/raid1/www/Hosts/bankrupt/TCRAP_Public/180410.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, April 10, 2018, Vol. 21, No. 070
Headlines
A U S T R A L I A
GOLDEN IT: Enters Into External Administration
SHARK LAKE: First Creditors' Meeting Set for April 17
SIX STAR: Second Creditors' Meeting Set for April 13
VESTA LIVING: Second Creditors' Meeting Set for April 13
C H I N A
BIOSTAR PHARMACEUTICALS: Delays 2017 Form 10-K Filing
CBAK ENERGY: Delays Form 10-K Filing
I N D I A
AANCHAL COLLECTION: Ind-Ra Corrects February 2 Rating Release
AANCHAL COLLECTION: Ind-Ra Affirms B+ LT Rating, Outlook Stable
AEGIS CUSTOMER: Ind-Ra Assigns 'BB' Long Term Issuer Rating
ALISHAN GINNING: CRISIL Moves B+ Rating to Not Cooperating Cat.
ANJAMONI POWER: CRISIL Assigns B- Rating to INR5MM Term Loan
ANUPAM UDYOG: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
CLARIDGE MOULDED: CRISIL Withdraws B Rating on INR9MM Cash Loan
CHABBRA'S ASSOCIATES: Ind-Ra Affirms BB LT Rating, Outlook Stable
CHAKRAVARTHY FABRIC: CRISIL Reaffirms B Rating on INR11.7MM Loan
COROMANDEL AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
CROWN PROPBUILD: CRISIL Moves B+ Rating to Not Cooperating Cat.
CYBERCITY BUILDERS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
DEVA INTERIORS: CRISIL Ups Rating on INR8MM Cash Loan to B-
ENERGY DEVELOPMENT: CARE Lowers Rating on INR30cr ST Loan to D
ETHEREAL AROMATICS: CRISIL Assigns 'B' Rating to INR4.15MM Loan
GEM FORGINGS: CRISIL Moves B Rating to Not Cooperating Category
GRACE MANUFACTURING: CRISIL Moves B+ Rating to Not Cooperating
GREENBERRY FOILS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
IB INABENSA: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
JECRC UNIVERSITY: CARE Moves D Rating to Not Cooperating Category
KAMAL IDEAL: CARE Migrates D Rating to Not Cooperating Category
MADHYA BHARAT: CRISIL Migrates B- Rating to Not Cooperating
MOBILE STORE: CARE Moves D Rating to Not Cooperating Category
NEMCARE HOSPITALS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
PRAKASH CORRUGATED: CARE Assigns D Rating to INR22.31cr Loan
QUALITY ENGINEERING: CRISIL Lowers Rating on INR6.5MM Loan to B
RAHEEM INDUSTRIES: CRISIL Lowers Rating on INR7MM Cash Loan to D
RAHIS COLD: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
S.M. CONSTRUCTIONS: CARE Lowers Rating on INR6.39cr Loan to D
SHREEJEE SAREES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
SHREE RANI: CRISIL Withdraws B Rating on INR8MM Cash Loan
SINGLA RICE: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
SPECIALITY POLYMERS: CARE Moves D Rating to Not Cooperating
SPECIALITY SILICA: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
SSV SPINNERS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
TARA JEWELS: CARE Migrates D Rating to Not Cooperating Category
TIRUPUR TEXTILES: CRISIL Lowers Rating on INR20MM Corp. Loan to D
TULSI TRADING: CARE Migrates D Rating to Not Cooperating Category
YATHARTH HOSPITAL: Ind-Ra Hikes Long Term Issuer Rating to BB+
I N D O N E S I A
MATAHARI PUTRA: Moody's Cuts CFR to B3 on Liquidity Risk
J A P A N
ETERNAL LINK: FSA Orders Cryptocurrency Firms to Cease Operations
N E W Z E A L A N D
MEATCO NZ: Had Planned Note Issue to Raise NZ$2.5 Million
X X X X X X X X
* BOND PRICING: For the Week April 2 to April 6, 2018
- - - - -
=================
A U S T R A L I A
=================
GOLDEN IT: Enters Into External Administration
----------------------------------------------
CRN reports that Melbourne-based telco Golden IT has entered
external administration, facing low funds, debts and debt
recovery action taken against it by an IT outsourcing firm.
In documents filed with corporate regulator ASIC and seen by CRN,
administrator Blair Pleash of Hall Chadwick, who was appointed
March 2, made notes on the financial position of the company,
including that there were minimal funds available in the bank
account, and that significant portions of some AUD160,000 in
debts to the company would be unrecoverable.
Golden IT is listed as a member of the Telecommunications
Industry Ombudsman, on the website of which is a short company
profile listing a phone number and website that both now redirect
to Gtelecom, an ISP registered as a separate entity on November
22 last year, CRN relates citing an ASIC spokesperson.
According to CRN, ASIC also confirmed both Golden IT and Gtelecom
were owned by Golden Group Investments -- whom Zahid Baala is the
sole shareholder of. All three entities had the same address
listed as their principal place of business with the regulator.
When asked whether or not customers of Golden IT were now managed
by Gtelecom, the administrator told CRN part of its investigation
was to determine the current status of Golden IT's customer
database, including whether or not customers had been moved to
another company.
Golden IT is not currently trading and it had no employees when
it entered administration, the report states.
CRN says Mr. Pleash advised creditors during a meeting on
March 22 that Golden IT director Zack Baala intended to submit a
deed of company arrangement (DOCA) proposal to creditors of the
company for their consideration.
Dicker Data, Telstra, Hills Limited and Emersion Software Systems
were among the companies named on a creditors list, the report
discloses.
CRN notes that the administrator also noted one creditor,
Loanworks Technologies, had taken legal action against Golden IT
in order to recover a debt, but that proceeding had been stayed
as a consequence of the administration, as prescribed by section
440D of the corporations act. Loanworks claimed it was owed
AUD70,000, according to documents filed with ASIC.
"It is the administrator's duty to recover the assets of the
company that are available, determine the legitimacy of claims
against the company and provide a recommendation to creditors
whether the DOCA proposal would provide for a better return to
creditors then a liquidation scenario," the administrator's
report, as cited by CRN, read.
SHARK LAKE: First Creditors' Meeting Set for April 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Shark Lake
Food Group Pty Ltd will be held at Esperance Bay Yacht Club,
situated at Lot 921, The Esplanade, Esperance, Western Australia,
on April 17, 2018, at 12:30 p.m.
P Newman and D C Quin of PCI Partners were appointed as
administrators of Shark Lake on April 5, 2018.
SIX STAR: Second Creditors' Meeting Set for April 13
----------------------------------------------------
A second meeting of creditors in the proceedings of Six Star
Project Solutions Pty Ltd has been set for April 13, 2018, at
11:00 a.m. at the offices of Jirsch Sutherland, Level 12,
460 Lonsdale Street, in Melbourne, Victoria.
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 April 12, 2018, at 5:00 p.m.
Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Six Star on Jan. 26, 2018.
VESTA LIVING: Second Creditors' Meeting Set for April 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Vesta Living
Communities Limited has been set for April 13, 2018 at 11:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, Level 40,
2 Park 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 April 12, 2018, at 5:00 p.m.
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Vesta Living on Feb. 28, 2018.
=========
C H I N A
=========
BIOSTAR PHARMACEUTICALS: Delays 2017 Form 10-K Filing
-----------------------------------------------------
Biostar Pharmaceuticals, Inc., notified the Securities and
Exchange Commission via a Form 12b-25 that it will be delayed in
filing its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2017, because the Company requires additional time to
finalize the Annual Report and the financial statements included
therein.
According to Biostar, it has encountered a delay in assembling
the information in connection with the financial statements for
the fiscal year ended Dec. 31, 2017 and, therefore, was unable to
complete the Annual Report without unreasonable effort or
expense. The Company and its independent accountants are working
to complete the Annual Report as expeditiously as possible. The
Company's current expectation is that the Annual Report will be
filed within the time frame allowed by the extension.
About Biostar Pharmaceuticals
Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.
Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015. As of Sept. 30, 2017, the Company
had $41.42 million in total assets, $5.27 million in total
liabilities, all current, and $36.14 million in total
stockholders' equity.
Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016. Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission. In addition, the Company already violated its
financial covenants included in its short-term bank loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
CBAK ENERGY: Delays Form 10-K Filing
------------------------------------
CBAK Energy Technology, Inc., filed a Form 12b-25 with the
Securities and Exchange Commission notifying that it will delayed
in filing its Annual Report on Form 10-K for the year ended
Dec. 31, 2017. The Company said it has not finalized its
financial statements for the fiscal year ended Dec. 31, 2017. The
Company anticipates that it will file the Form 10-K within the
15-day grace period provided by Exchange Act Rule 12b-25.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015. As of Sept. 30, 2017, CBAK Energy
had US$123.65 million in total assets, US$110.13 million in total
liabilities and US$13.52 million in total shareholders' equity.
Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern, according to Centurion.
=========
I N D I A
=========
AANCHAL COLLECTION: Ind-Ra Corrects February 2 Rating Release
-------------------------------------------------------------
This announcement corrects the commentary published on
February 2, 2017 that incorrectly stated the name of the issuer
as Aanchal Collections Limited instead of Aanchal Collection
Limited. An amended version is as follows:
India Ratings and Research (Ind-Ra) has assigned Aanchal
Collection Limited (ACL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The instrument-wise rating action is given
below:
India Ratings and Research (Ind-Ra) has assigned Aanchal
Collection Limited (ACL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The instrument-wise rating action is given
below:
-- INR135 mil. Fund-based limits assigned with IND B+/Stable
rating.
KEY RATING DRIVERS
The ratings reflect ACL's moderate scale of operations and
moderate credit profile. FY16 results indicate revenue of INR348
million (FY15: INR225 million), interest coverage (operating
EBITDA/gross interest expense) of 1.7x (1.5x) and leverage
(adjusted net debt/operating EBITDAR) of 5.0x (4.5x).
The ratings also factor ACL's tight liquidity profile as
reflected by its near-to-full working capital utilization during
the 12 months ended December 2016.
However, the ratings are supported by over a decade-long
experience of ACL's founders in the women garments retailing
business.
RATING SENSITIVITIES
Positive: An improvement of overall credit metrics will be
positive for the ratings.
Negative: Deterioration of overall credit metrics along with
liquidity profile will be negative for the ratings.
COMPANY PROFILE
ACL was incorporated in 2004 as a proprietorship firm in the name
of Aanchal Saree Emporium. The firm was later converted to a
closely held limited company. ACL manufactures women's garments
at its plant in Kolkata, West Bengal. ACL has its own showroom in
Kolkata.
AANCHAL COLLECTION: Ind-Ra Affirms B+ LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aanchal
Collection Limited's (ACL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable. The instruments-wise rating actions are as
follows:
-- INR150 mil. (increased from INR135 mil.) Fund-based working
capital limit affirmed with IND B+/Stable rating; and
-- INR15 mil. Non-fund-based working capital limit assigned with
IND A4 rating.
KEY RATING DRIVERS
The affirmation reflects ACL's continued small scale of
operations and weak credit metrics as the company operates in a
highly competitive and fragmented textile industry. Revenue
increased marginally to INR358 million in FY17 (FY16: INR348
million) on account of higher order execution. However, EBITDA
margin declined to 8% in FY17 (FY16: 8.6%) owing to a slight
increase in employee cost. Consequently, interest coverage
(operating EBITDA/gross interest expense) deteriorated to 1.44x
in FY17 (FY16: 1.71x) and net leverage to 5.19x (4.95x).
The ratings continue to factor in the company's tight liquidity
position as reflected by 98% average maximum utilization of its
working capital limits during the 12 months ended February 2018.
Net cash cycle elongated to 232 days in FY17 (FY16: 227 days) due
to an increase in receivable days.
However, the ratings remain supported by ACL's founders' over a
decade-long experience in the retailing of women garments.
RATING SENSITIVITIES
Positive: An improvement in the overall credit metrics will be
positive for the ratings.
Negative: Deterioration in the overall credit metrics, along with
the liquidity profile will be negative for the ratings.
