/raid1/www/Hosts/bankrupt/TCRAP_Public/170704.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, July 4, 2017, Vol. 20, No. 131
Headlines
A U S T R A L I A
AUSTRALASIAN MARITIME: First Creditors' Meeting Set for July 11
BR WILLIAMS: First Creditors' Meeting Set for July 11
CLIFFS NATURAL: CEO Granted Shares to Stay Until 2019
CORPORATE FUNERAL: First Creditors' Meeting Set for July 11
JB INVESTMENTS: First Creditors' Meeting Set for July 11
MY TRUCK: First Creditors' Meeting Set for July 11
TEN NETWORK: PPB Advisory Appointed as Receivers
TEN NETWORK: Secures Murdoch, Packer Funding Until End-August
W REES: First Creditors' Meeting Set for July 13
C H I N A
FENGHUI LEASING: Fitch Affirms 'B' Issuer Default Ratings
HUAI'AN DEVELOPMENT: Fitch Affirms BB+ LT IDR; Outlook Stable
SHANGHAI HUAYI: Moody's Assigns Ba1 Corporate Family Rating
I N D I A
CAR PLANET: CRISIL Reaffirms B Rating on INR4.6MM Term Loan
CEL PACKAGING: CRISIL Raises Rating on INR3MM Cash Loan to B+
CHARLES MATHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
HBS CITY: CRISIL Lowers Rating on INR10.95MM Term Loan to 'D'
HLM INDIA: CRISIL Reaffirms 'D' Rating on INR10.85MM LT Loan
HOTEL VAKRATUNDA: CRISIL Assigns B- Rating to INR6.25MM Loan
JAY CONSTRUCTION: CRISIL Ups Rating on INR8MM Term Loan to B+
JEYA SATHYA: CRISIL Reaffirms 'B' Rating on INR14MM Cash Loan
K.K. DUPLEX: CRISIL Assigns B+ Rating to INR7.50MM LT Loan
K.S. SELECTIONS: CRISIL Reaffirms 'B' Rating on INR5MM Loan
LAKSHMI COTFAB: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
MANJUSHREE INNOVATIONS: CRISIL Reaffirms B+ Rating on INR38M Loan
MAYAR INDIA: CRISIL Cuts Rating on INR5MM Term Loan to B-
REXTRON CERAMICS: CRISIL Assigns B+ Rating to INR5.8MM Loan
SHIBU MATHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
SHREE RAJA: CRISIL Raises Rating on INR8MM Cash Loan to 'B'
SONY MATHEW: CRISIL Assigns B+ Rating to INR10MM Cash Loan
SRIGANESH ENGINEERING: CRISIL Assigns B+ Rating to INR2MM Loan
SUDEEP EXIM: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
TDI INFRATECH: CRISIL Reaffirms B- Rating on INR169.7MM Loan
TRINITY BUILDCON: CRISIL Reaffirms B Rating on INR50MM Term Loan
UNICHEM TRADING: CRISIL Reaffirms 'D' Rating on INR17MM Loan
VERITAAS GRANITO: CRISIL Assigns B+ Rating to INR19MM LT Loan
VISHAL CONSTRUCTION: CRISIL Ups Rating on INR3.55MM Loan to B-
J A P A N
TOSHIBA CORP: Foxconn's Terry Gou Still Wants Firm's Memory Unit
N E W Z E A L A N D
DYNAMIC MEATS: Convicted Receiver Two Years Late With Report
FOREX NZ: Bankrupt Director Under SFO Investigation
HANSA LTD: Investor Suspicions Lead to Fraud Charges vs Owner
S I N G A P O R E
DFS ASSET: Fitch Affirms BB Rating on SGD8.8MM Class C Notes
X X X X X X X X
* BOND PRICING: For the Week June 26 to June 30, 2017
- - - - -
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A U S T R A L I A
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AUSTRALASIAN MARITIME: First Creditors' Meeting Set for July 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Australasian Maritime Institute Pty Ltd will be held at the
Conference Room, Level 4, 16 St Georges Terrace, in Perth, WA, on
July 11, 2017, at 1:00 p.m.
David Ingram and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed as administrators of Australasian
Maritime on June 29, 2017.
BR WILLIAMS: First Creditors' Meeting Set for July 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of BR Williams
Customs & Freight Forwarding Pty Ltd will be held at the offices
of Hall Chadwick Chartered Accountants, Level 40, 2 Park Street,
in Sydney, NSW, on July 11, 2017, at 11:00 a.m.
David Ingram and Richard Albarran of Hall Chadwick were appointed
as administrators of BR Williams on June 30, 2017.
CLIFFS NATURAL: CEO Granted Shares to Stay Until 2019
-----------------------------------------------------
In order to help ensure the president and chief executive officer
of Cliffs Natural Resources Inc. is incentivized to remain in the
employ of the Company through Dec. 31, 2019, the Compensation and
Organization Committee of the Board of Directors and the Board of
Directors of the Company approved on June 26, 2017, grants of
performance shares and restricted stock units pursuant to the
Company's Amended and Restated 2015 Equity and Incentive
Compensation Plan, to the CEO. The grant is comprised of:
(a) 249,106 performance shares with a potential stock payout
of zero to 200% based upon relative total shareholder
return for an incentive period commencing June 1, 2017,
and ending Dec. 31, 2019; and
(b) 531,674 restricted stock units for the vesting period
commencing on the Grant Date and ending Dec. 31, 2019.
The performance shares will be payable, if at all, in the first
two-and-a-half months of 2020 based upon the certification of the
Committee as to whether and the extent to which the performance
goals for this award has been met during the Performance Period.
The restricted stock unit grant was designed to generally retain
the CEO in the employ of the Company and will be payable as
described in the applicable award agreement, subject generally to
the CEO's continued employment through Dec. 31, 2019.
About Cliffs Natural Resources
Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama. Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada. Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.
On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada). The initial
CCAA order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale options are explored.
Cliffs Natural reported net income attributable to Cliffs common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015. As of March 31,
2017, Cliffs Natural had $1.92 billion in total assets, $2.62
billion in total liabilities and a $703 million total deficit.
* * *
As reported by the TCR on Feb. 14, 2017, Moody's Investors Service
upgraded Cliffs Natural Resources' Corporate Family Rating (CFR)
and Probability of Default Rating to 'B2' and 'B2-PD' from 'Caa1'
and 'Caa1-PD', respectively, and assigned a 'B3' rating to the new
senior unsecured guaranteed notes. The upgrade follows the
company's announcement of a $500 million senior unsecured
guaranteed note issuance and an approximate $590 million equity
issuance.
Also in February 2017, S&P Global Ratings said it raised its
long-term corporate credit rating on Cliffs to 'B' from 'CCC+'
after the company announced a $591 million equity issuance and the
tender offer for high-cost debt. The outlook is stable.
CORPORATE FUNERAL: First Creditors' Meeting Set for July 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Corporate
Funeral Manegement Services Pty Ltd will be held at the offices of
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, Victoria, on July 11, 2017, at 2:30 p.m.
Glenn J Spooner & Sam Kaso of Cor Cordis Chartered Accountants
were appointed as administrators of Corporate Funeral on June 29,
2017.
JB INVESTMENTS: First Creditors' Meeting Set for July 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
JB Investments Pty Ltd will be held at Level 21, 140 St Georges
Terrace, in Perth, WA, on July 11, 2017, at 9:30 a.m.
Simon Guy Theobald and Melissa Humann of PPB Advisory were
appointed as administrator of JB Investments on June 29, 2017.
MY TRUCK: First Creditors' Meeting Set for July 11
--------------------------------------------------
A first meeting of the creditors in the proceedings of My Truck
Wash Australia Pty Ltd will be held at the offices of Farnsworth
Shepard, Level 5, 2 Barrack Street, in Sydney, NSW, on July 11,
2017, at 11:00 a.m.
Adam Shepard of Farnsworth Shepard was appointed as administrator
of My Truck on June 29, 2017.
TEN NETWORK: PPB Advisory Appointed as Receivers
------------------------------------------------
Christopher Hill, Phil Carter and David McEvoy of PPB Advisory
have been appointed as Receivers and Managers to Ten Network
Holdings Ltd (and associated entities). This follows the
appointment of KordaMentha as Voluntary Administrators by the
Directors on June 14, 2017.
"As Receivers and Managers, PPB Advisory will undertake the sale
of Network Ten as a going concern, or the recapitalisation of the
business, through a competitive tender program," PPB said in a
statement.
"This process has commenced through KordaMentha's public
announcement of the sales campaign on June 22, 2017.
"PPB Advisory will also provide immediate funding to Network Ten,
backed by the existing shareholder guarantors. This will allow
operations to continue while the process to identify a
suitable party to purchase or recapitalise the business is
conducted. During this time, the Voluntary Administrators will
continue running the Network Ten business to ensure
consistency of operations."
As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2017, KordaMentha Restructuring partners Mark Korda,
Jenny Nettleton and Jarrod Villani have been appointed voluntary
administrators to Network Ten.
"Network Ten will continue to operate under its existing
management and operating structures with KordaMentha oversight.
Customers, employees and other stakeholders are assured that the
administrators intend to keep the business running. Viewers can
expect the same content they currently enjoy on Network Ten,"
KordaMentha said in a statement.
The appointment will allow the voluntary administrators to
explore options for the recapitalisation or sale of Network Ten.
About Network Ten
Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.
TEN NETWORK: Secures Murdoch, Packer Funding Until End-August
-------------------------------------------------------------
Ben Cooper at Reuters reports that Ten Network Holdings said on
July 3 that three media magnates have put up AUD30 million (US$23
million) to keep it running until the end of August while the
television broadcaster looks to secure a deal with a buyer.
Reuters relates that the funding guarantee from News Corp
co-chairman Lachlan Murdoch, Crown Resorts Ltd casino boss James
Packer and regional TV owner Bruce Gordon buys the network time as
the industry waits to see if the country's media ownership laws
will be relaxed.
According to Reuters, PPB Advisory, Ten's newly appointed
receivership specialist, said the deal would allow the firm, the
lowest rating of Australia's three national free-to-air
broadcasters, to continue as a "going concern" until it is sold or
recapitalized.
It was, however, not immediately clear what would happen if no
buyer was found before Aug. 31. PBB declined to comment further,
Reuters states.
The three business tycoons, who jointly own nearly 30 percent of
Ten, have not commented on their plans for the TV station, Reuters
says. But administrator KordaMentha said last month that they plan
to financially support the network, adding that there had been
"quite a number" of expressions of interest from potential
acquirers.
"This Murdoch group needs to make sure no one gets in there and
picks up this company for a relatively small amount of money
because obviously Murdoch wants to end up owning Network Ten,"
Reuters quotes media analyst Peter Cox as saying.
A bill to ease media ownership laws is set to be debated in
parliament in August, Reuters says. While it has the support of
the federal government, it faces opposition in the Senate where
independent politicians hold the balance of power, the report
notes.
Reuters says Australian cable TV company Foxtel, of which
Murdoch's News Corp owns 50 percent, holds 14 percent of Ten and
it is widely viewed as the most likely buyer if media ownership
laws are relaxed.
Existing rules make it illegal for one company to own television,
radio and newspapers in one place, says Reuters. News Corp
currently publishes about two-thirds of Australian newspapers, and
Murdoch personally owns a radio station, so he would face
regulatory hurdles in buying Ten under current law.
Ten shares have been suspended from trading since it called in
administrators last month, according to Reuters.
They were called after Murdoch and Gordon declined to extend
support for a AUD200 million (US$152 million) debt facility past
2017. The move was widely seen as a necessary step to help Ten re-
negotiate costly content licensing fees with U.S. production
studios, Reuters notes.
As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2017, KordaMentha Restructuring partners Mark Korda,
Jenny Nettleton and Jarrod Villani have been appointed voluntary
administrators to Network Ten.
"Network Ten will continue to operate under its existing
management and operating structures with KordaMentha oversight.
Customers, employees and other stakeholders are assured that the
administrators intend to keep the business running. Viewers can
expect the same content they currently enjoy on Network Ten,"
KordaMentha said in a statement.
The appointment will allow the voluntary administrators to
explore options for the recapitalisation or sale of Network Ten.
About Network Ten
Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.
W REES: First Creditors' Meeting Set for July 13
------------------------------------------------
A first meeting of the creditors in the proceedings of W Rees Pty
Ltd and Dave Groves Pty Ltd (trading as Perth Mechanical Services)
will be held at the offices of GTS Advisory, Level 27, 44 St
Georges Terrace, in Perth, WA, on July 13, 2017, at
10:00 a.m.
Mathieu Tribut of GTS Advisory was appointed as administrator of W
Rees on July 3, 2017.
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C H I N A
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FENGHUI LEASING: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Fenghui Leasing Co., Ltd's Long- and
Short-Term Issuer Default Ratings (IDR) at 'B'. The Outlook is
Stable.
Fitch has also affirmed the senior unsecured notes issued by
Silver Sparkle Limited (Silver Sparkle) at 'B' with Recovery
Rating of 'RR4'. Silver Sparkle is a special-purpose vehicle (SPV)
set up to issue the offshore notes on behalf of Fenghui.
Fenghui is a Chinese domestically registered leasing company that
started a leasing business in 2009. The company provides equipment
leasing (77% of total receivables at end-1Q17) and entrusted loans
(23%) to clients across China.
KEY RATING DRIVERS
IDR, Senior Notes and Recovery Rating
Fenghui's IDR is constrained by its high risk appetite and weak
funding and liquidity, compared with higher-rated peers. Growth in
the company's balance sheet has outpaced the sector average, and
exceeded its internal capital generation. Fenghui relies on
funding from asset-backed securities, trust and asset management
products, which are susceptible to volatility in China's liquidity
conditions, and the asset quality of the underlying assets. The
company is operating with a negative short-term funding gap,
although funding diversity has improved in the past year.
Fenghui's franchise is modest amid the fragmented and competitive
leasing market in China. The management team's track record with
Fenghui is short and has yet to be tested through economic cycles.
The company has delivered some incremental improvement in its
risk-management framework, including installation of an
independently functioning risk control officer system.
Nonetheless, Fenghui's concentration risk remains significant. At
end-1Q17, its 10 largest clients represented 146% of the company's
equity. The company's strong asset growth has resulted in a
decrease in its impaired loan ratio; however, its concentrated
portfolio and unseasoned loans have yet to be tested in an
economic downturn.
Fenghui has relied on capital injections from its shareholders to
support its growth. The company's rapid asset growth reduced its
equity-to-assets ratio to 15.9% at end-1Q17 from 23.4% at end-
2015. Shareholders announced they would inject an additional CNY2
billion in capital to Fenghui in late 2016. They injected CNY0.5
billion at end-2016, and are likely to allocate the remaining
CNY1.5 billion in 3Q17. 1Q17 pro-forma equity ratio stood at 21.4%
after factoring in the capital injection.
The ratings are supported by the company's high profitability,
improving funding diversity, and its moderate use of encumbered
assets. However, the company's high profitability may not fully
reflect the inherent risk in Fenghui's rapid asset growth and may
not be sustained in an economic downturn or during periods of
market stress.
The guaranteed notes issued by Silver Sparkle constitute general,
unsecured and unsubordinated obligation of Fenghui and will rank
pari passu with all other existing and future unsecured and
unsubordinated obligations of Fenghui. The notes are rated at the
same level at Fenghui's Long-Term IDR, and carry a Recovery Rating
of 'RR4', which reflects average recovery prospects.
RATING SENSITIVITIES
IDR, Senior Notes and Recovery Rating
Sustained improvement in Fenghui's funding and liquidity profile,
and improved risk appetite, which may be manifested in reduced
asset growth, could lead to a rating upgrade.
Deterioration in liquidity and asset quality, including a high
encumbered balance sheet and heightened refinancing risk, may lead
to a rating downgrade.
As the senior notes issued by Silver Sparkle are guaranteed by
Fenghui, the ratings on notes would be sensitive to the same
factors that drive the guarantor's IDR. In addition, the ratings
on the notes would also be sensitive to changes in the Recovery
Rating, which is in turn sensitive to changes in the size of
issuance relative to guarantor's unencumbered assets and the
underlying recovery prospects of these same assets.
HUAI'AN DEVELOPMENT: Fitch Affirms BB+ LT IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Huai'an Development Holdings Co., Ltd's
(HAD) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) at 'BB+'. The Outlook is Stable.
Fitch has also affirmed HAD's USD300 million 4.75% senior
unsecured notes due 2019 at 'BB+'. The notes were issued by
Xiangyu Investment (BVI) Co., Ltd. (Xiangyu Investment), and are
unconditionally and irrevocably guaranteed by Hong Kong Xiangyu
Investment Group Co., Limited, a wholly owned subsidiary of HAD.
HAD has granted a keepwell and liquidity support deed and a deed
of equity interest purchase undertaking to ensure Xiangyu
Investment has sufficient assets and liquidity to meet its
obligations under the guarantee for the notes.
KEY RATING DRIVERS
Links to Huai'an Municipality: HAD's ratings are credit linked to
but not equalised with Fitch's internal assessment of Huai'an
Municipality. This is reflected in the government's 100%
ownership, strong government control and oversight, and strategic
importance of the entity's operations to the municipality. These
factors result in a high likelihood of extraordinary support, if
needed, from the municipality. Therefore, HAD is classified as a
credit-linked public-sector entity under Fitch's criteria.
Huai'an Municipality's Healthy Creditworthiness: Huai'an, located
in China's Jiangsu province, has a budget performance that is
widely considered satisfactory and continuously improving, and a
diversified socio-economic profile. Huai'an's gross regional
product (GRP) growth rate is higher than the national average. The
strengths are partially mitigated by potentially high contingent
liabilities arising from its public-sector entities.
Legal Status Attribute Mid-Range: HAD is registered as a wholly
state-owned limited liability company under the Chinese Company
Law. Huai'an Municipality has full control over HAD. The Huai'an
Economic and Technology Development Zone (HAETZ) Management
Committee supervises HAD on behalf of Huai'an municipality in
daily operational matters. The government has no plan to dilute
its shareholding in HAD.
Strategic Importance Attribute Mid-Range: HAD, one of Huai'an
Municipality's urban development companies, is the sole investment
and financing platform of the municipal government's flagship
Huai'an Economic and Technology Development Zone (HAETZ). The
company has been designated to develop large-scale urban
infrastructure projects in the zone. HAD is integral to the zone
and plays an important role in implementing the blueprint of the
municipal government.
Government Integration Attribute Mid-Range: The municipal
government has provided significant capital injections, subsidies
and repurchased government services to monetarily support HAD's
business. The fiscal support aims to partly fund HAD's capital
expenditure and debt servicing. The total equity injection in 2016
represented around 30% of the increase in total assets. Fitch
therefore considers its integration into the municipal
government's budget as Mid-range.
Government Control Attribute Stronger: The board members of HAD
are mainly appointed by the government, and major projects require
the government's approval. In January 2017, HAD's board members
and senior management were changed slightly on the government's
guidance (via the management committee). HAD's financing plan and
debt levels are still closely monitored by the government, and the
company is required to report its operational and financial
results to the government on a regular basis. The government
control and oversight attribute is assessed at Stronger.
Weak Standalone Profile: HAD's financial profile in the past five
years has been characterised by negative free cash flow and high
leverage. In 2016, HAD's negative cash flow from operations
widened and operating revenue decreased slightly from 2015, mainly
due to a drop in revenue recognition from project construction,
although Fitch expects a revenue recovery in 2017. HAD's total
debt level increased by more than 30% to around CNY24 billion in
2016 despite an improvement in the cost of debt and its net
gearing ratio following re-financing. HAD's liquidity position
continues to be constrained by an extended settlement period after
the completion of projects. Accounts receivable due from HAETZ's
finance department and Huai'an State-owned Assets Supervision and
Administration Commission increased further in 2016 although Fitch
expects them to stabilize in 2017. Fitch believes the trend of
high leverage and negative cash flow will continue in the medium
term, driven by the ongoing infrastructure investments in the
zone.
RATING SENSITIVITIES
An upgrade of Fitch's internal assessment on Huai'an Municipality
as well as a stronger or more explicit commitment of support from
the municipality may trigger positive rating action on HAD. A
significant weakening of HAD's strategic importance to the
municipality, dilution of the municipal government's shareholding,
and/or reduced municipality support, may result in a downgrade.
A downgrade may also stem from weaker fiscal performance or
increased indebtedness of the municipality, leading to a
deterioration in Fitch's assessment of its creditworthiness.
SHANGHAI HUAYI: Moody's Assigns Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Shanghai Huayi (Group)
Company's (Huayi) Baa3 issuer rating.
At the same time, Moody's has assigned a corporate family rating
of Ba1 to Huayi.
Moody's has also downgraded to Ba2 from Ba1 the backed senior
unsecured USD notes issued by Huayi Finance I Ltd. and irrevocably
and unconditionally guaranteed by Huayi Group (Hong Kong) Limited
- a wholly owned subsidiary of Huayi. The notes benefit from a
keepwell and liquidity support deed and a deed of equity interest
purchase undertaking provided by Huayi.
The ratings outlook is stable.
This rating action concludes Moody's review for downgrade of
Huayi's ratings, which was initiated on April 28, 2017.
RATINGS RATIONALE
"The downgrade of Huayi's rating reflects Moody's expectations of
weak earnings in its commodity chemicals amid persistent
oversupply, while its business transformation creates execution
risks and additional capital spending that will keep debt leverage
elevated," says Gerwin Ho, a Moody's Vice President and Senior
Analyst and the International Lead Analyst for Huayi.
