/raid1/www/Hosts/bankrupt/TCRAP_Public/230530.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, May 30, 2023, Vol. 26, No. 108
Headlines
A U S T R A L I A
BLACKWATTLE SERIES 2021-1: S&P Ups Class F Notes Rating to B+ (sf)
BRM RISK: First Creditors' Meeting Set for June 5
CATER GROUP: Placed Into Administration
COSMIC PACKAGING: Second Creditors' Meeting Set for June 5
LION SERIES 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB (sf)
PEPPER RESIDENTIAL NO. 30: S&P Raises Cl. F Notes Rating to 'BB-'
PLENTI AUTO 2023-1: Moody's Gives (P)B2 Rating to AUD6.6MM F Notes
URPLA PTY: First Creditors' Meeting Set for June 2
VERIDIAN MARKETS: First Creditors' Meeting Set for June 1
WINWORTH INVESTMENT: Second Creditors' Meeting Set for June 2
C H I N A
GOLDEN EAGLE: Moody's Withdraws 'Ba2' Corporate Family Rating
KUNMING: Denies LGFV Debt Woes as City's Fiscal Revenue Jumps
I N D I A
ADANI GREEN RG1: Fitch Affirms BB+ Rating on $500M Sr. Sec. Notes
ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Long Term Issuer Rating
AJAY BUILDERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
ANKUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
APOORVA CONSTRUCTION: Ind-Ra Assigns BB+ Long Term Issuer Rating
APRA ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
ARCHIT ORGANOSYS: Ind-Ra Affirms BB- Long Term Issuer Rating
BABA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
BBG INFRA: ICRA Moves B Debt Ratings to Not Cooperating
BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR14.33cr Loan to B+
C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating Category
CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Long Term Issuer Rating
CHETANA EDUCATION: ICRA Lowers Rating on INR30cr LT Loan to B+
DATT AQUACULTURE: Ind-Ra Affirms BB Long Term Issuer Rating
DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
GG EXPORTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
JANA HOLDINGS: Ind-Ra Assigns B- Rating to Non-Convertible Debts
JET AIRWAYS: NCLAT Grants Jalan Kalrock More Time to Pay Dues
JINDAL TRADING: ICRA Lowers Rating on INR6cr LT Loan to D
JMP INDUSTRIES: Ind-Ra Cuts Term Loan Rating to 'BB'
KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
KP POLYOLEFIN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
MAPS GRANITO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
MARKETING PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTI NANDAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
MECTECH PROCESS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
MURUGAR SPINNING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
NANI AGRO: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
PATEL MOTORS: Ind-Ra Affirms BB+ Long Term Issuer Rating
PSK TEXTILES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
RAJALAKSHMI AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
RAJI MATHEW: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
RENAISSANCE INDUS: NCLAT Dismisses Promoter's Plea vs. Insolvency
RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating
SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
SAGAR MOTORS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SAI TRADERS: Ind-Ra Affirms BB Long Term Issuer Rating
SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
SHILPA ELECTRICAL: Ind-Ra Moves B- Rating to Non-Cooperating
SHIV METTALICKS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SHIVA GLOBAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
SHIVA PARVATI: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
SHRINIWASA PROTEINS: Ind-Ra Moves B+ Rating to Non-Cooperating
SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating
SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHARTHA INNOPAK: Ind-Ra Moves BB- Rating to Non-Cooperating
SONHIRA SAHAKARI: ICRA Keeps B+ Debt Rating in Not Cooperating
SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating
SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
TATA MOTORS: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating
THIRUMALA SERVICE: Ind-Ra Moves B+ Rating to Non-Cooperating
TIMBER CORPORATION: Ind-Ra Moves B- Rating to Non-Cooperating
TRACK INNOVATIONS: ICRA Lowers Rating on INR15cr LT Loan to B+
UMANG BOARDS: Ind-Ra Affirms BB+ Long Term Issuer Rating
UNI ADS: ICRA Lowers Rating on INR13.50cr Term Loan to B+
VEDANTAA INSTITUTES: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
VENUS DENIM: Ind-Ra Cuts Long Term Issuer Rating to 'D'
VIDARBHA INDUSTRIES: Reliance Power Offers INR1,200cr to Lenders
VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
WOOD WORKS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
N E W Z E A L A N D
2022 AS LIMITED: Creditors' Proofs of Debt Due on June 29
HELLO FOODS: Creditors' Proofs of Debt Due on July 22
MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
MSC CONSULTING: Court to Hear Wind-Up Petition on June 5
SAENA COMPANY: Court to Hear Wind-Up Petition on June 23
P A K I S T A N
PAKISTAN: To Share Budget Details with IMF to Unlock Funds
S I N G A P O R E
BRICK EAGLE VENTURES: Commences Wind-Up Proceedings
HONESTBEE PTE: No Funds Available for Ex-Staff, Trade Creditors
NORDIC AMY: Creditors' Proofs of Debt Due on June 30
RESOURCE INVESTMENTS: Creditors' Meeting Set for June 12
STAMFORD PRESS: Creditors' Proofs of Debt Due on June 28
SUNEDISON SOLAR: Final Meeting Set for June 27
S R I L A N K A
SRI LANKA: Confident of Meeting September Deadline for Debt Talks
V I E T N A M
PETROVIETNAM POWER: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos
X X X X X X X X
[*] BOND PRICING: For the Week May 22 to May 26, 2023
- - - - -
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A U S T R A L I A
=================
BLACKWATTLE SERIES 2021-1: S&P Ups Class F Notes Rating to B+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust
2021-1. At the same time, S&P affirmed its ratings on two classes
of notes issued out of the same trust.
The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses it
applies. Credit support comprises note subordination for all rated
notes, lenders' mortgage insurance covering 17% of the loan pool,
and excess spread, if any.
The overall credit quality of the underlying collateral pool, which
as of April 30, 2023, has a pool factor of 41%, remain sound, with
weighted-average seasoning of 43 months and a current
weighted-average loan-to-value ratio of 65.24%.
The pool has generally displayed good asset performance, having
tracked mostly below the Standard & Poor's Performance Index since
inception. As of April 30, 2023, loans greater than 30 days in
arrears comprise 0.41% of the total portfolio. There have been no
losses to date as of April 30, 2023.
The transaction's cash flows support the timely payment of interest
and ultimate payment of principal to the rated classes of notes
under S&P's rating stress assumptions.
The rated classes of notes are currently paying on a pro rata basis
since conditions are met. These include meeting performance
triggers and the call-option date not having occurred.
S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including principal draws, loss
reserve and amortizing liquidity facility are sufficient to ensure
timely payment of interest.
Ratings Raised
Blackwattle Series RMBS Trust 2021-1
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to B+ (sf) from B (sf)
Ratings Affirmed
Blackwattle Series RMBS Trust 2021-1
Class A1: AAA (sf)
Class A2: AAA (sf)
BRM RISK: First Creditors' Meeting Set for June 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of BRM Risk
Management Pty Ltd will be held on June 5, 2023, at 2:30 p.m. at
the offices of Hamilton Murphy at Level 21, 114 William Street in
Melbourne and via virtual meeting technology.
Stephen Dixon and Leigh Dudman of Hamilton Murphy Advisory were
appointed as administrators of the company on May 24, 2023.
CATER GROUP: Placed Into Administration
---------------------------------------
Business News Australia reports that restaurant company Cater
Group, which operates the popular Lime Mexican outlets in NSW and
Queensland, has been placed into administration.
On May 24, David Sampson and Max Prentice, of BPS Recovery, were
appointed administrators to the Port Macquarie-based company,
listing 11 businesses controlled by Cater Group that have been
caught up in the company's financial woes, the report discloses.
BNA relates that the restaurants affected include Broughtons at the
Bay (Nelson Bay), Lime Mexican Fortitude Valley, Lime Mexican The
Entrance, The Landing (Newcastle), The Point Restaurant (Soldiers
Point in Nelson Bay), Lime Mexican Coffs Harbour, Lime Mexican
Nelson Bay, Lime Newcastle and Lime Mexican Tapas Restaurant &
Bar.
Some of these businesses within the group have been closed while
others continue to operate.
Lime Mexican Tapas Restaurant & Bar lists four current locations on
its website - at the Circle on Cavill building in Surfers Paradise,
at the d'Albora Marina in Nelson Bay, on Honeysuckle Drive on the
Newcastle foreshore and The Barracks in Brisbane - which appear to
still be taking bookings.
Administrator David Sampson told Business News Australia that his
investigations are at a preliminary stage.
"We just got appointed last night and we are only into the first
couple of hours of getting into the job; we're just dealing with
the day one issues right now," the report quotes Mr. Sampson as
saying.
"All I can do is confirm that we have been appointed administrator
over the Cater Group and it has a variety of outlets on the eastern
seaboard of Australia.
"We're wrestling with the insolvency of the business. We're still
coming to terms with what the outcome is likely to be and what the
situation of the company is, but it's not good."
BNA relates that Mr. Sampson said he is unsure which of the Lime
Mexican restaurants have been affected by the administration.
"We are still working with the directors about how extensive their
brand is."
He added that it is too early to determine the total debts of the
company.
The first creditors meeting for Cater Group has been scheduled for
June 2, 2023, at 5:00 p.m.
COSMIC PACKAGING: Second Creditors' Meeting Set for June 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cosmic
Packaging Pty Ltd and ACN 633 206 292 Pty Ltd (formerly known as
Selmac Mildura Pty Ltd) has been set for June 5, 2023 at 12:00 p.m.
at the offices of Hamilton Murphy Advisory at Level 21, 114 William
Street in Melbourne and via virtual meeting technology.
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 June 4, 2023 at 4:00 p.m.
Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on May 1, 2023.
LION SERIES 2023-1: S&P Assigns Prelim BB (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six classes of
prime floating-rate residential mortgage-backed securities (RMBS)
to be issued by Perpetual Corporate Trust Ltd. as trustee of Lion
Series 2023-1 Trust. Lion Series 2023-1 Trust is a securitization
of prime residential mortgages originated by HSBC Bank Australia
Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, lenders' mortgage insurance, and excess spread (if
any).
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity facility equal to 1.0% of the outstanding
performing balance of the receivables, are sufficient under its
stress assumptions to ensure timely payment of interest on the
rated notes.
-- The extraordinary expense reserve of A$150,000, funded at
transaction close and available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.
-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by HSBC Bank Australia to hedge the mismatch between
receipts from fixed-rate mortgage loans and the variable-rate
RMBS.
Preliminary Ratings Assigned
Lion Series 2023-1 Trust
Class A1, A$460.00 million: AAA (sf)
Class A2, A$20.00 million: AAA (sf)
Class B, A$8.50 million: AA (sf)
Class C, A$5.00 million: A (sf)
Class D, A$2.25 million: BBB (sf)
Class E, A$2.00 million: BB (sf)
Class F, A$2.25 million: Not rated
PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper I-Prime
2021-2 Trust. At the same time, S&P affirmed its ratings on two
classes of notes. The transaction is a securitization of prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).
S&P said, The rating actions reflect our view of the credit risk of
the pool, which has been amortizing in line with our expectation.
Credit support provided in percentage terms has increased as the
pool paid down. This credit support comprises note subordination
for all rated notes and excess spread to the extent available.
Current loan-to-value ratios across the pool have been declining,
lowering our expectation of loss for the pool."
The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.
As of April 30, 2023, the pool has a balance of about A$346.8
million and a pool factor of about 40.7%. The pool's
weighted-average loan-to-value ratio is 64.5% and weighted-average
seasoning is 32.5 months.
S&P has factored the prepayment rates and arrears performance of
the transaction into its analysis. As of April 28, 2023, the
prepayment rate was 39.67%, which is much higher than the S&P
Global Ratings Prepayment Index (SPPI) for prime loans. Over the
last 12 months, the arrears performance generally has also been
higher relative to the S&P Global Ratings Performance Index (SPIN)
for prime loans. As of April 30, 2023, loans greater than 30 days
in arrears make up 1.10% of the pool, of which those more than 90
days in arrears represent 0.45%. There have been no losses to
date.
A constraining factor on the degree of upgrades is the rising
interest rate environment and softening macroeconomic conditions,
which will likely lead to higher arrears across the market. The
composition of this portfolio and the subset of borrowers are
likely to be more susceptible to such changes in the economy,
particularly rising interest rates and cost-of-living pressures.
Ratings Raised
Pepper I-Prime 2021-2 Trust
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to BB (sf) from B (sf)
Ratings Affirmed
Pepper I-Prime 2021-2 Trust
Class A1: AAA (sf)
Class A2: AAA (sf)
PEPPER RESIDENTIAL NO. 30: S&P Raises Cl. F Notes Rating to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No. 29 (PRS29) and
Pepper Residential Securities Trust No. 30 (PRS30). At the same
time, S&P affirmed its ratings on five classes of notes issued out
of the same trusts.
The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolios. Credit support provided in
percentage terms has increased as the pools pay down. As of April
30, 2023, the pool factor for PRS29 was about 38.3%, and for PRS30,
it was 37.9%.
The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transactions. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.
S&P has also factored into its analysis the arrears performance,
the relatively high level of self-employed borrowers, and low and
alternative documentation loans in the pool. These characteristics
increase its expectation of loss for the portfolio. The arrears
performance generally has been higher relative to the Standard &
Poor's Performance Index (SPIN) for nonconforming loans in the past
six months. As of April 30, 2023, loans greater than 30 days in
arrears represent 4.2% for PRS29, of which 2.03% is more than 90
days in arrears; and 3.0% for PRS30, of which 1.0% is more than 90
days in arrears. There have been no charge-offs to any of the
notes.
For both transactions, under the pro rata payment structure, the
class G notes' allocated principal is paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated notes. Therefore, the class F notes will continue to
benefit from an increase in the percentage of credit support
provided as the pool amortizes under a pro rata structure, while
for the remaining rated notes the percentage of credit support will
remain static. PRS29 notes have met their pro rata triggers and are
currently paying pro rata.
The turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the rated tranches in both
transactions.
A constraining factor on the degree of upgrades is the rising
interest rate environment and softening macroeconomic conditions
that will likely lead to higher arrears across the market. The
composition of the portfolios and the subset of borrowers are
likely to be more susceptible to such changes in the economy,
particularly rising interest rates and cost-of-living pressures.
These qualitative factors constrain S&P ratings beyond quantitative
factors alone.
Ratings Raised
Pepper Residential Securities Trust No.29
Class C: to A+ (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BBB- (sf) from BB (sf)
Class F: to BB (sf) from B+ (sf)
Pepper Residential Securities Trust No.30
Class B: to AA+ (sf) from AA (sf)
Class C: to A+ (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BBB- (sf) from BB (sf)
Class F: to BB- (sf) from B (sf)
Ratings Affirmed
Pepper Residential Securities Trust No.29
Class A1: AAA (sf)
Class A2: AAA (sf)
Class B: AA (sf)
Pepper Residential Securities Trust No.30
Class A1: AAA (sf)
Class A2: AAA (sf)
PLENTI AUTO 2023-1: Moody's Gives (P)B2 Rating to AUD6.6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in its capacity as the trustee of the Plenti Auto ABS
2023-1 Trust.
Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS 2023-1
AUD338.0 million Class A Notes, Provisional Rating Assigned (P)Aaa
(sf)
AUD6.0 million Class A-X Notes, Provisional Rating Assigned (P)Aaa
(sf)
AUD19.0 million Class B1 Notes, Provisional Rating Assigned (P)Aa2
(sf)
AUD8.0 million Class B2 Notes, Provisional Rating Assigned (P)Aa2
(sf)
AUD10.0 million Class C Notes, Provisional Rating Assigned (P)A2
(sf)
AUD4.0 million Class D Notes, Provisional Rating Assigned (P)Baa2
(sf)
AUD7.6 million Class E Notes, Provisional Rating Assigned (P)Ba1
(sf)
AUD6.6 million Class F Notes, Provisional Rating Assigned (P)B2
(sf)
The AUD2.8 million Class G1 Notes and AUD4.0 million Class G2 Notes
are not rated by Moody's.
Plenti Auto ABS 2023-1 Trust (Plenti 2023-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti, unrated) and are
serviced by Plenti RE Limited (Plenti RE).
Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Following strong growth in its automotive finance book,
Plenti is issuing its third auto ABS transaction. Plenti is a
technology-led lending business, offering automotive, renewable
energy and personal loans, delivered via its proprietary technology
platform.
RATINGS RATIONALE
The limited amount of historical data. Plenti was established in
2014, with significant origination growth beginning in 2017
onwards. The collateral performance data used in Moody's analysis
reflects Plenti's short origination history and does not cover a
full economic cycle.
The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. Initially, the notes will
be repaid on a sequential basis starting with the Class A notes.
Once pro rata paydown conditions are satisfied, principal will be
distributed pro rata among Class A through Class F Notes. Following
the call date, or if the pro rata conditions are otherwise not
satisfied, the principal collections distributribution will revert
to sequential. Initially, the Class A, Class B (Class B1 and B2),
Class C, Class D, Class E and Class F Notes benefit from 15.50%,
8.75%, 6.25%, 5.25%, 3.35% and 1.70% of note subordination,
respectively.
The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
March 2026. If the deal is called by the sponsor before repayment
of the Class A-X Notes under the amortisation schedule in March
2026, the Class A-X Notes will be made whole and repaid in full.
The notes also benefit from access to principal draw providing the
Class A Notes stated amount is above zero.
The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.
The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.35 million.
The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).
The experience of Plenti RE Limited as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 2.70%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.
Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.26%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.
The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
URPLA PTY: First Creditors' Meeting Set for June 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of Urpla Pty
Ltd and Urpla Software Pty Ltd will be held on June 2, 2023, at
10:00 a.m. and 10:30 a.m. respectively, via virtual meeting at GT
Advisory & Consulting, Level 3, 140 Bundall Road in Bundall.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on May 23, 2023.
VERIDIAN MARKETS: First Creditors' Meeting Set for June 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Veridian
Markets Pty. Ltd. will be held on June 1, 2023, at 2:30 p.m. via
virtual meeting technology from 'One Wharf Lane', Level 20, 171
Sussex Street in Sydney.
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of the company on May 23, 2023.
WINWORTH INVESTMENT: Second Creditors' Meeting Set for June 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Winworth
Investment Pty Ltd has been set for June 2, 2023 at 10:30 a.m. at
the offices of Greengate Advisory at Suit 32.02 Level 32, 31 Market
Street in Sydney and via Zoom platform.
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 June 1, 2023 at 4:00 p.m.
Patrick Loi and John Chand of Greengate Advisory were appointed as
administrators of the company on April 28, 2023.
=========
C H I N A
=========
GOLDEN EAGLE: Moody's Withdraws 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating of Golden Eagle Retail Group Ltd. The stable rating outlook
has also been withdrawn.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Golden Eagle Retail Group Ltd is one of China's largest retail
chain store operators. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities, catering
to mid- to high-end customers.
KUNMING: Denies LGFV Debt Woes as City's Fiscal Revenue Jumps
-------------------------------------------------------------
Yicai Global reports that Kunming, the capital of China's southern
Yunnan province, on May 24 denied market rumors that its local
government financing vehicles are having difficulty repaying debts.
Official data also showed that the city's fiscal revenue in the
first four months of this year was much higher than a year ago.
According to Yicai Global, some online media have disseminated
false information about Kunming's city investment bonds recently,
impacting local state-owned enterprises and related parties, the
city's state-owned assets manager said on its website. Legal action
is being taken to protect Kunming's reputation, it added.
A document about the minutes of a meeting of Kunming city
investment bond experts has been circulating online. It suggested
the city was cash-strapped and that many local SOEs were under
pressure to repay debt, causing widespread concern in the market.
Yicai Global relates that ratings agencies have downgraded their
outlook for many of the city's LGFVs since the start of this year.
For example, China Lianhe Credit Rating lowered its outlook for
Kunming Dianchi Investment to "negative" from "stable" last month
because the firm has been under short-term pressure to repay debt
and has defaulted on commercial paper.
But official data revealed that Kunming's fiscal revenue, or the
money governments collect through taxes and fees, has risen this
year thanks to a recovery in the local economy.
The city's general public budget revenue totaled CNY20.7 billion
(USD2.9 billion) in the first four months of 2023, up 9.1 percent
from a year earlier, and government-managed funds' budget revenue
was CNY3.4 billion, a 1.3 percent gain, the data, as cited by Yicai
Global, showed.
Last year, Kunming's general public budget revenue sank 26.7
percent to CNY50.5 billion from 2021, reaching less than 71 percent
of the budget level set early in 2022. The government-managed
funds' budget revenue fell 67.6 percent to CNY14.6 billion, mainly
because income from transferring usage rights for state-owned land
shrank amid the downturn in the real estate market, Yicai Global
discloses citing city's financial statements.
The city's government debt balance was around CNY223.1 billion at
the end of last year, ranking the highest in Yunnan province, but
thanks to its large gross domestic product its debt-to-GDP ratio
was only 29.8 percent, lower than the provincial average, Yuekai
Securities said in a report, Yicai Global relays.
But the report also added that there was a more worrying figure for
the city's broad debt-to-GDP ratio, taking the interest-bearing
debts of LGFVs into consideration. The figure was 81.5 percent, the
highest in Yunnan, adds Yicai Global.
=========
I N D I A
=========
ADANI GREEN RG1: Fitch Affirms BB+ Rating on $500M Sr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Adani Green Energy Limited Restricted
Group 1's (AGEL RG1) USD500 million senior secured notes due 2024
at 'BB+'. The Outlook is Stable. AGEL RG1 includes three
subsidiaries of Adani Green Energy Limited (AGEL).
The US dollar notes were issued in part by each of the three SPVs
in the restricted group (RG): Adani Green Energy (UP) Limited,
Parampujya Solar Energy Private Limited (PSEPL) and Prayatna
Developer Private Limited. The notes are stapled together to mimic
the structure of the RG. The issuers directly own operating assets
and are not merely lenders to the operating entities, unlike other
rated issuance from most Indian RGs. All covenants or triggers are
on an aggregate basis. Each SPV guarantees the note obligations of
the other two SPVs, although the notes constitute each issuer's
obligations only on a several basis.
RATING RATIONALE
The affirmation reflects the credit profile of AGEL RG1, which
operates solar generation assets with a combined capacity of 930MW
across India. The rating is underpinned by long-term fixed-price
power purchase agreements (PPAs), commercially proven technology
with a pure solar portfolio, experienced operation and maintenance
(O&M) contractors, and adequate financial profile.
Noteholders benefit from a standard security package and robust
covenants restricting distributions. The notes have a bullet
repayment in December 2024, but the refinancing risk is mitigated
by the long remaining terms of the PPAs for an operating solar
portfolio, the group's recent ability to raise capital, and a
senior debt restricted amortisation account. Fitch assumes the
notes will be refinanced at maturity, with the refinancing debt
amortised over the remaining PPA terms. However, less favorable
refinancing terms and structure than the assumptions in Fitch's
financial analysis may have rating implications.
Fitch considers revenue from sovereign-backed NTPC Limited
(BBB-/Stable) and Solar Energy Corporation of India (SECI), to
which AGEL RG1 contracts 57% of its total capacity, as fully
contracted revenue and apply the fully contracted project
threshold. SECI's credit quality does not constrain the rating, as
revenue exposure to SECI presents a systematic sector risk.
Fitch does not rate the state-owned distribution companies that
purchase power from some projects of the RG. The counterparties
have weak credit profiles and varying histories of payment delays,
although exposure to multiple counterparties mitigates the risk.
Further, we have noticed improvement in the receivables collection
from state-owned distribution companies following the introduction
the Late Payment Surcharge rule in 2022.
Fitch believes that it is prudent that projects with such
counterparties meet a higher threshold to achieve the same rating
as other projects with strong counterparties, all else being equal.
Hence, we base the credit assessment of the notes on the indicative
debt service coverage ratio (DSCR) thresholds applicable to
merchant projects for the revenue-weighted exposure to the
state-owned distribution companies instead of the ones for fully
contracted projects, while the cash flow is evaluated based on the
contracted prices.
Based on an updated energy yield assessment, the RG generates an
average annual DSCR of 1.32xunder Fitch's rating case versus an
average annual DSCR of 1.37x calculated based on the previous
energy yield assessment report. The updated level remains
commensurate with a 'BB+' rating.
KEY RATING DRIVERS
Experienced Contractors; Proven Technology: Operation Risk −
Midrange
AGEL RG1 consists of 930MW polycrystalline solar projects, a proven
technology with a long operating history. Fitch views the operation
of this kind of solar projects as straightforward. Solar modules
are provided by various internationally well-known suppliers. O&M
work is carried out by an affiliate company, Adani Infrastructure
Management Services Limited, under seven-year fixed-price contracts
with 2% annual price escalation. However, the O&M contracts have
been revised a few times in the past with lower fixed prices than
the original contracts.
The O&M cost per MW is comparable to the O&M cost in its rated
Indian renewable universe. The operation risk assessment is
constrained to 'Midrange' because the operating cost forecast is
not validated by an independent technical advisor.
Generation Lower than Expectations: Revenue Risk (Volume) −
Midrange
The assets in AGEL RG1 have generated electricity below the initial
P90 forecasts. In 2022, management engaged third-party experts to
reassess the energy-yield forecast and consider the actual
operating performance of the portfolio. The experts reduced the P90
capacity utilisation factor (CUF) estimate by about 7% and that for
P50 CUF by about 5.6%, from the earlier projections. The updated
energy-yield forecast has an overall P50/one-year P90 spread of 8%,
leading to a 'Midrange' volume risk assessment.
Generation in the financial year ended March 2023 (FY23) was in
line with the P90 updated energy-yield assessment and stood at
1,895 million units, almost same as last year's generation. The
RG's grid and plant availability for FY23 stood at 99.0%.
Long-Term Fixed-Price PPAs: Revenue Risk (Price) − Stronger
AGEL RG1 contracts 40% of its total capacity with NTPC and 17% with
SECI, with the remaining capacity contracted with various state
distribution companies under 25-year fixed-price PPAs, which
protect the portfolio from merchant price volatility. Fitch
assesses price risk as 'Stronger'.
Bullet Repayment with Protective Structural Features: Debt
Structure - Midrange
The debt is a senior secured five-year bullet bond. The bullet
repayment structure presents significant refinancing risk. However,
the notes benefit from a senior debt restricted amortisation
account that requires issuers to pre-fund a proportion of debt by
maturity. The notes also require issuers to submit a refinancing
plan 12 months before maturity. The refinancing risk is mitigated
by the long remaining terms of the PPAs for an operating solar
portfolio and the group's recent ability to raise capital despite
headwinds from a report by short seller Hindenberg Research.
However, less favourable refinancing terms and structure than the
assumptions made in Fitch's financial analysis may have rating
implication.
Noteholders benefit from protective structural features to restrict
distributions. The debt has a six-month debt service reserve. All
cash will be trapped if the 12-month backward-looking DSCR drops to
below 1.35x or if the project life cover ratio drops to below 1.6x.
Distribution will also be restricted if sovereign-backed off-takers
account for less than 55% of EBITDA, or if aggregate cash flow
available for debt service (CFADS) from sovereign-backed off-takers
over the remaining PPA terms is insufficient to cover 75% of the
outstanding debt.
Group Governance Risks
Governance weaknesses at the sponsor level and other group
entities, including a highly concentrated shareholding structure
across group entities and aggressive debt-funded investments at
some entities, can expose all Adani group-related companies to
higher contagion risks than previously considered, which can affect
their financial flexibility. We believe these group-related risks
to be lower for AGEL RG1 due to legal ring-fencing as per a strict
cash flow waterfall mechanism in the US dollar notes.
The group is re-evaluating its investment plans, especially in
non-infrastructure businesses. The Adani family recently sold
USD1.9 billion of shares in various group entities to a US-based
fund. Two of the boards at Adani group companies - Adani
Transmission Limited (BBB-/Stable) and Adani Enterprise - approved
plans to raise a total of about USD2.5 billion from the stock
market. The additional funding will support financial flexibility
across Adani group entities, mitigating the risks.
Financial Profile
Fitch assumes the bullet principal repayment will be refinanced
upon maturity by fully amortising debt across the remaining PPA
terms at a higher refinancing interest rate of 12%.
Fitch's base case assumes a P50 energy production throughout the
forecast period until the end of the PPAs based on the updated
energy yield report, a 5% production haircut and repowering capex
to arrest 0.5% annual degradation. We assume flat cost of modules,
which are required for repowering capex. Fitch also applies a
four-month stress to the receivable day assumption for state
distribution company off-takers. Fitch's base case generates an
average annual debt service coverage ratio (DSCR) of 1.46x, with a
minimum of 1.29x.
Fitch's rating case assumes a one-year P90 energy yield throughout
the forecast period, a 5% production haircut and repowering capex
to arrest 0.6% annual degradation. We assume a 1% annual increase
in cost of modules, which are required for repowering capex. We
also apply a 10% stress on the original operating expenses and a
four-month stress to the receivable day assumption for state
distribution company off-takers. Based on the updated energy yield
report, the P90 CUF could have marginally lowered the average
annual rating-case DSCR against our downgrade rating action trigger
of 1.30x, which would put pressure on the rating on the US dollar
bond. However, the bond has features that restrict distributions,
i.e. all cash will be trapped if the 12-month backward-looking DSCR
drops to below 1.35x or if the project life cover ratio drops to
below 1.6x. The interest income earned on the additional cash
balances partly compensate for lower cash inflow due to a lower
yield assessment in our rating case, which pushes the average
annual rating case DSCR up to 1.32x, above our negative rating
action threshold and minimum rating case DSCR of 1.17x.
Its CFADS calculation is different from that in the notes' legal
documentation. Our CFADS calculation includes funding of capex for
repowering and working capital movement, but does not include
opening cash available in the operating account, if not
distributed, at the start of the financial year.
PEER GROUP
AGEL RG1 is rated one notch lower than Adani Green Energy Limited
Restricted Group 2 (AGEL RG2, note rating: BBB-/Stable). AGEL RG2
has a much tighter structure with largely amortising and
longer-dated debt, higher contribution from capacity contracted
with sovereign-owned entities (61%) than AGEL RG1, and a better
financial profile with a rating case DSCR of 1.44x. While AGEL
RG2's rating case DSCR is closer to 'bbb' financial thresholds, the
credit assessment is constrained by India's (BBB-/Stable) 'BBB-'
Country Ceiling.
Azure Power Solar Energy Private Limited (Azure RG2, note rating:
BB-/Rating Watch Negative) is also comparable with AGEL RG1. AGEL
RG1 is rated two notches higher than Azure RG2, even though AGEL
RG1's rating case DSCR of 1.32x is lower than that of Azure RG2.
Azure RG2's current rating and rating Watch Negative reflects the
ongoing corporate governance issues in the group. Further, AGEL RG1
is supported by a higher share of capacity contracted with
sovereign-owned entities (57% against 15%), which allows lower
rating thresholds for AGEL RG1. The debt term for Azure RG2 and
AGEL RG1 are both five-year bullet bonds. However, AGEL RG1
benefits from a stronger distribution lock-up test, and debt
service and capex reserve accounts.
AGEL RG1 can be also compared with Continuum Energy Levanter Pte.
Ltd. (Continuum RG1, note rating: BB+/Stable). Unlike AGEL RG1,
which is a pure solar portfolio, Continuum RG1's wind resources
make up 89% of its generation capacity. Still, Continuum RG1 has a
much higher rating case DSCR of 1.66x, which supports its rating.
It has partial debt amortisation and cash sweep in the bond
document, which will result in 53% of the senior notes' principal
being refinanced. However, AGEL RG1's bullet structure requires
about 91% of the bond amount to be refinanced at the end of the
five-year period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Average annual DSCR during refinance period drops to below 1.30x
persistently.
- Less favourable refinancing terms and structure than the
assumptions made in Fitch's financial analysis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Positive rating action appears unlikely because of the
uncertainty of the refinancing terms, structure and future coverage
profile upon the maturity of the notes.
TRANSACTION SUMMARY
AGEL RG1 is an RG consisting of three SPVs under Adani Green Energy
Limited, with total capacity of 930MW across India. The RG issued
five-year senior secured notes due in 2024 to refinance its debt.
CREDIT UPDATE
Plant availability of the AGEL RG1 portfolio for FY23 declined
marginally to 99.0% from 99.7% in FY22 due to a break down at the
Pavagada project following a transformer failure in September 2022.
Operations at the project has been restored.
Grid availability of the AGEL RG1 portfolio for FY23 also declined
slightly to 99.0% from 99.3% in FY22 due to continued curtailment
at the Kallur 40MW plant (about 4% of the portfolio capacity). The
Kallur plant is connected at the Kushtagi substation and has been
facing curtailment due to load congestion and overloading of the
power transformer at the substation. A 100 MVA transformer at
Kushtagi substation will be commissioned by June 2023. A new 220
kilovolt substation near the existing Kushtagi substation and
associated transmission line is also planned as a long-term
solution, and management expects them to be commissioned by
December 2023.
Overall, the total generation for FY23 was in line with the P90
updated energy-yield assessment and stood at 1,895 million units,
almost the same as last year's generation
In June 2022, the Ministry of Power implemented the Late Payment
Scheme (LPS) Rules 2022, which resulted in more timely payments by
state electricity distribution companies to independent power
producers in the renewable and thermal power sectors. The scheme
encourages payment discipline by state electricity distribution
companies, given the risk of losing short and eventually medium- or
long-term access to the power supply through the interstate
transmission system. As of March 2023, Fitch noticed improvement in
AGEL RG1's receivables position as almost all receivables were
within 60 days and the few state electricity distribution companies
that delayed payments for some time have agreed to start paying
their dues in instalments.
SECURITY
The notes have a comprehensive security package that includes:
- Pledge over 100% shares of each of the SPV issuers;
- First-ranking mortgage over all immovable assets in respect of
each project of each issuer;
- First-ranking mortgage over all fixed and current assets and
receivables in respect of each project of each issuer;
- Charge/assignment of rights under all PPAs and other project
documents in respect of each project of each issuer.
ESG CONSIDERATIONS
Adani Green Energy Limited Restricted Group 1 has an ESG Relevance
Score of '4' for Governance Structure due to the complexity of its
group structure at the shareholder level, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.
Adani Green Energy Limited Restricted Group 1 has an ESG Relevance
Score of '4' for Group Structure due to the concentration of
ownership, with a large majority stake indirectly held by Adani
Group, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Adani Green
Energy Limited
Restricted
Group 1
Adani Green
Energy Limited
Restricted
Group 1/bond/
note/1 LT LT BB+ Affirmed BB+
ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Automotives Private Limited (AAPL):
-- Long-Term Issuer Rating affirmed with IND BB+/Stable rating;
-- INR1.576 bil. (increased from INR1.322 bil.) Fund-based limits
affirmed with IND BB+/Stable/IND A4+ rating;
-- INR274.1 mil. (increased from INR259.3 mil.) Term loans due on
FY27 affirmed with IND BB+/Stable rating; and
-- INR62.1 mil. Non-fund-based limits assigned with IND A4+
rating.
Rating Sensitivities
Positive: Maintaining the scale of operations, the interest
coverage increasing above 2.5x, adequate liquidity position, as
along with an improvement in AAWPL's liquidity profile, could lead
to a positive rating action.
Negative: Decline in the scale of operations or any stress in the
liquidity position or the interest coverage reducing below 1.5x or
any stress in AAWPL's liquidity position, could lead to a negative
rating action
Company Profile
Incorporated in 2006, AAPL is an authorized dealer of Maruti Suzuki
India Limited's Arena passenger cars and provides spares and
services. The company has 34 showrooms and 18 workshops across
Telangana and Andhra Pradesh. B. Satyanarayana Goud and Sujatha are
the promoter directors.
AJAY BUILDERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Kler Wines to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 9 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating; and
-- INR162.4 mil. Fund Based Working Capital Limit migrated to
non-cooperating category with IND B+ (Issuer Not Cooperating)
/IND A4 (Issuer Not Cooperating) rating.
Company Profile
Chandigarh-based Kler Wines was incorporated in February 2016 as a
partnership firm with Darshan Singh Kler and Karamjeet Kler as
partners. As per the new partnership deed, Darshan Singh Kler's
(10%) share was transferred to Chitwan Singh Kler, the son of
Darshan Singh Kler, in July 2021. The firm retails liquor.
AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Shree Ambika Sugars
Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 527.67 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term– 34.63 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Shree Ambika Sugars Limited, is a part of the Thiru Arooran Group,
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and
60 KLPD distillery. It also has 750 TPD sugar refinery.
ANKUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ankur Roller
Flour Mills Private Limited (ARFMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 30 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ARFMPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ARFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ARFMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ARFMPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
The Hitech group is managed by Mr. Naresh Mittal, and his two sons
Mr. Vipul Mittal and Mr. Kapil Mittal, with the support of a team
of professionals, who have experience of over 35 years in
processing and trading in pulses and other food products. The group
sells a majority of its products under the Hitech Pulses brand.
HGPPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.
APOORVA CONSTRUCTION: Ind-Ra Assigns BB+ Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apoorva
Construction Co. a Long-Term Rating of 'IND BB+'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR250 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating; and
-- INR250 mil. Non-fund-based working capital limits assigned
with IND A4+ rating.
Key Rating Drivers
The ratings reflect ACC's small scale of operations, as indicated
by revenue of INR1,023 million in FY23 (provisional numbers) (FY22:
INR855 million, FY21: INR858 million). In FY23, the revenue
increased owing to an increase in the number of orders received by
ACC and receipt of timely approvals for executing the orders. In
FY22, the revenue had declined because many of ACC's works were
stopped as it did not receive payments on time from the
departments, and it was not able to raise bills due to lack of
approvals. As on 1 May 2023, ACC had an outstanding order book of
INR3,133 million, providing revenue visibility of 3.2x of FY23
revenue, to be executed over FY24-FY25. Of this, orders worth
INR1,955 million are scheduled to be executed in FY24.
Consequently, Ind-Ra expects the revenue to improve on a yoy basis
in FY24.
Liquidity Indicator -Stretched: ACC's average maximum utilization
of the fund-based working capital limits was around 91.59% and that
of the non-fund based working capital limits was 57.51% over the 12
months ended April 2023. In FY22, the cash flow from operations
turned negative at INR45.52 million (FY21: INR53.75 million),
mainly on account of increased working capital requirements.
Moreover, the free cash flow turned negative at INR86.84 million in
FY22 (FY21: INR18.30 million). The cash and cash equivalents stood
at INR2.11 million in FY22 (FY21: INR11.27 million). The networking
cycle of the company stretched to 32 days in FY22 (FY21: negative
nine days), primarily on account of an increase in debtor days to
87 days (five days) and creditors days to 65 days (FY21: 26 days).
ACC has debt obligations of INR14 million and INR10.9 million in
FY24 and FY25, respectively.
The ratings also reflect ACC's modest credit metrics due to high
debt levels. The credit metrics deteriorated in FY22 due to an
increase in debt levels to INR246.4 million (FY21: INR167.15
million) and the consequent rise in interest expenses. The
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 2.23x in FY22 (FY21: 3.04x) and the net leverage
(total adjusted net debt/operating EBITDAR) weakened to 4.18x
(2.49x). Ind-Ra expects the credit metrics to remain at similar
levels over FY23-FY24 due to the absence of any debt-led capex
plans.
The ratings are supported by ACC's healthy EBITDA margins. The
margin dipped to 6.83% in FY22 (FY21: 7.30%) due to an increase in
direct expenses. The ROCE was 20% in FY22 (FY21:25.2%). Ind-Ra
expects the EBITDA margin to deteriorate over FY23-FY24 as the
existing order book mainly comprises low-margin orders. The
management expects the margins to be 5.5%-5.6% over this period.
The ratings are also supported by ACC's promoters' experience of 13
years in the civil construction business, which has led to
established relationships with suppliers and customers.
Rating Sensitivities
Negative: Inability to create and sustain a sizeable order book
along with delays in the execution of new orders and deterioration
in the credit metrics, with the interest coverage falling below 2x,
on a sustained basis, and weakening of the liquidity position will
be negative for the ratings.
Positive: An increase in the scale of operations along with
revenue visibility stemming from an enhanced order book while
maintaining the liquidity position and credit metrics will be
positive for the ratings.
Company Profile
Incorporated in 2010, Karnataka-based ACC is a partnership firm
engaged in the construction of buildings for various government
departments such as the Karnataka Residential Educational
Institution Society, Karnataka State Police Housing, Karnataka
State Road Transport Corporation, Karnataka Public Works Department
and Infrastructure Development Corporation Ltd. B Palakshiah and S
G Shashikala are the promoters of the firm.
APRA ENTERPRISES: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Apra Enterprises to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 9 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating; and
-- INR450 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND BB+ (Issuer Not
Cooperating) rating.
Company Profile
Set up in 1984 as a proprietorship by Anil Bajaria, AE trades in
numerous petrochemicals such as methanol, acetone, toluene, xylene,
acetic acid, N Heptane, Styrene Monomer, alpha picoline,
acetonitrile, among others. The Mumbai-based firm is managed by
Anil Bajaria and his son, Viraj Bajaria. The firm caters majorly to
industries such as pharmaceutical where the end use of these
chemicals is for the production of active pharmaceutical
ingredients, followed by paint, ink, wood and laminates, specialty
chemical, among others.
ARCHIT ORGANOSYS: Ind-Ra Affirms BB- Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Archit Organosys
Limited's (AOL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.
The instrument-wise rating actions are:
-- INR215 mil. Fund based working capital affirmed with IND BB-/
Stable/IND A4+ rating;
-- INR47.5 mil. Non-fund based working capital affirmed with IND
A4+ rating; and
-- INR192 mil. (reduced from INR221.5 mil.) Term loan due on May
2028 affirmed with IND BB-/Stable rating.
