/raid1/www/Hosts/bankrupt/TCRAP_Public/171226.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 26, 2017, Vol. 20, No. 255
Headlines
A U S T R A L I A
BANKSIA SECURITIES: Court Orders Penalty v. Ex-Managing Director
BLUESTONE CBA: Fitch Assigns Bsf Rating to AUD6MM Class F Notes
CLONTARF1 PTY: First Creditors' Meeting Set for Jan. 4
KPR RECRUITMENT: First Creditors' Meeting Set for Jan. 4
MOGL PROPERTY: Second Creditors' Meeting Set for Jan. 4
NEWFERN HOLDINGS: First Creditors' Meeting Set for Jan. 5
SFL/PILETECH (EA): First Creditors' Meeting Set for Jan. 8
C H I N A
CHINA GRAND: Equity Placement Rating Neutral, Fitch Says
CHINA UNITED: S&P Affirms 'BB+' ICR; Outlook Negative
FUTURE LAND: S&P Alters Outlook to Pos on Improving Profitability
JIANGSU HANRUI: Fitch Rates New USD Notes BB+(EXP); On Watch Neg.
YUEXIU PROPERTY: S&P Affirms Then Withdraws BB+ CCR
H O N G K O N G
HENGDELI HOLDINGS: Moody's Withdraws B1 CFR; Outlook Negative
I N D I A
ABHISHEK SOLAR: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
ANUNAY FAB: Ind-Ra Migrates B+ Issuer Rating to Not-Cooperating
ASK HOME: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
BABA JATADHARI: CARE Assigns B+ Rating to INR6.48cr LT Loan
BHAVANI IMPEX: CARE Assigns 'B' Rating to INR3MM LT Loan
CACHE TECHNOLOGIES: CARE Assigns B+ Rating to INR2.25cr LT Loan
DEEP WELDMESH: Ind-Ra Migrates D Issuer Rating to Not-Cooperating
DEV SHREE COTSYN: Ind-Ra Assigns BB+ Rating, Outlook Stable
EMAAR LEAD: CARE Assigns B Rating to INR9cr Long Term Loan
ETCO DIGITAL: CARE Lowers Rating on INR4cr LT Loan to B+
GARGS WELDMESH: Ind-Ra Cuts Issuer Rating to D, Outlook Stable
GITANJALI GEMS: Mahesh Bhupathi, Lara Dutta File Insolvency Case
JSR INFRA DEVELOPERS: Ind-Ra Cuts Rating to BB+, Outlook Stable
JYOTI HOSPITAL: CARE Assigns B+ Rating to INR5.58cr LT Loan
KRISHNA TRADERS: CARE Assigns B Rating to INR4.20cr LT Loan
MAKTEL POWER: Ind-Ra Migrates D Issuer Rating to Not-Cooperating
MATA RANI: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
METAL CARE: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
NAIKNAVARE PROFILE: CARE Assigns D Rating to INR70cr Loan
PRASAD LIFESPACES: CARE Assigns B+ Rating to INR15cr LT Loan
RATHI HATCHERIES: CARE Lowers Rating on INR11.77cr LT Loan to D
SAMBHAAV MEDIA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
SATYA SUBAL: CARE Assigns 'B' Rating to INR10.99cr LT Loan
SATYESHWAR HIMGHAR: CARE Assigns B Rating to INR13.03cr LT Loan
SHEETAL STRUCTURALS: Ind-Ra Assigns BB+ Rating, Outlook Stable
SHREE RAMESHWAR: CARE Moves B+ Rating to Not Cooperating Category
SHRI RAM: CARE Moves B+ Rating to Not Cooperating Category
SIDDESHWAR MULTIPURPOSE: CARE Rates INR8.44cr Long Term Loan 'B'
SIVANTHI JOE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
SRG ALUMINIUM: CARE Hikes Rating on INR1.26cr Loan to BB-
SRI LANGTA: CARE Reaffirms B+ Rating on INR25cr LT Loan
TECHNO EDGE: CARE Assigns B+ Rating to INR4.0cr LT Loan
TIRUPATI COLD: CARE Lowers Rating on INR5.54cr LT Loan to D
UNIVERSAL EDUCATIONAL: Ind-Ra Assigns BB+/Stable Issuer Rating
YASHODA MUTUALLY: CARE Moves B+ Rating to Not Cooperating
I N D O N E S I A
MATAHARI PUTRA: Moody's Lowers CFR to B1; Outlook Stable
J A P A N
DTC ONE: S&P Affirms BB(sf) Issuer Rating on Class E Notes
N E W Z E A L A N D
CHAIN RIGGING: Taranaki Scaffolding Company Goes Into Liquidation
INTERSTAR NZ 2004-A: S&P Lowers Tranche 3 Notes Rating to B
LIFETIME INCOME: A.M. Best Affirms bb- LT Issuer Credit Rating
S I N G A P O R E
GLOBAL A&T: Taps Prime Clerk as Administrative Advisor
X X X X X X X X
* BOND PRICING: For the Week Dec. 18 to Dec. 22, 2017
- - - - -
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A U S T R A L I A
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BANKSIA SECURITIES: Court Orders Penalty v. Ex-Managing Director
----------------------------------------------------------------
The Federal Court of Australia on Dec. 22 ordered that Patrick
John Godfrey, the former managing director of Banksia Securities
Limited, pay a pecuniary penalty of AUD25,000 and be disqualified
from managing corporations for a period of five years.
The Court was satisfied on an agreed statement of facts between
ASIC and Mr. Godfrey, and declared, that Mr Godfrey contravened
section 344(1) of the Corporations Act, in that:
Banksia's financial reports for the financial years ending
June 30, 2011 and June 30, 2012, and its half-year financial
report for the half year ending Dec. 31, 2011, did not comply
with the relevant accounting standards, nor did they give a true
and fair view of the financial position and performance of
Banksia given the amount disclosed for the provision of bad and
doubtful debts was inadequate.
Mr. Godfrey failed to have or obtain a sufficient understanding
of the requirements of the relevant accounting standard, AASB 139
Financial Instruments: Recognition and Measurement (AASB 139) for
the recognition and assessment of the impairment of mortgage
investments made by Banksia.
Mr. Godfrey's recommendations as to the appropriate amount of
provision for bad and doubtful debts resulted in Banksia's
financial reports failing to give a true and fair view of
Banksia's financial position.
Mr. Godfrey failed to take all reasonable steps to secure
compliance by Banksia with AASB 139.
In imposing the disqualification order (which is not to commence
until Feb. 1, 2018 at 4:30 p.m.) and the penalty, Justice
Moshinsky found the penalty and disqualification order that ASIC
and Mr. Godfrey had jointly submitted were appropriate and should
be made.
ASIC Commissioner John Price said, 'The importance of ensuring
that the financial accounts of a company are reported in
accordance with the law by complying with the correct accounting
standards is essential to provide assurance and market
confidence. Mr Godfrey fell short of the standards required of
him in this case.'
Banksia was a Kyabram-based unlisted public company involved in
raising money from the public by issuing debentures and lending
the funds raised to borrowers for property investment and
development purposes. As at October 2012, Banksia had raised
approximately AUD663 million from 15,622 investors.
On Oct. 25, 2012, Tony McGrath, Joseph Hayes, Matthew Caddy and
Robert Kirman of McGrathNicol were appointed as receivers and
managers to Banksia by The Trust Company (Nominees) Limited, the
trustee for debenture holders.
On June 11, 2014, ASIC accepted an enforceable undertaking from
Mr. Warren John Sinnott, the former auditor of Banksia, under
which he is prevented from practising as a registered auditor
until June 10, 2019.
On June 24, 2014, John Lindholm and Peter McCluskey of Ferrier
Hodgson were appointed as Official Liquidators to Banksia by an
order of the Supreme Court of Victoria.
On June 23, 2017, ASIC commenced civil penalty proceedings in the
Federal Court against Mr. Godfrey.
BLUESTONE CBA: Fitch Assigns Bsf Rating to AUD6MM Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned ratings to Bluestone CBA Warehouse
Trust 2015's mortgage-backed floating-rate notes. The issuance
consists of notes backed by Australian residential mortgages
originated by Bluestone Mortgages Pty Limited.
The following ratings have been assigned to the notes of the
transaction:
AUD228.6 million Class A notes: 'AAAsf'; Outlook Stable;
AUD15.6 million Class B notes: 'AAsf'; Outlook Stable;
AUD18.6 million Class C notes: 'Asf'; Outlook Stable;
AUD13.8 million Class D notes: 'BBBsf'; Outlook Stable;
AUD6.6 million Class E notes: 'BBsf'; Outlook Stable;
AUD6.0 million Class F notes: 'Bsf'; Outlook Stable;
AUD1.8 million Class G notes: NRsf; and
AUD9.0 million Class Z notes: NRsf.
The notes were issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone CBA Warehouse Trust 2015.
KEY RATING DRIVERS
Sufficient Credit Support: Each tranche of rated notes benefits
from credit enhancement (CE) provided by the respective
subordinate notes. The class B, C, D, E and F notes are subject
to documented required minimum subordination levels to mitigate
potential concentration risk that may arise after mortgages are
sold out of the trust during the availability period.
Experienced Originator and Servicer: Bluestone is a specialist
non-conforming originator and servicer and wholly owns its
subsidiary, Bluestone Servicing Pty Limited, which services the
mortgages Bluestone originates. Bluestone group has originated
more than AUD6.0 billion of loans since 2000 and has completed 23
residential mortgage securitisations in Australia and
New Zealand.
Minimum Subordination Amounts: The transaction requires a minimum
dollar amount of subordination to be met for each rated note at
each payment date before principal can be distributed. This
feature is particularly important during the availability period
and after pool transfers to ensure there is sufficient
subordination in the tail end to cover the losses of large loans.
Portfolio Parameters: The portfolio is shaped by the parameters
set for the portfolio characteristics. These include limits on
loan size, percentage of reduced-documentation mortgages and
interest-only loans. There are specific caps for loans with
loan/value ratios (LVR) above 70% and 80% and there is an overall
limit on the weighted-average LVR.
Early Amortisation Events: Amortisation events include triggers
related to portfolio parameters as well as performance and non-
performance associated with Bluestone.
RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and are likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Decreased CE may make certain note ratings susceptible to
negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis of the
ratings by stressing the transaction's initial base-case
assumptions.
Impact on note rating of increased defaults in the most stressed
modelled portfolio:
Class: A/B/C/D/E/F
Rating: AAAsf/AAsf/Asf*/BBBsf*/BBsf*/Bsf*
Increase defaults by 15%: AA+sf/AA-sf/Asf/BBB+sf/BBsf*/Bsf*
Increase defaults by 30%: AAsf/A+sf/A-sf/BBBsf/BBsf*/Bsf*
Impact on note rating of decreased recoveries in the most
stressed modelled portfolio:
Class: A/B/C/D/E/F
Rating: AAAsf/AAsf/Asf*/BBBsf*/BBsf*/Bsf*
Reduce recoveries by 15%: AA+sf/AA-sf/BBB+sf/BBBsf/BBsf/Bsf
Reduce recoveries by 30%: AAsf/A+sf/BBB+sf/BBsf/Bsf/NRsf
Impact on note rating of multiple factors in the most stressed
modelled portfolio:
Class: A/B/C/D/E/F
Rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Increase defaults by 15%; reduce recoveries by 15%:
AAsf/A+sf/BBB+sf/BB+sf/BB-sf/NRsf
Increase defaults by 30%; reduce recoveries by 30%:
Asf/BBB+sf/BB+sf/Bsf/NRsf/NRsf
* Ratings are capped by the documented minimum subordination
amounts.
Fitch also undertakes defined sensitivity testing to show the
model-implied sensitivities the transaction faces when recovery
rate assumption stresses are increased to a level that is
required to reduce the rating of the notes by one full category,
to non-investment grade and to 'CCCsf'.
Class A
Rating 'AAAsf'
Decrease in recovery rate required to:
Reduce rating by one full category: 12%
Reduce rating to non-investment grade: Not possible even if
recovery rate is reduced to 0%
Reduce rating to 'CCCsf': Not possible even if recovery rate is
reduced to 0%
Class B
Rating 'AAsf'
Decrease in recovery rate required to:
Reduce rating by one full category: 7%
Reduce rating to non-investment grade: 88%
Reduce rating to 'CCCsf': Not possible even if recovery rate is
reduced to 0%
Class C
Rating 'Asf'
Decrease in recovery rate required to:
Reduce rating by one full category: 16%
Reduce rating to non-investment grade: 54%
Reduce rating to 'CCCsf': 85%
Class D
Rating 'BBBsf'
Decrease in recovery rate required to:
Reduce rating by one full category: 18%
Reduce rating to non-investment grade: 23%
Reduce rating to 'CCCsf': 50%
Class E
Rating 'BBsf'
Decrease in recovery rate required to:
Reduce rating by one full category: 18%
Reduce rating to 'CCCsf': 33%
Class F
Rating 'Bsf'
Decrease in recovery rate required to:
Reduce rating by one full category: 18%
Reduce rating to 'CCCsf': 18%
CLONTARF1 PTY: First Creditors' Meeting Set for Jan. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Clontarf1
Pty Ltd (Formerly VTS Operations Pty Ltd) will be held at the
offices of Collins Square, Business Centre, 727 Collins Street,
Docklands, in Victoria, on Jan. 4, 2018, at 11:00 a.m.
Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Clontarf1 Pty on Dec. 21, 2017.
KPR RECRUITMENT: First Creditors' Meeting Set for Jan. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of KPR
Recruitment Aust Pty Ltd will be held at Level 1, Rooms 5 & 6 of
Hilton Sydney Hotel, 488 George Street, in Sydney, NSW, on
Jan. 4, 2018, at 3:00 p.m.
Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of KPR Recruitment on Dec. 20, 2017.
MOGL PROPERTY: Second Creditors' Meeting Set for Jan. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of MOGL Property
Portfolio Pty Ltd has been set for Jan. 4, 2018 at 11:00 a.m. at
the offices of Mackay Goodwin, Level 2, 10 Bridge Street, in
Sydney, NSW.
The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 3, 2018 at 4:00 p.m.
Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of MOGL Property on
Nov. 27, 2017.
NEWFERN HOLDINGS: First Creditors' Meeting Set for Jan. 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Newfern
Holdings Pty Ltd, trading as Sympari Group and Sympari Furniture,
will be held at the offices of WA Insolvency Solutions, Level 49,
108 St Georges Terrace, in Perth, WA, on Jan. 5, 2018, at
10:30 a.m.
Jimmy Trpcevski and Christopher Michael Williamson of WA
Insolvency Solutions were appointed as administrators of Newfern
Holdings on Dec. 21, 2017.
SFL/PILETECH (EA): First Creditors' Meeting Set for Jan. 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
SFL/Piletech (EA) Pty Ltd will be held at the offices of Rodgers
Reidy, Level 9, 46 Edward Street, in Brisbane, Queensland, on
Jan. 8, 2017, at 3:00 p.m.
David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of SFL/Piletech (EA) on Dec. 22,
2017.
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C H I N A
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CHINA GRAND: Equity Placement Rating Neutral, Fitch Says
--------------------------------------------------------
China Grand Automotive Services Co., Ltd (BB-/Stable) may
accelerate M&A and leasing business expansion following its
December 2017 equity placement, says Fitch Ratings.
China Grand Auto's CNY8 billion equity issuance is marginally
credit positive, as it will improve the company's liquidity
position. That said, Fitch does not expect the equity proceeds to
be used for debt reduction, thus FFO adjusted net leverage is
unlikely to fall below 3.5x, the level at which Fitch would
consider positive rating action.
China Grand Auto plans to use more than half of the proceeds to
expand its leasing business, Huitong Xincheng, which Fitch
deconsolidates in its analysis in accordance with its Corporate
Rating Criteria. Fitch also expect the company to take the
opportunity for further M&A. China Grand Auto is an acquisitive
company and has largely expanded by consolidating smaller
dealerships over the previous few years. Fitch have assumed that
the company will spend CNY3 billion per year on acquisitions in
Fitch rating case (which does not include the equity issuance),
but management may accelerate its M&A plans if funding becomes
available.
China Grand Auto's ratings are supported by its strong business
profile as China's leading auto dealership, with good brand and
geographical diversification. FFO adjusted net leverage was
relatively high at 6x immediately following the Baoxin
acquisition, but has fallen below 5x on the back of strong
earnings growth and limited capex over the past year. Fitch
expects FFO adjusted net leverage, excluding leasing, to remain
stable at 4-5x in the next three years.
CHINA UNITED: S&P Affirms 'BB+' ICR; Outlook Negative
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term insurer financial
strength and issuer credit ratings on China United SME Guarantee
Corp. (Sino Guarantee). The outlook remains negative. S&P also
affirmed its 'BB+' long-term issue rating on the senior unsecured
notes that BL Capital Holdings Ltd. issued, and on which Sino
Guarantee provides guarantee.
S&P said, "We affirmed the rating because we believe Sino
Guarantee's very strong competitive position, and established
access to external liquidity and capital will help mitigate the
negative credit trend in the bond insurance sector, investment
risks, and more vulnerable capitalization. In our view, Sino
Guarantee's more selective underwriting standards with good local
market know-how provide the company with a competitive advantage
over domestic peers through better sustainable growth."
Sino Guarantee's new guarantee business has slowed down, with new
guarantee exposure at Chinese renminbi (RMB) 11.3 billion by the
first half of 2017 compared to RMB32.6 billion in the first half
of 2016. The subdued growth momentum reflects an increasingly
established operation post the company's start-up phase. At the
same time, the bond insurer tightened its underwriting standards
through more selective new businesses amid the ongoing
deleveraging push by the Chinese government and concerns over
worsening credit quality of the corporate sector in China.