Moody's expects Huayi's adjusted debt/EBITDA will stay around
6.0x-7.0x in the next 1-2 years. Such a level of debt leverage is
weak for the company's previous Baa3 rating.
Although Huayi's EBITDA margin in 2017 will slightly improve from
the level of 4.4% in 2016, thanks to improved selling prices, it
will stay below the historical level of about 9%, and remain
weaker than those of most rated chemical companies.
Price volatility will remain high for Huayi's commodity chemical
products, making a sustained improvement in the supply-demand
balance unlikely in the next 1-2 years. In addition, it will take
time for Huayi to develop high-margin specialty chemical products,
given the high technology barriers.
Huayi's business restructuring and transformation will also induce
additional capital spending and raise execution risks. In
particular, the planned new production capacity outside of
Shanghai and the development of real estate projects in Shanghai
will be capital intensive and require additional debt financing.
Huayi's Ba1 rating incorporates its baseline credit assessment of
ba3, down from ba2, and a two-notch uplift for expected strong
support from the Shanghai Municipal Government (unrated) in times
of distress.
The strong support reflects Huayi's 100% ownership by the Shanghai
Government, its receipt of large government subsidies and its
integrated role as a major supplier to the regional chemical
industry.
Huayi's BCA of ba3 considers its large business scale and
established track record in the domestic market, its diversified
product portfolio that mitigates cyclicality in its individual
segments, and its large cash balance and substantial land reserves
in Shanghai. Such strengths are counter-balanced by Huayi's high
exposure to commodity chemical products, its weak profit margin
and high debt leverage.
The rating outlook is stable, reflecting Moody's expectation that
Huayi will maintain its market position and financial prudence,
while investing for future growth. Moody's also expects the
Shanghai government will continue to provide support to Huayi
during its business restructuring and transformation.
The ratings could be upgraded if the company (1) raises its
profitability by enhancing product and market competitiveness; (2)
reduces its adjusted debt/EBITDA to below 5.5x on a sustained
basis; and (3) maintains a strong liquidity position.
The ratings could be downgraded if the company is unable to (1)
improve its competitiveness and business sustainability by
upgrading its product offering; (2) manage its adjusted
debt/EBITDA to trend below 7.0x over the next 12 months due to a
high level of capital expenditures or slow rationalization of its
assets; or (3) its liquidity position weakens.
Any evidence of weakening financial support to Huayi from the
Shanghai Municipal Government as a result of SOE reforms could
also pressure the ratings. In addition, any reduction in the
ownership in Huayi by the Shanghai Municipal Government or a
material reduction in Huayi's ownership in its key listed
subsidiaries will also be negative for the ratings.
The methodologies used in these ratings were Global Chemical
Industry Rating Methodology published in December 2013 and
Government-Related Issuers published in October 2014.
Shanghai Huayi (Group) Company is a major producer of bulk
chemicals in eastern China. The company has five segments: energy
chemicals, advanced materials, green tires, specialty chemicals,
and chemical services. It produces basic chemicals, clean energy,
tires, plastics, coatings, dyestuffs and pigments, fluorine
chemicals, reagents, additives, and chemical equipment. It also
provides chemical-related services. It generated RMB61 billion in
revenue in 2016. The company is 100% owned by the Shanghai
municipal government.
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CAR PLANET: CRISIL Reaffirms B Rating on INR4.6MM Term Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Car Planet
Enterprises Private Limited (CEPL) for obtaining information
through letters and emails dated March 6, 2017 and March 22, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.9 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Inventory Funding 3 CRISIL B/Stable (Issuer Not
Facility Cooperating; Rating
Reaffirmed)
Term Loan 4.6 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Car Planet Enterprises Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Car Planet Enterprises Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.
Incorporated in 2009, CEPL, promoted by Mr. Amit Agarwal, is an
authorised dealer for various companies such as Fiat Group
Automobiles, Mitsubishi Motors, and Mahindra Earth Master; it also
runs Mahindra First Choice service centre. Mr. Agarwal looks after
the company's operations.
CEL PACKAGING: CRISIL Raises Rating on INR3MM Cash Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Cel Packaging Private Limited (CPPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the short-
term bank facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Letter of Credit 6.75 CRISIL A4 (Reaffirmed)
The upgrade reflects expectation that CPPL's business and
financial risk profiles will improve with moderate growth in
operations resulting in better average realisation and cash
accrual. Debt protection metrics improved to 4.8 times (interest
cover) in fiscal 2017, strengthening financial risk profile.
Analytical Approach
Unsecured loans that CPPL received from promoters have been
treated as neither debt nor equity, as the loans are interest free
and should remain in the business.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in highly fragmented industry
Intense competition in the paper packaging industry continues to
constrain scale of operations and limit pricing power and
profitability. The operating margin was modest at 4.97% for fiscal
2017.
* Working capital-intensive operations
Gross current assets were 130 days as on March 31, 2017, due to
inventory holding of 63 days and receivables of 58 days.
Strength
* Established track record of promoters
Key promoter, Mr. Sunil Handa, who holds an engineering degree
from Birla Institute of Technology and Science, Pilani, and a
management degree from Indian Institute of Management, Ahmedabad,
has nearly four decades' experience in the industry. Over the
years, he maintained steady relationship with customers and
suppliers. CPPL should continue to benefit over the medium term
from the promoters' experience and established relationship with
customers.
Outlook: Stable
CRISIL believes CPPL will continue to benefit over the medium term
from the promoters' experience and established customer
relationships. The outlook may be revised to 'Positive' if higher-
than-expected revenue and profitability leads to sizeable cash
accrual. Conversely, the outlook may be revised to 'Negative' if
substantial increase in working capital requirement, lower-than-
expected cash accrual, or large, debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.
Incorporated in 2007, CPPL is an Ahmedabad-based company that
manufactures corrugated boxes and wooden pellets. Itis promoted by
MrSunil Handa and Ms DivyaDeeptiHanda. The total installed
capacity for producing corrugated boxes is 2,000 tonne per month,
whereas the installed capacities for wooden pellets are 15,000
units per month.
Net loss was INR0.21 crore on operating income of INR41.06 crore
in fiscal 2017, against INR2.01 crore and INR44.06 crore,
respectively, in fiscal 2016.
CHARLES MATHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
------------------------------------------------------------CRISIL
Ratings has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Charles Mathew (CM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/
Overdraft facility 5 CRISIL B+/Stable
The rating reflects the firm's modest scale of operations with
exposure to risks related to tender-based business and exposure to
intense competition in the civil construction segment. These
weaknesses are partially offset by the extensive experience of its
proprietor in the civil construction industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to risk related to
tender-based business: With revenue of about INR32 crore,
estimated for fiscal 2017, scale remains small. This restricts
ability to bid for large projects. Turnover is also susceptible to
the quantum of tenders floated and the firm's ability to bid
successfully.
* Susceptibility to intense competition in civil construction
segment: Because of low entry barriers to the civil construction
industry, the firm faces competition from many local and small
unorganised players.
Strengths
* Extensive experience of the proprietor in the civil construction
industry: The proprietor, Mr. Charles Mathews, has been in the
construction industry for over 20 years and has gradually built a
strong network with several government departments in Kerala.
Outlook: Stable
CRISIL believes CM will continue to benefit from its proprietor's
extensive experience in the civil construction segment. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if working
capital management weakens, constraining liquidity, or if the firm
undertakes large, debt-funded capital expenditure, impacting its
capital structure.
CM was established as a proprietary firm by Mr. Charles Mathew and
undertakes civil construction works in Kerala.
For fiscal 2016, net profit was INR1.16 crore on a net sales of
INR22.36 crore, against INR0.40 crore and INR6.45 crore,
respectively, for fiscal 2015. For fiscal 2017, on provisional
basis, the net sales is reported at INR31.17 crore.
HBS CITY: CRISIL Lowers Rating on INR10.95MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of HBS City Private Limited (HBS) to 'CRISIL D' from
'CRISIL B/Stable'. The downgrade reflects significant delays in
servicing debt obligations in the recent past; the delays were due
to stretched liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term .05 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Term Loan 10.95 CRISIL D (Downgraded from
'CRISIL B/Stable')
The weak demand and cyclicality in industries has resulted in
stretch liquidity & hence delay in repayment of term loan.
Key Rating Drivers & Detailed Description
Weakness
* Risks and cyclicality inherent in Indian real estate industry:
The real estate sector in India is cyclical, and marked by
volatile prices, opaque transactions, and a highly fragmented
market structure because of the presence of a large number of
regional players.
Strengths
* Promoter's longstanding experience and funding support: HRPL has
been in real estate development since 2006. It is promoted by Mr.
Sandeep Shah, who has experience of over two decades in the real
estate industry. HRPL has developed many projects such as Phoenix
Market City in Bengaluru, Indian Oil Corporation Tanking
Engineering projects and Phoenix Market City in Mumbai, and a
pharmaceutical special economic zone (SEZ) at Panoli, often
through a joint venture with other entities. The promoter has
strategic partnerships with reputed companies such as Phoenix
Mills Ltd and Mody Group, and attracted financial investors such
as Infrastructure Leasing and Financial Services Ltd, Managing
Partners Capital Ltd, and Edelweiss for its projects. HBSCPL will
benefit from its promoter's extensive industry experience.
Incorporated in 2008, HBSCPL is a special-purpose vehicle set up
by HBS Realtors Pvt Ltd to develop a township project in Panoli,
Ankleshwar (Gujarat). It has presently undertaken construction of
phase-1 of project which is spread over 8 acres with about 680
saleable units.
HBSCPL reported negative profit after tax of INR9 lakhs on nil net
sales for fiscal 2016 and PAT of INR0.5 crore on nil net sales for
fiscal 2015.
HLM INDIA: CRISIL Reaffirms 'D' Rating on INR10.85MM LT Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with HLM India
Private Limited (HIPL) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 10.85 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 2.65 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HLM India Private Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for HLM India Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
D'.
The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of
over four decades.
HOTEL VAKRATUNDA: CRISIL Assigns B- Rating to INR6.25MM Loan
------------------------------------------------------------CRISIL
Ratings has assigned 'CRISIL B-/Stable' rating to the long-term
bank facility of Hotel Vakratunda - Naddi (HVN).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 6.25 CRISIL B-/Stable
The rating reflects the firm's weak financial risk profile because
of negative networth and muted debt protection metrics; and
initial stage of operations leading to low occupancy. These
weaknesses are partially offset by the location advantage of the
hotel and proprietor's experience and funding support.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Financial risk profile is weak
owing to negative networth of INR0.48 crore and debt of INR6.32
crore as on March 31, 2016. Further, debt protection metrics have
also remained muted.
* Initial stage of operations: The initial stage of operations'
commencing fully only in April 2017' and lack of popular branding
leads to low occupancy levels. With estimated turnover of INR0.86
crore as on March 31, 2017, the scale is small.
Strengths
* Extensive experience of proprietor: The proprietor's decade-long
experience, keen insight and market knowledge is expected to help
the scaling up of operations. Further, the property is located
close to McLeod Ganj (Himachal Pradesh), which provides location
advantage.
* Funding support from proprietor: Since operations are still in
the initial stages, continuation of timely infusion of funds by
proprietor'unsecured loans stood at INR 0.77 crore as on
March 31, 2017 will be critical.
Outlook: Stable
CRISIL believes HVN will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if higher occupancy and tariff lead to substantial cash
accrual. The outlook may be revised to 'Negative' if low occupancy
and tariff constrain cash accrual or if sizeable debt-funded
capital expenditure weakens financial risk profile.
A proprietorship firm of Ms Sucheta Thakur, HVN operates a hotel
at Naddi, Himachal Pradesh. Commercial operations began partially
in November 2015.
HVN booked loss of INR0.54 crore on net sales of INR0.11 crore in
fiscal 2016.
JAY CONSTRUCTION: CRISIL Ups Rating on INR8MM Term Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Jay Construction India (JCI) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable (Issuer Not Cooperating). CRISIL had, on
June 6, 2017, downgraded the rating to 'CRISIL B/Stable' and
assigned 'issuer not co-operating' as JCI had not provided the
requisite information. The firm has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 1.5 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
Term Loan 8 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating reflects risks and cyclicality inherent in the Indian
real estate industry and susceptibility to demand and
implementation risk. These rating weaknesses are partially offset
by extensive experience of the firm's partners in the real estate
sector.
Key Rating Drivers & Detailed Description
Weakness
* Risks and cyclicality inherent in the Indian real estate
industry: The real estate sector in Mumbai is cyclical and has
sharp movements in prices. The execution of real estate projects
in Mumbai is affected by multiple property laws and government
regulations.
* Susceptibility to demand and implementation risk: JCI has
constructed two high-rise buildings of stilt plus 12 storey with a
total built-up area of 58,385 square feet, in Chembur. The firm is
susceptible to inherent risks related to demand and implementation
risk for the project.
Strength
* Partners extensive experience in the real estate sector:
JCI was established in 2001 by its partners Mr. Jayesh Mistry and
Mr. Manish Mistry. Mr. Jayesh Mistry is a Civil Engineer with 25
years' experience while Mr. Manish Mistry is an architect with 23
years' experience.
Outlook: Stable
CRISIL believes JCI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of timely completion and good
saleability of the project. Conversely, the outlook may be revised
to 'Negative' in case of delays in project implementation, a
significant cost overrun which would significantly weaken the
firm's financial risk profile, a slowdown in demand, or a change
in government policies that could impact the real estate sector.
JCI undertakes real estate projects in Mumbai, Bengaluru, Delhi,
and Pune. The firm was registered in 2001 and is managed by Mr.
Jayesh Mistry and Mr. Manish Mistry.
Profit after tax (PAT) was INR1.45 lakhs on net sales of INR13.62
crore in fiscal 2016, against PAT of INR17.61 lakhs on net sales
of INR0.0 crore in fiscal 2015.
JEYA SATHYA: CRISIL Reaffirms 'B' Rating on INR14MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Jeya Sathya Agro Food Products Private Limited (JSA) at 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 14 CRISIL B/Stable (Reaffirmed)
Term Loan 6 CRISIL B/Stable (Reaffirmed)
CRISIL had upgraded its ratings on the bank facilities of JSA to
'CRISIL B/Stable' from 'CRISIL B-/Stable' on February 23, 2017.
The rating upgrade reflects improvement in the business risk
profile following successful stabilisation of operations in
January 2016. Revenue is expected at around INR60 crore in fiscal
2017, higher than CRISIL's earlier expectation .The better-than-
expected operating performance is expected to result in cash
accrual of INR1.1-1.2 crore, against maturing obligations of
around INR0.84 crore, per fiscal over the medium term.
Key Rating Drivers & Detailed Description
Weakness
* Modest financial risk profile: The capital structure is highly
leveraged and debt protection metrics are modest. The total
outside liabilities to tangible networth ratio is expected to be
over 2.5 times as on March 31, 2017. The interest coverage ratio
is likely to be modest at less than 1.5 times for fiscal 2017.
* Susceptibility to changes in government regulations and
volatility in raw material price: The domestic rice industry is
highly regulated in terms of paddy prices, export/import policy,
and rice release mechanism, which affects the credit quality of
players in the industry. The minimum support price of paddy and
prevailing rice prices are two important factors that determine a
rice mill's profitability. CRISIL believes that the profitability
of millers, such as JSA, will remain susceptible to volatility in
raw material prices and to any changes in government regulations.
Strengths
* Extensive experience of the promoters in the agricultural
commodities industry: The promoters, Mr. Kasinathan Manickavasagan
and his family members, Mr. Chidambaram Raju, Mrs Ramaiah Sathya,
and Mrs Muthukannan Jaya, have an experience of 10-15 years in the
industry. Mr. Manickavasagan has an interest in this industry
through his food agency. The experience helps procure paddy from
local farmers and traders at competitive prices, and is expected
to ensure regular supply of paddy.
Outlook: Stable
CRISIL believes JSA will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in the financial risk
profile, particularly capital structure , driven by higher-than-
expected revenue or operating profitability. The outlook may be
revised to 'Negative' in case of a decline in revenue or operating
profitability, or higher-than-expected debt-funded capital
expenditure, resulting in weakening of the financial risk profile.
JSA was incorporated in 2013. The company operates a rice mill
with a capacity of 8 tonne per hour in Kallur, Tamil Nadu. It
commenced commercial operations in January 2016
K.K. DUPLEX: CRISIL Assigns B+ Rating to INR7.50MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of K.K. Duplex and Paper Mills
Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Letter of
Credit .25 CRISIL B+/Stable
Long Term Loan 7.50 CRISIL B+/Stable
Bank Guarantee .25 CRISIL A4
Cash Credit 3.00 CRISIL B+/Stable
The ratings reflect modest scale of operations and susceptibility
to slowdown in end-user industries, and large working capital
requirement, with high gross current asset days. These weaknesses
are partially offset by long and established track record in the
industrial paper segment leading to the established customer
relationship.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and susceptibility to slowdown in
end-user industries: Relatively small scale in the fragmented
industrial paper segment limits KKDPL's pricing power and makes it
susceptible to changes in raw material prices.
* Large working capital requirement: Working capital requirement
remains large as indicated by high gross current assets remaining
at 190 days as on March 31, 2017. Large working capital
requirement could stretch liquidity over the medium term.
Strength
* Long and established track record in the industrial paper
segment: Established track record of over 20 years in the
industrial paper segment has led to strong customer relationships.
Outlook: Stable
CRISIL believes KKDPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if more-than-expected growth in operating
income and profitability, along with efficient working capital
management, leads to better liquidity. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in liquidity due
to stretched working capital cycle or inability to generate
sufficient net cash accrual to meet debt obligation.
Established in 1995 as a private limited company, KKDPL
manufactures kraft paper and duplex boards. It undertakes
production through waste paper procured from the domestic market.
The company, based in Muzzafarnagar, Uttar Pradesh, is promoted by
Mr. Bharat Agarwal and Mr. Sunil Agarwal.
Net profit was INR0.29 crore on net sales of INR29.65 crore for
fiscal 2016, against net loss of INR0.12 crore on net sales of
INR13.91 crore in fiscal 2015.
K.S. SELECTIONS: CRISIL Reaffirms 'B' Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of K. S. Selections Pvt. Ltd. (KSSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1 CRISIL B/Stable (Reaffirmed)
CRISIL believes the company's business and financial risk profiles
will remain stable over the medium term. Turnover declined 8% to
INR28 crore in fiscal 2017 because of weak demand in the third and
fourth quarters of the fiscal. However, sales are expected to
stabilise in fiscal 2018 on the back of recovery in demand.
Operating margin was in line with expectation, at 4.0% in fiscal
2017, and is expected at a similar level over the medium term.
Operations remain working capital intensive, with gross current
assets at 235 days as of March 31, 2017, because of substantial
inventory and extensive credit offered to customers. As a result,
financial risk profile is weak, with high total outside
liabilities to adjusted networth (TOLANW) ratio and weak interest
coverage ratio. Liquidity is adequate in the absence of major term
debt obligation. Bank limit utilisation, however, is high, and
averaged 88% in fiscal 2017.
Analytical Approach
Unsecured loans from promoters and related entities have been
treated as neither debt nor equity as these are subordinate to
external borrowing and carry interest an interest rate lower than
the bank rate.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Financial risk profile is
constrained by estimated small networth of INR2.4 crore and high
TOLANW ratio of over 6 times as on March 31, 2017, and weak
interest coverage ratio of 1.6 times in fiscal 2017.
* Small scale of operations: The small scale is reflected in
estimated turnover of INR28 crore and internal accrual of INR33
lakh in fiscal 2017.
Strengths
* Promoters' extensive experience: The promoters' experience of 15
years in the branded garments distribution industry has helped
KSSPL establish and maintain relationships with key principals and
customers.
Outlook: Stable
CRISIL believes KSSPL will continue to benefit from its
established relationships with key principals and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company scales up operations, and improves its
capital structure. The outlook may be revised to 'Negative' if
revenue and profitability decline, or if working capital cycle
lengthens, or if the company undertakes large, debt-funded capital
expenditure.
Established in 2011, KSSPL is a distributor of menswear and
women's wear, kids wear, sportswear, leisure wear, and inner and
thermal wear. The company is promoted by Mr. Surender Chawla and
his family members. KSSPL operates through its warehouse in New
Delhi.
KSSPL had a profit after tax (PAT) of INR18 lakh on revenues of
INR30 crore for fiscal 2016, against a PAT of INR20 lakh on
revenues of INR26.0 crore for fiscal 2015. On provisional basis,
the company has reported revenues of INR28 crores for fiscal 2017.
LAKSHMI COTFAB: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lakshmi
Cotfab Private Limited (LCPL) for obtaining information through
letters and emails dated January 23, 2017, and February 13, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 2.25 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lakshmi Cotfab Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Lakshmi Cotfab Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.
Lakshmi Cotfab Pvt Ltd (LCPL) was established as a limited company
in 2013. The operation of the company is managed by Mr. Vishal
Lotia and Mr. Nimish Lotia. The promoters are having more than
decade experience in cotton ginning and had been previously
engaged operating to other company. LCPL carries out cotton
ginning operations at its production facility located at Rajkot,
Gujarat.
MANJUSHREE INNOVATIONS: CRISIL Reaffirms B+ Rating on INR38M Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Manjushree Innovations Pvt Ltd (MIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 38.0 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's exposure to risks
related to stabilisation of operations since at nascent stage, and
modest financial risk profile because of expected small networth
and large debt raised to fund project. These weaknesses are
partially offset by the extensive experience of its promoters in
the flexible packaging business.
Key Rating Drivers & Detailed Description
Weakness
* Nascent stage of operations: Since operations began from March
29, 2017, ramp up in sales will be monitored closely.