COMPANY PROFILE
ACL was incorporated in 2004 as a proprietorship firm in the name
of Aanchal Saree Emporium. The firm was later converted to a
closely held limited company. ACL manufactures women's garments
at its plant in Kolkata, West Bengal. It has its own showroom in
Kolkata.
AEGIS CUSTOMER: Ind-Ra Assigns 'BB' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aegis Customer
Support Services Private Limited (ACSP) a Long-Term Issuer Rating
of 'IND BB' and placed it on Rating Watch Positive (RWP). The
instrument-wise rating actions are given below:
-- INR1.090 bil. Fund-based working capital limits assigned with
IND BB/RWP/IND A4+/RWP rating;
-- INR590 mil. Non-fund-based working capital limits assigned
with IND BB/RWP/IND A4+/RWP rating; and
-- INR60 mil. Term loans due on FY19 assigned with IND BB/RWP
rating.
The ratings reflect ACSP's current subdued margins and weak
credit risk profile due to high debt levels, possibility of
improvement in the business profile under the new management and
intense competition in the business process outsourcing (BPO)
industry. However, the ratings are supported by ACSP's
established market position, global delivery network, diversified
revenue streams and longstanding relationships with key clients.
The RWP reflects the definitive agreement signed between Aegis
Global (parent of ACSP) and the US-based BPO StarTek Inc. to
merge and create a combined entity. The transaction, which was
announced on March 15, 2018, is subject to approvals from the
regulatory authorities and StarTek's shareholders, and is
expected to close by 3Q18. The merger will provide Aegis Global
access to the US market, which represents about 57% of the global
BPO market. The merger is also likely to lead an improvement in
Aegis Global's profitability margin, as margin on exports is
significantly higher than domestic sales. However, the
possibility of these benefits percolating down to ACSP is yet to
be ascertained.
KEY RATING DRIVERS
Subdued Margin: ACSP's EBITDA margins (FY17: 7.15%, FY16: 6.92%)
have lagged behind the industry average of 12%-14% over the last
few years, mainly due to its onshore business model, where
margins are substantially lower than the offshore business.
However, Ind-Ra believes the margins could increase over the next
two-to-three years, to be at par with the industry average, due
to cost optimization initiatives adopted by the company and a
shift in the revenue mix towards higher margin export/shared-
services businesses. However, maintaining revenue while shedding
lower profit business would be a key challenge.
Weak Credit Metrics: The debt to be supported by ACSP's business
has increased significantly in FY18, following the issue of INR4
billion compulsory convertible debentures. The debentures, which
carry an 8% coupon, were raised to pay-off statutory dues,
overdue debt and purchase consideration for acquisition of the
business from ASCP. With this substantial loading of debt burden,
Ind-Ra expects a significant increase in ASCP's interest expense.
Ind-Ra expects interest coverage (operating EBITDAR/interest
expense + rents) below 1.75x and net leverage (net debt/
operating EBITDAR) close to 6x over FY19-FY20.
Intense Competition: ACSP operates in a highly competitive BPO
industry, where several large players compete aggressively for
market share. ACSP derives more than 50% of its revenue from the
telecom industry, which is currently facing headwinds from
increasing competitive intensity, high debt levels and severe
erosion of profitability. Other structural challenges for the BPO
industry include rising wages/rent, high employee attrition
levels, and associated hiring and training expenses.
Change in Promoter - Positive: In November 2017, Capital Square
Partners (CSP) acquired the business of Aegis Limited, an Essar
Group company. Aegis Limited had defaulted on several loans and
statutory payments in FY16-FY17. However, Aegis Limited fully
repaid the bank loans using the purchase consideration paid by
ACSP. Ind-Ra derives comfort from the new promoter (CSP), whose
familiarity with the IT/ITeS industry is expected to successfully
drive ACSP's margin expansion over the next couple of years.
Established Market Position; Strong Clientele: ACSP reported
approximately INR9 billion of revenue in FY17 and has 29 delivery
centers located across 23 cities in India. Its client base is
well diversified across sectors such as banking, financial
services and insurance, telecom, tourism, hospitality,
healthcare, manufacturing and e-commerce, among others. ACSP has
longstanding relationships with its key customers. Through Aegis
Global (also known as ESM Holdings Limited), ACSP has a presence
in 47 locations across nine countries with over 40,000 employees
globally.
RATING SENSITIVITIES
The RWP indicates that the ratings may be either affirmed or
upgraded upon resolution. Ind-Ra is likely to resolve the RWP by
October 2018, subject to conclusion of the merger with StarTek
and clarity on the extent of benefit accruing to ACSP.
COMPANY PROFILE
ACSP is a global business service provider of customer experience
management in BPO and IT-enabled services. ACSP was acquired by
CSP from the Essar Group in FY18. Post the acquisition, Aegis has
entered into definitive agreements for a reverse merger with
StarTek.
ALISHAN GINNING: CRISIL Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Alishan
Ginning Mills Private Limited (AGMPL) for obtaining information
through letters and emails dated January 19, 2018, February 15,
2018 and February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 3 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
Standby Letter of 1 CRISIL B+/Stable (Issuer Not
Credit Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Alishan Ginning Mills Private
Limited. Which restricts CRISIL's ability to take a forward-
looking view on the entity's credit quality. CRISIL believes
information available on Alishan Ginning Mills Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Alishan Ginning Mills Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.
AGMPL was incorporated in 2011, promoted by Mr Kisanlal Agarwal
and his friend Mr Sunderlal Agarwal. Its operations are managed
by Mr Ashish Agarwal (son of Mr Kishanlal Agarwal) and Mr Rahul
Agarwal (son of Mr Sunderlal Agarwal). The company processes raw
cotton (kapas) to manufacture cotton bales and extract cotton
seeds. It has a ginning and pressing unit in Kantabij, Odisha,
and a registered office in Bhubaneswar.
ANJAMONI POWER: CRISIL Assigns B- Rating to INR5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating on the
long-term bank facilities of Anjamoni Power Projects LLP.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5 CRISIL B-/Stable (Assigned)
CRISIL's rating on the long-term bank facility of Anjamoni,
continues to reflect the susceptibility to risks related to
project implementation and stabilization of operations, and
client concentration in the revenue profile. These rating
weaknesses are partially offset by extensive industry experience
of the promoters and ensured revenue visibility through over the
medium term with backward integration initiative for its group
company S.A. Plywood Pvt Ltd (SAP).
Key Rating Drivers & Detailed Description
Weakness
* Susceptibility to project risk with respect to timely
implementation and stabilization of operations: TTPL is yet to
receive financial closure/tie-up for its power project. The cost
of project has been estimated at INR7.25 crores which is likely
to be financed by debt and equity of INR4.95 crores and INR2.30
crores respectively. Timely tie-up and implementation within
revised cost structure is critical over the near to medium term
and will be the key rating sensitive factor.
* Client concentration in revenue profile: Anjamoni will supply
power to the manufacturing plant of its parent company S.A.
Plywood Pvt Ltd (SAP). CRISIL believes Anjamoni will be
vulnerable to the dynamics of operating in a single market and
with a single client.
Strengths:
* Revenue visibility supported by its agreement to supply to its
parent company: Anajamoni's power plant is planned to setup to
provide uninterrupted power supply to its parent company at an
economical rate. The entire power generated would be consumed by
SAP ensuring steady and ensured revenue visibility over the
medium term.
Outlook: Stable
CRISIL believes that Anajamoni will maintain a stable credit
profile, over the medium term owing to assured revenue visibility
over the medium term. The outlook may be revised to 'Positive' if
Anajmoni successfully completes the project coupled with strong
revenue, profitability and with an improved working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
Anjamoni reports delays in project completion or low revenue or
profitability, or any larger-than expected debt-funded capital
expenditure (capex), or if the working capital cycle lengthens,
thereby weakening its financial risk profile and debt protection
metrics.
Anjamoni incorporated in the year 2008, has planned to setup 4.5
MW biomass power plant. The firm is promoted by Ms. Anajli Saha
and Ms. Maxi Saha. However, the day to day operation of the
company will be looked after by Mr. Arun Saha and Mr. Sahil Saha,
promoters of Saha Plywood Industry Pvt Ltd (SAP).
ANUPAM UDYOG: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anupam Udyog's
(AU) Long-Term Issuer Rating in 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 the rating. The rating will appear as 'IND BB-(ISSUER
NOT COOPERATING)' on the agency's website. The instrument-wise
rating actions are as follows:
-- INR15 mil. Fund-based limit maintained in Non-Cooperating
Category with IND BB-(ISSUER NOT COOPERATING) rating; and
-- INR65 mil. Non-fund-based limit maintained in Non-Cooperating
Category with IND A4+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1978, AU manufactures transformers and largely
sells them to Rajasthan Electricity Board. The firm is managed by
Mr. Vikas Mor, Ms. Shivani Mor and Mr. Kamal Kumar Mor.
CLARIDGE MOULDED: CRISIL Withdraws B Rating on INR9MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Claridge
Moulded Fibre Limited (CMFL) for obtaining information through
letters and emails dated February 20, 2018 and February 23, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating; Migrated from
'CRISIL B/Stable'; Rating
Withdrawal)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CMFL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
CMFL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower.' Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of CMFL to
'CRISIL B/Stable' Issuer Not Cooperating' from 'CRISIL B/Stable'.
CRISIL has withdrawn its rating on the bank facility of CMFL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 1996 as a private limited company, Mumbai-based
CMFL manufactures paper pulp trays for packaging of eggs and
apples. Mr Susheel Somani is the promoter.
CHABBRA'S ASSOCIATES: Ind-Ra Affirms BB LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chabbra's
Associates' (CA) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are as follows:
-- INR135 mil. Fund-based limits affirmed with IND BB/Stable
rating; and
-- INR200 mil. Non-fund-based limits affirmed with IND A4+
rating.
KEY RATING DRIVERS
The affirmation reflects CA's continued medium scale of
operations owing to the management's focus on more profitable
projects. Revenue declined to INR452 million in FY17 from INR845
million in FY16. The decline was due to the management's decision
to take up high-margin projects. However, the decision led to a
rise in EBITDA margin to 12% in FY17 (FY16: 8%).
The ratings are continue to be constrained by the geographical
concentration risk faced by CA, given its projects are based in
Andhra Pradesh and Telangana.
The ratings, however, continue to be supported by CA's strong
credit metrics. In FY17, net financial leverage (total adjusted
net debt/operating EBITDAR) was 0.6x in FY17 (FY16: negative
0.01x). The marginal deterioration in net financial leverage was
due to a decline in operating profit. Meanwhile, gross interest
coverage (operating EBITDAR/gross interest expense) deteriorated
to 2.4x in FY17 from 4.6x in FY16 owing to a higher increase in
gross interest payment than that in operating profit.
The ratings also continue to be supported by CA's strong
liquidity profile and the promoters' over two decades of
experience in civil construction (buildings and roads). CA's
working capital limit utilization was about 40% during the 12
months ended February 2018.
The ratings are also supported by CA's strong revenue visibility,
given it had an unexecuted order book of INR6,817.6 million (15x
of FY17 revenue) as on February 2018.
RATING SENSITIVITIES
Negative: Any further decline in revenue and credit metrics may
lead to a negative rating action.
Positive: Any improvement in the credit metrics, along with any
revenue growth, could lead to a positive rating action.
COMPANY PROFILE
Incorporated in February 1997, CA is a partnership firm based in
Secunderabad, Hyderabad. The firm is primarily engaged in civil
construction. In addition, it is engaged in toll plaza
collection. It is promoted by Mr. Suresh Kumar Chabbra, Mr.
Ramesh Kumar Chabbra and Mrs. Vidya Devi Chabbra.
CHAKRAVARTHY FABRIC: CRISIL Reaffirms B Rating on INR11.7MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Chakravarthy Fabric Pvt Ltd (CFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 11.70 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 3.15 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect CFPL's modest scale of operations
and exposure to customer concentration risks. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the textile industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in competitive industry: Intense
competition constrains scalability. Revenue is expected to be
modest at INR12 crore in fiscal 2018.
