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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, August 15, 2017, Vol. 20, No. 161
Headlines
A U S T R A L I A
APD BUILDING: Second Creditors' Meeting Set for Aug. 23
ARISTOCRAT LEISURE: Plarium Purchase No Impact on Moody's Ba1 CFR
ASSOCIATED FOOD: Second Creditors' Meeting Set for Aug. 21
LYLEX CONSTRUCTONS: First Creditors' Meeting Set for Aug. 22
MES FAMILY: First Creditors' Meeting Slated for Aug. 22
RIVET MINING: Second Creditors' Meeting Set for Aug. 21
SPOON AND FORK: First Creditors' Meeting Set for Aug. 22
SWORROM PTY: Second Creditors' Meeting Set for Aug. 21
* Australian Auto ABS Delinquencies Rise in Q2 2017, Moody's Says
C H I N A
GREENLAND HOLDING: Moody's Rates Proposed USD Notes Ba2
LIPPO CHINA: Hearing on CS Mining Sale Process Set Aug. 17
I N D I A
ABHYANJANEYA HEALTH: ICRA Withdraws 'B' Rating on INR35cr Loan
ABIR INFRASTRUCTURE: ICRA Moves 'D' Rating to Not Cooperating
AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
ALUMILITE ARCHITECTURALS: ICRA Cuts Rating on INR3.50cr Loan to D
AUTOLINE INDUSTRIES: CARE Lowers Rating on INR121.76cr Loan to D
BABANRAOJI SHINDE: ICRA Assigns 'C' Rating to INR110cr Cash Loan
BHARGAVA EDUCATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating
EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
ELECTROMECH MARITECH: CARE Lowers Rating on INR23.34cr Loan to D
EVERON CASTINGS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
GALLUS CV 2017: Ind-Ra Assigns Prov. BB+ Rating on Series A2 PTCs
GANGES GREEN: Ind-Ra Withdraws INR1,815.8MM Bank Loan Rating
HANSRAJ AGROFRESH: Ind-Ra Puts B+ Rating to Not Cooperating
ISOLUX CORSAN: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
JAYPEE INFRATECH: NCLT Classifies Company as Insolvent
KDH TEXTILE: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
KINDLE ENGINEERING: Ind-Ra Withdraws INR2,630MM Bank Loan Rating
LANCO INFRATECH: NCLT Admits Insolvency Proceedings
MAIL ORDER: ICRA Lowers Rating on INR22cr Cash Loan to 'D'
NOVELTY GOLD: CARE Reaffirms B+ Rating on INR30cr LT Loan
PRECIOUS ENERGY: Ind-Ra Withdraws INR1,186.3MM Bank Loan Rating
SAISUDHIR INFRA: ICRA Moves D Rating to Not Cooperating Category
SAMRUDDHA RESOURCES: ICRA Lowers Rating on INR25cr Loan to D
SANDHU FARMS: CARE Lowers Rating on INR4.80cr LT Loan to 'D'
SARATHY CARS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
SCHANGALAYA MOTORS: CARE Assigns B+ Rating to INR3cr LT Loan
SGR EXIM: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
SHAKTI POLYTEX: ICRA Lowers Rating on INR23.85cr Loan to 'D'
SHREE VISHWAKARMA: ICRA Lowers Rating on INR34.50cr Loan to D
SHRI VISHNUPERUMAAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SRI PRIYANKA: ICRA Raises Rating on INR16cr Cash Loan to B+
V CARE: ICRA Upgrades Rating on INR5.0cr Cash Loan to B+
VASAVI SOLAR: CARE Lowers Rating on INR26cr Term Loan to 'D'
VISHVAS POWER: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
VRV FOODS: Ind-Ra Migrates D Issuer Rating to Not Cooperating
WOMEN'S NEXT: ICRA Lowers Rating on INR12.50cr Cash Loan to D
J A P A N
TAKATA CORP: US Units to Hire Ernst & Young as Tax Advisor
TOSHIBA CORP: Chip Sale Talks Are Said to Stall On Payment Timing
S O U T H K O R E A
KUMHO TIRE: Posts KRW23BB Operating Loss in Qtr Ended June
X X X X X X X X
* BOND PRICING: For the Week Aug. 7 to Aug. 11, 2017
- - - - -
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A U S T R A L I A
=================
APD BUILDING: Second Creditors' Meeting Set for Aug. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of APD Building
Pty Ltd has been set for Aug. 23, 2017, at 10:00 a.m., at
Level 3, 95 Macquarie Street, in Parramatta, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2017, at 4:00 p.m.
Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of APD Building on July 19, 2017.
ARISTOCRAT LEISURE: Plarium Purchase No Impact on Moody's Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Aristocrat Leisure Ltd's Ba1
corporate family rating and the stable outlook on the rating will
not be immediately affected by its announcement on August 10,
2017 that it had entered into a binding agreement to acquire 100%
of Plarium Global Limited.
The company said in its announcement that it had entered into a
binding agreement to acquire 100% of Plarium Global Limited - a
social gaming company - for a total upfront consideration of
USD500 million in cash and an earn-out arrangement payable to
Plarium shareholders following the end of calendar years 2017 and
2018, based on 10x of the EBITDA for the 12 months to the
respective calendar year ends.
The proposed transaction - which will likely complete by end-2017
- will be funded by AUD122 million in existing cash and AUD567 in
incremental debt. Aristocrat's cash balance stood at around
AUD395 million at March 31, 2017.
"If the transaction closes, Moody's expects Aristocrat's gross
debt to increase by around AUD567 million," says Shawn Xiong, a
Moody's Analyst.
"And, Aristocrat's financial leverage - as measured by adjusted
debt/EBITDA - will likely increase by 0.4x-0.5x to around 1.8x,
from around 1.4x for the 12 months to March 31, 2017, on a pro
forma basis," adds Xiong.
This calculation is based on Plarium's adjusted EBITDA of around
AUD58 million for the 12 months ended March 31, 2017, and an AUD
to USD foreign exchange rate of 0.75.
Moody's points out that while the proposed transaction will
increase Aristocrat's financial leverage, the company can
comfortably accommodate such a development at its current rating
level.
The proposed transaction will increase Aristocrat's digital
addressable market for its social gaming segments of strategy,
role playing and casual games. At the same time, Aristocrat's
share of revenue and earnings from its digital segment will
increase to around 22% from 14% for the 12 months to March 31,
2017, on a pro forma basis.
Aristocrat has retained 13 key Plarium management and game
development staff on a deferred consideration arrangement,
including deferring a portion of their upfront consideration
until the end of calendar year 2020. Such a move is positive in
terms of the continuity of Plarium's operational and game
development business.
Aristocrat Leisure Ltd is a global provider in the design,
development and distribution of gaming content, platforms and
systems. Aristocrat's products and services include electronic
gaming machines and casino management systems. The company is
also increasing its presence in online social gaming.
ASSOCIATED FOOD: Second Creditors' Meeting Set for Aug. 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Associated
Food Group Pty Ltd, trading as Munch Express, Muncherry, Munch
Canteen & Breadwinner, has been set for Aug. 21, 2017, at
11:00 a.m., at Level 1, 33 Erskine Street, in Sydney and Level
18, Bourke Place 600 Bourke Street, in Melbourne.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 21, 2017, at 9:00 a.m.
Christopher John Palmer and Liam Bailey of O'Brien Palmer were
appointed as administrators of Associated Food on June 1, 2017.
LYLEX CONSTRUCTONS: First Creditors' Meeting Set for Aug. 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lylex
Constructons Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, Victoria, on Aug. 22, 2017, at 12:00 p.m.
Luke Christopher Targett and Bruno A Secatore of Cor Cordis
Chartered Accountants were appointed as administrators of Lylex
Constructons on Aug. 10, 2017.
MES FAMILY: First Creditors' Meeting Slated for Aug. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of MES Family
Investments Pty Ltd will be held at the offices of SV Partners
Mackay, 1st Floor, Corner Sydney & Gordon Street, in Mackay,
Queensland, on Aug. 22, 2017, at 11:00 a.m.
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of MES Family on Aug. 10, 2017.
RIVET MINING: Second Creditors' Meeting Set for Aug. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Rivet Mining Services East Holdco Pty Limited
- Rivet Quarries Pty Limited
- Rivet Mining Services (QLD) Pty Limited
- Rivet Mining Services (NSW) Pty Limited
has been set for Aug. 21, 2017, at 11:30 a.m., at the offices of
Len Buckridge Room, Adina Apartment Hotel, 138 Barrack Street, in
Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2017, at 4:00 p.m.
Andrew John Cummins, Peter Paul Krejci and John Carrello of BRI
Ferrier were appointed as administrators of Rivet Mining on
July 17, 2017.
SPOON AND FORK: First Creditors' Meeting Set for Aug. 22
--------------------------------------------------------
A first meeting of creditors in the proceedings of Spoon And Fork
Pty Ltd, trading as Elements @ Nexus & Cafe August, will be held
at the offices of Cor Cordis Chartered Accountants, Level 29, 360
Collins Street, in Melbourne, Victoria, on Aug. 22, 2017, at
10:30 a.m.
Daniel Peter Juratowitch and Sam Kaso of Cor Cordis Chartered
Accountants were appointed as administrators of Spoon And Fork on
Aug. 10, 2017.
SWORROM PTY: Second Creditors' Meeting Set for Aug. 21
------------------------------------------------------
A second meeting of creditors in the proceedings of Sworrom Pty
Ltd, trading as Hazelbrook Newsagency has been set for Aug. 21,
2017, at 2:00 p.m., at the offices of PPB Advisory, Level 7, 8-12
Chifley Square, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 18, 2017, at 5:00 p.m.
Kenneth Michael Whittingham and David M Webb of PPB Advisory were
appointed as administrators of Sworrom Pty on July 17, 2017.
* Australian Auto ABS Delinquencies Rise in Q2 2017, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the performance of Australian
auto loan asset-backed securities (ABS) deteriorated in Q2 2017.
"During Q2 2017, the performance of all Australian auto loan ABS
programs deteriorated," says Alena Chen, a Moody's Vice President
and Senior Analyst.
Specifically, the average 30+ day delinquency rate rose to 1.74%
at June 30, 2017 from 1.53% at March 31, 2017 and 1.46% at
June 30, 2016.
"We expect delinquencies to increase moderately through 2017, and
defaults and losses will rise from current low levels," says
Chen.
"As for Australia's economic performance, GDP should grow by 2.5%
in 2017, below the 2.7% average over the last five years. This
growth forecast underpins Moody's outlook for ABS performance in
2017," says Chen.
During Q2 2017, lower exposure to better performing receivables
such as novated leases, and higher exposure to worse performing
receivables such as consumer loans, accounted for a portion of
the higher delinquencies.
The natural amortization of auto ABS portfolios also had a large
impact on the delinquency rates of some older and smaller deals.
Macquarie Leasing Pty Limited's SMART transactions had the lowest
weighted-average 30+ day delinquency rate of 1.16% at June 30,
2017, but this was up from 1.09% at March 31, 2017.
The weighted-average 30+ day delinquency rate of St.George Bank
Limited's Crusade transactions increased to 2.88% at June 30,
2017 from 2.50% at March 31, 2017.
Liberty Financial Pty Limited's Liberty transactions had the
highest weighted-average 30+ day delinquency rate of 10.13% at 30
June 2017, up from 9.02% at March 31, 2017. This program
securitizes auto loans from both prime and non-conforming
borrowers.
The weighted-average 30+ delinquency rate of BOQ Equipment
Finance Limited's REDS transactions was at 1.52% at June 30,
2017, up from 1.17% at March 31, 2017.
Despite the overall increase in delinquencies during Q2 2017,
default and loss levels remained low. At June 30, 2017, the 2013
vintage - the most seasoned of the outstanding pools - registered
a cumulative default rate of 2.36%, and a net loss rate of 1.21%.
And, recovery rates for all vintages stayed stable in Q2 2017, at
around 45%-50%.
During Q2 2017, Moody's rated one new auto ABS deal, with a total
volume of AUD0.87 billion.
=========
C H I N A
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GREENLAND HOLDING: Moody's Rates Proposed USD Notes Ba2
-------------------------------------------------------
Moody's Investors Service has assigned a Ba2 backed senior
unsecured rating to Greenland Holding Group Company Limited's
(Ba1 negative) proposed USD notes.
The rating outlook is negative.
The proposed notes will be issued by Greenland Global Investment
Limited and unconditionally and irrevocably guaranteed by
Greenland Holding under Greenland Global's USD3 billion medium-
term note program.
The company plans to use the net proceeds to refinance existing
offshore debt.
RATINGS RATIONALE
"The proposed notes will slightly improve Greenland Holding's
debt maturity profile, because the net proceeds will be used to
refinance the company's existing offshore debt," says Franco
Leung, a Moody's Vice President and Senior Credit Officer.
Moody's expects that the size of the new issuance will not be
material relative to Greenland Holding's total debt. And, the
issuance will not materially affect the company's debt leverage,
given its refinancing plans.
Moody's expects the company's adjusted debt/capitalization to
remain between 75% and 80% over the next 6-12 months, barring any
major equity issuance or asset disposals. This level of leverage
is weak for the Ba1 rating category.
Greenland Holding's Ba1 corporate family rating reflects its: (1)
track record of delivering strong growth in its property
development business and leading market positions in key markets,
(2) highly diversified geographic coverage in China (A1 stable),
and (3) ability to manage market volatility through diversified
property product lines.
Another important rating driver is Greenland Holding's strong
ability to access funding and acquire land due to its status as a
local state-owned enterprise, as well as its strong corporate
status in Shanghai, because of its important role in the
urbanization of the city.
A key constraint on Greenland Holding's rating is its debt-funded
growth strategy, which has resulted in weak credit metrics. The
company's rating is also tempered by its volatile business
performance.
The Ba2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.
The negative outlook on Greenland Holding's rating reflects the
uncertainty surrounding its plan to lower its high debt leverage.
