/raid1/www/Hosts/bankrupt/TCRAP_Public/180417.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 17, 2018, Vol. 21, No. 075
Headlines
A U S T R A L I A
AUSCORP CONSTRUCTIONS: Second Creditors' Meeting Set for April 24
COOPER & OXLEY: Second Creditors' Meeting Set for April 24
HAYES AUCTIONEERS: Faces Consumer Protection Probe After Closure
HEMISPHERE TECHNOLOGIES: Placed Under External Administration
JAMIE OLIVER: First Creditors' Meeting Set for April 23
KEZRA PTY: Placed in Creditors' Voluntary Liquidation
MAITLAND DISTRICT: Second Creditors' Meeting Set for April 24
QUEENSLAND NICKEL: Palmer Seeks AUD1.8B in Damages v. Liquidators
TUNNELCORP PTY: First Creditors' Meeting Set for April 24
* Australian Home Loan Arrears to Increase Moderately
C H I N A
ANTON OILFIELD: Moody's Hikes CFR to B2; Outlook Remains Positive
CIFI HOLDINGS: Moody's Assigns B1 New USD Sr. Unsec. Notes Rating
JINGRUI HOLDINGS: Moody's Hikes CFR to B2; Outlook Stable
TIMES CHINA: Moody's Hikes CFR to Ba3; Outlook Stable
YANZHOU COAL: Moody's Hikes CFR to Ba3; Outlook Stable
H O N G K O N G
NOBLE GROUP: Changes Debt Restructuring Deal; Wins Founder's Nod
I N D I A
ANSHUMAN TRADING: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
AVICHAL MULTITRADE: Ind-Ra Migrates 'B' Rating to Non-Cooperating
B. P. CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating Cat.
BAJAJ AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
BHANDARI STEELS: CRISIL Moves B+ Rating to Not Cooperating
BHASIN INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
BNT INNOVATIONS: Ind-Ra Keeps 'D' Rating in Non-Cooperating Cat.
CONCORD CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
DHANALAXMI COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating
ESS PEE: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating Cat.
HERCULES AUTOMOBILES: Ind-Ra Moves B+ Rating to Non-Cooperating
HITKARI MULTIFILTERS: CRISIL Withdraws B+ Rating on INR7.5MM Loan
INDIABULLS REAL: Fitch Affirms & Then Withdraws B+ LT IDR
IPL PRODUCTS: ICRA Assigns B+ Rating to INR7cr Cash Credit
JAI JAGDAMBA: CRISIL Assigns 'B' Rating to INR4.95MM Cash Loan
KANCHAN GANGA: ICRA Reaffirms 'B' Rating on INR11.25cr Loan
KANSARA FORGE: CRISIL Assigns B+ Rating to INR3MM Term Loan
KRISHNA STEEL: CRISIL Moves B+ Rating to Not Cooperating Category
LILLY FASHIONS: CRISIL Moves B+ Rating to Not Cooperating
LUCKNOW PRODUCERS: CRISIL Assigns B Rating to INR22MM Cash Loan
MANCHUKONDA AGROTECH: Ind-Ra Assigns BB LT Rating, Outlook Stable
MANIPAL ENERGY: CRISIL Withdraws B Rating on INR5MM Overdraft
MGG INFRA: CRISIL Migrates B+ Rating to Not Cooperating Category
MINTECH GLOBAL: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
MISHRA POLYPACKS: Ind-Ra Migrates BB- Rating to Non-Cooperating
MODERN AGRO-TECH: ICRA Keeps B Rating in Not Cooperating Category
MYSORE PAPER: CRISIL Moves D Rating to Not Cooperating Category
PANDAV AGRO: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
PUDUKKOTTAI MUNICIPALITY: Ind-Ra Withdraws 'BB+' LT Issuer Rating
RELIXIR PHARMA: CRISIL Assigns B Rating to INR14.5MM LT Loan
RESONANCE PAPER: CRISIL Reaffirms B+ Rating on INR5.2MM Loan
SAHASTRAA EXPORTS: ICRA Lowers Rating INR7.50cr Loan to B+
SRI JAYAJOTHI: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
SRIVENKATESHWAR TRADEX: CRISIL Withdraws B Rating on INR10MM Loan
TECHNO TRAK: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
TRINA NRE: CRISIL Migrates B+ Rating to Not Cooperating Category
UNDAVALLI CONSTRUCTIONS: Ind-Ra Assigns BB+ Issuer Rating
VARDHMAN WIRES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
VELANKANNI TOWN: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
I N D O N E S I A
BANK PAN INDONESIA: Fitch Affirms BB LT IDR; Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week April 9 to April 13, 2018
- - - - -
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A U S T R A L I A
=================
AUSCORP CONSTRUCTIONS: Second Creditors' Meeting Set for April 24
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Auscorp
Constructions Pty Ltd has been set for April 24, 2018, at
10:00 a.m. at the offices of Hall Chadwick Chartered Accountants
Level 40, 2 Park Street, in Sydney, New South Wales.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2018, at 5:00 p.m.
John Vouris and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Auscorp Constructions on March 9, 2018.