* Exposure to customer concentration risks: CFPL receives almost
its entire revenue from a single customer, Saranya Spinning Mills
Pvt Ltd. Customer concentration risk is likely to persist over
the medium term.
Strength
* Experience of promoters: The promoters, Mr Shanmugham and Mr
Deepan Chakravarthy have around a decade experience in the
textile industry and have strong relationships with key customer,
SSMPL. Benefits from their entrepreneurial experience should
continue to support the business.
Outlook: Stable
CRISIL believes CFPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if considerable increase in scale of
operations and stable profitability lead to a stronger financial
risk profile. The outlook may be revised to 'Negative' if decline
in cash accrual, stretch in working capital management, or any
large debt-funded capital expenditure weakens financial risk
profile.
Incorporated in 2013, CFPL undertakes weaving of fabric as job
work. The company is based in Namakkal, Tamil Nadu. Operations
are managed by Mr Deepan Chakravarthy.
COROMANDEL AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Coromandel Agro
Products and Oils Ltd.'s (CAPOL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are given below:
-- INR10.14 mil. (reduced from INR28.657 mil.) Term loan due on
March 2019 affirmed with IND BB-/Stable rating;
-- INR220 mil. Fund-based limits affirmed with IND BB-/Stable
rating; and
-- INR1 mil. Non-fund-based limits affirmed with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects CAPOL's declining credit profile due to
lack of raw material availability, led by demonetization. The
company reported revenue of INR459 million in 9MFY18 (FY17:
INR1,024 million, FY16: INR1,412 million) with an EBITDA loss of
INR13.4 million (EBITDA profit: INR24 million, INR27 million).
Gross interest coverage (operating EBITDA/gross interest expense)
was stable 1.5x in FY17 (FY16: 1.5x), while net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 11.8x
(10.4x) due to the decline in EBITDA. The company managed to
service its debt via unsecured loan received from Maddi
Lakshmaiah group.
The ratings also factor in CAPOL's high working capital intensity
due to the seasonal nature of business. The company reported an
elongated inventory holding period of around 125 days in FY17
(FY16: 80 days). The cotton harvesting period is mainly from
October to February. Thus, the company holds raw material for
continuous production, leading to a long inventory period at end
of March each year.
The ratings are also constrained by the company's tight liquidity
position as indicated by full utilization of its fund-based
limits over the 12 months ended February 2018.
However, the ratings benefit from the financial support received
from the Maddi Lakshmaiah group in the form of unsecured loans
and advances.
The ratings also draw support from the group's founders' over
four decades of experience in the processing of tobacco and
cottonseed oil.
RATING SENSITIVITIES
Positive: An improvement in profitability leading to a sustained
improvement in the credit metrics will be positive for the
ratings.
Negative: Inability to generate operating profit and a further
decline in revenue will be negative for the ratings.
COMPANY PROFILE
CAPOL is engaged in the processing of cottonseed oil and
manufacturing of deoiled cakes, hulls, linters, soap stock, acid
oil, and sludge oil. The company has its manufacturing facility
in Chirala, Andhra Pradesh. It also has two windmills, one each
in Tamil Nadu and Gujarat, with capacities of 0.65MW and 0.80MW,
respectively. It is a part of the Andhra Pradesh-based Maddi
Lakshmaiah group.
CROWN PROPBUILD: CRISIL Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Crown
Propbuild Private Limited (CPPL) for obtaining information
through letters dated October 31, 2017 and December 13, 2017,
apart from telephonic communication. However, the issuer has
remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Short Term 5 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
Term Loan 35 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CPPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
CPPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB Rating
category or lower.' Based on the last available information,
CRISIL has migrated the rating to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
CPPL, incorporated in 2011 and promoted by Mr. Ajay Gupta and Mr.
Virender Gupta, is undertaking a residential-cum commercial real
estate project, Sapphire Ninety, in Gurgaon, Haryana. The project
is expected to be complete by December 2017.
CYBERCITY BUILDERS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cybercity
Builders & Developers Private Limited (CBDPL) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise
rating actions is as follows:
-- INR1.75 mil. Term loan due on March 2020 to December 2028
assigned with IND BB+/Stable rating.
KEY RATING DRIVERS
The ratings reflect funding and saleability risks associated with
CBDPL's upcoming residential projects, Sriram Cybercity Divine
City - Phase 1, Phase 2 and Cybercity Villa located in Mangadu,
Chennai and Iconika in Whitefield, Bangalore. The company also
has four ongoing residential projects, Rainbow Vistas - Rock
Garden, Phase 2B, Phase 2C, Phase 2D and Phase 3C in Moosapet,
Hyderabad.
The company has projected to incur a total cost of INR37,116.78
million (including interest on debt) on all its upcoming and
ongoing projects, which is being funded by debt of INR4,382
million, promoters' contribution of INR2,611 million and customer
advances of INR30,178 million. The promoters have infused the
entire funds. However, there could be cash flow mismatches as
customer advances are the major source of funding. Therefore, any
significantly lower-than-expected sales will necessitate further
funding. CBDPL has also issued INR1,950 million of non-
convertible debentures; proceeds are likely to be used for
funding the upcoming projects and meet the funding requirement of
other group companies.
The ratings are also constrained by execution and project
completion risks associated with its upcoming projects. CBDPL has
acquired the land and completed 15% of the construction as of
September 2017. Management expects the construction to complete
before March 2021. However, CBDPL is yet to open bookings for the
upcoming projects.
However, the ratings are supported by lower off take risk in its
ongoing projects as 68% of the units were sold out of total 3,954
units for INR14,356 million. CBDPL has received 85% (INR12,203
million) of the total sales amount. As of December 2017, about
60% of the ongoing projects were completed and the company
incurred INR8,369 million out of the total project cost of
INR14,606 million.
The ratings also benefit from the location of its ongoing
projects with proximity to IT and financial hubs.
The ratings derive support from the company's promoters'
experience of over a decade in executing and implementing real
estate projects with a total saleable area of more than
2,000,000sf.
RATING SENSITIVITIES
Negative: Higher-than-expected debt and project costs, and lower-
than-expected sales volume or realization for any of the upcoming
and ongoing projects could result in a negative rating action.
Positive: Faster bookings in the ongoing projects resulting in
increased customer advances and timely execution of the upcoming
projects could result in a positive rating action.
COMPANY PROFILE
Incorporated in 2005, CBDPL is engaged in construction of
residential and commercial projects. CBDPL's upcoming projects
have a saleable area of 5.12 million sf and ongoing projects have
a total saleable area of 5.29 million sf. The company also has
two 5MW capacity solar power plants, each located in
Yadagirigutta and Shamshabad, with a 25-year off take agreement
with Telangana State Southern Power Distribution Company Limited,
starting 2016.
DEVA INTERIORS: CRISIL Ups Rating on INR8MM Cash Loan to B-
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Deva Interiors Private
Limited (DIPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of DIPL from 'CRISIL
B/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL D/CRISIL D'
and simultaneously upgraded the ratings to 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Migrated from
'CRISIL A4 Issuer Not
Cooperating' to 'CRISIL D'
and simultaneously upgraded
to 'CRISIL A4')
Cash Credit 8 CRISIL B-/Stable (Migrated
from 'CRISIL B/Stable Issuer
Not Cooperating' to 'CRISIL D'
and Simultaneously Upgraded
to 'CRISIL B-/Stable')
The rating downgrade takes into account the instance of bank
guarantee invocation in May 2017, which was regularised in
August 2017. The simultaneous rating upgrade reflects sufficient
track record of timely debt servicing maintained by DIPL since
then.
The ratings also reflect modest scale and working capital
intensity in operations and below-average financial risk profile.
These weaknesses are partially offset by the promoter's extensive
experience and healthy relationships with key customers.
Analytical Approach
Unsecured loans of INR4.65 crore that DIPL has received from the
promoter and his relatives as on March 31, 2017, have been
treated as debt as the loans are not subordinated to external
debt. There have also been instances of withdrawal of the
unsecured loans in the past.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and limited revenue diversity:
Intensifying competition constrains scalability for DIPL. Revenue
(INR23 crore in fiscal 2017) remains small despite presence of
nearly 10 years in the industry. Moreover, the company operates
in the construction industry basically as a contractor executing
interior decoration projects, wherein designs are made by
clients' architects and DIPL only furnishes the interiors as per
the designs.
* Working-capital-intensive operations: Operations are likely to
remain working capital intensive on account of sizeable
receivables. Gross current assets (GCA) days were about 448 days,
and receivables around 150-180 days as on March 31, 2017. The
operations are expected to remain working capital intensive as
the receivables are usually high in this industry.
* Below-average financial risk profile: Capital structure is weak
with gearing of 1.87 times as on March 31, 2017, and interest
coverage ratio subdued (1.39 times in fiscal 2017). The ratios
are expected to improve with gradually, as profitability
improves. Liquidity is under pressure, with fully utilised bank
limit, despite the absence of term loans and presence of
unsecured loans.
Strength
* Extensive experience of the promoter in the civil construction
and interior decoration industry: DIPL has been providing
interior execution services for the past 10 years. The clientele
includes Apollo Hospitals, Hotel Novatel, Brigade Hotels, and
Holiday Inn. The company provides interior work and related
installations and services, for office and commercial spaces.
Outlook: Stable
CRISIL believes that DIPL will continue to benefit over the
medium term from the industry experience of its promoter. The
outlook may be revised to 'Positive' if substantial cash accrual
leads to a stronger financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low revenue or
profitability, or stretch in working capital cycle results in
weakening in liquidity.
Set up in 1995 by Mr R P Singh, the Chennai-based DIPL designs
interiors of office spaces, commercial real estate ventures,
showrooms, and residential spaces. The company has executed
projects in Chennai, Mumbai, Bhubaneswar, Bengaluru, Bhopal, and
Hyderabad.
ENERGY DEVELOPMENT: CARE Lowers Rating on INR30cr ST Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Energy Development Company Limited (EDCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 10.00 CARE D Revised from
CARE BB+; Stable
Short term Bank 30.00 CARE D Revised from
Facilities CARE A4+
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to EDCL takes into account
the recent delays in debt servicing of the bank facilities by the
company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in debt servicing: There were recent delays in debt
servicing by the company on account of cash flow mismatch arising
from delay in receipt of payments from customers.
EDCL, incorporated in 1995, is engaged in power generation from
renewable sources (hydro and wind), contract management in the
infrastructure sector (construction of bridges, roads, power
plants, operation & maintenance of power plants etc.) and
providing consultancy services in hydro power (engineering,
designing, project management services, etc in setting up hydro
power plants). It is currently operating hydro power plant of
15MW and wind power plant of 3MW. In FY16, EDCL had ventured into
trading of power equipment (Hydraulic Hoist System and Solar
Photovoltaic module), which continued to form a major source of
revenue during FY17.
ETHEREAL AROMATICS: CRISIL Assigns 'B' Rating to INR4.15MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Ethereal Aromatics (EA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3.20 CRISIL B/Stable (Assigned)
Cash Credit 2.65 CRISIL B/Stable (Assigned)
Proposed Fund-
Based Bank Limits 4.15 CRISIL B/Stable (Assigned)
The rating reflects EA's small scale of operations, moderate
financial risk profile and working capital requirement. These
weaknesses are partially offset by the extensive experience of
the partners and adequate liquidity maintained in the business.
Analytical Approach
CRISIL has applied consolidation criteria and consolidated the
financial statements of Ethereal Aromatics and GABS Labs Private
Limited on account common promoters, common line of business and
business linkage between entities.
The unsecured loans from the promoters' family members is treated
as neither debt nor equity because it is subordinated to all
forms of external borrowings, interest will be ploughed back if
it is higher than bank rate and there has been no withdrawals in
the past three years.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations: Small scale of operations, with
revenue of about INR8 crore in fiscal 2017, amid intense
competition and low product differentiation limits pricing power
with suppliers and customers, thereby constraining profitability.
CRISIL expects the scale of operations and operating
profitability to improve over the medium term as the company has
diversified its product offerings by manufacturing herbal
extracts, phytochemicals and essential oils used by
pharmaceuticals, food, cosmetics and flavour fragrance
industries.