* Expected modest financial risk profile: Aggressive funding mix
and expected modest networth and cash accrual for fiscal 2018 are
likely to lead to a weak financial risk profile. Nonetheless,
funding from promoters will partly support financial risk profile.
Strengths
* Extensive experience of promoters: Presence of almost two
decades in the flexible packaging business through group entities
has enabled the promoters to establish healthy relationship with
clientele comprising large corporates and medium and small
players.
Outlook: Stable
CRISIL believes the extensive experience of MIPL's promoters will
help stabilise operations in a timely manner. The outlook may be
revised to 'Positive' in case of timely ramp up in operations and
sufficient cash accrual. The outlook may be revised to 'Negative'
if lower-than-expected capacity utilisation or significantly
stretched working capital cycle further weakens financial risk
profile, particularly liquidity.
Incorporated in May 2011 and promoted by Guwahati-based Mr.
Shekhar Agarwal, Mr. Ranjit Agarwal, Mr. Puneet Agarwal, and Mr.
Dinesh More, MIPL manufactures flexible packaging material such as
multilayer films and laminate rolls/pouches. Unit commenced
operations from March 29, 2017.
MAYAR INDIA: CRISIL Cuts Rating on INR5MM Term Loan to B-
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Mayar India Limited (MIL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 5 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
The downgrade reflects deterioration in the business risk profile
of the company led by significant decline in the operating income.
The operating income declined to INR8.1 crore in fiscal 2016 from
previous year's INR28.0 crore. The operating income is estimated
to further decline to INR1.72 crore in fiscal 2017. The decline
was due to transfer of the business operations to other group
company, hence the operating scale of the company is expected to
remain subdued in range of INR1.5-2.0 crore over the medium term.
The rating continues to reflect MIL's weak financial risk profile
because of high TOLTNW and average debt protection metrics, and
small scale of operations. These weaknesses are partially offset
by the extensive experience of promoters backed by diversified
business interest.
Analytical Approach
CRISIL has changed its analytical approach for arriving at the
rating, and has considered MIL's standalone business and financial
risk profiles. CRISIL had earlier combined the business and
financial risk profiles of MIL with its subsidiaries, Adoniss Ltd,
Mayar Infrastructure Development Private Limited (MIDPL), Mayar
Health Resorts Pvt Ltd (MHRPL) and Trinity Buildcon India Pvt Ltd
(TBIPL). The change in approach is because of lack of information
and change in stance of management.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: The financial risk profile is weak
as reflected in estimated high TOLTNW of more than 3.5 times and
average debt protection metrics with interest cover of 2.8 times
and net cash accruals to total debt ratio of 0.01 times as on
March 31, 2017.
* Small scale of operations: With estimated turnover of INR1.72
crore in fiscal 2017, the scale remains small.
Strengths
* Extensive experience of promoters: The company benefits from its
promoters' experience of more than four decades in diversified
business segments through group companies and sound understanding
of the business.
Outlook: Stable
CRISIL believes the MIL will continue to benefit over the medium
term from its promoters experience in diversified businesses. The
outlook may be revised to 'Positive' if significant improvement in
the sales and profitability lead more than expected net cash
accruals improving the business risk profile. Conversely, the
outlook may be revised to 'Negative' if working capital
requirement is substantially large, thereby weakening liquidity
and any large debt funded capex plan weakens financial risk
profile of the company.
MIL is the holding company of the Mayar group, which was formed in
1948 by the late Mr. Amar Nath Sud by establishing a trading firm
in Delhi. His son, Mr. Ajit Kumar Sud, joined the business later
and expanded operations to publication, timber, commodities,
hospitality, infrastructure development, and personal care
products across India, Myanmar, Malaysia, Hong Kong, Ecuador, and
Ukraine. Currently the business is looked into by Mr. Sud, his two
sons and professional management.
MIL reported net loss of INR2.71 crore on operating income of
INR8.08 crore for 2015-16 (refers to financial year, April 1 to
March 31) as against net loss of INR4.40 crore on operating income
of INR31.05 crore for 2014-15.
REXTRON CERAMICS: CRISIL Assigns B+ Rating to INR5.8MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable/CRISIL A4' ratings
to the bank facilities of Rextron Ceramics Private Limited (RCPL).
The ratings reflect a modest scale, and working capital-intensive
nature, of operations, exposure to intense competition, and an
average financial risk profile because of a small networth. These
weaknesses are partially offset by the established track record of
the promoters in the ceramics industry, their fund support, and
the favourable location of the plant ensuring availability of raw
materials and labour.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5.8 CRISIL B+/Stable
Bank Guarantee 1.2 CRISIL A4
Cash Credit 2.75 CRISIL B+/Stable
Analytical Approach
Unsecured loans of INR2.82 crore as on March 31. 2017, have been
treated as neither debt nor equity. That's because the loans are
interest free, subordinated to bank debt, and will be maintained
in the firm for over five years.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition: The digital
wall tiles industry is highly competitive on account of the
presence of multiple small and large players. Against this, the
company's scale of operations has remained modest with present
capacity of 21.6 lakh boxes per annum and estimated revenue of
INR19.35 crore for fiscal 2017.
* Working capital-intensive operations: Gross current assets are
estimated at over 182 days, driven by moderate inventory of 30- 60
days and high debtors of 90-20 days, as on March 31, 2017.
* Average financial risk profile:
The financial risk profile is average due to large incremental
working capital requirement and a modest networth of INR3.24 crore
as on March 31, 2017. Cash accrual is low, estimated at INR1.30
crore for fiscal 2017. However, funding support from the promoters
supports the financial risk profile.
Strengths
* Established industry track record of the promoters: The
promoters have an experience of around 10 years in the ceramics
industry; this helped to establish a strong relationship with
suppliers and customers. Products are marketed through a network
of 125-150 dealers across India. The experience has enabled a ramp
up in operations over the past two fiscals.
* Funding support from the promoters: The promoters extended
unsecured loans of INR2.82 crore as of March 31, 2017. Such
support remains critical for managing business operations.
* Favourable location of the plant: The manufacturing facility is
in Morbi, Gujarat, which accounts for around 80% of India's
ceramic tile production. Benefits from being present in this
region include easy access to clay (main raw material),
availability of contractors and skilled labourers, a strong
customer base, and community support.
Outlook: Stable
CRISIL believes RCPL will continue to benefit from the extensive
industry experience of its promoters and their fund support. The
outlook may be revised to 'Positive' in case of an increase in the
scale of operations while the operating margin is maintained,
leading to substantial cash accrual. The outlook may be revised to
'Negative' in case of limited cash accrual because of low order
flow or profitability, or weakening of the financial risk profile,
particularly liquidity, because of substantial working capital
requirement or debt-funded capital expenditure.
RCPL was incorporated in 2013, promoted by Mr. Bhavesh Jetpariya
and his family members. The company manufactures digital wall
tiles with a capacity of 14,000 tonne per annum. Based in Morbi,
it started operations in April, 2015.
Profit after tax (PAT) and net sales are estimated at INR28 lakh
and INR19.35 crore, respectively, for fiscal 2017; PAT and net
sales were INR4 lakh and INR17.34 crore, respectively, in fiscal
2016.
SHIBU MATHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Shibu Mathew (SM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/
Overdraft facility 5 CRISIL B+/Stable
The rating reflects the firm's modest scale of operations with
exposure to risks related to tender-based business and exposure to
intense competition in the civil construction segment. These
weaknesses are partially offset by the extensive experience of its
proprietor in the civil construction industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to risk related to
tender-based business: With revenue of about INR22 crore,
estimated for fiscal 2017, scale remains small. This restricts
ability to bid for large projects. Turnover is also susceptible to
the quantum of tenders floated and the firm's ability to bid
successfully.
* Susceptibility to intense competition in civil construction
segment: Because of low entry barriers to the civil construction
industry, the firm faces competition from many local and small
unorganised players.
Strengths
* Extensive experience of the proprietor in the civil construction
industry: The proprietor, Mr. Shibu Mathews, has been in the
construction industry for over 20 years and has gradually built a
strong network with several government departments in Kerala.
Outlook: Stable
CRISIL believes SM will continue to benefit from its proprietor's
extensive experience in the civil construction segment. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if working
capital management weakens, constraining liquidity, or if the firm
undertakes large, debt-funded capital expenditure, impacting its
capital structure.
SM was established as a proprietary firm by Mr. Shibu Mathew and
undertakes civil construction works in Kerala.
For fiscal 2016, net profit was INR0.41 crore on a net sales of
INR7.49 crore, against INR0.18 crore and INR2.42 crore,
respectively, for fiscal 2015. For fiscal 2017, on provisional
basis, the net sales is reported at INR22 crore.
SHREE RAJA: CRISIL Raises Rating on INR8MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Shree Raja Ram Prints Private Limited (SRPPL) to
'CRISIL B/Stable' from 'CRISIL B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B/Stable (Upgraded
From 'CRISIL B-/Stable')
Proposed Long Term 3.5 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
Term Loan 3.5 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The upgrade reflects improvement in the company's operating
performance backed by demonstrated ramp-up in sales post
commencing own dyeing and printing facility with improved and
moderate operating profitability. The financial risk profile has
also improved with better gearing primarily supported by
promoters' capital infusion leading to increased networth.
Revenue increased to INR35.4 crore in fiscal 2017 from INR29.53
crore in fiscal 2016 and INR19.62 crore in fiscal 2015; operating
margin is over 8% for fiscals 2016 and 2017. Revenue growth was
backed by successful commissioning and ramp-up of sales post
commencing own dyeing and printing facility. The financial risk
profile also improved due to capital infusion of INR3.25 crore by
promoters during fiscal 2016 and gradual repayment of term loans.
Its estimated networth and gearing is at INR4.61 crore and 2.42
times, respectively, as on March 31, 2017. Liquidity remains
moderate because of sufficient cash accrual and continued
unsecured loan support from promoters; however, bank limit
utilisation averaged at 95% over the 12 months through March 2017,
on the back of working capital-intensive operations.
The rating continues to reflect SRPPL's average financial risk
profile because of a small networth, average debt protection
metrics, improving, though modest scale, and working capital-
intensive operations in the highly fragmented and competitive
textile processing industry. These weaknesses are partially offset
by promoters' extensive experience, funding support, and
established relations with customers.
Analytical Approach
For arriving at the rating, CRISIL has treated as neither debt nor
equity, unsecured loans of INR3.65 crore received from directors,
family members, and friends as on March 31, 2016. That is because
the loans are expected to remain in the business over the medium
term.
Key Rating Drivers & Detailed Description
Weakness
* Improving yet modest scale of operations in the fragmented and
competitive textile processing industry: With revenue of INR35.4
crore in fiscal 2017 vis-a-vis INR29.53 crore in fiscal 2016,
scale, though improving, remains modest, in the intensely
competitive textile processing industry that has low entry
barriers and several small and large players.
* Working capital-intensive operations: Operations will remain
working capital intensive, as reflected in estimated gross current
assets of 223 days as on March 31, 2017, mainly because of large
receivables and inventory. Working capital requirement is partly
supported by credit from suppliers.
* Average financial risk profile: Despite improvement in the
financial risk profile, with capital infusion of INR3.25 crore
during fiscal 2016, it has remained average on the back of
estimated small networth of INR4.61 crore and average gearing of
2.42 times as on March 31, 2017 and average debt protection metric
reflected in interest coverage of 1.6 times in 2017.
Strengths
* Promoters' extensive experience in the textile industry, leading
to established relationships with customers: The promoters, Mr.
Suresh Chand Gupta and his family, given their experience of over
three decades have gained understanding of market opportunities
and dynamics. Their experience has helped establish healthy
relationships with customers, resulting in consistent demand for
its products. The promoters have also been continuously supporting
company's fund requirements by extending unsecured loans and fresh
capital.
Outlook: Stable
CRISIL believes SRPPL will continue to benefit from its promoters'
extensive experience, funding support, and established relations
with customers. The outlook may be revised to 'Positive' if
revenue and profitability improve, leading to higher-than-expected
cash accrual, and subsequent strengthening of financial metrics.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or further stretch in working
capital cycle, or any large, debt-funded capital expenditure
weakening the financial risk profile especially liquidity.
Incorporated in 2004, SRPPL, promoted by Mr. Suresh Chand Gupta
initially traded in all types of fabrics. In June 2015, it set up
a plant for dyeing and printing cotton and other wider width
fabrics in Pali (Rajasthan). The plant has an installed capacity
of around 120,000 meter per day.
Operating income was INR29.53 crore and net loss of INR0.51 crore
for fiscal 2016, against operating income of INR19.62 crore and
net profit of INR0.04 crore for fiscal 2015.
SONY MATHEW: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Sony Mathew (SM). The rating reflects
the firm's modest scale of operations with exposure to risks
related to tender-based business and exposure to intense
competition in the civil construction segment. These weaknesses
are partially offset by the extensive experience of its proprietor
in the civil construction industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to risk related to
tender-based business: With revenue of about INR27.5 crore,
estimated for fiscal 2017, scale remains small. This restricts
ability to bid for large projects. Turnover is also susceptible to
the quantum of tenders floated and the firm's ability to bid
successfully.
* Susceptibility to intense competition in civil construction
segment: Because of low entry barriers to the civil construction
industry, the firm faces competition from many local and small
unorganised players.
Strength
* Extensive experience of the proprietor in the civil construction
industry: The proprietor, Mr. Sony Mathew, has been in the
construction industry for over 20 years and has gradually built a
strong network with several government departments in Kerala.
Outlook: Stable
CRISIL believes SM will continue to benefit from its proprietor's
extensive experience in the civil construction segment. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if working
capital management weakens, constraining liquidity, or if the firm
undertakes large, debt-funded capital expenditure, impacting its
capital structure.
SM was established as a proprietary firm by Mr. Sony Mathew and
undertakes civil construction works in Kerala.
For fiscal 2016, net profit was INR2.19 crore on a net sales of
INR46.73 crore, against INR0.29 crore and INR4.96 crore,
respectively, for fiscal 2015. For fiscal 2017, on provisional
basis, the net sales is reported at INR27.5 crore.
SRIGANESH ENGINEERING: CRISIL Assigns B+ Rating to INR2MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Sriganesh Engineering Works
(SGEW).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 1 CRISIL B+/Stable
Proposed Bank
Guarantee 3.5 CRISIL A4
Bank Guarantee 13.5 CRISIL A4
Overdraft 2 CRISIL B+/Stable
The ratings reflect the firm's modest scale of operations in the
fragmented civil construction industry, exposure to risks inherent
in its tender-driven business, and subdued financial risk profile
because of small networth. These weaknesses are partially offset
by the extensive experience of its promoters in the civil
construction industry, and its moderate order book providing
revenue visibility over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in a fragmented industry, and
exposure to risks inherent in tender-driven business: SGEW's
small scale is indicated by revenue of around INR15 crore for
fiscal 2017. The firm has moderate order book of around INR30
crore as of June 2017, to be executed in 18 months. The scale of
operations has remained small because of intense competition in
the fragmented civil construction industry, restricting revenue
growth of players.
* Below-average financial risk profile: The firm's networth is
small, estimated at INR5.1 crore as on March 31, 2017 and has
remained modest, despite its promoters' extensive experience,
because of low revenue leading to limited accretion to reserves.
The networth is likely to increase in the long run because of
improving profitability, but will remain small. Debt protection
metrics are moderate with interest coverage ratio at 1.82 times in
fiscal 2017. The financial risk profile is also constrained by
modest liquidity because of high bank limit utilisation.
* Large working capital requirement: The firm has large working
capital requirement because of substantial receivables and
inventory in the construction business. Its gross current assets
are estimated at 411 days as on March 31, 2017.
Strength
* Extensive industry experience of the promoters: SGEW's key
promoter, Mr. Ankaiah, has experience of more than three decades
in the industry. Before setting up the firm, he worked in civil
construction companies for 18 years. His experience has enabled
the firm to win local government tenders. Under his leadership,
the firm has established relationships with its suppliers and
customers, and undertaken sub-contracting works.
Outlook: Stable
CRISIL believes SGEW will continue to benefit from its promoters'
extensive experience in the civil construction industry. The
outlook may be revised to 'Positive' if the firm significantly
ramps up operations, while maintaining profitability and capital
structure. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because of
larger-than-expected working capital requirement or decline in
cash accrual, or large, debt funded capital expenditure.
SGEW, a partnership firm established in 2000 by Mr. N Ankaiah and
his family, is engaged in civil construction.
Profit after tax (PAT), on a provisional basis, was INR0.81 crore
on an operating income of INR15.16 crore in fiscal 2017, against a
PAT of INR0.24 crore on operating income of INR9.28 crore, in
fiscal 2016.
SUDEEP EXIM: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned rating of 'CRISIL B+/Stable' on the
long-term bank facilities of Sudeep Exim Private Limited (SEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6.5 CRISIL B+/Stable
Channel Financing 3 CRISIL B+/Stable
The rating continues to reflect a modest scale of operations and
exposure to intense competition. Revenue, estimated at INR91 crore
in fiscal 2017, is expected to grow in the range of 10-15% over
the medium term backed by the promoter's extensive experience and
increase in the demand.
Liquidity is supported by minimal term debt obligation, unsecured
loans (o/s of INR3.48 cr as on March 31, 2017) and efficient
working capital management as reflected in estimated gross current
assets of 86 days as on March 31, 2017.
Key Rating Drivers & Detailed Description
Weakness
* Low profitability due to limited value addition: The operating
profitability margin remained low at around 1.42% in fiscal 2017
on account of limited value addition and exposure to intense
competition in the fragmented and competitive steel industry. The
margin is likely to remain low at 1-1.5% over the medium term.
* Below-average financial risk profile: The networth was modest
estimated at around INR1.96 crore, and high total outside
liabilities to tangible networth ratio estimated at around 10.61
times, as on March 31, 2017. The ratio is expected to remain at
11-12 times over the medium term, due to considerable reliance on
external debt despite absence of any debt-funded capital
expenditure plan. Debt protection metrics were moderate with
interest coverage and net cash accrual to adjusted debt ratios
were estimated at around 1.25 times and 0.02 time, respectively,
in fiscal 2017, and are likely to be in the range of 1.2-1.25
times and 0.01-0.02 time, respectively, over the medium term.
Strengths
* Extensive experience of partners in steel trading industry:
SEPL was set up in 2006 by its promoters Mr. Sushil Kanodia and
Mr. Deepak Kanodia. The partners have an extensive experience of
around 50 years in the steel trading business. SIC is an
authorized distributor of flat steel products for Jindal Steel
Limited (JSL). It operates in Haryana, Delhi, Uttar Pradesh and
Punjab to cater to JSL's customers in Haryana. The extensive
experience of partners has helped the firm establish a diversified
customer base of about 100 customers. CRISIL believes that SEPL
will continue to benefit from its partners' extensive experience
and established relationship over the medium term.
* Long association with principal supplier, JSL: SEPL is an
authorized distributor of flat steel products for JSL. Further,
the promoters have been associated with JSL for more than 30
years. It mainly operates in Haryana and Delhi to cater to JSL's
customers. The long association with JSL helped the firm to
maintain a strong and established relationship with their
customers.
Outlook: Stable
CRISIL believes that SEPL will continue to benefit over the medium
term from its partners' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the firm
generates more-than-expected cash accruals most likely due to
significant improvement in its scale of operations, while
maintaining profitability and capital structure, thereby leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SEPL's financial risk
profile weakens because of lengthening of its working capital
cycle or if the firm registers a decline in its profitability or
revenues resulting in lower-than-expected cash accruals, leading
to a stretch in its liquidity.
SEPL is promoted by Mr. Sushil Kanodia and Mr. Deepak Kanodia.
Company was incorporated in 2006. It is an authorized distributor
for JSW Steel Ltd. Company is engaged in the distributorship of
Mild Steel Flat & Long Products, CR Sheets, CRCA Sheets, CRCA
Coils and Cold Rolled Coils.
Estimated book profit and net sales were INR0.06 crore and
INR92.65 crore, respectively, in fiscal 2017, against a book
profit of INR0.05 crore on net sales of INR19.714 crore in fiscal
2016.
TDI INFRATECH: CRISIL Reaffirms B- Rating on INR169.7MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of TDI Infratech Limited (TDI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4 (Reaffirmed)
Cash Credit 20.3 CRISIL B-/Stable (Reaffirmed)
Term Loan 169.7 CRISIL B-/Stable (Reaffirmed)
The ratings continue to reflect TDI's weak financial risk profile,
especially liquidity, due to large debt contracted to fund
projects, slow realisation of receivables, large funding for
upcoming projects, and vulnerability to inherent risks and
cyclicality in the Indian real estate sector. These weaknesses are
partially offset by its promoters' extensive industry experience
and their funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile, especially liquidity: TDI has weak
liquidity due to delayed payments by customers. The company has
two township projects at Mohali (TDI City I and TDI City II) in
Punjab, and one in Panipat, Haryana. As on March 31, 2017, the
company had receivables of INR132 crore in TDI City I, INR661
crore in TDI City II, and INR874 crore in the Panipat project.
Large cost of new projects will keep liquidity constrained, and
timely inflow of customer advances will remain a rating
sensitivity factor.
* Susceptibility to inherent risks and cyclicality in the real
estate sector: The real estate industry is subject to multiple
property laws and government regulations, which affect project
tenure and constrain players' scale of operations.
Strengths
* Extensive industry experience of the promoters and their funding
support: TDI is part of the TDI group, which was established in
1975. Its promoters have been in the construction and development
business for more than four decades, and have knowledge of the
real estate market in northern India. The promoters have supported
the company by infusing funds when required. The networth as on
March 31, 2017 was at INR183 crore.