However, the bond insurer's portfolio remains dominated by local
government financial vehicle (LGFV) related business, which
accounts for more than 70% of its business in terms of total
outstanding guarantee value. While risky, S&P regards the LGFV
related business to be less volatile in nature than the small and
midsize enterprise business.
Although Sino Guarantee has experienced several losses in some
small and midsize corporations, its collateral management
capabilities aid in limiting its loss exposure effectively. S&P
anticipates that the company's expertise and experience in risk
management, especially collateral management capability, will
support its business expansion and provide a competitive
advantage within China's highly fragmented bond insurance and
financial guarantee industry.
S&P said, "We consider Sino Guarantee's capitalization as
susceptible to credit losses arising from its relatively
unseasoned business portfolio amid China's rapidly expanding debt
capital market. At the same time, investment risks arising from
the company's aggressive asset allocation weigh on its more
vulnerable capitalization. The company's regulatory leverage
ratio stands at 4x as of June 30, 2017 (regulatory threshold at
10x). We expect Sino Guarantee to remain one of the largest
guarantee companies in China in terms of capital over the next 12
months.
"We believe the company remains sensitive to investment risk,
given its investment portfolio still mainly consists of entrusted
loan, trust plans, and private funds. In our view, Sino
Guarantee's investments are generally less liquid and more
susceptible to volatility in the capital market in China. In
particular, we view the company's self-insured investment to be
very risky as it exposes the bond insurer to both business and
investment risk in time of stress. Nonetheless, we believe that
Sino Guarantee's investment and liquidity management measures
could temper part of the negative impact of the heightened
investment risk. The company conducts a liquidity stress test on
a bi-weekly basis and maintains a substantial portion of its
investment with short maturities."
Sino Guarantee has strong financial flexibility to raise external
capital to support its needs, given its track record of raising
debt domestically. S&P expects the company not to rely heavily on
debt issues to support its business growth and to have sufficient
funds to cover its interest expenses over next year.
S&P said, "The negative outlook reflects our view that Sino
Guarantee's profitability and financial flexibility could be
vulnerable to the economic slowdown in China, heightened credit
risk related to increasing corporate defaults, and the country's
capital markets volatility over the next 12 months.
"We may downgrade Sino Guarantee if the company incurs
significant losses from its investments or guarantee business
such that we no longer view its credit profile as being stronger
than that of peers in China. This can take place if the company
undertakes significant self-insured investments or loosens its
underwriting standards. We may downgrade Sino Guarantee should we
consider the uncertainty arising from upcoming regulatory change
to adversely impact its capitalization."
S&P may lower the rating by multiple notches if it lowers its
assessment of Sino Guarantee's financial flexibility, which could
happen if:
-- The company no longer demonstrates the ability to raise
capital to provide a sufficient capital cushion and support
its capital and liquidity needs;
-- Its EBIT interest coverage falls below 10x, or its EBIT
fixed-charge coverage falls below 8x;
-- Sino Guarantee's debt leverage increases above 20% or its
financial leverage increases above 30%; or
-- The company's reliance on third-party reinsurers increases,
resulting in a significant rise in its potential losses
recoverable from third-party reinsurers or a major increase
in its largest reinsurer exposure.
S&P said, "We may also lower the rating by multiple notches if
China's economic and financial risks continue to increase, such
that we revise our Insurance Industry and Country Risk Assessment
on China's bond insurance and financial guarantee sector to high
risk from moderate risk.
"We could revise the outlook to stable if we consider that
China's economic risk has eased and Sino Guarantee's performance
is likely to become more resilient throughout the economic
cycle."
FUTURE LAND: S&P Alters Outlook to Pos on Improving Profitability
-----------------------------------------------------------------
S&P Global Ratings said it revised its outlook on China-based
property developer Future Land Development Holdings Ltd. to
positive from stable. At the same time, S&P affirmed its 'BB-'
long-term corporate credit rating and its 'B+' long-term issue
rating on Future Land's outstanding senior unsecured notes.
S&P said, "We revised the outlook on Future Land to positive
because we expect the company's sales performance to remain
strong over the next 12 months, with materially expanded scale
and improved end-market diversity. We also believe Future Land's
profitability will significantly improve over the next two years,
due to solid sales price increases in the past two years,
enabling the company to maintain debt leverage at its current
level.
"In our opinion, Future Land's strong sales performance in 2017
has helped the company to transition to a large-scale national
developer. For the first 11 months of 2017, Future Land's total
contracted sales reached Chinese renminbi (RMB) 105 billion, and
we expect it to surpass RMB115 billion for the full year. Such
scale has propelled the company up the national league tables to
within the top 15 developers by sales in China. In 2018, we
expect the company to launch over RMB250 billion in sellable
resources, underpinning its strong growth momentum and ability to
achieve sales of over RMB150 billion. In our view, such rapid
scale expansion will enhance the company's presence on a
nationwide basis and provide more bargaining power over land
acquisition and construction expenditure, as well as better
access to financing.
"In addition, Future Land's geographical diversity continues to
improve. The company has reduced dependency on its home market of
Changzhou, and we expect no single city to account for more than
20% of 2017 sales. Although Future Land still focuses heavily on
the Yangtze River Delta and its top four markets still account
for over 50% of sales, its land bank as of June 2017 has become
more balanced. Over 40% of the land bank's gross floor area (GFA)
is located outside Yangtze River Delta, compared with only 26%
last year.
"Based on Future Land's strong sales performance in 2016 and
2017, we expect strong revenue recognition for 2017 and 2018.
Also, with the surge in the average selling price (ASP) in the
past two years, the company's gross margin post-value added (VAT)
tax for the first half of 2017 jumped to over 30% from under 20%
in the same period last year. We expect Future Land to maintain
this level of profitability for full-year 2017 and into 2018. We
also anticipate that the company's profitability will mildly
weaken after 2018 as the effect of national policy tightening and
market cooling measures manifest in revenue recognition.
"In our view, Future Land's active participation in joint venture
(JV) projects has helped the company's fast scale expansion and
entry into new markets, although at the expense of temporarily
higher leverage ratios. For 2017, we expect JV projects to
contribute to 30% of total sales, and this proportion may rise
further in 2018, given the JVs' growing proportion of new land
acquired. As of June 2017, Future Land has provided guarantee on
JV debt amounting to RMB15.5 billion, a significant increase from
RMB2.4 billion as of end-2016. However, we believe the amount of
guaranteed debt already fully reflects attributable debt at the
JV level.
"In our opinion, Future Land's leverage remains under control
despite significant growth in the first half of 2017 due to large
land acquisition spending. We believe the company's efficient
cash collection and more restrained land acquisitions should
generate positive operating cash flow in the second half of 2017,
limiting incremental debt increases. We expect the ratio of
adjusted debt to EBITDA in full-year 2017 to reach 6.5x
(including JV debt guarantee), but return to 5x-5.5x in 2018
given the fast growth in revenue and EBITDA that year.
"Future Land's see-through ratios with proportional consolidation
of JVs are slightly more favorable than the adjusted ratios after
factoring in attributable EBITDA from JVs. However, as most JV
projects have just started delivery in 2017, we estimate its see-
through debt-to-EBITDA ratio to be around 6x in 2017, and expect
it to materially improve as larger volume is delivered from 2018
onwards. Moreover, we anticipate that the company will continue
to obtain competitive financing rates, enabling it to achieve
over 4x EBITDA interest coverage for 2017 and 2018.
"The positive outlook reflects our expectation that Future Land
will continue its significant scale expansion through strong
sales growth and improving geographic diversity, while
maintaining a materially improved level of profitability. We
believe the company's revenue and EBITDA will grow significantly
over the next 12-18 months, given a solid increase in contracted
sales.
"Our base case expects a temporary increase in the ratio of debt
to EBITDA to around 6x in 2017. We factor in guaranteed JV debt
and our estimated level of EBITDA due to a larger investment in
land and JV projects for expansion. However, we expect Future
Land's leverage to improve to around 5x in 2018 when more
projects are delivered.
"We may revise the outlook back to stable if Future Land's
delivery execution in new markets and profitability are weaker
than we expect, or debt-funded expansion is more aggressive than
we anticipate due to elevated land and construction spending,
such that the company's see-through debt to EBITDA does not
improve from its current levels in 2018 and 2019.
"We could raise the rating if Future Land maintains strong sales
and improved profitability, and manages to control its debt-to-
EBITDA ratio at around 5x after proportionally consolidating JVs'
debt and EBITDA."
JIANGSU HANRUI: Fitch Rates New USD Notes BB+(EXP); On Watch Neg.
----------------------------------------------------------------
Fitch Ratings has assigned Jiangsu HanRui Investment Holding Co.,
Ltd's (HanRui, BB+/Rating Watch Negative) proposed senior
unsecured US dollar notes an expected rating of 'BB+(EXP)', on
Rating Watch Negative.
The notes will be issued by HanRui Overseas Investment Co., Ltd.
and will be unconditionally and irrevocably guaranteed by HanRui
International Investment Company Limited (HII), HanRui's wholly
owned subsidiary.
The notes are rated at the same level as HanRui's Issuer Default
Ratings due to the strong linkage between HanRui and HII. This
linkage is enhanced by a keepwell and liquidity support deed and
a deed of equity interest purchase undertaking, which signal a
strong intention from HanRui to meet its obligations for the
proposed notes.
HanRui has granted a keepwell and liquidity support deed and a
deed of equity interest purchase undertaking to ensure HII has
sufficient assets and liquidity to meet its obligations under the
guarantee for the proposed US dollar notes.
The notes will be HII's senior unsecured obligations and rank
pari passu with all other unsecured and unsubordinated
obligations. The proceeds will be used to replenish working
capital and for general corporate purposes.
KEY RATING DRIVERS
Rating Watch on Exposure Draft: HanRui's IDR was placed on Rating
Watch Negative (RWN) following the publication of the Exposure
Draft: Government Related Entities Criteria (see "Fitch Publishes
Exposure Draft on Government Related Entities Criteria", dated 27
November 2017).
Linked to Zhenjiang Municipality: HanRui's ratings are credit-
linked with those of Zhenjiang municipality in China's Jiangsu
province. The link reflects strong oversight and supervision of
HanRui by the Zhenjiang government and the company's strategic
importance as the flagship local government funding vehicle
(LGFV) platform for public-sector construction in Zhenjiang New
Area, a national-level economic and technological development
zone.
Zhenjiang's Creditworthiness: Zhenjiang's economy is backed by a
traditionally strong secondary industry and maintained strong
gross regional product (GRP) growth of 10.6% in 2016,
outperforming both Jiangsu and the national average. Zhenjiang
also has a favourable socio-economic profile, despite its smaller
economy, with GRP per capita that ranked fifth among Jiangsu's 13
municipalities. These strengths should mitigate the city's
moderately high continent liabilities arising from its state-
owned entities.
Legal Status 'Mid-Range': HanRui is registered as a wholly state-
owned limited liability company under Chinese company law. The
attribute was assessed at Mid-Range, as HanRui's legal status
does not indicate automatic absorption of its liabilities by
Zhenjiang Municipality.
Control 'Stronger': The Zhenjiang State-Owned Assets Supervision
and Administration Commission (SASAC) is the sole and direct
shareholder of HanRui. HanRui's daily operations are supervised
by the Zhenjiang New Area Management Committee on behalf of
Zhenjiang SASAC. The government has no plan to dilute its
shareholding in HanRui.
Strategic Importance 'Stronger': HanRui is the flagship urban
development platform within the Zhenjiang New Area and is ranked
second in total assets among the city's directly controlled
LGFVs. For the first nine months of 2017, the Zhenjiang New Area
accounted for 15% of the city's GDP and 17% of the tax revenue.
Fitch believes Zhenjiang could see material consequences in the
event of a default of HanRui, considering the company's large
asset size and the economic importance of the Zhenjiang New Area.
Integration 'Stronger': HanRui has received consistent government
financial support, including subsidies and capital injections.
Annual subsidies have averaged 148% of the company's net profit
over the previous three years, demonstrating the government's
commitment in maintaining HanRui as a going concern. Fitch
expects continued government support to partly fund HanRui's
capital expenditure and debt servicing, considering its high
strategic importance.
Weak Standalone Profile: HanRui's financial profile is
characterised by large capital expenditure, negative free cash
flow and high leverage. Its weak standalone credit metrics are
not likely to see any significant improvement in the near term.
Fitch expects ongoing government financial support to mitigate
this risk, despite HanRui's infrastructure developments in
Zhenjiang New Area.
RATING SENSITIVITIES
Any rating action on HanRui's IDR will result in similar action
on the ratings of the proposed US dollar notes.
Exposure Draft: Fitch expects to resolve the RWN on HanRui's
ratings within the next six months from the publication of the
criteria.
Linkage with Municipality: A stronger or more explicit support
commitment from Zhenjiang municipality may trigger positive
rating action on HanRui. Significant changes to HanRui's
strategic importance, a diluted municipal shareholding or reduced
explicit and implicit municipality support could lead to a wider
rating gap between HanRui and Zhenjiang.
Municipality's Creditworthiness: An upgrade of Fitch's internal
credit view of Zhenjiang may trigger positive rating action on
HanRui. A weaker fiscal performance or higher municipality
indebtedness could lead to a lowering of Fitch's internal
assessment of Zhenjiang's creditworthiness and thus trigger
negative rating action on HanRui.
Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle government-related entities (GREs) from
public-sector balance sheets, address indiscriminate GRE debt
growth, and encourage greater market discipline.
Depending on the degree of certainty and the extent of the
prohibition, the agency will take rating action which could
result in either a widening of the notching or the adoption of a
bottom-up ratings approach, possibly even to the extent of the
removal of all support expectations.
YUEXIU PROPERTY: S&P Affirms Then Withdraws BB+ CCR
---------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Yuexiu Property Co. Ltd. with a stable outlook. S&P
subsequently withdrew the rating at the company's request.
The affirmed rating at the time of the withdrawal reflected
Yuexiu Property's established market position in Guangzhou,
diversified funding resources, financial flexibility brought on
by Yuexiu REIT, and strong parental support from Guangzhou Yuexiu
Holdings.
These strengths are tempered by the company's consistently high
leverage resulting from aggressive land acquisitions, low
profitability, and slow revenue recognition.
S&P said, "We estimate that Yuexiu Property's debt leverage, as
measured by a ratio of debt to EBITDA, would improve slightly to
8.5x-9.0x in 2017 and 2018, compared with 9.4x in 2016.
"At the time of the withdrawal, the stable outlook reflected our
view that Yuexiu Property's leverage will remain high over the
next one to two years. However, it will likely stabilize at the
current level as the company's profitability moderately recovers
with reasonable sales growth. We also expect the parent company
Guangzhou Yuexiu Holdings' leverage to stabilize accordingly."
================
H O N G K O N G
================
HENGDELI HOLDINGS: Moody's Withdraws B1 CFR; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has withdrawn Hengdeli Holdings
Limited's B1 corporate family rating (CFR) and the negative
outlook on the rating.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
Hengdeli Holdings Limited, headquartered in Hong Kong, is a
publicly traded watch and watch accessories retail company.
=========
I N D I A
=========
ABHISHEK SOLAR: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abhishek Solar
Industries Private Limited (ASIPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR60 mil. Fund-based working capital limit assigned with IND
BB-/Stable rating;
-- INR60 mil. Non-fund-based working capital limit assigned with
IND A4+ rating; and
-- INR8.98 mil. Term loan due on March 2021 assigned with
IND BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect ASIPL's small scale of operations and
moderate credit metrics. During FY17, revenue grew to INR318
million (FY16: INR212 million) on back of an increase in orders
as well as execution of higher orders. Interest coverage
(operating EBITDA/gross interest expense) improved to 3.2x in
FY17 (FY16: 2.4x) and net leverage (total adjusted net
debt/operating EBITDA) to 2.1x (4.0x) due to an improvement in
operating EBITDA margins to 10.95% (7.2%), resulting from a
decline in raw material cost.
The ratings are also constrained by the company's tight liquidity
position with 94% average utilisation of the working capital
limits during the 12 months ended November 2017.
However, the ratings benefit from ASIPL's director's two decades
of experience in the solar panel business.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations along with an
improvement in the overall credit metrics could be positive for
the ratings.
Negative: Any deterioration in the credit metrics could be
negative for the ratings.
COMPANY PROFILE
Incorporated in 1999, ASIPL (formerly Abhishek Industries)
manufactures a wide range of solar products such as solar
photovoltaic modules, solar lanterns, solar study lamp, solar
street lights and solar water pumps, among others with an annual
installed capacity of 30MW.
ANUNAY FAB: Ind-Ra Migrates B+ Issuer Rating to Not-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anunay Fab
Limited's (AFL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR792 mil. Fund-based working capital facility migrated to
non-cooperating category with IND B+(ISSUER NOT
COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and
-- INR60 mil. Non-fund-based working capital facility migrated
to non-cooperating category with IND A4(ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Founded in 1994, AFL manufactures made-up home textile products,
with over 90% total revenue being contributed by bedsheets. It is
also engaged in the trading of grey cloth. The company purchases
grey fabric, which is processed on job work basis. The company
then cuts and stitches the processed material to bedsheets, and
packages the same. More than 50% of the final products are
exported mainly to the US.
ASK HOME: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ASK Home
Furnishing Private Limited's (AHFPL) 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 actions are:
-- INR160 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB+(ISSUER NOT COOPERATING)/IND
A4+(ISSUER NOT COOPERATING) rating;
-- INR5 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
rating;
-- INR60.8 mil. Term loan migrated to non-cooperating category
with IND BB+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
AHFPL was incorporated in 2005 by Mr Sandeep Singh Kochar and his
wife Mrs Amita Kochar. The company manufactures mink blankets and
mink blanket fabrics at its facility in Gurugram, Haryana. The
company sells its products nationwide under the brand Home
Jewels.
