushing, washing, grading & natural screening
of stones. The main raw material of the product will be stone and
river bed material (RBM), which firm plans to procure from private
contractor (truckers) who procure the material through payment of
royalty to Uttarakhand Forest Department for Koshi River and Dabka
River.
PARADISE POLYMERS: CARE Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paradise
Polymers Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.10 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Long-term/Short 2.00 CARE D; ISSUER NOT COOPERATING;
Term Bank Based on best available
Facilities Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 23, 2019, placed the
rating(s) of PPL under the 'issuer non-cooperating' category as PPL
had failed to provide information for monitoring of the rating. PPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 9, 2020. 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.
The rating takes into account delays in the debt servicing.
Detailed description of the key rating drivers
At the time of last rating on July 23, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weakness
* Ongoing delays in debt servicing: As per the interaction with the
banker, the account has been classified as NPA by the bank with
effect from September 2018.
Incorporated in 1988 by Mr. Randhirsingh Patil, Paradise Polymers
Limited (PPL) is engaged in manufacturing of various flexible
packaging material, viz., PVC lamination, PVC confectionery films,
PVC cling films and reprocessed rim, finding application in
packaging vegetables, fruits, various food stuffs, frozen products,
candies, sweets & confectioneries, etc. PVC lamination films are
sold under the brand "Paradise", whereas PVC cling films are sold
through its associate concerns namely Simor-Tech Polymers Limited
under the brand "Tazza" and Solanki Polymers Private Limited under
the brand "Oxiwrap". The rest of the products are sold directly by
PPL. It has a wide dealer network of over 50 dealers across India.
The manufacturing facility of the company is located at MIDC in
Jalgaon, Maharashtra.
PARAMOUNT INT'L: ICRA Keeps D on INR10.8cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for INR10.80-crore bank facility of Paramount
International (PI) continues to the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.80 [ICRA]D ISSUER NOT COOPERATING;
Fund-based Rating moved to 'Issuer Not
Cooperating' category
ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.
Paramount International (PI) was incorporated on 2008. It is
involved in manufacturing of handicrafts like Candle Stands, Lamps,
Christmas Ornaments etc. made of brass, colored glass, iron,
aluminum etc. The raw materials used at present are Timber, Iron
and Glass. The firm's factory is in Moradabad, U.P. also known as
"Brass City or Peetal Nagri". The firm has no retails outlets and
all the sales are exported mainly to the USA and some European
countries.
PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Peninsula Land Limited (PLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 530.53 [ICRA]D ISSUER NOT COOPERATING;
Debenture Rating downgraded from [ICRA]C
Programme ISSUER NOT COOPERATING and
continues to remain under the
'Issuer Not Cooperating'
Category
Rationale
The ratings of PLL are downgraded due to delays in debt servicing
as per publicly available information. PLL continues to be in
'Issuer Not Cooperating' on account of lack of adequate information
regarding the company and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its 'Policy in respect of noncooperation by the rated entity'. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with PLL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.
Incorporated on August 10, 1871 as a public limited company,
Peninsula Land Limited (PLL) is a part of the Ashok Piramal Group.
The company is in to real estate development with a portfolio
comprising commercial, residential and retail developments. The
projects include PLL's 'Ashok' product line in the residential
sector and 'Peninsula' in the commercial sector. Since 1997, PLL
has developed over 7.8 million square feet of real estate projects
in Mumbai. Most of the development by PLL in the past has been
either on the former textile mill lands owned by the group, or in
joint development with the land owners. PLL has initiated the
diversification of its operations outside of Mumbai by undertaking
projects in cities such as Pune, Nashik, Lonavala, Bangalore and
Goa. PLL also manages a Real Estate fund through a subsidiary,
having co-invested in five projects with the fund.
PIONEER FOOD: CARE Keeps D on INR30cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pioneer
Food & Agro Industries Private Limited (PFA) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term Bank 30.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 17, 2019, placed the
rating(s) of PFA under the 'issuer non-cooperating' category as PFA
had failed to provide information for monitoring of the rating. PFA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 9, 2020. 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.
The rating takes into account delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on July 17, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weakness
* Ongoing delays in debt servicing: As per the interaction with the
banker, the account has been classified as NPA.
Mumbai (Maharashtra) based Pioneer Food & Agro Industries Private
Limited (PFA), initially established as a partnership firm in 2007
and later on in July 2014 was converted into private limited
company. PFA is engaged in the processing of the raw honey wherein
it procures raw honey through its network of traders
&collectors(from Punjab, Haryana, Uttarakhand, Uttar Pradesh, Bihar
and West Bengal) and decrystallize it (reduces the moisture
content) to improve the quality of honey and finally exports the
processed honey (export only to USA). The company has its sole
processing facility located at Mathura (Uttar Pradesh) with the
accreditation from ISO 22000, HACCP & USFDA.
PRASAD MULTI: ICRA Keeps D on INR19.16cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said rating for the bank facilities for INR19.16 crore of
Prasad Multi Services Pvt. Ltd. (PMSPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 6.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating' category
Fund based– 9.78 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating' category
Non-fund 2.27 [ICRA]D ISSUER NOT COOPERATING;
based Bank Rating continues to remain under
Guarantee 'Issuer Not Cooperating' category
Unallocated 1.11 [ICRA]D/D ISSUER NOT
Limit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Incorporated in 1999, Prasad Multi Services Private Limited is
primarily involved in the construction and infrastructure
equipments rental business to reputed companies like Larsen & Turbo
(L&T), Reliance Industries Limited (RIL), TATA Steel, Adani Group
etc. PMS also provides other facilities like ready mix concrete
(RMC), operations and maintenance (O&M) and annual maintenance
contract (AMC) services. PMS was promoted by Kavar family, who have
more than a decade of experience in the construction equipment
solution business through their associations with PMS Piling &
Infrastructure Pvt. Ltd., Shree Buildcon, Prasad Marine Services
Pvt. Ltd. and PMS Infotech Pvt. Ltd.
RASHMI MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Neg.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised M/S Rashmi Motors'
(Rashmi) Outlook to Negative from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.
The instrument wise rating action is:
-- INR428 mil. Fund-based limits affirmed; Outlook revised to
Negative from Stable; with IND BB+/Negative rating.
KEY RATING DRIVERS
The Outlook revision reflects a year-on-year deterioration in
Rashmi's revenue in FY20 and the likelihood of it declining steeply
in FY21 due to the downward trend in the domestic automobile demand
scenario, which intensified during the nationwide lockdown in wake
of COVID-19 pandemic. According to the provisional results for
FY20, Rashmi's revenue declined 18% YoY to INR3,025.22 million due
to a fall in the volumes and a shift to Bharat Stage VI from Bharat
Stage IV vehicles, which saw low production despite adequate demand
during 4QFY20. The scale of operations continues to be medium. The
firm booked a topline of INR103.31 million in 1QFY21. After a halt
in operations in the last week of March 2020, the company restarted
operations from 1 April 2020 with 50% manpower; it is now operating
at full capacity. Around 72% of Rashmi's revenue is contributed by
the sale of heavy and medium commercial vehicles, 11% by a light
commercial vehicle, and rest by the sale of services and spares.
Rashmi's moderate credit metrics have remained range-bound since
FY17. The gross EBITDA interest coverage (operating EBITDA/gross
interest expense) marginally improved to 2.92x in FY20 (FY19:
2.82x, FY18: 2.80x, FY17: 3.00x) and the net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) improved significantly to
0.17x (3.08x, 5.53x, 3.43x) due to a fall in the short term debt to
INR16.89 million (INR401.30 million) on the back of a huge release
of working capital during March 2020.
The firm's healthy EBITDA margin deteriorated to 3.48% in FY20
(FY19: 3.73%) mainly due to a fall in the number of vehicles sold.
The return on capital employed was 28.9% in FY20 (FY19: 29%). The
stress on the EBITDA margin in FY20 was lower than expected by
Ind-Ra due to the several cost reduction measures such as
restricting operations in the workshop to one shift only and salary
reductions to staff adopted by the firm. Moreover, from April
2020, Ashok Leyland revised the discount allowed to customers and
fixed the minimum operating price for the dealers, thereby
improving Rashmi's margin per model sold to INR60,000 from
INR30,000. The dealership margin also improved to INR50,000 per
model from INR30,000 per model in FY21. Therefore, in FY21, the
margins are likely to be range-bound despite the likely steep fall
in the revenue. Also, Rashmi enjoyed a waiver of the lease rental
payment for April 2020.
Liquidity Indicator - Adequate: The average maximum utilization of
Rashmi's fund-based limits for the 12 months ended June 2020 was
45.08%. Rashmi's cash flow from operations turned positive to
INR388.97 million in FY20 from negative INR60.60 million in FY19
mainly due to favorable changes in its working capital. The working
capital cycle improved to a day in FY20 (FY19: 47 days) on the back
of a huge release of working capital to clear the Bharat Stage IV
vehicles. In FY19, the company incurred CAPEX of INR11.70 million
to construct a machine shop; it was funded by internal accruals. It
had an unencumbered cash of INR0.17 million at FYE20. Rashmi has
not availed the Reserve Bank of India-prescribed moratorium.
The ratings remain constrained by the partnership nature of the
organization.
The ratings continue to take into account three decade long
experiences with its original equipment manufacturers (Ashok
Leyland) and product portfolio (medium and heavy and light
commercial vehicle).
RATING SENSITIVITIES
Positive: An improvement in the scale of operations while
maintaining the liquidity profile and the interest coverage
sustaining above 2x could lead to positive rating action.
Negative: Deterioration in the scale of operations, coupled with
the resultant stress on the EBITDA margin, leading to the interest
coverage of under 2x on a sustained basis could lead to negative
rating action.
COMPANY PROFILE
Incorporated in 1995 in Cuttack, Odisha, Rashmi is an authorized
dealer of Ashok Leyland. It is managed by Rajat Kumar Baliarsinha
and his wife Babita Baliarsinha.
SAI ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Enterprises'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- The 'IND BB' rating on the INR1.30 bil. Proposed term loan* is
withdrawn.
The provisional rating has been withdrawn as it was outstanding for
over 180 days.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 4, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2005, Sai Enterprises is engaged in real estate
development. Basantraj Sethia and Sethia Infrastructure Pvt Ltd.
are the partners.