An upgrade of Greenland Holding's rating is unlikely in the near
term, given the negative outlook. Nevertheless, the outlook could
return to stable if Greenland Holding lowers its debt leverage,
such that adjusted debt/total capitalization trends below 70.0%-
72.5% and adjusted EBIT/interest is above 2.5x over the next 12-
18 months.
Greenland Holding will face downward rating pressure if its
financial profile or liquidity position weakens due to: (1) weak
sales performance or weak sales proceeds collection; (2) a
decline in profit margins; (3) a sizable increase in debt,
arising from aggressive expansion or land acquisitions; or (4) an
increase in the risk profile of its non-property businesses.
Moody's would consider downgrading the rating if the company's
credit metrics remain weak, with adjusted debt/total
capitalization above 70.0%-72.5%, and adjusted EBIT/interest
below 2.5x over the next 12-18 months.
A material reduction in the Shanghai government's ownership in
Greenland Holding, which negatively affects the company's access
to funding, would also be negative for the rating.
The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.
Founded in 1992, Greenland Holding Group Company Limited is a
China-based company. The company was one of the country's largest
property developers by contracted sales in 2016.
The group is headquartered in Shanghai, with a focus on the real
estate sector. The company has other businesses, including
construction, consumer products, energy, finance and auto
dealerships.
The Shanghai State-Owned Assets Supervision and Administration
Commission had an effective shareholding of about 46.4% in
Greenland Holding at December 31, 2016.
LIPPO CHINA: Hearing on CS Mining Sale Process Set Aug. 17
----------------------------------------------------------
Reuters reports that Lippo China Resources Ltd issues update on
further developments in relation to ongoing bankruptcy
proceedings of CS Mining and sale process.
According to the report, court hearing is scheduled to take place
on Aug. 17 to approve sale as part of sale process, and sale, if
approved, is expected to complete on or before Aug. 28.
=========
I N D I A
=========
ABHYANJANEYA HEALTH: ICRA Withdraws 'B' Rating on INR35cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B(Stable)
assigned to the INR35.00-crore term loan limits of Abhyanjaneya
Health Care Private Limited (AHCPL), in accordance with ICRA's
policy on withdrawal and suspension at the request from the
company based on No Objection Certificate (NOC) from lending
bank.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 35.00 [ICRA]B Withdrawn
Abhayanjaneya Health Care Private Limited was incorporated in the
year 2010 and operates a 210-bedded multi-speciality hospital,
"Simhapuri Hospital", at Nellore in Andhra Pradesh. The hospital
commenced its operations from March 2014. It offers medical
treatment in the fields of cardiology, nephrology, neurology,
orthopaedics, pulmonology, urology, gastroenterology, etc. In
April 2015, AHCPL was empanelled with the Dr. NTR Vaidya Seva
Scheme of the Government of Andhra Pradesh.
ABIR INFRASTRUCTURE: ICRA Moves 'D' Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the INR336.36 crore bank
facilities of Abir Infrastructure Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 147.81 [ICRA]D ISSUER NOT
based Limits COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Long-term Non-fund 186.05 [[ICRA]D ISSUER NOT
Based Limits COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Long-term Unallocated 2.50 [ICRA]D ISSUER NOT
Limits COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Rationale
The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with Abir Infrastructure Private Limited (AIPL),
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.
Key rating drivers
Credit strengths
AIPL has experienced management and decade long presence in the
hydel power sector
Diversified revenue stream with execution of projects in other
sectors such as thermal power, oil tankages and transmission
lines
Credit weaknesses
Delays in servicing of debt obligations by the company; account
is declared as non-performing asset
Delay in recovery of outstanding receivables and slowdown in
execution of major projects has led to stretched liquidity
position
Description of key rating drivers
The rating takes into account delays in servicing of debt
obligations by AIPL owing to the company's stretched liquidity
position. The liquidity position has been adversely impacted by
delay in recovery of
outstanding receivables and slowdown in execution of major
projects of the company. The rating is also constrained by the
high client concentration risk faced by the company on account of
revenue dependence on few major projects. Nevertheless, ICRA has
taken note of AIPL's experienced management and its decade long
presence in the hydel power sector. Moreover, AIPL has been
diversifying its order book with execution of projects in other
sectors such as thermal power, oil tankages and transmission
lines.
Abir Infrastructure Private Limited (AIPL) is a private limited
company, promoted by Mr. K. Gnyandeep and Mr. Y. Y. Butchi Babu
in 2005. The company is engaged in the construction activities
primarily related to hydro power and thermal power projects. The
major projects in the order book comprise of Upper Demwe Hydro
Power project, Bhavanpadu Thermal Power project, Singhitarai
Thermal Power project, Coastal Oil & Gas tankage project and
Shaft Sinkers construction project.
AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.00 crore fund-based facilities of Agrawal Traders. The
outlook on the long-term rating is 'stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 6.00 [ICRA]B (Stable); Reaffirmed
Rationale
The rating reaffirmation takes into account the extensive
experience of the promoters in the cottonseed oil business, the
established relations with customers and easy availability of raw
material from its location in Amravati (Maharashtra). The rating,
however, remains constrained by the low profit margins in line
with the low value additive nature of the business, leveraged
capital structure and modest coverage indicators. The need to
stock inventory leads to working capital requirements, which are
largely met through external working capital funding. ICRA notes
the small scale of operations, with vulnerability associated with
agro-climatic conditions primarily in the nature of cotton
availability and price movements, which has a direct bearing on
the revenues and profitability. ICRA also notes the low techno
intensive nature of the cottonseed oil extraction business
resulting in a large number of players in the industry. Going
forward, scaling up operations in a profitable manner while
managing inventory levels, will remain the key rating
sensitivities.
Key rating drivers
Credit strengths
Longstanding experience of the proprietor in the cottonseed oil
segment with established relationships with customers - The
proprietor, Mr. Sanjay Agrawal, has ~24 years of experience in
this segment. The firm enjoys established relationships with
local refineries since inception and gets repeat business orders
from them.
Proximity to cotton producing belt in Maharashtra resulting in
easy availability of raw material - The firm procures ~80% of its
raw material (cottonseeds) from Maharashtra, while the rest is
procured from the adjoining cotton rich states of Andhra Pradesh
and Gujarat, as well as from the National Agricultural
Cooperative Marketing Federation of India (NAFED) and Cotton
Corporation of India (CCI). The firm enjoys easy availability of
raw material by virtue of its location in Amravati.
Credit weaknesses
Small scale of operations - Despite having improved at a CAGR of
25% over the FY2012-FY2017 period, the firm's operating income is
still small at ~INR, 50 crore in FY2017, limiting economies of
scale.
Thin profitability margins - The operating margins of the firm
have remained low, in line with the low value-addition nature of
its business. The net margins are further pressured by the
interest and finance charges on working capital debt. The thin
margins have resulted in weak ROCE.
Leveraged capital structure and modest coverage indicators - The
capital structure of the firm is leveraged, characterised by
gearing of 2.25x in FY2017 as compared to 1.98x in FY2016 mainly
due to increase of unsecured debt. In view of thin cash accruals,
the coverage indicators have remained stretched. Being a
proprietorship firm exposes it to risk of capital withdrawal;
although it has been minimal over the years.
High working capital intensity marked by high inventory holding
The firm's working capital profile is majorly driven by its
inventory needs for stocking up inventory at the end of the
procurement season that coincides with the end of the financial
year. The firm stocks inventory to serve its requirement during
the lean season. Given the agro-climatic risks in the cottonseed
segment, the stocked inventory is vulnerable to any sharp price
movements.
Highly competitive and fragmented nature of industry
The firm operates in an intensely competitive environment, since
cottonseed oil extraction is a low techno intensive business,
resulting in a large number of players in the industry.
Business operations susceptible to the vagaries of agro-climatic
conditions, cotton availability and price movements
As cottonseeds are purchased from brokers at prevailing spot
prices; the firm is exposed to volatility in cottonseed prices.
The industry is susceptible to agro-climatic conditions, which
determines the availability of raw materials and their prices.
The domestic edible oil industry is also characterised by high
dependence on imports. Given the high volatility in international
edible oil prices, domestic players are exposed to risk of
unexpected squeeze on margins due to pricing mismatch between raw
materials (which are linked to domestic factors) and final
product prices that are affected by global factors.
Established in 2007, Agrawal Traders is a proprietorship firm
promoted by Mr. Sanjay Agrawal. The firm is engaged in crushing
cottonseeds for the production of cottonseed wash oil (15%) and
cottonseed cake (85%). The firm does not have its own
manufacturing facility and the crushing is undertaken by its
group concern, Agrawal Oil and General Industries, on job-work
basis. The firm is also engaged in trading of cottonseed oil
cake.
In FY2017, on a provisional basis, the company reported a net
profit of INR0.08 crore on an operating income of INR51.68 crore,
as compared to a net profit of INR0.08 crore on an operating
income of INR44.62 crore in the previous year.
ALUMILITE ARCHITECTURALS: ICRA Cuts Rating on INR3.50cr Loan to D
-----------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B
with a Stable outlook for the INR3.50 crore cash credit limit of
Alumilite Architecturals Private Limited. ICRA has also
downgraded the short-term rating to [ICRA]D from [ICRA]A4 for the
INR3.50 crore bank guarantee limit of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits- 3.50 [ICRA]D; Downgraded from
Cash Credit [ICRA]B (Stable)
Non-fund Based Limit 3.50 [ICRA]D; Downgraded from
Bank Guarantee [ICRA]A4
Rationale
The ratings revision is due to the delay in debt servicing by the
company owing to stretched liquidity position arising from its
working capital intensive nature of operations, given the
elongated receivables and high inventory holding period. Going
forward, the ability of the company to improve its liquidity
position and service its debt in a timely manner will be the key
rating sensitivity.
Key rating drivers
Credit strengths
* Long and established experience of promoters in the execution
of faáade construction projects - The company is involved in
providing faáade systems and solutions for various types of
construction projects, including residential, commercial,
industrial, etc. With the vast experience of the promoters in the
equipment and hardware industry, AAPL has established
relationships with a number of reputed players like Lodha,
Raheja, Oberoi Splender, Hiranandani, and the Essar Group, etc.
Credit weaknesses
* Delays in debt servicing obligation due to stretched
liquidity position arising out of elongated debtor and inventory
levels - The working capital indicators of the company remain
highly stretched, mainly on account of high debtors and inventory
levels, which have resulted in persistent over utilisation of
working capital limits.
* Exposure of profitability to volatility in raw material
prices; decline in profit metrics witnessed in FY2016 and 9M
FY2017 - The operating margins of the company have fluctuated and
mainly depend on the specifications and orders of clients. The
company usually stacks raw material once a customer order is
received. The company was negatively impacted by the fall in
aluminium prices in FY2016, which resulted in a decline in the
operating margin to 13.77% over 15.01% in FY2015, with no
subsequent increase in realisations.
* Highly leveraged capital structure coupled with weak coverage
indicators - AAPL has a leveraged capital structure owing to high
debt levels against its modest net-worth base. Nevertheless,
debt largely comprises unsecured loan, deployed to primarily fund
high working capital requirements. Gearing was high at 3.40 times
as on December 31, 2016; however, unsecured loans constitute 80-
85% of the total debt.
* Small scale of operations coupled with high competitive
intensity limits pricing flexibility - The company's scale of
operations has remained small in a highly competitive industry,
which has limited the pricing flexibility to a large extent.
* Revenues are dependent on demand from the real estate and
infrastructure sectors, and are thus exposed to the cyclicality
inherent in these end-use industries - AAPL's operations highly
dependent on the real estate and infrastructure sectors, and are
exposed to the cyclicality inherent in them. Any slowdown in the
same is expected to negatively impact the company's operations.
Alumilite Architecturals Private Limited was incorporated in
1992, and is promoted by Mr. S.K. Damani. The company is involved
in providing faáade systems and solutions for doors, windows,
partitions, structural glazing, automatic doors, cladding systems
and skylights for various types of construction projects,
including residential, commercial, and industrial, etc. The
manufacturing facility of the company is located in Bhiwandi,
Mumbai.
AUTOLINE INDUSTRIES: CARE Lowers Rating on INR121.76cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Autoline Industries Limited (AIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 121.76 CARE D Revised from
Facilities CARE B-
Short-term Bank 20.00 CARE D Revised from
Facilities CARE A4
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of
Autoline Industries Limited (AIL), factors in the ongoing delays
in debt servicing by AIL due to its stressed liquidity position.
Detailed description of the key rating drivers
Key Rating Weakness
Ongoing delays in debt servicing:
There are on-going delays in servicing of its debt obligations of
bank facilities due to its stretched liquidity position on
account of negative operating profit and negative cash profit.
Incorporated in December 1996, AIL is engaged in manufacturing of
auto components especially sheet metal components, sub-assemblies
and assemblies. AIL is an integrated auto ancillary company that
designs, engineers, develops and manufactures auto components and
assemblies. The capacities have been acquired through organic and
inorganic growth. AIL's products (more than 1,000 varieties) are
used in Commercial Vehicles (CV), Passenger Cars (PC), Sports
Utility Vehicles (SUV), two wheelers, tractors by Original
Equipment Manufacturers (OEMs) like Tata Motors Ltd (TML),
Mahindra & Mahindra (M&M), Bajaj Auto Ltd (BAL), Force Motors
(FM), General Motors (GM), Volkswagen (VW), etc. in the
automobile industry
BABANRAOJI SHINDE: ICRA Assigns 'C' Rating to INR110cr Cash Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C to the INR110.00
crore fund based cash credit facilities of Babanraoji Shinde
Sugar and Allied Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 110.00 [ICRA]C; Assigned
Rationale
The assigned rating takes into consideration the stretched
financial profile of the company over the years and resultant
irregularities in servicing debt obligations in the past. The
financial risk profile is characterised by leveraged capital
structure and modest debt protection metrics in FY2017. The
rating also factors in the exposure of the company's business to
agro-climatic risks and regulated nature of the industry, which
together have impact on sugarcane pricing, availability, exports
eligibility and sugar pricing. The drought conditions in the
region in FY2016 led to non availability of sugarcane for
crushing in FY2017 due to which the plant remained non-
operational in FY2017 resulting in stretched liquidity position
for the company. ICRA notes that sizeable debt repayment
obligations of the company will continue to exert pressure on the
financial risk profile. The liquidity position of the company
remains stretched on account of high working capital requirements
due to holding of sizeable finished goods stock. The command area
of the company experiences high competitive intensity for cane
procurement which could result in additional pressure on the
margins.