Outlook: Stable
CRISIL believes TDI will continue to benefit from its promoters'
extensive industry experience and funding support. The outlook may
be revised to 'Positive' if sizeable customer advances lead to
better cash inflow, or significant fund infusion eases pressure on
liquidity. The outlook may be revised to 'Negative' if liquidity
deteriorates because of low or delayed customer advances, or
simultaneous and aggressive launch of new projects.
Incorporated in 1999 and promoted by members of the Taneja family,
TDI undertakes real estate development in Punjab and Haryana. The
company is developing two townships in Mohali and one in Panipat,
and is likely to launch a new project in Sonipat, Haryana.
Net profit is estimated at INR6.17 crore on net sales of INR207.65
crore in fiscal 2017, against a net profit of INR4.26 crore on net
sales of INR207.14 crore in fiscal 2016.
TRINITY BUILDCON: CRISIL Reaffirms B Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Trinity Buildcon (India) Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 6.85 CRISIL B/Stable (Reaffirmed)
Term Loan 50.00 CRISIL B/Stable (Reaffirmed)
The rating reflects exposure to project-related risks,
susceptibility to cyclicality in the Indian real estate industry,
and constrained financial flexibility owing to implementation
stage of the ongoing project. These weaknesses are partially
offset by a strong promoter and an experienced management.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to project-related risks: The ongoing project is
expected to be completed by December 2018. During the
implementation stage, the company remains dependent on timely
receipt of customer advances and funding to complete the project
on time.
* Susceptibility to cyclicality in the Indian real estate
industry: The real estate sector in India is cyclical and marked
by volatile prices, opaque transactions, and fragmentation. The
execution of real estate projects and profitability of players in
the segment are vulnerable to multiple property laws, large
inventory, demonetisation, attractive prices offered by builders,
and regulatory changes.
Strength
* Extensive industry experience of the promoters: The promoters
have an experience of more than four decades in diversified
business segments through group companies and a sound
understanding of the real estate business.
Outlook: Stable
CRISIL believes TBPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant progress in bookings and flow
of advances for the current project. The outlook may be revised to
'Negative' in case of larger-than-expected debt funding of the
project or lower-than-anticipated consumer interest in it.
TBPL is part of the Mayar group, which was formed in 1948. The
company is currently developing independent villas at Haiely Road,
New Delhi.
Net loss was INR2.8 crore on sales of INR69.74 crore for fiscal
2016, against INR0.01 crore and INR38.25 crore, respectively, for
fiscal 2015. Operating income is estimated at INR208 crore for
fiscal 2017.
UNICHEM TRADING: CRISIL Reaffirms 'D' Rating on INR17MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term bank facilities of Unichem Trading Company (UTC). The rating
continues to reflect the firm's delays in debt servicing, due to
cash flow mismatch.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 17 CRISIL D (Reaffirmed)
Proposed Term Loan 3 CRISIL D (Reaffirmed)
The firm faces high customer concentration risk. However, it
benefits from stable cash flow from lease rental, and strategic
location of its commercial property.
Key Rating Drivers & Detailed Description
* Delays in servicing term loan: Liquidity was impacted by cash
flow mismatch, leading to delays in meeting term debt obligation
in the months of March 2017 and April 2017. The firm's current
account does not have escrow restrictions, allowing UTC to
withdraw money from the account and repay it later.
Weakness
* Exposure to customer concentration risk: UTC derives its entire
revenue from Schneider Electric India Pvt Ltd (SEIPL). Any delay
in receipt of lease rentals, or SEIPL's termination of the rental
agreement due to any unforeseen circumstance, will impact the
firm's debt servicing ability.
Strengths
* Stable cash flow and strategic location of the commercial
property
UTC benefits from stable cash flow through lease rental for its
commercial property. Its entire lease rental income is from SEIPL,
a 100% subsidiary of Schneider Electric SA, a France-based
multinational corporation that specialises in electricity
distribution, automation management, and production of
installation components for energy management. Furthermore, UTC's
commercial property is strategically located in Poonamalle, the
industrial hub of Chennai.
UTC, set up in 1992, derives most of its revenue from lease
rental. The firm has leasable space of 1.9 lakh square feet in a
prime location in Chennai. It also trades in industrial chemicals
and spices.
UTC booked Net profit of INR2.81 crores on rental income of
INR5.14 crores in fiscal 2016 against INR2.19 crores on rental
income of 4.60 crores in fiscal 2015.
VERITAAS GRANITO: CRISIL Assigns B+ Rating to INR19MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Veritaas Granito LLP (VGL). The
rating reflects the firm's start-up phase and expected modest
scale of operations in the intensely competitive ceramic tiles
industry, and expected large working capital requirement. These
weaknesses are partially offset by the extensive experience of
promoters and favourable location in Morbi.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 19 CRISIL B+/Stable
Bank Guarantee 3 CRISIL A4
Cash Credit 7.5 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks involved in timely project implementation and
stabilisation: Manufacturing of glazed vitrified tiles (GVT) is
expected to commence from September 2017. Timely implementation,
stabilisation and commensurate ramp-up in sales during the initial
phase of operations project will remain critical, and hence, be
monitored closely.
* Average financial risk profile: Debt-funded capital expenditure
and high gearing (expected at 2 times) may constrain the financial
risk profile over the medium term.
Strengths
* Experience of promoters: Benefits from the decade-long
experience of promoters should continue to support the business
risk profile during the initial phase of operations.
* Promoters' fund support and favourable repayment structure:
Equity and unsecured loans extended by promoters, and the
ballooning repayment structure for the long-term loan are likely
to support liquidity during the initial years of operations.
* Strategic plant location: The manufacturing facility is at
Morbi, Gujarat, which is the tile manufacturing cluster, thereby
ensuring easy availability of raw materials and labour.
Outlook: Stable
CRISIL believes VGL will benefit from the experience and funding
support from promoters along with strategic location of plant. The
outlook may be revised to 'Positive' if timely implementation and
stabilisation of project leads to anticipated revenue,
profitability and cash accrual during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
if delay in implementation or stabilisation of project, leading to
low revenue, cash accrual or stretch in working capital cycle
weakens financial risk profile, especially liquidity.
VGL, established in 2016, is setting up a plant to manufacture GVT
at Morbi. The firm is expected to commence operations in September
2017, with installed capacity of 60,500 million tonne per annum of
vitrified tiles. VGL will manufactures vitrified tiles of size 800
X 800 millimetre (mm) and 800 X 1200 mm. The firm presents itself
as brand Veritaas with network of over 100 dealers across India.
VISHAL CONSTRUCTION: CRISIL Ups Rating on INR3.55MM Loan to B-
--------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Vishal Construction (VC) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.45 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 3.00 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 3.55 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
The upgrade reflects the regularization of its working capital
limit over the past four month period through May 2017 on account
of improved debtor realization.
The rating continues to reflect its below-average financial risk
profile marked by modest networth and modest scale of operations.
These weaknesses are partially offset by the extensive experience
of promoters in the civil construction industry.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The networth is estimated
to be modest at INR3.8 crore and the gearing low at 0.89 times, as
on March 31, 2017.
* Modest scale of operations: Firm has modest scale of operations
marked by estimated revenues of around INR 18.33 crores in fiscal
2017 against INR16.6 crore in fiscal 2016.
Strength
* Extensive experience of promoters: Firm is promoted by Mr. Vikas
Kakad, a first generation entrepreneur, is a civil engineer by
qualification. Mr. Vikas Kakad has been in this industry for
around 2 decades. CRISIL believes that the business risk profile
would continue to benefit over the medium term on account of the
promoter's extensive experience in the industry.
Outlook: Stable
CRISIL believes that VC will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's scale of operations
and profitability resulting in higher-than-expected cash accruals.
The outlook may be revised to 'Negative', if the firm undertakes
any significant debt-funded capital expenditure or fails to
execute its projects on time, or bids aggressively leading to
pressure on margins affecting the liquidity of the firm.
VC is a partnership firm set up in 1996 by Mr. Vikas Kakad and Ms
Shakuntala Kakad. Based in Mumbai, the firm primarily undertakes
construction of bridges in Maharashtra.
For fiscal 2016, VC reported profit after tax (PAT) of INR0.71
crore on net sales of INR16.59 crore against PAT of INR0.3 crore
on net sales of INR13.61 crore for fiscal 2015.
=========
J A P A N
=========
TOSHIBA CORP: Foxconn's Terry Gou Still Wants Firm's Memory Unit
----------------------------------------------------------------
The Nikkei Asian Review reports that Chairman Terry Gou of key
iPhone assembler Hon Hai Precision Industry, also known as Foxconn
Technology Group, said he was still keen to acquire the memory
chip business of Toshiba Corp, but warned he would withdraw his
offer if the bidding process dragged on for too long.
"I am offering to help [Toshiba]," Mr. Gou told the Nikkei Asian
Review in an exclusive interview at his family graveyard in the
Taipei suburbs. He was there to pay his respects to a deceased
family member.
"But if they continue to exclude me, then I will no longer want to
acquire [Toshiba's memory business] after six months, because by
then its technology will be falling behind others."
Toshiba supplies memory chips for iPhones, although it lags behind
Samsung Electronics in global market share.
Mr. Gou's comments came amid growing confusion around Toshiba's
plans to sell its memory chip business, the only profitable unit
of the company, to make up for substantial losses at its United
States nuclear unit Westinghouse, the Nikkei Asian Review says.
According to the Nikkei Asian Review, Foxconn is the highest
bidder, offering more than JPY2 trillion ($17.8 billion). Mr. Gou
has told the Nikkei Asian Review that his company's bid has the
support of Apple and Amazon, two major Foxconn customers.
Japanese officials have been trying to prevent the Taiwanese
manufacturing powerhouse, which manufactures iPhones in China,
from winning the Toshiba unit out of fear that Toshiba's advanced
memory technology could be leaked, the report notes.
The Nikkei Asian Review says Toshiba has tentatively picked a
Japanese government-led consortium as its preferred suitor. The
group consists of the Innovation Network Corporation of Japan and
Development Bank of Japan, along with the U.S. investment firm
Bain Capital.
Yet talks between Toshiba and the consortium are making little
progress. Both sides indicated over the past week that it was
unclear when they would be able to reach a deal, after U.S.
chipmaker Western Digital attempted to block the sale through a
court injunction, according to the Nikkei Asian Review.
Western Digital is arguing in a California court that any transfer
of ownership of Toshiba's memory operations without its consent
would violate joint venture agreements. Toshiba has lodged a
counterclaim against Western Digital in Tokyo, the report notes.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications. The long- and short-term ratings on
Toshiba have remained on CreditWatch with negative implications
since December 2016, when S&P also lowered the long-term ratings
because of a likelihood that the company might recognize massive
losses in its U.S. nuclear power business. S&P kept them on
CreditWatch negative when it lowered the long- and short-term
ratings in January 2017 and when S&P lowered the long-term
ratings in March 2017.
The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business. S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.
====================
N E W Z E A L A N D
====================
DYNAMIC MEATS: Convicted Receiver Two Years Late With Report
------------------------------------------------------------
Patrick O'Sullivan at Hawke's Bay Today reports that two years
after being appointed receiver of a Hastings business, bankrupted
Geoff Martin Smith has yet to file a report due two months after
his appointment.
In the latest Liquidators' Fifth Report, liquidator Peri Finnigan
of McDonald Vague said it was in correspondence with the
Insolvency and Trustees service as well as the Ministry of
Business, Innovation and Employment "in relation to the issues
surrounding Mr. Smith's appointment" to Dynamic Meats (2014) Ltd,
Hawke's Bay Today relates. According to Hawke's Bay Today, the
report said all Dynamic assets were controlled by Mr. Smith and it
could not proceed with the liquidation until Mr. Smith's
receivership was completed and access granted to the company's
books records.
Hawke's Bay Today relates that the report said Mr. Smith was
adjudicated personally bankrupt on a creditor's petition in
Hamilton in February this year. He was also made bankrupt in 1989
and 2008.
Last year, the High Court in Auckland said Mr. Smith had a history
of dishonesty, including convictions for tax evasion, theft, fraud
and falsifying documents, Hawke's Bay Today recalls. It was
satisfied Mr. Smith fabricated a document for a company he was
liquidating and ordered he return NZ$540,402.
Mr Smith was appointed by Russell Green, an America's Cup lawyer
for Team New Zealand.
According to Hawke's Bay Today, Mr. Green said he was acting to
protect his interests as landlord when he appointed Mr. Smith. He
said he did not know Mr. Smith and had no knowledge of his
convictions. Mr. Smith was one of two people recommended by an
"experienced professional insolvency practitioner".
"He said he had been on the receiving end of Smith hounding him on
a particular company liquidation/receivership and found him to be
aggressive and effective in getting the job done," Mr. Green told
Hawke's Bay Today.
Mr. Smith's record has prompted lawyers to call for liquidators to
be regulated, Hawke's Bay Today states.
In 2008, Mr. Smith was jailed after being found guilty on 94
charges of tax evasion totalling more than NZ$500,000.
In 2000, he was sentenced to nine months in prison for theft and
fraud while operating the Waikato-based New Zealand Free Ambulance
Service and with his wife, Barbara, was found guilty of stealing
NZ$6,593 paid to them for first aid courses they ran for St John,
Hawke's Bay Today notes.
FOREX NZ: Bankrupt Director Under SFO Investigation
---------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that Kevin Clive wood, the
bankrupt director of a collapsed foreign exchange firm who admits
"wrongdoing" with investment funds, is being investigated by the
Serious Fraud Office. But it was unclear how much money might be
at stake, and how many people invested with him, Stuff says.
Earlier this month, two companies directed and owned by Kelvin
Clive Wood went into liquidation.
The companies, Forex NZ and Forex NZ 2000, were established in the
1990s and provided foreign exchange trading services, Stuff
discloses.
According to Stuff, law firm Lowndes Jordan has been calling for
clients and former clients to come forward, while McDonald Vague
liquidator Iain McLennan said last month it was too early to say
what had happened.
He was due to interview Mr. Wood last week, however, and on
June 30 the first liquidators' report was released, according to
Stuff.
It says Forex NZ, which Forex NZ 2000 folded into in late 2014,
ceased trading in May after Mr. Wood bankrupted himself.
"The director has admitted wrongdoing with respect to the
treatment of investment funds for the period he operated the
business as sole director.
"We understand that the director is waiting for the relevant
authorities to complete their investigations in relation to this
wrongdoing."
Mr. Wood was the sole director of the company from January 2015,
when another man, Adam Kelvin Wood, resigned, Stuff relates.
According to Stuff, a Serious Fraud Office spokeswoman confirmed
there was an investigation into Kelvin Wood, Forex NZ and Forex NZ
2000.
The liquidators' report said there was insufficient information to
estimate the company's financial position, but they were unaware
of any assets belonging to it, Stuff relays.
More than 20 creditors were listed, but it was unclear if there
might be more, adds Stuff.
HANSA LTD: Investor Suspicions Lead to Fraud Charges vs Owner
-------------------------------------------------------------
Paul Clifford Hibbs, 48, has appeared in the Christchurch District
Court in relation to a Serious Fraud Office (SFO) prosecution.
Mr. Hibbs faces Crime Act charges of 'False statement by
promoter', 'Theft by person in special relationship', 'Using
forged documents' and 'Forgery'.
The SFO alleges that from around 2008, legitimate businesses owned
and operated by Mr. Hibbs, Cameron Gladstone Investments Limited
and Hansa Limited, developed into a Ponzi scheme. It is alleged
that Mr. Hibbs provided clients with false reports in relation to
their investments - for example, that he sold investments without
clients' knowledge, that he falsely reported the proceeds of sales
were held in cash management accounts or that investments had been
purchased. Further, it is alleged that Mr. Hibbs used investors'
funds for purposes other than required, for example, using
clients' funds to make payments of capital or investment returns
to other clients.
SFO Director, Julie Read said, "'The SFO alleges that Mr. Hibbs
went to some lengths to ensure that information provided to
investors looked genuine. Investors who suspected that that their
money was being misappropriated took the right action in reporting
the matter to the FMA who referred the matter to the SFO."
Mr. Hibbs will reappear in the Christchurch District Court on
July 12, 2017.
=================
S I N G A P O R E
=================
DFS ASSET: Fitch Affirms BB Rating on SGD8.8MM Class C Notes
------------------------------------------------------------
Fitch Ratings has affirmed DFS Asset Purchase Company Pte. Ltd.'s
(DFS) working capital facility, standby liquidity facility and
notes. The transaction is a securitisation of credit-card and
charge-card receivables in Singapore originated by Diners Club
(Singapore) Private Limited (DCS).
The rating actions are as follows (balance as of May 24, 2017):
SGD10.0 million (outstanding balance out of SGD10 million
facility)
working capital facility due September 2019 affirmed at 'A-sf';
Outlook Stable
SGD5.0 million (outstanding balance out of SGD5 million
facility)
standby liquidity facility due September 2019 affirmed at 'A-
sf";
Outlook Stable
SGD100 million Class A1 fixed-rate notes due September 2021
affirmed at 'A-sf'; Outlook Stable
SGD28.1 million Class A2 floating-rate notes due September 2021
affirmed at 'A-sf'; Outlook Stable
SGD10.5 million Class B floating-rate notes due September 2021
affirmed at 'BBBsf'; Outlook Stable
SGD8.8 million Class C floating-rate notes due September 2021
affirmed at 'BBsf'; Outlook Stable
KEY RATING DRIVERS
The affirmation reflects Fitch's view that the performance of the
underlying assets has remained within expectations, and that
credit enhancement is sufficient to support the current ratings.
Delinquencies, defaults, payment rates and excess spreads of the
transaction have performed within Fitch's expectations since the
closing. All the performance measures are well within the early
amortisation triggers.
The eligible receivables balance has increased since closing due
to DCS's focus on acquiring charge-card receivables in its
portfolio. As a result, the portion of charge-card receivables in
the pool increased to 37.8% from 23.2% at closing. Payment rates
and excess spreads have been stable since closing, although both
edged up slightly in the last two months due to the increasing
portion of charge-card receivables. Delinquencies and defaults
have been stable since closing.
There is a growing trend for mobile payments for goods and
services in Singapore. According to DCS, the company has a series
of action plans to capture such growth. Execution, however, will
largely depend on how receptive the company is to the shift in
customers' preferences and how effective it can manoeuvre through
the stiff credit card competition in Singapore.
The high per capita income levels, exceptionally strong external
balance sheet, favourable investment climate and robust fiscal
framework support Singapore's 'AAA' rating and Stable Outlook.
RATING SENSITIVITIES
Increasing the base-case default rate by 50% may result in a one-
notch downgrade of the ratings on the working capital facility
(WCF), standby liquidity facility (SBLF) and class A notes to
'BBB+sf', a two-notch downgrade of the rating on the class B notes
to 'BB+sf', and a three-notch downgrade of the rating on the class
C notes to 'Bsf'.
Decreasing the base-case payment rate by 25% may result in a four-
notch downgrade of the ratings on the WCF, SBLF and class A notes
to 'BB+sf', a six-notch downgrade of the rating on the class B
notes to 'Bsf', and the class C notes will be downgraded to below
'Bsf'.
Decreasing the base-case gross yield by 35% does not result in a
change to the ratings of the WCF, SBLF, and class A notes, but
class B notes will be downgraded by two notches to 'BB+', and the
class C notes will be downgraded by two notches to 'B+sf'.