SARVESH BLISS: ICRA Keeps B on INR11.7cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the bank facilities for INR11.70 crore of
Sarvesh Bliss Healthcare Private Limited (SBH), continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based– 9.20 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Fund Based– 1.50 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Short Term– 1.00 [ICRA]A4 ISSUER NOT COOPERATING;
Non Fund Rating continues to remain in
Based the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Incorporated in 2014, SBH a private limited company is promoted and
closely held by Aurangabad based Deshpande family. The company was
set up with an objective to manufacture contraceptives, viz
condoms.
SCS CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SCS
Constructions India Private Limited's (SCS) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR14.26 mil. (reduced from INR19.17 mil.) Term loan due on
September 2025 downgraded with IND BB/Stable rating;
-- INR58 mil. (increased from INR50 mil.) Fund-based working
capital limits downgraded with IND BB/Stable rating; and
-- INR122.6 mil. (increased from INR35 mil.) Non-fund-based
working capital limits affirmed with IND A4+ rating.
KEY RATING DRIVERS
Liquidity Indicator – Poor: The downgrade reflects instances of
overutilization of the fund-based limits by SCS, although
regularized within three-to-six days, during the 12 months ended
June 2020. As per FY20 provisional financials, the company's cash
flow from operations improved to INR39.90 million (FY19: INR15.45
million) on account of an increase in absolute EBITDA, along with
positive changes in working capital. This coupled with low capex
caused free cash flow to turn positive to INR26.68 million in FY20
(FY19: negative INR31.42 million). Furthermore, SCS's net cash
cycle remained negative at 63 days in FY20 (FY19: negative, 118
days) on account of lower inventory days and stretched creditor
period. The cash and cash equivalents stood at INR22.96 million at
FYE20 (FYE19: INR7.16 million) against debt of INR191.34 million
(INR195.98 million). SCS does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.
The ratings remain constrained by SCS' small scale of operations,
despite an improvement in its revenue to INR612.11 million in FY20
(FY19: INR491.97 million). The increase in revenue was primarily
driven by the execution of a higher number of work orders. The
company achieved revenue of INR90 million in 1QFY21. As of June
2020, it had a modest order book of INR948.46 million (1.55x of
FY20 total revenue), to be executed by December 2021.
The ratings continue to factor in the company's modest credit
metrics as indicated by gross interest coverage (operating
EBITDA/gross interest expense) of 3.83x in FY20 (FY19: 4.38x) and
net financial leverage (adjusted net debt/operating EBITDA) of
3.49x (4.48x). The deterioration in the interest coverage was due
to an increase in interest expense on account of a rise in the term
debt, partially offset by the increase in the absolute EBITDA.
However, the net leverage improved because of the rise in the
absolute EBITDA.
Despite the increase in EBITDA, the EBITDA margin declined to 7.89%
in FY20 (FY19: 8.57%), although remained modest, on account of an
increase in the cost of raw materials. The company's return on
capital employed was 12% in FY20 (FY19: 13%).
The ratings also remain constrained by SCS' high geographical and
sector concentration as 100% of its pending orders are from Odisha
for the construction of roads.
However, the ratings continue to be supported by the company's
promoter's more than three decades of experience in the civil
construction business.
RATING SENSITIVITIES
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, would lead to a positive rating action.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 1.8x and/or further pressure on the
liquidity position, will be negative for the ratings.
COMPANY PROFILE
Incorporated in 2016, SCS is primarily engaged in the construction
of roads, bridges and irrigation projects in Odisha. It is
registered as a Super Class contractor with the government of
Odisha and its registered office is in Bhubaneshwar. Suresh Chandra
Sahoo is the promoter. The company also operates a fuel station
near Puri in Odisha.
SEAWAYS SHIPPING: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Seaways Shipping
and Logistics Limited's (Seaways) Long-Term Issuer Rating of 'IND
BB' on Rating Watch Negative (RWN).
The instrument-wise rating actions are:
-- INR640 mil. Non-convertible debenture (NCD) INE286U07012
issued on August 11, 2017 13.5% coupon rate due on August 10,
2022 maintained on RWN with IND BB/RWN rating;
-- INR250 mil. NCD INE286U07020 issued on September 8, 2017 6%
coupon rate due on August 10, 2021 maintained on RWN IND BB
/RWN rating;
-- INR250 mil. Fund-based limits maintained on RWN with IND BB/
RWN/IND A4+/RWN rating; and
-- INR50 mil. Non-fund-based limits maintained on RWN with IND
A4+/RWN rating.
Analytical Approach: Ind-Ra continues to take a consolidated view
of Seaways, its subsidiaries and Mosavi Enterprises Private Limited
(Mosavi; 'IND BB'/RWN), which is wholly owned by the promoters of
Seaways, to arrive at the ratings, on account of operational,
management and financial linkages among the entities.
The maintenance of RWN reflects a delay in the stake sale of
Seaways' key subsidiary - Maxicon Container Line Pte Ltd (Maxicon)
- the proceeds of which shall be used to repay debt. The stake
sale, that the management of Seaways expected to have been
completed by July 2020, has been delayed amid the challenging
economic environment dragged by the outbreak of COVID-19. In the
meanwhile, Seaways has been granted moratorium from its NCD
investors for five months for the repayment of principal.
Additionally, the company has also availed of a moratorium towards
the coupon payment for April-August 2020 and the coupon accrued
during the moratorium period shall be capitalized with the
principal and repaid over the tenure of the NCDs. The ratings also
take into account the tight liquidity position of the company.
The NCDs worth INR640 million have a staggered repayment schedule
over three years with its last installment due on August 10, 2022,
while INR250 million has to be repaid over two years with the last
installment due on August 10, 2021. The first installment payment
towards these NCDs, which was originally due on August 10, 2020 has
now been postponed to January 10, 2021. However, there are no
changes in the due date for the repayment of the balance
installments and the same have to be paid as per the original due
date.
Seaways continues to be in discussions with the investors for the
proposed transaction and the same is likely to be completed before
the revised due date of the first installment of the debentures.
Any delay in the closure of the transaction, beyond the envisaged
timeline, shall be negative for the ratings.
KEY RATING DRIVERS
Subdued Operating Performance: Seaways' consolidated FY20 revenue
declined 6.3% to INR5,670 million (FY19: INR6,052 million)
primarily on account of the sustained decline in the revenue of
freight forwarding and bulk cargo logistics segment. However,
non-vessel operating common carrier (NVOCC) segment revenue raised
2.4% yoy in FY20. FY20 financials are provisional.
The company's EBITDA margin is likely to have expanded to 1.2% in
FY20 (FY19: 0.2%) supported by the cost rationalization measures,
however the same remains weak. Management believes the
profitability margin is likely to improve yoy in FY21 supported by
improvement in the performance of different business verticals
coupled with focus towards cost rationalization.
Stretched Credit Metrics: Seaways' consolidated debt is likely to
have increased to INR2,644 million, as at FYE20 (FYE19: INR2,526
million) primarily on account of the increase in the short-term
borrowings while long-term borrowings remained at around a similar
level.
Seaways' credit metrics, although stretched, is likely to have
witnessed an improvement on account of improvement in
profitability. The consolidated interest coverage ratio
(EBITDA/gross interest expenses) is estimated to have been at 0.20x
in FY20 (FY19: 0.03x) and net leverage (debt less cash and
bank/EBITDA) at 36.73x (260.22x). Overall, the debt of Seaways
(including subsidiaries) increased to INR1,684 million as at FYE20
(FYE19:INR1,566 million) while the debt of Mosavi remained at
INR960 million over the last three years.
Liquidity Indicator - Poor: Seaways' utilization of fund-based
facility of INR250 million remains about fully utilized. The
company also has sanctioned factoring facilities of INR130 million
to meet its working capital requirement. Seaways and Mosavi has a
lumpy repayment schedule over the next three years.
During FY18, Seaways and Mosavi had cumulatively availed of NCDs of
INR1,850 million, which along with the accrued interest is
scheduled for repayment in a staggered manner over the next three
years commencing January 2021. The company's liquidity profile
remains poor as the cash flows are expected to remain inadequate
considering the debt servicing obligations of about INR1 billion in
FY21 (including about INR0.92 billion towards the repayment of NCDs
and accrued interest in January 2021).
While the agency is in cognizance of the company's discussion with
investors for the stake sale in Maxicon, the proceeds of which will
be utilized to pare debt, timely completion of the sale process
remains a major challenge given the outbreak of COVID-19, which has
led to widespread operational disruption. Hence, the timely
infusion of funds amidst pandemic and subsequent debt repayment
remains a key rating sensitivity.
Susceptible to EXIM Volumes, Volatility in Freight Rates: Seaways'
operating performance remains susceptible to the export-import
(EXIM) volumes, which is linked to global-macro economic
conditions. A slowdown in the global growth and consequently, the
EXIM volumes could impact the company's operating performance.
Further, the company's operating performance also remains exposed
to volatile movement in the freight rates.
Established Market Presence: Seaways provides ocean logistics
services and has an operational track record of three decades. The
company has an established domestic and international presence and
enjoys a strong network of own offices and exclusive agents. The
company has a presence across 26 locations in India, and it has an
international presence with operations in Singapore, Malaysia,
Dubai, Hong Kong and Zambia through its different subsidiaries. The
company, through its Singapore-based subsidiary Maxicon carries out
its NVOCC business, which is present in 23 countries, namely
Singapore, India, Malaysia, China, Indonesia, Oman, Myanmar, and
United Arab Emirates among others.
Diversified Revenue Profile: Seaways' operates across four major
business verticals- freight forwarding, NVOCC, bulk cargo
logistics, and warehousing. Additionally, the company also provides
services of project cargo logistics and offshore logistics. The
revenue from NVOCC, freight forwarding, bulk cargo logistics, and
warehousing accounted for 63%, 19%, 10%, and 6%, respectively,
during FY20 (FY19: 58%, 24%, 13%, and 5%, respectively). Healthy
revenue from the NVOCC segment amid a revenue decline in the
freight forwarding and bulk cargo logistics segments has led to a
sustained increase in the NVOCC revenue's contribution to overall
revenue to 63% in FY20 (FY17: 43%).
Cross-Default Clause: A cross-default clause is applicable to the
debt raised by way of NCDs by Mosavi. Mosavi's debt (NCDs) has been
secured by an 87.8% share pledge of Seaways. Any default by Mosavi
Enterprises in debt repayment would result in Seaways playing the
part.
Standalone Performance of Seaways: The agency estimates Seaways'
operating performance to have declined primarily on the decline in
revenue from the freight forwarding and bulk cargo logistics
segments. However, as indicated by the management, the bulk cargo
logistics segment has witnessed traction over the last few months
and the same is likely to remain better in FY21. The company's
standalone debt is estimated to have increased to INR1,574 million
as at FYE20 (FYE19: INR1,361 million) in view of the increase in
both long- as well as short-term borrowings.
