/raid1/www/Hosts/bankrupt/TCRAP_Public/171205.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, December 5, 2017, Vol. 20, No. 241
Headlines
A U S T R A L I A
BOARDERLANDS PTY: First Creditors' Meeting Set for Dec. 13
EDWARDS CONSTRUCTIONS: Second Creditors' Meeting Set for Dec. 13
M KEEN: First Creditors' Meeting Slated for Dec. 11
MLH ENTERPRISES: First Creditors' Meeting Set for Dec. 11
OSTWALD CONSTRUCTION: Creditors Accept Ostwald Brothers' DOCA
OSTWALD CONSTRUCTION: Unit in Liquidation; Up to 150 Jobs Axed
PALADIN ENERGY: Shareholders to Own Just 2% Under Plan
TRENDS AUSTRALIA: Second Creditors' Meeting Set for Dec. 11
VITALITY HEALTH: Second Creditors' Meeting Set for Dec. 12
I N D I A
ACUITY INDIA: CARE Lowers Rating on INR8.37cr LT Loan to D
ARBEE AQUATIC: Ind-Ra Raises Issuer Rating to BB, Outlook Stable
ASHWINI FROZEN: CARE Lowers Rating on INR6cr LT/ST Loan to D
AYAN FOODS: CARE Raises Rating on INR3.79cr LT Loan to B+
BAJAJ HINDUSTHAN: Lenders OK Bid to Restructure US$1.3BB Debt
BRIGHT STAR: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
CLASSICON CONSTRUCTION: CARE Assigns B+ Rating to INR1.95cr Loan
EASTERN DOORS: CRISIL Assigns 'B' Rating to INR4.35MM Term Loan
EKAM AGRO: CRISIL Reaffirms B+ Rating on INR11MM Term Loan
HINDUSTAN PRODUCE: CARE Reaffirms B+ Rating on INR2.85cr Loan
HITECH FORMULATIONS: CRISIL Reaffirms B- Rating on INR6.7MM Loan
ITCOS GRANITO: CARE Assigns B+ Rating to INR24.99cr LT Loan
JAI HIND SUGAR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
MATHURA FIBRES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
ORIENT SPUN: CARE Assigns B Rating to INR4.50cr LT Loan
OZONE INFRA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
PATWA AUTOMOTIVE: CRISIL Cuts Rating on INR36MM Cash Loan to D
PREMIER SYNTHETICS: CARE Reaffirms B Rating on INR9.50cr Loan
PULLANI ENGINEERS: CARE Lowers Rating on INR5.91cr LT Loan to B+
PURVANCHAL AGRICO: CRISIL Reaffirms B Rating on INR2.5MM Loan
QUILON REAL: CRISIL Lowers Rating on INR4.5MM Cash Loan to B+
R.S. FOODS: CARE Assigns 'B' Rating to INR8cr LT Loan
RAM AABHOSHAN: CARE Assigns B+ Rating to INR15cr LT Loan
RAVINDRA RICE: CARE Assigns B+ Rating to INR16.50cr LT Loan
RSD OVERSEAS: CARE Lowers Rating on INR10cr LT Loan to B
SAI OVERSEAS: CARE Assigns B- Rating to INR10.60cr LT Loan
SAMAY PROJECT: CRISIL Reaffirms B+ Rating on INR1.65MM Loan
SANGAM RICE: CRISIL Reaffirms B Rating on INR11MM Whse Receipts
SKYLINE ENGINEERING: CRISIL Reaffirms D Rating on INR27.12MM Loan
SONI TRADERS: CARE Downgrades Rating on INR60cr LT Loan to D
SPRAY ENGINEERING: CARE Assigns B+ Rating to INR21cr LT Loan
SUPER FLOORINGS: CRISIL Assigns B+ Rating to INR6.5MM Loan
SYBLY INDUSTRIES: CRISIL Keeps B- Ratings on Watch Developing
UNITED INFRA: CRISIL Assigns B+ Rating to INR15MM Cash Loan
VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
VEEPEE COTEX: CARE Assigns B Rating to INR5.91cr LT Loan
I N D O N E S I A
LIPPO KARAWACI: Fitch Affirms BB- Long-Term Issuer Default Rating
J A P A N
SOJITZ CORP: Moody's Affirms Ba1 Issuer Rating; Outlook Stable
M O N G O L I A
MONGOLIA: Credit Profile Reflects Strong Growth Potential
S I N G A P O R E
SIXCAPITAL: Investors File Police Reports Against Fintech Firm
X X X X X X X X
* BOND PRICING: For the Week Nov. 27 to Dec. 1, 2017
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A U S T R A L I A
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BOARDERLANDS PTY: First Creditors' Meeting Set for Dec. 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Boarderlands Pty Ltd will be held at the offices of Deloitte
Financial Advisory, 8 Brindabella Circuit, Brindabella Business
Park, in Canberra Airport, ACT, on Dec. 13, 2017, at 11:00 a.m.
Ezio Sentaore -- esenatore@deloitte.com.au -- of Deloitte
Financial was appointed as administrator of Boarderlands Pty on
Dec. 3, 2017.
EDWARDS CONSTRUCTIONS: Second Creditors' Meeting Set for Dec. 13
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Edwards
Constructions (NSW) Pty Ltd has been set for Dec. 13, 2017, at
1:00 p.m. at Hoskins Room, Novotel Wollongong Northbeach, 2-14
Cliff Road, in North Wollongong, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 12, 2017, at 4:00 p.m.
Michael Slaven and Aaron Torline of EY were appointed as
administrators of Edwards Constructions on Oct. 3, 2017.
M KEEN: First Creditors' Meeting Slated for Dec. 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of M Keen
Investments Pty Ltd will be held at Qantas Meeting Rooms, Qantas
Terminal, Sydney Domestic Airport (Terminal 3), in Mascot, New
South Wales, on Dec. 11, 2017, at 11:00 a.m.
Leon Lee and Brendan Nixon of Stanley Morgan were appointed as
administrators of M Keen on Nov. 29, 2017.
MLH ENTERPRISES: First Creditors' Meeting Set for Dec. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MLH
Enterprises Pty Ltd, trading as FRL Global, FRL 3PL (Aust), FRL
Logistics (Aust) & FRL Couriers NSW-VIC-QLD, will be held at
Qantas Meeting Rooms, Qantas Terminal, Sydney Domestic Airport
(Terminal 3), in Mascot, NSW, on Dec. 11, 2017, at 12:00 p.m.
Leon Lee and Brendan Nixon of Stanley Morgan were appointed as
administrators of MLH Enterprises on Nov. 29, 2017.
OSTWALD CONSTRUCTION: Creditors Accept Ostwald Brothers' DOCA
-------------------------------------------------------------
The Chronicle reports that the administrators of Ostwald
Construction Materials has confirmed that Ostwald brothers
Brendan, Daniel and Matthew will regain control over the company.
The report relates that after a second creditors meeting on
Dec. 1, administrator Derrick Vickers of PriceWaterhouseCoopers
revealed that creditors had accepted a Deed of Company
Arrangement (DOCA) submitted by the three brothers and a "silent
investor".
The contract was worth AUD2.15 million, the report says.
"We believe that this is the best outcome for creditors and the
remaining employees of Ostwald Construction Materials," The
Chronicle quotes Mr. Vickers as saying. "This means that the
company can continue to trade including its contracts under the
DOCA. Creditors will be paid out of the Creditors Trust in due
course pursuant to the terms of the DOCA."
According to the Chronicle, the 15 creditors in attendance at the
meeting, however, voted down a report which detailed the
estimated return to creditors under a liquidation scenario.
The deed is expected to be implemented within 21 days, granting
the brothers, the silent investor and the board control over the
company, the Chronicle states.
Ostwald Construction Materials is a different entity to the
Ostwald Bros Group.
Derrick Craig Vickers of PricewaterhouseCoopers was appointed as
administrator of Ostwald Construction Materials Pty Ltd and
Ostwald Bros. Civil Pty Ltd on Aug. 25, 2017.
OSTWALD CONSTRUCTION: Unit in Liquidation; Up to 150 Jobs Axed
--------------------------------------------------------------
The Chronicle reports that administrators PriceWarehouseCoopers
have confirmed that creditors of the Ostwald Bros Civil, arm of
Ostwald Construction Materials, voted to place it into
liquidation at a meeting in Brisbane on Dec. 1.
"There are no employees under Ostwald Bros Civil Pty Ltd so the
impact is limited to secured and unsecured creditors for this
entity," the report quotes PricewaterhouseCoopers Derrick Vickers
as saying.
"Now that the company is in liquidation we will continue our
investigations in conjunction with Ostwald Bros Pty Ltd and
report to creditors on potential returns in due course."
Up to 150 Ostwald Bros workers across the Darling Downs and
Queensland have lost their jobs after creditors for the
struggling civil construction firm voted to liquidate it, the
report says.
Mr. Vickers said employees and contractors would receive nothing
until the company officially ceased trading in 2018, adds the
Chronicle.
Derrick Craig Vickers of PricewaterhouseCoopers was appointed as
administrator of Ostwald Construction Materials Pty Ltd and
Ostwald Bros. Civil Pty Ltd on Aug. 25, 2017.
PALADIN ENERGY: Shareholders to Own Just 2% Under Plan
------------------------------------------------------
BusinessNews reports that shareholders in Paladin Energy will end
up owning just 2% of the company under a recapitalization plan
that will include a major debt for equity swap and a US$115
million high yield secured note raising.
It comes five months after Matthew Woods, Hayden White and Gayle
Dickerson from KMPG were appointed administrators by the Palladin
board, BusinessNews relates.
According to BusinessNews, Palladin had been unable to negotiate
a deferral of a US$277 million debt to Electricite de France, an
agreement that was eventually terminated in October.
Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of Paladin Energy on
July 3, 2017.
Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.
TRENDS AUSTRALIA: Second Creditors' Meeting Set for Dec. 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Trends
Australia Group Pty Ltd has been set for Dec. 11, 2017 at 11:00
a.m. at the offices of Chartered Accountants Australia & New
Zealand, Waterfront Place, Level 13, 1 Eagle Street, in Brisbane
Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 8, 2017 at 4:00 p.m.
William James Harris and Anthony Norman Connelly of McGrathNicol
were appointed as administrators of Trends Australia on Nov. 6,
2017.
VITALITY HEALTH: Second Creditors' Meeting Set for Dec. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Vitality
Health Pty Ltd has been set for Dec. 12, 2017, at 11:00 a.m. at
the offices of BPS Reconstruction and Recovery, Level 5, Suite 6,
350 Collins Street, in Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 11, 2017 at 4:30 p.m.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Vitality Health on Oct. 31, 2017.
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I N D I A
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ACUITY INDIA: CARE Lowers Rating on INR8.37cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Acuity India Resorts Private Limited (AIRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.37 CARE D Revised from
Facilities CARE B+; Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
AIRPL is on account of ongoing delays in debt repayment owing to
weak liquidity position. Establishing a clear debt servicing
track record with improvement in the liquidity position remains
the key rating sensitivity.
Detailed description of key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing: AIRPL has been irregular in
servicing its debt obligation as there are on-going delays in
servicing its term loan principal and interest. The same is due
to weak liquidity position of the company.
Incorporated in August, 2012, AIRPL is engaged into hospitality
business in the name of '7 Seasons Resorts & Spa' which is
operating a Resort, banquet, restaurant and Spa. It is located at
Khambhaliya-Dwarka highway, Lakhabawal, Jamnagar, Gujarat-361
008.
ARBEE AQUATIC: Ind-Ra Raises Issuer Rating to BB, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arbee Aquatic
Proteins Private Limited's (AAPPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'. The Outlook is Stable. The instrument-
wise rating actions are:
-- INR82.87 mil. (increased from INR72 mil.) Long-term loans due
on August 2024 upgraded with IND BB/Stable rating;
-- INR80 mil. (increased from INR50 mil.) Fund-based facilities
upgraded IND BB/Stable/IND A4+ rating;
-- INR27.2 mil. (increased from INR2.2 mil.) Non-fund-based
facilities with IND A4+ rating.
KEY RATING DRIVERS
The upgrade reflects an improvement in AAPPL's scale of
operations and overall credit metrics. Revenue increased to
INR406 million (FY16: INR234 million) on account of increase in
orders and adequate availability of raw fish (raw material). The
company achieved revenue of INR180 million as of end-October
2017. As of October 2017, it had an order book of INR85 million,
to be executed over the next three months. Interest coverage
(operating EBITDA/gross interest expense) improved to 4.5x in
FY17 (FY16: 3.2x) and net leverage (total adjusted net
debt/operating EBITDA) to 1.6x (2.8x) owing to an increase in
absolute EBITDA. However, EBITDA margins declined to 18.72% in
FY17 (FY16: 19.04%) on the back of an increase in other expenses.
The ratings also factor in the company's moderate liquidity
position with 93.44% average use of the working capital limits
during the 12 months ended October 2017.
The ratings, however, remain supported by the promoters' more
than 35 years of experience in the fish oil industry.
RATING SENSITIVITIES
Positive: A substantial increase in the revenue while maintaining
the operating profitability and the overall credit metrics could
result in a positive rating action.
Negative: Any substantial decline in the revenue and operating
profitability leading to deterioration in the overall credit
metrics could result in a negative rating action.
COMPANY PROFILE
Incorporated in 2013, AAPPL is a producer of fish meal and fish
oil. The company began commercial productions in February 2015.
Its manufacturing unit is located in Alleppey, Kerala with raw
fish processing capacity of 250 metric tonnes per day. Mr. P.K
Raju is the promoter.
ASHWINI FROZEN: CARE Lowers Rating on INR6cr LT/ST Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashwini Frozen Foods (AFF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 0.15 CARE D Revised from
CARE B; Stable
Short-term bank
Facilities 0.25 CARE D Revised from
CARE A4
Long-term/Short-
term Facilities 6.00 CARE D Revised from
CARE B; Stable/CARE A4
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of AFF
is on account of ongoing delay in debt repayment owing to weak
liquidity position. Establishing a clear debt servicing track
record with improvement in the liquidity position remains the key
rating sensitivity.
Detailed description of key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing: AFF has been irregular in
servicing its debt obligation as there are on- going delays in
servicing its term loan principle and interest. The same is due
to weak liquidity position of the firm.
AFF was established in 1995 and is engaged in processing of sea
food which includes ribbon fish, croaker cuttlefishes, crabs etc.
which are exported to countries like Saudi Arabia, Mozambique,
Oman etc. The firm has set up its processing facility at Mangrol,
Gujarat. The firm is currently owned and managed by Mr. Bhimji M
Khorava along with 4 other partners and has a long experience in
sea food industry. The firm also has an associate concern with
the name of Jalfish Sea Food which is engaged in the similar line
of business.
AYAN FOODS: CARE Raises Rating on INR3.79cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ayan Foods (AP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.79 CARE B+; Stable Revised
Facilities from CARE B, Stable
Detailed Rationale and key rating drivers
The revision in the rating assigned to the bank facilities of
AP takes into account the increase in total operating income,
improvement in profitability margins, capital structure and debt
coverage indicators. However, the rating continues to remain
constrained by small scale with short track record of operation,
volatile agro-commodity (rice) prices with linkages to vagaries
of the monsoon, working capital intensive nature of business,
regulated nature of the industry in terms of minimum support
price, proprietorship nature of constitution, intense competition
due to fragmented nature of industry with presence of many
unorganized players. The rating, however, derives strength from
the experienced proprietor, strategic location of plant and
favorable demand of its products in the market.
The ability of the entity to increase in its scale of operations
along with an improvement in the profit margins and effective
management of working capital would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale with short track record of operations: AF is a small
player in rice milling business, which has started commercial
operation from February 2016. In FY17 ,the scale of operations of
the company remained small marked by total operating income of
INR21.93 crore with a PAT of INR0.09 crore, on account of first
full year of operation in FY17. In H1FY18, the company has booked
turnover of around INR9.57 crore. The profit margins of the
entity remained low marked by PBILDT margin of 5.21% and PAT
margin of 0.43% in FY17.
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.
Working capital intensive nature of business: Agro product
processing business is working capital intensive as the millers
have to stock paddy by the end of each season till the next
season as the price and quality of agro products are better
during the harvesting season. Accordingly, the working capital
intensity remains high impacting company's profitability.
Moreover, the average fund based working capital utilization
remained high at 80% during the last twelve months ended on
October 30, 2017.
Proprietorship nature of constitution: AF, being a proprietorship
entity, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result
in dissolution of the entity.
Regulated nature of the industry in terms of minimum support
price (MSP): The Government of India (GOI), every year decides a
minimum support price (MSP- to be paid to paddy growers) for
paddy which limits the bargaining power of rice millers over the
farmers. The MSP of paddy has increased during the crop year
2017-18 to INR1550/quintal (as suggested 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-Ö-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
company, especially in times of high paddy cultivation.
Intensely competitive nature of the industry with presence of
many unorganized 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. Raipur and nearby
districts of Chhattisgarh 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.
Key Rating Strengths
Experienced proprietor: The entity is managed by Mr. Anurag
Agarwal, proprietor. He has over six years of experience in rice
milling and trading business and looks after the overall
management of the entity. The entity is deriving benefits out of
the long experience of the promoter.
Strategic location of plant: The rice milling plant of AF is
located at Raipur district of Chhattisgarh, which is a paddy
growing region in Chhattisgarh resulting in lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. The entire raw material requirement is met locally from
local farmers/agents which helps the company to save substantial
amount of transportation cost and also procure raw materials at
effective price.
Favorable demand outlook: 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.
Ayan Foods was established in June 2015 as a proprietorship
entity by Mr. Anurag Agarwal to setup a rice milling plant at
Raipur, Chhattisgarh. The entity has started its commercial
operations from February 2016.The entity has been engaged in
milling and processing of non-basmati rice. The manufacturing
facility of the company is located at Devendra Nagar, Raipur in
Chhattisgarh with aggregate installed capacity of 36000 metric
tonnes per annum.
BAJAJ HINDUSTHAN: Lenders OK Bid to Restructure US$1.3BB Debt
-------------------------------------------------------------
Bloomberg News reports that an Indian overseeing committee has
approved a proposal submitted by a group of lenders, led by State
Bank of India, to restructure an INR82.85 billion ($1.3 billion)
debt of Bajaj Hindusthan Sugar Ltd.
As per the plan, the company's debt of INR47.89 billion will be
considered as "sustainable", while the rest will be treated as
"unsustainable", India's top sugar maker said in a statement to
stock exchanges on Dec. 1, Bloomberg relates. A loan is
considered as sustainable when a company is able to service it
from its cash flow.
According to Bloomberg, the debt restructuring was done under the
Reserve Bank of India's Scheme for Sustainable Structuring of
Stressed Assets, or S4A. It allows banks to cut the debt burden
of borrowers by as much as 50 percent, provided lenders are
convinced that the remaining loan can be serviced from company
cash flows, Bloomberg says. The plan also allows a dilution in
shareholdings.
Bloomberg relates that the promoters of Bajaj Hindusthan Sugar
will cut their stakes to 15.43 percent from 26.02 percent by
selling a part of their shareholdings to the lenders. Of the
company's unsustainable debt, INR34.83 billion will be converted
into optionally convertible debentures, the statement said.
Bajaj Hindusthan Sugar is seeking approvals from its shareholders
and individual lenders, according to the statement. It posted
losses in five of the last six quarters, according to data
compiled by Bloomberg.
About Bajaj Hindusthan
Bajaj Hindusthan Sugar Ltd., a part of the 'Shishir Bajaj Group',
manufactures sugar and industrial alcohol in India.
As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2017, CARE Ratings revised the ratings on certain bank
facilities of Bajaj Hindusthan Sugar Limited (BHSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8,780.58 CARE D Revised from
Facilities CARE BB+
Short-term Bank 329.04 CARE D Revised from
Facilities CARE A4+
The revision in the ratings of BHSL takes into account the delay
in repayment of its debt obligations during Q1FY18 (refers to the
period April 1 to June 30) due to which the Joint Lender's Forum
(JLF) have decided to consider the restructuring of the
borrowings of the company under the Scheme for Sustainable
Structuring of Stressed Assets (S4A scheme). The delays were
largely attributable to high debt servicing obligations with
relatively weak cash flows despite significant improvement in the
cash accruals and company's inability to raise funds to ease
liquidity pressure.
BRIGHT STAR: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bright Star
Global Trading Corporation's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B-(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is:
-- INR80 mil. Fund-based working capital facilities migrated to
non-cooperating category with IND B-(ISSUER NOT
COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2002, Bright Star Global Trading Corporation is a
sole proprietorship engaged in the processing of cashew kernels
and trading of raw cashew nuts.
CLASSICON CONSTRUCTION: CARE Assigns B+ Rating to INR1.95cr Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Classicon Construction India Private Limited (CCIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 1.95 CARE B+; Stable Assigned
Short-term Bank
Facilities 5.05 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of CCIPL are
constrained by small scale of operations with moderate profit
margins, low order book position, working capital intensive
nature of operations, geographical concentration risk,
vulnerability of change in budget allocation polices and intense
competition in the industry. The ratings, however, derive
strength from long track record of operations, experienced
promoters and comfortable capital structure with satisfactory
debt coverage indicators. The ability to increase scale of
operations by executing orders in stipulated time, improvement in
profitability margins and effective management of working capital
will be the key ratings sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with moderate profit margins: CCIPL's
scale of operations remained small marked by total operating
income of INR18.93 crore (INR18.20 crore in FY16) with a PAT of
INR0.76 crore (INR0.77 crore in FY16) in FY17. The profit margins
of the company remained moderate marked by PBILDT margin of 8.31%
(8.73% in FY16) and PAT margin of 4.03% (4.23% in FY16) in FY17.
During H1FY18, the company has booked revenue of INR9.74 crore.
Low order book position: The Company has an unexecuted order book
position of INR10.44 crore (0.55x of TOI of FY17) as on October
31, 2017 which is to be executed by December 2018. The revenue
visibility seems to be low in near to medium term as revealed
from its low order book position.
Working capital intensive operations nature of operation: The
operations of the company remained working capital intensive
marked by high collection period. The company mainly deals with
government clients like various departments of Bihar Government.
Accordingly the average collection period was around three months
during last year due to procedural delays by the government
authorities which exerts pressure on the liquidity of the
company.
Geographical concentration, vulnerability of changes in budget
allocation policies, and intense competition: The project
portfolio of CCIPL is concentrated in the state of Bihar and
Jharkhand. Any change in geo political environment would affect
all the projects at large. Furthermore, any changes in current
policies of the state government with regard to change in budget
allocation would impact CCIPL's revenue considerably. CCIPL
operates in an industry characterized by the presence of many
small and mid-sized players resulting into a fragmented and
competitive nature of industry. Furthermore, the awards of
contracts are tender-driven and lowest bidder gets the work.
Increase in competition on the back of bid-driven nature of the
business and relaxation in the pre-qualification criteria by some
of the nodal agencies has resulted in aggressive bidding by many
construction companies during the last couple of years.
Key Rating Strengths
Long track record and experienced promoters: CCIPL is into civil
construction business since 1998 and thus has established track
record of operations. Mr. Binay Kumar Singh (Director) is
associated with the company since its inception and thus has
around two decades of experience in civil construction business.
Furthermore, all other directors Mr. Deepak Kumar Sinha, Mr.
Rajiv Ranjan and Mr. Chandra Prakash Narayan Singh also have more
than two decades experience in civil construction industry.
Comfortable capital structure and satisfactory debt coverage
indicators: The capital structure of the company remained
comfortable as on last three account closing dates. Furthermore,
the overall gearing ratio has improved to 0.28x as on March 31,
2017. Moreover, interest coverage ratio stood satisfactory at
4.14x in FY17. Total debt to GCA also remained satisfactory at
2.52x in FY17.