BABA JATADHARI: CARE Assigns B+ Rating to INR6.48cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Baba
Jatadhari Agro India Private Limited (BJAIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facility 6.48 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of BJAIPL is
constrained by its short track record with small scale of
operation, volatile agro-commodity (flour) prices with linkages
to vagaries of the monsoon and regulated nature of the industry,
intensely competitive nature of the industry with presence of
many unorganized players, leveraged capital structure and working
capital intensive nature of operation. The aforesaid constraints
are partially offset by its experienced promoters, satisfactory
demand outlook of the products and proximity to raw material
sources.
The ability of the company to improve its scale of operations
along with profitability margins and efficient management of
working capital are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced Promoters: Mrs. Chitrarekha Shaw (aged 41 years)
having around a decades of experience in the flour mill business.
She looks after the overall management of the company, with
adequate support other directors and a team of experienced
personnel.
Satisfactory demand outlook of the products: Wheat based
products, viz. Maida, Suji, flakes and Atta have large
consumption across the country in the form of bakery products,
cakes, biscuits and different types of food dishes in homes and
restaurants. The demand has been driven by the rapidly changing
food habits of the average Indian consumer, dictated by the
lifestyle changes in the urban and semi-urban regions of the
country.
Proximity to raw material sources: BJAIPL's unit has close
proximity to local grain markets and major raw material
procurement destinations. Further, West Bengal and nearby states
are one of the major wheat producing area in India. Accordingly,
BJAIPL has locational advantage in terms of proximity to raw
material. This apart, the plant is located in the vicinity of
industrial area of West Bengal, having good transportation
facilities and other requirements like good supply of power,
water etc.
Key Rating Weaknesses
Short track record with small scale of operations: The company
was incorporated in the year 2011, however the company has
started commercial production from October 2016 and thus has
short track record of operations. The company has reported total
operating income of INR24.11 crore with a net loss of INR0.16
crore in FY17. However, the GCA remains comfortable at INR0.93
crore as on March 31, 2017.
This apart, the company has achieved INR21.85 crore in 8MFY18.
Furthermore, the net worth base was also low at INR2.87 crore as
on March 31, 2017. The small size restricts the financial
flexibility of the company in times of stress and deprives it
from benefits of economies of scale.
Volatile agro-commodity (flour) prices with linkages to vagaries
of the monsoon and regulated nature of the industry: BJAIPL is
primarily engaged in the processing of wheat products under its
roller mills. Wheat being an agricultural produce and staple
food, its price is subject to intervention by the government. In
the past, the prices of wheat have remained volatile mainly on
account of the government policies in respect of Minimum Support
Price (MSP) & controls on its exports. The MSP of wheat for 2017-
18 is INR1735/quintal increased from INR1625/quintal in 2016-17.
Further to be noted, the prices of wheat are also sensitive to
seasonality, which is highly dependent on monsoon. Any volatility
in the wheat prices will have an adverse impact on the
performance of the flour mill.
Intensely competitive nature of the industry with presence of
many unorganized players: Flour 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. West Bengal and
nearby states are a major wheat growing area with many flour
mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.
Working capital intensive nature of operation: Wheat is primarily
a Rabi crop in India i.e. its cultivation takes place in winter
and the same is traded/ procured by flour millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Further, wheat is mainly sourced on cash payment. Accordingly,
the working capital intensity remained high as reflected through
average utilization of working capital limits which stood at
around 95% in the last twelve months ending November 30, 2017.
Leveraged capital structure: The capital structure of the company
remained leverage marked by its overall gearing ratio of 3.23xas
on March 31, 2017 due to low networth base and higher debt
levels. Furthermore the debt coverage indicators also remained
moderate marked by interest coverage of 2.21x and total debt to
GCA of 2.08x in FY17.
Incorporated in 2011, Baba Jatadhari Agro India Private Limited
(BJAIPL) is engaged in flour milling activities with its
manufacturing facility located at Abhirampur,Nischintapur Gram
Panchayat P.O & P.S. - Budge Budge, Dist-South 24 Parganas, West
Bengal. The company manufactures atta, maida, sooji, flakes etc.
with installed capacity of 100 MTPD. BJAIPL commenced its
commercial operation from October 2016.
Mrs. ChitraRekha Shaw (aged 41 years), having around a decade of
experience in the same line of industry, looks after the overall
management of the company with adequate support from other
directors and a team of experienced personnel.
BHAVANI IMPEX: CARE Assigns 'B' Rating to INR3MM LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bhavani Impex (BI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 3 CARE B; Stable Assigned
Short-term Bank
Facilities 7 CARE A4; Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of BI are primarily
tempered by Small scale of operations with fluctuating total
operating income, weak debt coverage indicators and thin
profitability margins albeit improvement, working capital
intensive nature of operations, highly fragmented and competitive
business segment due to presence of numerous players,
constitution of a partnership concern with risk of withdrawal of
capital and foreign currency fluctuation and government
regulations on industry. However, the ratings derive comfort from
vast experience of the partners in timber industry and
comfortable capital structure.
Going forward, the firm's ability to increase its scale of
operations, profitability margins and improve its capital
structure and debt coverage indicators while efficiently utilize
its working capital requirements are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with fluctuating total operating
income, weak debt coverage indicators and thin profitability
margins albeit improvement: The firm has small size of operations
marked by a total operating income at INR14.70 crore in FY17 with
low net worth base of INR3.94crore as of March 31, 2017 owing to
recent start of operations. The total operating income of the
firm decreased to INR14.70 crore in FY17 as against INR 17.95
crore in FY16 due to decline in the amount of timber traded by
Malaysia. Malaysia imposed regulations to only export sawn timber
logs in order to boost employment opportunities which delayed
timber exports. Demonetization and currency fluctuations further
contributed to the drop in sales during FY17.
The total debt/GCA stood weak at 56.53x as of March 31, 2017, and
interest coverage ratio stood at 1.10x as of March 31, 2017,
improved marginally from 1.09x as of March 31, 2016 due to
decreased interest charges associated with repayment of vehicle
loans.
The PBILDT margin remained thin albeit year-on-year growth. It
grew from 4.29% in FY15 to 5.37% in FY17 on the back of high
closing stock value on account of pileup of inventory and gains
made by fluctuation in raw material prices. The PAT margin also
stood thin, however improved in line with PBILDT margin and stood
at 0.20% in FY17.
Working capital intensive nature of operations: BI operates in a
working capital intensive nature of business. It takes around 2-3
months on average for the goods to reach the Tamil Nadu coast.
The imported timber is stored in the stock yard in Tuticorin. The
logs that require sawing and processing are transported to
Shencottah. The timber is stocked in the yard for about 2-3
months before dispatch to customers. In order to survive in the
high level of competition, customers are given credit upto3
months for payment and on most occasions, this period extends
upto 6 months. The creditors are paid off within 2-3 months
through their arrangement with the banks. Due to elongated
creditors and collection period, the working capital cycle also
stood elongated at 148 days as of FY17. The average working
capital utilization levels stood at 100% for the last one year
ended October 31, 2017.
Highly fragmented and competitive business segment due to
presence of numerous players: The firm is into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small
sized firms in and around Shencottah area in Tamil Nadu which
compete with BI.
Constitution of a partnership concern with risk of withdrawal of
capital: The firm was established as a partnership concern and
the risk of withdrawal of partner's capital prevails. There is
parity between the existence of the firm and the life of the
partners. The capital was withdrawn from the business on account
of infusion of the same in the group entities. Infusion of
capital was in parity to the prevailing market conditions.
Foreign currency fluctuation and government regulations on
industry.
The firm is mainly importing raw material from countries in Asia,
South America and Africa. Its import procurements constitute 100%
of its total purchases. All the sales however are concentrated to
the domestic market, particularly Tamil Nadu, Karnataka and
Kerala. As a result of foreign procurements and no hedging
mechanism, the firm is exposed to foreign exchange fluctuation
risk. However the firm has reported a dollar difference of INR
0.37crore during FY17. Revenue is further susceptible to
government regulatory policies in relation to import-export
duties, custom duties, restriction on volume of imports, freight
rates, port charges etc.
Key Rating Strengths
Vast experience of the partners in timber industry: The partners
of the firm, Mr. Jagadish L Patel, Mr. Rajesh L Patel, Mr. Mukesh
L Patel and Mr. Aswin L Patel have hands on experience in trading
and processing timber wood into useful raw materials. The
partners of the firm have been associated in this industry
through the associate concerns, Bhavani Timber Tipo and Bhavani
Enterprises which was established in 1987 and 2002 respectively
by their fathers and forefathers.
Comfortable capital structure: The capital structure of the firm
marked by overall gearing stood comfortable at 0.88x as of March
31, 2017, improved from 1.08x as of March 31, 2016 on the back of
decline in the working capital utilization as on balance sheet
dates and repayment of vehicle loans borrowed. However, the
unsecured loans borrowed increased by INR0.08 crores in FY17
which was utilized for meeting trade expenses.
Bhavani Impex (BI) was established as a partnership concern by
Mr. Jagadish L Patel, Mr. Rajesh L Patel, Mr. Mukesh L Patel,
Mr. Aswin L Patel and Ms. Keerthi S Patelin 2013. BI is engaged
in trading of timber logs. The firm deals with Burma Teak,
paddock timber, Mora round log and Merbauvariety of timber. The
firm imports these varieties from Asian countries like Malaysia,
Singapore and a few African and South American countries. The
timber logs are sold in the domestic market to the customers in
Tamil Nadu, Karnataka and Kerala. The registered office of BI is
in Shencottah, Tamil Nadu.
CACHE TECHNOLOGIES: CARE Assigns B+ Rating to INR2.25cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Cache
Technologies (Cache), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.25 CARE B+; Stable Assigned
Short-term Bank
Facilities 2.90 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Cache are
primarily constrained by its small and fluctuating scale of
operations coupled with low net worth base, leveraged capital
structure, weak debt coverage indicators and elongated collection
period. Further, the ratings are also constrained by risk
associated with constitution of the entity being a proprietorship
firm and highly fragmented nature of industry characterized by
intense competition.
The rating, however, draws comfort from experienced proprietor
and moderate profitability margins.
Going forward, ability of Cache to increase its scale of
operations while improving its capital structure and effectively
managing its working capital requirements shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small and fluctuating scale of operations coupled with low net
worth base: Despite being operational for two decades, the scale
of operations has remained small as evident from total operating
income (TOI) and gross cash accruals of INR13.74 crore and
INR0.26 crore, respectively, in FY17 (refers to the period
April 1 to March 31). Further, the firm's net worth base was
relatively small at INR3.11 crore as on March 31, 2017. The small
scale limits the firm's financial flexibility in times of stress
and deprives it of scale benefits.
Moreover, Cache's scale of operations remained fluctuating for
the period FY15-FY17 (refers to the period April 1 to March 31).
TOI registers a growth in FY16 over FY15 and thereafter
significantly decline in FY17. TOI declined significantly from
INR43.28 crore in FY16 to INR13.74 crore in FY17 on account of
change in business model wherein the firm has more focused over
providing AMC services. During 8MFY18 (refers to the period
April 1 to November 30; based on provisional results), the firm
has achieved the total operating income of ~INR20.00 crore.
Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by overall gearing stood
leveraged at above 1.90x on the past three balance sheet dates
(FY15-FY17) on account of low net worth base and high dependence
on external borrowing to meet its working capital requirements.
The working capital limits of the firm remained almost fully
utilized for the past 12 month's period ending November, 2017.
Debt service coverage indicators as marked by interest coverage
and total debt to GCA has remained weak and stood at 1.31x and
23.59x during FY17 on account of high debt levels leading to high
finance cost.
Elongated collection period: Being present in a highly
competitive business and having low bargaining power with its
customers, the firm normally extends credit period of around 2
months to its customers. Further, the same increased to 128 days
in FY17 as against 45 days in FY16 mainly on account of delay in
realization from few customers. Consequently, the average payable
period also increased and stood at 99 days in FY17 as against 41
days in FY16. The firm is required to maintain adequate inventory
of traded goods in form of hardware and software to cater the
immediate demand of the customers.
Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the
firm operates is highly fragmented and competitive marked by the
presence of numerous players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.
Key Rating Strengths
Experienced proprietor: Mrs. Prarthana Gupta, proprietor of Cache
looks after the overall operations of the firm. She has an
experience of more than two decades in trading industry through
her association with this entity and other associate namely
"Cache Digitech Private Limited". Further, she is ably supported
by a team of qualified personnel in managing its business
operations.
Moderate profitability margins: The profitability margins of the
firm improved and stood moderate during FY17 as marked by PBILDT
and PAT margin which stood at 8.09% and 1.58% respectively, in
FY17 as against 3.83% and 0.94% in FY16. The improvement in
margins was on account of increase in share of revenue from AMC
services which fetches better profitability.
Delhi based Cache Technologies (Cache) was established in 1996 as
a proprietorship firm and is managed by Mrs. Prarthana Gupta. The
firm is engaged in the trading of computer hardware & software.
Also, the firm provides AMC services of computer, laptop,
printers, servers, etc. The firm operates in the regions of
Delhi, Uttar Pradesh & Haryana.
The firm has one group associate namely; "Cache Digitech Private
Limited"; engaged in similar line of business.
DEEP WELDMESH: Ind-Ra Migrates D Issuer Rating to Not-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Deep Weldmesh
Private Limited's (DWPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-' while simultaneously migrating it to the non-
cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:
-- INR100 mil. Fund-based limits (long- and short-term)
downgraded and migrated to non-cooperating category with
IND D(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The account of DWPL was classified as a non-performing asset by
its bank in September 2017.
COMPANY PROFILE
Incorporated in 1996, DWPL is engaged in the trading of wires,
wire mesh, thermomechanically treated bars, angles, steel bars,
steel angles and others. The entity is promoted by Mr Dharampal
Garg. Its registered office is at Jhandewalan Road, New Delhi.
DEV SHREE COTSYN: Ind-Ra Assigns BB+ Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dev Shree Cotsyn
Private Limited (DSCPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR90 mil. Term loan due on June 2025 assigned with IND
BB+/Stable rating; and
-- INR80 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect DSCPL's moderate scale of operations,
declining EBITDA margins and moderate credit metrics. Revenue
grew at a CAGR of 26.57% to INR654 million during FY14-FY17
(FY16: INR565 million) on account of high demand of synthetic
yarn and increase in the quantum of orders received from dealers
and customers. Operating profitability declined to 9.86% in FY17
(FY16: 11.34%, FY15: 12.08%) mainly on account of an increase in
employee cost along with addition of job work charges. In FY17,
EBITDA interest coverage (operating EBITDA/gross interest
expense) deteriorated to 3.92x (FY16: 4.61x) and net financial
leverage (total adjusted net debt/operating EBITDAR) to 5.47x
(4.57x) on account of an increase in total debt and the
consequent increase in interest expense.
The ratings, however, are supported by the company's comfortable
liquidity position as indicated by 75.85% average utilisation of
the fund-based limits for the 12 months ended November 2017. The
ratings also benefit from the promoters' more than three decades
of experience in the textile industry.
RATING SENSITIVITIES
Negative: Any decline in revenue or EBITDA margin leading to
deterioration in the credit metrics and stress on the liquidity
position will be negative for the ratings.
Positive: A sustained improvement in revenue along with
improvement in EBITDA margin while maintaining the credit metrics
at the current level will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2011, DSCPL began commercial operation from 2013.
The company manufactures synthetic yarn with a wide range of
counts in grey and dyed Ne 8/1-Ne 40/1. The company has installed
27,000 spindles with manufacturing capacity of 23 tonnes of yarn
per day. The company is involved in the manufacturing of sewing
thread (contributes 2%-3% to the revenue).
EMAAR LEAD: CARE Assigns B Rating to INR9cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Emaar
Lead Company Private Limited (ELCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facility 9.00 CARE B; Stable Assigned
Detailed Rationale& Key Rating Drivers
The rating assigned to the bank facilities of ELCPL is tempered
by limited track record and small scale of operations with
fluctuating total operating income, cash losses in previous years
along with thin PAT margin in FY17 (refers to period April 01 to
March 31), leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operations.
The rating is, however, underpinned by long experience of
promoters for more than one decade in the lead products industry,
and stable outlook for lead products industry.
Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, improve its capital structure and manage the working
capital requirements effectively would be key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Limited track record and small scale of operations with
fluctuating total operating income
The company was incorporated in 2012 and started its commercial
operations in the same year. The company is engaged in lead
manufacturing business for around six years. The total operating
income (TOI) of the company has been fluctuating during the
review period. TOI of the company declined to INR13.91 crore in
FY16 from INR18.03 crore in FY15 due to regulatory changes in the
Tamil Nadu state which caused to pay extra 3 per cent tax on the
purchase of raw materials from local suppliers resulted in low
purchase of raw materials during the period. However, the TOI of
the company has significantly increased to INR22.00 crore in FY17
from INR 13.91 crore in FY16 due to abolishment of the excess of
tax levied during FY16.
Cash losses in FY15 and FY16 along with thin PAT margin in FY17
albeit satisfactory operating margin: The PBILDT margin of the
company remained at satisfactory level though fluctuating during
the review period. The PBILDT margins improved to 11.01% in FY16
from 9.04% in FY15 due to the variation in the purchase price of
materials and selling price of the finished products. However,
the PBILDT margin decreased to 8.88% in FY17 due to increase in
material costs, printing & stationary expenses, travelling
expenses, audit fees and general expenses. The company had
incurred cash loss during FY15 and FY16 due high finance expenses
and depreciation provisions. However, the company has turnaround
from the net loss to net profits in FY17 and earned PAT of INR
0.26 crore at the back of increase in operating profit resulting
and decline in financial expenses on account of repayment of term
loan installments.