RATING SENSITIVITIES
The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments on the
stake sale process and will take an appropriate rating action by
December 2020 - January 2021 on adequate clarity on the
deleveraging process and the liquidity profile of the company.
COMPANY PROFILE
Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services in India. Its wholly-owned subsidiary in
Singapore, Maxicon is intra-Asia non-vessel operating common
carrier.
Maxicon operates over 16,000 containers, around 60% of which are
owned by its Singapore subsidiary and the group.
SHANTI G.D.: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shanti G.D.
Ispat & Power Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR195.6 mil. Term loan* due on December 2021 maintained in
non-cooperating and withdrawn; and
-- INR240 mil. Fund-based limit * maintained in non-cooperating
and withdrawn.
* Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.
Ind-Ra is no longer required to maintain the ratings as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.
COMPANY PROFILE
Incorporated in 1994, Shanti G.D. Ispat & Power operates a 15MW
biomass-based power plant in Champa, Chhattisgarh.
SHIVASHAKTI SUGARS: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Shivashakti Sugars
Limited's (SSL) Outlook to Negative from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.
The instrument-wise rating actions are:
-- INR200 mil. Term loan due on April 2023 affirmed; Outlook
revised to Negative from Stable with IND BB+/Negative rating;
and
-- INR2.30 bil. Fund-based limits affirmed; Outlook revised to
Negative from Stable with IND BB+/Negative rating.
KEY RATING DRIVERS
The Negative Outlook reflects Ind-Ra's expectation of a further
stretch in SSL's liquidity position in FY21-FY22, owing to high
repayment obligations.
Liquidity Indicator - Stretched: SSL's average use of the
fund-based limits was 76% over the 12 months ended June 2020 with
99% utilization in May and June 2020. The company had an elongated
net working capital cycle of 194 days in FY20 (FY19: 161 days)
because of the high inventory that it needs to maintain during the
crushing season. Its cash and cash equivalents stood at INR37.1
million at FYE20 (FYE19: INR81.3 million). SSL has scheduled debt
repayments of INR196 million in FY21, which Ind-Ra expects to be
tightly matched with cash accrual as well as a normal sugar season
in FY21. Furthermore, the company has a high debt repayment of
INR429.8 million in FY22, which will keep its liquidity under
pressure. The company has availed the Reserve Bank of
India-prescribed moratorium for interest and principal repayments
on the working capital limits and term loan for April to July
2020.
The ratings continue to be constrained by SSL's weak credit metrics
owing to the company's high debt levels of INR5,203 million in FY20
(FY19: INR5,808 million), resulting from the debt-funded capex
undertaken by it in the preceding years. SSL's EBITDA interest
coverage (operating EBITDA/gross interest expense) improved to 1.3x
in FY20 (FY17: 1.2x) and the net leverage (total adjusted net
debt/operating EBITDA) improved to 8.6x (9.3x) on account of lower
debt at the end of the year and the consequent reduction in
interest expense. Ind-Ra expects the credit metrics to remain weak
in FY21 owing to the high debt levels.
The ratings continue to reflect SSL's modest EBITDA margins of
13.6% in FY20 (FY19: 11.7%) with a return on capital employed of 9%
(8%). The rise in margins was attributed to an increase in
realization. Ind-Ra expects the FY21 margins to remain in line with
FY20.
The ratings also factor in SSL's continued medium scale of
operations. The revenue declined to INR4,391 million in FY20 (FY19:
INR5,182 million) due to lower crushing and the consequent lower
electricity generation from the cogeneration plant. The drought
succeeded by floods in FY20 resulted in a shortage of sugarcane.
The company achieved revenue of INR450 million in 1QFY21. SSL
derived 40% of the revenue from Hindustan Coca-Cola Beverages
Private Limited in FY20. Ind-Ra believes the lower demand for sugar
from institutional buyers due to the COVID-19 led lockdown could
impact the company's sugar sales in FY21.
However, the ratings are supported by the promoters' experience of
more than two decades in the sugar industry.
RATING SENSITIVITIES
Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led CAPEX, leading to a further stretch in
liquidity position or indication of the interest coverage remaining
below 1.75x in FY22 could result in a downgrade.
Positive: Any improvement in the revenue or operating margins,
resulting in an improvement in the liquidity position and the
interest coverage increasing above 1.75x, on a sustained basis,
could result in the Outlook revision back to Stable.
COMPANY PROFILE
Incorporated in 1995 by Dr. Prabhakar B Kore, SSL operates a sugar
unit with a crushing capacity of 10,000 tons of canes per day and a
37MW cogeneration plant.
SHRIMATI JWELLERY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shrimati Jwellery House Pvt. Ltd.
E-5/17, Bitten Market
Arera Colony
Bhopal 462012
India
Insolvency Commencement Date: February 20, 2020
Court: National Company Law Tribunal, Bhopal Bench
Estimated date of closure of
insolvency resolution process: February 3, 2021
(180 days from commencement)
Insolvency professional: Amresh Shukla
Interim Resolution
Professional: Amresh Shukla
F-05, Jaideep Complex
112, Zone-II
M.P. Nagar
Bhopal 462011
E-mail: insolvencyprofessionalindia@
gmail.com
cirp.shrimati@gmail.com
Last date for
submission of claims: August 21, 2020
SIKKIM HYDRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sikkim Hydro Power Ventures Limited
Registered office:
2nd Floor, Plot No. 360
Block-B, Sector 19
New Delhi 110075
IN
Corporate office:
Orbit Plaza, 5th Floor
Plot No. 925/954
New Prabhadevi Road
Prabhadevi
Mumbai 400025
Insolvency Commencement Date: July 30, 2020
Court: National Company Law Tribunal, New Delhi Bench-IV
Estimated date of closure of
insolvency resolution process: January 25, 2021
(180 days from commencement)
Insolvency professional: Mr. Diwan Chand Arya
Interim Resolution
Professional: Mr. Diwan Chand Arya
Flat No. B2A-102
Golf Links Residency
Sector 18 B, Dwarka
New Delhi 110075
National Capital Territory of Delhi
110075
E-mail: aumdcarya@gmail.com
shpvl.cirp2020@gmail.com
Last date for
submission of claims: August 19, 2020
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR835.00-crore bank facilities and
INR225.0-crore Fixed Deposit (FD) programme of SRS Limited
continues to remain under 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]D/D ISSUER NOT COOPERATING" and
"MD ISSUER NOT COOPERATING" for the bank facilities and FD
programme, respectively.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 350.00 [ICRA]D ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating' category
Long Term 10.00 [ICRA]D ISSUER NOT COOPERATING;
Fund based Rating continues to remain under
Term Loan 'Issuer Not Cooperating' category
Short Term 238.00 [ICRA]D ISSUER NOT COOPERATING;
Non Fund Rating continues to remain under
Based 'Issuer Not Cooperating' category
Long term/ 237.00 [ICRA]D/[ICRA]D ISSUER NOT
short Term COOPERATING; Rating continues
Fund Based/ to remain under 'Issuer Not
Non Fund Based Cooperating' category
Medium-Term 225.00 MD ISSUER NOT COOPERATING;
Fixed Deposit Rating continues to be under
Programme 'Issuer Not Cooperating'
category
Rationale
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
SRS Limited was incorporated as SRS Commercial Company Limited in
August 2000. It was renamed to SRS Limited in July 2009. The
company has been involved in the retail/ wholesale sale of
jewellery, besides operating a chain of modern format retail stores
and a chain of cinemas. SRS Limited is presently undergoing
liquidation vide order of Hon'ble National Company Law Tribunal
(NCLT) Chandigarh dated 15.10.2019 under the provisions of
Insolvency and Bankruptcy Code, 2016.
TULSYAN NEC: CARE Keeps D on INR830.8cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tulsyan NEC
Ltd (TNEC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 830.82 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-term Bank 142.16 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated May 2, 2019, placed the
rating(s) of TNEC under the 'issuer noncooperating' category as
TNEC had failed to provide information for monitoring of the
rating. TNEC continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/email(s) dated July 14, 2020 and July 17, 2020. 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 rating continues to take into account ongoing delays in the
debt servicing by the company due to poor liquidity position.
Detailed description of the key rating drivers
At the time of last rating on May 2, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange filings):
Key Rating Weaknesses
* On-going delays in debt servicing: TNEC approached the bankers
for Corporate Debt Restructuring (CDR) in May 2014 which was
formulated and approved by the bankers on March 26, 2015. However,
on account of subdued demand and unfavorable industry scenario the
company's liquidity position remained stretched, resulting in
delays. The account has been classified as NPA.
* Weak financial and operational risk profile: The TOI of the
company increased by 18.48% to INR 842.8 crore in FY19 as against
INR 711.37 crore in FY18. Power Division sales increased from INR
124.84 cr in FY18 to INR 159.36 cr in FY19. However, company
registered a net loss of INR 222.59 crore in FY19 (FY18: net loss
of INR 157.54 crore) on account of increase in interest cost.
Key Rating Strengths
* Experienced management team with reasonable track record of
operations: Over the years, under the leadership of Mr. Lalit
Kumar Tulsyan and Mr. Sanjay Tulsyan the company has grown into a
major producer of secondary steel products like TMT Bars in the
southern region. The management team has over three decades of
experience in the steel business.
Incorporated in the year 1947 under the name National Engineering
Company Limited (NECL), the company was taken over by the Tulsyan
group of companies in 1986. TNEC isinto manufacturing of TMT bars
and billets, High Density Poly Ethelene (HDPE)/ Poly Propylene (PP)
sacks and Flexible Intermediate Bulk Containers (FIBC) in the
region. TNEC approached the bankers for Corporate Debt
Restructuring (CDR) in May 2014. However, continued unfavourable
industry scenario led to the company's liquidity position remaining
stretched, resulting in delays. Account has been classified as
NPA.
VENKATESWARA AQUA: ICRA Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sri
Venkateswara Aqua Culture (SVAC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.0 [ICRA]B+ (Stable); Reaffirmed
fund-based/CC
Rationale
The rating reaffirmation is constrained by SVAC's sharp decline in
operating income (OI) to INR34.5 crore in FY2020 from INR48.9 crore
in FY2019 due to subdued demand of shrimp feed from farmers and
operational challenges faced with the demise of its Managing
Partner. The rating remains constrained by SVAC's weak financial
risk profile with interest coverage of 1.6 times and Total
Debt/OPBDITA of 8.4 times in FY2020 and low profit margins of 3.8%
in FY2020 owing to the trading nature of its operations. Besides,
the industry is exposed to the inherent vulnerability in demand,
revenues and margins to adverse climatic conditions and disease
outbreaks. The rating further considers the risks inherent to the
partnership nature of the business.