Key Rating Drivers
The ratings continue to factor in AOL being involved in a legal
dispute with HDFC Bank, with the claim that the company failed to
repay the bank liabilities worth INR14.7 million (inclusive of
interest up to January 2013) on account of losses in derivative
contracts. Furthermore, the case was registered with the National
Company Law Tribunal (NCLT) on March 7, 2023, the outcome of which
is pending; the upcoming hearing is scheduled on June 7, 2023.
AOL's revenue grew 44.60% yoy to INR1,366.64 million in FY22 on
account of a rise in the realization prices of their products, due
to an increase in the demand of AOL's products in the pharma and
agricultural industry. The scale of operations remains small. AOL
achieved a revenue of INR1,277.8 million during FY23. Ind-Ra
expects the overall sales volume to have improved yoy in FY23, as
the company has expanded its total capacity; however, the revenue
has declined during the year, owing to a fall in the realization
prices of chemical products in the market. AOL incurred capital
expenditure in its Bhavnagar plant for capacity expansion in FY22
and FY23 amounting INR108.4 million and INR139 million,
respectively, taking AOL's total installed capacity to 13,500
metric tons per annum (MTPA; 9,600MTPA). Consequently, Ind-Ra
expects the revenue to improve over the near-to-medium term.
AOL's EBITDA margins remain volatile, due to the nature of its
business, intense competition leading to low bargaining power, and
fluctuations in forex rates as well as the prices of the key inputs
such as acetic acid, acetic anhydride, Sulphur powder. The margins
improved to a healthy 14.79% in FY23 (FY22: 12.17%; FY21: 11.7%;
FY20: 5.5%), due to a decline in the overall cost of material
consumed, with a return on capital employed of 15.5% in FY22 (FY21:
10.7%). In FY22, AOL's overall margins had improved on account of a
better absorption of fixed expenses such as employee cost and the
increased price realization in the market. Furthermore, Ind-Ra
expects the margins to remain volatile in the near-to-medium term
on account of price fluctuations.
Liquidity Indicator - Stretched: AOL's average maximum utilization
of the fund-based limits was around 79% during the 12 months ended
March 2023. AOL's net cash cycle was stable at 55 days in FY22
(FY21: 54), with the debtors improving to 73 days (97) and creditor
days falling to 41 (64). The cash flow from operations remained at
INR87.34 million in FY22 (FY21: INR84.04 million), despite the
increase in absolute EBITDA, mainly on account of unfavorable
working capital changes. The free cash flows turned to negative at
INR31.3 million in FY22 (FY21: INR49.5 million), due to the capital
expenditure incurred during the year towards capacity expansion.
The cash and cash equivalents stood at INR53.50 million at FYE22
(FYE21: INR38.09 million). Ind-Ra expects the cash flow from
operations to have remained positive in FY23. The debt repayment
obligations for FY24 and FY25 amount to INR46.47 million and
INR48.10 million, respectively.
AOL's credit metrics improved in FY22 with an interest coverage
ratio (operating EBITDA/gross interest expense) of 6.8x (FY21:
3.4x) and a net leverage (adjusted net debt/operating EBITDAR) of
1.6x (2.5x). In FY22, the credit metrics improved, on account of an
increase in the absolute EBITDA to INR166.32 million (FY21:
INR110.52 million). The credit metrics improved further in FY23
with the interest coverage ratio of 8.5x and net leverage of 1.37x,
with the absolute EBITDA of INR189.03 million. The agency expects
the overall credit metrics to improve in FY24, owing to an increase
scale of operations leading to an improved absolute EBITDA.
The ratings, however, are supported by the promoters' over three
decades of experience in the chemical industry. This provides them
an understanding of the dynamics of the market, and enables them to
establish strong relationships with suppliers and customers.
Rating Sensitivities
Positive: An outcome in favor of the company, on the pending
dispute with HDFC bank, while maintaining the scale of operations
and credit metrics, on a sustained basis, could lead to a positive
rating action.
Negative: A decline in the scale of operations or profitability,
leading to deterioration in the credit metrics or pressure on the
liquidity profile, will be negative for the ratings.
Company Profile
Incorporated in 1989, AOL, erstwhile Shri Chlochem Ltd, is a
BSE-listed company situated in Ahmedabad, Gujarat. The company
manufactures and trades organic chemicals, pigments, adhesives and
sealants and specialty derivatives such as monochloroacetic acid,
sodium chloroacetate that are used in the synthesis of various
agricultural chemicals, cosmetic surfactants, oil drilling
chemicals, and plastic additives, among others. The company has a
combined installed capacity of 13,500MTPA.
BABA PROJECTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Baba Projects Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 7 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- 85 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating;
-- INR520 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating;
-- INR25 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating; and
-- INR75 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
Incorporated in December 2005, Jharkhand-based BPPL undertakes
civil construction projects for railways, highways, rural road
construction, and flood divisions.
BBG INFRA: ICRA Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------
ICRA has moved the ratings for the bank facilities of BBG
Infrastructure Private Limited (BIPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Long Term/ 3.35 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating moved to the ‘Issuer
Not Cooperating' category
As part of its process and in accordance with its rating agreement
with BBG Infrastructure 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 the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
BBG Infrastructure Private Limited was incorporated on November
19th, 2019. The company is into Building & construction, structural
finishing, Granite Mining, Factories, Flooring & Finishing, road &
utility works. BBG has performed structural finishing, plumbing and
land development work for parking plaza, Mall and metro stations.
Company has also performed road development and utility works in
Noida. Currently company has outstanding work order for
construction of 2 metro station from Maharashtra Metro Rail
Corporation Limited (Maha-metro).
BBG Infrastructure is promoted by Mr. Priyadarshi Balu Agarwal and
Mr. Nikhil Bhardwaj. Mr. Priyadarshi Balu Agarwal is a proprietor
of Balu Balaji Granite business. Balu Balaji Granite is into
granite mining and owns granite mines from where he sold its
granites domestically and internationally also. The promoter has an
experience of more than a decade in granite business.
BHAGYANAGAR CHLORIDES: ICRA Cuts Rating on INR14.33cr Loan to B+
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Bhagyanagar
Chlorides Private Limited (BCPL) has been downgraded and remains
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 14.33 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) ISSUER
NOT COOPERATING and continues
To remain under 'Issuer Not
Cooperating' category
The rating downgrade is because of lack of adequate information
regarding BCPL's 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 a rated entity"
available at www.icra.in. 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 BCPL, 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 the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Bhagyanagar Chlorides Private Limited (BCPL) is into manufacturing
Aluminium Chloride. The manufacturing facility of the company is
located at Saggonda village, Gopalapuram Mandal, West Godavari
District, Andhra Pradesh with a production capacity of 36,000 MTPA
(enhanced from 13,000 MTPA from August 2020 onwards). The end
product is Aluminium chloride which is used in dyes and pigments
industries and bulk drugs manufacturing as an intermediate chemical
or as a catalyst.
C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C.A. Vege
Fruit Stores (CVFS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating(s) of CVFS under the 'issuer non-cooperating'
category as CVFS 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. CVFS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 09, 2023, April 19, 2023, April 29, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).
Mohali-based (Punjab), C.A. Vege Fruit Stores (CAVFS), is a
proprietorship concern established in June, 2010 by Mr Rajiv
Malhotra. However, the firm commenced its commercial operations in
January, 2015 by letting the cold storage unit on rental basis.
Currently, the firm is running an integrated cold chain storage
facility by engaging in procurement, cold storage and distribution
of fruits and vegetables at its warehouse located in Mohali,
Punjab.
CH.GOWRI SHANKAR: Ind-Ra Affirms BB+ Long Term Issuer Rating
------------------------------------------------------------
India Rating and Research (Ind-Ra) has revised Ch.Gowri Shankar
Infra Build (India) Private Limited's (CHGS) Outlook to Negative
from Stable while affirming the Long-Term Issuer Rating at 'IND
BB+'.
The instrument-wise rating actions are:
-- INR110 mil. (reduced from INR134 mil.) Fund-based facilities
affirmed; Outlook revised to Negative from Stable with
IND BB+/Negative rating; and
-- INR250 mil. Non-fund-based facilities affirmed with IND A4+
rating.
The Negative Outlook reflects CHGS's low order book position and
stretched liquidity position with high average utilization of
fund-based limits of around 97% during the 12 months ended March
2023 with several instances of overutilization of the limit; albeit
regularized on the next day.
Key Rating Drivers
The ratings reflect CHGS's continued medium scale of operations
with its revenue increasing to INR3,251 million in FY22 (FY21:
INR2,758 million), supported by its execution of a higher number of
orders. However, as per the company's FY23 provisional financials,
the revenue declined to INR2,945 million, due to heavy rains
slowing project implementation and non-realization of funds from
Andhra Pradesh government. As of April 2023, the company's order
book stood at INR4,309 million (February 2022: INR6,540 million;
January 2021: INR5,668 million), reflecting a low order
book-to-revenue ratio of 1.32x. Ind-Ra expects the revenue to
increase as the management plans to diversify geographically as
well as to the private space.
The ratings are constrained by CHGS's concentrated order book. As
of April 2023; Telangana accounted for about 90% of the company's
orders with Andhra Pradesh forming the rest. Furthermore, building
projects such as residential, school, office buildings accounted
for about 91% of its portfolio, while the remaining constituted by
other infrastructure projects such as roads, gardens, provision of
basic amenities to houses.
Liquidity Indicator – Stretched: Over the 12 months ended March
2023; the average maximum utilization of its fund-based limits was
around 96%. There were three instances of overutilization of funds
during April 2022, June 2022 and September 2022, due to delays in
the receipts of funds from the government. However, they were
regularized within a day and the company received overall
satisfactory feedback from the banker regarding its account
conduct. While the average maximum utilization of the
non-fund-based limit during the same period was 81%, with no
instances of overutilization. During FY22, its increased revenue
supported the cash flow from operations to increase to INR125
million as compared to negative INR31 million in FY21 due to a
lower revenue and higher working capital consumption. The company
has repayment obligations of around INR53 million in FY24 and INR38
million in FY25.
The working capital cycle stood healthy at 38 days during FY22
(FY21: 40), with improved debtor conversion period (10; 17);
However, its inventory days stood at 47 days in FY22 (FY21: 36) and
the creditor days increased to 20 (13).
CHGS's operating margin slightly reduced to 6.8% in FY22 (FY21:
7.09%), due to higher purchase costs than the previous year. The
return on capital employed remained at 27%. However, in FY23, the
operating margin stood around 7%, driven by an increase in average
project value, lowering the miscellaneous expenditure. Ind-Ra
expects the operating margin to remain at similar levels in FY24,
led by lower miscellaneous expenditure amid higher average project
value.
CHGS has comfortable credit metrics with its gross interest
coverage (operating EBITDA/gross interest expense) rising to 7.3x
in FY22 (FY21: 6.4x) and the net leverage (total adjusted net
debt/operating EBITDAR) reducing to 1.9x (FY21: 2.0x), owing to its
absolute EBITDA improving to INR219 million (INR195 million).
The ratings are also supported by the promoter's three-decade
experience in the civil construction business, leading to
established relationships with its customers and suppliers.
Rating Sensitivities
Negative: Any deterioration in operating performance or inability
to create and sustain a sizeable order book or non-realization of
funds from Andhra Pradesh government or non-resumption of
associated projects or a stress on the liquidity position, leading
to the interest coverage falling below 2x, on a sustained basis,
will be negative for the ratings.
Positive: A sustained improvement in the operating performance,
along with the diversification of order book, both geographically
and in terms of nature of projects and an improvement in the
liquidity position as well as an improvement in credit metrics, on
a sustained basis, will be positive for the ratings.
Company Profile
CHGS was established in 1986 as a proprietorship firm by Gowri
Shankar. The company is a special class civil contractor and
participates in tenders floated by Telangana and Andhra Pradesh
governments. The company undertakes civil contracts such as
buildings, warehouses, drainage systems, and irrigation works.
It executes civil work contracts of various government departments
including Telangana Housing Board Department, Central Warehousing
Corporation and CPWD Telangana and Andhra Pradesh. Shankar gets the
company's contracts through bidding in e-procurement.
CHETANA EDUCATION: ICRA Lowers Rating on INR30cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Chetana
Education LLP's (CEL, erstwhile Chetana Publication (India) LLP),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB- (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Short Term- (5.00) [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating downgraded
from [ICRA]A4 and continues
to remain in the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding CEL performance and hence the uncertainty
around its credit risk. ICRA has assessed 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 a rated entity" available at www.icra.in. 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 a part of its process and in accordance with its rating
agreement with CEL, ICRA has been trying to seek information from
the entity to monitor its performance. Despite repeated requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Chetana Publication (India) LLP (CPIL) was incorporated in December
2017 as an LLP firm and is a part of the Mumbai-based Chetana
Group. It was formed after the business of its Group companies
(Chetana Publications Private Limited and Chetana Book Depot) were
transferred to CPIL. It has been renamed CEL with effect from
October 2021. The firm has presence in school and college book
publishing and manufacturing stationary items. The books are sold
under the Chetana brand for pre-primary, Maharashtra State Board
(English, Hindi and Marathi medium), CBSE, ICSE, college and
various competitive exams. CEL has recently launched QR code books
(physical books with QR codes providing a link to educational
videos pertaining to the subject). Its registered office is in
Mumbai, with a warehouse in Bhiwandi (on the outskirts of Mumbai).
DATT AQUACULTURE: Ind-Ra Affirms BB Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Datt
Aquaculture Farms Private Limited's (SDAF) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR366.2 mil. (reduced from INR415 mil.) Fund-based working
capital limit affirmed with IND BB/Stable/IND A4+ rating;
-- INR28.5 mil. (reduced from INR38.5 mil.) Non-fund-based
working capital limit affirmed with IND A4+ rating; and
-- INR7.8 mil. (reduced from INR29.1 mil.) Term loan due on
November 2027 affirmed with IND BB/Stable rating.
Key Rating Drivers
The affirmation reflects SDAF's continued medium scale of
operations as indicated by revenue of INR1,441.97 million in FY23
(FY22: INR1,284.87 million) due to an increase in export orders for
black tiger shrimp and a further improvement in supply chain and
availability of containers. Till FY22, SDAF was engaged in the
production and processing of vannamei shrimp; however, from FY23 it
started production of black tiger shrimp, which was in demand in
the international market. SDAF had an order book of INR70 million
as of March 2023, to be executed by end-May 2023. Ind-Ra expects
the revenue to improve further in FY24 on account of increased
demand for black tiger shrimps. FY23 financials are provisional.
The ratings also reflect the company's continued modest EBITDA
margins of 4.39% in FY23 (FY22: 3.72%) with a return on capital
employed of 6.4% (4.1%). The improvement in margins was due to the
company's increased focus on high-margin black tiger shrimp,
coupled with improved demand. The EBITDA margins were lower in FY22
due to excess supply of vannamei shrimp in the global market,
leading to fluctuations in price as well as increase in
distribution expenses due to global supply chain issues. In FY24,
Ind-Ra expects the EBITDA margins to improve further due to lower
container freight and increased margins on black tiger shrimp.
The ratings also factor in SDAF's continued modest credit metrics
as reflected by the interest coverage (operating EBITDA/gross
interest expenses) of 1.77x in FY23 (FY22: 1.73x) and the net
leverage (total adjusted net debt/operating EBITDAR) of 7.97x
(9.67x). The improvement in the credit metrics was due to repayment
of term loans. Ind-Ra expects the credit metrics to improve further
in FY24, due to a likely increase in the EBITDA and a reduction in
term loans coupled with the absence of debt-led capex.
Liquidity Indicator - Stretched: The net working capital cycle was
elongated; although improved to 162 days in FY23 (FY22: 165 days)
owing to a decline in the inventory holding period to 132 days (149
days)due to improved demand for black tiger shrimp in the global
market as well as improvement in global supply chain. SDAF's
average maximum utilization of the fund-based limits was 82.36%
during the 12 months ended April 2023. The cash flow from
operations turned negative to INR 40.7 million in FY23 (FY22:
INR39.97 million) due to unfavorable change in working capital.
Consequently, the free cash flow turned negative to INR39.53
million in FY23 (FY22: INR37.83 million). The cash and cash
equivalents stood at INR7.09 million at FYE23 (FYE22: INR37.7
million). However, SDAF does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.
The ratings continue to be constrained by the inherent
vulnerability of the seafood industry to disease and viral attacks,
competition and fluctuating currency, and adverse changes in
government policies. SDAPL focuses majorly on black tiger variety
of shrimp, which has better resistance to diseases and a higher
production density than other varieties; this mitigates the risk to
some extent.
However, the ratings remain supported by the promoters' more than
two decades of experience in the seafood industry and aquaculture
business, leading to established relationships with fish farmers
and their customers.
Rating Sensitivities
Negative: Any decline in the revenue or EBITDA margins, resulting
in deterioration of credit metrics on a sustained basis, and/or any
deterioration in the net cash conversion cycle, leading to stressed
liquidity, will be negative for the ratings.
Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in an improvement in liquidity and credit
metrics, both on a sustained basis, would be positive for the
ratings.
Company Profile
Incorporated in 2003, SDAF is engaged in the rearing, processing
and export of various kinds of seafood. The company has a
90-metric-tonnes-per-day processing unit in Billimora, Gujarat. In
addition, it has a 600-metric-tonne cold storage facility.
DATTAR CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short term ratings for the bank
facilities of Dattar Ceramic Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.75 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 June 2016, Dattar Ceramic Private Limited (DCPL)
proposes to establish a manufacturing plant of potassium and
soudium feldspar powder of 500TPD (200 mesh) with an installed
capacity of producing 1,50,000 MT/annum at Surendranagar, Gujarat.
The powder has wide usage as a raw material in the ceramic and
glass industry accounting for almost 95% of the total raw material
consumption.
GG EXPORTS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
G.G. Exports to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating; and
-- INR1.0 bil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating) /
IND A4+ (Issuer Not Cooperating) rating.
Company Profile
Formed in 2010, G.G. Exports is a partnership firm that is 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. The
firm has a manufacturing facility in Surat, Gujarat, which has a
monthly capacity of 15000-20000 carats and a registered office in
Mumbai, Maharashtra.
INCREDIBLE REALCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Incredible
Realcon Private Limited (IRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 600.00 CARE D; ISSUER NOT COOPERATING;
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating of IRPL under the 'issuer non-cooperating'
category as IRPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. IRPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated April 9,
2023, April 19, 2023, April 29, 2023, May 4, 2023 and May 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).
Analytical approach: Standalone
Detailed description of the key rating drivers:
At the time of last rating on May 24, 2022, the following were the
rating weaknesses:
Key weaknesses
* Delay in debt servicing: As per the debenture trustee, the
company had not made the payment of interest/redemption due in
March, 2023 on account of insufficient cash flow.
Liquidity: Poor
IRPL has poor liquidity position since, the company had not made
the payment of interest/redemption due in March, 2023 on account of
insufficient cash flow.
Incredible Realcon Private Limited (IRPL) incorporated in 2013 is
part of Ireo Group (IREO) and is a SPV being promoted for business
of promotion, development and construction of real estate. However
presently there is no ongoing project in IRPL.
JANA HOLDINGS: Ind-Ra Assigns B- Rating to Non-Convertible Debts
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Holdings Limited's (JHL) non-convertible debentures
(NCDs):
-- INR5.48 mil. NCDs* maintained on Rating Watch with Negative
Implications with IND B-/Rating Watch with Negative
Implications rating; and
-- INR4.9 mil. NCDs# assigned; placed on Rating Watch with
Negative Implications IND B-/Rating Watch with Negative
Implications rating.
Details in Annexure
# Yet to be issued
Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL and its 100%
parent Jana Capital Limited (JCL, debt rated at 'IND B-'/Rating
Watch with Negative Implications) as both the entities have a
cross-default clause with each other's indebtedness. Ind-Ra also
considers the credit profile of Jana Small Finance Bank (JSFB;
42.88% stake held by JHL), using Ind-Ra's Parent-Subsidiary Linkage
criteria.
JCL, a non-deposit taking non-bank finance company-core investment
company, holds 100% stake in JHL. JHL, a subsidiary of JCL, has
poor financial strength. It is a non-operating financial holding
company of JSFB and the value of its investments is derived solely
from its shareholding in JSFB. The value of the stake in JSFB is
largely subject to the bank's incremental performance (banking
operations commenced in March 2018).
The rated NCDs are held by Manipal Health Systems Pvt. Ltd. and TPG
Asia VI SF Pte Ltd and are junior to JHL's other issuances. TPG
through its investment funds held 9.9% in JSFB at end-March 2023.
A common independent director serving on the boards of JHL and
Ind-Ra did not participate in the rating process.
The Rating Watch with Negative Implications reflect the
consistently deteriorating financial risk profile of JCL as well as
JHL, with net losses, weak capitalization, stretched liquidity and
high refinancing risks over the near term, given the limited
financial flexibility of the company to repay its near-term debt
maturities in May 2023. A major portion of JHL's and JCL's
near-term debt maturities is held by its key shareholders. The
group is exploring refinancing to ensure the timely repayment of
the maturing NCDs. The agency also notes that the requirement of
minimum promoter shareholding of 40% in the bank for five years
after the commencement of operations expired at end-March 2023. The
promoter has to maintain a minimum shareholding of 20% in the bank
March 2023 onwards. The Rating Watch will be resolved before the
near-term debt maturities are due in May 2023.
Key Rating Drivers
High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be repaid to
the extent of the principal and the rate of return promised to the
investors. JHL has sizeable repayments of INR15.3 billion due
towards end-May 2023.
Weak Standalone Financial Profile for JHL: JHL's earnings profile
remains weak with a net loss of INR3,325 million in FY23 (FY22: net
loss of INR2,433.2 million). Its net worth turned negative to
negative INR245 million in FY23 (FY22: INR2,361.5 million).
Moreover, JHL is not meeting the minimum consolidated capital
adequacy ratio (CAR) of 15% and the standalone leverage ratio of
1.25x as per the regulatory requirements for a non-operating
financial holding company. It is also not meeting the minimum net
owned funds requirement. The auditor's report on JHL for FY22
mentions a material uncertainty related to a going concern,
considering the accumulated losses, the resultant erosion in the
net worth and the breaches in the regulatory financial parameters
as stated above.
Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. The agency expects no/limited dividend
income from JSFB over the medium term and is in the process of
listing the bank. JHL and JCL are also in the process of getting
merged, for which consent from 90% creditors is pending. Ind-Ra
expects this merger to be completed over the near term.
Furthermore, the debt raised by both the holding companies are in
the form of zero-coupon bonds that would have lumpy pay-outs on
maturity, adding to the liquidity demands.
Bank's Portfolio Mix in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio, and the
share of secured portfolio in its portfolio increased to 55% at
FYE23 (FYE22: 47%). JSFB has also been lowering its group loan
exposure (FYE23: 3%, FYE22: around 16%, FYE21: 36%). Ind-Ra
believes the group loan portfolio will continue to decline with the
increasing share of secured portfolio. Ind-Ra believes this will
improve the bank's asset quality over the medium term.
COVID-19 Impact Continues to Weigh on JSFB's Asset Quality;
Seasoning of Secured Portfolio Remains to be Seen: JSFB's gross
non-performing assets stood at 3.6% at FYE23 (FYE22: 5.0%),
majority comprising unsecured individual loans at 46%. JSFB had
written off assets worth INR5.85 billion in 2022, mainly unsecured
loans (group loan). The net non-performing assets stood at 2.4% at
FYE23 (FYE22: 3.4%, FYE21: 5%, FYE20: 1.4%). The provision stood at
INR2.4 billion in March 2023 with a moderately low provision
coverage ratio of 34% in FY23 (FY22: 32%). However, given the
increasing proportion of secured loans in the portfolio, the bank
is likely to increase the provision cover only modestly over the
medium term.
Modest Profitability Expectations; Credit Costs from Secured
Portfolio to be Seen: At FYE23, JSFB reported improved-but-modest
profit of INR2.56 billion (FY22: INR0.05 billion, FY21: INR0.84
billion, FY20: INR0.3 billion). The bank's credit cost increased to
3.3% in FY23 from 2.5% in FY20, mainly due to the write-offs from
the unsecured portfolio. The agency believes the bank has the scale
to be modestly profitable and expects the credit costs to moderate
with the rise of secured loans in the portfolio, which could boost
the profitability over the medium term.
JSFB's Capital Ratios Remain Constrained: At FYE23, JSFB reported a
tier-1 capital ratio of 13.0% (FY22: 11.83%, FYE21: 11.75%) and a
total CAR of 15.6% (15.26%, 15.51%), both lower than its peers'.
Furthermore, since the bank's provisioning levels are low and its
net non-performing asset/equity was high at 26% at FYE23 (FYE22:
42.7%), it will need to build higher capital buffers, especially if
the recovery slows. JSFB has been supported by regular equity
infusions in the past from investors with a capital infusion of
INR4.03 billion from January to December 2022. The bank had also
raised INR3.40 billion equity in FY20 (FY19: INR10.90 billion,
FY18: INR16.40 billion) from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges (BSE Ltd/National Stock Exchange of India Ltd) by
March 2021. However, it has been delayed due to the pandemic, and
thus, is still under process.
Liquidity Indicator for JSFB – Adequate: JSFB maintained excess
statutory liquidity reserves of INR25.75 billion in FY23, in
addition to the cash reserves that it needs to maintain as part of
the regulatory requirement. The bank's liquidity coverage ratio
stood at 553% at FYE23 (FYE22: 555%; FYE21: 1,199.67%). The bank
also had unutilized lines worth INR6.5 billion from refinancing
institutions at end-March 2023.
JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR130.4 billion in FY23 (FY22:
INR104.8 billion), and the current and savings accounts to INR32.9
billion (INR30.5 billion). The total deposits stood at INR163.3
billion at FYE23, of which more than 80% have a tenor of more than
one year. Given the substantial traction in low-cost deposits,
JSFB's cost of funds improved to 6.7% in FY23 (FY22: 7.1%, FY20:
7.6%). It was also supported by a rollover of 50%-60% of its fixed
deposits, which were raised at high interest rates two-to-three
years ago. However, Ind-Ra expects the share of the current account
saving account to decline over the medium term with a rise in the
interest rates exerting some pressure on the cost of funds.
Rating Sensitivities
The Rating Watch with Negative Implications indicates that the
ratings may either be downgraded or affirmed upon more clarity on
the repayments of the upcoming NCD maturities. The agency will
continue to monitor the developments across the arrangements for
the same.
Company Profile
JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.
JET AIRWAYS: NCLAT Grants Jalan Kalrock More Time to Pay Dues
-------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on May 26 decided to pitch for early revival of
grounded airline Jet Airways. To facilitate the same, the appellate
tribunal has decided to give more time to the winning bidder Jalan
Kalrock Consortium to fulfill their payment obligations.
ET relates that NCLAT has also directed lenders not to encash the
performance bank guarantee of INR175 crore furnished by the
consortium.
NCLAT extended the timeline for payment obligation by excluding the
time period between November 16, 2022 and March 3, 2023 -- the time
period when it was hearing the petition filed by lenders.
The appellate tribunal reiterated that efforts by the monitoring
committee of lenders and the consortium should be coordinated for
the revival of Jet Airways "so as to start its operations at an
early date, which is in the interest of all stakeholders".
NCLAT has directed listing of the matter on July 12 for hearing,
according to ET.
In its 16-page strongly-worded order, the NCLAT emphasised that the
parties should work on early revival of the carrier, ET says.
Currently, the affairs of the grounded airline is being managed by
the Monitoring Committee (MC) of lenders.
According to ET, NCLAT noted that directions have been issued to
both MC and the consortium to implement the resolution plan.
Further, it said there is no doubt that the performance bank
guarantee can be invoked by the MC lenders but the said invocation
can only take place when the consortium has failed to implement the
plan.
"We direct that MC lenders shall not invoke the performance bank
guarantee in the facts of the present case as on date, and for
invocation, if any, MC Lenders may take leave of the adjudicating
authority," NCLAT bench, comprising Charirman Justice Ashok Bhushan
and Member (Technical) Barun Mitra, said, ET relays.
Further, it said the resolution plan has been approved with the
intent and purpose to revive Jet Airways.
"We again reiterate that efforts by MC lenders and SRA should be
coordinated for revival of the corporate debtor (Jet Airways), so
as to start its operations at an early date, which is in the
interest of all stakeholders as well as in the interest of
corporate debtor," it said.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In July 2021, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June 2021, the NCLT approved the
consortium's resolution plan for the troubled carrier.
JINDAL TRADING: ICRA Lowers Rating on INR6cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Jindal Trading Company (JTC):, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 1.05 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.95 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]B+ (Stable)/[ICRA]A4
and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in April 2022. 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".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
JTC is a proprietorship firm established in 2014, which trades in
PVC products – PVC resin, calcium carbonate and PVC pipes. The
firm was involved in wholesale trading of these PVC products till
FY2018, but has started its PVC pipe manufacturing facility from
the products which it already trades – PVC resin and calcium
carbonate.
JMP INDUSTRIES: Ind-Ra Cuts Term Loan Rating to 'BB'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JMP Industries'
bank facility ratings to 'IND BB (ISSUER NOT COOPERATING)' from
'IND BBB- (ISSUER NOT COOPERATING)'.
The detailed rating actions are:
-- INR345 mil. Fund-based working capital limit downgraded with
IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR155 mil. Term loan due on June 2025 downgraded with IND BB
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Key Rating Drivers
The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect JMP Industries' credit strength as the company
has been non-cooperative with the agency since 18 November 2022.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
Company Profile
JMP Industries was founded in 1981 in Jalandhar (Punjab) to produce
ductile iron castings for Indian Railways and Bharat Heavy
Electricals Limited (IND AA-/Negative). JMP Industries was the
first to adopt the electric induction furnaces route for melting
irons in the whole north region.
KINETA GLOBAL: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Kineta Global Limited to the non-cooperating category as per Ind
Ra's policy on Issuer Non-Cooperation, following non-submission of
No Default Statement continuously for 5 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B- (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category IND B-
(Issuer Not Cooperating) rating; and
-- INR380 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B- (Issuer Not Cooperating)/
IND A4 (Issuer Not Cooperating) rating.
Company Profile
Established in 2006, KGL engages in trading of iron ore, building
materials such as TMT bars, cement and granite. It also provides
engineering, procurement and construction of irrigation projects on
sub-contract basis.
KP POLYOLEFIN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
KP Polyolefin Sacks Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 10 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR96 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating; and
-- INR18.88 mil. Term loan due on May 31, 2024 migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2011, KPPSPL manufactures woven fabric, bags, sacks
and tarpaulin for cargo packaging. The company is promoted by KPCL
and Middle East Industrial Investment LLC. Its manufacturing
facility has an installed capacity of 6,500 metric tons per annum.
MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Mandeep Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 40.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.94 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.06 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Mandeep Industries ('MI') was established as a partnership firm in
1973 by Talaviya family. It is engaged in the crushing of groundnut
and soyabean to produce oil and oil cake, and solvent extraction of
oil cake to produce oil and de-oiled cake. The manufacturing unit
of the firm is located at Upleta in Gujarat with input capacity of
310 MT per day of groundnut and 225 MT per day of oil cake. The DOC
is used as cattle feed, poultry feed and aqua feed. The groundnut
oil is sold locally under the brand name of "Ganesh". Moreover, MI
is also involved in trading of groundnut oil cake, groundnut
de-oiled cake and cotton seed oil depending on the crop season.
MAPS GRANITO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Maps Granito Private
Limited's (MAPS) bank facilities as follows:
-- INR300 mil. Fund-based working capital limit assigned with IND
BB/Stable/IND A4+ rating;
-- INR70 mil. Non-fund based working capital limit assigned with
IND A4+ rating; and
-- INR798.1 mil. Term loan due on August 2028 assigned with IND
BB/Stable rating.
Key Rating Drivers
The ratings reflect MAPS's moderate credit metrics due to high debt
levels (FY22: INR1,231.74 million; FY21: INR868.97 million). The
net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 7.98x in FY22 (FY21: 7.19x) due to an increase in
the debt levels owing to the capex undertaken by the company during
the year for installing a new production line. The interest
coverage (operating EBITDA/gross interest expenses) improved to
2.15x in FY22 (FY21: 2.02x) because of an increase in the absolute
EBITDA to INR153.72 million (INR116.86 million). The unsecured
loans are subordinated to bank loans. Despite the rise in debt due
to the capex undertaken for setting up a propane gas plant and
purchasing a digital printing machine, Ind-Ra expects the metrics
to remain at similar levels over FY23-FY24 due to the scheduled
repayment of term loans.
The ratings also factor in the MAPS's modest EBITDA margin due to
the intense competition in the industry. The margin dipped
slightly to 8.26% in FY22 (FY21: 8.3%) due to an increase in power
(natural gas) cost, which accounts for nearly 35% of the total
cost. The ROCE was 6.2% in FY22 (FY21: 6.4%). In FY23, to improve
the profitability, MAPS installed a propane gas plant, which would
be used as an alternative to natural gas. This is likely to have
led to an improvement in the margins in FY23. Ind-Ra expects the
EBITDA margin to remain stable in FY24 due to similar level of
operations.
The ratings also reflect MAPS's medium scale of operations, as
indicated by revenue of INR1,861.03 million in FY22 (FY21:
INR1,407.74 million). In FY22, the revenue improved due to recovery
of operations from covid-19 lockdowns and repeat orders from
customers. In FY23 (provisional numbers), MAPS' revenue grew to
INR2,150 million, supported by the setting up of a new production
line to cater to a new segment of customers. The company had an
order book of INR260 million as of March 2023, to be executed by
May 2023. In FY24, Ind-Ra expects the revenue to improve further
due to the acquisition of new customers, repeat orders from
existing customers, and expansion in the dealer network.
Liquidity Indicator - Poor: MAPS' does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The average maximum utilization of the
fund-based limits was 95.76% during the 12 months ended April
2023. The net working capital cycle remained elongated in FY22,
though it improved to 95 days in FY22 (FY21: 107 days) owing to an
increase in the creditor days to 125 days (65 days) due to advances
received from customers. The cash flow from operations increased to
INR115.89 million in FY22 (FY21: INR14.48 million) due to the
increase in the absolute EBITDA and favorable changes in working
capital. However, the free cash flow remained negative at INR384.62
million (FY21: negative INR130.29 million) due to the capex
undertaken for the second production line. The cash and cash
equivalents stood at INR5.04 million at FYE22 (FYE21: INR25.36
million). MAPS' term loan repayments are tightly matched with
internal accruals. It has debt repayment obligations of INR160.0
million and INR178.2 million in FY24 and FY25, respectively.
The ratings, however, are supported by the promoters' experience of
nearly two decades in the ceramics industry, which has helped the
company establish strong relationships with customers as well as
suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and further pressure on
the liquidity position, could lead to negative rating action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 4.0x and improvement in liquidity profile, all on a
sustained basis, could lead to a positive rating action.
Company Profile
MAPS was established in December 2016 and it commenced operations
in 2018. Its registered office is in Morbi, Gujrat. it manufactures
vitrified tiles, with a total capacity of 33,000 square meters per
day. The company sells its products in domestic as well as
international markets.
MARKETING PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marketing
Private Limited (KMPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 12.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2005 as private limited company, KMPL is a trader
of iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.
MARUTI NANDAN: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Maruti Nandan
Telecomm LLP's (MNTL) Bank facilities as follow:
-- INR310 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating; and
-- INR45 mil. Non-fund-based working capital limit assigned with
IND A4+ rating.
Key Rating Drivers
The ratings factor in the MNTL's average and muted yoy EBITDA
margin of 2.00%in FY22 (FY21: 1.97%) with an absolute EBITDA of
INR25.03 million (INR22.55 million) with a return on capital
employed of 14.4% (13.1%). In FY23, too the EBITDA margin is likely
to have remained at the similar level; this trend is likely to
continue in FY24 due to the similar nature of operations.
The ratings also reflect MNTL's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
1.76x in FY22 (FY21: 1.26x) and a net leverage (adjusted net
debt/operating EBITDAR) of 4.76x (6.26x). In FY22, the credit
metrics improved yoy due to the reduced utilization of the
company's cash credit facility and the repayment of its unsecured
loan. However, in FY23, the credit metrics are likely to have
deteriorated because of an increased utilization of the cash credit
facility. In FY24, Ind-Ra expects the credit metrics to improve due
on an improvement in the absolute EBITDA.
The ratings reflect MNTL's medium scale of operations with an
improved yoy revenue of INR1,249 million in FY22 (FY21: INR1,144
million). The improvement was due to an increased demand for the
products of Apple India, of which MNPL is an authorized reseller.
In FY23, MNPL earned a revenue of INR2,150 million, supported by
the increased sales in its existing stores and the opening of four
new stores. For FY24, Ind-Ra expects the revenue to improve yoy as
the company plans to open 10 new stores before September 2023.
Liquidity Indicator - Stretched: MNTL's average maximum utilization
of the fund-based limits was 89.43% and that of the non-fund-based
limits was 94.81% during the 12 months ended April 2023. The debt
repayment is INR20.6 million for FY24 and INR34.1 million for FY25.
The cash flow from operations stood at INR19.71 million in FY22
(FY21: INR50.33 million) and it declined due to change in working
capital. Furthermore, the free cash flow stood at INR29.05 million
in FY22 (FY21: INR50.27 million). The cash and cash equivalents
stood at INR15.79 million at FYE22 (FYE21: INR9.59 million). MNPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The modest
net working capital cycle stood at 23 days in FY22 (FY21: 13 days)
and it deteriorated due to a reduction in the creditor days.
However, the ratings are supported by the promoters' nearly one
decades of experience in consumer electronics industry.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and further pressure on
the liquidity position, could lead to negative rating action
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage sustaining above 1.7x and an improvement in the liquidity
profile, could lead to a positive rating action.
Company Profile
MNTL was established in 2013 as a limited liability partnership
firm. The firm is an authorized reseller of Apple India. MNTL has
14 stores which are mainly located in the northern part of India.
MECTECH PROCESS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mectech Process
Engineers Private Limited's Long-Term Issuer Rating at 'IND BB+'
and has simultaneously withdrawn it. The Outlook was Stable.
The instrument-wise rating actions are:
-- INR90 mil. Fund-based limits* affirmed and withdrawn; and
-- INR150 mil. Non-fund-based limit# due on September 2025
affirmed and withdrawn.
*Affirmed at 'IND BB+'/Stable/IND A4+ before being withdrawn
# Affirmed at 'IND A4+' before being withdrawn
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Key Rating Drivers
The ratings reflect MPEPL's small scale of operations, as indicated
by revenue of INR2,055.41 million in FY22 (FY21: INR986.31
million). The revenue grew on a yoy basis due to an increase in
exports as well as the number of work orders executed by the
company.
The ratings also factors in the company's vulnerability to high
input costs, which accounted for 61%-69% of its revenue during
FY19-FY22.
The ratings are supported by the company's healthy EBITDA margin.
The margin fell slightly to 5.29% in FY22 (FY21: 5.40%) due to a
slight increase in the company's manufacturing expenses. The
company's ROCE stood at 40.90% for FY22 (FY21: 19.7%). The ratings
benefit from the company's healthy credit metrics. In FY22, the
company's interest coverage (operating EBITDA/gross interest
expense) improved to 8.41x (FY21: 6.59x) and it continued to be net
cash positive (net cash positive) due to a substantial increase in
the absolute EBITDA to INR108.78 million (INR53.21 million).
The ratings are also supported by MPEPL's significant presence in
the edible oil machinery manufacturing industry in India and
abroad.
Liquidity Indicator - Adequate: The company did not use its
fund-based limits in the 12 months ended March 2023 on account of
higher customer advances. MPEPL's net working capital cycle
improved to 59 days in FY22 (FY21: 192 days) due to an improvement
in its inventory holding period to 55 days (178 days). The cash
flow from operations turned positive at INR282.30 million in FY22
(FY21: negative 187.54 million) due to favorable changes in the
working capital. Its cash and cash equivalents stood at INR46.41
million at FYE22 (FYE21: INR44.81 million), against outstanding
debt of INR3.2 million. MPEPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
Company Profile
Incorporated in 1983, MPEPL is an engineering, procurement and
construction company, which undertakes turnkey projects, supplies
equipment and machineries for edible oil producing companies. Its
manufacturing plant is based in Sonipat and Manesar (Haryana).
MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Melange Developers in
the 'Issuer Not Cooperating' category. The rating is denoted as
''[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Melange Developers is a real estate residential projects
development firm. The firm's residential project "Pristine Pacific
(Phase-II)" is situated in Ambegaon, Pune. The promoters of Melange
Developers are also the promoters of Pristine Group and Ceratec
Group which are present in real estate business in Pune,
Maharashtra.
MURUGAR SPINNING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sri Murugar Spinning Mill to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 9 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating;
-- INR102.25 mil. Term loan due on Nov 30, 2026 migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)
rating;
-- INR294.7 mil. Fund Based Working Capital Limit migrated to
non-cooperating category with IND BB+ (Issuer Not
Cooperating)/IND A4+ (Issuer Not Cooperating) rating; and
-- INR24.7 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating.
Company Profile
Established in 1997, SMSM is a partnership firm involved in
manufacturing cotton, polyester and blended yarn with a capacity of
33,500 spindles.
NANI AGRO: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Nani Agro Foods Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 6 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB+ (Issuer Not Cooperating) rating; and
-- INR600 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+(Issuer Not Cooperating)/IND
A4+ (Issuer Not Cooperating) rating.