* Moderate working capital requirement: Gross current assets were
about 107 days as on March 31, 2017, due to moderate inventory
and debtor needs. CRISIL expects the gross current assets to
increase in the near term as the firm's scale of operations
increase and it gives higher credit period to its potential
customers, to gain market share.
* Project stabilisation risk: EA has set up capacity for a new
product line i.e. herbal products which has commenced operations
in February 2018. The company witnesses moderate stabilisation
risk with respect to managing larger scale of operations (than
before), sale of new product line and higher working capital
requirements.
Strength
* Extensive experience of partners: Benefits derived from the
partners' experience of around three decades and healthy
relations with customers and suppliers should continue to support
the business.
* Moderate financial risk profile: Adjusted gearing remains
moderate at 1.2 time as on March 31, 2017, while networth was
modest at INR2.3 crore. Interest coverage remained moderate at
2.1 times while net cash accrual to adjusted debt ratios was weak
at 0.02 times in fiscal 2017. Also, bank limit was almost fully
utilised over the past 6 months ending January 2018, as the
company bought raw material for the new manufacturing plant which
has begun operations in February 2018. The company has
consolidated cash balance of INR34 lakhs as on March 31, 2017,
against the upcoming interest payments on the new term loan of
INR3.2 crore.
Outlook: Stable
CRISIL believes EA will continue to benefit over the medium term
from the experience of the proprietor. The outlook may be revised
to 'Positive' if substantial increase in scale of operations
leads to higher-than-expected cash accrual while maintain its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower profitability from the new product line
weakens financial risk profile.
EA, based in Uttarakhand, is a family-owned partnership firm
established in 2011. The firm is engaged in manufacturing of
herbal extracts, phytochemicals and essential oils used by
pharmaceuticals, food, cosmetics and flavor fragrance industries.
The company was founded by Dr. Balkrishna, a first-generation
entrepreneur, with more than 30 years of experience in the
pharmaceutical industry.
GEM FORGINGS: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gem
Forgings Private Limited (GFPL) for obtaining information through
letters and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 7.5 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 1.85 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term .65 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Gem Forgings Private Limited.
Which restricts CRISIL's ability to take a forward-looking view
on the entity's credit quality. CRISIL believes information
available on Gem Forgings Private Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Gem Forgings Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.
GFPL, incorporated in January 1985, is promoted by Mr Ajay Kumar
Garg and his wife Ms Shashi Garg. The company is part of the
Kolkata-based Gem group. It exports medical equipment and
electrical and hardware items to Africa.
GRACE MANUFACTURING: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Grace
Manufacturing and Trading Company (GMTC) for obtaining
information through letters and emails dated February 21, 2018
and February 26, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Cash 1.5 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Grace Manufacturing And
Trading Company, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Grace Manufacturing And Trading
Company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Grace Manufacturing And Trading Company to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
GMTC, set up in 1992 by Ms Sunita Kapoor, is currently managed by
Mr Deepak Kapoor. The firm trades in medical devices such as
pacemakers, coronary stents, heart valves and syringes in Delhi,
Haryana, Himachal Pradesh and Punjab.
GREENBERRY FOILS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Greenberry Foils India Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 5 CRISIL B+/Stable
Cash Credit 10 CRISIL B+/Stable
Letter of Credit 10 CRISIL A4
Ratings reflect exposure to risk associated with ramp up of
operations and its sustenance. The ratings also factor it's below
average financial risk profile marked by high gearing and modest
networth. These weaknesses are partially offset by extensive
experience of promoters in packaging industry.
Analytical Approach
CRISIL has treated unsecured loans from promoters as neither debt
nor equity, as these are expected to remain in the business over
the medium term and are subordinated to bank debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risk associated with ramp up of operations and its
sustenance: Company started its commercial production in December
2017 and is exposed to risk associated with ramp up and
stabilization of operations. Revenues are expected to be modest
estimated at INR50 crore for fiscal 2018.
* Below average financial risk profile: Company has below average
financial risk profile marked by modest networth (INR6 Cr as on
March 31, 2017) and moderate gearing (3.35 times as on March 31,
2017).
Strengths:
* Extensive experience of promoters in packaging industry:
Promoters have been engaged in packaging industry over past 25
years through group entities and has established relations with
suppliers and customers.
Outlook: Stable
CRISIL believes GFIL will continue to benefit over the medium
term, backed by extensive industry experience of promoters. The
outlook may be revised to 'Positive' if GFIL stabilizes its
operations with increased revenues and profitability resulting in
improved financial risk profile particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if lower
than expected cash accruals or stretch in working capital cycle
or further large debt funded capex weakens company's financial
risk profile particularly liquidity.
GFIL, was established as in 2006 by Ms Janak Nandini Gupta, Mr
Rajesh Kumar Gupta and Mr Parag Gupta. Company started its
commercial operations in December 2017 and is engaged in
manufacturing of SRC, House foil, Aluminum foil container,
blister foil, yielding foil and pharma foil.
IB INABENSA: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IB - Inabensa
(JV)'s (IBJV) Long-Term Issuer Rating in 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 the rating. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:
-- INR110 mil. Fund-based limits maintained in Non-Cooperating
Category with IND B+(ISSUER NOT COOPERATING)/IND A4 (ISSUER
NOT COOPERATING) ratings; and
-- INR100 mil. Non-fund-based limits maintained in Non-
Cooperating Category with IND B+(ISSUER NOT COOPERATING)
/IND A4(ISSUER NOT COOPERATING) ratings.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 28, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
IBJV was set up by Inabensa Bharat Private Limited (which owns an
80% stake in the company) and its parent company Instalaciones
Inabensa S.A. (20%) in February 2014 for the execution of single-
phase electrification works in the Nallapadu-Diguvametta section
of the Guntur division of South Central Railways.
JECRC UNIVERSITY: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from JECRC University
(JU), to monitor the ratings vide e-mail communications dated
January 2, 2018, January 12, 2018, January 17, 2018, February 6,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on JU's bank facilities will now be denoted as CARE
D; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 105.23 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Users of these ratings (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 March 27, 2017 the following were
the rating strengths and weaknesses.
Ongoing delays in debt servicing: JU has higher repayment
obligations due to large-sized pre-dominantly debt-funded capital
expenditure undertaken resulting to stretched liquidity and delay
in servicing of debt obligations.
Jaipur-based (Rajasthan) JU is a private university promulgated
through an ordinance passed in May 2012 by the Governor of
Rajasthan. JU is also approved by the University Grant Commission
(UGC) u/s 2(f) of the UGC Act 1956, with the right to confer
degree u/s 22(1) of the UGC Act. JU is sponsored by National
Society for Engineering Research and Development (NSERD) which
was formed in 1999 by Mr Om Prakash Agrawal with a vision to
offer degree courses (both graduation and post-graduation) in
different streams such as Engineering, Management and Science.
KAMAL IDEAL: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Kamal Ideal
Infratech Pvt Ltd (KIIPL) to monitor the rating vide e-mail
communications dated March 8, 2018, March 7, 2018, March 6, 2018,
March 5, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
KIIPL's bank facilities will now be denoted as CARE D/ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.79 CARE D; Issuer not cooperating;
Facilities Based on best available
information
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 August 18, 2017 the following were
the rating strengths and weaknesses (updated with information
from company's banker).
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing Delays in Debt Servicing: There are ongoing delays in
servicing of KIIPL's debt obligations owing to its stressed
liquidity position due to slow sales progress and customer
collections.
Subdued Industry Scenario: The real estate sector is moving
towards a more rational regime with developers now focusing on
project execution and delivery. Further, with the introduction of
RERA Act, the sector will move ahead to transparent and credible
measures with sustenance for organized players. Moreover, the
expected renewed interest by the banks in funding the developers
is likely to result in the timely completion of the projects. As
per market sentiments the Indian Real Estate Market may not
witness a sharp reversal in FY18 but in long term the growth
prospects remain strong while the sector continues to remain
troubled with issues of high unsold inventory.
Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is
engaged in real estate development. The company is currently
developing a group housing project in Nangal Kalan village,
sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi
Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have
been involved in the real estate development of residential and
commercial properties in the NCR region.
MADHYA BHARAT: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Madhya
Bharat Papers Limited (MBPL) for obtaining information through
letters and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4.75 CRISIL B-/Stable (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit 1.75 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 14.50 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
Proposed Term Loan 15.00 CRISIL B-/Stable (Issuer Not
Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Madhya Bharat Papers Limited.
Which restricts CRISIL's ability to take a forward-looking view
on the entity's credit quality. CRISIL believes information
available on Madhya Bharat Papers Limited is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Madhya Bharat Papers Limited to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.
MBPL was formed in 1980 and manufactures writing and printing
paper. It has a manufacturing facility of 45 tonne per day (tpd)
and is planning to expand its capacities to 90tpd. MBPL also has
a co-gen power plant of capacity 3.1 megawatts. Mr. Jaydeep
Chitlangia and Mr. V K Khanna (Executive Director) manage the
company.
MOBILE STORE: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from The Mobile store
Services limited to monitor the ratings vide e-mail
communications dated January 4, 2018; January 9, 2018;
January 11, 2018; February 21, 2018 and February 23, 2018.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information.
Further, TMSSL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The ratings on
The Mobile store Services limited will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 70.66 CARE D; Issuer not cooperating;
Term (Fund Based) Based on best available
Information
Long Term/Short 26.00 CARE D; Issuer not cooperating;
Term (Non Fund Based on best available
Based) information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of The Mobile store
Services limited has taken into account feedback received from
its bankers about instances of delays in servicing of the debt
obligations by the company.
Detailed description of the key rating drivers
At the time of last rating on July 21, 2017 the following were
the rating weaknesses (updated for the information available from
Registrar of companies and interaction with company's bankers at
the time of due diligence process for the rated client).
Key Rating Weaknesses
Ongoing delays in debt servicing: Continuous delays in servicing
of interest and default in repayment of debt obligation by the
company.
The Mobile Store Services Limited (TMSSL), a part of the Essar
Group, is engaged in the business of distribution of telecom,
consumer electronics and related products including mobile
handsets, accessories, domestic appliances and other consumer
durable products. The company is a step-down subsidiary of Essar
Global Limited (the ultimate holding company). The Essar Group is
engaged in diversified activities like infrastructure, steel, oil
and gas, power, telecom and technology, shipping and logistics
and construction. TMSSL is the owner of the brand "The
MobileStore" and has licensed it to its group company The Mobile
Store Limited (TMSL) for usage of the brand.
NEMCARE HOSPITALS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nemcare
Hospitals Private Limited's (NHPL) Long-Term Issuer Rating to
'IND D' from 'IND BB'. The Outlook was Stable. The instruments-
wise rating action is as follows:
-- INR490 mil. Term loans (long-term) due on March 2025
downgraded with IND D rating.
KEY RATING DRIVERS
The downgrade reflects NHPL's delays in debt servicing during
February 2018 due to a tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months
would be positive for the ratings.
COMPANY PROFILE
Incorporated on July 2008, NHPL operates a 200-bed multi-
speciality hospital in Guwahati, Assam. The hospital commenced
operations in FY18.
PRAKASH CORRUGATED: CARE Assigns D Rating to INR22.31cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Prakash Corrugated Products (PCP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 22.31 CARE D Assigned
Short term Bank
Facilities 0.02 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of PCP factors in the
ongoing delays in servicing of term loan.
Detailed description of the key rating drivers
Key Rating Weakness
Delay in debt servicing obligations: As per the interaction with
the banker and as reflected in term loan statement, there are
ongoing delays in servicing of interest and principal payment.
The delays are on account of the stretched liquidity position of
the company.
PCP was established in September 2001, as a proprietorship
concern and is involved in manufacturing of make to order
corrugated boxes. PCP's unit is located at Verna, Goa with the
total installed capacity of 10,000 metric tonnes of corrugated
boxes per annum (MTPA) of different sizes as per order. Moreover,
PCP has in-house 'Flexo Printing' facility for printing on the
boxes.