ICRA also takes note of healthy revenue in FY2017 due to
substantial liquidation of sugar inventory held as on March 2016
at favorable realizations.
Going forward, the ability of the company to procure adequate
quantity of sugarcane during SY2017-18, efficiently run the plant
and resultantly generate healthy accruals will be the key rating
sensitivities. Adequate management of working capital requirement
is also crucial for the company going forward.
Key rating drivers
Credit strengths
* Liquidation of FY2016 sugar inventory at comfortable
realizations
The company had generated revenues to the tune of INR181.7 crore
in FY2017 despite the plant being non-operational, due to
significant liquidation of sugar stock held as on March 2016 at
favorable prices.
Credit weaknesses
* Financial profile characterised by leveraged capital
structure and weak debt coverage indicators - The total debt of
the company consists of term loans of ~INR125 crore followed by
working capital borrowings in the form of pledge loans from the
banks which are ~INR41.5 crore as on March 31, 2017. High debt
levels, modest profitability and working capital intensive
operations resulted in weak financial risk profile. Moreover
accumulated losses over the years impacted net worth position of
the company. Further, given the sizeable debt repayment
obligations going forward, the financial risk profile of the
company will continue to remain stretched in the near term.
* Working capital intensive nature of operations - The working
capital intensity of the company is majorly determined by the
inventory levels of the company. As the company liquidated
substantial sugar inventory in FY2017, the working capital
intensity of the company reduced over previous year, Yet it
remains at higher level as inherent in the business.
* Operations also remain exposed to government regulations
prevalent in the sugar industry
The company's operations remain exposed to various government
regulations prevalent in the sugar industry such as cane pricing
and export/import norms. Owing to absence linkage between
sugarcane price and sugar realisation, the profitability of sugar
mill operations remains volatile. Any adverse movement in the
price of raw materials could have an adverse impact on the
company's margins.
* Cost structure of the company remains exposed to agro
climatic risks and cyclical trends in sugar business - The cost
structure and capacity utilization of the company is dependent
upon various agro climatic conditions. The drought conditions in
the region in FY2016 led to non availability of sugarcane FY2017
resulting in the plant remaining non-operational in the fiscal.
BSS was incorporated in 2011 and is involved in manufacturing of
sugar and its allied products. The company currently has 5000 TCD
(tonnes crush per day) sugar plant integrated with co-generation
unit of 25 MW (mega watt). The plant is located at Barshi Taluka
of Solapur district in Maharashtra. The company commenced its
operations in February 2015 for sugar mill while co-generation
operations began in March 2015. Sugar year (Sep-Oct) 2014-15 was
the first year of operations for the company. However the plant
remained non-operational in SY 2016-17 due to the drought
conditions in the region in the previous year which led to non
availability of sugarcane for crushing.
In FY2017, on a provisional basis, the company reported a net
profit of INR1.3 crore on an operating income of INR181.7 crore,
as compared to a net loss of INR2.4 crore on an operating income
of INR82.7 crore in the previous year.
BHARGAVA EDUCATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhargava
Educational Society's bank loan ratings to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The rating actions are:
-- INR58 mil. Term loan migrated to non-cooperating category
with IND B+(ISSUER NOT COOPERATING) rating; and
-- INR5 mil. Working capital facility migrated to non-
cooperating category with IND B+(ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update as we do
not have adequate information to review the ratings.
COMPANY PROFILE
Bhargava Educational Society has a registered office in Banga,
Punjab and was established in 2011 under the Societies
Registration Act, 1860. It runs one school - Darrick
International School - in Gunachaur, Punjab. It is accredited
with the Central Board of Secondary Education, Delhi.
EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B on the INR7.53
crore1 fund-based facilities of Eagle Extrusion Private Limited.
ICRA has also reaffirmed the long-term rating of [ICRA]B and the
short-term rating of [ICRA]A4 on the INR3.13 crore unallocated
limits of EEPL. The outlook on the long-term rating is 'stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 0.53 [ICRA]B (Stable); Reaffirmed
Fund-based-Cash
Credit 7.00 [ICRA]B (Stable); Reaffirmed
Unallocated Limits 3.13 [ICRA]B (Stable)/A4;
Reaffirmed
Rationale
The ratings reaffirmation takes into account EEPL's small scale
of operations with revenue de-growth in FY2017 and its weak
financial risk profile characterised by low profitability, weak
debt-coverage indicators and stretched liquidity position, as
reflected by the almost full utilisation of working capital bank
limits and high repayment obligations against accruals. ICRA also
takes into account the high working capital requirements of the
business due to elongated receivables cycle and high inventory
holdings by the company. The ratings are further constrained by
the susceptibility of the company's profitability and cash flows
to the volatility in raw material prices and the intense
competitive pressures due to the highly fragmented nature of the
industry.
The ratings, however, positively factor in the long track record
of the promoters in this business segment, the well diversified
product portfolio and the established dealer network employed by
the company.
Going forward, ICRA expects the company to report moderate growth
in its revenues on the back of anticipated improvement in sales
volumes as well as sales realisations. The profitability,
however, is expected to remain subdued owing to intense
competition in the industry as well as high interest obligations.
The ability of the company to scale up its operations, while
improving its profitability and efficiently managing its working
capital requirements, and thereby improving its capital structure
and coverage indicators, would remain important from a credit
perspective. In addition, infusion of funds by promoters to
support the timely repayments remains critical in the near term.
Key rating drivers
Credit strengths
Long experience of promoters
Experience of around a decade has enabled the promoters to
establish strong relationships with clients and suppliers.
Diversified product portfolio which reduces sales concentration
risk
The company manufactures hardware and architectural goods such as
handrails, tower bolts, expandable grills, and door aldrop, etc.,
which find application in building construction and industrial
goods such as aluminium pipes, electric motors, heat sinks, and
electric panels, among others, which are primarily targeted at
the pharmaceutical and textile industries.
Credit weaknesses
Small scale of operations with revenue decline in FY2017; below
average financial risk profile
The company has a small scale of operations and has witnessed
revenue de-growth in the last two fiscals. The operating income
stood at INR23.44 crore in FY2017 as against INR27.72 crore in
FY2016, marking a decline of ~15%. The debt-coverage indicators
of the company have also weakened due to decline in net
profitability, primarily because of increase in interest costs.
Financial risk profile will remain weak over the medium term
because of continued pressure on margin and sizeable working
capital debt.
High working capital intensity of business - The company offers a
credit period of 40-45 days to its dealers and has to make
payments within 20-30 days to its suppliers. It maintains raw
material inventory of ~20 days and finished goods inventory
depends on the order size, consisting of various types of
products manufactured, thus pushing up the inventory-holding
period. High receivables cycle and inventory holding results in
high working capital intensity (NWC/OI of ~22% in FY2017) and
thus impacting the liquidity of the company.
Stretched liquidity position
In FY2017, the company had high debt repayment obligations and
the cash accruals from the business were inadequate to support
its repayments. Moreover, the working capital bank limits remains
fully utilised, depicting the tight liquidity position of the
company.
Margins susceptible to volatility in raw material prices
The margins of the company are largely affected by the raw
material price fluctuation, which affects the sales realisations.
Any adverse movement in the price of raw materials could have an
adverse impact on the firm's margins. The margins and cash flows
are also susceptible to the demand from the end-user industries,
i.e., real estate and construction, pharmaceutical, and textiles,
etc.
Intense competitive pressures due to highly fragmented nature of
industry
The company faces stiff competition from several organised and
unorganised players in the aluminium extrusion industry, given
the low capital investment and technical expertise required to
produce the extrusions. It limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenues and margins.
Incorporated in 2008, Eagle Extrusion Private Limited (EEPL)
manufactures aluminium profiles and sections, and other
industrial products. The company's manufacturing unit is located
at Surat (Gujarat) with a total installed manufacturing capacity
of 2,000 metric tonnes per annum (MTPA). The product portfolio of
the company comprises hardware and architectural utilities such
as handrails, expandable grills, tower bolts, window frames and
sections, among others, as well as industrial goods that are used
in manufacturing machineries for the textile and pharmaceutical
industries.
In FY2017, on a provisional basis, the company reported net loss
of INR0.18 crore on an operating income of INR23.44 crore over a
net profit of INR0.23 crore on an operating income of INR27.72
crore in the previous year.
ELECTROMECH MARITECH: CARE Lowers Rating on INR23.34cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Electromech Maritech Private Limited (EMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 23.34 CARE D Revised from
Facilities-Term CARE BB; Stable
Loan-I
Long-term Bank
Facilities-
Term Loan-II 11.25 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The revision in the ratings of Electromech Maritech Private
Limited (EMPL) takes into account the delay in repayment of
its debt obligations by the company.
Going forward, the company's ability to service its debt
obligations in a timely manner shall be the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in servicing of debt obligations: The revision in the
ratings of Electromech Maritech Private Limited takes into
account the delay in repayment of its debt obligations by the
company.
Weak financial risk profile: EMPL has a weak financial risk
profile as exhibited by continued losses at a net level since
commencement of operations, owing to high depreciation and
interest charges. With the availment of additional term loan and
erosion of tangible net worth due to continued losses the overall
gearing and total debt to GCA deteriorated further to 4.47x and
14.04x respectively as on March 31, 2016.
Operations exposed to climatic conditions and technological
risks: The operations of the company are exposed to climatic
conditions as well as technological risks pertaining to adequate
availability of sunlight and any redundancy associated with the
operational efficiency of PV modules.
Key Rating Strengths
Long track record of promoters in solar generation: Lanco Solar
Energy Private Limited (LSEPL) has considerable experience in
solar projects. It is a wholly owned subsidiary of Lanco
Infratech Limited (LIL). LSEPL provides EPC services to solar
projects under JNNSM. LSEPL has also provided EPC services to
various solar projects in Gujarat and Rajasthan, the capacity of
the projects range between 1MW to 15MW.
EMPL is a joint venture between Golden Infraprojects Pvt Ltd
(GIPL) and Lanco Solar Energy Private Limited (LSEPL)
incorporated on January 2, 2008, with GIPL holding 51% shares and
LSEPL holding 49% shares respectively. Both, GIPL and LSEPL, are
promoter group companies.
GIPL was formed on September 10, 2010 by Mr Suresh Yarraguntla
and Mr Nagaraja Yarraguntla with shareholding of 50% each.
LSEPL is a 100% subsidiary of Lanco Infratech Limited. LSEPL was
established in June 2009 and is engaged in providing design &
engineering, procurement of equipment and complete construction
of solar power projects. The company has executed turnkey EPC
contracts for about 250 MW solar power projects located majorly
in Rajasthan, Gujarat and Maharashtra.
EMPL is a 5 MW solar energy project located at Askandra Village,
Jaisalmer district, Rajasthan. The project was funded in debt
equity ratio of 63:37, the project achieved Commercial Operations
Date (COD) on January 10, 2012. The company has signed a long
term PPA with NVVNL for 25 years at a fixed tariff rate of
INR11.60/kwh in January 2011. Also, the company has Operations
and Maintenance in place with LSSPL for the next five years i.e.
January 2022.
EVERON CASTINGS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Everon Castings
Private Limited (ECPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR110 mil. Term loans due on March 2025 assigned with IND
BB+/Stable rating;
-- INR210 mil. Fund-based facilities assigned with IND
BB+/Stable/IND A4+ rating; and
-- INR30 mil. Non-fund-based facilities assigned with IND A4+
rating.
KEY RATING DRIVERS
The rating reflects ECPL's small scale of operations and moderate
credit metrics due to its presence in a highly fragmented and
intensely competitive steel industry, which is susceptible to
cyclicality. In FY17 (provisional), revenue increased to INR796
million (FY16: INR703 million) due to additional orders from
existing customers. Revenue expanded at a CAGR of 14.14% over
FY13-FY17.
Moreover, in FY17, EBITDA interest coverage (operating
EBITDA/gross interest expense) improved to 3.3x (FY16: 1.8x),
driven by a rise in operating EBITDA margin (FY17: 13.9%; FY16:
10.4%) due to lower raw material cost. Meanwhile, net leverage
(adjusted net debt/operating EBITDAR) enhanced to 2.4x in FY17
from 4.1x in FY16, primarily due to an increase in operating
EBITDA (FY17: INR111 million; FY16: INR73 million). Ind-Ra
expects a stretch in credit metrics in the short term due to a
likely increase in total debt to meet capex requirements.
The ratings, however, are supported by ECPL's comfortable
liquidity position. Its average use of working capital limits was
78.7% for the 12 months ended July 2017. Moreover, its promoters
have a four-decade experience in the casting industry.
RATING SENSITIVITIES
Negative: A significant decline in revenue and/or EBITDA margin
leading to weaker credit metrics will be negative for the
ratings.
Positive: Substantial revenue growth and/or an improvement in
EBITDA margin leading to improvement in credit metrics will lead
to a positive rating action.
COMPANY PROFILE
Incorporated in 2007, ECPL is engaged in the manufacturing of
carbon steel, alloy steel and stainless steel castings. It has
two owned manufacturing units in Coimbatore (Tamil Nadu).
The promoters of the company are Mr B Rajesh, Mr B
Balasubramanian, Mr MV Srinivasan, Mr R Andal Rajesh and Mr T
Prabhakar.