Leveraged capital structure and weak debt coverage indicators
The capital structure of the company remained leveraged for the
balance sheet date ended March 31, 2017 marked by debt equity and
overall gearing ratio of 12.97x and 57.49x respectively at the
back of high debt level of the company to meet the working
capital requirements coupled with low net worth. The debt profile
of the company as on March 31, 2017 comprises working capital
bank borrowings (77%) and other short term loans and advances
(33%) to meet day to day working capital requirements of the
company.
The debt coverage indicators marked by total debt/GCA though
improving from 41.93x in FY15 to 11.49x in FY17 still remained
weak due to increase in total debt levels and low cash accruals.
Furthermore, the PBILDT interest coverage ratio, also seen
improving from 1.19x in FY15 to 1.91x in FY17 due decrease in
interest and finance costs but still remained weak.
Working capital intensive nature of operations: The company has a
working capital intensive nature of operations. The company
receives the payment from its customers on average of 60 days and
avails the credit period from its supplier up to 30 days for the
purchase of materials like scrap batteries. The company has to
maintain enough inventory levels to meet the customer requirement
as on need basis. The average utilization of working capital of
the company stood at 95 per cent in the last 12 months ending
November 30, 2017.
Key Rating Strengths
Long experience of promoters for more than one decade in the lead
products industry: ELCPL was established in 2012 by Mr. Senthil
Kumar and Mr. Palani Kumar. Mr. Senthil Kumar is a MBA graduate
and Managing Director of the company. He has more than one decade
of experience in the manufacturing of lead products. The other
director, Mr. Palani Kumar is DME graduate and has more than one
decade of experience into manufacturing of lead products. Both
the directors are cousin brothers and previously worked with
their associate concerns. They have gained considerable
experience in the business of manufacturing of lead products.
Stable outlook for lead products industry: India is expected to
drive the demand for lead for the next five years as sales of
automobiles grow in the country. Lead is a primary ingredient for
automotive batteries. Its rally from multi-year lows were on the
back of major zinc-lead mine shutdowns and strong demand from the
automotive sector, responsible for the bulk of demand. According
to forecasts, the lead market will be minimally undersupplied
this year on the back of persistent supply cuts and growing
demand from second-tier consumer countries, but the shortfall
could quadruple to 70,000 tons in 2021. Mined lead production
will continue to feel the effects of a global slowdown in mining
capital expenditure, which will have a knock-on effect on refined
lead supply, China produces nearly half the world's mined lead
and is responsible for some 40% of global refined lead output.
The country's production of refined lead will stagnate on the
back of Beijing's pollution clampdown on heavy industry and
growth will be muted at best elsewhere. China's imports of lead
products was up threefold last year and will slow going forward
but an increasing refined deficit will support import levels.
Tamil Nadu based, Emaar Lead Company Private Limited (ELCPL) was
established in 2012 as a Private Limited Company by Mr. Senthil
Kumar and Mr. Palani Kumar. ELCPL is engaged in manufacturing of
Pure Lead products. The company purchases raw materials like
Scrap Lead and Lead Scraps (Scrap Batteries) from the suppliers
located all over the South India and engages in the refining of
scrap lead to pure lead products and sells them to the customers
located all over the South India. The current installed capacity
for manufacturing of lead products is 20 tons per day as on
Oct. 31, 2017.
ETCO DIGITAL: CARE Lowers Rating on INR4cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Etco Digital Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4 CARE B+; Stable Revised
Facilities from CARE BB-, Issuer
Not Cooperating; Based
on best available
information
Short-term Bank 7 CARE A4 Revised from
Facilities CARE A4, Issuer Not
Cooperating; Based
on best available
information
Detailed Rationale & Key Rating Drivers
The rating assigned to bank facilities of Etco Digital Private
Limited continues to be constrained by modest but declining
scale of operations, operating losses, highly leverage capital
structure and working capital intensive nature of operation.
The aforesaid constraints continue to be partially offset by the
strength derived from the long track record and
experienced promoters, reputed clientele.
The ability of EDPL to increase its overall scale of operations
and improve its profitability and capital structure along with
efficient management of working capital requirement is the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations: EDPL deals with banks for
installation of CCTV, ATM's, counting currency machines etc. due
to demonetization there has been decline in demand from end users
have resulted into declining TOI during past three years ending
as on March 31, 2017.Although income from AMC has been improving
y-oy. EDPL posted TOI of INR18.23 crore in FY17.
Incurred Operating and net losses: Due to low realisation of
sales and increase in cost of overhead expenses resulted into
operating losses. PBILDT margins of EDPL stood at -8.55% in FY17
(vis-a-vis 6.21% in FY16). Further it posted net losses on
account of high cost of depreciation (new vehicle purchased for
business) and interest cost (due to higher utilisation of working
capital). Going forward, its ability to increase its scale of
operations shall be critical from credit perspective.
Highly leverage capital structure: Though overall gearing of EDPL
is fluctuating for past three years ended as on March 31, 2017,
it stood at high. Further overall gearing deteriorated and stood
at 7.06x as on March 31,2017 (vis-a-vis 2.93x as on March 31,
2016) on account of increase in long term loan(i.e Vehicle loan)
and higher utilisation of working capital borrowing coupled with
eroded net worth owing to losses during FY17. However comfort can
be drawn from the fact that out of total debt 56% & 45% debt are
in form of USL which is interest free for FY16 & FY17
respectively.
Weak debt protection metrics: Owing to high debt levels and cash
losses debt coverage indicators stood weak.
Key Rating Strengths
Experienced promoters: The directors are highly qualified and
having more than four decades of experience in designing
& developing various banking automation products and also has
experience in the area of providing various customized
surveillance and technology solutions to various customers.
Etco Digital Private Limited (EDPL), incorporated in the year
2011, promoted by the Etco group is engaged in the business
of trading of retail automation products, bank automation
products & surveillance products and providing service of
surveillance & tacking solutions. EDPL outsources the
manufacturing of retails automation products & bank automation
products to contract manufacturers based across India to whom the
company has provided design for their products.
These products are sold under the brand name ETCO. Further, with
regard to the surveillance products (DSR, CCTV) the company
imports them mainly from China. The company also undertakes
annual maintenance contracts for the products supplied by them.
The company has around 25 marketing offices across India & its
warehouse is situated in Bhiwandi, Mumbai.
GARGS WELDMESH: Ind-Ra Cuts Issuer Rating to D, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gargs Weldmesh
Private Limited's (GWPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-' while simultaneously migrating it to the non-
cooperating category. The Outlook was Stable. The issuer did not
participate in the rating exercise despite continuous requests
and follow ups by the agency. Thus, the rating is based on the
best available information. Investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is:
-- INR100 mil. Fund-based limits (Long-term/Short-term)
downgraded and migrated to non-cooperating category with IND
D(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects classification of GWPL as a non-performing
asset by the bank in September 2017.
COMPANY PROFILE
Incorporated in 1996, GWPL is engaged in the trading of wires,
wire mesh, thermo-mechanically treated bars, steel bars, steel
angles and others. The company is promoted by Mr Dharampal Garg.
Its registered office is located at Jhandewalan Road, New Delhi.
GITANJALI GEMS: Mahesh Bhupathi, Lara Dutta File Insolvency Case
----------------------------------------------------------------
Livemint reports that brand ambassadors of Gitanjali Gems Ltd,
Mahesh Bhupathi and Lara Dutta, have filed an insolvency petition
as operational creditors against the jewellery manufacturer and
retailer, according to the website of National Company Law
Tribunal (NCLT).
Livemint says the case in the Mumbai bench of the Tribunal by the
celebrity couple to recover their contractual dues, is first of
its kinds.
"Both the brand ambassadors have a two year contract with the
company for public appearances. During the tenure of the contract
there were some cancellations for which the company did not pay
up their dues to the celebrity couple," the report quotes a
person with direct knowledge of the matter as saying.
"The insolvency petition by the tennis player and actress is for
their contractual dues as an operational creditor," said a second
person confirming the developments declining to be named,
Livemint relays.
Mint could not ascertain the pending dues for which Bhupathi and
Dutta initiated insolvency proceedings against Gitanjali Gems
under the Insolvency and Bankruptcy Code (IBC).
Gitanjali Gems Limited engages in the business of manufacturing,
trading, importing, and exporting diamond cutting and polishing,
diamond studded jewelry, and plain gold jewelry in India, the
United States, the United Kingdom, Belgium, Italy, Singapore,
Japan, the Middle East, and China.
JSR INFRA DEVELOPERS: Ind-Ra Cuts Rating to BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jsr Infra
Developers Private Limited's (JSR) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Stable. The instrument-
wise rating actions are:
-- INR116.2 mil. (reduced from INR366.2 mil.) Fund-based limits
downgraded with IND BB+/Stable rating;
-- INR430 mil. (increased from INR60 mil.) Non-fund-based limits
downgraded with IND A4+ rating;
-- INR283.8 mil. (increased from INR233.8 mil.) Proposed fund-
based limits* downgraded with Provisional IND BB+/Stable
rating; and
-- INR970 mil. (reduced from INR1,340 mil.) Proposed non-fund-
based limits* downgraded with Provisional IND A4+ rating.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facility by JSR to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
Negative: A delay in the tie-up of additional working capital
limits resulting in a continued tight liquidity position and/or a
slowdown in order execution could lead to a negative rating
action.
Positive: An improvement in the liquidity position and the
overall financial profile could lead to a positive rating action.
COMPANY PROFILE
JSR executes civil engineering construction and infrastructure-
related projects. These majorly constitute construction jobs
awarded by the public works and highways departments of the
government of Tamil Nadu. The company is promoted by Mr and Mrs J
Sekhar. Mr J Sekhar is currently facing an allegation of money
laundering.
JYOTI HOSPITAL: CARE Assigns B+ Rating to INR5.58cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jyoti
Hospital Private Limited (JHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.58 CARE B+; Stable Assigned
Rating Rationale & Key Rating Drivers
The rating is primarily constrained on account of modest scale of
operations of JHPL with decline in profitability margins in FY17
(FY refers to the period April 1 to March 31) and stressed
liquidity position. The rating, further, constrained on account
of reputational risk and presence in fragmented nature of
industry leading to high competition with vigilant regulatory
bodies.
The rating, however, derives comfort from the experienced and
qualified management in the hospital industry and comfortable
solvency position.
The ability of the hospital to increase its scale of operations
with continuous improvement in occupancy level and improvement in
profitability margins in light of its presence in highly
competitive and fragmented industry are key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operations and stressed liquidity position: The
scale of operations of the company stood modest with Total
Operating Income (TOI) and PAT of INR20.16 crore and INR 1.18
crore respectively in FY17. During FY17, TOI of the company has
declined by 23.20% over FY16. During FY17, PBILDT margin of the
company has declined drastically over FY16 owing to write off of
bad-debts. In line with decline in PBILDT, PAT margin of the
company has also declined over FY16 mainly on account of decrease
in PBILDT.
The liquidity position stood stressed with fully utilization of
its overdraft limit during last twelve month ended November,
2017.
Reputational risk: Healthcare is a highly sensitive sector where
any mishandling of a case or negligence on part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently and maintain standard of services in order to avoid
the occurrence of any unforeseen incident. They also need to
maintain high vigilance to avoid any malpractice at any pocket.
Fragmented nature of industry leading to high competition with
vigilant regulatory bodies: The healthcare sector is highly
fragmented with few players in the organised sector. Barring a
few, most of the organized sector players have one or two
hospitals only. All these lead to high level of competition in
the business. Further, healthcare sector is highly regulated and
kept under the close vigilance of various regulatory bodies in
India like, Ministry of Health & Family Welfare, Central Drug
Standard Control Organization etc.
Key Rating Strength
Experienced and qualified management in the hospital industry:
Dr. Vandana Bansal, Director, is MS, D.Phil (Gold Medalist), DGO,
FCGP Diploma in Endoscopic Surgery (Keil, Germany) by
qualification. She is one of the renowned Senior Gynecologist and
Obstetrician and is the first Laparoscopic and Hysteroscopic
Surgeon of Allahabad - since 30 years. The other director, Dr.
Arpit Bansal, son of Dr. Vandana Bansal, is MBBS, MS, FMAS, FCS
by qualification. He has around three years of experience.
Further the directors, are equally supported by Mr. Vinay Shukla,
who is accounts head of JHPL, he looks after the accounts and
finance function of JHPL.
Comfortable capital structure with comfortable debt coverage
indicators: The capital structure of JHPL stood comfortable with
an overall gearing of 0.54 times as on March 31, 2017. Further,
debt service coverage indicators of the company stood comfortable
as reflected by total debt to GCA of 4.26 times as on March 31,
2017.
Allahabad (Uttar Pradesh) based JHPL was formed as a private
limited company in 1994 by Late Dr. Ashwani Kumar Bansal and Dr.
Vandana Bansal. JHPL is operating a multi specialty hospital and
infertility research centre, under the name of "Jeevan Jyoti
Hospital" at Allahabad having 300 beds which includes general
wards, private rooms and Intensive-Care Units (ICU) etc. The
hospital provides specialized services related to various medical
specialties viz. Infertility & IVF, Obstetrics & Gynaecology,
Dental, Pediatrics & Neonatology, Orthopaedics & Joint
Replacement, ENT, cardiology, urology, nephrology and neurology
etc.
KRISHNA TRADERS: CARE Assigns B Rating to INR4.20cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Krishna Traders (KT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.20 CARE B; Stable Assigned
Short-term Bank
Facilities 2.00 CARE A4; Assigned
Long-term Bank
Facilities/
Short-term Bank
Facilities 2.90 CARE B; Stable/CARE A4
Detailed Rationale & Key rating Drivers
The ratings assigned to the bank facilities of KT are primarily
constrained on account of its modest scale of operations with
financial risk profile marked by thin profitability, leveraged
capital structure and working capital intensive nature of
operations. The ratings are, further, constrained on account of
seasonality associated with agro commodities, its presence in
highly fragmented and government regulated industry and its
constitution as a proprietorship firm along with project
implementation risk.
The ratings, however, favorably take into account the experienced
partner in the agro industry.
Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices
and improvement in the liquidity position along with timely
completion of project undertaken are key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operation coupled thin profitability margins: The
scale of operations of the firm as indicated by TOI has shown a
fluctuating trend in the last three financial years ended FY17
owing to vulnerability in prices of agricultural commodities
which are mostly market driven. Further the profitability margins
of the firm stood thin with PBILIDT and PAT margin of 3.93% and
1.54% respectively in FY17 as against 5.21% and 1.44% in FY16.
Leveraged capital structure and stressed liquidity position: The
capital structure of the firm stood highly leveraged with an
overall gearing of 8.38 times as on March 31, 2017. Further, the
debt service coverage indicators of the firm stood weak with
total debt to GCA of 18.64 times and interest coverage ratio of
2.20 times as on March 31 2017.
The business of the firm is working capital intensive nature of
operations being present in the processing and trading of
agriculture commodities industry. Rice is a kharif crop and the
production of paddy came in the market from October to January.
Hence, the firm maintains higher inventory as on balance sheet
date to meet its requirement in non-season period.
Project implementation risk: In August 2017, the firm undertook a
project to installation of steam plant for total cost of Rs 7.82
crore to be funded through the term loan of Rs 4.17 crore and
remaining through unsecured loans and proprietor's capital. The
project is expected to be completed by January, 2018.
Presence in highly fragmented and government regulated industry
and constitution as a proprietorship concern: The rice milling
industry is characterized by limited value addition, highly
fragmented and competitive in nature as evident by the presence
of numerous unorganized and few organized players. The
constitution as a proprietorship concern led to risk of
withdrawal of capital.
Key Rating Strengths
Experienced proprietor in Agro Industry: Ms Arti Jasiwal,
proprietor, is graduate by qualification having a decade of
experience and looks after the overall affairs of the firm.
Further, she is supported by her husband, Mr Prince Jaiswal,
graduate by qualification, having 10 years of experience in the
industry. Mr Aman, B.Tech , having 4 years of experience and
looks after the accounts and finance function of the firm. The
proprietor is supported by a team of qualified employees having
long standing experience in their respective fields in smooth
functioning of the firm.
Uttar Pradesh based KT was formed in 2007 as a proprietorship
concern by Ms. Arti Jasiwal. The firm is engaged in the business
of manufacturing and processing of paddy as well as trading of
paddy and rice. The processing unit of the firm has installed
capacity to manufacture rice of 4 Metric Tonne per Hour (MTPH) as
on March 31, 2017. The firm procures paddy from local mandis and
market its products in Gujarat, Andhra Pradesh and Karnataka.
MAKTEL POWER: Ind-Ra Migrates D Issuer Rating to Not-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Maktel Power
Limited's (MPL) Long-Term Issuer Rating to 'IND D' from 'IND BB'
while simultaneously migrating it to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR105 mil. Fund-based facilities (long-term) downgraded and
migrated to non-cooperating category with IND D(ISSUER NOT
COOPERATING) rating;
-- INR125 mil. Non-fund-based facilities (short-term) downgraded
and migrated to non-cooperating category with IND D(ISSUER
NOT COOPERATING).
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
KEY RATING DRIVERS
The rating action reflects overutilisation of the cash credit
limits by MPL for over 30 days during the four months ended
November 2017.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could be positive for the ratings.
COMPANY PROFILE
MPL was incorporated in 1982 as a partnership firm under the name
M/s Danke Switchgears to undertake the manufacturing of a wide
range of electrical equipment that find application in
electricity transmission. In 2009, the firm was reconstituted as
a limited company. MPL has one sole manufacturing plant in
Waghodia, Vadodara (Gujarat). The facility has an installed
capacity of 4,000 isolators.