CCIPL was incorporated in April 1998 by Mr. Deepak Kumar Sinha,
Mr. Binay Kumar Singh, Mr. Chandra Prakash Narayan Singhand Mr.
Rajiv Ranjan. Since its inception, the company has been engaged
in civil construction works like construction of school
buildings, hospital buildings, warehouses, roads etc. CCIPL is
classified as 'Class A' contractor by the Bihar Government which
enables it to participate in higher value contracts. CCIPL
secures works contracts through tender and executes orders mainly
for various departments of Bihar Government.
EASTERN DOORS: CRISIL Assigns 'B' Rating to INR4.35MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Eastern Doors (ED).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.50 CRISIL B/Stable (Assigned)
Term Loan 4.35 CRISIL B/Stable (Assigned)
The rating reflects the firm's modest scale of operations in the
highly fragmented and competitive plywood industry, and its large
the extensive industry experience of its promoters.
Analytical Approach
For arriving at the rating, CRISIL has treated the firm's
unsecured loans of INR2.5 crore from its promoters and their
associates as neither debt nor equity, as the management has
given an undertaking that the loans will be retained in the
business till the tenure of the loan.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the highly fragmented and
competitive wood industry: ED is a relatively smaller player in a
highly fragmented plywood industry. Turnover was INR1.96 crore in
fiscal 2017 and is estimated at INR3 crore till September 2017 in
fiscal 2018. Although turnover rose 32% in fiscal 2017 over the
previous fiscal, the scale of operations remains small.
Furthermore, the plywood industry has a large number of small
players. CRISIL believes the intense competition in the industry
will constrain ED's scale of operations.
* Large working capital requirement: Gross current assets were at
270-322 days in the three fiscals through March 2017. Weakening
of working capital management may adversely impact liquidity.
Strengths
* Extensive experience of the promoters in the plywood industry:
The promoters have experience of 12 years in the plywood
industry, and have gained insight into the industry and built a
market position in Uttar Pradesh, Bihar, and Nepal. The company
has 50 distributors in Uttar Pradesh and Bihar, and has
established relationships with a large pool of suppliers which
ensures steady availability of raw materials. It also has a
strong clientele. CRISIL believes the promoter's extensive
industry experience will help the company gradually scale up
operations.
Outlook: Stable
CRISIL believes ED will continue to benefit from the promoters'
extensive experience in the plywood business. The outlook may be
revised to 'Positive' if financial risk profile improves, because
of sustained revenue growth resulting in better accrual, or
improved working capital management. The outlook may be revised
to 'Negative' if the firm undertakes large, debt-funded capital
expenditure, weakening its financial risk profile, or if working
capital cycle lengthens.
Set up in 2006 by Mr. Ahsan Karim Khan, Mr. Faizan Ahmar, and Ms
Ismat Fatma, ED manufactures ply, block board, and flush doors,
at its facility in Gorakhpur (Uttar Pradesh).
EKAM AGRO: CRISIL Reaffirms B+ Rating on INR11MM Term Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Ekam Agro
Private Limited (EAPL) for obtaining information through letters
and emails dated October 6, 2017 and November 7, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 11 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 Ekam Agro Private Limited.
This restricts CRISIL's ability to take a forward Ekam Agro
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'.
Incorporated in 2014, Ekam Agro Private Limited (EAPL) is engaged
in the manufacturing of edible oil. The company's manufacturing
facility is located at Jalalabad road Mukatsar, Punjab and
operates at a capacity of around 150 tonnes per day (tpd).
HINDUSTAN PRODUCE: CARE Reaffirms B+ Rating on INR2.85cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hindustan Produce Company (HPC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 2.85 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 6.93 CARE A4 Reaffirmed
Detailed Rationale& Key Rating Drivers
The ratings assigned to the bank facilities of HPC continue to
remain constrained by its small scale of operations with moderate
profit margins, volatility in the prices of traded materials,
working capital intensive nature of operations, leveraged capital
structure with moderate debt coverage indicators, partnership
nature of constitution and intensely competitive industry due to
low entry barriers. The aforesaid constraints are partially
offset by extensive experience of partners, long track record of
operations and reputed clientele.
Going forward, the ability of the firm to increase scale of
operations, improvement in profitability margins and manage
working capital effectively would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with moderate profit margins: The scale
of operations of the firm remained small marked by total
operating income of INR35.88 crore (Rs.29.99 crore in FY16) with
a PAT of INR0.36 crore (INR0.22 crore in FY16) in FY17. The
profit margins of the firm remained low marked by PBILDT margin
of 3.22% and PAT margin of 1.00% in FY17.
Volatility in prices of traded materials: The major traded
materials for the firm are sponge iron, ferro alloys,
refractories, graphite powder etc. and the prices of which are
highly volatile in nature. Since the firm purchases its traded
materials on stock and sales basis mainly which exposes the firm
to volatility in prices of traded goods.
Working capital intensive nature of operations: The operations of
the firm are highly working capital intensive mainly due to high
debtor realization period. Most of the customers of HPC are
public sector units like Steel Authority of India Ltd, Rashtriya
Ispat Nigam Ltd, Ordinance Factory (Government of India) etc. Due
to its low bargaining power coupled with high competition in the
industry HPC has to allow high credit period to its customer.
This apart, stretched payment mechanism adopted by the government
authorities has also led to high collection period for the firm
which ultimately resulted in high average working capital
utilization (around 98% over the last 12 months period ending
October, 2017) restricting the overall financial flexibility.
Moreover, it receives credit of about a month from its creditors
which mitigates its working capital intensity to a certain
extent.
Leveraged capital structure with weak debt coverage indicators:
The capital structure of the firm deteriorated and remained
leveraged marked by overall gearing ratio of 2.95x as on
March 31, 2017.However, the debt coverage indicators improved in
FY17 with improvement in interest coverage to 1.51x (1.49x times
in FY16) and total debt to GCA of 20.27x (23.29x in FY16) in
FY17.
Intense competition due to low entry barriers: The firm is into
trading of raw materials for iron and steel manufacturing plants
like ferro alloys, sponge iron, scraps, refractories, graphite
powder etc. which is highly fragmented and competitive in nature
due to low entry barriers. Further all the entities trading the
same products with a little product differentiation resulting
into price driven sales. Intense competition restricts the
pricing flexibility of the firm in the bulk customer segment.
Key Rating Strengths Experienced partners with long track record
of operations: HPC is into trading of various kinds of ferro
alloys, sponge iron, scarps and other raw materials required for
iron and steel manufacturing plants since 1964 and accordingly
has long track record of operations. The key partner Mr. Surendra
Kumar Keyal has around four decades of experience in iron and
steel trading industry, looks after the overall management of the
firm. Being in the industry for around 41 years, Mr. Keyal has
built up long standing relationship with clients and the firm is
deriving benefits out of this. Mr. Keyal is supported by other
partners who are also having wide experience in this line of
business. The partners are supported by a team of experienced
professionals.
Reputed Clientele: HPC has an impressive client portfolio, which
includes reputed names like Steel Authority of India Ltd (rated
CARE AA-; Negative/A1+), Rashtriya Ispat Nigam Ltd, Ordinance
Factory (Government of India) etc. Considering the client profile
of the firm, the risk of non-receipts of payments is minimal.
HPC was constituted as partnership firm in January 1964 by the
Keyal family of Kolkata, West Bengal. However, the firm was
reconstituted on admission of three new partners via partnership
deed dated May 24, 2011. Currently the firm is managed by six
partners namely: Mr. Surendra Kumar Keyal, Mr. Vijay Kumar Keyal,
Mr. Puneet Keyal, Mr. Vivek Keyal, Mrs. Pramila Keyal and Mrs.
Bandana Keyal having equal share in the firm. Since its
inception, the firm has been engaged in trading of various kinds
of ferro alloys, sponge iron, scraps, refractories, graphite
powder and other raw materials required for iron and steel
manufacturing plants.
HITECH FORMULATIONS: CRISIL Reaffirms B- Rating on INR6.7MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hitech
Formulations Private Limited (HFPL) for obtaining information
through letters and emails dated October 6, 2017 and November 7,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.8 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 6.7 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 Hitech Formulations Private
Limited. This restricts CRISIL's ability to take a forward Hitech
Formulations 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'.
HFPL, was incorporated in 2009 and engaged in manufacturing of
protein powder and food supplements. Its day to day activity is
look by its Director Mr. Dharmender Singh Gulati.
ITCOS GRANITO: CARE Assigns B+ Rating to INR24.99cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Itcos
Granito LLP (Itcos), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 24.99 CARE B+; Stable Assigned
Short-term Bank
Facilities 2.50 CARE A4; Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Itcos are
constrained on account of its nascent stage of operations having
small scale, presence in highly competitive ceramic industry,
fortune linked with demand from the real estate industry along
with susceptibility of profit margins to volatility in raw
material prices. The ratings, however, derives strength from
highly experienced promoters in the ceramic tiles industry and
strategic location of its tile manufacturing unit. Itcos's
ability to increase its scale of operations and profitability
will be the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Nascent stage of operations having small scale: Itcos started
commercial operations from August 2017 and FY18 will be the first
full year of operations. During its 3 months of operations till
October 2017, it has achieved total operating income of INR7.00
crore which is small. Further, achieving envisaged level of sales
and profitability will remain crucial for the firm.
Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector: Itcos operates
in a highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. Further, demand for such
products is directly linked with that of growth of real estate
sector which in turn is also volatile in nature.
Susceptibility of operating margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay & feldspar is
market driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in
the gas form which is required to fire the furnace. The
profitability of Itcos remains exposed to volatile gas prices,
mainly on account of its linkages with the international
demand/supply. Hence, Itcos's ability to control its cost
structure would be crucial going forward especially in light of
competitive environment.
Key Rating Strengths
Experienced promoters and well established presence in the
ceramic industry: Itcos is promoted by Mr. Haresh Patel, Mr.
Pravin Bhadja, Mr. Jignesh Bhadja, Mr. Kishan Bhadja. All the
partners hold average experience of more than a decade in same
line of business. The promoters of the firm have long experience
in the ceramic industry through their association with three
associate entities namely Shapphire Ceramic Private Limited,
Divyesh Industries and Sunfield Ceramic. These associate concerns
are mainly engaged into manufacturing of vitrified tiles.
Located in the ceramic cluster: The manufacturing unit of Itcos
is located at Morbi (Gujarat) which is one of the largest ceramic
clusters in India. Majority of total ceramic tiles production in
India comes from the Morbi cluster that houses more than 600
units engaged in manufacturing of wall tiles, vitrified tiles,
floor tiles, sanitary wares, roofing tiles and others such
products. It provides easy access to raw material, fuel and
labor.
Morbi (Gujarat) based Itcos was established in June 2016 as a
limited liability partnership by twelve partners. Itcos has set
up a new plant in Morbi (Gujarat) for manufacturing of glazed
vitrified tiles with an installed capacity of 75,000 Metric
Tonnes Per Annum as on March 31, 2017. Itcos commenced its
commercial operations from August 2017 onwards. Itcos has
registered total operating income of INR7.00 crore during 3MFY18
(Prov.).
JAI HIND SUGAR: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jai Hind Sugar
Private Limited (JHSPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating action is:
-- INR410 mil. Long-term loans due on March 2024 assigned with
IND BB+/Stable rating.
KEY RATING DRIVERS
The rating reflects JHSPL's small scale of operations and weak
credit metrics. In FY17, the first full-year of operations, the
company reported revenue of INR558 million (FY16: INR153 million)
at 22% utilisation level with a recovery rate of 10.05%. During
1HFY18, it achieved revenue of INR600 million. Ind-Ra expects
revenue in excess of INR2,500 million in FY18 on account of
better availability of sugarcane due to good monsoon. JHSPL also
derives revenue from co-generation of power. Of its 18MW power
generation capacity, the company uses around 6MW for its own
consumption during the peak season and sells the remainder to
Maharashtra State Electricity Distribution Limited at INR6.79 per
unit.
The company incurred debt-funded capex of INR685 million over
FY16-FY17 for setting up a sugar manufacturing and a cogeneration
plant. EBITDA interest cover (operating EBITDA/gross interest
expense) was 1.0x in FY17 (FY16: 1.4x) and net leverage (total
adjusted net debt/operating EBITDA) was 10.9x (20x). Ind-Ra
expects net leverage to improve owing to an improvement in
absolute EBITDA (FY17:INR229 million, FY16: INR121 million);
however, net leverage will remain around 5x in FY18 due to debt-
funded capex for setting up a distillery plant in Solapur in
FY18-FY19.
The rating also factors in JHSPL's moderate liquidity position as
reflected by 89.84% utilisation of its fund-based facility over
the 12 months ended October 2017. In addition, the company has a
pledge loan facility of INR535 million to meet its working
capital requirement during the peak season.
However, the rating derives support from the resourceful promoter
and the locational advantage of the plant with proximity to
sugarcane farms and sugar traders.
RATING SENSITIVITIES
Positive: Any significant growth in EBITDA resulting in net
leverage below 4.5x on a sustained basis will be positive for the
rating.
Negative: Any significant deterioration in EBITDA or higher-than-
expected debt-funded capex resulting in net leverage sustaining
above 5.5x will be negative for the rating.
COMPANY PROFILE
Incorporated in 2016, JHSPL manufactures sugar at its plant,
located in Solapur, Maharashtra, which has a total sugar
manufacturing capacity of 4,500 tonnes of cane per day.
MATHURA FIBRES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mathura Fibres &
Cotton Industries' (MFCI) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating action is:
-- INR300 mil. (increased from INR200 mil.) affirmed with
IND BB-/Stable/IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects MFCI's continued moderate scale of
operations, thin EBITDA margin and weak credit metrics. Revenue
declined to INR1,032 million in FY17 (FY16: INR1,376 million) on
account of a decrease in the cotton production volumes. Ind-Ra
expects MFCI's revenue to improve in FY18 in view of a better
monsoon and a stable cotton price. MFCI booked INR800 million in
revenue for 1HFY17. As of October 2017, MFCI had an order book of
INR500 million, which will be executed before FY19, providing low
medium-term revenue visibility.
EBITDA margin rose to 3.4% in FY17 (FY16: 2.4%), primarily due to
an increase in cotton bales realisation, driven by a fall in
cotton production and inventory gains. Ind-Ra expects EBITDA
margin to slightly fall in FY18 in view of a stable cotton price.
In FY17, net financial leverage (total adjusted net
debt/operating EBITDA) was 11.8x (FY16: 7.5x). The deterioration
in net financial leverage was due to an increase in short-term
debt. Meanwhile, gross interest coverage operating (EBITDA/gross
interest expense) deteriorated to 1.2x in FY17 from 1.3x in FY16
owing to an increase in interest expenses.
The ratings reflect a tight liquidity, indicated by an almost
full utilisation of the fund-based working capital facilities
over the 12 months ended October 2016. The working capital cycle
was elongated at 150 days in FY17 (FY16: 69 days) due to a long
stock holding period of 114 days (38 days) owing to the
availability of raw material during February-May.
The ratings, however, continue to be supported by the partners'
more than three decades of experience in cotton ginning and
pressing.
RATING SENSITIVITIES
Negative: Any deterioration in EBITDA margin leading to
deterioration in the credit metrics on a sustained basis could be
negative for the ratings.
Positive: A significant increase in the scale of operations and
profitability leading to an improvement in the credit metrics on
a sustained basis could be positive for the ratings.
COMPANY PROFILE
Incorporated in 2013, MFCI is a partnership firm engaged in
cotton ginning and pressing to produce cotton bales and cotton
seeds. It has a manufacturing facility in Adilabad, Telangana,
with an installed capacity of 550 cotton bales per day and 175
quintals of cotton seed oil per day.
ORIENT SPUN: CARE Assigns B Rating to INR4.50cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Orient
Spun Silk and Processing Mills LLP, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facility 4.5 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Orient Spun Silk
and Processing Mills LLP is constrained by its project
implementation risk, regulated nature of the industry, intensely
competitive nature of the industry with presence of many
unorganized players and exposures to vagaries of nature. The
aforesaid constraints are partially offset by its experienced
partners, locational advantage and proximity to raw material
sources and high growth prospects of the industry. The ability of
the firm to complete the project without any cost & time overrun,
ability to achieve the projected scale of operations and
profitability as envisaged and ability to manage working capital
effectively would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced management: Mr. Pabitra Buragohain (Partner) and Mr.
Lakhi Kanta Gohain (Partner) who both has 20 years of experience
in the similar line of business will look after the day to day
operation of the firm. The firm will further supported by a team
of experienced professionals.
Locational advantage and proximity to raw material sources: Silk
manufacturing and processing unit is located in Guwahati (Assam).
Most of the raw materials will be met from the nearby states. The
firm will be also able to save simultaneously on transportation
cost and silk manufacturing and processing cost. India is second
largest producer of silk. Assam is the largest producer of good
quality of silk in India. Demand prospect for the industry are
expected to remain satisfactory in near to medium term.
Key Rating Weaknesses
Project implementation risk: Orient Spun Silk and Processing
Mills LLP establishing a manufacturing unit to produce Mulberry
silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn
with an installed capacity of 241.50 metric ton per annum with an
aggregate project cost of INR10.79 crore, which is proposed to be
finance by way of partner's contribution of INR6.29 crore and
balance will finance from Term Loan of INR4.50 crore. The firm
has already spent INR2.14 crore towards land & site development,
building, civil works etc. till November 14, 2017 which is met
through partner's contribution. The project is expected to be
operational from April 2018. The financial closure of the
aforesaid term loan from bank is yet to be achieved.
Intensely competitive nature of the industry with presence of
many unorganized players: Silk manufacturing and processing
industry is highly fragmented and competitive nature due to
presence of many small and medium players in this sector owing to
its low entry barriers, due to low capital. High competition
restricts the pricing flexibility of the industry participants
and has a negative impact on the profitability.
Exposure to vagaries of nature: There are different types of
process involved in manufacturing and processing of Eri silk,
Muga silk, Art silk. Eri silk being the most textured silk needs
a huge amount of preservation and care strategy. It has shorter
fibers than the usual cultured Silks. The shorter fibers of Eri
silk make it less durable. Muga silk is the most expensive type
of Silk and is used for making products only for the upper
segments of the market. One of the major highlights of Muga Silk
is its longevity. This involveswinding, twisting, doubling.
Mulberry silk yarn process involves soaking, winding, twisting,
steaming, doubling, dying and reeling. Also, silk manufacturing
and processing is highly dependent on availability of raw
materials. The major raw materials which are required to produce
silk or silk related products are raw silk, which are available
from the cocoons. Hence, availability of raw materials is
dependent on vagaries of nature.
Orient Spun Silk and Processing Mills LLP Established in June
2017 with an objective of manufacturing and processing of
Mulberry silk, Muga silk, Eri silk, Art silk and other Cellulosic
yarn. The Mulberry, Muga, Eri, Art yarn will be used in making of
Saree, Mekhala Chaddar, Punjabi Kurta. The project is estimated
to be set up at a cost of INR10.79 crore which is proposed to be
financed by way of partners' contribution of INR6.29 crore and
balance will finance from Term Loan of INR4.50 crore. The
financial closure of the aforesaid term loan from the bank is yet
to be achieved. The manufacturing unit of the firm is located at
Shiv Shakti Path, Lalung Gaon, Lokhra NH 37, Guwahati Assam with
proposed installed capacity of 241.50 metric ton per annum. The
major raw materials which are require for proposed project are
Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic
silk which will be available from nearby states. The firm has
proposed to acquire its plant and machinery from indigenous
sources as well as import from Italy and Switzerland. The firm
will sell its product through exiting dealers and distributors.
The firm will have diversified customers. Mr. Pabitra Buragohain
(Partner) and Mr. Lakhi Kanta Gohain (Partner) who both has 20
years of experience in the similar line of business will look
after the day to day operation of the firm. The firm will further
supported by a team of experienced professionals.
OZONE INFRA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ozone Infra
Projects' Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:
-- INR75 mil. Fund-based working capital facilities migrated to
non-cooperating category with IND BB-(ISSUER NOT
COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Set up in 2008 as a partnership firm, Ozone Infra Projects
provides engineering, procurement and construction services for
government projects such as roads, bridges, canals and civil
construction projects.
PATWA AUTOMOTIVE: CRISIL Cuts Rating on INR36MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Patwa Automotive Private Limited (PAPL; part of the Patwa
Marketing group) to 'CRISIL D' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 36 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Inventory Funding 9 CRISIL D (Downgraded from
Facility 'CRISIL BB-/Stable')
The downgrade reflects overutilisaltion in working capital
facility owing to weak liquidity caused by stretch working
capital cycle.
Analytical Approach
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PAPL and Patwa Abhikaran Ratlam Pvt
Ltd (PARPL). The two companies, together referred to as the Patwa
Marketing group, have common promoters, management team, and
business.
Key Rating Drivers & Detailed Description
Strengths
* Promoters' extensive experience in the automobile dealership
business in Madhya Pradesh: The promoters' extensive industry
experience has helped the group develop healthy relationship with
Mahindra & Mahindra Ltd (M&M), which has translated into
dealerships in various regions of Madhya Pradesh, and to strong
revenue growth (Rs 364 crore in fiscal 2016).
* Support from promoters through unsecured loans: The promoters
have brought in funds in the form of unsecured loans (Rs 2.5
crore as on March 31, 2016) to support the group's working
capital management, and will extend support when required.
Weakness
* Exposure to intense competition: The Patwa Marketing group
generates more than 80 % of its revenue from the sale of
vehicles. The Indian passenger car industry is highly
competitive, and has several car manufacturers in various
segments. The small and mid-sized car segments dominate the
Indian automobile market. In India, automobile makers are
constantly introducing new models and variants. The success or
failure of new launches will determine the profitability of all
players in the value chain, including dealers.
* Below-average financial risk profile: Networth was modest, at
INR17.35 crore as on March 31, 2016. Debt-funded capital
expenditure
(capex) in the past few years resulted in high gearing of 4.98
times as on March 31, 2016, and subdued interest coverage ratio
of 1.22 times in fiscal 2016.
PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr.
Surendra Patwa, a Madhya Pradesh-based businessman. The group is
an authorised dealer of passenger vehicles and light commercial
vehicles of M&M in Madhya Pradesh. The companies are managed by
Mr. Anil Sharma (CEO) with support from professionals. The group
also distributes polymer products.
For fiscal 2016, PARPL's profit after tax (PAT) was INR0.28 crore
and operating income was INR138.81 crore, against a PAT of
INR0.16 crore and operating income of INR98.98 crore in the
previous fiscal. PAPL's PAT was INR0.67 crore and operating
income was INR223.39 crore in fiscal 2016, against a PAT of
INR0.38 crore on an operating income of INR195.84 crore in the
previous fiscal.
PREMIER SYNTHETICS: CARE Reaffirms B Rating on INR9.50cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Premier Synthetics Limited (PSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 9.50 CARE B; Stable; Outlook:
Non-Cumulative Stable
Redeemable Reaffirmed
Preference Shares
Detailed Rationale & Key Rating Drivers
The rating assigned to the instruments of PSL continues to be
constrained by small scale of operations with fluctuating
profitability margins, negative net worth, and working capital-
intensive nature of operations. The rating is further constrained
by the susceptibility of profitability margins to volatile raw
material prices and presence in a highly fragmented and
competitive textile industry.
The rating also considers financial support provided by the
promoters in the form of interest free loans.