GALLUS CV 2017: Ind-Ra Assigns Prov. BB+ Rating on Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gallus CV IFMR
Capital 2017 (an ABS transaction) the following ratings:
-- INR344.5 mil. Series A1 pass-through certificates (PTCs) due
on February 2022 assigned with Provisional IND A-(SO)/Stable
rating; and
-- INR20.8 mil. Series A2 PTCs due on February 2022 assigned
with Provisional IND BB+(SO)/Stable rating.
The final ratings are contingent upon the receipt of final
documents conforming to the information already received by Ind-
Ra.
The new and used car (18.5%), commercial vehicle (28.7%), multi
utility vehicle (24.6%), and equipment loans (28.2%) to be
assigned to the trust at par have been originated by Ess Kay
Fincorp Private Limited (EKFPL).
KEY RATING DRIVERS
Originator's Servicing, Underwriting & Collection Capabilities:
The provisional ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction. The agency is of
the opinion that the issuer's origination and servicing
capabilities are of an acceptable standard. Origination of loans
is entirely an in-house mechanism and the company sources loans
directly. The company follows a relationship-based origination
model. The company follows a strong due diligence process to
assess the creditworthiness of the prospective customer. The
company has separate sales and collection team; so the person
sourcing the business is not responsible for collection process.
EKFPL repossesses vehicles only as last resort. The borrower's
capacity and intention to pay is analysed before repossessing the
vehicle.
Transaction Structure: The provisional rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and the ultimate payment of principal by the final maturity date
on 17 February 2022, in accordance with transaction
documentation. The provisional rating of Series A2 PTCs addresses
the timely payment of interest on monthly payment dates only
after the complete redemption of Series A1 PTCs and ultimate
payment of principal by the final maturity date on 17 February
2022, in accordance with the transaction documentation.
Availability of Credit Support: The transaction benefits from an
internal CE on account of excess interest spread, subordination
and overcollateralisation. The levels of overcollateralisation
available to Series A1 and A2 PTCs are 17.0% and 12.0% of the
initial pool principal outstanding (POS), respectively. The total
excess cash flow or the internal CE available, including
overcollateralisation, to Series A1 and A2 PTCs is 35.74% and
29.27%, respectively, of the initial POS. The transaction also
benefits from an external CE of 3.5% of the initial POS in the
form of fixed deposits in the name of the originator, with a lien
marked in favour of the trustee.
Key Pool Characteristics: The collateral pool to be assigned to
the trust at par had an aggregate outstanding principal balance
of INR 415.0 million as of the pool cut-off date of 31 July 2017.
The pool consisting of 2,096 loans has a weighted average (WA)
seasoning of 6.5 months and WA amortisation of 19.0%, implying a
moderate repayment track record of underlying borrowers, Also,
the WA loan to value of the pool is 74.5% with an average loan
balance of INR198,015 and a WA internal rate of return of 21.8%.
No loans in the pool were delinquent as of the pool cut-off date.
Key Assumptions: Ind-Ra has derived a base case gross default
rate in the range of 10%-11%. The agency has analysed the
characteristics of the pool and established its base-case
assumptions through the four key performance variables viz.
default rate, recovery rate, recovery timeline & prepayment rate,
which collectively affect the credit risk in a transaction. Ind-
Ra considers both long-term historical average of the key
performance variables of the old static pools and the performance
of the latest static pools.
Ind-Ra has derived the recovery rate and monthly prepayment rate
on the basis of the data shared by the originator and market
inputs. According to the agency's discussions with the
originator, most recoveries take the form of roll backs of 90+
dpd customers in the current bucket. Ind-Ra has assumed a base
case recovery rate of 70%-80%, with a base case recovery time of
10-12 months. The pool cash flow is further adjusted for
prepayments of underlying loans, assuming a base case monthly
prepayment rate of 0.9%.
Ind-Ra stressed the above variables for the rating level as per
'Rating Criteria for Indian Asset-Backed Securitisations'. Based
on the rating level, the agency also has made an adjustment for
the borrowers carrying the highest interest rate loans assuming
they will either prepay or default.
RATING SENSITIVITIES
As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.
Ind-Ra also conducted rating sensitivity tests. If the
assumptions of both base case default rate and base recovery rate
were simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of Series A1 and Series A2
PTCs will not be downgraded.
A presale report for this transaction will be available shortly
on Ind-Ra's website, www.indiaratings.co.in.
COMPANY PROFILE
Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with an operating track record of over 22
years. EKFPL is promoted by Mr Rajendra Kumar Setia. It primarily
provides vehicle loans, including light commercial vehicle and
multi-utility vehicles, tractor loan, car, three-wheeler and SME
loans, in Rajasthan, Gujarat, Madhya Pradesh Punjab and
Maharashtra. Its corporate and registered office is located in
Jaipur, Rajasthan.
As of March 2017, EKFPL had INR8,244 million worth of assets
under management and its network base stood at 208 branches.
EKFPL's PAR greater than 120 days is 3.57% whereas PAR greater
than 90 days is at 4.95% for FY17. After April 2017, the company
shall recognize NPAs at 90+dpd.
GANGES GREEN: Ind-Ra Withdraws INR1,815.8MM Bank Loan Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ganges Green
Energy Private Limited's (GGEPL) term loan rating as follows:
-- INR1,815.8 mil. Senior project bank loan withdraw with WD
rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the rating on the term
loan, based on the receipt of a no-dues certificate from the
lender mentioning the rupee term loan has been repaid in full.
This is consistent with Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.
The last published rationale for GGEPL can be accessed here.
COMPANY PROFILE
GGEPL is an SPV, created to develop, own and operate a 25MW solar
power plant based on thin film technology. The plant, which
contains two sub plants, is located in Dhank village, Rajkot,
Gujarat and has been operational since December 2012 (10MW) and
May 2012 (15MW), respectively. Hindustan Power projects Ltd is
the sponsor of the project though its intermediate holding
companies - Hindustan Cleanenergy Limited. Hindustan Power
projects have successfully installed around 328MW in the solar
portfolio and another 116MW is under development across four
states.
HANSRAJ AGROFRESH: Ind-Ra Puts B+ Rating to Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hansraj
Agrofresh Private Limited's (HAPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR92.98 mil. Term loan migrated to non-cooperating category
with IND B+(ISSUER NOT COOPERATING) rating;
-- INR150 mil. Fund-based working capital limits migrated to
non-cooperating category with IND B+(ISSUER NOT
COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and
-- INR2.97 mil. Non-fund-based working capital limits migrated
to non-cooperating category with IND A4(ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last rated on
June 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2014, HAPL manufactures ready-to-serve fruit
juices in Siliguri, West Bengal. It manufactures fruit juices in
various packing variants such as pet bottles, tetra classic
aseptics and tetra paks. The company sells its products under the
brand name, Hansraj.
ISOLUX CORSAN: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Isolux Corsan
India Engineering & Construction Private Limited's (ICI) Long-
Term Issuer Rating to 'IND BB+' from 'IND BBB+'. The Outlook is
Negative. The rating action takes into account ICI's continued
low EBITDA margin, lower-than expected revenue in FY17 and
expectation of delays in execution of contracts.
The ratings have been migrated to the non-cooperating category.
The issuer did not participate in the surveillance exercise
despite continuous requests and follow ups by the agency. Thus,
the ratings are on the basis of best available information. The
rating will now appear as 'IND BB+(ISSUER NOT
COOPERATING)/Negative' on the agency's website. Instrument-wise
rating actions are:
-- INR665 mil. Fund-based limits downgraded and migrated to non-
cooperating category with IND BB+(ISSUER NOT
COOPERATING)/Negative/IND A4+(ISSUER NOT COOPERATING) rating;
-- INR6,050 mil. non-fund-based limits downgraded and migrated
to non-cooperating category with IND BB+(ISSUER NOT
COOPERATING)/Negative/IND A4+(ISSUER NOT COOPERATING) rating;
and
-- INR4,285 mil. Proposed working capital facilities downgraded
and migrated to non-cooperating category with Provisional IND
BB+(ISSUER NOT COOPERATING)/Negative/Provisional IND
A4+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
KEY RATING DRIVERS
As per 9MFY17 unaudited financials, the company achieved revenue
of INR4.5 billion (annualised INR6 billion), which was 40%-50%
lower than Ind-Ra's FY17 revenue expectations of INR10 billion-12
billion. Given the lower-than expected revenue, the agency
believes that ICI would face delays in execution of contracts
resulting in possibilities of liquidity damages and related
consequences.
EBITDA margin was 3.7% in 9MFY17 (FY16: 3.0%; FY15: 8.6%),
against Ind-Ra's expectation of 6%-7%. Gross interest coverage
deteriorated to around 3x in 9MFY17 (FY16: 4x) and net financial
leverage to 5.4x (4.2x) on account of lower EBITDA. At end-
9MFY17, ICI's long-term borrowing was INR559 million (FYE16:
INR806 million) and short-term borrowing was INR680 million
(INR332 million).
During July 2017, ICI's parent, Isolux Corsan Group applied for
bankruptcy proceedings for the seven companies of the group under
the Spanish Insolvency Act. While Ind-Ra had not incorporated any
parent support in ICI's ratings, the bankruptcy of parent is
likely to add to the deterioration in business and financial
profile of its Indian subsidiaries.
RATING SENSITIVITIES
Negative: Continued stress on margins and liquidity, and
significant delays in execution of contracts would lead to a
further rating downgrade.
COMPANY PROFILE
ICI is a subsidiary of the Spain-based Isolux Corsan Group. It
was incorporated in June 2008 for carrying out construction,
development, and maintenance of infrastructure projects in India.
JAYPEE INFRATECH: NCLT Classifies Company as Insolvent
------------------------------------------------------
Moneycontrol reports that the Allahabad bench of the National
Company Law Tribunal on Aug. 9 accepted lender IDBI Bank's plea
and classified Jaypee Infratech as an insolvent company.
With this, the board of directors of the company remains
suspended. According to the report, the Tribunal will now appoint
an insolvency resolution professional -- an official from one of
the seven accounting firms selected for this purpose. The
professional will sit with Jaypee's creditors to see if a
resolution of the company's debt is possible.
The appointed official will get 270 days to turn around the
company's finances. In case the turnaround doesn't happen, the
company's assets will be liquidated.
Jaiprakash Associates, the flagship company of the Manoj Gaur-
owned group, has 71.64% stake in Jaypee Infratech. Jaypee
Infratech is one of the 12 companies that were referred to the
NCLT by the Reserve Bank of India for admission under the
insolvency code, Moneycontrol relates.
Besides Jaypee, the list of 12 defaulters includes Monnet Ispat,
Jyoti Structures, Electrosteel Steels, Amtek Auto, Essar Steel,
Bhushan Steel, Bhushan Power and Steel, Jaypee Infratech, Lanco
Infratech, ABG Shipyard, Alok Industries and Era Infra &
Engineering, the report discloses.
The seven accounting firms mandated to nominate officials who
will oversee the debt resolution exercise at these companies are
PwC, Deloitte, KPMG, EY, BDO, Grant Thornton and A&M.
As on March 31, 2017, Jaypee Infratech had borrowings of Rs 8,365
crores and an interest service coverage ratio of less than zero,
implying an inability to service its debt, Moneycontrol notes.
According to Moneycontrol, the admission of IDBI Bank's plea in
NCLT is a big setback to thousands of buyers of various
properties that were being set up by Jaypee in Noida, Greater
Noida and elsewhere. Under the current circumstances, the secured
lenders of Jaypee will have the first right to the company's
assets.
In case the lenders are unwilling to convert their debt into
equity, there will no option but to liquidate the company,
leaving the buyers of the company's under-construction properties
with little choice, Moneycontrol says. These buyers have filed
cases against the company at various consumer courts in India.
The projects, already delayed by four years, include Kensington
Boulevard, Aman, Kassia, Kalypso, Klassic, Krescent and Cosmos.
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.
KDH TEXTILE: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded KDH Textile
Private Limited's (KDH) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are given below:
-- INR160 mil. (increased from INR75 mil.) Fund-based working
capital limit long-term rating upgraded; short-term rating
affirmed with IND BB+/Stable/IND A4+ rating; and
-- INR60 mil. (reduced from INR60.79 mil.) Term loan due on June
2018 to March 2023 upgraded with IND BB+/Stable rating.
KEY RATING DRIVERS
The upgrade reflects a significant improvement in KDH's revenue
and comfortable liquidity profile. As per FY17 provisional
financials, revenue increased to INR710.96 million (FY16:
INR496.29 million) mainly on account of capacity addition, which
would lead to a further growth in revenue in FY18. Despite the
revenue improvement, KDH's scale of operations continues to
remain small.
The company's average maximum use of fund-based working capital
limits was around 84% during the 12 months ended June 2017.
The ratings factor in KDH's moderate credit metrics with
financial leverage (total adjusted debt/operating EBITDAR) of
3.92x in FY17P (FY16: 3.53x) and interest coverage (operating
EBITDA/gross interest expense) of 2.65x (2.40x). The EBITDA
margins remained stable at 7.97% in FY17P (FY16: 7.78%).
The ratings also benefit from KDH's directors' over three decades
of experience in the textile industry.
RATING SENSITIVITIES
Negative: A fall in the operating profitability leading to a
sustained deterioration in the credit metrics will be negative
for the ratings.
Positive: A significant improvement in the revenue with operating
profitability being sustained at current levels, while reducing
the financial leverage below 2.5x will be positive for the
ratings.
COMPANY PROFILE
Founded in June 2009, KDH is engaged in designing and embroidery
of fabrics. Its facility is located at Sonipat, Haryana.
KINDLE ENGINEERING: Ind-Ra Withdraws INR2,630MM Bank Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Kindle Engineering and Construction Private
Limited's (KECPL) bank facility:
-- INR2,630 mil. Bank loan withdrawn with WD rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the bank loan rating, as
it has received no dues certificates from the lenders, mentioning
that the loan has been repaid in full. This is consistent with
the Securities and Exchange Board of India's circular dated
March 31, 2017 for credit rating agencies.