MATA RANI: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mata Rani
Trust's (MRT) bank facilities to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating action is:
-- INR291 mil. Term loan (long-term) migrated to non-cooperating
category with IND D(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
Dec. 13, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Established in 2009, MRT is a non-government, social service
organisation formed as a trust for the primary purpose of
imparting education to the new generation. The trust has a K-8
school and a polytechnic institute.
METAL CARE: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Metal Care
Alloys Private Limited (MCAPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR100 mil. Fund-based facilities assigned with IND
BB+/Stable/ IND A4+ rating;
-- INR100 mil. Proposed Fund-based facilities* assigned with
Provisional IND BB+/Stable/ Provisional IND A4+ rating;
-- INR100 mil. Proposed Non-fund-based facilities* assigned
with Provisional IND A4+ rating.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by MCAPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
MCAPL's ratings reflect its moderate credit metrics. The interest
coverage (operating EBITDA/gross interest expense) was 4.4x in
FY17 (FY16: 22.9x), net leverage (adjusted net debt/operating
EBITDAR) was 4.6x (12.5x) and operating EBITDA margin was 5.4%
(3.4%).
The interest coverage reduced on account of an increase in the
interest expense and net leverage improved on account of an
increase in the absolute EBITDA. Ind-Ra expects the credit
metrics to deteriorate in the near term on account of an increase
in the total debt to meet its working capital requirement. EBITDA
margin improved on account of an increase in the operating
revenue and reduction in the direct expenses. Ind-Ra expects the
EBITDA margin to further improve and stabilise in the near term.
The ratings, however, are supported by the company's moderate
liquidity position, as indicated by 86% average peak utilisation
of its fund-based limits for the 12 months ended November 2017.
The ratings are further supported by MCAPL's growth in revenue at
a CAGR of 207.24% over FY15-FY17. The company's revenue was
INR623 million in FY17 (FY16: INR280 million). The revenue
increased due to the orders received from new customers as well
as an increase in orders from the existing customers. As per the
management, the revenue booked by the company during 7MFY18 was
INR570 million. Ind-Ra expects the revenue in FY18 to increase on
account of an increase in orders from customers and improvement
in the overall capacity utilisation; the company utilised around
17% of its actual production capacity in FY17.
RATING SENSITIVITIES
Positive: An improvement in the capacity utilisation leading to
an increase in revenue and EBITDA margins with an improvement in
the credit metrics will be positive for the ratings.
Negative: A decline in the revenue and/or EBITDA margins leading
to a sustained deterioration in the credit metrics and/or
liquidity position will be negative for the ratings.
COMPANY PROFILE
MCAPL was incorporated in 2015. It manufactures bronze ingot,
copper ingot and brass ingot at its plant located at Palghar
(Maharashtra).
NAIKNAVARE PROFILE: CARE Assigns D Rating to INR70cr Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Naiknavare Profile Constructions Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Non-
Convertible
Debentures 70.00 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to proposed NCD's of Naiknavare Profile
Constructions Private Limited is on account of on-going delays in
interest and principal servicing in outstanding term loans.
The delays are on account of deterioration in overall financial
risk profile and stretched liquidity position of the company.
Detailed description of the key rating drivers
Delays in debt servicing: There are on-going delays in debt
servicing in the existing bank facilities of Naiknavare Profile
Constructions Private Limited.
Naiknavare Profile Constructions Private Limited (Erstwhile
Naiknavare Profile Developers LLP) is developing a residential
project by the name of Avon Vista at Balewadi, Pune (Project)
with total salebale area of 6.14 lakh square ft (lsf). Naiknavare
Group are property builders that have been in the construction
business since the past 28 years in Pune.
PRASAD LIFESPACES: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Prasad
Lifespaces LLP (PLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facility 15 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of PLL is constrained
on account of the project execution risk, low booking status and
high dependence on customer advances. The rating is further
constrained on account of its presence in a highly competitive
and cyclical real estate industry with a changing regulatory
framework.
The rating, however, derives strength from the extensive
experience of the promoters in real estate development along with
the track record of the group, receipt of approvals and
clearances and strategic location of the project.
The ability of the firm to timely complete the project within
envisaged cost, thereby enabling timely inflow of the receivables
and sell the inventory at estimated rates are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project execution risk emanating from low booking status: The
total cost of the project is expected to be INR44.71 crore which
is proposed to be funded by promoter's contribution of INR5.50
crore, term loan of INR15 crore and customer advance of INR24.21
crore. As on March 31, 2017, the firm has incurred 15.12% of the
total project cost which was funded through promoter's
contribution of INR5.50 crore, and remaining through customer
advances. Furthermore, the firm has sold ~23% of the total
saleable area and has registered 42.2% of the sold area.
Funding risk with receivables covering only 25% of residual
construction cost and debt: The receivables from the sold
inventory of the project cover only 25.51% of residual
construction cost, outstanding debt and interest payments. Hence,
the firm faces a funding risk. Hence, the ability of the entity
to complete the project as per schedule within the envisaged cost
and achieve the project sales at the assumed price will be
critical from credit perspective.
Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which
has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market.
Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. PLL also faces
competition from other real-estate projects in the area. However,
Kothrud being a well-developed area has limited upcoming
projects.
Key Rating Strengths
Long track record and experience of the promoters: The firm is
promoted by Mr. Prasad Tatawar and Mr. Swati Tatawar having an
experience of about 7 years in the real estate business. The
promoters have developed around 12 lakh square feet (lsf) in the
past.
Strategic location of the projects: The project is located near
Chandni Chowk junction of Pune and is also well connected to the
nearby IT hubs of Hinjewadi, Baner and Wakad with the Pune Mumbai
Expressway. The area is also apt for the working class of
Pirangut MIDC located a little ahead of Bhukum. Various
educational institutes like Symbiosis, Sanskruti School, Indus
International, etc are also located nearby.
Receipt of approvals and clearances for the projects: The firm
has received all the necessary clearances and approvals for the
projects related to land acquisition and construction. The
requisite sanction plan of the buildings of the said project has
been approved by the Pune Collectorate. The firm has registered
its projects under MAHA-RERA (Maharashtra Real Estate Regulatory
Authority).
Prasad Lifespaces LLP (PLL) is established in year 2015, and is
engaged in the business of real estate development. The firm is a
SPV formed specifically for execution of the proposed residential
project, "Pyramid County" at Bhukum, Pune and is promoted by Mr.
Prasad Tatawar and Mr. Swati Tatawar.
Project details under PLP -Pyramid County: The project consists
of 2 Residential buildings (A1 & A2) of P+13 floors offering 1 &
2 BHK apartments and 12 row houses offering 4 BHK flats and a
host of amenities. The project consists of 208 flats of 1 & 2 BHK
along with 12 4 BHK row houses having a total saleable area of
1.96 lsf. The project offers amenities like gym, landscape
garden, club house to enhance the value offering to the
customers.
RATHI HATCHERIES: CARE Lowers Rating on INR11.77cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rathi Hatcheries Private Limited (RHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.77 CARE D Revised
from CARE B+
Short-term Bank
Facilities 1.60 CARE D Revised
from CARE A4
Detailed Rationale & Key Rating Drivers
The revision in the bank facilities of RHPL takes into
consideration ongoing delays in debt servicing of the company due
to its stretched liquidity position.
Detailed description of the key rating drivers
Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity as the company is unable to generate sufficient funds
on timely manner.
Inherent risk associated with the poultry industry coupled with
high competition from local players: The Poultry industry is
driven by regional demand and supply because of transportation
constraints and perishable nature of the products. Low capital
intensity and low entry barriers facilitate easy entry of players
leading to a large unorganized sector. Poultry industry is also
vulnerable to outbreaks of diseases, like bird flu, extreme
weather conditions and contamination by pathogens. The outbreak
of bird flu leads to a fall in demand and consequent sharp crash
in the egg prices. Diseases can also impact production of healthy
chicks. Furthermore, the poultry industry is highly fragmented
and competitive marked by the presence of numerous players in
India.
Rathi Hatcheries Private Limited was incorporated in June, 2002
and is currently being managed by Mr. Ramesh Kumar, Mr. Krishan
Kumar and Mr. Vinod Kumar collectively. RHPL is engaged in
poultry farming business at its poultry farm located in Jind,
Haryana. The company sells the broiler chicks (1 day old chick)
to various poultry farmers located in Punjab, Haryana, Jammu &
Kashmir, Bihar and Uttar Pradesh. The main raw materials for
feeding the chicken are maize, soyabean and mustard. The same are
procured from the company's group concern namely Rathi Feeds
India Private Limited (RFIPL) (CARE B+; Outlook: Stable) which is
engaged in manufacturing of poultry feed since 2008. Besides RHPL
and RFIPL, the directors' are also engaged in another group
concern namely Gourav Poultry India Private Limited (CARE B-;
Outlook: Stable) which is into the business of poultry farming
since 2011.
SAMBHAAV MEDIA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sambhaav Media
Limited (SAML) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR27 mil. Long term loans due on May 2019 assigned with IND
BB+/Stable rating;
-- INR132.5 mil. Fund-based facilities assigned with IND
BB+/Stable /IND A4+ rating;
-- INR50 mil. Non-fund-based facilities assigned with IND A4+
rating; and
-- INR220 mil. *Proposed Long term Loan assigned with
Provisional IND BB+/Stable rating.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SAML to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect SAML's small scale of operations and moderate
credit metrics. In FY17, revenue increased to INR330 million
(FY16: INR302 million) on account of additional revenues
generated from phase-wise GPS installations in Gujarat State Road
Transport Corporation's buses and depots. Credit metrics remained
moderate. EBITDA interest coverage (operating EBITDA/gross
interest expense) increased to 3.2x in FY17 (FY16: 2.1x)
primarily due to an increase in the EBITDA margin while net
financial leverage (total adjusted net debt/operating EBITDAR)
remained at 2.5x (2.4x). The credit metrics, however, are
expected to deteriorate in the near term on account of additional
debts availed for phase-wise setting up of 13 new FM radio
stations in the states of Gujarat and Jammu & Kashmir.
The ratings factor in the fluctuating margins that varied in the
range of 15.39% to 33.10% during FY14-FY17. EBITDA margins
increased to 22.2% in FY17 (FY16:15.4%) due to a reduction in
employee cost and other costs. The ratings are constrained by an
intense competition in the media and advertising industry. The
average peak utilisation of the working capital facilities was
around 95.57% during the 12 months ended October 2017.
The ratings, however, are supported by SAML's presence in print,
electronic and digital media as well as its diversified customer
base in the public and private sectors. The ratings are further
supported by more than three decades experience of the company's
management in the media and advertising industry.
RATING SENSITIVITIES
Positive: A substantial improvement in the revenue and EBITDA
margin leading to a sustained improvement in the overall credit
metrics could be positive for the ratings.
Negative: A substantial decline in the revenue and deterioration
in the EBITDA margin along with deterioration in the overall
credit metrics could be negative for the ratings.
COMPANY PROFILE
Incorporated in 1990 by Mr. Bhupat Vadodaria, SAML is a publicly
listed company engaged in the business of printing and publishing
newspapers and magazines and outdoor advertising. The company has
its registered office in Ahmedabad, Gujarat.
SATYA SUBAL: CARE Assigns 'B' Rating to INR10.99cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Satya
Subal Himghar Private Limited (SSHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 10.99 CARE B; Stable Assigned
Short-term Bank
Facilities 0.17 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SSHPL are
constrained by small size of operations with low profitability,
regulated nature of industry, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, leveraged capital structure with
moderate debt coverage indicators and competition from other
local players. The ratings, however, derive strength from the
experienced promoters and proximity to potato growing area.
Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small size of operations with low net profitability margins:
SSHPL provides cold storage services to farmers and traders and
it receives rental income for the same. Accordingly, the scale of
operations of the company remained small marked by total
operating income at INR3.73 crore (INR2.99 crore in FY16) with
net loss of INR0.05 crore (INR0.06 crore in FY16) and GCA of
INR0.64 crore in FY17.Furthermore, the net worth base of the
company eroded due to accumulated losses and the same remained
low at INR2.58 crore (INR2.64 crore in FY16) in FY17.The profit
margins of SSHPL have remained low marked by PBILDT margin of
52.66% and net loss of 1.42% in FY17. The company has reported
net loss during last three years mainly due to high capital
charges.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SSHPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.
Seasonality of business with susceptibility to vagaries of
nature: SSHPL's operations are seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SSHPL provides interest bearing
advances to farmers. Working capital limits under produce
marketing loan scheme from bank are used to extend advances to
farmers, which are routed to the farmers through SSHPL. Before
the close of the season in November, the farmers are required to
pay their outstanding dues, including repayment of the loan
taken, along with the interest. In view of this, there exists a
risk of delinquency in loans extended to farmers, in case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities.
Leveraged capital structure with moderate debt coverage
indicators: The capital structure of SSHPL remained leveraged
marked by overall gearing ratio of 4.26x as on March 31, 2017.
Moreover, the debt coverage indicators remained moderate marked
by interest coverage of 1.50x and total debt to GCA of 17.07x in
FY17.
Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India. In Medinipur, one
of the major potato growing districts of the state around 72 cold
storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold
storage owners to lure farmers by offering them lower rental and
other services.
Key Rating Strengths
Experienced promoters: The key promoter, Mr.Bhaskar Ghosh is
associated with the company since its inceptions and thus has
wide experience in cold storage industry. He looks after the day
to day operations of the company with appropriate support from
other co-directors.
Proximity to potato growing area: SSHPL is situated in the
Paschim Medinipur district of West Bengal which is one of the
major potato growing regions of the state. The favourable
location of the storage unit, in close proximity to the leading
potato growing areas augers well for the company, as it provides
it with a wide catchment and making it suitable for the farmers
in terms of transportation and connectivity.
SSHPL was incorporated in April, 2012 by Mr. Bhaskar Ghosh, Mr.
Dipankar Ghosh and Mr. Sasanka Sekhar Ghosh. Since its inception,
SSHPL has been engaged in the business of providing cold storage
services primarily for potatoes to local farmers and traders on
rental basis with an aggregate storage capacity of 172000
quintals. The cold storage facility of the company is located at
Paschim Medinipur, West Bengal. Besides providing cold storage
services, the company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
potato stored.
SATYESHWAR HIMGHAR: CARE Assigns B Rating to INR13.03cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Satyeshwar Himghar Private Limited (SHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 13.03 CARE B; Stable Assigned
Short-term Bank
Facilities 0.18 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SHPL are
constrained by small size of operations with low profit margins,
regulated nature of business, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, leveraged capital structure with
moderate debt coverage indicators and competition from other
local players. The ratings, however, derive strength from the
experienced promoters and proximity to potato growing area.
Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record and small size of operations with low profit
margins: SHPL started loading its cold storage from February 2016
onwards thus has very short track record of operations.
Furthermore, the company provides cold storage services to
farmers and traders and it receives rental income for the same.
Accordingly, the scale of operations remained small marked by
total operating income at INR3.45 crore with a net loss of
INR0.19 crore and GCA of INR0.44 crore in FY17. Furthermore, the
net worth base of the company also remained low at INR2.57 crore
in FY17. In FY17, the company has reported PBILDT margin of
43.67% and net loss of 2.69%.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SHPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.
Seasonality of business with susceptibility to vagaries of
nature: SHPL's operations are seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato and other vegetables is highly dependent on
vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SHPL provides interest bearing
advances to farmers. Working capital limits under produce
marketing loan scheme from bank are used to extend advances to
farmers, which are routed to the farmers through SHPL. Before the
close of the season in November, the farmers are required to pay
their outstanding dues, including repayment of the loan taken,
along with the interest. In view of this, there exists a risk of
delinquency in loans extended to farmers, in case of downward
correction in potato or other stored goods prices as all such
goods are agro commodities.
Leveraged capital structure with moderate debt coverage
indicators: The capital structure of SHPL remained highly
leveraged marked by debt equity ratio of 2.11x and overall
gearing ratio of 4.84x as on March 31, 2017. Furthermore, the
debt coverage indicators also remained moderate marked by
interest coverage of 1.36x and total debt to GCA of 28.20x in
FY17.
Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India. In Medinipur, one
of the major potato growing districts of the state around 72 cold
storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold
storage owners to lure farmers by offering them lower rental and
other services.
Key Rating Strengths
Experienced promoters: The key promoter, Mr. Bhaskar Ghosh is
associated with the company since its inceptions and thus has
wide experience in cold storage industry through his associate
companies. He looks after the day to day operations of the
company with appropriate support from other co-directors.
Proximity to potato growing area: The cold storage facility of
SHPL is situated in the Paschim Medinipur district of West Bengal
which is one of the major potato growing regions of the state.
The favourable location of the storage unit, in close proximity
to the leading potato growing areas augers well for the company,
as it provides it with a wide catchment and making it suitable
for the farmers in terms of transportation and connectivity.
SHPL was incorporated in September, 2014 to set up a cold storage
unit by Mr. Bhaskar Ghosh, Mr.Dipankar Ghosh, Mr. Sasanka Sekhar
Ghosh, Mr. Kinkar Prasad Ghosh and Mr. Shankar Ghosh. SHPL has
started loading its cold storage from February 2016 onwards. SHPL
is into providing cold storage services primarily for potatoes to
local farmers and traders on rental basis with an aggregate
storage capacity of 178000 quintals. The cold storage facility is
located at Paschim Medinipur, West Bengal. Besides providing cold
storage facility, the company also provides interest bearing
advances to farmers for their agricultural activities against the
receipts of potato stored.