The ability of PSL to scale up its operations and improve its
profitability margins are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations coupled with revenue concentration
risk: PSL operates at small scale having a total operating income
of INR9.59 crore in FY17 vis-a-vis INR14.06 crore in FY17,
thereby registering a y-o-y decline of 31.77%. This was on
account of decline in job orders received from BBIL coupled with
PSL's inability to generate any revenue from sale of products
during FY17. In FY17 major portion of PSL's revenue is from job
orders given by Blue Blends (India) Ltd (BBIL), but in FY18 has
started supplying to various companies and has not taken up any
job work contract up till September 30, 2017. PSL reported
revenue of INR22.17 crore during H1FY18 (UA) but the PAT for the
same period was INR0.39 crores.
Susceptibility of profitability margins to volatility in input
cost: Increased power costs, higher transaction costs, volatility
in raw material prices, high cost of labor are the key factors
affecting the profitability margins of PSL.
Presence in a highly fragmented and competitive textile industry:
PSL operates in a cyclical, fragmented and commoditized industry
which is characterized by intense competition due to a large
number of players in the organized and unorganized sector.
Key Rating Strengths
Financial support provided by the promoters: The net worth of the
company has eroded over the years owing to accumulated losses
carried forward from previous years. Nevertheless, comfort can be
derived from the fact that the promoters have been supporting the
operations through infusion of funds in the form of interest-free
unsecured loans amounting to INR2.48 crores and preference shares
of INR9.50 crores.
The Company was incorporated originally as Premier Synthetics and
Processors Ltd (PSPL) in Maharashtra on 9th October, 1970 by the
original promoter Mr. B.K. Jhunjhunwala. Thereafter, it became a
sick company and in the year 1985 the controlling interest of
PSPL was acquired by Mr. Anand Arya, who has 35 years of
experience in the textile industry. The name of the company was
changed to Premier Synthetics Ltd. (PSL) in 1992. The company
operates a spinning unit located in Ahmedabad, with an installed
capacity of 55 lakh metric tonnes/annum. PSL was primarily
engaged in manufacturing of yarn on a job work basis, for its
group concern-Blue Blends (India) Limited (BBIL). BBIL
manufactures denim fabric and caters to customer base all over
India. During FY16, PSL successfully completed an open offer
pursuant to which Mr. Anand Arya ceased to be the Promoter. The
new promoters of the Company by virtue of completion of the Open
Offer are Mr. Gautamchand Kewalchand Surana, Mr. Vikram Amritlal
Sanghvi, Mr. Rajiv Giriraj Bansal and Mr. Sanjay Kumar Vinodbhai
Majethia.
PULLANI ENGINEERS: CARE Lowers Rating on INR5.91cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pullani Engineers Private Limited (PEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.91 CARE B+; Stable Revised
Facilities from CARE BB-
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
PEPL factors in the deterioration in profitability position
marked by operating-level losses, leading to significant
deterioration in the capital structure and debt coverage
indicators in FY17 (refers to the period April 1 to March 31).
The rating, further, continues to be constrained by small scale
of operations albeit moderate growth over last 3 years ended
FY17, working capital intensive nature of operations and presence
in highly fragmented and competitive industry.
The rating, however, derives strength from the company's long
track record of operations coupled with highly experienced
promoters, established relationship with well-diversified
clientele & suppliers, and commercial dealership agreement in
place with Ashok Leyland Limited (ALL).
PEPL's ability to increase the scale of operations and improve
the profitability position amidst competitive scenario and also
to improve the capital structure and liquidity position by
efficiently managing the operating cycle is the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations albeit moderate growth over last 3
years: The scale of operations of PEPL stood small with the total
operating income ranging from INR3-15 crore over FY14-FY17.
Moreover in FY17, the company commenced commercial operations of
Pullani Motors (PM) division engaged in LCVs dealership. Given
the small scale of operations, the tangible net-worth base also
stood very small.
Weak profitability position marked by operating & net losses
incurred in FY17: The PBILDT margin of PEPL stood moderate in the
range of 5-8% over FY14-FY16, given the bulkers manufacturing
nature of operations. However, the profitability position
deteriorated significantly in FY17 marked by operating & net
losses incurred due to high overhead expenses PM division on the
back of high overhead costs in the initial months of commencement
of operations.
Highly leveraged capital structure & adverse debt coverage
indicators: Led by losses in FY17, the capital structure of
PEPL significantly deteriorated and stood highly leveraged as on
March 31, 2017. Moreover, the debt coverage indicators also
deteriorated to adverse level in FY17.
Working capital intensive nature of operations: The operations of
PEPL are moderately working capital intensive in nature with
majority of funds of over 50-100 days blocked in inventory and
over 10-45 days in debtors. Given this, the operating cycle stood
relatively high in the range of 50-100 days over FY14-FY17.
Presence in competitive industry: PEPL's customers are spread
across various cities of Maharashtra, Gujarat, Karnataka and UP,
wherein it faces a fierce competition with a large number of
players in the bulkers manufacturing segment.
Moreover, the LCVs dealership awarded to PEPL by ALL is a non-
exclusive dealership, thereby increasing the competition from the
LCVs dealership market for ALL's products with other dealers, as
well as the other products manufactured by other established
players in the commercial vehicles market.
Key Rating Strengths
Long track record of operations with highly experienced
promoters: PEPL has a long track record of over 27 years in
manufacturing of bulkers and silos. The overall operations of
PEPL are primarily looked after by Mr. Baburaj Pullani who
possesses over three decades of extensive experience in
manufacturing of bulkers.
Established relationship with well-diversified clientele &
suppliers: Over the years, PEPL has established long term
relation with its customers and suppliers. Its customers belong
to various transport & logistics players in India.
Commercial dealership agreement in place with ALL: During FY17,
PEPL ventured into the business of commercial vehicles
dealership, in collaboration with ALL for its LCVs (Light
Commercial Vehicles) non-exclusive dealership (along with vehicle
kits, components & parts) in Mumbai, wherein ALL has been
authorized to market the said products manufactured by the JV
(Joint Venture) of ALL and Nissan Motors Company Limited (NMCL),
namely Ashok Leyland Nissan
Vehicles Limited (ALNVL).
Incorporated in 1989 by Mr. Baburaj Pullani and Mrs. Sreeja
Pullani, PEPL is engaged in manufacturing of bulkers and silos
applied in the construction industry. The customers of the
company belong to various transport & logistics players in India,
who are the major consumers of the bulkers. Moreover, the company
is also engaged in trading of air compressors, which are sourced
directly from China and traded in the domestic market. On the
other hand, the company procures its raw materials (for
manufacturing of bulkers) viz. iron & steel, welding electrodes,
CO2 wires, valves, drive shaft, paints, aeration tubes, and other
hardware from domestic manufacturers or traders of the same.
Further, in FY17, the company decided to venture into the
business of commercial vehicles dealership, in collaboration with
ALL for its LCVs nonexclusive dealership (along with vehicle
kits, components & parts) in Mumbai, wherein ALL has been
authorized to market the said products manufactured by the JV of
ALL and NMCL, namely ALNVL. Pursuant to this, PEPL got itself
divided into two divisions, viz. Pullani Engineers (PE, engaged
in manufacturing of bulkers and trading of air compressors) and
PM (engaged in distributorship of LCVs & parts thereof). PM
commenced its commercial operations in November 2016, whereas it
comprised 50.60% of the net sales in FY17. The PM division
possesses a showroom and a service center at Bhiwandi, one quick
service outlet & showroom at Kharghar, and one window-cum-spares
outlet at Dombivili.
PURVANCHAL AGRICO: CRISIL Reaffirms B Rating on INR2.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Purvanchal
Agrico Private Limited (PAPL) for obtaining information through
letters and emails dated October 6, 2017 and November 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 2.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 2.0 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 Purvanchal Agrico Private
Limited. This restricts CRISIL's ability to take a forward
Purvanchal Agrico 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'.
PAPL was incorporated in 2008, promoted by Mr. Om Prakash Rai and
Mr. Surya Pratap Shahi; it is based in Ghazipur, Uttar Pradesh.
The company provides cold storage and warehouse services to
farmers, merchants, and traders in a nearby mandi (market) for
potatoes, cauliflower, peas, carrots, and other farm products.
QUILON REAL: CRISIL Lowers Rating on INR4.5MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Quilon Real Industries Private Limited (Quilon) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.5 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 4.5 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Long Term 4.0 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The downgrade reflects weakening of business risk profile,
reflected in subdued operating performance during fiscal 2017:
net sales declined by 29% to INR15.58 crore while operating
margin dropped by 50 basis points to 12.7%. Ability to maintain
operating performance with improvement in operating margin will
remain a key monitorable over the medium term. Decline in
profitability led to deterioration in liquidity, reflected in
fall in net cash accrual to INR0.66 crore in fiscal 2017 from
INR1.2 crore in fiscal 2016.
The ratings reflect Quilon's modest scale of, and working
capital-intensive, operations. These weaknesses are partially
offset by extensive experience of promoters in the fabrication
and erection industry and moderate capital structure.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Revenue of INR15.6 crore for fiscal
2017 restricts ability to negotiate with customers or suppliers;
which is compounded by intense competition in the fabrication and
erection industry.
* Working capital-intensive operations: Gross current assets were
200 days as on March 31, 2017, due to stretched receivables of
106 days and moderate inventory of 76 days.
Strengths
* Extensive experience of promoters: Industry presence of more
than a decade has enabled the promoters to establish strong
relationship with major suppliers and customers.
* Moderate capital structure: Total outside liabilities to
adjusted networth ratio was moderate at 2.6 times as on March 31,
2017, due to limited reliance on bank debt.
Outlook: Stable
CRISIL believes Quilon will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher-than-expected ramp up in
operations led by healthy order book, while maintaining
profitability. The outlook may be revised to 'Negative' if low
revenue and operating margin lead to weak accrual, or if capital
structure weakens because of large, debt-funded capital
expenditure or increase in working capital requirement.
Established in 1998 by Mr. Ebrahim Mohamed Sherief and his wife,
Ms Seenath Sherief, Quilon undertakes fabrication and erection of
storage tanks, pipe lines, heaters, pressure valves, and
structures for varied industries such as chemicals, power,
petrochemicals, fertilisers, and metallurgy.
R.S. FOODS: CARE Assigns 'B' Rating to INR8cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.S.
Foods (RSF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.00 CARE B; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of RSF is constrained
by its small scale of operations along with low profitability
margins and working capital intensive nature of operations. The
rating is further constrained by leveraged capital structure,
susceptibility of margins to fluctuation in raw material prices &
monsoon dependent operations, partnership nature of constitution,
and highly competitive & fragmented nature of industry coupled
with high level of government regulations. The rating, however,
derives strength from experienced partners and location
advantage.
Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and the
overall solvency position would be the key rating sensitivities.
Detailed description of the key rating drivers
Weaknesses
Small scale of operations along with low profitability margins
Owing to limited track record of operations, the firm's scale of
operations has remained small marked by Total Operating Income
(TOI) of INR25.16 crore in FY17.The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.
Furthermore, the profitability margins of the firm continued to
remain low marked by PBILIDT margin and PAT margin of 3.59% and
0.95% respectively in FY17 due to its presence in highly
fragmented and competitive industry.
Leveraged capital structure: The capital structure of the firm
stood leveraged with overall gearing ratio of 8.85x as on
March 31, 2017 mainly on account of debt funded capex undertaken
by the firm. Additionally, net worth base stood low which also
resulted in leveraged capital structure. . Furthermore, the total
debt to GCA ratio stood weak at 23.84x for FY17 however, the
interest coverage ratio stood moderate at 2.04x in FY17.
Working capital intensive nature of operations: The operating
cycle of the firm stood at 62 days for FY17 (PY:30 days). The
firm maintains adequate inventory in the form of raw material and
finished goods to ensure smooth production process and to meet
immediate demands of customers. The firm also offers a credit
period of up to one month to its customers. The average
utilization of the working capital limits remained at ~75% for
the last 12 months period ended October 2017.
Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Adverse climatic conditions can affect their availability and
leads to volatility in raw material prices. Any sudden spurt in
the raw material prices may not be passed on to customers
completely owing to firm's presence in highly competitive
industry.
Partnership nature of constitution: RSF's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.
Strengths
Experienced partners: RSF is currently being managed by Mr. Ram
Lal Singla and Mr. Atul Singla. Mr. Ram Lal Singla has a work
experience of around three decades in the rice industry as a
partner in Anand Rice Mills and in the textile industry as a
partner in Gupta Cloth House. Mr. Atul Singla has a work
experience of two years through his association with RSF only.
Location advantage: RSF's manufacturing unit is located in
Karnal, Haryana which is one of the hubs for paddy/rice, leading
to its easy availability which is the key raw material for the
processing of rice. The unit is also in proximity to the grain
market resulting in procurement at competitive rates.
R.S. Foods (RSF) was established in April, 2015 as a
proprietorship firm by Mr. Satish Kumar. The constitution was
converted into a partnership firm in April 2016 and is currently
being managed by Mr. Ram Lal Singla and Mr. Atul Singla as its
partners sharing profit and losses equally. The firm is engaged
in processing of paddy and trading of rice at its manufacturing
facility in Karnal, Haryana with an installed capacity of
processing 2880 tonnes of paddy per annum as on November 6, 2017.
Trading of rice constituted 20% of the total operating income in
FY17. However, trading constituted major proportion of income in
FY16. The machineries were taken on lease in FY16 and the firm
had set up the processing facility of its own in FY17 only. RSF
sells basmati and non-basmati rice directly to various
wholesalers all over India. The raw material, primarily paddy, is
procured from grain markets in Haryana, Uttar Pradesh and Madhya
Pradesh.
RAM AABHOSHAN: CARE Assigns B+ Rating to INR15cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ram
Aabhoshan (RAB), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15.00 CARE B+; Stable Assigned
Detailed rationale& Key Rating Drivers
The ratings assigned to the bank facilities of RAB are
constrained on account of its consistent decline in its scale of
operations coupled with thin profit margins, weak debt protection
metrics and moderate liquidity position. Further, the ratings
also remained constrained due to proprietorship nature of
constitution, presence in highly fragmented and competitive
nature of industry with presence of many unorganized players and
risk associated with fluctuations in gold prices.
The ratings, however, derives strength from vast experience of
proprietor and comfortable capital structure. Further, RAB's
ability to increase its scale of operations with improvement in
profitability, capital structure and debt coverage indicators
along with better working capital management will be the key
rating sensitivities.
Detailed description of key rating drivers
Key Rating Weaknesses
Proprietorship nature of constitution: Being a proprietorship
firm, RAB is exposed to inherent risk of proprietor's capital
being withdrawn at time of personal contingency, and firm being
dissolved upon the death /insolvency of proprietor.
Consistent decline in its scale of operations coupled with thin
profit margins: The scales of operations are declining
consistently for the past three years ended FY17. During FY17
(A), RAB registered de-growth of 68.50% in its TOI to INR93.44
crore. Further, due to low value addition nature of operations
margins stood very low as marked by PBILDT margin of 1.41% and
PAT margin of 0.22% in FY17 (A).
Weak debt protection metrics: The debt coverage indicators of RAB
stood weak marked by an interest coverage ratio of 1.22 times
during FY17 (A) which was in line as compared to previous year
while total debt to GCA stood weak at 31.16 times as on March 31,
2017 (A).
Moderate liquidity position: The liquidity position stood
moderate marked by current ratio of 2.88 times as on March 31,
2017 as compared to 1.88 times as on March 31, 2016. However, the
quick ratio continues to remain below unity as on March 31, 2017
owing to higher inventory level maintained by the firm. During
FY17 (A), operating cycle has elongated to 70 days on account of
increase in inventory and collection period.
Presence in highly fragmented and competitive nature of industry
with presence of many unorganized players: RAB operates in the
gold jewellery industry which is highly fragmented in nature with
presence of numerous independent small-scale enterprises in
unorganized sector and some of the large players in organized
sector owing to low entry barriers due to minimal capital
required, access to purchase of gold and easy access to clients
and suppliers leading to high level of competition.
Risk associated with fluctuation in gold prices: Fluctuation in
the gold prices impacts margins of players operating in gems &
jewellery industry and the changes in the gold prices could
impact the profitability to the extent of RAB's inventory holding
which is long in nature.
Key Rating Strengths
Vast Experience of proprietor: RAB has been established by
Mr.AvadhBihari as a proprietorship firm and he is holding total
experience of more than four decade in the same line of business.
Comfortable capital structure: The capital structure of RAB stood
comfortable marked by an overall gearing ratio of 0.60x as on
March 31, 2017 (A) which has improved as compared to 1.15x as on
March 31, 2016 (A) due to increase in networth base as well as
lower debt level as on balance sheet date.
Agra (Uttar Pradesh) based Ram Aabhoshan (RAB) is a
proprietorship firm established in May, 2009 by Mr. AvadhaBihari.
RAB is engaged into manufacturing and trading of gold and silver
jewelleries. Initially, all the operations of business were held
under the firm name MukundJewellers, however the firm was renamed
as Ram Aabhoshan in the year 2009.
RAVINDRA RICE: CARE Assigns B+ Rating to INR16.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ravindra Rice and General Mills (RRGM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 16.50 CARE B+; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of RRGM is constrained
by its small scale of operations with low profitability margins,
elongated operating cycle, leveraged capital structure and weak
debt coverage indicators. The rating is also constrained by
susceptibility to fluctuation in raw material prices and monsoon
dependent operations, fragmented nature of industry coupled with
high level of government regulation and partnership nature of
constitution. The rating, however, derives strength from
experienced partners and favourable location of plant.
Going forward, the ability of the firm to scale-up its operation
while improving its overall solvency position and efficient
management of working capital requirements would remain the key
rating sensitivities.
Detailed description of the key rating drivers
Weaknesses
Small though growing scale of operations with low profitability
margin
The firm's scale of operations has remained small marked by a
total operating income and gross cash accruals of INR48.28 crore
and INR0.44 crore respectively during FY17 (refers to the period
April 01 to March 31). The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits. Furthermore, the profitability margins of the
firm stood low marked by PBILDT margin and PAT margin of 5.39%
and & 0.53%, respectively, in FY17.
Elongated operating cycle
The operating cycle of the firm stood elongated at 222 days for
FY17. The firm is required to maintain adequate inventory of raw
material and finished goods. Furthermore, the firm provides
credit period of around one month to its customers. The average
utilization of the cash credit limit stood at ~90% for the last
12 months period ended October 2017.
Leveraged capital structure and weak debt coverage indicators
The capital structure of the firm stood leveraged with overall
gearing ratio of 11.88x as on March 31, 2017 mainly on account of
firm's high dependence upon borrowings to meet various
requirements of business. Furthermore, the debt coverage
indicators remained weak characterized by interest coverage ratio
of 1.20x in FY17 and total debt to GCA ratio of 66.87x for FY17.
Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices.
Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the concentration of rice millers around the paddy-
growing regions makes the business intensely competitive.
Additionally, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.
Partnership nature of constitution: RRGM's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.
Strengths
Experienced partners: RRGM was established in 1998. The firm is
currently being managed by Mr. Ravinder Kumar Girdhar and
MrSanjeev Kumar Girdhar. Mr. Ravinder Kumar and Mr. Sanjeev Kumar
Girdhar have an industry experience of around 40 years and 20
years, respectively, through their association with RRGM and
other group concern - Ravindra Trading Company (RTC).
Favorable manufacturing location: RRGM's manufacturing unit is
located in Fazilka, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability of raw material. The
presence of RRGM in the vicinity of paddy producing regions gives
it an advantage over competitors operating elsewhere in terms of
easy availability of the raw material as well as favorable
pricing terms.
Ravindra Rice and General Mills (RRGM) was established in 1998 as
a partnership firm. It is currently being managed by Mr. Ravinder
Kumar Girdhar and MrSanjeev Kumar Girdhar sharing profit and
losses equally. The firm is engaged in processing of paddy at its
manufacturing facility located in Fazilka, Punjab with an
installed capacity of processing 1,460 tonnes of paddy per annum
as on March 31, 2017.
RSD OVERSEAS: CARE Lowers Rating on INR10cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
RSD Overseas, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Over 10 CARE B; ISSUER NOT
Draft COOPERATING Issuer Not
Cooperating; Revised
from CARE B+
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RSD Overseas to monitor
the rating(s) vide e-mail communications/ letters dated dated
September 7, 2017, September 5, 2017, August 22, 2017 etc. and
numerous phone calls. However, despite our 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.In line with the extant SEBI guidelines CARE's rating on
RSD Overseas's 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). The rating has been revised by taking into
account non-availability of information and no due-diligence
conducted due to non-cooperation by RSD Overseas with CARE'S
efforts to undertake a review of the rating outstanding. CARE
views information avaibility risk as a key factor in its
assessment of credit risk.
Detailed description of the key rating drivers
At the time of last rating on November 7, 2016 the following were
the rating strengths and weaknesses.
Key rating weakness
Small scale and short track record of operations The firm
commenced its commercial operations in October 2014 reflecting
short track record of operations. Furthermore the scale of
operations has remained small marked by a total operating income
and gross cash accruals of INR3.17 crore and INR0.02 crore
respectively for FY15 (FY refers to 6 months from October'2014 to
March 31, 2015). Further, the capital base of the firm also
remained low at INR0.81 crore as on March 31, 2015. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits. In FY16 (FY16 refers to
period from April 1, 2015 to March 31, 2016, based on provisional
results) firm has achieved total operating income of INR8.51
crore (as per provisional results).
Low profitability margins and leveraged capital structure
Considering the trading nature of activities where value addition
is inherently limited, the profitability margins of the firm
remained low in FY15 as reflected by PBILDT margin of 0.81%. In
FY16, the PBIDLT margin showed an improvement to 3.85% mainly on
account of economies of scale and change in the product mix. The
firm dealt in high margins goods during FY16. Further, PAT
margins also improved in FY16 over FY15 and stood moderate at
1.15%. The capital structure of the firm stood leveraged mainly
on account of high dependence on external borrowing to meet its
working capital requirement coupled with low partners' capital.
Overall gearing ratio of 2.58x as on March 31, 2016. Further, the
coverage indicators of the firm remained weak marked by interest
coverage ratio and total debt to GCA of 1.43x and above 40x
respectively for FY16.
Foreign exchange fluctuation risk: The firm operations are
dependent on the export market as firm's revenue is mainly driven
by the overseas market than the domestic market. The traded goods
are completely purchased in the domestic market. With initial
cash outlay for sales in domestic currency and significant chunk
of sales realization in foreign currency, the firm is exposed to
the fluctuation in exchange rates which it doesn't hedge.
Highly competitive nature of industry & low entry barriers: The
commodity nature of the product makes the industry highly
competitive, with numerous players operating in the unorganized
sector with very less product differentiation. Due to low entry
barriers in the industry and low value added nature of products,
high competition is the inherent risk associated with the
industry.
Business susceptible to the vagaries of nature: Firm is engaged
in trading of rice and other agro based product such as spices,
pickles. Rice being mainly a 'kharif' crop is a seasonal 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 the price of rice. Since there is a long time lag
between raw material procurement and liquidation of inventory,
the company is exposed to the risk of adverse price movement
resulting in lower realization than expected.
Key rating strength
Experienced partners in trading and processing of rice: The
operation of RSD is currently managed by Mr. RajuGoel, Mr.
AnkitGoel. MrRajuGoel has an overall experience of more than 15
years in the trading and processing rice through his association
with other associate entity named "Sri Garakhnath Rice mill"
(engaged in processing of rice, established in 1984). He is
supported by Mr. AnkitGoel in managing the overall operations of
the firm who is associated with RSD since inception.
Uttar Pradesh based RSD Overseas (RSD) was established as a
partnership firms in 2013 by Mr. RajuGoel and Mr. AnkitGoel
sharing profits and loss in the ratio equally. However, the firm
commenced its operations in October 2014. The firm is engaged in
trading of rice and other FMCG products such as spices, desi
ghee, pickels etc. RSD procures trading goods from various
players such as Mukul Industries, REI agro limited, Shivalika
packaging industries etc located in Delhi, Punjab, Haryana and
Uttar Pradesh. It sells its products to overseas market such as
Dubai, USA, Turkey etc.The firm has an associate concerns namely
"Shri Guru Gorakhnath Rice mill" engaged in processing of rice.