The rating, however, positively factors in the firm's extensive
experience in the shrimp feed industry. Further, long relationship
with suppliers such as CPF (India) Private Limited (CPFIPL) and
Avanti Feeds Limited (AFL) ensure continuous
supply of feed for trading. SVAC has a low customer concentration
risk, with the firm supplying the feed to a large number of farmers
located in East and West Godavari districts of Andhra Pradesh.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SVAC will continue to benefit from its extensive experience in
the shrimp feed trading and the long-term association with its
customers and suppliers.
Key rating drivers and their description
Credit strengths
* Extensive track record in shrimp feed trading: The firm is in the
business of shrimp feed trading for more than two decades. The firm
trades in feed of CPFIPL and AFL. The established relationships
with its customers and suppliers supported its revenues over the
years.
* Presence in major aquaculture belt of Andhra Pradesh: The firm is
based out of East Godavari district in Andhra Pradesh, a major
aquaculture belt, resulting in continuous demand for shrimp feeds.
The proximity to aquaculture belt helps in saving freight costs.
Credit challenges
* Sharp decline in OI with thin profitability margins: The firm's
scale of operations was modest with an OI of INR34.5 crore in
FY2020, which declined from INR48.9 crore in FY2019 due to lower
sales volume owing to subdued demand of shrimp feed and operational
challenges faced with the demise of its Managing Partner. As SVAC's
geographical reach is limited to the regions of East Godavari and
West Godavari districts of Andhra Pradesh, its scale of operations
would continue to be modest. Although the operating profit margin
improved to 3.8% in FY2020 from 1.4% in FY2019, it remains low
owing to the trading nature of operations.
* Weak financial risk profile: The firm's financial risk profile is
weak, as reflected by interest coverage of 1.6 times and Total
Debt/OPBDITA of 8.4 times in FY2020. The debt is primarily working
capital in nature. The business is working capital-intensive in
nature owing to high debtor days, as farmers usually pay after the
harvesting of shrimps, which takes around three months.
* Vulnerability of demand, revenues and margins as inherent in
aquaculture industry: The risk of adverse climatic conditions and
disease outbreaks are inherent concerns in shrimp farming. Adverse
climate can result in higher mortality rates and affect the quality
of shrimp farmed. The aquaculture industry and auxiliary industries
such as feed manufacturing remain vulnerable to disease outbreaks.
* Risk related to partnership nature of firm: SVAC is exposed to
the risks inherent to the partnership nature of the firm, including
the possibility of capital withdrawal by the partners and the risk
of dissolution of the firm upon the death, retirement or insolvency
of partners.
Liquidity position: Stretched
SVAC's liquidity position is stretched, as evident from high
average utilisation of its fund-based limits between April 2019 and
June 2020. Further, the firm has limited free cash and bank balance
of INR0.03 crore as on March 31, 2020. It does not have any
external term loans on its books as on March 31, 2020.
Rating sensitivities
Positive triggers - ICRA could upgrade the rating if the firm
demonstrates a healthy improvement in its scale of operations,
while improving its profitability and strengthening its liquidity
position on a sustained basis. Moreover, interest coverage ratio
higher than 2.0 times, on a sustained basis, may trigger a rating
upgrade.
Negative triggers - Negative pressure on the rating could arise if
decrease in scale of operations or profitability margin results in
material decline in cash flows. Moreover, stretch in the working
capital cycle, weakening the liquidity position
may trigger a downward revision in rating.
Founded in 2000 as a partnership firm, SVAC trades in shrimp feed
from CPFIPL and AFL in Andhra Pradesh. The registered office is
located in Penuguduru village of East Godavari district in Andhra
Pradesh. The firm's operations are overseen by the Managing
Partner, Mr. Chirla Satyanarayana Reddy, who has been involved in
the aquafeed industry for around two decades. The firm operates
several branches within the East Godavari district in Andhra
Pradesh.
VISHWA INFRASTRUCTURES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwa
Infrastructures and Services Private limited (VISPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 482.71 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short-term Bank 494.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 19, 2018, placed the
ratings of VISPL under the 'issuer non-cooperating' category as
VISPL had failed to provide information for monitoring of the
rating. VISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 21, 2020. 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.
The rating factors in stretched liquidity position with delays in
debt servicing.
Detailed description of the key rating drivers
At the time of last rating on May 27, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key rating weakness:
* Stretched liquidity position with delays in debt servicing: The
total operating income of VISPL had declined by 12.95% to INR
395.19 crore during FY16 due to slower execution of work orders.
Given the reduced revenue and high fixed overhead, the company
reported loss at PBILDT level. This coupled with high interest
expense resulted in net loss and cash loss for the company. The
cash loss reported in FY16 almost doubled vis-à-vis FY15. The
liquidity position of the company deteriorated further in FY16 due
to stretched receivable days with substantial delay in receipt of
payment for the Government projects executed leading to delays in
debt servicing post commencement of debt servicing obligation as
per the approved CDR package. The financial performance further
deteriorated during the period FY16-FY18 with VISPL reporting
decline in revenue by about 77% to INR91.62 crore in FY18 leading
to higher cash loss during FY18.
Key rating strengths:
* Experienced Promoters: VISPL belongs to Vishwa Group promoted by
Mr. Yerra Srinivas, a first generation entrepreneur. The company's
core team members have been involved in the Infrastructure business
for over a decade.
Vishwa Infrastructure & Services Pvt Ltd (VISPL) started its
operations as Vishwa Construction Company (VCC) in 1992 and was
converted into private limited in December 2004. The company is
involved mainly in the execution of water supply and sewerage
infrastructure projects. VISPL is also into manufacturing of Ms.
Pipes (Mild Steel Pipes), PSC Pipes (Pre Stressed Concrete Pipes)
and RCC Pipes (Reinforced Cement Concrete Pipes).
YASHASHREE TUBES: ICRA Keeps D on INR9.7cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR9.70 crore of
Yashashree Tubes Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term 5.50 [ICRA]D ISSUER NOT COOPERATING;
Fund based Rating continues to remain in
Term loan the 'Issuer Not Cooperating'
category
Long term 3.20 [ICRA]D ISSUER NOT COOPERATING;
Fund based Rating continues to remain in
Cash Credit the 'Issuer Not Cooperating'
category
Short-term 1.00 [ICRA]D ISSUER NOT COOPERATING;
Non Fund Rating continues to remain in
Based the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Incorporated in 2011, Yashashree Tubes Private Limited (YTPL/The
Company) is engaged in manufacturing of cold drawn seamless tubes
ranging from outside diameter of 16 mm to 110mm. The company has
its manufacturing facility at Ahmednagar (Maharashtra) which
commenced commercial operations from February 2013 with an annual
installed capacity of 8400 MT.
YOGESH TRADING: Ind-Ra Keeps 'BB' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yogesh Trading
Co.'s (YTC) Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR350 mil. Fund-based working capital limit maintained in
non-cooperating category IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
New Delhi-based YTC is engaged in the wholesale trading of denim
and non-denim fabrics. The firm is managed by Mr. Deepak Gambhir.
=================
I N D O N E S I A
=================
AGUNG PODOMORO: Fitch Cuts IDR to C, Places USD Notes on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's Long-Term Issuer Default Rating to 'C' from
'CCC-'. At the same time, the USD300 million notes due in 2024,
issued by a wholly owned subsidiary and guaranteed by APLN, have
been placed on Rating Watch Negative.
The downgrade follows disclosure made by APLN that its 58%-owned
subsidiary, PT Sinar Menara Deli, has signed an indicative term
sheet to extend maturity of IDR350 billion medium-term notes to
August 22, 2021 from the original due date on August 26, 2020.
Fitch regards the restructuring of SMD's MTNs as a distressed debt
exchange under its criteria, because it is done to avoid a payment
default and there is material reduction in terms. SMD is a
restricted subsidiary under APLN's US dollar notes documentation
and therefore APLN's IDR has been downgraded to 'C' to reflect the
likelihood of impending default.
The rating on APLN's US dollar notes is unaffected by the DDE
proposal at SMD, as the DDE at SMD has not yet triggered the
cross-default clause under APLN's US dollar notes documentation.
The rating has been placed on RWN to reflect the risk of a default
under SMD's MTNs, which could therefore lead to cross-acceleration
of APLN's US dollar notes.
KEY RATING DRIVERS
Announcement of DDE: Fitch believes SMD sought extension of the
MTNs to avoid payment default in August 2020 when the MTNs mature,
given the company's tight liquidity. SMD had only around IDR50
billion cash as of end-June, and does not have another source of
liquidity to repay the MTNs. SMD's operating profile has weakened
significantly amid challenging property conditions in Indonesia.
Reduction in Terms. Fitch believes the extension of the MTNs'
maturity represents a material reduction in terms for the note
holders, as it is one of the key terms under the MTNs. Fitch
regards any change to key terms as a material reduction unless
there is clear evidence that investors would be indifferent between
original and new terms.
APLN in its 1H20 financial report also disclosed that its 63%-owned
subsidiary, PT Bali Perkasasukses, which owns Indigo Hotel,
received relaxation on term loans instalments from PT Bank QNB
Indonesia for three months until July 2020. APLN confirmed that BPS
is current in interest payments. The amendment in terms for this
loan is not considered a DDE because the flexibility of loans,
compared with bonds, make it difficult to have a categorical
determination of a DDE for this loan. This view is supported by the
fact that the extension does not include the introduction of
payment-in-kind interest or an exchange of debt for equity -
features in bank loans that would be considered as DDE.
Weak Liquidity, Pending Divestment: APLN's liquidity profile is
weak, as the coronavirus pandemic has presented challenges across
its property portfolio and delayed its plan to divest investment
properties. APLN reported a depleting consolidated cash balance of
IDR492 billion as of end-June, from IDR767 billion as of end-March.
Fitch estimates that APLN's liquidity at the holding company is
tight such that it might be unable to meet the USD12 million coupon
payment due in December 2020 on its US dollar notes. Fitch believes
its ability to meet this coupon payment is dependent on the
completion of the sale of investment property or other external
support is forthcoming.