Company Profile
NAFPL manufactures and exports a range of products such as
turmeric, spices, spices mixes, spice powders, instant mixes and
herbs. The company markets its few products under its own brand
name 'Aditya Trading'. NAFPL derives around 50% of its revenue from
manufacturing activities, and 50% from the trading of spices and
other spice mixes.
PATEL MOTORS: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patel Motors
(Indore) Private Limited's (PMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR200 mil. Fund-based limit affirmed with IND BB+/Stable
rating; and
-- INR210 mil. Proposed fund-based limit affirmed with IND BB+/
Stable rating.
Key Rating Drivers
The ratings are constrained by the geographical concentration PMPL
faces as its operations are based only in Madhya Pradesh, making it
vulnerable to any unfavorable changes in demand within the state.
Moreover, PMPL is an exclusive dealer of Maruti Suzuki India
Limited and Tractors and Farm Equipment Limited and hence, its
performance is directly linked to the performance of these two
companies. Although the sales of spares, after sale service
provide some diversification, their contribution to the revenue is
low. The ratings also factor in the cyclical nature of the auto
industry and its susceptibility to macro-economic factors.
Furthermore, the dealership business is intensely competitive.
The ratings are, however, supported by PMPL's revenue that improved
to INR6,253.88 million in FY22 (FY21: INR5,307.57 million), due to
a recovery in the operations after the Covid downfall and the
improved demand in the automobile industry. Also, the rise in
revenue was higher than Ind-Ra's expectations of FY22 due to the
increased sales in 4QFY22 on account of the festive season. In
FY23, as per the management, the revenue increased to INR7,970
million, due to an improved demand from customers in the luxury
cars segment. However, Ind-Ra expects the revenue to have been
stable in FY23 and to continue to do so in FY24 on account of the
similar nature of the company's operations. The scale of operations
remains large.
PMPL's gross interest coverage (operating EBITDAR/gross interest
expense + rent) improved to 2.79x in FY22 (FY21: 1.90x) and its net
financial leverage (adjusted net debt/operating EBITDAR) to 3.62x
(3.64x), owing to its increased absolute EBITDA on account of the
revenue rise. Ind-Ra expects the credit metrics to have improved
further in FY23 and to continue to do so in FY24 due to an increase
in the absolute EBITDA and a fall in the total debt.
The ratings are supported by PMPL's healthy EBITDAR margins of
3.95% in FY22 (FY20: 3.98%) with a return on capital employed of
17.8% (16.5%). The agency expects the EBITDA margins to have
remained at similar levels in FY23, owing to the nature of the
dealership business where no major variance is noticed in the
margins.
PMPL's average maximum utilization of the fund-based limits was
65.37% during the 12 months ended April 2023. The cash flow from
operations turned negative at INR59.65 million in FY22 (FY21:
INR97.45 million) mainly due to unfavorable changes in the working
capital. Consequently, the free cash flow turned negative at
INR102.06 million in FY22 (FY21: INR76.97 million). The cash and
cash equivalents stood at INR58.17 million at FYE22 (FYE21:
INR23.56 million). PMPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The company had a comfortable net working capital
cycle of 44 days in FY22 (FY21: 34 days) since majority of its
sales are on a cash basis. The scheduled debt repayments for FY24
and FY25 are INR74.9 million and INR23.7 million, respectively.
The company has 32 showrooms and 25 workshops in Madhya Pradesh,
and runs a driving school in Indore. The promoters had more than
three decades of experience in the dealership business with
renowned original equipment manufacturers such as Maruti Suzuki
India, Eicher Motors Limited and Tractors and Farm Equipment.
Rating Sensitivities
Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
interest coverage remaining above 3.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.
Negative: A decline in the scale of operations or the interest
coverage reducing below 2.5x or pressure on the liquidity position,
could lead to a negative rating action.
Company Profile
PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has 32 showrooms and 25 workshops in Madhya Pradesh, and runs a
driving school in Indore. It has authorized dealership of Tractors
and Farm Equipment for tractors, VE Commercial Vehicles Ltd. for
Eicher trucks and buses, and commercial and passenger vehicles of
Maruti Suzuki India.
PSK TEXTILES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
PSK Textiles India Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 7 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR50 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB-(Issuer Not Cooperating)/IND
A4+ (Issuer Not Cooperating) rating;
-- INR26 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating; and
-- INR208.6 mil. Term loan due on May 31, 2024 migrated to non-
cooperating category with IND BB-(Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2005 by KS Shekar, Tamil Nadu-based PSK primarily
weaves fabrics on job work basis. PSK has its own windmill, which
has a capacity of 2.5MW. It mainly caters to textile manufacturing
companies across India.
RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radharaman
Cotgin Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
RCPL, incorporated in 2012, is engaged in ginning and pressing of
cotton; its facility is at Balangir in Odisha. The company
undertakes job work for Cotton Corporation of India.
RAJALAKSHMI AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajalakshmi
Automobiles Private Limited (RAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.82 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 15, 2022,
placed the rating(s) of RAPL under the 'issuer non-cooperating'
category as RAPL 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. RAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2023, May 11, 2023, May 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of RAPL have been
revised on account of delays in debt servicing recognized from
lender and auditor's feedback.
RAPL is an authorised dealer of Mahindra Trucks & Buses Division
(MTBD) of Mahindra & Mahindra Limited. RAPL has two showrooms cum
service centre outlets in Bangalore and five showrooms cum service
centres in Tamil Nadu. The company is engaged in sale of commercial
vehicles which include Light Commercial Vehicles (LCV) trucks &
buses, Heavy Commercial Vehicles (HCV), spare parts & accessories
and servicing of vehicles.
RAJI MATHEW: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raji Mathew &
Co.'s Long-Term Issuer Rating of 'IND BB' to the non-cooperating
category and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR250 mil. Fund-based limits* migrated to Non-Cooperating
category and withdrawn; and
-- INR450 mil. Non-fund-based limits^ migrated to Non-Cooperating
category and withdrawn.
*Migrated to IND BB (ISSUER NOT COOPERATING) before being
withdrawn
^ Migrated to IND A4+ (ISSUER NOT COOPERATING) before being
withdrawn
Key Rating Drivers
Ind-Ra has migrated the ratings to the non-cooperating category
because Raji Mathew & Co. did not participate in the rating
exercise despite requests by the agency and has not provided
information pertaining to the audited financials, interim
financials, management certificate, bank limit utilizations. This
is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
Raji Mathew & Co. is a registered partnership firm engaged in
construction activities for more than 18 years. Raji Mathew is the
managing partner of the company; Cini Mathew, Aleena Raje and Amala
Raje are the other partners. The firm undertakes contracting work
for Road Works of Kerala Public Works Department, Ministry of Road
Transport & Highways, Kerala State Transport Project, Kerala Road
Fund Board, among others.
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramada
Alleppey (RA) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 17.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RA for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RA
continues to be 'CRISIL D Issuer Not Cooperating'.
RA, set up by Mr. Regi Cherian as a proprietorship firm in 2012, is
a luxury hotel in Alappuzha.
RENAISSANCE INDUS: NCLAT Dismisses Promoter's Plea vs. Insolvency
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal has dismissed a petition filed by the Renaissance Indus
Infra against the bankruptcy court's ruling to admit the company
under the corporate insolvency resolution process (CIRP) following
a plea by its financial creditor Catalyst Trusteeship.
Renaissance Indus Infra Private Limited provides real estate
services. The Company owns and develops residential and commercial
properties. Renaissance Indus Infra serves customers in India.
In April 2023, the National Company Law Tribunal admitted
Renaissance Indus Infra under the corporate insolvency resolution
process (CIRP) following a plea by Catalyst Trusteeship. The
tribunal's Mumbai bench appointed Birendra Kumar Agarwal as the
insolvency resolution professional (IRP).
The lender had moved the bankruptcy court after the company
defaulted on its dues worth nearly INR444 crore.
RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ryatar
Sahakari Sakkare Karkhane Niyamit (RSSKN) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit-Stock 20 CRISIL D (Issuer Not
Cooperating)
Long Term Bank 26 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with RSSKN for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RSSKN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSSKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSSKN continues to be 'CRISIL D Issuer Not Cooperating'.
RSSKN, set up in 1999, is a co-operative society manufacturing
sugar. The society is based in Bagalkot (Karnataka). Its operations
are managed by Chairman Mr. R S Talewad who has more than three
decades' experience in the industry.
SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sadaram
Ginning And Pressing Industries (SGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGPI for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGPI continues to be 'CRISIL D Issuer Not Cooperating'.
SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit is
based in Patan (Gujarat). Since last three years the manufacturing
facility is non-operational.
SAGAR MOTORS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Sagar Motors to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 11 months despite continuous requests
and follow-ups by the agency and also IND-Ra's inability to
validate timely debt servicing through other sources it considers
reliable. No Default Statement in the format prescribed by SEBI is
required to be shared by the issuer every month as a confirmation
that all financial obligations are being serviced on time.,
Investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
--Issuer Rating migrated to non-cooperating category with IND BB+
(Issuer Not Cooperating) rating; and
-- INR700 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB+ (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating.
Company Profile
Incorporated in 2014, SM is a registered partnership firm engaged
in the dealership business for passenger vehicles of Tata Motors.
Varun Sagar and Rajesh Sagar are the company partners. It commenced
operations in March 2016. It has seven showrooms and three
workshops across Delhi and National Capital Region.
SAI TRADERS: Ind-Ra Affirms BB Long Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Outlook on Sri Sai
Traders (SST) to Positive from Stable while affirming the Long-Term
Issuer Rating at 'IND BB'.
The instrument-wise rating actions are:
-- INR250 mil. Fund-based facilities affirmed; Outlook revised to
Positive from Stable with IND BB/Positive/ IND A4+ rating;
and
-- INR10 mil. Term loan due on March 2025 affirmed; Outlook
revised to Positive from Stable with IND BB/Positive rating.
The Positive Outlook reflects the improvement in SST's scale of
operations and credit metrics in FY22 and their likely improvement
in FY23 and FY24.
Key Rating Drivers
The ratings reflect SST's medium scale of operation with revenue
improving to INR3,627.67 million in FY22 (FY21: INR1,980.87
million), due to an increase in its maize supply to poultry farms
as the demand increased anticipating shortage of maize following
poor harvest in the year; onboarding of new customers in Vietnam;
and Sri Lanka and higher maize prices. As per the company's FY23
provisional financials, its revenue increased to INR4,910 million,
due to increased demand from poultry farms because of
Russia-Ukraine war-led supply disruptions and higher prices of
maize and rice. However, Ind-Ra expects the revenue to decline in
FY24, owing to a likely decline in the prices of maize and rice.
The ratings also reflect SST's modest credit metrics with gross
interest coverage (operating EBITDA/gross interest expenses)
improving to 2.05x in FY22 (FY21: 1.25x) and the net leverage
(total adjusted net debt/operating EBITDAR) reducing to 4.24x in
FY22 (FY21: 6.89x), backed by an increase in the absolute EBITDA to
INR47.94 million (FY21: INR28.4 million). Ind-Ra expects the
credit metrics to have marginally improved in FY23, backed by an
expected improvement in absolute EBITDA, and to continue growth in
FY24.
The ratings also reflect SST's healthy EBITDA margins which
declined to 1.32% in FY22 (FY21: 1.43%), due to an increase in the
prices of rice and maize and higher bad debts of INR50 million
which were realized during the year. The EBITDA margin remained
range bound at 1.3%-1.7% due to the trading nature of business. The
return over capital employed was 15.2% in FY22 (FY21: 10.6%).
Ind-Ra expects the EBITDA margin to have remained at similar levels
due to anticipated bad debts from exports to Sri Lanka likely to
have booked in FY23.
Liquidity Indicator - Stretched: SST's average utilization of the
fund-based limits was 74.64% during the 12 months ended February
2023 and is expected to have remained at the similar level in March
and April 2023. The company has debt repayment obligations of
approximately INR12 million in FY24 and INR6.8 million for FY25.
The cash flow from operations improved but remained at negative
INR10.5 million in FY22 (FY21: negative INR38.05 million) due to
unfavorable changes in the working capital. The net working capital
cycle shortened to 29 days in FY22 (FY21: 39 days) due to an
increase in creditor days to 18 days (1 day). The cash and cash
equivalents stood low at INR0.28 million at FYE22 (FYE21: INR0.88
million). SST does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.
The ratings, however, are supported by the promoters' two-decade
experience in the agricultural trading industry, leading to
established relationships with customers and suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics, with the interest
coverage declining below 1.7x, and a deterioration in the liquidity
profile, all on a sustained basis, could lead to a negative rating
action.
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage remaining above 1.7x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.
Company Profile
Established in 2000, SST is a Chennai-based partnership firm. The
firm trades in agricultural commodities such as maize, rice, bajra
and chilies.
SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saraswati
Education Society, Navi Mumbai (SESNM) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 6.25 CRISIL D (Issuer Not
Cooperating)
Secured Overdraft
against term
deposits 0.50 CRISIL D (Issuer Not
Cooperating)
Term Loan 12 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SESNM for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SESNM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SESNM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SESNM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 1997, by Mr. Prithviraj Deshmukh. Mrs. Vrushali Deshmukh,
wife of Mr. Prithviraj Deshmukh is managing the operations of SES.
SES operates a school and college in Maharashtra, offering courses
in engineering, and information technology.
SHILPA ELECTRICAL: Ind-Ra Moves B- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shilpa Electrical Infra Tech (India) Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B- (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating Migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR35 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating)
rating; and
-- INR104 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. G Sudhakar
Reddy and G Sailaja are the promoters. The company is headquartered
in Hyderabad.
SHIV METTALICKS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shiv Mettalicks Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 10 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND BB
(Issuer Not Cooperating) rating;
-- INR160 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)
rating;
-- INR5.9 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4+ (Issuer Not
Cooperating) rating; and
-- INR32.5 mil. Term loan due on Dec 31, 2026 migrated to non-
cooperating category with IND BB (Issuer Not Cooperating)
rating.
Company Profile
Established in 2004, SMPL manufactures sponge iron and has an
installed capacity of 60,000 metric ton per annum. The registered
office is in Odisha.
SHIVA GLOBAL: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shiva Global Agro
Industries Limited's (SGAIL) bank facilities as follows:
-- INR400 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating;
-- INR31.16 mil. Working capital term loan assigned with IND BB+/
Stable rating; and
-- INR145.2 mil. Non-fund-based working capital limit assigned
with IND A4+ rating.
Analytical Approach: Ind-Ra has taken a standalone view of SGAIL
and its subsidiaries on account of moderate-to-weak legal,
operational and strategic linkages among the group entities.
Key Rating Drivers
SGAIL has a medium scale of operations with its revenue growing 17%
yoy in FY22 to INR2,049.76 million, led by an improved realization
and an increase in subsidy rates for SGAIL's top-selling product,
Single Super Phosphate (SSP) fertilizer. The sales of fertilizers
and related products manufactured by the entity constituted 80% of
the total revenue in FY22 (FY21: 60%) while the rest was
contributed by the trading of fertilizers and other agricultural
products bought from outside as finished goods. As per its
provisional financials, its revenue stood at INR1,390.64 million in
9MFY23 (9MFY22: INR1,246.83 million). However, Ind-Ra expects the
revenue to have declined in FY23 due to the slowdown in sales in
4QFY23 compared to 4QFY22 across the industry. The sales of the
fertilizers manufactured by SGAIL are majorly concentrated in the
first half of the year as this is the sowing season for monsoon
crops. The sales in 4QFY22 remained higher, due to the early onset
of the sowing season in February 2022, on account of better
rainfall forecast. However, in 4QFY23, the company expects the
sales to have declined as the season is likely to follow its normal
pattern unlike in 2022.
The company's EBITDA margin improved to 9.88% in FY22 (FY21: 4.3%)
due to a reduction in prices of raw materials along with higher
absorption of fixed costs backed by the increase in revenue.
However, the EBITDA margin for 9MFY23 declined to 6.88% (9MFY22:
10.42%), more in line with its historical trend, mainly on account
of an increase in the prices of rock phosphate, which accounted for
around 20% of SGAIL's total input costs.
SGAIL's credit metrics improved in FY22, on the back of the rise in
its absolute EBITDA to INR202.5 million (FY21: INR75.36 million).
The gross interest coverage (operating EBITDA/gross interest
expense) rose to 5.93x in FY22 (FY21: 5.09x) while the net
financial leverage (Ind-Ra-adjusted debt/operating EBITDAR) reduced
to 1.63x (2.54x). However, as per the 9MFY23 provisional
financials, the gross interest coverage fell to 3.1x, due to a
decrease in the absolute EBITDA to INR94.99 million (9MFY22:
INR129.92 million) along with an increase in the interest costs of
the company. The agency expects the net leverage to have risen in
FY23, due to an increase in the total borrowings of SGAIL on
account of enhanced working capital sanctions and unsecured loans
taken from its directors. Ind-Ra expects the credit metrics to
remain average in the near- to medium-term.
Liquidity Indicator - Stretched: The average maximum utilization of
SGAIL's fund-based working capital limits for the 12 months ended
April 2023 was 82%. This was after considering the adhoc financing
obtained by the company during 1QFY23 due to the inadequacy of
fund-based limits. The entity's cash deposits remained at INR0.6
million at FYE22 (FYE21: INR2.03 million). The cash flow from
operations turned negative in FY22 at INR102.04 million (FY21:
positive INR10.81 million), due to an increase in the working
capital cycle which elongated to 147 days (109 days). Ind-Ra
expects the cash flow from operations to have remained negative in
FY23 as the working capital cycle is likely to remain elongated
further on account of a built-up of inventory due to a delay in the
onset of the agricultural season. SGAIL has debt repayment
obligations of INR12.3 million and INR4.2 million in FY24 and FY25,
respectively, which can be paid out of its internal accruals. The
company has no major capex plans in the near- to medium-term.
SGAIL's business is seasonal in nature and highly depends on
agro-climatic conditions and factors like timely onset of monsoon,
the intensity and adequacy of rainfall, government minimum support
price regulations, among others. Furthermore, its EBITDA is
susceptible to the changes in the rate of subsidy for SSP
fertilizers which is revised every year by the government.
Normally, 60%-65% of its sales are made in the first half of the
year in Maharashtra (which accounts for 80% of the sales) as this
is when the demand for its two main products, SSP and NPK
(nitrogen, phosphorous and potassium) fertilizers, is the highest.
Furthermore, SGAIL's top-selling product, SSP fertilizer, is
subsidized and the subsidy on this product keeps changing every
year, thus affecting the realization.
SGAIL's promoter, Omprakash Gilda, who also serves as the managing
director on its board, has more than three decades of experience in
the agriculture and fertilizer sectors. The company has been
manufacturing fertilizers for three decades with a network of over
350 dealers and a well-established presence in Maharashtra.
Rating Sensitivities
Negative: A substantial deterioration in the scale of operations,
further deterioration in the liquidity profile or the credit
metrics with the interest coverage falling below 2x, on a sustained
basis, will be negative for the ratings.
Positive: A substantial improvement in the scale of operations,
substantial improvement in the liquidity profile and an overall
improvement in the credit metrics, on a sustained basis, would be
positive for the ratings.
Company Profile
Incorporated in 1993, SGAIL is a public limited company and listed
on the BSE Limited. The company manufactures and trades
fertilizers. The two main products manufactured by SGAIL are SSP, a
type of multi nutrient fertilizer, and NPK-mix fertilizers. The
entity has two plants in Nanded, Maharashtra, and it also trades in
other agricultural commodities such as turmeric, chana, tur, among
others in smaller proportions.
SHIVA PARVATI: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shiva Parvati Poultry
Feed Private Limited's (SPPFPL) bank facilities as follows:
-- INR400 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating; and
-- INR26.83 mil. Working capital term loan assigned with IND BB-
/Stable rating.
Analytical Approach: Ind-Ra has taken a standalone view of SPPFPL
and its parent, Shiva Global Agro Industries Limited, on account of
moderate-to-weak legal, operational, and strategic linkages between
the entities.
Key Rating Drivers
The ratings reflect SPPFPL's small scale of operations with its
revenue growing 10.4% to INR1,254.67 million in FY22 (FY20:
INR1,458.10 million), led by an increased demand for soybean oil
worldwide and the resultant increase in the prices for soybean oil
and soybean de-oiled cake. However, as per the FY23 provisional
financials, the company's revenue fell 8.2% to INR1,151.85 million,
due to a slowdown in the demand in 4QFY23.
The soybean oil and animal feed markets are characterized by thin
profitability margins due to low value addition in its extraction.
SPPFPL's EBITDA margin has historically been at 2.4%-4.3% over the
past few years. In FY22, the EBITDA margin improved to 2.6% (FY21:
2.4%) due to higher absorption of fixed costs led by the increase
in the revenue. Its EBITDA margin was impacted in the past two
years due to a write-off of its bad debts, which accounted for 4%
of the revenue in FY22 (FY21: 4.7%). In FY23, the EBITDA margin
improved to 3.66%, due to lower incurrence of bad debts, based on
the provisional financials. Ind-Ra expects the EBITDA margin to be
3.35%-4% in the near to medium term.
SPPFPL's credit metrics deteriorated during FY21-FY22, due to a
rise in its working capital requirements along with a fall in the
absolute EBITDA. In FY22, although the EBITDA improved slightly to
INR32.15 million (FY21: INR26.77 million), the net financial
leverage (Ind-Ra-adjusted debt/operating EBITDAR) rose to 9.45x
(6x), due to the increased utilization of its working capital
sanctions amid the increase in its sales. The net leverage is
likely to have increased to above 10x in FY23. The gross interest
coverage (operating EBITDA/gross interest expense) rose to 1.8x in
FY22 (FY21: 1.5x) but is expected to have fallen to 1.3x in FY23,
due to an increase in the interest expense of the company.
Liquidity Indicator - Stretched: For the 12 months ended April
2023, SPPFPL's average maximum utilization of its fund-based limits
was 79.18%. The entity reported a cash balance of INR14.57 million
at FYE22 (FYE21: INR31.66 million). However, SPPFPL's liquidity
deteriorated due to its poor cash flow from operations which turned
negative in FY22 at INR142.45 million (FY21: positive INR120.03
million), due to the entity's high net working capital cycle, which
increased to 151 days in FY22 (FY21: 113). The cash flow from
operations is expected to have remained at similar levels in FY23
due to its worsened net working capital cycle to 210 days following
a slowdown in its Q4FY23 sales, resulting in the build-up of unsold
inventory. Also, SPPFPL needs to maintain a high inventory of raw
materials at the year-end as the supply of soybean seeds, its major
raw material, is highly seasonal.
Being in the agriculture industry, SPPFPL is highly exposed to risk
from the changes in agro-climatic conditions, the intensity of
rainfall and its effect on agricultural production. Also, the
company is impacted by the seasonality in production of soya seeds
which is its main raw material. Furthermore, the entity faces high
risk from competition due to low entry barriers in the Indian
agricultural market which is highly fragmented by several organized
as well as unorganized participants.
The ratings are supported by SPPFPL's established track record of
operations in the industry. The entity has been extracting soybean
crude oil and de-oiled cake since its incorporation in 2004.
Furthermore, SPPFPL benefits from its top management which has more
than three decades of experience in the fertilizers and agriculture
industry.
Rating Sensitivities
Negative: A further deterioration in the scale of operations or the
credit metrics, with the interest coverage falling below 1.25x, on
a sustained basis, will be negative for the ratings.
Positive: A substantial improvement in the scale of operations and
the credit metrics, with the interest coverage rising above 2x, on
a sustained basis, will be positive for the ratings.
Company Profile
Incorporated in 2004, SPPFPL is engaged in the extraction of
soybean de-oiled cake and soybean crude oil. The company has a
plant with an installed capacity of 90,000 metric ton per annum in
Hingoli, Maharashtra. The company is a subsidiary of Shiva Global
Agro Industries Limited, engaged in the manufacturing of
fertilizers and trading of other agricultural products.
SHRINIWASA PROTEINS: Ind-Ra Moves B+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shriniwasa Proteins Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 8 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR800 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)
rating;
-- INR20 mil. Non-Fund Based Working Capital Limit migrated to
¬¬¬non-cooperating category IND A4+ (Issuer Not
¬¬¬¬¬-Cooperating)
Company Profile
Incorporated in December 2020, SPPL is promoted by Shivam Sanjay
Singare, Pramod Narharrao Jadhav, Unmesh Bhaiyasaheb Patil, and
Anuj Manoharravaji Shingare. The promoter group is known as Singare
Brothers which has been in the same business from 45-50 years. The
factory has three sections of operation - oil refinery plant, oil
extraction and de-oil cake manufacturing plant, and oil packaging
unit.
SHUBHJIVAN DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Shubhjivan Developers LLP
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
SDLLP was incorporated in February 2016 as a limited liability
partnership firm by Mr. Jivanbhai Govani and Mr. Priyank Panchani.
The firm's partners have been in the real-estate business for over
two decades through various Group entities, involved in the
real-estate business in Gujarat. SJD is executing its first
residential project namely, Serenity Garden, at Kalavad Road,
Rajkot in Gujarat. The construction for the project started in May
2016 and is likely to be completed by June, 2019. The project
consists of development of 230 high-end apartments covering
4,28,579 sq. ft. of the total saleable area, comprising 4- BHK and
5-BHK units. The project also has other amenities like club house,
mini theatre, gymnasium, jogging track, common garden and outdoor
game facility for children. The ticket size of the apartment ranges
from INR0.28 crore to INR0.43 crore, which renders it easily
marketable compared to high-ticket value projects.
SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Shyam
Bearings Private Limited (SSBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 22 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSBPL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SSBPL, based in Kolkata, was set up in 2005 to take over operations
of Shree Shyam Enterprises, established in 1995. The company is an
authorised distributor of bearings for principals NSK Ltd, Japan,
and MinsK Bearings Plant, Belarus. It is also an authorised dealer
for fire extinguishers of Siam Safety Premier Company Ltd,
Thailand.
SICAL CONNECT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Sical Connect Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 24.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Sical connect Limited erstwhile known as Norsea Offshore India
Limited (Norsea) is a step-down subsidiary of Sical Logistics
Limited and is engaged in the business of dredging. The company
owned a dredger (total gross block of Rs 136 crore as on 31st March
2018) which it leasesed to its parent, Sical, for the execution of
dredging contracts across ports in India. On April
2018, Sical connect Limited's dredging business was hived off with
the entire assets transferred to Sical Logistics Limited. On July
25, 2019 the company's name was changed from Norsea Offshore India
Limited to Sical Connect Limited.
SICAL LOGIXPRESS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Sical
Logixpress Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 10.92 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ (24.00) [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Interchangeable remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Sical Logixpress Private Limited (formerly PNX Logistics Private
Limited (PNX)) traces its origins to a courier company which
started as a proprietary firm in January 2000 with an objective to
provide courier/document services. Incorporated in January 2007,
Sical Logixpress Private Limited eventually became a private
limited company in 2012. Sical Logixpress Private Limited
subsequently exited the courier business and currently offers
express cargo services pan-India catering to customers majorly in
textile, automobile and pharmaceutical industries. Sical Logixpress
Private Limited Limited owns a mix of LCV, MCV and HCV vehicles and
additionally operates vehicles under lease. The company has a team
of 400+ employees working out of various offices across India.
Sical Logistics Ltd acquired 60% stake in Sical Logixpress Private
Limited in July 2017. The remaining 40% stake is currently held by
the founder Mr. Ananthashesha Naganna Hanagal.
SIDDHARTHA INNOPAK: Ind-Ra Moves BB- Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Siddhartha Innopack Industries Private Limited to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation, following non-submission of No Default Statement
continuously for 5 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time., Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND
BB- (Issuer Not Cooperating) rating;
-- INR150 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND BB- (Issuer Not Cooperating)/
IND A4+ (Issuer Not Cooperating) rating; and
-- INR104.85 mil. Term loan due on Jun 30, 2026 migrated to non-
cooperating category with IND BB-(Issuer Not Cooperating)
rating.
Company Profile
Incorporated in 2011, SIIPL manufactures biaxially-oriented
polypropylene bags, polypropylene woven bags and fabric bags. Their
factory with an installed capacity of around 200,000 bags/day is
located in Veeravalli, Andhra Pradesh.
SONHIRA SAHAKARI: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Sonhira Sahakari Sakhar Karkhana Ltd in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 150.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 200.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 2000 by Late Mr. Patangrao Kadam, SSSK is involved
in the manufacturing of sugar and its allied products. The company
operates a sugar mill of 5000 TCD (tonnes crushed per day)
installed capacity which is forward integrated with distillery unit
of 60 KLPD (kilo litres per day) and co-generation unit of 22 MW
(mega-watt). The manufacturing facilities of the company are
located at Mohanrao Kadamnagar in Sangli district of Maharashtra.
SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Susheel
Engineers (SE) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 6.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL D Issuer Not Cooperating'.
SE was establish in 1994 by its proprietor Mr. Sidram. G. Sidrure
and is based out of Pune (Maharashtra). It manufactures boiler
components, steel casing, industrial chimney, collector columns,
industrial duct etc.
SWAMI SAMARTH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Swami
Samarth Construction (SSSC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.03 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2022,
placed the rating(s) of SSSC under the 'issuer non-cooperating'
category as SSSC 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. SSSC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2023, April 6, 2023, April 16, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'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).
SSSC was established in 2006 as a proprietorship firm by Mrs. Smita
Prakash Survase. SSSC is engaged in business of execution of civil
projects under contract for various Government Departments. SSSC is
a registered government contractor as Class-I-A with Public Works
Department (PWD); Solapur, Class-I-A with Maharashtra Jeevan
Pradhikaran (MJP) and Class-I-B with
Maharashtra Water Conservation Corporation (MWCC), Aurangabad.
TATA MOTORS: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed its rating outlook on Tata
Motors Limited (TML) to positive from stable. Concurrently, Moody's
has affirmed TML's B1 corporate family rating and its B1 senior
unsecured ratings.
"The rating affirmation and outlook change to positive reflect
Moody's expectation that the substantial improvement in TML's
credit profile over the past few quarters will sustain over the
next 12-18 months. Steadily growing volumes and profitability will
support TML's earnings and free cash flow expansion, enabling debt
reduction even as its capital expenditure stays elevated," says
Kaustubh Chaubal, a Moody's Senior Vice President.
TML is pursuing its net zero automotive debt target by March 2025.
Moody's estimates that TML will reduce its gross debt by almost 40%
by March 2024 from March 2022 levels, having already reduced debt
by a quarter at March 2023.
"Sustained debt reduction and earnings expansion will pave the way
for TML's leverage, measured by Moody's adjusted consolidated gross
debt/EBITDA, to steadily improve to less than 3.0x from around 4.0x
at March 2023 and 6.4x at March 2022," adds Chaubal who is also
Moody's Lead Analyst for TML.
RATINGS RATIONALE
Moody's expects a sustained improvement in all three of TML's
automotive operations: commercial vehicle (CV) and passenger
vehicle (PV) business in India (Baa3 stable), collectively referred
to as TML India; and its global premium passenger car business
through wholly owned subsidiary Jaguar Land Rover Automotive Plc
(JLR, B1 positive). While JLR accounted for a quarter of TML's
global volumes for the year ended March 31, 2023 (fiscal 2023), its
revenue and EBITDA contribution were around 70% each. As such,
JLR's credit profile is a key driver of TML's consolidated
metrics.
The rating action follows Moody's rating action on JLR earlier for
the affirmation of the B1 CFR and change in its outlook to positive
from stable.
Moody's forecasts for JLR assume a 25% increase in its wholesale
volumes to more than 400,000 in fiscal 2024, twice its order book
of around 200,000 units at March 2023. With around three-quarters
of the order book representing highly profitable models – Range
Rover, Range Rover Sport and Defender – JLR's revenues will
likely climb to nearly GBP30 billion during fiscal 2024 and its
Moody's-adjusted EBITA margin will inch closer towards 5%, having
improved to 3.3% in fiscal 2023 from 2.5%-2.7% over the prior two
fiscal years. JLR's strategy of transitioning to an all-electric
portfolio of Jaguar and Land Rover nameplates by the end of the
decade will require large expenditure towards engineering, product
development and new platforms. Even so, Moody's expects the premium
car maker to generate annual free cash flow exceeding GBP1 billion,
after staying negative for five of the previous eight fiscal
years.
Meanwhile, demand prospects remain bright for TML India's
operations. India's favorable demographics comprising its rising
per capita and disposable incomes and growing working age
population will lift demand for PVs, while for CVs a cyclical
recovery and the government's large push towards infrastructure
investments will drive demand. A steady slew of new models and
model variants across different price points, persistent focus on
branding and customer satisfaction will, in Moody's view, help TML
India's CV and PV businesses achieve volume growth of 8% -10%
during fiscal 2024.
In particular, TML India's PV operations have turned a corner, with
its market share growing to 13.5% in fiscal 2023 from 5% three
years ago, and in generating positive EBITDA (on a reported basis)
for the past 11 consecutive quarters ended March 2023. Sustained
EBITDA improvement while preserving its competitive position in a
price-sensitive market crowded with numerous global carmakers
remains a key success factor.
Moody's favorably notes TML's early mover advantage in electrical
vehicles (EVs) in India, that account for around 10% of TML India's
PV sales. This should place the company well to benefit as the
country progresses towards its electrification targets of 30%
penetration by 2030, up from around 1% now. While TML India's solid
market share of around 80% in EVs may fall as India's EV market
expands, it is unlikely to plunge, especially with the company's EV
offering expanding to 10 models by 2025 from four now, and its
strategy of positioning products across different price points.
For fiscal 2024, Moody's forecasts the company's consolidated
revenues will exceed $50 billion, EBITDA will expand around 40%,
from a year prior and its EBITA margin to inch closer towards 4.5%
given strong growth across TML's three key businesses. Higher
volumes will help to better absorb fixed costs, expand earnings and
free cash flow, even after incurring around $2 billion annually
towards capital expenditure. A sustained delivery of such
performance will build upward rating pressure, as indicated by the
positive rating outlook.
The B1 CFR continues to reflect TML's 100% ownership of JLR; its
leading market position in CVs and EVs in India; significantly
stronger market position in PVs in India; and the improving
trajectory of its financial metrics.
The CFR also incorporates a one-notch uplift, reflecting Moody's
expectation of extraordinary support for TML from its parent Tata
Sons Ltd. (Tata Sons) in times of need.
On balance, the CFR incorporates challenges that could hamper
operating performance, arising from the company's high capital
spending and execution risks associated with, in particular, JLR's
electrification strategy and transformation.
ESG CONSIDERATIONS
TML's ratings also reflect a number of environmental, social and
governance (ESG) considerations that are inherent to the automotive
industry. This includes higher environmental standards, stricter
emission regulations and electrification; autonomous driving and
connectivity; increasing vehicle safety regulations; and the entry
of new market participants. Moody's expects TML and its peers to
continue to require sizeable investments to cope with these
challenges, which will constrain profitability and free cash flows
in the coming years.
OUTLOOK
The positive outlook reflects TML's improved and already robust
credit metrics that are much stronger for its B1 CFR. Moody's would
upgrade the ratings should TML deliver a slightly longer track
record of consistent improvement in its credit profile.
LIQUIDITY
TML's liquidity is good. The company's consolidated cash, cash
equivalents and short term investments of around $7.0 billion at
March 2023 and Moody's expected cash flow from operations (CFO)
totaling $6.5 billion over the 18 months ending September 2024,
will be more than sufficient to meet its cash obligations
aggregating just under $10 billion. These cash obligations comprise
$5.7 billion in debt repayments (including short-term debt), around
$3.3 billion of capital expenditure and modest dividends of $250
million.
An entirely undrawn GBP1.5 billion revolving credit facility (RCF)
maturing in 2026 provides JLR cushion to tide through seasonal
variations in its CFO, although TML India would need to rely on its
short-term 364-day working capital facilities to tide over similar
temporary mismatches. Still, TML's association with the broader
Tata Group enables continued strong access to domestic capital
markets and Indian and multinational banks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade TML's ratings if: (1) JLR's ratings are
upgraded; and (2) TML India delivers sustained improvement in its
operating profile, such that leverage is maintained comfortably
below 6.0x, EBITA margin above 3%, while generating positive free
cash flow, all on a sustained basis.
The rating outlook could return to stable if there are material
deterrents in TML achieving the rating agency's current expectation
of a sustained improvement in credit profile.
Downward rating pressure could occur if a substantial weakness in
JLR's performance were to occur that materially reverses the
improving trend such that consolidated leverage climbs above 8.0x
or EBITA margin slides below 2%.
Any revision to Moody's assumption of support from Tata Sons will
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.
COMPANY PROFILE
Tata Motors Limited (TML) is the flagship automotive company of
India's leading conglomerate, Tata Sons. TML is India's leading
manufacturer of commercial vehicles and passenger vehicles. The
company's products include light, medium and heavy vehicles, such
as trucks, pick-ups and buses, utility vehicles and passenger cars.
For the fiscal year ended March 2023, TML sold 413,539 CVs and
around 541,087 PVs (other than JLR).
Headquartered in the UK, TML's wholly-owned subsidiary JLR
manufactures premium passenger cars under the Jaguar and Land Rover
brands and is the global leader of luxury sports utility vehicles
(SUVs) through three families of Range Rover, Discovery and
Defender. During fiscal 2023, JLR sold 321,362 units, generating
GBP22.8 billion revenues. JLR's 50%-owned joint venture in China
sold around 50,855 units during the same period.
For fiscal 2023, TML generated $42.5 billion revenues and an
adjusted EBITDA of $3.0 billion for its automotive operations.
TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Terra Energy Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 9.89 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 20.16 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 8.95 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Terra Energy Limited was incorporated in March 2000, following the
demerger of the cogeneration plants of Thiru Arooran Sugars Limited
(TASL). It has an installed capacity of 47.1 MW. TASL is the
holding company of TEL with 66% shareholding. These cogeneration
plants are located adjacent to the sugar plants of TASL. TEL has
barter arrangement with TASL for supply of steam and power in lieu
of bagasse. TEL exports surplus power to Tamil Nadu Generation and
Distribution Corporation (TANGEDCO).
THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Thiru
Arooran Sugars Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 56.84 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 29.70 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 235.03 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 16.11 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based 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. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of
cane crushing capacity in its two plants, and a 60-KLPD distillery.
The plants are integrated with a 47.10-MW cogeneration unit of the
company's subsidiary Terra Energy Limited (TASL holds 66.19% stake
in Terra Energy Limited), with which it has barter arrangement for
supply of steam and power.
THIRUMALA SERVICE: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Thirumala Service Station to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 5 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B+
(Issuer Not Cooperating) rating;
-- INR77 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+ (Issuer Not Cooperating) /
IND A4 (Issuer Not Cooperating) rating; and
-- INR23 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B+(Issuer Not Cooperating) /
IND A4 (Issuer Not Cooperating) rating.
Company Profile
TSS was set up in 1988 as a proprietorship firm by A J Ranganath,
located in Bommasandra, Bengaluru Urban, Karnataka. The firm has an
authorized dealership of Indian Oil Corporation and operates a fuel
pump in Hosur, Karnataka. TSS supplies diesel to industries and
corporates in the Bommasandra Industrial Area.
TIMBER CORPORATION: Ind-Ra Moves B- Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Ramani Timber Corporation to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 10 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- Issuer Rating migrated to non-cooperating category with IND B-
(Issuer Not Cooperating) rating;
-- INR55 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B-(Issuer Not Cooperating) /
IND A4 (Issuer Not Cooperating) rating;
-- INR14.4 mil. Term loan due on Feb 28, 2027 migrated to non-
cooperating category with IND B- (Issuer Not Cooperating)
rating; and
-- INR140 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4(Issuer Not Cooperating)
rating.
Company Profile
RTC was established in 1985 as partnership firm. The firm is
engaged in the trading of timber in Trichy, Tamil Nadu.
TRACK INNOVATIONS: ICRA Lowers Rating on INR15cr LT Loan to B+
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Track
Innovations (India) Private Limited (TIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; downgraded from
Cash Credit [ICRA]BB (Stable) and moved to
the 'Issuer Not Cooperating'
category
Short-term 2.00 [ICRA]A4 ISSUER NOT
Non Fund based COOPERATING; Rating Moved to
the ‘Issuer Not Cooperating’
category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; downgraded from
[ICRA]BB (Stable)and moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding TIPL 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 a rated entity"
available at www.icra.in. 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 Track Innovations (India) Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
Incorporated in 1989, Track Innovations (India) Private Limited
{TIPL} manufactures pre-stressed concrete mono block line sleepers
and other special types of sleepers. It mainly caters to the IR,
Northern Railway (NR) zone, under a contract agreement and is
approved by the RDSO, Ministry of Railways, GoI to manufacture the
same. In the recent years, the company has added a few private
sector companies to its clientele. TIPL's manufacturing facility is
in the Railway Colony of Chandigarh.
UMANG BOARDS: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Umang Boards Limited (UBL):
-- Long Term Issuer Rating affirmed with IND BB+/Stable rating;
-- INR315 mil. (increased from INR284 mil.) Term loan due on July
2027 affirmed with IND BB+/Stable rating;
-- INR201.1 mil. Fund-based facility affirmed with IND BB+/Stable
/IND A4+ rating; and
-- INR203.4 mil. Non-fund-based facility affirmed with IND A4+
rating.