QUALITY ENGINEERING: CRISIL Lowers Rating on INR6.5MM Loan to B
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Quality Engineering Works (QEW) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' while the short term rating has been
reaffirmed at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Reaffirmed)
Cash Credit 6.5 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Short Term
Bank Loan Facility 2.5 CRISIL A4 (Reaffirmed)
The rating downgrade reflects deterioration in QEW's business
profile and liquidity marked by decline in scale and consequently
accruals. The firm achieved operating income of around INR8.16
crore for the period April-October 2017 in the current fiscal as
against INR24.68 crore for entire fiscal 2017. With largely
stable profitability, the decline in scale is likely to lead to
lower accruals.
The ratings reflect QEW's modest scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by a comfortable financial risk profile and
proprietor's extensive industry experience and established
customer and supplier relations.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The scale of operations has been
modest for the firm, as reflected in operating income of INR8.16
crore over the period April-October 2017 in the current fiscal.
Presence in niche business amid competition from established
players and high lead time on the work orders undertaken delay
execution and keep the scale constrained. The modest scale also
constrains the firm's bargaining power and limits its ability to
benefit from economies of scale.
* Large working capital requirement: Further, the operations of
the firm remained working capital intensive as reflected in its
gross current assets (GCAs) of 160 days as on March 31, 2017
against 335 days as on March 31, 2016. The GCA days are expected
to increase as on March 31, 2018 driven by high inventory and
debtors against declining revenues. The high GCAs is primarily on
account of QEW's prolonged inventory and receivables period.
Strengths
* Proprietor's extensive experience and established relationship
with reputed clients: The proprietor of the firm has vast
experience of close to 3 decades in the engineering and capital
goods industry. As a result by virtue of his long standing
presence, QEW has developed good relationship with its customers
and suppliers. Further, QEW mainly caters to reputed clients such
as GE Power India Limited and Indiana Conveyors Pvt Ltd among
others. The established relation with these reputed customers is
likely to help in receipt of regular orders from them and is
expected to support the business risk profile over the medium
term.
* Comfortable financial risk profile: The financial profile of
QEW continues to remain comfortable marked by a modest networth
at around INR8.15 crore as on March 31, 2017 against INR7.66
crore as on March 31, 2016. Gearing has been low and was around
0.58 time as on March 31, 2017 against 0.70 time as on March 31,
2016. Moderate operating margin and low gearing has resulted in
comfortable debt protection metrics for the firm. The interest
coverage was at around 2.72 times in fiscal 2017 against 1.88
times in fiscal 2016.
Outlook: Stable
CRISIL believes QEW will continue to benefit from its
proprietor's extensive industry experience and its established
relationship with reputed clients. The outlook may be revised to
'Positive' if there is a substantial and sustainable increase in
revenue and accrual along with improved working capital
management and sustained capital structure. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of low cash accrual, or a stretch in
working capital cycle, or large, debt-funded capex.
QEW was established by Kolkata-based Mr Subhas Basu as a
proprietorship firm in 1989, for manufacturing environmental
pollution control and process equipment used in the metallurgy,
steel, cement, gas, chemical, paper, and power sectors. Its unit
is located in Palan Industrial Estate at Maheshtala, near
Kolkata.
RAHEEM INDUSTRIES: CRISIL Lowers Rating on INR7MM Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Raheem Industries (RI) to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 1.63 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Standby Line of 1.05 CRISIL D (Downgraded from
Credit 'CRISIL B+/Stable')
The downgrade reflects a recent instance of over-utilisation of
the cash credit facility for more than 30 days. The rating also
factors in a modest scale of operations. These weaknesses are
partially offset by the extensive experience of the partners.
Key Rating Drivers & Detailed Description
Weakness
* Over-utilisation of the cash credit facility for more than 30
days: There was a recent instance of over-utilisation of the cash
credit facility for more than 30 days.
* Small scale of operations: RI has a modest scale of operations
with operating income of INR34.3 crore in fiscal 2017.
Strength
* Extensive experience of partners: The decade-long experience of
the partners, their healthy relationship with suppliers, and the
established base of over 50 customers, should help maintain the
business risk profile.
RI was established as a partnership firm in 2005 by Mr Abdul
Qayyum, Mr Iqbal Ahmed, and their families. The firm processes
paddy into basmati and non-basmati rice. The processing unit at
Bareilly, Uttar Pradesh, has a capacity of around 7 tonne per
hour.
RAHIS COLD: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
-----------------------------------------------------------
CRISIL rating on the bank facility of Rahis Cold Storage Private
Limited (RCS) continues to reflect small scale of operations and
below-average financial risk profile. The rating also factors
susceptibility to regulatory changes and intense competition.
These weaknesses are partially offset by the extensive experience
of the promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.5 CRISIL B/Stable (Reaffirmed)
Term Loan 3.5 CRISIL B/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness:
* Weak financial risk profile: Financial risk profile is
constrained by small networth and high gearing of INR2.22 crore
and 4.94 times, respectively, as on March 31, 2017. Muted
accretion to reserve will keep networth small, though gradual
repayment of term debt may improve gearing.
* Highly regulated and competitive nature of the industry: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association. Rental rates are fixed by
the Department of Agricultural Marketing of West Bengal. Fixed
rental limits players' ability to leverage their strengths and
geographic advantages. Furthermore, the industry is highly
fragmented, as the largest player has a market share of less than
0.5%. This limits bargaining power, and forces players to offer
discounts to ensure healthy utilisation of capacity.
Strengths:
* Extensive experience of promoters: Presence of over three
decades has enabled the promoters to understand market dynamics,
establish strong relationships with traders and farmers, and
ensure healthy utilisation of storage capacity.
Outlook: Stable
CRISIL believes RCS will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if revenue and cash accrual improve, and financing
of farmer loans is efficiently managed. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretch in realisation of loans extended to farmers weakens
liquidity.
Incorporated in August 2014 by Mr SK Jakir Ali and Ms Tasmina
Begam, RCS provides cold storage facilities to potato farmers and
traders.
S.M. CONSTRUCTIONS: CARE Lowers Rating on INR6.39cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S.M. Constructions (SMC), as:
CARE has been seeking information from S.M. Constructions (SMC)
to monitor the rating vide e-mail communications/letters dated
March 7, 2018, March 6, 2018, March 1, 2018, February 28, 2018,
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on SMC's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.39 CARE D; Issuer not Cooperating;
Facilities Revised from CARE C on the basis
of best available information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of continuous delay in
servicing of debt obligations.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing: As per the interaction with the banker,
there have been continuous delays in servicing of debt
obligations.
Goa-based SMC was established as a proprietorship concern in the
year 1994 and is engaged in the business of industrial
construction and real estate development in the state of Goa. The
firm belongs to the Shaikh Muktar Group (SMG) of companies in
Goa, which has presence in mining, construction, engineering,
logistics, hospitality (new venture), shipping and automobiles.
SHREEJEE SAREES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shreejee
Sarees Pvt. Ltd.'s Long-Term Issuer Rating in 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 the rating. The rating will
appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:
-- INR90 mil. Fund-based limit maintained in Non-Cooperation
Category with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR20 mil. Proposed fund-based limit maintained in Non-
Cooperation Category with Provisional IND BB (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2004, Shreejee Sarees is a Kolkata-based company,
engaged in the trading of printed sarees and ladies garments.
SHREE RANI: CRISIL Withdraws B Rating on INR8MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree Rani
Sati Overseas Private Limited (SRSOPL) for obtaining information
through letters and emails dated February 8, 2017 and
February 23, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating; Rating Withdrawal)
Term Loan 5.11 CRISIL B/Stable (Issuer Not
Cooperating; Rating Withdrawal)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRSOPL. This restricts
CRISIL's ability to take a forward SRSOPL is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, the rating on bank facilities of
SRSOPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of SRSOPL
on the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
SRSOPL, incorporated in 2013, mills and sorts basmati rice and
manufactures by products such as bran, phak, and husk; all these
are sold to domestic traders. The company's manufacturing
facilities are based in Barabanki, Uttar Pradesh.
SINGLA RICE: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term facilities of Singla Rice Oil and Gen. Mills (SRGM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B/Stable (Assigned)
Proposed Cash
Credit Limit 2 CRISIL B/Stable (Assigned)
The rating reflects the extensive experience of the firm's
partners in the rice industry. The strength is partially offset
by modest scale of operation in the intensely competitive rice
industry and average financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation: Limited capacity and intense
competition have led to modest scale of operation'revenue was
INR41.8 crore in fiscal 2017. The small scale of operation also
restricts benefits arising from economies of scale and limits
pricing flexibility, thereby constraining profitability.
* Average financial risk profile: As on March 31, 2017, networth
was small at INR1.1 crore and gearing high at 9.5 times. With
continued large working capital debt, gearing is expected to
remain high over the medium term. Interest coverage ratio was
muted at 1.32 times during fiscal 2017 due to low profitability
and large debt.
Strength
* Extensive experience of the partners: Benefits from the
partners' three decades of experience and their understanding of
the dynamics of the local market, which helps in anticipating
price trends and calibrating purchasing and stocking decisions
should support the business.
Outlook: Stable
CRISIL believes SRGM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if high cash accrual due to increase in revenue and
profitability strengthens financial risk profile. The outlook may
be revised to 'Negative' if low profitability or sizeable debt
weakens financial risk profile, particularly liquidity.
Established in 1984, SRGM, a partnership firm of Shri Dharam Pal
and Shri Manoj Kumar, processes rice of all kinds from sarbati to
basmati at its unit in Karnal, Haryana with total milling
capacity of 8 metric tons per day.
SPECIALITY POLYMERS: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has been seeking information from Speciality
Polymers Private Limited (SPPL) to monitor the ratings vide e-
mail communications/letters dated January 4, 2018;
January 9,2018; January 11, 2018; February 21, 2018 and
February 23, 2018. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, SPPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SPPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 45.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 13.50 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Long-term/Short- 37.10 CARE D; Issuer not cooperating;
term Bank Based on best available
Facilities Information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account continued delays in servicing debt
obligation.
Detailed description of the key rating drivers
At the time of last rating on February 7, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from interaction with company's bankers as a part of
due diligence process for the rated client).
Key Rating Weaknesses
Delays in debt servicing: Continuous delays in servicing of
interest and default in repayment of debt obligation by the
company.
Speciality Polymers Pvt. Ltd. (SPPL) is a Private limited Company
incorporated in 1988. The company manufactures chemicals which
cater to various industries like textiles, packaging, paper,
paint, construction, etc. The company is promoted by Mr.
Padmanabha Sharma and Mr. Sthanusesha Sharma both having more
than 25 years of experience in the business of chemical
manufacturing. SPPL manufactures various chemicals like synthetic
resin emulsions, adhesives, paint emulsions, textile binders,
paper coating binders, construction chemicals, etc. The company
caters to both the international and domestic market with
domestic market contributing to 87% in the total operating income
for FY15.
The factory is located at MIDC Badlapur and Ambernath MIDC
(project under testing phase) with an annual capacity of
75,600 MTPA.
SPECIALITY SILICA: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Speciality
Silica Private Limited's (SSPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB-'. The Outlook is Stable. The instrument-wise
rating actions are given below:
-- INR14.90 mil. (reduced from INR23.40 mil.) Term loan due on
March 7, 2019upgraded with IND BB/Stable rating;
-- INR1.61 mil. Term loan due on October 7, 2017 withdrawn (paid
in full) and the rating is withdrawn;
-- INR47.5 mil. Fund-based working capitallong-term rating
upgraded and short-term rating affirmed with IND BB/Stable/
IND A4+ rating;
-- INR30 mil. Fund-based working capital* assigned with
IND BB/Stable/IND A4+ rating; and
-- INR34.0 mil. Term Loan due on January 2026 assigned with
IND BB/Stable rating.
* The final rating is based on the receipt of sanction letter by
Ind-Ra for INR30 Fund-based working capital as the ratings are
assigned from provisional to final.
KEY RATING DRIVERS
The upgrade reflects an improvement in SSPL's credit metrics in
FY17, backed by the improvements in the scale of operations,
operating margins and interest expense.
