/raid1/www/Hosts/bankrupt/TCRAP_Public/171003.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, October 3, 2017, Vol. 20, No. 196
Headlines
A U S T R A L I A
DELAFORCE GROUP: First Creditors' Meeting Set for Oct. 12
GUVERA LTD: Former Chief Darren Herft Faces Court Grilling
MEDIFIELD PTY: Second Creditors' Meeting Set for Oct. 10
SG CAPRICORN: Second Creditors' Meeting Set for Oct. 10
C H I N A
CHINA AOYUAN: Fitch Rates US$250MM Senior Notes Due 2022 BB-
YAMADA GREEN: Auditor Files Report With MOF Over Audit
H O N G K O N G
NOBLE GROUP: Expects to Sell Oil Liquids Business By End-December
I N D I A
AGNIBINA FOODS: CARE Reaffirms B+ Rating on INR6.72cr LT Loan
AL WARIS: CRISIL Assigns 'B' Rating to INR4.4MM Proposed Loan
BABA HEALTHCARE: Ind-Ra Withdraws BB Long-Term Issuer Rating
BHANUSHRI REALITIES: CARE Assigns B+ Rating to INR13.60cr Loan
BHAVI CREATIONS: CRISIL Assigns 'D' Rating to INR5.5MM Cash Loan
CHANDRMAULI MOTORS: CRISIL Reaffirms 'B' Rating on INR15MM Loan
CHOICE BOARDS: CRISIL Reaffirms B+ Rating on INR5.75MM Cash Loan
DADA MOTORS: CRISIL Raises Rating on INR23MM Cash Loan to B+
ESSOS CV IFMR: Ind-Ra Affirms BB(SO) Rating on Series A2 PTCs
EVEREST POWER: CRISIL Lowers Rating on INR460MM LT Loan to 'D'
FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
GLOBAL ENERGY: CARE Lowers Rating on INR165cr ST Loan to 'D'
HARSO STEELS: CARE Lowers Rating on INR14.82cr LT Loan to 'D'
HI-TECH HYDRAULIC: Ind-Ra Lowers LT Issuer Rating to 'D'
HYDROMET INDIA: CRISIL Lowers Rating on INR10MM Cash Loan to D
JYOTHI ENTERPRISES: CRISIL Assigns B+ Rating to INR12MM LT Loan
KAMDHENU KHANDSARI: CRISIL Reaffirms B- Rating on INR9MM Loan
KHAJA EDUCATION: CRISIL Reaffirms 'B' Rating on INR3MM Overdraft
KINGLIKE RETAIL: CARE Assigns 'B' Rating to INR16cr LT Loan
LAVANYAAS COTTON: CRISIL Reaffirms B+ Rating on INR3.75MM Loan
LEITWIND SHRIRAM: CARE Assigns 'D' Rating to INR470.86cr Loan
MEHADIA AND SONS: CARE Reaffirms B+ Rating on INR8cr LT Loan
NAVIN COLD: CRISIL Raises Rating on INR5.5MM Loan From D
NORTHERN POWER: CARE Reaffirms B+ Rating on INR14cr LT Loan
OMKAR SPECIALITY: CRISIL Lowers Rating on INR86.3MM Loan to D
PANACEA BIOTEC: CARE Revises Rating on INR959.55cr Loan to D
PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
PARVATI COTTON: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
PAVANSUT PAPER: CARE Reaffirms B Rating on INR11.24cr LT Loan
R S CASHEW: CRISIL Reaffirms B- Rating on INR7.25MM Cash Loan
R.S.K. RICE: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
REAL VALUE: CARE Lowers Rating on INR140cr NCD to B+
SADASHIVA OIL: CARE Assigns B+ Rating to INR6.50cr LT Loan
SAMAY PROJECT: CARE Assigns B+ Rating to INR0.60cr LT Loan
SANKET PROPERTIES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
SHEKAR LOGISTICS: CRISIL Reaffirms B Rating on INR23.66MM Loan
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
SHIVOHUM TEXTILES: CARE Assigns 'B' Rating to INR8.40cr Loan
SHREE JEE: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
SHRI RAM: CARE Moves B+ Rating to Not Cooperating Category
SRI VENKATESWARA: CRISIL Raises Rating on INR25.66MM Loan to B+
UMACHI FOODS: CARE Assigns B Rating to INR9.0cr LT Loan
UMMED EDUCATIONAL: Ind-Ra Assigns B Issuer Rating; Outlook Stable
VIRUPA RENEWABLE: CRISIL Assigns B+ Rating to INR9.75MM Term Loan
VYANKTESH CORRUGATORS: CRISIL Reaffirms B+ Rating on INR8MM Loan
I N D O N E S I A
BERJAYA MEDIA: Eyes Diversification Into New Businesses
YFG BHD: Court Extends Restraining Order to March 18 Next Year
P H I L I P P I N E S
CABANATUAN CITY RURAL: BSP Shuts Bank Due to Insolvency
S I N G A P O R E
GEO ENERGY: Notes Upsize No Impact on B2 CFR, Moody's Says
S O U T H K O R E A
KUMHO TIRE: South Korea Keeps Tiremaker Alive with Restructuring
SK HYNIX: Planned Toshiba Investment No Impact on Moody's Ba1 CFR
X X X X X X X X
* BOND PRICING: For the Week Sept. 25 to Sept. 29, 2017
- - - - -
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A U S T R A L I A
=================
DELAFORCE GROUP: First Creditors' Meeting Set for Oct. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Delaforce
Group Pty Ltd will be held at Level 31, Dexus Place, 1 Eagle
Street, Waterfront Place, in Brisbane, Queensland, on Oct. 12,
2017, at 2:00 p.m.
Matthew Joiner & Darryl Kirk of Cor Cordis were appointed as
administrators of Delaforce Group on Sept. 29, 2017.
GUVERA LTD: Former Chief Darren Herft Faces Court Grilling
----------------------------------------------------------
Ben Butler and David Swan at The Australian reports that Gold
Coast money man Darren Herft is to be grilled under oath about
tech wreck Guvera, alongside a host of others involved with the
failed music streaming service, including founder Claes Loberg.
The Australian relates that the liquidator of three Guvera
subsidiaries, Eddie Senatore of Deloitte, said he had decided to
hold public examinations in the Federal Court next month "as a
result of the complexities surrounding the intercompany
arrangements of the Guvera group of companies".
According to The Australian, Guvera attempted to list on the stock
exchange last year through a prospectus that valued the loss-
making company at more than AUD1.2 billion, but the audacious bid
failed when the ASX exercised its discretion to knock it back.
Before the IPO effort, Mr. Herft raised money for Guvera through
his company AMMA Private Equity, which received AUD20 million for
its efforts.
News of the examinations comes amid an ongoing investigation by
the corporate watchdog into fundraising efforts by Guvera and
another company backed by AMMA, video messaging play Kwickie, the
report says.
The Australian says Mr. Senatore has also been given permission to
call chief financial officer Ken Hostland, former chief legal
counsel Inke Loos, auditor Brad Tozer of Ernst & Young, former
AMMA executive Adam Bloom and a director of one of the Guvera
subsidiaries now under Mr. Senatore's control, Warwick Berman.
Boutique law firm Arnold Bloch Leibler, which was legal adviser to
the IPO, and EY, which was its auditor, have been issued with
summons to produce documents, Mr. Senatore said.
The examinations are to take place on November 14 and 17 in
Sydney, The Australian notes.
"My investigation into the operations of the companies have been
ongoing, and will also include the parent company Guvera Limited,"
The Australian quotes Mr. Senatore as saying.
"One of the outcomes of this public examination should be to
provide some impactful and valuable insights into these issues as
they relate to the collapse of the Guvera group, and business
development more generally."
One of Mr. Herft's other tech prospects, Shane Warne-backed video
messaging app Kwickie, last month rebranded as Async amid a
strategic shift to a white label video platform for businesses,
The Australian discloses. It said it's establishing a London
office, and it's understood Mr. Herft was in London to assist the
company with fund raising efforts as recently as last month. The
Australian Securities and Investments Commission blocked Kwickie
from offering shares to retail investors in July, following
concerns accountants had used trust or company structures to allow
mum and dad investors to buy shares in Kwickie without receiving a
prospectus.
"ASIC is investigating the fundraising activities of Kwickie and
Guvera and those involved," the regulator's head of corporations,
Kate O'Rourke, told The Australian at the time.
Contacted for comment, Mr. Herft said he would ask his lawyers to
respond, The Australian adds.
About Guvera
Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.
According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.
The company -- which lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian said.
A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian added.
MEDIFIELD PTY: Second Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of Medifield Pty
Ltd has been set for Oct. 10, 2017, at 11:00 a.m., at the offices
of Worrells Solvency & Forensic Accountants, Suite 4, Level 3,
Bryant House, 26 Duporth Avenue, in Maroochydore, Queensland.
The purpose of the meeting are (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 Oct. 9, 2017, at 5:00 p.m.
Dane Hammond of Worrells Solvency & Forensic Accountants was
appointed as administrator of Medifield Pty on Sept. 4, 2017.
SG CAPRICORN: Second Creditors' Meeting Set for Oct. 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of SG Capricorn
Investmensts Pty Ltd, New Mangrove Pty Ltd, and Dameng
Developments Pty Ltd has been set for Oct. 10, 2017, at
10:30 a.m., at the offices of KPMG, Level 38, Tower Three, 300
Barangaroo Avenue, in Sydney, New South Wales.
The purpose of the meeting are (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 Oct. 9, 2017, at 12:00 p.m.
Stephen Ernest Vaughan and Guy Edwards of KMPG were appointed as
administrators of SG Capricorn on July 5, 2017.
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C H I N A
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CHINA AOYUAN: Fitch Rates US$250MM Senior Notes Due 2022 BB-
------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(BB-/Stable) US$250 million 5.375% senior notes due 2022 a final
rating of 'BB-'.
The notes are rated at the same level as Aoyuan's senior unsecured
rating because they constitute the company's direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on September 5, 2017.
KEY RATING DRIVERS
Strong Sales Performance: Aoyuan's 1H17 total contracted sales
increased by 57% yoy to CNY16.5 billion, after quadrupling to
CNY25.6 billion in 2016 from 2012 as the company continued its
fast-churn strategy. Fitch expects contracted sales to continue to
increase in 2017, backed by CNY54 billion-60 billion of sellable
resources, although the pace of growth is likely to be slower than
in 2016. About 72% of Aoyuan's 1H17 contracted sales remained in
China's Guangdong province, but the company is prudently exploring
opportunities in other provinces and overseas.
Stable Financial Profile: Maintaining healthy leverage despite
rapid expansion sets Aoyuan apart from its fast-growing peers.
Leverage, measured by net debt/adjusted inventory, was 33.2% at
end-June 2017, a slight increase from 28.7% at end-2016. This
gives the company healthy headroom below the 40% level where Fitch
would consider negative rating action. Fitch expects the ratio to
remain stable at end-2017. Sales efficiency, measured by
contracted sales in the last 12 months/gross debt, was stable at
above 1.2x at end-June 2017. Fitch expects Aoyuan to maintain its
fast-churn model and prudent land acquisition strategy. This
should keep its financial profile healthy for the next 12-18
months, supporting its credit profile.
Adequate Land Bank: Aoyuan had 95 projects, with 17.1 million sq m
of gross floor area at end-June 2017, sufficient for four to five
years of development. Around 20% of land bank by value is in
lower-tier cities, but the percentage continues to decrease, with
land bank quality improving over the years. Moreover, about half
of Aoyuan's land in lower-tier cities is in smaller cities outside
of Guangzhou that are still targeted at buyers from the city.
Fitch considers contracted sales from these sites to be
satisfactorily predictable, as they are easily accessible from
Guangzhou and the company has a satisfactory execution record.
Healthy Liquidity: Aoyuan has a strong liquidity position, which
supports its planned expansion. Total cash was CNY13.7 billion at
end-June 2017, against short-term debt of CNY10.0 billion. The
company is also committed to improving its debt structure. Funding
initiatives in the last few years, both onshore and offshore, and
diversified funding channels improved its debt maturity profile
and cut funding costs. The company's weighted-average funding cost
was 7.6% at end-1H17, falling from 8.1% in 2016. Fitch expects
Aoyuan to retain its strong liquidity position and its funding
cost to fall further to 7.5% by end-2017.
DERIVATION SUMMARY
Aoyuan's contracted sales are comparable with other 'BB-' rated
Chinese developers that have contracted sales of CNY25billion-
CNY30 billion. These peers include KWG Property Holding Limited
(BB-/Stable), Logan Properties Holdings Company Limited (BB-
/Stable) and CIFI Holdings (Group) Co. Ltd. (BB/Stable).
Aoyuan's sales efficiency ratio is also similar to that of fast-
churn homebuilders, such as CIFI, Future Land Holdings Co., Ltd.
(BB-/Positive) and Times Property Holdings Limited (B+/Positive).
Aoyuan's net leverage of below 35% in the past several years is in
line with that of Logan and CIFI, but compares favourably against
KWG, which has leverage of 40%-42%, Yuzhou Properties Company
Limited (BB-/Stable), with leverage of 38%-42%, and Times
Property's 38%-40%.
No Country Ceiling or parent/subsidiary aspects affect the rating.
Operating environment risks make it unlikely for companies in this
sector to be rated above 'BBB+'.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- A stable land acquisition pace in 2017 and 2018 at 40%-50% of
contracted sales
- Increasing contracted sales, which are estimated on sellable
resources in the next 12-18 months, although at a slower pace
than in 2016
- A slightly higher average selling price for contracted sales
in 2017 due to a larger share of high-margin products
- Company to maintain its fast-churn and high cash-flow turnover
business model
RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- EBITDA margin sustained below 20% (end-June 2017, estimated at
23%)
- Net debt/adjusted inventory sustained above 40% (end-June
2017: 33%)
- Contracted sales/gross debt sustained below 1.2x (end-June
2017: 1.1x)
- Decrease of total land bank sellable gross floor area to below
3.5x of annual contracted sales gross floor area for a
sustained period
Positive: Positive rating action is not expected unless Aoyuan
substantially increases its scale and establishes core markets in
multi-regions without compromising its financial metrics. This is
not expected over the next 12-18 months.
LIQUIDITY
Healthy Liquidity: Aoyuan has a strong liquidity position, which
supports its planned expansion. Total cash was at CNY13.7 billion
at end-June 2017, against short-term debt of CNY10.0 billion. The
company is also committed to improving its debt structure. Funding
initiatives in the last few years, both onshore and offshore, and
diversified funding channels improved its debt maturity profile
and cut funding costs. Short-term debt accounted for only 21% of
total debt at end-1H17 and the company's weighted-average funding
cost was 7.6%, from 8.1% in 2016.
YAMADA GREEN: Auditor Files Report With MOF Over Audit
------------------------------------------------------
Jacqueline Woo at The Strait Times reports that the external
auditor of shiitake mushroom supplier Yamada Green Resources has
taken the rare step of filing a report with Singapore's Ministry
of Finance (MOF) in the course of auditing the S-chip company.
The report was filed under Section 207(9A) of the Companies Act,
said Yamada in a notification to the Singapore Exchange last week,
The Strait Times relates.
This section of the Act relates to a situation in which an
auditor, in the course of his duties, has reason to believe that a
serious offence involving fraud or dishonesty is being or has been
committed against the firm by its officers or employees, the
report notes.
According to The Strait Times, Yamada said it is not privy to the
contents of the report, although the auditor, BDO Singapore, has
confirmed that it relates to certain inconsistencies in the
group's financial records.
The report also covers other queries, which were raised in the
course of its audit of the group's financial statements for fiscal
year 2017, as announced on Sept. 5, The Strait Times says.
The Strait Times relates that Yamada said it plans to obtain legal
advice on the matter before deciding on its next steps.
At the same time, Yamada said it has been drawn to its attention
that a formal notice issued by the Ministry of Finance of China
and the China Securities Regulatory Commission stated that BDO
China - the Chinese affiliate of BDO Singapore - was suspended
from taking on "securities-related engagements" as at May 23,
pending the implementation of certain rectification works,
according to The Strait Times.
The suspension was lifted on Aug. 10, the report notes.
"The board takes a serious view of this matter as audit work had
been performed by BDO China for the group's PRC subsidiaries
during the suspension period, and this may have potentially
serious implications for the group," Yamada, as cited by The
Strait Times, said.
It added that it is seeking advice and awaiting clarification from
BDO Singapore as to whether it would be appropriate for BDO
Singapore and/or BDO China to perform certain audit tasks in the
light of the suspension notice, as well as the extent of any
implications on the group in relation to the audit work performed
by BDO China, The Strait Times relays.
Yamada was referring to additional audit works to be carried out
in relation to the inconsistencies that the external auditor had
raised, the report notes.
Yamada Green Resources Ltd is a grower, manufacturer and supplier
of fresh and processed agricultural products in China. The
Company's products consist of two segments, including self-
cultivation segment and processed food segment. Its self-
cultivated products consist of shiitake mushroom, moso bamboo
trees and bamboo shoots that are sold to wholesalers of
agricultural products in the domestic markets. Its processed food
products include processed mushrooms, processed vegetables, water-
boiled bamboo shoots and konjac-based dietary fiber food products
that are sold in cities in China and exported to overseas markets,
mainly Japan, under its customers' brand names. The Company also
possesses upstream resources with sawdust from its eucalyptus
plantations, utilized for the production of synthetic logs used in
the cultivation of shiitake mushrooms, and the spring bamboo
shoots from its bamboo plantations.
================
H O N G K O N G
================
NOBLE GROUP: Expects to Sell Oil Liquids Business By End-December
-----------------------------------------------------------------
Reuters reports that Noble Group Ltd expects to sell its oil
liquids business by the end of December as part of a plan to slim
down drastically its core Asian coal trading business after a
crisis-wracked two years.
"NGL continues to progress the sale of its Global Oil Liquids
business. NGL currently expects the sale of the Global Oil Liquids
business to complete by December 31, 2017," the Singapore-listed
company said in a statement on Oct. 2, Reuters relays.
In September, Chairman Paul Brough told shareholders that the
company had received second round bids for the business and
expected to announce a deal before the end of the month, Reuters
says.
Reuters notes that the company did not give any reason for the
delay in the sale.
According to Reuters, NGL flagged the sale of the capital
intensive oil liquids business in July after agreeing to sell its
North American gas and power business to rival Mercuria Group. On
Oct. 2, it said it had completed the sale of the gas and power
business. Reuters had reported that Mercuria Group, Vitol Group,
U.S.-based Castleton Commodities International and Freepoint
Commodities were among the interested parties for Noble's oil
business.
NGL previously said North American lenders to the company had
extended the deadline for a $2 billion credit facility by three
months to Jan. 15, Reuters adds.
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.
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I N D I A
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AGNIBINA FOODS: CARE Reaffirms B+ Rating on INR6.72cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Agnibina Foods Private Limited (ABFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 6.72 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 0.49 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating for bank facilities of Agnibina Foods Private Limited
(ABFPL) continues to remain constrained by its small scale
of operation with short track record, volatile agro-commodity
(rice) prices with linkages to vagaries of the monsoon, intensely
competitive nature of the industry with presence of many
unorganised players, regulated nature of the industry and thin
profit margins coupled with working capital intensive nature of
operation and leveraged capital structure. The ratings, however,
derive strength from its experienced promoter, proximity to raw
material sources and satisfactory demand outlook of the products.
Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operation with short track record: ABFPL is a
relatively small player in rice milling business with revenue
and PAT of INR22.51 crore and INR0.15 crore respectively in FY17
(prov.). Furthermore, the total capital employed was also
modest at INR6.85 crore as on March 31, 2017. The small scale
restricts the financial flexibility of the company in times of
stress. The company has started its milling operation from April
2014, thus having a short track record.
* Volatile agro-commodity (rice) prices with linkages to vagaries
of the monsoon: Rice is mainly a 'kharif' crop and is cultivated
from June-July to September-October and the peak arrival of crop
at major trading centers begins in October.
The output is highly dependent on the monsoon. Unpredictable
weather conditions could affect the domestic output and result in
volatility in price of rice. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.
* Intensely competitive nature of the industry with presence of
many unorganised players: Rice milling industry is highly
fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due
to low capital and technological requirements. Burdwan and nearby
districts of West Bengal are a major paddy growing
area with many rice mills operating in the area. High competition
restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.
* Regulated nature of the industry: The Government of India
(GoI), every year decides a minimum support price (MSP) to be paid
to paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy has been increased to
INR1550/quintal in 2017-18 (as mentioned by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) from INR1470/quintal in crop year 2016-17. Given
the market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.
* Thin profit margins coupled with working capital intensive
nature of operation and leveraged capital structure: During FY17
(prov.), the PBILDT margin declined further to 9.92% on account of
higher operating costs. However, PAT margin, though still below
unity, has improved to 0.69% in FY17 (prov.) as against 0.04% in
FY16 on account of lower depreciation charged during the period.
This apart, the operations of the company remained working capital
intensive. The average utilisation of the bank borrowing during
last 12 months ended Aug.2017 was also moderately high at 80%. The
capital structure of the company remained leveraged with high
debt-equity and overall gearing at 1.23x and 1.62x respectively,
as on March 31, 2017. Though, both the said ratios have improved
over previous year on the back of scheduled repayment of term loan
and accretion of profits to reserve.
Key Rating Strengths
* Experienced promoter: The company is managed by Mr. Biswajit
Hazra, director, with the help of other three directors. All the
directors are having over a decade of experience in agro
industries for manufacturing and trading operation.
* Proximity to raw material sources: ABFPL plant is located at
Burdwan district of West Bengal which is a paddy growing
region in eastern India resulting in lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices.
* Satisfactory demand outlook of the products: Rice, being one of
the primary food articles in India, demand is high
throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran
oil etc. are in huge demand.
Agnibina Foods Private Limited (ABFPL), incorporated in
April 2012, was promoted by one Mr. Biswajit Hazra and three
other directors of Burdwan district of West Bengal, to set up a
rice milling & processing unit and sale of its by-products
like rice bran etc. in the domestic market. After incorporation,
the company was engaged to setup a rice mill unit at Raina in
Burdwan and the commercial operation has started from April 2014.
Currently, the company has an initial installed capacity of
38,400 MTPA.
AL WARIS: CRISIL Assigns 'B' Rating to INR4.4MM Proposed Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank loan facilities of Al Waris Exports (AWE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.6 CRISIL B/Stable
Proposed Working
Capital Facility 4.4 CRISIL B/Stable
The ratings reflect modest scale of operations in an intensely
competitive industry and the below-average financial risk profile
because of low networth. These weaknesses are partially offset by
the extensive industry experience of the proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in an intensely competitive industry:
Scale of operation is modest as reflected in revenue of INR14.32
crores in fiscal 2017. The revenue has grown at a robust pace in
the past 4 years since incorporation in 2013, and is expected to
continue to grow over the medium term supported by higher export
orders. However, the firm is exposed to intense competition from
other players in the industry as a result of which its bargaining
power with customers is limited, resulting in modest operating
margins.