SHEETAL STRUCTURALS: Ind-Ra Assigns BB+ Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sheetal
Structurals Private Limited (SSPL) a Long- Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR30 mil. Fund-based working capital limit assigned with IND
BB+/Stable/IND A4+ rating; and
-- INR60 mil. Non-fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect SSPL's small scale of operations, volatile
EBITDA margins and moderate credit metrics. SSPL reported revenue
of INR253 million in FY17 (FY16: INR212 million; FY15: INR251
million). The company's revenue is dependent of transmission
tower orders from its parent, Shyama Power India Limited (SPIL;
'IND BBB-'/Stable). Ind-Ra expects revenue to remain modest as
SPIL is likely to place low value orders with SSPL and continue
to outsource higher value orders to other entities operating in
the space.
EBITDA margins ranged between negative 4.2% and positive 10.5%
over FY13-FY17. In FY17, the EBITDA margins improved to 10.5%
(FY16: 6.0%) on account of receipt of high margin contracts from
SPIL. Ind-Ra expects the EBITDA margins to be dependent upon the
quantum and price of orders from SPIL. Net leverage (total
adjusted net debt/operating EBITDA) improved to 3.1x in FY17
(FY16: 7.0x) and gross interest coverage (operating EBITDA/gross
interest expense) to 3.8x (1.5x) on account of the improvement in
the EBITDA margins. At FYE17, total debt outstanding amounted to
INR85 million including unsecured interest free loans from SPIL
of INR63 million and short-term bank borrowing of INR22 million.
However, the ratings benefit from tangible support from the
parent in the form of irrevocable and unconditional corporate
guarantee for its bank limits. SPIL has been making timely
payments to SSPL resulting in average receivable period of 13
days over FY14-FY17. The company's average inventory holding
period was 90 days during the same period, but is not subject to
any offtake risk. The average creditor period was 122 days over
FY14-FY17 since payables also included advance received from SPIL
as and when required for purchase of raw material. Timely receipt
of payment for goods sold to SPIL as well as receipt of advances
for the procurement of raw material has helped SSPL manage its
working capital cycle effectively.
RATING SENSITIVITIES
Positive: An upgrade in SPIL's rating while maintaining support
and/or linkages, along with an improvement in SSPL's credit
profile would be positive for the ratings.
Negative: A significant weakening of support and/or linkages with
SPIL and/or decline in the revenue or operating profitability or
elongation of the working capital cycle leading to deterioration
in the net financial leverage on a sustained basis will be
negative for the ratings.
COMPANY PROFILE
SSPL was set up in 2005 for manufacturing of galvanised/painted
transmission towers, telecom towers, sub-station structures and
structures for rural electrifications, among others. In February
2011, SPIL, an engineering, procurement and construction company
engaged in power transmission line, substation and rural
electrification acquired SSPL, thus becoming a 99.98% subsidiary
of the former.
SHREE RAMESHWAR: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Shree Rameshwar
Cotex Industries(SRCI) to monitor the ratings vide e-mail
communications/letters dated May 3, 2017, July 4, 2017, July 12,
2017, August 18, 2017, August 23, 2017, August 28, 2017,
October 18, 2017, October 26, 2017, October 31, 2017, November 7,
2017, November 10, 2017, November 30, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on Shree Rameshwar Cotex Industries's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.30 CARE B+;
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on September 28, 2016, the following
were the rating strengths and weaknesses:
Key Rating Weaknesses
Small scale of operations, thin profit margins: The scale of
operation of SRCI remained small marked by total operating income
of INR22.01 crore during FY16 (A). Profitability of SRCI stood
thin owing to low value addition nature of overall operations
marked by PAT margin of 0.02% during FY16(A).
Leveraged capital structure and weak debt coverage indicators:
On account of high total debt along with low networth base,
capital structure of SRCI remained leveraged marked by overall
gearing ratio of 2.19 as on March 31, 2016. As a result of its
thin profitability, the debt coverage indicators remained weak
marked by high ratio of total debt to GCA of 20.34 times as on
March 31, 2016. The liquidity position stood moderate marked by
current ratio of 1.54 times as on March 31, 2016.
Susceptibility of its profit margins to volatility in prices of
cotton and seasonality associated with cotton industry: The
profitability of SRCI is exposed to fluctuations in raw material
prices, which is being agricultural commodity its prices are
volatile in nature and linked to production in the domestic
market. Further, the supply of key raw materials is primarily
dependent upon monsoon during a particular year as well as
overall climatic conditions. Further, cotton being a seasonal
crop as it is available mainly from November to February results
into a higher inventory holding period for the business. Hence
any adverse movement in cotton prices would impact profitability
of the firm.
Partnership nature of constitution: Being a partnership firm,
SRCI is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency, and firm being
dissolved upon the death/retirement/insolvency of partners.
Presence in highly fragmented cotton industry with limited value
addition and prices and supply for cotton being highly regulated
by government: SRCI operates in an industry characterized by high
fragmentation and intense competition on account of presence of a
large number of small- and medium-scale units due to minimal
technological and financial investment requirement. Furthermore,
due to limited value addition, players present in this segment
operate at a very low bargaining power against its customers as
well as suppliers. Furthermore, the cotton prices in India are
highly regulated by government through MSP (Minimum Support
Price) fixed by government, though due to huge demand supply
mismatch the prices have rarely been below the MSP. 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.
Key Rating Strengths
Moderate experience of partners: The overall operation of SRCI is
managed by four partners named Mr. Anand Gadara, Mr. Arvind
Gadara, Mr. Pankaj Bhimani and Mr. Jaysukh Gadara. All key
partners hold experience of more than 6 years in the cotton
industry.
Strategically located in cotton-producing belt of Gujarat
SRCI's plant is located in cotton producing belt of Gujarat
region which is the largest producer of raw cotton in India.
SRCI's presence in cotton producing region results in benefit
derived from lower logistics expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective price and consistent demand for finished goods
resulting in sustainable revenue visibility.
Jamnagar-based (Gujarat) Shree Rameshwar Cotex Industries (SRCI)
was established during May 2013 as a partnership firm by 11
partners. During July 2013, two more partners were admitted to
the partnership firm and one partner voluntarily retired from
partnership firm. SRCI is engaged into the business of cotton
ginning pressing and it commenced commercial production from
January 2014. SRCI operates from its manufacturing facility
located at Jamnagar (Gujarat) with an installed capacity of
14,112 MTPA of cotton bales and cotton seeds as on March 31,
2016.
SHRI RAM: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
CARE Ratings has been seeking information from Shri Ram Cot Fab
(SRCF) to monitor the ratings vide e-mail communications/letters
dated August 18, 2017, August 28, 2017, October 18, 2017,
October 26, 2017, October 31, 2017, November 7, 2017,
November 10, 2017 and November 30, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on Shri Ram Cot Fab's bank facilities will now be denoted
as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 32.45 CARE B+; Issuer not
Facilities cooperating
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on September 29, 2016 the following
were the rating strengths and weaknesses:
Key Rating Weaknesses
Constitution as a partnership firm: Being a partnership firm,
SRCF is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency, and firm being
dissolved upon the death/retirement/insolvency of partners.
Implementation and stabilization risk associated with the highly
leveraged project: SRCF was undertaking a Greenfield project of
Manufacturing of grey fabrics with the estimated cost of INR42.25
crore proposed to be funded through debt to equity ratio of
3.31:1, reflected high projected gearing. As majority of cost was
yet to incurred till September 08, 2016, the firm is expose to
preoject implementation and consequent stabilization risk.
Operations in a highly fragmented textile industry and limited
presence in textile value chain: The fabric manufacturing
industry segment is highly fragmented marked by presence of large
number of independent and small scale unorganized players leading
to high competition among industry players. The smaller companies
with limited presence in textile value chain are more vulnerable
to intense competition and have limited pricing flexibility,
which constrains their profitability.
Operating margins susceptible to raw material price fluctuation:
Major raw material for SRCF is cotton yarn whose prices are
directly linked to cotton prices which are highly volatile in
nature. Raw cotton prices depend upon various factors like
monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. Any
adverse movement in the price of raw materials affect
profitability of the firm.
Key Rating Strengths
Experienced promoters and benefits derived from their engagement
in textile industry: Mr. Anuj Mittal, Mr. Gunjan Mittal, Mr.
Gaurav Mittal and Mr. Pratik Mittal are partners of SRCF. All the
partners hold more than a decade experience in textile industry
and in various departments.
Location advantage of presence in Gujarat: The weaving facilities
of SRCF are located in Ahmedabad District of Gujarat. Gujarat is
witnessing highest capacity addition in the sector due to its
locational advantage in terms of easy access to raw material
being the largest cotton growing state with access to stable
power supply and port infrastructure which are the prerequisites
for the sector.
Benefits from Government: SRCF is eligible for various government
benefits in form of interest, capital subsidy and concession in
power terrify under Technology Up-gradation Fund Scheme (TUFS)
scheme and Government of Gujarat (GoG) textile policy.
Ahmedabad (Gujarat) based Shri Ram Cot Fab (SRCF) was formed in
April 2016 as a partnership firm by Mr. Anuj Mittal, Mr. Gunjan
Mittal, Mr. Gaurav Mittal and Mr. Pratik Mittal to undertake
green field project in the field of finished grey fabrics. SRCF
is setting-up plant at in Ahmedabad (Gujarat) with an installed
capacity of 50 lakh MTPA of grey fabrics. SRCF would install 96
Nos. of 54 imported Japanese Air Jet Looms for manufacturing of
grey fabrics.
The total project cost was envisaged at INR42.25 crore, which was
to be funded through term loan of INR32.45 crore, promoter's
capital of INR5.00 crore and balance from unsecured loan. The
partners are also associated with other three partnership firms
namely Maruti Nandan Spinning Mill, Mahek Synthetics Mills
Private Limited, Balaji Polycot Private Limited and Shri Laxmi
Polycot Private Limited.
SIDDESHWAR MULTIPURPOSE: CARE Rates INR8.44cr Long Term Loan 'B'
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Siddeshwar Multipurpose Heemghar Private Limited (SMHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.44 CARE B; Stable Assigned
Short-term Bank
Facilities 0.12 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SMHPL are
constrained by small size of operations with low net profit
margin, regulated nature of industry, seasonality of business
with susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, leveraged capital structure with
moderate debt coverage indicators and competition from other
local players. The ratings, however, derive strength from the
experienced promoters and proximity to potato growing area.
Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small size of operations with low net profit margin: SMHPL
provides cold storage services to farmers and traders and it
receives rental income for the same. Accordingly, the scale of
operations of the company remained small marked by total
operating income at INR3.15 crore (Rs. 2.73 crore in FY16) with a
PBILDT of INR0.94 crore (Rs.1.30 crore in FY16) and GCA of
INR0.40 crore (Rs.0.47 crore in FY16) in FY17. Furthermore, the
net worth base of the company also remained low at INR2.06 crore
(Rs.2.06 crore in FY16) in FY17. Furthermore, the profitability
margins also remained low marked by satisfactory PBILDT margin of
41.40% (34.20% in FY16) and thin PAT margin of 0.04% (1.80% in
FY16) in FY17.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SMHPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.
Seasonality of business with susceptibility to vagaries of
nature: SMHPL's operations are seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato and other vegetables is highly dependent on
vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SMHPL provides interest bearing
advances to farmers. Working capital limits under produce
marketing loan scheme from bank are used to extend advances to
farmers, which are routed to the farmers through SMHPL. Before
the close of the season in November, the farmers are required to
pay their outstanding dues, including repayment of the loan
taken, along with the interest. In view of this, there exists a
risk of delinquency in loans extended to farmers, in case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities.
Leveraged capital structure with moderate debt coverage
indicators: The capital structure of SMHPL remained leveraged
marked by overall gearing ratio of 4.53x (4.24x as on March 31,
2016) as on March 31, 2017. The debt coverage indicators also
remained moderately weak marked by interest coverage of 1.51x and
total debt to GCA of 23.37x in FY17.
Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India. In Medinipur, one
of the major potato growing districts of the state around 72 cold
storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold
storage owners to lure farmers by offering them lower rental and
other services.
Key Rating Strengths
Experienced promoters: The key promoter, Mr. Bhaskar Ghosh is
associated with the company since its inceptions and thus has
wide experience in cold storage industry. He looks after the day
to day operations of the company with appropriate support from
other co-directors.
Proximity to potato growing area: The cold storage facility of
SMHPL is situated in the Paschim Medinipur district of West
Bengal which is one of the major potato growing regions of the
state. The favourable location of the storage unit, in close
proximity to the leading potato growing areas augers well for the
company, as it provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.
Incorporated in May 2010, SMHPL was promoted by Mr. Bhaskar
Ghosh, Mr.Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh, Mr. Kinkar
Prasad Ghosh and Mr. Shankar Ghosh. Since its inception, SSHPL
has been engaged in the business of providing cold storage
services primarily for potatoes to local farmers and traders on
rental basis with an aggregate storage capacity of 142000
quintals. The cold storage facility of the company is located at
Paschim Medinipur, West Bengal. Besides providing cold storage
facility, the company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
potato stored.
SIVANTHI JOE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sivanthi Joe
Coirs (SJC) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. The instrument-wise rating actions are:
-- INR25.2 mil. Long-term loan assigned with IND BB/Stable
rating;
-- INR60.0 mil. Fund-based working capital limits assigned with
IND BB/Stable/IND A4+ rating;
-- INR2.5 mil. Non-fund-based working capital limits assigned
with IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect SJC's small scale of operations and moderate
credit metrics. In FY17, revenue was INR311 million (FY16: INR285
million). Revenue growth was driven by a rise in orders from
existing customers. SJC booked INR151 million in revenue for
April-October 2017 Moreover, in FY17, interest coverage
(operating EBITDA/gross interest expense) was 3.9x (FY16: 3.3x)
and net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDA) was 2.4x (2.4x). The improvement in
interest coverage was primarily due to an increase in absolute
EBITDA. Ind-Ra expects credit metrics to remain at similar levels
in the medium term in view of no debt-led capex plans and
scheduled term loan repayments.
At end-October 2017, SJC had an outstanding order book of INR124
million, which is likely to be executed by FYE18, thus providing
moderate near-term revenue visibility.
The ratings also reflect SJC's declining EBITDA margin, which was
12.6% in FY17 (FY16: 12.8%; FY15: 13.0%), owing to rising raw
material prices and volatile exchange rate movements; SJC is an
export-oriented unit. Moreover, the ratings reflect the firm's
presence in an intensely competitive coir industry, limited
pricing flexibility and partnership nature.
The ratings, however, are supported by the firm's moderate
liquidity, indicated by an average peak working capital limit
utilisation of 91% for the 12 months ended November 2017.
The ratings are also supported by the partners' over two decades
of experience in the coir industry.
RATING SENSITIVITIES
Negative: Any decline in EBITDA margin leading to any
deterioration in the credit metrics or a stretch in the liquidity
position will lead to negative rating action.
Positive: Substantial revenue growth while maintaining
profitability leading to an improvement in the credit metrics on
a sustained basis, and an improvement in the liquidity will lead
to positive rating action.
COMPANY PROFILE
Incorporated in 1993, Thoothukudi-based SJC manufactures coir
products such as coco peats, coco fibre and coco chips. It has an
installed capacity of 40,000 metric tons per annum. Its capacity
utilisation is 85%.
SRG ALUMINIUM: CARE Hikes Rating on INR1.26cr Loan to BB-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SRG Aluminium Private Limited (SAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1.26 CARE BB-; Stable Revised
Facilities from CARE B+; Stable
Long-term/Short- 6.00 CARE BB-; Stable/CARE A4
term Bank Facilities Revised from CARE B+;
Stable/CARE A4
Detailed Rationale & Key Rating Drivers
The revision in the long-term rating takes into account increase
in healthy growth in Total Operating Income (TOI along with
improvement in profitability margins as per provisional result of
H1FY18.
The ratings, however, continue to remain constrained on account
of its modest scale of operations in a highly competitive and
fragmented aluminum alloys ingot Industry and working capital
intensive nature of operations. The ratings, further, continue to
remain constrained on account of vulnerability of margins to
fluctuations in the raw material prices and foreign exchange
rate.
The ratings, however, continue to favorably consider experienced
management.
The ability of the company to increase its scale of operations
while maintaining of profitability margin and improvement in its
solvency position with better management of working capital are
key the rating sensitivities of the company.
Detailed description of the key rating drivers
Key Rating Weakness
Working capital intensive nature of operations: The business of
the company is working capital intensive nature marked by
elongated operating cycle of 99 days in FY17, improved from 128
days in FY16 due to decrease in inventory holding period. It has
utilized around 70%-80% of its working capital bank borrowings in
last twelve month ended October, 2017.
Vulnerability of margins to fluctuations in raw material prices
and foreign exchange rate: The main raw material of the company
is aluminium scrape and it maintains inventory of 3 to 4 months.
Due to high inventory holding period, the company is exposed to
fluctuation in raw material prices. Furthermore, it meets raw
material mainly through import and it does not follow any hedging
policy to mitigate the risk of foreign exchange rate. Hence, the
profitability of the company is exposed to fluctuation in foreign
exchange rate and raw material prices.
Key Rating Strength
Experienced management: Mr. Lalit Gupta, director, is post
graduate by qualification and has around three decades of
experience in the industry. Before incorporating SAPL, he was
engaged in the business of manufacturing of aluminum cable and
conductors through his family business. He is assisted by his
son, Mr. Uday Gupta, director, who has 5 years experience in the
industry and look after overall affairs of the company.
Growth in Total Operating Income (TOI) with improvement in
profitability margins: During FY17, TOI of the company has grown
by 15.30% over FY16 and registered TOI of INR13.97 crore mainly
on account of increase in demand of aluminium alloys ingots.
Further, as Per provisional financials of 6MFY18, the company has
achieved TOI of INR 13.74 crore as against TOI of INR 6.46 crore
in 6MFY17 mainly on account of increase in its customer base.
Furthermore, the profitability of the company stood moderate with
PBILDT and PAT of INR 1.34 crore and 0.95 crore respectively in
HIFY18.