This transaction has a rating cap at 'Asf' category. As the
transaction is still in its revolving period, the credit
enhancements for the rated classes will not change, and the
ratings of the rated classes will most likely remain the same.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 26 to June 30, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50
ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50
BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00
BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00
BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00
BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00
CML GROUP LTD 1.05 01/29/20 AUD 9.00
HILLGROVE RESOURCES LTD 2.10 12/20/19 AUD 6.00
KEYBRIDGE CAPITAL LTD 0.73 07/31/20 AUD 7.00
LAKES OIL NL 7.50 05/31/18 AUD 10.00
MIDWEST VANADIUM PTY LTD 1.72 02/15/18 USD 11.50
MIDWEST VANADIUM PTY LTD 2.15 02/15/18 USD 11.50
PALADIN ENERGY LTD 73.63 03/31/20 USD 7.00
RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14
RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14
TREASURY CORP OF VICTORIA 69.22 11/12/30 AUD 0.50
CHINA
-----
AKESU XINCHENG ASSET INVESTM 50.79 10/10/18 CNY 7.50
ALXA LEAGUE INFRASTRUCTURE C 60.38 03/14/20 CNY 6.40
ANHUI PROVINCE WANBEI COAL-E 74.89 02/26/19 CNY 6.80
ANKANG DEVELOPMENT & INVESTM 61.96 03/06/20 CNY 6.35
ANQING URBAN CONSTRUCTION IN 58.00 12/31/19 CNY 6.76
ANQING URBAN CONSTRUCTION IN 61.05 12/31/19 CNY 6.76
ANSHAN CITY CONSTRUCTION INV 41.44 03/05/19 CNY 8.25
ANSHAN CITY CONSTRUCTION INV 60.48 04/25/20 CNY 6.39
ANSHAN CITY CONSTRUCTION INV 81.67 04/25/20 CNY 6.39
ANSHUN STATE-RUN ASSETS MANA 61.05 01/10/20 CNY 6.98
ANSHUN STATE-RUN ASSETS MANA 61.12 01/10/20 CNY 6.98
ANYANG INVESTMENT GROUP CO L 41.17 04/17/19 CNY 8.00
BAICHENG ZHONGXING URBAN INF 60.33 12/18/19 CNY 7.00
BAISHAN URBAN CONSTRUCTION I 60.17 07/31/19 CNY 7.00
BAODING NATIONAL HI-TECH IND 61.47 12/24/19 CNY 7.33
BAOJI INVESTMENT GROUP CO LT 50.99 12/26/18 CNY 7.14
BAOJI INVESTMENT GROUP CO LT 51.61 12/26/18 CNY 7.14
BAOSHAN STATE-OWNED ASSET OP 61.01 12/10/19 CNY 7.30
BAOSHAN STATE-OWNED ASSET OP 61.60 12/10/19 CNY 7.30
BAOTOU STATE OWNED ASSET MAN 61.04 09/17/19 CNY 7.03
BAYAN ZHUOER HETAO WATER AFF 74.61 03/31/22 CNY 8.54
BAYANNUR URBAN DEVELOPMENT I 60.51 03/15/20 CNY 6.40
BAYANNUR URBAN DEVELOPMENT I 61.20 03/15/20 CNY 6.40
BAYINGUOLENG INNER MONGOLIA 50.81 09/10/18 CNY 7.48
BEIJING CAPITAL DEVELOPMENT 60.46 05/29/19 CNY 5.95
BEIJING CHAOYANG STATE-OWNED 60.02 03/27/20 CNY 5.25
BEIJING CHAOYANG STATE-OWNED 74.40 03/27/20 CNY 5.25
BEIJING CONSTRUCTION ENGINEE 59.30 07/05/19 CNY 5.95
BEIJING CONSTRUCTION ENGINEE 60.52 07/05/19 CNY 5.95
BEIJING ECONOMIC TECHNOLOGIC 40.12 03/06/18 CNY 5.29
BEIJING GUCAI GROUP CO LTD 72.26 12/15/18 CNY 8.28
BEIJING XINGZHAN STATE OWNED 61.05 08/31/19 CNY 6.48
BENGBU URBAN INVESTMENT HOLD 30.01 08/10/17 CNY 5.78
BIJIE XINTAI INVESTMENT CO L 61.04 08/20/19 CNY 7.15
BINZHOU BINCHENG DISTRICT EC 60.63 07/05/19 CNY 6.50
BINZHOU BINCHENG DISTRICT EC 61.00 07/05/19 CNY 6.50
C&D REAL ESTATE CO LTD 60.79 04/03/20 CNY 6.15
CANGZHOU CONSTRUCTION & INVE 61.11 01/23/20 CNY 6.72
CHANGDE CITY CONSTRUCTION AN 61.25 02/25/20 CNY 6.50
CHANGDE CITY CONSTRUCTION AN 61.70 02/25/20 CNY 6.50
CHANGDE ECONOMIC DEVELOPMENT 61.18 09/12/19 CNY 7.19
CHANGDE ECONOMIC DEVELOPMENT 61.36 09/12/19 CNY 7.19
CHANGSHA CITY CONSTRUCTION I 40.98 04/24/19 CNY 6.95
CHANGSHA CITY CONSTRUCTION I 55.60 04/24/19 CNY 6.95
CHANGSHA COUNTY XINGCHENG CO 41.66 04/06/19 CNY 8.35
CHANGSHA ECONOMIC & TECHNICA 74.10 04/13/22 CNY 8.45
CHANGSHA PILOT INVESTMENT HO 57.00 12/10/19 CNY 6.70
CHANGSHA PILOT INVESTMENT HO 61.33 12/10/19 CNY 6.70
CHANGSHU BINJIANG URBAN CONS 40.71 04/27/19 CNY 6.85
CHANGSHU CITY OPERATION INVE 39.51 01/16/19 CNY 8.00
CHANGSHU CITY OPERATION INVE 41.12 01/16/19 CNY 8.00
CHANGSHU DEVELOPMENT INVESTM 60.66 04/19/20 CNY 5.80
CHANGXING URBAN CONSTRUCTION 57.50 11/30/19 CNY 6.80
CHANGXING URBAN CONSTRUCTION 61.21 11/30/19 CNY 6.80
CHANGYI ECONOMIC AND DEVELOP 71.80 10/30/20 CNY 7.35
CHANGZHI CITY CONSTRUCTION I 60.62 02/26/20 CNY 6.46
CHANGZHOU HI-TECH GROUP CO L 60.58 03/21/20 CNY 6.18
CHANGZHOU HI-TECH GROUP CO L 61.75 03/21/20 CNY 6.18
CHANGZHOU JINTAN DISTRICT CO 41.44 03/14/19 CNY 8.30
CHANGZHOU JINTAN DISTRICT CO 60.55 04/26/20 CNY 6.38
CHANGZHOU JINTAN DISTRICT CO 60.86 04/26/20 CNY 6.38
CHANGZHOU WUJIN CITY CONSTRU 50.26 06/08/18 CNY 6.22
CHAOHU URBAN TOWN CONSTRUCTI 60.88 12/24/19 CNY 7.00
CHAOYANG CONSTRUCTION INVEST 59.70 05/25/19 CNY 7.30
CHAOYANG CONSTRUCTION INVEST 61.27 05/25/19 CNY 7.30
CHENGDU CITY DEVELOPMENT AND 61.38 01/14/20 CNY 6.18
CHENGDU CITY DEVELOPMENT AND 61.43 01/14/20 CNY 6.18
CHENGDU ECONOMIC&TECHNOLOGIC 50.35 07/17/18 CNY 6.50
CHENGDU ECONOMIC&TECHNOLOGIC 50.36 07/17/18 CNY 6.50
CHENGDU ECONOMIC&TECHNOLOGIC 60.70 07/17/19 CNY 6.55
CHENGDU ECONOMIC&TECHNOLOGIC 60.85 07/17/19 CNY 6.55
CHENGDU HI-TECH INVESTMENT G 60.68 11/20/19 CNY 6.28
CHENGDU HI-TECH INVESTMENT G 60.96 11/20/19 CNY 6.28
CHENGDU XINCHENG XICHENG REA 40.80 03/19/19 CNY 8.35
CHENGDU XINCHENG XICHENG REA 41.21 03/19/19 CNY 8.35
CHENGDU XINDU XIANGCHENG CON 72.26 12/13/18 CNY 8.60
CHENGDU XINGCHENG INVESTMENT 61.00 01/28/20 CNY 6.17
CHENGDU XINGCHENG INVESTMENT 61.31 01/28/20 CNY 6.17
CHENGDU XINGJIN URBAN CONSTR 61.36 11/27/19 CNY 7.30
CHENGDU XINGJIN URBAN CONSTR 61.38 11/27/19 CNY 7.30
CHENZHOU URBAN CONSTRUCTION 61.20 09/13/19 CNY 7.34
CHIFENG CITY CONSTRUCTION IN 50.00 05/18/17 CNY 6.18
CHIFENG CITY HONGSHAN INFRAS 60.55 07/25/19 CNY 7.20
CHINA CITY CONSTRUCTION HOLD 31.63 12/17/17 CNY 5.55
CHINA CITY CONSTRUCTION HOLD 31.63 07/14/20 CNY 4.93
CHINA GOVERNMENT BOND 72.01 12/15/33 CNY 1.64
CHIZHOU CITY MANAGEMENT INVE 61.90 10/17/19 CNY 7.17
CHONGQING BEIFEI INDUSTRY CO 61.81 12/25/19 CNY 7.13
CHONGQING CHANGSHOU DEVELOPM 61.18 09/25/19 CNY 7.45
CHONGQING CHANGSHOU DEVELOPM 61.59 09/25/19 CNY 7.45
CHONGQING DAZU DISTRICT STAT 61.18 04/26/20 CNY 6.75
CHONGQING DAZU DISTRICT STAT 61.42 04/26/20 CNY 6.75
CHONGQING FULING DISTRICT TH 72.50 03/23/19 CNY 8.40
CHONGQING FULING DISTRICT TH 72.51 03/23/19 CNY 8.40
CHONGQING FULING STATE-OWNED 61.27 01/21/20 CNY 6.39
CHONGQING HECHUAN RURAL AGRI 25.00 04/10/18 CNY 8.28
CHONGQING HECHUAN RURAL AGRI 25.61 04/10/18 CNY 8.28
CHONGQING HECHUAN URBAN CONS 40.32 01/06/18 CNY 6.95
CHONGQING HONGRONG CAPITAL O 61.50 10/16/19 CNY 7.20
CHONGQING HONGRONG CAPITAL O 61.76 10/16/19 CNY 7.20
CHONGQING JIANGJIN HUAXIN AS 40.44 01/06/18 CNY 6.95
CHONGQING JIANGJIN HUAXIN AS 61.17 09/21/19 CNY 7.46
CHONGQING JIANGJIN HUAXIN AS 61.79 09/21/19 CNY 7.46
CHONGQING JINYUN ASSET MANAG 60.61 06/18/19 CNY 6.75
CHONGQING JINYUN ASSET MANAG 60.67 06/18/19 CNY 6.75
CHONGQING LAND PROPERTIES CO 41.27 04/25/19 CNY 7.35
CHONGQING LAND PROPERTIES CO 41.31 04/25/19 CNY 7.35
CHONGQING MAIRUI CITY INVEST 60.70 08/17/19 CNY 6.82
CHONGQING NAN'AN URBAN CONST 39.90 12/24/17 CNY 6.29
CHONGQING NAN'AN URBAN CONST 41.32 04/09/19 CNY 8.20
CHONGQING NANCHUAN DISTRICT 61.18 09/06/19 CNY 7.35
CHONGQING NANCHUAN DISTRICT 61.40 09/06/19 CNY 7.35
CHONGQING NANFA URBAN CONSTR 60.73 04/27/20 CNY 6.43
CHONGQING NANFA URBAN CONSTR 61.11 04/27/20 CNY 6.43
CHONGQING QIANJIANG CITY CON 72.59 03/23/19 CNY 8.40
CHONGQING QIANJIANG CITY CON 72.60 03/23/19 CNY 8.40
CHONGQING QIJIANG EAST NEW T 60.08 01/29/20 CNY 6.75
CHONGQING QIJIANG EAST NEW T 60.25 01/29/20 CNY 6.75
CHONGQING SHUANGQIAO ECONOMI 61.07 04/26/20 CNY 6.75
CHONGQING SHUANGQIAO ECONOMI 61.28 04/26/20 CNY 6.75
CHONGQING THREE GORGES INDUS 50.63 01/23/19 CNY 6.40
CHONGQING WANSHENG ECO TECH 60.36 04/17/20 CNY 6.39
CHONGQING XINGRONG HOLDING G 41.10 04/19/19 CNY 8.35
CHONGQING XINGRONG HOLDING G 41.63 04/19/19 CNY 8.35
CHONGQING XIYONG MICRO-ELECT 61.01 07/25/19 CNY 6.76
CHONGQING YONGCHUAN HUITONG 40.79 03/14/18 CNY 7.49
CHONGQING YONGCHUAN HUITONG 61.71 10/16/19 CNY 7.33
CHONGQING YUFU ASSET MANAGEM 61.42 09/04/19 CNY 6.50
CHONGQING YULONG ASSET MANAG 61.04 05/31/19 CNY 6.87
CHONGQING YUXING CONSTRUCTIO 40.41 12/08/17 CNY 7.29
CHONGQING YUXING CONSTRUCTIO 57.00 12/10/19 CNY 7.30
CHONGQING YUXING CONSTRUCTIO 61.58 12/10/19 CNY 7.30
CHUXIONG AUTONOMOUS DEVELOPM 50.20 10/18/17 CNY 6.08
CHUXIONG AUTONOMOUS DEVELOPM 60.40 03/29/20 CNY 6.60
CHUZHOU CITY CONSTRUCTION IN 61.07 11/23/19 CNY 6.81
CHUZHOU CITY CONSTRUCTION IN 61.30 11/23/19 CNY 6.81
CHUZHOU TONGCHUANG CONSTRUCT 56.30 01/09/20 CNY 7.05
CHUZHOU TONGCHUANG CONSTRUCT 61.33 01/09/20 CNY 7.05
CIXI STATE OWNED ASSET INVES 60.94 09/20/19 CNY 6.60
CIXI STATE OWNED ASSET INVES 61.13 09/20/19 CNY 6.60
DALI ECONOMIC DEVELOPMENT IN 41.73 04/24/19 CNY 8.80
DALIAN CHANGXING ISLAND DEVE 60.16 01/25/20 CNY 6.60
DALIAN CHANGXING ISLAND DEVE 64.00 01/25/20 CNY 6.60
DALIAN DETA INVESTMENT CO LT 60.84 11/15/19 CNY 6.50
DALIAN LVSHUN CONSTRUCTION D 60.81 07/02/19 CNY 6.78
DALIAN RONGQIANG INVESTMENT 71.82 03/30/19 CNY 8.60
DANDONG CITY DEVELOPMENT CON 39.81 09/06/17 CNY 5.84
DANDONG CITY DEVELOPMENT CON 70.02 12/21/18 CNY 6.63
DANYANG INVESTMENT GROUP CO 41.93 03/06/19 CNY 8.10
DAQING GAOXIN STATE-OWNED AS 57.00 12/05/19 CNY 6.88
DAQING GAOXIN STATE-OWNED AS 61.27 12/05/19 CNY 6.88
DAQING URBAN CONSTRUCTION IN 60.85 10/23/19 CNY 6.55
DAQING URBAN CONSTRUCTION IN 61.05 10/23/19 CNY 6.55
DASHIQIAO URBAN CONSTRUCTION 60.26 02/21/20 CNY 6.58
DASHIQIAO URBAN CONSTRUCTION 60.51 02/21/20 CNY 6.58
DATONG ECONOMIC CONSTRUCTION 40.02 06/01/17 CNY 6.50
DAXING ANLING FORESTRY GROUP 33.00 10/23/19 CNY 7.08
DAXING ANLING FORESTRY GROUP 60.96 10/23/19 CNY 7.08
DAZHOU INVESTMENT CO LTD 59.00 12/25/19 CNY 6.99
DAZHOU INVESTMENT CO LTD 60.75 12/25/19 CNY 6.99
DEYANG CITY CONSTRUCTION INV 60.95 12/26/19 CNY 6.99
DEYANG CITY CONSTRUCTION INV 61.93 12/26/19 CNY 6.99
DEZHOU DEDA URBAN CONSTRUCTI 61.36 10/18/19 CNY 7.14
DONGBEI SPECIAL STEEL GROUP 40.00 04/12/18 CNY 5.63
DONGBEI SPECIAL STEEL GROUP 40.00 01/15/18 CNY 6.10
DONGBEI SPECIAL STEEL GROUP 40.00 03/27/16 CNY 6.50
DONGBEI SPECIAL STEEL GROUP 40.00 07/17/17 CNY 7.40
DONGBEI SPECIAL STEEL GROUP 40.00 09/24/16 CNY 6.30
DONGBEI SPECIAL STEEL GROUP 40.00 05/05/16 CNY 5.88
DONGBEI SPECIAL STEEL GROUP 40.00 09/06/16 CNY 8.30
DONGBEI SPECIAL STEEL GROUP 40.00 07/10/16 CNY 7.00
DONGBEI SPECIAL STEEL GROUP 40.00 06/06/16 CNY 8.20
DONGTAI COMMUNICATION INVEST 50.36 07/05/18 CNY 7.39
DONGTAI UBAN CONSTRUCTION AN 58.00 12/26/19 CNY 7.10
DONGTAI UBAN CONSTRUCTION AN 61.45 12/26/19 CNY 7.10
DRILL RIGS HOLDINGS INC 29.00 10/01/17 USD 6.50
DRILL RIGS HOLDINGS INC 30.00 10/01/17 USD 6.50
ENSHI URBAN CONSTRUCTION INV 60.98 10/22/19 CNY 7.55
ERDOS DONGSHENG CITY DEVELOP 24.95 02/28/18 CNY 8.40
ERDOS DONGSHENG CITY DEVELOP 25.03 02/28/18 CNY 8.40
EZHOU CITY CONSTRUCTION INVE 60.86 06/19/19 CNY 7.08
FEICHENG CITY ASSETS MANAGEM 50.54 08/14/18 CNY 7.10
FENGHUA CITY INVESTMENT CO L 61.18 09/24/19 CNY 7.45
FENGHUA CITY INVESTMENT CO L 61.60 09/24/19 CNY 7.45
FUJIAN LONGYAN CITY CONSTRUC 61.17 08/14/19 CNY 7.45
FUJIAN NANPING HIGHWAY CO LT 60.72 01/28/20 CNY 6.69
FUJIAN NANPING HIGHWAY CO LT 61.29 01/28/20 CNY 6.69
FUJIAN NANPING HIGHWAY CO LT 71.96 10/26/18 CNY 7.90
FUQING CITY STATE-OWNED ASSE 72.02 03/01/21 CNY 6.66
FUSHUN URBAN INVESTMENT & DE 70.11 05/11/18 CNY 5.95
FUSHUN URBAN INVESTMENT & DE 73.67 03/22/22 CNY 8.53
FUSHUN URBAN INVESTMENT & DE 74.63 03/22/22 CNY 8.53
FUXIN INFRASTRUCTURE CONSTRU 61.63 10/10/19 CNY 7.55
FUXIN INFRASTRUCTURE CONSTRU 63.00 10/10/19 CNY 7.55
FUZHOU INVESTMENT DEVELOPMEN 61.51 01/16/20 CNY 6.78
FUZHOU URBAN AND RURAL CONST 50.00 09/25/18 CNY 6.35
FUZHOU URBAN AND RURAL CONST 50.51 09/25/18 CNY 6.35
GANSU PROVINCIAL HIGHWAY AVI 70.84 11/16/18 CNY 6.75
GANSU PROVINCIAL HIGHWAY AVI 71.27 09/19/18 CNY 7.20
GANZHOU CITY DEVELOPMENT & I 50.20 07/10/18 CNY 6.40
GANZHOU CITY DEVELOPMENT & I 50.40 07/10/18 CNY 6.40
GANZHOU DEVELOPMENT ZONE CON 50.53 12/26/18 CNY 6.70
GANZHOU DEVELOPMENT ZONE CON 50.61 12/26/18 CNY 6.70
GAOMI STATE-OWNED ASSETS MAN 50.42 11/15/18 CNY 6.75
GAOMI STATE-OWNED ASSETS MAN 50.65 11/15/18 CNY 6.75
GAOMI STATE-OWNED ASSETS MAN 61.12 11/15/19 CNY 6.70
GAOMI STATE-OWNED ASSETS MAN 61.15 11/15/19 CNY 6.70
GONGYI STATE OWNED ASSETS IN 60.13 01/18/20 CNY 6.70
GONGYI STATE OWNED ASSETS IN 60.52 01/18/20 CNY 6.70
GUANG ZHOU PANYU COMMUNICATI 50.54 04/12/19 CNY 6.30
GUANG ZHOU PANYU COMMUNICATI 50.56 04/12/19 CNY 6.30
GUANGAN INVESTMENT HOLDING G 40.10 04/25/19 CNY 8.18
GUANGAN INVESTMENT HOLDING G 41.29 04/25/19 CNY 8.18
GUANGXI BAISE DEVELOPMENT & 60.39 07/04/19 CNY 6.50
GUANGXI BAISE DEVELOPMENT & 60.42 07/04/19 CNY 6.50
GUANGXI LAIBIN URBAN CONSTRU 72.77 03/14/19 CNY 8.36
GUANGYUAN INVESTMENT HOLDING 60.91 11/26/19 CNY 7.25
GUILIN ECONOMIC CONSTRUCTION 25.32 05/09/18 CNY 6.90
GUILIN ECONOMIC CONSTRUCTION 50.00 05/09/18 CNY 6.90
GUIYANG ECO&TECH DEVELOPMENT 41.63 03/27/19 CNY 8.42
GUIYANG JINYANG CONSTRUCTION 46.90 10/24/18 CNY 6.70
GUIYANG JINYANG CONSTRUCTION 50.53 10/24/18 CNY 6.70
GUIYANG PUBLIC RESIDENTIAL C 61.02 11/06/19 CNY 6.70
GUIYANG URBAN DEVELOPMENT & 60.19 02/28/20 CNY 6.20
GUOAO INVESTMENT DEVELOPMENT 44.80 10/29/18 CNY 6.89
GUOAO INVESTMENT DEVELOPMENT 50.41 10/29/18 CNY 6.89