COOPER & OXLEY: Second Creditors' Meeting Set for April 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cooper &
Oxley Builders WA Pty Ltd has been set for April 24, 2018, at
9:30 a.m. at Stirling Room, Parmelia Hilton, 14 Mill Street, in
Perth, West Australia.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2018, at 5:00 p.m.
Cameron Shaw, Richard Albarran and Brent Kijurina of Hall
Chadwick were appointed as administrators of Cooper & Oxley
on Feb. 7, 2018.
HAYES AUCTIONEERS: Faces Consumer Protection Probe After Closure
----------------------------------------------------------------
Bethany Hiatt and Gabrielle Knowles at The West Australian report
that West Australia's consumer watchdog is investigating the
sudden closure of a Perth auction house that has left some
sellers thousands of dollars out of pocket.
According to The West Australian, Consumer Protection said Hayes
Auctioneers, which specialized in selling antiques and artworks,
had closed because of financial difficulties.
It believes up to 40 sellers have not been paid after their items
were sold on consignment, the report says.
One seller reported being owed AUD13,000, while two others had
lost AUD5000 each.
The West Australian notes that an investigation was under way to
determine if the Australian Consumer Law or the Auction Sales Act
had been breached.
Customer Rob Creemers estimated he had lost about AUD5,000 worth
of goods, including brass telescopes, diving helmets, antique
clocks and rare leadlight windows.
Susanne Snaith said she felt betrayed. She gave a collection of
items to the auctioneers to sell in June last year that included
gold and diamond jewellery, antique furniture and etched
glassware.
According to the report, Ms. Snaith called the auctioneers before
Christmas to check how her consignment was selling and was told
there was not much left.
She believed the consignment could have fetched about AUD15,000
but is not confident she will receive a cent.
"I'm a pensioner and I was banking on the money but I think there
will be other people a lot more worse off than me," The West
Australian quotes Ms. Snaith as saying.
She hoped the case would lead to more regulations around the
industry.
Commissioner for Consumer Protection David Hillyard said affected
sellers should register with the liquidator, Daniel Bredenkamp
from Pitcher Partners, to have a chance of getting paid, the
report relays.
"However, an unsecured creditor's chances of getting anything
back are often slim because they are generally last in line to be
paid after employee wages, taxes and secured creditors such as
banks," the report quotes Mr. Hillyard as saying.
Hayes Auctioneers specialised in selling antiques and artworks.
HEMISPHERE TECHNOLOGIES: Placed Under External Administration
-------------------------------------------------------------
Samira Sarraf at ARN reports that Hemisphere Technologies
Australia, was placed under external administration on April 3.
ARN says Hemisphere Technologies Australia, which was also
briefly known as Thousand Hands Technologies, was registered with
the Australian Securities and Investments Commission (ASIC) in
June 2016.
The name, however, was the result of the acquisition of assets of
another distributor named Hemisphere Technologies, now registered
under the name ACN 152 546 453.
Hong Kong business investor, Harry Cheung, acquired assets from
the previously existing company in December 2017. The former
entity known as Hemisphere Technologies was subsequently
liquidated, ARN discloses.
Hemisphere Technologies Australia, however, found itself facing
headwinds from certain legal matters inherited with the brand
name, the report says.
According to ARN, the distributor also took on the old business's
employees and their entitlements. But the new company went
further in order to maintain a relationship with some vendors
that the previous entity owed money to. Indeed, the new
Hemisphere decided to take on some of those debts. But not all of
it.
As previously reported, Kaspersky Lab had been chasing the former
business formerly known as Hemisphere Technologies over alleged
non-payment of royalties.
The cyber security vendor claimed AUD3.4 million from the
original Hemisphere Technologies with only AUD295,000 being
recognised by the entity's liquidators, according to ARN.
Andrew Mamonitis, a shareholder with the new Hemisphere -- who
was an employee of the liquidated entity, ACN 152 546 453, after
joining the company from Kaspersky Lab Australia, where he'd been
a managing director -- told ARN that one of the suppliers owed
money from the old entity decided to come after the new
Hemisphere Technologies Australia business.
ARN understands the supplier in question is Kaspersky Lab.
"We spent quite a little bit of time and money going back and
forth, explaining that the business was registered with ASIC
after and has no relation with the old entity," Mr. Mamonitis
told ARN. "We were in a lose-lose situation and even though we
don't owe that money and it is not our responsibility, we are
only a small distributor and we don't have the means to go
through lengthy and costly proceedings . . . even if we were to
win the case we would probably burden the business with legal
fees."
Mr. Mamonitis said he had extensive talks with the vendor,
providing reports and information proving that one business was
separate from the other. He even visited the company in the US,
leaving under the impression they had understood these were two
completely separate entities, ARN relays.
"It is a really unfortunate situation, we got blindsided . . . we
still know that it had nothing to do with us," Mr. Mamonitis
said, note the report. "I feel for the team because we were
exhibiting strong growth, we brought in some new vendors in the
recent times . . . things were going well so I feel more for the
team. They gave their heart and soul for the business and to have
something that comes out of the blue that is beyond our control
is just disappointing, but unavoidable."