Gwalior (Madhya Pradesh) based SRG Aluminium Private Limited
(SAPL) was incorporated in November 2010 by Mr. Lalit Gupta along
with his son, Mr. Uday Gupta and other family members. SAPL is
engaged in the business of manufacturing of aluminium alloys
based ingots which are used mainly in construction industry,
electrical industry, light weight applications, automobiles and
other applications. The plant of the company is located at
Gwalior with an installed capacity of 7000 Metric Tonnes Per
Annum (MTPA) for manufacturing of aluminium alloys based ingots.
The main raw material of the company is aluminium scrape which it
procures from domestic market as well as import mainly from South
Africa, Cyprus and USA etc.
SRI LANGTA: CARE Reaffirms B+ Rating on INR25cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Langta Baba Steels Private Limited (SLBSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facility 25.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SLBSPL continues
to be constrained by its relatively moderate scale of operation,
leveraged capital structure, lack of backward integration
vis-a-vis volatility in raw material prices, stiff competition
due to fragmented nature of the industry with presence of many
unorganized players, working capital intensive nature of
operations and stretched operating cycle. However, the aforesaid
constraints are partially offset by its experienced promoters,
moderate track record of operation and strategic location of the
plant.
Going forward, ability to increase the scale of operations with
improvement in profitability margins and to manage working
capital effectively would remain as the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoter with moderate track record of operations:
The current promoters of SLBSPL are Shri Mohan Prasad Saw
(Graduate) aged 46 years and Shri Raj Kumar (Graduate) aged 42
years. Shri Mohan Prasad Saw is the Managing Director of SBPL
(having an experience of more than two decades in existing line
of business) and is involved in the strategic planning and
running the day to day operations of the company. He is being
duly supported by the other director coupled with a team of
experienced personnel. Further, SLBSPL commenced commercial
operation since August, 2008 and accordingly has a moderate track
record of commercial operations.
Strategic location of the plant: SBPL's plant is located at
Giridih which is in the vicinity of industrial belt of Jamshedpur
where the raw materials are available in abundance. Further, the
coal and iron-ore rich states of Jharkhand and Orissa are also
located nearby. The proximity to the raw material sources reduces
the transportation cost to the company. Besides, the region has
large number of steel manufacturers as well as end users. Hence,
the company has a large ready market to sell its products.
Key Rating Weaknesses
Relatively moderate scale of operation: SLBSPL is a moderate
player in the iron and steel industry having total operating
income and PAT of INR123.20 crore and INR0.63 crore respectively
in FY17. The total net worth was also moderate at INR 20.47 crore
as on March 31, 2017. The moderate scale of operation restricts
the financial risk profile of the company limiting its ability to
absorb losses or financial exigencies in adverse economic
scenario. During 7MFY18, the company has achieved total operating
income of INR 82.05 crore and PBT of INR1.15 crore.
Lack of backward integration vis-a-vis volatility in raw material
prices: The degree of backward integration defines the ability of
the company to minimize price volatility risk and withstand
cyclical downturns generally witnessed in the steel industry. The
major raw materials for producing M.S ingots, M.S. Billets and
M.S. bars are pig iron and sponge iron. Since, raw material is
the major cost driver for SLBSPL accounting for about 84% of the
total cost of sales in FY17, any southward movement of finished
goods price with no decline in raw material price result in
adverse performance of the company. SLBSPL does not have any
backward integration for its raw materials and procures the same
from outside, exposing the company to price volatility risk.
Stiff competition due to fragmented nature of the industry with
presence of many unorganized players: The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, SLBSPL's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.
Working capital intensive nature of business along with stretched
operating cycle: SLBSPL's business, being manufacturing of M.S.
bars, M.S. coils and M.S. ingots is working capital intensive by
nature as marked by high average inventory period. The average
inventory holding period remained high and deteriorated to 436
days in FY17 as against 365 days in FY16 on the back of its
strategy to maintain raw material stock in view of expected hike
in raw material prices coupled with increasing finished goods
inventory due to lower off take on account of sluggish demand
from the steel sector. However, the average creditors' period
also increased from 139 days in FY16 to 154 days in FY17 on the
back of higher credit period availed due to long association with
suppliers. All of these factors have led to high operating cycle
for the company which has deteriorated to 314 days in FY17 as
against 244 days in FY16.
Leveraged capital structure: Overall gearing ratio was high at
2.00x as on March 31, 2017, on account of higher utilization of
working capital borrowings as on that date. This apart, current
ratio of the company was low at 1.04x as on March 31, 2017.
Average utilization of working capital borrowings was high during
last 12 months ended November, 2017.
Sri Langta Baba Steels Pvt. Limited (SLBSPL) incorporated in the
year March 2005, was promoted by Shri Mohan Prasad Saw and Shri
Raj Kumar of Giridih, Bihar with Shri Mohan Prasad Saw being the
main promoter. The company commenced operation since August,
2008. SLBSPL is engaged in manufacturing M.S. ingots, M.S. bars
and M.S. coils at its facility in Giridih (Jharkhand) and is
currently running with an installed capacity of 15 MT per hour
for M.S. ingots and M.S. bars and 8 MT per hour for M.S. coils.
SBPL sells its entire production in Jharkhand and Bihar. SBPL is
also engaged in trading of iron and steel related products and
the same accounted for around 53% of total operating income in
FY17, albeit manufacturing activity being the primarily activity
of SBPL. Further, SBPL has undertaken an expansion project in
August 2016 whereby the existing capacity of M.S. ingots and M.S.
bars has been enhanced from 10 MT per hour to 15 MT per hour. The
induction furnace has been converted to continuous casting
machine and it will produce M.S. billets in place of M.S. ingots.
Mr. Mohan Kumar Saw (Managing director) and Mr. Raj Kumar
(Director) having more than two decades of experience in the same
line of industry, looks after the day to day operations of the
company and they are ably supported by a team of team of
experienced professionals.
TECHNO EDGE: CARE Assigns B+ Rating to INR4.0cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Techno
Edge Electronics Private Limited ((TEEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 1.50 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Techno Edge
Electronics Private Limited are tempered by short track record in
electrical contracting business, small scale of operations with
fluctuating total operating income, working capital intensive
nature of operation, client concentration in revenue profile and
presence in highly fragmented and competitive electrical
contracts industry. The ratings, however, derive its strengths
from experienced management, comfortable PBILDT margin albeit
declining PAT margin during review period, satisfactory capital
structure and debt coverage indicators but constrained by a low
net worth and medium term revenue visibility from order book.
Going forward, ability of the company to improve the scale of
operation amidst increasing competition and ability of the
company to collect the payments in timely manner are the key
rating sensitivities.
Detailed Description of the key rating drivers
Key Rating Weaknesses
Short track record in electrical contracting business and small
scale of operations with fluctuating total operating income:
Since the company ventured into electrical works in 2013, TEEPL
has a short operational track record as an electrical contractor
and hence the scale of operations are small marked by total
operating income (TOI) of INR 4.53 crore during FY17 as compared
to other peers in the industry. The total operating income has
been fluctuating during review period FY15-FY17. The company
witnessed significant decline in TOI from INR 6.16 crore in FY15
to INR 4.36 crore in FY16 due to certain delays caused in
executing the work orders. Because of the delays in execution,
the revenue generated by the company was affected significantly.
However, TEEPL managed to achieve revenue of INR 4.53 crore in
FY17 as a result of executing work orders of greater values.
Also, during 7MFY18, the company has achieved total operating
income of INR 4.94 crore.
Working capital intensive nature of operation: The nature of
business in which the company operates is working-capital
intensive. The working capital cycle of TEEPL has increased from
95 days in FY16 to 157 days in FY17 at the back of increase in
average collection period from 117 days in FY16 to 204 days in
FY17. The company receives the payments within 180 days after
execution of work and after satisfactory work inspection. In view
of the fact that collection of payments from clients has a longer
tenure as compared to payments to vendors and suppliers since the
payments from clients is received as a percentage of work
completed, the company relies on working capital bank borrowings
to bridge the gap. As a result, there is dependence on working
capital borrowings, with average working capital utilisation
stood at around 60% during the last 12 months ended October 31,
2017. On the suppliers end, TEEPL makes payments to their
suppliers within 15-60 days.
Client concentration in revenue profile: There is a concentration
of client in revenue profile as the company depends heavily on a
single client Pavani Controls and Panels Limited for bagging work
orders. Hyderabad based, Pavani Controls and Panels Limited
(PCPL) is an EPC contractor of sub-stations and electrical
transmission lines which works for various electricity boards.
Therefore, through PCPL, TEEPL has worked for various state
electricity boards including Hubli Electricity Supply Company
Limited, Bangalore Electricity Supply Company (BESCOM) and
Chamundeshwari Electricity Supply Corporation (CESC).
Furthermore, the company plans to participate in online tenders
from private organization so as to mitigate the risk of
dependence on a single client for work orders. However, the
counter-party risk is mitigated to an extent due to strong credit
profile of PCPL.
Highly fragmented and competitive electrical contracts industry:
The increasing demand for electrical contractors in industries
and residential establishments has provided robust growth
opportunities in the segment. The Indian electrical contracting
segment is highly competitive and fragmented with presence of
innumerable unorganized players which results in intense
competition are tender-based and the revenues are dependent on
the company's ability to bid successfully for these tenders. This
fragmented and highly competitive industry results into price
competition thereby affecting the profitability margins of the
companies operating in the industry.
Key Rating Strengths
Experienced management: The promoters of the company have been
engaged in the electrical industry for over a decade. Mr.
Santhosh Mallappa Kuppast is a graduate (Electrical Engineering)
and has more than 13 years of experience in the electric
industry. Mr. Venkat Phanesh Kumar Atluri, a MBA graduate also
has 12 years' experience in the same line of business. Further,
the company has a strong management team i.e. Mr. S R Patil,
project engineer has 14 years of experience. Mr. Anjan Kumar and
Mr. Srinivas among others are the assistant project managers and
have experience of around 12 years in electrical engineering
industry.
Comfortable PBILDT margin albeit declining PAT margin during
review period: The PBILDT margin of the company has been
consistently comfortable over the last three years although
fluctuated in the range of 15%-19% during review period.
The PBILDT margin of the company has declined from 19.21% in FY15
to 15.21% in FY16 due to reduced work orders from customers
resulting in under absorption of fixed overheads. However, the
PBILDT margin improved from 15.21% in FY16 to 16.67% in FY17 at
the back of increase in scale of operations along with reduced
direct and other expenses during FY17 which has resulted in
increase in PBILDT levels. In line with PBILDT margin, PAT margin
has also been satisfactory over the last three years; however, in
declining trend. PAT margin of the company has been reducing y-o-
y from 14.41% in FY15 to 8.76% in FY17 due to increase in
interest cost y-o-y as a result of increasing utilisation of
working capital facilities.
Satisfactory capital structure and debt coverage indicators but
constrained by a low net worth: The capital structure of the
company remained comfortable during review period. The debt
equity ratio remained below unity for the last three balance
sheet date ended March 31, 2017 on account of increasing net
worth. Furthermore, the overall gearing ratio of the company
remained comfortable at 0.68x as on March 31, 2017 due to
moderate debt levels.
The debt coverage indicators marked by interest coverage and
TD/GCA have been satisfactory over the years. Interest coverage
ratio decreased from 14.99x in FY16 to 3.85x in FY17 on account
of increase in interest expense as a result of increasing debt
levels, however, stood comfortable. TD/GCA deteriorated from
1.24x in FY15 to 3.79x in FY17 due to increasing debt levels and
decreasing gross cash accruals over the years, however, remained
satisfactory. The net worth of the company has increased over the
years as a result of accretion of profit; however, it stood low
at INR2.51 crore as on March 31, 2017.
Medium term revenue visibility from order book: The company has a
healthy order book of INR26.46 crore as on November 27, 2017
which translates to 5.84x of total operating income of FY17. The
said order book provides revenue visibility for medium term.
Techno Edge Electronics Private Limited (TEEPL) was incorporated
in 2005 by Mr. Venkat Phanesh Kumar Atluri and Mr. Veerabhadra
Rao Nadella. Initially, the company was engaged in manufacturing
of public telephone booths and Liquid Crystal Monitor (LCM) but
with the decreasing demand for the same over the years, TEEPL
ventured into electrical works in 2013. Since then, it is engaged
in execution of electrical work contracts. The company carries
out erection and installation of electrical distribution lines
for various state electricity boards. The company procures the
work orders through a single client Pavani Controls and Panels
Limited through which TEEPL works for various state electricity
boards including Hubli Electricity Supply Company Limited,
Bangalore Electricity Supply Company (BESCOM) and Chamundeshwari
Electricity Supply Corporation (CESC). TEEPL operates from its
registered office located at Hyderabad with branches located at
Bangalore.
TIRUPATI COLD: CARE Lowers Rating on INR5.54cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Cold Storage (TCS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.54 CARE D Revised from
Facilities CARE B+; Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of TCS
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: TCS 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 firm.
Established in the year 2006, TCS is providing cold storage
facility for storing potatoes on a rental basis. TCS was
established by three partners and is managed mainly by Mr.
Hasmukhbhai Padhiyar. TCS has an installed capacity of storing
8500 metric tons of potatoes at its facilities located at Mansa-
Gujarat.
UNIVERSAL EDUCATIONAL: Ind-Ra Assigns BB+/Stable Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Universal
Educational Society's (UES) bank facilities the following
ratings:
-- INR335.53 mil. Term loan* assigned with IND BB+/Stable
rating; and
-- INR35.00 mil. Overdraft assigned with IND BB+/Stable rating.
*The details are provided in Annexure.
KEY RATING DRIVERS
The ratings are constrained by UES's tight liquidity profile,
given its available funds to total long-term debt ratio was
20.62% in FY17 (FY16: 31.96%) and available funds to operating
expenditure ratio was 34.93% in FY17 (FY16: 56.65%). The decline
in the ratio was due to utilisation of funds towards an ongoing
capex, which is likely to be completed by FYE19.
The ratings are also constrained by UES's small size of
operations and low income growth. Its total income stood at
INR191.10 million in FY17 compared with INR153.60 in FY16. Total
income largely constitutes tuition fee, which constituted an
average 96.66% of the total income during FY13-FY17. Tuition fee
income increased at a CAGR of 11.07% to INR173.18 million over
FY13-FY17. Total expenditure largely constituted staff costs
(FY13-FY17 average: 37.65%) and other operating expenses
(32.37%). Ind-Ra expects UES's total income to grow at a steady
pace in view of growing headcount, fee revisions and the
introduction of new courses.
However, the ratings are supported by an increasing headcount and
comfortable coverage ratios. Headcount rose at a CAGR of 18.46%
to 3,551 over FY13-FY17 and further increased to 4,001 in
academic year 2017-18. In FY17, debt service coverage ratio was
2.84x (FY16: 3.70x) and interest coverage ratio was 3.88x
(4.92x). The improvement in both ratios was driven by an increase
in current balance before interest and depreciation. Support from
the trustees in the form of unsecured loans and equity
contribution will be crucial for timely debt servicing in FY18.
Debt/current balance before interest and depreciation stood at
1.92x in FY17 (FY16: 2.30x). The improvement was primarily driven
by higher rise in current balance before interest and
depreciation (FY17: INR90.36 million; FY16: INR67.58 million)
than that in debt (FY17: INR173.39 million; FY16 INR155.16
million).
UES's maintained a healthy operating margin above 40% over FY13-
FY17 period. However, operating margin declined to 42.22% in FY17
after peaking at 49.96% in FY13. Current balance margin stood at
21.81% in FY17 (FY16: 23.21%).
RATING SENSITIVITIES
Negative: Any unexpected fall in student demand, along with a
further increase in debt in relation to operating income, could
negatively affect the ratings.
Positive: A decline in leverage, along with an improvement in
operating margin due to strong headcount growth, on a sustained
basis could positively affect the ratings.
COMPANY PROFILE
UES is a charitable trust that was formed in 2008 by Mr Gurpreet
Singh. It runs Universal Group of Institutions in Mohali
District, Punjab. The campus of the institution is spread over 43
acres and has all necessary facilities. In 2009-10, UES started
its first batch (B.Tech, MBA and polytechnic). At present, it
offers various diploma, undergraduate and postgraduate
programmes.
The institutions are approved by All India Council of Technical
Education and the Punjab government and affiliated to I.K. Gujral
Punjab Technical University Jalandhar, Indian Nursing Council,
Punjabi University (Patiala) and Punjab State Board of Technical
Education & Industrial Training.
YASHODA MUTUALLY: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from The Yashoda
Mutually Aided Co-Operative Credit Society Limited to monitor the
rating(s) vide e-mail communications/letters dated October 11,
2017, December 4, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the Cooperative society has not
provided the requisite information for monitoring the rating. 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 The Yashoda
Mutually Aided Co-Operative Credit Society Limited's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.24 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on August 5, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths
Experienced promoter & management team: The Yashoda Mutually
Aided Co-Operative Credit Society Limited (Yashoda) has been
promoted by Mrs. Ravala Jhansi Lakshmi who is a post graduate
from the Andhra University and served several senior positions in
and out of the Andhra Pradesh as Regional Employment Officer,
Director for S. C. Corporation to name a few. She is also
supported by other qualified and professional management team in
day to day business activities.
Minimum regulatory restriction leading to ease of business
expansion: Yashoda is registered under Mutually Aided Co-
operative Society Act of Andhra Pradesh, 1995 where the each
society is governed by its own set of by-laws and there is
minimal intervention from government regulatory bodies.
Satisfactory net interest margin and capital adequacy ratio:
During FY16, the company registered total income of INR1.20 crore
compared to INR1.16 crore in FY15. However, the revenue grew at a
CAGR of 24.37% during FY13-FY15 due increase in the loan
portfolio. Furthermore, the profitability parameters viz. PAT
margin, ROTA witnessed moderate growth trend in last two years
ended on March 31, 2016. As on March 31, 2016, the society has
reported NIL number of NPA accounts.