HAIAN COUNTY CITY CONSTRUCTI 25.43 03/28/18 CNY 8.35
HAIAN COUNTY CITY CONSTRUCTI 25.53 03/28/18 CNY 8.35
HAICHENG URBAN INVESTMENT & 71.05 11/07/18 CNY 8.39
HAICHENG URBAN INVESTMENT & 72.06 11/07/18 CNY 8.39
HAILAR URBAN INFRASTRUCTURE 60.38 05/14/20 CNY 6.20
HAIMEN CITY DEVELOPMENT INVE 41.25 03/20/19 CNY 8.35
HAINING STATE-OWNED ASSETS M 60.98 03/06/20 CNY 6.08
HAINING STATE-OWNED ASSETS M 71.39 09/20/18 CNY 7.80
HAINING STATE-OWNED ASSETS M 71.44 09/20/18 CNY 7.80
HANDAN CITY CONSTRUCTION & I 56.00 12/24/19 CNY 7.05
HANDAN CITY CONSTRUCTION & I 61.41 12/24/19 CNY 7.05
HANGZHOU CANAL COMPREHENSIVE 60.52 04/02/20 CNY 6.00
HANGZHOU CANAL COMPREHENSIVE 60.80 04/02/20 CNY 6.00
HANGZHOU HIGH-TECH INDUSTRIA 60.67 01/28/20 CNY 6.45
HANGZHOU HIGH-TECH INDUSTRIA 61.03 01/28/20 CNY 6.45
HANGZHOU MUNICIPAL CONSTRUCT 25.21 04/25/18 CNY 5.90
HANGZHOU MUNICIPAL CONSTRUCT 25.23 04/25/18 CNY 5.90
HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70
HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70
HANGZHOU YUHANG CITY CONSTRU 40.05 03/29/19 CNY 7.55
HANGZHOU YUHANG CITY CONSTRU 41.01 03/29/19 CNY 7.55
HANGZHOU YUHANG INNOVATION I 60.91 03/18/20 CNY 6.50
HANGZHOU YUHANG INNOVATION I 82.80 03/18/20 CNY 6.50
HANZHONG CITY CONSTRUCTION I 40.50 03/14/18 CNY 7.48
HARBIN HELI INVESTMENT HOLDI 71.06 09/26/18 CNY 7.48
HARBIN HELI INVESTMENT HOLDI 71.17 09/26/18 CNY 7.48
HARBIN WATER INVESTMENT CO L 60.73 05/06/20 CNY 5.70
HEBEI SHUNDE INVESTMENT GROU 61.18 12/05/19 CNY 6.98
HEBEI SHUNDE INVESTMENT GROU 61.19 12/05/19 CNY 6.98
HEFEI CONSTRUCTION INVESTMEN 70.67 08/28/18 CNY 5.23
HEFEI GAOXIN DEVELOPMENT & I 72.06 03/22/19 CNY 7.98
HEFEI GAOXIN DEVELOPMENT & I 72.38 03/22/19 CNY 7.98
HEFEI HAIHENG INVESTMENT HOL 61.39 06/12/19 CNY 7.30
HEFEI INDUSTRIAL INVESTMENT 60.77 03/20/20 CNY 6.30
HEFEI INDUSTRIAL INVESTMENT 81.75 03/20/20 CNY 6.30
HEFEI TAOHUA INDUSTRIAL PARK 41.71 03/27/19 CNY 8.79
HEFEI XINCHENG STATE-OWNED A 41.10 04/23/19 CNY 7.88
HEGANG KAIYUAN CITY INVESTME 61.03 07/19/19 CNY 6.50
HEIHE CITY CONSTRUCTION INVE 72.58 03/23/19 CNY 8.48
HENAN JIYUAN CITY CONSTRUCTI 61.73 09/25/19 CNY 7.50
HENGYANG CITY CONSTRUCTION I 61.37 08/13/19 CNY 7.06
HEYUAN CITY URBAN DEVELOPMEN 60.28 03/19/20 CNY 6.55
HEYUAN CITY URBAN DEVELOPMEN 81.85 03/19/20 CNY 6.55
HONGHEZHOU ROAD DEVELOPMENT 60.50 05/06/20 CNY 6.27
HUAIAN CITY URBAN ASSET OPER 57.00 12/26/19 CNY 6.87
HUAIAN CITY URBAN ASSET OPER 61.68 12/26/19 CNY 6.87
HUAIAN CITY WATER ASSET MANA 41.43 03/08/19 CNY 8.25
HUAI'AN DEVELOPMENT HOLDING 60.99 09/06/19 CNY 7.20
HUAI'AN DEVELOPMENT HOLDING 61.29 09/06/19 CNY 7.20
HUAIAN QINGHE NEW AREA INVES 60.44 01/24/20 CNY 6.68
HUAIAN QINGHE NEW AREA INVES 60.89 01/24/20 CNY 6.68
HUAIBEI CITY CONSTRUCTION IN 50.69 12/17/18 CNY 6.68
HUAIHUA CITY CONSTRUCTION IN 25.13 03/22/18 CNY 8.00
HUAIHUA CITY CONSTRUCTION IN 25.51 03/22/18 CNY 8.00
HUANGGANG CITY CONSTRUCTION 57.00 10/19/19 CNY 7.10
HUANGGANG CITY CONSTRUCTION 61.52 10/19/19 CNY 7.10
HUANGSHI URBAN CONSTRUCTION 61.14 10/25/19 CNY 6.96
HUIAN STATE ASSETS INVESTMEN 61.14 10/15/19 CNY 7.50
HULUDAO INVESTMENT GROUP CO 61.00 03/01/19 CNY 8.47
HULUDAO INVESTMENT GROUP CO 61.94 03/01/19 CNY 8.47
HUNAN CHANGDE DEYUAN INVESTM 50.68 10/18/18 CNY 7.18
HUNAN CHENGLINGJI HARBOR NEW 50.86 10/15/18 CNY 7.70
HUNAN CHENGLINGJI HARBOR NEW 50.90 10/15/18 CNY 7.70
HUNAN ZHAOSHAN ECONOMIC CONS 50.39 12/12/18 CNY 7.00
HUNAN ZHAOSHAN ECONOMIC CONS 50.85 12/12/18 CNY 7.00
HUZHOU NANXUN STATE-OWNED AS 41.41 03/31/19 CNY 8.15
HUZHOU URBAN INVESTMENT DEVE 40.44 12/21/17 CNY 7.02
HUZHOU URBAN INVESTMENT DEVE 61.07 12/14/19 CNY 6.70
HUZHOU WUXING NANTAIHU CONST 40.58 02/17/18 CNY 7.71
INNER MONGOLIA HIGH-TECH HOL 60.72 09/25/19 CNY 7.20
INNER MONGOLIA ZHUNGEER STAT 50.30 05/10/18 CNY 6.94
INNER MONGOLIA ZHUNGEER STAT 50.68 05/10/18 CNY 6.94
JIAMUSI NEW ERA INFRASTRUCTU 41.40 03/22/19 CNY 8.25
JIAN CITY CONSTRUCTION INVES 39.81 04/20/19 CNY 7.80
JIAN CITY CONSTRUCTION INVES 41.17 04/20/19 CNY 7.80
JIANAN INVESTMENT HOLDING GR 61.61 09/04/19 CNY 7.68
JIANGDONG HOLDING GROUP CO L 40.83 03/27/19 CNY 6.90
JIANGDU XINYUAN INDUSTRIAL I 41.34 03/23/19 CNY 8.10
JIANGMEN CITY BINJIANG CONST 61.18 02/28/20 CNY 6.60
JIANGSU DAFENG HARBOR HOLDIN 50.21 11/15/17 CNY 7.98
JIANGSU HANRUI INVESTMENT HO 40.70 03/01/19 CNY 8.16
JIANGSU HANRUI INVESTMENT HO 41.09 03/01/19 CNY 8.16
JIANGSU HUAJING ASSETS MANAG 25.05 09/28/17 CNY 5.68
JIANGSU JINGUAN INVESTMENT D 50.45 01/28/19 CNY 6.40
JIANGSU JINGUAN INVESTMENT D 50.60 01/28/19 CNY 6.40
JIANGSU JURONG FUDI BIO-TECH 73.54 04/26/19 CNY 8.70
JIANGSU LIANYUN DEVELOPMENT 60.13 06/19/19 CNY 6.10
JIANGSU LIANYUN DEVELOPMENT 60.38 06/19/19 CNY 6.10
JIANGSU NANJING PUKOU ECONOM 60.90 10/08/19 CNY 7.10
JIANGSU NANJING PUKOU ECONOM 60.93 10/08/19 CNY 7.10
JIANGSU NEWHEADLINE DEVELOPM 71.44 08/27/20 CNY 7.00
JIANGSU NEWHEADLINE DEVELOPM 71.86 08/27/20 CNY 7.00
JIANGSU SUHAI INVESTMENT GRO 60.98 11/07/19 CNY 7.20
JIANGSU TAICANG PORT DEVELOP 41.37 05/16/19 CNY 7.66
JIANGSU WUZHONG ECONOMIC TEC 71.60 12/16/18 CNY 8.05
JIANGSU WUZHONG ECONOMIC TEC 73.42 12/16/18 CNY 8.05
JIANGSU XISHAN ECONOMIC DEVE 61.09 11/01/19 CNY 6.99
JIANGSU XISHAN ECONOMIC DEVE 71.00 11/01/19 CNY 6.99
JIANGSU ZHANGJIAGANG ECONOMI 61.48 11/16/19 CNY 6.98
JIANGXI HEJI INVESTMENT CO L 61.66 09/04/19 CNY 8.00
JIANGXI HEJI INVESTMENT CO L 61.92 09/04/19 CNY 8.00
JIANGYAN STATE OWNED ASSET I 61.17 12/03/19 CNY 6.85
JIANGYIN CITY CONSTRUCTION & 61.40 06/11/19 CNY 7.20
JIANGYIN GAOXIN DISTRICT INV 51.99 04/25/18 CNY 7.31
JIANGYIN GAOXIN DISTRICT INV 61.50 02/27/20 CNY 6.60
JIANHU URBAN CONSTRUCTION IN 60.72 02/22/20 CNY 6.50
JIANHU URBAN CONSTRUCTION IN 61.16 02/22/20 CNY 6.50
JIASHAN STATE-OWNED ASSET IN 61.03 06/06/19 CNY 6.80
JIAXING CULTURE FAMOUS CITY 41.57 03/08/19 CNY 8.16
JIAXING ECONOMIC&TECHNOLOGY 60.81 06/14/19 CNY 6.78
JIAXING ECONOMIC&TECHNOLOGY 61.29 06/14/19 CNY 6.78
JILIN CITY CONSTRUCTION HOLD 60.72 02/26/20 CNY 6.34
JILIN CITY CONSTRUCTION HOLD 61.01 02/26/20 CNY 6.34
JINAN CITY CONSTRUCTION INVE 25.42 03/26/18 CNY 6.98
JINAN CITY CONSTRUCTION INVE 25.46 03/26/18 CNY 6.98
JINAN XIAOQINGHE DEVELOPMENT 61.16 09/05/19 CNY 7.15
JINAN XIAOQINGHE DEVELOPMENT 61.23 09/05/19 CNY 7.15
JINGDEZHEN STATE-OWNED ASSET 50.84 03/23/18 CNY 7.48
JINGJIANG BINJIANG XINCHENG 50.46 10/23/18 CNY 6.80
JINGJIANG BINJIANG XINCHENG 50.63 10/23/18 CNY 6.80
JINGZHOU URBAN CONSTRUCTION 41.47 04/24/19 CNY 7.98
JINING CITY CONSTRUCTION INV 41.41 12/31/18 CNY 8.30
JINING CITY YANZHOU DISTRICT 25.37 12/28/17 CNY 8.50
JINING HI-TECH TOWN CONSTRUC 60.96 01/28/20 CNY 6.60
JINING HI-TECH TOWN CONSTRUC 61.15 01/28/20 CNY 6.60
JINING WATER SUPPLY GROUP CO 61.98 01/22/20 CNY 7.18
JINJIANG URBAN CONSTRUCTION 60.98 04/26/20 CNY 6.35
JINSHAN STATE-OWNED ASSET OP 61.21 11/27/19 CNY 6.65
JINZHONG CITY PUBLIC INFRAST 58.00 03/18/20 CNY 6.50
JINZHONG CITY PUBLIC INFRAST 61.18 03/18/20 CNY 6.50
JINZHOU CITY INVESTMENT CONS 60.66 06/13/19 CNY 7.08
JINZHOU CITY INVESTMENT CONS 60.73 06/13/19 CNY 7.08
JISHOU HUATAI STATE OWNED AS 61.27 12/12/19 CNY 7.37
JIUJIANG CITY CONSTRUCTION I 40.21 02/23/19 CNY 8.49
JIUJIANG CITY CONSTRUCTION I 41.47 02/23/19 CNY 8.49
JIUJIANG FUHE CONSTRUCTION I 50.23 03/19/19 CNY 6.10
JIUJIANG FUHE CONSTRUCTION I 50.25 03/19/19 CNY 6.10
JIUJIANG STATE-OWNED ASSETS 61.07 03/07/20 CNY 6.68
JIXI STATE OWN ASSET MANAGEM 60.80 11/08/19 CNY 7.18
JIXI STATE OWN ASSET MANAGEM 60.91 11/08/19 CNY 7.18
KAIFENG DEVELOPMENT INVESTME 60.69 07/11/19 CNY 6.47
KARAMAY URBAN CONSTRUCTION I 61.29 09/04/19 CNY 7.15
KARAMAY URBAN CONSTRUCTION I 61.37 09/04/19 CNY 7.15
KASHI URBAN CONSTRUCTION INV 61.22 11/27/19 CNY 7.18
KUNMING CITY CONSTRUCTION IN 25.40 04/13/18 CNY 7.60
KUNMING CITY CONSTRUCTION IN 25.48 04/13/18 CNY 7.60
KUNMING DIANCHI INVESTMENT C 61.41 02/01/20 CNY 6.50
KUNMING INDUSTRIAL DEVELOPME 60.47 10/23/19 CNY 6.46
KUNMING INDUSTRIAL DEVELOPME 60.87 10/23/19 CNY 6.46
KUNMING WUHUA DISTRICT STATE 25.60 03/15/18 CNY 8.60
KUNSHAN ENTREPRENEUR HOLDING 60.55 11/07/19 CNY 6.28
KUNSHAN ENTREPRENEUR HOLDING 60.63 11/07/19 CNY 6.28
KUNSHAN HUAQIAO INTERNATIONA 41.13 12/30/18 CNY 7.98
LAIWU CITY ECONOMIC DEVELOPM 30.37 03/01/18 CNY 6.50
LANZHOU CITY DEVELOPMENT INV 68.68 12/15/18 CNY 8.20
LANZHOU CITY DEVELOPMENT INV 69.50 12/15/18 CNY 8.20
LEQING CITY STATE OWNED INVE 60.51 06/29/19 CNY 6.50
LESHAN STATE-OWNED ASSET INV 40.38 03/18/18 CNY 6.99
LESHAN STATE-OWNED ASSET INV 40.63 03/18/18 CNY 6.99
LIAONING YAODU DEVELOPMENT C 59.93 12/12/19 CNY 7.35
LIAOYANG CITY ASSETS OPERATI 59.22 11/13/19 CNY 7.10
LIAOYANG CITY ASSETS OPERATI 60.91 11/13/19 CNY 7.10
LIAOYANG CITY ASSETS OPERATI 65.57 06/13/18 CNY 6.88
LIAOYUAN STATE-OWNED ASSETS 41.00 03/13/19 CNY 8.17
LIAOYUAN STATE-OWNED ASSETS 41.44 03/13/19 CNY 8.17
LIJIANG GUCHENG MANAGEMENT C 60.97 07/26/19 CNY 6.68
LINAN CITY CONSTRUCTION DEVE 25.48 03/09/18 CNY 8.15
LINAN CITY CONSTRUCTION DEVE 25.50 03/09/18 CNY 8.15
LINCANG STATE-OWNED ASSET OP 60.64 04/11/20 CNY 6.58
LINHAI CITY INFRASTRUCTURE I 60.14 03/21/20 CNY 6.30
LINHAI CITY INFRASTRUCTURE I 60.50 03/21/20 CNY 6.30
LINYI CITY ASSET MANAGEMENT 60.95 12/12/19 CNY 6.68
LINYI ECONOMIC DEVELOPMENT C 62.16 09/24/19 CNY 8.26
LINYI INVESTMENT DEVELOPMENT 25.59 03/27/18 CNY 8.10
LIUPANSHUI DEVELOPMENT INVES 55.00 12/03/19 CNY 6.97
LIUPANSHUI DEVELOPMENT INVES 61.08 12/03/19 CNY 6.97
LIUZHOU DONGCHENG INVESTMENT 41.26 02/15/19 CNY 8.30
LIUZHOU INVESTMENT HOLDING G 60.81 08/15/19 CNY 6.98
LIYANG CITY CONSTRUCTION DEV 60.62 03/08/20 CNY 6.20
LIYANG CITY CONSTRUCTION DEV 68.17 11/08/18 CNY 8.20
LONGHAI STATE-OWNED ASSET IN 40.62 12/02/17 CNY 8.25
LOUDI CITY CONSTRUCTION INVE 50.61 10/19/18 CNY 7.28
LOUDI CITY CONSTRUCTION INVE 50.84 10/19/18 CNY 7.28
LUOHE CITY CONSTRUCTION INVE 61.33 10/30/19 CNY 6.99
LUOYANG CITY DEVELOPMENT INV 58.00 12/31/19 CNY 6.89
LUOYANG CITY DEVELOPMENT INV 61.69 12/31/19 CNY 6.89
MAANSHAN ECONOMIC TECHNOLOGY 60.64 12/20/19 CNY 7.10
MIANYANG INVESTMENT HOLDING 71.58 03/26/19 CNY 7.70
MIANYANG INVESTMENT HOLDING 71.60 03/26/19 CNY 7.70
MIANYANG SCIENCE TECHNOLOGY 39.68 05/15/19 CNY 7.16
MIANYANG SCIENCE TECHNOLOGY 40.82 05/15/19 CNY 7.16
MIANYANG SCIENCE TECHNOLOGY 52.76 07/22/18 CNY 6.30
MINXIXINGHANG STATE-OWNED IN 50.43 03/26/19 CNY 6.20
MINXIXINGHANG STATE-OWNED IN 50.46 03/26/19 CNY 6.20
MUDANJIANG STATE-OWNED ASSET 60.65 08/30/19 CNY 7.08
MUDANJIANG STATE-OWNED ASSET 60.81 08/30/19 CNY 7.08
NANAN CITY TRADE INDUSTRY & 41.45 04/25/19 CNY 8.50
NANCHANG CITY CONSTRUCTION I 61.35 02/20/20 CNY 6.19
NANCHANG ECONOMY TECHNOLOGY 61.34 01/09/20 CNY 6.88
NANCHANG MUNICIPAL PUBLIC IN 60.52 02/25/20 CNY 5.88
NANCHONG DEVELOPMENT INVESTM 61.01 01/28/20 CNY 6.69
NANCHONG ECONOMIC DEVELOPMEN 41.67 04/26/19 CNY 8.16
NANJING JIANGNING SCIENCE PA 41.02 04/28/19 CNY 7.29
NANJING NEW&HIGH TECHNOLOGY 60.76 09/07/19 CNY 6.94
NANJING NEW&HIGH TECHNOLOGY 61.01 09/07/19 CNY 6.94
NANJING STATE OWNED ASSETS I 60.17 03/06/20 CNY 5.40
NANJING STATE OWNED ASSETS I 81.85 03/06/20 CNY 5.40
NANJING URBAN CONSTRUCTION I 50.52 11/26/18 CNY 5.68
NANJING URBAN CONSTRUCTION I 50.96 11/26/18 CNY 5.68
NANJING XINGANG DEVELOPMENT 54.00 01/08/20 CNY 6.80
NANJING XINGANG DEVELOPMENT 61.60 01/08/20 CNY 6.80
NANTONG CITY GANGZHA DISTRIC 61.43 01/09/20 CNY 7.15
NANTONG CITY GANGZHA DISTRIC 61.76 01/09/20 CNY 7.15
NANTONG CITY TONGZHOU DISTRI 60.76 05/28/19 CNY 6.80
NANTONG CITY TONGZHOU DISTRI 61.30 05/28/19 CNY 6.80
NEIJIANG INVESTMENT HOLDING 50.38 07/19/18 CNY 7.00
NEIJIANG INVESTMENT HOLDING 50.50 07/19/18 CNY 7.00
NEIMENGGU XINLINGOL XINGFU T 41.22 02/25/18 CNY 7.62
NINGBO CITY YINZHOU CITY CON 61.36 03/18/20 CNY 6.50
NINGBO EASTERN NEW TOWN DEVE 60.68 01/21/20 CNY 6.45
NINGBO URBAN CONSTRUCTION IN 25.39 03/01/18 CNY 7.39
NINGBO URBAN CONSTRUCTION IN 25.47 03/01/18 CNY 7.39
NINGBO ZHENHAI HAIJIANG INVE 50.78 11/28/18 CNY 6.65
NINGDE CITY STATE-OWNED PROP 9.92 10/21/17 CNY 6.25
NONGGONGSHANG REAL ESTATE GR 40.22 10/11/17 CNY 6.29
PANJIN CONSTRUCTION INVESTME 60.00 05/17/19 CNY 7.50
PANJIN CONSTRUCTION INVESTME 60.83 03/01/18 CNY 7.42
PANJIN CONSTRUCTION INVESTME 60.88 05/17/19 CNY 7.50
PANJIN PETROLEUM HIGH TECHNO 60.98 01/10/20 CNY 6.95
PANJIN PETROLEUM HIGH TECHNO 61.14 01/10/20 CNY 6.95
PEIXIAN STATE-OWNED ASSETS M 61.33 12/06/19 CNY 7.20
PENGLAI CITY PENGLAIGE TOURI 70.93 01/30/21 CNY 6.80
PENGLAI CITY PENGLAIGE TOURI 71.59 01/30/21 CNY 6.80
PINGDINGSHAN CITY DEVELOPMEN 41.13 05/08/19 CNY 7.86
PINGDINGSHAN CITY DEVELOPMEN 41.27 05/08/19 CNY 7.86
PINGHU CITY DEVELOPMENT INVE 61.03 09/18/19 CNY 7.20
PINGTAN COMPOSITE EXPERIMENT 60.82 03/15/20 CNY 6.58
PINGTAN COMPOSITE EXPERIMENT 61.20 03/15/20 CNY 6.58
PINGXIANG URBAN CONSTRUCTION 60.77 12/10/19 CNY 6.89
PINGXIANG URBAN CONSTRUCTION 60.91 12/10/19 CNY 6.89
PIZHOU RUNCHENG ASSET OPERAT 61.72 09/25/19 CNY 7.55
PUER CITY STATE OWNED ASSET 60.80 06/20/19 CNY 7.38
PUTIAN STATE-OWNED ASSETS IN 41.23 03/21/19 CNY 8.10
PUTIAN STATE-OWNED ASSETS IN 41.56 03/21/19 CNY 8.10
PUYANG INVESTMENT GROUP CO 60.85 10/29/19 CNY 6.98
QIANAN XINGYUAN WATER INDUST 50.26 07/11/18 CNY 6.45
QIANDONG NANZHOU DEVELOPMENT 41.45 04/27/19 CNY 8.80