Key Rating Drivers
The ratings reflect UBL's continued small scale of operations,
despite an increase in the revenue to INR763.94 million in FY22
(FY21: INR603.53 million). The revenue growth in FY22 was mainly
due to an increase in the demand for insulations and paper coated
winding wires coupled with an increase in the efficiency of its
unit II, which began manufacturing super enameled and paper coated
winding wires of copper and aluminum, and insulation chemicals in
FY20. Till March 2023, UBL booked revenue of INR999.1 million. In
FY24, Ind-Ra expects UBL's revenue to increase on a year-on-year
basis, due to increased demand.
The ratings continue to factor in UBL's modest EBITDA margin of
13.55% in FY22 (FY21: 18.42%) with a return on capital employed of
7.7% (8.4%). In FY23, the company achieved EBITDA margin of 10.9%.
Despite the increase in revenue, the EBITDA margin declined in FY22
and FY23, due to increased revenue contribution from its unit II,
which manufactures lower margin products. The management plans to
focus on its unit I, which has higher margins due to its niche
nature. For FY24, Ind-Ra expects the EBITDA margin to remain at a
similar level due to a likely increase in its unit I production.
Liquidity Indicator - Stretched: UBL's net working capital cycle
reduced but remained elongated at 145 days in FY22 (FY21: 181
days), mainly due to a reduction in the inventory holding period to
165 days (190 days). The company's average maximum utilization of
the fund-based limits was 61.49% and that of the non-fund-based
limits was 95.07% during the 12 months ended March 2023. The cash
flow from operations improved to INR51.38 million in FY22 (FY21:
INR21.45 million) due to lower working capital requirements.
Consequently, the free cash flow increased to INR41.12 million
(FY21: INR10.98 million), despite capex of INR10.26 million
(INR10.47 million). The cash and cash equivalents stood at INR0.84
million at FYE22 (FYE21: INR0.36 million). UBL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company repaid
its term loan of INR64.2 million in FY23, and has repayment
obligations of INR73.9 million and INR75 million for FY24 and FY25,
respectively.
The ratings also reflect UBL's moderate credit metrics. The gross
interest coverage (operating EBITDA/gross interest expenses)
improved to 3.16x in FY22 (FY21: 2.44x) and the net leverage (total
adjusted net debt/operating EBITDAR) to 4.71x (4.73x) due to a
reduction in the long-term debt to INR189.26 million (INR225.21
million) and consequently, the interest expense to INR38.55 million
(INR51.74 million). Ind-Ra expects the credit metrics to have
improved in FY23 and trend could continue in the near future due to
the scheduled term loan repayments.
However, the ratings remain supported by the promoters' nearly two
decades of experience in the manufacturing of insulated paper,
leading to established relationships with its customers and
suppliers.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, on a sustained basis, could lead to
negative rating action
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the net leverage
below 3.5x and improvement in liquidity profile, all on a sustained
basis, could lead to a positive rating action
Company Profile
Incorporated in 1999, UBL is engaged in manufacturing cellulose
based insulations, super enameled and paper coated winding wires of
copper and aluminum and insulting chemicals. The products
manufactured are used in the transformers industry. The head office
and manufacturing facility are located in Jaipur, Rajasthan.
UNI ADS: ICRA Lowers Rating on INR13.50cr Term Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Uni Ads
Limited (UAL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loan from [ICRA]BB (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating downgraded
from [ICRA]A4+ and continues
to remain in the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding UAL 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 a rated entity"
available at www.icra.in. 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 Uni Ads 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 the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Uni Ads Limited (UAL) was incorporated in 1982 by Mr. T. Krishna
Prasad and Mr. M. Srinivas to provide OOH advertising services with
key focus on transit media advertising comprising buses, bus
stations, metro stations and roadways. The company had ventured
into the advertising business with a tie-up with APSRTC in 1982 by
advertising on the buses. Later it diversified to other mediumslike
bus shelters, hoardings, pillar boards, TVs in bus stations, etc.
UAL has licensing contracts with Telangana State Road Transport
Corporation, Greater Hyderabad Municipal Corporation (GHMC),
railways, etc, for utilising the advertising space and provides
services across major cities of Andhra Pradesh and Telangana.
VEDANTAA INSTITUTES: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vedantaa
Institutes of Academic Excellence Private Limited's Long-Term
Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND
BBB-(ISSUER NOT COOPERATING)'.
The detailed rating actions are:
-- INR1,425.3 bil. Term loan due on FY28 downgraded with IND BB
(ISSUER NOT COOPERATING) rating; and
-- INR74.7 mil. Proposed term loan downgraded with IND BB (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
Key Rating Drivers
The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Vedantaa Institutes of Academic Excellence's
credit strength as the company has been non-cooperative with the
agency since December 1, 2022. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
Company Profile
Vedantaa Institutes of Academic Excellence was set up in 2014 as a
medical college. It operates a 410-bedded hospital with 14
functional departments. The hospital was established primarily to
support the college as a teaching hospital. The admissions are done
through National Eligibility cum Entrance Test.
VENUS DENIM: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Venus Denim's
(VD) Long-Term Issuer Rating to 'IND D' from 'IND BB+ (ISSUER NOT
COOPERATING)'.
The instrument-wise rating actions are:
-- INR350 mil. Fund-based working capital limit (Long-term/
short-term) downgraded with IND D rating;
-- INR29.96 mil. Non-fund-based working capital limit (Short-
term) downgraded with IND D rating; and
-- INR438.88 mil. Term loan (Long-term) due on September 2026
downgraded with IND D rating.
Key Rating Drivers
The downgrade reflects VD's default in term loans due to delays in
the debt servicing.
Liquidity Indicator - Poor: VD has been in continuous default since
February 2023, and the liquidity is poor.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
Company Profile
Incorporated in March 2015, VD is promoted by Balvantrai Agarwal
and his family members. VD manufactures denim fabrics with a
capacity of 30 million meters per annum including 312 weaving
looms. It also has two dyeing units with a total capacity of 45
million meters per annum. The company is a part of the Kumar group,
which has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.
VIDARBHA INDUSTRIES: Reliance Power Offers INR1,200cr to Lenders
----------------------------------------------------------------
Moneylife reports that Reliance Power has made a INR1,200 crore
one-time settlement (OTS) offer to the lenders of its subsidiary,
Vidarbha Industries Power Ltd (VIPL), to settle the debt.
According to Moneylife, Reliance Power has offered to pay INR1,200
crore in upfront cash to the lenders of VIPL which include Axis
Bank, SBI, Bank of Baroda, PNB, Canara Bank, and Bank of
Maharashtra.
The outstanding loan of the company as on March 31, 2022, is around
INR2,200 crore, Moneylife discloses.
Moneylife notes that Reliance Power's OTS offer is backed by Varde
Partners of Singapore which is an investor in another group
company, Reliance Infrastructure Ltd.
Earlier, Ahmedabad-based CFM Asset Reconstruction Pvt Ltd had made
an all-cash offer of INR1,120 crore to the lenders of VIPL, recalls
Moneylife.
However, CFM Asset Reconstruction Company is now under the scanner
of the Reserve Bank of India (RBI) and the income-tax (I-T)
department for alleged malpractices and business misconduct.
Moneylife relates that after the offer by CFM ARC offer, National
Asset Reconstruction Company Ltd (NARCL) had also made an offer of
INR1,150 crore to the VIPL lenders, but out of this only 15% is
payable in upfront cash, while the balance will be paid in
interest-free instalments, over the next five years. The net
present value of NARCL's offer is said to be only INR850 crore.
Compared to this, the INR1,200 crore all-cash offer by Reliance
Power is significantly higher and attractive for the lenders of
VIPL, the report states.
About Vidarbha Industries
Vidarbha Industries Power Ltd (VIPL) operates a coal-based power
project with a capacity of 600MW in Nagpur, Maharashtra.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-February 2023, ICRA has retained the rating for the borrowings
of VIPL in the Issuer Not Co-operating category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
ICRA said the rating factors in the continuing delays in debt
servicing by VIPL to the lenders. VIPL is engaged with its lenders
for the resolution of its debt issues. The company's liquidity
profile continues to be poor as evident from its weak net cash
accruals, given the non-operational status of the plant since Jan.
15, 2019. This was due to protracted delays in issuing regulatory
orders and lack of fuel supply for one of the units. Further, the
offtaker, Adani Electricity Mumbai Limited (AEML), issued a power
purchase agreement (PPA) termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL) and currently, the matter is pending at the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with any other entity for operating the thermal station for the
recovery of their dues, as per the provisions of the PPA.
One of the lenders of VIPL has filed an application under the
provisions of the Insolvency & Bankruptcy Code (IBC), 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT. VIPL has been pursuing debt
resolution with its lenders outside the corporate insolvency
resolution process, ICRA added.
VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings of Vishwasrao Naik Sahakari
Sakhar Karkhana Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Based in Sangli, Maharashtra, Vishwasrao Naik Sahakari Sakhar
Karkhana Ltd, was incorporated in 1972 and is engaged in sugar
crushing operations with a capacity of 2500 ton of cane per day
(TCD). The sugar operations are integrated with bagasse-based power
co-generation 15 MW plant (established in 2012) and distillery
operations of installed capacity of 30 KLPD (established in 2001).
The company also operates a molasses waste based microbial
digestion unit in the factory premises which generates carbon
dioxide which is sold to industrial buyers.
WOOD WORKS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shivam Wood Works to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 10 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- Issuer Rating Migrated to non-cooperating category with IND B
(Issuer Not Cooperating) rating;
-- INR20 mil. Fund Based Working Capital Limit migrated to non-
cooperating category with IND B(Issuer Not Cooperating)/IND
A4 (Issuer Not Cooperating) rating;
-- INR200 mil. Non-Fund Based Working Capital Limit migrated to
non-cooperating category with IND A4 (Issuer Not Cooperating)
rating; and
-- INR26 mil. Term loan due on Feb 28, 2027 migrated to non-
cooperating category with IND B (Issuer Not Cooperating)
rating.
Company Profile
SWW was established in 1999 as a partnership firm and is engaged in
the trading of timber in Trichy (Tamil Nadu).
=====================
N E W Z E A L A N D
=====================
2022 AS LIMITED: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
Creditors of 2022 AS Limited, Pak Industries Limited and Sass Hair
& Co. Limited are required to file their proofs of debt by June 29,
2023, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 25, 2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Business Restructuring, Level 1
50 Customhouse Quay
Wellington 6011
HELLO FOODS: Creditors' Proofs of Debt Due on July 22
-----------------------------------------------------
Creditors of Hello Foods Limited are required to file their proofs
of debt by July 22, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 22, 2023.
The company's liquidators are:
Elizabeth Helen Keene
Luke Norman
KPMG Christchurch
Level 5, 79 Cashel Street
PO Box 1739
Christchurch 8140
MANKIND INVESTMENTS: Creditors' Proofs of Debt Due on June 23
-------------------------------------------------------------
Creditors of Mankind Investments Limited are required to file their
proofs of debt by June 23, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on May 25, 2023.
MSC CONSULTING: Court to Hear Wind-Up Petition on June 5
--------------------------------------------------------
A petition to wind up the operations of MSC Consulting (2011)
Limited will be heard before the High Court at Wellington on June
5, 2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 28, 2023.
The Petitioner's solicitor is:
Tara Nicola Carr
Legal Services, 11 Jepsen Grove
Wallaceville
Upper Hutt 5018
SAENA COMPANY: Court to Hear Wind-Up Petition on June 23
--------------------------------------------------------
A petition to wind up the operations of Saena Company Limited will
be heard before the High Court at Whangarei on June 23, 2023, at
10:00 a.m.
Hunmo Kang filed the petition against the company on May 3, 2023.
The Petitioner's solicitor is:
Seungmin Kang
c/- Fairbrother Family Law
36 Munroe Street
Napier
===============
P A K I S T A N
===============
PAKISTAN: To Share Budget Details with IMF to Unlock Funds
----------------------------------------------------------
Reuters reports that Pakistan will share its upcoming budget
details with the International Monetary Fund (IMF) in order to
unlock stalled funds, Finance Minister Ishaq Dar said on May 28.
Hopes for a resumption of an IMF deal are diminishing, analysts
said, with a bailout programme agreed in 2019 due to expire on June
30 at the end of the 2022-23 fiscal year.
Reuters relates that Dar said he would like the IMF to clear its
9th review before the budget, which is due to be presented in early
June, as all the conditions for that had already been met.
According to Reuters, the IMF funding is crucial for the $350
billion South Asian country, which faces an acute balance of
payments crisis. This has raised concerns of a sovereign default,
something which the minister dismissed.
Reuters says the central bank's foreign reserves have fallen as low
as to cover barely a month of controlled imports. Pakistan's
economy has slowed, with an estimated 0.29% GDP growth for
2022-2023.
"They have asked for some more things again, we are ready to give
that too, they say that give us budget details, we will give it to
them," Reuters quotes Dar as saying in an interview with local Geo
TV.
He said it would not work for Pakistan if the IMF combined the 9th
and 10th review of the bailout, adding, "We will not do it, (we)
see this is (as) unfair."
Reuters notes that the IMF's $1.1 billion funding to Pakistan,
which is part of the $6.5 billion Extended Fund Facility agreed in
2019, has been held up since November.
Islamabad hosted the IMF mission in February to negotiate a series
of fiscal policy measures to clear the 9th review.
Reuters says Pakistan had to complete a series of prior actions
demanded by the IMF, which included reversing subsidies, a hike in
energy and fuel prices, jacking up its key policy rate, a
market-based exchange rate, arranging for external financing and
raising over INR170 billion (US$613 million) in new taxation.
The fiscal adjustments have already fuelled Pakistan's highest ever
inflation, which hit 36.5% year-on-year in April, adds Reuters.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative. The decision to downgrade the ratings is
driven by Moody's assessment that Pakistan's increasingly fragile
liquidity and external position significantly raises default risks
to a level consistent with a Caa3 rating.
=================
S I N G A P O R E
=================
BRICK EAGLE VENTURES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Brick Eagle Ventures Pte Ltd, on May 18, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
133 New Bridge Road #24-01/02
Chinatown Point
Singapore 059413
HONESTBEE PTE: No Funds Available for Ex-Staff, Trade Creditors
---------------------------------------------------------------
Vucan Post, citing The Business Times, reports that failed grocery
delivery startup honestbee has no funds available to settle
outstanding debts to former staff, vendors, and other unsecured
creditors, amounting to SGD319.9 million.
According to Vucan Post, the company's sole secured creditor,
Formation Group, has reportedly recovered approximately S$700,000
from the assets of honestbee, a far cry from the US$4 million worth
of debentures held by the venture capital. Numerous former
employees of honestbee are also still awaiting unpaid salaries.
Documents reviewed by The Business Times revealed that BDO, the
liquidator appointed for honestbee, was only able to recover around
SGD720 from excess payments related to "electrical supplies," Vucan
Post relays.
Following a creditors' meeting on May 18, BDO is planning to seek
approval from the High Court to discharge itself from its
responsibilities and dissolve honestbee, Vucan Post says.
Founded in 2015 by three Singaporean entrepreneurs - Joel Sng,
Isaac Tay, and Jonathan Low - honestbee quickly gained momentum as
an e-grocer. Over the years, it expanded beyond grocery delivery
services to offer other services such as food delivery and laundry
services.
According to the report, the company experienced remarkable success
within months of its operation and had successfully established a
presence in eight countries across Asia, including Taiwan and
Japan.
However, honestbee's fortunes took a downturn in 2019, leading to
its eventual downfall. The company faced a financial crisis, due to
poor capital management by its co-founder and CEO at the time, Joel
Sng.
Vucan Post says Joel treated company funds as his own, making
lavish purchases, including a property in Japan which was worth
about US$1.1 million. He went on to create multiple shell
companies, which he then directed honestbee to make payments to
these entities in exchange for their products, all while keeping
these transactions undisclosed to investors.
Joel was ultimately ousted from his position as the company
grappled to maintain its stability, the report relates. In the wake
of his departure, Ong Lay Ann assumed the role of CEO and embarked
on a series of strategic measures to reorganise the company, aiming
to breathe new life into the business.
Among these initiatives was the introduction of a pizza joint.
However, these attempts proved futile as the company was ultimately
placed under liquidation in July 2020, the report states.
In May last year, former CEO Joel has been made a bankrupt when he
was served with a bankruptcy order by the Singapore court.
About honestbee
Headquartered in Singapore, Honestbee Pte. Ltd. --
https://honestbee.sg/ -- is an online grocery and food delivery
service as its core business, a concierge service, and also aparcel
delivery service for its B2B clients.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, a creditor of honestbee, Benjamin Lim Jia-Rong, filed a
court application to wind up the company, The Business Times said.
In July 2020, the High Court of Singapore issued a winding up order
for the failed startup.
NORDIC AMY: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------
Creditors of Nordic Amy Pte. Ltd. are required to file their proofs
of debt by June 30, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 22, 2023.
The company's liquidator is :
Ong Kok Yeong David
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
RESOURCE INVESTMENTS: Creditors' Meeting Set for June 12
--------------------------------------------------------
Resource Investments Austral - Asia Pte Ltd, which is in
provisional liquidation, will hold a meeting for its creditors on
June 12, 2023, at 3:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint liquidator;
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
STAMFORD PRESS: Creditors' Proofs of Debt Due on June 28
--------------------------------------------------------
Creditors of Stamford Press (Pte) Ltd are required to file their
proofs of debt by June 28, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 19, 2023.
The company's liquidator is:
R Rahul Raj
c/o 17 Phillip Street
#05-02 Grand Building
Singapore 048695
SUNEDISON SOLAR: Final Meeting Set for June 27
----------------------------------------------
Members and creditors of Sunedison Solar Holdings 4 Pte Ltd will
hold their final meeting on June 27, 2023, at 2:00 p.m., via Zoom.
At the meeting, Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh
Lin, the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
=================
S R I L A N K A
=================
SRI LANKA: Confident of Meeting September Deadline for Debt Talks
-----------------------------------------------------------------
Reuters reports that Sri Lanka is confident of meeting its
September deadline on completing debt restructuring talks with
creditors, a top official said on May 26, as the debt-laden country
works to emerge from its worst financial crisis in decades.
Sri Lanka, which defaulted on its foreign debt for the first time
in history last April due to record low foreign reserves, is in
talks with bondholders and bilateral creditors including China,
Japan and India to put its debt on a sustainable track and
turnaround its battered economy, Reuters says.
Accordig to Reuters, Sri Lanka President Ranil Wickremesinghe
during a visit to Tokyo last week said Sri Lanka should be able to
conclude a new round of restructuring talks by September or
November at the latest, adding that the negotiations had made
"remarkable" progress.
"What the president was saying is that the talks would be completed
this year," State Minister for Finance Shehan Semasinghe told
Reuters, denying there was any official change in the timeline.
"Sri Lanka is confident of meeting the September timeline. The
government is very committed and we are working on the best
strategy with all creditors in a transparent manner."
He also described the talks as "progressive," but declined to give
details as discussions were confidential.
Sri Lanka secured a $2.9 billion bailout from the International
Monetary Fund (IMF) in March and the country is targeting the
finalisation of the debt talks to coincide with the program's first
review also expected in September, Reuters notes.
The IMF called last week for timely restructuring pacts with the
country's creditors. Reuters relates that the global lender said
Sri Lanka's macroeconomic situation was improving, although earlier
it had predicted the economy would contract 3% this year.
Sri Lanka owes $7.1 billion to bilateral creditors, with $3 billion
owed to China, $1.6 billion to India and $2.4 billion to the Paris
Club, a group of creditor nations.
Reuters notes that the government also needs to renegotiate more
than $12 billion of debt in eurobonds with overseas private
creditors, and $2.7 billion on other commercial loans.
=============
V I E T N A M
=============
PETROVIETNAM POWER: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos
-------------------------------------------------------------------
Fitch Ratings has affirmed PetroVietnam Power Corporation - Joint
Stock Company's (PV Power) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB' with a Positive Outlook.
The rating, which is based on PV Power's Standalone Credit Profile
(SCP) assessment of 'bb', is on a par with the IDR of its 80%
parent, Vietnam Oil and Gas Group (PVN, BB/Positive). PV Power's
SCP is driven by its strong market position as Vietnam's
second-largest electricity producer, accounting for around 5% of
the country's total electricity output and 5% of installed capacity
in 2022. It also benefits from diversified fuel sources, long-term
power-purchase agreements (PPAs) with Vietnam Electricity (EVN,
BB/Positive) for more than 80% of its electricity output and a
strong financial profile.
However, EVN's IDR constrains PV Power's SCP, even though PV
Power's financial profile is stronger than its SCP assessment
indicates.
The Positive Outlook is driven by the Positive Outlook on EVN's
IDR.
KEY RATING DRIVERS
Recovery of Gas Power PLFs: Fitch expects plant load factors (PLFs)
at PV Power's gas plants to continue to recover in 2023, in line
with robust electricity demand. The PLF at Nhon Trach I plant
improved to 36% in 2022, from 11% in 2021, when it was impacted by
the Covid-19 pandemic. Fitch forecasts the PLF at Nhon Trach 1 & 2
to average at around 40%-50% over the medium term. The PLFs at Ca
Mau 1&2 plants, which stood at 28% in 2022, were affected by gas
supply shortages, but should rebound to 37% this year after the
company secured additional gas supply.
Improved Production Volume at Coal Plant: Fitch expects electricity
sales volume to increase by 6% in 2023, after a 3.4% drop in 2022
on account of a generator turbine issue at the S1 unit of the Vung
Ang 1 Thermal Power Plant in September 2021, when the unit was shut
for repairs. The PLF should reach around 47%, against 32% in 2022,
and further rebound to the historical level of around 58% once the
repairs are completed. The company expects to recover the cost of
repairs from insurance.
EBITDA to Decline: Fitch estimates 2023 EBITDA will decline by
around 14%, from VND4.5 trillion in 2022, due to lower hydropower
generation and ongoing technical issues with the Vung Ang 1 plant.
Fitch has excluded revenue arising from foreign-currency
differences from operating EBITDA in 2022 due to the time period to
which it pertains; PV Power received VND1.1 trillion in 2022
pertaining to foreign-exchange differences for the period
2015-2019. However, most of PV Power's capacity benefits from
long-term PPAs with EVN, which include capacity payments and a cost
pass-through mechanism, supporting the company's relatively stable
operating cash flow.
Moderate Leverage, Despite Large Capex: Fitch expects group EBITDA
net leverage to peak at around 4.0x in 2024, against our estimate
of 3.8x for 2023, as the Nhon Trach 3 and 4 projects are
constructed, from a net cash position currently. EBITDA net
leverage should improve from 2025 post commissioning of the
projects and fall to below 3.0x in 2026. PV Power expects capex to
peak at VND17.5 trillion in 2023 (2022: VND2.6 trillion, 2021:
VN286 billion; 2020: VND146 billion).
The liquefied natural gas (LNG) for Nhon Trach 3 and 4 will be
imported and converted into natural gas by PetroVietnam Gas Joint
Stock Corporation (PV Gas), a PVN group entity.
PPAs Provide High Visibility: The long-term PPAs with EVN provide
high revenue and cash-flow visibility. The PPAs, which have 20-25
year tenors and a capacity weighted-average remaining tenor of
around 12 years, account for 85%-90% of PV Power's revenue. The
remaining power is sold in the wholesale electricity market. The
tariffs' capacity payments cover debt servicing and fixed operating
costs, return on equity, variable payments and operation and
maintenance charges for fuel, repair and maintenance costs.
Leading Market Position: PV Power is Vietnam's second-largest
electricity producer. Its market position is supported by having
two-thirds of its capacity in the country's southern region, which
faces a shortage in power generation. The company expects to
maintain its market position in the medium-term through capacity
additions, even as the country's installed capacity increases.
Diversified Fuel Sources: PV Power's plants benefit from diverse
fuel sources, including gas (64%), coal (29%), hydropower (7%) and
solar (less than 1%) as of end-2022. The proportion of gas and LNG
in the fuel mix will increase to 73% after the commissioning of the
1,500MW Nhon Trach 3 and 4 thermal power plants. However, unlike
other domestic gas-based plants, the new plants will use imported
LNG as fuel. PV Power has fuel-supply arrangements for all its
plants to ensure timely availability of fuel. Most of the required
gas is supplied by PV Gas.
DERIVATION SUMMARY
Fitch assesses Global Power Synergy Public Company Limited's (GPSC,
BBB-/Stable; SCP: bb) business profile to be stronger compared with
PV Power, accounting for 11% of commercial electricity generation.
PV Power's rating is in line with that of EVN, its main off-taker,
and EVN's rating caps PV Power's 'bb' SCP. PV Power's financial
profile is stronger than GPSC's, with EBITDA net leverage of below
4.5x. However, GPSC benefits from greater revenue and cash flow
predictability as its PPAs are with stronger counterparties. This
results in the same SCP assessment for both companies.
NTPC Limited (BBB-/Stable), India's largest power-generation
company, accounts for 17% of the country's installed
power-generation capacity and 24% of its electricity generation. We
assess NTPC's SCP at 'bbb-', the same level as its IDR. The
two-notch higher SCP assessment than that of PV Power reflects
NTPC's stable operating profit due to a well-established regulatory
return framework, which allows for timely pass-through of cost
changes, despite its higher leverage.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Around 85% to 90% of the power generated to be sold through PPAs
with EVN and the balance in the wholesale market
- Revenue from long-term PPAs to include capacity charges to
recover initial costs and return on investment as well as variable
charges to cover fuel, operating and maintenance costs
- Average interest rate of 6.9% from 2023 to 2025
- No dividend payout from 2023 to 2025
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upgrade of EVN, the key counterparty
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A downgrade of EVN
For EVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 6 September 2022:
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on the sovereign.
- Deterioration in EVN's SCP, along with significant weakening in
likelihood of support the state. We see this as a remote prospect
in the medium term.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: PV Power had VND9.9 trillion in cash and cash
equivalents at end-2022, against current debt maturities of VND5.6
trillion, including VND4.7 trillion in short-term loans. The loans
are mainly for working capital and we expect them to be refinanced
on a yearly basis. We forecast the company to generate negative
free cash flow in the near- to medium-term due to capex for its
Nhon Trach 3 and 4 projects. However, direct and indirect linkages
to PVN and the state, respectively, and sound banking relationships
with domestic and international banks should support financial
flexibility.
ISSUER PROFILE
PV Power, Vietnam's second-largest electricity producer, has total
capacity that accounts for around 5% of national installed
capacity. Energy output in 2022 was 14,197 billion kWh, equivalent
to around 6% of the nation's commercial electricity output.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The ratings on PV Power are directly linked to the credit quality
of its key counterparty, EVN. A change in Fitch's assessment of
EVN's IDR would automatically result in a change in the ratings on
PV Power
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
PetroVietnam
Power Corporation
- Joint Stock
Company LT IDR BB Affirmed BB
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 22 to May 26, 2023
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.20
ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.20
APA INFRASTRUCTURE LTD 2.50 03/15/36 GBP 67.93
APA INFRASTRUCTURE LTD 1.25 03/15/33 EUR 73.36
AUSNET SERVICES HOLDIN 3.16 08/07/40 AUD 69.17
AUSNET SERVICES HOLDIN 2.57 08/07/35 AUD 71.37
AUSNET SERVICES HOLDIN 2.57 08/07/35 AUD 71.74
AUSTRALIA & NEW ZEALAN 1.23 02/18/50 EUR 57.40
AUSTRALIA & NEW ZEALAN 2.92 12/22/40 AUD 57.52
AUSTRALIA & NEW ZEALAN 3.00 12/17/40 AUD 58.93
AUSTRALIA & NEW ZEALAN 3.40 12/20/39 AUD 65.53
AUSTRALIA & NEW ZEALAN 1.86 02/28/44 EUR 69.63
AUSTRALIA & NEW ZEALAN 1.92 03/18/44 EUR 70.47
AUSTRALIA & NEW ZEALAN 3.74 09/26/47 USD 71.13
AUSTRALIA & NEW ZEALAN 2.20 12/21/48 EUR 72.57
AUSTRALIA & NEW ZEALAN 1.65 07/21/31 USD 74.69
AUSTRALIA GOVERNMENT B 1.75 06/21/51 AUD 63.18
CLIME CAPITAL LTD/FUND 5.25 11/30/25 AUD 0.97
COMMONWEALTH BANK OF A 1.90 03/12/50 AUD 46.13
COMMONWEALTH BANK OF A 3.30 08/26/50 AUD 50.23
COMMONWEALTH BANK OF A 2.45 10/18/49 AUD 54.24
COMMONWEALTH BANK OF A 2.60 09/27/49 AUD 56.14
COMMONWEALTH BANK OF A 0.48 07/30/43 EUR 56.90
COMMONWEALTH BANK OF A 2.66 11/26/49 AUD 57.00
COMMONWEALTH BANK OF A 3.12 08/27/41 AUD 57.18
COMMONWEALTH BANK OF A 2.70 09/18/49 AUD 57.51
COMMONWEALTH BANK OF A 2.71 10/29/49 AUD 57.66
COMMONWEALTH BANK OF A 0.48 07/29/41 EUR 58.90
COMMONWEALTH BANK OF A 3.30 09/24/41 AUD 58.91
COMMONWEALTH BANK OF A 3.00 12/10/40 AUD 60.59
COMMONWEALTH BANK OF A 3.20 08/27/40 AUD 61.63
COMMONWEALTH BANK OF A 1.01 07/19/44 EUR 62.71
COMMONWEALTH BANK OF A 0.69 11/15/39 EUR 64.07
COMMONWEALTH BANK OF A 1.34 05/17/49 EUR 64.49
COMMONWEALTH BANK OF A 3.10 11/30/41 AUD 69.82
COMMONWEALTH BANK OF A 3.31 03/11/41 USD 70.41
COMMONWEALTH BANK OF A 3.31 03/11/41 USD 70.43
COMMONWEALTH BANK OF A 1.92 03/07/44 EUR 70.75
COMMONWEALTH BANK OF A 1.52 02/15/44 EUR 70.75
COMMONWEALTH BANK OF A 1.20 05/16/39 EUR 70.88
COMMONWEALTH BANK OF A 2.05 07/24/48 EUR 71.09
COMMONWEALTH BANK OF A 3.00 03/20/35 AUD 72.08
COMMONWEALTH BANK OF A 1.00 07/27/36 EUR 72.33
COMMONWEALTH BANK OF A 3.30 05/28/35 AUD 72.72
COMMONWEALTH BANK OF A 1.60 03/28/43 EUR 72.80