* Below-average financial risk profile: Financial risk profile is
constrained by modest networth of INR1.76 crore as on March 31,
2017. Owing to early stages of business, modest scale of operation
and profit margin, accretion to reserve is limited resulting in
slow growth in networth. Gearing was moderate at 1.35 time as on
March 31, 2017. Debt protection metrics were moderate as reflected
in interest coverage ratio of 2.15 time and net cash accrual to
adjusted debt of 0.12 time in fiscal 2017.
Strength
* Extensive experience of the proprietor: The firm was established
in 2013 by Mr. Mohammed Imran. He hails from a family that has an
experience of around 30 years in leather processing industry.
Prior to establishing the firm, he was involved with managing the
operations of group entities, which were founded in the 1990's.
Aided by his expertise, the firm has been able to grow in scale
since incorporation, and has established strong relations with
customers, suppliers and other key stakeholders.
Outlook: Stable
CRISIL believes AWE will continue to benefit from the experience
of its proprietor. The outlook may be revised to 'Positive' if
increase in scale of operations and profitability results in
higher cash accrual, leading to improvement in financial risk
profile. The outlook may be revised to 'Negative' if large debt-
funded capital expenditure, stretch in working capital cycle, or
decline in revenue or profitability leading to low cash accrual
weakens liquidity.
Established in 2013, Chennai-based AWE is a proprietorship firm of
Mr. Mohammed Imran. It processes raw hide into finished leather,
and sells it to domestic and overseas customers.
BABA HEALTHCARE: Ind-Ra Withdraws BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Baba Healthcare
Private Limited's (BHPL) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable. The instrument-wise rating action is:
-- INR330 mil. Fund-based working capital limit withdrawn
with WD rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the rating on the bank
loan, based on the receipt of a no-dues certificate from the
lender, mentioning that the bank 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.
Ind-Ra will no longer provide analytical and rating coverage for
BHPL.
COMPANY PROFILE
BHPL was incorporated in June 2009 by Dinesh Aggrawal. It is a
distributor for Patanjali Ayurved.
BHANUSHRI REALITIES: CARE Assigns B+ Rating to INR13.60cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bhanushri Realities (BHR), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 13.60 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Bhanushri Realities
(BHR) remained constrained on account of implementation risk
associated with its on-going real estate residential projects and
salability risk associated with the sale of remaining flats and
bungalows and consequently timely receipt of its booking in the
highly cyclical real estate industry. Furthermore, the rating is
also constrained on account of its constitution as a partnership
firm and its presence in a cyclical and highly fragmented real
estate industry. The rating, however, derives strength from
experienced partners in the real estate industry.
The ability of BHR to complete its on-going project in timely
manner and sale of its units at envisaged prices along with timely
realization of sales proceeds remains the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Constitution as a partnership firm: BHR being a partnership firm
is exposed to inherent risk of the partners capital being
withdrawn at the time of contingency which may affect financial
flexibility of the firm.
* Project implementation risk: BHR started construction activities
of two projects known as Maruti Shahikutir and Maruti Aamrakunj-II
in March 2016 and December 2016 respectively. Till August 2017,
the firm has incurred cost of INR9.30 crore and 23.68 crore
respectively forming 85% and 43% of envisaged project cost. With
the balance costs to incur, BHR is exposed to project
implementation risk.
* Risk related to timely receipt of advances: BHR has received
booking for 16% and 33% for Maruti Shahikutir and Maruti
Aamrakunj-II respectively and has received the booking advance of
INR0.50 crore and 2.83 crore respectively which forms 26%and 14%
respectively of sales value of booked units against 85% and 43% of
cost incurred respectively of Maruti Shahikutir and Maruti
Aamrakunj - II reflecting lower receipt of advances against cost
incurred and thereby high risk associated with timely receipt of
remaining booking advances remains crucial.
Key Rating Strengths
* Experienced partners: BHR is promoted by two partners namely Mr.
Kalubhai Zalavadiya and Mr. Mrugeshbhai Zalavadiya. The partners
are holding wide experience in the business as well as real estate
industry, with own firms and as directors in various companies.
Ahmedabad (Gujarat) based, BHR was established as a partnership
firm in 2011. RME is currently executing two residential projects
namely Maruti Shahi Kutir with 44 bungalows (14 units of 4BHK and
30 units of 3BHK) at Gandhinagar consisting total area under
development of 119,792 square feet and Maruti Aamrakunj with 156
flats (52 4BHK flats and 104 3BHK flats) at Dehgam which comprise
6 apartment with 5 floors. The implementation of Maruti Shahi
Kutir commenced in March 2016 and till August 2017, BHR has
incurred the total cost of INR9.30crore against total cost of
Rs.10.90 crore and rest is expected to be incurred by end of July
2019. The implementation of Marutiaamrakunj-2 commenced in
December 2016 and till August 2017, BHR has incurred the total
cost of INR23.68 crore against total cost of INR55.64 crore and
rest is expected to be incurred by end of December 2019. BHR has
received approvals for land and other relevant clearances for both
the projects.
BHAVI CREATIONS: CRISIL Assigns 'D' Rating to INR5.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating on the long-term
bank facilities of Bhavi Creations (BC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.5 CRISIL D (Assigned)
Proposed Long Term
Bank Loan Facility 4.5 CRISIL D (Assigned)
The rating reflects instances where the bank working capital limit
was overutilised for more than two months on a continuous basis,
mainly due to sizeable working capital requirement.
The rating also factors in the weak financial risk profile and
modest scale of operations. However, these rating weaknesses are
partly offset by the extensive experience of the proprietor.
Key Rating Drivers & Detailed Description
Weakness
* Over-utilisation in cash credit limit since June 2017: Cash
credit limit remains fully utilised, with instances of over-
utilisation for 2-3 months. Ad-hoc limit of INR40 lakh contracted
as on May 31, 2017, for one month, is still due. Liquidity is
stretched mainly due to high reliance on external working capital
debt, led by inventory and receivables of 65 and 41 days,
respectively, as on March 31, 2017, against payables of 20-25 days
from suppliers.
* Weak financial risk profile: Financial risk profile is weak,
marked by high total outside liabilities to tangible networth
ratio of 4.59 times as on March 31, 2017, and below-average debt
protection metrics, marked by interest coverage and net cash
accrual to total debt ratios of 1.2 times and 0.02 time,
respectively, for fiscal 2017.
* Modest scale of operations: With revenue of INR42.78 crore in
fiscal 2017, scale remains small. This limits bargaining power
with suppliers and customers.
Strength
* Extensive experience of the proprietor: The four decade-long
experience of the proprietor in the fabric trading business, and
his established relationships with suppliers and customers, have
helped the firm report topline of over INR42.78 crore in fiscal
2017.
BC is a proprietorship firm set up in 1970, by Mr. Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.
CHANDRMAULI MOTORS: CRISIL Reaffirms 'B' Rating on INR15MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Chandrmauli
Motors Private Limited (CMPL) for obtaining information through
letters and emails dated August 21, 2017 and September 8, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Inventory Funding 15.0 CRISIL B/Stable (Issuer Not
Facility Cooperating; Rating
Reaffirmed)
Term Loan 1.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Chandrmauli Motors Private
Limited. This restricts CRISIL's ability to take a forward
Chandrmauli Motors Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.
CMPL, established by Mr. Pramod Gupta in 2008, is an authorised
dealer of TML's SCVs and ICVs. CMPL operates six showrooms in
Alwar and Bharatpur, both in Rajasthan.
CHOICE BOARDS: CRISIL Reaffirms B+ Rating on INR5.75MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Choice
Boards Private Limited (CBPL) for obtaining information through
letters and emails dated June 29, 2017, and September 8, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.75 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Inland/Import 3.00 CRISIL A4 (Issuer Not
Letter of Credit Cooperating; Rating
Reaffirmed)
Proposed Long Term 1.25 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Choice Boards Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Choice Boards Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4.
CBPL was promoted in 1997 by Mrs. Buji Devi Agarwal and her family
members. The company trades in various steel products such as
billets, mild-steel plates, thermo-mechanically treated bars and
timber logs.
DADA MOTORS: CRISIL Raises Rating on INR23MM Cash Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the on the long term
bank facilities of Dada Motors Private Limited (DMPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 23 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term 4 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that the liquidity
risk profile of the company will continue to improve over the
medium term, backed by efficient working capital management by the
company. The company carries modest inventory by virtue of its
stock and sell trading model. Moreover, each principal has
stipulated the company to maintain a minimum inventory of 30 to 45
days at its stockyard. As a result, the company had moderate
inventory of around 53 days as on March 31, 2017 in its
stockyards. This further resulted in bank lines remaining
moderately utilized around 85% over the past 12 months through
August 2017 aiding its financial flexibility. The upgrade also
factors in healthy business risk profile marked by operating
income of INR395 cr in fiscal 2017 which is expected to go above
INR400 cr in fiscal 2018 with operating margins at around 4% over
the medium term in line with fiscal 2017.
The ratings continue to reflect a modest financial risk profile
because of modest debt protection metrics and high leverage. The
rating also factors in modest profitability because of low
bargaining power with principals, given the intense competition in
the automobile dealership business. These rating weaknesses are
partially offset by the established position of the promoters in
the automobile dealership industry, and efficient working capital
management.
Key Rating Drivers & Detailed Description
Weaknesses
* High total outside liabilities to adjusted net worth
(TOLANW)/leverage ratio: DMPL is estimated to have high TOLANW
ratio of about 5.90 times as on March 31, 2017 on account of
reliance on short-term debt to fund its increasing working capital
requirements. CRISIL believes that DMPL's capital structure will
remain leveraged because of large inventory requirements.
* Modest debt protection metrics: DMPL has modest debt protection
metrics as reflected in interest coverage ratio estimated at
around 1.4 times while net cash accrual to adjusted debt ratio
(NCAAD) was 0.13 times for fiscal 2017.
* Modest profitability on account of low bargaining power: Being
an authorised dealer of reputed brands such as TML, which are
large automobile players with international presence, DMPL has low
bargaining power with its principals as its contributions to their
total sales is marginal as there are other small and large
authorised dealers spread across India for the respective
principal.
Strengths
* Established position of the promoters in the automobile
dealership industry: The promoter of DMPL, Mr. Suraj Dada has
been in the automobile dealership industry for around five
decades. It commenced operations in 1992 with authorised
dealership of commercial vehicles of TML and since then it has
bagged the dealerships for TML's passenger cars, Jaguar, and Land
Rover
* Efficient working capital management: DMPL carries inventory by
virtue of its stock and sell trading model. Moreover, each
principal has stipulated the company to maintain a minimum
inventory of 30 to 45 days at its stockyard. As a result, the
company had a moderate inventory of around 53 days as on March 31,
2017 in its stockyards comprising different base models and colour
variants thus managing its working capital efficiently.
Outlook: Stable
CRISIL believes DMPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in profitability and capital structure, especially
leverage, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely because of low profitability, a
substantial increase in working capital requirement, or large,
debt-funded capital expenditure.
DMPL, established by Mr. Suraj Dada in 1992, is an authorised
dealer for the entire range of commercial and passenger vehicles
of Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+') and
Jaguar Land Rover (JLR). The company has surrendered its Fiat
India Automobiles Ltd (FIAL) dealership in 2015-16. It has 11
showrooms (10 for TML and one for JLR) under the 3S (sales,
service, and spares) format in Punjab.
ESSOS CV IFMR: Ind-Ra Affirms BB(SO) Rating on Series A2 PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Essos CV IFMR
Capital 2016 (an ABS transaction) as follows:
-- INR15.37 mil. Series A1 pass-through certificates (PTCs),
issued on May 30, 2016 with 11.35% p.a. Coupon Rate, due on
April 17, 2019, affirmed with IND A-(SO)/Stable rating; and
-- INR24.0 mil. Series A2 PTCs issued on May 30, 2016 with 16%
p.a. Coupon Rate, due on April 17, 2019, affirmed with IND
BB(SO)/Stable rating.
The used commercial vehicle (43.7%), multi-utility vehicle
(40.1%), agricultural equipment (3.3%) and car (12.9%) loan pool
has been originated by Ess Kay Fincorp Private Limited (EKFPL).
KEY RATING DRIVERS
Originator's Servicing, Underwriting & Collection Capabilities:
The affirmation reflects the adequate levels of credit enhancement
(CE), overall performance of the loans in the pool, and the
servicing, collection and recovery capabilities of EKFPL. The
agency is of the opinion that the issuer's origination and
servicing capabilities are of an acceptable standard. The
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 has separate
sales and collection team; therefore, the person sourcing a
business is not responsible for the collection process. EKFPL
repossesses vehicles only as the last resort. The borrower's
capacity and intention to pay is analysed before repossessing the
vehicle.
Availability of External Credit Support: According to the payout
report dated 16 September 2017, the available CE was INR7.2
million and the current principal outstanding (POS), including
overdues, was INR65.3 million. The transaction benefits from the
internal CE on account of excess interest spread and over-
collateralisation. As of August 2017, the levels of over
collateralisation available to Series A1 PTCs and Series A2 PTCs
were 73% and 31%, respectively, of the current POS. There has been
no use of the CE until date, as the excess spread and
overcollateralisation in the transaction have been sufficient to
absorb the shortfalls.
The current CE for PTCs increased to 11.03% of the current pool
POS, including overdues, at end-August 2017 from 3.92% at end-
September 2016. The available CE is in the form of a fixed deposit
with RBL Bank Ltd.
Key Pool Characteristics: At end-August 2017, the 833-loan pool
had a weighted average seasoning of 24.5 months and the pool had
been amortisation by 72.8%, indicating a significant repayment
track record of underlying borrowers. Loans delinquent by over 90
days past due (dpd) were 2.28% of the original POS and 8.37% of
the current POS as of the collection month of August 2017. The
agency had also seen a cumulative prepayment of 11.6% in the
transaction in the last 16 months.
Key Assumptions: At the time of the initial rating, Ind-Ra derived
a base case gross default rate (90+dpd) in the range of 8%-10%.
The agency had analysed the characteristics of the pool and
established its base case assumptions through the four key
performance variables, namely default rate, recovery rate,
recovery timeline and prepayment rate, which collectively affect
the credit risk in a transaction. In the last 16 months since the
transaction closing, the peak 90+dpd observed was 4.03% of
original POS, which is well within the initial assumption. The
current available CE can absorb more than 50% of stressed defaults
of future POS. The default rates (90+dpd), well within the initial
assumption and stable performance of the loans in the pool, have
led to the affirmation of the rating on PTCs.
RATING SENSITIVITIES
Ind-Ra conducted rating sensitivity tests for purchaser payouts.
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 PTCs' ratings will
not be impacted.
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. EKFPL has 208 branches across India.
As of March 2017, EKFPL had INR8,244 million worth of assets under
management. In FY17, EKFPL's portfolio at risk greater than 120
days was 3.57%, whereas portfolio at risk greater than 90 days was
4.95%. After April 2017, the company has been recognising non-
performing assets at 90+dpd.
EVEREST POWER: CRISIL Lowers Rating on INR460MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Everest
Power Pvt Ltd (EPPL) to obtain information through letters dated
August 18, 2017 and September 8, 2017, apart from telephonic
communication. However, the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 460 CRISIL D (Issuer Not
Cooperating; Downgraded
from 'CRISIL BB-/Stable')
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned or reviewed
with the suffix 'issuer not cooperating'. These ratings lack a
forward looking component as they are arrived at without any
management interaction and is based on best available or limited
or dated information on the entity.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EPPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL has downgraded its rating on the long-term bank
facility of EEPL to 'CRISIL D' from 'CRISIL BB-/Stable'.
The downgrade reflects delay debt servicing in the past months,
because of delayed receipts from the counterparty.
EPPL was incorporated in 2001 to establish and operate 100-
megawatt Malana II hydro-electric project (Malana II HEP) across
Malana Nalah, a tributary of Parbati river in Kullu, Himachal
Pradesh. The company is based in Shimla, Himachal Pradesh and
started its commercial operations in 2012.
FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Food and
Biotech Engineers India Private Limited (FBEIPL) for obtaining
information through letters and emails dated July 28, 2017, and
August 24, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 18 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 6 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 1 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Food and Biotech Engineers
India Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Food and Biotech
Engineers India Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at 'CRISIL
B-/Stable/CRISIL A4'.
FBEIPL (an ISO 9001:2000 company) was established in 1999 by Mr.
R. P. Singh in association with the other directors, Mr. Munendra
Kumar Singh and Mr. Anil Kumar Sinha, and is based in Palwal
(Haryana). FBEIPL designs, manufactures, installs, and commissions
dairy processing, food processing, Chemical, Distillation and
Allied Industries plants on a turnkey basis. The company
specialises in evaporators and dryers used for industries such as
dairy, fruits, distilleries, and chemicals.
GLOBAL ENERGY: CARE Lowers Rating on INR165cr ST Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Global Energy Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term Bank
Facilities
(Fund based) 35.00 CARE D Revised from CARE A3
Short-term Bank
Facilities
(Non-fund based) 165.00 CARE D Revised from CARE A3
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the short term bank
facilities of Global Energy Private Limited takes into account the
delays in servicing the debt obligations by the company. Going
forward, the company's ability to regularize the debt servicing
and register improvement in the overall financial risk profile
shall be the key rating sensitivities.
Detailed description of the key rating drivers
* Delays in servicing the debt obligations: The delay in
servicing of debt obligation by GEPL follows the invocation of
bank guarantee which remained unpaid by the company for the period
of more than 30 days. GEPL had entered into a contract to supply
power to Karnataka DISCOMs for the period April 2017 to May 2017
and power was sourced from JSW Energy Limited (JSWEL). The
payments to JSWEL were secured by way of a bank guarantee. Due to
the delay in payment by the Karnataka DISCOMs to GEPL largely
attributable to pending reconciliation of the energy accounting
resulted into delay in payment to JSWEL, who invoked the bank
guarantee to settle its dues. Since then, GEPL has cleared partial
liability while some irregularity still remains.
Global Energy Private Limited, an ISO 9001:2008 certified energy
company, was incorporated in 1994 to carry on the business of
power trading in India. Currently, GEPL is engaged in trading of
power under bilateral contracts and through power exchanges. GEPL
is also involved in trading of renewable power and Renewable
Energy Certificate (RECs), power consultancy and advisory
services. The company has been issued a Category-I inter-state
trading license by Central Electricity Regulatory Commission
(CERC) which entitles it to trade unlimited units of short-term
power per annum. It also holds various intra-state licenses for
power trading across the country. GEPL has also set-up a bio-mass
based power plant located at Village Belgundi, District Belgaum,
Karnataka of 5 MW from which it supplies power to its customers
under short-term contracts ranging from one day to one year, as
per availability of power from the plant and requirements of
customers.
HARSO STEELS: CARE Lowers Rating on INR14.82cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Harso Steels Private Limited (HSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 14.82 CARE D; Issuer not
cooperating; Revised from
CARE B on the basis of best
available information
Short-term Bank
Facilities 11.18 CARE D; Issuer not
cooperating; Revised from
CARE A4 on the basis of best
available information
Detailed Rationale and Key Rating Drivers
CARE has been seeking information from Harso Steels Private
Limited (HSPL), to monitor the rating(s) vide e-mail
communications/letters dated September 4, 2017 & August 29, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In-line with the SEBI guidelines, CARE
has reviewed the rating on the basis of publicly available
information which however, In care's opinion is not sufficient to
arrive at fair rating. Furthermore, Harso Steels Private Limited
has not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement. The ratings of GHPL will now be
denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating. The
ratings have been revised on account of ongoing delays in meeting
the debt obligations.
Harso Steels Private Limited (HSPL) was incorporated in 1986 and
started its commercial operation in 1993. The company is currently
being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas Bansal and Mr.
Adesh Tyagi. The company is engaged in manufacturing of steel
tubes. PVC pipes, steel structure and bottom lid. The company has
an installed capacity of 50,000 tons per year for manufacturing of
steel tubes as on March 31, 2016 from its manufacturing unit
located at Sahibabad. The main raw material is steel which the
company procures solely from Steel Authority of India Limited
(SAIL). HSPL sells its products domestically to wholesalers and
construction companies. The company has an associate concern named
Rama Steel Tubes Limited which is engaged in manufacturing and
exporting of steel pipes, steel tubes, steel pipes fittings, steel
tubes fittings, PVC pipes, PVC tubes, steel pipes etc.
HI-TECH HYDRAULIC: Ind-Ra Lowers LT Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hi-Tech
Hydraulic Engineers (HTHE) Long-Term Issuer Rating to 'IND D' from
'IND B+'. The Outlook was Stable. The instrument-wise rating
actions are:
-- INR35.86 mil. (reduced from INR 45.7 mil.) Term loan due on
December 2022 downgraded with IND D rating;
-- INR60 mil. Fund-based working capital limit (Long-term)
downgraded with IND D rating; and
-- INR30 mil. Non-fund-based working capital limit (Short-term)
downgraded with IND D rating.
KEY RATING DRIVERS
The downgrade reflects HTHE's delay in debt servicing during the
six months ended August 2017 owing to stretched liquidity position
resulting from lengthy net working capital cycle of 233 days in
FY17 (Provisional) (FY16: 162 days). The elongation of the net
working capital cycle was on account of an increase in debtor
period to 365 days in FY17 (FY16: 198 days).
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.
COMPANY PROFILE
Incorporated in 2002, HTHE is a Hyderabad-based partnership firm
involved in the manufacturing of hydraulic machinery components
and heavy structural fabrication work.
HYDROMET INDIA: CRISIL Lowers Rating on INR10MM Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Hydromet India Limited (HIL) to 'CRISIL D' from
'CRISIL B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The rating downgrade reflects overdrawl in the working capital
facility for more than 30 days. The delays have been due to weak
operating performance.
The rating also reflects the modest scale of, and working-capital-
intensive, operations of the company. However the company benefits
from the promoters' extensive experience in the copper products
manufacturing industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of, and Working capital intensive operations: HIL's
business profile is constrained due to modest scale of operations
as reflected by revenue of INR 28 crores in fiscal 2017. The
operations are working capital intensive as reflected by its high
Gross Current Asset (GCA) of around 379 days as on March 31, 2016.
The high GCA days are primarily driven by the high inventory
holding of 318 days during the period.
Strength
* Extensive experience of the promoters in copper manufacturing
and trading business: The business risk profile of HIL benefits
from the extensive experience of its promoters in the copper
manufacturing and trading business and its established
relationship with suppliers and customers. Prior to setting up of
HIL, the promoters were involved in trading of non-ferrous metals
like copper and zinc for around 30 years. CRISIL believes that HIL
would continue to benefit over the medium term from the experience
of its promoters in the manufacturing and trading segment.