Revenue grew to INR211.32 million in FY17 (FY16: INR199.71
million, FY15: INR185.83 million), driven by an increase in the
demand from the existing customer. As of February 2018, the
company booked revenue of INR265 million. Operating margins
improved to 14.29% in FY17 (FY16: 13.75% because of a reduction
in the wastage. Interest coverage (operating EBITDAR/gross
interest expense) improved to 2.70x in FY17 (FY16: 2.04x, FY15:
1.73x) and net leverage (adjusted net debt/operating EBITDAR) to
4.57x (5.01x, 4.41x).
Although the margins are strong, revenue remains low because of a
modest scale of operations, despite the improvement, while
metrics continue to be weak because of high debt levels.
The ratings remain constrained by SSPL's tight liquidity position
as reflected by its around 90% average utilization of the fund-
based limits during the 12 months ended February 2018.
However, the ratings are supported by the company's promoter's 15
years of experience in the silica business.
RATING SENSITIVITIES
Negative: A decline in the operating profitability and /or
deterioration in the net working capital cycle leading to
deterioration in the overall credit metrics, all on a sustained
basis, could lead to a negative rating action.
Positive: A substantial increase in revenue along with
profitability leading to improvement in the overall credit
metrics, all on a sustained basis, could lead to a positive
rating action.
COMPANY PROFILE
Incorporated in 2004, SSPL manufactures silica manufacturer at
its 6,000MTPA plant in Rajasthan.
SSV SPINNERS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SSV Spinners
Private Limited (SSV) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:
-- INR145 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating; and
-- INR162 mil. Term loan due on May 2019-August 2021 assigned
with IND BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect SSV's modest scale of operations and weak
credit metrics owing to intense competition in the textile
industry. SSV's revenue rose at a CAGR of 12.51% to INR849.6
million over FY15-FY17 owing to an increase in orders from
regular customers. Moreover, it registered 2.1% yoy revenue
growth for FY17.
Interest coverage (operating EBITDA/interest) remained unchanged
at 1.8x in FY17 compared with 1.8x in FY16 and net financial
leverage (adjusted net debt/operating EBITDA) improved to 6.0x
from 6.8x during the period. The improvement in net financial
leverage was driven by a reduction in debt (FY17: INR372 million;
FY16:INR401.6 million) due to the scheduled repayment of the term
loan.
The ratings also reflect a volatile operating EBITDA margin owing
to cotton price fluctuations. The margin was 6.8%-11.1% over
FY15-FY17. Moreover, SSV's liquidity was tight, given its average
fund-based working capital limit utilization was about 98% for
the 12 months ended March 2018.
The ratings, however, are supported by the promoter's two decades
of experience in the cotton yarn manufacturing business that has
led to established relationships with customers and suppliers.
RATING SENSITIVITIES
Negative: A decline in revenue and/or profitability leading to
deterioration in the credit metrics on a sustained basis will
lead to a negative rating action.
Positive: Substantial growth in the top-line, while maintaining
the profitability, leading to an improvement in the credit
metrics on a sustained basis will lead to a positive rating
action.
COMPANY PROFILE
Incorporated in February 2011, Telangana-based SSV is engaged in
the spinning mill business. It has an installed capacity of
19,584 spindles.
TARA JEWELS: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Tara Jewels Ltd.
to monitor the ratings vide e-mail communications dated
January 4, 2018; January 9, 2018; January 11, 2018; February 21,
2018 and February 23,2018. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information. Furthermore, Tara Jewels Limited
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The ratings on Tara Jewels
Ltd's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. The ratings assigned to the bank facilities of Tara
Jewels Ltd. take into account of feedback received from its
bankers about instances of delays in servicing of the debt
obligations by the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 486.00 CARE D; Issuer not cooperating;
Term (Fund Based) Based on best available
information
Long Term/Short 257.00 CARE D; Issuer not cooperating;
Term (Non Fund Based on best available
Based) information
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 February 28, 2017 the following
were the rating strengths and weaknesses (updated for the
information available from stock exchange and interaction with
the company's bankers as a part of our due diligence process with
respect to the rated client).
Key Rating Weaknesses
Ongoing delays in debt servicing: The rating factors in delays in
debt servicing on account of stretched liquidity position. The
company has been incurring cash losses on account of weak demand
for its products.
Tara Jewels Limited (TJL) was incorporated in 1998 as Tara Ultimo
Pvt Ltd (TUPL) by Mr. Rajeev Sheth (current Chairman and MD). In
FY09, Tara Ultimo Pvt. Ltd. (TUPL) was merged with T Two
International Pvt. Ltd. (TTIPL), trading in diamond and
jewellery, and Tara Jewels Exports Pvt. Ltd. (TJEPL), engaged in
cutting and polishing of diamonds for the Tara group. Post-
merger, TUPL was renamed 'Tara Jewels Pvt Ltd.' (TJPL). In
September 2010, the company was converted into a public limited
company and the name was changed to Tara Jewels Ltd. (TJL). TJL
is an integrated player in the jewellery industry with presence
in designing, manufacture and retailing of diamond studded
jewellery. TJL has been accorded Star Trading House status by
Government of India and subsequently also been designated as a
nominated agency under foreign trade policy by the Ministry of
Commerce.
TIRUPUR TEXTILES: CRISIL Lowers Rating on INR20MM Corp. Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Tirupur Textiles Private Limited (TTPL) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Corporate Loan 20.00 CRISIL D (Downgraded from
'CRISIL C')
Foreign Bill 10.00 CRISIL D (Downgraded from
Purchase 'CRISIL C')
Foreign Letter 0.10 CRISIL D (Downgraded from
of Credit 'CRISIL C')
Inland Guarantees 0.25 CRISIL D (Downgraded from
'CRISIL A4')
Inland/Import 25.00 CRISIL D (Downgraded from
Letter of Credit 'CRISIL A4')
Long Term Loan 37.07 CRISIL D (Downgraded from
'CRISIL C')
Open Cash Credit 15.00 CRISIL D (Downgraded from
'CRISIL C')
Packing Credit 10.00 CRISIL D (Downgraded from
'CRISIL A4')
The rating downgrade reflects delays in servicing of debt
obligations by TTPL due to subdued operating performance and
stretched working capital cycle owing to large inventory.
The ratings also reflect TTPL's working capital intensive nature
of operations. However the company benefits from the extensive
experience of its promoters in the industry.
Key Rating Drivers & Detailed Description
Weakness
* Working capital intensive nature of operations: The Company's
operations are highly working capital intensive, as indicated by
GCA days of 162 as on March 31 2017. High GCA days is on account
of large inventory of 146 days.
Strength:
* Extensive experience of the promoters: Benefits from the
promoters' extensive experience in the industry and established
relationships with suppliers and customers should support
business.
TTPL was set up in 1956 by Mr. G T Krishnaswamy Naidu and his
son, Mr. K Sivasubramaniam; it manufactures hosiery cotton yarn
at its facility in Tirupur (Tamil Nadu).
TULSI TRADING: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Tulsi Trading Co.
to monitor the ratings vide e-mail communications/letters dated
December 9, 2017, December 21, 2017, January 3, 2018,
February 20, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Tulsi
Trading Co.'s bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.25 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating takes into account delays in debt repayment owing to
weak liquidity position.
Detailed description of the key rating drivers
At the time of last rating on July 14, 2017 the following were
the rating strengths and weaknesses
Ongoing delays in Debt servicing: The rating assigned to the bank
facilities of Tulsi Trading Co. (TTC) is primarily due to
irregularity in servicing its debt obligations.
Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership
firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr.
Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai
Sakaria. The firm trades in agriculture commodities like cotton
bales and cotton seeds. TTC supplies agriculture commodities
across India.
YATHARTH HOSPITAL: Ind-Ra Hikes Long Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Yatharth
Hospital and Trauma Care Services Private Limited's (YHTCSPL)
Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are as follows:
-- INR430 mil. (reduced from INR465 mil.) Term loan due on
October 2025 upgraded with IND BB+/Stable rating; and
-- INR70 mil. (increased from INR35 mil.) Fund-based limits
Long-term rating upgraded and Short-term rating affirmed
with IND BB+/Stable/IND A4+ rating.
KEY RATING DRIVERS
The upgrade reflects Ind-Ra's expectations of YHTCSPL's revenue
to have substantially increased in FY18 on account of growing
occupancy rate at its two hospitals after the completion of capex
for setting up a new cardiac unit and the addition of 250 beds to
its Greater Noida facility. Ind-Ra expects YHTCSPL's revenue to
have risen 20%-25% yoy in FY18 (FY17: INR755.09 million; FY16:
718.99 million), given it had booked INR664.01 million in revenue
for 9MFY18. The scale of operations continues to be medium on
account of stiff competition in the areas it operates.
The ratings are supported by YHTCSPL's strong cash flows and
liquidity. It reported a fund flow from operation margin of about
13% (FY16: about 15%) and a cash flow from operation margin of
about 26% (about 7%) for FY17. Although free cash flow was
negative due to a capex of INR923.80 million during FY14-FY17,
the company had cash and equivalents of INR16.52 million in FY17
(FY16: INR6.94 million). Also, the company's debt has a long
maturity profile.
The ratings are also supported by a strong, albeit down on a
year-on-year basis, EBITDA margin (FY17: 22.87%; FY16: 25.67%).
The decline was due to an increase in raw material and personnel
costs.
The ratings, however, are constrained by an increase in debt in
FY17 due to a partly debt-funded capex. As a result, net leverage
deteriorated to 4.69x in FY17 from 3.08x in FY16. The capex was
completed in FY18. Ind-Ra expects YHTCSPL's net leverage to
further deteriorate in FY18 owing to the capex, and subsequently
moderate from FY19 as additional capacities start contributing to
revenue and EBITDA margin.
RATING SENSITIVITIES
Negative: A further fall in EBITDA margin leading to
deterioration in credit metrics on a sustained basis will be
negative for the ratings.
Positive: Significant revenue growth and/or diversification of
revenue sources while maintaining and/or improving the credit
metrics on a sustained basis will be positive for the ratings.
COMPANY PROFILE
YHTCSPL was formed in 2008 by Dr Ajay Tyagi, Dr Kapil Tyagi, Dr
Neena Tyagi and Dr Manju Tyagi. It has a 350-bed hospital in
Greater Noida and a 340-bed hospital in Noida.
=================
I N D O N E S I A
=================
MATAHARI PUTRA: Moody's Cuts CFR to B3 on Liquidity Risk
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating for Matahari Putra Prima Tbk (P.T.) (MPPA) to B3 from B2.
At the same time, Moody's has placed MPPA's B3 corporate family
rating on review for further downgrade.
RATINGS RATIONALE
"The downgrade reflects the heightened liquidity risk and reduced
financial flexibility given MPPA's non-compliance with some
covenants, combined with weaker than expected operating
performance, large near-term debt maturities, and limited
availability to draw down further under its existing debt
facilities," says Maisam Hasnain, a Moody's Analyst.
With negative earnings and increased debt, MPPA's credit profile
has continued to weaken as it executes on a transformation
strategy to revive operations, which include steep price
discounts and inventory rationalization. However, the potential
benefits from its strategy are yet to be realized.
"The rating remains on review for downgrade given the potential
for MPPA's liquidity and credit metrics to deteriorate further,
following its announcement to delay its planned rights issue,"
adds Hasnain, also Moody's Lead Analyst for MPPA.
MPPA previously planned to complete an IDR802 billion rights
issue by April 2018 to primarily fund working capital. However,
Moody's understands that the rights issue will likely be delayed
by up to two months, because MPPA plans to use its full year 2017
financials in its rights issue prospectus. This is the second
time that MPPA has delayed its rights issue.
"In the absence of rights issue proceeds, Moody's expect MPPA
will need to rely on incremental debt to fund its operations. As
a result, MPPA's adjusted leverage -- as measured by adjusted
debt to EBITDA -- will increase to around 7.0x-8.0x by the end of
2018. Such leverage levels cannot support MPPA's B3 rating," adds
Hasnain.