Last published rationale for KECPL can be accessed here.
COMPANY PROFILE
KECPL is a special purpose vehicle that has been created to
develop, own and operate a 50MW multi-crystalline solar power
plant in Charanka village, Patan district, Gujarat. The plant
commenced commercial operations for 30MW on 31 March 2014 and for
20MW on 5 February 2015. Hindustan Power projects Ltd is the
sponsor of the project though its intermediate holding company
Hindustan Cleanenergy Limited. The total project cost of INR4.83
billion was funded by equity of INR1.86 billion and a debt of
INR2.97 billion.
LANCO INFRATECH: NCLT Admits Insolvency Proceedings
---------------------------------------------------
Livemint.com reports that the National Company Law Tribunal
(NCLT) has admitted insolvency proceedings against Lanco
Infratech, among the 12 identified cases referred to the tribunal
following the Reserve Bank of India's (RBI) 13 June directive,
the firm said in an exchange filing on Aug. 10.
The Hyderabad bench of NCLT accepted the petition moved by IDBI
Bank, and appointed Savan Godiawala as the interim resolution
professional. The order was passed on Aug. 7, the report notes.
"As a result of the said order, the power of the board of
directors stands suspended," the company, as cited by
Livemint.com, said.
Upon admission of the petition, a six-month moratorium begins to
decide on a resolution plan in accordance with the Insolvency and
Bankruptcy Code, 2016. During this period, the board is
suspended, an interim resolution professional takes charge, and
existing proceedings against the defaulter are suspended. This
moratorium can be extended up to 270 days.
So far, various NCLT benches have accepted cases against 11
identified large borrowers, with Era Infra Engineering the only
exception, the report notes.
Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.
MAIL ORDER: ICRA Lowers Rating on INR22cr Cash Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from ICRA]BB+
(Stable) for the INR27.50 crore bank limits of Mail Order
Solutions (India) Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 5.50 [ICRA]D; revised from
[ICRA]BB+(Stable)
Cash Credit 22.00 [ICRA]D; revised from
[ICRA]BB+(Stable)
Rationale
The ratings revision is on account of the delay in debt servicing
by the company owing to stretched liquidity position arising out
of elongated receivables and decline in revenues over the last
two fiscals due to weak demand from key export markets.
Going forward, the ability of the company to improve its
liquidity position and service its debt in a timely
manner will be the key rating sensitivity.
Key rating drivers
Credit strengths
Integrated service provider for outsourced print production: MOS
offers integrated marketing communication services to its clients
which include freight & postage, printing, content creation, data
handling, fulfilment, dispatch etc and is one of the leading
integrated print production outsourcing companies in India. The
promoters have an extensive experience of over 15 years in the
industry.
Credit weaknesses
Delays in debt servicing obligation due to stretched liquidity
position arising out of stretched receivables: The company's
liquidity position has remained stretched owing to stretched
receivables coupled with decline in revenues in FY2016 and
5MFY2017 which has resulted in persistent over utilisation of the
working capital limits and has impacted its debt servicing
ability.
Susceptibility of revenues to demand slowdown/contraction during
weak economic conditions:
The customers for MOS are mainly DMC (Direct marketing companies)
who send ad mailers to their prospective clients. Reduced
expenditure on direct ad mails by DMC during weak economic
conditions can have a sizeable impact on MOS's revenues as
witnessed in FY2016 and 5MFY2017.
Weakening of capitalisation and coverage indicators over the last
two fiscals: The gearing of the company increased to 2.06 times
as of March 31, 2016 from 1.58 times as of March 31,2015 on
account of increasing in borrowing levels and reduction in
networth owing to loss incurred during FY2016. The coverage
indicators were also impacted during FY2016 owing to reduced
profitability and higher debt levels. Interest coverage declined
to 1.28 times in FY2016 from 3.10 times in FY2015 while NCA/TD
declined to 5% in FY2016 from 21% in FY2015. The capitalization
and debt coverage indicators continued to remain weak as on
August 31,2016.
Continued exposure to high customer concentration risk: The
customer base continues to remain concentrated with top three
clients accounting for 64% of total sales in FY2016, up from 58%
in FY2015.
Vulnerability of profitability to unfavorable movement in foreign
exchange rates: The sales profile of the company is skewed
towards the export market with contribution of 80% to total sales
in FY2016. Export dominated sales profile of the company makes
the revenues susceptible to fluctuations in foreign exchange
rates, more so in the absence of any firm hedging mechanism.
Sizeable repayments falling due in near term: The company has
sizeable repayments falling due in the near term and hence
scaling up of revenues while maintaining healthy profitability
levels would remain critical for timely debt servicing.
Incorporated in 2004, MOS is engaged in providing integrated
marketing communication services to clients, largely direct
marketing companies, for the purpose of sending direct mails to a
targeted group of customers. MOS' services include printing and
distribution of mail packs (promotional inserts, corporate
communications, etc) for direct marketing, which requires concept
development, creative designing, pre-press activities, print
production personalization, mailing, distribution and
fulfillment. MOS manages all aspects of print projects from
concept creation to delivery in one place. It has presence across
all product categories - bills, catalogues, periodicals,
promotional inserts, and corporate communications for printing,
personalization and distribution. Besides integrated service
portfolio, MOS also benefits from the significant investment
undertaken by it for building the in-house capacities and
software purchase/ development, in addition to network building.
It also has license arrangements with logistics service providers
like La Poste, Royal Mail and Swiss Post International for mail
delivery.
As per provisional financials for FY 2016, MOS has reported an
operating income of INR81.43 crore and a net loss of INR4.33
crore as against an operating income of INR94.55 crore and a net
loss of INR0.45 crore for FY2015. Further, as per the provisional
financials for the five month period ended August 31,2016, MOS
has reported an operating income of INR19.03 crore and a profit
before tax of INR0.12 crore.
NOVELTY GOLD: CARE Reaffirms B+ Rating on INR30cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Novelty Gold (NG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 30.00 CARE B+; Stable Reaffirmed
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of NG continues to be
remained constrained by its partnership nature of constitution,
short track record with small scale of operations, working
capital intensive nature operations, exposed to volatility of
traded materials and its presence in a competitive nature of
industry with presence of many unorganized players. The rating,
however, continues to derive strength from its experienced
partners and authorized distributor of Emerald Jewel Industry
India Limited.
Going forward, the firm's ability to increase its scale of
operations, improve its profitability and effective management of
working capital shall be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record with small scale of operations: The firm has
commenced trial run for market survey from September 2016 to
March 31, 2017 and during this period the firm has reported total
operating income of INR9.38 crore with a net loss of INR0.65crore
in FY17 (Provisional). However, the firm has started commercial
operations from April 2017 and in Q1FY18, it has reported
turnover of INR6.50 crore as maintained by the management. Thus
it has very short track record of operations.
Partnership nature of constitution: NG, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.
Working capital intensive nature of operations: The operation of
the firm is working capital intensive as the firm is required to
hold adequate inventories for timely supply of traded goods to
wholesale customers/retailers. Furthermore, the firm is also
required to pay to its creditors in advance or on delivery of
traded goods. Therefore it requires large working capital funds
for smooth function of its operations. However, as the firm makes
sales in cash which mitigates its working capital requirement to
some extent.
Exposed to volatility in traded materials: The prices of gold
jewellery are highly volatile in nature. The management has
stated that to mitigate the risk of volatility in gold jewellery
prices they purchase gold jewellery on daily basis equivalent to
the quantity sold. However they are exposed to the risk of
volatility in gold jewellery prices to the extent of inventory
holding. Competitive nature of industry with the presence of many
unorganized players: The Gems and Jewellery (G&J) industry has
limited restriction in terms of entry barriers for new players
given lower government regulations and technological dependence.
The Indian G&J industry is very competitive with the unorganized
sector dominating the market and is highly fragmented in nature.
There are few key domestic private sector players in the retail
jewellery segment but they comprise a mere 4% of the total
jewellery market while the remaining are mainly family run
businesses. Therefore, being a new entrant in the market, the
firm is exposed to intense competition from other established
players operating in the same region.
Key Rating Strengths
Experienced partners: The key partner, Mr P. Ashok Kumar has
around three decades of experience in diversified business. He
looks after the day-to-day operations of the firm. He is
supported by other six partners who are also having around two
decades of experience in trading of various products, real estate
business, etc. Authorized distributor of Emerald Jewel Industry
India Limited: The firm is an authorized distributor of Emerald
Jewel Industry India Limited for Berhampur, Odisha. The Emerald
Jewel India Ltd has its recognized brand presence in the state of
Odisha and the firm is deriving benefits out of this.
NG was constituted as a partnership firm via partnership deed
dated June 12, 2015, by the seven partners namely Mrs. Anita, Mr.
P. Ashok Kumar, Mr. P. Pratap Kumar, Mr. P Someswar, Mr. M.Rajiv
Kumar Patro, Mr. S. Manoj Kumar Prusty and Mr. Siva Sankar Rao.
The firm has already set up its showroom located (spread in an
area of 5888 square feet) at Gandhi Nagar, Berhampur, with
aggregate costs of INR 11.46 crore. The firm is an authorized
distributor of Emerald Jewel Industry India Limited for
Berhampur, Odisha with effect from April 2016. The firm has
commenced trial runs for market survey from September 2016 to
March 31, 2017 and during this period earned revenue of INR9.38
crore. The full-fledged commercial operations commenced from
April 2017.
PRECIOUS ENERGY: Ind-Ra Withdraws INR1,186.3MM Bank Loan Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Precious Energy
Services Limited's (PESL) senior project bank loan rating as
follows:
-- INR1,186.3 mil. Senior project bank loan withdrawn with WD
rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the rating on the senior
project bank loan based on the receipt of a no-dues certificate
from the lender mentioning the loan has been repaid in full. This
is consistent with The Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.
COMPANY PROFILE
PESL is a special purpose vehicle created to develop, own and
operate a 15MW solar power plant based on thin film technology.
The plant, which is located at Gunthawada Village, Banaskantha,
Gujarat, has been operational since October 2011. Hindustan Power
Projects Ltd (HPPL) is the sponsor of the project through its
intermediate holding company, Hindustan Cleanenergy Limited. HPPL
has successfully installed around 328MW in the solar portfolio
and another 116MW is under development.
SAISUDHIR INFRA: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR161.10 crore bank
facilities of Saisudhir Infrastructures Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 147.68 [ICRA]D ISSUER NOT
based Limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Long-term Unallocated 13.42 [ICRA]D ISSUER NOT
Limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with Saisudhir Infrastructures Limited (SSIL),
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.
Key rating drivers
Credit strengths
Over 15 years of experience in execution of contracts pertaining
to waterworks; Successfully completed numerous projects in
Karnataka in waterworks execution
Credit weaknesses
Account is declared as non-performing asset; Multiple instances
of LC devolvement after the Corporate Debt Restructuring (CDR);
Outstanding LC devolvement and delays in servicing interest.
Description of key rating drivers:
ICRA's rating factors in the continued delays by SSIL in
servicing its debt obligations. In FY15, there were several
instances of LC devolvements and BG invocations and consequently
SSIL had opted for Corporate Debt restructuring in August 2014.
Subsequently, the interest payments have commenced in April 2015
and further principal repayments commenced in December 2015.
However, there have been several instances of LC devolvements and
delays in repayment of the term loans in FY2016. The delays are
on account of inability of the company to win adequate orders,
ramp up its operations and generate adequate cash flows.
SAMRUDDHA RESOURCES: ICRA Lowers Rating on INR25cr Loan to D
------------------------------------------------------------
ICRA has downgraded the INR25.00 crore fund-based facilities of
Samruddha Resources Limited from [ICRA]B- to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based limits 25.00 [ICRA]D downgraded from
[ICRA]B-
Rationale
The rating revision takes into consideration the delays in debt
servicing by SRL owing to stretched liquidity. ICRA also notes
that the company remains exposed to risks arising from operating
in a highly regulated industry and to cyclicality inherent in
iron ore prices, which is likely to keep its cash flows volatile.
Going forward, the ability of the company to improve its
liquidity position and service its debt in a timely manner will
be the key rating sensitivity.
Key rating drivers
Credit strengths
* Long experience of the promoters in the iron ore mining
business - SRL was incorporated in 1997, and is involved in
mining and trading of iron ore fines. The promoters have close to
20 years' experience in iron ore mining business.
Credit weaknesses
* Delays in debt servicing on account of stretched liquidity
position - Delayed receivables affected the liquidity profile of
SRL, which in turn has led to delays in servicing of its fund
based facilities.
* Risks arising from operating in a highly regulated industry -
SRL operates in a highly regulated iron ore mining business, and
to that extent, it is exposed to regulatory risks.
* Exposure to cyclicality inherent in iron ore prices, which is
likely to keep its cash flows volatile - SRL's margins are
exposed to volatility in iron ore prices, given the inherent
cyclicality in end-user segments.
Incorporated in 1997 and formerly known as Samruddha Overseas
Limited), SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr. Vinay Rohidas Patil, son of
the Mr. Namdar DajiSaheb Rohidas Patil (former Minister of
Agriculture Maharashtra State and belonging to Dhule district of
Maharashtra). Prior to 1997, the promoters were engaged in the
textile business.
SANDHU FARMS: CARE Lowers Rating on INR4.80cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sandhu Farms Private Limited (SFP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.80 CARE D Revised from
Facilities CARE B and removed from
Issuer not cooperating
Detailed Rationale & Key Rating Drivers
The revision in the rating of bank facilities of Sandhu Farms
Private Limited (SFP) takes into consideration the ongoing delays
in debt servicing by the company due to its stretched liquidity
position. The company has small scale of operations with cash
losses, leveraged capital structure and stressed debt coverage
indicators. Furthermore, the promoters have limited experience in
the hospitality industry, nature of industry is competitive and
the company has revenue concentration risk due to single
property. However, the rating takes cognizance of commencement of
operations of the company and strategic location of the project.