COMMONWEALTH BANK OF A 2.26 04/26/48 EUR 73.19
COMMONWEALTH BANK OF A 1.80 02/28/39 EUR 73.44
COMMONWEALTH BANK OF A 1.41 03/14/39 EUR 73.61
COMMONWEALTH BANK OF A 2.09 08/03/48 EUR 73.89
COMMONWEALTH BANK OF A 3.66 09/23/34 AUD 73.89
EDITH COWAN UNIVERSITY 3.40 07/15/41 AUD 70.68
EXCHANGE TRADED AUSTRA 1.75 06/21/51 AUD 63.50
FLAGSHIP INVESTMENTS L 5.50 10/01/26 AUD 2.60
GLENNON SMALL COS LTD 5.60 09/30/30 AUD 9.50
GLOBAL MASTERS FUND LT 5.50 11/24/26 AUD 2.91
MACQUARIE GROUP LTD 2.22 06/26/39 SEK 51.84
MACQUARIE GROUP LTD 2.50 09/24/36 USD 64.80
MACQUARIE GROUP LTD 2.60 10/08/36 USD 65.62
MACQUARIE GROUP LTD 2.67 10/27/36 USD 66.12
MACQUARIE UNIVERSITY 3.10 11/22/44 AUD 69.98
MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.96
NATIONAL AUSTRALIA BAN 3.35 07/24/40 AUD 62.43
NATIONAL AUSTRALIA BAN 2.65 01/14/41 USD 63.95
NATIONAL AUSTRALIA BAN 2.65 01/14/41 USD 63.99
NATIONAL AUSTRALIA BAN 2.48 12/05/39 AUD 66.00
NATIONAL AUSTRALIA BAN 3.40 06/30/40 AUD 66.71
NATIONAL AUSTRALIA BAN 3.35 07/17/40 AUD 66.86
NATIONAL AUSTRALIA BAN 2.60 01/28/40 AUD 67.06
NATIONAL AUSTRALIA BAN 3.71 11/25/41 AUD 67.33
NATIONAL AUSTRALIA BAN 2.68 01/22/40 AUD 68.07
NATIONAL AUSTRALIA BAN 2.64 12/16/39 AUD 68.14
NATIONAL AUSTRALIA BAN 2.76 01/21/40 AUD 68.84
NATIONAL AUSTRALIA BAN 3.37 05/25/46 USD 70.51
NATIONAL AUSTRALIA BAN 4.10 02/24/42 AUD 71.24
NEW SOUTH WALES TREASU 0.61 02/24/50 EUR 58.03
NEW SOUTH WALES TREASU 2.45 08/24/50 AUD 62.60
NEW SOUTH WALES TREASU 2.25 05/20/42 AUD 66.95
NEW SOUTH WALES TREASU 2.25 05/07/41 AUD 68.67
NEW SOUTH WALES TREASU 2.25 11/20/40 AUD 69.47
QUEENSLAND TREASURY CO 0.69 06/01/50 EUR 52.29
QUEENSLAND TREASURY CO 2.25 10/28/50 AUD 60.00
QUEENSLAND TREASURY CO 2.25 11/20/41 AUD 68.42
QUEENSLAND TREASURY CO 2.25 04/16/40 AUD 70.45
RIO TINTO FINANCE USA 2.75 11/02/51 USD 68.62
SOUTH AUSTRALIAN GOVER 2.25 05/24/40 AUD 68.70
TASMANIAN PUBLIC FINAN 2.35 08/23/41 AUD 68.22
TASMANIAN PUBLIC FINAN 1.75 01/22/36 AUD 73.71
TREASURY CORP OF VICTO 0.60 02/24/50 EUR 53.21
TREASURY CORP OF VICTO 2.40 08/18/50 AUD 61.95
TREASURY CORP OF VICTO 2.25 11/20/42 AUD 66.35
TREASURY CORP OF VICTO 2.25 11/20/41 AUD 66.88
TREASURY CORP OF VICTO 2.25 11/20/40 AUD 68.92
TREASURY CORP OF VICTO 2.00 11/20/37 AUD 72.73
TRUSTEE FOR APMF POOLE 6.50 09/30/26 AUD 74.01
VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 0.37
VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 0.41
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 0.46
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 0.46
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 0.48
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 0.48
VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 1.29
WESFARMERS LTD 0.95 10/21/33 EUR 74.15
WESTERN AUSTRALIAN TRE 2.25 07/23/41 AUD 69.45
WESTPAC BANKING CORP 2.35 02/27/40 AUD 63.71
WESTPAC BANKING CORP 0.38 09/22/36 EUR 65.98
WESTPAC BANKING CORP 2.96 11/16/40 USD 67.51
WESTPAC BANKING CORP 3.13 11/18/41 USD 68.73
WESTPAC BANKING CORP 5.00 03/02/48 AUD 70.66
WESTPAC BANKING CORP 1.25 04/05/39 EUR 71.98
CHINA
-----
AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 40.23
AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 40.24
ALETAI CITY JUJIN URBA 7.73 10/26/24 CNY 51.53
ANHUI DANGTU ECO DEVEL 6.00 09/11/24 CNY 40.00
ANHUI DANGTU ECO DEVEL 6.00 09/11/24 CNY 40.91
ANHUI HUAAN FOREIGN EC 7.30 07/13/21 CNY 70.01
ANHUI HUAINING URBAN & 5.80 08/28/24 CNY 40.00
ANHUI HUAINING URBAN & 5.80 08/28/24 CNY 40.43
ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 19.97
ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 20.01
ANHUI LANGCHUAN HOLDIN 6.13 12/11/24 CNY 40.60
ANHUI LANGCHUAN HOLDIN 6.13 12/11/24 CNY 41.21
ANHUI LEXING CITY CONS 6.05 11/01/24 CNY 40.98
ANJI COUNTY INDUSTRY I 7.00 11/19/25 CNY 60.00
ANJI COUNTY INDUSTRY I 7.00 11/19/25 CNY 62.58
ANJI COUNTY URBAN DEVE 7.49 09/25/25 CNY 60.00
ANJI COUNTY URBAN DEVE 7.20 05/02/25 CNY 61.76
ANJI COUNTY URBAN DEVE 7.49 09/25/25 CNY 62.62
ANJI COUNTY URBAN DEVE 7.20 05/02/25 CNY 63.06
ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 20.07
ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 20.09
ANLU CONSTRUCTION DEVE 5.45 06/15/23 CNY 20.04
ANNING DEVELOPMENT INV 8.80 09/11/25 CNY 56.50
ANNING DEVELOPMENT INV 8.00 12/04/25 CNY 56.64
ANNING DEVELOPMENT INV 8.00 12/04/25 CNY 60.00
ANNING DEVELOPMENT INV 8.80 09/11/25 CNY 63.32
ANQING WANJIANG HIGH T 6.50 08/02/24 CNY 40.00
ANQING WANJIANG HIGH T 6.50 08/02/24 CNY 40.14
ANQIU HUAAN STATE OWNE 7.00 09/14/24 CNY 37.52
ANQIU HUAAN STATE OWNE 7.00 09/14/24 CNY 40.18
ANSHUN CITY CONSTRUCTI 7.30 09/15/24 CNY 37.80
ANSHUN CITY CONSTRUCTI 7.30 09/15/24 CNY 40.93
ANSHUN CITY XIXIU INDU 7.90 11/15/25 CNY 50.00
ANSHUN CITY XIXIU INDU 8.00 01/29/26 CNY 53.10
ANSHUN CITY XIXIU INDU 8.00 01/29/26 CNY 56.84
ANSHUN CITY XIXIU INDU 7.90 11/15/25 CNY 62.93
ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 19.99
ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 20.00
ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 40.17
ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 19.06
ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 19.16
ANYUE XINGAN CITY DEVE 7.50 01/30/25 CNY 41.37
ANYUE XINGAN CITY DEVE 7.50 01/30/25 CNY 41.37
AOYUAN CORP GROUP LTD 5.50 03/03/25 CNY 25.50
AOYUAN CORP GROUP LTD 6.60 09/03/23 CNY 38.00
AOYUAN CORP GROUP LTD 5.65 08/06/25 CNY 59.71
BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 40.34
BAOTOU AFFORDABLE HOUS 5.25 07/27/24 CNY 40.46
BAOTOU AFFORDABLE HOUS 5.31 08/10/24 CNY 40.51
BAOTOU AFFORDABLE HOUS 5.31 08/10/24 CNY 40.60
BAOTOU QINSHAN HOUSING 7.90 12/26/23 CNY 10.23
BAOYING COUNTY DEVELOP 5.45 08/21/24 CNY 40.65
BAOYING COUNTY DEVELOP 5.49 10/17/24 CNY 40.79
BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 40.54
BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 40.66
BENGBU ECONOMIC DEVELO 6.45 07/13/24 CNY 40.00
BENGBU ECONOMIC DEVELO 6.45 07/13/24 CNY 40.20
BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 20.41
BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 20.42
BIJIE CITY ANFANG CONS 7.80 01/18/26 CNY 53.50
BIJIE CITY ANFANG CONS 7.80 01/18/26 CNY 58.09
BIJIE CONSTRUCTION INV 5.55 08/03/24 CNY 39.30
BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 39.40
BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 40.15
BIJIE CONSTRUCTION INV 5.55 08/03/24 CNY 40.24
BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 19.27
BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 19.97
BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 19.98
BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 20.03
BIJIE QIXINGGUAN DISTR 7.60 09/08/24 CNY 37.90
BIJIE QIXINGGUAN DISTR 7.60 09/08/24 CNY 40.98
BIJIE QIXINGGUAN DISTR 8.05 08/16/25 CNY 55.00
BIJIE QIXINGGUAN DISTR 8.05 08/16/25 CNY 56.44
BIJIE TIANHE URBAN CON 8.05 12/03/25 CNY 54.40
BIJIE TIANHE URBAN CON 8.05 12/03/25 CNY 63.14
BIJIE XINTAI INVESTMEN 7.80 11/01/24 CNY 41.26
BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 19.98
BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 20.14
BRILLIANCE AUTO GROUP 5.80 03/20/24 CNY 54.80
BRILLIANCE AUTO GROUP 5.40 09/14/23 CNY 55.80
BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 56.93
BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 59.80
BRILLIANCE AUTO GROUP 5.80 06/17/24 CNY 60.78
CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29
CHANG DE DING LI INDUS 6.10 07/20/24 CNY 40.17
CHANG DE DING LI INDUS 6.10 07/20/24 CNY 40.23
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 9.97
CHANGDE DINGCHENG JIAN 7.58 10/19/25 CNY 60.00
CHANGDE DINGCHENG JIAN 6.98 01/22/26 CNY 60.50
CHANGDE DINGCHENG JIAN 6.98 01/22/26 CNY 61.77
CHANGDE DINGCHENG JIAN 7.58 10/19/25 CNY 62.50
CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 39.95
CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 40.49
CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 19.91
CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 20.06
CHANGSHA CHENGBEI INVE 7.00 10/26/25 CNY 60.00
CHANGSHA CHENGBEI INVE 6.95 06/06/25 CNY 62.00
CHANGSHA CHENGBEI INVE 6.95 06/06/25 CNY 62.29
CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 20.22
CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 21.26
CHANGSHA JINXIA NEW CI 7.00 02/14/26 CNY 61.02
CHANGSHA JINXIA NEW CI 7.00 02/14/26 CNY 62.68
CHANGSHA JINZHOU NEW C 6.60 08/24/24 CNY 40.00
CHANGSHA JINZHOU NEW C 6.60 08/24/24 CNY 40.90
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 15.00
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 15.01
CHANGSHA METRO GROUP C 5.97 04/03/25 CNY 31.18
CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 45.00
CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 45.72
CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 46.21
CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 46.47
CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 20.03
CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 20.15
CHANGSHA WANGYUAN DEVE 5.73 07/12/27 CNY 73.16
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 20.00
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 20.07
CHANGXING SOUTHERN TAI 6.50 11/30/25 CNY 60.00
CHANGXING SOUTHERN TAI 6.50 11/30/25 CNY 61.60
CHANGZHOU JINTAN COMMU 6.50 11/07/24 CNY 40.00
CHANGZHOU JINTAN COMMU 7.10 12/21/24 CNY 40.00
CHANGZHOU JINTAN COMMU 6.50 11/07/24 CNY 40.58
CHANGZHOU JINTAN COMMU 7.10 12/21/24 CNY 40.84
CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 19.90
CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 20.02
CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 20.01
CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 20.07
CHAOHU URBAN TOWN CONS 5.67 05/03/25 CNY 60.70
CHAOHU URBAN TOWN CONS 5.67 05/03/25 CNY 61.26
CHENGDU ECONOMIC&TECHN 7.49 01/15/25 CNY 51.92
CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 20.00
CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 20.01
CHENGDU GARDEN WATER C 7.50 09/11/24 CNY 39.45
CHENGDU GARDEN WATER C 7.50 09/11/24 CNY 40.96
CHENGDU GARDEN WATER C 8.00 06/13/25 CNY 58.85
CHENGDU GARDEN WATER C 8.00 06/13/25 CNY 60.00
CHENGDU JIAOZI PARK FI 5.99 10/23/25 CNY 60.00
CHENGDU JIAOZI PARK FI 5.99 10/23/25 CNY 61.29
CHENGDU LIN JIANG GARD 6.75 08/02/24 CNY 40.40
CHENGDU LIN JIANG GARD 7.00 08/27/25 CNY 61.81
CHENGDU XINGCHENGJIAN 5.15 12/18/24 CNY 60.94
CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 19.92
CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 20.06
CHENGDU XINGSHU INVEST 6.78 08/21/24 CNY 40.54
CHENGDU XINGSHU INVEST 6.78 08/21/24 CNY 41.32
CHENGDU XINJIN COUNTY 7.30 10/23/24 CNY 40.00
CHENGDU XINJIN COUNTY 7.30 10/23/24 CNY 41.04
CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 39.79
CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 40.00
CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 40.08
CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 40.49
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 20.00
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 20.01
CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 43.55
CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 45.21
CHENZHOU WENLV INDUSTR 5.34 11/28/23 CNY 19.98
CHENZHOU XINTIAN INVES 6.00 07/26/24 CNY 38.71
CHENZHOU XINTIAN INVES 6.00 07/26/24 CNY 40.00
CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 43.77
CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 44.74
CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 19.97
CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 20.04
CHIBI LANTIAN URBAN CO 6.95 11/22/25 CNY 60.00
CHIBI LANTIAN URBAN CO 6.95 11/22/25 CNY 62.70
CHINA COMMUNICATION TE 7.00 07/19/20 CNY 5.00
CHINA FORTUNE LAND DEV 7.40 03/24/21 CNY 25.13
CHINA FORTUNE LAND DEV 7.20 04/18/21 CNY 25.13
CHINA FORTUNE LAND DEV 5.60 09/10/21 CNY 25.13
CHINA FORTUNE LAND DEV 5.80 05/23/22 CNY 25.13
CHINA FORTUNE LAND DEV 5.00 05/30/22 CNY 68.15
CHINA GOVERNMENT INTER 2.25 10/21/50 USD 67.18
CHINA GOVERNMENT INTER 2.25 10/21/50 USD 67.21
CHINA GOVERNMENT INTER 1.00 11/12/39 EUR 68.50
CHINA GOVERNMENT INTER 0.63 11/25/35 EUR 69.72
CHINA GOVERNMENT INTER 2.50 10/26/51 USD 70.19
CHINA GOVERNMENT INTER 2.50 10/26/51 USD 70.31
CHINA GOVERNMENT INTER 0.63 11/17/33 EUR 74.02
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHISHUI CITY CONSTRUCT 8.50 01/18/26 CNY 63.84
CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 20.01
CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 20.02
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 19.94
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 20.00
CHONGQING BAYUAN CONST 4.99 08/16/23 CNY 19.95
CHONGQING DAZU YONGSHE 6.48 07/24/24 CNY 40.54
CHONGQING DAZU YONGSHE 6.48 07/24/24 CNY 40.54
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 19.99
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 20.01
CHONGQING HONGYE INDUS 6.30 08/02/24 CNY 40.44
CHONGQING HONGYE INDUS 6.30 08/02/24 CNY 40.49
CHONGQING HONGYE INDUS 6.45 11/27/24 CNY 40.68
CHONGQING JIANGJIN DIS 6.40 09/13/24 CNY 40.00
CHONGQING JIANGJIN DIS 6.40 09/13/24 CNY 40.73
CHONGQING JIANGLAI IND 7.50 10/26/25 CNY 60.00
CHONGQING JIANGLAI IND 7.50 10/26/25 CNY 63.42
CHONGQING JIN TONG IND 4.44 11/16/23 CNY 19.89
CHONGQING JIN TONG IND 4.44 11/16/23 CNY 19.99
CHONGQING JIN TONG IND 6.50 08/01/24 CNY 38.80
CHONGQING JIN TONG IND 6.50 08/01/24 CNY 40.57
CHONGQING LIANGJIANG N 4.28 02/28/24 CNY 40.40
CHONGQING LIANGJIANG N 4.28 02/28/24 CNY 40.46
CHONGQING LIANGJIANG N 3.93 12/13/24 CNY 70.40
CHONGQING LIANGJIANG N 3.93 12/13/24 CNY 70.74
CHONGQING LIANGSHAN CO 6.30 10/16/24 CNY 40.66
CHONGQING LIANGSHAN CO 6.30 10/16/24 CNY 40.88
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 20.00
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 20.00
CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 19.96
CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 20.00
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 19.87
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 19.95
CHONGQING SHUANGFU CON 6.37 10/13/24 CNY 40.00
CHONGQING SHUANGFU CON 6.37 10/13/24 CNY 40.55
CHONGQING THREE GORGES 7.80 03/01/26 CNY 60.00
CHONGQING THREE GORGES 7.80 03/01/26 CNY 63.34
CHONGQING TONGLIANG JI 6.80 02/11/25 CNY 40.00
CHONGQING TONGLIANG JI 6.80 02/11/25 CNY 41.08
CHONGQING WANSHENG ECO 7.50 03/27/25 CNY 42.00
CHONGQING WANSHENG ECO 7.50 03/27/25 CNY 42.11
CHONGQING WANSHENG ECO 7.09 05/03/25 CNY 61.12
CHONGQING WANSHENG ECO 7.09 05/03/25 CNY 62.06
CHONGQING WANSHENG ECO 6.60 02/17/27 CNY 61.01
CHONGQING WULONG DISTR 6.80 09/21/24 CNY 39.79
CHONGQING WULONG DISTR 6.80 09/21/24 CNY 39.90
CHONGQING WULONG DISTR 6.80 12/28/24 CNY 40.00
CHONGQING WULONG DISTR 6.80 12/28/24 CNY 40.32
CHONGQING YINGDI INDUS 7.00 11/07/24 CNY 40.00
CHONGQING YINGDI INDUS 7.00 11/07/24 CNY 40.02
CHONGQING YUDIAN STATE 8.00 11/30/25 CNY 60.69
CHONGQING YUZHONG STAT 6.90 02/08/25 CNY 41.84
CHONGQING YUZHONG STAT 5.43 04/17/26 CNY 61.97
CHONGREN URBAN CONSTRU 7.00 03/08/25 CNY 41.29
CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 19.93
CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 20.05
CHUYING AGRO-PASTORA G 8.80 06/26/19 CNY 2.40
CHUZHOU CITY NANQIAO D 5.95 10/23/24 CNY 40.00
CHUZHOU CITY NANQIAO D 5.95 10/23/24 CNY 41.05
CIFI GROUP CO LTD 4.50 05/29/25 CNY 27.01
CIFI GROUP CO LTD 4.20 07/22/26 CNY 28.00
CIFI GROUP CO LTD 4.40 03/12/26 CNY 29.91
CIFI GROUP CO LTD 4.23 10/26/25 CNY 30.21
CIFI GROUP CO LTD 3.90 09/14/25 CNY 30.80
CIFI GROUP CO LTD 5.50 06/27/26 CNY 31.00
CIFI GROUP CO LTD 3.80 05/29/25 CNY 37.00
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 20.27
CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 20.27
DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 20.13
DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 20.20
DALI URBAN DEVELOPMENT 8.00 12/25/25 CNY 60.00
DALI URBAN DEVELOPMENT 8.00 12/25/25 CNY 61.20
DANGTU COUNTY CONSTRUC 7.47 09/06/25 CNY 60.00
DANGTU COUNTY CONSTRUC 7.47 09/06/25 CNY 62.89
DANYANG INVESTMENT GRO 5.49 07/18/24 CNY 40.67
DASHIQIAO URBAN CONSTR 7.59 08/14/24 CNY 40.92
DASHIQIAO URBAN CONSTR 7.59 08/14/24 CNY 40.92
DAWA COUNTY CITY CONST 7.80 01/30/26 CNY 58.80
DAWA COUNTY CITY CONST 7.80 01/30/26 CNY 63.23
DAWA COUNTY LINGANG EC 5.99 10/19/24 CNY 40.51
DAWA COUNTY LINGANG EC 5.99 10/19/24 CNY 40.51
DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 19.78
DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 19.82
DAYE ZHENHENG CITY DEV 7.20 12/03/25 CNY 61.33
DAYE ZHENHENG CITY DEV 7.20 12/03/25 CNY 67.51
DAZHOU INVESTMENT CO L 3.99 11/04/26 CNY 59.61
DAZHOU INVESTMENT CO L 3.99 11/04/26 CNY 59.96
DAZHOU INVESTMENT CO L 6.50 04/07/27 CNY 62.71
DAZHOU INVESTMENT CO L 6.50 04/07/27 CNY 63.58
DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 19.90
DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 19.99
DING NAN CITY CONSTRUC 7.80 04/08/26 CNY 60.00
DING NAN CITY CONSTRUC 7.80 04/08/26 CNY 62.82
DINGYUAN URBAN RURAL D 5.80 12/06/24 CNY 40.00
DINGYUAN URBAN RURAL D 5.80 12/06/24 CNY 40.96
DINGYUAN URBAN RURAL D 7.00 06/27/25 CNY 60.00
DINGYUAN URBAN RURAL D 7.00 06/27/25 CNY 62.35
DONGTAI HUIMIN URBAN C 5.37 03/08/26 CNY 61.01
DONGTAI HUIMIN URBAN C 5.37 03/08/26 CNY 61.65
DONGTAI STATE-OWNED AS 3.04 11/16/23 CNY 20.07
DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 20.01
DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 20.02
DUJIANGYAN NEW CITY CO 6.90 10/19/24 CNY 39.20
DUJIANGYAN NEW CITY CO 6.90 10/19/24 CNY 40.86
DUJIANGYAN NEW CITY CO 7.80 10/11/25 CNY 58.00
DUJIANGYAN NEW CITY CO 7.80 05/02/25 CNY 60.00
DUJIANGYAN NEW CITY CO 7.80 05/02/25 CNY 61.85
DUJIANGYAN NEW CITY CO 7.80 10/11/25 CNY 62.62
EMEISHAN HUIYUAN PARKI 6.50 03/28/27 CNY 71.65
ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 19.91
ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 19.95
EVERGRANDE REAL ESTATE 6.98 07/08/23 CNY 27.00
EVERGRANDE REAL ESTATE 7.00 04/27/26 CNY 27.68
EVERGRANDE REAL ESTATE 6.27 05/06/23 CNY 30.00
EVERGRANDE REAL ESTATE 5.90 05/26/23 CNY 35.00
EVERGRANDE REAL ESTATE 6.80 05/06/24 CNY 35.69
EVERGRANDE REAL ESTATE 5.80 10/19/25 CNY 70.00
EZHOU CITY CONSTRUCTIO 6.10 07/27/27 CNY 72.51
FANGCHENG GANGSHI WENL 7.95 10/11/25 CNY 60.00
FANGCHENG GANGSHI WENL 7.93 12/25/25 CNY 60.00
FANGCHENG GANGSHI WENL 7.93 12/25/25 CNY 62.65
FANGCHENG GANGSHI WENL 7.95 10/11/25 CNY 62.81
FANTASIA GROUP CHINA C 7.80 11/29/24 CNY 44.83
FANTASIA GROUP CHINA C 7.50 12/17/23 CNY 74.00
FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 20.04
FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 27.50
FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 19.98
FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 20.02
FENGDU COUNTY STATE-OW 6.38 09/05/24 CNY 40.00
FENGDU COUNTY STATE-OW 6.38 09/05/24 CNY 40.42
FENGHUANG MINGCHENG CO 6.50 03/23/24 CNY 20.16
FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 20.34
FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 20.38
FENGYANG COUNTY ECONOM 6.00 11/16/24 CNY 41.13
FENGYANG COUNTY ECONOM 6.00 11/16/24 CNY 42.00
FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 19.98
FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 19.99
FUJIAN FUSHENG GROUP C 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP C 7.90 12/17/21 CNY 70.99
FUJIAN JINJIANG INDUST 4.00 02/19/25 CNY 69.90
FUJIAN JINJIANG INDUST 4.00 02/19/25 CNY 70.22
FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 19.01
FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 19.96
FUJIAN ZHANGZHOU CITY 5.73 10/31/25 CNY 60.00
FUJIAN ZHANGZHOU CITY 5.73 10/31/25 CNY 62.23
FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 20.48
FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 20.49
FUYANG ANJU INVESTMENT 5.48 05/02/23 CNY 60.05
FUZHOU CITY CONSTRUCTI 5.65 03/22/28 CNY 71.50
FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 20.00
FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 20.00
FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 20.45
FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 20.48
FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 20.04
FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 20.05
FUZHOU LINCHUAN URBAN 6.50 12/25/24 CNY 40.55
FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 62.16
FUZHOU MUNICIPAL STATE 5.70 10/30/24 CNY 40.00
FUZHOU MUNICIPAL STATE 5.70 10/30/24 CNY 40.84
GANZHOU DEVELOPMENT IN 8.10 12/11/23 CNY 20.67
GANZHOU NANKANG DISTRI 8.00 09/27/25 CNY 60.00
GANZHOU NANKANG DISTRI 8.00 10/29/25 CNY 60.00
GANZHOU NANKANG DISTRI 8.00 01/23/26 CNY 60.00
GANZHOU NANKANG DISTRI 8.00 01/23/26 CNY 60.34
GANZHOU NANKANG DISTRI 8.00 09/27/25 CNY 60.78
GANZHOU NANKANG DISTRI 8.00 10/29/25 CNY 62.93
GANZHOU ZHANGGONG CONS 7.80 10/16/25 CNY 61.47
GANZHOU ZHANGGONG CONS 7.80 10/16/25 CNY 62.68
GAOMI CITY CONSTRUCTIO 5.95 09/18/24 CNY 38.40
GAOMI CITY CONSTRUCTIO 5.95 09/18/24 CNY 38.93
GAOQING LU QING ASSET 7.50 09/27/24 CNY 40.39
GAOQING LU QING ASSET 7.50 09/27/24 CNY 41.44
GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 20.00
GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 20.05
GAOYOU CITY ECONOMY DE 5.26 07/13/24 CNY 40.51
GLP CHINA HOLDINGS LTD 2.95 03/29/26 USD 72.94
GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00
GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 19.98
GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 20.04
GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 20.10
GUANGAN XINHONG INVEST 7.18 08/28/24 CNY 40.00
GUANGAN XINHONG INVEST 7.18 08/28/24 CNY 40.72
GUANGDE CITY STATE-OWN 5.37 07/18/24 CNY 40.27
GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 20.00
GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 20.01
GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 20.07
GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 20.17
GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 20.42
GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 20.42
GUANGXI BAISE BAI DONG 7.90 06/29/25 CNY 60.00
GUANGXI BAISE BAI DONG 7.60 12/24/25 CNY 60.00
GUANGXI BAISE BAI DONG 7.60 12/24/25 CNY 60.16
GUANGXI BAISE BAI DONG 7.90 06/29/25 CNY 60.62
GUANGXI BAISE BAI DONG 7.59 01/08/26 CNY 61.30
GUANGXI BAISE BAI DONG 7.59 01/08/26 CNY 62.91
GUANGXI CHONGZUO URBAN 8.50 09/26/25 CNY 60.00
GUANGXI CHONGZUO URBAN 8.50 09/26/25 CNY 61.83
GUANGXI LIUZHOU DONGCH 6.50 07/24/24 CNY 47.83
GUANGXI LIUZHOU DONGCH 6.50 07/24/24 CNY 48.26
GUANGXI NINGMING HUINI 8.50 12/07/25 CNY 60.30
GUANGXI TIANDONG COUNT 7.50 06/04/27 CNY 50.00
GUANGYUAN CITY DEVELOP 7.50 10/25/27 CNY 55.87
GUANGZHOU FINELAND REA 13.60 07/27/23 USD 15.62
GUANGZHOU HEJING HOLDI 6.00 10/12/25 CNY 58.00
GUANGZHOU HEJING HOLDI 6.19 11/12/25 CNY 75.00
GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 30.59
GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 30.85
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 15.00
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 15.39
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 30.44
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 30.60
GUANGZHOU PANYU INFORM 4.50 09/08/26 CNY 59.78
GUANGZHOU PANYU INFORM 4.50 09/08/26 CNY 60.27
GUANGZHOU R&F PROPERTI 7.00 09/16/26 CNY 28.00
GUANGZHOU R&F PROPERTI 7.00 09/16/26 CNY 30.80
GUANGZHOU R&F PROPERTI 6.70 09/16/25 CNY 40.00
GUANGZHOU R&F PROPERTI 6.70 09/16/25 CNY 59.06
GUANGZHOU TIANJIAN REA 6.60 03/28/26 CNY 61.00
GUANGZHOU TIMES HOLDIN 5.94 07/17/25 CNY 34.64
GUANGZHOU TIMES HOLDIN 5.10 03/30/25 CNY 34.78
GUANGZHOU TIMES HOLDIN 5.24 05/27/25 CNY 34.86
GUANGZHOU TIMES HOLDIN 5.00 02/24/25 CNY 35.55
GUCHENG CONSTRUCTION I 7.88 04/27/25 CNY 58.28
GUCHENG CONSTRUCTION I 7.88 04/27/25 CNY 61.97
GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 19.93
GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 19.96
GUIYANG BAIYUN INDUSTR 8.30 03/21/25 CNY 40.00
GUIYANG BAIYUN INDUSTR 8.30 03/21/25 CNY 41.82
GUIYANG BAIYUN INDUSTR 7.50 03/06/26 CNY 60.00
GUIYANG BAIYUN INDUSTR 7.50 03/06/26 CNY 63.07
GUIYANG BAIYUN URBAN C 6.48 07/17/24 CNY 40.00
GUIYANG BAIYUN URBAN C 7.28 09/25/24 CNY 40.00
GUIYANG BAIYUN URBAN C 6.48 07/17/24 CNY 40.51
GUIYANG BAIYUN URBAN C 7.28 09/25/24 CNY 40.93
GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 60.00
GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 60.01
GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 42.86
GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 43.15
GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 56.77
GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 56.87
GUIYANG ECONOMIC DEVEL 6.35 09/21/24 CNY 38.63
GUIYANG ECONOMIC DEVEL 7.90 10/29/25 CNY 62.83
GUIYANG ECONOMIC DEVEL 7.50 04/30/26 CNY 74.40
GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 39.72
GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 39.73
GUIYANG GUANSHANHU INV 8.20 04/30/24 CNY 71.54
GUIYANG INVESTMENT HOL 4.46 11/17/26 CNY 55.58
GUIYANG INVESTMENT HOL 4.46 11/17/26 CNY 56.51
GUIYANG URBAN CONSTRUC 5.98 07/21/24 CNY 40.00
GUIYANG URBAN CONSTRUC 5.98 07/21/24 CNY 40.36
GUIYANG YUNYAN GUIZHON 6.80 11/17/24 CNY 40.00
GUIYANG YUNYAN GUIZHON 6.80 11/17/24 CNY 40.47
GUIZHOU CHANGSHUN COUN 8.50 03/19/26 CNY 60.00
GUIZHOU CHANGSHUN COUN 8.50 03/19/26 CNY 64.25
GUIZHOU EAST LAKE CITY 8.00 12/07/25 CNY 58.52
GUIZHOU EAST LAKE CITY 8.00 12/07/25 CNY 63.14
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 9.97
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 10.02
GUIZHOU HONGCAI INVEST 7.30 06/03/26 CNY 72.67
GUIZHOU HONGCAI INVEST 7.30 06/03/26 CNY 73.50
GUIZHOU HONGGUO ECONOM 7.80 11/24/24 CNY 30.00
GUIZHOU HONGGUO ECONOM 7.80 02/08/25 CNY 38.00
GUIZHOU HONGGUO ECONOM 7.80 02/08/25 CNY 40.05
GUIZHOU HONGGUO ECONOM 7.80 11/24/24 CNY 40.96
GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 40.40
GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 40.63
GUIZHOU KAILI KAIYUAN 7.28 08/29/24 CNY 40.88
GUIZHOU LIUPANSHUI PAN 7.30 07/24/24 CNY 38.00
GUIZHOU LIUPANSHUI PAN 7.30 07/24/24 CNY 39.77
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 29.90
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 30.42
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 19.95
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 20.05
GUIZHOU SHUICHENG ECON 7.50 10/26/25 CNY 19.50
GUIZHOU SHUICHENG ECON 7.50 10/26/25 CNY 62.49
GUIZHOU SHUICHENG WATE 8.00 11/27/25 CNY 54.60
GUIZHOU SHUICHENG WATE 8.00 11/27/25 CNY 59.20
GUIZHOU XINDONGGUAN CI 7.70 09/05/24 CNY 36.55
GUIZHOU XINDONGGUAN CI 7.70 09/05/24 CNY 41.03
GUIZHOU ZHONGSHAN DEVE 6.46 11/22/27 CNY 66.39
GUIZHOU ZHONGSHAN DEVE 6.46 11/22/27 CNY 70.00
GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 19.94
GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 19.98
GULIN STATE-OWNED ASSE 5.96 07/24/24 CNY 40.44
GULIN STATE-OWNED ASSE 5.96 07/24/24 CNY 44.51
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 20.01
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 20.01
HAIAN URBAN DEMOLITION 5.37 12/21/25 CNY 61.56
HAIAN URBAN DEMOLITION 7.74 05/02/25 CNY 61.71
HAIAN URBAN DEMOLITION 8.00 12/21/25 CNY 63.17
HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 16.24
HAINAN AIRLINES HOLDIN 6.20 05/24/21 CNY 51.00
HAINING ASSET MANAGEME 3.40 08/16/23 CNY 40.07
HAINING CITY DEVELOPME 5.47 11/13/25 CNY 60.00
HAINING CITY DEVELOPME 5.47 11/13/25 CNY 62.08
HAINING CITY JIANSHAN 6.15 11/15/25 CNY 60.00
HAINING CITY JIANSHAN 6.98 09/10/25 CNY 61.50
HAINING CITY JIANSHAN 6.15 11/15/25 CNY 62.35
HAINING CITY JIANSHAN 6.98 09/10/25 CNY 62.76
HAIYAN COUNTY STATE-OW 5.80 06/12/24 CNY 40.60
HAMI JIANHUI STATE-OWN 3.90 09/21/23 CNY 19.92
HANCHENG CITY INVESTME 4.69 12/05/23 CNY 19.80
HANCHENG CITY INVESTME 4.69 12/05/23 CNY 20.02
HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 19.98
HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 19.99
HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 19.95
HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 19.97
HANGZHOU LIANGZHU CULT 6.30 08/23/25 CNY 62.49
HANGZHOU LINPING TOURI 5.57 10/31/25 CNY 61.73
HANGZHOU LINPING TOURI 5.57 10/31/25 CNY 61.73
HANGZHOU METRO GROUP C 5.97 09/17/24 CNY 30.72
HANGZHOU QIANJIANG CBD 5.64 03/19/25 CNY 41.45
HANGZHOU QIANJIANG CBD 5.64 03/19/25 CNY 41.55
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 20.00
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 20.01
HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 40.36
HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 40.36
HANJIANG STATE-OWNED-A 5.38 04/10/26 CNY 61.30
HANJIANG STATE-OWNED-A 5.38 04/10/26 CNY 82.34
HANSHAN CITY CONSTRUCT 6.20 08/30/24 CNY 40.00
HANSHAN CITY CONSTRUCT 6.20 08/30/24 CNY 40.63
HARBIN CITY CONSTRUCTI 6.04 03/19/25 CNY 40.00
HARBIN CITY CONSTRUCTI 6.04 03/19/25 CNY 40.81
HARBIN HELI INVESTMENT 5.49 12/10/25 CNY 61.27
HARBIN HELI INVESTMENT 5.49 12/10/25 CNY 61.79
HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 20.06
HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 20.06
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 30.57
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 30.70
HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 20.01
HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 20.06
HEGANG URBAN CONSTRUCT 6.90 12/18/24 CNY 41.04
HEGANG URBAN CONSTRUCT 6.90 12/18/24 CNY 41.04
HENAN AIRPORT INVESTME 4.27 07/20/26 CNY 38.87
HENAN AIRPORT INVESTME 4.27 07/20/26 CNY 40.22
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 20.29
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 20.29
HENGYANG BINJIANG NEW 5.47 07/27/24 CNY 40.50
HENGYANG CITY AND URBA 7.50 09/22/24 CNY 40.70
HENGYANG CITY AND URBA 7.50 09/22/24 CNY 41.02
HENGYANG CITY AND URBA 7.80 12/14/24 CNY 41.39
HENGYANG CITY AND URBA 7.80 12/14/24 CNY 41.39
HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 19.96
HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 20.07
HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 20.17
HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 20.23
HONGAN URBAN DEVELOPME 7.50 12/04/24 CNY 40.00
HONGAN URBAN DEVELOPME 7.50 12/04/24 CNY 41.05
HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 39.45
HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 40.64
HONGHU CITY HONGRUI IN 6.30 10/13/24 CNY 41.00
HONGHU CITY HONGRUI IN 6.30 10/13/24 CNY 41.00
HUACHEN ENERGY CO LTD 4.65 12/29/26 USD 47.92
HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 19.93
HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 20.01
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 19.99
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 20.01
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 19.98
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 20.01
HUAI'AN INVESTMENT HOL 5.28 08/11/24 CNY 40.00
HUAI'AN INVESTMENT HOL 5.28 08/11/24 CNY 40.63
HUAIAN JINHU TRAFFIC I 7.38 08/10/25 CNY 61.87
HUAIAN JINHU TRAFFIC I 7.38 08/10/25 CNY 72.00
HUAI'AN NEW CITY INVES 5.22 09/20/24 CNY 40.69
HUAIAN NEW URBANIZATIO 5.98 12/20/24 CNY 71.36
HUAIAN QINGPU CITY CON 6.75 09/29/24 CNY 40.24
HUAIAN QINGPU CITY CON 6.75 09/29/24 CNY 40.76
HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 19.90
HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 19.97
HUAIHUA ECONOMIC DEVEL 5.77 08/07/24 CNY 40.30
HUAIHUA ECONOMIC DEVEL 5.77 08/07/24 CNY 40.42
HUAINAN INDUSTRY DEVEL 5.69 10/25/24 CNY 40.87
HUAINAN INDUSTRY DEVEL 5.69 10/25/24 CNY 41.78
HUAINAN SHAN NAN DEVEL 6.53 08/24/24 CNY 40.21
HUAINAN SHAN NAN DEVEL 6.53 08/24/24 CNY 40.36
HUAINAN SHAN NAN DEVEL 7.94 04/01/26 CNY 60.00
HUAINAN URBAN CONSTRUC 7.50 03/20/25 CNY 40.00
HUAINAN URBAN CONSTRUC 5.74 09/04/24 CNY 40.73
HUAINAN URBAN CONSTRUC 5.74 09/04/24 CNY 40.92
HUAINAN URBAN CONSTRUC 7.50 03/20/25 CNY 42.05
HUAINAN URBAN CONSTRUC 7.02 03/22/26 CNY 62.86
HUAINAN URBAN CONSTRUC 7.58 02/12/26 CNY 63.64
HUAIYUAN URBAN INVESTM 5.17 01/23/26 CNY 61.47
HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 40.00
HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 40.00
HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 40.61
HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 40.72
HUANGSHAN CHENGTOU GRO 6.74 04/27/25 CNY 60.00
HUANGSHAN CHENGTOU GRO 6.74 04/27/25 CNY 61.85
HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 19.98
HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 20.01
HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 20.01
HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 20.02
HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 40.51
HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 41.50
HUBEI DAYE LAKE HIGH-T 7.50 04/01/26 CNY 59.35
HUBEI DAYE LAKE HIGH-T 6.98 01/30/26 CNY 60.00
HUBEI DAYE LAKE HIGH-T 6.98 01/30/26 CNY 60.39
HUBEI DAYE LAKE HIGH-T 7.50 04/01/26 CNY 68.00
HUBEI JIAKANG CONSTRUC 7.80 12/19/25 CNY 62.98
HUBEI PROVINCIAL COMMU 5.29 06/05/25 CNY 61.38
HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 40.30
HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 40.43
HUBEI SUPPLY AND MARKE 6.70 08/23/24 CNY 40.41
HUBEI SUPPLY AND MARKE 6.70 08/23/24 CNY 40.67
HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 40.00
HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 40.40
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 60.00
HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 61.67
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 15.07
HUNAN CHUZHISHENG HOLD 7.50 03/27/26 CNY 60.00
HUNAN CHUZHISHENG HOLD 7.50 03/27/26 CNY 64.32
HUNAN DESHAN CONSTRUCT 6.46 09/14/24 CNY 39.67
HUNAN DESHAN CONSTRUCT 6.46 09/14/24 CNY 40.63
HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 19.80
HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 19.93
HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 19.96
HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 19.97
HUNAN MEISHAN RESOURCE 8.00 03/21/26 CNY 60.00
HUNAN MEISHAN RESOURCE 8.00 03/21/26 CNY 64.54
HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 45.00
HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 46.13
HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 20.00
HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.94
HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 20.24
HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 20.27
HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 60.00
HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 62.27
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 62.29
HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 62.87
HUNAN XUANDA CONSTRUCT 7.50 01/23/26 CNY 60.00
HUNAN XUANDA CONSTRUCT 7.50 01/24/26 CNY 60.00
HUNAN XUANDA CONSTRUCT 7.50 01/23/26 CNY 61.25
HUNAN XUANDA CONSTRUCT 7.50 01/24/26 CNY 61.97
HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 20.01
HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 20.01
HUNAN ZHIGU INVESTMENT 5.80 07/28/24 CNY 40.00
HUNAN ZHIGU INVESTMENT 5.80 07/28/24 CNY 40.65
HUZHOU CITY INVESTMENT 6.39 09/25/25 CNY 62.80
HUZHOU NEW CITY INVEST 6.00 03/26/24 CNY 38.85
HUZHOU NEW CITY INVEST 7.50 11/23/24 CNY 41.24
HUZHOU NEW CITY INVEST 7.50 11/23/24 CNY 41.50
HUZHOU NEW CITY INVEST 6.60 05/28/23 CNY 70.20
HUZHOU WUXING NANTAIHU 7.90 09/20/25 CNY 62.20
JIAHE ZHUDU DEVELOPMEN 7.50 03/13/25 CNY 40.00
JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 40.34
JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 40.45
JIAHE ZHUDU DEVELOPMEN 7.50 03/13/25 CNY 41.50
JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 19.97
JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 19.97
JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 20.02
JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 20.02
JIANDE CITY CONSTRUCTI 7.43 01/03/26 CNY 62.65
JIANDE CITY CONSTRUCTI 7.43 01/03/26 CNY 62.86
JIANDE STATE-OWNED ASS 6.69 11/20/24 CNY 41.40
JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 20.07
JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 20.09
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 19.99
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 20.06
JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 19.97
JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 20.01
JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 20.05
JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 20.09
JIANGSU GAOCHUN ECONOM 6.08 08/14/24 CNY 39.57
JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 40.47
JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 40.52
JIANGSU GAOCHUN ECONOM 6.08 08/14/24 CNY 40.69
JIANGSU HAIRUN CITY DE 5.20 04/02/26 CNY 60.50
JIANGSU HAIRUN CITY DE 5.20 04/02/26 CNY 61.64
JIANGSU HAIYI HOLDING 5.98 09/11/25 CNY 61.93
JIANGSU HAIYI HOLDING 5.98 09/11/25 CNY 66.48
JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 19.81
JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 20.02
JIANGSU HAIZHOUWAN DEV 7.30 02/15/26 CNY 58.70
JIANGSU HAIZHOUWAN DEV 5.18 12/13/25 CNY 61.40
JIANGSU HAIZHOUWAN DEV 7.30 02/15/26 CNY 62.79
JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 20.00
JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 20.03
JIANGSU HONGZE LAKE SH 6.50 08/01/24 CNY 40.22
JIANGSU JINHUI GROUP C 5.16 07/14/24 CNY 40.47
JIANGSU JINHUI GROUP C 5.16 07/14/24 CNY 40.64
JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 20.02
JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 20.09
JIANGSU KAIYUAN INVEST 7.08 08/03/24 CNY 38.62
JIANGSU KAIYUAN INVEST 7.08 08/03/24 CNY 40.75
JIANGSU LIYANG HIGH-TE 5.70 08/30/24 CNY 40.74
JIANGSU LIYANG HIGH-TE 5.70 08/30/24 CNY 41.60
JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 40.46
JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 40.56
JIANGSU TAODU URBAN DE 5.99 04/13/25 CNY 41.56
JIANGSU WUZHONG ECONOM 5.26 12/25/25 CNY 60.00
JIANGSU WUZHONG ECONOM 5.26 12/25/25 CNY 61.61
JIANGSU XIANXING CONST 5.37 12/20/25 CNY 60.74
JIANGSU XIANXING CONST 5.37 12/20/25 CNY 61.58
JIANGSU YANGKOU PORT C 7.38 04/03/25 CNY 41.76
JIANGSU YANGKOU PORT C 7.38 04/03/25 CNY 42.50
JIANGSU YANGKOU PORT C 7.60 08/17/25 CNY 62.50
JIANGSU YANGKOU PORT C 7.60 08/17/25 CNY 63.05
JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 19.81
JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 19.85
JIANGSU YIXING ENVIRON 4.08 09/14/23 CNY 19.96
JIANGSU YIXING ENVIRON 4.08 09/14/23 CNY 20.09
JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 20.18
JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 20.48
JIANGSU ZHONGNAN CONST 7.30 03/17/25 CNY 71.98
JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 18.41
JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 20.04
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 60.67
JIANGXI HUANGGANGSHAN 7.48 04/12/26 CNY 62.59
JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 63.66
JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 63.92
JIANGXI HUKOU SHIZHONG 6.80 12/01/24 CNY 40.97
JIANGXI HUKOU SHIZHONG 6.80 12/01/24 CNY 41.05
JIANGXI JIHU DEVELOPME 6.80 02/07/25 CNY 40.00
JIANGXI JIHU DEVELOPME 7.50 04/10/25 CNY 40.00
JIANGXI JIHU DEVELOPME 6.80 02/07/25 CNY 41.10
JIANGXI JIHU DEVELOPME 7.50 04/10/25 CNY 41.28
JIANGXI PINGXIANG CHAN 6.00 08/11/24 CNY 40.00
JIANGXI PINGXIANG CHAN 6.00 08/11/24 CNY 40.30
JIANGXI XIUSHUI CITY I 7.40 12/08/24 CNY 40.68
JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 40.38
JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 40.44
JIANLI FENGYUAN CITY I 7.50 01/14/26 CNY 60.00
JIANLI FENGYUAN CITY I 7.50 01/14/26 CNY 61.75
JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 19.82
JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 19.84
JIANYANG DEVELOPMENT H 6.17 03/12/26 CNY 62.03
JIANYANG DEVELOPMENT H 6.17 03/12/26 CNY 63.50
JIANYANG MODERN INDUST 6.00 04/24/24 CNY 40.22
JIANYANG MODERN INDUST 6.00 04/24/24 CNY 40.23
JIAXING JIAXIU DEVELOP 5.60 09/25/24 CNY 40.83
JIAXING JIAXIU DEVELOP 5.60 09/25/24 CNY 41.80
JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 19.94
JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 19.99
JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 19.99
JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 20.01
JIAXING XIANGJIADANG D 6.40 04/19/25 CNY 60.00
JIAXING XIANGJIADANG D 6.40 04/19/25 CNY 61.40
JIAXING XIUHU DEVELOPM 6.80 04/16/25 CNY 41.23
JIAXING XIUHU DEVELOPM 6.80 04/16/25 CNY 60.00
JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 20.16
JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 20.21
JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 20.29
JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 20.31
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 20.01
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 20.01
JIN HUA RONG SHENG INV 6.85 12/27/24 CNY 40.00
JIN HUA RONG SHENG INV 6.85 12/27/24 CNY 41.39
JINGDEZHEN CERAMIC CUL 7.50 08/27/25 CNY 61.06
JINGDEZHEN CERAMIC CUL 7.50 08/27/25 CNY 62.16
JINGDEZHEN CITY CONSTR 7.49 01/08/26 CNY 60.00
JINGDEZHEN CITY CONSTR 7.49 01/08/26 CNY 60.23
JINGGANGSHAN STATE-OWN 7.00 04/01/26 CNY 60.00
JINGGANGSHAN STATE-OWN 7.00 04/01/26 CNY 60.94
JINGJIANG BINJIANG XIN 5.37 07/25/24 CNY 40.14
JINGJIANG BINJIANG XIN 5.37 07/25/24 CNY 40.52
JINGMEN DONGBAO DISTRI 7.30 03/23/25 CNY 40.00
JINGMEN DONGBAO DISTRI 7.30 03/23/25 CNY 41.68
JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 19.98
JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 20.03
JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 19.96
JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 20.06
JINGSHAN JINGCHENG INV 7.00 02/07/25 CNY 40.00
JINGSHAN JINGCHENG INV 7.00 02/07/25 CNY 40.63
JINGXIAN STATED-OWNED 6.80 02/09/25 CNY 40.00
JINGXIAN STATED-OWNED 6.80 02/09/25 CNY 41.00
JINGZHOU DEVELOPMENT Z 4.87 09/23/26 CNY 58.37
JINGZHOU DEVELOPMENT Z 4.87 09/23/26 CNY 58.67
JINGZHOU JINGZHOU DIST 7.20 02/01/26 CNY 61.87
JINGZHOU JINGZHOU DIST 7.20 02/01/26 CNY 62.50
JINGZHOU URBAN CONSTRU 5.68 07/20/24 CNY 40.75
JINGZHOU URBAN CONSTRU 5.68 07/20/24 CNY 41.70
JINING CITY SHIZHONG D 3.52 09/14/23 CNY 19.95
JINING HIGH TECH URBAN 5.88 04/25/23 CNY 40.01
JINING NEW CITY DEVELO 7.60 03/23/25 CNY 40.00
JINING NEW CITY DEVELO 7.60 03/23/25 CNY 41.41
JINING PORT & SHIPPING 7.00 11/27/24 CNY 41.00
JINING PORT & SHIPPING 7.00 06/01/25 CNY 67.68
JINKE PROPERTIES GROUP 6.30 03/04/25 CNY 10.00
JINKE PROPERTIES GROUP 6.85 05/28/24 USD 14.59
JINKE PROPERTIES GROUP 5.48 08/25/23 CNY 14.76
JINKE PROPERTIES GROUP 5.00 05/28/24 CNY 30.00
JINKE PROPERTIES GROUP 6.00 07/08/23 CNY 30.77
JINKE PROPERTIES GROUP 6.20 01/28/25 CNY 31.90
JINKE PROPERTIES GROUP 6.30 06/24/25 CNY 32.40
JINKE PROPERTIES GROUP 6.30 02/20/25 CNY 35.00
JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 19.97
JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 20.11
JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 19.97
JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 20.05
JINXIAN COUNTY CITY CO 6.20 07/24/24 CNY 40.74
JINXIANG COUNTY CITY C 7.50 03/20/26 CNY 56.54
JINXIANG COUNTY CITY C 7.50 03/20/26 CNY 63.22
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 20.01
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 20.01
JINZHOU CIHANG GROUP C 9.00 04/05/20 CNY 33.63
JISHOU HUATAI STATE OW 6.45 09/11/24 CNY 40.00
JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 40.15
JISHOU HUATAI STATE OW 6.45 09/11/24 CNY 40.71
JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 40.76
JUNAN COUNTY URBAN CON 7.50 09/26/24 CNY 39.85
JUNAN COUNTY URBAN CON 7.50 09/26/24 CNY 41.03
JURONG URBAN CONSTRUCT 6.80 11/06/24 CNY 40.00
JURONG URBAN CONSTRUCT 6.89 09/18/24 CNY 40.77
JURONG URBAN CONSTRUCT 6.80 11/06/24 CNY 40.82
JURONG URBAN CONSTRUCT 6.89 09/18/24 CNY 44.84
KAIDI ECOLOGICAL AND E 6.10 09/07/19 CNY 2.92
KAIDI ECOLOGICAL AND E 7.00 12/15/19 CNY 10.00
KAIDI ECOLOGICAL AND E 8.50 11/21/18 CNY 72.46
KAIFENG DEVELOPMENT IN 6.10 09/08/27 CNY 70.00
KAIFENG DEVELOPMENT IN 6.10 09/08/27 CNY 72.30
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 19.97
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 20.01
KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 19.72
KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 19.86
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.50
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.50
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.50
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 20.50
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 20.50
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.50
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.50
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.50
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KUNMING AIRPORT INVEST 7.50 01/28/26 CNY 60.00
KUNMING DIANCHI INVEST 5.75 07/24/24 CNY 38.14
KUNMING DIANCHI INVEST 5.75 07/24/24 CNY 38.67
KUNSHAN CITY CONSTRUCT 5.70 04/24/25 CNY 61.50
KUNSHAN YINQIAO HOLDIN 5.50 10/18/24 CNY 40.92
KUNSHAN YINQIAO HOLDIN 5.50 10/18/24 CNY 44.10
LAI AN URBAN INFRASTRU 6.50 04/18/25 CNY 61.12
LAI AN URBAN INFRASTRU 6.50 04/18/25 CNY 61.60
LANLING COUNTY STATE-O 7.45 03/28/26 CNY 60.00
LANLING COUNTY STATE-O 7.45 03/28/26 CNY 61.96
LAOHEKOU CITY CONSTRUC 6.49 08/16/24 CNY 39.58
LAOHEKOU CITY CONSTRUC 6.49 08/16/24 CNY 40.00
LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 19.96
LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 20.03
LEQING CITY STATE OWNE 6.79 12/14/24 CNY 41.58
LETING INVESTMENT GROU 7.50 04/11/26 CNY 56.45
LETING INVESTMENT GROU 7.50 04/11/26 CNY 61.38
LIANYUNGANG HENGCHI IN 7.45 09/22/24 CNY 39.66
LIANYUNGANG HENGCHI IN 7.45 09/22/24 CNY 39.80
LIANYUNGANG HENGCHI IN 7.40 10/27/24 CNY 40.00
LIANYUNGANG HENGCHI IN 7.40 10/27/24 CNY 40.44
LIANYUNGANG XIANGYUN I 7.03 03/04/26 CNY 59.33
LIANYUNGANG XIANGYUN I 7.03 03/04/26 CNY 60.00
LIAONING GUANLONG CONS 4.70 11/10/23 CNY 20.00
LIAONING GUANLONG CONS 4.70 11/10/23 CNY 20.02
LIJIN CITY CONSTRUCTIO 7.50 12/20/25 CNY 60.00
LIJIN CITY CONSTRUCTIO 7.50 12/20/25 CNY 61.22
LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 63.20
LINQU YISHAN INDUSTRIA 7.20 11/23/24 CNY 37.70
LINQU YISHAN INDUSTRIA 7.20 11/23/24 CNY 40.97
LINWU SHUNFA URBAN CON 7.00 08/23/24 CNY 40.00
LINWU SHUNFA URBAN CON 7.00 08/23/24 CNY 40.44
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 19.94
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 19.97
LINYI COUNTY CITY DEVE 7.78 03/21/25 CNY 40.00
LINYI COUNTY CITY DEVE 7.78 03/21/25 CNY 41.27
LINYI ZHENDONG CONSTRU 7.50 11/26/25 CNY 60.00
LINYI ZHENDONG CONSTRU 7.50 11/26/25 CNY 60.00
LINYI ZHENDONG CONSTRU 7.50 12/06/25 CNY 60.00
LINYI ZHENDONG CONSTRU 7.50 12/06/25 CNY 62.64
LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 39.53
LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 39.72
LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 40.31
LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 40.40
LIUYANG MODERN MANUFAC 5.88 08/10/24 CNY 40.60
LIUYANG MODERN MANUFAC 5.88 08/10/24 CNY 40.70
LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 20.00
LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 20.01
LIUZHI SPECIAL DISTRIC 7.00 11/16/24 CNY 39.76
LIUZHI SPECIAL DISTRIC 7.00 11/16/24 CNY 40.00
LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 19.73
LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 19.89
LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 29.88
LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 29.97
LIUZHOU LONGJIAN INVES 7.00 09/21/27 CNY 61.50
LIUZHOU LONGJIAN INVES 7.00 09/21/27 CNY 64.34
LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 40.00
LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 41.13
LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 19.99
LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 19.99
LU'AN JIN'AN DISTRICT 5.95 07/24/24 CNY 40.80
LUANCHUAN COUNTY TIANY 8.50 01/23/26 CNY 60.00
LUANCHUAN COUNTY TIANY 8.50 01/23/26 CNY 61.91
LUJIANG CITY CONSTRUCT 5.89 05/02/25 CNY 60.00
LUJIANG CITY CONSTRUCT 5.89 05/02/25 CNY 60.74
LUOHE ECONOMIC DEVELOP 7.50 12/18/25 CNY 62.66
LUOHE ECONOMIC DEVELOP 7.50 12/18/25 CNY 62.66
LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 20.01
LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 20.07
LUOYANG SHENGSHI URBAN 7.06 04/11/26 CNY 60.00
LUOYANG SHENGSHI URBAN 7.06 04/11/26 CNY 62.72
LUOYANG XIYUAN STATE-O 7.50 11/15/25 CNY 61.51
LUOYANG XIYUAN STATE-O 7.80 01/29/26 CNY 61.94
LUOYANG XIYUAN STATE-O 7.50 11/15/25 CNY 66.50
LUXI URBAN CONSTRUCTIO 6.80 10/27/24 CNY 40.00
LUXI URBAN CONSTRUCTIO 6.80 10/27/24 CNY 40.50
LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 19.97
LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 20.09
LUZHOU HUIXING INVESTM 6.28 10/19/24 CNY 40.53
LUZHOU HUIXING INVESTM 6.28 10/19/24 CNY 41.16
LUZHOU INDUSTRIAL DEVE 7.20 04/12/25 CNY 40.00
LUZHOU INDUSTRIAL DEVE 7.20 04/12/25 CNY 40.30
LUZHOU LIN GANG INVEST 7.00 12/01/24 CNY 40.00
LUZHOU LIN GANG INVEST 7.00 12/01/24 CNY 40.55
LUZHOU LIN GANG INVEST 7.10 02/07/25 CNY 40.84
LUZHOU LIN GANG INVEST 7.10 02/07/25 CNY 41.15
LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 45.00
LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 46.44
MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 20.00
MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 20.02
MAANSHAN NINGBO INVEST 7.50 04/18/26 CNY 32.00
MAANSHAN NINGBO INVEST 7.80 11/29/25 CNY 60.00
MAANSHAN NINGBO INVEST 7.80 11/29/25 CNY 62.88
MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 19.96
MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 20.00
MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 20.03
MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 20.04
MAANSHAN YUSHAN CITY D 5.62 07/31/24 CNY 40.29
MAANSHAN YUSHAN CITY D 5.62 07/31/24 CNY 40.30
MAANSHAN YUSHAN CITY D 5.85 09/22/24 CNY 40.43
MAANSHAN YUSHAN CITY D 5.85 09/22/24 CNY 40.43
MA'ANSHAN ZHENGPU HARB 6.80 03/19/25 CNY 40.00
MA'ANSHAN ZHENGPU HARB 6.00 10/13/24 CNY 40.50
MA'ANSHAN ZHENGPU HARB 6.80 03/19/25 CNY 41.72
MA'ANSHAN ZHENGPU HARB 6.00 10/13/24 CNY 44.26
MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 20.03
MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 20.04
MEISHAN CITY DONGPO DE 8.08 08/16/25 CNY 60.00
MEISHAN CITY DONGPO DE 8.00 01/03/26 CNY 60.00
MEISHAN CITY DONGPO DE 8.08 08/16/25 CNY 62.58
MEISHAN CITY DONGPO DE 8.00 01/03/26 CNY 63.25
MEISHAN MINDONG DEVELO 6.78 08/08/24 CNY 40.21
MEISHAN MINDONG DEVELO 6.78 08/08/24 CNY 40.22
MENGCHENG COUNTY URBAN 5.60 09/21/24 CNY 40.63
MENGZHOU INVESTMENT AN 8.00 09/03/25 CNY 60.00
MENGZHOU INVESTMENT AN 8.00 11/06/25 CNY 60.00
MENGZHOU INVESTMENT AN 8.00 09/03/25 CNY 62.61
MENGZHOU INVESTMENT AN 8.00 11/06/25 CNY 62.96
MENGZI CITY DEVELOPMEN 7.65 09/25/24 CNY 41.07
MENGZI CITY DEVELOPMEN 7.65 09/25/24 CNY 41.07
MENGZI CITY DEVELOPMEN 8.00 03/25/26 CNY 57.90
MENGZI CITY DEVELOPMEN 8.00 03/25/26 CNY 63.69
MIAN YANG ECONOMIC DEV 8.20 03/15/26 CNY 60.00
MIAN YANG ECONOMIC DEV 8.20 03/15/26 CNY 62.60
MIANYANG ANZHOU INVEST 8.10 05/04/25 CNY 60.00
MIANYANG ANZHOU INVEST 8.10 11/22/25 CNY 60.00
MIANYANG ANZHOU INVEST 8.10 05/04/25 CNY 60.80
MIANYANG ANZHOU INVEST 8.10 11/22/25 CNY 63.00
MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 40.00
MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 40.95
MIANYANG HUIDONG INVES 8.10 02/10/25 CNY 40.82
MIANYANG HUIDONG INVES 8.10 04/28/25 CNY 62.96
MIANZHU CITY JINSHEN I 7.87 12/18/25 CNY 61.57
MIANZHU CITY JINSHEN I 7.87 12/18/25 CNY 63.07
MILE AGRICULTURAL INVE 7.60 02/27/26 CNY 55.82
MILE AGRICULTURAL INVE 8.00 10/25/25 CNY 59.00
MILE AGRICULTURAL INVE 8.00 10/25/25 CNY 60.60
MILE AGRICULTURAL INVE 7.60 02/27/26 CNY 63.11
MINGGUANG YUELONG INVE 6.54 05/03/25 CNY 61.13
MUDANJIANG LONGSHENG I 7.50 09/27/25 CNY 62.36
MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.00
MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.00
MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.22
MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.33
MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.33
MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.56
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.50
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.50
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.90
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.32
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.32
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.74
MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.00
MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.00
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.42
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.42
MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.61
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.97
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.00
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.00
MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.74
MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 66.66
MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 66.66
MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 67.04
MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 69.61
MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 70.00
MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 70.00
MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 70.00
MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 70.00
MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 70.00
MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 70.00
MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 71.23
MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 71.24
MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.00
MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.00
MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.03
NANCHANG CITY CONSTRUC 3.58 09/12/26 CNY 70.50
NANCHANG CITY CONSTRUC 3.58 09/12/26 CNY 70.62
NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 19.99
NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 20.02
NANCHONG JIALING DEVEL 7.80 12/12/24 CNY 40.00
NANCHONG JIALING DEVEL 7.80 12/12/24 CNY 41.17
NANCHONG JIALING DEVEL 7.98 05/23/25 CNY 60.00
NANCHONG JIALING DEVEL 7.98 05/23/25 CNY 60.50
NANJING BINJIANG INVES 5.77 11/30/25 CNY 60.00
NANJING BINJIANG INVES 5.77 11/30/25 CNY 62.07
NANJING JIANGBEI NEW D 6.00 12/06/24 CNY 40.00
NANJING JIANGBEI NEW D 6.00 12/06/24 CNY 41.26
NANJING JIANGBEI NEW D 6.90 06/15/25 CNY 62.35
NANJING JIANGBEI NEW D 6.90 06/15/25 CNY 65.88
NANJING JIANGBEI NEW T 5.59 09/26/24 CNY 40.84
NANJING JIANGBEI NEW T 5.59 09/26/24 CNY 42.50
NANJING JIANGNING ECON 7.94 04/14/24 CNY 30.73
NANJING JIANGNING URBA 3.48 11/11/23 CNY 19.98
NANJING JIANGNING URBA 3.48 11/11/23 CNY 20.07
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 20.02
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 20.07
NANJING LISHUI ECONOMI 3.41 11/09/23 CNY 19.96
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 20.00
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 20.00
NANJING LISHUI URBAN C 5.40 07/31/25 CNY 60.96
NANJING LISHUI URBAN C 5.40 07/31/25 CNY 63.87
NANJING METRO GROUP CO 3.29 08/29/23 CNY 20.05
NANJING METRO GROUP CO 3.29 08/29/23 CNY 20.05
NANJING METRO GROUP CO 4.22 11/28/23 CNY 40.30
NANJING METRO GROUP CO 4.22 11/28/23 CNY 40.36
NANJING PUKOU COMMUNIC 5.46 07/19/24 CNY 40.68
NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 20.01
NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 20.05
NANLING COUNTY CONSTRU 6.20 09/06/24 CNY 40.00
NANLING COUNTY CONSTRU 6.20 09/06/24 CNY 40.35
NANNING HI-TECH INDUST 3.82 10/20/23 CNY 19.88
NANNING HI-TECH INDUST 3.82 10/20/23 CNY 19.89
NANPING CITY WUYI NEW 7.19 03/21/26 CNY 61.10
NANPING CITY WUYI NEW 7.19 03/21/26 CNY 62.59
NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 19.80
NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 20.03
NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 20.06
NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 20.30
NANTONG KAIYUAN INVEST 7.25 11/29/24 CNY 41.06
NANTONG KAIYUAN INVEST 7.25 11/29/24 CNY 41.18
NANTONG SHIBEI HI-TECH 5.98 08/07/24 CNY 40.53
NANTONG SHIBEI HI-TECH 5.98 08/07/24 CNY 40.73
NANTONG YUNTONG PORT D 6.13 08/10/24 CNY 40.52
NANYANG HI-TECH DEVELO 6.45 04/29/23 CNY 20.00
NANYANG HI-TECH DEVELO 6.45 04/29/23 CNY 20.01
NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 20.32
NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 20.36
NANZHANG COUNTY CONSTR 6.58 10/25/24 CNY 40.00
NANZHANG COUNTY CONSTR 6.58 10/25/24 CNY 40.87
NEIJIANG XINGYUAN INDU 4.28 08/16/23 CNY 19.98
NEIJIANG XINGYUAN INDU 4.28 08/16/23 CNY 19.99
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGGUO CITY STATE OWN 7.14 08/07/24 CNY 40.80
NINGGUO CITY STATE OWN 7.14 08/07/24 CNY 40.83
NINGXIA SHENG YAN INDU 7.50 09/27/23 CNY 42.45
NINGXIANG CITY CONSTRU 6.00 06/02/26 CNY 62.18
NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 19.93
NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 20.00
NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 20.03
NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 20.04
ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 20.03
ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 20.06
PANJIN CITY SHUANGTAIZ 8.50 01/29/26 CNY 63.84
PANJIN CITY SHUANGTAIZ 8.50 01/29/26 CNY 63.84
PANJIN CITY SHUANGTAIZ 8.70 12/20/25 CNY 63.85
PANJIN CITY SHUANGTAIZ 8.70 12/20/25 CNY 63.86
PANJIN WATER GROUP CO 5.18 10/28/23 CNY 19.49
PEIXIAN ECONOMIC DEVEL 6.20 10/24/25 CNY 61.76
PEIXIAN ECONOMIC DEVEL 6.20 10/24/25 CNY 62.29
PEIXIAN STATE-OWNED AS 5.98 07/19/24 CNY 40.00
PEIXIAN STATE-OWNED AS 5.98 07/19/24 CNY 40.44
PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 11.00
PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 11.00
PENGSHAN DEVELOPMENT H 7.00 09/05/24 CNY 40.00
PENGSHAN DEVELOPMENT H 7.00 09/05/24 CNY 40.53
PENGSHAN DEVELOPMENT H 7.98 05/03/25 CNY 58.31
PENGSHAN DEVELOPMENT H 7.98 05/03/25 CNY 61.57
PENGZE CITY DEVELOPMEN 7.00 04/19/25 CNY 60.00
PENGZE CITY DEVELOPMEN 7.00 04/19/25 CNY 61.29
PENGZE CITY DEVELOPMEN 7.60 08/31/25 CNY 61.36
PENGZE CITY DEVELOPMEN 7.60 08/31/25 CNY 62.21
PENGZHOU INDUSTRY INVE 3.95 10/20/23 CNY 19.76
PINGDU STATE-OWNED ASS 6.05 07/11/25 CNY 60.00
PINGDU STATE-OWNED ASS 6.05 07/11/25 CNY 61.66
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 20.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 20.00
PINGJIANG COUNTY WATER 6.64 06/27/26 CNY 59.10
PINGLIANG CHENGXIANG C 7.80 03/29/26 CNY 59.27
PINGLIANG CHENGXIANG C 7.80 03/29/26 CNY 63.51
PINGXIANG HUIFENG INVE 5.79 09/21/24 CNY 40.41
PINGXIANG HUIFENG INVE 5.79 09/21/24 CNY 40.48
PINGYANG STATE-OWNED A 6.90 08/24/27 CNY 70.00
PINGYANG STATE-OWNED A 6.90 08/24/27 CNY 74.15
PIZHOU ECONOMIC DEVELO 6.66 09/19/24 CNY 40.44
PIZHOU ECONOMIC DEVELO 6.66 09/19/24 CNY 47.00
POYANG INVESTMENT & DE 6.53 08/08/24 CNY 40.00
POYANG INVESTMENT & DE 6.53 08/08/24 CNY 40.35
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.00
PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.07
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.26
PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.29
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42
PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.48
PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.48
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56
PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.66
PUCHENG INVESTMENT DEV 6.57 08/10/24 CNY 40.00
PUCHENG INVESTMENT DEV 6.57 08/10/24 CNY 40.45
PUDING YELANG STATE-OW 7.79 11/13/24 CNY 41.71
PUDING YELANG STATE-OW 8.00 03/13/25 CNY 41.81
PUDING YELANG STATE-OW 8.00 03/13/25 CNY 45.00
PUER CITY SI MAO GUO T 7.50 03/14/26 CNY 60.00
PUER CITY SI MAO GUO T 7.50 03/14/26 CNY 63.08
PUYANG INVESTMENT GROU 5.18 08/17/24 CNY 40.51
PUYANG INVESTMENT GROU 5.18 08/17/24 CNY 40.51
QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 58.20
QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 58.90
QIANJIANG URBAN CONSTR 5.67 01/16/26 CNY 61.60
QIANJIANG URBAN CONSTR 5.67 01/16/26 CNY 61.86
QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 40.46
QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 40.46
QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 40.64
QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 40.64
QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 38.00
QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 40.63
QIANNANZHOU INVESTMENT 8.00 01/02/26 CNY 53.50
QIANNANZHOU INVESTMENT 8.00 01/02/26 CNY 63.28
QIANSHAN CITY QIANRUN 6.98 01/19/25 CNY 40.00
QIANSHAN CITY QIANRUN 6.98 01/19/25 CNY 41.65
QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 20.01
QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 20.05
QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 20.11
QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 20.12
QIDONG URBAN CONSTRUCT 5.25 08/16/24 CNY 39.50
QIDONG URBAN CONSTRUCT 5.25 08/16/24 CNY 40.63
QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 19.88
QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 19.89
QINGDAO CHINA PROSPERI 6.08 11/05/25 CNY 62.25
QINGDAO HAIFA STATE-OW 4.26 06/06/23 CNY 20.01
QINGDAO HAIFA STATE-OW 4.26 06/06/23 CNY 20.03
QINGDAO HAIFA STATE-OW 6.28 04/04/25 CNY 41.45
QINGDAO HAIFA STATE-OW 6.28 04/04/25 CNY 45.25
QINGDAO JIMO DISTRICT 5.35 07/10/24 CNY 40.42
QINGDAO JIMO DISTRICT 5.35 07/10/24 CNY 40.45
QINGDAO JIMO DISTRICT 6.27 10/15/25 CNY 60.00
QINGDAO JIMO DISTRICT 6.27 10/15/25 CNY 61.46
QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 20.00
QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 20.02
QINGDAO SHAOHAI INVEST 6.47 10/31/24 CNY 40.28
QINGDAO SHAOHAI INVEST 6.47 10/31/24 CNY 40.72
QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 20.00
QINGHAI PROVINCIAL INV 7.25 02/22/20 USD 20.55
QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 20.66
QINGZHEN CITY CONSTRUC 7.50 03/18/26 CNY 61.26
QINGZHEN CITY CONSTRUC 7.50 03/18/26 CNY 63.02
QINGZHOU CITY CONSTRUC 6.80 08/25/24 CNY 38.50
QINGZHOU CITY CONSTRUC 6.40 07/10/24 CNY 39.24
QINGZHOU CITY CONSTRUC 6.40 07/10/24 CNY 40.00
QINGZHOU CITY CONSTRUC 6.80 08/25/24 CNY 40.60
QINGZHOU HONGYUAN PUBL 7.60 06/17/27 CNY 74.95
QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 19.97
QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 19.97
QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 20.01
QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 20.02
QUJING CITY QILIN DIST 8.50 01/21/26 CNY 56.42
QUJING CITY QILIN DIST 8.50 01/21/26 CNY 60.00
QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 19.97
QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 20.03
RED STAR MACALLINE HOL 6.50 11/07/23 CNY 29.05
RED STAR MACALLINE HOL 7.00 12/23/25 CNY 52.75
RENHUAI WATER INVESTME 7.98 02/24/25 CNY 40.73
RENHUAI WATER INVESTME 8.00 12/26/25 CNY 58.01
RENHUAI WATER INVESTME 7.98 07/26/25 CNY 62.38
REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00
RONGCHENG ECONOMIC DEV 5.75 04/24/25 CNY 60.50
RONGCHENG ECONOMIC DEV 5.75 04/24/25 CNY 61.47
RONGQIAO GROUP CO LTD 6.50 06/03/23 CNY 64.00
RONGXIN FUJIAN INVESTM 6.50 07/06/26 CNY 24.00
RONGXIN FUJIAN INVESTM 5.42 08/19/24 CNY 31.00
RONGXIN FUJIAN INVESTM 5.60 07/27/23 CNY 33.00
RONGXIN FUJIAN INVESTM 6.45 07/03/23 CNY 67.50
RONGXIN FUJIAN INVESTM 6.78 07/03/24 CNY 72.80
RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 25.45
RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 25.45
RUCHENG SHUNXING INVES 7.50 01/07/26 CNY 60.00
RUCHENG SHUNXING INVES 7.50 01/07/26 CNY 63.54
RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 20.00
RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 20.02
RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 20.03
RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 20.05
RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 20.00
RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 20.05
RUICHANG CITY INVESTME 5.50 06/17/23 CNY 19.98
RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 19.95
RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 19.95
RUILI RENLONG INVESTME 8.00 09/20/26 CNY 74.80
RUSHAN INDUSTRIAL INVE 7.40 06/07/25 CNY 61.21
RUSHAN INDUSTRIAL INVE 7.40 06/07/25 CNY 64.24
RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 19.75
RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 20.00
SANMING INVESTMENT DEV 5.10 04/17/24 CNY 20.29
SANMING INVESTMENT DEV 5.10 04/17/24 CNY 40.30
SHAANXI ANKANG HIGH TE 6.85 03/28/26 CNY 60.00
SHAANXI ANKANG HIGH TE 6.85 03/28/26 CNY 62.45
SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 20.00
SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 20.04
SHAANXI XIXIAN NEW ARE 7.10 08/23/24 CNY 40.36
SHAANXI XIXIAN NEW ARE 7.10 08/23/24 CNY 40.79
SHAANXI XIXIAN NEW ARE 6.67 08/23/24 CNY 40.00
SHAANXI XIXIAN NEW ARE 6.67 08/23/24 CNY 40.66
SHANDONG HONGHE HOLDIN 7.50 01/29/26 CNY 62.10
SHANDONG OCEAN CULTURE 7.50 03/28/26 CNY 63.12
SHANDONG RENCHENG RONG 7.50 01/23/26 CNY 59.08
SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10
SHANDONG TAIFENG HOLDI 7.99 12/16/23 CNY 50.08
SHANDONG URBAN CAPITAL 7.50 04/12/26 CNY 54.58
SHANDONG URBAN CAPITAL 7.50 04/12/26 CNY 61.90
SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 30.31
SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 30.39
SHANGHAI POWERLONG IND 6.50 08/27/23 CNY 58.05
SHANGHAI POWERLONG IND 6.60 01/11/24 CNY 59.08
SHANGHAI POWERLONG IND 6.50 08/07/23 CNY 63.50
SHANGHAI POWERLONG IND 5.70 06/10/26 CNY 65.00
SHANGHAI SHIMAO CO LTD 5.15 03/16/24 CNY 19.49
SHANGHAI SHIMAO CO LTD 3.94 12/28/26 CNY 24.00
SHANGHAI SHIMAO CO LTD 5.50 05/06/23 CNY 26.50
SHANGHAI SHIMAO CO LTD 4.24 10/21/23 CNY 26.50
SHANGHAI SHIMAO CO LTD 4.12 01/09/24 CNY 26.50
SHANGHAI SHIMAO CO LTD 3.99 12/28/26 CNY 28.56
SHANGHAI SHIMAO CO LTD 3.60 12/28/26 CNY 31.07
SHANGHAI SHIMAO CO LTD 3.76 12/28/26 CNY 34.16
SHANGHAI SHIMAO CO LTD 4.15 12/28/26 CNY 47.70
SHANGHAI SHIMAO JIANSH 4.80 11/11/26 CNY 14.50
SHANGHAI SHIMAO JIANSH 4.15 10/16/24 CNY 15.95
SHANGHAI SHIMAO JIANSH 4.30 11/11/24 CNY 17.00
SHANGHAI SHIMAO JIANSH 3.90 08/27/25 CNY 21.59
SHANGHAI SHIMAO JIANSH 3.90 03/25/27 CNY 26.00
SHANGHAI SHIMAO JIANSH 3.20 05/11/25 CNY 26.27
SHANGHAI SHIMAO JIANSH 3.23 03/25/25 CNY 28.00
SHANGHAI SHIMAO JIANSH 4.30 09/19/24 CNY 29.99
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 60.07
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 60.49
SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 61.53
SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 61.83
SHANGQIU GUCHENG PROTE 5.08 05/22/23 CNY 40.03
SHANGRAO CITY CONSTRUC 5.45 12/26/25 CNY 60.48
SHANGRAO GUANGXIN URBA 7.95 07/24/25 CNY 61.38
SHANGRAO GUANGXIN URBA 7.95 07/24/25 CNY 61.44
SHANTOU INVESTMENT HOL 7.99 03/04/24 CNY 15.50
SHANTOU INVESTMENT HOL 7.99 03/04/24 CNY 15.54
SHANWEI INVESTMENT HOL 5.68 11/09/24 CNY 40.85
SHANWEI INVESTMENT HOL 5.68 11/09/24 CNY 40.97
SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 40.49
SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 40.49
SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 40.10
SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 40.13
SHAOSHAN HI-TECH CONST 8.00 05/02/25 CNY 60.86
SHAOSHAN HI-TECH CONST 8.00 05/02/25 CNY 60.91
SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 19.97
SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 19.98
SHAOXING KEQIAO CITY C 5.74 08/03/24 CNY 40.00
SHAOXING KEQIAO CITY C 5.74 08/03/24 CNY 40.71
SHAOXING KEYAN CONSTRU 5.88 12/04/25 CNY 61.99
SHAOYANG BAOQING INDUS 5.78 07/04/26 CNY 56.50
SHAOYANG CITY CONSTRUC 5.98 09/01/24 CNY 40.00
SHAOYANG CITY CONSTRUC 5.98 09/01/24 CNY 40.36
SHAOYANG SAISHUANGQING 7.20 03/26/25 CNY 40.00
SHAOYANG SAISHUANGQING 7.20 03/26/25 CNY 41.60
SHAOYANG SAISHUANGQING 8.00 11/28/25 CNY 60.00
SHAOYANG SAISHUANGQING 8.00 11/28/25 CNY 63.99
SHEHONG STATE OWNED AS 7.30 12/14/24 CNY 40.00
SHEHONG STATE OWNED AS 7.30 12/14/24 CNY 41.45
SHEHONG STATE OWNED AS 7.60 10/22/25 CNY 43.08
SHEHONG STATE OWNED AS 7.50 08/22/25 CNY 60.00
SHEHONG STATE OWNED AS 7.60 10/22/25 CNY 60.00
SHEHONG STATE OWNED AS 7.60 10/25/25 CNY 60.00
SHEHONG STATE OWNED AS 7.60 10/25/25 CNY 62.99
SHEHONG STATE OWNED AS 7.50 08/22/25 CNY 63.01
SHENGZHOU INVESTMENT H 5.35 07/20/24 CNY 40.56