Incorporated in 1994, Chennai-based HIL manufactures copper
cathode, copper sulphate, and zinc sulphate. The company also
trades in copper and zinc scrap. HIL is promoted by Mr. Venkat
Subramanyam.
JYOTHI ENTERPRISES: CRISIL Assigns B+ Rating to INR12MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Jyothi Enterprises (JE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 12 CRISIL B+/Stable
The rating reflects limited track record of solar plant's
operations, counterparty payment related risk, exposure to
regulatory risk and dependence on favourable climatic conditions
for power generation. These weaknesses are partially offset by the
assured off-take through long term power purchase agreement (PPA),
which mitigates demand related risk.
Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record of operations and no payment track record
from counterparty: Production commenced in January 2017 and, and
was in stabilization phase of operations, leading to lower plant
load factor (PLF) of 14-15%. Moreover, the firm has not received
payment from BESCOM (Bangalore Electric Supply Company Ltd) for
the power generated since January. Further delay in receipt of
payment, will impact the credit profile of JE.
* Exposure to regulatory risk and dependence on favorable climatic
conditions for power generation: A change in tariff rates by the
regulators could adversely impact the credit risk profile. Also, a
successful track record of solar panel efficiency depends on
exogenous factors and hence actual PLF over the medium term will
remain a rating sensitivity factor.
Strength
* Assured off-take through long term PPA mitigating demand risk:
The company has entered into 25-year PPA with BESCOM at a tariff
of INR9.56 per unit, which mitigates demand risk and supports the
viability of the project.
Outlook: Stable
CRISIL believes JE will continue to benefit from its PPA. The
outlook may be revised to 'Positive' if power generation is
adequate with moderate and sustained PLF and timely payment track
record from counterparty.
Conversely, the outlook may be revised to 'Negative' if PLF is
lower than expected or if it faces delays in receipt of bills
leading to stretched liquidity.
Set up in 2016, JE, is a proprietorship concern of Mr. Tata
Prasanna Kumar. It operates a 2 MW solar power plant located at
Tumkur, Karnataka. which commenced from January 2017 and has a
power purchase agreement (PPA) with Bangalore Electric Supply
Company Limited for 25 years.
KAMDHENU KHANDSARI: CRISIL Reaffirms B- Rating on INR9MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kamdhenu
Khandsari Udyog (KKU) for obtaining information through letters
and emails dated August 7, 2017 and September 11, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 0.5 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kamdhenu Khandsari Udyog. This
restricts CRISIL's ability to take a forward Kamdhenu Khandsari
Udyog is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B-/Stable'.
Set up in 1995, KKU manufactures sugar and undertakes ginning of
cotton. The firm is promoted by Mr. Sanjay Patel (60 per cent
share in profits), who has experience of more than 20 years in the
sugar industry.
KHAJA EDUCATION: CRISIL Reaffirms 'B' Rating on INR3MM Overdraft
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on bank facilities of
Khaja Education Society (KES) at 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8 CRISIL A4 (Reaffirmed)
Overdraft 3 CRISIL B/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 1 CRISIL B/Stable (Reaffirmed)
Proposed Non Fund
based limits 3 CRISIL A4 (Reaffirmed)
CRISIL's ratings continue to reflect the modest scale of
operations, significant exposure to group entities, which have
increased dependence on bank debt, and susceptibility to adverse
regulatory changes in the education sector. These rating
weaknesses are partially offset by the society's established
regional presence in the Gulbarga region (Karnataka), and the
extensive experience of its members.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Despite being operational for over
six decades, scale of operations remains modest, and will continue
to constrain the credit profile. The society reported collection
of around INR25.8 crore for fiscal 2017.
* Significant exposure to group entities: The society has
advanced INR57.9 crore to group entities, which led to full
utilisation of bank limit. Continued support extended to group
entities constrains liquidity.
* Susceptibility to adverse regulatory changes in the education
sector: The education sector in India is regulated by various
governmental and quasi-governmental agencies, which include the
University Grants Commission (UGC), All-India Council for
Technical Education (AICTE), Department of State Education,
Medical Council of India (MCI) and the Human Resource Departments
of the central and state governments. Each regulatory body has
detailed procedures to grant permissions for setting up
institutions, and approvals need to be renewed every 3-5 years.
Strength
* Established presence in Gulbarga region: The society has a
strong track record in the education sector, backed by its six
decade-long presence. The society runs schools based on different
mediums such as Urdu, and English, with a separate set-up for boys
and girls. The engineering and medical colleges commenced
operations in 1980 and 2000, respectively. As per the regulations,
the society also runs a hospital to support its medical college.
Outlook: Stable
CRISIL believes KES will continue to benefit from the extensive
experience of its promoters in the education sector and its
established regional presence. The outlook may be revised to
'Positive' if surplus generated by the society is retained, and
thus, helps improve liquidity. The outlook may be revised to
'Negative' if any major capital expenditure programme, or steep
decline in revenue and surplus, weaken the financial risk profile.
KES was set up in 1958, and was registered in 1966. The society,
which runs educational institutes in Gulbarga, was founded by late
Mr. Padmashri Syed Shah Muhammad Al Hussaini. Operations are now
overseen by Dr Syed Shah Khusro Hussaini.
KINGLIKE RETAIL: CARE Assigns 'B' Rating to INR16cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kinglike Retail Ventures Private Limited (KRVPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 16.00 CARE B; Stable Assigned
Detailed Rationale and Key Rating Drivers
The rating assigned to the bank facilities of Kinglike Retail
Ventures Private Limited (KRVPL) is primarily constrained by its
project risk. Further, the rating also constrained by its working
capital intensive nature of operation, exposed to volatility in
traded materials and competitive nature of industry with presence
of many unorganized players. The rating, however, derives strength
from its experienced promoters. Going forward, the ability of the
company to complete the ongoing project without any cost & time
overrun and derive benefit out of it as envisaged will be the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Project risk: KRVPL is currently setting up a jewellery showroom
at Begusarai, Bihar as per the standard set out by the Titan
Company Limited (brand owner of Tanishq). The project is estimated
to be set up with aggregate cost of INR4.50 crore, which is
proposed to be funded by promoter's contribution of INR3.50 crore
and term loan of INR1.00 crore. The company has already spent
INR3.00 crore towards the project till August 31, 2017 funded by
promoter's contribution only as maintained by the management.
Since, the company spent around 67% of total project cost, the
project implementation risk exits. However, the project is
expected to be operational from October, 2017. Furthermore, the
debt portion of the project is yet to be tide-up and thus project
funding risk also cannot be ignored. Going forward, it is very
crucial for the company to achieve financial closure as envisaged
and complete the on-going project without any cost and time
overrun.
* Working capital intensive nature of operations: The operation of
the company is working capital intensive as the company is
required to hold adequate inventories of various kinds of
jewelries for display as well as for timely supply of its
customer's demand. Furthermore, the company 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, it will make sales in cash
which will mitigate its working capital requirement to some
extent.
* Exposed to volatility in traded materials: The prices of gold
and diamond jewellery are highly volatile in nature. The
management has stated that to mitigate the risk of volatility in
gold and diamond jewellery prices they will purchase gold
jewellery on daily basis equivalent to the quantity sold. However
they will be exposed to the risk of volatility in gold and diamond
jewellery prices to the extent of inventory holding.
* Competitive nature of industry with 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 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
entity is exposed to intense competition from other established
players operating in the same region.
Key Rating Strengths
* Experienced promoters: Mr. Abhishek Kumar, has around 15 years
of experience in diversified business line through his associate
companies namely 'Litchica Products Pvt Ltd', 'Juntos Technologies
Pvt Ltd', 'Srijan Global Agro Private Ltd.' And 'Lavanya Finvest
Pvt Ltd.'. He will look after the day to day operations of the
company. He will be supported by other director Mr. Arvind Kumar
Sinha who has also long experience in diversified business.
KRVPL was incorporated in July 2017 by Mr. Abhishek Kumar and Mr.
Arvind Kumar Sinha for setting up a jewellery showroom at
Begusarai, Bihar. The Company has already received letter of
intent dated August 05, 2017 from Titan Company Limited (TCL) for
franchise business of its Tanishq jewellery and currently KRVPL is
setting up a jewellery showroom as per the standard set out by
TCL. The showroom of the company is estimated to be operational by
October 2017.
LAVANYAAS COTTON: CRISIL Reaffirms B+ Rating on INR3.75MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of LavanyaaS Cotton
Industries (LCI) continue to reflect its below-average financial
risk profile, marked by high gearing and a small net worth, its
modest scale of operations in the intensely competitive textile
industry, and its susceptibility to risks related to adverse
impact of regulatory changes. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the textile industry.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3.75 CRISIL B+/Stable (Reaffirmed)
Term Loan 1.49 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility .09 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: LCI reported a small net
worth of around INR3.7 cr, and consequently high gearing at around
2.78 times as on March 31, 2017. Due to working capital intensive
nature of operations, CRISIL believes that the financial risk
profile of the company is expected to remain below average.
* Modest scale of operations: LCI has a ginning capacity of 168
quintals per day and pressing capacity of 144 bales per day. The
firm is expected to utilise around 70 per cent of the capacity
during the peak season, (six to eight months each year). CRISIL
believes that low capacity utilisation will continue to constrain
LCI's operating efficiency and return on capital employed (RoCE)
over the medium term.
* Susceptibility to risks related to adverse impact of regulatory
changes: The Government of India (GoI) fixes the minimum support
price (MSP) for each crop every year. When the price of any
variety of cotton is lower than MSP, the Cotton Corporation of
India and the National Agricultural Co-operative Marketing
Federation resort to immediate market intervention, and purchase
cotton at MSP without any quantitative limits to support farmers'
interest.
Strengths
* Extensive experience of promoters in cotton industry: The
promoters have been active in the cotton industry for around two
decades. The promoter family has been trading in cotton in
Bellary, Karnataka since 2001 through the firm, Sri Harikrishna
Cotton Traders. Mr. Hari Babu and Mr. B Kiran Kumar are also the
promoters of Lavanya Cotton Traders (LCT) which primarily trades
in cotton. LCI is expected to benefit from its promoters'
extensive industry experience and their understanding of local
market dynamics, along with established relationships with various
suppliers, farmers, and brokers acting as intermediaries in sales.
* Funding from promoters: The promoters will continue to extend
need-based funds to support debt servicing which supports the
liquidity profile of the firm. CRISIL believes that LCI will
continue to benefit from its promoters' funding support, over the
medium term.
Outlook: Stable
CRISIL believes that LCI will benefit over the medium term from
its promoters' extensive experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm significantly
ramps up operations and reports improvement in operating margin,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' if LCI generates low operating
profitability, leading to small cash accruals and stretched
liquidity, or if it has substantial working capital requirements;
or in case of large capital withdrawals.
LCI was established in 2013 as a partnership firm by Mr. B Hari
Babu, Mr. D Venkateswarlu, Mr. B Kiran Kumar, Ms. B Koteswaramma,
and Ms. D Seethamahalakshmi. The firm is into ginning of cotton in
Haveri (Karnataka).
LEITWIND SHRIRAM: CARE Assigns 'D' Rating to INR470.86cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Leitwind Shriram Manufacturing Private Limited (LSML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 470.86 CARE D Assigned
Short-term Bank
Facilities 162.01 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Leitwind Shriram
Manufacturing Private Limited (LSML) takes into account the
instances of delays in servicing debt obligations.
Detailed Description of the Key Rating Drivers
Key Rating Weaknesses
* Instances of delays in debt servicing: With low order book in
hand during FY17 (refers to the period April 1 to March 31) and
non-availability of working capital, the company witnessed decline
in total operating income during FY17 at INR153 crore as against
INR269 crore during FY16. On account of higher material and
employee costs including volatile nature of raw material prices,
the company reported net loss of INR181 crore in FY17. Continuing
losses during the period FY15-FY17 along with cash flow mismatches
has led to tight liquidity position for the company resulting in
instances of delays in servicing of debt obligations.
LSML's operations are working capital intensive, in FY17, given
the slow execution of orders and non-availability of working
capital limits there has been accumulation of inventory; higher
inventory holding and receivables resulted in high operating cycle
for the company.
Key Rating Strengths
* Part of non-financial vertical of Shriram group: Chennai based
Shriram group came into existence in 1974 and has significant
presence in financial services industry including Commercial
Vehicle Finance, Consumer & Enterprise Finance, Life & General
Insurance and Financial product distribution. LSML has been
supported by the holding companies in terms of funding
requirements. During the period FY15-FY16, LSML has received
capital infusion from its shareholders to the tune of INR228
crores to part fund the working capital requirement and meet
repayment obligations.
LSML is a joint venture between Shriram Group's SVL limited
Formerly known as Shriram Industrial Holding Ltd. (SIHL)
and Italy based Windfin BV, was incorporated to provide wind power
solution on turnkey basis.
LSML is engaged in the manufacturing, installation, commissioning
of Wind Electric Generators (WEG), creating infrastructure such as
site development and proving power evacuation facility for wind
power projects, and their maintenance. The company has a fully
integrated manufacturing facility in Chennai with a capacity of
144 WEG per annum and offers 1.5MW/1.8 MW WEG with different
variants.
During FY17, LSML registered net loss of INR181 crore on a total
income of INR153 crore.
MEHADIA AND SONS: CARE Reaffirms B+ Rating on INR8cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mehadia and Sons (MS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Mehadia and Sons
(MS) continue to be constrained by its relatively small scale of
operations with thin profit margins due to trading nature of
business, leveraged capital structure and weak debt coverage
indicators. The ratings also continue to be undermined by its
presence in highly fragmented and competitive industry and
constitution of entity as a partnership firm limiting financial
flexibility in times of stress.
The above constraints outweigh the comfort derived from the
experience of the promoters, long track record of operations of
entity, diversified revenue stream, synergistic association from
group entities and association with established brand name.
The ability of the entity to increase its scale of operations with
improvement in profitability and capital structure along with
efficient management of working capital requirement are the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Relatively modest scale of operations with thin profitability
margins: The operations of the entity remained small with total
operating income of INR19.71 crore in FY16 (Audited) and low
networth base of INR1.60 crore as on March 31, 2016 thus limiting
financial flexibility of the entity in times of stress. Since the
entity is into trading business which is inherently a low value
additive and volume driven nature of business its operating profit
margins remained low.
* Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on working capital borrowings to support its
business operations, resulting in leveraged capital structure.
Owing to the same and low profitability debt coverage indicators
remained weak.
* Working capital intensive nature of operations: Operations of
the entity remained working capital intensive with high inventory
holding period and low credit period received from suppliers. The
working capital requirements are met by the cash credit facility
availed by the entity utilization of which remained high.
* Presence in highly fragmented and competitive industry: The
Indian trading industry is highly unorganized & fragmented in
nature. Due to low entry barriers, the trading Industry in the
country is flooded with many unorganized players. This has led to
high level of competition in the industry and players work on
wafer-thin margins. The cost of goods purchased is the major cost
component for the trading industry, accounting for about 93-94% of
the sales. Availability of goods is not an issue for the industry
but procuring these goods at competitive prices poses a challenge
to maintain margins. Demand prospects of the trading industry
continue to be further constrained to a large extent by the
influence of the economic cycle.
* Partnership nature of constitution: Being a partnership firm, MS
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.
Key Rating Strengths
* Long and established track record of the entity with
experienced: MS has an established track record of around two
decades in the trading of pharmaceutical products and textile
yarn. MS is managed by promoters who have an average experience of
around two and half decades in the relevant line of business
through association with Mehadia group. Long experience of the
partners has supported the business risk profile of the entity to
a large extent. The promoters of MS have infused capital amounting
to INR0.84 crore, in form of equity during FY15-FY16.
* Established relations with suppliers and customers: MS has an
established track record of around two decades in the trading of
garments, pharmaceutical products and fabric. The promoters have
an average industrial experience of two and half decades, through
associate concerns (RJ and MCF) engaged in similar line of
business. The entity is likely to be benefited due to wide
experience of the promoters in the same field.
* Diversified revenue stream along with association with
established brand name: MS is engaged in trading of pharmaceutical
medicines and fabrics. The diversified revenue stream and
association with established brand helps entity in times of stress
and fortifies its business profile.
* Synergistic association from group entities: MS derives
synergistic advantage from its association with group concern,
RJT and MCF, having common suppliers and customers, which aids in
easy procurement of traded goods and further disbursement of same
through established network.
Established in the year 1999, Mehadia and Sons (MS) is a
partnership firm based in Nagpur, Maharashtra and promoted by Mr.
Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal
Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal
Agrawal. The entity is engaged in diverse trading business
(trading of pharmaceutical items and fabrics) which constituted
about 90% and about 10%, respectively, of total revenue during
FY16 (Aud).
The firm procures medicines from reputed firms and supplies them
to various medical shops in and around Nagpur and procures fabric
(cotton and polyester) from local dealers and wholesalers.
The firm belongs to Mehadia Group, which has three entities
including Mehadia and Sons, Mehadia and Sons C&F Division, MCF
(established in 1981) and R.J Tradelinks, RJT (established in
1997). MCF is engaged in trading of Pharmaceuticals products and
acts as clearing and forwarding agent for Peter England, whereas
RJT is engaged in diverse trading business (distributor for Madura
garments, pharmaceutical medicines and fabrics).
NAVIN COLD: CRISIL Raises Rating on INR5.5MM Loan From D
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Navin Cold Storage Private Limited (NCSPL) to
'CRISIL B-/Stable' from 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/
Overdraft facility 1.2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term
Bank Loan Facility 2.07 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Term Loan 2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Working Capital
Facility 5.5 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects timely servicing of its seasonal cash credit
limit in fiscal 2017. Also, the repayments in the term loan
account have been regular and within the due dates.
The rating reflects NCSPL's exposure to inherent risks in the
highly regulated and intensely competitive cold storage industry
in West Bengal (WB), small networth, and high gearing. These
weaknesses are partially offset by promoters' extensive
experience.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Small networth and high gearing
estimated at INR0.60 crore and 11.73 times, respectively, as on
March 31, 2017, constrain the financial risk profile. Muted
accretion to reserve should keep the networth small, though
gearing may improve with gradual repayment of term debt.
* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to earn profit
based on their strengths and geographical advantages. Furthermore,
the industry is highly fragmented, with the largest player having
a market share of less than 0.5%. This further limits bargaining
power, and forces players to offer discounts to ensure healthy
utilisation of capacity.
Strength
* Promoters' extensive experience: The promoters, members of the
Agarwal family, have experience of around two decades in the cold
storage industry, which has helped them develop healthy
relationships with potato farmers and traders, and will continue
to support the business risk profile.
Outlook: Stable
CRISIL believes NCSPL will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
a sustained and substantial increase in cash accrual, or equity
infusion, along with better working capital management, improves
the financial risk profile. The outlook may be revised to
'Negative' if there is pressure on liquidity due to delays in
repayment of loans by farmers, considerably low cash accrual, or
significant capital expenditure.
NCSPL, acquired in 1999 by Mr. Sushil Kumar Agarwal, Mr.
Gaurishankar Agarwal, and Mr. Sajjankumar Agarwal, provides cold
storage facility for potato storage; the promoters also undertake
opportunistic trading of potatoes. Mr. Sushil Kumar Agarwal, Mr.
Gaurishankar Agarwal, and Mr. Sajjankumar Agarwal manage daily
operations. The company's cold storage unit is in Garhbeta, West
Bengal.
NORTHERN POWER: CARE Reaffirms B+ Rating on INR14cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Northern Power Erectors Limited (NPEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 14.00 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 4.00 CARE A4 Reaffirmed
Detailed Rationale and Key rating drivers
The ratings assigned to the bank facilities of Northern Power
Erectors Limited (NPEL) continue to remain constrained by modest
scale of operations, low order book position, low profitability
margins, leveraged capital structure and weak coverage indicators.
The ratings further continue to remain constrained by working
capital intensive nature of operations, raw material price
volatility along with its presence in the highly competitive
industry. The ratings, however, take comfort from the experienced
management and growing scale of operations. Going forward, the
ability of the company to increase its scale of operations while
improving its profitability margins, capital structure with
effectively managing the working capital requirements would be the
key rating sensitivities.
Detailed description of key rating drivers
Key rating weakness
* Modest scale of operations: The scale of operations of the
company continues to remain modest marked by its total operating
income (TOI) of INR86.04 crore for FY17 (based on provisional
results).The modest scale of operations in a competitive industry
limits the pricing power and benefits of economies of scale.
Further the company has registered muted growth reflecting a
compounded annual growth rate (CAGR) of around 2% for the past
three financial years i.e. FY15-FY17.
* Low profitability margins: The profitability margins of the
company continues to remain low due to highly competitive nature
of industry. The PBILDT and PAT margins of the company stood at
3.59% & 0.16% respectively in FY17.
* Leveraged capital structure and weak coverage indicators: The
capital structure of the company continues to remain leveraged
marked by overall gearing of 1.52x as on March 31, 2017 owing to
higher reliance on external borrowings to meet working capital
requirements as against net worth position. Further, owing to low
profitability position; the debt coverage indicators of the
company as marked by interest coverage and total debt/GCA
continues to remain weak at 1.21x and 31.36x for FY17 (based on
provisional results).
* Working capital intensive nature of operations: The operations
of the company continues to remain working capital intensive
marked by an average operating cycle of 127 days mainly on account
of high collection period for FY17. The collection period remains
on the higher side as majority of the company's customers are
public sector undertaking and the realization generally takes 3-4
months due to procedural delays. The company normally maintains
the inventory of raw material for around two to three months for
smooth running of its production processes resulting in an average
inventory holding period of 90 days for FY17. The company normally
receives payable period of around two months from its suppliers
resulting in average creditor period of 74 days for FY17. The
average working capital limits of the company remained almost
fully utilized for the past 12 months ended July, 2017.
* Raw material price fluctuation risk: The raw material costs has
always been a major contributor to total operating cost
constituting around 85% in past three financial years (FY15-FY17).
NPEL is exposed to the raw material price volatility risk due to
the volatility experienced in the prices of iron, steel and metal
scraps and their prices fluctuates rapidly due to demand supply
gap. Hence, any volatility in their prices has a direct impact on
the profitability margins of the company.
* Highly competitive nature of industry: NPEL operates in a highly
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. The industry is
characterized by low entry barriers due to low technological
inputs and easy availability of standardized machinery for the
production.
Key rating strengths
* Experienced management: The company is currently being managed
by Mr. V.S. Mittal and Mr. N.S. Mittal having an experience
varying up to three decades in the manufacturing of engineering
goods through their association with this entity.