Going forward, the ability of the company to improve its
liquidity position, scale up its operations while improving its
gearing and profitability margins would remain its key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity as the company is unable to generate sufficient funds
on timely manner due to low occupancy levels. Small scale of
operations with cash losses: The total operating income (TOI) of
SFP stood low at INR0.27 crore in FY17 (refers to the period
April 01 to March 31) as the commercial operations of the company
started in October 2016. The PBILDT margin of SFP stood at 68.98%
in FY17. However, the company incurred cash loss of INR0.24 crore
in FY17 mainly due to high interest costs.
Leveraged capital structure and stressed debt coverage
indicators: The capital structure of the company stood leveraged
with overall gearing ratio of 11.69x as on March 31, 2017 mainly
on account of the company's high reliance on bank borrowings to
fund capex pertaining to setting up a marriage palace.
Furthermore, the company had stressed debt coverage indicators
marked by interest coverage ratio of 0.41x in FY17 and total debt
to GCA of -35.82x for FY17.
Lack of experience of the promoters in the hospitality sector:
Though the directors have experience ranging from 37-41
years in various domains, they do not have the experience in the
hospitality industry. Mr Manjit Singh is an agriculturist
by profession while Mrs Updesh Kaur has been into education
industry and a teacher by profession.
Competitive nature of hospitality industry: The Indian
hospitality industry is highly fragmented in nature with presence
of large number of organized and unorganized players spread
across various regions. Furthermore, the industry is regionbased
and is highly sensitive to the untoward events such as slowdown
in the economy which have had an adverse impact on the
hospitality industry. Small players in the industry do not have
any pricing power and are exposed to competition induced pressure
on profitability.
Revenue concentration risk due to single property: SFP currently
has only one resort in Patiala, Punjab which restricts the
operations to a single site leading to revenue concentration
risk. The single-site operations expose the company's revenue and
profitability margins to seasonality in business and happening of
unfavourable event in relation to hotel property or the city.
Key Rating Strengths
Strategic location of the project: The palace site is located at
Patiala-Rajpura Road (NH-64). The project site is located nearby
to cities like Patiala, Sirhind and Fatehgarh Sahib. The palace
is well connected to religious destinations in the town.
Furthermore, the palace has ample space for vehicle parking
(which is a major problem for the palaces in the town due to
space constraints). While the strategic location is expected to
benefit the company, its ability to report healthy occupancy
levels on sustained basis remains to be seen.
SARATHY CARS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sarathy Cars
Private Limited (SCPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. Instrument-wise rating actions are:
-- INR19 mil. Term loan due on January 2022 assigned with
IND BB-/Stable rating; and
-- INR80 mil. Fund-based working capital limits assigned with
IND BB-/Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect SCPL's nascent stage of operations as it
began commercial operations in February 2017. SCPL has set-up an
automobile dealership showroom of NEXA, a premium passenger car
segment of Maruti Suzuki India Limited, in the Kollam district of
Kerala.
As per management, the company sold 65 cars and booked revenue of
INR42.16 million in FY17 (Provisional). SCPL achieved revenue of
INR198.8 million in 1QFY18. For the period between 1 July and 12
July 2017, it had an order book of INR43.11 million. The orders
are to be executed within 30-60 days from the date of booking for
Ciaz, Ignis and S-Cross cars, whereas Baleno cars are to be
delivered within 120 days of booking due to short supply.
The ratings also factor in SCPL's moderate liquidity position
with 51.4% average utilisation of fund-based facilities over the
five months ended June 2017.
However, the ratings benefit from the promoters' three-decade-
long experience in the trading of automobiles.
RATING SENSITIVITIES
Negative: Failure to achieve substantial revenue will be negative
for the ratings.
Positive: Stabilisation of operations leading to a strong revenue
generation and profitability will lead to a positive rating
action.
COMPANY PROFILE
Incorporated in August 2016, SCPL is engaged in trading of
premium Maruti Suzuki Cars launched by NEXA.
SCHANGALAYA MOTORS: CARE Assigns B+ Rating to INR3cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Schangalaya Motors (SM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Long-
term Bank
Facilities 3 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SM is constrained
by short track record and small scale of operation of the firm.
The rating is also constrained by the fragmented and competitive
nature of the industry, working capital intensive nature of
operations, low profitability margins and highly leveraged
capital structure. The rating, however, derives strength from the
long experience of the promoter in the line of business. The
ability of the company to improve its scale of operations, its
profit margins, effectively manage its working capital
requirements and improvement in its capital structure along with
performance of M&M passenger and commercial segment in the
domestic market remains the key rating sensitivities for the
firm.
Detailed description of the key rating drivers
Key Rating Weaknesses:
Short track record and small scale of operations:
SM incorporated in September 2015. It mainly sells its complete
range of Mahindra cars (Mahindra Bolero, Mahindra SUV and
Mahindra TUV 300) through 3 showrooms which are situated in
Pondicherry, Cuddalore and Villupuram. The showroom in
Pondicherry is the oldest followed by Cuddalore (November 2015)
and Villipuram (November 2016).
Lower profitably margins and working capital intensive nature of
operations:
Being in the auto dealership business, the firm's profitability
margins remained low. The operations are working capital
intensive in nature with substantial investment required in
maintaining inventory of various models. The vehicles are either
sold on cash basis or financed by banks/financial institution for
which
realization happens within 20-25 days. The firm maintains
inventory of about 3 weeks for vehicles.
Leveraged capital structure:
The firm's financial risk profile is marked by high leverage
indicators and weak debt protection metrics. The firm presently
does not have term debt and the working capital borrowings mainly
constitute the debt in their balance sheet.
Fragmented and competitive nature of industry:
SM faces aggressive competition on account of established
presence of other automobile manufacturers like TATA and Maruti
Suzuki. The firm operates in a small part of value chain wherein
it sells new or used cars at the Retail level based on dealership
contact with auto maker (Mahindra & Mahindra). Moreover, the auto
industry is inherently vulnerable to the economic cycles and is
highly sensitive to the interest rates and fuel prices.
Key Rating Strengths
Experienced partners:
Mr G. R. Durairaj took over the group's business (from his
parents) along with his wife Mrs R. Gomathy Durairaj and his
sister, Mrs Damayanthi Sai Prasad.
The promoters have vast experience in managing business. They are
associated with GRK Theatres Pvt. Ltd. (GRK, rated 'CARE B+;
Stable/ CARE A4') since its inception. The promoters have prior
experience of managing TATA auto dealership business which was
started in 2011 in Pondicherry under GRK Theatres Private
Limited.
Schangalaya Motors (SM), incorporated in September 2015, is an
automobile dealer with its showrooms situated in Pondicherry,
Cuddalore and Vilupuram. The day-to-day operations of the firm
are managed by Mr G R Durairaj and his wife Ms R. D Durairaj. The
firm is mainly involved in Auto Dealership of Mahindra and
Mahindra Ltd.
SGR EXIM: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SGR Exim Private
Limited (SEPL) a Long-Term Issuer Rating of 'IND B-'. The Outlook
is Stable. The instrument-wise rating actions are:
-- INR32 mil. Fund-based limits assigned with IND B-/Stable
rating; and
-- INR86 mil. Non-fund-based limits assigned with IND A4 rating.
KEY RATING DRIVERS
The ratings reflect SEPL's weak credit profile and tight
liquidity position. According to provisional financials for FY17,
revenue was INR21 million (FY16: INR332 million), net leverage
(adjusted debt net of cash/EBITDA) was negative 2.8x (5.2x),
EBITDA interest coverage (operating EBITDA/gross interest
expense) was negative 3.6x (1.1x) and EBITDA margin was negative
88% (2.1%). Its use of working capital limits was over 100% on
average for the 12 months ended July 2017. Deterioration in FY17
financials was on account of price fluctuations in the agro
commodities dealt in by SEPL, for which they could not get any
orders.
The ratings are constrained by its limited track record of
operations as it started commercial operations in FY15, and its
nature of business of trading agro commodities.
However, the ratings are supported by the promoters' over 10
years of experience in trading agricultural products.
RATING SENSITIVITIES
Positive: An improvement in the liquidity profile will be
positive for the ratings.
Negative: Further deterioration in the liquidity profile will be
negative for the ratings.
COMPANY PROFILE
Bhopal-based, SEPL was incorporated in December 2014. The company
trades agricultural products such as rice, wheat, red lentil and
green gram.
The company is promoted by Mr. Jayant Bhandari and Mr. Sanjay
Bulchandani.
SHAKTI POLYTEX: ICRA Lowers Rating on INR23.85cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B+
on the INR27.0-crore fund-based facilities of Shakti Polytex
Private Limited and has also moved the rating to the 'Issuer Not
Cooperating' category. The rating is now denoted as [ICRA]D
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based limits 23.85 [ICRA]D ISSUER NOT
COOPERATING; Rating
downgraded from [ICRA]B+
and moved to the 'Issuer Not
Cooperating' category
Unallocated fund- 3.15 [ICRA]D ISSUER NOT
based limits COOPERATING; Rating
downgraded from [ICRA]B+
and moved to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is in response to the delay in paying
interest and principal amount to the bank, as confirmed to ICRA
by the banker.
The company, however, has remained non-cooperative.
As part of its process and in accordance with its rating
agreement with SPPL, ICRA has been trying to seek information
from the entity so as to monitor its performance and has also
been sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite cooperation and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
SPPL was incorporated in August, 2010. It manufactures
regenerated polyester staple fibre (RPSF) using waste
polyethylene terephthalate (PET) bottles as raw material. The
company is based in Agra, Uttar Pradesh and has a production
capacity of 35 tonnes per day (TPD). SPPL belongs to the Shakti
Group, which is promoted by Mr. Suresh Chand Agarwal. The group
includes other companies involved in manufacturing of polyvinyl
chloride (PVC) pipes, hand pumps, rubber powder and PET bottles.
SHREE VISHWAKARMA: ICRA Lowers Rating on INR34.50cr Loan to D
-------------------------------------------------------------
ICRA has revised its long-term rating assigned to the INR34.50-
crore term-loan facilities of Shree Vishwakarma Builders (SVB) to
[ICRA]D from [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 34.50 [ICRA]D downgraded from
[ICRA]B
Rationale
The rating revision factor in the delay in debt servicing by the
firm. The rating continues to remain constrained by funding and
market risks. While the firm has large repayment obligations in
FY2018, the real estate market continues to be slow. ICRA notes
the experience and execution track record of promoters in the
real estate business of Meerut, Uttar Pradesh and the advanced
execution stage of the project "Green Paradise".
Going forward, a track record of the timely debt servicing will
be the key rating sensitivity.
Key rating drivers
Credit weaknesses
* Delay in debt servicing- The firm has delayed its debt
servicing in July 2017.
* High market and funding risk- Despite the completion of the
project, it continues to face market risk due to low sales
velocity and large repayments in FY2018. The firm has received
inflows of only INR5.0 crore in H1FY2018.
Strengths
* Experience and execution track record of the promoters- SVB's
promoters have experience and execution track record in
residential real estate business in Meerut. They have developed
projects in the region through associate concerns.
* Low execution risk- SVB has completed construction and given
possession for its project 'Green Paradise' in Feb, 2017, hence
exposed to low execution risks.
SVB is a partnership firm incorporated in October, 2012 with
fourteen partners registered at Kanker Khera, Meerut, Uttar
Pardesh. The firm is promoted by Mr. Parminder Tewatia, Ms.
Ravindri Devi and Mr. Arjun Singh. SVB launched a project "Green
Paradise" in Modipuram, Meerut and completed the same in Feb,
2017. The project comprises a saleable area of 3.11 mn sq. ft.
and consists of 63 plots, 130 duplex and 26 G+2 floor. The
project cost for INR80.0 crore is funded by INR34.50 crore of
bank debt, INR25.52 crore of promoter's contribution and INR19.98
crore of customer advances.
In FY2016, the company reported a net profit of INR0.05 crore on
an operating income of INR3.46 crore, as compared to a net profit
of INR0.05 crore on an operating income of INR4.45 crore in the
previous year.
SHRI VISHNUPERUMAAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri
Vishnuperumaal Spin Yarn Private Limited (SVSYPL) a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable. The instrument-
wise rating actions are:
-- INR63 mil. Fund-based working capital limits assigned with
IND B+/Stable/IND A4 rating; and
-- INR45.5 mil. Term loan due on September 2020-November 2021
assigned with IND B+/Stable rating.
KEY RATING DRIVERS
The ratings reflect SVSYPL's moderate credit profile. According
to FY17 provisional financials, revenue marginally declined 6.6%
yoy to INR324.2 million owing to a market slowdown. However,
revenue expanded at a CAGR of 13.8% over FY13-FY17, driven by an
increase in orders from long-standing customers. In FY17, EBITDA
margin rose to 15.7% (FY16: 13.0%) on account of an increase in
revenue from the job work segment, which protected its margins
from raw material price fluctuations. The overall contribution of
job work income increased to 75% in FY17 (FY16: 62%).
Moreover, in FY17, interest coverage (operating EBITDA/gross
interest expense) and net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) were 1.6x (FY16: 1.9x) and 4.8x (3.8x),
respectively. The deterioration in net leverage was due to an
increase in debt to fund capex for the modernisation of machinery
despite an increase in EBITDA margin. Meanwhile, the
deterioration in interest coverage was due to a rise in interest
expenses.
The management expects credit profile to improve on account of an
increase in operating efficiency after capacity expansion, along
with scheduled repayment of term loans.
The ratings also reflect SVSYPL's tight liquidity position,
indicated by full utilisation of cash credit limits during the 12
months ended July 2017, due to an elongated net working capital
cycle (FY17: 98 days; FY16: 71 days).
The ratings, however, are supported by the promoters' over three-
decade experience in the textile business and continual support,
in the form of unsecured loans, for operations.