SAI OVERSEAS: CARE Assigns B- Rating to INR10.60cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sai
Overseas (SAO), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.60 CARE B-; Stable Assigned
Short-term Bank
Facilities 4.00 CARE A4 Assigned
Detailed rationale and key rating drivers
The ratings assigned to the bank facilities of SAO are
constrained by its small scale of operations with losses at
PBILDT level, stabilization risk associated withnewly setup debt
funded green field project,Working capital intensive nature of
operations,The ratings are further constrained byexposure to raw
material price volatility,foreign exchange fluctuation riskand
constitution of the entity being a partnership firm. The ratings,
however, derive strength from experienced partners.
Going forward ability to increase the scale of operations while
improving profitability margins and overall solvency position
would be the key rating sensitivity.
Detailed description of the key rating drivers
Weaknesses
Small scale of operations with losses at PBILDT level: Owing to
short track record of operations, the firm's scale of operations
has remained small marked by Total Operating Income (TOI) of
INR0.55 crore in FY17 and net-worth base of INR3.01 core as on
March 31, 2017. The small scale limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
Also, SAO incurred losses both at PBILDT and cash levels in FY17.
The firm had PBILDT margin of (-)5.49% in FY17 on account of high
operational cost. Consequently, firm incurred cash losses of
INR0.04 core in FY17.
Stabilisation risk associated with newly setup debt funded green
field project: The first phase of plant commenced operations in
December 2016; however, the full commercial operations started in
November 2017. Post project implementation risk in the form of
stabilization of the manufacturing facilities to achieve the
envisaged scale of business and salability risk associated with
the products in the light of competitive nature of industry
remains crucial forSAO. During the initial phases of operations,
the capital structure of the firm is expected to remain leveraged
characterized by high overall gearing of over two times due
tocapex term loans and low capital base. SAO has leveraged
capital structure marked by overall gearing ratio of 2.18x as on
March 31, 2017 And stressed debt coverage indicators on account
of losses incurred in the initial year of operations.
Working capital intensive nature of operations: The firm has
working capital intensive nature of operations as reflected by
high working capital utilization of almost full for the last 4
months period ended October 2017. The firm manufactures different
types of home furnishing items (Carpets, rugs , bathmats and
towels etc) resulting in normally high requirement of raw
materials like different type of yarn(cotton and chenille yarn)
etcwhich also lead to high work in process inventory and also has
to maintain adequate level of inventory to maintain smooth
production process. Also being a manufacturer the firm needs to
maintain the inventory of finished goods to meet the immediate
demand of its customers. The firm has to offer reasonable credit
period (around 90 days) to its customers due to highly
competitive nature of industry. All this leads to high working
capital requirements.
Exposure to raw material price volatility: The entities in
textile industry are susceptible to fluctuations in raw material
prices. Cotton (one of the main raw material) being an
agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods. It
being a product of international importance, its price is very
volatile depending on the demand-supply situation in the global
markets. The price of other raw material, i.e. acrylic yarn is
linked to that of crude oil. Thegeneral volatility in the crude
oil prices also has an impact on the price of this product. Any
sudden spurt in these raw material prices might not be passed on
to the end customers, instantly, on account of highly fragmented
and competitive nature of the industry, which could lead to
decline in profitability margins.
Foreign exchange fluctuation risk: The firm is engaged in
manufacturing of textile products and majorly exports to USA , UK
and Dubai with income from exports constituting around 95% of
total income in FY17 . With initial cash outlay in domestic
currency and major chunk of sales realization in foreign currency
and in the absence of any hedging mechanism, the firm is exposed
to sharp appreciation in the value of rupee against foreign
currency which may impact its cash accruals SAO constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.
The firm is currently being managed by Mr Rajbir Singh, Siddharth
Jaglan and Mrs KusumJaglan who have an experience ranging from 5
years -35 years in the textile industry and poultry industry
which they gained through association with SAO, group concern
Vijay Breeding Farm & Hatcheries and various other entities. The
firm is also supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.
Sai Overseas (SAO) is a partnership firm established in March,
2016 by Mr. Rajbir Singh, SiddharthJaglan and MrsKusumJaglan
sharing profit and loss in ratio of 3:14:3 respectively. The firm
commenced operations in December, 2016 with partial completion of
project. The project got fully completed inNovember 2017.
SAO is engaged in the manufacturing of textile products (mainly
home furnishing products) such as carpets , floor rugs , bathmats
and towels etc at its manufacturing facility located at Karnal,
Haryana. The firm majorly exports to wholesalers based in USA ,
UK and Dubai with income from exports constituting around 95% of
total revenue in FY17. SAO mainly requires cotton and chenille
yarn as raw materials which are procured from wholesalers based
in Haryana. The firm is having one group concern namely Vijay
Breeding Farm & Hatcheries which is engaged in poultry farming
business since 1994.
SAMAY PROJECT: CRISIL Reaffirms B+ Rating on INR1.65MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Samay
Project Services Private Limited (SPSPL) for obtaining
information through letters and emails dated October 6, 2017 and
November 3, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 6.25 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 0.60 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 1.65 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 Samay Project Services Private
Limited. This restricts CRISIL's ability to take a forward Samay
Project Services 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'.
SPSPL was set up in 1991 as a partnership firm and reconstituted
as a private limited company with the current name in 2001. It
undertakes engineering, procurement, and construction of fire
protection systems on a turnkey basis. Mr. Anand Rajgopal is the
promoter.
SANGAM RICE: CRISIL Reaffirms B Rating on INR11MM Whse Receipts
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sangam
Rice Private Limited (SRPL) for obtaining information through
letters and emails dated October 6, 2017 and November 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 0.55 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Term Loan 1.45 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Warehouse Receipts 11.00 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 Sangam Rice Private Limited.
This restricts CRISIL's ability to take a forward Sangam Rice
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'.
SRPL, set up in 2008, mills, processes, and markets rice. Its
plant is in Patran, Punjab. The company is managed by Mr. Sanjiv
Kumar and Mr. Deepak Garg.
SKYLINE ENGINEERING: CRISIL Reaffirms D Rating on INR27.12MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Skyline Engineering Contracts India Private Limited
(SECPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 25.13 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 27.12 CRISIL D (Reaffirmed)
Working Capital
Demand Loan 3.75 CRISIL D (Reaffirmed)
The ratings continue to reflect some instances of delay in
interest payment on working capital demand loan, due to weak
liquidity.
The company also has a weak capital structure, modest scale of
operations in the intensely competitive civil construction
industry, and large working capital requirement. However, it
benefits from the extensive experience of its promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in servicing interest: The company has delayed paying
interest on working capital demand loan in some instances on
account of stretched liquidity.
* Weak financial risk profile: Gearing is estimated to be high at
over 5.6 times and networth small at just over INR5 crore, as on
March 31, 2017. However, debt protection metrics were adequate,
with interest coverage and net cash accrual to adjusted debt
ratios of 2.9 times and 0.17 time, respectively, in fiscal 2017.
* Modest scale of operations: Though SECPL has been in the same
business for the past 29 years, scale remains small, reflected in
operating income of around INR99 crore in fiscal 2017; which
restricts ability to bid for large projects. This is compounded
by intense competition in the civil construction industry that
has low entry barrier.
* Stretched liquidity due to working capital-intensive
operations: Gross current assets were over 470 days as on
March 31, 2017, due to high credit of over 370 days extended to
customers. However, management is trying to manage the same by
reducing debtors.
Strength
* Extensive experience of promoters: Presence of around 35 years
in the construction business has enabled the promoters to develop
healthy relationship with customers.
Established as a partnership firm, Skyline Construction Company,
in 1985 by the late Mr. Jugal Kishore Guliani and reconstituted
as a private limited company in 1991, SECPL is promoted by Mr.
Jugal Kishore Guliani's son, Mr. Ashok Kumar Guliani. The company
constructs buildings across the residential, commercial, and
industrial segments. Registered office is in New Delhi.
SONI TRADERS: CARE Downgrades Rating on INR60cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Soni Traders, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 60.00 CARE D Revised from
Facilities CARE BB+; Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facility of
Soni Traders takes into consideration the ongoing delays in debt
servicing by the firm.
Detailed description of the key rating drivers
Key Rating Weakness
Issues in working capital management leading to overdraws in the
cc account: During FY17 Soni Traders had an average collection
period of 97 days alongside an average inventory holding period
of 7 days which mainly includes inventory in transit and at port.
The average creditor period stood at 71 days. However, lately the
firm has been facing a slowdown in sales due to demonetization &
GST, leading to inability to manage the working capital
requirements efficiently leading to continuous overdrawal in the
CC account and delay in interest servicing.
Key Rating Strengths
Experienced and Resourceful Promoters: Soni Traders, promoted by
MR. P.L. Soni has extensive experience in supplying bitumen in
India. Mr. Soni has more than 20 years of experience in trading
of bitumen and has a deep understanding of the construction
industry. Moreover, the promoters of the firm are resourceful and
have infused capital in the firm over the years as and when
required. The additional capital infused by the promoters over
the past three years was INR7.54cr, INR10.47cr & INR3.34cr
respectively.
Soni Traders was constituted as a sole proprietorship firm in
2004 and later in October 2015 was reconstituted as a partnership
firm with Mr. P.L. Soni and Mrs. Munni Devi Soni as partners. The
firm is engaged in the business of trading of Bitumen products
such as Industrial Bitumen, Bitumen 80/100, Black Bitumen,
Industrial Cutback bitumen etc. Bitumen is a common binder used
in road construction. It is principally obtained as a residual
product in petroleum refineries after higher fractions like gas,
petrol, kerosene and diesel, etc., are removed. The Managing
Partner of the firm Mr. P.L. Soni has more than 20 years of
experience and deep understanding of the construction industry
through his firm Soni Traders.
SPRAY ENGINEERING: CARE Assigns B+ Rating to INR21cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Spray
Engineering Devices Limited (SEDL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 21.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 17.00 CARE A4; Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SEDL are primarily
constrained by the history of past delays, debt restructuring and
fluctuating profitability margins. The ratings are further
constrained by working capital intensive nature of operations,
fortunes linked to the Sugar Industry and susceptibility of
margins to adverse fluctuations in the foreign currency and raw
material prices.
The ratings, however, derive strength from the long track record
of operations with experienced promoters,established business
relations with the customers, healthy scale-up of operations in
the recent past, comfortable solvency position and healthy order
book position.
Going forward, SEDL's ability to increase its scale of operations
while sustaining the profitability margins, timely execution of
the order book along with efficient management of the working
capital requirements will remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
History of past delays, debt restricting and working capital
intensive nature of operations: There were instances of delay in
the repayment of the term debt obligation by the company, till
Jul-2017, attributable to the tight liquidity position leading to
cash flow mismatch. Furthermore, due to continued losses leading
to tight liquidity position, the debt of the Company was
restructured in March-2013. However, the loans covered under
restructuring stand completely repaid. Also, the operations of
the company have remained working capital intensive in nature as
depicted by the high working capital limit utilization levels of
more than 90% in the last 12 months, ended July-2017.
Fluctuating profitability margins: The PBILDT margins of the
company have remained fluctuating in the past. Though the PBILDT
margins improved from (-) 1.57% in FY15 to 12.7% in FY16, the
same declined to 9.17% in FY17. The profitability margins of the
company depends on various factors like various types of orders
executed, sales mix and clientele of the company. Going forward,
the ability of the company to sustain its profitability margins
at a satisfactory level will remain a key rating sensitivity.
Fortunes linked to the Sugar Industry: SEDL's products find
application in the sugar industry which is cyclic in nature.
Sugarcane is the key raw material used for the manufacturing of
sugar and sugar-related products. The availability and yield of
sugarcane depends on factors like rainfall, temperature and soil
conditions, demand-supply dynamics, government policies, etc. The
seasonality of the business has significant impact on the
profitability and sustainability of sugar mills which can have an
impact on the profitability and sustainability of companies like
SEDL.
Exposure to foreign currency fluctuation risk and volatility in
raw material prices: The margins of SEDL are vulnerable to
adverse fluctuation in the foreign exchange rates. In FY17, the
company received ~17% of its income (close to INR26.08 Cr.) from
exports while the imports amounted to 4% of raw material cost
(close to INR2.46 Cr.). Though the same provides natural hedge to
some extent, the profitability margins of the company remain
susceptible to any adverse fluctuations in the foreign currency
rates, for the unhedged portion. Furthermore, the major raw
materials required for the operations of the company is steel,
prices of which are fluctuating in nature and move in tandem with
global demand-supply factors. The same can also impact the
profitability margins of the company going forward.
Key Rating Strengths
Experienced promoters with established business relationship with
customers: The promoters of the company are having an extensive
experience of 25 years through their association with SEDL and
prior engagements in the sugar industry. Additionally, the
promoters are supported by a team of experienced and qualified
professionals highly experienced in the technical, finance and
marketing fields. Furthermore, SEDL's established track record of
operations has enabled the company to establish strong business
relationships with its clientele in the market, which has led to
repeat orders.
Furthermore, SEDL holds a number of intellectual assets both at
national and international level which gives the company
competitive advantages over its competitors.
Healthy scale-up of operations and strong order book position: On
the back of increased orders, the operating income of the company
has grown at a healthy rate of ~106% in FY17. The growth has
continued in FY18 also. In H1FY18 (Prov.), the income of the
company has more than doubled to 192.11 Cr. (compared to 91.08
cr. in the same period last year). The company has a strong order
book position marked by unexecuted order book of 151.10 Cr., as
on September 20, 2017. The orders are projected to be executed by
2-23 months.
Comfortable overall solvency position: The solvency position of
the company has shown an improving trend in the past and remained
at a comfortable position as on March 31, 2017.
Spray Engineering Devices Limited (SEDL) was formed by merger of
two partnership firms, namely Spray Engineering Devices (started
in 1992) and C&C Systems in FY05. SEDL is promoted by Mr.
VivekVerma and Mr. PrateekVerma, having it's cooperate office at
Mohali, Punjab and three manufacturing units in Baddi, Himachal
Pradesh, with an installed capacity of processing 50 tonnes sheet
metal per day. The Company is engaged in the manufacturing of
cooling and condensing system, its automation and energy saving
equipments (majorly used in the Sugar Industry) and is also a
turnkey supplier for the sugar plants.
SUPER FLOORINGS: CRISIL Assigns B+ Rating to INR6.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Super Floorings Private Limited (SFPL)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 5 CRISIL A4 (Assigned)
Buyer' Credit 6.5 CRISIL B+/Stable (Assigned)
Cash Credit 4 CRISIL B+/Stable (Assigned)
The rating reflects the modest scale of operations in the
competitive industry and large working capital requirements.
These rating weaknesses are partially offset by an extensive
experience of SFPL's promoters the polyvinyl chloride (PVC)
sheets manufacturing business and the company's average financial
risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations, reflected in
revenue of INR18 crore in fiscal 2017, remain modest in the
highly competitive industry.
* Large working capital requirements: SFPL has large working
capital requirement driven by gross current assets of 202 days as
on March 31, 2017, owing to high credit extended to customers.
This further leads to full utilization of the bank lines.
Strengths
* Extensive experience of promoters: SFPL has been present in the
the polyvinyl chloride (PVC) sheets manufacturing business since
the past three decades. Over the years, the promoters have
established strong relationships with customers and suppliers.
* Average financial risk: Financial risk profile is average
marked by capital structure of 1.35 time, interest coverage of
1.6 times and net cash accrual to adjusted debt of 0.11 time in
fiscal 2017.
Outlook: Stable
CRISIL believes SFPL will continue to benefit over the medium
term from promoters' experience. The outlook may be revised to
'Positive' in case of substantial increase in revenue and
profitability margins leading to large cash accruals while
improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
revenue or operating margin, stretched working capital cycle, or
large debt-funded capital expenditure weakens the financial risk
profile, especially liquidity.
Incorporated in 1988, Super Floorings Pvt Ltd (SFPL) was promoted
by Mr. Ish Anand. The company is engaged into manufacturing of
PVC sheets, PVC leather sheets, PVC Automotive Products and EVA
sheets.
SYBLY INDUSTRIES: CRISIL Keeps B- Ratings on Watch Developing
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sybly Industries
Limited (SIL; a part of the Sybly group) remains on 'Rating Watch
with Developing Implications'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 11 CRISIL B- (Continues on
'Rating Watch with
Developing Implications')
Proposed Long Term 4 CRISIL B- (Continues on
Bank Loan Facility 'Rating Watch with
Developing Implications')
The rating was placed on watch on August 28, 2017 following
demerger announcement of SIL's wholly owned subsidiary, Sybly
International FZE (SI); the demerger was expected to be completed
by October 2017. With the demerger of SI, a new company would be
formed namely, Space Incubatrics Technologies Ltd.
Also, the two other companies of SIL's promoters namely Vartex
Fabrics Pvt. Ltd and Dux Textiles Pvt. Ltd are in the process of
getting merged with SIL. The purpose of the merger is to achieve
greater efficiencies in operations with optimum utilization of
resources, better administration and reduced cost.
The scheme of arrangement among SIL (Demerged Company/ Transferee
Company) and Space Incubatrics Technologies Limited (Resulting
Company) and Vartex Fabrics Private Limited (Transferor Company
1) and Dux Textiles Private Limited (Transferor Company 2) and
their respective shareholders is still pending in NCLT (National
Company Law Tribunal).
CRISIL is closely monitoring the outcome of the demerger and the
merger of two of the group companies and its implications on the
business and financial risk profiles of the company. The rating
will be removed from watch and a final rating action taken once
CRISIL has more clarity regarding the demerger and merger.
Analytical Approach
For arriving at the rating, CRISIL combines the business and
financial risk profiles of SIL and its wholly owned subsidiary,
SI, together referred to herein as the Sybly group.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in fragmented textiles industry:
Despite being in the textile industry for over 25 years, the
group's operations are small with income of INR83.17 crore in
fiscal 2017. This prevents the group from exploiting economies of
scale and limits the pricing power with suppliers and customers,
adversely impacting the working capital cycle and operating
margin.
* Susceptibility to fluctuations in raw material prices: The
operating margin will remain susceptible to the price of
Polyester Staple Fibre, which is a crude derivative and the major
raw material.
* Working capital-intensive operations and high bank limit
utilisation: Liquidity is constrained by debtors of over 180
days, worth INR2.01 crore, as on March 31, 2017. However,
liquidity is supported by unsecured loans extended by promoters,
which will remain in the business over the medium term. Liquidity
will remain dependent on debtor realisations, in absence of the
same, the profile will remain stretched.
Strength
* Experience of promoters: Benefits from the promoters'
experience (over 30 years) and established strong relationships
with dealers, suppliers and customers should continue to support
the business.
SIL, established in May 1988, is promoted by Mr. Mahesh Chand
Mittal and his son, Mr. Nishant Mittal. It manufactures polyester
yarn and trades in cotton fabrics. Its wholly owned subsidiary,
SI, trades in mild steel products. SIL's plant is at Muradnagar
in Ghaziabad, Uttar Pradesh; SIL is listed on the Bombay Stock
Exchange.
UNITED INFRA: CRISIL Assigns B+ Rating to INR15MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of United Infra (UI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B+/Stable (Assigned)
The rating reflects UI's estimated working capital-intensive
operations and modest scale of operations in the intensely
competitive civil construction industry. These weaknesses are
partially offset by moderate order flow and above-average
financial risk profile.
Key Rating Drivers & Detailed Description
Weakness
* Expected working capital-intensive operations: operations are
expected to be highly working capital intensive driven by high
debtor days due to retention money. Whereas inventory days will
be moderate and funding support will come from moderate creditors
days. Being in civil contract industry generally debtor's days
remains on higher side as collection from various departments
remains challenging for all companies.
* Expected modest scale of operations and intense competition: As
operations commence in September 2017 it is expected to remain at
modest level. It is currently having order book in hand for
INR87.0 Cr and which it is required to carry out by end of
September 2018.
Strengths
* Medium term revenue visibility: UI is having INR87.0 Cr through
subcontracting to carry out project in medium term. This gives
company revenue visibility and will support business risk profile
of Company.
* Partners experience through their business background: The
partners Mr. Aditya Munjal and Mr. Shamim Alam belongs to
business background through their family business and other
concerns, due to this they have acquired initial order book from
other civil contractors and the experience is expected to support
the business risk profile over the medium term.
Outlook: Stable
CRISIL believes UI will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if substantial increase in revenue and
profitability along with prudent working capital management and
timely stabilisation of operations strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected revenue and profitability, delay in starting
of full-fledged commercial operations, or sizeable working
capital requirement weakens financial risk profile.
UI was set up in September 2017 as a partnership firm by Mr.
Aditya Munjal and Mr. Shamim Alam. The Delhi-based firm
constructs roads and bridges, and maintains roads. Commercial
operations started in November 2017.
VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Vardhman Rice
Exports Private Limited (VREPL) for obtaining information through
letters and emails dated October 6, 2017 and November 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 2.83 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Warehouse Receipts 2.17 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 Vardhman Rice Exports Private
Limited. This restricts CRISIL's ability to take a forward
Vardhman Rice Exports 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'.
Established in 2013 by Mr. Prem Chand, Mr. Sunil Kumar, Mr. Hans
Raj, and Mr. Raj Kumar, VREPL mills basmati rice. Its
manufacturing unit in Patran, Punjab, has milling and sorting
capacities of 4 tonne per annum each.
VEEPEE COTEX: CARE Assigns B Rating to INR5.91cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Veepee
Cotex Corporation (VCC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 5.91 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of VCC is constrained
on account of nascent and small scale of operation with low
capitalization, low profit margins, leveraged capital structure
and weak debt coverage indicators and working capital intensive
nature of operations. The rating is further constrained by its
operations in highly fragmented and competitive cotton ginning
industry and susceptibility of operating margins to volatile
cotton prices, seasonality associated with cotton and changes in
the government policies.
The rating, however, derives strength from the experience of the
promoters. Ability of the company to increase the overall scale
of operations and improve profitability and capital structure
amidst intense competition and efficient management of working
capital requirement are the key rating sensitivities.
Detailed description of Key rating drivers
Key rating Weakness
Nascent and small scale of operations coupled with low
capitalization & weak debt coverage indicators: The entity's
commercial operations have started from Nov, 201 resulting in low
capitalization. VCC's capital structure and debt coverage
indicators remained leveraged owing to low networth base, losses
in past and high dependence on external borrowings. Debt coverage
indicators also remained weak owing to the same and low profit
levels.
Working capital intensive nature of operation: Operation of
cotton business is highly seasonal in nature, as the sowing
season is during April to July and harvesting season is spread
from October to March. Hence, the working capital utilization is
high during peak season i.e. November to May; while in rest of
the months it is comparatively low. Further, company also
procures raw cotton on cash basis from farmers, however extends
around 7 to 10 days credit period to its customers. Further due
to the same VCC's operations are working capital intensive. The
utilization of working capital limits remains high during the
peak season (Nov to May) and same remains moderate during off
season.
Operating margins are susceptible to cotton prices fluctuation
and seasonality associated with cotton: Being an agro commodity,
cotton is highly seasonal in nature. Prices of raw cotton are
highly volatile in nature and depend upon various factors such as
area under production, yield for the year, international demand
supply scenario, export quota decided by the government and
inventory carry forward of last year. Further, due to the
seasonality, company usually have to procure the raw materials in
significantly higher volumes, resulting in long inventory holding
period. Thus, aggregate effect of above factors results in
exposure of VCC to price volatility risk.