QIANDONGNANZHOU KAIHONG ASSE 61.27 10/30/19 CNY 7.80
QIANXI NANZHOU HONGSHENG CAP 60.80 11/22/19 CNY 6.99
QINGDAO CITY CONSTRUCTION IN 40.78 02/16/19 CNY 6.89
QINGDAO CITY CONSTRUCTION IN 40.84 02/16/19 CNY 6.89
QINGDAO HUATONG STATE-OWNED 41.17 04/18/19 CNY 7.30
QINGDAO HUATONG STATE-OWNED 62.05 04/18/19 CNY 7.30
QINGDAO JIAOZHOU CITY DEVELO 61.08 01/25/20 CNY 6.59
QINGZHOU HONGYUAN PUBLIC ASS 30.28 05/22/19 CNY 6.50
QINGZHOU HONGYUAN PUBLIC ASS 50.58 10/19/18 CNY 7.25
QINGZHOU HONGYUAN PUBLIC ASS 50.83 10/19/18 CNY 7.25
QINGZHOU HONGYUAN PUBLIC ASS 61.12 10/19/19 CNY 7.35
QINGZHOU HONGYUAN PUBLIC ASS 61.26 10/19/19 CNY 7.35
QINHUANGDAO DEVELOPMENT ZONE 61.50 10/17/19 CNY 7.46
QINHUANGDAO DEVELOPMENT ZONE 62.15 10/17/19 CNY 7.46
QITAIHE CITY CONSTRUCTION IN 60.42 10/18/19 CNY 7.30
QITAIHE CITY CONSTRUCTION IN 60.63 10/18/19 CNY 7.30
QUANZHOU QUANGANG PETROCHEMI 41.23 04/16/19 CNY 8.40
QUANZHOU QUANGANG PETROCHEMI 41.62 04/16/19 CNY 8.40
QUANZHOU TAISHANG INVESTMENT 61.86 12/10/19 CNY 7.08
QUANZHOU URBAN CONSTRUCTION 61.27 01/11/20 CNY 6.48
QUANZHOU URBAN CONSTRUCTION 62.60 01/11/20 CNY 6.48
QUJING DEVELOPMENT INVESTMEN 61.11 09/06/19 CNY 7.25
QUJING DEVELOPMENT INVESTMEN 61.12 09/06/19 CNY 7.25
RONGCHENG ECONOMIC DEVELOPME 60.00 03/18/20 CNY 6.45
RONGCHENG ECONOMIC DEVELOPME 60.92 03/18/20 CNY 6.45
RUDONG COUNTY DONGTAI SOCIAL 50.59 01/31/18 CNY 7.10
RUDONG COUNTY DONGTAI SOCIAL 61.14 09/24/19 CNY 7.45
RUDONG COUNTY DONGTAI SOCIAL 62.00 09/24/19 CNY 7.45
RUGAO COMMUNICATIONS CONSTRU 51.74 01/26/19 CNY 8.51
RUGAO COMMUNICATIONS CONSTRU 60.99 02/01/20 CNY 6.70
RUIAN STATE OWNED ASSET INVE 55.00 11/26/19 CNY 6.93
RUIAN STATE OWNED ASSET INVE 61.20 11/26/19 CNY 6.93
SANMENXIA CITY FINANCIAL INV 60.81 01/29/20 CNY 6.68
SANMENXIA CITY FINANCIAL INV 61.03 01/29/20 CNY 6.68
SANMING CITY CONSTRUCTION IN 60.93 03/05/20 CNY 6.40
SANMING CITY CONSTRUCTION IN 61.05 03/05/20 CNY 6.40
SANMING STATE-OWNED ASSET IN 61.38 12/05/19 CNY 6.92
SANMING STATE-OWNED ASSET IN 70.87 06/14/18 CNY 6.99
SHANDONG TAIFENG HOLDING GRO 58.28 03/12/20 CNY 5.80
SHANDONG TAIFENG HOLDING GRO 58.30 03/12/20 CNY 5.80
SHANGHAI BUND GROUP DEVELOPM 60.78 04/24/20 CNY 6.35
SHANGHAI BUND GROUP DEVELOPM 61.03 04/24/20 CNY 6.35
SHANGHAI CHENGTOU CORP 59.73 07/30/19 CNY 4.63
SHANGHAI FENGXIAN NANQIAO NE 61.12 03/05/20 CNY 6.25
SHANGHAI JIADING INDUSTRIAL 50.79 10/10/18 CNY 6.71
SHANGHAI JINSHAN URBAN CONST 61.20 12/21/19 CNY 6.60
SHANGHAI LUJIAZUI DEVELOPMEN 71.50 03/11/19 CNY 5.98
SHANGHAI LUJIAZUI DEVELOPMEN 71.78 02/25/19 CNY 5.79
SHANGHAI LUJIAZUI DEVELOPMEN 72.00 03/11/19 CNY 5.98
SHANGHAI MINHANG URBAN CONST 60.90 10/23/19 CNY 6.48
SHANGHAI MINHANG URBAN CONST 60.97 10/23/19 CNY 6.48
SHANGHAI REAL ESTATE GROUP C 40.00 05/17/17 CNY 6.12
SHANGHAI SONGJIANG TOWN CONS 50.48 08/15/18 CNY 6.28
SHANGHAI URBAN CONSTRUCTION 60.18 11/30/19 CNY 5.25
SHANGQIU DEVELOPMENT INVESTM 61.30 01/15/20 CNY 6.60
SHANGRAO CITY CONSTRUCTION I 61.44 09/10/19 CNY 7.30
SHANGYU COMMUNICATIONS INVES 61.23 09/11/19 CNY 6.70
SHANTOU CITY CONSTRUCTION DE 74.28 03/23/22 CNY 8.57
SHAOGUAN JINYE DEVELOPMENT C 60.91 10/18/19 CNY 7.30
SHAOGUAN JINYE DEVELOPMENT C 61.73 10/18/19 CNY 7.30
SHAOXING CHENGBEI XINCHENG C 50.25 06/11/18 CNY 6.21
SHAOXING CHENGZHONGCUN REFOR 60.54 01/24/20 CNY 6.50
SHAOXING CHENGZHONGCUN REFOR 62.20 01/24/20 CNY 6.50
SHAOXING HI-TECH INDUSTRIAL 50.84 12/05/18 CNY 6.75
SHAOXING KEQIAO DISTRICT CEN 50.44 02/26/19 CNY 6.30
SHAOXING PAOJIANG INDUSTRIAL 61.18 10/31/19 CNY 6.90
SHAOXING URBAN CONSTRUCTION 61.18 11/09/19 CNY 6.40
SHAOYANG CITY CONSTRUCTION I 49.50 09/11/18 CNY 7.40
SHAOYANG CITY CONSTRUCTION I 50.59 09/11/18 CNY 7.40
SHENYANG HEPING DISTRICT STA 55.00 11/13/19 CNY 6.85
SHENYANG HEPING DISTRICT STA 60.63 11/13/19 CNY 6.85
SHENYANG MACHINE TOOL CO LTD 42.63 03/27/18 CNY 6.50
SHENYANG MACHINE TOOL CO LTD 48.92 04/09/20 CNY 6.50
SHENZHEN LONGGANG DISTRICT I 50.46 03/27/19 CNY 6.18
SHENZHEN LONGGANG DISTRICT I 51.19 03/27/19 CNY 6.18
SHIJIAZHUANG REAL ESTATE GRO 80.57 05/15/20 CNY 5.65
SHISHI STATE OWNED INVESTMEN 61.36 09/13/19 CNY 7.40
SHIYAN CITY INFRASTRUCTURE C 41.29 04/20/19 CNY 7.98
SHOUGUANG JINCAI STATE-OWNED 61.06 10/23/19 CNY 6.70
SHOUGUANG JINCAI STATE-OWNED 61.23 10/23/19 CNY 6.70
SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.40
SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.48
SHUANGLIU SHINE CHINE CONSTR 72.73 03/16/19 CNY 8.48
SHUANGYASHAN DADI CITY CONST 60.41 12/25/19 CNY 6.55
SHUYANG JINGYUAN ASSET OPERA 57.00 12/03/19 CNY 6.50
SHUYANG JINGYUAN ASSET OPERA 60.67 12/03/19 CNY 6.50
SICHUAN COAL INDUSTRY GROUP 45.00 05/15/17 CNY 5.94
SICHUAN COAL INDUSTRY GROUP 45.00 12/25/16 CNY 7.45
SICHUAN COAL INDUSTRY GROUP 45.00 09/27/17 CNY 7.80
SICHUAN COAL INDUSTRY GROUP 45.00 01/09/18 CNY 7.70
SICHUAN DEVELOPMENT HOLDING 29.98 11/10/17 CNY 5.40
SONGYUAN URBAN DEVELOPMENT C 60.96 08/29/19 CNY 7.30
STAR LAKE BIOSCIENCE CO INC 68.21 07/07/17 CNY 5.80
SUIFENHE HAIRONG URBAN CONST 59.43 04/28/20 CNY 6.60
SUINING DEVELOPMENT INVESTME 61.27 04/25/20 CNY 6.62
SUINING DEVELOPMENT INVESTME 61.37 04/25/20 CNY 6.62
SUIZHOU DEVELOPMENT INVESTME 61.43 08/22/19 CNY 7.50
SUQIAN ECONOMIC DEVELOPMENT 39.30 03/26/19 CNY 7.50
SUQIAN ECONOMIC DEVELOPMENT 40.89 03/26/19 CNY 7.50
SUQIAN WATER GROUP CO 60.95 12/04/19 CNY 6.55
SUZHOU CITY CONSTRUCTION INV 40.93 03/12/19 CNY 7.45
SUZHOU CITY CONSTRUCTION INV 60.79 04/17/20 CNY 6.40
SUZHOU CITY CONSTRUCTION INV 61.19 04/17/20 CNY 6.40
SUZHOU FENHU INVESTMENT GROU 50.21 10/22/17 CNY 7.00
SUZHOU INDUSTRIAL PARK TRIRU 60.40 05/30/19 CNY 5.79
SUZHOU TECH CITY DEVELOPMENT 50.72 11/01/18 CNY 7.32
SUZHOU URBAN CONSTRUCTION IN 60.75 10/25/19 CNY 5.79
SUZHOU URBAN CONSTRUCTION IN 61.45 10/25/19 CNY 5.79
SUZHOU WUJIANG COMMUNICATION 69.00 10/31/20 CNY 6.80
SUZHOU WUJIANG COMMUNICATION 71.34 10/31/20 CNY 6.80
SUZHOU WUJIANG EASTERN STATE 72.24 12/05/18 CNY 8.05
SUZHOU WUJIANG EASTERN STATE 72.86 12/05/18 CNY 8.05
SUZHOU XIANGCHENG URBAN CONS 60.76 09/03/19 CNY 6.95
SUZHOU XIANGCHENG URBAN CONS 61.54 09/03/19 CNY 6.95
TAIAN CITY TAISHAN INVESTMEN 61.61 01/25/20 CNY 6.76
TAICANG ASSET MANAGEMENT INV 71.93 12/31/18 CNY 8.25
TAICANG ASSET MANAGEMENT INV 72.36 12/31/18 CNY 8.25
TAICANG HENGTONG INVESTMENT 61.58 10/30/19 CNY 7.45
TAICANG URBAN CONSTRUCTION I 59.00 01/11/20 CNY 6.75
TAICANG URBAN CONSTRUCTION I 61.45 01/11/20 CNY 6.75
TAIXING ZHONGXING STATE-OWNE 25.54 03/27/18 CNY 8.29
TAIYUAN HIGH-SPEED RAILWAY I 71.82 10/30/20 CNY 6.50
TAIYUAN LONGCHENG DEVELOPMEN 60.00 09/25/19 CNY 6.50
TAIYUAN LONGCHENG DEVELOPMEN 60.71 09/25/19 CNY 6.50
TAIZHOU CITY HUANGYAN DISTRI 50.73 12/17/18 CNY 6.85
TAIZHOU CITY HUANGYAN DISTRI 50.79 12/17/18 CNY 6.85
TAIZHOU HAILING ASSETS MANAG 41.70 03/21/19 CNY 8.52
TAIZHOU JIAOJIANG STATE OWNE 72.25 09/13/20 CNY 7.46
TAIZHOU TRAFFIC INDUSTRY GRO 60.42 03/11/20 CNY 6.15
TAIZHOU TRAFFIC INDUSTRY GRO 60.68 03/11/20 CNY 6.15
TAIZHOU XINTAI GROUP CO LTD 50.39 08/14/18 CNY 6.85
TAIZHOU XINTAI GROUP CO LTD 50.55 08/14/18 CNY 6.85
TANGSHAN NANHU ECO CITY DEVE 61.16 10/16/19 CNY 7.08
TIANJIN BINHAI NEW AREA CONS 39.97 03/13/18 CNY 5.00
TIANJIN BINHAI NEW AREA CONS 59.85 03/13/20 CNY 5.19
TIANJIN DONGFANG CAIXIN INVE 71.85 11/23/18 CNY 7.99
TIANJIN ECO-CITY INVESTMENT 61.03 08/14/19 CNY 6.76
TIANJIN ECONOMIC TECHNOLOGY 56.00 12/03/19 CNY 6.20
TIANJIN ECONOMIC TECHNOLOGY 61.02 12/03/19 CNY 6.20
TIANJIN ECONOMIC TECHNOLOGY 74.00 12/03/22 CNY 6.50
TIANJIN HANBIN INVESTMENT GR 41.53 03/22/19 CNY 8.39
TIANJIN HI-TECH INDUSTRY PAR 41.00 03/27/19 CNY 7.80
TIANJIN HI-TECH INDUSTRY PAR 41.08 03/27/19 CNY 7.80
TIANJIN JINNAN CITY CONSTRUC 60.68 06/18/19 CNY 6.95
TIANJIN JINNAN CITY CONSTRUC 61.50 06/18/19 CNY 6.95
TIANJIN TEDA CONSTRUCTION GR 60.88 04/27/20 CNY 6.89
TIELING PUBLIC ASSETS INVEST 50.35 05/29/18 CNY 7.34
TIELING PUBLIC ASSETS INVEST 50.50 05/29/18 CNY 7.34
TIGER FOREST & PAPER GROUP C 59.79 06/14/17 CNY 5.38
TONGCHUAN DEVELOPMENT INVEST 60.71 07/17/19 CNY 7.50
TONGLIAO TIANCHENG URBAN CON 61.50 09/24/19 CNY 7.75
TONGLIAO URBAN INVESTMENT GR 40.01 09/01/17 CNY 5.98
TONGLIAO URBAN INVESTMENT GR 60.58 04/09/20 CNY 6.64
TONGLIAO URBAN INVESTMENT GR 60.61 04/09/20 CNY 6.64
TONGLING CONSTRUCTION INVEST 74.30 04/28/22 CNY 8.20
TONGREN FANJINGSHAN INVESTME 60.62 08/02/19 CNY 6.89
ULANQAB CITY JI NING DISTRIC 58.01 03/19/20 CNY 6.88
ULANQAB CITY JI NING DISTRIC 59.50 03/19/20 CNY 6.88
URUMQI CITY CONSTRUCTION & I 60.82 07/09/19 CNY 6.35
URUMQI ECO&TECH DEVELOPMENT 51.73 01/10/19 CNY 8.58
URUMQI HIGH-TECH INVESTMENT 60.11 03/05/20 CNY 6.18
URUMQI STATE-OWNED ASSET MAN 25.18 04/28/18 CNY 6.48
URUMQI STATE-OWNED ASSET MAN 25.20 04/28/18 CNY 6.48
WAFANGDIAN STATE-OWNED ASSET 41.52 04/19/19 CNY 8.55
WEIFANG BINHAI INVESTMENT DE 70.39 04/16/21 CNY 6.16
WEIFANG DONGXIN CONSTRUCTION 60.99 11/20/19 CNY 6.88
WEIFANG DONGXIN CONSTRUCTION 61.29 11/20/19 CNY 6.88
WEIHAI WENDENG URBAN PROPERT 60.40 03/06/20 CNY 6.38
WEIHAI WENDENG URBAN PROPERT 60.91 03/06/20 CNY 6.38
WEINAN CITY INVESTMENT GROUP 60.81 01/15/20 CNY 6.69
WEINAN CITY INVESTMENT GROUP 60.95 01/15/20 CNY 6.69
WENLING CITY STATE OWNED ASS 60.99 09/18/19 CNY 7.18
WENLING CITY STATE OWNED ASS 61.00 09/18/19 CNY 7.18
WENZHOU ANJUFANG CITY DEVELO 40.96 04/24/19 CNY 7.65
WENZHOU ECONOMIC-TECHNOLOGIC 61.11 01/15/20 CNY 6.49
WENZHOU ECONOMIC-TECHNOLOGIC 61.19 01/15/20 CNY 6.49
WUHAI CITY CONSTRUCTION INVE 40.70 03/31/19 CNY 8.20
WUHAI CITY CONSTRUCTION INVE 41.37 03/31/19 CNY 8.20
WUHAN METRO GROUP CO LTD 60.53 02/04/20 CNY 5.70
WUHAN METRO GROUP CO LTD 60.55 02/04/20 CNY 5.70
WUHAN REAL ESTATE GROUP 49.50 03/22/19 CNY 5.90
WUHAN REAL ESTATE GROUP 50.41 03/22/19 CNY 5.90
WUHAN URBAN CONSTRUCTION INV 60.19 03/08/20 CNY 5.60
WUHU CONSTRUCTION INVESTMENT 70.87 03/26/19 CNY 6.84
WUHU ECONOMIC TECHNOLOGY DEV 50.37 06/08/18 CNY 6.70
WUHU XINMA INVESTMENT CO LTD 60.78 11/14/19 CNY 7.18
WUHU XINMA INVESTMENT CO LTD 61.02 11/14/19 CNY 7.18
WUJIANG ECONOMIC TECHNOLOGY 61.18 12/27/19 CNY 6.88
WUXI CONSTRUCTION AND DEVELO 61.00 09/17/19 CNY 6.60
WUXI CONSTRUCTION AND DEVELO 61.06 09/17/19 CNY 6.60
WUXI HUISHAN ECONOMIC DEVELO 50.15 04/22/19 CNY 6.03
WUXI TAIHU INTERNATIONAL TEC 60.00 09/17/19 CNY 7.60
WUXI TAIHU INTERNATIONAL TEC 61.28 09/17/19 CNY 7.60
WUXI XIDONG NEW TOWN CONSTRU 60.69 01/28/20 CNY 6.65
WUXI XIDONG NEW TOWN CONSTRU 61.23 01/28/20 CNY 6.65
WUXI XIDONG TECHNOLOGY INVES 70.33 10/26/18 CNY 5.98
WUXI XIDONG TECHNOLOGY INVES 70.65 10/26/18 CNY 5.98
WUZHOU DONGTAI STATE-OWNED A 61.15 09/03/19 CNY 7.40
XIAMEN XINGLIN CONSTRUCTION 60.79 02/22/20 CNY 6.60
XIAMEN XINGLIN CONSTRUCTION 81.80 02/22/20 CNY 6.60
XI'AN AEROSPACE BASE INVESTM 61.28 11/08/19 CNY 6.96
XIAN CHANBAHE DEVELOPMENT CO 60.81 08/03/19 CNY 6.89
XI'AN HI-TECH HOLDING CO LTD 50.34 02/26/19 CNY 5.70
XI'AN HI-TECH HOLDING CO LTD 50.36 02/26/19 CNY 5.70
XI'AN URBAN INDEMNIFICATORY 71.79 04/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 71.85 03/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 72.02 03/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 72.10 04/18/19 CNY 7.31
XIANGTAN CITY CONSTRUCTIVE G 40.01 03/16/19 CNY 8.00
XIANGTAN CITY CONSTRUCTIVE G 41.42 03/16/19 CNY 8.00
XIANGTAN HI-TECH GROUP CO LT 61.22 01/15/20 CNY 6.90
XIANGTAN HI-TECH GROUP CO LT 61.48 01/15/20 CNY 6.90
XIANGTAN JIUHUA ECONOMIC CON 61.30 08/29/19 CNY 7.43
XIANGYANG CITY CONSTRUCTION 41.25 01/12/19 CNY 8.12
XIANGYANG CITY CONSTRUCTION 41.42 01/12/19 CNY 8.12
XIANNING CITY CONSTRUCTION I 50.79 08/31/18 CNY 7.50
XIANNING CITY CONSTRUCTION I 51.29 08/31/18 CNY 7.50
XIAOGAN URBAN CONSTRUCTION I 41.27 03/26/19 CNY 8.12
XINGHUA URBAN CONSTRUCTION I 50.70 10/23/18 CNY 7.25
XINGHUA URBAN CONSTRUCTION I 50.95 10/23/18 CNY 7.25
XINING CITY INVESTMENT & MAN 41.19 04/27/19 CNY 7.70
XINJIANG SHIHEZI DEVELOPMENT 49.30 08/29/18 CNY 7.50
XINJIANG UYGUR AR HAMI ZONE 50.40 07/17/18 CNY 6.25
XINXIANG INVESTMENT GROUP CO 40.31 01/18/18 CNY 6.80
XINXIANG INVESTMENT GROUP CO 60.15 04/15/20 CNY 5.85
XINYANG HUAXIN INVESTMENT GR 60.80 06/14/19 CNY 6.95
XINYU CITY CONSTRUCTION INVE 59.00 12/13/19 CNY 7.08
XINYU CITY CONSTRUCTION INVE 61.25 12/13/19 CNY 7.08
XINZHOU CITY ASSET MANAGEMEN 50.81 08/08/18 CNY 7.39
XUCHANG GENERAL INVESTMENT C 41.59 04/27/19 CNY 7.78
XUZHOU ECONOMIC TECHNOLOGY D 41.23 03/07/19 CNY 8.20
XUZHOU ECONOMIC TECHNOLOGY D 41.50 03/07/19 CNY 8.20
XUZHOU XINSHENG CONSTRUCTION 25.72 05/08/18 CNY 7.48
YAAN STATE-OWNED ASSET OPERA 60.78 07/04/19 CNY 7.39
YANCHENG CITY DAFENG DISTRIC 57.00 12/13/19 CNY 7.08
YANCHENG CITY DAFENG DISTRIC 61.07 12/13/19 CNY 7.08
YANCHENG ORIENTAL INVESTMENT 50.02 06/08/17 CNY 5.75
YANCHENG ORIENTAL INVESTMENT 50.30 06/08/17 CNY 5.75
YANCHENG ORIENTAL INVESTMENT 60.88 10/26/19 CNY 6.99
YANCHENG SOUTH DISTRICT DEVE 58.71 10/26/19 CNY 6.93
YANCHENG SOUTH DISTRICT DEVE 61.25 10/26/19 CNY 6.93
YANGZHONG URBAN CONSTRUCTION 50.51 03/26/18 CNY 7.10
YANGZHOU HANJIANG URBAN CONS 60.59 03/12/20 CNY 6.20
YANGZHOU HANJIANG URBAN CONS 60.74 03/12/20 CNY 6.20
YANGZHOU URBAN CONSTRUCTION 60.66 07/26/19 CNY 6.30
YANTAI DEVELOPMENT ZONE STAT 60.40 04/10/20 CNY 5.70
YANTAI URBAN CONSTRUCTION DE 60.00 03/14/20 CNY 5.99