RATING SENSITIVITIES
Negative: A decline in revenue and/or EBITDA margin leading to
deterioration in credit metrics on a sustained basis could lead
to a negative rating action.
Positive: A substantial rise in revenue and/or EBITDA margin
leading to an improvement in credit metrics on a sustained basis
could lead to a positive rating action.
COMPANY PROFILE
Incorporated in 1986, SVSYPL manufactures polyester yarn and
provides services on a job work basis. It has two manufacturing
units in Coimbatore and Gobichettipalayam, with a total capacity
of 18,000 spindles each. Moreover, it has a 225kVA windmill.
SRI PRIYANKA: ICRA Raises Rating on INR16cr Cash Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
assigned to the INR16.00-crore cash-credit facilities, the
INR7.40-crore long-term non-fund based facilities and the
INR1.60-crore long-term unallocated limits of Sri Priyanka Agro
Enterprises Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Cash 16.00 [ICRA]B+ (stable) upgraded
Credit from [ICRA]B
Long-term-Non-fund 7.40 [ICRA]B+ (stable) upgraded
based facilities from [ICRA]B
Long-term-Unallocated 1.60 [ICRA]B+ (stable) upgraded
from [ICRA]B
Rationale
The rating revision takes into account SPPL's healthy growth in
revenues during FY2017, in standalone operations as well as
healthy revenue contribution from the wholly-owned subsidiary.
The rating also considers the product and geographic
diversification achieved through the trading operations of the
Singapore-based wholly-owned subsidiary, Geo Min Commodities Pte.
Ltd.
The rating continues to derive comfort from the long experience
of the promoters in the edible-oil business, proximity of the
company to raw material for being located in Andhra Pradesh and
favourable demand prospects for rice bran oil due to its
positioning as a healthy alternative to other oil varieties, easy
availability and competitive pricing to soya, sunflower and olive
oil. The rating, however, continues to remain constrained by the
inherently low operating margins and return indicators in the
oil-processing business on account of intense competition, threat
from substitutes and low value-additive nature of operations.
The rating also considers the moderate financial profile with
high gearing and moderate coverage indicators on account of high
debt and moderate net worth levels. The rating also factors in
the availability and prices of raw materials to agro-climatic
risks and the susceptibility of profit margins to volatility in
edible oil prices (due to its linkage with international edible
oil prices). Going forward, the company's ability to improve its
scale of operations and profitability while effectively managing
its working capital requirements will be the key rating
sensitivities.
Key rating drivers
Credit strengths
Experienced management and established track record of the
company in the edible-oil business for over two decades: The
company was incorporated in 1990 for extraction and refining of
crude rice bran oil, which is extracted through the solvent-
extraction plant and then converted into refined oil.
Location-specific advantage due to proximity to rice-bran
producing belt: The company is located in Nellore, Andhra Pradesh
which facilitates easy procurement of the main raw material. It
procures rice bran from various places in Andhra Pradesh like
Tirupati, Anathapuram.
Favourable demand prospects for rice-bran oil: Rice bran oil is
among the healthiest edible oils available, superior to
traditional cooking oils like soybean and mustard oil. The oil is
a rich source of antioxidants and Vitamin E, which enhances the
efficiency of the cholesterol toleration process and helps
maintain a healthy heart. The awareness about its health benefits
is low at the moment in India. However, with a changing lifestyle
and rising income levels, the awareness and subsequently the
demand for rice bran oil is expected to increase.
Product and geographic diversification coupled with healthy
revenue growth derived from wholly-owned subsidiary: SPPL has
started Geo Min Commodities Pte. Ltd. as a wholly-owned
subsidiary in April 2016 with head-quarters in Singapore and a
work station in Morocco. It trades in minerals like barytes,
limestone, coal and petroleum coke. GMCPL has achieved revenues
of INR20.24 crore in FY2017, leading to a healthy growth in
revenues at the consolidated level which stood at INR77.96 crore.
The standalone revenues of SPPL also witnessed a growth of 24%
from INR46.42 crore in FY2016 to INR57.72 crore in FY2017.
Credit weaknesses
Moderate financial profile of the company: The financial profile
of the company is characterised by low profitability, high
gearing of 2.23 times as on March 31, 2017 and moderate coverage
indictors with OPBITDA/Interest of 1.68 times and NCA/Debt of
7.0% for FY2017 on account of high debt and moderate net worth
levels.
Low operating margins and return indicators: The oil-processing
business is characterised by inherently low operating margins and
return indicators on account of intense competition and
fragmentation, threat from substitutes and low value addition
involved in the operations.
Availability and prices of raw materials exposed to agro-climatic
risks: Rice bran oil production depends on paddy availability in
the region, which is a Kharif crop (summer-monsoon). The
availability of the raw materials and fluctuation in the prices
of these raw materials, which are impacted by agro-climatic
conditions, are the key determinants of profitability since raw
material costs typically account for more than 80% of the sales.
Susceptibility of profitability to volatility in edible oil
prices: The profitability of the company is susceptible to
volatility in edible oil prices due to its linkage with
international edible oil prices.
Intense competition, given the low complexity of work involved:
The company faces stiff competition from established players as
well as a large number of players in the unorganised sector,
which limits its pricing flexibility and bargaining power with
customers, thereby putting pressure on its revenues and margins.
Sri Priyanka Agro Enterprises Private Limited was incorporated in
1990 and is involved in extraction and refining of rice-bran oil.
The plant is located in Chandra Sekhara Puram village in
Nellore district in Andhra Pradesh. The company has installed
capacities of 60,000 MT/annum and 15,000 MT/annum for solvent
extraction and oil refinery, respectively. SPPL has started a
company, Geo Min Commodities Pte. Ltd. (GMCPL), as a wholly-owned
subsidiary of SPPL in 2016. GMCPL is head-quartered in Singapore
and has a work station in Morocco. It is involved in trading of
minerals like barytes, limestone, coal and petroleum coke.
The company reported an operating profit of INR2.79 crore on an
operating income of INR57.72 crore in FY2017 (provisional
financials) compared to the operating profit of INR3.03 crore on
an operating income of INR46.42 crore in FY2016.
V CARE: ICRA Upgrades Rating on INR5.0cr Cash Loan to B+
--------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
assigned to the INR5.00-crore cash-credit facilities of V Care
Agritech. ICRA has reaffirmed the short-term rating of [ICRA]A4
assigned to the INR3.00-crore demand loan and INR0.50 crore non-
fund based facilities of VCA. ICRA has also upgraded the long-
term rating to [ICRA]B+ and reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR1.50-crore unallocated limit of VCA.
The outlook assigned on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Cash 5.00 [ICRA]B+ (Stable); upgraded
Credit from [ICRA]B
Short Term-Demand
Loan 3.00 [ICRA]A4; reaffirmed
Short Term-Bank
Guarantee 0.50 [ICRA]A4; reaffirmed
Long Term/Short 1.50 [ICRA]B+ (Stable); upgraded
Term- Unallocated from [ICRA]B/[ICRA]A4
Limit
Rationale
The rating upgrade takes into account the significant jump in the
firm's revenue over the last two years owing to the increased
orders from the Government agencies. The ratings also take
comfort from the improvement in the liquidity position with the
timely enhancement of the working capital limit as reflected by
the moderate limit utilisation of 64% over December'2016-May'2017
and positive cash flows during FY2017. The ratings continue to
favourably factor in the long-standing experience of VCA's
partners in the seed industry. However, the ratings are
constrained by the working capital intensive nature of the
agriculture seed processing business due to high inventory levels
resulting from seasonal nature of the business and stretched
receivables. The ratings further remain constrained by the thin
operating margin owing to the low value additive nature of the
operation, high gearing and risk of capital withdrawal inherent
in the partnership nature of the entity. ICRA also takes note of
the high dependence of revenues on Bengal gram, Soya Bean and
Ground Nut and the high customer concentration risk. The ratings
are also constrained by the vulnerability of production and sale
of seeds to agro-climatic conditions and the highly fragmented
and unorganised industry structure, resulting in intense
competition. Going forward, the ability of the company to
diversify its product profile, improve margins and effectively
manage the working capital cycle would be the key rating
sensitivities.
Key rating drivers
Credit strengths
* Extensive experience of the partners of over two decades in
the seed industry- VCA was established in 2009 and is involved in
the manufacturing of commercial seeds processing. The firm is
owned and managed by Mr. D. Koti Swamy and other family members
who have an experience of over two decades in the seed industry.
* Significant increase in scale of operations- The firm's
revenues increased from INR12.62 crore in FY2015 to INR43.35
crore in FY2016 and INR47.14 crore in FY2017 owing to the
increased orders from the Government agencies namely, Andhra
Pradesh State Seeds Certification Agency and National Federation
of Farmers' Procurement, Processing and Retailing Cooperatives of
India Ltd. Prior to FY2016 the firm was majorly selling the its
group company- V Care Seeds Private Limited.
Credit weaknesses
* High product concentration risk- The firm derives a major
share of its revenues from Bengal Gram, Soya Bean and Ground Nut
which accounted for 89% of total sales in FY2017.
* High working capital intensity- The working capital intensity
of the company remained high due to seasonal inventory stocking
and stretched receivables.
* Financial risk profile characterised by moderate
profitability and high gearing- The firm reported moderate
operating margin of 4.62% in FY2017 due to limited value addition
in the seed-processing business. Owing to the working capital
intensive nature of operations, the firm's debt majorly consists
of working capital borrowing. Due to the high limit utilisation
during the peak season, the gearing remained high at 1.73 times
as on March 31, 2017.
* High customer concentration risk- The top 2 customers of the
company contributed to ~95% of the total revenue in FY2017.
* Seasonal nature of business and presence in a highly
competitive and fragmented market- Operations of the firm depend
on the market condition such as crop harvesting, demand for seeds
and finished products, prices of seeds in international market,
government support and labour availability among others.
* Risk arising from partnership nature of firm- The risk of
capital withdrawal remains inherent in the partnership nature of
the entity.
VCA was established as a partnership firm in 2009. The firm's
operations are overseen by Mr. Rajashekharappa (Managing
Partner), Mr. D. Koti Swamy, Mr. D.Venkata Rao, Mr. Kiran Kumar
and Mr. A. Babaiah who have more than 20 years of experience in
the seed industry. VCA is involved in the business of commercial
seeds processing. The plant is situated at Mahabubnagar in
Telangana and has a processing capacity of 1,000 quintals per
day. The firm procures breeder seeds from various agricultural
universities in Andhra Pradesh and Telangana and then supplies to
farmers for multiplication to commercial seeds. These seeds are
further processed by the firm and sent for certification.
Based on the provisional results for FY2017, VCA reported a net
profit of INR1.44 crore on an operating income of INR47.14 crore.
In FY2016, the company reported a net profit of INR0.88 crore on
an operating income of INR43.35 crore against a net profit of
INR0.18 crore on an operating income of INR12.62 crore in FY2015.
VASAVI SOLAR: CARE Lowers Rating on INR26cr Term Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vasavi Solar Power Private Limited (VSPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities-Term
Loan-I 26.00 CARE D Revised from
CARE BB; Stable
Long-term Bank
Facilities-Term
Loan-II 14.06 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The revision in the ratings term loan- I of VSPPL takes into
account the delay in repayment of its debt obligations by the
company. The reaffirmation of the rating of term loan-II
continues to factor in instances of delay in debt servicing by
the company. Going forward, the company's ability to service its
debt obligations in a timely manner shall be the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in servicing of debt obligations: The revision in the
ratings of Vasavi Solar Power Private Limited takes into
account the delay in repayment of its debt obligations by the
company.
Weak financial risk profile: VSPPL has a weak financial risk
profile as exhibited by continued losses at a net level since
commencement of operations, owing to high depreciation and
interest charges. As the company availed additional term
loan coupled with erosion of tangible net worth due to continued
losses, the overall gearing and total debt to GCA deteriorated
further to 6.54x and 16.49x respectively as on
March 31, 2016.
Operations exposed to climatic conditions and technological
risks: The operations of the company are exposed to climatic
conditions as well as technological risks pertaining to adequate
availability of sunlight and any redundancy.
Key Rating Strengths
Long track record of promoters in solar generation: Lanco Solar
Energy Private Limited (LSEPL) has considerable experience in
solar projects. It is a wholly owned subsidiary of Lanco
Infratech Limited (LIL). LSEPL provides EPC services to solar
projects under JNNSM. LSEPL has also provided EPC services to
various solar projects in Gujarat and Rajasthan, the capacity of
the projects range between 1MW to 15MW
Vasavi Solar Power Private Limited (VSPPL) incorporated on June
29, 2010 is a joint venture between Vasavi Power Services Private
Limited (VPSPL) and Lanco Solar Energy Private Limited (LSEPL)
with VPSPL holding 51% stake and LSEPL holding 49% stake in the
company. VSPPL has set up a 5 MW solar energy project in Askandra
Village, Jaisalmer district, Rajasthan. The project was funded in
debt equity ratio of 67:33, the project achieved Commercial
Operations Date (COD) on January 09, 2012. The company has signed
a long term Power Purchase Agreement (PPA) with NTPC Vidyut
Vyapar Nigam Limited (NVVNL) for 25 years at a fixed tariff rate
of INR11.65/ KWH in January 2011. The company has its Operations
and Maintenance (O&M) contract with Lanco Solar Services Private
Limited for 5 years upto January 9, 2022.
VISHVAS POWER: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vishvas Power
Engineering Services Private Limited (VPESPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable. The instrument-wise
rating actions are:
-- INR4 mil. Long-term loan due on April 28, 2020 assigned with
IND BB/Stable rating;
-- INR75 mil. Fund-based working capital assigned with IND
BB/Stable/IND A4+ rating;
-- INR120 mil. Non-fund-based working capital assigned with IND
A4+ rating; and
-- INR15 mil. Proposed long-term loan* assigned with Provisional
IND BB/Stable rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by VPESPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect VPESPL's small scale of operations and
volatile EBITDA margin. According to FY17 provisional financials,
revenue was INR291 million (FY16: INR225 million). The
improvement in revenue was due to additional orders from long-
standing customers. The management expects an increase in revenue
in FY18, given it plans to fully utilise capacity. EBITDA margin
was 16.6% in FY17 (FY16: 22.6%) and fluctuated between 16.6% and
22.6% over FY13-FY17. The fluctuation was due to low-margin
projects. The management expects EBITDA margin to remain at a
similar level in the near term.