Presence in highly fragmented industry: The company is engaged in
the ginning and pressing of cotton which involves very limited
value addition and hence results in thin profitability. Moreover,
on account of large number of units operating in cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers.
Prices for cotton are highly regulated by government: The company
is engaged in the ginning and pressing of cotton which involves
very limited value addition and hence results in thin
profitability. Moreover, on account of large number of units
operating in cotton ginning business, the competition within the
players remains very high resulting in high fragmentation and
further restricts the profitability. Thus, ginning players have
very low bargaining power against its customer as well as
suppliers.
Susceptibility to adverse changes in regulation by government:
The cotton prices in India are highly regulated by government
through MSP (Minimum Support Price) decided every year, though
due to huge demand supply mismatch the prices have rarely been
below the MSP. Moreover, exports of cotton are also regulated by
government to suffice domestic demand for cotton. Hence, any
adverse change in government policy may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for KCPL. Thus company's operations are
contingent on its sourcing the requisite quantum of cotton at an
appropriate price.
Key rating Strengths
Experienced promoters: At present the management of the company
is vested in the hands of Mr. Prakash Bharsakale and Mr. Vijay
Bharsakle present partners of the company and both of them have
average experience of 12 years in textile industry respectively.
Furthermore the top management is supported by personnel having
adequate and relevant experience in their respective fields to
carry out day-to-day operations
Veepee Cotex Corporation (VCC) is a partnership firm and was
established in 2015 by Mr. Prakash Bharsakale and Mr. Vijay
Bharsakhale. VCC is engaged into processing of cotton bales and
cotton seeds at It's plant located at Amaravati, Maharashtra with
installed capacity for cotton seeds - 100000 quintal (utilisation
90% during FY17) and Cotton bales 100000 quintal (utilisation 90%
during FY17). The key raw material i.e. raw cotton is sourced
from local farmers. VCC earns the major part of their revenue
from sale of cotton bales (70% of total revenue in FY17) which is
sold to local cotton broker and cotton seed are sold to nearby
mills.
=================
I N D O N E S I A
=================
LIPPO KARAWACI: Fitch Affirms BB- Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Lippo Karawaci TBK's Long-Term Issuer Default Rating (IDR) at
'BB-' and Fitch Ratings Indonesia has affirmed its National Long-
Term Rating at 'A+(idn)'. The Outlook is Stable.
The affirmations reflect Lippo's improved performance, with
presales rising to IDR5.4 trillion in 9M17 (or attributable
presales of IDR3.0 trillion, accounting for only Lippo's share of
sales made out of its 54% owned subsidiary, PT Lippo Cikarang Tbk
(LPCK)) from a trough of IDR1.2 trillion in 2016 (IDR859 billion
on an attributable basis). IDR4.9 trillion of the 9M17 presales
stemmed from the sale of more than 13,000 units in the company's
new "Meikarta" affordable-housing project. Fitch believes Lippo's
2018 and 2019 presale targets are optimistic and has therefore
tempered the company's targets in its forecasts.
Fitch believe there is an element of execution risk with the
company's shift in focus to the affordable-housing segment, and
in particular, its Meikarta project. Around 50%-60% of the
company's Meikarta sales in 9M17 stemmed from its own employees,
with the balance helped by aggressive marketing. Lippo's ratings
are supported by continued and healthy recurring cash flow from
its hospitals, malls, hotels and property management businesses,
which generate recurring EBITDAR of more than 1.2x of
consolidated interest costs and operating lease rent. This
mitigates financial risk during a slowdown in property sales.
Lippo has strong capital market access, although its edge over
rating peers has narrowed over time as peer access has improved.
Lippo's ability to inject mature properties into the Singapore-
listed real estate investment trusts (REITs) that it sponsors - a
unique financing avenue available to the company over its rating
peers - has also weakened in the last 18 months, as reflected in
significant delays. For these reasons, and because there are
increased risks around the success of Lippo's foray into
affordable housing, Fitch have tightened Fitch negative rating
sensitivity on leverage, as measured by net adjusted
debt/adjusted inventory, to 45%, from 50%.
'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.
KEY RATING DRIVERS
Project Execution Risk: The company's shift towards affordable
housing, with a price tag of between IDR120 million-IDR400
million, rather than its previous focus on properties priced
between IDR1 billion-IDR3 billion, marks a strategic shift in its
business model. The Meikarta project is the company's largest
endeavour in more than 50 years. Its first phase consists of 5.0
million square meters (sqm), including 1.5 million sqm of
commercial area, 1 million sqm of open green space and 250,000
residential property units. The project is likely to account for
a bulk of Lippo's cash flow in the medium-term.
Risks are mitigated by the project's attractive location among
several in-demand industrial zones and diverse infrastructure
access. The affordable housing market also has real underlying
demand. The development of new infrastructure facilities,
including the Cawang-Bekasi-Timur-Cikarang light railway train,
Jakarta-Bandung high-speed railway, Jakarta-Cikampek elevated
toll road, Patimban deep seaport, Kertajati international airport
and monorails should improve demand for the project over the
medium term.
Improving Recurring Cash Flow: Fitch expect recurring cash flow
to increase to IDR1.6 trillion by end-2018, after rising to
IDR1.5 trillion in 2016 (2015: IDR1.3 trillion). Recurring cash
flow includes the proportionately consolidated share of EBITDA
from Lippo's hospital subsidiary - PT Siloam International
Hospitals Tbk (SILO) - and dividend income from its ownership in
First REIT and Lippo Malls Indonesia Retail Trust.
Proportionately consolidated recurring EBITDAR cover of interest
costs and operating lease rent weakened to 1.1x in 2016, from
1.3x in 2015, on account of higher interest costs, but Fitch
expect this to improve to around 1.3x by end-2017 due to a lower
interest burden following Lippo's debt refinancing in 2016.
Limited Rating Headroom: Fitch expect leverage to remain at
around 45% over the next two years, which is at Fitch rating
sensitivity for a downgrade. Cash collections may lag, despite
the rebound in presales in 9M17, as Lippo may need to ramp up its
systems and processes to accommodate the high sales volume
stemming from its Meikarta project. The company demonstrated its
reasonable flexibility in managing cash outflow and leverage
during the 2015-2016 downturn in property demand, when its
leverage remained at around 45%. This is mainly because Lippo
owns significant land bank and additions are mostly
discretionary.
Low-Cost Land Bank: Lippo had undeveloped land of more than 6.0
million square meters (sq m) at end-June 2017, including 1.2
million sq m at LPCK, which houses the Meikarta project, but
excluding land in projects that are under development. Much of
this land bank was acquired at a low historical cost, supporting
Lippo's strong EBITDA margin of more than 35%, after adding back
capitalised interest expense, in the last few years. However,
Fitch expect Lippo's EBITDA margin to fall to around 20%-25% in
the medium-term as most of its incremental presales will stem
from the low-income Meikarta project.
Increased Cash Flow Subordination: Lippo's stake in SILO was
diluted to 51% at end-October 2017, from 62%, consequent to a
IDR3.1 trillion rights issue where the public stake increased to
33%. Lippo expects to maintain control of the hospital-operator,
but now has less access to the subsidiary's cash flows.
Furthermore, Lippo's Meikarta project is owned by its 54% held
listed subsidiary, LPCK. This means LPCK's contribution to
consolidated cash flow will increase significantly in the next
few years. Fitch proportionately consolidates the financials of
these subsidiaries to assess Lippo's leverage and recurring
EBITDAR fixed-charge cover to account for the cash flow
subordination.
DERIVATION SUMMARY
Lippo's IDR is well positioned against peers, such as PT Bumi
Serpong Damai Tbk (BSD, BB-/Stable) and PT Agung Podomoro Land
Tbk (APLN, BB-/Stable). BSD has exhibited a better record of
sales execution and higher annual property presales than Lippo,
with lower leverage, but Lippo has stronger and more defensive
recurring cash flow and still-better access to multiple financing
options. This results in both companies having the same rating.
APLN has similar property-development scale as Lippo, but weaker
recurring cash flow. However, APLN's rating is supported by its
lower leverage.
Lippo's National Long-Term Rating compares well with PT Kawasan
Industri Jababeka Tbk's 'A(idn)' rating. Lippo has larger
property-development scale and stronger recurring cash flow and
while Jababeka's property sales are more cyclical, as many
comprise of industrial land sales, its rating is driven by
adequate recurring cash flow coverage of interest costs. This
stems from Jababeka's power sales to the state-owned electricity
utility through a long-term agreement.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Annual attributable presales of around IDR4 trillion in 2018
and 2019
- Sales from the Meikarta project to post a gross profit margin
of around 20% in the next three years
- Annual growth of 5% in recurring revenue from malls, hotels,
infrastructure and property management (2016: 14%)
- Healthcare revenue to increase by 18% in 2017 and 15% in 2018,
with EBITDA margins of 11%-12% (2016: revenue growth 25%;
EBITDA margin 13%)
- No asset injections to the REITs, given the significant
uncertainty around the timing of these injections
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Inability to achieve annual attributable presales of at least
IDR4 trillion on a sustained basis
- A weakening of the ratio of proportionately consolidated
recurring EBITDAR, including dividend income from REITs, to
the sum of interest cost and operating lease rent to less than
1.2x (2016: 1.1x; 2017F: 1.3x) for a sustained period
- An increase in proportionately consolidated net adjusted
debt/adjusted inventory to more than 45% (2016: 46%; 2017F:
42%) for a sustained period
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- A rating upgrade is not expected in the medium term due to
Lippo's smaller operating scale and recurring income base
compared with higher-rated international peers. Fitch also
expect Lippo's leverage to remain high over the medium term as
it executes its expansion plans.
LIQUIDITY
Comfortable Liquidity: Lippo has comfortable liquidity, as its
earliest significant debt maturity is 2022, when its USD410
million 7% senior unsecured notes fall due. Lippo refinanced a
significant portion of its debt in 2016, including the first-time
issuance of a 10-year note of USD425 million at 6.75%. Lippo had
around IDR1 trillion of near-term debt maturities as of end-June
2017, compared with readily available cash of IDR1.5 trillion.
FULL LIST OF RATING ACTIONS
PT Lippo Karawaci Tbk
-- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Stable
Outlook
-- Long-Term Local-Currency IDR affirmed at 'BB-'; Stable
Outlook
-- Senior unsecured rating affirmed at 'BB-'
-- National Long-Term Rating affirmed at 'A+(idn)'; Stable
Outlook
Theta Capital Pte Ltd
-- USD425 million 6.75% senior unsecured notes due in 2026
affirmed at 'BB-'
-- USD410 million 7% senior unsecured notes due in 2022 affirmed
at 'BB-'
=========
J A P A N
=========
SOJITZ CORP: Moody's Affirms Ba1 Issuer Rating; Outlook Stable
--------------------------------------------------------------
Moody's Japan K.K. has affirmed Sojitz Corporation's Ba1 issuer
rating.
The rating outlook is stable.
RATINGS RATIONALE
"Sojitz's Ba1 rating reflects its diverse but limited scale of
operations and modest credit metrics relative to its peers," says
Masako Kuwahara, a Moody's Vice President and Senior Analyst.
"Sojitz's plan is currently geared towards growth and will likely
entail some debt, so that further significant improvements in
leverage cannot be expected," adds Kuwahara.
Moody's acknowledges that Sojitz has reduced debt since
FYE3/2008, improving its financial position. Also its earnings
have increased consecutively since FYE3/2013 through asset
recycling.
Nevertheless, its cash flow generation ability relative to debt
remains modest compared to its peers, and the rating is
constrained by the company's weaker franchise, as the smallest of
the seven Moody's rated Japanese trading companies by total
assets.
Sojitz's credit quality is supported by its diversified
operations in terms of its businesses, products, and geographies.
Moody's believes that the company's automotive, aerospace,
infrastructure and chemicals businesses are its areas of
strength, and which can generate stable cash flow, giving Sojitz
the capacity to incrementally improve its leverage -- as measured
by adjusted debt/capitalization -- to around 60% over the next
two years from 63% in FYE3/2017, and adjusted funds from
operations (FFO)/debt to mid 7% from 7% over the same period.
Sojitz's large cash balance -- which is approximately twice its
short-term obligations -- is indicative of its prudent financial
policies.
Sojitz also benefits from strong relationships with its main
banks, resulting in a degree of uplift from its underlying credit
profile.
Upward rating pressure could emerge if Sojitz demonstrates
stability through the cycle and sustains lower leverage, for
example, adjusted debt/capitalization below 60% and adjusted
FFO/debt above 10%.
Downward rating pressure could emerge if Sojitz's leverage
deteriorates, with adjusted debt/capitalization exceeding 65%, or
adjusted FFO/debt falling below 6% on a sustained basis; its
business risks materially increase; or the company adopts a more
shareholder-return-focused financial policy.
The principal methodology used in this rating was Trading
Companies (Japanese) published in July 2016.
Sojitz Corporation, headquartered in Tokyo, is one of Japan's
major trading companies.
===============
M O N G O L I A
===============
MONGOLIA: Credit Profile Reflects Strong Growth Potential
---------------------------------------------------------
Moody's Investors Service says that Mongolia's (Caa1 stable)
credit profile reflects the country's strong growth potential,
given its abundant mineral resources, but, also that, as a
narrowly diversified economy, it is exposed to commodity price
shocks that have resulted in volatile growth and government
revenues.
This situation, coupled with previously pro-cyclical policies and
a fragile external position, are key credit challenges. Over the
longer term, reducing the susceptibility of the economy and
public finances to sharp cyclical swings will rest partly on the
success of economic diversification initiatives, an aspect of
Mongolia's IMF programme.
Moody's conclusions are contained in its annual report on
Mongolia's credit profile, which looks at economic strength, low
(+); institutional strength, very low (+); fiscal strength, very
low (-); and susceptibility to event risk, high (+), the four
main analytic factors in Moody's Sovereign Bond Ratings
methodology.
The economy has benefited from an upturn in commodity prices in
2017, as well as higher investment growth at some of the
country's large mining sector projects, and Moody's expects real
GDP growth to accelerate to 4.2% in 2017 and 4.3% in 2018, a
significant improvement on 1.0% in 2016.
Given the improved macroeconomic backdrop and commodity prices,
the near-term fiscal and growth targets originally set under the
country's IMF's programme have been surpassed. Meanwhile, the
recent refinancing of external debt obligations has relieved
pressure on government liquidity and the country's external
position.
However, while gross borrowing requirements and external
vulnerabilities are lower than Moody's had envisaged at the start
of the year, they remain elevated.
Moreover, significant progress towards achieving structural
benchmarks under the IMF programme, aimed at reducing Mongolia's
tendency to fall into boom-bust cycles, will only become clear
over time.
Upward pressure on the rating could emerge if the government
implements fiscal consolidation measures that put government debt
on a steady downward trend. These developments would be
accompanied by a material rebound in international reserves and
increased certainty over the government's lasting ability to meet
public sector debt repayments.
Conversely, the rating could come under additional downward
pressure if the government's ability to service its debt declined
or it faced challenges in rolling over maturing debt. Continued
pressure on foreign exchange reserves could also lead to a
negative rating action. These risks would be likely to arise if
the government failed to secure sufficient or sustained support
from multilateral and bilateral donors.
=================
S I N G A P O R E
=================
SIXCAPITAL: Investors File Police Reports Against Fintech Firm
--------------------------------------------------------------
The Strait Times reports that police reports have been filed by
angry investors who fear they have lost millions of dollars
invested in a local fintech currency trading firm that built a
high profile by painting its name on an aircraft and wooing
potential clients in Davos, Switzerland.
SixCapital, or SixCap as the firm is called, promised returns as
high as 18 per cent a year but stopped making payouts around
June, the report says. Investors also had difficulties accessing
their performance reports, according to the Strait Times.
The Strait Times notes that around 1,000 investors and employees
put millions of dollars into the fintech firm that described
itself as using "big data and powerful analytics" to make
currency trades.
The firm, which has an office on the ground floor of SGX Centre 1
in Shenton Way, appears to have hit trouble earlier this year,
the report recalls.
It e-mailed clients on June 8, saying that OCBC Bank told it in
May that its banking accounts could no longer be supported.
According to the report, SixCap said it had been trying to open
accounts with other banks since May 25, but "the KYC (Know-Your-
Customer) processes these days are more stringent and take longer
than before".
The company was then hit by a surge of withdrawal requests, the
report adds.
More recently, in a letter to investors dated Nov. 10, SixCap
said it had discontinued its two products, Tagg and B'Data, which
earn yields for investors through foreign exchange trading, says
The Strait Times.
Investors were told they could expect their principal back "over
a 24-month period beginning in the second half of February 2018".
The Strait Times relates that the same letter detailed the abrupt
resignation on Oct. 9 of SixCap chief scientific officer Abdalla
Kablan and 13 of his key IT staff.
SixCap had acquired Malta-based data analysis start-up Hippo
Data, founded by Dr Kablan, earlier this year, the report
recalls.
"By now, almost all the employees in Malta have resigned and left
abruptly," wrote SixCap boss and sole owner Patrick Teng Chee
Wai, notes the report.
The exodus brought operations at SixCap's tech firms to a halt,
impacting the group's "various Ricebowl business models", he
said, The Strait Times relays.
Ricebowl is a forex trading model offered by SixCap.
Mr Teng said: "Ricebowl is a system being developed and refined
with the help of Dr Kablan and he has in fact written academic
papers on this system which were shared with the Monetary
Authority of Singapore about one to two years ago."
The Straits Times could not find these papers, and Mr. Teng
declined to share them, citing confidential content.
Dr Kablan said he could not comment and is seeking legal advice,
the report adds.
Mr. Teng's son, Mr. Paul Teng, who was SixCap's chief investment
officer, did not answer questions about Ricebowl.
He told The Straits Times: "I can't comment because I've resigned
since Nov 1. I'd rather not talk about it. Ricebowl was always
looked after by my dad."
One of SixCap's presentation materials states that FX B Share,
the predecessor of B'Data, is governed by Singapore law and
vetted by law firm Rajah & Tann.
Rajah & Tann senior partner David Yeow told The Straits Times by
e-mail: "The reference to my firm in the attachment was made
without prior notice or approval from my firm."
Investors in Tagg and B'Data are now asking how they can recover
their money, the report notes.
Some filed reports with the police and the Commercial Affairs
Department last month as they want an investigation into its
transactions, according to The Strait Times.
A police spokesman told The Straits Times: "It is inappropriate
to comment on investigations, if any."
The Straits Times visited SixCap's Shenton Way office before noon
on Nov 24 but the lights were off and the door locked. A security
guard said it had been closed since Nov 20.