* Reputed and diverse client base with low order book position: In
the past, the company had executed contracts for various reputed
companies such as Bharat Heavy Electricals Limited, NHPC Limited,
Jammu & Kashmir State Power Development Corporation Limited,
Satluj Jal Vidyut Nigam Limited, Gujarat State Electricity
Corporation Limited, etc. Association with reputed customer base
enhances the image of the company in the market and minimizes the
realization risk. The present unexecuted order book position is
low and does not provide revenue visibility in the short to medium
term for the company. The ability of the company to successfully
bid for new projects and improve its order book position will be
crucial.
New Delhi-based, NPEL is a closely held public limited company
originally incorporated in 1986 as Northern Power Erectors Private
Limited. The name and constitution was revised to present one in
May, 1993. The company is currently being managed by Mr. V S
Mittal and Mr. N S Mittal. The company is engaged in manufacturing
of hydro turbine and generator parts like S.S. rings, turbine
runners, guidevane housing, etc. The company is also engaged in
servicing and maintenance of hydro power stations. The raw
material required for manufacturing products include electrodes,
wires, screws, bearings, studs, etc. which are procured from
traders and manufacturers located in Delhi, Meerut, Gujarat,
Mumbai, Ghaziabad, etc.
OMKAR SPECIALITY: CRISIL Lowers Rating on INR86.3MM Loan to D
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Omkar
Speciality Chemicals Limited (OSCL) for obtaining information
through letters and emails dated February 10, 2017 and March 02,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 71 CRISIL D (Issuer Not
Cooperating; Downgraded
from 'CRISIL BB+/Stable')
External Commercial
Borrowings 36.7 CRISIL D (Issuer Not
Cooperating; Downgraded
from 'CRISIL BB+/Stable')
Letter of Credit 60 CRISIL D (Issuer Not
Cooperating; Downgraded
from 'CRISIL A4+')
Proposed Long Term 86.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Downgraded
from 'CRISIL BB+/Stable')
Term Loan 1.0 CRISIL D/Issuer (Issuer Not
Cooperating; Downgraded
from 'CRISIL BB+/Stable')
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OSCL. This restricts CRISIL's
ability to take a forward looking rating call on OSCL.
Consequently, CRISIL has taken a rating approach which is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information'. Accordingly, based on the
last available information, CRISIL has downgraded its rating on
the bank facilities of OSCL to 'CRISIL D/CRISIL D/Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+'.
The downgrade reflects weak liquidity resulting in devolvement of
the company's LC facilities for more than 30 days.
OSCL, set up in 1983, manufactures specialty chemicals, organic
and inorganic chemicals, and inorganic intermediates such as
iodine, selenium, molybdenum, and their derivatives. The company's
managing director, Mr. Pravin Herlekar, has nearly 35 years of
experience in the specialty chemicals business.
PANACEA BIOTEC: CARE Revises Rating on INR959.55cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Panacea Biotec Limited (PBL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 959.55 CARE D Revised from CARE B+
Short term Bank
Facilities 61.97 CARE D Revised from CARE A4
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of
Panacea Biotec Limited (PBL) take into account the delays in
servicing of its debt obligation during FY17 (refers to the period
April 1 to March 31). Going forward, the ability of the company to
improve its liquidity position and strengthen its capital
structure with improvement in its profitability would remain the
key rating sensitivity.
Key Rating Weaknesses
* Delays in servicing of debt obligations: On account of stretched
liquidity position, there were delays in repayment of debt
obligations due in March 2017 by the company to various banks. The
delays were however, cleared by the company in April 2017. Going
forward, the ability of the company to improve its liquidity
position shall remain critical. Weak financial risk profile:
During FY17, PBL reported total operating income of INR582.42
crore as compared to total operating income of INR672.46 crore in
FY16, registering y-o-y decline of around 13%. The net revenues
from operations have mainly decreased due to lower sale of
pentavalent vaccine Easy- TT to UNICEF/PAHO, non-availability of
IPV bulk leading to no sales of IPV vaccine, reduction in prices
of products due to price control by NPPA, banning of irrational
FDCs by DCGI and expiry of excise duty holiday period at Baddi
facilities. PBILDT margin was 20.76% in FY17 (FY16: 20.53%).
PBL has incurred loss before tax of INR83.78 crore (after
considering exceptional items of INR37.54 crore) as against profit
before tax of INR1.40 crore (after considering exceptional income
of INR49.65 crore) for FY16. During the year, the exceptional
items include provisioning of INR45.08 crore towards impairment of
investments in NewRise Healthcare Pvt. Ltd. on account of sale
thereof in April 2017. The overall gearing deteriorated from
10.13x as on March 31, 2016 to 22.65x as on March 31, 2017.
Further in Q1FY18, PBL's Operating income was Rs 105.50 crore with
negative PBILDT of Rs 6.02 crore as against income of Rs 135.22
crore with PBILDT of Rs 21.42 crore in Q1FY17. PBL registered a
decline in sales in Q1FY18 of 22% over the similar period in the
last financial year.
Key Rating Strengths
* Experienced promoters and management team and long track record
of operations: The Company has been in the pharmaceutical business
since 1984 and has a long track record of operations of more than
30 years. The company is promoted by the Jain family headed by Mr.
Soshil Kumar Jain who has an experience of more than 50 years in
the pharmaceutical industry. He is assisted by Mr. Ravinder Jain,
Dr Rajesh Jain and Mr. Sandeep Jain in looking after the
operations of the company. The senior management team of PBL
comprises of well-qualified and experienced members.
Panacea Biotec Limited (PBL) was incorporated in February 1984
under the name of Panacea Drugs Private Limited (PDPL). In
September 1993, it was converted into a public limited company and
its name was changed to the present one. PBL is promoted by the
Jain family headed by Mr. Soshil Kumar Jain and is one of the
leading biotechnology companies in India involved in manufacturing
of vaccines and pharmaceutical formulations. PBL has manufacturing
facilities in Himachal Pradesh and Punjab for vaccines and
pharmaceutical formulations complying with international
regulatory standards of USFDA, UK-MHRA, and WHO-cGMP standards
etc. On account of the deterioration in the financial risk profile
during the period FY12-14, the company approached the CDR cell for
restructuring of the debt and executed a CDR scheme in FY15. Since
then, PBL continues to service its debt obligations as per the CDR
terms.
PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Parasmal
Pagariya and Sons (PPS) for obtaining information through letters
and emails dated January 14, 2017, and September 5, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 4 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Parasmal Pagariya and Sons.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Parasmal Pagariya and Sons is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.
PPS was set up by Mr. Ulhas Pagariya in 1994 as a proprietary firm
in Maharashtra. The firm undertakes wholesale trading of food
grains, spices, and edible oils. PPS is a part of the Pagariya
group, which has been in engaged in wholesale trading of food
grains, spices, and edible oils for 40 years.
PARVATI COTTON: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Parvati
Cotton Industries - Beed (PCI) for obtaining information through
letters and emails dated July 28, 2017, and September 08, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Parvati Cotton Industries -
Beed. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Parvati Cotton Industries - Beed is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B/Stable.
Set up in 2008 as a partnership firm by Mr. Mahadev Deshmane, Mr.
Sanjay Pawal, Ms. Parvati Kshirsagar, and Ms. Nayana Kshirsagar,
PCI gins and presses cotton and its unit in Beed, Maharashtra.
PAVANSUT PAPER: CARE Reaffirms B Rating on INR11.24cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pavansut Paper Mill Private Limited (PPMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.24 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 0.70 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Pavansut Paper Mill
Private Limited (PPMPL) continue to remain constrained on account
of its nascent stage of operations, leveraged capital structure,
weak debt coverage indicators and working capital intensive
operations during FY17 (refers to a period of April 1 to March 31)
(Provisional). The ratings further continue to remain constrained
on account of susceptibility of its margins to volatility in raw
material prices along with foreign exchange fluctuation risk.
However, the ratings continue to derive strength from the
experience of promoters and location advantage. Going forward,
PPMPL's ability to stabilize and increase its scale of operations
with improvement in profitability, capital structure and debt
coverage indicators along with efficient working capital
management is the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Nascent stage of operations: During FY17, the company had
completed its project worth INR13.51 crore and the company had
started its commercial production and achieved total operating
income (TOI) of INR5.76 crore during FY17 (Prov.). PBILDT margin
of the company remained moderate at 6.17%. However, the company
reported net loss of INR0.72 crore.
* Leveraged capital structure and weak debt coverage indicators:
Capital structure of the company remained leveraged marked by debt
equity and overall gearing of 2.12 times and 2.31 times
respectively as on March 31, 2017. Debt coverage indicators of the
company remained weak marked by total debt to GCA of 92.94 years
as on March 31, 2017 and interest coverage of 1.03 times during
FY17.
* Working capital intensive operations: Liquidity position of the
company remained moderate marked by low current ratio of 1.04
times and below unity quick ratio as on March 31, 2017 (Prov.).
Average utilization of working capital borrowings remained high at
80% during past 12 months ended August 2017.
* Susceptibility to the raw material price fluctuations: The main
raw material used for the manufacturing of kraft paper is the
waste paper. The raw material prices constitute around 75% of the
total production cost the company. The prices of waste paper is
primarily driven by international demand and supply scenario
thereby leading to volatility in the prices of finished goods as
well.
* Foreign exchange fluctuation risk: PPMPL import clean waste
paper which is a raw material for absorbent paper from U.S.A,
Dubai which constituted around 20% of its total purchase. Since
the company does not resort to any hedging mechanism for its
imports, it is exposed to risk on account of foreign exchange
fluctuations.
Key Rating Strengths
* Experienced management: PPMPL's operations are managed jointly
by Mr. Shailesh Patel and Mr. Ravi Patel and Mr. Rajendra Patel.
Mr. Shailesh Patel has total 26 years of experience out of which 5
years in Paper Industry. Mr. Ravi has also 5 years of experience
into the business of manufacturing of Cotton Seeds cake, Cotton
Seed Oil. Mr. Rajedra Patel has more than 3 decade of experience
primary into ceramic industry.
* Located Advantage: The manufacturing unit of PPMPL is located at
Panchasiya which is near from Wankaner. Wankaner is considered as
the Ceramic hub of the nation. Wankaner and Morbi are considered
as most favorable location for paper mill and carrying out paper
mill business due to concentration of the Industry. Further, the
cluster is well connected by a good road network which provides
logistical benefits.
Wankaner (Gujarat)-based, PPMPL was incorporated in January, 2015
by Mr. Ravi Patel, Mr. Shailesh Patel and Mr. Rajendra Patel. The
company is engaged into the manufacturing of kraft paper at its
plant located at Wankaner - Gujarat with an installed capacity of
30000 Metric Tonne per annum as on March 31, 2017. Promoters have
decade long experience in textile industry and have promoted
Sardar Cotton Industries and Maruti Oil Mills.
R S CASHEW: CRISIL Reaffirms B- Rating on INR7.25MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on the
long-term bank facilities of R S Cashew Industries (RSCI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.25 CRISIL B-/Stable (Reaffirmed)
The rating reflects RSCI's modest scale of operations and exposure
to intense competition in the cashew industry and the below-
average financial risk profile, marked by modest net worth, weak
capital structure and moderate debt-protection metrics. These
weaknesses are partially offset by the extensive industry
experience of the promoter.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations and exposure to intense competition in
the cashew industry: Intense competition, low technological
intensity involved in processing cashew nuts, and limited
differentiation in the end-product, have kept the scale of
operations modest, as reflected in estimated revenue of INR25
crore in fiscal 2017. These factors, coupled with volatility in
raw material prices, have kept the operating margin moderate at 4%
over the three years through fiscal 2017.
* Working capital intensity in operations: Operations continue to
be working capital intensive, as reflected in gross current assets
of 159 days as on March 31, 2017, mainly led by high inventory of
130 days as on March 31,2017.CRISIL believes that the working
capital intensive operations will continue to constrain the
business risk profile of the firm.
Strengths
* Promoter's extensive experience in the cashew industry: The 16
years' experience of the promoters in the cashew industry, and
established relationships with customers, ensuring a regular flow
of repeat orders, and the strong and geographically diversified
network of raw cashew nut suppliers, will continue to support the
business risk profile.
Outlook: Stable
CRISIL believes that RSCI will continue to benefit from extensive
industry experience of the promoter. The outlook may be revised to
'Positive', if RSCI's financial risk profile improves backed by
sustainable improvement in the firm's cash accruals or capital
infusion by the proprietor. Conversely, the outlook may be
revised to 'Negative', if the firm's financial risk profile and
liquidity deteriorate further, due to lower than expected cash
accruals, large debt-funded capex or stretched working capital
cycle.
Set up as a proprietorship firm in 2014 by Mr. Ramesh Bhati, RSCI
is engaged in processing of raw cashew nuts and sale of cashew
kernels. The firm is based out of Shimoga, Karnataka.
Profit after tax (PAT) and net sales were estimated at INR0.1
crore and INR25 crore, respectively, for fiscal 2017, as against
INR0.2 crore and INR16 crore, respectively, in the previous
fiscal.
R.S.K. RICE: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of R. S. K. Rice Mill (RSK).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 0.7 CRISIL B+/Stable
Cash Credit 4.5 CRISIL B+/Stable
Long Term Loan 1.3 CRISIL B+/Stable
The rating reflects modest scale of operations, exposure to
intense competition in the rice milling industry, susceptibility
of operating margin to government regulations and raw material
price volatility, moderate working capital requirement and below
average financial risk profile due to modest networth. These
rating weaknesses are partially offset by the extensive experience
of its promoters in the rice industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition:
Revenue remains small due to start-up phase and intense
competition in the rice industry. The firm will be able to ramp up
scale over the medium term, but only gradually because of
competition.
* Susceptibility of operating margin to adverse regulations and
raw material price volatility: Operating profitability margins in
the rice segment are affected by fluctuations in raw material
prices. This is compounded by the fact that raw material costs
accounted for 86% of RSK's operating income in fiscal 2017. Any
change in government policy regarding rice also affect operating
margin.
* Moderate working capital requirement: Gross current assets were
86 days as on March 31, 2017, due to large inventory of 71 days.
* Below-average financial risk profile: Financial risk profile is
marked by modest networth of INR 3.48 crores in fiscal 2017.
Gearing was moderate at 0.87 time as on March 31, 2017, and debt
protection metrics remains average, with interest coverage and net
cash accrual to total debt ratios of 1.92 times and 0.10 time,
respectively, in fiscal 2017.
Strengths
* Extensive experience of promoters: Presence of more than 15
years in the rice industry has enabled the promoters to establish
healthy relationship with customers, leading to revenue of
INR14.53 crores in fiscal 2017, the firm's first full year of
operations.
Outlook: Stable
CRISIL believes RSK will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial increase in revenue and profitability
leads to better financial risk profile; or if significant capital
infusion helps meet working capital requirement. The outlook may
be revised to 'Negative' if aggressive, debt-funded expansion,
sharp decline in revenue and profitability, or sizeable capital
withdrawal weakens financial risk profile.
Set up as a partnership firm in January 2016 by Mr. Nazrul Islam,
Mr. Akatarl Mohammad, Mr. Majbur Rahaman, Ms Jharna Begam, and Ms
Yesmin Khatun, RSK mills and processes parboiled rice. Unit in
Uttar Dinajpur, West Bengal, has installed paddy milling capacity
of 100 tonne per day (tpd), which was enhanced from 48 tpd in June
2017.
REAL VALUE: CARE Lowers Rating on INR140cr NCD to B+
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Real Value Ventures Private Limited (RVV), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible
Debentures Issue I 140 CARE B+; Stable Revised
from CARE BB-
Non-Convertible
Debentures Issue II 29 CARE B+; Stable Revised
from CARE BB-
Non-Convertible
Debentures Issue III 27 CARE B+; Stable Revised
from CARE BB-
Proposed Non-
Convertible Debentures
Issue IV 16 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the various Non-Convertible
Debenture (NCD) issues of Real Value Ventures Private Limited
(RVV) factors in delay in commencement of the proposed residential
real estate project of the company mainly due to delays faced in
land aggregation. Furthermore, the rating continues to be
constrained by the nascent and preapproval stage of the project
and the associated implementation risk, high dependence on
customer advances for execution and saleability risk of the units.
The rating also takes into account the inherent cyclicality and
intense competition associated with the real estate industry.
The rating, however, draws strength from the experience of the
promoters, favourable location of the project and the group's
established track record in the real estate sector. Going forward,
completion of land aggregation, timely commencement of the project
post receipt of requisite approvals, execution of the project
within the estimated timelines & costs and saleability of the
units would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in land aggregation, nascent stage of the project with
approval risks, project implementation and associated risks: The
company is in negotiations with the land owners and the prolonged
land acquisition process has significantly delayed the launch of
the project from the earlier envisaged timelines. Any further
delays in land acquisition and subsequent approval processes will
be a key rating monitorable. In the phase I of the project, the
company would develop 11.58 acres of land which would house 1200
units. The company is in the process of obtaining the requisite
approvals for launch of the project. Any delay in approvals will
delay the execution of the project and may result in higher
interest costs which might affect the profitability of the
project. The long gestation period on account of the size also
exposes the company to the volatility in material and labour costs
with the selling prices fixed upon booking.
* High dependence on customer advances for execution of the
project The land acquisition for the project is to be majorly
funded through promoter's equity (Rs.45 crore) and debt. The
company has raised about INR196 crore of debt via NCDS as on
August 31, 2017. The company has a significantly high dependence
on customer advances for the construction of the project and
ability to ensure booking in a timely manner and collect the
customer advances will be critical to the progress of the project
and debt servicing.
* Saleability risk: In the first phase of the proposed project,
the company plans to sell 1,200 units with an average area of
1050sq.ft. Though the group has sold many projects in the past,
the current project of RVV has a high saleability risk with such
high number of units at a single project location.
* Inherent cyclicality and intense competition associated with the
real estate industry: The real estate market in Chennai is highly
fragmented with a large number of developers. The real estate
industry in the city has also slow downed in the recent past due
to slow economic activity and demand has been subdued. The company
also faces competition from number of projects of similar sizes
within the vicinity.
Key Rating Strengths
* Experienced promoters: The RV group is in the business of real
estate development in Chennai since 1995 and has developed more
than 2 million sq.ft of area spread over 30 residential projects
across Chennai. At present, the group has 4 ongoing residential
projects in Chennai with total area under development of 6 lsf.
* Favourable location of the project: The project is located at
Pallavaram, Chennai, off the Grand Southern Trunk (GST) road, in
one of the upcoming micro markets of the city. The location is
also near the Rajiv Gandhi IT Express way. The project location
enjoys good connectivity to other parts of the city by Roadways,
Railways and Airways.
RVV is a special purpose vehicle (SPV) formed by the Real Value
Promoters (RV) group, to develop a real estate residential project
at Pallavaram, Chennai. The RV group has over two decades
experience developing various residential projects across Chennai.
The group has developed & sold over 30 residential and 3
commercial projects aggregating to a total area of 20 lakh square
feet (lsf).
The proposed project is expected to come up in two phases on an
area of 30.25 acres with a mix of 2 BHK and 3 BHK flats. In the
first phase the company plans to develop 11.58 acres at a cost of
INR706 crore.
SADASHIVA OIL: CARE Assigns B+ Rating to INR6.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sadashiva Oil Industries (SOI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.50 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Sadashiva Oil
Industries (SOI) is tempered by short track record with small
scale of operations, working capital intensive nature of
operations, leveraged capital structure, geographic concentration
risk and constitution of entity as partnership firm with inherent
risk of capital withdrawal. The rating is, however, underpinned by
the moderate experience of partners in edible oil industry, growth
in total operating income during review period, satisfactory debt
coverage indicators, location advantage and stable outlook of
edible oil industry.
Going forward, the ability of the firm to increase its scale of
operations in competitive environment and improve its capital
structure would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
* Short track record and small scale of operations: The firm came
into existence in 2015 and started its commercial operations in
the same year. The total operating income of the firm stood at
INR19.40 crore during FY17 (Prov.) with low net worth of INR3.37
crore as on March 31, 2017 (Prov.) as compared to other peers in
the industry.
* Cash losses in FY16 and thin PAT margin in FY17 (Prov.): The
firm has incurred net and cash losses in FY16 due to first year of
operations. However, the firm has turnaround from loss to profit
in FY17 (Prov.) and earned PAT of INR0.08 crore at the back of
absorption of overheads. The PBILDT and PAT margin of the firm
remained at 10.25% and 0.43% respectively in FY17 (Prov.)
* Leveraged capital structure: The capital structure of the firm
remained leveraged for the last two balance sheet date ended March
31, 2017 (Prov.) marked by overall gearing of 2.45x as on March
31, 2017 (Prov.) compared to 4.75x as on March 31, 2016.
* Working capital intensive nature of operations: The operations
of the firm is working capital intensive since the firm is engaged
in the manufacturing and supply of cotton oil and cotton cake. The
firm normally holds more inventories in hand in order to meet
customer requirement on time. The operating cycle stood elongated
at 78 days during FY17 (Prov.) due to higher inventory days. The
firm makes the payment to its suppliers on average of 8-10 days
due to low bargaining power. The average utilization of working
capital limit for the last 12 month ended i.e.,
Aug. 31, 2017 was almost full.
* Constitution of entity as partnership firm with inherent risk of
capital withdrawals: With the entity being partnership firm, there
is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's networth. Further, the
partnership firms are attributed to limited access to funding.
* Geographic concentration risk: The firm is engaged in
manufacturing of cotton oil and cotton cakes and supplies the
finished products to its customers who are located in Telangana.
The firm has around 50 customers with them and all the customers
are based in Telangana. Even though the revenue of the firm is
going up y-o-y, it has geographic risk as all the customers are
based in only one region.
Key Rating Strengths
* Experience of partners in cotton industry: SOI partnership firm
was started by Mr. Aakula Umapathi and his family members. Mr.
Aakula Umapathi is one of the active partners of the firm who has
around two decades of experience in the cotton industry and two
years of experience in the edible oil industry. Mr. Aakula
Umapathi is the Managing Partner who takes care of day to day
operations of the firm and the other partners are also actively
involved in day to day operation of the firm.
Growth in total operating income during the review period: The
total operating income of the firm increased from INR0.03 crore in
FY16 to INR19.40 crore in FY17 (Prov.) due to increase in the sale
of cotton oil and cotton cakes products. The firm manufactures
cotton oil and cotton cakes and distributes to local customers
located in and around Telangana. The firm earns 80% of the total
revenue from cotton cake, cotton oil yield around 15% of the total
revenue and balance revenue is derived from the sale of scrap.