As of July 2018, VPESPL had an outstanding order book of INR332.2
million, which will be executed by March 2018, providing short-
term revenue visibility. VPESPL booked INR80 million in revenue
for April-July 2018.
The ratings also reflect moderate credit metrics and tight
liquidity. In FY17, interest coverage (operating EBITDA/gross
interest expense) was 2.1x (FY16: 2.4x) and net leverage (total
adjusted net debt/operating EBITDA) was 1.9x (2.2x). The
deterioration in interest coverage was on account of an increase
in interest expenses, while the improvement in net leverage was
due to a decline in total debt. VPESPL's average utilisation of
fund-based facilities was 98.76% for the 12 months ended July
2017.
The ratings, however, are supported by the promoter's two-decade
experience in the manufacturing and service industries.
RATING SENSITIVITIES
Negative: A decline in revenue and profitability leading to
deterioration in credit metrics will be negative for the ratings.
Positive: Substantial revenue growth, with EBITDA margin staying
at the same level, leading to an improvement in credit metrics
could be positive for the ratings.
COMPANY PROFILE
Incorporated in 1995, Nagpur-based VPESPL is engaged in the
manufacturing, repair, remanufacturing, refurbishment and
servicing of power transformers up to 220kV at its factory.
Moreover, it is engaged in the complete overhauling, testing-
commissioning and erection-commissioning of power transformers up
to 765kV at customer site.
VRV FOODS: Ind-Ra Migrates D Issuer Rating to Not Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VRV Foods
Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR30.5 mil. Fund-based working capital limit (Long-term)
migrated to non-Cooperating category with IND D(ISSUER NOT
COOPERATING) rating;
-- INR1.1 mil. Term Loans (Long-term) migrated to non-
Cooperating category with IND D(ISSUER NOT COOPERATING)
rating; migrated to mon-Cooperating Category
-- INR104 mil. Working capital term loan (Long- term) migrated
to non-Cooperating category with IND D(ISSUER NOT
COOPERATING) rating; and
-- INR140 mil. Non-fund-based limits (Short-term) migrated to
non-Cooperating category with IND D(ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last rated on 23
June 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
VRV Foods was incorporated in 1992. It is engaged in the bottling
of Indian made foreign liquor and trading of edible oils.
WOMEN'S NEXT: ICRA Lowers Rating on INR12.50cr Cash Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from
[ICRA]BB- with a Stable outlook for the INR12.50 crore cash
credit limits of Women's Next Loungeries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits- 12.50 [ICRA]D; Downgraded from
Cash Credit [ICRA]BB- (Stable)
Rationale
The ratings revision is due to the delay in debt servicing by the
company owing to stretched liquidity position arising from its
working capital intensive nature of operations, given the
elongated receivables and high inventory holding period.
Key rating drivers
Credit strengths
* Long standing experience of the promoters in the readymade
garments industry- WNLL was incorporated in December 2010 as Shiv
Lingeries Private Limited. The Company was founded by Mr. Bhavesh
Bhanushali who has over 15 years of expertise in textile
industry.
Credit weaknesses
* Delays in debt servicing obligation due to stretched
liquidity position arising out of elongated debtor and inventory
levels - The working capital indicators of the company remain
stretched, mainly on account of high debtors and inventory
levels, leading to stretched liquidity. The working capital
intensity of the company stood at 41% in FY2017 (64% in FY2016).
* Financial profile characterised by moderate profitability and
weak debt coverage indicators- The debt coverage indicators of
the company remained weak with an interest coverage of 1.84
times, NCA/TD of 10% and TD/OPBDITA of 3.24 times as on March 31,
2017.
* Highly competitive & fragmented nature of readymade garments
industry which exerts pressure on margins of the company- The
company is exposed to competition from organised as well as
unorganised players in the women innerwear market which exerts
pressure on its profitability margins.
* Susceptibility of profitability margins to volatile raw
material prices - The key raw material for the company is fabric
such as cotton, lace and hosiery. Being an agro based commodity,
the prices of cotton are volatile which affects the profitability
of the company.
* Customer concentration risk as majority of the sales are made
to a single customer Ashapura Intimates Fashion Limited - The
company mainly operates in the domestic market with a major
portion of its sales to Ashapura Intimates Fashion Limited
(AIFL). The company derived 62% of its sales from AIFL in FY2016.
* Supplier concentration risk as majority of purchases are made
from two suppliers - The company has high supplier concentration
risk as majority of its purchases are from two suppliers Look and
Like fashion wear and Momai apparels.
WNLL was incorporated in December 2010 as Shree Shiv Lingeries
Private Limited (SSPL). The Company was founded by Mr. Bhavesh
Bhanushali who has over 15 years of expertise in the textile
industry. The company is engaged in the business of manufacturing
and trading of fancy ladies lingerie sold under the brand names
of 'Valentine Pink' and 'Women's Next'. The manufacturing
facility of WNLL with an annual installed capacity of 3,000,000
pieces is located at Bhiwandi, Maharashtra. Apart from
manufacturing ladies innerwear, the company is also engaged in
trading of fabric. The entity earns its revenues mainly from the
domestic market and goods are sold primarily to a single
customer-Ashapura Intimates Fashion Limited.
=========
J A P A N
=========
TAKATA CORP: US Units to Hire Ernst & Young as Tax Advisor
----------------------------------------------------------
TK Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Ernst & Young LLP as tax
advisor.
The firm will provide these services to the company and 11 other
U.S. and Mexican affiliates of Takata Corp. in connection with
their Chapter 11 cases:
(a) bankruptcy-related tax advisory services;
(b) specified liability loss analysis for the Debtors' tax
years ending March 31, 2013 to 2018;
(c) tax compliance services, including the preparation of
tax returns;
(d) preparation of TK Holdings' transfer pricing
documentation for the fiscal year ended March 31, 2017;
and
(e) routine tax advice and assistance concerning issues as
requested by the Debtors when such projects do not
involve any significant tax planning or projects.
The hourly rates charged by Ernst & Young for these services are:
(a) Bankruptcy-Related Tax Advisory Services
Level Rate Per Hour
----- -------------
Partner / Principal $800
Executive Director $660
Senior Manager $570
Manager $520
Senior 3 $390
Senior 1/2 $350
Staff 2 $230
Staff 1 $160
CSA / Intern $140
(b) Specified Liability Loss Services
Level Rate Per Hour
----- -------------
Partner / Principal $800
Executive Director $660
Senior Manager $570
Manager $520
Senior 3 $390
Senior 1/2 $350
Staff 2 $230
Staff 1 $160
CSA / Intern $140
(c) The Debtors will pay Ernst & Young fee of $155,000 for
the tax compliance services, plus $2,750 for the
Canadian treaty-based return for TK Holdings. Fees for
other tax compliance services will be based on the time
that the firm's professionals spend performing services.
Those services will be billed at these hourly rates:
Level Rate Per Hour
----- -------------
Partner / Principal $800
Executive Director $660
Senior Manager $570
Manager $520
Senior 3 $390
Senior 1/2 $350
Staff 2 $230
Staff 1 $160
CSA / Intern $140
(d) The Debtors will pay Ernst & Youngfee of $116,000 for
the transfer pricing services. Fees for other transfer
pricing services will be based on the time that the
firm's professionals spend performing services. Those
services will be billed at these hourly rates:
Level Rate Per Hour
----- -------------
Partner / Principal $800
Executive Director $660
Senior Manager $570
Manager $520
Senior 3 $390
Senior 1/2 $350
Staff 2 $230
Staff 1 $160
CSA / Intern $140
(e) Ernst & Young's fees will be based on the time that its
professionals spend performing services. Such services
will be billed at these hourly rates:
Level Rate Per Hour
----- -------------
Partner / Principal $800
Executive Director $660
Senior Manager $570
Manager $520
Senior 3 $390
Senior 1/2 $350
Staff 2 $230
Staff 1 $160
CSA / Intern $140
Thomas Koempel, a partner at Ernst & Young, disclosed in a court
filing that his firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas C. Koempel
Ernst & Young LLP
One Kennedy Square, Suite 1000
777 Woodward Avenue
Detroit, MI 48226-5495
Tel: +1 313-628-7100
Fax: +1 313-628-7101
About Takata Corp
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.
Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.
Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.
Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.
Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata. Ernst & Young
LLP is tax advisor. Prime Clerk is the claims and noticing
agent.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.
On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The
Canadian Court appointed FTI Consulting Canada Inc. as
information officer. TK Holdings, as the foreign representative,
is represented by McCarthy Tetrault LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants. Pachulski Stang Ziehl & Jones LLP represents the
Official Committee of Tort Claimants as bankruptcy counsel.
The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.
Chapter 15 Cases
Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.
TOSHIBA CORP: Chip Sale Talks Are Said to Stall On Payment Timing
-----------------------------------------------------------------
Bloomberg News reports that Toshiba Corp.'s talks to sell its
chips business to a consortium led by Bain Capital hit an impasse
over the timing of payments for the business and governance
issues, according to people familiar with the matter, casting
doubt on the company's ability to complete a deal quickly.
The Bain group wants to make cash payments after Toshiba resolves
a legal dispute with partner Western Digital Corp., while Toshiba
wants the money earlier, said the people, asking not to be named
because the matter is private, Bloomberg relates. According to
the report, Toshiba President Satoshi Tsunakawa said last week
the company would hold talks with other possible acquirers
because it hadn't been able to reach final terms with the the
Bain group, which had been designated the preferred bidder,
without explaining the reasons. After a multi-billion writedown
in its U.S. nuclear business, Toshiba needs to complete the chip
unit sale by March or face delisting from the Tokyo Stock
Exchange.
The Japanese icon is preparing for delisting even as it tries
several strategies to complete the chip sale in time, the people
said, Bloomberg relays. On one hand, the company is putting
pressure on Western Digital to withdraw its complaint,
threatening to cut off access to future chip production the U.S.
company needs. On the other, Toshiba is considering alternative
bidders such as Foxconn Technology Group, which had earlier
expressed interest in the business, the people, as cited by
Bloomberg, said.
Mr. Tsunakawa, who had originally said he planned to have a
definitive agreement by June, said during a press conference
after earnings last week that the company wants to avoid
delisting, Bloomberg says.
"The basic motivation for staying listed is that we do not want
to inconvenience our shareholders and investors," Bloomberg
quotes Mr. Tsunakawa as saying. "When it comes to delisting, we
also need to consider the negative impact it would have on
broader markets."
He added that Toshiba remains open to cooperation with Western
Digital if the two companies can find common ground. Toshiba
needs to reach final deal terms by late August or early September
to be able to close the sale by March, after antitrust and other
government reviews, the people said, Bloomberg relays.
"We will make the best effort to avoid Toshiba's delisting,"
Bloomberg quotes Hirokazu Tsukimoto, a Toshiba spokesman, as
saying.
Bloomberg notes that the Bain group includes government-backed
Innovation Network Corp. of Japan and Development Bank of Japan,
as well as SK Hynix Inc. The consortium offered JPY2.1 trillion
($19 billion) for the chips unit, people with knowledge of the
matter have said. Another sticking point however is Hynix's role
in the bid: the South Korean company is providing debt for the
bid, but wants to be able to take an equity stake in the future,
the people said, Bloomberg relays. That's a problem for Toshiba
because such terms may subject the offer to an antitrust review
and possible opposition from the Japanese government, the people
said.
According to Bloomberg, the dispute between Toshiba and Western
Digital has turned ferocious in recent weeks. Bloomberg says the
U.S. company has asserted that as a partner in the chips business
it has rights in any sale, while Toshiba contends it does not.
Western Digital has filed for arbitration in California, a
process that threatens to delay the chip sale and force Toshiba's
delisting, Bloomberg says. Toshiba, in turn, has sued Western
Digital for more than $1 billion in damages.
Toshiba is selling its prized semiconductor business, which makes
storage chips for everything from iPhones to data centers, to pay
for a devastating foray into the U.S. nuclear business, Bloomberg
notes. The company had to take the multi-billion writedown
because of project delays and cost overuns at its Westinghouse
Electric unit. The business has filed for bankruptcy in the U.S.
====================
S O U T H K O R E A
====================
KUMHO TIRE: Posts KRW23BB Operating Loss in Qtr Ended June
----------------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co. said on Aug. 14
that it continued to suffer an operating loss in the second
quarter of the year, due to sluggish sales in overseas markets.
The tiremaker logged an operating loss of KRW23 billion (US$20
million) in the April-June period following an operating loss of
KRW28 billion the previous quarter, Yonhap discloses.
Sales increased 6.4 percent on-year to reach KRW712 billion in
the second quarter, it added, Yonhap relays.
The company also suffered a net loss of KRW59 billion in the
second quarter, adds Yonhap.
Sharp declines in tire sales in China amid a row over the
deployment of the Terminal High Altitude Area Defense system hurt
its bottom line, according to the report.
Yonhap notes that South Korean companies with operations in China
have suffered declining sales due to local campaigns against
Korean products.
China has opposed the installation of a U.S. anti-missile system
in South Korea, arguing its powerful X-band radar could be used
against it. Seoul and Washington have said it is aimed at
countering missile threats from North Korea.
Creditors of Kumho Tire are seeking to sell the tiremaker to a
Chinese firm, Yonhap notes.
Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.
The creditors signed a deal in April to sell their combined
42.01% stake in the tiremaker to Doublestar for KRW955 billion
(US$831 million), added Yonhap.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Aug. 7 to Aug. 11, 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 ***