Key Rating Weaknesses
Relatively small scale of operation: Yashoda being incorporated
in 2002, has long term presence of 14 years in the money lending
business. Despite the long existence, the society remains
relatively small in size with an outstanding loan portfolio of
INR5.53 crore as on March 31, 2016.
High geographic concentration of business: Yashoda has single
branch operating only in Visakhapatnam, Andhra Pradesh leading to
high geographic concentration.
Concentrated portfolio mix with majority of exposure in group
loan and mortgage loans: The product profile of Yashoda is
diversified into mortgage loans, gold loans, and individual loans
for educational and other purposes but majorly concentrated to
loans to group of society members involved in small scale
businesses. The group loan concentration has been around 41%-48%
of the total loan portfolio during FY13-FY16.
High dependence on external debt for funding the loan portfolio:
The major source of external funding for Yashoda has been term
loans and deposits from members and employees. The total term
loan accounted for 52% of the total debt as on March 31, 2016.
High delinquency (in the 90-180 days bracket): Yashoda had high
delinquency of 44.70% as on June 30, 2016 and 51.8% as on
March 31, 2015.
The Yashoda Mutually Aided Co-operative Credit Society limited
(Yashoda) was founded by Mrs. Ravala Jhansi Lakshmi, in April
2002, with the objective to help the weaker section of the
society. Yashoda is registered under section 5 of the AP Mutually
Aided Co-operative Societies Act, 1995 (the Act). It is engaged
in lending money to its registered members from the corpus formed
by taking deposits from its members and term loans from banks.
The society runs by its own by-laws which are framed conforming
the principles laid down in the Act and it is governed by the co-
operative registrar. The loan portfolio of Yashoda is diversified
into individual loans, mortgage loan, gold loan, educational
loan, housing loan and vehicles loan. Any member who needs
financial assistance should have 10% of the loan value as Share
Capital.
=================
I N D O N E S I A
=================
MATAHARI PUTRA: Moody's Lowers CFR to B1; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Matahari Putra Prima Tbk (P.T.) (MPPA) to B1 from Ba3.
The rating outlook is stable.
RATINGS RATIONALE
MPPA's rating downgrade reflects continued weakness in the
company's operating performance, impacted by sluggish sales,
against the backdrop of weak industry demand and heightened
competition.
In light of these challenges, in recent months MPPA has embarked
on a revised strategy to stabilize performance and preserve cash
by cutting back on expansionary capex, and maintaining tighter
cost controls. MPPA has also announced plans for a rights issue
in early 2018, with the proceeds funding working capital and
repaying debt.
"While proceeds from the rights issue will help meet near-term
liquidity requirements, Moody's believe a turnaround in
operations will likely take at least 12 months to achieve,
especially given intense price competition from local minimarts,"
says Maisam Hasnain, a Moody's Analyst.
Accordingly, Moody's expects MPPA's credit metrics to remain
stretched over the next 12-18 months, with adjusted EBIT to
interest below 1.0x and adjusted EBIT margin below 2%.
Furthermore, as profit margins are fairly thin, operating
performance remains susceptible to even small changes in consumer
sentiment and demand.
MPPA's strategy in recent years - focused on inventory
rationalization and increased sales growth through its SmartClub
wholesale outlets - has not been sufficient to turn around
performance.
For the 12 months ended June 30, 2017, MPPA's adjusted EBIT
margin fell to 1% from 3.9% for full-year 2015, due to lower
revenue generation - including year-on-year revenue declines in
its last four consecutive quarters - and actions taken to refresh
slow-moving inventory and excess stock.
In addition, adjusted debt to EBITDA increased to 4.4x for the 12
months to June 30, 2017 from 3.0x in 2015, and adjusted EBIT to
interest fell to 0.5x from 2.1x during the same period, due to
lower profitability and increased debt raised to fund operations.
Consequently, MPPA's financial profile is no longer in line with
Moody's expectations for its Ba3 rating.
Nonetheless, MPPA's B1 rating reflects its leading market
position in the fast-moving consumer goods segment and its proven
expansion capabilities.
"Over the longer term, MPPA remains well-positioned to benefit
from Indonesia's growing middle-income population and the urban
consumers' lifestyle shift to hypermarkets from traditional wet
markets," adds Hasnain, who is also Moody's Lead Analyst for
MPPA. "Hypermarkets also meet primary consumer needs, which are
more stable and less susceptible to economic volatility."
The rating outlook is stable, reflecting Moody's expectation that
MPPA will maintain its leading market position and execute on its
strategy to gradually improve its financial metrics over the next
12-24 months.
A near-term rating upgrade is unlikely. However, upward rating
momentum could build over time, if the company experiences a
sustained improvement in operating performance with stronger
financial metrics, while maintaining a prudent policy with
respect to shareholder returns.
Credit metrics indicative of a rating upgrade include: (1)
adjusted debt to EBITDA of below 3.5x; and (2) adjusted EBIT to
interest of more than 2.0x on a sustained basis.
On the other hand, MPPA's rating could face downward pressure if:
(1) its strategies to revive operational performance are
unsuccessful; (2) there is evidence of cash leaking from MPPA to
fund affiliated companies, for example, through inter-company
loans, aggressive cash dividends or investments in affiliates; or
(3) MPPA adopts more aggressive shareholder return policies,
thereby weakening its liquidity position or causing it to incur
additional debt.
Credit metrics indicative of a rating downgrade include: (1) an
inability to reverse declining operating margins; (2) adjusted
debt to EBITDA above 5.0x; and (3) adjusted EBIT to interest
below 1.0x on a sustained basis.
The principal methodology used in this rating was Retail Industry
published in October 2015.
Matahari Putra Prima Tbk (P.T.) (MPPA) is a leading retailer in
Indonesia with multiple retail formats. At June 30, 2017, the
company operated 117 Hypermarts, 26 Foodmarts, 30 Express stores,
112 Boston Health & Beauty and 4 SmartClub wholesale outlets in
more than 68 Indonesian cities.
PT Multipolar Tbk, a holding company that owns majority stakes in
retail, technology, media, and real estate investment companies
in Indonesia and China, owns a 50.2% stake in MPPA. Temasek
Holdings (Private) Limited (Aaa stable), through its subsidiary,
Anderson Investment Pte. Ltd., has exchangeable rights in MPPA.
If such rights are exchanged in full, they represent a 26.1%
stake in MPPA.
=========
J A P A N
=========
DTC ONE: S&P Affirms BB(sf) Issuer Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings said it has affirmed its ratings on classes B
to E issued by DTC One SPC. Classes A-1, A-2, and A-3 have
already been fully redeemed.
The rating affirmation reflects the following:
-- The construction company Daito Trust Construction Co. Ltd.
entered into a master lease agreement with each obligor of
the apartment loans underlying the transaction. The obligors
continue to repay principal and pay interest on the loans
using the stable income from the master leases. As a result,
the delinquency and default rates of the pool of loans
underlying these transactions have been extremely low since
closing.
-- The vacancy rates of the collateral properties have remained
stable, even though the age of each property exceeds 10
years.
-- S&P said, "For the loans currently outstanding, we assume a
foreclosure frequency of about 5% and projected losses (net
loss rate after accounting for recoveries from defaulted
loans) of about 1% under our base-case scenario, and we
assume a foreclosure frequency of about 39% and projected
losses of about 14% under our 'AAA' stress scenario. In
calculating the foreclosure frequency, we did not take into
account the stabilizing effect on income of the master lease
contracts."
-- In determining the ratings on classes D and E, we take into
account the possibility of high volatility in transaction
performance following a further future reduction in the size
of the collateral pool, which is now about JPY1 billion.
-- Scheduled repayments and prepayments of the principal on the
underlying loans have advanced redemption of the principal on
the rated notes, which has led to increased credit
enhancement. Credit support for classes B to E is sufficient
to cover various risks, such as credit risk, under stress
scenarios consistent with the respective current ratings.
The DTC1 transaction is backed by a pool of apartment
construction loans that Lehman Brothers Commercial Mortgage K.K.
(formerly New Century Finance Co. Ltd.) originated. The loans
were extended to finance the construction costs and miscellaneous
expenses of rental apartment buildings that Daito Trust
Construction newly built. Updated loan-by-loan data for the
transaction are provided.
RATINGS AFFIRMED
DTC One SPC
JPY6.09 billion pass-through notes due November 2034
Class Rating Initial issue amount
B AAA (sf) JPY0.32 bil.
C AAA (sf) JPY0.18 bil.
D AA+ (sf) JPY0.32 bil.
E BB (sf) JPY0.35 bil.
Nonrated class F notes (initial issue amount: about JPY0.22 bil.)
were also issued under this transaction. The transaction closed
on Nov. 28, 2002.
====================
N E W Z E A L A N D
====================
CHAIN RIGGING: Taranaki Scaffolding Company Goes Into Liquidation
-----------------------------------------------------------------
Braden Fastier at Stuff.co.nz reports that a Taranaki scaffolding
company has been put into liquidation by the Inland Revenue
Department.
Chain Rigging and Scaffolding Limited, a division of the Chain
Group, was placed in liquidation on December 19 by the
Commissioner of the IRD, Stuff says.
The company had been placed in voluntary administration on
December 2.
According to Stuff, liquidator Wendy Somerville said they would
not have much information until their report was completed in
January, as the liquidators were only appointed on Dec. 19.
"Our focus this week has been on the staff," the report quotes
Ms. Somerville as saying.
She did not know numbers but all the staff were affected, and had
only found out on Dec. 19 when the liquidators were appointed.
They would be working towards the sale of the business in
January, the report states.
Chain Rigging and Scaffolding became a listed company on
Sept. 27, 2013. Its parent company, Chain Resources, was first
listed in April 2008.
INTERSTAR NZ 2004-A: S&P Lowers Tranche 3 Notes Rating to B
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of notes
issued by Trustees Executors Ltd. as trustee for Interstar NZ
Millennium Series 2004-A Trust. S&P lowered its rating on the
tranche 2 notes to 'A (sf)' from 'AA (sf)' and the tranche 3
notes to 'B (sf)' from 'BB (sf)'.
The rating actions are a consequence of further analysis of the
exposure to long-dated arrears and pool concentration for the
transaction. S&P said, "We expect the pool to become further
concentrated and increasingly exposed to nonperforming loans as
the underlying collateral amortizes. There is increasing
uncertainty and variability as to the ability of underlying
assets to support the rated notes. We note the timing and level
of interest and principal recoveries is uncertain for the long-
dated arrears portfolio because Challenger Securitisation
Management Pty Ltd. has amended the original terms and conditions
for a portion of the asset pool."
The pool has high levels of borrower concentration, which we
would expect to increase as the collateral continues to amortize.
The asset pool currently consists of 86 consolidated loans, with
a total loan balance of about NZ$10.2 million. Approximately
23.3%, or NZ$2.4 million, of the remaining pool balance is to
borrowers who are in long-dated arrears, with a further 8.4% of
the pool in arrears greater than 90 days. Therefore, about 31.7%
of the underlying collateral is in arrears greater than 90 days
as of Sept. 30, 2017.
S&P said, "Our lowering of the ratings reflects our view of the
notes' increasing sensitivity to the timing of recoveries from
the long-dated arrears, and the transaction's ability to cover
losses at the tail end of the transaction if excess spread is
eroded because of the amortization profile of the assets and the
level of outstanding recoveries.
"Our view on significantly reduced assets is that as a pool
amortizes, tail end risk will take greater precedence in the
rating analysis. While the point that tail risk drives the rating
analysis will vary depending on the combined features of the pool
and notes, we generally expect that when the pool factor of a
transaction reduces below 5%, the potential for event risk and
tail-end risk will increasingly drive the ratings analysis. The
current pool factor of the non-long dated arrears portion of the
collateral is equal to 6.26% as of Sept. 30, 2017. We note the
size of the collateral that is not part of the long dated arrears
portfolio is equal to NZ$7.8 million and that this pool balance
is another strong indicator of tail-end risk and increased
exposure to potential event risk."
Downward pressure on the ratings would increase if long-dated
arrears were to remain outstanding and no recoveries were to
eventuate, particularly if lenders' mortgage insurance is
unavailable and the availability of excess spread to cover any
loss amounts were tested by the amortization of the asset pool.
In addition, if the pool continues to become increasingly
concentrated we may lower the ratings to reflect factors
including the increasing likelihood of event and tail risks
emerging.
S&P said, "We have assessed pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the
top six loans at the 'A' rating level default and are recovered
upon. The loss severity for each loan is the higher of 50%, the
loan's loss severity, and the pool's weighted-average loss
severity. The expected loss for the pool is the higher of that
number, and the number sized applying our "Australian RMBS Rating
Methodology and Assumptions" criteria, published Sept. 1, 2011.
RATINGS LOWERED
Class Rating To Rating From
Tranche 2 A (sf) AA (sf)
Tranche 3 B (sf) BB (sf)
LIFETIME INCOME: A.M. Best Affirms bb- LT Issuer Credit Rating
--------------------------------------------------------------
A.M. Best has affirmed the Financial Strength Rating of B- (Fair)
and the Long-Term Issuer Credit Rating of "bb-" of Lifetime
Income Limited (LIL) (New Zealand). The outlook of these Credit
Ratings (ratings) is stable.
The ratings reflect LIL's balance sheet strength, which A.M. Best
categorizes as adequate, as well as its marginal operating
performance, very limited business profile and marginal
enterprise risk management (ERM).
Throughout its development phase, A.M. Best expects LIL to
maintain a level of on-balance-sheet capital that is sufficient
to support the projected business activities. Although the
company has strengthened its local regulatory capital position,
the solvency margin in absolute dollars remains modest relative
to other life insurers rated by A.M. Best. In addition, LIL's
business plan calls for moderate reliance on dynamic hedging in
the longer term as the business continues to grow.
Similar to many other start-up operations that are yet to build a
supportive base of business, LIL's historical operating
performance has been pressured by low revenue paired with high
fixed costs. Nevertheless, A.M. Best does not expect much
volatility in the company's operating performance, as the
variable annuity (VA) product it offers has a low-risk product
design and there is an appropriate hedging strategy in place.
LIL is a newly formed insurance operation that sells a very
narrow range of life insurance products within New Zealand. While
A.M. Best expects the company's in-force portfolio to be
profitable in the long run, the current scale of business is
small, which makes it relatively more susceptible to unforeseen
risks than insurers whose businesses are more established and
diversified. In addition, its core product - a VA with guaranteed
lifetime withdrawal benefits - is still at the introductory stage
of the product life cycle in New Zealand.
LIL has an adequate ERM framework given the operation's expected
size and complexity. Nevertheless, it may take time for LIL, as a
start-up life insurer, to prove that its risk management
capabilities are well-aligned with its risk profile.
Positive rating actions are possible in the long term if LIL is
able to demonstrate a track record of growth that allows it to
generate appropriate and sustainable returns. Conversely, factors
that may lead to negative rating actions include LIL's local
regulatory solvency margin falling below target due to adverse
movements in interest rates or equity markets. Additionally,
LIL's ratings may experience downward pressure if its holding
company's consolidated risk-adjusted capitalization falls short
of A.M. Best's expectations.
=================
S I N G A P O R E
=================
GLOBAL A&T: Taps Prime Clerk as Administrative Advisor
------------------------------------------------------
Global A&T Electronics Ltd. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Prime Clerk as its administrative advisor.
The firm will provide bankruptcy administrative services to the
company and its affiliates, which include assisting them in the
solicitation, balloting and tabulation of votes; preparing an
official ballot certification; providing a confidential data
room; and managing any distribution pursuant to a Chapter 11
plan.
The firm's hourly rates are:
Analyst $30 - $50
Technology Consultant $35 - $95
Consultant/Sr. Consultant $65 - $165
Director $175 - $195
COO/Executive VP No charge
Solicitation Consultant $190
Director of Solicitation $210
Shira Weiner, general counsel of Prime Clerk, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
Prime Clerk can be reached through:
Shira D. Weiner
Prime Clerk LLC
830 Third Avenue, 9th Floor
New York, NY 10022
Phone: (212) 257-5450
About Global A&T Electronics Ltd.
Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic,
and memory products in the United States, Japan, rest of Asia,
Europe, and internationally.
UTAC Holdings and its subsidiaries are independent providers of
assembly and test services for a broad range of semiconductor
chips with diversified end uses, including in-communications
devices (such as smartphones, Bluetooth and WiFi), consumer
devices, computing devices, automotive devices, security devices,
and devices for industrial and medical applications. The company
offers its customers a full range of semiconductor assembly and
test services in these key product categories: analog, mixed-
signal and logic, and memory. UTAC's customers are primarily
fables companies, integrated device manufacturers and wafer
foundries.
UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia. The company's global sales network is broadly focused
on five regions: the United States, Europe, China and Taiwan,
Japan, and the rest of Asia. The Debtors have 10,402 full-time
employees.
Global A&T and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on December 17, 2017. Michael E. Foreman, general
counsel and authorized officer, signed the petitions.
At the time of the filing, the Debtors disclosed that they had
estimated assets of $500 million to $1 billion and liabilities of
$1 billion to $10 billion.
Judge Robert D. Drain presides over the cases. The Debtors hired
Kirkland & Ellis LLP as their bankruptcy counsel; Moelis &
Company Asia Limited and Moelis & Company LLC as financial
advisors; Alvarez & Marsal North America, LLC and Alvarez &
Marsal (SE Asia) Pte. Ltd. as restructuring advisors; and Prime
Clerk LLC as notice, claims and balloting agent.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Dec. 18 to Dec. 22, 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.
*** End of Transmission ***