SHENGZHOU INVESTMENT H 5.35 07/20/24 CNY 40.74
SHENWU ENVIRONMENTAL T 9.00 03/14/19 CNY 1.50
SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 18.50
SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 19.00
SHENZHEN LOGAN HOLDING 5.09 11/10/26 CNY 19.00
SHENZHEN LOGAN HOLDING 4.70 11/10/26 CNY 19.50
SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 19.90
SHENZHEN LOGAN HOLDING 4.69 11/10/26 CNY 20.50
SHENZHEN LOGAN HOLDING 4.90 03/25/25 CNY 25.75
SHENZHEN LOGAN HOLDING 4.50 08/05/23 CNY 26.00
SHENZHEN LOGAN HOLDING 4.60 11/20/22 CNY 28.26
SHENZHEN LOGAN HOLDING 5.50 06/19/23 CNY 35.50
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 15.37
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 15.40
SHEYANG URBAN CONSTRUC 7.80 11/27/24 CNY 40.80
SHEYANG URBAN CONSTRUC 7.80 11/27/24 CNY 41.04
SHEYANG URBAN INVESTME 5.33 03/14/26 CNY 58.85
SHEYANG URBAN INVESTME 5.33 03/14/26 CNY 61.71
SHEYANG URBAN INVESTME 7.39 04/12/26 CNY 62.00
SHEYANG URBAN INVESTME 7.39 04/12/26 CNY 63.13
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 57.39
SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 63.11
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 35.35
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 35.95
SHISHOU BOYA CITY CONS 6.98 06/15/24 CNY 40.59
SHIYAN CITY CHENGTOU P 7.80 02/13/26 CNY 58.53
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 19.94
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 19.94
SHIYAN HANJIANG STAR C 6.40 07/10/24 CNY 40.36
SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 45.60
SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 45.62
SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 32.00
SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 40.97
SHOU COUNTY STATE-OWNE 6.20 10/13/24 CNY 40.00
SHOU COUNTY STATE-OWNE 6.20 10/13/24 CNY 40.44
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 20.01
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 20.01
SHUOZHOU INVESTMENT CO 7.50 10/23/25 CNY 61.23
SHUOZHOU INVESTMENT CO 7.80 12/25/25 CNY 61.58
SHUOZHOU INVESTMENT CO 7.50 10/23/25 CNY 61.60
SHUOZHOU INVESTMENT CO 7.80 12/25/25 CNY 62.00
SICHUAN CHENG'A DEVELO 7.50 11/06/24 CNY 40.00
SICHUAN CHENG'A DEVELO 7.50 11/29/24 CNY 40.00
SICHUAN CHENG'A DEVELO 7.25 01/28/24 CNY 41.00
SICHUAN CHENG'A DEVELO 7.50 11/06/24 CNY 41.46
SICHUAN CHENG'A DEVELO 7.50 11/29/24 CNY 41.52
SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 20.00
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 40.74
SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 40.74
SICHUAN LANGUANG DEVEL 7.50 07/11/21 CNY 12.63
SICHUAN LANGUANG DEVEL 6.50 07/29/21 CNY 12.63
SICHUAN LANGUANG DEVEL 7.50 08/12/21 CNY 12.63
SICHUAN LANGUANG DEVEL 7.00 09/29/22 CNY 12.63
SICHUAN LANGUANG DEVEL 7.00 10/26/22 CNY 12.63
SICHUAN LANGUANG DEVEL 7.20 03/11/23 CNY 12.63
SICHUAN LANGUANG DEVEL 7.20 05/11/23 CNY 12.63
SICHUAN LANGUANG DEVEL 7.15 03/16/23 CNY 24.00
SICHUAN LANGUANG DEVEL 7.40 09/14/21 CNY 30.45
SICHUAN LANGUANG DEVEL 7.50 07/23/22 CNY 42.00
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 20.00
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 20.00
SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 20.00
SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 20.01
SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 39.61
SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 39.80
SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 39.81
SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 40.00
SICHUAN RENSHOU XINLON 7.00 06/27/24 CNY 40.64
SINO-OCEAN CAPITAL 5.30 06/10/24 CNY 35.00
SINO-OCEAN CAPITAL 5.30 09/09/23 CNY 40.00
SINO-OCEAN HOLDING GRO 4.76 10/19/25 CNY 49.50
SINO-OCEAN HOLDING GRO 5.00 08/19/25 CNY 51.00
SINO-OCEAN HOLDING GRO 4.06 09/27/26 CNY 58.00
SINO-OCEAN HOLDING GRO 5.32 03/18/25 CNY 59.94
SINO-OCEAN HOLDING GRO 4.20 05/12/26 CNY 64.30
SINO-OCEAN HOLDING GRO 4.59 03/20/26 CNY 68.80
SINO-OCEAN HOLDING GRO 4.60 01/21/24 CNY 70.20
SINO-OCEAN HOLDING GRO 5.50 03/20/24 CNY 72.11
SIXIAN CITY CONSCTRUCT 6.50 04/16/25 CNY 41.64
SIXIAN CITY CONSCTRUCT 6.50 04/16/25 CNY 60.00
SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 40.83
SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 40.83
SIYANG JIADING INDUSTR 7.50 12/14/25 CNY 60.80
SIYANG JIADING INDUSTR 7.50 04/27/25 CNY 61.66
SIYANG JIADING INDUSTR 7.50 04/27/25 CNY 61.66
SIYANG JIADING INDUSTR 7.50 12/14/25 CNY 62.65
SUINING COUNTY RUNQI I 6.78 11/02/24 CNY 40.38
SUINING COUNTY RUNQI I 6.78 11/02/24 CNY 41.30
SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 19.76
SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 20.01
SUINING ROUGANG INVEST 5.65 01/24/24 CNY 20.15
SUINING ROUGANG INVEST 5.65 01/24/24 CNY 20.15
SUINING ROUGANG INVEST 6.80 08/02/24 CNY 40.62
SUINING ROUGANG INVEST 6.80 08/02/24 CNY 40.62
SUINING TIANTAI INDUST 5.98 03/28/24 CNY 20.26
SUINING TIANTAI INDUST 5.98 03/28/24 CNY 20.26
SUINING TIANTAI INDUST 6.80 11/01/24 CNY 50.00
SUINING TIANTAI INDUST 6.80 11/01/24 CNY 51.07
SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 20.21
SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 20.28
SUIZHOU DEVELOPMENT IN 5.97 09/15/24 CNY 40.00
SUIZHOU DEVELOPMENT IN 5.97 09/15/24 CNY 40.36
SUNAC REAL ESTATE GROU 5.60 12/09/26 CNY 15.02
SUNAC REAL ESTATE GROU 7.00 12/09/26 CNY 19.28
SUNAC REAL ESTATE GROU 6.80 12/09/25 CNY 28.00
SUNAC REAL ESTATE GROU 6.48 12/09/25 CNY 29.75
SUNAC REAL ESTATE GROU 4.78 12/09/25 CNY 35.55
SUNAC REAL ESTATE GROU 6.80 01/19/25 CNY 50.00
SUNING APPLIANCE GROUP 7.30 06/28/23 CNY 21.60
SUNING APPLIANCE GROUP 7.30 06/16/23 CNY 43.36
SUNING APPLIANCE GROUP 7.30 05/10/23 CNY 49.31
SUNSHINE KAIDI NEW ENE 6.80 06/02/21 CNY 1.00
SUQIAN CITY CONSTRUCTI 5.30 07/11/24 CNY 40.42
SUQIAN CITY CONSTRUCTI 5.30 07/11/24 CNY 40.42
SUQIAN CITY CONSTRUCTI 6.44 12/26/24 CNY 41.21
SUQIAN CITY CONSTRUCTI 6.44 12/26/24 CNY 41.22
SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 40.39
SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 41.88
SUQIAN HI-TECH DEVELOP 6.97 07/20/25 CNY 60.00
SUQIAN HI-TECH DEVELOP 6.49 10/17/25 CNY 60.00
SUQIAN HI-TECH DEVELOP 6.49 10/17/25 CNY 62.40
SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 38.10
SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 39.75
SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 40.67
SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 40.75
SUQIAN YUFENG INDUSTRI 5.50 04/21/24 CNY 40.24
SUQIAN YUFENG INDUSTRI 5.50 04/21/24 CNY 44.26
SUZHOU GAOXIN TOURISM 5.20 10/27/23 CNY 50.30
SUZHOU GAOXIN TOURISM 5.20 04/11/24 CNY 50.35
SUZHOU MAANSHAN INVEST 6.10 08/03/24 CNY 40.62
SUZHOU MAANSHAN INVEST 6.10 08/03/24 CNY 40.77
SUZHOU MUDU URBAN RURA 4.94 04/16/24 CNY 40.57
SUZHOU MUDU URBAN RURA 4.94 04/16/24 CNY 70.30
SUZHOU NEW AREA CONSTR 5.98 08/04/24 CNY 40.00
SUZHOU NEW AREA CONSTR 5.98 08/04/24 CNY 40.58
SUZHOU WUJIANG COMMUNI 3.75 05/26/23 CNY 30.00
SUZHOU WUZHONG CITY CO 5.90 11/06/24 CNY 40.00
SUZHOU WUZHONG CITY CO 6.50 02/01/25 CNY 40.00
SUZHOU WUZHONG CITY CO 5.90 11/06/24 CNY 40.83
SUZHOU WUZHONG CITY CO 6.50 02/01/25 CNY 41.53
SUZHOU WUZHONG GUOTAI 6.40 08/23/27 CNY 70.00
SUZHOU WUZHONG GUOTAI 6.40 08/23/27 CNY 74.79
TAHOE GROUP CO LTD 7.20 05/25/21 CNY 3.00
TAHOE GROUP CO LTD 8.50 08/02/21 CNY 3.00
TAHOE GROUP CO LTD 6.00 05/25/21 CNY 10.00
TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.50
TAHOE GROUP CO LTD 7.50 10/10/20 CNY 29.60
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 20.00
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 20.01
TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 40.75
TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 43.35
TAIXING CITY CHENGXING 7.80 03/05/26 CNY 60.00
TAIXING CITY CHENGXING 7.60 04/04/26 CNY 60.00
TAIXING CITY CHENGXING 7.60 04/04/26 CNY 61.89
TAIXING CITY CHENGXING 7.80 03/05/26 CNY 62.40
TAIXING XINGHUANG INVE 8.50 11/15/25 CNY 59.59
TAIXING XINGHUANG INVE 8.50 11/15/25 CNY 63.48
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 15.27
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 15.35
TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 40.69
TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 40.76
TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 40.86
TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 40.94
TAIZHOU EAST NEW CITY 5.28 01/03/26 CNY 61.59
TAIZHOU EAST NEW CITY 5.28 01/03/26 CNY 63.90
TAIZHOU FENGCHENGHE CO 7.90 12/29/24 CNY 40.00
TAIZHOU FENGCHENGHE CO 7.90 12/29/24 CNY 41.98
TAIZHOU FENGCHENGHE CO 5.48 11/07/25 CNY 61.95
TAIZHOU FENGCHENGHE CO 6.58 03/28/26 CNY 63.03
TAIZHOU FENGCHENGHE CO 6.58 03/28/26 CNY 66.00
TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 40.42
TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 40.53
TAIZHOU HUACHENG MEDIC 8.50 12/26/25 CNY 60.00
TAIZHOU HUACHENG MEDIC 8.50 12/26/25 CNY 64.47
TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 20.03
TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 20.03
TAIZHOU XINBINJIANG DE 5.34 12/21/25 CNY 61.56
TANCHENG COUNTY CITY S 7.50 04/09/26 CNY 60.00
TANCHENG COUNTY CITY S 7.50 04/09/26 CNY 63.23
TANGSHAN HOLDING DEVEL 7.60 05/16/25 CNY 58.59
TANGSHAN HOLDING DEVEL 7.60 05/16/25 CNY 60.56
TAOYUAN COUNTY ECONOMI 7.00 12/08/24 CNY 40.00
TAOYUAN COUNTY ECONOMI 7.00 12/08/24 CNY 41.37
TAOYUAN COUNTY ECONOMI 8.20 09/06/25 CNY 60.00
TAOYUAN COUNTY ECONOMI 8.20 09/06/25 CNY 63.67
TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 19.67
TIANGUANG ZHONGMAO CO 6.00 10/27/21 CNY 14.00
TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 20.00
TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 20.00
TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 56.00
TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 60.25
TIANJIN DONGFANG CAIXI 6.00 07/09/25 CNY 61.26
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 45.36
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 49.00
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 19.99
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 20.00
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 29.89
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 30.12
TIANJIN REAL ESTATE GR 7.70 03/16/21 CNY 21.49
TIANJIN REAL ESTATE GR 4.50 09/29/20 USD 73.82
TIANJIN STATE-OWNED CA 1.60 12/17/39 USD 18.17
TIANJIN STATE-OWNED CA 0.15 12/17/26 USD 23.91
TIANJIN STATE-OWNED CA 1.55 12/17/29 USD 25.33
TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 19.97
TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 20.04
TONGCHENG CITY CONSTRU 6.60 12/18/24 CNY 40.00
TONGCHENG CITY CONSTRU 6.60 12/18/24 CNY 40.38
TONGCHENG CITY CONSTRU 7.50 07/23/25 CNY 60.00
TONGCHENG CITY CONSTRU 7.50 07/23/25 CNY 61.99
TONGHUA FENGYUAN INVES 8.00 12/18/25 CNY 60.00
TONGHUA FENGYUAN INVES 8.00 12/18/25 CNY 63.17
TONGLING CONSTRUCTION 5.77 07/31/24 CNY 40.00
TONGLING CONSTRUCTION 5.80 08/16/24 CNY 40.64
TONGLING CONSTRUCTION 5.77 07/31/24 CNY 40.70
TONGLING CONSTRUCTION 5.80 08/16/24 CNY 42.07
TONGLING STATE-OWNED C 7.00 11/14/24 CNY 71.14
TONGXIANG CHONGDE INVE 7.88 11/29/25 CNY 60.80
TONGXIANG CHONGDE INVE 7.88 11/29/25 CNY 62.99
TONGXIANG INDUSTRY DEV 5.38 03/14/26 CNY 60.80
TONGXIANG INDUSTRY DEV 5.38 03/14/26 CNY 61.68
TSINGHUA UNIGROUP CO L 5.85 03/27/22 CNY 16.88
TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 16.88
TSINGHUA UNIGROUP CO L 5.11 01/25/24 CNY 16.88
TSINGHUA UNIGROUP CO L 5.60 11/15/20 CNY 25.50
TSINGHUA UNIGROUP CO L 6.20 03/16/21 CNY 25.50
TSINGHUA UNIGROUP CO L 6.15 12/26/21 CNY 25.50
TSINGHUA UNIGROUP CO L 6.00 08/14/22 CNY 25.50
TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00
TUNGHSU GROUP CO LTD 7.00 09/28/20 CNY 1.70
TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00
TUNGHSU OPTOELECTRONIC 6.80 05/19/20 CNY 15.20
URUMQI ECO TECH DEVELO 7.50 10/19/25 CNY 60.00
URUMQI ECO TECH DEVELO 7.50 10/19/25 CNY 61.04
URUMQI ECO&TECH DEVELO 5.32 03/15/26 CNY 60.00
URUMQI ECO&TECH DEVELO 5.32 03/15/26 CNY 61.62
WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 20.03
WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 20.06
WANZAI COUNTY STATE OW 6.30 03/26/27 CNY 72.43
WEICHI HOLDING GROUP C 6.18 07/24/24 CNY 40.00
WEICHI HOLDING GROUP C 7.20 04/13/25 CNY 40.00
WEICHI HOLDING GROUP C 6.18 07/24/24 CNY 40.45
WEICHI HOLDING GROUP C 7.20 04/13/25 CNY 41.75
WEIFANG BINHAI INVESTM 6.85 12/20/25 CNY 55.98
WEIFANG BINHAI INVESTM 7.00 09/12/26 CNY 70.23
WEIFANG BINHAI INVESTM 6.50 04/26/26 CNY 70.52
WEIFANG GONGXIN STATE- 5.00 07/13/26 CNY 58.30
WEIFANG GONGXIN STATE- 5.00 07/13/26 CNY 58.37
WEIHAI CENTRAL CITY ST 6.05 11/02/24 CNY 39.71
WEIHAI CENTRAL CITY ST 6.05 11/02/24 CNY 40.00
WEIHAI CITY SHUANGDAO 5.32 04/28/24 CNY 40.41
WEIHAI ECONOMIC TECHNO 5.80 08/23/24 CNY 40.00
WEIHAI ECONOMIC TECHNO 5.80 08/23/24 CNY 40.56
WEIHAI LANCHUANG CONST 7.70 10/11/25 CNY 58.00
WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 19.78
WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 19.92
WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 19.95
WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 20.00
WEIHAI WENDENG URBAN P 7.70 05/02/28 CNY 75.21
WENLING CITY STATE OWN 5.73 04/19/25 CNY 61.37
WENLING CITY STATE OWN 5.43 11/12/25 CNY 61.40
WENLING CITY STATE OWN 5.73 04/19/25 CNY 61.53
WENLING CITY STATE OWN 5.43 11/12/25 CNY 62.03
WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 19.47
WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 20.00
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 20.00
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 20.02
WENZHOU HIGH-TECH INDU 5.90 09/18/24 CNY 40.50
WENZHOU HIGH-TECH INDU 5.90 09/18/24 CNY 40.77
WENZHOU MINKE INDUSTRI 6.44 07/18/24 CNY 40.00
WENZHOU MINKE INDUSTRI 6.44 07/18/24 CNY 40.49
WENZHOU OUHAI ECONOMIC 5.45 03/11/26 CNY 60.50
WENZHOU OUHAI ECONOMIC 5.45 03/11/26 CNY 61.82
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 19.94
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 20.10
WINTIME ENERGY GROUP C 7.00 07/05/18 CNY 43.63
WINTIME ENERGY GROUP C 7.30 08/06/18 CNY 43.63
WINTIME ENERGY GROUP C 7.00 08/25/18 CNY 43.63
WINTIME ENERGY GROUP C 6.78 10/23/18 CNY 43.63
WINTIME ENERGY GROUP C 7.00 12/15/18 CNY 43.63
WINTIME ENERGY GROUP C 7.00 03/19/19 CNY 43.63
WINTIME ENERGY GROUP C 7.00 04/26/19 CNY 43.63
WINTIME ENERGY GROUP C 7.70 11/15/20 CNY 43.63
WINTIME ENERGY GROUP C 7.50 11/16/20 CNY 43.63
WINTIME ENERGY GROUP C 7.50 12/06/20 CNY 43.63
WINTIME ENERGY GROUP C 7.90 12/22/20 CNY 43.63
WINTIME ENERGY GROUP C 7.90 03/29/21 CNY 43.63
WINTIME ENERGY GROUP C 7.50 04/04/21 CNY 43.63
WINTIME ENERGY GROUP C 4.75 07/07/22 CNY 43.63
WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 40.44
WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 40.58
WUHAN HIGH-TECH HOLDIN 5.60 09/14/27 CNY 72.85
WUHAN HIGH-TECH HOLDIN 5.60 09/14/27 CNY 74.08
WUHAN HONGSHAN CITY CO 5.68 08/10/24 CNY 40.68
WUHAN HONGSHAN CITY CO 5.68 08/10/24 CNY 40.73
WUHAN HONGSHAN CITY CO 5.68 10/12/24 CNY 40.78
WUHAN HONGSHAN CITY CO 5.68 10/12/24 CNY 40.81
WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 20.02
WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 20.04
WUHAN URBAN CONSTRUCTI 4.99 06/15/24 CNY 50.00
WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 19.92
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 20.00
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 20.00
WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 20.06
WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 20.02
WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 20.07
WUSHENG CITY INVESTMEN 7.05 11/03/24 CNY 39.31
WUSHENG CITY INVESTMEN 7.05 11/03/24 CNY 40.95
WUSU CITY XINGRONG CON 7.50 10/25/25 CNY 60.00
WUSU CITY XINGRONG CON 7.50 10/25/25 CNY 63.35
WUXI EAST SCIENCE & TE 5.73 09/14/24 CNY 40.00
WUXI EAST SCIENCE & TE 5.73 09/14/24 CNY 40.77
WUXI FOOD SCIENCE PARK 5.70 09/28/24 CNY 40.77
WUXI FOOD SCIENCE PARK 5.70 09/28/24 CNY 41.30
WUXI HUIJI INDUSTRY DE 5.27 12/07/25 CNY 61.68
WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 19.98
WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 20.01
WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 20.05
WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 20.09
WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 20.10
WUXUE URBAN CONSTRUCTI 7.50 04/12/26 CNY 60.00
WUXUE URBAN CONSTRUCTI 7.50 04/12/26 CNY 63.12
WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48
XIAN HIGH-TECH ZONE CA 6.49 04/25/25 CNY 61.00
XIAN HIGH-TECH ZONE CA 6.49 04/25/25 CNY 61.67
XI'AN HI-TECH HOLDING 6.12 12/27/24 CNY 40.82
XI'AN HI-TECH HOLDING 6.12 12/27/24 CNY 40.87
XI'AN HI-TECH HOLDING 5.87 06/26/25 CNY 60.91
XI'AN PIONEERING PARK 6.20 05/02/24 CNY 40.53
XI'AN PIONEERING PARK 6.20 05/02/24 CNY 40.53
XIANGCHENG LINGWU URBA 7.45 11/10/24 CNY 40.00
XIANGCHENG LINGWU URBA 7.45 11/10/24 CNY 40.47
XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 19.88
XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 19.95
XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 19.97
XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 19.97
XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 57.46
XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 60.29
XIANGXIANG CITY DONGSH 6.20 08/03/24 CNY 40.32
XIANGXIANG CITY DONGSH 6.20 08/03/24 CNY 40.32
XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 19.99
XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 20.00
XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 20.02
XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 20.02
XIANGXIANG URBAN CONST 7.50 10/27/24 CNY 40.00
XIANGXIANG URBAN CONST 7.50 10/27/24 CNY 41.53
XIANGYANG CITY HOUSING 6.10 12/15/24 CNY 41.00
XIANGYANG CITY HOUSING 6.10 12/15/24 CNY 41.05
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 19.99
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 20.00
XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 40.60
XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 40.77
XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 40.00
XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 40.49
XIANNING CITY CONSTRUC 5.99 07/27/27 CNY 70.00
XIANNING CITY CONSTRUC 5.99 07/27/27 CNY 72.34
XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 56.09
XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 56.38
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 20.00
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 20.00
XIAOCHANG SHUNHE DEVEL 4.15 10/17/23 CNY 19.94
XIAOGAN URBAN CONSTRUC 6.35 11/10/27 CNY 70.00
XIAOGAN URBAN CONSTRUC 6.35 11/10/27 CNY 73.95
XIAOXIAN COUNTY DEVELO 4.85 06/22/23 CNY 20.03
XIAOXIAN COUNTY DEVELO 4.85 06/22/23 CNY 20.06
XIFENG COUNTY URBAN CO 8.00 03/14/26 CNY 58.80
XIFENG COUNTY URBAN CO 8.00 03/14/26 CNY 62.80
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 19.99
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 20.00
XINFENG COUNTY URBAN C 7.80 12/05/25 CNY 60.00
XINFENG COUNTY URBAN C 7.80 12/05/25 CNY 62.89
XINFENG COUNTY URBAN C 7.80 04/16/26 CNY 81.48
XINGAN COUNTY URBAN CO 5.48 08/03/23 CNY 19.99
XINGAN COUNTY URBAN CO 5.48 08/03/23 CNY 20.06
XINGYI XINHENG URBAN C 7.90 01/31/25 CNY 40.00
XINGYI XINHENG URBAN C 7.90 01/31/25 CNY 41.61
XINGYI XINHENG URBAN C 8.00 11/21/25 CNY 57.92
XINGYI XINHENG URBAN C 8.00 11/21/25 CNY 63.06
XINJIANG UYGUR AR HAMI 6.55 10/27/24 CNY 40.00
XINJIANG UYGUR AR HAMI 6.55 10/27/24 CNY 40.71
XINPING URBAN DEVELOPM 7.70 01/24/26 CNY 58.99
XINPING URBAN DEVELOPM 7.70 01/24/26 CNY 61.60
XINYI CITY INVESTMENT 6.99 12/21/25 CNY 59.94
XINYI ECONOMIC DEVELOP 6.66 09/27/24 CNY 34.50
XINYI ECONOMIC DEVELOP 6.66 09/27/24 CNY 40.02
XINYI URBAN TRANSPORTA 5.35 04/24/24 CNY 40.29
XINYI URBAN TRANSPORTA 5.35 04/24/24 CNY 43.70
XIPING COUNTY INDUSTRI 7.50 12/26/24 CNY 40.00
XIPING COUNTY INDUSTRI 7.50 12/26/24 CNY 40.71
XISHUI COUNTY FENGZHU 6.52 07/28/24 CNY 40.52
XISHUI COUNTY FENGZHU 6.52 07/28/24 CNY 42.50
XIUSHAN HUAXING ENTERP 7.50 09/25/25 CNY 62.36
XIUSHAN HUAXING ENTERP 7.50 09/25/25 CNY 62.36
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XIXIAN NEW DISTRICT HO 6.99 12/31/25 CNY 58.94
XUCHANG GENERAL INVEST 5.74 08/17/24 CNY 40.39
XUZHOU CITY JIAWANG CI 7.88 01/28/26 CNY 60.28
XUZHOU CITY JIAWANG CI 7.88 01/28/26 CNY 60.58
YAN'AN NEW CITY CONSTR 5.60 04/21/24 CNY 40.28
YAN'AN NEW CITY CONSTR 5.60 04/21/24 CNY 40.35
YANCHENG GUANDONG ECON 6.42 05/16/24 CNY 40.64
YANCHENG SOUTH DISTRIC 6.00 03/19/25 CNY 41.34
YANCHENG SOUTH DISTRIC 6.00 03/19/25 CNY 41.60
YANGLING URBAN RURAL I 7.80 02/20/26 CNY 60.00
YANGLING URBAN RURAL I 7.80 02/20/26 CNY 61.73
YANGO GROUP CO LTD 7.30 07/12/25 CNY 11.17
YANGO GROUP CO LTD 6.67 10/14/25 CNY 17.11
YANGO GROUP CO LTD 7.00 08/24/24 CNY 17.30
YANGO GROUP CO LTD 6.95 04/24/24 CNY 17.68
YANGO GROUP CO LTD 6.90 01/22/26 CNY 30.00
YANGO GROUP CO LTD 7.30 04/24/25 CNY 40.00
YANGO JUSTICE INTERNAT 5.30 01/11/22 USD 2.05
YANGO JUSTICE INTERNAT 7.50 04/15/24 USD 2.12
YANGO JUSTICE INTERNAT 7.50 02/17/25 USD 2.12
YANGO JUSTICE INTERNAT 9.25 04/15/23 USD 2.15
YANGO JUSTICE INTERNAT 8.25 11/25/23 USD 2.18
YANGO JUSTICE INTERNAT 10.25 03/18/22 USD 2.20
YANGO JUSTICE INTERNAT 10.25 09/15/22 USD 2.23
YANGO JUSTICE INTERNAT 10.00 02/12/23 USD 2.28
YANGO JUSTICE INTERNAT 7.88 09/04/24 USD 2.29
YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 40.39
YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 40.57
YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 40.45
YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 40.60
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 20.02
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 20.03
YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 40.00
YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 40.81
YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 20.01
YIBIN CUIPING DISTRICT 5.17 03/28/26 CNY 61.93
YIBIN NANXI CAIYUAN ST 8.10 07/24/25 CNY 60.00
YIBIN NANXI CAIYUAN ST 8.10 11/28/25 CNY 60.00
YIBIN NANXI CAIYUAN ST 8.10 07/24/25 CNY 61.59
YIBIN NANXI CAIYUAN ST 8.10 11/28/25 CNY 62.01
YICHANG CHUANGYUAN HOL 7.80 11/06/25 CNY 61.46
YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 19.97
YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 20.04
YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 40.35
YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 40.49
YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 40.28
YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 40.38
YICHUN YUANZHOU STATE- 7.20 03/08/26 CNY 60.00
YICHUN YUANZHOU STATE- 7.20 03/08/26 CNY 61.88
YIDU GUOTONG INVESTMEN 7.00 01/17/26 CNY 61.11
YIDU GUOTONG INVESTMEN 7.00 01/17/26 CNY 62.00
YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00
YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90
YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 20.38
YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 40.28
YINGKOU BEIHAI NEW CIT 7.98 01/25/25 CNY 40.00
YINGKOU BEIHAI NEW CIT 7.19 07/12/24 CNY 40.50
YINGKOU BEIHAI NEW CIT 7.19 07/12/24 CNY 40.71
YINGKOU BEIHAI NEW CIT 7.98 01/25/25 CNY 41.61
YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 19.81
YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 20.04
YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 40.43
YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 40.47
YIWU CITY CONSTRUCTION 5.48 08/18/24 CNY 40.00
YIWU CITY CONSTRUCTION 5.48 08/18/24 CNY 40.76
YIYANG COUNTY CITY CON 7.50 06/07/25 CNY 60.00
YIYANG COUNTY CITY CON 7.50 06/07/25 CNY 61.18
YIYANG COUNTY CITY CON 7.90 11/05/25 CNY 61.88
YIYANG COUNTY CITY CON 7.90 11/05/25 CNY 62.01
YIYANG LONGLING CONSTR 7.60 01/23/26 CNY 59.14
YIYANG LONGLING CONSTR 7.60 01/23/26 CNY 60.30
YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 19.66
YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 19.84
YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 20.08
YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 20.13
YIYANG URBAN CONSTRUCT 6.43 04/24/25 CNY 61.28
YIYANG URBAN CONSTRUCT 6.43 04/24/25 CNY 61.67
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 57.49
YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 62.35
YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 40.32
YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 40.32
YIZHENG ECONOMY DEVELO 6.77 08/22/24 CNY 40.66
YIZHENG ZHONGXIN CONST 5.38 12/20/25 CNY 61.45
YIZHENG ZHONGXIN CONST 5.38 12/20/25 CNY 61.62
YONG ZHOU CITY DEVELOP 5.30 07/13/24 CNY 39.80
YONG ZHOU CITY DEVELOP 5.30 07/13/24 CNY 40.48
YONGAN STATE-OWNED ASS 8.50 11/26/25 CNY 60.00
YONGAN STATE-OWNED ASS 8.50 11/26/25 CNY 62.19
YONGCHENG COAL & ELECT 7.50 02/02/21 CNY 39.88
YONGXING YINDU INVESTM 6.50 08/14/24 CNY 38.60
YONGXING YINDU INVESTM 6.93 07/07/24 CNY 40.00
YONGXING YINDU INVESTM 6.50 08/14/24 CNY 40.51
YONGXING YINDU INVESTM 6.93 07/07/24 CNY 40.61
YONGXIU CITY CONSTRUCT 7.50 05/02/25 CNY 60.00
YONGXIU CITY CONSTRUCT 7.80 08/27/25 CNY 61.28
YONGXIU CITY CONSTRUCT 7.80 08/27/25 CNY 61.53
YONGXIU CITY CONSTRUCT 7.50 05/02/25 CNY 61.72
YOUYANG COUNTY TAOHUAY 7.50 09/28/25 CNY 59.00
YOUYANG COUNTY TAOHUAY 7.50 09/28/25 CNY 62.36
YUANAN COUNTY QIFENG C 5.50 05/27/23 CNY 20.02
YUANAN COUNTY QIFENG C 5.50 05/27/23 CNY 20.02
YUANJIANG CITY CONSTRU 7.50 01/18/26 CNY 62.85
YUANJIANG CITY CONSTRU 7.50 01/18/26 CNY 62.85
YUANLING CHENZHOU INVE 6.50 09/20/24 CNY 40.00
YUANLING CHENZHOU INVE 6.50 11/30/24 CNY 40.00
YUANLING CHENZHOU INVE 6.50 11/30/24 CNY 40.50
YUANLING CHENZHOU INVE 6.50 09/20/24 CNY 40.66
YUDU ZHENXING INVESTME 7.50 05/03/25 CNY 60.49
YUDU ZHENXING INVESTME 7.50 05/03/25 CNY 60.97
YUEYANG HUIHUA URBAN I 5.78 04/18/24 CNY 40.23
YUEYANG HUIHUA URBAN I 5.78 04/18/24 CNY 40.25
YUEYANG HUIHUA URBAN I 5.96 07/26/24 CNY 40.45
YUEYANG HUIHUA URBAN I 5.96 07/26/24 CNY 40.46
YUEYANG URBAN CONSTRUC 4.80 01/27/26 CNY 45.84
YUEYANG URBAN CONSTRUC 4.80 01/27/26 CNY 46.01
YUEYANG YUNXI CITY CON 5.18 11/21/23 CNY 19.92
YUEYANG YUNXI CITY CON 6.00 07/08/23 CNY 20.00
YUHUAN CITY CONSTRUCTI 3.72 10/21/23 CNY 19.96
YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 20.00
YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 20.01
YUHUAN CITY CONSTRUCTI 3.72 10/21/23 CNY 20.03
YUHUAN COUNTY STATE-OW 6.45 11/23/25 CNY 62.28
YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 19.61
YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 19.99
YUNCHENG URBAN CONSTRU 6.30 08/29/24 CNY 39.04
YUNCHENG URBAN CONSTRU 6.30 08/29/24 CNY 40.11
YUNYANG RENHE INVESTME 7.49 05/04/25 CNY 60.91
YUNYANG RENHE INVESTME 7.49 05/04/25 CNY 62.37
YUTAI XINDA ECONOMIC D 7.50 04/10/26 CNY 58.80
YUTAI XINDA ECONOMIC D 7.50 04/10/26 CNY 64.06
ZHANGJIAGANG ECONOMY D 5.27 12/13/25 CNY 61.98
ZHANGJIAJIE ECONOMIC D 6.47 07/24/27 CNY 62.50
ZHANGJIAJIE ECONOMIC D 6.47 07/24/27 CNY 68.59
ZHANGJIAJIE LOULI TOWN 7.50 03/26/26 CNY 63.14
ZHANGJIAJIE LOULI TOWN 7.50 03/26/26 CNY 63.14
ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 19.98
ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 19.99
ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 20.05
ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 23.70
ZHANGZHOU LONGHAI STAT 7.35 01/28/26 CNY 62.44
ZHANGZHOU LONGHAI STAT 7.35 01/28/26 CNY 62.51
ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 20.31
ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 20.31
ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 19.96
ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 20.03
ZHEJIANG CHANGXING HUA 7.50 12/26/25 CNY 60.00
ZHEJIANG CHANGXING HUA 7.50 12/26/25 CNY 61.44
ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 40.69
ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 40.69
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 24.99
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 25.00
ZHEJIANG HUZHOU NANXUN 7.40 03/12/26 CNY 60.00
ZHEJIANG HUZHOU NANXUN 7.80 08/21/25 CNY 61.40
ZHEJIANG TIANTAI STATE 6.50 11/22/24 CNY 40.00
ZHEJIANG TIANTAI STATE 6.50 11/22/24 CNY 41.17
ZHEJIANG WUYI CITY CON 8.00 08/10/25 CNY 60.00
ZHEJIANG WUYI CITY CON 8.00 12/21/25 CNY 60.00
ZHEJIANG WUYI CITY CON 8.00 08/10/25 CNY 61.71
ZHEJIANG WUYI CITY CON 8.00 12/21/25 CNY 61.99
ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 40.00
ZHENGZHOU GENERAL AVIA 5.80 10/18/24 CNY 40.00
ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 40.73
ZHENGZHOU GENERAL AVIA 5.80 10/18/24 CNY 40.90
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 20.00
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 20.00
ZHENJIANG DANTU DISTRI 5.98 11/06/24 CNY 41.06
ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 20.06
ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 20.06
ZHENRO REAL ESTATE HOL 5.45 09/14/24 CNY 25.40
ZHIJIANG WANYUN COMMUN 7.00 08/29/24 CNY 45.93
ZHONGSHAN TORCH DEVELO 5.79 03/23/24 CNY 20.49
ZHONGXIANG CITY CONSTR 6.50 09/01/24 CNY 40.69
ZHONGXIANG CITY CONSTR 6.50 09/01/24 CNY 40.89
ZHOUSHAN CITY INVESTME 6.33 04/04/25 CNY 41.00
ZHOUSHAN CITY INVESTME 6.33 04/04/25 CNY 41.80
ZHOUSHAN CITY INVESTME 5.94 10/22/25 CNY 62.00
ZHOUSHAN CITY INVESTME 5.94 10/22/25 CNY 62.29
ZHOUSHAN ISLANDS NEW D 7.00 09/25/26 CNY 70.00
ZHOUSHAN ISLANDS NEW D 7.50 01/30/27 CNY 70.00
ZHOUSHAN ISLANDS NEW D 7.00 09/25/26 CNY 73.38
ZHOUSHAN PUTUO DISTRIC 6.60 01/25/27 CNY 70.00
ZHOUSHAN PUTUO DISTRIC 6.30 03/21/27 CNY 70.00
ZHOUSHAN PUTUO DISTRIC 6.60 01/25/27 CNY 74.00
ZHOUSHAN PUTUO DISTRIC 6.30 03/21/27 CNY 74.13
ZHUCHENG ECONOMIC DEVE 5.37 07/12/24 CNY 40.00
ZHUCHENG ECONOMIC DEVE 5.37 07/12/24 CNY 40.17
ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 20.01
ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 20.02
ZHUJI CITY EAST NEW TO 3.89 08/26/23 CNY 19.99
ZHUJI CITY EAST NEW TO 3.89 08/26/23 CNY 20.03
ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 40.49
ZHUJI STATE-OWNED ASSE 5.23 07/18/24 CNY 40.51
ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 42.50
ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 19.92
ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 19.93
ZHUZHOU HI-TECH AUTO E 4.47 11/03/23 CNY 24.68
ZHUZHOU LUSONG STATE O 7.00 01/30/25 CNY 41.55
ZHUZHOU LVXIANG INVEST 7.09 08/16/24 CNY 38.78
ZHUZHOU LVXIANG INVEST 7.09 08/16/24 CNY 40.42
ZHUZHOU RAILWAY INDUST 7.50 09/25/24 CNY 40.77
ZHUZHOU XIANGJIAN INVE 6.40 08/09/24 CNY 40.00
ZHUZHOU XIANGJIAN INVE 6.40 08/09/24 CNY 40.37
ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 20.09
ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 20.17
ZIBO HIGH TECH CITY IN 5.28 08/10/24 CNY 40.59
ZIBO HIGH TECH CITY IN 5.28 08/10/24 CNY 44.80
ZIBO HIGH TECH CITY IN 5.03 04/03/26 CNY 62.00
ZIGUI COUNTY CHUYUAN H 7.08 08/14/27 CNY 70.00
ZIGUI COUNTY CHUYUAN H 7.80 02/12/28 CNY 70.00
ZIGUI COUNTY CHUYUAN H 7.80 02/12/28 CNY 73.19
ZIGUI COUNTY CHUYUAN H 7.08 08/14/27 CNY 73.78
ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 20.26
ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 20.37
ZIXING CHENGCHENG INVE 6.18 08/09/24 CNY 40.00
ZIXING CHENGCHENG INVE 6.18 08/09/24 CNY 40.51
ZIXING CITY DEVELOPMEN 6.30 09/26/24 CNY 40.00
ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 40.28
ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 40.28
ZIXING CITY DEVELOPMEN 6.30 09/26/24 CNY 40.43
ZIYANG KAILI INVESTMEN 8.00 02/14/26 CNY 54.58
ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 40.00
ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 40.49
ZOUCHENG CITY LONGCHEN 7.50 01/16/29 CNY 71.01
ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 40.54
ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 40.54
ZUNYI BOZHOU URBAN CON 7.85 10/24/24 CNY 40.72
ZUNYI CITY XIANGJIANG 6.99 09/25/24 CNY 40.84
ZUNYI ECONOMIC DEVELOP 7.48 08/17/24 CNY 37.80
ZUNYI ECONOMIC DEVELOP 7.48 08/17/24 CNY 40.91
ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 19.74
ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 20.02
ZUNYI HONGHUAGANG DIST 6.98 07/25/24 CNY 40.69
ZUNYI HONGHUAGANG DIST 6.98 07/25/24 CNY 40.69
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 28.72
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 30.40
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 24.97
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 24.99
ZUNYI TRAFFIC TRAVEL I 7.70 09/27/27 CNY 53.00
ZUNYI TRAFFIC TRAVEL I 7.70 09/27/27 CNY 63.31
ZUNYI TRAFFIC TRAVEL I 7.90 06/06/29 CNY 71.93
ZUNYI URBAN CONSTRUCTI 7.50 05/20/24 CNY 70.44
HONG KONG
---------
AIRPORT AUTHORITY 2.63 02/04/51 USD 69.15
AIRPORT AUTHORITY 2.63 02/04/51 USD 69.57
CNAC HK FINBRIDGE CO L 3.70 09/22/50 USD 64.29
DR PENG HOLDING HONGKO 2.50 12/01/25 USD 41.10
HAINAN AIRLINES HONG K 12.00 10/29/21 USD 2.75
HKCG FINANCE LTD 2.57 06/29/50 HKD 67.96
HKCG FINANCE LTD 2.57 05/26/50 HKD 68.01
HKCG FINANCE LTD 2.94 10/18/49 HKD 73.98
HKCG FINANCE LTD 2.94 10/28/49 HKD 74.15
HNA GROUP INTERNATIONA 6.25 10/05/21 USD 5.00
HONG KONG GOVERNMENT I 1.00 11/24/41 EUR 62.20
HONG KONG GOVERNMENT I 2.38 02/02/51 USD 67.41
HONG KONG GOVERNMENT I 2.38 02/02/51 USD 67.61
HONG KONG MORTGAGE COR 2.65 07/26/49 HKD 72.25
HONGKONG IDEAL INVESTM 14.75 10/08/22 USD 5.14
MTR CORP LTD 2.88 07/27/46 USD 68.91
MTR CORP LTD 2.55 06/24/55 HKD 71.76
XIAOMI BEST TIME INTER 4.10 07/14/51 USD 60.78
XIAOMI BEST TIME INTER 4.10 07/14/51 USD 60.83
ZENSUN ENTERPRISES LTD 12.50 04/23/24 USD 36.35
ZENSUN ENTERPRISES LTD 12.50 09/13/23 USD 36.38
INDONESIA
---------
BERAU COAL ENERGY TBK 2.00 10/15/28 USD 25.00
BERAU COAL ENERGY TBK 2.00 10/15/28 USD 25.00
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.75
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.75
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.75
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.75
DELTA MERLIN DUNIA TEK 2.50 06/26/28 USD 27.61
INDOFOOD CBP SUKSES MA 4.81 04/27/52 USD 75.38
INDOFOOD CBP SUKSES MA 4.75 06/09/51 USD 75.46
INDONESIA GOVERNMENT I 3.35 03/12/71 USD 69.30
INDONESIA GOVERNMENT I 3.20 09/23/61 USD 69.64
INDONESIA GOVERNMENT I 1.30 03/23/34 EUR 73.41
INDONESIA GOVERNMENT I 1.10 03/12/33 EUR 74.06
INDONESIA GOVERNMENT I 3.05 03/12/51 USD 74.78
KAWASAN INDUSTRI JABAB 7.00 12/15/27 USD 68.85
KAWASAN INDUSTRI JABAB 7.00 12/15/27 USD 69.00