Location advantage: SOI is located in one of the major cotton
growing areas in Telangana. Availability of raw material is not
expected to be an issue as the firm procures raw material (cotton
and seed) from the local suppliers Eashwara Sai Cotton Industries,
Sri Varshini Agro Industries and Sai Balaji Industries located in
and around Pidiched Village.
Stable outlook for cotton industry: Cotton plays an important role
in the Indian economy as the country textile industry is
predominantly cotton based. India is one of the largest producers
as well as exporters of cotton yarn. The Indian textile industry
contributes around 4 per cent to country's gross domestic product.
14 per cent to industrial production and 15 per cent to total
exports earnings. The industry is also the second largest employer
in the country after agriculture, providing employment to over 51
million people directly and 68 million people indirectly,
including unskilled women.
The states of Gujarat, Maharashtra, Telangana, Andhra Pradesh,
Karnataka, Madhya Pradesh, Haryana, Rajasthan and Punjab are the
major cotton producers in India.
Satisfactory debt coverage indicators: The debt coverage
indicators of the firm remained satisfatcory marked by total debt
to GCA and interest coverage which stood at 5.41x and 2.30x
respectively as on March 31, 2017 (Prov.) on account of increase
in PBILDT levels.
Telangana Based, Sadashiva Oil Industries (SOI) was established in
the year 2015 and promoted Mr. Umapathi and their relatives. The
firm is engaged into manufacturing of cotton oil and cotton cake
by crushing cotton and seeds. The firm purchases its raw material
from local suppliers in Hyderabad and converts them into refinery
oil for cooking and cakes used in poultry forms for feeding
purposes. The firm supplies its finished products of cotton oil
and cotton cake to the local customers located in Telangana.
SAMAY PROJECT: CARE Assigns B+ Rating to INR0.60cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Samay
Project Services Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 0.60 CARE B+; Stable Assigned
Short-term Bank
Facilities 10.20 CARE A4; Stable Assigned
Rating Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Samay Project
Services Private Limited (SPPL) are primarily constrained on
account of continuous decline in Total Operating Income (TOI) in
last three financial years ended FY17 (FY refers to the period
April 01 to March 31) and its financial risk profile marked by
moderate profitability margins, moderate solvency position and
stressed liquidity position. The ratings are further constrained
on account of its presence in fragmented nature of construction
sector with tender based nature of operations.
The ratings, however, derive strength from the experienced and
qualified management and moderate order book position.
The ability of the company to increase in the scale of operations
with maintaining order book position and speedy execution of
contracts along with better management of working capital are the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
* Financial risk profile marked by continuous decline in TOI with
moderate profitability margins, moderate solvency position and
stressed liquidity position: TOI of SPPL has shown a declining
trend over the past four financial years ended FY17 mainly due to
delay in execution of project. During FY17(Provisional), TOI
declined by 38.25% over FY16 whereas in FY16, TOI of the company
declined by 0.59% over FY15. The profitability of the company
stood moderated with PBILDT and PAT margin of 12.75% and 3.76%
respectively in FY17. PBILDT margin of the firm has increased in
FY17 over FY16 mainly on account of lower raw material cost.
Further, in line with increase in PBILDT margin, PAT margin has
also increased by 6 bps in FY17 over FY16 mainly due to increase
in PBILDT.
The capital structure of SPPL stood comfortable with an overall
gearing of 0.86 times as on March 31, 2017, although deteriorated
mainly on account of increase in total debt. Further, debt service
coverage indicators of the company stood moderate as reflected by
total debt to GCA of 12.71 times as on March 31, 2017 and interest
coverage ratio at 1.49 times in FY17.
The liquidity position of the company stood working capital
intensive with 80% utilization of its working capital bank
borrowings during last 12 months ended June 2017. Further, the
operating cycle stood elongated at 121 days in FY17 mainly due to
higher inventory and debtors period which is offset to an extent
by increase in creditor period. The current ratio and quick ratio
of the company stood moderate at 1.72 times and 1.68 times
respectively as on March 31, 2017.
* Fragmented nature of construction sector with tender based
nature of operations: The construction sector in India is highly
fragmented with a large number of small and mid-sized players.
This coupled with tendering process in order procurement results
into intense competition within the industry, fluctuating revenues
and restrictions in profitability. Additionally, continued
increase in execution challenges including delays in land
acquisition, regulatory clearances, aggressive bidding, interest
rate risk and delays in project due to environmental
clearance are other external factors that affect the credit
profile of industry players.
Key Rating Strengths
* Experienced and qualified management: Mr. Anand Rajagopal,
director, is MBA, B.E., Grad CWA by qualification and has around
25 years of experience in mechanical and electrical engineering
disciplines. Ms. Santhi Karthikeyan, director, is B.E. by
qualification and has around 28 years of experience in research,
design and development disciplines. Both are look after overall
affairs of the firm. Further, the directors are assisted by Ms.
Usha R, who looks after the accounts matters of SPPL.
* Moderate order book position: As on July 27, 2017, SPPL has an
outstanding order book position of INR46.17 crore which is 6.60
times of FY17's Total Operating Income (TOI) with eleven projects
in hand reflecting moderate order book position. The on-going
projects of the firm are likely to be executed within next 3
years, providing medium term revenue visibility.
Chennai based SPPL was set up in 1991 as a partnership firm and
reconstituted as a private limited company with the current name
in 2001. SPPL is an ISO 9001:2008 certified EPC contractor
undertaking piping & appurtenances, tanks, fire protection,
detection and suppression projects & systems. The Company has
established strong credibility in timely completion of over 80 EPC
projects spread all over India. Samay Middle East Trading LLC
(SME) is a subsidiary of SPPL, incorporated in Dubai, UAE, to
handle EPC Contracts in Piping, Tanks & Fire Protection Systems.
SME has registered TOI of INR4.94 crore in FY17.
SANKET PROPERTIES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facility of Sanket Properties Pvt Ltd (SPPL) at 'CRISIL D'. The
rating continues to reflect instances of delay by the company in
servicing its term debt. The delays have been caused by weak
liquidity, driven by muted demand for the company's residential
real estate project.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 14 CRISIL D (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Delays in debt-servicing: The company has been delaying on its
term debt obligations on account of weak liquidity arising from
lower demand for the company's residential real estate project.
* Susceptibility to cyclicality inherent in the real estate
sector: Exposure to risks and cyclicality inherent in the real
estate sector may result in volatility in both saleability and
realisations, and hence, cash flow. The residential real estate
sector has been under pressure due to weak demand and bearish
consumer sentiment over the past few years, increasing leverage
and refinancing needs of players. The current weak business
environment will continue to constrain the outlook for the real
estate sector in the near term. The impact on sales will remain a
key rating sensitivity factor.
Strength
* Experience of the promoters: With over two decades of experience
in the real estate business, promoter, Mr. Dharmesh Gathani has
acquired a large land bank and executed over 25 projects.
Incorporated in 2006, SPPL is promoted by Mr. Dharmesh Gathani and
his wife, Mrs Jyoti Gathani. It is undertaking the construction of
a residential real estate project in Ambegaon, Pune.
SHEKAR LOGISTICS: CRISIL Reaffirms B Rating on INR23.66MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shekar Logistics
Private Limited (SLPL) continue to reflect a modest scale of
operations in the highly fragmented road transport industry and
working capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of promoter
and his established relationship with key customer, Tata Steel Ltd
(TSL).
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 13 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 23.66 CRISIL B/Stable (Reaffirmed)
Standby Line of 1.00 CRISIL B/Stable (Reaffirmed)
Credit
Term Loan 12.07 CRISIL B/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in highly fragmented road transport
industry: SLPL is engaged in the conventional road transportation
business. The sector is dominated by a few large players and
numerous small players, given the low entry barriers and modest
capital and technology requirements, and easy availability of
finances for vehicles. SLPL's revenue is likely to remain moderate
at INR90cr for 2016-17 (refers to financial year, April 1 to March
31) on account of intense competition and fragmentation in the
industry, preventing significant improvement in SLPL's scale of
operations, and status as an exclusive transporter in southern
India for TSL
* Working-capital-intensive operations: Stretch in creditor's
leads to increased working capital intensity. CRISIL believes that
the working capital intensive operations will continue to
constrain the business risk profile of the firm.
Strength
* Promoters' extensive industry experience and established
relationship with key customer, Tata Steels Ltd (TSL): SLPL's
promoters have been in the transport business since 1971, and have
had a healthy relationship with its key customer, TSL, since
inception. SLPL's established relationship with TSL resulted in
SLPL acquiring exclusive transportation contracts with all four of
TSL's depots in South India for outward movement of products, on a
long-term basis. CRISIL believes that SLPL will continue to
benefit over the medium term from its promoters' extensive
industry experience and established relationship with its key
customer, TSL.
* Average financial risk profile: The firm's financial risk
profile is moderate as reflected in gearing of 1.6 times and
moderate net worth of INR34 cr as on March 31, 2017. The gearing
is improved due to healthy accretion of reserves.CRISIL believes
that the financial risk profile of the firm is expected to remain
moderate going ahead as well.
Outlook: Stable
CRISIL believes SLPL will continue to benefit over the medium term
from its established relationship with TSL and funding support
from promoter, if needed. The outlook may be revised to 'Positive'
if sustained improvement in cash accrual or capital infusion
improves its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if large, debt-funded capital expenditure
or delays in collection of receivables adversely affect liquidity.
SLPL was established in 2001 by Mr. Chandrasekhar Viswanath. It
provides transportation, material movement, and handling services.
Profit after tax (PAT) and net sales are estimated at INR4.3 crore
and INR90 crore, respectively, for fiscal 2017; PAT and net sales
were INR5.1 crore and INR92 crore, respectively, for fiscal 2016.
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Shakti Ginning and Pressing Private Limited (SSGP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 25 CARE B+; Stable Reaffirmed
Detailed Rationale& Key Rating Drivers
The rating of Shiv Shakti Ginning and Pressing Private Limited
(SSGP) continues to remain constrained on account of leveraged
capital structure, thin profitability and modest debt coverage
indicators. The rating is further constrained by the
susceptibility of its operating margins to the volatile cotton
prices and its presence in highly fragmented and working capital
intensive cotton ginning and trading industry. The rating,
however, derive strength from the growth in scale of operations
during FY17 (Provisional, FY refers to the period April 1 to March
31), vast experience of promoters in the cotton ginning and agro-
trading business and benefits derived from its favorable location
cotton growing belt of Gujarat.
The ability of SSGP to improve its profitability by moving up in
the cotton value chain along with an improvement in its capital
its capital structure would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Leveraged capital structure and modest debt coverage indicators:
The overall gearing ratio of SSGP stood high at 2.27x as on
March 31, 2017 (PY: 2.19x). The debt coverage indicators of SSGP
remained modest marked by modest interest coverage ratio and high
total debt to GCA on the back of high reliance of working capital
borrowings and thin cash accruals.
* Growth in scale of operations albeit thin profitability: During
FY17, the TOI of SSGP grew substantially primarily on account of
growth in sales volume of processed cotton along with improvement
in average realization and surge in trading sales. SSGP continues
to operate at low profit margins due to limited value addition in
cotton ginning and higher portion of trading sales in TOI during
FY17.
* Working capital intensive operations: There is significant
requirement for working capital funds especially during the peak
season towards stocking of inventory as the procurement is made
directly from farmers on cash basis. Along with that the liquidity
position of SSI is remained tight marked by almost full working
capital limit utilization.
* Presence in highly fragmented cotton ginning industry and
susceptible to fluctuations in cotton prices: Cotton ginning
business involves very limited value addition and is highly
dominated by small and medium scale units resulting in highly
fragmented nature of industry. The competition in ginning industry
remains stiff restricting the profitability margins. Further,
price of raw cotton is highly volatile in nature which may put
pressure on profitability.
Key Rating Strengths
* Experienced promoters and established track record of
operations: The day to day operations of SSGP is managed by Mr.
Nilesh Thacker and Mr. Bhagirath Shukla who have more than two
decades of experience in cotton ginning and trading of agro-
commodities.
* Proximity to cotton-producing region of Gujarat and major ports
of western India: SSGP's ginning unit is located in the cotton
growing region which is the largest producer of raw cotton in
India. Due to its proximity to the cotton-growing region of
Gujarat and major ports of western India (Mundra & Kandla), it
derives benefits in terms of availability of key agro products and
lower transportation cost.
SSGP was incorporated in 2007, and the commercial production
started in December 2008. It has a composite cotton ginning and
pressing unit at Anjar in the Kutch district of Gujarat. SSGP is
promoted by Mr. Nilesh Thacker and had an installed production
capacity of 97,440 cotton bales per annum as on March 31, 2017.
SSGP also trades agricultural commodities such as cotton, cotton
seeds, wheat, maize, sugar and palmoline oil.
SHIVOHUM TEXTILES: CARE Assigns 'B' Rating to INR8.40cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shivohum Textiles (ST), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.40 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Shivohum Textiles
(ST) factors in the project execution and stabilization risk,
susceptibility of margins to fluctuation in raw material prices
and change in government policies and presence of firm in
competitive and fragmented textile industry.
The above weaknesses derive strength from the satisfactory
experience of the promoters in textile business and favorable
location of manufacturing facility.
The ability of the firm to execute the project in a timely manner
and stabilize its operations and achieve envisaged sales and
profitability is a key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Project execution and stabilization risk: ST proposes to set up
a terry towel manufacturing plant with a total cost of INR7.24
crore, which is proposed to be funded at a debt to equity ratio of
2.93x. The entity faces risk of timely completion of the project
within envisaged cost in light of fluctuation in input prices.
Furthermore, achieving envisaged sales and profitability would be
crucial.
* Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the entity is cotton and
cotton yarn which will be procured from spinning mills based in
Solapur. The prices of cotton are influenced by government
policies and are subjected to its seasonal availability (October-
February) thus exposing the firm to price volatility risk.
* Presence of company in fragmented industry: ST operates in a
highly fragmented and competitive industry wherein there is
presence of large number of players in the unorganized segment
owing to low entry barriers. The players in the industry do not
have bargaining power and are exposed to competition resulting in
pressures on profitability.
Key Rating Strengths
* Experienced partners and receipt of all approvals: The promoters
and managing partners, viz. Mrs. Sunayana Samandariya and Mr.
Shreyas Marda have an average experience of around a decade in the
textile segment through other associate companies, engaged in
similar line of business. Reasonable experience of the promoters
will support the business risk profile of the entity to an extent.
ST has gained all the requisite approvals, which are required for
set up of textile mill.
* Location advantage and eligibility for government subsidy: ST
favorably benefits from its plant being located at MIDC, Solapur,
which has many spinning mills in the vicinity, owing to its
location in major textile belt of Maharashtra, the entity is
likely to be benefited from lower logistics expenditure (both on
transportation and storage), easy availability of raw materials
and labour at effective price and consistent demand for finished
goods resulting in sustainable revenue visibility. Furthermore,
project is eligible for capital subsidy of 10% and 5% interest
subsidy under RR TUF (Technology Up-gradation Fund) Scheme.
Shivohum Textiles (ST), based out of Solapur, Maharashtra, is a
partnership concern, promoted by Mrs. Sunayana Samandariya and Mr.
Shreyas Gokul Marda, established in the year 2015. ST proposes to
set up a terry towel manufacturing plant with a total cost of
INR7.24 crore, which is proposed to be funded at a debt to equity
ratio of 2.93x.
The plant is expected to commence its operations by March 2018.
The entity will procure the raw material i.e. cotton yarn, from
local and domestic suppliers based in Solapur, Karnataka, Tamil
Nadu and will further sell its final product to wholesale dealers,
merchant exporters, hotel chains, etc. based out of Maharashtra,
Karnataka, Madhya Pradesh etc.
SHREE JEE: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank loan facility of Shree Jee Trading Company (SJTC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable (Reaffirmed)
The rating reflects a weak financial risk profile because of
subdued debt protection metrics and high total outside liabilities
to tangible networth (TOLTNW) ratio, and intense competition in
the agriculture trading industry. These weaknesses are partially
offset by proprietor's extensive experience and efficient working
capital management.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: High debt levels and low operating
margin led to weak debt protection metrics, with interest coverage
and net cash accrual to total debt ratios of 1.15 times and 0.03
time, respectively, in fiscal 2017. Small networth and high TOLTNW
ratio of INR2.4 crore and 5.1 times, respectively, as on March 31,
2017, restrict financial flexibility.
* Exposure to intense industry competition: Despite longstanding
association with customers, intense competition in the agriculture
commodities trading business and limited value addition lower the
pricing power and constrain profitability.
Strengths
* Proprietor's extensive experience: Having spent over 16 years in
the agro commodity trading business, the proprietor's established
customer and supplier relationships have led to operating income
of INR205.9 crore in fiscal 2017, and will continue to support the
business risk profile.
* Efficient working capital management: Working capital has been
efficiently managed, with low gross current assets (GCA) of 26
days because of low inventory storage of 7 days and average
debtors of 18 days. GCAs has remained low at 10-30 days over the
last four years.
Outlook: Stable
CRISIL believes SJTC will continue to benefit from the
proprietor's extensive experience. The outlook may be revised to
'Positive' if higher than expected net cash accruals or any equity
infusion improves the financial risk profile of the company. The
outlook may be revised to 'Negative' if lower than expected net
cash accruals or a stretched working capital cycle weakens the
financial risk profile.
SJTC was established as a proprietorship firm in 2001. It trades
in pulses such as moong, masoor, channa, and urad, and is managed
by Mr. Sanjay Bansal. Moong comprises over 70% of traded volume.
SHRI RAM: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
CARE has been seeking information from Shri Ram Industries (SRI)
to monitor the rating(s) vide e-mail communications/letters dated
August 25, 2107, June 22, 2017, June 16, 2017 etc. and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. Further, Shri Ram Industries has not paid the surveillance
fees for the rating exercise as agreed to in its rating agreement.
In line with the extant SEBI guidelines CARE's rating on Shri Ram
Industries' bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING. Users of this rating (including investors,
lenders and the public at large) are hence requested to exercise
caution while using the above rating(s).
CARE gave these ratings:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15.00 CARE B+; Issuer Not Cooperating
Detailed description of the key rating drivers
At the time of last ratings in September 26, 2016, the following
were the rating strengths and weaknesses:
Key Rating Weaknesses
* Small scale of operations with low partners' capital: The scale
of operations of SRI has stood small marked by total operating
income (TOI) of INR58.37 crore in FY15 ( refers to the period
April 1 to March 31) with partners' capital of INR1.52 crore as on
March 31, 2015. The TOI has declined to INR42.19 crore in FY16
(unaudited). The small scale limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
Furthermore, in FY17, the firm has achieved total sales of INR4.27
crore till June 30, 2016.
* Low profitability margins: The profitability margin of the firm
had remained low for the past 3 financial years (FY13- FY15) due
to low value addition and highly fragmented nature of industry
characterized by intense competition. The PBILDT margin of the
firm stood at around 3% for the past three financial years.
Interest and depreciation cost has further weakened the PAT
margin. The same stood at around 0.20% for the past three
financial years (FY13-FY15).
* Leveraged capital structure and weak coverage indicators: SRI
has leveraged capital structure for the past three years i.e.
FY13- FY15 owing to high working capital bank borrowings coupled
with low net worth base. The debt equity and overall gearing stood
at 3.63x and 7.20x as on March 31, 2015 as against 2.76x and 6.74x
as on March 21, 2014. The same has deteriorated on account of
increase in debt owing to infusion of funds by the partners and
relatives in form of unsecured loans. The average utilization of
the working capital bank limits of the firm remained around 75%
(with around 95% utilized during the peak season) during the past
12 months ended June 2016. Interest coverage and total debt to GCA
stood weak at 1.42x and 21.74x for FY15 as against 1.54x and
19.58x for FY14.
* Highly fragmented industry leading to intense competition:
Trading and processing of agro- products is an industry which is
highly fragmented and competitive in nature with a large number of
small and medium sized players having established brands and
marketing set ups. Presence of large number of entities in both
organised and unorganised sector with low entry barriers results
in intense competition in trading & processing of these products.
The same in turn limits the pricing flexibility.
Key rating strengths
* Experienced promoters in trading and processing of rice: Mr.
Suresh Chand Singhal and Mr. Amit Singhal are the partners SRI.
Both the partners are graduates by qualification. The partners of
the firm have an experience varying up to three decades in
processing and trading of agro products through their association
with this entity. They collectively look after the overall
operations of the firm.
* Moderate operating cycle: The operating cycle of the firm stood
moderate marked by an average operating cycle of 22 days for FY15.
The firm allows an average credit period of 5-10 days to its
customers, resulting into an average collection period of 7 days
for FY15, whereas the firm purchases traded goods and raw material
mainly on cash or advance basis with maximum credit period
received of 10 days for FY15. The firm is required to maintain
adequate inventory in the form of finished goods to meet the
immediate demand of its customers, resulting into an average
inventory of 24 days for FY15.
Shri Ram Industries (SRI) was established as a partnership firm in
1983. The firm is currently being managed by the partners; Mr.
Suresh Chand Singhal and Mr. Amit Singhal sharing profit and loss
equally. SRI is engaged in trading and processing (milling) of
agriculture products such as paddy (rice), wheat, rice bran etc.
The manufacturing unit is located at Shahjahanpur, Uttar Pradesh
with a total installed capacity of 3 lakh quintals as on
March 31, 2016. SRI procures raw material and traded goods such as
wheat, rice, paddy etc. from local farmers and registered dealers
located in U.P. and near regions. SRI sells its products in the
states of Punjab and Haryana through a network of commission
agents and brokers. The firm also exports to Middle East countries
through export brokers. M.C. Roller Flour Mills Private Limited is
an associate concern of SRI engaged in processing and trading of
agro products.
SRI VENKATESWARA: CRISIL Raises Rating on INR25.66MM Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Sri Venkateswara Vidya Peeth (SVV) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 25.66 CRISIL B+/Stable (Upgraded
from 'CRISIL B-/Stable')
Secured Overdraft
Facility 2.50 CRISIL B+/Stable (Upgraded
from 'CRISIL B-/Stable')
The rating upgrade reflects the improvement in financial risk
profile with the deferment of debt funded capex to the tune of
INR36 crores. SVV has been following a conservative financial
policy, with gearing of 0 times as on March 31, 2017. The gearing
is expected to remain comfortable at less than 0.5 times over the
medium term despite contraction of term loan for it capital
expenditure. The financial risk profile is supported by a moderate
DSCR which is expected to be over 2 times over the medium term.
The rating reflects exposure to regulatory changes and to intense
competition in the education sector and geographic concentration
in revenue profile. These rating strengths are partially offset by
its established regional presence in education sector and
trustee's extensive experience and moderate financial risk profile
marked by comfortable gearing and moderate return on capital
employed.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to regulatory changes and to intense competition in the
education sector: The education sector in India is regulated by
various governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), All-India Council for
Technical Education (AICTE), Department of State Education, and
the Human Resource Departments of the central and state
governments.