SixCap's chief revenue officer, Ms Jaslyn Tan, told The Straits
Times that Six Capital (FX Trading) had moved to Marina Bay
Financial Centre Tower 3. She did not answer further queries.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Nov. 27 to Dec. 1, 2017
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
HILLGROVE RESOURCES L 6.00 12/20/19 AUD 2.60
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.77
LAKES OIL NL 10.00 05/31/18 AUD 8.01
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.96
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 1.05
PALADIN ENERGY LTD 6.00 09/30/17 USD 45.00
PALADIN ENERGY LTD 7.00 03/31/20 USD 45.00
RELIANCE RAIL FINANCE 2.05 09/26/23 AUD 73.58
TREASURY CORP OF VICT 0.50 11/12/30 AUD 70.92
CHINA
-----
AKESU XINCHENG ASSET 7.50 10/10/18 CNY 25.42
ALXA LEAGUE INFRASTRU 6.40 03/14/20 CNY 60.73
ANHUI CHIZHOU CITY TI 7.40 10/23/20 CNY 61.19
ANKANG DEVELOPMENT & 6.35 03/06/20 CNY 60.51
ANQING ECONOMIC&TECHN 6.00 06/18/20 CNY 60.51
ANQING ECONOMIC&TECHN 6.00 06/18/20 CNY 60.73
ANQING URBAN CONSTRUC 6.76 12/31/19 CNY 61.09
ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 41.02
ANSHAN CITY CONSTRUCT 6.39 04/25/20 CNY 60.66
ANSHAN CITY CONSTRUCT 6.39 04/25/20 CNY 60.97
ANSHUN STATE-RUN ASSE 6.98 01/10/20 CNY 60.90
ANSHUN STATE-RUN ASSE 6.98 01/10/20 CNY 61.00
ANYANG INVESTMENT GRO 8.00 04/17/19 CNY 40.96
BAICHENG ZHONGXING UR 7.00 12/18/19 CNY 60.39
BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 40.19
BAIYIN CITY DEVELOPME 6.78 07/19/20 CNY 60.62
BAIYIN CITY DEVELOPME 6.78 07/19/20 CNY 80.00
BAODING NATIONAL HI-T 7.33 12/24/19 CNY 60.95
BAOJI INVESTMENT GROU 7.14 12/26/18 CNY 50.58
BAOJI INVESTMENT GROU 7.14 12/26/18 CNY 50.63
BAOSHAN STATE-OWNED A 7.30 12/10/19 CNY 60.59
BAOTOU STATE OWNED AS 7.03 09/17/19 CNY 40.94
BAYAN ZHUOER HETAO WA 8.54 03/31/22 CNY 74.56
BAYANNUR URBAN DEVELO 6.40 03/15/20 CNY 60.61
BAYINGUOLENG INNER MO 7.48 09/10/18 CNY 25.43
BEIJING BIOMEDICINE I 6.35 07/23/20 CNY 60.60
BEIJING BIOMEDICINE I 6.35 07/23/20 CNY 61.12
BEIJING CAPITAL DEVEL 5.95 05/29/19 CNY 40.30
BEIJING CHAOYANG STAT 5.25 03/27/20 CNY 59.94
BEIJING CHAOYANG STAT 5.25 03/27/20 CNY 60.43
BEIJING CONSTRUCTION 5.95 07/05/19 CNY 40.45
BEIJING ECONOMIC TECH 5.29 03/06/18 CNY 39.95
BEIJING FUTURE SCIENC 6.28 09/22/19 CNY 50.66
BEIJING FUTURE SCIENC 6.28 09/22/19 CNY 50.71
BEIJING GUCAI GROUP C 6.60 09/06/20 CNY 61.03
BEIJING GUCAI GROUP C 6.60 09/06/20 CNY 61.25
BEIJING GUCAI GROUP C 8.28 12/15/18 CNY 71.47
BEIJING HAIDIAN STATE 5.50 08/07/20 CNY 59.77
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 60.50
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 60.82
BEIJING JINLIYUAN STA 7.00 10/28/20 CNY 59.35
BEIJING JINLIYUAN STA 7.00 10/28/20 CNY 61.89
BEIJING XINGZHAN STAT 6.48 08/31/19 CNY 40.72
BENGBU URBAN INVESTME 6.30 09/11/20 CNY 61.02
BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 40.58
BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 40.71
BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 39.95
BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 40.59
BINZHOU URBAN CONSTRU 6.15 07/12/20 CNY 60.00
BINZHOU URBAN CONSTRU 6.15 07/12/20 CNY 61.22
BORALA MONGOL AUTONOM 7.18 08/09/20 CNY 61.61
BORALA MONGOL AUTONOM 7.18 08/09/20 CNY 61.70
C&D REAL ESTATE CO LT 6.15 04/03/20 CNY 60.98
CANGZHOU CONSTRUCTION 6.72 01/23/20 CNY 61.07
CHANGDE CITY CONSTRUC 6.50 02/25/20 CNY 61.19
CHANGDE CITY CONSTRUC 6.50 02/25/20 CNY 61.61
CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 40.93
CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 40.94
CHANGJIZHOU STATE OWN 6.00 06/03/19 CNY 50.38
CHANGJIZHOU STATE OWN 6.00 06/03/19 CNY 50.45
CHANGRUN INVESTMENT H 6.88 09/16/20 CNY 61.39
CHANGRUN INVESTMENT H 6.88 09/16/20 CNY 61.63
CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 40.65
CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 40.89
CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 40.70
CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 41.14
CHANGSHA ECONOMIC & T 8.45 04/13/22 CNY 73.94
CHANGSHA HIGH-TECH HO 7.30 11/22/17 CNY 39.80
CHANGSHA PILOT INVEST 6.70 12/10/19 CNY 61.01
CHANGSHA PILOT INVEST 6.70 12/10/19 CNY 61.31
CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 40.00
CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 40.91
CHANGSHU DEVELOPMENT 5.80 04/19/20 CNY 61.00
CHANGXING URBAN CONST 6.80 11/30/19 CNY 60.69
CHANGXING URBAN CONST 6.80 11/30/19 CNY 60.89
CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 56.94
CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 72.50
CHANGZHI CITY CONSTRU 6.46 02/26/20 CNY 60.62
CHANGZHI CITY CONSTRU 6.46 02/26/20 CNY 60.75
CHANGZHOU HI-TECH GRO 6.18 03/21/20 CNY 60.67
CHANGZHOU HI-TECH GRO 6.18 03/21/20 CNY 60.68
CHANGZHOU JINTAN DIST 8.30 03/14/19 CNY 40.54
CHANGZHOU JINTAN DIST 6.38 04/26/20 CNY 61.05
CHANGZHOU JINTAN DIST 6.38 04/26/20 CNY 61.31
CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 25.00
CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 25.14
CHAOHU URBAN TOWN CON 7.00 12/24/19 CNY 60.77
CHAOHU URBAN TOWN CON 7.00 12/24/19 CNY 60.86
CHAOYANG CONSTRUCTION 7.30 05/25/19 CNY 40.56
CHEN ZHOU GAO KE ASSE 7.25 10/21/20 CNY 62.02
CHENGDU CITY DEVELOPM 6.18 01/14/20 CNY 60.82
CHENGDU CITY DEVELOPM 6.18 01/14/20 CNY 60.95
CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 25.11
CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 25.16
CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 40.64
CHENGDU HI-TECH INVES 6.28 11/20/19 CNY 60.60
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 61.29
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 61.80
CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 40.92
CHENGDU XINDU XIANGCH 8.60 12/13/18 CNY 71.50
CHENGDU XINGCHENG INV 6.17 01/28/20 CNY 59.50
CHENGDU XINGCHENG INV 6.17 01/28/20 CNY 60.77
CHENGDU XINGJIN URBAN 7.30 11/27/19 CNY 61.16
CHENGDU XINGJIN URBAN 7.30 11/27/19 CNY 61.19
CHENZHOU URBAN CONSTR 7.34 09/13/19 CNY 40.94
CHENZHOU URBAN CONSTR 7.34 09/13/19 CNY 41.09
CHENZHOU XINTIAN INVE 6.30 07/17/20 CNY 60.42
CHENZHOU XINTIAN INVE 6.30 07/17/20 CNY 60.56
CHIFENG CITY HONGSHAN 7.20 07/25/19 CNY 40.24
CHINA CITY CONSTRUCTI 5.55 12/17/17 CNY 45.50
CHINA CITY CONSTRUCTI 4.93 07/14/20 CNY 45.50
CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 68.39
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 69.87
CHINA SECURITY & FIRE 4.45 11/11/19 CNY 58.00
CHINA YIXING ENVIRONM 7.10 10/18/20 CNY 61.29
CHINA YIXING ENVIRONM 7.10 10/18/20 CNY 61.62
CHIZHOU CITY MANAGEME 7.17 10/17/19 CNY 40.68
CHONGQING BEICHENG CO 7.30 10/16/20 CNY 61.19
CHONGQING BEICHENG CO 7.30 10/16/20 CNY 61.55
CHONGQING BEIFEI INDU 7.13 12/25/19 CNY 61.00
CHONGQING CHANGSHOU D 7.45 09/25/19 CNY 40.88
CHONGQING CHANGSHOU D 7.45 09/25/19 CNY 41.09
CHONGQING CITY CONSTR 5.12 05/21/20 CNY 59.88
CHONGQING CITY CONSTR 5.12 05/21/20 CNY 60.09
CHONGQING DASUN ASSET 6.98 09/10/20 CNY 61.22
CHONGQING DAZU DISTRI 6.75 04/26/20 CNY 60.83
CHONGQING DAZU DISTRI 6.75 04/26/20 CNY 61.69
CHONGQING FULING DIST 8.40 03/23/19 CNY 71.71
CHONGQING FULING DIST 8.40 03/23/19 CNY 71.71
CHONGQING FULING STAT 6.39 01/21/20 CNY 60.58
CHONGQING FULING STAT 6.39 01/21/20 CNY 61.34
CHONGQING HECHUAN IND 6.19 06/17/20 CNY 60.52
CHONGQING HECHUAN IND 6.19 06/17/20 CNY 60.53
CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 25.23
CHONGQING HECHUAN URB 6.95 01/06/18 CNY 40.12
CHONGQING HONGRONG CA 7.20 10/16/19 CNY 40.90
CHONGQING HONGRONG CA 7.20 10/16/19 CNY 41.00
CHONGQING HONGYE INDU 6.30 06/03/20 CNY 60.65
CHONGQING HONGYE INDU 6.30 06/03/20 CNY 61.17
CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 40.15
CHONGQING JIANGJIN HU 7.46 09/21/19 CNY 40.90
CHONGQING JIANGJIN HU 7.46 09/21/19 CNY 41.13
CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 40.02
CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 40.41
CHONGQING LAND PROPER 7.35 04/25/19 CNY 40.71
CHONGQING LAND PROPER 7.35 04/25/19 CNY 40.79
CHONGQING LAND PROPER 6.30 08/22/20 CNY 61.21
CHONGQING MAIRUI CITY 6.82 08/17/19 CNY 40.67
CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 40.02
CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 40.08
CHONGQING NAN'AN URBA 8.20 04/09/19 CNY 40.96
CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 40.88
CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 40.91
CHONGQING NANFA URBAN 6.43 04/27/20 CNY 60.27
CHONGQING NANFA URBAN 6.43 04/27/20 CNY 60.91
CHONGQING QIANJIANG C 8.40 03/23/19 CNY 71.71
CHONGQING QIANJIANG C 8.40 03/23/19 CNY 71.84
CHONGQING QIJIANG EAS 6.75 01/29/20 CNY 54.10
CHONGQING QIJIANG EAS 6.75 01/29/20 CNY 60.40
CHONGQING SHUANGFU CO 7.49 10/23/20 CNY 61.84
CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 60.79
CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 61.02
CHONGQING THREE GORGE 6.40 01/23/19 CNY 50.25
CHONGQING WANSHENG EC 6.39 04/17/20 CNY 60.30
CHONGQING WANSHENG EC 6.39 04/17/20 CNY 60.78
CHONGQING WESTERN MOD 7.08 10/18/20 CNY 61.67
CHONGQING WESTERN MOD 7.08 10/18/20 CNY 75.60
CHONGQING XINGRONG HO 8.35 04/19/19 CNY 40.95
CHONGQING XINGRONG HO 8.35 04/19/19 CNY 41.05
CHONGQING XIYONG MICR 6.76 07/25/19 CNY 40.50
CHONGQING XIYONG MICR 6.76 07/25/19 CNY 40.71
CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 40.31
CHONGQING YONGCHUAN H 7.33 10/16/19 CNY 41.00
CHONGQING YONGCHUAN H 7.33 10/16/19 CNY 61.00
CHONGQING YUFU ASSET 6.50 09/04/19 CNY 40.00
CHONGQING YUFU HOLDIN 6.50 09/04/19 CNY 40.70
CHONGQING YULONG ASSE 6.87 05/31/19 CNY 40.60
CHONGQING YUXING CONS 7.29 12/08/17 CNY 40.07
CHONGQING YUXING CONS 7.30 12/10/19 CNY 61.11
CHONGQING YUXING CONS 7.30 12/10/19 CNY 61.14
CHUXIONG AUTONOMOUS D 6.60 03/29/20 CNY 59.67
CHUZHOU CITY CONSTRUC 6.81 11/23/19 CNY 60.96
CHUZHOU CITY CONSTRUC 6.81 11/23/19 CNY 60.98
CHUZHOU TONGCHUANG CO 7.05 01/09/20 CNY 61.16
CIXI STATE OWNED ASSE 6.60 09/20/19 CNY 40.63
CIXI STATE OWNED ASSE 6.60 09/20/19 CNY 40.78
DALI ECONOMIC DEVELOP 8.80 04/24/19 CNY 41.18
DALIAN CHANGXING ISLA 6.60 01/25/20 CNY 60.20
DALIAN CHANGXING ISLA 6.60 01/25/20 CNY 60.96
DALIAN DETA INVESTMEN 6.50 11/15/19 CNY 60.70
DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 40.00
DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 40.48
DALIAN RONGQIANG INVE 8.60 03/30/19 CNY 70.76
DALIAN SHUNXING INVES 6.97 10/18/20 CNY 61.83
DANYANG INVESTMENT GR 8.10 03/06/19 CNY 41.00
DANYANG INVESTMENT GR 8.10 03/06/19 CNY 41.07
DANYANG INVESTMENT GR 6.81 10/23/19 CNY 50.98
DANYANG INVESTMENT GR 6.90 10/23/20 CNY 59.68
DANYANG INVESTMENT GR 6.90 10/23/20 CNY 61.58
DANYANG INVESTMENT GR 6.81 10/23/19 CNY 76.20
DAQING GAOXIN STATE-O 6.88 12/05/19 CNY 60.83
DAQING URBAN CONSTRUC 6.55 10/23/19 CNY 40.66
DASHIQIAO URBAN CONST 6.58 02/21/20 CNY 60.51
DASHIQIAO URBAN CONST 6.58 02/21/20 CNY 60.81
DAWA COUNTY CITY CONS 7.25 09/17/20 CNY 61.22
DAWA COUNTY CITY CONS 7.25 09/17/20 CNY 61.22
DAZHOU INVESTMENT CO 6.99 12/25/19 CNY 60.84
DEYANG CITY CONSTRUCT 6.99 12/26/19 CNY 60.94
DEYANG CITY CONSTRUCT 6.99 12/26/19 CNY 61.19
DEZHOU DEDA URBAN CON 7.14 10/18/19 CNY 41.22
DONGTAI COMMUNICATION 7.39 07/05/18 CNY 25.20
DONGTAI UBAN CONSTRUC 7.10 12/26/19 CNY 61.02
DONGYING CITY URBAN A 6.75 04/20/18 CNY 35.00
DONGYING CITY URBAN A 6.75 04/20/18 CNY 35.22
DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 26.00
DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 29.75
ENSHI URBAN CONSTRUCT 7.55 10/22/19 CNY 41.12
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 24.94
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 25.00
EZHOU CITY CONSTRUCTI 7.08 06/19/19 CNY 40.63
FEICHENG CITY ASSETS 7.10 08/14/18 CNY 25.26
FENGHUA CITY INVESTME 7.45 09/24/19 CNY 40.91
FENGHUA CITY INVESTME 7.45 09/24/19 CNY 40.92
FORESEA LIFE INSURANC 6.25 09/30/25 CNY 68.83
FUJIAN JINJIANG URBAN 6.35 04/26/20 CNY 60.86
FUJIAN LONGYAN CITY C 7.45 08/14/19 CNY 40.92
FUJIAN NANPING HIGHWA 7.90 10/26/18 CNY 40.97
FUJIAN NANPING HIGHWA 6.69 01/28/20 CNY 60.74
FUJIAN NANPING HIGHWA 6.69 01/28/20 CNY 60.86
FUQING CITY STATE-OWN 6.66 03/01/21 CNY 71.26
FUSHUN URBAN INVESTME 5.95 05/11/18 CNY 40.04
FUSHUN URBAN INVESTME 8.53 03/22/22 CNY 73.83
FUSHUN URBAN INVESTME 8.53 03/22/22 CNY 74.79
FUXIN INFRASTRUCTURE 7.55 10/10/19 CNY 41.00
FUZHOU INVESTMENT DEV 7.75 02/28/18 CNY 50.30
FUZHOU INVESTMENT DEV 6.78 01/16/20 CNY 60.22
FUZHOU INVESTMENT DEV 6.78 01/16/20 CNY 61.06
FUZHOU URBAN AND RURA 6.35 09/25/18 CNY 25.00
FUZHOU URBAN AND RURA 6.35 09/25/18 CNY 25.18
GANSU PROVINCIAL HIGH 7.20 09/19/18 CNY 40.57
GANSU PROVINCIAL HIGH 6.75 11/16/18 CNY 70.30
GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 25.01
GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 25.30
GANZHOU DEVELOPMENT Z 6.70 12/26/18 CNY 50.29
GANZHOU DEVELOPMENT Z 6.70 12/26/18 CNY 50.36
GAOMI STATE-OWNED ASS 6.75 11/15/18 CNY 50.23
GAOMI STATE-OWNED ASS 6.75 11/15/18 CNY 50.31
GAOMI STATE-OWNED ASS 6.70 11/15/19 CNY 60.76
GAOMI STATE-OWNED ASS 6.70 11/15/19 CNY 60.86
GREENLAND HOLDING GRO 6.24 05/23/20 CNY 72.81
GUANG ZHOU PANYU COMM 6.30 04/12/19 CNY 50.04
GUANG ZHOU PANYU COMM 6.30 04/12/19 CNY 50.30
GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 41.01
GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 40.33
GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 40.35
GUANGXI LAIBIN URBAN 8.36 03/14/19 CNY 71.72
GUANGYUAN INVESTMENT 7.25 11/26/19 CNY 60.96
GUANGZHOU DEVELOPMENT 6.70 08/14/22 CNY 72.60
GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 25.09
GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 25.20
GUIYANG ECO&TECH DEVE 8.42 03/27/19 CNY 40.41
GUIYANG JINYANG CONST 6.70 10/24/18 CNY 25.26
GUIYANG JINYANG CONST 6.70 10/24/18 CNY 25.32
GUIYANG PUBLIC RESIDE 6.70 11/06/19 CNY 40.84
GUIYANG PUBLIC RESIDE 6.70 11/06/19 CNY 60.93
GUIYANG URBAN DEVELOP 6.20 02/28/20 CNY 59.86
GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 25.35
GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 25.35
HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 25.24
HAICHENG URBAN INVEST 8.39 11/07/18 CNY 70.94
HAILAR URBAN INFRASTR 6.20 05/14/20 CNY 59.79
HAILAR URBAN INFRASTR 6.20 05/14/20 CNY 60.56
HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 40.33
HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 40.76
HAINAN HARBOR & SHIPP 6.80 10/18/19 CNY 71.02
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 63.06
HAINING STATE-OWNED A 7.80 09/20/18 CNY 40.83
HAINING STATE-OWNED A 7.80 09/20/18 CNY 40.89
HAINING STATE-OWNED A 6.08 03/06/20 CNY 59.49
HAIYAN COUNTY STATE-O 7.00 09/04/20 CNY 62.43
HAIYAN COUNTY STATE-O 7.00 09/04/20 CNY 82.42
HANDAN CITY CONSTRUCT 7.05 12/24/19 CNY 61.11
HANGZHOU CANAL COMPRE 6.00 04/02/20 CNY 59.82
HANGZHOU CANAL COMPRE 6.00 04/02/20 CNY 60.75
HANGZHOU HIGH-TECH IN 6.45 01/28/20 CNY 60.62
HANGZHOU HIGH-TECH IN 6.45 01/28/20 CNY 60.89
HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 25.09
HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 25.13
HANGZHOU XIAOSHAN ECO 6.70 12/26/18 CNY 50.42
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 40.69
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 41.07
HANGZHOU YUHANG INNOV 6.50 03/18/20 CNY 61.12
HANGZHOU YUHANG INNOV 6.50 03/18/20 CNY 61.45
HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 40.10
HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 40.31
HARBIN HELI INVESTMEN 7.48 09/26/18 CNY 40.64
HARBIN HELI INVESTMEN 7.48 09/26/18 CNY 40.76
HARBIN HIGH-TECH INDU 7.00 09/16/20 CNY 61.47
HARBIN HIGH-TECH INDU 7.00 09/16/20 CNY 61.81
HARBIN WATER INVESTME 5.70 05/06/20 CNY 60.20
HARBIN WATER INVESTME 5.70 05/06/20 CNY 60.56
HEBEI SHUNDE INVESTME 6.98 12/05/19 CNY 60.87
HEBEI SHUNDE INVESTME 6.98 12/05/19 CNY 60.95
HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 69.10
HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 70.81
HEFEI CONSTRUCTION IN 6.60 08/28/18 CNY 40.00
HEFEI GAOXIN DEVELOPM 7.98 03/22/19 CNY 71.69
HEFEI GAOXIN DEVELOPM 7.98 03/22/19 CNY 71.79
HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 40.84
HEFEI INDUSTRIAL INVE 6.30 03/20/20 CNY 60.96
HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 41.24
HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 40.74
HEGANG KAIYUAN CITY I 6.50 07/19/19 CNY 40.48
HEIHE CITY CONSTRUCTI 8.48 03/23/19 CNY 71.71
HEILONGJIANG HECHENG 7.05 06/21/22 CNY 71.57
HENAN JIYUAN CITY CON 7.50 09/25/19 CNY 41.18
HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 40.94
HENGYANG HONGXIANG ST 6.20 06/19/20 CNY 60.63
HENGYANG HONGXIANG ST 6.20 06/19/20 CNY 60.65
HEYUAN CITY URBAN DEV 6.55 03/19/20 CNY 60.51
HEYUAN CITY URBAN DEV 6.55 03/19/20 CNY 60.82
HONGHEZHOU ROAD DEVEL 6.27 05/06/20 CNY 60.60
HUAIAN CITY URBAN ASS 6.87 12/26/19 CNY 61.00
HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 41.06
HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 40.83
HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 41.47
HUAIAN QINGHE NEW ARE 6.68 01/24/20 CNY 60.59
HUAIAN QINGHE NEW ARE 6.68 01/24/20 CNY 60.82
HUAIBEI CITY CONSTRUC 6.68 12/17/18 CNY 50.25
HUAIBEI CITY CONSTRUC 6.68 12/17/18 CNY 50.35
HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 25.22
HUAIHUA CITY INDUSTRI 7.70 10/29/20 CNY 62.54
HUANGGANG CITY CONSTR 7.10 10/19/19 CNY 41.05
HUANGGANG CITY CONSTR 7.10 10/19/19 CNY 41.10
HUANGSHI URBAN CONSTR 6.96 10/25/19 CNY 40.84
HUIAN STATE ASSETS IN 7.50 10/15/19 CNY 40.83
HUIAN STATE ASSETS IN 7.50 10/15/19 CNY 41.00
HULUDAO INVESTMENT GR 7.05 10/18/20 CNY 61.16
HULUDAO INVESTMENT GR 7.05 10/18/20 CNY 61.25
HUNAN CHANGDE DEYUAN 7.18 10/18/18 CNY 25.41
HUNAN CHENGLINGJI HAR 7.70 10/15/18 CNY 25.47
HUNAN CHENGLINGJI HAR 7.70 10/15/18 CNY 25.48
HUNAN ZHAOSHAN ECONOM 7.00 12/12/18 CNY 50.37
HUNAN ZHAOSHAN ECONOM 7.00 12/12/18 CNY 50.70
HUZHOU NANXUN STATE-O 8.15 03/31/19 CNY 40.94
HUZHOU URBAN INVESTME 7.02 12/21/17 CNY 40.07
HUZHOU URBAN INVESTME 6.70 12/14/19 CNY 60.92
HUZHOU WUXING NANTAIH 7.71 02/17/18 CNY 40.14
INNER MONGOLIA HIGH-T 7.20 09/25/19 CNY 40.64
INNER MONGOLIA ZHUNGE 6.94 05/10/18 CNY 50.33
JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 40.76
JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 40.93