ESG - Governance: APLN's weak financial discipline and operational
execution led to the delays in securing the requisite funds for
refinancing near-term maturities, and improving its capital
structure. As a result, APLN has an ESG Relevance Score of 4 for
Management Strategy and Governance Structure under Fitch's
Environmental, Social and Governance framework. The governance
score of 4 has a negative effect on the credit profile, and is
relevant to the ratings in conjunction with other factors.
Weak Links with Parent: Fitch assesses APLN's linkage with PT
Indofica, a closely held business of the sponsor's family that owns
80% of APLN, as weak, and therefore rate APLN at the standalone
level. Indofica has not extracted meaningful cash flow from APLN
over the last few years aside from limited dividends, and there is
protection in place for bondholders in bond documents and local
regulatory oversight of related-party transactions. Nevertheless,
Fitch may reassess its approach in assessing APLN's ratings if the
parent and subsidiary demonstrate a change in cash-flow movement.
DERIVATION SUMMARY
APLN's downgrade to 'C' reflects announcement of a DDE at its
subsidiary, SMD. Upon completion of the DDE, the rating will be
lowered to 'RD' and Fitch will reassess APLN's profile post
restructuring.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Holding company end-June cash balance of IDR50 billion
- Holding company cash inflows of IDR150 billion in 2H20
- Holding company operating costs and interest payments of IDR323
billion in 2H20
- No asset or bulk land sales in 2H20
Key Recovery Rating Assumptions
The recovery analysis assumes that APLN will be liquidated in
bankruptcy rather than reorganised, because it is an asset-heavy
company.
Fitch has assumed a 10% administrative claim.
Liquidation Approach
The estimate reflects Fitch's assessment of the value of trade
receivables under a liquidation scenario at 75% advance rate,
inventory at 75% advance rate, fixed assets and investment
properties at 60% advance rate, and investments in associates at
100% advance rate.
Fitch assumes high inventory recovery because land is recognised at
the historical acquisition cost, and the current market value is
considerably higher. Fitch has also deducted from inventory
balance, advances from customer and balance from island G, I, F due
to uncertainty with regards to its development prospects.
Fitch has added committed undrawn construction facilities totalling
IDR1 trillion as part of secured debt and inventory, and the net of
accounts payable and cash as part of secured debt.
The estimates result in a recovery rate corresponding to an 'RR2'
Recovery Rating for APLN's unsecured notes. Nevertheless, Fitch
rates the senior notes at 'CCC-' with a Recovery Rating of 'RR4'
because under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating at 'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Fitch will reassess APLN's capital structure and cashflows after
the completion of the debt restructuring, or if the restructuring
is not completed, to determine its IDR and rating on the USD
notes.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Fitch will downgrade APLN's IDR to 'RD' if DDE is completed, or if
APLN experiences uncured payment default. Fitch will reassess
APLN's IDR once debt restructuring is completed.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Weak Liquidity, Near-Term Maturities: APLN's liquidity profile is
weak due to its MTNs' maturity of IDR350 billion due on the August
26, 2020, as well as its estimate that the company may not have
sufficient cash to meet the USD12 million coupon payment due in
December 2020. The company's consolidated amortising loans at the
project level, totalling IDR63 billion in 2H20, appear manageable,
supported by consolidated cash balance totalling IDR492 billion as
of end-June. Fitch estimates IDR430 billion in negative cash flow
from operations in 2H20, including IDR690 billion of construction
costs, which APLN can fund using undrawn construction lines of
around IDR1 trillion as of end-June. APLN also has a USD127 million
loan due in March 2021, which the company plans to repay using the
proceeds from the sale of its investment property.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
APLN has an ESG Relevance Score of 4 for Management Strategy and
Governance Structure. APLN's weak financial discipline and
operational execution led to the delays in securing the requisite
funds for refinancing near-term maturities, and improving its
capital structure.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means 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).
MNC INVESTAMA: Moody's Withdraws Caa1 CFR Amid Insufficient Info
----------------------------------------------------------------
Moody's Investors Service withdrew the Caa1 corporate family rating
of MNC Investama Tbk. (P.T.) and Caa2 senior secured ratings with
negative outlook.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
Headquartered in Jakarta, MNC Investama Tbk. (P.T.) is a listed
investment holding company, with strategic investments in operating
companies in media, financial services, energy and real estate. In
addition to P.T. Media Nusantara Citra Tbk and P.T. MNC Vision
Networks Tbk, BHIT's other operating companies include P.T. MNC
Kapital Indonesia Tbk and P.T. MNC Land. The company also has
portfolio investments in other private and public companies
operating in transport, infrastructure and other industries.
BHIT is controlled by Mr. Hary Tanoesoedibjo.
===============
M A L A Y S I A
===============
MALAYSIA: Bursa May Give PN17/GN3 Firms More Time to Submit Plan
----------------------------------------------------------------
Niam Seet Wei & Zairina Zainudin at Bernama reports that Bursa
Malaysia Bhd will consider granting further extension of time for
companies, which have triggered the criteria of Practice Note 17
(PN17) and Guidance Note 3 (GN3) from Jan. 2, 2019 to Dec. 31,
2020, to enable them to submit their regularisation plan to the
Securities Commission Malaysia (SC) or the exchange after the
24-month grace period.
Nevertheless, this would only be done on a case-by-case basis and
based on the requirements made by the companies, the report says.
According to the report, the local stock exchange operator said it
is cognisant that the Covid-19 pandemic would have a material
impact on the efforts and ability of PN17/GN3 companies to
regularise their financial condition.
"As such, we introduced a relief measure on March 26, 2020, whereby
companies that trigger any of the criteria of PN17/GN3 between Jan.
2, 2019 and Dec. 31, 2020 are accorded a longer period of 24
months, instead of the existing 12 months, to submit their
regularisation plan to the SC or the exchange.
"The exchange will consider granting further extension of time
(after the 24 months) if required on a case-by-case basis, taking
into account the justifications and material developments at that
point in time," Bursa told Bernama in an email interview recently.
Meanwhile, additional relief measures were also announced on April
16, 2020, whereby Bursa said companies that trigger any of the
suspended criteria between April 17, 2020 and June 30, 2021 would
not be classified as a PN17 or GN3 company for 12 months, Bernama
says.
This aims to provide greater flexibility to the affected listed
companies to focus on sustaining their businesses and operations
and regularise their financial condition thereon.
"After the 12-month period, the affected listed companies will be
required to reassess their condition to see if it continues to
trigger any of the criteria of PN17 or GN3.
"If it continues to trigger any of the said criteria, they will be
classified as PN17 or GN3 [companies] and will be required to
comply with the obligations," it said, Bernama relays.
PN17 classification involves financially distressed companies
listed on Bursa's Main Market, while GN3 status refers to those
listed on the ACE Market.
Meanwhile, Bernama reports that six companies, which account for
0.67% of total listed companies on Bursa, had triggered the
suspended criteria of PN17 and GN3 as at July 28, 2020.
This includes five Main Market-listed companies and one ACE
Market-listed firm, Bursa said.
"Apart from AirAsia Group Bhd, the other four Main Market companies
that had triggered the suspended criteria of PN17 as at April 17,
2020 were GETS Global Bhd, Ikhmas Jaya Group Bhd, Khee San Bhd and
Cymao Holdings Bhd, while Bahvest Resources Bhd had triggered the
suspended criteria of GN3," it said, Bernama relays.
However, Bursa said these companies would not be classified as
PN17/GN3 companies, and would not be required to comply with the
obligations under Paragraph/Rule 8.04 of PN17 or GN3 of the Listing
Requirements for 12 months, following the relief measures announced
by the exchange on April 16, 2020.
For the record, Bursa said 23 companies had been classified under
PN17 and three companies under GN3 as at July 28, 2020,
representing 2.89% of the total companies listed on the local
exchange during the period, Bernama discloses.
=====================
N E W Z E A L A N D
=====================
Z ENERGY: To Cancel Forecourt Concierge Service; May Axe 100 Jobs
-----------------------------------------------------------------
Stuff.co.nz reports that Z Energy's plans to cancel its service
station forecourt concierge service from October 1 may leave up to
100 people out of jobs.
Stuff relates that the company said it was cancelling the service
because its research showed customers prioritised speed and price,
over the need for forecourt helpers.
According to Stuff, Z Energy retail general manager Andy Baird said
while "a friendly face on the forecourt was a key point of
difference" for Z when the service was introduced, times were
changing.
Mr. Baird said in some areas, staff decided to cut hours in order
to save jobs.
"Then as staff naturally turnover in the future their hours may
increase. Many sites are likely to manage it entirely through
normal staff turnover. Given the varying approaches, it may be up
to 100 roles that are made redundant," Stuff quotes Mr. Baird as
saying.
"While our retailers are working through what this change means at
each site, Z is very mindful that this change may impact those
customers who rely on the concierge service. The company is
currently working through what assistance can be provided for those
that need it. More details of what that may look like will be
shared in the coming months as they are finalised."
Mr. Baird said service station workers were employed by its
retailers and consultation was ongoing.
In-store roles would be retained, Mr. Baird said.
In May, Z Energy reported a NZD88 million loss in the year to March
31, due to writedowns, market competition and low refining margins,
Stuff discloses.
At the company's annual meeting in June, chairwoman Abby Foote said
last year's results were disappointing and that prior to the
Covid-19 crisis, the company completed a thorough review of its
strategy to become "a leaner, more agile and focussed company,"
adds Stuff.
Staff were told of the decision on July 27, the report notes.
Z Energy received NZD3.4 million from the Government's wage subsidy
for 491 staff, Stuff says.
=====================
P H I L I P P I N E S
=====================
BOSS NETWORK: Shut Down by SEC Philippines for Fraud
----------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Philippine Securities and Exchange Commission (SEC) has ordered the
shutdown of Building Our Success Stories Network, Inc. (BOSS
Network), which it said is fooling investors that it runs a
multi-level marketing program.
In a statement over the weekend, the SEC said it had issued a +June
18 a cease-and-desist order to BOSS Network for soliciting
investments from the public without authorization from the
regulator, according to BusinessWorld.
Its collaborator 101Upper Class Corp., which Boss Network runs an
unauthorized investment scheme with named BOSS Ultimate Program
(BOSS UP), is also covered by the order.
BusinessWorld says the involved parties must immediately stop
offering securities to the public and refrain from transacting any
business involving funds in depository banks.
"It is clear that BOSS Network is soliciting investments from the
public in the guise of operating a multi-level marketing business,
with a promise of guaranteed high return of investment," the SEC
said.