PERUSAHAAN PERSEROAN P 4.00 06/30/50 USD 73.96
PERUSAHAAN PERSEROAN P 4.00 06/30/50 USD 74.02
PERUSAHAAN PERSEROAN P 1.88 11/05/31 EUR 74.69
SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 3.29
SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 3.45
INDIA
-----
ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 15.75
ACME RANGA REDDY SOLAR 0.01 01/26/46 INR 16.56
ADANI ELECTRICITY MUMB 3.87 07/22/31 USD 69.95
ADANI ELECTRICITY MUMB 3.87 07/22/31 USD 70.22
ADANI ELECTRICITY MUMB 3.95 02/12/30 USD 71.84
ADANI ELECTRICITY MUMB 3.95 02/12/30 USD 72.38
ADANI INTERNATIONAL CO 3.00 02/16/31 USD 74.30
ADANI INTERNATIONAL CO 3.00 02/16/31 USD 74.69
ADANI PORTS & SPECIAL 5.00 08/02/41 USD 62.45
ADANI PORTS & SPECIAL 5.00 08/02/41 USD 63.06
ADANI PORTS & SPECIAL 3.10 02/02/31 USD 65.09
ADANI PORTS & SPECIAL 3.10 02/02/31 USD 65.18
ADANI PORTS & SPECIAL 3.83 02/02/32 USD 65.28
ADANI PORTS & SPECIAL 3.83 02/02/32 USD 65.32
ADANI RENEWABLE ENERGY 4.63 10/15/39 USD 70.76
ADANI RENEWABLE ENERGY 4.63 10/15/39 USD 71.08
ADANI TRANSMISSION STE 4.25 05/21/36 USD 70.66
ADANI TRANSMISSION STE 4.25 05/21/36 USD 70.75
ALANKRIT ESTATES LTD 0.01 10/20/32 INR 45.95
AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 31.14
AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 31.19
AMTEK AUTO LTD 0.10 12/07/28 INR 59.25
ANSR GLOBAL CORP PVT L 4.00 02/12/30 INR 71.62
APG HABITAT PVT LTD 1.00 09/09/28 INR 66.53
APG INTELLI HOMES PVT 1.25 02/04/35 INR 47.16
APG INTELLI HOMES PVT 1.25 02/04/35 INR 47.53
ARCHEAN CHEMICAL INDUS 0.01 11/22/28 INR 61.28
ARVIND SMARTHOMES PVT 3.00 02/22/33 INR 69.43
ASSETS CARE & RECONSTR 2.05 04/30/31 INR 64.58
ASSETS CARE & RECONSTR 1.00 03/30/29 INR 66.50
ASSETS CARE & RECONSTR 2.00 03/31/30 INR 67.71
ASSETS CARE & RECONSTR 2.00 03/30/29 INR 71.18
ASSETS CARE & RECONSTR 2.00 03/30/29 INR 71.18
AUTHBRIDGE RESEARCH SE 0.10 12/03/31 INR 44.82
AUTHBRIDGE RESEARCH SE 0.10 10/14/31 INR 45.31
AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.90
AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 61.42
BHAGERIA & JAJODIA PHA 0.01 12/01/32 INR 45.72
BIG SHOT INFRA FACILIT 0.01 02/23/28 INR 65.21
BIG SHOT INFRA FACILIT 0.01 07/18/27 INR 68.53
BIG SHOT INFRA FACILIT 0.01 06/30/27 INR 68.82
BIG SHOT INFRA FACILIT 0.01 05/20/27 INR 69.46
BIG SHOT INFRA FACILIT 0.01 04/20/27 INR 69.94
BODY CUPID PVT LTD 0.01 03/31/31 INR 52.43
BREEZE CONSTRUCTIONS P 0.01 06/29/30 INR 52.86
BRITANNIA INDUSTRIES L 5.50 06/03/24 INR 28.31
BROIL SOLAR ENERGY PVT 0.01 09/05/31 INR 49.32
CASTEX TECHNOLOGIES LT 1.00 11/02/29 INR 62.84
CHANDRAJYOTI ESTATE DE 0.01 07/06/30 INR 54.08
CONVERGIA DIGITAL EDUC 0.10 09/29/31 INR 56.77
CROPIN TECHNOLOGY SOLU 0.01 01/12/31 INR 59.81
CROPIN TECHNOLOGY SOLU 0.01 12/20/30 INR 60.00
CROPIN TECHNOLOGY SOLU 0.01 09/25/27 INR 71.60
CROPIN TECHNOLOGY SOLU 0.01 02/27/27 INR 74.19
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 46.08
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 75.02
DLF ASPINWAL HOTELS PV 0.01 10/15/30 INR 49.73
DLF HOME DEVELOPERS LT 0.01 06/29/30 INR 52.30
DLF HOMES PANCHKULA PV 0.01 06/29/30 INR 52.86
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 52.86
DLF LANDS INDIA PVT LT 0.01 09/29/31 INR 48.57
DLF MIDTOWN PVT LTD 0.01 12/11/27 INR 67.59
DLF PROPERTY DEVELOPER 0.01 08/12/30 INR 53.74
DLF PROPERTY DEVELOPER 0.01 06/29/30 INR 54.25
DLF REAL ESTATE BUILDE 0.01 06/23/30 INR 53.97
DLF RECREATIONAL FOUND 0.01 10/15/30 INR 49.73
DLF RESIDENTIAL BUILDE 0.01 06/23/30 INR 52.86
DLF RESIDENTIAL DEVELO 0.01 06/28/30 INR 55.57
DLF RESIDENTIAL DEVELO 0.01 06/28/30 INR 55.57
DLF RESIDENTIAL PARTNE 0.01 11/16/32 INR 45.85
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 57.97
DLF URBAN PVT LTD 0.01 12/11/27 INR 68.49
DOMUS REAL ESTATE PVT 0.01 07/11/30 INR 54.12
ECAP EQUITIES LTD 0.01 03/30/32 INR 49.87
ECAP EQUITIES LTD 0.01 12/28/31 INR 50.85
ECAP EQUITIES LTD 0.01 03/26/31 INR 53.88
EDELWEISS ASSET RECONS 2.00 07/22/29 INR 68.95
EDELWEISS ASSET RECONS 2.00 03/28/29 INR 70.12
EDELWEISS ASSET RECONS 2.00 01/15/29 INR 70.86
EDELWEISS ASSET RECONS 2.00 10/07/28 INR 71.91
EDELWEISS INVESTMENT A 0.01 05/31/29 INR 59.62
EDELWEISS RURAL & CORP 0.01 03/25/31 INR 53.01
ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 52.61
ENGENDER DEVELOPERS PV 0.01 03/30/41 INR 21.85
ENGENDER DEVELOPERS PV 0.01 02/29/32 INR 46.15
ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 45.40
ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 45.40
EVAAN HOLDINGS PVT LTD 1.00 02/14/33 INR 51.08
EVIE REAL ESTATE PVT L 0.01 01/26/28 INR 69.67
EVIE REAL ESTATE PVT L 1.00 03/27/27 INR 74.20
FUTURE RETAIL LTD 5.60 01/22/25 USD 0.58
FUTURE RETAIL LTD 5.60 01/22/25 USD 0.82
GALFAR ENGINEERING & C 0.01 12/12/34 INR 35.32
GALLERIA PROPERTY MANA 0.01 12/30/31 INR 48.58
GAMMA GAANA LTD 0.01 07/31/31 INR 49.31
GOLD PLUS GLASS INDUST 0.10 03/03/29 INR 60.78
GOLD PLUS GLASS INDUST 0.10 03/03/29 INR 60.78
GREEN URJA PVT LTD 0.01 02/14/30 INR 55.96
HCL INFOTECH LTD 0.10 03/31/36 INR 35.58
HITODI INFRASTRUCTURE 0.01 06/30/27 INR 66.73
IBROX AVIATION AND TRA 0.01 12/15/27 INR 63.54
INDIABULLS HOUSING FIN 4.50 09/28/26 USD 71.79
INDIADOTCOM DIGITAL PV 0.01 03/01/32 INR 67.00
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 6.25
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 33.02
JTPM ATSALI LTD 0.01 08/29/48 INR 13.28
JTPM ATSALI LTD 0.01 12/28/28 INR 62.47
KANAKADURGA FINANCE LT 0.01 04/15/36 INR 31.66
KARMALA ROAD PROJECT P 0.01 12/09/32 INR 45.00
KIRTIMAAN BUILDERS LTD 0.01 10/20/32 INR 45.95
KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 60.30
L&T FINANCE LTD 6.25 12/03/24 INR 67.98
LITMUS WORLD MARKETING 0.01 03/31/28 INR 69.50
LOCON SOLUTIONS PVT LT 0.01 07/22/30 INR 49.53
LOK SUVIDHA FINANCE LT 0.01 11/30/31 INR 44.91
MAHATVA PLASTIC PRODUC 0.01 01/24/28 INR 66.79
MAHATVA PLASTIC PRODUC 0.01 11/21/27 INR 67.74
MAHATVA PLASTIC PRODUC 0.01 05/19/27 INR 70.58
MAHATVA PLASTIC PRODUC 0.01 05/03/27 INR 70.83
MAHATVA PLASTIC PRODUC 0.01 03/29/27 INR 71.38
MAKAAN.COM PVT LTD 0.01 07/22/30 INR 49.89
MANJRI DEVELOPERS PVT 0.01 08/05/39 INR 25.41
MARGO NETWORKS PVT LTD 0.01 03/24/32 INR 56.51
MARIS POWER SUPPLY CO 2.00 04/18/28 INR 74.01
MAXIMUS ARC LTD 0.01 10/07/26 INR 71.36
MAXIMUS ARC LTD 0.01 04/08/26 INR 74.68
MELOSA BUILDERS & DEVE 0.01 06/29/30 INR 52.86
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 52.86
METALITE FUEL INDUSTRI 0.01 06/18/36 INR 34.55
METALITE FUEL INDUSTRI 0.01 03/31/35 INR 38.03
MUDIT CEMENT PVT LTD 0.01 03/28/27 INR 69.29
MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 36.72
MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 33.76
MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 33.76
NANI VIRANI WIND ENERG 2.00 06/30/39 INR 44.92
NEEMUCH SOLAR POWER PV 0.01 08/29/46 INR 16.02
NEEMUCH SOLAR POWER PV 0.01 01/26/46 INR 16.83
NHAVA SHEVA INTERNATIO 0.01 04/14/27 INR 70.32
NSL KRISHNAVENI SUGARS 0.01 12/23/31 INR 45.84
ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 32.96
PALIWAL REAL ESTATE LT 0.01 09/09/31 INR 47.95
PIRAMAL CAPITAL & HOUS 8.50 04/18/23 INR 34.25
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PRIDHVI ASSET RECONSTR 0.01 06/07/26 INR 74.83
PRUDENT ARC LTD 0.01 03/30/32 INR 46.84
PRUDENT ARC LTD 0.01 10/04/31 INR 48.63
PRUDENT ARC LTD 0.01 09/02/31 INR 49.21
PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 48.11
PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 51.67
PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 55.50
PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 59.58
PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 63.94
PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 68.59
PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 73.56
PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 16.02
PURVANCHAL SOLAR POWER 0.01 01/26/46 INR 16.83
PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 33.32
RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 35.75
RANKGURU TECHNOLOGY SO 0.01 03/31/27 INR 66.46
RANKGURU TECHNOLOGY SO 0.01 02/11/27 INR 67.26
REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 72.07
REI AGRO LTD 5.50 11/13/14 USD 0.50
REI AGRO LTD 5.50 11/13/14 USD 0.50
RELIANCE COMMUNICATION 6.50 11/06/20 USD 2.18
RELIANCE INDUSTRIES LT 3.75 01/12/62 USD 69.80
RELIANCE INDUSTRIES LT 3.75 01/12/62 USD 69.80
RELIANCE INDUSTRIES LT 3.63 01/12/52 USD 70.49
RELIANCE INDUSTRIES LT 3.63 01/12/52 USD 70.55
RENEW FAZILKA SOLAR PO 0.01 01/26/46 INR 16.57
RENEW MEDAK POWER PVT 0.01 08/29/46 INR 16.02
RENEW MEDAK POWER PVT 0.01 01/26/46 INR 16.83
REWANCHAL SOLAR POWER 0.01 08/29/46 INR 16.02
REWANCHAL SOLAR POWER 0.01 01/26/46 INR 16.83
RIVERIA COMMERCIAL DEV 0.01 07/08/31 INR 48.07
RMZ ONE PARAMOUNT PVT 0.10 03/24/29 INR 58.92
RRB ENERGY LTD 3.50 11/08/32 INR 66.54
SAHIB FINLEASE LTD 1.00 10/29/29 INR 62.00
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 53.93
SANJWIN CONSULTING SOL 0.01 06/01/28 INR 62.63
SBSR POWER CLEANTECH E 0.01 06/15/42 INR 20.82
SHERISHA ROOFTOP SOLAR 0.01 08/12/31 INR 47.83
SHIVAJI MARG MAINTENAN 0.01 06/28/30 INR 53.65
SHREE UTTAM STEEL & PO 0.10 07/12/32 INR 46.46
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 1.00
SKIPPER PLASTICS LTD 1.00 08/16/32 INR 51.53
STPL HORTICULTURE PVT 0.01 03/31/31 INR 59.19
SUNWORLD SOLAR POWER P 0.01 08/31/46 INR 16.01
SUNWORLD SOLAR POWER P 0.01 01/26/46 INR 16.83
SURBHI INVESTMENTS & T 2.50 10/21/28 INR 73.56
SUTARA ROADS & INFRA L 0.01 08/31/30 INR 59.15
SUZLON ENERGY LTD 5.75 07/16/19 USD 20.76
SUZLON ENERGY LTD 5.75 07/16/19 USD 20.76
SUZLON ENERGY LTD 0.01 06/26/30 INR 49.22
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 08/19/26 INR 73.86
TATA SMARTFOODZ LTD 0.01 06/28/26 INR 74.76
TN URJA PVT LTD 0.10 02/22/36 INR 36.66
UJAGAR ESTATES LTD 0.01 10/20/32 INR 45.95
UPAKARMA AYURVEDA PVT 0.10 10/27/32 INR 55.73
VENTO ENERGY INFRA PVT 0.01 09/20/39 INR 26.03
VIKRANT FORGE PVT LTD 2.00 03/25/33 INR 57.43
WATSUN INFRABUILD PVT 4.00 10/16/37 INR 65.04
YBRANT ENGINEERING & C 0.01 05/07/31 INR 51.58
YOGINDERA POWERS LTD 0.01 01/24/42 INR 38.95
JAPAN
-----
AVANSTRATE INC 0.25 10/29/32 JPY 9.75
DEVELOPMENT BANK OF JA 1.65 05/07/49 EUR 68.00
DEVELOPMENT BANK OF JA 0.56 11/14/34 EUR 69.99
DEVELOPMENT BANK OF JA 0.89 07/16/70 JPY 72.50
DEVELOPMENT BANK OF JA 0.48 12/16/59 JPY 73.22
EAST JAPAN RAILWAY CO 0.81 07/23/69 JPY 63.92
EAST JAPAN RAILWAY CO 1.10 09/15/39 EUR 66.18
EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 68.27
EAST JAPAN RAILWAY CO 0.99 04/22/70 JPY 69.07
EAST JAPAN RAILWAY CO 0.77 09/15/34 EUR 71.99
EAST JAPAN RAILWAY CO 0.77 12/23/59 JPY 72.55
EAST JAPAN RAILWAY CO 1.14 04/15/71 JPY 73.20
EAST JAPAN RAILWAY CO 1.15 12/18/70 JPY 73.65
EAST JAPAN RAILWAY CO 0.83 04/22/60 JPY 73.96
EAST JAPAN RAILWAY CO 1.18 12/17/71 JPY 74.07
EAST JAPAN RAILWAY CO 1.21 07/15/71 JPY 75.15
HIS CO LTD 0.58 02/19/27 JPY 63.74
JAPAN EXPRESSWAY HOLDI 0.35 08/29/59 JPY 69.81
JAPAN EXPRESSWAY HOLDI 0.83 03/19/59 JPY 69.96
JAPAN EXPRESSWAY HOLDI 0.30 06/30/56 JPY 70.76
JAPAN EXPRESSWAY HOLDI 0.84 03/19/58 JPY 71.77
JAPAN EXPRESSWAY HOLDI 0.43 02/27/60 JPY 71.84
JAPAN EXPRESSWAY HOLDI 0.44 03/19/54 JPY 72.26
JAPAN EXPRESSWAY HOLDI 0.44 10/31/59 JPY 72.32
JAPAN EXPRESSWAY HOLDI 0.88 03/19/59 JPY 72.57
JAPAN EXPRESSWAY HOLDI 0.63 03/19/59 JPY 72.90
JAPAN EXPRESSWAY HOLDI 0.46 06/30/59 JPY 73.12
JAPAN EXPRESSWAY HOLDI 0.75 03/19/54 JPY 73.46
JAPAN EXPRESSWAY HOLDI 0.71 03/19/54 JPY 73.50
JAPAN EXPRESSWAY HOLDI 0.29 06/18/49 JPY 73.54
JAPAN EXPRESSWAY HOLDI 0.94 03/19/60 JPY 73.60
JAPAN EXPRESSWAY HOLDI 0.97 03/19/60 JPY 74.34
JAPAN EXPRESSWAY HOLDI 0.54 06/30/60 JPY 74.66
JAPAN EXPRESSWAY HOLDI 0.84 03/19/55 JPY 74.68
JAPAN EXPRESSWAY HOLDI 0.94 03/17/56 JPY 75.36
JAPAN EXPRESSWAY HOLDI 0.48 08/31/56 JPY 75.49
JAPAN EXPRESSWAY HOLDI 0.57 08/31/60 JPY 75.49
JAPAN FINANCE ORGANIZA 1.88 10/15/35 AUD 64.73
JAPAN FINANCE ORGANIZA 2.00 11/27/35 AUD 65.61
JAPAN FINANCE ORGANIZA 0.49 07/28/56 JPY 72.01
JAPAN FINANCE ORGANIZA 0.63 04/28/60 JPY 73.20
JAPAN FINANCE ORGANIZA 0.63 04/30/60 JPY 73.28
JAPAN FINANCE ORGANIZA 0.63 04/23/60 JPY 73.33
JAPAN FINANCE ORGANIZA 0.63 04/28/60 JPY 73.34
JAPAN FINANCE ORGANIZA 1.49 12/09/30 AUD 73.49
JAPAN FINANCE ORGANIZA 1.49 11/27/30 AUD 73.68
JAPAN FINANCE ORGANIZA 0.65 01/28/60 JPY 74.17
JAPAN GOVERNMENT FORTY 0.40 03/20/56 JPY 74.53
MITSUBISHI ESTATE CO L 1.13 04/18/69 JPY 73.08
MITSUBISHI ESTATE CO L 0.79 06/27/56 JPY 74.17
MITSUI FUDOSAN CO LTD 1.03 03/17/70 JPY 70.33
MIZUHO BANK LTD 3.92 06/13/46 USD 73.83
MIZUHO FINANCIAL GROUP 0.84 04/12/33 EUR 72.59
MIZUHO SECURITIES CO L 2.02 12/10/35 USD 66.51
MIZUHO SECURITIES CO L 2.05 12/21/35 USD 66.71
MIZUHO SECURITIES CO L 2.16 02/01/36 USD 67.44
NIPPON PROLOGIS REIT I 1.00 04/15/50 JPY 71.98
OSAKA GAS CO LTD 0.70 09/05/69 JPY 60.73
OSAKA GAS CO LTD 0.55 09/05/58 JPY 67.33
OSAKA GAS CO LTD 0.40 09/03/49 JPY 72.98
OSAKA GAS CO LTD 0.82 06/06/59 JPY 73.94
RAKUTEN GROUP INC 0.90 06/23/34 JPY 64.61
RAKUTEN GROUP INC 1.50 12/02/36 JPY 65.18
RAKUTEN GROUP INC 1.30 12/02/33 JPY 70.19
RAKUTEN GROUP INC 1.05 12/02/31 JPY 72.47
SOFTBANK GROUP CORP 3.88 07/06/32 EUR 73.52
SUMITOMO MITSUI FINANC 2.30 01/12/41 USD 65.60
SUMITOMO MITSUI FINANC 2.93 09/17/41 USD 70.43
SUMITOMO MITSUI FINANC 3.05 01/14/42 USD 72.84
TAKEDA PHARMACEUTICAL 3.38 07/09/60 USD 69.33
TAKEDA PHARMACEUTICAL 3.18 07/09/50 USD 70.71
TAKEDA PHARMACEUTICAL 2.00 07/09/40 EUR 72.14
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
TOHO GAS CO LTD 0.86 04/18/59 JPY 73.27
TOKYO GAS CO LTD 0.53 09/12/59 JPY 66.04
TOKYO GAS CO LTD 0.99 05/28/70 JPY 69.06
TOKYO GAS CO LTD 1.09 09/10/70 JPY 71.90
TOKYO GAS CO LTD 0.69 12/25/57 JPY 72.02
TOKYO GAS CO LTD 0.83 05/28/60 JPY 73.81
TOKYO METRO CO LTD 0.94 01/31/70 JPY 67.89
TOKYO METRO CO LTD 1.07 09/18/70 JPY 71.63
TOKYO METRO CO LTD 1.09 06/12/70 JPY 72.30
TOKYO METRO CO LTD 0.77 06/27/59 JPY 73.11
TOKYO METRO CO LTD 1.13 01/22/71 JPY 73.22
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 20.37
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 20.99
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 23.67
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 26.90
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 30.42
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.03
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 37.09
URBAN RENAISSANCE AGEN 0.43 03/19/59 JPY 67.65
URBAN RENAISSANCE AGEN 0.68 03/19/59 JPY 74.35
URBAN RENAISSANCE AGEN 0.69 03/19/59 JPY 74.63
URBAN RENAISSANCE AGEN 0.32 06/18/49 JPY 74.97
WEST JAPAN RAILWAY CO 1.03 05/21/70 JPY 70.20
WEST JAPAN RAILWAY CO 1.10 08/27/70 JPY 72.28
WEST JAPAN RAILWAY CO 1.13 04/22/71 JPY 72.91
WEST JAPAN RAILWAY CO 0.40 08/27/49 JPY 73.49
WEST JAPAN RAILWAY CO 0.86 05/21/60 JPY 74.63
MALAYSIA
--------
AXIATA SPV5 LABUAN LTD 3.06 08/19/50 USD 72.10
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26
CAPITAL A BHD 8.00 12/29/28 MYR 0.77
EASTERN & ORIENTAL BHD 3.80 03/15/28 MYR 0.36
HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.36
MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 1.50
MEX I CAPITAL BHD 0.10 07/21/42 MYR 31.63
PENGURUSAN AIR SPV BHD 1.00 11/11/36 MYR 63.04
PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 65.22
PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 65.47
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 65.76
PETRONAS CAPITAL LTD 3.40 04/28/61 USD 72.77
PETRONAS CAPITAL LTD 3.40 04/28/61 USD 72.83
SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.27
SD INTERNATIONAL SUKUK 7.00 03/12/25 USD 3.23
SD INTERNATIONAL SUKUK 6.30 05/09/22 USD 5.25
TRIPLC VENTURES SDN BH 5.59 10/10/23 MYR 1.00
YB VENTURES BHD 0.10 09/05/26 MYR 0.04
NEW ZEALAND
-----------
AUCKLAND COUNCIL 2.95 09/28/50 NZD 58.87
NEW ZEALAND GOVERNMENT 1.75 05/15/41 NZD 67.89
NEW ZEALAND LOCAL GOVE 2.00 04/15/37 NZD 68.07
HOUSING NEW ZEALAND LT 1.53 09/10/35 NZD 68.86
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 17.25
GLOBE TELECOM INC 3.00 07/23/35 USD 73.63
PHILIPPINE GOVERNMENT 1.75 04/28/41 EUR 64.26
PHILIPPINE GOVERNMENT 2.65 12/10/45 USD 70.02
PHILIPPINE GOVERNMENT 2.95 05/05/45 USD 73.58
PHILIPPINE GOVERNMENT 1.20 04/28/33 EUR 74.60
PLDT INC 3.45 06/23/50 USD 67.73
SINGAPORE
---------
APL REALTY HOLDINGS PT 5.95 06/02/24 USD 51.66
ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 41.50
ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 41.50
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.70
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.70
BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 6.75
DBS BANK LTD 1.15 01/22/50 EUR 53.04
DBS BANK LTD 1.22 02/18/50 EUR 54.23
DBS BANK LTD 1.41 01/23/50 EUR 56.81
DBS BANK LTD 1.42 06/28/49 EUR 57.76
DBS BANK LTD 1.55 06/07/49 EUR 59.92
DBS BANK LTD 1.83 04/12/49 EUR 63.79
DBS BANK LTD 2.95 10/28/51 AUD 69.93
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 2.24
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 2.73
INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 16.90
JGC VENTURES PTE LTD 3.00 06/30/25 USD 34.28
LMIRT CAPITAL PTE LTD 7.50 02/09/26 USD 59.61
LMIRT CAPITAL PTE LTD 7.25 06/19/24 USD 65.35
MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 0.78
MODERNLAND OVERSEAS PT 3.00 04/30/27 USD 42.00
MODERNLAND OVERSEAS PT 3.00 04/30/27 USD 42.04
NATIONAL ENVIRONMENT A 2.50 09/15/51 SGD 73.86
NOMURA INTERNATIONAL F 3.17 10/30/44 AUD 53.61
NOMURA INTERNATIONAL F 1.38 07/31/44 EUR 57.42
NOMURA INTERNATIONAL F 3.90 06/18/50 USD 58.97
NOMURA INTERNATIONAL F 19.50 08/28/28 TRY 60.33
NOMURA INTERNATIONAL F 2.31 01/06/36 AUD 61.66
NOMURA INTERNATIONAL F 2.31 12/03/35 AUD 61.70
NOMURA INTERNATIONAL F 7.65 10/04/37 AUD 62.38
NOMURA INTERNATIONAL F 3.65 06/18/39 AUD 64.91
NOMURA INTERNATIONAL F 5.65 11/28/36 USD 68.51
NOMURA INTERNATIONAL F 6.02 07/20/37 USD 70.40
NOMURA INTERNATIONAL F 3.74 04/20/40 USD 70.85
NOMURA INTERNATIONAL F 2.60 06/14/44 KRW 71.24
NOMURA INTERNATIONAL F 6.25 04/21/37 USD 72.31
NOMURA INTERNATIONAL F 6.00 02/16/32 USD 74.11
ORO NEGRO DRILLING PTE 7.50 01/24/24 USD 0.30
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
TEMASEK FINANCIAL I LT 1.25 11/20/49 EUR 62.31
TEMASEK FINANCIAL I LT 2.50 10/06/70 USD 62.44
TEMASEK FINANCIAL I LT 2.50 10/06/70 USD 62.48
TEMASEK FINANCIAL I LT 2.25 04/06/51 USD 65.92
TEMASEK FINANCIAL I LT 2.25 04/06/51 USD 68.35
TEMASEK FINANCIAL I LT 2.75 08/02/61 USD 69.60
TEMASEK FINANCIAL I LT 2.75 08/02/61 USD 69.77
TEMASEK FINANCIAL I LT 2.80 08/17/71 SGD 73.78
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 70.99
SOUTH KOREA
-----------
BUSAN PORT AUTHORITY 1.65 08/21/40 KRW 74.42
CITIBANK KOREA INC 2.33 08/01/36 KRW 69.99
CJ CGV CO LTD 0.50 07/21/52 KRW 18.83
CJ CGV CO LTD 1.00 06/08/51 KRW 21.32
EXPORT-IMPORT BANK OF 2.51 12/06/49 AUD 54.82
EXPORT-IMPORT BANK OF 2.70 12/22/36 AUD 70.89
EXPORT-IMPORT BANK OF 2.65 04/07/36 AUD 72.91
EXPORT-IMPORT BANK OF 2.50 06/29/41 USD 73.76
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 30.16
KOREA DEVELOPMENT BANK 2.50 09/28/41 AUD 64.86
KOREA DEVELOPMENT BANK 2.55 09/28/41 AUD 65.37
KOREA DEVELOPMENT BANK 1.85 09/24/49 KRW 66.16
KOREA DEVELOPMENT BANK 2.00 07/31/49 KRW 66.78
KOREA DEVELOPMENT BANK 2.00 08/01/49 KRW 66.84
KOREA DEVELOPMENT BANK 2.00 08/01/49 KRW 66.84
KOREA DEVELOPMENT BANK 2.78 10/18/41 AUD 68.14
KOREA DEVELOPMENT BANK 1.91 09/18/50 KRW 68.61
KOREA DEVELOPMENT BANK 1.86 10/19/50 KRW 69.43
KOREA DEVELOPMENT BANK 2.14 06/21/49 KRW 70.00
KOREA DEVELOPMENT BANK 2.37 09/29/46 KRW 70.37
KOREA DEVELOPMENT BANK 2.30 08/30/51 KRW 72.14
KOREA DEVELOPMENT BANK 2.30 08/30/51 KRW 72.14
KOREA DEVELOPMENT BANK 3.19 11/26/41 AUD 72.27
KOREA DEVELOPMENT BANK 3.24 11/30/41 AUD 72.85
KOREA DEVELOPMENT BANK 2.30 10/11/46 KRW 73.22
KOREA DEVELOPMENT BANK 2.12 06/21/49 KRW 74.16
KOREA EAST-WEST POWER 1.42 10/07/49 KRW 49.48
KOREA EAST-WEST POWER 1.70 07/16/50 KRW 52.92
KOREA EAST-WEST POWER 2.16 03/07/49 KRW 61.27
KOREA EAST-WEST POWER 1.47 10/07/39 KRW 62.61
KOREA EAST-WEST POWER 2.23 11/05/48 KRW 62.72
KOREA EAST-WEST POWER 1.70 07/16/40 KRW 64.00
KOREA EAST-WEST POWER 1.78 11/24/40 KRW 64.70
KOREA EAST-WEST POWER 2.52 11/22/51 KRW 64.89
KOREA EAST-WEST POWER 2.18 03/07/39 KRW 71.66
KOREA EAST-WEST POWER 2.56 11/22/41 KRW 73.11
KOREA EAST-WEST POWER 2.30 11/05/38 KRW 73.72
KOREA EAST-WEST POWER 2.62 11/03/41 KRW 74.13
KOREA ELECTRIC POWER C 1.71 10/24/49 KRW 65.48
KOREA EXPRESSWAY CORP 1.32 08/22/49 KRW 60.67
KOREA EXPRESSWAY CORP 1.47 09/25/49 KRW 62.94
KOREA EXPRESSWAY CORP 1.52 03/12/50 KRW 63.58
KOREA EXPRESSWAY CORP 1.71 10/29/50 KRW 66.52
KOREA EXPRESSWAY CORP 1.71 04/09/50 KRW 66.53
KOREA EXPRESSWAY CORP 1.57 08/26/46 KRW 67.68
KOREA EXPRESSWAY CORP 1.81 11/12/50 KRW 68.24
KOREA EXPRESSWAY CORP 1.86 12/23/50 KRW 68.82
KOREA EXPRESSWAY CORP 1.79 05/30/49 KRW 69.20
KOREA EXPRESSWAY CORP 2.04 08/13/51 KRW 71.54
KOREA EXPRESSWAY CORP 1.96 04/11/49 KRW 71.63
KOREA EXPRESSWAY CORP 2.10 09/09/51 KRW 72.40
KOREA EXPRESSWAY CORP 1.85 10/24/46 KRW 72.59
KOREA EXPRESSWAY CORP 1.98 04/25/49 KRW 72.73
KOREA EXPRESSWAY CORP 1.90 11/10/46 KRW 73.21
KOREA EXPRESSWAY CORP 2.14 07/09/51 KRW 73.64
KOREA EXPRESSWAY CORP 2.18 03/11/51 KRW 74.26
KOREA EXPRESSWAY CORP 2.00 12/07/48 KRW 74.30
KOREA EXPRESSWAY CORP 2.13 03/19/49 KRW 74.56
KOREA EXPRESSWAY CORP 1.58 05/21/40 KRW 74.64
KOREA GAS CORP 1.80 08/22/44 KRW 67.75
KOREA HYDRO & NUCLEAR 1.59 05/25/50 KRW 52.79
KOREA HYDRO & NUCLEAR 1.58 10/16/49 KRW 53.01
KOREA HYDRO & NUCLEAR 1.66 06/15/50 KRW 53.76
KOREA HYDRO & NUCLEAR 1.70 11/27/49 KRW 54.98
KOREA HYDRO & NUCLEAR 1.78 11/23/50 KRW 55.49
KOREA HYDRO & NUCLEAR 1.80 04/02/50 KRW 56.01
KOREA HYDRO & NUCLEAR 1.83 04/28/50 KRW 56.76
KOREA HYDRO & NUCLEAR 1.82 06/05/49 KRW 57.13
KOREA HYDRO & NUCLEAR 2.31 06/29/51 KRW 63.02
KOREA HYDRO & NUCLEAR 1.57 05/25/40 KRW 64.30
KOREA HYDRO & NUCLEAR 2.25 10/26/48 KRW 64.41
KOREA HYDRO & NUCLEAR 1.63 06/15/40 KRW 64.81
KOREA HYDRO & NUCLEAR 2.45 10/14/51 KRW 64.92
KOREA HYDRO & NUCLEAR 1.59 10/16/39 KRW 65.27
KOREA HYDRO & NUCLEAR 1.80 11/23/40 KRW 66.57
KOREA HYDRO & NUCLEAR 1.80 04/02/40 KRW 67.08
KOREA HYDRO & NUCLEAR 1.76 11/27/39 KRW 67.24
KOREA HYDRO & NUCLEAR 2.41 09/18/47 KRW 67.33
KOREA HYDRO & NUCLEAR 1.81 04/28/40 KRW 67.44
KOREA HYDRO & NUCLEAR 2.59 11/03/51 KRW 67.56
KOREA HYDRO & NUCLEAR 2.47 10/17/47 KRW 68.02
KOREA HYDRO & NUCLEAR 1.81 06/05/39 KRW 68.46
KOREA HYDRO & NUCLEAR 2.31 06/29/41 KRW 71.69
KOREA HYDRO & NUCLEAR 2.81 06/05/48 KRW 72.76
KOREA HYDRO & NUCLEAR 2.97 02/17/52 KRW 73.37
KOREA HYDRO & NUCLEAR 2.49 10/14/41 KRW 73.50
KOREA HYDRO & NUCLEAR 3.02 03/11/52 KRW 73.97
KOREA HYDRO & NUCLEAR 2.88 05/11/48 KRW 74.05
KOREA LAND & HOUSING C 1.28 08/23/49 KRW 60.06
KOREA LAND & HOUSING C 1.54 03/09/50 KRW 64.05
KOREA LAND & HOUSING C 1.57 05/27/50 KRW 64.67
KOREA LAND & HOUSING C 1.65 08/27/50 KRW 65.59
KOREA LAND & HOUSING C 1.66 09/18/50 KRW 65.64
KOREA LAND & HOUSING C 1.67 07/07/50 KRW 65.78
KOREA LAND & HOUSING C 2.17 10/30/68 KRW 67.41
KOREA LAND & HOUSING C 1.70 06/13/49 KRW 67.76
KOREA LAND & HOUSING C 1.74 01/22/50 KRW 67.89
KOREA LAND & HOUSING C 1.78 04/08/50 KRW 67.92
KOREA LAND & HOUSING C 1.78 04/29/50 KRW 68.64
KOREA LAND & HOUSING C 1.62 07/27/46 KRW 68.72
KOREA LAND & HOUSING C 1.61 07/19/46 KRW 68.78
KOREA LAND & HOUSING C 1.87 05/24/49 KRW 70.20
KOREA LAND & HOUSING C 1.97 01/29/51 KRW 70.96
KOREA LAND & HOUSING C 1.83 10/19/46 KRW 72.33
KOREA LAND & HOUSING C 2.15 09/15/51 KRW 73.43
KOREA LAND & HOUSING C 2.15 03/05/51 KRW 73.81
KOREA LAND & HOUSING C 1.61 06/10/40 KRW 74.52
KOREA MIDLAND POWER CO 1.53 02/25/50 KRW 50.88
KOREA MIDLAND POWER CO 1.69 06/18/50 KRW 52.99
KOREA MIDLAND POWER CO 1.72 06/18/49 KRW 54.27
KOREA MIDLAND POWER CO 1.86 11/13/49 KRW 56.19
KOREA MIDLAND POWER CO 1.95 05/21/49 KRW 57.93
KOREA MIDLAND POWER CO 1.99 03/26/49 KRW 58.57
KOREA MIDLAND POWER CO 2.17 02/08/49 KRW 61.53
KOREA MIDLAND POWER CO 2.17 10/31/48 KRW 61.90
KOREA MIDLAND POWER CO 1.53 02/25/40 KRW 62.84
KOREA MIDLAND POWER CO 2.26 09/10/48 KRW 63.06
KOREA MIDLAND POWER CO 1.59 03/18/40 KRW 63.38
KOREA MIDLAND POWER CO 1.66 08/25/40 KRW 63.63
KOREA MIDLAND POWER CO 1.64 07/21/40 KRW 63.63
KOREA MIDLAND POWER CO 1.66 06/18/40 KRW 63.77
KOREA MIDLAND POWER CO 1.75 06/18/39 KRW 66.33
KOREA MIDLAND POWER CO 1.92 10/30/39 KRW 68.00
KOREA MIDLAND POWER CO 1.96 05/21/39 KRW 68.97
KOREA MIDLAND POWER CO 2.87 01/24/52 KRW 70.51
KOREA MIDLAND POWER CO 2.19 02/08/39 KRW 72.10
KOREA MIDLAND POWER CO 3.01 02/17/52 KRW 72.53
KOREA MIDLAND POWER CO 2.24 10/31/38 KRW 73.09
KOREA MIDLAND POWER CO 2.30 09/10/38 KRW 73.65
KOREA MINE REHABILITAT 3.01 02/26/40 AUD 64.59
KOREA MINE REHABILITAT 1.93 07/15/50 KRW 67.84
KOREA MINE REHABILITAT 2.07 01/06/51 KRW 70.17
KOREA MINE REHABILITAT 3.20 07/15/40 USD 72.17
KOREA OCEAN BUSINESS C 1.50 09/27/49 KRW 63.12
KOREA OCEAN BUSINESS C 1.59 05/22/50 KRW 64.29
KOREA OCEAN BUSINESS C 1.63 12/11/49 KRW 65.36
KOREA OCEAN BUSINESS C 1.67 06/16/50 KRW 65.51
KOREA OCEAN BUSINESS C 1.69 10/27/50 KRW 65.73
KOREA OCEAN BUSINESS C 1.70 04/16/50 KRW 65.98
KOREA OCEAN BUSINESS C 2.01 03/28/49 KRW 72.16
KOREA OVERSEAS INFRAST 1.76 10/28/50 KRW 66.64
KOREA RAIL NETWORK AUT 1.46 09/27/49 KRW 62.58
KOREA RAIL NETWORK AUT 1.51 10/11/49 KRW 63.32
KOREA RAIL NETWORK AUT 1.59 05/21/50 KRW 64.71
KOREA RAIL NETWORK AUT 1.64 02/19/50 KRW 65.46
KOREA RAIL NETWORK AUT 1.65 02/03/50 KRW 65.82
KOREA RAIL NETWORK AUT 1.76 04/23/50 KRW 67.89
KOREA RAIL NETWORK AUT 1.75 11/20/49 KRW 67.96
KOREA RAIL NETWORK AUT 1.85 11/05/49 KRW 69.76
KOREA RAIL NETWORK AUT 1.72 06/28/46 KRW 70.20
KOREA RAIL NETWORK AUT 2.03 08/06/51 KRW 71.12
KOREA RAIL NETWORK AUT 1.93 05/16/49 KRW 71.42
KOREA RAIL NETWORK AUT 2.10 03/25/51 KRW 72.35
KOREA RAIL NETWORK AUT 1.90 06/13/46 KRW 73.15
KOREA RAIL NETWORK AUT 2.15 07/13/51 KRW 73.51
KOREA RAILROAD CORP 1.31 08/29/49 KRW 60.05
KOREA RAILROAD CORP 1.44 07/26/49 KRW 62.40
KOREA RAILROAD CORP 1.47 09/19/49 KRW 62.58
KOREA RAILROAD CORP 1.56 03/18/50 KRW 63.82
KOREA RAILROAD CORP 1.61 08/12/50 KRW 64.27
KOREA RAILROAD CORP 1.59 07/18/49 KRW 65.13
KOREA RAILROAD CORP 1.67 04/14/50 KRW 65.51
KOREA RAILROAD CORP 2.04 07/22/51 KRW 71.30
KOREA RAILROAD CORP 2.00 04/05/49 KRW 71.79
KOREA RAILROAD CORP 1.88 10/27/46 KRW 72.58
KOREA RAILROAD CORP 2.01 04/24/49 KRW 72.76
KOREA RAILROAD CORP 1.41 04/11/39 EUR 72.83
KOREA RAILROAD CORP 1.94 11/03/46 KRW 73.64
KOREA RAILROAD CORP 2.13 03/13/49 KRW 74.12
KOREA SMES AND STARTUP 1.87 03/24/50 KRW 69.37
KOREA SMES AND STARTUP 1.31 08/09/39 KRW 71.72
KOREA SMES AND STARTUP 1.64 10/16/40 KRW 74.25
KOREA SOUTH-EAST POWER 1.65 06/11/50 KRW 52.34
KOREA SOUTH-EAST POWER 1.69 06/26/49 KRW 53.80
KOREA SOUTH-EAST POWER 1.96 01/26/51 KRW 56.92
KOREA SOUTH-EAST POWER 2.19 11/09/48 KRW 62.12
KOREA SOUTH-EAST POWER 1.63 06/11/40 KRW 63.48
KOREA SOUTH-EAST POWER 2.47 11/09/51 KRW 64.22
KOREA SOUTH-EAST POWER 1.68 06/26/39 KRW 65.50
KOREA SOUTH-EAST POWER 1.97 01/26/41 KRW 66.93
KOREA SOUTH-EAST POWER 2.60 07/26/48 KRW 68.57
KOREA SOUTH-EAST POWER 2.77 04/12/48 KRW 70.67
KOREA SOUTH-EAST POWER 2.32 11/09/38 KRW 73.85
KOREA SOUTH-EAST POWER 3.13 03/28/52 KRW 73.96
KOREA SOUTHERN POWER C 1.29 08/13/49 KRW 47.80
KOREA SOUTHERN POWER C 1.63 12/19/49 KRW 52.49
KOREA SOUTHERN POWER C 1.68 06/25/50 KRW 52.74
KOREA SOUTHERN POWER C 1.80 11/20/49 KRW 55.30
KOREA SOUTHERN POWER C 1.33 08/13/39 KRW 61.48
KOREA SOUTHERN POWER C 1.66 06/18/40 KRW 63.77
KOREA SOUTHERN POWER C 1.66 06/25/40 KRW 63.77
KOREA SOUTHERN POWER C 1.67 12/19/39 KRW 64.62
KOREA SOUTHERN POWER C 2.43 09/28/48 KRW 65.50
KOREA SOUTHERN POWER C 2.59 11/04/51 KRW 66.16
KOREA SOUTHERN POWER C 1.84 11/20/39 KRW 66.94
KOREA SOUTHERN POWER C 2.38 07/28/41 KRW 71.93
KOREA SOUTHERN POWER C 2.66 11/04/41 KRW 74.50
KOREA STUDENT AID FOUN 1.41 09/06/39 KRW 73.10
KOREA TREASURY BOND 1.50 09/10/66 KRW 59.56
KOREA TREASURY BOND 1.63 09/10/70 KRW 60.98
KOREA TREASURY BOND 1.50 03/10/50 KRW 68.79
KOREA TREASURY BOND 2.00 09/10/68 KRW 70.61
KOREA TREASURY BOND 1.13 09/10/39 KRW 73.29
KOREA WATER RESOURCES 1.54 03/13/50 KRW 63.75
KOREA WATER RESOURCES 1.63 07/16/49 KRW 66.14
KOREA WATER RESOURCES 1.63 10/21/49 KRW 66.23
KOREA WATER RESOURCES 1.68 07/01/49 KRW 66.93
KOREA WATER RESOURCES 1.71 01/10/50 KRW 67.28
KOREA WATER RESOURCES 1.82 06/22/46 KRW 71.94
KOREA WATER RESOURCES 1.83 06/24/46 KRW 72.15
KOREA WATER RESOURCES 1.97 12/20/48 KRW 72.38
KOREA WESTERN POWER CO 1.62 05/28/50 KRW 51.95
KOREA WESTERN POWER CO 1.68 08/27/50 KRW 52.75
KOREA WESTERN POWER CO 1.76 11/05/50 KRW 53.86
KOREA WESTERN POWER CO 1.88 12/22/50 KRW 55.42
KOREA WESTERN POWER CO 2.20 11/01/48 KRW 62.32
KOREA WESTERN POWER CO 2.25 09/14/48 KRW 62.87
KOREA WESTERN POWER CO 1.59 05/28/40 KRW 63.12
KOREA WESTERN POWER CO 1.68 08/27/40 KRW 63.85
KOREA WESTERN POWER CO 1.69 06/23/40 KRW 64.14
KOREA WESTERN POWER CO 2.46 09/28/47 KRW 66.70
KOREA WESTERN POWER CO 2.81 04/20/48 KRW 71.91
KOREA WESTERN POWER CO 2.50 11/10/41 KRW 72.53
KOREA WESTERN POWER CO 2.25 11/01/38 KRW 73.15
KOREA WESTERN POWER CO 2.27 09/14/38 KRW 73.31
KT CORP 1.71 06/15/40 KRW 65.86
KT CORP 1.67 10/11/39 KRW 66.34
KT CORP 1.98 01/25/41 KRW 68.47
KT CORP 2.21 01/14/39 KRW 73.51
LG ELECTRONICS INC 2.66 07/06/40 KRW 72.82
LG ELECTRONICS INC 2.83 02/09/41 KRW 74.41
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SANUPKIBANSINBO BUSAN- 1.89 09/17/41 KRW 66.56
SANUPKIBANSINBO BUSAN- 1.87 10/01/40 KRW 67.65
SANUPKIBANSINBO BUSAN- 1.85 10/01/38 KRW 70.08
SANUPKIBANSINBO BUSAN- 1.83 10/01/36 KRW 72.79
SEOUL METROPOLITAN CIT 1.69 11/22/49 KRW 70.97
SEOUL METROPOLITAN CIT 1.85 10/30/49 KRW 73.48
SK HYNIX INC 2.38 01/19/31 USD 73.86
SK HYNIX INC 2.38 01/19/31 USD 74.17
SK TELECOM CO LTD 1.56 07/29/49 KRW 53.08
SK TELECOM CO LTD 1.52 07/29/39 KRW 64.99
SK TELECOM CO LTD 1.76 10/19/40 KRW 65.98
SK TELECOM CO LTD 1.89 01/15/41 KRW 66.82
SK TELECOM CO LTD 1.87 01/14/40 KRW 67.90
SK TELECOM CO LTD 1.81 10/22/39 KRW 68.00
SK TELECOM CO LTD 2.23 03/06/39 KRW 73.54
SRI LANKA
---------
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 33.72
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 33.77
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 33.80
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 33.82
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 33.84
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 33.85
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 33.87
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 33.95
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 33.95
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 33.99
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 34.06
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 34.13
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 34.28
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 34.29
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 35.10
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 35.25
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 35.38
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 35.39
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 35.49
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 35.70
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 37.72
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 38.04
SRI LANKA GOVERNMENT B 8.00 01/01/32 LKR 41.96
SRI LANKA GOVERNMENT B 9.00 11/01/33 LKR 42.16
SRI LANKA GOVERNMENT B 9.00 06/01/43 LKR 43.05
SRI LANKA GOVERNMENT B 9.00 06/01/33 LKR 43.98
SRI LANKA GOVERNMENT B 9.00 10/01/32 LKR 44.71
SRI LANKA GOVERNMENT B 10.25 09/15/34 LKR 45.84
SRI LANKA GOVERNMENT B 10.50 08/15/39 LKR 45.98
SRI LANKA GOVERNMENT B 11.50 03/15/35 LKR 51.09
SRI LANKA GOVERNMENT B 11.20 01/15/33 LKR 52.97
SRI LANKA GOVERNMENT B 11.25 03/15/31 LKR 53.98
SRI LANKA GOVERNMENT B 7.80 08/15/27 LKR 54.24
SRI LANKA GOVERNMENT B 9.00 07/01/28 LKR 54.39
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 54.77
SRI LANKA GOVERNMENT B 11.00 05/15/30 LKR 55.43
SRI LANKA GOVERNMENT B 9.00 05/01/28 LKR 55.44
SRI LANKA GOVERNMENT B 12.00 12/01/31 LKR 55.62
SRI LANKA GOVERNMENT B 12.00 01/01/41 LKR 57.39
SRI LANKA GOVERNMENT B 13.25 01/01/34 LKR 57.86
SRI LANKA GOVERNMENT B 12.50 03/01/45 LKR 58.79
SRI LANKA GOVERNMENT B 10.30 10/15/27 LKR 59.84
SRI LANKA GOVERNMENT B 13.25 07/01/33 LKR 59.96
SRI LANKA GOVERNMENT B 5.35 03/01/26 LKR 60.32
SRI LANKA GOVERNMENT B 10.75 03/15/28 LKR 61.20
SRI LANKA GOVERNMENT B 11.50 09/01/28 LKR 61.26
SRI LANKA GOVERNMENT B 11.25 12/15/27 LKR 61.30
SRI LANKA GOVERNMENT B 13.00 05/01/29 LKR 63.21
SRI LANKA GOVERNMENT B 13.50 06/01/44 LKR 63.52
SRI LANKA GOVERNMENT B 13.50 01/01/44 LKR 63.60
SRI LANKA GOVERNMENT B 13.00 01/01/29 LKR 63.88
SRI LANKA GOVERNMENT B 6.75 01/15/26 LKR 64.10
SRI LANKA GOVERNMENT B 11.75 06/15/27 LKR 64.91
SRI LANKA GOVERNMENT B 11.40 01/15/27 LKR 66.16
SRI LANKA GOVERNMENT B 9.00 02/01/26 LKR 67.92
SRI LANKA GOVERNMENT B 11.50 08/01/26 LKR 69.08
SRI LANKA GOVERNMENT B 11.00 06/01/26 LKR 69.68
SRI LANKA GOVERNMENT B 10.35 10/15/25 LKR 71.76
SRI LANKA GOVERNMENT B 9.00 05/01/25 LKR 73.65
SRI LANKA GOVERNMENT B 11.00 08/01/25 LKR 73.89
SRI LANKA GOVERNMENT B 6.00 12/01/24 LKR 74.24
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.80
GC TREASURY CENTER CO 4.30 03/18/51 USD 73.95
GC TREASURY CENTER CO 4.30 03/18/51 USD 73.98
MDX PCL 4.75 09/17/03 USD 22.88
PTT TREASURY CENTER CO 3.70 07/16/70 USD 67.17
PTT TREASURY CENTER CO 3.70 07/16/70 USD 67.39
PTTEP TREASURY CENTER 3.90 12/06/59 USD 70.94
PTTEP TREASURY CENTER 3.90 12/06/59 USD 70.96
THAIOIL TREASURY CENTE 3.50 10/17/49 USD 62.91
THAIOIL TREASURY CENTE 3.50 10/17/49 USD 62.93
THAIOIL TREASURY CENTE 3.75 06/18/50 USD 65.68
THAIOIL TREASURY CENTE 3.75 06/18/50 USD 66.03
TAIWAN
------
TAIWAN SEMICONDUCTOR M 2.70 09/22/60 USD 63.25
TAIWAN GOVERNMENT BOND 0.38 11/27/50 TWD 73.01
TAIWAN SEMICONDUCTOR M 3.10 09/23/51 USD 73.69
VIETNAM
-------
BIM LAND JSC 7.38 05/07/26 USD 48.07
NO VA LAND INVESTMENT 5.25 07/16/26 USD 24.58
VINPEARL JSC 3.25 09/21/26 USD 74.01
*********
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 2023. All rights reserved. ISSN: 1520-9482.
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