JIANAN INVESTMENT HOL 7.68 09/04/19 CNY 41.21
JIANGDONG HOLDING GRO 6.90 03/27/19 CNY 40.58
JIANGMEN CITY BINJIAN 6.60 02/28/20 CNY 60.23
JIANGMEN NEW HI-TECH 7.39 11/04/20 CNY 62.08
JIANGSU FURUDONGHAI D 7.09 09/13/20 CNY 61.60
JIANGSU FURUDONGHAI D 7.09 09/13/20 CNY 61.64
JIANGSU HANRUI INVEST 8.16 03/01/19 CNY 40.55
JIANGSU HUAJING ASSET 6.00 05/16/20 CNY 60.31
JIANGSU JINGUAN INVES 6.40 01/28/19 CNY 50.50
JIANGSU JURONG FUDI B 8.70 04/26/19 CNY 71.77
JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 40.26
JIANGSU NANJING PUKOU 7.10 10/08/19 CNY 40.76
JIANGSU NEWHEADLINE D 7.00 08/27/20 CNY 56.35
JIANGSU NEWHEADLINE D 7.00 08/27/20 CNY 56.46
JIANGSU SUHAI INVESTM 7.20 11/07/19 CNY 60.86
JIANGSU TAICANG PORT 7.66 05/16/19 CNY 40.85
JIANGSU WUZHONG ECONO 8.05 12/16/18 CNY 71.09
JIANGSU WUZHONG ECONO 8.05 12/16/18 CNY 71.15
JIANGSU XISHAN ECONOM 6.99 11/01/19 CNY 40.53
JIANGSU XISHAN ECONOM 6.99 11/01/19 CNY 40.78
JIANGSU ZHANGJIAGANG 6.98 11/16/19 CNY 60.88
JIANGSU ZHANGJIAGANG 6.98 11/16/19 CNY 60.95
JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 41.11
JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 41.29
JIANGYAN STATE OWNED 6.85 12/03/19 CNY 60.44
JIANGYAN STATE OWNED 6.85 12/03/19 CNY 60.65
JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 40.89
JIANGYIN GAOXIN DISTR 7.31 04/25/18 CNY 50.38
JIANGYIN GAOXIN DISTR 6.60 02/27/20 CNY 61.05
JIANHU URBAN CONSTRUC 6.50 02/22/20 CNY 60.62
JIANHU URBAN CONSTRUC 6.50 02/22/20 CNY 60.63
JIASHAN STATE-OWNED A 6.80 06/06/19 CNY 40.67
JIAXING CULTURE FAMOU 8.16 03/08/19 CNY 40.89
JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 40.57
JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 40.72
JILIN CITY CONSTRUCTI 6.34 02/26/20 CNY 60.52
JILIN CITY CONSTRUCTI 6.34 02/26/20 CNY 60.60
JILIN RAILWAY INVESTM 6.63 06/26/19 CNY 70.00
JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 24.50
JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 25.19
JINAN XIAOQINGHE DEVE 7.15 09/05/19 CNY 41.04
JINGDEZHEN STATE-OWNE 7.48 03/23/18 CNY 50.32
JINGDEZHEN STATE-OWNE 6.59 06/25/20 CNY 60.82
JINGDEZHEN STATE-OWNE 6.59 06/25/20 CNY 60.93
JINGJIANG BINJIANG XI 6.80 10/23/18 CNY 25.28
JINGMEN CITY CONSTRUC 7.00 10/17/20 CNY 61.58
JINGMEN CITY CONSTRUC 6.85 07/09/22 CNY 72.20
JINGMEN CITY CONSTRUC 7.00 10/17/20 CNY 81.92
JINGZHOU URBAN CONSTR 7.98 04/24/19 CNY 41.05
JINING CITY CONSTRUCT 8.30 12/31/18 CNY 40.81
JINING CITY YANZHOU D 8.50 12/28/17 CNY 25.10
JINING CITY YANZHOU D 5.90 05/28/21 CNY 69.31
JINING HI-TECH TOWN C 6.60 01/28/20 CNY 60.80
JINING HI-TECH TOWN C 6.60 01/28/20 CNY 60.86
JINING WATER SUPPLY G 7.18 01/22/20 CNY 61.14
JINSHAN STATE-OWNED A 6.65 11/27/19 CNY 60.91
JINZHONG CITY PUBLIC 6.50 03/18/20 CNY 60.73
JINZHOU CITY INVESTME 7.08 06/13/19 CNY 40.45
JINZHOU CITY INVESTME 7.08 06/13/19 CNY 40.56
JISHOU HUATAI STATE O 7.37 12/12/19 CNY 61.00
JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 40.56
JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 40.91
JIUJIANG FUHE CONSTRU 6.10 03/19/19 CNY 49.88
JIUJIANG FUHE CONSTRU 6.10 03/19/19 CNY 50.04
JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 60.40
JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 61.02
JIXI STATE OWN ASSET 7.18 11/08/19 CNY 61.08
JIXI STATE OWN ASSET 7.18 11/08/19 CNY 63.49
KAIFENG DEVELOPMENT I 6.47 07/11/19 CNY 40.56
KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 40.92
KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 40.97
KASHI URBAN CONSTRUCT 7.18 11/27/19 CNY 60.99
KIZILSU KIRGHIZ AUTON 7.15 09/16/20 CNY 60.41
KIZILSU KIRGHIZ AUTON 7.15 09/16/20 CNY 60.80
KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 25.25
KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 25.26
KUNMING DIANCHI INVES 6.50 02/01/20 CNY 60.95
KUNMING INDUSTRIAL DE 6.46 10/23/19 CNY 40.58
KUNMING INDUSTRIAL DE 6.46 10/23/19 CNY 40.59
KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 25.44
KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 60.06
KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 60.72
KUNSHAN HUAQIAO INTER 7.98 12/30/18 CNY 40.67
LAIWU CITY ECONOMIC D 6.50 03/01/18 CNY 30.06
LANZHOU CITY DEVELOPM 8.20 12/15/18 CNY 68.03
LANZHOU CITY DEVELOPM 8.20 12/15/18 CNY 68.05
LEQING CITY STATE OWN 6.50 06/29/19 CNY 40.55
LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 40.13
LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 40.21
LIAONING YAODU DEVELO 7.35 12/12/19 CNY 60.49
LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 35.23
LIAOYANG CITY ASSETS 7.10 11/13/19 CNY 60.93
LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 40.45
LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 42.00
LIJIANG GUCHENG MANAG 6.68 07/26/19 CNY 40.55
LINCANG STATE-OWNED A 6.58 04/11/20 CNY 59.60
LINCANG STATE-OWNED A 6.58 04/11/20 CNY 60.79
LINFEN CITY INVESTMEN 6.20 05/23/20 CNY 60.70
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 60.40
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 61.09
LINHAI CITY INFRASTRU 6.30 03/21/20 CNY 60.64
LINHAI CITY INFRASTRU 6.30 03/21/20 CNY 61.28
LINYI CITY ASSET MANA 6.68 12/12/19 CNY 59.00
LINYI CITY ASSET MANA 6.68 12/12/19 CNY 61.12
LINYI ECONOMIC DEVELO 8.26 09/24/19 CNY 41.50
LINYI INVESTMENT DEVE 8.10 03/27/18 CNY 25.27
LISHUI CITY CONSTRUCT 6.00 05/23/20 CNY 60.37
LISHUI CITY CONSTRUCT 6.00 05/23/20 CNY 60.54
LISHUI URBAN CONSTRUC 5.80 05/29/20 CNY 60.31
LIUPANSHUI DEVELOPMEN 6.97 12/03/19 CNY 60.54
LIUPANSHUI DEVELOPMEN 6.97 12/03/19 CNY 61.00
LIUZHOU DONGCHENG INV 7.40 10/29/20 CNY 61.80
LIUZHOU DONGCHENG INV 7.40 10/29/20 CNY 62.21
LIUZHOU INVESTMENT HO 6.98 08/15/19 CNY 40.91
LIYANG CITY CONSTRUCT 6.20 03/08/20 CNY 60.60
LIYANG CITY CONSTRUCT 6.20 03/08/20 CNY 60.92
LIYANG CITY CONSTRUCT 8.20 11/08/18 CNY 67.57
LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 40.07
LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 40.22
LONGYAN HUIJIN DEVELO 7.10 10/18/20 CNY 61.66
LONGYAN HUIJIN DEVELO 7.10 10/18/20 CNY 61.92
LOUDI CITY CONSTRUCTI 7.28 10/19/18 CNY 25.30
LOUDI CITY CONSTRUCTI 7.28 10/19/18 CNY 25.49
LUOHE CITY CONSTRUCTI 6.99 10/30/19 CNY 40.99
LUOYANG CITY DEVELOPM 6.89 12/31/19 CNY 61.20
LUOYANG HIGH NEW TECH 6.50 05/30/20 CNY 60.53
MAANSHAN ECONOMIC TEC 7.10 12/20/19 CNY 61.10
MEISHAN HONGDA CONSTR 6.56 06/19/20 CNY 58.80
MEISHAN HONGDA CONSTR 6.56 06/19/20 CNY 61.13
MEIZHOU KANGDA HIGHWA 6.95 09/10/20 CNY 61.36
MEIZHOU KANGDA HIGHWA 6.95 09/10/20 CNY 61.73
MIANYANG INVESTMENT H 7.70 03/26/19 CNY 71.38
MIANYANG INVESTMENT H 7.70 03/26/19 CNY 71.85
MIANYANG SCIENCE TECH 6.30 07/22/18 CNY 27.60
MIANYANG SCIENCE TECH 7.16 05/15/19 CNY 40.52
MINXIXINGHANG STATE-O 6.20 03/26/19 CNY 50.34
MINXIXINGHANG STATE-O 6.20 03/26/19 CNY 50.41
MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 40.55
MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 40.90
NANAN CITY TRADE INDU 8.50 04/25/19 CNY 41.18
NANCHANG CITY CONSTRU 6.19 02/20/20 CNY 60.83
NANCHANG CITY CONSTRU 6.19 02/20/20 CNY 61.00
NANCHANG COUNTY URBAN 6.50 07/17/19 CNY 50.54
NANCHANG COUNTY URBAN 6.50 07/17/19 CNY 50.58
NANCHANG ECONOMY TECH 6.88 01/09/20 CNY 60.87
NANCHANG MUNICIPAL PU 5.88 02/25/20 CNY 60.52
NANCHANG MUNICIPAL PU 5.88 02/25/20 CNY 60.83
NANCHANG WATER CONSER 6.28 06/21/20 CNY 61.04
NANCHONG DEVELOPMENT 6.69 01/28/20 CNY 60.54
NANCHONG ECONOMIC DEV 8.16 04/26/19 CNY 40.94
NANJING JIANGNING SCI 7.29 04/28/19 CNY 40.76
NANJING NEW&HIGH TECH 6.94 09/07/19 CNY 40.75
NANJING NEW&HIGH TECH 6.94 09/07/19 CNY 40.95
NANJING STATE OWNED A 5.40 03/06/20 CNY 60.21
NANJING STATE OWNED A 5.40 03/06/20 CNY 60.50
NANJING URBAN CONSTRU 5.68 11/26/18 CNY 50.22
NANJING URBAN CONSTRU 5.68 11/26/18 CNY 50.50
NANJING XINGANG DEVEL 6.80 01/08/20 CNY 60.45
NANJING XINGANG DEVEL 6.80 01/08/20 CNY 61.15
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 61.00
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 61.08
NANTONG CITY GANGZHA 7.15 01/09/20 CNY 61.12
NANTONG CITY GANGZHA 7.15 01/09/20 CNY 61.27
NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 40.64
NANTONG ECONOMIC & TE 5.80 05/17/20 CNY 60.55
NANTONG ECONOMIC & TE 5.80 05/17/20 CNY 60.60
NANYANG INVESTMENT GR 7.05 10/24/20 CNY 61.83
NANYANG INVESTMENT GR 7.05 10/24/20 CNY 61.90
NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 25.16
NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 25.31
NEIMENGGU XINLINGOL X 7.62 02/25/18 CNY 40.22
NINGBO CITY YINZHOU C 6.50 03/18/20 CNY 60.00
NINGBO CITY YINZHOU C 6.50 03/18/20 CNY 61.19
NINGBO EASTERN NEW TO 6.45 01/21/20 CNY 59.94
NINGBO EASTERN NEW TO 6.45 01/21/20 CNY 60.38
NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 25.19
NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 25.19
NINGBO ZHENHAI HAIJIA 6.65 11/28/18 CNY 50.36
PANJIN CONSTRUCTION I 7.50 05/17/19 CNY 40.73
PANJIN CONSTRUCTION I 7.42 03/01/18 CNY 60.25
PANJIN PETROLEUM HIGH 6.95 01/10/20 CNY 60.78
PANJIN PETROLEUM HIGH 6.95 01/10/20 CNY 60.79
PEIXIAN STATE-OWNED A 7.20 12/06/19 CNY 60.87
PENGLAI CITY PENGLAIG 6.80 01/30/21 CNY 70.63
PENGLAI CITY PENGLAIG 6.80 01/30/21 CNY 71.92
PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 40.86
PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 40.94
PINGDU CITY STATE OWN 7.25 11/05/20 CNY 62.26
PINGHU CITY DEVELOPME 7.20 09/18/19 CNY 39.55
PINGHU CITY DEVELOPME 7.20 09/18/19 CNY 40.84
PINGLIANG CHENGXIANG 7.10 09/17/20 CNY 61.60
PINGTAN COMPOSITE EXP 6.58 03/15/20 CNY 60.80
PINGXIANG HUIFENG INV 7.06 10/11/20 CNY 61.47
PINGXIANG HUIFENG INV 7.06 10/11/20 CNY 82.20
PINGXIANG URBAN CONST 6.89 12/10/19 CNY 60.36
PINGXIANG URBAN CONST 6.89 12/10/19 CNY 60.46
PIZHOU RUNCHENG ASSET 7.55 09/25/19 CNY 41.59
PUER CITY STATE OWNED 7.38 06/20/19 CNY 40.59
PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 40.87
PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 40.97
QIANAN XINGYUAN WATER 6.45 07/11/18 CNY 25.08
QIANDONG NANZHOU DEVE 8.80 04/27/19 CNY 40.84
QIANDONGNANZHOU KAIHO 7.80 10/30/19 CNY 40.66
QIANNAN AUTONOMOUS PR 6.90 09/04/20 CNY 60.86
QIANXI NANZHOU HONGSH 6.99 11/22/19 CNY 60.81
QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 40.49
QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 40.58
QINGDAO HUATONG STATE 7.30 04/18/19 CNY 40.71
QINGDAO JIAOZHOU CITY 6.59 01/25/20 CNY 61.04
QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 20.00
QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 20.06
QINGZHOU HONGYUAN PUB 7.25 10/19/18 CNY 25.41
QINGZHOU HONGYUAN PUB 7.35 10/19/19 CNY 41.01
QINGZHOU HONGYUAN PUB 7.35 10/19/19 CNY 41.05
QINGZHOU HONGYUAN PUB 7.25 10/19/18 CNY 50.99
QINHUANGDAO DEVELOPME 7.46 10/17/19 CNY 40.88
QINHUANGDAO DEVELOPME 7.46 10/17/19 CNY 41.06
QINZHOU BINHAI NEW CI 7.00 08/27/20 CNY 61.91
QINZHOU BINHAI NEW CI 7.00 08/27/20 CNY 81.50
QINZHOU CITY DEVELOPM 7.10 10/16/19 CNY 71.85
QITAIHE CITY CONSTRUC 7.30 10/18/19 CNY 39.81
QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 40.75
QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 40.78
QUANZHOU TAISHANG INV 7.08 12/10/19 CNY 61.04
QUANZHOU URBAN CONSTR 6.48 01/11/20 CNY 60.91
QUJING DEVELOPMENT IN 7.25 09/06/19 CNY 40.97
RIZHAO CITY CONSTRUCT 5.80 06/06/20 CNY 60.40
RONGCHENG ECONOMIC DE 6.45 03/18/20 CNY 60.16
RUDONG COUNTY DONGTAI 7.45 09/24/19 CNY 41.16
RUDONG COUNTY DONGTAI 7.10 01/31/18 CNY 50.07
RUGAO COMMUNICATIONS 8.51 01/26/19 CNY 51.16
RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.52
RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.97
RUIAN STATE OWNED ASS 6.93 11/26/19 CNY 60.69
RUSHAN CITY STATE-OWN 6.90 09/11/20 CNY 61.05
SANMENXIA CITY FINANC 6.68 01/29/20 CNY 60.96
SANMENXIA CITY FINANC 6.68 01/29/20 CNY 60.99
SANMING CITY CONSTRUC 6.40 03/05/20 CNY 60.57
SANMING CITY CONSTRUC 6.40 03/05/20 CNY 60.59
SANMING STATE-OWNED A 6.99 06/14/18 CNY 40.44
SANMING STATE-OWNED A 6.92 12/05/19 CNY 60.92
SHANDONG RENCHENG RON 7.30 10/18/20 CNY 61.82
SHANDONG RENCHENG RON 7.30 10/18/20 CNY 61.88
SHANDONG TAIFENG HOLD 5.80 03/12/20 CNY 59.07
SHANGHAI BUND GROUP D 6.35 04/24/20 CNY 60.73
SHANGHAI BUND GROUP D 6.35 04/24/20 CNY 60.90
SHANGHAI CHENGTOU COR 4.63 07/30/19 CNY 39.81
SHANGHAI FENGXIAN NAN 6.25 03/05/20 CNY 60.84
SHANGHAI JIADING INDU 6.71 10/10/18 CNY 25.27
SHANGHAI JIADING INDU 6.71 10/10/18 CNY 25.32
SHANGHAI JINSHAN URBA 6.60 12/21/19 CNY 60.62
SHANGHAI JINSHAN URBA 6.60 12/21/19 CNY 60.96
SHANGHAI LUJIAZUI DEV 5.79 02/25/19 CNY 70.48
SHANGHAI LUJIAZUI DEV 5.98 03/11/19 CNY 70.51
SHANGHAI LUJIAZUI DEV 5.79 02/25/19 CNY 70.61
SHANGHAI MINHANG URBA 6.48 10/23/19 CNY 40.86
SHANGHAI MINHANG URBA 6.48 10/23/19 CNY 61.20
SHANGHAI NANFANG GROU 6.70 09/09/19 CNY 50.88
SHANGHAI NANFANG GROU 6.70 09/09/19 CNY 50.90
SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 24.97
SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 25.27
SHANGHAI URBAN CONSTR 5.25 11/30/19 CNY 60.13
SHANGLUO CITY CONSTRU 6.75 09/09/19 CNY 50.47
SHANGLUO CITY CONSTRU 6.75 09/09/19 CNY 50.85
SHANGLUO CITY CONSTRU 7.05 09/09/20 CNY 61.01
SHANGLUO CITY CONSTRU 7.05 09/09/20 CNY 61.70
SHANGQIU DEVELOPMENT 6.60 01/15/20 CNY 60.70
SHANGRAO CITY CONSTRU 7.30 09/10/19 CNY 40.80
SHANGRAO CITY CONSTRU 7.30 09/10/19 CNY 41.09
SHANGYU COMMUNICATION 6.70 09/11/19 CNY 40.32
SHANGYU COMMUNICATION 6.70 09/11/19 CNY 40.84
SHANGYU HANGZHOU BAY 6.95 10/11/20 CNY 61.58
SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 74.10
SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 74.46
SHAOGUAN JINYE DEVELO 7.30 10/18/19 CNY 41.13
SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 25.11
SHAOXING CHENGZHONGCU 6.50 01/24/20 CNY 60.95
SHAOXING HI-TECH INDU 6.75 12/05/18 CNY 50.20
SHAOXING HI-TECH INDU 6.75 12/05/18 CNY 50.35
SHAOXING KEQIAO DISTR 6.30 02/26/19 CNY 50.28
SHAOXING KEQIAO DISTR 6.30 02/26/19 CNY 50.47
SHAOXING PAOJIANG IND 6.90 10/31/19 CNY 40.81
SHAOXING URBAN CONSTR 6.40 11/09/19 CNY 60.47
SHAOXING URBAN CONSTR 6.40 11/09/19 CNY 60.78
SHAOYANG CITY CONSTRU 7.40 09/11/18 CNY 24.60
SHAOYANG CITY CONSTRU 7.40 09/11/18 CNY 25.43
SHENYANG HEPING DISTR 6.85 11/13/19 CNY 60.70
SHENYANG HEPING DISTR 6.85 11/13/19 CNY 61.00
SHENYANG MACHINE TOOL 6.50 03/27/18 CNY 70.08
SHENYANG SUJIATUN DIS 6.40 06/20/20 CNY 60.77
SHENZHEN LONGGANG DIS 6.18 03/27/19 CNY 50.33
SHENZHEN LONGGANG DIS 6.18 03/27/19 CNY 50.45
SHIJIAZHUANG REAL EST 5.65 05/15/20 CNY 60.32
SHISHI STATE OWNED IN 7.40 09/13/19 CNY 40.84
SHISHI STATE OWNED IN 7.40 09/13/19 CNY 61.00
SHIYAN CITY INFRASTRU 7.98 04/20/19 CNY 41.00
SHIYAN CITY INFRASTRU 6.88 10/11/20 CNY 61.42
SHIYAN CITY INFRASTRU 6.88 10/11/20 CNY 61.51
SHOUGUANG CITY CONSTR 7.10 10/18/20 CNY 61.44
SHOUGUANG CITY CONSTR 7.10 10/18/20 CNY 61.68
SHOUGUANG JINCAI STAT 6.70 10/23/19 CNY 40.89
SHOUGUANG JINCAI STAT 6.70 10/23/19 CNY 61.00
SHUANGLIU COUNTY WATE 6.92 07/30/20 CNY 73.65
SHUANGLIU COUNTY WATE 7.40 02/26/20 CNY 74.56
SHUANGLIU SHINE CHINE 8.48 03/16/19 CNY 71.88
SHUANGLIU SHINE CHINE 8.40 03/16/19 CNY 71.92
SHUANGLIU SHINE CHINE 8.40 03/16/19 CNY 71.96
SHUANGLIU SHINE CHINE 8.48 03/16/19 CNY 72.80
SHUANGYASHAN DADI CIT 6.55 12/25/19 CNY 60.47
SHUANGYASHAN DADI CIT 6.55 12/25/19 CNY 60.53
SHUYANG JINGYUAN ASSE 6.50 12/03/19 CNY 60.42
SHUYANG JINGYUAN ASSE 6.50 12/03/19 CNY 60.55
SICHUAN CHENGDU ABA D 7.18 09/12/20 CNY 61.19
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN DEVELOPMENT H 5.40 11/10/17 CNY 29.99
SONGYUAN URBAN DEVELO 7.30 08/29/19 CNY 40.59
SUIFENHE HAIRONG URBA 6.60 04/28/20 CNY 59.80
SUINING DEVELOPMENT I 6.62 04/25/20 CNY 60.77
SUINING DEVELOPMENT I 6.62 04/25/20 CNY 60.89
SUIZHOU DEVELOPMENT I 7.50 08/22/19 CNY 40.41
SUQIAN CITY CONSTRUCT 6.88 10/29/20 CNY 62.16
SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 40.99
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.77
SUZHOU CITY CONSTRUCT 7.45 03/12/19 CNY 40.66
SUZHOU CITY CONSTRUCT 6.40 04/17/20 CNY 60.59
SUZHOU CITY CONSTRUCT 6.40 04/17/20 CNY 60.62
SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 40.00
SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 40.19
SUZHOU TECH CITY DEVE 7.32 11/01/18 CNY 25.53
SUZHOU URBAN CONSTRUC 5.79 10/25/19 CNY 40.38
SUZHOU WUJIANG COMMUN 6.80 10/31/20 CNY 56.97
SUZHOU WUJIANG EASTER 8.05 12/05/18 CNY 53.69
SUZHOU WUJIANG EASTER 8.05 12/05/18 CNY 71.32
SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 40.47
SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 40.66
TACHENG DISTRICT STAT 7.49 10/16/19 CNY 51.18
TACHENG DISTRICT STAT 7.49 10/16/19 CNY 51.30
TAIAN TAISHAN INVESTM 6.76 01/25/20 CNY 61.06
TAICANG ASSET MANAGEM 8.25 12/31/18 CNY 71.42
TAICANG ASSET MANAGEM 8.25 12/31/18 CNY 71.51
TAICANG HENGTONG INVE 7.45 10/30/19 CNY 41.04
TAICANG URBAN CONSTRU 6.75 01/11/20 CNY 60.95
TAIXING ZHONGXING STA 8.29 03/27/18 CNY 25.18
TAIYUAN HIGH-SPEED RA 6.50 10/30/20 CNY 56.54
TAIYUAN LONGCHENG DEV 6.50 09/25/19 CNY 40.05
TAIYUAN LONGCHENG DEV 6.50 09/25/19 CNY 40.57
TAIZHOU CITY HUANGYAN 6.85 12/17/18 CNY 50.25
TAIZHOU CITY HUANGYAN 6.85 12/17/18 CNY 50.44
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 62.13
TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 40.37
TAIZHOU JIAOJIANG STA 7.46 09/13/20 CNY 56.96
TAIZHOU TRAFFIC INDUS 6.15 03/11/20 CNY 60.64
TAIZHOU TRAFFIC INDUS 6.15 03/11/20 CNY 60.66
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.30
TANGSHAN CAOFEIDIAN D 7.50 10/15/20 CNY 60.86
TANGSHAN NANHU ECO CI 7.08 10/16/19 CNY 40.10
TANGSHAN NANHU ECO CI 7.08 10/16/19 CNY 41.04
TIANJIN BAOXING INDUS 7.10 10/17/20 CNY 61.77
TIANJIN BAOXING INDUS 7.10 10/17/20 CNY 82.62
TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 39.99
TIANJIN BINHAI NEW AR 5.19 03/13/20 CNY 59.81
TIANJIN DONGFANG CAIX 7.99 11/23/18 CNY 71.16
TIANJIN DONGLI CITY I 6.05 06/19/20 CNY 60.62
TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 40.59
TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 40.66
TIANJIN ECONOMIC TECH 6.20 12/03/19 CNY 60.53
TIANJIN ECONOMIC TECH 6.20 12/03/19 CNY 60.64
TIANJIN HANBIN INVEST 8.39 03/22/19 CNY 41.01
TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 40.70
TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 40.76
TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 40.49
TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 40.60
TIANJIN TEDA CONSTRUC 6.89 04/27/20 CNY 61.22
TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 25.07
TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 25.21
TONGCHUAN DEVELOPMENT 7.50 07/17/19 CNY 40.46
TONGLIAO TIANCHENG UR 7.75 09/24/19 CNY 41.13
TONGLIAO URBAN INVEST 6.64 04/09/20 CNY 60.82
TONGLIAO URBAN INVEST 6.64 04/09/20 CNY 60.97
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 61.49
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 61.78
TONGLING CONSTRUCTION 8.20 04/28/22 CNY 74.62
TONGLING CONSTRUCTION 8.20 04/28/22 CNY 81.00
TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 40.69
TONGXIANG CITY CONSTR 6.10 05/16/20 CNY 60.05
TONGXIANG CITY CONSTR 6.10 05/16/20 CNY 60.75
TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 49.95
TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 51.70
ULANQAB CITY INVESTME 7.70 10/31/20 CNY 61.46
ULANQAB CITY INVESTME 7.70 10/31/20 CNY 62.13
ULANQAB CITY JI NING 6.88 03/19/20 CNY 59.75
URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 40.61
URUMQI ECO&TECH DEVEL 8.58 01/10/19 CNY 50.98
URUMQI HIGH-TECH INVE 6.18 03/05/20 CNY 60.94
URUMQI HIGH-TECH INVE 6.18 03/05/20 CNY 61.00
URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 25.06
VANZIP INVESTMENT GRO 7.92 02/04/19 CNY 45.83
WAFANGDIAN STATE-OWNE 8.55 04/19/19 CNY 40.98
WAFANGDIAN STATE-OWNE 6.20 06/20/20 CNY 60.35
WEIFANG BINHAI INVEST 6.16 04/16/21 CNY 70.83
WEIFANG DONGXIN CONST 6.88 11/20/19 CNY 60.86
WEIFANG DONGXIN CONST 6.88 11/20/19 CNY 60.89
WEIHAI WENDENG URBAN 6.38 03/06/20 CNY 60.63
WEINAN CITY INVESTMEN 6.69 01/15/20 CNY 60.78
WEINAN CITY INVESTMEN 6.69 01/15/20 CNY 60.79
WENLING CITY STATE OW 7.18 09/18/19 CNY 40.96
WENLING CITY STATE OW 7.18 09/18/19 CNY 61.20
WENZHOU ANJUFANG CITY 7.65 04/24/19 CNY 40.68
WENZHOU ECONOMIC-TECH 6.49 01/15/20 CNY 60.00
WENZHOU ECONOMIC-TECH 6.49 01/15/20 CNY 61.67
WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 40.79
WUHAN METRO GROUP CO 5.70 02/04/20 CNY 60.60
WUHAN METRO GROUP CO 5.70 02/04/20 CNY 61.29
WUHAN REAL ESTATE DEV 5.90 03/22/19 CNY 50.25
WUHAN URBAN CONSTRUCT 5.60 03/08/20 CNY 60.13
WUHU CONSTRUCTION INV 6.89 03/26/19 CNY 70.71
WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 25.00
WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 25.14
WUHU ECONOMIC TECHNOL 6.90 06/08/22 CNY 72.71
WUHU JINGHU CONSTRUCT 6.68 05/16/20 CNY 60.29
WUHU XINMA INVESTMENT 7.18 11/14/19 CNY 61.00
WUHU XINMA INVESTMENT 7.18 11/14/19 CNY 61.44
WUJIANG ECONOMIC TECH 6.88 12/27/19 CNY 61.04
WUXI CONSTRUCTION AND 6.60 09/17/19 CNY 40.70
WUXI CONSTRUCTION AND 6.60 09/17/19 CNY 40.76
WUXI HUISHAN ECONOMIC 6.03 04/22/19 CNY 50.44
WUXI MUNICIPAL DEVELO 6.10 10/11/20 CNY 59.05
WUXI MUNICIPAL DEVELO 6.10 10/11/20 CNY 61.04
WUXI TAIHU INTERNATIO 7.60 09/17/19 CNY 41.14
WUXI TAIHU INTERNATIO 7.60 09/17/19 CNY 61.40
WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 60.69
WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 60.89
WUXI XIDONG TECHNOLOG 5.98 10/26/18 CNY 40.18
WUZHONG URBAN RURAL C 7.18 10/12/20 CNY 61.90
WUZHOU DONGTAI STATE- 7.40 09/03/19 CNY 41.07
XIAMEN XINGLIN CONSTR 6.60 02/22/20 CNY 60.76
XIAMEN XINGLIN CONSTR 6.60 02/22/20 CNY 60.87
XI'AN AEROSPACE BASE 6.96 11/08/19 CNY 60.93
XIAN CHANBAHE DEVELOP 6.89 08/03/19 CNY 40.78
XI'AN HI-TECH HOLDING 5.70 02/26/19 CNY 50.45
XI'AN URBAN INDEMNIFI 7.31 03/18/19 CNY 71.30
XI'AN URBAN INDEMNIFI 7.31 03/18/19 CNY 71.37
XI'AN URBAN INDEMNIFI 7.31 04/18/19 CNY 71.43
XI'AN URBAN INDEMNIFI 7.31 04/18/19 CNY 71.46
XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 40.71
XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 40.90
XIANGTAN HI-TECH GROU 6.90 01/15/20 CNY 60.95
XIANGTAN JIUHUA ECONO 7.43 08/29/19 CNY 40.84
XIANGTAN JIUHUA ECONO 7.15 10/15/20 CNY 61.59
XIANGTAN JIUHUA ECONO 7.15 10/15/20 CNY 82.24
XIANGTAN ZHENXIANG ST 6.60 08/07/20 CNY 59.95
XIANGTAN ZHENXIANG ST 6.60 08/07/20 CNY 61.11
XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 40.75
XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 40.82
XIANNING CITY CONSTRU 7.50 08/31/18 CNY 25.15
XIANNING CITY CONSTRU 7.50 08/31/18 CNY 25.30
XIANNING HIGH-TECH IN 5.80 06/05/20 CNY 60.10
XIANNING HIGH-TECH IN 5.80 06/05/20 CNY 60.97
XIAOGAN URBAN CONSTRU 8.12 03/26/19 CNY 41.01
XINGHUA URBAN CONSTRU 7.25 10/23/18 CNY 25.32
XINGHUA URBAN CONSTRU 7.25 10/23/18 CNY 25.34
XINING CITY INVESTMEN 7.70 04/27/19 CNY 40.87
XINING ECONOMIC DEVEL 5.90 06/04/20 CNY 60.11
XINJIANG SHIHEZI DEVE 7.50 08/29/18 CNY 24.80
XINJIANG UYGUR AR HAM 6.25 07/17/18 CNY 25.05
XINJIANG WUJIAQU URBA 6.10 05/23/20 CNY 60.06
XINJIANG WUJIAQU URBA 6.10 05/23/20 CNY 60.81
XINXIANG INVESTMENT G 6.80 01/18/18 CNY 40.08
XINXIANG INVESTMENT G 5.85 04/15/20 CNY 58.23
XINXIANG INVESTMENT G 5.85 04/15/20 CNY 61.08
XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 40.64
XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 40.66
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 62.14
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 62.27
XINYU CITY CONSTRUCTI 7.08 12/13/19 CNY 60.78
XINYU CITY CONSTRUCTI 7.08 12/13/19 CNY 60.83
XINZHENG NEW DISTRICT 6.52 06/28/19 CNY 50.55
XINZHENG NEW DISTRICT 6.52 06/28/19 CNY 50.58
XINZHOU CITY ASSET MA 7.39 08/08/18 CNY 25.41
XUCHANG GENERAL INVES 7.78 04/27/19 CNY 40.82
XUCHANG GENERAL INVES 6.95 10/16/20 CNY 61.68
XUCHANG GENERAL INVES 6.95 10/16/20 CNY 61.90
XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 61.06
XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 61.19
XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 40.67
XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 40.95
XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 25.25
YAAN DEVELOPMENT INVE 7.00 09/13/20 CNY 61.52
YAAN STATE-OWNED ASSE 7.39 07/04/19 CNY 40.55
YANCHENG CITY DAFENG 7.08 12/13/19 CNY 61.12
YANCHENG ORIENTAL INV 6.99 10/26/19 CNY 40.80
YANCHENG SOUTH DISTRI 6.93 10/26/19 CNY 40.82
YANCHENG SOUTH DISTRI 6.93 10/26/19 CNY 40.90
YANGJIANG HENGCAI CIT 6.85 09/09/20 CNY 61.38
YANGJIANG HENGCAI CIT 6.85 09/09/20 CNY 82.00
YANGZHONG URBAN CONST 7.10 03/26/18 CNY 50.18
YANGZHOU HANJIANG URB 6.20 03/12/20 CNY 60.67
YANGZHOU HANJIANG URB 6.20 03/12/20 CNY 60.70
YANGZHOU LONGCHUAN HO 8.10 03/23/19 CNY 40.90
YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 40.61
YANTAI DEVELOPMENT ZO 5.70 04/10/20 CNY 60.45
YANTAI URBAN CONSTRUC 5.99 03/14/20 CNY 60.64
YANTAI URBAN CONSTRUC 5.99 03/14/20 CNY 60.79
YIBIN STATE-OWNED ASS 5.80 05/23/18 CNY 40.14
YICHANG MUNICIPAL FIN 7.12 10/16/19 CNY 40.90
YICHANG MUNICIPAL FIN 7.12 10/16/19 CNY 41.05
YICHANG URBAN CONSTRU 6.85 11/08/19 CNY 60.99
YICHANG URBAN CONSTRU 6.85 11/08/19 CNY 61.01
YICHUN CITY CONSTRUCT 7.35 07/24/19 CNY 40.45
YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 61.72
YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 61.74
YILI STATE-OWNED ASSE 6.70 11/19/18 CNY 50.26
YINGKOU CITY CONSTRUC 7.98 04/18/20 CNY 57.21
YINGKOU CITY CONSTRUC 7.63 06/09/20 CNY 61.20
YINGKOU ECO & TECH DE 6.17 04/08/20 CNY 59.25
YINGKOU ECO & TECH DE 6.17 04/08/20 CNY 59.71
YIXING CITY DEVELOPME 6.90 10/10/19 CNY 40.68
YIXING CITY DEVELOPME 6.90 10/10/19 CNY 40.74
YIYANG CITY CONSTRUCT 7.36 08/24/19 CNY 41.00
YIYANG GAOXIN TECHNOL 6.70 03/13/20 CNY 60.82
YIYANG GAOXIN TECHNOL 6.70 03/13/20 CNY 61.54
YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 40.99
YONGZHOU CITY CONSTRU 7.30 10/23/20 CNY 61.65
YONGZHOU CITY CONSTRU 7.30 10/23/20 CNY 61.97
YUEYANG CITY CONSTRUC 6.05 07/12/20 CNY 59.65
YUEYANG CITY CONSTRUC 6.05 07/12/20 CNY 60.90
YUHUAN CITY COMMUNICA 7.15 10/12/19 CNY 40.99
YUHUAN CITY COMMUNICA 7.15 10/12/19 CNY 61.00
YULIN CITY INVESTMENT 6.81 12/04/18 CNY 50.42
YULIN URBAN CONSTRUCT 6.88 11/26/19 CNY 60.92
YUNCHENG URBAN CONSTR 7.48 10/15/19 CNY 41.14
YUYAO ECONOMIC DEVELO 6.75 03/04/20 CNY 60.69
YUYAO ECONOMIC DEVELO 6.75 03/04/20 CNY 60.77
YUYAO WATER RESOURCE 7.20 10/16/19 CNY 40.67
ZHANGJIAGANG FREE TRA 7.10 08/23/20 CNY 61.47
ZHANGJIAGANG FREE TRA 7.10 08/23/20 CNY 61.79
ZHANGJIAGANG JINCHENG 6.23 01/06/18 CNY 29.99
ZHANGJIAGANG MUNICIPA 6.43 11/27/19 CNY 60.79
ZHANGJIAJIE ECONOMIC 7.40 10/18/19 CNY 41.08
ZHANGJIAKOU CONSTRUCT 7.00 10/26/19 CNY 40.65
ZHANGJIAKOU TONGTAI H 6.90 07/05/18 CNY 40.41
ZHANGZHOU CITY CONSTR 6.60 03/26/20 CNY 60.88
ZHANJIANG INFRASTRUCT 6.93 10/21/20 CNY 60.70
ZHANJIANG INFRASTRUCT 6.93 10/21/20 CNY 61.96
ZHAOYUAN STATE-OWNED 6.64 12/31/19 CNY 60.88
ZHEJIANG GUOXING INVE 8.15 03/09/18 CNY 25.20
ZHEJIANG GUOXING INVE 8.15 03/09/18 CNY 25.24
ZHEJIANG HUZHOU HUANT 6.70 11/28/19 CNY 60.73
ZHEJIANG JIASHAN ECON 7.05 12/03/19 CNY 60.98
ZHEJIANG JIASHAN ECON 7.05 12/03/19 CNY 61.09
ZHEJIANG PROVINCE DEQ 6.90 04/12/18 CNY 40.21
ZHEJIANG PROVINCE DEQ 6.40 02/22/20 CNY 60.56
ZHEJIANG PROVINCE XIN 6.60 04/24/20 CNY 60.87
ZHEJIANG PROVINCE XIN 6.60 04/24/20 CNY 61.20
ZHENGZHOU PUBLIC HOUS 5.98 07/17/20 CNY 60.42
ZHENGZHOU PUBLIC HOUS 5.98 07/17/20 CNY 60.74
ZHENJIANG CULTURE AND 6.60 01/30/20 CNY 60.37
ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 40.58
ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 41.91
ZHONGSHAN TRANSPORTAT 6.65 08/28/18 CNY 25.30
ZHOUSHAN DINGHAI STAT 7.25 08/31/20 CNY 56.56
ZHOUSHAN DINGHAI STAT 7.25 08/31/20 CNY 56.97
ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 20.01
ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 20.03
ZHUCHENG ECONOMIC DEV 7.50 08/25/18 CNY 21.61
ZHUCHENG ECONOMIC DEV 6.80 11/29/19 CNY 60.91
ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 25.18
ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 25.20
ZHUHAI HUAFA GROUP CO 5.50 06/05/19 CNY 50.50
ZHUHAI HUAFA GROUP CO 5.50 06/05/19 CNY 50.87
ZHUHAI HUIHUA INFRAST 7.15 09/17/20 CNY 61.56
ZHUHAI HUIHUA INFRAST 7.15 09/17/20 CNY 61.80
ZHUJI CITY CONSTRUCTI 6.92 07/05/18 CNY 40.39
ZHUJI CITY CONSTRUCTI 6.92 12/19/19 CNY 61.06
ZHUMADIAN INVESTMENT 6.95 11/26/19 CNY 61.07
ZHUZHOU CITY CONSTRUC 6.95 10/16/20 CNY 61.08
ZHUZHOU CITY CONSTRUC 6.95 10/16/20 CNY 62.14
ZHUZHOU GECKOR GROUP 7.82 08/18/18 CNY 40.76
ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 40.99
ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 41.06
ZHUZHOU YUNLONG DEVEL 6.78 11/19/19 CNY 60.70
ZIBO CITY PROPERTY CO 5.45 04/27/19 CNY 24.12
ZIBO CITY PROPERTY CO 6.83 08/22/19 CNY 40.95
ZIGONG GAOXIN INVESTM 6.30 03/13/20 CNY 60.90
ZIGONG STATE-OWNED AS 6.86 06/17/18 CNY 40.35
ZIYANG CITY CONSTRUCT 7.58 01/09/19 CNY 50.46
ZIYANG WATER INVESTME 7.40 10/21/20 CNY 61.70
ZOUCHENG CITY ASSET O 7.02 01/12/18 CNY 20.11
ZOUCHENG CITY ASSET O 6.18 03/12/19 CNY 50.30
ZOUCHENG CITY ASSET O 6.18 03/12/19 CNY 50.34
ZOUPING COUNTY STATE- 6.98 04/27/18 CNY 40.25
ZUNYI CITY HUICHUAN D 6.75 04/24/19 CNY 50.62
ZUNYI INVESTMENT GROU 8.53 03/13/19 CNY 41.12
ZUNYI ROAD & BRIDGE E 7.15 08/17/20 CNY 55.70
ZUNYI ROAD & BRIDGE E 7.15 08/17/20 CNY 57.20
ZUNYI STATE-OWNED ASS 6.98 12/26/19 CNY 61.08
HONG KONG
---------
CHINA CITY CONSTRUCTI 5.35 07/03/17 CNY 66.50
INDONESIA
---------
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 52.14
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 52.66
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.50
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.76
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.76
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.76
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.13
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.01
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.21
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.39
CORE EDUCATION & TECH 7.00 05/07/49 USD 0.59
GTL INFRASTRUCTURE LT 5.53 11/09/17 USD 60.00
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.50
JAIPRAKASH POWER VENT 7.00 02/13/49 USD 20.88
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LT 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEAT 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 COMMUNICATIO 6.50 11/06/20 USD 38.50
SVOGL OIL GAS & ENERG 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES L 2.80 12/31/20 USD 59.99
JAPAN
-----
EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 74.78
MICRON MEMORY JAPAN I 2.03 03/22/12 JPY 13.75
MICRON MEMORY JAPAN I 2.10 11/29/12 JPY 13.75
MICRON MEMORY JAPAN I 2.29 12/07/12 JPY 13.75
TAKATA CORP 0.58 03/26/21 JPY 6.75
TAKATA CORP 0.85 03/06/19 JPY 7.13
TAKATA CORP 1.02 12/15/17 JPY 8.75
KOREA
-----
2016 KIBO 1ST SECURIT 5.00 09/13/18 KRW 72.83
DOOSAN CAPITAL SECURI 20.00 04/22/19 KRW 57.66
EXPORT-IMPORT BANK OF 4.50 10/18/32 KRW 68.61
INDUSTRIAL BANK OF KO 3.84 03/10/45 KRW 43.10
KIBO ABS SPECIALTY CO 5.00 12/25/19 KRW 69.16
KIBO ABS SPECIALTY CO 5.00 08/29/19 KRW 70.09
KIBO ABS SPECIALTY CO 5.00 02/26/19 KRW 71.29
KIBO ABS SPECIALTY CO 5.00 02/25/19 KRW 71.55
KIBO ABS SPECIALTY CO 5.00 12/25/17 KRW 75.05
KOREA SOUTH-EAST POWE 4.38 12/07/42 KRW 57.58
KOREA SOUTH-EAST POWE 4.44 12/07/42 KRW 58.26
KOREA TREASURY BOND 1.50 09/10/66 KRW 72.01
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 37.89
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 38.75
OKC SECURITIZATION SP 10.00 01/03/20 KRW 33.51
OKC SECURITIZATION SP 3.00 02/17/42 KRW 50.21
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SHINHAN BANK CO LTD 4.20 08/07/32 KRW 71.43
SHINHAN BANK CO LTD 4.00 08/29/32 KRW 72.69
SHINHAN BANK CO LTD 3.83 12/08/31 KRW 74.85
SHINHAN BANK CO LTD 3.83 12/08/31 KRW 74.85
SINBO SECURITIZATION 5.00 01/27/21 KRW 69.19
SINBO SECURITIZATION 5.00 10/30/19 KRW 69.41
SINBO SECURITIZATION 5.00 12/22/20 KRW 69.43
SINBO SECURITIZATION 5.00 09/23/20 KRW 70.10
SINBO SECURITIZATION 5.00 08/26/20 KRW 70.32
SINBO SECURITIZATION 5.00 07/28/20 KRW 70.54
SINBO SECURITIZATION 5.00 06/24/19 KRW 70.62
SINBO SECURITIZATION 5.00 03/13/19 KRW 71.42
SINBO SECURITIZATION 5.00 02/25/20 KRW 71.78
SINBO SECURITIZATION 5.00 01/28/20 KRW 72.00
SINBO SECURITIZATION 5.00 12/30/19 KRW 72.23
SINBO SECURITIZATION 5.00 09/30/19 KRW 72.97
SINBO SECURITIZATION 5.00 07/29/18 KRW 73.19
SINBO SECURITIZATION 5.00 08/27/19 KRW 73.26
SINBO SECURITIZATION 5.00 06/25/18 KRW 73.46
SINBO SECURITIZATION 5.00 07/29/19 KRW 73.49
SINBO SECURITIZATION 5.00 05/26/18 KRW 73.68
SINBO SECURITIZATION 5.00 06/25/19 KRW 73.78
SINBO SECURITIZATION 5.00 03/18/19 KRW 74.59
SINBO SECURITIZATION 5.00 03/18/19 KRW 74.59
SINBO SECURITIZATION 5.00 02/27/19 KRW 74.76
SINBO SECURITIZATION 5.00 02/27/19 KRW 74.76
SINBO SECURITIZATION 5.00 01/30/19 KRW 74.99
SINBO SECURITIZATION 5.00 01/30/19 KRW 74.99
SINBO SECURITIZATION 5.00 12/23/17 KRW 75.08
WISE MOBILE SECURITIZ 20.00 09/17/18 KRW 74.10
WOORI BANK 5.21 12/12/44 KRW 293.31
SRI LANKA
---------
SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 72.51
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
AEON CREDIT SERVICE M 3.50 09/15/20 MYR 1.31
ASIAN PAC HOLDINGS BH 3.00 05/25/22 MYR 0.88
BARAKAH OFFSHORE PETR 3.50 10/24/18 MYR 0.40
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.36
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.45
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.59
ELK-DESA RESOURCES BH 3.25 04/14/22 MYR 0.98
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.41
I-BHD 3.00 10/09/19 MYR 0.42
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 MANUFA 0.50 12/17/25 MYR 66.04
PUC BHD 4.00 02/15/19 MYR 0.13
REDTONE INTERNATIONAL 2.75 03/04/20 MYR 0.15
SEE HUP CONSOLIDATED 4.60 12/22/17 MYR 0.10
SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 54.46
SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 55.75
SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 57.11
SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 58.47
SENAI-DESARU EXPRESSW 1.35 12/29/28 MYR 61.25
SENAI-DESARU EXPRESSW 1.35 06/30/28 MYR 62.62
SENAI-DESARU EXPRESSW 1.35 12/31/27 MYR 63.97
SENAI-DESARU EXPRESSW 1.35 06/30/27 MYR 65.35
SENAI-DESARU EXPRESSW 1.35 06/30/26 MYR 68.24
SENAI-DESARU EXPRESSW 1.15 06/30/25 MYR 70.01
SENAI-DESARU EXPRESSW 1.15 12/31/24 MYR 71.61
SENAI-DESARU EXPRESSW 1.15 06/28/24 MYR 73.31
SENAI-DESARU EXPRESSW 0.50 12/31/38 MYR 73.37
SENAI-DESARU EXPRESSW 1.15 12/29/23 MYR 75.01
SENAI-DESARU EXPRESSW 0.50 12/30/39 MYR 75.08
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.05
THONG GUAN INDUSTRIES 5.00 10/10/19 MYR 4.41
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.00
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.08
YTL LAND & DEVELOPMEN 3.00 10/31/21 MYR 0.46
NEW ZEALAND
-----------
PRECINCT PROPERTIES N 4.80 09/27/21 NZD 1.03
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS L 5.85 10/01/21 SGD 44.00
ASL MARINE HOLDINGS L 5.50 03/28/20 SGD 69.38
AUSGROUP LTD 7.95 10/20/18 SGD 48.00
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.68
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURC 12.50 07/08/15 USD 52.57
BERAU CAPITAL RESOURC 12.50 07/08/15 USD 52.88
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 3.80
BLUE OCEAN RESOURCES 4.00 12/31/20 USD 23.62
ENERCOAL RESOURCES PT 9.25 08/05/14 USD 41.15
EZION HOLDINGS LTD 4.70 05/22/19 SGD 15.00
EZION HOLDINGS LTD 4.60 08/20/18 SGD 15.00
EZION HOLDINGS LTD 4.85 01/23/19 SGD 15.00
EZION HOLDINGS LTD 5.10 03/13/20 SGD 15.38
EZION HOLDINGS LTD 4.88 06/11/21 SGD 45.00
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.59
GOLIATH OFFSHORE HOLD 12.00 06/11/18 USD 1.02
INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.00
ORO NEGRO DRILLING PT 7.50 01/24/19 USD 50.50
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 9.75
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LT 6.50 08/02/18 SGD 4.19
SWIBER CAPITAL PTE LT 6.25 10/30/17 SGD 4.19
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.50
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 13.63
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 13.63
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 2.55
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADIN 1.00 10/10/25 USD 69.63
DEBT AND ASSET TRADIN 1.00 10/10/25 USD 69.68
*********
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 ***