BOSS Network was found by the regulator offering investment
opportunities through social media, masking itself as a multi-level
marketing program for personal care products, relays
BusinessWorld.
Its "member-investors" are promised to earn points from buying
personal care packages and from recruiting more investors into the
company, according to BusinessWorld. These points are supposedly
convertible to incentives, which the SEC said is equivalent to
selling securities in the form of investment contracts.
However, BOSS Network is only registered as a corporation engaged
in the direct selling of goods and merchandise. Its certification
of incorporation prohibits it from soliciting investments and
issuing investment contracts, as this activity would require a
secondary license from the SEC.
BusinessWorld says the regulator flagged BOSS Network's activities
as having the features of a Ponzi scheme.
"Clearly, BOSS Network's business model and capitalization cannot
sustain the promised returns on investment, especially if no new
investors will come in," SEC, as cited by BusinessWorld, said.
"Payouts for investors are financed from investments of new
recruits/investors. This is a fraudulent scheme which will likely
cause grave or irreparable injury or prejudice to the investing
public," it added.
Aside from violating the Securities Regulation Code for selling
securities without a registration statement, two of BOSS Network's
incorporators were also found by the SEC as submitting and using
invalid Tax Identification Numbers.
BOSS Network was reached out to for comment on the shutdown order
but was not able to respond, the report states.
BusinessWorld notes that the SEC regularly issues warnings on its
website about groups that maliciously offer investment
opportunities to the public. It has said in several advisories that
one of the red flags should be any promise of "ridiculous rates of
return with little or no risks."
=================
S R I L A N K A
=================
ORIENT FINANCE: ICRA Lanka Revises Issuer Rating to [SL]BB
----------------------------------------------------------
ICRA Lanka Limited has revised the issuer rating of Orient Finance
PLC (OFP) to [SL]BB from [SL]BB+. The outlook on the rating
continues to be Negative.
Rationale
The rating downgrade factors the sharp deterioration in OFP's asset
quality indicators, weak profitability, and moderate liquidity
profile. OFP's gross NPA ratio increased from 10.9% in March 2019
to 18.8% in March 2020. However, ICRA Lanka takes a note of the
decline in lending portfolio that has also contributed to the
increase in the NPA ratio. The rating is also affected by the weak
profitability of the Company, mainly on account of higher credit
cost (provisioning cost). Credit provisioning cost/ATA increased to
5.8% during the first 9M of FY2020 vis-a-vis 3,2% in FY2019;
provisions and loan losses were LKR 726 million for the 9M ended
December 2019 vis-à-vis LKR569 million in FY2019. The rating also
factors the impact the CBSL debt moratorium is likely to have on
loan collections and the overall liquidity profile of the Company
over the next 6M. The rating continues to take comfort from the
support from the parent company, Janasjakthi PLC (JPLC), which is
rated BBB- (Negative) by ICRA Lanka. Over the last 9M, JPLC has
provided additional capital support totaling close to LKR1 billion,
in the way of a right's issue and conversion of preference shares.
Going forward, it is imperative the OFP controls incremental loan
slippages and improve the overall asset quality of the Company.
Also, the Company's ability to meet the on-going regulatory capital
requirements will be crucial from a rating point of view.
Outlook: Negative
The Negative outlook reflects weak asset quality, subdued
profitability, and modest overall financial risk profile of the
entity. The outlook may be revised to Stable in case of substantial
improvement in the capital structure, asset quality, and earnings
profile of OFP. The rating may be revised further downwards, in
case the asset quality continues to deteriorate and in case of less
than expected capital support from the parent entity.
Key rating drivers
Credit strengths
* Part of the Janashakthi group: OFP is over 90% owned by JPLC, the
holding Company of the Janasakthi group. Janashkthi Group has
significant interests in the financial services sector through it's
controlling interests in Janashaki Insurance PLC (life insurance),
First Capital PLC (primary dealership and investment banking), and
Orient Finance PLC (non-banking financial services). JPLC has
demonstrated a track-record of providing capital and managerial
support for OFP, especially in terms of meeting the regulatory
capital requirements. Over the last nine months, JPLC has provided
capital support to the NBFI subsidiary through a rights issue of
LKR507 million and conversion of LKR476 million preference shares
(which was classified as part of debt capital) to ordinary shares.
Going forward, it will be crucial for the parent company to provide
capital support on a timely basis, if required.
Credit challenges
* Sharp deterioration of asset quality levels: Since March 2018,
asset quality levels of the Company had significantly deteriorated,
as witnessed by the higher NPAs across all major asset classes.
Asset quality levels deteriorated further in March 2020 with
closing gross NPAs standing at LKR2,779 million vis a vis LKR1,698
million in March 2019; the gross NPA ratio increased to 18.78% in
March 2020 (higher than the systemic average) from 10.96% in March
2019. Moderation of the overall portfolio as well as incremental
slippages, especially in the passenger vehicle, commercial vehicle
and, business lending portfolios have contributed to the increase
in the gross NPA ratio. Going forward, the management's ability to
control new slippages and improve overall asset quality levels will
be crucial, from a rating point of view.
* Weak profitability indicators: Profitability in FY2020 was
significantly affected by higher credit cost, due to the
deterioration of asset quality levels. Credit provisioning cost/ATA
increased to 5.8% during the first 9M of FY2020 vis-à-vis 3.2% in
FY2019; provisions and loan losses were LKR726 million for the 9M
ended December 2019 vis-à-vis LKR569 million in FY2019. For the 9M
ended December 2019, OFP reported a net loss of LKR350 million
compared to the marginal profit of LKR32 million in FY2019 and a
net loss of LKR110 million in FY2018. ICRA Lanka expects OFP to
benefit from the current low-interest rate regime, as the
relatively short-tenured deposit base will be repriced at much
lower rates. Also, going forward, the impact of incremental credit
cost on overall profitability could be moderate, as the loan loss
provisioning has increased to about 71% (as a % gross NPA) in
FY2020 from about 56% in FY2019.
* Moderate capitalization profile: OFP's capitalization profile has
improved with successive capital enhancement initiatives over the
last nine months that added close to LKR1 Bn to the core capital of
the Company. Core capital adjusted for revaluation reveres, and
deferred tax assets stood at about LKR2.2 Bn vis-à-vis the
regulatory minimum of LKR2 Bn. However, ICRA Lanka takes cognizance
of the sizable intangible assets (goodwill and brand value of about
LKR800 million) on the Company's balance sheet. The rating also
factors the additional capital requirement of about LKR300 million,
in order to comply with the LKR2.5 billion regulatory capital
requirement by December 2021. OFP will have to resort to external
capital infusions to comply with the same as the internal
generation is likely to be modest over the next 12M. Therefore,
going forward, the parent company's ability to provide capital
support in a timely manner will be crucial from a rating point of
view. The risk-weighted Tier-1 capital adequacy ratio of the
Company has improved to 10.2% in March 2020, from 5.47% in March
2019, following the recent capital infusions; regulatory CAR is
6.5% for Tier 1. OFP's ability to maintain the capital adequacy
ratios at comfortable levels will be a rating key monitorable.
* Stretched liquidity profile: ICRA Lanka expects the liquidity
position to weaken during the next 6M, as a result of lower loan
recoveries due to Covid-19 impact and debt moratoriums introduced
by the CBSL. As per the management estimates, about 20% of OFP's
loan portfolio is affected by the proposed debt moratorium, and
overall recoveries could be slower over the next 6M. The
availability of undrawn sanction limits and the reduction of the
statutory liquidity requirement by the CBSL provide some comfort
from a liquidity point of view. However, ICRA Lanka will continue
to monitor actual loan recovery levels continuously, as it is a key
rating driver.
Analytical approach: For arriving at the ratings, ICRA has applied
its ratings methodologies as indicated below.
Orient Finance PLC (formerly known as Bartleet Finance PLC, BFP,
prior to the acquisition of erstwhile –Orient Finance PLC and its
subsequent merger process) was incorporated in 1981. The Company is
a registered finance company and is licensed by the Monetary Board
of Sri Lanka to accept Fixed Deposits from the public. The Company
was listed on the Main Board of the Colombo Stock Exchange in June
2011.
In July 2015, BFP acquired erstwhile-Orient Finance PlC after
paying close to LKR1.70 billion in cash and 1,213 Bartleet shares
to the erstwhile-Orient Finance Plc shareholders. After the merger,
the Company was renamed as Orient Finance PLC and Janashakthi PLC
became the main shareholder of the Company with 99.9% shareholding.
In January 2015, OFP made an initial public offer (IPO) of about
LKR1.0 billion. Objective of the IPO was to improve the capital
structure of the Company and settle the short term loan obtained
from Orient Capital Limited (a fully owned sub-subsidiary of
Janashakthi PLC) for the acquisition. As of December 2019,
Janashakthi PLC held 91.4% shareholding in OFP.
Recent Results
For the 9M ended December 2019, OFP reported a net loss of LKR350
million on a total asset base of LKR15.9 billion, as compared to
the net profit of LKR29 million reported in FY2019, on a total
asset base of LKR17.4 billion.
Janashakthi PLC (Parent Company)
Janashakthi PLC is an investment holding company incorporated in
the year 1994. The company is owned and managed by the Schaffter
family (Mr. Prakash Schaffter 50%, Mr. Ramesh Schaffter 50%).
Subsidiaries include Janashakthi Insurance PLC, which is an
established insurance company in Sri Lanka operating for over two
decades and Orient Finance PLC, which is a listed finance company
in Sri Lanka. In September 2018, JPLC also acquired a 41.1% stake
in Dunamis Capital PLC (DCP), an investment holding company with
exposure to the real estate and finance sectors, and subsequently
concluded a voluntary offer in December 2018 to obtain the
remaining 58.9% shareholding. On October 29, 2019 shareholder
approval was obtained for the amalgamation of DCP and JPLC. Full
amalgamation was completed in December 2019, resulting in DCP
ceasing to exist and its subsidiaries (namely, First Capital
Holdings and Kelsey Development PLC) becoming the step-down
subsidiaries of JPLC.
During the financial year ended March 31, 2019 Janashakthi PLC
reported a standalone net loss of LKR672 million, on a total
operating income of LKR364 million, compared to the net profit of
LKR8 million on a total operating income of LKR1,314 million in the
corresponding period of the previous fiscal.
On a consolidated basis, Janashakthi group reported a net profit of
1,689 million on a total operating income of LKR10,497 million in
FY2019, compared to a net profit of LKR8,563 million on a total
operating income of LKR7,807 million in the previous fiscal.