Moody's also expects that MPPA's liquidity position will further
weaken should the rights issue be delayed, because MPPA's
projected cash from operations will likely remain negative
through 2018.
Even with proceeds of IDR802 billion from its planned rights
issue, Moody's estimates that MPPA will not have sufficient cash
to fund its operations, scheduled debt maturities and capital
spending through December 2018, because the majority of MPPA's
working capital facilities come due in December. Nevertheless,
Moody's notes that MPPA has a track record of renewing these
facilities when they come due. For example, in January 2018, MPPA
extended its IDR300 billion facility with Bank of China (Hong
Kong) Limited by one year to January 2019.
An inability to extend its next debt maturity: specifically, a
IDR195 billion working capital facility due in May 2018 would
suggest a further reduction in financial flexibility.
MPPA has obtained waivers from all but one bank, and is in the
process of obtaining a waiver from the remaining bank, following
its inability to meet some of its financial maintenance covenants
for the year ended December 2017. While Moody's expects that MPPA
will obtain all waivers before it releases its next quarterly
financial results, a failure to do so will result in further
negative rating action.
Moody's review will focus on MPPA's ability to: (1) complete its
IDR802 billion rights issue by June 2018; (2) obtain covenant
waivers from one remaining bank and (3) extend its next debt
maturity.
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 December 31, 2017, the
company operated in more than 70 Indonesian cities through 113
Hypermarts, 25 Foodmarts, 15 Express stores, 102 Boston Health &
Beauty and four SmartClub wholesale outlets.
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
=========
ETERNAL LINK: FSA Orders Cryptocurrency Firms to Cease Operations
-----------------------------------------------------------------
The Yomiuri Shimbun reports that the Financial Services Agency
has ordered two cryptocurrency exchange operators to suspend
operations for two months over deficiencies in how they manage
customers' assets and other reasons.
The report relates that the orders to halt operations until early
June were issued on April 6 to Yokohama-based FSHO and Tokyo-
based Eternal Link Co. based on the revised Payment Services Law.
The FSA also on April 6 ordered Tokyo-based LastRoots Co. to
improve its business practices due to similar problems.
All three companies are so-called "quasi-operators" of virtual
currency exchanges, which have been granted special treatment to
conduct business, according to The Yomiuri Shimbun.
The Yomiuri Shimbun says the FSA judged that FSHO's measures
against money laundering were insufficient, among other concerns,
as it does not thoroughly investigate the purpose of customers'
applications. This is the second time FSHO has been ordered to
suspend operations, following a previous order in March.
The watchdog also revealed Eternal Link had used money it
received from customers for advertising and other expenses, the
report relays.
It also said another three quasi-operators have withdrawn their
applications to register as virtual currency exchange operators,
adds The Yomiuri Shimbun.
====================
N E W Z E A L A N D
====================
MEATCO NZ: Had Planned Note Issue to Raise NZ$2.5 Million
---------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that Meatco NZ Ltd, a
New Zealand processor and exporter of halal sheep meat put into
liquidation last month, had planned to raise capital through a
convertible note issue to build a processing plant in Shannon in
the lower North Island, the first of many, a strategy that was
touted to boost earnings by 50 percent.
Instead, the three-year-old business was put into liquidation by
a disgruntled creditor, Beirut-based Widriss Holding, a
diversified food and commodity trader, "following a non-supply or
refund of prepaid stock," the report discloses. Meatco
shareholder Michael Stacker and director and former shareholder
Robin Bautista couldn't immediately be reached for comment,
BusinessDesk notes.
According to BusinessDesk, Mr. Stacker himself and ANZ Bank New
Zealand are listed as secured creditors, while unsecured
creditors as at March 1 were the ACC, Halls Refrigerated
Transport, Polarcold Stores, Rural Livestock and Widriss SAL.
Inland Revenue has a preferential claim.
Assets of Meatco, whose associated company Meatco International
was also put into liquidation last month, include 1.3 tons of
frozen lamb and mutton meat stored at a facility in Timaru,
BusinessDesk says. Liquidator Chris Horton of Chris Horton
Associates, in his first report, urges any party interested in
buying the meat to come forward immediately, BusinessDesk relays.
There's also NZ$235,803 in debt due on the receivables ledger.
BusinessDesk says Polarcold chief executive Steve Foote confirmed
his company owns the facility where the meat is being held and
says by all accounts it is in good condition - "all cartoned,
presumably for export." Meatco had been a relatively small client
that had been operating for a couple of years, he said.
Meatco had the capacity to halal slaughter and process up to
15,000 sheep each week and can supply a diverse range of halal
lamb and mutton products ranging from whole carcasses, cuts or
boneless meat, according to BusinessDesk.
The company's failure may be more curious because according to
Hawke's Bay Today, North Shore businessman Michael Stacker was
previously known as Husain Khalil Al Saffaf and under that name
had been sentenced to home detention over the filing of false tax
returns in 2014, says BusinessDesk. The newspaper said he was
prosecuted by the Serious Fraud Office for similar offences in
2009 and banned from being a company director for five years.
According to BusinessDesk, Mr. Horton said the liquidators had
come to "the reasonable conclusion" that it was the same man, the
report said. BusinessDesk notes that Al Saffaf has been involved
in a number of property development companies and a forestry
trust, including the developer of a luxury marina-side apartment
complex in Whitianga which fell foul of the Department of
Building and Housing that had its code of compliance revoked
because of building defects.
It's a far cry from what Meatco was trying to achieve, the report
says. BusinessDesk, citing a notice of the website of advisory
firm TBK Capital dated October last year, says the company was
targeting a global halal food market worth US$240 million a year
with growth forecast over the next five years of 15.5 percent.
According to BusinessDesk, Meatco "has built long-term
relationships with suppliers who understand the requirements of
their discerning customers." Since 2016 it had become one of New
Zealand's leading suppliers of halal lamb products in the Middle
East and Southeast Asia. BusinessDesk relates that Meatco
International was planning to raise NZ$2.5 million via a
mandatory convertible note that would pay interest of 10 percent
and help fund the processing plant in Shannon, which would be
leased from another associated company.
The new plant was to have 10 times the capacity of Meatco's
existing Christchurch plant and remove the need for the company
to have lamb processed by third parties. "With its own plant
Meatco will obtain the lamb and from this change alone, on
current throughput for the business, these cost reductions would
result in an increase in gross profit of more than 50," the TBK
Securities note, as cited by BusinessDesk, said.
"The owners of the plant intend to open more plants in New
Zealand, the next being in the South Island," the October note
from TBK's John Paine says. "Their background includes over 40
years' experience in meat processing and rendering and in
international sales of meat products."
Today TBK said the convertible note sale didn't proceed, adds
BusinessDesk.
Meatco NZ Ltd was a New Zealand processor and exporter of halal
sheep meat. Meatco was placed into liquidation in last month
following High Court proceedings in Napier, with Chris Horton and
Associates appointed as liquidators.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 2 to April 6, 2018
-----------------------------------------------------
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
BOART LONGYEAR MANAGEME 1.50 12/31/22 USD 50.00
DBCT FINANCE PTY LTD 2.28 06/09/26 AUD 74.17
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
LAKES OIL NL 10.00 05/31/18 AUD 7.25
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34
QUINTIS LTD 8.75 08/01/23 USD 70.13
QUINTIS LTD 8.75 08/01/23 USD 70.13
QUINTIS LTD 8.75 08/01/23 USD 70.13
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.31
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.14
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 40.43
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.51
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 41.00
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.11
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.22
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.36
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.52
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.65
ANSHAN HI-TECH INDUSTRY 8.50 12/20/20 CNY 62.75
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.97
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.98
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 40.48
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.52
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.07
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 59.75
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.07
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.35
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.22
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.30
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.20
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.49
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.58
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 61.42
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.38
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.51
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.27
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.23
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 60.97
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.14
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.48
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.79
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.96
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.12
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.15
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.37
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.73
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.78
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.70
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.00
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.32
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.26
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.54
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.67
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.80
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 49.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.84
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.53
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.49
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.50
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.28
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.81
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 40.40
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.15
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.92
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.65
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.76
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.32
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.46
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.35
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.71
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.22
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.60
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.70
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.34
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.40
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.00
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.58
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.09
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.82
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 73.04
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.33
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.83
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.50
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.69
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 39.92
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.16
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.42
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.10
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.29
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.19
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.34
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.37
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.85
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.35
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.36
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 63.75
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.41
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.46
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.46
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.28
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.05
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.12
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.39
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.18
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.62
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.11
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.46
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.51
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.07
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 26.00
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.20
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.30
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.42
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.95
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 61.26
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.41
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.80
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.28
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.35
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.66
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.76
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.20
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.69
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.10
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.22
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 73.17
CHINA RAILWAY CORP 3.40 10/27/46 CNY 74.11
CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 67.22
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.81
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.46
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.60
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.73
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.63
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.24
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.67
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.79
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.80
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.59
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.55
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.65
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.52
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.92
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.58
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 62.25
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.40
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.57
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.70
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.26
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.32
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 24.99
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.63
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.27
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.77
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.63
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.66
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.09
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.10
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.56
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.70
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 61.05
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.41
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 40.47
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.44
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.45
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.20
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.23
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.86
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 41.00
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.71
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 82.45
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.41
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 60.99
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 61.33
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.22
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.30
CHONGQING THREE GORGES 6.40 01/23/19 CNY 24.80
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.15
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.28
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.39
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 60.75
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.06
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.54
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.42
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.54
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 41.00
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 40.00
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.39
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.44
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.62
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.16
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.51
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.48
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.55
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.86
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 60.00
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.36
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.41
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 40.59
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.95
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 62.04
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.13
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.49
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.60
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.56
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.16
DALIAN LVTAI INVESTMENT 7.00 08/08/21 CNY 66.04
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 89.00
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 41.05
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.00
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.36
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.81
DANDONG CITY DEVELOPMEN 8.00 12/21/18 CNY 40.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.15
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.70
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.93
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.99
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 40.37
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.26
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.50
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.88
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.18
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.33
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.18
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.26
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.88
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.45
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.51
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 40.82
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.08
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.66
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 60.00
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.90
DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 34.90
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.77
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.37
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.08
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.74
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.95
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.09
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 81.50
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.57
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 62.02
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.57
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.70
FUJIAN LONGYAN CITY CON 7.45 03/04/21 CNY 61.62
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.46
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.48
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.22
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.00
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.17
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.75
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 40.55
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 41.00
FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 61.68
FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 61.82
FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 62.06
FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 62.07
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.58
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.90
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.13
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.22
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.38
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 69.78
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.17
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.16
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.26
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.04
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.15
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.49
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.65
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.63
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.81
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.42
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.47
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.35
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.70
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.06
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.10
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.30
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.56
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.90
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 41.08
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.98
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 62.13
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.53
GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 71.96
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.04
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.05
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 50.05
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.16
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.19
GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.41
GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.61
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 40.17
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 61.60
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.62
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21
HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.23
HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.83
HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 50.68
HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 51.04
HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.12
HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.80
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.59
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 61.09
HAILAR DISTRICT URBAN I 6.20 05/14/20 CNY 60.11
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 20.83
HAIMEN COMMUNICATION IN 8.00 03/18/21 CNY 62.84
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.58
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.60
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.30
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.42
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 39.60
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.14
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.85
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.08
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.16
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.79
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 42.00
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 62.02
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 39.80
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.33
HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.45
HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.58
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.72
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.48
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.52
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.90
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.96
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.22
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.41
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.44
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.72
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.09
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 63.49
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.38
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.42
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.50
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.42
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.85
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.25
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.37
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.67
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.84
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.50
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.65
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 40.61
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 41.94
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.16
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.22
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.52
HEFEI CONSTRUCTION INVE 6.60 08/28/18 CNY 40.00
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.86
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.97
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.50
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.42
HEFEI NEW & HIGH TECHNO 6.90 03/12/20 CNY 71.26
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 40.45
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.17
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 41.03
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 70.00
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.75
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.65
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.47
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.50
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.36
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.55
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.31
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.60
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.57
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.25
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.64
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.75
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.55
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.36
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 41.06
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.30
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.44
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.42
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.91
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.18
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.34
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.08
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.40
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 61.00
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.54
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.65
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.80
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.84
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 63.50
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 62.12
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 63.08
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.58
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.11
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.52
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.61
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.52
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.58
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.17
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.21
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.23
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.49
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.42
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 80.00
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 85.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.74
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.12
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.19
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.63
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.45
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 62.27
INNER MONGLIA SHENG MU 4.48 12/28/20 CNY 55.00
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.43
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.50
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.55
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.02
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.27
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.37
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.79
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.40
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.46
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.71
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.28
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 38.06
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 40.31
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 61.36
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.87
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.32
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 59.91
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 70.84
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.04
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.66
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.72
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 40.47
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.48
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.56
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.48
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.60
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.66
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.39
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.40
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.51
JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.01
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.65
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 61.62
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.93
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.90
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.36
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.52
JIAXING CITY NANHU NEW 7.45 02/26/21 CNY 61.37
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.18
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.20
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.56
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.96
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.12
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.35
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.55
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 70.24
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 50.50
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 51.06
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.58
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 39.80
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.62
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 59.89
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.42
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.00
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.07
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.73
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.77
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 70.80
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 71.06
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 61.76
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 40.49
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.41
JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 70.50
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.74
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.54
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.18
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.22
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.25
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.59
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.49
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 62.12
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 85.00
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.19
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.51
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.52
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.29
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.72
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 61.33
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.21
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.29
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 59.55
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 61.69
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.92
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 41.16
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.00
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.63
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.89
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 61.70
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 80.00
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.21
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.25
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.00
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.02
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.39
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.44
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.25
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.00
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.48
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.93
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 62.17
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.35
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.45
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.58
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.76
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 39.90
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 45.44
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 46.91
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 40.53
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.00
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 40.47
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.12
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.50
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.27
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 60.36
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 62.00
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.40
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.73
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 59.80
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 60.25
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.99
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.04
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.41