YANTAI URBAN CONSTRUCTION DE 60.70 03/14/20 CNY 5.99
YIBIN STATE-OWNED ASSET OPER 70.45 05/23/18 CNY 5.80
YICHANG MUNICIPAL FINANCE EC 61.23 10/16/19 CNY 7.12
YICHANG MUNICIPAL FINANCE EC 61.38 10/16/19 CNY 7.12
YICHANG URBAN CONSTRUCTION I 59.00 11/08/19 CNY 6.85
YICHANG URBAN CONSTRUCTION I 61.45 11/08/19 CNY 6.85
YICHANG URBAN CONSTRUCTION I 69.61 11/17/19 CNY 8.13
YICHUN CITY CONSTRUCTION INV 60.46 07/24/19 CNY 7.35
YIJINHUOLUOQI HONGTAI CITY C 61.75 03/19/19 CNY 8.35
YIJINHUOLUOQI HONGTAI CITY C 61.76 03/19/19 CNY 8.35
YILI STATE-OWNED ASSET INVES 48.00 11/19/18 CNY 6.70
YILI STATE-OWNED ASSET INVES 50.46 11/19/18 CNY 6.70
YINGKOU CITY CONSTRUCTION IN 58.01 04/18/20 CNY 7.98
YINGKOU COASTAL DEVELOPMENT 58.00 11/16/19 CNY 7.08
YINGKOU COASTAL DEVELOPMENT 60.42 11/16/19 CNY 7.08
YINGKOU ECO & TECH DEVELOPME 59.33 04/08/20 CNY 6.17
YIXING CITY DEVELOPMENT INVE 60.83 10/10/19 CNY 6.90
YIXING CITY DEVELOPMENT INVE 60.92 10/10/19 CNY 6.90
YIYANG CITY CONSTRUCTION INV 61.15 08/24/19 CNY 7.36
YIYANG GAOXIN TECHNOLOGY IND 61.09 03/13/20 CNY 6.70
YIYANG GAOXIN TECHNOLOGY IND 61.23 03/13/20 CNY 6.70
YIZHENG CITY CONSTRUCTION DE 58.50 06/14/19 CNY 7.78
YIZHENG CITY CONSTRUCTION DE 61.27 06/14/19 CNY 7.78
YUHUAN COUNTY COMMUNICATIONS 60.93 10/12/19 CNY 7.15
YULIN CITY INVESTMENT OPERAT 50.70 12/04/18 CNY 6.81
YULIN URBAN CONSTRUCTION INV 61.18 11/26/19 CNY 6.88
YUNCHENG URBAN CONSTRUCTION 61.48 10/15/19 CNY 7.48
YUNNAN PROVINCIAL INVESTMENT 39.96 08/24/17 CNY 5.25
YUNNAN PROVINCIAL INVESTMENT 40.11 08/24/17 CNY 5.25
YUYAO ECONOMIC DEVELOPMENT D 60.98 03/04/20 CNY 6.75
YUYAO WATER RESOURCE INVESTM 61.11 10/16/19 CNY 7.20
ZHANGJIAGANG JINCHENG INVEST 30.19 01/06/18 CNY 6.23
ZHANGJIAGANG MUNICIPAL PUBLI 60.90 11/27/19 CNY 6.43
ZHANGJIAJIE ECONOMIC DEVELOP 61.26 10/18/19 CNY 7.40
ZHANGJIAKOU CONSTRUCTION DEV 60.60 10/26/19 CNY 7.00
ZHANGJIAKOU TONGTAI HOLDING 70.51 07/05/18 CNY 6.90
ZHANGZHOU CITY CONSTRUCTION 61.12 03/26/20 CNY 6.60
ZHAOYUAN STATE-OWNED ASSET O 61.00 12/31/19 CNY 6.64
ZHEJIANG HUZHOU HUANTAIHU GR 61.46 11/28/19 CNY 6.70
ZHEJIANG JIASHAN ECONOMIC DE 58.00 12/03/19 CNY 7.05
ZHEJIANG JIASHAN ECONOMIC DE 61.77 12/03/19 CNY 7.05
ZHEJIANG PROVINCE DEQING COU 40.51 04/12/18 CNY 6.90
ZHEJIANG PROVINCE DEQING COU 61.01 02/22/20 CNY 6.40
ZHEJIANG PROVINCE XINCHANG C 60.93 04/24/20 CNY 6.60
ZHEJIANG PROVINCE XINCHANG C 62.03 04/24/20 CNY 6.60
ZHENGZHOU CITY CONSTRUCTION 61.15 12/03/19 CNY 6.37
ZHENJIANG CULTURE AND TOURIS 60.11 01/30/20 CNY 6.60
ZHENJIANG TRANSPORTATION IND 40.85 05/08/19 CNY 7.29
ZHENJIANG TRANSPORTATION IND 61.00 05/08/19 CNY 7.29
ZHONGSHAN TRANSPORTATION DEV 50.44 08/28/18 CNY 6.65
ZHONGSHAN TRANSPORTATION DEV 51.20 08/28/18 CNY 6.65
ZHOUSHAN DINGHAI STATE-OWNED 71.88 08/31/20 CNY 7.25
ZHOUSHAN DINGHAI STATE-OWNED 72.35 08/31/20 CNY 7.25
ZHUCHENG ECONOMIC DEVELOPMEN 20.24 04/26/18 CNY 6.40
ZHUCHENG ECONOMIC DEVELOPMEN 30.53 08/25/18 CNY 7.50
ZHUCHENG ECONOMIC DEVELOPMEN 37.50 04/26/18 CNY 6.40
ZHUCHENG ECONOMIC DEVELOPMEN 59.00 11/29/19 CNY 6.80
ZHUCHENG ECONOMIC DEVELOPMEN 61.37 11/29/19 CNY 6.80
ZHUHAI HUAFA GROUP CO LTD 25.35 02/16/18 CNY 8.43
ZHUHAI HUAFA GROUP CO LTD 25.49 02/16/18 CNY 8.43
ZHUHAI HUAFA GROUP CO LTD 70.36 06/05/19 CNY 5.50
ZHUJI CITY CONSTRUCTION INVE 56.00 12/19/19 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 61.50 12/19/19 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 70.00 07/05/18 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 70.73 07/05/18 CNY 6.92
ZHUMADIAN INVESTMENT CO LTD 61.02 11/26/19 CNY 6.95
ZHUZHOU GECKOR GROUP CO LTD 61.32 09/10/19 CNY 7.50
ZHUZHOU GECKOR GROUP CO LTD 61.33 09/10/19 CNY 7.50
ZHUZHOU GECKOR GROUP CO LTD 71.44 08/18/18 CNY 7.82
ZHUZHOU YUNLONG DEVELOPMENT 60.90 11/19/19 CNY 6.78
ZHUZHOU YUNLONG DEVELOPMENT 61.13 11/19/19 CNY 6.78
ZIBO CITY PROPERTY CO LTD 23.93 04/27/19 CNY 5.45
ZIBO CITY PROPERTY CO LTD 61.11 08/22/19 CNY 6.83
ZIGONG GAOXIN INVESTMENT CO 60.81 03/13/20 CNY 6.30
ZIGONG STATE-OWNED ASSETS MA 70.64 06/17/18 CNY 6.86
ZIYANG CITY CONSTRUCTION INV 50.80 01/09/19 CNY 7.58
ZOUCHENG CITY ASSET OPERATIO 20.18 01/12/18 CNY 7.02
ZOUCHENG CITY ASSET OPERATIO 50.30 03/12/19 CNY 6.18
ZOUCHENG CITY ASSET OPERATIO 50.72 03/12/19 CNY 6.18
ZOUPING COUNTY STATE-OWNED A 40.18 04/27/18 CNY 6.98
ZOUPING COUNTY STATE-OWNED A 40.41 04/27/18 CNY 6.98
ZUNYI CITY HUICHUAN DISTRICT 50.74 04/24/19 CNY 6.75
ZUNYI INVESTMENT GROUP LTD C 41.68 03/13/19 CNY 8.53
ZUNYI ROAD & BRIDGE ENGINEER 72.95 08/17/20 CNY 7.15
ZUNYI STATE-OWNED ASSET INVE 60.97 12/26/19 CNY 6.98
HONG KONG
---------
CHINA CITY CONSTRUCTION INTE 70.63 07/03/17 CNY 5.35
INDONESIA
---------
BERAU COAL ENERGY TBK PT 38.54 03/13/17 USD 7.25
BERAU COAL ENERGY TBK PT 48.54 03/13/17 USD 7.25
DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00
INDIA
-----
3I INFOTECH LTD 14.63 03/31/25 USD 2.50
BLUE DART EXPRESS LTD 10.09 11/20/17 INR 9.30
BLUE DART EXPRESS LTD 10.26 11/20/18 INR 9.40
BLUE DART EXPRESS LTD 10.41 11/20/19 INR 9.50
GTL INFRASTRUCTURE LTD 40.13 11/09/17 USD 5.53
JAIPRAKASH ASSOCIATES LTD 41.38 09/08/17 USD 5.75
JAIPRAKASH POWER VENTURES LT 10.00 02/13/49 USD 7.00
JCT LTD 27.00 04/08/11 USD 2.50
PRAKASH INDUSTRIES LTD 21.00 04/30/15 USD 5.25
PYRAMID SAIMIRA THEATRE LTD 1.00 07/04/12 USD 1.75
REI AGRO LTD 1.52 11/13/14 USD 5.50
REI AGRO LTD 1.52 11/13/14 USD 5.50
SVOGL OIL GAS & ENERGY LTD 1.46 08/17/15 USD 5.00
JAPAN
-----
AVANSTRATE INC 29.75 10/31/17 JPY 5.55
AVANSTRATE INC 37.00 10/31/17 JPY 5.55
FUKUSHIMA BANK LTD/THE 74.37 12/05/23 JPY 1.19
MICRON MEMORY JAPAN INC 13.75 12/07/12 JPY 2.29
MICRON MEMORY JAPAN INC 13.75 11/29/12 JPY 2.10
MICRON MEMORY JAPAN INC 13.75 03/22/12 JPY 2.03
TAKATA CORP 38.13 03/26/21 JPY 0.58
TAKATA CORP 45.00 03/06/19 JPY 0.85
TAKATA CORP 49.75 12/15/17 JPY 1.02
KOREA
-----
2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00
2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00
2016 KIBO 1ST SECURITIZATION 31.59 09/13/18 KRW 5.00
CHEJU REGIONAL DEVELOPMENT B 25.26 07/25/18 KRW 3.00
DAEWOO SHIPBUILDING & MARINE 25.34 04/21/19 KRW 3.79
DAEWOO SHIPBUILDING & MARINE 51.24 11/29/17 KRW 3.50
DAEWOO SHIPBUILDING & MARINE 51.29 03/19/18 KRW 3.28
DAEWOO SHIPBUILDING & MARINE 59.77 07/23/17 KRW 3.73
DONGBU METAL CO LTD 73.74 04/16/20 KRW 5.75
DOOSAN CAPITAL SECURITIZATIO 52.93 04/22/19 KRW 20.00
HYUNDAI MERCHANT MARINE CO L 49.50 07/07/21 KRW 1.00
HYUNDAI MERCHANT MARINE CO L 52.00 04/07/21 KRW 1.00
JT CAPITAL FIRST ASSET SECUR 74.31 07/24/45 KRW 3.75
KIBO ABS SPECIALTY CO LTD 30.07 02/25/19 KRW 5.00
KIBO ABS SPECIALTY CO LTD 34.14 12/25/17 KRW 5.00
KIBO ABS SPECIALTY CO LTD 34.66 03/29/18 KRW 5.00
KIBO ABS SPECIALTY CO LTD 39.41 08/22/17 KRW 10.00
KOREA SOUTH-EAST POWER CO LT 55.71 12/07/42 KRW 4.38
KOREA SOUTH-EAST POWER CO LT 56.16 12/07/42 KRW 4.44
KOREA TREASURY BOND 73.16 09/10/66 KRW 1.50
LSMTRON DONGBANGSEONGJANG SE 35.17 11/22/17 KRW 4.53
MERITZ CAPITAL CO LTD 36.42 04/28/46 KRW 5.66
MERITZ CAPITAL CO LTD 37.24 09/29/46 KRW 5.44
OKC SECURITIZATION SPECIALTY 30.53 01/03/20 KRW 10.00
OKC SECURITIZATION SPECIALTY 52.40 02/17/42 KRW 3.00
SAMPYO CEMENT CO LTD 70.00 06/26/15 KRW 7.30
SAMPYO CEMENT CO LTD 70.00 04/12/15 KRW 7.30
SAMPYO CEMENT CO LTD 70.00 07/20/14 KRW 7.50
SAMPYO CEMENT CO LTD 70.00 09/10/14 KRW 7.50
SAMPYO CEMENT CO LTD 70.00 04/20/14 KRW 7.50
SHINHAN BANK 73.38 12/08/31 KRW 3.83
SHINHAN BANK 73.38 12/08/31 KRW 3.83
SINBO SECURITIZATION SPECIAL 18.59 10/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 26.29 07/28/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 27.81 02/25/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 27.93 01/28/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 28.14 12/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 28.87 06/24/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.08 09/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.50 08/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.79 07/29/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.85 03/13/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 30.15 06/25/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.08 07/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.44 06/25/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.76 05/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.16 12/23/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 47.74 07/24/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00
U-BEST SECURITIZATION SPECIA 36.87 11/16/17 KRW 5.50
WOONGJIN ENERGY CO LTD 63.69 12/19/19 KRW 3.00
WOORI BANK 342.58 12/12/44 KRW 5.21
SRI LANKA
---------
SRI LANKA GOVERNMENT BONDS 63.64 03/01/26 LKR 5.35
SRI LANKA GOVERNMENT BONDS 69.30 01/01/32 LKR 8.00
SRI LANKA GOVERNMENT BONDS 70.15 12/01/24 LKR 6.00
SRI LANKA GOVERNMENT BONDS 70.70 06/01/43 LKR 9.00
SRI LANKA GOVERNMENT BONDS 74.39 11/01/33 LKR 9.00
SRI LANKA GOVERNMENT BONDS 74.90 06/01/33 LKR 9.00
MALAYSIA
--------
ADVANCE SYNERGY BHD 0.10 01/26/18 MYR 2.00
BARAKAH OFFSHORE PETROLEUM B 0.63 10/24/18 MYR 3.50
BERJAYA CORP BHD 0.36 05/29/26 MYR 2.00
BERJAYA CORP BHD 0.48 04/22/22 MYR 5.00
BRIGHT FOCUS BHD 74.09 01/22/31 MYR 2.50
ELK-DESA RESOURCES BHD 0.98 04/14/22 MYR 3.25
HIAP TECK VENTURE BHD 0.31 06/27/21 MYR 5.00
I-BHD 0.45 10/09/19 MYR 2.50
IRE-TEX CORP BHD 0.03 06/10/19 MYR 1.00
LAND & GENERAL BHD 0.18 09/24/18 MYR 1.00
MALTON BHD 1.51 06/30/18 MYR 6.00
PUC FOUNDER MSC BHD 0.09 02/15/19 MYR 4.00
REDTONE INTERNATIONAL BHD 0.19 03/04/20 MYR 2.75
SAM ENGINEERING & EQUIPMENT 3.10 09/25/17 MYR 4.00
SEE HUP CONSOLIDATED BHD 0.13 12/22/17 MYR 4.60
SENAI-DESARU EXPRESSWAY BHD 54.92 06/30/31 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 56.27 12/31/30 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 57.65 06/28/30 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 58.97 12/31/29 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 60.30 06/29/29 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 61.61 12/29/28 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 62.94 06/30/28 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 64.21 12/31/27 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 65.48 06/30/27 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 66.79 12/31/26 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 68.10 06/30/26 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 69.45 12/31/25 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 69.54 06/30/25 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 71.03 12/31/24 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 71.07 12/31/38 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 72.50 12/30/39 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 72.59 06/28/24 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 73.54 12/31/40 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 74.17 12/29/23 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 74.44 12/31/41 MYR 0.50
SOUTHERN STEEL BHD 1.53 01/24/20 MYR 5.00
THONG GUAN INDUSTRIES BHD 4.31 10/10/19 MYR 5.00
UNIMECH GROUP BHD 1.10 09/18/18 MYR 5.00
VIZIONE HOLDINGS BHD 0.07 08/08/21 MYR 3.00
YTL LAND & DEVELOPMENT BHD 0.47 10/31/21 MYR 3.00
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD 13.50
BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD 13.50
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 45.00 10/01/21 SGD 5.85
ASL MARINE HOLDINGS LTD 70.00 03/28/20 SGD 5.50
AUSGROUP LTD 66.25 10/20/18 SGD 7.95
BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50
BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50
BERAU CAPITAL RESOURCES PTE 48.55 07/08/15 USD 12.50
BERAU CAPITAL RESOURCES PTE 48.63 07/08/15 USD 12.50
BLD INVESTMENTS PTE LTD 4.63 03/23/15 USD 8.63
BUMI CAPITAL PTE LTD 55.38 11/10/16 USD 12.00
BUMI CAPITAL PTE LTD 55.50 11/10/16 USD 12.00
BUMI INVESTMENT PTE LTD 55.00 10/06/17 USD 10.75
BUMI INVESTMENT PTE LTD 56.38 10/06/17 USD 10.75
ENERCOAL RESOURCES PTE LTD 45.25 04/07/18 USD 9.25
EZION HOLDINGS LTD 47.33 06/11/21 SGD 4.88
EZION HOLDINGS LTD 59.97 03/13/20 SGD 5.10
EZION HOLDINGS LTD 65.06 05/22/19 SGD 4.70
EZION HOLDINGS LTD 70.34 01/23/19 SGD 4.85
EZRA HOLDINGS LTD 4.01 04/24/18 SGD 4.88
INDO INFRASTRUCTURE GROUP PT 1.00 07/30/10 USD 2.00
ORO NEGRO DRILLING PTE LTD 62.14 01/24/19 USD 7.50
OSA GOLIATH PTE LTD 0.72 10/09/18 USD 12.00
PACIFIC RADIANCE LTD 25.13 08/29/18 SGD 4.30
RICKMERS MARITIME 24.25 05/15/17 SGD 8.45
SWIBER CAPITAL PTE LTD 4.61 10/30/17 SGD 6.25
SWIBER CAPITAL PTE LTD 4.62 08/02/18 SGD 6.50
SWIBER HOLDINGS LTD 5.00 10/10/16 SGD 5.55
SWIBER HOLDINGS LTD 8.99 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 10.75 04/18/17 SGD 7.13
TRIKOMSEL PTE LTD 18.00 05/10/16 SGD 5.25
TRIKOMSEL PTE LTD 18.00 06/05/17 SGD 7.88
THAILAND
--------
BANK OF THAILAND BOND 1.65 07/20/18 THB 1.55
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 37.75 09/17/03 USD 4.75
VIETNAM
-------
DEBT AND ASSET TRADING CORP 59.50 10/10/25 USD 1.00
DEBT AND ASSET TRADING CORP 60.25 10/10/25 USD 1.00
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.
Copyright 2017. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.
*** End of Transmission ***