* Geographic concentration in revenue profile: SVV derives its
revenues from its campuses in Vishakhapatnam, and the students
belong mainly to this region. This leads to a geographic
concentration in its revenue profile. Besides, SVV, like other
colleges in the area, faces competition from many reputed
universities and colleges in and around Vizag and in other parts
of AP.
Strengths
* Trustee's extensive experience: Sri K.Phanibhushana Rao is the
current Chairman of the Trust. The Trust has an able management
team which manages various functions, and a strong faculty team to
impart quality education. The Trust's Secretary Dr. S. V. H.
Rajendra takes care of the day to day operations of the
institutions. Sri.K.Phanibushan Rao has more than 30 years of
experience in the education industry and has handled senior
positions in renowned institutions in the past.
* Moderate financial risk profile: SVV has a modest net worth on
account of small scale of operations. Gearing is currently healthy
at almost 0 time owing to absence of significant bank debt. The
financial risk profile is supported by a moderate DSCR which is
expected to be over 2 times over the medium term and a moderate
RoCE of 16 times in 2016-17 which is expected to weaken over the
medium term owing to low cash flows against accretions.
Outlook: Stable
CRISIL believes that SVV will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if the Trust reports significant growth in
revenue and profitability primarily through timely completion and
ramp up of operations at its polytechnic college. Conversely, the
outlook may be revised to 'Negative' if SVV undertakes any large
debt funded capital expenditure or reports a steep decline in
revenue and surplus or in case of adverse impact on the trust's
financial risk profile because of regulatory or legal policies
related to educational institutions.
SVV was founded in 1979 by the late Sri.S.Alwar Das (former
Education Minister, Govt. of Andhra Pradesh). The Trust currently
runs an English medium school, 2 management schools, 3 Junior
colleges and 3 colleges in Vishakhapatnam, AP. The Trust belongs
to the Alwar Das Group of Institutions based in Vishakhapatnam
which runs around 26 educational institutions. The Chairman of the
Trust is Sri. K. Phanibhushana Rao. The day to day operations are
managed by Dr.Rajendra SVH (Secretary).
UMACHI FOODS: CARE Assigns B Rating to INR9.0cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Umachi
Foods & Commodities Private Limited (UFC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.00 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Umachi Foods &
Commodities Private Limited (UFC) is constrained by its short
track record of operations, fluctuating scale of operations, low
and fluctuating profitability margins, weak debt coverage
indicators and high reliance on the working capital borrowings.
The rating is further constrained by the inherent commodity price
risk along with susceptibility of margins to foreign currency
fluctuations in a competitive market environment. The rating,
however, derives strength from the resourceful promoters,
satisfactory capital structure along with close proximity to the
producers.
Going forward, the ability of the company to profitably scale-up
its operations, manage the working capital requirements
efficiently and improve its overall solvency position will remain
the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Working Capital intensive nature of operations: The operations
of the company are working capital intensive in nature with
average utilization of the working capital limits have remained in
the range of 95-100% for the last 9 months period, ended August-
2017. There had also been instances of cash credit limit over
utilization in the past, which were settled within 15 days. The
operating cycle of the company also remained elongated at ~70
days, as on March 31, 2016.
* Weak financial risk profile: The operating income of the company
has remained fluctuating in the past with total operating income
of INR277.52 cr. in FY16 (PY: 69.52 cr.) which declined by a
significant ~55% in FY17 (Prov.). The profitability margins of the
company remained at low level with PBILDT and PAT margins of 1.32%
and 0.14%, respectively in FY16 (PY: 3.89% and 1.32%,
respectively).
The capital structure of the company has remained satisfactory
with long term debt to equity ratio and overall gearing ratio
stood at 0.05x and 1.77x, respectively as on March 31, 2016 (PY:
0.48x and 1.50x, respectively). The debt coverage indicators
remained weak with total debt to GCA ratios of 48.79x, as on March
31, 2016 (PY: 37.86) and interest coverage ratio of 1.26x in FY16
(PY: 1.34).
* Competitive nature of industry and susceptibility of
profitability margins to foreign exchange rates movements: Due to
low entry barriers to the trade, UFC's business risk profile is
constrained by competition from both organized and unorganized
players who offer similar products in the overseas market.
Further, the company is also exposed to international regulatory
policies in regard to trading of products. Any adverse change in
target nation policy will have a direct impact of UFC's business
risk profile. Additionally, the margins of the company remain
vulnerable to the fluctuation in the foreign exchange rates.
* Inherent commodity price risk: The company is primarily an
exporter of basmati rice, prices of which are linked to the
demand supply scenario in the domestic and international market.
Moreover, with the production of the rice dependent on rainfall,
the company is exposed to the vagaries of nature. The company's
sales are largely order backed. Hence, the risk of carrying
commodity (rice) at a price is mitigated to an extent.
Key Rating Strengths
* Resourceful promoters: The company is promoted by Mr. Jawahar
Lal and Mrs. Rachana Luthra (wife of Mr. Jawahar Lal) who have
been associated with the company since its inception. The
directors are further assisted by a team of professionals who are
highly experienced in their respective domains. To fund various
business requirement of the company in the past, regular funds
have been infused by the promoters and related parties in the
past.
* Close proximity to producers: UFC operates its business from
Khampur, New Delhi and Kaithal, Haryana which are in close
proximity to major hubs for paddy/rice, leading to its easy
availability. The presence of UFC in vicinity to the rice
processing units gives it an advantage over competitors in terms
of easy availability of the rice as-well-as favorable pricing
terms. The favorable location also puts the company in a position
to cut on the freight cost.
Umachi Foods & Commodities Private Limited (UFC) was incorporated
in March-2014 by Mr. Jawahar Lal and Mrs. Rachana Luthra, while
the operations of the company started in September 2014. FY16
being the first full year of operations of the company. The
company is engaged in the bulk trading of packaged basmati rice
since the commencement of its operations. The company is primarily
engaged in exports to the Middle-East, Australia, South East Asia,
etc. with income from export sales constituted ~64% of the total
operating income in FY17 (~91% in FY16). The basmati rice is
procured from rice mills directly as well as through dealers and
agents based in Delhi, Haryana, Punjab and Uttar Pradesh.
UMMED EDUCATIONAL: Ind-Ra Assigns B Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Ummed Educational Foundation's (UEF) bank
facility:
-- INR96 mil. Term loan due on March 2025 assigned with IND
B/Stable rating;
KEY RATING DRIVERS
The rating is constrained by UEF's lack of operational track
record and tight liquidity profile, along with a heavy debt
burden. Its school is being constructed in Jodhpur, with the first
batch scheduled to start in academic year 2018-19.
The total cost of the set-up is pegged at INR135 million, funded
by an INR39 million equity and an INR96 million term loan. The
management does not have any major capex plans in the medium term
once the school is established.
Ind-Ra expects UEF's debt/current balance before interest and
depreciation (CBBID), debt service coverage ratio and interest
service coverage ratio to strengthen in the medium term on the
commencement of operations.
RATING SENSITIVITIES
Negative: A delay in the commencement of school operations, a
lower-than-expected headcount or an increase in leverage leading
to a strained liquidity position could lead to a downgrade.
Positive: A rise in student demand leading to an increase in
income and an improvement in liquidity, both on a sustained basis,
could trigger an upgrade.
COMPANY PROFILE
UEF was incorporated under Section 25 of the Companies Act, 2013,
in February 2014. Its school will provide education from the pre-
primary level to the senior secondary level.
VIRUPA RENEWABLE: CRISIL Assigns B+ Rating to INR9.75MM Term Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Virupa Renewable Energy Private Limited
(VREPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility .25 CRISIL B+/Stable (Assigned)
Term Loan 9.75 CRISIL B+/Stable (Assigned)
The rating reflects VREPL's limited track record of operations,
and exposure to counterparty risk, and risk of unfavourable
regulations and climate conditions. These weaknesses are partially
offset by the long-term power purchase agreement (PPA) with
Telangana State Southern Power Distribution Company Ltd (TSSPDCL),
which mitigates demand and offtake risk.
Key Rating Drivers & Detailed Description
Strengths
Weaknesses
* Limited track record of operations, with exposure to
counterparty risk: VREPL started operations in April 2017, and is
still in the stabilisation phase. Moreover, payments from
counterparty, TSSPDCL, are yet to come in, even for power
generated since May 2017.
* Risks relating to unfavourable regulations and climate
conditions: Any change in tariff rates by the regulators will
weaken VREPL's credit risk profile. Also, efficiency of solar
panels depends on exogenous factors such as climate conditions.
Plant load factor (PLF) maintained will, therefore, remain a
critical rating sensitivity factor.
Strengths
* Long-term PPA mitigating demand risk: The 20-year PPA with
TSSPDCL at a tariff of INR6.45 per unit, mitigates demand and
offtake risk, and supports the project's viability.
Outlook: Stable
CRISIL believes VREPL will benefit from its long-tenure PPA with
TSSPDCL. The outlook may be revised to 'Positive' if adequate
power generation, backed by moderate and stable PLF, and on-time
payments from counterparty strengthen VREPL's credit metrics.
Conversely, the outlook may be revised to 'Negative' if low PLF,
or delays in receipt of bills lead to stretched liquidity.
VREPL, incorporated in 2016 by Mr. Sai Abhishek Cheeti, operates a
2 MW solar power plant located at Zaheerabad, Telangana which
commenced from April 2017 and has a power purchase agreement (PPA)
with TSSPDCL for 20 years.
VYANKTESH CORRUGATORS: CRISIL Reaffirms B+ Rating on INR8MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vyanktesh
Corrugators Private Limited (VCPL) for obtaining information
through letters and emails dated June 29, 2017, and September 8,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 3.25 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vyanktesh Corrugators Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Vyanktesh Corrugators Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.
Incorporated in 1996 as a part of the Packing People group, VCPL
manufactures corrugated boxes using kraft paper; it is based in
Ujjain (Madhya Pradesh). The company is promoted by Bangur family.
=================
I N D O N E S I A
=================
BERJAYA MEDIA: Eyes Diversification Into New Businesses
-------------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that Berjaya Media Bhd
(BMedia), which saw its first-quarter net loss narrow by 29.8%
year-on-year, has been exploring options including diversifying
into new businesses outside the media sector to strengthen the
financial position of the group, with the key objective to
regularise its Practice Note 17 (PN17) condition.
"At this juncture, no suitable or viable proposal has been
shortlisted for consideration," it said in a filing with Bursa
Malaysia on Sept. 28.
According to theedgemarkets.com, BMedia announced that it posted a
net loss of MYR1.49 million in the first financial quarter ended
July 31, 2017 (1QFY18) from MYR2.12 million a year ago, on lower
impairment losses on investments. Loss per share was at 0.63 sen
in 1QFY18 compared with 0.9 sen in 1QFY17.
Quarterly revenue, however, fell 6.8% to RM10.12 million from
MYR10.86 million in 1QFY17.
theedgemarkets.com relates that BMedia attributed the drop in
revenue for the quarter under review to lower advertising income
reported by its principal operating subsidiary, Sun Media Corp Sdn
Bhd.
On prospects, BMedia warned that the group's business for the
remaining period of the financial year ending April 30, 2018 will
be more challenging due to the prevailing economic conditions that
will certainly impact the advertising and promotion budgets of
most corporate clients and advertisers, theedgemarkets.com says.
It said it is operating in a difficult business environment and
will continue to focus on improving its advertising revenue, the
report states.
"In view of the group's current financial condition, more
marketing efforts are being initiated to improve the group's
financial position and to preserve the shareholders' equity
funds," it added.
Berjaya Media Bhd
Berjaya Media Berhad is an investment holding company. The
Company, through its subsidiaries, is engaged in publication,
printing and distribution of daily newspaper. The Company's
segments include investment holding, publishing and others. The
Company's publication, theSun, is read in the market centers of
the Klang Valley, Penang and Johor Bharu, as well as in cities
and towns of Peninsular Malaysia. The Company's publication
publishes news on politics and business, human interest and
governance, entertainment and lifestyle, and sports. theSun also
has an online presence at www.thesundaily.my, where top news of
the day is updated and presented to its readers. The Company
offers theSun through approximately 3,200 sunspots or pick-up
points along morning routes to the workplace, gym, college or
breakfast. The Company's subsidiaries include Sun Media
Corporation Sdn. Bhd. and Gemtech (M) Sdn. Bhd.
Berjaya Media slipped into PN17 (Practice Note 17) status in
June 2017 as its shareholders' equity fell short of listing
requirements.
YFG BHD: Court Extends Restraining Order to March 18 Next Year
--------------------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that YFG Bhd has
secured an extension until March 18 next year from the court for
the restraining order it obtained against its creditors last year
to facilitate the regularisation of its financial condition.
The restraining order, obtained in January last year, was
originally scheduled to expire on Sept. 20, the report states.
theedgemarkets.com relates that in a filing with the stock
exchange on Sept. 20, YFG said the High Court had granted the
extension for the firm to restrain any and all legal proceedings
or actions taken against it or in respect of the company.
This includes YFG and two of its subsidiaries, namely YFG
Engineering Sdn Bhd and YFG Trolka Sdn Bhd.
"The extended restraining order is to facilitate the group's
submission to Bursa Malaysia Securities Bhd, for its approval for
the implementation of the proposed regularisation plan to
regularise the group's financial condition," YFG, as cited by
theedgemarkets.com, said.
According to the report, the company is set to submit a proposed
regularisation plan by end-October this year after Bursa
Securities granted it more time to do so, failing which it may be
de-listed.
theedgemarkets.com notes that the company has been in the red for
four consecutive quarters. In its latest third quarter ended June
30, 2017 (3QFY17), YFG registered a net loss of RM7.05 million,
against a net profit of RM1 million a year ago, due to cost
overrun from ongoing projects.
Meanwhile, quarterly revenue fell 31% year-on-year to RM13.90
million from RM20.18 million, as ongoing projects are progressing
towards the scheduled end of contract, the report discloses.
YFG Berhad is engaged in construction of buildings, provision of
electrical and mechanical engineering services and maintenance
works.
YFG entered into the PN17 classification on September 22, 2016.
The company posted a net loss of MYR46.1 million for the year
ended Sept. 30 2016.
=====================
P H I L I P P I N E S
=====================
CABANATUAN CITY RURAL: BSP Shuts Bank Due to Insolvency
-------------------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that
Bangko Sentral ng Pilipinas has shuttered Cabanatuan City Rural
Bank Inc. for insolvency, the seventh lender shut down so far this
year.
The state-run Philippine Deposit Insurance Corp. (PDIC) said the
Monetary Board, the BSP's policymaking body, on Sept. 28 stopped
Cabanatuan City Rural Bank from doing business, the Inquirer
relates.
According to the Inquirer, the PDIC was designated as receiver to
take over and liquidate the rural bank based in Barangay Padre
Burgos (Poblacion), Cabanatuan City.
The bank has six branches, which are located in San Jose City and
in the municipalities of Bongabon, Rizal, San Antonio, Talavera
and Zaragoza in Nueva Ecija province.
"The PDIC took over the bank and all its branches, assets, records
and affairs on Sept. 29," the report quotes PDIC as saying.
"Under Section 13 of Republic Act (RA) No. 3591 (PDIC Charter), as
amended by RA 10846, a bank that has been placed under liquidation
shall in no case be reopened and permitted to resume banking
business. Furthermore, Section 12 thereof expressly provides that
banks closed by the Monetary Board shall no longer be
rehabilitated," it added.
"Moreover, all assets of the bank are deemed to be in custodia
legis in the hands of the receiver and may not be subject to
attachment, garnishment, execution, levy or any other court
processes," the PDIC said.
Cabanatuan City Rural Bank was the sixth rural lender closed this
year, after Rural Bank of Iligan City Inc., Rural Bank of Ragay
(Camarines Sur) Inc., Rural Bank of Goa (Camarines Sur) Inc.,
Rural Bank of Barotac Viejo (Iloilo) Inc. and Cooperative Rural
Bank of Batangas, the report notes.
The BSP also shuttered San Pedro, Laguna-based thrift lender World
Partners Bank (A Thrift Bank) Inc. in August, the Inquirer adds.
=================
S I N G A P O R E
=================
GEO ENERGY: Notes Upsize No Impact on B2 CFR, Moody's Says
----------------------------------------------------------
Moody's Investors Service said that Geo Energy Resources Limited's
decision to upsize its 8.0% senior notes issue to US$300 million
has no impact on its B2 corporate family rating and the B2 senior
unsecured rating assigned to the notes issued by its wholly owned
subsidiary, Geo Coal International Pte. Ltd.
The outlook on the ratings is stable.
The notes are unconditionally and irrevocably guaranteed by Geo
Energy and substantially all its subsidiaries. The bond proceeds
will be primarily used for refinancing existing debt --
specifically the outstanding notes of S$100 million (US$73.7)
million due under Geo Energy's US$300 million Medium Term Notes
programme -- repaying advances received under the company's
offtake agreement, potential acquisition of new mines for business
growth and general corporate purposes.
"Successful completion of the notes issue alleviates refinancing
pressure with regard to Geo Energy's upcoming maturity of S$100
million in January 2018. The company will now pre-pay this amount
in October 2017," says Nidhi Dhruv, Moody's Vice President --
Senior Analyst.
Geo Energy's original plan was to raise US$250 million, and the
company upsized the transaction amount to US$300 million based on
investor interest. Such additional debt can be accommodated within
the company's financial metrics and will contribute to improving
its liquidity and financial flexibility. The funds will remain
invested in short-term fixed income instruments pending deployment
into acquisition opportunities.
"Management has confirmed that the additional funds will be
maintained on balance sheet for future acquisitions and working
capital purposes. The bond indenture restricts payments to
shareholders and the company management remains committed to the
prudent and judicious use of its balance sheet liquidity," adds
Dhruv, also Moody's Lead Analyst for Geo Energy.
With total proved and probable reserves of 90 million MT, Geo
Energy has a relatively short reserve life of about 6 years at
production levels of 15 million MT per annum. As such, the company
will need to keep reinvesting in the business and make
acquisitions in order to grow and replenish its mining reserves.
"Geo Energy's improving financial and cash flow metrics should
allow the company flexibility to make acquisitions as well as
reasonable shareholder payments. The company's adjusted
debt/EBITDA is expected to be about 3.0-3.5x over the next 1-2
years, and (RCF-Dividends)/Debt is expected to remain in the range
of 10-20%," adds Dhruv.
Moody's draws comfort from Geo Energy's stated acquisition
strategy of acquiring only brownfield or producing coal assets,
which have potential synergies with existing assets.
The B2 rating remains supported by Geo Energy's moderate financial
profile, position as a low cost coal producer in Indonesia, and
its ongoing partnerships with significant operators within the
Indonesian coal sector.
Geo Energy's B2 rating also reflects the company's relatively
short track-record of operating as a pure-play coal producer, the
small scale of its business, a high degree of operational
concentration and the need to continue making acquisitions in
order to grow the business.
Following the bond issue, Geo Energy has a strong liquidity
position with cash holdings of over US$100 million on an ongoing
basis.
The stable outlook reflects Moody's expectations that Geo Energy
will execute its business growth strategy as planned, while
maintaining its cost competitiveness and strong financial profile.
What Could Change the Rating -- Up
Upward pressure on the ratings could emerge if Geo Energy expands
its production capacity as planned while improving its financial
profile. Moody's would also like to see a track record of the
company's ability to acquire new mines and ramp up production,
while improving its mine reserve life. Some indicators that
Moody's would consider are adjusted consolidated debt/EBITDA below
3.0x and (CFO-Dividends)/Debt of above 20% on a sustainable basis.
What Could Change the Rating -- Down
Downward pressure on the rating could emerge if industry
fundamentals deteriorate, leading to a decline in free cash flow
that would constrain Geo Energy's ability to grow its business.
Some of the indicators Moody's would consider are adjusted
consolidated debt/EBITDA rising above 4.0x or adjusted
consolidated (CFO-Dividends)/Debt below 10% on a sustainable
basis.
Any change in laws and regulations, particularly with regard to
the mining concessions, which would adversely affect the business
could also pressure the rating.
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Geo Energy Resources Limited is a coal mining group, established
since 2008, with offices in Singapore and Indonesia. The company
owns mining concessions in South and East Kalimantan. Geo Energy
has been listed on Singapore Stock Exchange's main board since
2012. As of June 30, 2017, its promoter shareholders, including
Charles Antonny Melati and Dhamma Surya own 47.9% of the company,
while the public owns 37.6%.
====================
S O U T H K O R E A
====================
KUMHO TIRE: South Korea Keeps Tiremaker Alive with Restructuring
----------------------------------------------------------------
The Financial Times reports that a consortium of creditors led by
state-owned Korea Development Bank agreed on Sept. 29 to keep
debt-laden Kumho Tire afloat after a KRW955 billion (US$835
million) sale to China's Doublestar fell through this month.
The deal shows the extent to which the government will bow to
political pressure to keep insolvent groups running, and South
Korean resistance to the sale of domestic groups to the Chinese,
the report states.
According to the FT, this is the first case of major corporate
restructuring under South Korea's new president Moon Jae-in, who
has made reinvigorating the slow economy his top priority.
"Corporate restructuring is basically against the government's
policy of job protection or creation. So it is hard to expect KDB
to pursue tough measures to raise Kumho's efficiency like domestic
asset sales that could involve potential job cuts," the FT quotes
Park Ju-geun, who runs research group CEO Score, as saying.
Lee Dong-gull, the new chairman of main creditor KDB -- to which
Kumho owes KRW1.2 trillion -- on Sept. 29 pledged to restructure
Kumho in a way that protected jobs, the FT relates.
Earlier on Sept. 29, KDB and other creditors rolled over KRWn1.3
trillion of Kumho bonds maturing later this month, pushing the
maturity date to the end of the year. Mr. Lee told a press
conference that the state bank would inject capital in to Kumho if
needed, the FT says.
Creditors have lent Kumho KRW3.9 trillion since it entered
restructuring, in 2010, the report notes.
According to the report, Kumho Asiana Group lost its controlling
stake in Kumho Tire in 2009 during the global financial crisis,
but its chairman Park Sam-koo was allowed to keep overseeing the
company and was given a priority right to buy it back. Mr. Park
resigned from his post at Kumho Tire this week and gave up that
right, signalling the group was getting new management.
The FT says creditors had tried to sell a 42% stake in Kumho Tire
to a Chinese rival, Qingdao Doublestar, amid snowballing losses at
the company, but the controversial deal broke down earlier this
month. The company's unions and politicians did not want the group
to fall into foreign hands, fearing job losses.
Kumho's net loss widened to KRW108 billion in the first six months
of this year from KRW22.9 billion a year earlier. It had about
KRW2.4 trillion in debt as of end-June, the FT discloses.