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.65
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.89
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.40
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 59.88
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 41.30
LIUPANSHUI DEVELOPMENT 7.50 02/19/21 CNY 61.57
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 71.14
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.45
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.28
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.31
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.37
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.75
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.38
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.45
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.19
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.37
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.15
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.20
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.83
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.52
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.78
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 62.08
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.21
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.59
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.61
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.68
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.49
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.59
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.43
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.14
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.00
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.01
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.43
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 40.61
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.53
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.44
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.46
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.52
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.59
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 40.59
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 40.42
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.50
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.55
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.40
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.42
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.80
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.88
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.51
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.70
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 24.98
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.12
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.21
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.05
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.52
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.73
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.07
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.74
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.78
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.26
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.31
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.08
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.09
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.11
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.05
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.06
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 70.10
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.37
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.38
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.06
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.12
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.04
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.21
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.60
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 62.06
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.69
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.31
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.55
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.96
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.29
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.41
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.47
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 60.85
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.09
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.60
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.93
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.49
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 60.40
PINGXIANG HUIFENG INVES 7.06 10/11/20 CNY 61.21
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.80
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.68
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.70
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.29
PULANDIAN CITY CONSTRUC 8.48 12/12/18 CNY 56.17
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.60
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.70
PULANDIAN CITY CONSTRUC 7.74 04/21/21 CNY 82.40
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 20.52
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.50
PUTIAN URBAN CONSTRUCTI 7.59 02/26/21 CNY 61.98
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.88
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 62.14
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.76
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.42
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 40.40
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 40.60
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.92
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.50
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 71.60
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.20
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.97
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.32
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.55
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.27
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.66
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 76.00
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.59
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.06
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.53
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.93
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.90
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.03
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.01
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.26
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.52
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.73
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 40.14
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.40
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.51
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.46
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.78
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.98
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 40.50
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.62
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.72
QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 61.65
QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 62.49
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.50
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.97
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.39
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.48
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.26
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.63
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.48
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.75
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 61.00
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.69
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.51
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.55
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.81
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.83
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 39.94
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.57
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.10
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.34
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.40
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.47
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.15
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 40.79
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 60.91
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 69.83
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.91
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.27
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.38
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 66.18
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.43
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.53
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.80
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.89
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.90
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.38
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.11
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.17
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.51
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 74.96
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.24
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.26
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.32
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 70.18
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.44
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.56
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.21
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.46
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.80
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.11
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.03
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.48
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.54
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.83
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.88
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.42
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.67
SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 58.99
SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 60.80
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.10
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.23
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.30
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.60
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 24.98
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.00
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.16
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.43
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.06
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.24
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.50
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.30
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.38
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.46
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.22
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.30
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.69
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.38
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.14
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.18
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.07
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 40.51
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.64
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.63
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 61.12
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.35
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.58
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.94
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.63
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.97
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 41.12
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 71.13
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.08
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.20
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.21
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.24
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 60.36
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 31.41
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 59.41
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.32
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.37
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 82.33
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.31
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.40
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.83
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 62.53
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.38
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.30
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.52
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.39
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.39
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.41
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.56
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.08
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.28
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.21
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.29
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.04
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.67
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.73
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.45
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.58
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.57
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.74
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.65
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.70
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.71
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.78
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.94
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.12
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.70
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.63
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.73
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.14
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.50
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 56.04
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.25
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.54
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.11
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.19
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 61.64
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.07
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.50
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 39.96
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.25
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.39
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.88
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.10
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.38
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.05
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.06
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.82
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.21
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.96
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.89
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 61.60
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 39.80
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.67
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.66
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.14
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.27
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.29
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.32
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.41
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.07
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.08
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 69.04
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 20.46
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.29
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.47
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.26
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 81.14
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.31
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.79
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 81.00
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.86
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 63.16
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 61.36
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 60.91
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.67
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.75
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.20
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.40
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 24.90
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.05
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.10
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.31
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.64
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.92
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 73.24
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.33
TONGREN TOURISM INVESTM 8.00 02/20/21 CNY 61.51
TONGREN TOURISM INVESTM 8.00 02/20/21 CNY 62.58
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 59.50
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 60.29
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.54
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.87
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.72
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 39.00
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.25
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.44
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.60
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 39.93
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.10
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 75.14
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 24.98
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.34
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 40.52
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 59.90
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.18
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.51
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.88
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 70.11
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 61.00
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 62.05
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.37
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.46
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 40.42
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 40.33
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 40.46
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.39
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.64
WENSHAN URBAN CONSTRUCT 8.10 02/27/21 CNY 62.19
WENSHAN URBAN CONSTRUCT 8.10 02/27/21 CNY 82.00
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 40.35
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.46
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.54
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.82
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.37
WUHAN CAIDIAN URBAN CON 7.24 05/28/21 CNY 36.06
WUHAN CHEDU GROUP CO LT 7.18 02/27/21 CNY 61.34
WUHAN CHEDU GROUP CO LT 7.18 02/27/21 CNY 61.81
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.58
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.36
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.20
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.09
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 50.00
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.01
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.05
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.07
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 70.69
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 71.21
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 60.75
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.23
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.68
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.63
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 61.58
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 62.53
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.42
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.50
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 50.21
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 59.55
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.85
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.68
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.68
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.21
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.28
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.21
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.45
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.02
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.04
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.50
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.28
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 40.54
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.41
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.18
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 51.03
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.55
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.76
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.87
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.45
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.48
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.43
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.43
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.83
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.52
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 60.69
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.81
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.86
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.12
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.20
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.68
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.69
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.77
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 62.52
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.52
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 61.36
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 95.00
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.11
XINING CITY INVESTMENT 7.70 04/27/19 CNY 40.51
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 59.95
XINJIANG FUYUN COUNTY S 8.67 03/05/20 CNY 51.35
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.98
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.04
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.30
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.44
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 59.70
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 60.24
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.31
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.16
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.23
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 40.61
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.08
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.32
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 74.50
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 74.87
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.03
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.55
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.91
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.97
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.01
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.96
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.24
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 40.53
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.71
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.53
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.06
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.13
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.00
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.90
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 40.20
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.62
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 60.59
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.03
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.82
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.92
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 80.60
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.17
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.27
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.44
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.40
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.58
YANCHENG SOUTH DISTRICT 8.19 12/16/18 CNY 40.68
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.89
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 61.16
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.66
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 62.57
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.28
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.10
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.27
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.42
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.27
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.05
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.60
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.65
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.50
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.60
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.71
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.50
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.80
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.16
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.45
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.06
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.15
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.40
YINING CITY STATE OWNED 8.90 01/23/21 CNY 63.28
YINING CITY STATE OWNED 8.90 01/23/21 CNY 90.00
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.32
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.36
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.51
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.52
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.20
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.27
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 40.46
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.61
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.38
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.43
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 61.82
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 59.50
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.53
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.61
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.08
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.22
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.20
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.50
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.82
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 62.15
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 62.17
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.36
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.51
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.58
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.96
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.04
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.48
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.70
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 40.40
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.08
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.58
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 61.27
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.70
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.60
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.79
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.42
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.41
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.65
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 40.00
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.22
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.34
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.24
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.44
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 60.93
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 62.06
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 67.00
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.16
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.01
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 62.40
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 40.01
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.00
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.10
ZHONGWEI CITY CONSTRUCT 8.20 03/26/21 CNY 62.19
ZHONGWEI CITY CONSTRUCT 8.20 03/26/21 CNY 82.11
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.67
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 56.22
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.00
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.02
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.35
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.42
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.03
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.12
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.93
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.62
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.86
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.99
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 40.66
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 40.66
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.31
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.30
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.31
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.57
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.69
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 24.03
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.10
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.61
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 40.32
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 39.97
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 25.16
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.10
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.33
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 24.99
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 25.02
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 40.00
ZOUPING COUNTY STATE-OW 7.30 02/24/21 CNY 61.73
ZOUPING COUNTY STATE-OW 7.30 02/24/21 CNY 62.05
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 50.03
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 20.90
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 20.92
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 55.60
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 40.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 41.00
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 69.88
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.74
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 51.97
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.88
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.59
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 74.48
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 26.03
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 61.41
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 60.00
JAPAN
-----
TAKATA CORP 0.58 03/26/21 JPY 5.13
TAKATA CORP 0.85 03/06/19 JPY 5.13
TAKATA CORP 1.02 12/15/17 JPY 8.75
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 73.98
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 62.03
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.15
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 70.32
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 71.28
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 72.42
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 72.69
KOREA TREASURY BOND 1.50 09/10/66 KRW 69.79
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 36.38
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 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 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 66.41
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 68.92
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 69.67
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 70.01
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 70.27
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 70.55
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 71.29
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 71.51
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 71.73
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 71.79
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 72.55
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 72.97
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 73.20
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 73.44
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 74.22
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 74.34
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 74.49
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 74.64
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 74.72
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 74.95
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 75.00
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.04
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.42
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.11
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.76
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.43
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.62
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.42
I-BHD 3.00 10/09/19 MYR 0.36
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.11
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 67.45
PUC BHD 4.00 02/15/19 MYR 0.20
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.10
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.80
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 57.15
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 58.52
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.85
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 62.57
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.96
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 65.36
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 66.78
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 69.68
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 71.54
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 73.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 74.44
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 74.89
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.68
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.55
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.95
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.01
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 46.88
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 46.88
AUSGROUP LTD 8.45 10/20/18 SGD 60.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 49.72
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.36
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.80
BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 25.89
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.11
EZION HOLDINGS LTD 4.88 06/11/21 SGD 14.84
EZION HOLDINGS LTD 4.70 05/22/19 SGD 14.88
EZION HOLDINGS LTD 4.60 08/20/18 SGD 14.88
EZION HOLDINGS LTD 5.10 03/13/20 SGD 14.88
EZION HOLDINGS LTD 4.85 01/23/19 SGD 14.88
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 6.05
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 69.13
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 36.70
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 42.96
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 2.56
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
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 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 69.62
DEBT AND ASSET TRADING 1.00 10/10/25 USD 71.75
*********
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,
Psyche A. Castillon, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.
Copyright 2018. 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 ***