For the 9M ended December 2019, JPLC reported a standalone net loss
of LKR517 million on an operating income of LKR673 million and a
consolidated loss of LKR65 million on an operating income of
LKR9,148 million.
===============
X X X X X X X X
===============
BOND PRICING: For the Week Aug. 3 to Aug. 7, 2020
-------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.04
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 15.65
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.42
VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 15.23
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.15
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 6.82
CHINA
-----
AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.75
AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.69
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.24
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.12
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.30
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 69.32
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 59.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 58.93
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 20.08
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 27.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 20.32
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 20.65
ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 59.63
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.83
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.82
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 60.02
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 58.79
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 41.14
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 40.00
ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 56.50
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.38
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 41.45
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.47
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 31.30
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 58.54
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 20.70
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 19.99
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.39
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.33
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.49
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.41
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.45
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.12
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.05
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.11
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 40.51
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 20.61
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.40
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.00
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 62.03
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 52.22
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.44
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.02
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.30
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 20.31
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.26
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.47
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.42
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.02
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.90
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.62
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.50
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 60.85
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 60.19
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 59.93
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.21
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 20.47
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 60.00
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.87
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.78
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.86
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.80
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 30.93
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.67
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.30
CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 72.69
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 71.74
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 46.65
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 59.96
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 60.17
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 20.55
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.60
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 41.10
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 27.00
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 20.57
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 30.30
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 20.70
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 20.55
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 19.94
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.45
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.34
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.30
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.20
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.19
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 41.01
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 42.10
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 41.16
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 26.00
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 20.49
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.42
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.04
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.00
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 20.46
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 41.44
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.11
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 40.74
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 39.30
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.92
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.92
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.58
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.60
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 20.52
CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 73.33
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.12
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.82
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.80
CHENZHOU INDUSTRY INVESTM 6.45 01/23/22 CNY 40.36
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.87
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 39.78
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.60 09/21/21 CNY 68.00
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 63.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.14
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 61.50
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 60.47
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.48
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.41
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 40.77
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.73
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.30
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.15
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.52
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.16
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.34
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.29
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.00
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.07
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.38
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.80
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.13
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 20.42
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.66
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 30.80
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 20.58
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.63
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.24
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.16
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 20.70
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.29
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.13
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 20.51
CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 74.76
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.04
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.55
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.88
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.76
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.57
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.06
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.00
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 70.10
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.73
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.14
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.05
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.00
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 20.56
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.99
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.44
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.90
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.23
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 20.25
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.15
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 39.69
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 20.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 20.34
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.67
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.76
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.22
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 20.33
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.73
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 60.66
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.79
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.50
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 40.63
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 21.60
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 20.65
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 41.08
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.76
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.39
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.57
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.38
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 40.85
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 40.71
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.59
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.27
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.26
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.00
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 61.26
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 58.42
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.53
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 58.70
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 57.73
DALIAN SHITAI CITY CONSTR 7.09 02/20/21 CNY 20.07
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.40
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 60.61
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.81
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.37
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 20.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 39.71
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.51
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.14
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.28
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 38.92
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 59.06
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 58.92
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 20.33
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.26
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.45
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.83
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 60.58
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 59.78
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 20.34
DONGLING GROUP INC CO 8.00 07/14/22 CNY 41.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 20.52
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.35
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 40.61
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.31
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.27
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 39.46
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.10
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 20.52
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.22
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 20.65
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 22.00
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 20.44
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.48
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.42
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 61.24
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 60.42
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 59.40
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 58.77
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 41.02
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 59.35
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.79
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.33
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 19.73
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.24
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.55
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.53
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.74
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.50
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.18
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 25.18
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.39
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.03
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 59.95
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 58.80
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.34
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.04
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.67
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.57
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.55
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.93
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 20.27
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.68
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.08
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.78
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.26
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.00
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 61.13
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 58.93
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 41.21
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.56
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.35
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.30
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.06
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.10
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.59
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.16
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 20.25
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 20.45
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 20.44
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.17
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.16
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 40.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.48
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 72.93
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 63.07
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 62.87
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.39
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.90
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 40.51
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 59.26
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.89
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 58.87
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.40
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.90
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.00
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.72
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 58.09
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 41.21
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.20
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 51.28
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 49.65
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.84
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.41
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 63.72
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.38
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.66
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.34
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.32
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.24
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.91
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 40.63
HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 55.18
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 41.16
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.67
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.18
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.20
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.07
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 47.20
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 40.73
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.05
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.00
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.12
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 59.16
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 20.57
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 20.67
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 72.89
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 61.22
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 60.62
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 20.56
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.27
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.15
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.49
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.44
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.48
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 20.56
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.32
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.92
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.70
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.59
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.46
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 64.27
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.36
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.10
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.93
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.80
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.22
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.81
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.74
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.05
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.10
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 59.75
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 20.39
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.84
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.67
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 40.68
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 20.40
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.80
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.52
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 31.83
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 64.10
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 60.12
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 40.90
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.79
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.21
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 20.42
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.85
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.01
HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 58.96
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 40.52
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.33
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.11
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.10
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.34
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.65
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.26
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 21.65
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 20.60
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.27
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.60
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 20.42
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.37
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 41.14
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 63.00
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.41
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 60.17
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.05
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.44
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.25
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 41.29
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 45.50
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 41.28
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.24
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.11
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.57
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 22.25
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 20.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.09
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 60.06
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.84
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.82
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 59.54
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 58.73
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 40.22
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.50
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.48
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 39.47
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 74.05
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.84
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.31
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.30
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.50
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.36
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.36
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.20
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.42
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.00
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.17
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.16
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.78
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.40
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.38
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.20
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 39.06
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 38.90
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.02
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 59.80
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.86
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.43
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.27
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.26
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 20.44
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 20.48
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 41.10
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 40.99
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.19
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 61.28
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 60.32
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 61.51
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 60.41
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 61.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 60.54
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.50
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.61
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 40.84
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 20.22
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.06
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 20.49
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.88
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.98
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 25.00
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 20.34
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.42
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.07
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.69
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 40.91
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 40.78
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 20.51
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 60.00
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 59.99
JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 58.33
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.18
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 59.62
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 70.07
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.59
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.70
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.37
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 29.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 20.45
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.15
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.66
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.31
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.47
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 69.27
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 42.86
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 39.81
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 20.30
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 20.55
JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 59.79
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.47
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.55
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 60.54
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 59.22
JILIN NORTHEAST SOCK INDU 7.50 05/19/22 CNY 71.71
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.84
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 20.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.49
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.48
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 20.37
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.60
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.34
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.04
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.33
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.00
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.58
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.52
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.14
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 31.76
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 30.99
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.15
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN DONGBAO DISTRICT 4.44 07/22/23 CNY 20.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 60.70
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.27
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.96
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.68
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 40.86
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 40.73
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.02
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 58.31
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 57.68
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 61.36
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 60.92
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.28
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.29
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.32
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 20.32
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 39.97
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 40.92
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 39.55
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.88
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.49
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.40
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.39
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.13
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.24
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.23
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.26
KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 22.30
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.87
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.38
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 25.45
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 20.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 20.45
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.60
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.35
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 40.16
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.59
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.39
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.54
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.53
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.65
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.62
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.31
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.45
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.29
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 60.11
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 59.94
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 60.68
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 58.54
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 60.77
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.28
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 58.75
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.55
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.49
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.11
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.10
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.09
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.57
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.68
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.66
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.11
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.10
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.43
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.39
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 40.77
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.17
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.46
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.45
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 63.68
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.44
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.45
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.30
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.24
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 20.47
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.81
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.43
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.42
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.56
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.40
LU'AN CITY CONSTRUCTION I 5.05 04/26/21 CNY 50.59
LU'AN CITY CONSTRUCTION I 3.97 02/22/21 CNY 50.20
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.20
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.96
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT HOL 5.25 09/11/20 CNY 40.07
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.38
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.10
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.64
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 74.03
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.58
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 40.61
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 40.64
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.20
MEISHAN ASSET MANAGEMENT 7.84 02/26/21 CNY 20.38
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.36
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.14
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 60.04
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 59.08
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 40.84
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.09
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.07
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 59.79
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 45.00
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 41.33
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.53
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.39
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 20.58
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.72
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.04
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 70.01
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 40.10
NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 65.41
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 60.57
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 59.89
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.74
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 60.60
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 59.64
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 60.15
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 59.76
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 46.17
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 26.80
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 20.59
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 59.12
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 24.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 20.49
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.54
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.08
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.03
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 20.46
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.96
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 61.50
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 59.46
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 60.82
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.57
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 61.88
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 60.80
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.16
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.00
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 20.68
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.44
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.43
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.61
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 20.47
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.84
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.67
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 20.42
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 41.32
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.66
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.00
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.70
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.69
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.30
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.10
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 59.79
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 20.54
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 60.27
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 59.03
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.38
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.73
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.71
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.92
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.00
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.45
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.36
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 61.16
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 60.61
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.66
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.36
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.08
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.33
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.07
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.00
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 59.60
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 58.74
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.54
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.21
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.77
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 40.85
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 59.58
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.19
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.44
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.19
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.29
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.60
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.39
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 40.87
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 57.68
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.65