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.
SK HYNIX: Planned Toshiba Investment No Impact on Moody's Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s plan to invest
KRW4 trillion as part of a consortium led by Bain Capital to
acquire a stake in Toshiba Corporation's (Caa1 negative)
semiconductor business will not affect the company's Ba1 corporate
family rating or the positive outlook.
"Given the favorable industry conditions in the global memory chip
industry, Moody's expects SK Hynix will generate over KRW15
trillion in operating cash flow this year, which will be enough to
fund capex of around KRW10 trillion and the planned investment in
Toshiba's semiconductor business," says Gloria Tsuen, a Moody's
Vice President and Senior Analyst.
Despite its sizeable capital spending and investments, Moody's
expects SK Hynix's adjusted debt/EBITDA to remain low at below
0.5x over the next 12-18 months, underpinned by robust earnings
and operating cash flow.
SK Hynix announced on 27 September that its board had approved the
plan to invest KRW2.7 trillion, as a limited partner, into a
newly-established special purpose company, BCPE Pangea
Intermediate Holdings Cayman, LP, for the acquisition of Toshiba's
semiconductor business.
In addition, SK Hynix will invest KRW1.3 trillion to acquire
convertible bonds to be issued by another special purpose company,
BCPE Pangea Cayman2 Limited. If converted, the bonds will allow SK
Hynix to secure 15% of Toshiba's semiconductor business.
"SK Hynix will likely have only limited -- if any -- access to
Toshiba semiconductor's technology and cash flows. However, the
acquisition represents a step towards consolidation of the NAND
flash memory market, which is a long-term positive," adds Tsuen.
The consortium expects to complete the acquisition by March 2018.
However, several hurdles exist, including competition law
approvals in key jurisdictions, as well as legal disputes between
Toshiba and Western Digital Corporation (Ba1 stable) which share a
NAND joint venture.
The positive outlook on SK Hynix's ratings continues to reflect
the increasing resilience of the company's credit profile through
the industry cycles, underpinned by its solid market position in
DRAM, very low leverage, and strong liquidity.
The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.
SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co., Ltd. (A3 stable).
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Sept. 25 to Sept. 29, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 2.65
ARTSONIG PTY LTD 11.50 04/01/19 USD 2.65
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 20.38
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 20.38
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.65
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.74
LAKES OIL NL 10.00 05/31/18 AUD 4.01
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.11
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.11
PALADIN ENERGY LTD 7.00 03/31/20 USD 55.38
PALADIN ENERGY LTD 6.00 09/30/17 USD 56.25
QUINTIS LTD 8.75 08/01/23 USD 75.00
QUINTIS LTD 8.75 08/01/23 USD 75.00
QUINTIS LTD 8.75 08/01/23 USD 75.00
RELIANCE RAIL FINANCE PT 2.06 09/26/23 AUD 59.54
TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 70.64
CHINA
-----
AKESU XINCHENG ASSET INV 7.50 10/10/18 CNY 50.52
ALXA LEAGUE INFRASTRUCTU 6.40 03/14/20 CNY 60.83
ANKANG DEVELOPMENT & INV 6.35 03/06/20 CNY 60.55
ANQING ECONOMIC&TECHNOLO 6.00 06/18/20 CNY 60.56
ANQING ECONOMIC&TECHNOLO 6.00 06/18/20 CNY 60.58
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 61.11
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 61.60
ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 41.17
ANSHAN CITY CONSTRUCTION 6.39 04/25/20 CNY 60.77
ANSHAN CITY CONSTRUCTION 6.39 04/25/20 CNY 60.83
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.09
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 41.18
BAICHENG ZHONGXING URBAN 7.00 12/18/19 CNY 60.48
BAISHAN URBAN CONSTRUCTI 7.00 07/31/19 CNY 40.25
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.80
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 61.17
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 50.57
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 50.69
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 60.66
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 61.14
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 61.15
BAYANNUR URBAN DEVELOPME 6.40 03/15/20 CNY 60.97
BAYINGUOLENG INNER MONGO 7.48 09/10/18 CNY 25.47
BEIJING BIOMEDICINE INDU 6.35 07/23/20 CNY 60.30
BEIJING BIOMEDICINE INDU 6.35 07/23/20 CNY 61.26
BEIJING CAPITAL DEVELOPM 5.95 05/29/19 CNY 40.47
BEIJING CAPITAL DEVELOPM 7.19 01/15/21 CNY 74.42
BEIJING CHAOYANG STATE-O 5.25 03/27/20 CNY 60.12
BEIJING CHAOYANG STATE-O 5.25 03/27/20 CNY 60.62
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 40.53
BEIJING ECONOMIC TECHNOL 5.29 03/06/18 CNY 39.97
BEIJING GUCAI GROUP CO L 6.60 09/06/20 CNY 61.36
BEIJING GUCAI GROUP CO L 6.60 09/06/20 CNY 61.40
BEIJING GUCAI GROUP CO L 8.28 12/15/18 CNY 71.78
BEIJING HAIDIAN STATE-OW 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 60.68
BEIJING TIANLUTONG TECHN 8.50 10/23/17 CNY 100.37
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 40.50
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 40.74
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 61.34
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 41.03
BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 40.00
BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 40.52
BINZHOU URBAN CONSTRUCTI 6.15 07/12/20 CNY 61.02
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 61.82
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 62.09
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 60.73
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.25
CHANGDE CITY CONSTRUCTIO 6.50 02/25/20 CNY 61.48
CHANGDE CITY CONSTRUCTIO 6.50 02/25/20 CNY 61.61
CHANGDE ECONOMIC DEVELOP 7.19 09/12/19 CNY 61.11
CHANGDE ECONOMIC DEVELOP 7.19 09/12/19 CNY 61.21
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.45
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.50
CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 40.99
CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 41.13
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 41.37
CHANGSHA ECONOMIC & TECH 8.45 04/13/22 CNY 74.35
CHANGSHA PILOT INVESTMEN 6.70 12/10/19 CNY 61.20
CHANGSHA PILOT INVESTMEN 6.70 12/10/19 CNY 61.31
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.72
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.75
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.96
CHANGSHU DEVELOPMENT INV 5.80 04/19/20 CNY 60.71
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 60.77
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.08
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 72.26
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 72.50
CHANGZHI CITY CONSTRUCTI 6.46 02/26/20 CNY 60.84
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 60.68
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 62.00
CHANGZHOU JINTAN DISTRIC 8.30 03/14/19 CNY 41.23
CHANGZHOU JINTAN DISTRIC 6.38 04/26/20 CNY 60.75
CHANGZHOU JINTAN DISTRIC 6.38 04/26/20 CNY 60.84
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 25.18
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 25.19
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 61.05
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 61.05
CHAOYANG CONSTRUCTION IN 7.30 05/25/19 CNY 40.58
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.01
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 25.24
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 25.24
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 40.77
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 40.77
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 60.77
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 41.07
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 71.84
CHENGDU XINGCHENG INVEST 6.17 01/28/20 CNY 60.96
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 61.16
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 61.52
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.27
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.32
CHENZHOU XINTIAN INVESTM 6.30 07/17/20 CNY 60.82
CHENZHOU XINTIAN INVESTM 6.30 07/17/20 CNY 80.60
CHIFENG CITY HONGSHAN IN 7.20 07/25/19 CNY 40.74
CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 45.50
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.50
CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 69.60
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 70.69
CHINA SECURITY & FIRE CO 4.45 11/11/19 CNY 71.02
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.01
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.90
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 61.37
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 61.15
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 61.15
CHONGQING CITY CONSTRUCT 5.12 05/21/20 CNY 59.94
CHONGQING CITY CONSTRUCT 5.12 05/21/20 CNY 59.95
CHONGQING DASUN ASSET DE 6.98 09/10/20 CNY 61.27
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.65
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 61.12
CHONGQING FULING DISTRIC 8.40 03/23/19 CNY 72.15
CHONGQING FULING DISTRIC 8.40 03/23/19 CNY 72.16
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 60.62
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 61.57
CHONGQING HECHUAN INDUST 6.19 06/17/20 CNY 60.73
CHONGQING HECHUAN INDUST 6.19 06/17/20 CNY 60.82
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.34
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.17
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.18
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.27
CHONGQING HONGYE INDUSTR 6.30 06/03/20 CNY 60.90
CHONGQING HONGYE INDUSTR 6.30 06/03/20 CNY 61.00
CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 40.25
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 61.18
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 61.34
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 40.51
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 40.55
CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 41.01
CHONGQING LAND PROPERTIE 6.30 08/22/20 CNY 61.52
CHONGQING MAIRUI CITY IN 6.82 08/17/19 CNY 40.95
CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 40.00
CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 40.06
CHONGQING NAN'AN URBAN C 8.20 04/09/19 CNY 41.07
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 40.96
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 41.10
CHONGQING NANFA URBAN CO 6.43 04/27/20 CNY 60.27
CHONGQING NANFA URBAN CO 6.43 04/27/20 CNY 60.99
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 72.09
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 72.10
CHONGQING QIJIANG EAST N 6.75 01/29/20 CNY 60.37
CHONGQING SHUANGQIAO ECO 6.75 04/26/20 CNY 61.00
CHONGQING SHUANGQIAO ECO 6.75 04/26/20 CNY 61.18
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 49.80
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 50.33
CHONGQING WANSHENG ECO T 6.39 04/17/20 CNY 60.50
CHONGQING WANSHENG ECO T 6.39 04/17/20 CNY 60.78
CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 41.27
CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 41.35
CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 40.84
CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 40.47
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 61.00
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 61.24
CHONGQING YUFU HOLDING G 6.50 09/04/19 CNY 40.91
CHONGQING YULONG ASSET M 6.87 05/31/19 CNY 40.77
CHONGQING YUXING CONSTRU 7.29 12/08/17 CNY 40.20
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.35
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.36
CHUXIONG AUTONOMOUS DEVE 6.08 10/18/17 CNY 50.00
CHUXIONG AUTONOMOUS DEVE 6.60 03/29/20 CNY 59.71
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.24
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.29
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 61.21
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 60.87
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 61.05
DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 41.44
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.20
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.79
DALIAN DETA INVESTMENT C 6.50 11/15/19 CNY 60.86
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 40.00
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 40.60
DALIAN RONGQIANG INVESTM 8.60 03/30/19 CNY 71.13
DANDONG CITY DEVELOPMENT 6.63 12/21/18 CNY 70.20
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 41.09
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 61.03
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 60.75
DASHIQIAO URBAN CONSTRUC 6.58 02/21/20 CNY 60.65
DASHIQIAO URBAN CONSTRUC 6.58 02/21/20 CNY 60.80
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 60.91
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 60.91
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 61.07
DEYANG CITY CONSTRUCTION 6.99 12/26/19 CNY 61.15
DEYANG CITY CONSTRUCTION 6.99 12/26/19 CNY 61.19
DEZHOU DEDA URBAN CONSTR 7.14 10/18/19 CNY 61.58
DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 25.28
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 61.07
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 61.31
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 19.00
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 26.50
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 61.48
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 25.05
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.84
FEICHENG CITY ASSETS MAN 7.10 08/14/18 CNY 25.49
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.29
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.60
FORESEA LIFE INSURANCE C 6.25 09/30/25 CNY 68.93
FUJIAN JINJIANG URBAN CO 6.35 04/26/20 CNY 61.10
FUJIAN LONGYAN CITY CONS 7.45 08/14/19 CNY 41.06
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 60.95
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 60.98
FUJIAN NANPING HIGHWAY C 7.90 10/26/18 CNY 71.30
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 72.30
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.07
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 73.92
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 74.44
FUXIN INFRASTRUCTURE CON 7.55 10/10/19 CNY 61.08
FUXIN INFRASTRUCTURE CON 7.55 10/10/19 CNY 61.37
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 60.55
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 61.28
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.28
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 70.68
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 70.88
GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 25.25
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 50.58
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.33
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.66
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 60.76
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 60.93
GONGYI STATE OWNED ASSET 6.70 01/18/20 CNY 60.30
GONGYI STATE OWNED ASSET 6.70 01/18/20 CNY 60.58
GUANG ZHOU PANYU COMMUNI 6.30 04/12/19 CNY 49.85
GUANG ZHOU PANYU COMMUNI 6.30 04/12/19 CNY 50.47
GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 41.24
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 40.55
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 40.61
GUANGXI LAIBIN URBAN CON 8.36 03/14/19 CNY 72.07
GUANGYUAN INVESTMENT HOL 7.25 11/26/19 CNY 61.15
GUANGZHOU ECONOMIC & TEC 6.70 08/14/22 CNY 72.60
GUANGZHOU ECONOMIC & TEC 6.70 08/14/22 CNY 73.34
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 25.37
GUIYANG ECO&TECH DEVELOP 8.42 03/27/19 CNY 41.30
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 49.98
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 50.46
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 60.80
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 60.97
GUIYANG URBAN DEVELOPMEN 6.20 02/28/20 CNY 60.17
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 47.11
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 50.33
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 25.43
HAICHENG URBAN INVESTMEN 8.39 11/07/18 CNY 71.47
HAILAR URBAN INFRASTRUCT 6.20 05/14/20 CNY 60.00
HAILAR URBAN INFRASTRUCT 6.20 05/14/20 CNY 60.91
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 40.98
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.19
HAINING STATE-OWNED ASSE 6.08 03/06/20 CNY 61.50
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 71.09
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 71.10
HAIYAN COUNTY STATE-OWNE 7.00 09/04/20 CNY 62.66
HAIYAN COUNTY STATE-OWNE 7.00 09/04/20 CNY 82.42
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 61.46
HANGZHOU CANAL COMPREHEN 6.00 04/02/20 CNY 60.95
HANGZHOU CANAL COMPREHEN 6.00 04/02/20 CNY 61.00
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 60.68
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 60.98
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 25.07
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 25.23
HANGZHOU XIAOSHAN ECO&TE 6.70 12/26/18 CNY 50.30
HANGZHOU XIAOSHAN ECO&TE 6.70 12/26/18 CNY 50.69
HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 40.25
HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 40.90
HANGZHOU YUHANG INNOVATI 6.50 03/18/20 CNY 61.22
HANGZHOU YUHANG INNOVATI 6.50 03/18/20 CNY 61.45
HANZHONG CITY CONSTRUCTI 7.48 03/14/18 CNY 40.51
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 70.89
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 70.91
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.56
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.27
HEFEI BINHU NEW ZONE CON 6.35 06/13/19 CNY 70.97
HEFEI BINHU NEW ZONE CON 6.35 06/13/19 CNY 71.00
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 71.72
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 72.10
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 40.55
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 40.97
HEFEI INDUSTRIAL INVESTM 6.30 03/20/20 CNY 61.08
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 41.25
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 40.99
HEGANG KAIYUAN CITY INVE 6.50 07/19/19 CNY 40.41
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 72.08
HEILONGJIANG HECHENG CON 7.05 06/21/22 CNY 70.74
HENAN JIYUAN CITY CONSTR 7.50 09/25/19 CNY 61.25
HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 41.18
HENGYANG HONGXIANG STATE 6.20 06/19/20 CNY 60.76
HENGYANG HONGXIANG STATE 6.20 06/19/20 CNY 60.97
HEYUAN CITY URBAN DEVELO 6.55 03/19/20 CNY 60.67
HEYUAN CITY URBAN DEVELO 6.55 03/19/20 CNY 60.88
HONGHEZHOU ROAD DEVELOPM 6.27 05/06/20 CNY 60.77
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 61.31
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.21
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 41.04
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 41.44
HUAIAN QINGHE NEW AREA I 6.68 01/24/20 CNY 60.83
HUAIAN QINGHE NEW AREA I 6.68 01/24/20 CNY 60.97
HUAIBEI CITY CONSTRUCTIO 6.68 12/17/18 CNY 50.00
HUAIBEI CITY CONSTRUCTIO 6.68 12/17/18 CNY 50.45
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 25.32
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 61.10
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 61.23
HUANGSHI URBAN CONSTRUCT 6.96 10/25/19 CNY 61.03
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 61.00
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 61.16
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 50.58
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 50.61
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 50.62
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 50.70
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.51
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.70
HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 41.04
HUZHOU URBAN INVESTMENT 7.02 12/21/17 CNY 40.17
HUZHOU URBAN INVESTMENT 6.70 12/14/19 CNY 61.21
HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 40.40
INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 60.90
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.53
JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 40.85
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 40.21
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 41.12
JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 41.44
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.48
JIANGMEN CITY BINJIANG C 6.60 02/28/20 CNY 60.25
JIANGMEN CITY BINJIANG C 6.60 02/28/20 CNY 60.62
JIANGSU HANRUI INVESTMEN 8.16 03/01/19 CNY 40.69
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.01
JIANGSU HUAJING ASSETS M 6.00 05/16/20 CNY 60.64
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 49.88
JIANGSU JURONG FUDI BIO- 8.70 04/26/19 CNY 72.11
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 40.33
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 60.00
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 60.92
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 56.61
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 56.65
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 60.95
JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 41.08
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 71.47
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 71.51
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.07
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 71.00
JIANGSU ZHANGJIAGANG ECO 6.98 11/16/19 CNY 61.33
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 41.32
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 41.44
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 60.40
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 61.08
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 41.09
JIANGYIN GAOXIN DISTRICT 7.31 04/25/18 CNY 50.79
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 60.99
JIANHU URBAN CONSTRUCTIO 6.50 02/22/20 CNY 60.63
JIANHU URBAN CONSTRUCTIO 6.50 02/22/20 CNY 60.75
JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 41.17
JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 41.12
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 40.62
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 40.77
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.85
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.09
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 71.49
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 71.98
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.24
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 41.18
JINGDEZHEN STATE-OWNED A 7.48 03/23/18 CNY 50.55
JINGDEZHEN STATE-OWNED A 6.59 06/25/20 CNY 61.28
JINGDEZHEN STATE-OWNED A 6.59 06/25/20 CNY 61.81
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.38
JINGMEN CITY CONSTRUCTIO 6.85 07/09/22 CNY 72.56
JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 41.16
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 41.09
JINING CITY YANZHOU DIST 8.50 12/28/17 CNY 25.23
JINING CITY YANZHOU DIST 5.90 05/28/21 CNY 70.72
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 60.95
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.05
JINING WATER SUPPLY GROU 7.18 01/22/20 CNY 61.45
JINSHAN STATE-OWNED ASSE 6.65 11/27/19 CNY 61.09
JINZHONG CITY PUBLIC INF 6.50 03/18/20 CNY 60.96
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.67
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 41.39
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 61.04
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 41.25
JIUJIANG FUHE CONSTRUCTI 6.10 03/19/19 CNY 49.94
JIUJIANG FUHE CONSTRUCTI 6.10 03/19/19 CNY 50.13
JIUJIANG STATE-OWNED ASS 6.68 03/07/20 CNY 60.50
JIUJIANG STATE-OWNED ASS 6.68 03/07/20 CNY 61.24
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 60.93
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 60.98
KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 40.65
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 41.08
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 41.12
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 61.27
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 25.20
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 25.23
KUNMING DIANCHI INVESTME 6.50 02/01/20 CNY 61.00
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 60.74
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 60.78
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 25.50
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 59.88
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 60.65
KUNSHAN HUAQIAO INTERNAT 7.98 12/30/18 CNY 40.84
LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 30.08
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 68.09
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.20
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.67
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 40.24
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 40.38
LIAONING YAODU DEVELOPME 7.35 12/12/19 CNY 60.72
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 35.28
LIAOYANG CITY ASSETS OPE 7.10 11/13/19 CNY 60.95
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 40.55
LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 40.63
LINCANG STATE-OWNED ASSE 6.58 04/11/20 CNY 61.10
LINFEN CITY INVESTMENT G 6.20 05/23/20 CNY 60.86
LINHAI CITY INFRASTRUCTU 6.30 03/21/20 CNY 60.89
LINHAI CITY INFRASTRUCTU 6.30 03/21/20 CNY 61.50
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.15
LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 61.82
LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 25.36
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 60.55
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 60.81
LISHUI URBAN CONSTRUCTIO 5.80 05/29/20 CNY 60.00
LISHUI URBAN CONSTRUCTIO 5.80 05/29/20 CNY 60.44
LIUPANSHUI DEVELOPMENT I 6.97 12/03/19 CNY 61.22
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 41.03
LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 40.90
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 60.60
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 60.83
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 67.95
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 40.16
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.43
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.60
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.09
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.10
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.37
LUOYANG HIGH NEW TECH IN 6.50 05/30/20 CNY 60.54
MAANSHAN ECONOMIC TECHNO 7.10 12/20/19 CNY 61.69
MEISHAN HONGDA CONSTRUCT 6.56 06/19/20 CNY 59.26
MEISHAN HONGDA CONSTRUCT 6.56 06/19/20 CNY 61.28
MEIZHOU KANGDA HIGHWAY C 6.95 09/10/20 CNY 61.93
MIANYANG INVESTMENT HOLD 7.70 03/26/19 CNY 71.57
MIANYANG INVESTMENT HOLD 7.70 03/26/19 CNY 71.85
MIANYANG SCIENCE TECHNOL 6.30 07/22/18 CNY 27.71
MIANYANG SCIENCE TECHNOL 7.16 05/15/19 CNY 40.96
MINXIXINGHANG STATE-OWNE 6.20 03/26/19 CNY 50.49
MINXIXINGHANG STATE-OWNE 6.20 03/26/19 CNY 50.59
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 40.66
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 40.70
NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 41.41
NANCHANG CITY CONSTRUCTI 6.19 02/20/20 CNY 61.00
NANCHANG COUNTY URBAN CO 6.50 07/17/19 CNY 51.39
NANCHANG ECONOMY TECHNOL 6.88 01/09/20 CNY 61.27
NANCHANG MUNICIPAL PUBLI 5.88 02/25/20 CNY 60.39
NANCHANG MUNICIPAL PUBLI 5.88 02/25/20 CNY 60.50
NANCHANG WATER CONSERVAN 6.28 06/21/20 CNY 61.35
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 61.15
NANCHONG ECONOMIC DEVELO 8.16 04/26/19 CNY 41.20
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 40.50
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 40.90
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 40.96
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 41.80
NANJING STATE OWNED ASSE 5.40 03/06/20 CNY 60.43
NANJING STATE OWNED ASSE 5.40 03/06/20 CNY 60.50
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.24
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.26
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 60.00
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 61.59
NANPING CITY WUYI NEW DI 6.70 08/06/20 CNY 61.25
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 61.42
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.65
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 40.63
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 40.71
NANTONG ECONOMIC & TECHN 5.80 05/17/20 CNY 60.56
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 25.24
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 25.43
NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 40.36
NINGBO CITY YINZHOU CITY 6.50 03/18/20 CNY 61.25
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 60.84
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 25.32
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 25.46
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.57
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.96
NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 39.95
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 40.99
PANJIN CONSTRUCTION INVE 7.42 03/01/18 CNY 60.49
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 60.77
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 61.01
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 61.24
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 70.93
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 72.15
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 41.21