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 59.98
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 20.63
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 39.60
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 59.13
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 58.70
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 60.75
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 59.95
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 60.01
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.61
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.61
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 20.59
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.52
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.92
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.41
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 46.38
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 20.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.30
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 40.64
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.65
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 20.39
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 60.40
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 59.67
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 60.51
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 59.95
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.40
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 35.20
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 56.23
QINGHAI STATE-OWNED ASSET 5.90 12/17/22 CNY 56.20
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.30
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 27.50
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 20.34
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 60.87
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 59.02
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 20.41
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.23
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.04
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.80
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.73
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.35
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.34
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 59.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 22.55
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 20.38
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.56
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.15
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.51
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 20.33
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 20.59
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.32
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.03
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 59.86
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.72
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.54
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 25.90
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 20.59
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 20.42
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.29
RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 78.32
RUGAO COMMUNICATIONS CONS 3.74 03/23/23 CNY 59.81
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 60.05
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 59.85
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.45
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.48
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.54
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 58.97
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.93
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 59.76
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.32
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 58.90
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 50.66
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.86
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.58
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 59.44
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 40.68
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.42
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.80
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 61.01
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.06
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 66.04
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.95
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.24
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 40.77
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 20.78
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 42.45
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 41.01
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 24.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 20.78
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.10
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.36
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.00
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 18.95
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.52
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.75
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.27
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.90
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.64
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.68
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.49
SHANGHAI PUTAILAI NEW ENE 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.75
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.14
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.80
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.34
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 31.53
SHANTOU INVESTMENT & FINA 7.99 03/04/24 CNY 64.64
SHANXI INTERNATIONAL ELEC 5.88 05/24/22 CNY 62.60
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 69.90
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 60.54
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.83
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 41.35
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 40.62
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 41.07
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.93
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 41.56
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 40.00
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 23.90
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 20.32
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.33
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.32
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.12
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 40.61
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.32
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 59.77
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 57.99
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.78
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.69
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 20.53
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 41.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 41.26
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 39.73
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 40.59
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 63.79
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 46.42
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 63.25
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 40.91
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 41.17
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.71
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.12
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.07
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.24
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.53
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.47
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.00
SICHUAN CHENG'A DEVELOPME 7.18 09/12/20 CNY 20.06
SICHUAN COAL GASIFICATION 7.00 04/18/23 CNY 60.32
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.85
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.51
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 60.87
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 59.92
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.73
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.72
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 58.53
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 57.62
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.42
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 40.84
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.77
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.73
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.30
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.56
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.06
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.58
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.00
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.63
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 20.58
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.45
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 20.42
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 39.85
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 59.19
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 58.41
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.48
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.70
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.38
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.55
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.17
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 40.67
SUIZHOU YULONG WATER SUPP 6.10 03/28/23 CNY 59.76
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.06
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.15
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.97
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.94
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.07
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.06
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.39
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.66
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.06
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.47
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.53
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.23
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 40.98
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 20.40
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 60.62
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 59.76
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.16
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.22
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.31
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 59.74
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.39
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.00
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.10
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.19
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 20.42
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.45
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.14
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 44.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 41.27
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.12
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 60.78
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 59.56
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.60
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.07
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 20.28
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.99
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.95
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.10
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.19
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.09
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 20.22
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.06
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.69
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.25
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.24
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.51
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 45.65
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 58.36
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 57.75
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 44.47
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.74
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 39.00
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 40.87
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 40.83
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.36
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 40.59
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.24
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.10
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.38
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.20
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.19
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 20.44
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.92
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.02
TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 73.17
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 20.39
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.03
TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 73.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 39.20
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 24.94
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.77
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.40
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.34
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.32
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.00
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 59.63
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.09
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.61
TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 65.51
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 41.38
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 40.85
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT D 8.39 04/25/22 CNY 51.68
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 61.51
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 58.74
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 41.19
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.46
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 61.05
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 59.77
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 41.07
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 25.35
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.18
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 59.13
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 58.40
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 59.02
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 58.50
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.86
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 59.41
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 58.48
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.78
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.45
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.69
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.22
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.46
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.19
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.63
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.59
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.40
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 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
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 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
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 20.50
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 5.39
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.38
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 40.68
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.53
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.32
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 20.40
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 40.46
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 60.05
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 59.99
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 40.70
WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 59.59
WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 59.78
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.68
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 60.56
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 59.50
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 40.69
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.51
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.40
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.27
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.10
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 60.07
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.45
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.02
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.13
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.11
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 61.05
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 60.64
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.12
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.11
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 20.53
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.40
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 59.68
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 64.80
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 28.99
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 20.17
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 37.79
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.75
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.73
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 20.26
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.96
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 19.99
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 60.30
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 59.54
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.88
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.66
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 23.38
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 20.42
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.15
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 59.97
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 40.60
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 60.27
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 59.95
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.50
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.45
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 40.46
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 20.52
XIAOGAN URBAN CONSTRUCTIO 3.94 07/05/21 CNY 63.12
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 20.51
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.54
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.42
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 60.16
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 59.81
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 42.71
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 41.82
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.71
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 58.46
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 20.40
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.83
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.81
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 34.44
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 33.49
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.73
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 20.49
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.27
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.32
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.14
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 40.93
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 27.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 41.39
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 40.95
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 25.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 20.37
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.28
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 60.10
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 59.32
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 40.78
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.32
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.15
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 20.67
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.34
XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 59.60
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.00
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.78
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.03
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 20.49
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 20.59
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 21.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 20.60
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.06
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.15
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.60
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.44
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.37
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.40
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.05
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.33
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.63
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.92
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 41.17
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.15
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.07
YANGZHONG CITY INVESTMENT 5.15 06/03/23 CNY 60.95
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.70
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.43
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 60.36
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 59.55
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.40
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.89
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 46.63
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 41.14
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.03
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.00
YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 60.03
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 59.99
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 20.30
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.63
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 23.47
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 20.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.70
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 20.41
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 20.53
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 39.17
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.79
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 58.48
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.99
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 60.90
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.85
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 20.51
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.27
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 50.03
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 41.10
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 23.50
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 20.37
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 40.62
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.13
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.69
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.86
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.42
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 60.50
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.30
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.39
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.18
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.07
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 78.50
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 60.28
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 40.83
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.55
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 61.30
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 60.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 20.50
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 20.63
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.09
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.45
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.43
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.05
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 20.41
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 20.50
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 62.67
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 60.14
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.70
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.93
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.60
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.47
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.15
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 41.28
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.49
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 20.40
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 40.52
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 24.00
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 20.63
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.03
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.48
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 41.06
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.03
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 40.72
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.03
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.45
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.02
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.08
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.39
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.13
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 60.81
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 58.76
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 20.36
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.34
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 60.49
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 59.87
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.42
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 40.49
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 23.88
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 20.27
ZHOUSHAN DINGHAI CITY CON 6.67 07/20/22 CNY 40.62
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 40.70
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.12
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 56.42
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 55.80
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.90
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.66
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.63
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.26
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.09
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 41.16
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.28
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.16
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.85
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.55
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.00
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.46
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.04
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.78
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.15
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.42
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.74
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.46
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.15
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 58.49
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 57.36
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 59.03
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 56.21
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 69.70
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 67.66
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 52.98
HONG KONG
---------
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 75.00
DR PENG HOLDING HONGKONG 7.55 12/01/21 USD 71.48
INDIA
-----
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 67.09
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 65.58
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.92
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.78
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 67.77
INDONESIA
---------
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 24.80
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 24.76
APG HABITAT PVT LTD 1.00 09/09/28 INR 58.45
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 42.31
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 40.52
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.94
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.78
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.95
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 66.57
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 60.51
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 37.55
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 26.17
DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 44.15
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 46.92
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 69.72
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 67.38
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 64.09
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 63.13
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 61.38
FUTURE RETAIL LTD 5.60 01/22/25 USD 64.42
FUTURE RETAIL LTD 5.60 01/22/25 USD 58.28
GREEN URJA PVT LTD 0.01 02/14/30 INR 46.68
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 58.94
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 55.19
INDIABULLS HOUSING FINANC 6.38 05/28/22 USD 72.79
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 3.22
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 26.84
JTPM ATSALI LTD 0.01 08/29/48 INR 10.98
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 25.50
KRIBHCO INFRASTRUCTURE LT 1.00 04/15/26 INR 72.34
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 66.62
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 30.05
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 27.55
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 27.55
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 26.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 70.17
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 65.42
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 60.97
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 56.83
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 53.01
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 49.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 46.44
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 43.64
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.23
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 69.66
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 65.67
REI AGRO LTD 5.50 11/13/14 USD 0.56
REI AGRO LTD 5.50 11/13/14 USD 0.56
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.64
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.63
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 67.08
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 29.18
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 56.26
WS T&D LTD 0.10 03/24/29 INR 50.57
ZYDUS FOUNDATION 0.10 03/25/25 INR 70.08
INDONESIA
---------
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 73.14
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 67.88
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 66.72
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 60.98
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 46.42
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 75.01
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 72.52
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 71.76
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 70.93
KIBO ABS SPECIALTY CO LTD 5.00 02/24/23 KRW 69.67
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.39
LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.65
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.91
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 73.25
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 73.15
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 72.71
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 71.61
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 71.29
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 71.14
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 70.92
SINBO SECURITIZATION SPEC 5.00 07/24/23 KRW 69.29
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 68.82
SINBO SECURITIZATION SPEC 5.00 06/27/23 KRW 68.30
SINBO SECURITIZATION SPEC 5.00 08/29/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 67.08
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 07/24/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 66.75
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 66.74
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.38
SINBO SECURITIZATION SPEC 5.00 06/27/22 KRW 66.06
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.30
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 64.09
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 63.13
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 62.72
SRI LANKA
---------
SRI LANKA DEVELOPMENT BON 5.66 05/01/23 USD 74.36
SRI LANKA DEVELOPMENT BON 4.57 01/22/23 USD 73.78
SRI LANKA DEVELOPMENT BON 4.38 01/22/23 USD 73.73
SRI LANKA DEVELOPMENT BON 4.35 03/16/23 USD 72.52
SRI LANKA DEVELOPMENT BON 4.26 05/01/23 USD 71.48
SRI LANKA DEVELOPMENT BON 4.22 05/01/23 USD 71.39
SRI LANKA DEVELOPMENT BON 6.87 01/22/25 USD 70.12
SRI LANKA DEVELOPMENT BON 6.75 01/22/25 USD 69.75
SRI LANKA DEVELOPMENT BON 6.50 01/22/25 USD 68.98
SRI LANKA DEVELOPMENT BON 6.02 01/22/25 USD 67.51
SRI LANKA DEVELOPMENT BON 5.98 01/22/25 USD 67.39
SRI LANKA DEVELOPMENT BON 4.90 01/22/25 USD 63.84
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.17
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.06
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.56
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.49
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.43
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.26
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.50
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 67.43
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.17
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 66.98
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.61
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.50
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.97
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.88
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.50
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.38
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 64.25
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 63.98
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.56
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.43
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 51.00
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 0.85
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.52
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.24
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.01
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.50
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.01
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.62
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 74.53
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 73.38
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 72.10
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 70.84
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
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PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.17
PHILIPPINES
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BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
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ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 50.54
APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 51.27
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.64
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 50.67
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 27.38
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 51.89
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 46.51
GOLDEN ENERGY & RESOURCES 9.00 02/14/23 USD 73.94
HYFLUX LTD 4.60 09/23/19 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.25 09/07/18 SGD 38.63
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 31.05
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 77.65
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.55
MODERNLAND OVERSEAS PTE L 6.95 04/13/24 USD 29.23
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.76
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.30
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.92
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 14.69
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.56
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 62.17
SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 46.62
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 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
THAILAND
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MDX PCL 4.75 09/17/03 USD 22.88
G STEEL PCL 3.00 10/04/15 USD 0.55
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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