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 41.26
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.12
PINGTAN COMPOSITE EXPERI 6.58 03/15/20 CNY 61.15
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 60.38
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 60.38
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 61.08
PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 40.74
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 41.10
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 41.18
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 60.50
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.06
QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 25.30
QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 41.11
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.00
QIANNAN AUTONOMOUS PREFE 6.90 09/04/20 CNY 61.14
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 60.90
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 40.61
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 40.71
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 40.81
QINGDAO JIAOZHOU CITY DE 6.59 01/25/20 CNY 61.20
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 20.25
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 50.62
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.06
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.30
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.32
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.01
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.16
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 61.89
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 81.50
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 59.84
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 40.96
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 41.05
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 60.42
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 60.70
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 61.14
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 41.07
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 61.17
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 59.90
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 60.61
RONGCHENG ECONOMIC DEVEL 6.45 03/18/20 CNY 60.30
RONGCHENG ECONOMIC DEVEL 6.45 03/18/20 CNY 61.28
RUDONG COUNTY DONGTAI SO 7.10 01/31/18 CNY 50.26
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 60.94
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.32
RUGAO COMMUNICATIONS CON 8.51 01/26/19 CNY 51.37
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.18
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.35
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 60.93
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.26
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 60.97
SANMING CITY CONSTRUCTIO 6.40 03/05/20 CNY 60.39
SANMING CITY CONSTRUCTIO 6.40 03/05/20 CNY 60.45
SANMING STATE-OWNED ASSE 6.99 06/14/18 CNY 40.57
SANMING STATE-OWNED ASSE 6.92 12/05/19 CNY 61.25
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 58.97
SHANGHAI BUND GROUP DEVE 6.35 04/24/20 CNY 60.85
SHANGHAI BUND GROUP DEVE 6.35 04/24/20 CNY 61.00
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.72
SHANGHAI FENGXIAN NANQIA 6.25 03/05/20 CNY 60.09
SHANGHAI FENGXIAN NANQIA 6.25 03/05/20 CNY 60.82
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.21
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.31
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 60.60
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.18
SHANGHAI LUJIAZUI DEVELO 5.79 02/25/19 CNY 70.83
SHANGHAI LUJIAZUI DEVELO 5.79 02/25/19 CNY 70.86
SHANGHAI LUJIAZUI DEVELO 5.98 03/11/19 CNY 70.99
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 60.93
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.20
SHANGHAI NANFANG GROUP C 6.70 09/09/19 CNY 51.02
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.05
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.35
SHANGHAI URBAN CONSTRUCT 5.25 11/30/19 CNY 60.21
SHANGLUO CITY CONSTRUCTI 6.75 09/09/19 CNY 50.92
SHANGLUO CITY CONSTRUCTI 7.05 09/09/20 CNY 61.83
SHANGQIU DEVELOPMENT INV 6.60 01/15/20 CNY 60.95
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 41.00
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 60.70
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 40.96
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 54.55
SHANTOU CITY CONSTRUCTIO 8.57 03/23/22 CNY 74.51
SHANTOU CITY CONSTRUCTIO 8.57 03/23/22 CNY 74.89
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 61.27
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 25.00
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 25.13
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 60.48
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 61.00
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 50.20
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 50.62
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 50.18
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 50.61
SHAOXING PAOJIANG INDUST 6.90 10/31/19 CNY 60.99
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 60.50
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 61.00
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 25.44
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 60.85
SHENYANG MACHINE TOOL CO 6.50 03/27/18 CNY 58.83
SHENYANG SUJIATUN DISTRI 6.40 06/20/20 CNY 60.62
SHENZHEN LONGGANG DISTRI 6.18 03/27/19 CNY 50.42
SHENZHEN LONGGANG DISTRI 6.18 03/27/19 CNY 50.62
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 60.56
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.00
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.12
SHIYAN CITY INFRASTRUCTU 7.98 04/20/19 CNY 41.17
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 60.97
SHUANGLIU SHINE CHINE CO 8.40 03/16/19 CNY 72.21
SHUANGLIU SHINE CHINE CO 8.48 03/16/19 CNY 72.31
SHUANGLIU SHINE CHINE CO 8.40 03/16/19 CNY 72.50
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 58.50
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 60.62
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 60.68
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 60.74
SICHUAN COAL INDUSTRY GR 7.80 09/27/17 CNY 45.00
SICHUAN COAL INDUSTRY GR 7.70 01/09/18 CNY 45.00
SICHUAN DEVELOPMENT HOLD 5.40 11/10/17 CNY 30.03
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 41.02
SUIFENHE HAIRONG URBAN C 6.60 04/28/20 CNY 60.69
SUINING DEVELOPMENT INVE 6.62 04/25/20 CNY 60.75
SUINING DEVELOPMENT INVE 6.62 04/25/20 CNY 60.97
SUIZHOU DEVELOPMENT INVE 7.50 08/22/19 CNY 41.06
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 40.89
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.95
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 40.76
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 60.88
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 60.90
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.06
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 40.32
SUZHOU TECH CITY DEVELOP 7.32 11/01/18 CNY 50.69
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 60.75
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 70.20
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 72.09
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 71.75
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.05
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.65
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 41.07
TAIAN TAISHAN INVESTMENT 6.64 03/02/18 CNY 40.19
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 60.50
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 61.34
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 71.47
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 72.03
TAICANG HENGTONG INVESTM 7.45 10/30/19 CNY 61.23
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 60.50
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 61.32
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 25.27
TAIYUAN HIGH-SPEED RAILW 6.50 10/30/20 CNY 71.56
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 60.38
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 60.43
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.49
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.61
TAIZHOU CITY JIANGYAN UR 7.10 09/03/20 CNY 61.83
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 40.90
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 41.21
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 72.20
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 60.74
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 60.85
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.35
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 60.16
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.20
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.00
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.02
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 59.96
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 71.55
TIANJIN DONGLI CITY INFR 6.05 06/19/20 CNY 60.76
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 40.65
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 40.89
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 60.73
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 60.88
TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 41.20
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 40.87
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 41.00
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 40.60
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 40.75
TIANJIN TEDA CONSTRUCTIO 6.89 04/27/20 CNY 61.73
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 25.12
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 25.21
TONGCHUAN DEVELOPMENT IN 7.50 07/17/19 CNY 40.19
TONGLIAO TIANCHENG URBAN 7.75 09/24/19 CNY 61.39
TONGLIAO URBAN INVESTMEN 6.64 04/09/20 CNY 60.97
TONGLIAO URBAN INVESTMEN 6.64 04/09/20 CNY 60.97
TONGLING CONSTRUCTION IN 6.98 08/26/20 CNY 61.68
TONGLING CONSTRUCTION IN 6.98 08/26/20 CNY 61.77
TONGLING CONSTRUCTION IN 8.20 04/28/22 CNY 74.70
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 40.78
TONGXIANG CITY CONSTRUCT 6.10 05/16/20 CNY 60.20
TONGXIANG CITY CONSTRUCT 6.10 05/16/20 CNY 60.57
TULUFAN DISTRICT STATE-O 7.20 08/09/19 CNY 51.31
TULUFAN DISTRICT STATE-O 7.20 08/09/19 CNY 76.03
ULANQAB CITY JI NING DIS 6.88 03/19/20 CNY 59.70
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 39.71
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 40.91
URUMQI ECO&TECH DEVELOPM 8.58 01/10/19 CNY 51.24
URUMQI HIGH-TECH INVESTM 6.18 03/05/20 CNY 60.67
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 25.16
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 25.18
WAFANGDIAN STATE-OWNED A 8.55 04/19/19 CNY 41.38
WAFANGDIAN STATE-OWNED A 6.20 06/20/20 CNY 59.77
WAFANGDIAN STATE-OWNED A 6.20 06/20/20 CNY 60.40
WEIFANG BINHAI INVESTMEN 6.16 04/16/21 CNY 71.23
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.05
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.13
WEIHAI WENDENG URBAN PRO 6.38 03/06/20 CNY 60.50
WEIHAI WENDENG URBAN PRO 6.38 03/06/20 CNY 60.91
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 60.55
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 61.06
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.20
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.86
WENZHOU ANJUFANG CITY DE 7.65 04/24/19 CNY 40.84
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 60.00
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 61.08
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 60.87
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 60.94
WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 50.42
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 60.29
WUHU CONSTRUCTION INVEST 6.84 03/26/19 CNY 70.85
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 25.00
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 25.21
WUHU ECONOMIC TECHNOLOGY 6.90 06/08/22 CNY 72.87
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 60.32
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.00
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.80
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 60.85
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 61.34
WUXI CONSTRUCTION AND DE 6.60 09/17/19 CNY 60.84
WUXI CONSTRUCTION AND DE 6.60 09/17/19 CNY 61.02
WUXI HUISHAN ECONOMIC DE 6.03 04/22/19 CNY 50.54
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 61.40
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 61.40
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.06
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.71
WUXI XIDONG TECHNOLOGY I 5.98 10/26/18 CNY 70.53
WUZHOU DONGTAI STATE-OWN 7.40 09/03/19 CNY 41.10
XIAMEN XINGLIN CONSTRUCT 6.60 02/22/20 CNY 61.01
XIAMEN XINGLIN CONSTRUCT 6.60 02/22/20 CNY 61.14
XI'AN AEROSPACE BASE INV 6.96 11/08/19 CNY 61.04
XIAN CHANBAHE DEVELOPMEN 6.89 08/03/19 CNY 40.92
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 50.23
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 50.39
XI'AN URBAN INDEMNIFICAT 7.31 03/18/19 CNY 71.56
XI'AN URBAN INDEMNIFICAT 7.31 03/18/19 CNY 71.65
XI'AN URBAN INDEMNIFICAT 7.31 04/18/19 CNY 71.70
XI'AN URBAN INDEMNIFICAT 7.31 04/18/19 CNY 71.74
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 40.92
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 40.97
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.16
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.19
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 41.06
XIANGTAN ZHENXIANG STATE 6.60 08/07/20 CNY 61.48
XIANGTAN ZHENXIANG STATE 6.60 08/07/20 CNY 80.00
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.07
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.42
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 25.55
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 50.50
XIANNING HIGH-TECH INVES 5.80 06/05/20 CNY 59.77
XIANNING HIGH-TECH INVES 5.80 06/05/20 CNY 60.50
XIAOGAN URBAN CONSTRUCTI 8.12 03/26/19 CNY 41.19
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 50.46
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 41.13
XINING ECONOMIC DEVELOPM 5.90 06/04/20 CNY 60.26
XINJIANG SHIHEZI DEVELOP 7.50 08/29/18 CNY 24.77
XINJIANG UYGUR AR HAMI C 6.25 07/17/18 CNY 25.23
XINJIANG WUJIAQU URBAN C 6.10 05/23/20 CNY 60.23
XINJIANG WUJIAQU URBAN C 6.10 05/23/20 CNY 60.28
XINXIANG INVESTMENT GROU 6.80 01/18/18 CNY 40.16
XINXIANG INVESTMENT GROU 5.85 04/15/20 CNY 59.70
XINXIANG INVESTMENT GROU 5.85 04/15/20 CNY 60.51
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 40.52
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 40.84
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 60.70
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.24
XINZHENG NEW DISTRICT DE 6.52 06/28/19 CNY 50.55
XINZHENG NEW DISTRICT DE 6.52 06/28/19 CNY 50.81
XINZHOU CITY ASSET MANAG 7.39 08/08/18 CNY 25.49
XUCHANG GENERAL INVESTME 7.78 04/27/19 CNY 40.88
XUZHOU CITY TONGSHAN DIS 6.60 08/08/20 CNY 60.94
XUZHOU CITY TONGSHAN DIS 6.60 08/08/20 CNY 61.09
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 40.87
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 41.04
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 25.31
YAAN STATE-OWNED ASSET O 7.39 07/04/19 CNY 40.63
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 61.31
YANCHENG ORIENTAL INVEST 6.99 10/26/19 CNY 61.09
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 60.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.18
YANGJIANG HENGCAI CITY I 6.85 09/09/20 CNY 61.92
YANGZHONG URBAN CONSTRUC 7.10 03/26/18 CNY 50.34
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.70
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.74
YANGZHOU LONGCHUAN HOLDI 8.10 03/23/19 CNY 40.50
YANGZHOU LONGCHUAN HOLDI 8.10 03/23/19 CNY 40.91
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 40.20
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 40.46
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.61
YANTAI URBAN CONSTRUCTIO 5.99 03/14/20 CNY 60.08
YANTAI URBAN CONSTRUCTIO 5.99 03/14/20 CNY 60.90
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.24
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 61.06
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 61.24
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 60.85
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 60.86
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 40.54
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 61.84
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 61.85
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 50.30
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 50.41
YINGKOU CITY CONSTRUCTIO 7.98 04/18/20 CNY 57.26
YINGKOU CITY CONSTRUCTIO 7.63 06/09/20 CNY 61.25
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 60.75
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 60.84
YINGKOU ECO & TECH DEVEL 6.17 04/08/20 CNY 59.25
YINGKOU ECO & TECH DEVEL 6.17 04/08/20 CNY 59.86
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.80
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.81
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 41.13
YIYANG GAOXIN TECHNOLOGY 6.70 03/13/20 CNY 60.41
YIYANG GAOXIN TECHNOLOGY 6.70 03/13/20 CNY 60.94
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 41.02
YUEYANG CITY CONSTRUCTIO 6.05 07/12/20 CNY 61.17
YUHUAN COUNTY COMMUNICAT 7.15 10/12/19 CNY 61.34
YULIN CITY INVESTMENT OP 6.81 12/04/18 CNY 50.58
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 60.71
YUNCHENG URBAN CONSTRUCT 7.48 10/15/19 CNY 61.32
YUYAO ECONOMIC DEVELOPME 6.75 03/04/20 CNY 60.91
YUYAO ECONOMIC DEVELOPME 6.75 03/04/20 CNY 60.93
YUYAO WATER RESOURCE INV 7.20 10/16/19 CNY 61.74
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.74
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.92
ZHANGJIAGANG JINCHENG IN 6.23 01/06/18 CNY 30.06
ZHANGJIAGANG MUNICIPAL P 6.43 11/27/19 CNY 60.27
ZHANGJIAJIE ECONOMIC DEV 7.40 10/18/19 CNY 61.40
ZHANGJIAKOU CONSTRUCTION 7.00 10/26/19 CNY 60.55
ZHANGJIAKOU TONGTAI HOLD 6.90 07/05/18 CNY 40.51
ZHANGZHOU CITY CONSTRUCT 6.60 03/26/20 CNY 61.35
ZHAOYUAN STATE-OWNED ASS 6.64 12/31/19 CNY 61.16
ZHEJIANG GUOXING INVESTM 8.15 03/09/18 CNY 25.27
ZHEJIANG GUOXING INVESTM 8.15 03/09/18 CNY 25.31
ZHEJIANG HUZHOU HUANTAIH 6.70 11/28/19 CNY 60.84
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 61.14
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 61.23
ZHEJIANG PROVINCE DEQING 6.90 04/12/18 CNY 40.38
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 59.79
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 60.72
ZHEJIANG PROVINCE XINCHA 6.60 04/24/20 CNY 60.94
ZHEJIANG PROVINCE XINCHA 6.60 04/24/20 CNY 61.03
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 60.43
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 61.04
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 60.63
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 60.94
ZHENJIANG CULTURE AND TO 6.60 01/30/20 CNY 60.12
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 40.73
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 41.91
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 25.26
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 25.41
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 56.72
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 71.65
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 20.11
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 20.19
ZHUCHENG ECONOMIC DEVELO 7.50 08/25/18 CNY 21.72
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 61.15
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 25.29
ZHUHAI HUAFA GROUP CO LT 5.50 06/05/19 CNY 50.25
ZHUHAI HUAFA GROUP CO LT 5.50 06/05/19 CNY 50.50
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.60
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 61.30
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 61.22
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.97
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 41.31
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 41.42
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 60.82
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 60.85
ZIBO CITY PROPERTY CO LT 5.45 04/27/19 CNY 23.98
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 41.09
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 61.20
ZIGONG GAOXIN INVESTMENT 6.30 03/13/20 CNY 61.00
ZIGONG STATE-OWNED ASSET 6.86 06/17/18 CNY 40.34
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 50.72
ZOUCHENG CITY ASSET OPER 7.02 01/12/18 CNY 20.11
ZOUCHENG CITY ASSET OPER 6.18 03/12/19 CNY 50.21
ZOUCHENG CITY ASSET OPER 6.18 03/12/19 CNY 50.42
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 40.43
ZUNYI CITY HUICHUAN DIST 6.75 04/24/19 CNY 50.52
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 41.32
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 56.70
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.02
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.27
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 67.75
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 50.70
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 51.77
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.72
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.72
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.72
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.78
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.38
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.03
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.24
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.42
GTL INFRASTRUCTURE LTD 5.53 11/09/17 USD 60.00
JAIPRAKASH POWER VENTURE 7.00 02/13/49 USD 15.13
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 61.95
SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 59.57
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 19.00
AVANSTRATE INC 5.55 10/31/17 JPY 20.00
EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 74.97
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.75
TAKATA CORP 0.58 03/26/21 JPY 6.63
TAKATA CORP 0.85 03/06/19 JPY 6.63
TAKATA CORP 1.02 12/15/17 JPY 11.63
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 43.89
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 43.89
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 32.86
DOOSAN CAPITAL SECURITIZ 20.00 04/22/19 KRW 56.40
KIBO ABS SPECIALTY CO LT 5.00 08/29/19 KRW 29.33
KIBO ABS SPECIALTY CO LT 5.00 02/26/19 KRW 31.08
KIBO ABS SPECIALTY CO LT 5.00 02/25/19 KRW 31.24
KIBO ABS SPECIALTY CO LT 5.00 03/29/18 KRW 35.89
KIBO ABS SPECIALTY CO LT 5.00 12/25/17 KRW 41.67
KOREA SOUTH-EAST POWER C 4.38 12/07/42 KRW 57.79
KOREA SOUTH-EAST POWER C 4.44 12/07/42 KRW 58.42
LSMTRON DONGBANGSEONGJAN 4.53 11/22/17 KRW 48.20
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 38.47
OKC SECURITIZATION SPECI 10.00 01/03/20 KRW 32.76
OKC SECURITIZATION SPECI 3.00 02/17/42 KRW 52.72
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SHINHAN BANK CO LTD 4.20 08/07/32 KRW 72.45
SHINHAN BANK CO LTD 4.00 08/29/32 KRW 73.15
SINBO SECURITIZATION SPE 5.00 10/30/19 KRW 18.70
SINBO SECURITIZATION SPE 5.00 09/23/20 KRW 26.84
SINBO SECURITIZATION SPE 5.00 08/26/20 KRW 27.09
SINBO SECURITIZATION SPE 5.00 07/28/20 KRW 27.36
SINBO SECURITIZATION SPE 5.00 02/25/20 KRW 28.98
SINBO SECURITIZATION SPE 5.00 01/28/20 KRW 29.11
SINBO SECURITIZATION SPE 5.00 12/30/19 KRW 29.33
SINBO SECURITIZATION SPE 5.00 06/24/19 KRW 29.99
SINBO SECURITIZATION SPE 5.00 09/30/19 KRW 30.27
SINBO SECURITIZATION SPE 5.00 08/27/19 KRW 30.66
SINBO SECURITIZATION SPE 5.00 07/29/19 KRW 30.95
SINBO SECURITIZATION SPE 5.00 03/13/19 KRW 31.03
SINBO SECURITIZATION SPE 5.00 06/25/19 KRW 31.32
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 32.42
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 32.42
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 32.65
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 32.65
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 32.90
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 32.90
SINBO SECURITIZATION SPE 5.00 07/29/18 KRW 33.19
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 33.28
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 33.28
SINBO SECURITIZATION SPE 5.00 06/25/18 KRW 33.53
SINBO SECURITIZATION SPE 5.00 05/26/18 KRW 33.81
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 34.29
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 34.29
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 34.29
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 34.43
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 34.43
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 35.04
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 35.04
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 35.30
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 35.30
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 36.06
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 36.06
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 38.07
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 38.07
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 41.17
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 41.17
SINBO SECURITIZATION SPE 5.00 12/23/17 KRW 41.94
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 67.03
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 67.03
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 67.03
U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 51.96
WISE MOBILE SECURITIZATI 20.00 09/17/18 KRW 74.84
WOORI BANK 5.21 12/12/44 KRW 65.71
MALAYSIA
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ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.78
BARAKAH OFFSHORE PETROLE 3.50 10/24/18 MYR 0.45
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.34
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.44
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.11
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.42
I-BHD 2.50 10/09/19 MYR 0.41
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.15
PERODUA GLOBAL MANUFACTU 0.50 12/17/25 MYR 73.27
PUC BHD 4.00 02/15/19 MYR 0.09
REDTONE INTERNATIONAL BH 2.75 03/04/20 MYR 0.17
SEE HUP CONSOLIDATED BHD 4.60 12/22/17 MYR 0.07
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.60
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 56.86
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 58.14
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.38
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 60.67
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.96
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.28
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 64.60
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 65.95
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 67.37
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 68.78
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 70.21
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 70.43
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 71.99
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 73.43
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 73.63
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.16
THONG GUAN INDUSTRIES BH 5.00 10/10/19 MYR 4.08
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT B 3.00 10/31/21 MYR 0.46
PHILIPPINES
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BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
SINGAPORE
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ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 47.25
ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 69.38
AUSGROUP LTD 7.95 10/20/18 SGD 52.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.87
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.21
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.00
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 51.62
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 3.95
BLUE OCEAN RESOURCES PTE 4.00 12/31/20 USD 24.27
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 54.88
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 55.07
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 54.25
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 54.96
ENERCOAL RESOURCES PTE L 9.25 08/05/14 USD 38.64
EZION HOLDINGS LTD 4.88 06/11/21 SGD 35.00
EZION HOLDINGS LTD 5.10 03/13/20 SGD 35.00
EZION HOLDINGS LTD 4.85 01/23/19 SGD 36.13
EZION HOLDINGS LTD 4.60 08/20/18 SGD 36.88
EZION HOLDINGS LTD 4.70 05/22/19 SGD 36.88
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.97
INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00
ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 62.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 74.28
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 75.00
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 9.63
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.28
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.29
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 10.13
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.63
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 13.38
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
SRI LANKA
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SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 71.21
THAILAND
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G STEEL PCL 3.00 10/04/15 USD 2.69
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 62.38
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 64.83
*********
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.
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 ***