Hemisphere Technologies Australia will now be wound up, as it was
resolved in a meeting of the members of the company on April 3
who appointed James Patrick Downey from JP Downey as a
liquidator, ARN reports.
Mr. Downey told ARN that the company had a total of six employees
for some time going down to two just before it stopped trading a
few days ago.
Hemisphere Technologies Australia started trading officially in
December 2016. The company was renamed to Thousand Hands
Technologies in March 2017, a decision that lasted until
September the same year when the company decided to change its
name back to Hemisphere.
JAMIE OLIVER: First Creditors' Meeting Set for April 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jamie
Oliver Restaurant Group (Australia) Pty Ltd, trading as Jamie's
Italian Restaurants, will be held at the offices of BDO
Level 11, 1 Margaret Street, in Sydney, New South Wales, on
April 23, 2018, at 3:00 p.m.
Andrew Sallway, James White and Andrew Fielding of BDO were
appointed as administrators of Jamie Oliver on April 16, 2018.
KEZRA PTY: Placed in Creditors' Voluntary Liquidation
-----------------------------------------------------
Morgan Lane -- morgan.lane@worrells.net.au -- of Worrells
Solvency and Forensic Accountants was appointed, via a creditors'
voluntary liquidation, to Kezra Pty Ltd trading as Michel's
Patisserie Yeppoon Central, on April 2, 2018.
The director closed Michel's Patisserie on Easter Sunday,
April 1. The cafe had been trading for 10 years in Yeppoon
Central Shopping Centre, and at the time of closure had a several
casual employees.
Worrells Rockhampton Manager, Michael Beck, said that the
director has indicated that several factors contributed to the
company's insolvency and subsequent liquidation, including high
franchise fees and costs of goods, inadequate working capital,
and continued trading losses.
The Australian Taxation Office is a major creditor in the
liquidation with an estimated AUD270,000 owing. Outstanding
employee entitlements appear to be mainly comprised of
superannuation.
The liquidation is in its infancy, with Mr. Lane calling for
creditors to lodge a formal proof of debt via Worrells' website
(www.worrells.net.au).
The Worrells Rockhampton team is working on establishing the
company's financial position and realisation of the cafe's plant
and equipment.
The first meeting of creditors is scheduled for April 30, 2018.
MAITLAND DISTRICT: Second Creditors' Meeting Set for April 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Maitland
District Leagues Club Limited has been set for April 24, 2018, at
10:00 a.m. at Maitland District Leagues Club, 24 Bulwer Street,
in Maitland, New South Wales.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2018, at 4:00 p.m.
Jeffrey Allan Shute and Paul William Gidley of Shaw Gidley were
appointed as administrators of Maitland District on March 11,
2018.
QUEENSLAND NICKEL: Palmer Seeks AUD1.8B in Damages v. Liquidators
-----------------------------------------------------------------
Ben Creagh at The Australian reports that Clive Palmer is seeking
AUD1.8 billion in damages from the liquidators of Queensland
Nickel, his collapsed refinery near Townsville, in the state's
Supreme Court.
Queensland Nickel was placed into liquidation in 2016, leaving
hundreds of workers without employment and the company AUD300
million in debt. The two years since have involved an ongoing
court case to resolve the future of the refinery and compensation
arrangements for the former workers.
According to the report, the colourful businessman has made the
claim against FTI Consulting's John Park and insolvency
practitioner and founding partner of PPB Advisory Stephen
Parbery, who was appointed special-purpose liquidator by the
Australian Liberal Government.
Mr. Palmer described the case as a "politically-motivated witch
hunt" that has gone on for two years and been an incredible waste
of taxpayers' money.
"The liquidators are all part of a government agenda to divert me
away from serving the people of Australia who I love. In the
meantime, these actions continue to cause misery to the people of
North Queensland," the report quotes Mr. Palmer as saying. "The
AUD1.8 billion claim is for damages caused to me and my
companies. All Australians now realise that this is a witch hunt.
The government is trying to supress political diversity, but they
won't succeed."
PPB Advisory made a AUD70 million claim against Mr. Palmer in the
Supreme Court last July in an attempt to secure funds for the
former employees and creditors of the operation, Australian
Mining recalls.
The report relates that Mr. Palmer said the Queensland Nickel
liquidators were following the same agenda as Australian
Securities and Investments Commission (ASIC), whose recent
charges brought against him had been "doomed to fail" by former
chairman of the corporate watchdog, Tony Hartnell.
"The charges are an attempt to try to make me ineligible to stand
for parliament and they won't succeed," Mr. Palmer, as cited by
Australian Mining, said.
"All of Australia should be made aware of the draconian powers of
ASIC with their threats of jail and secret interviews that can't
be revealed. This is not the Australia we should live in.
"Many Australians do not have the resources to defend these
issues but I will fight for all Australians and will leave no
stone unturned in bringing these people to account for the vast
amounts of money they have robbed from the taxpayer."
About Queensland Nickel
Queensland Nickel was engaged in the production and marketing of
nickel and cobalt. It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.
The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected. The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.
On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.
FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."
On April 22, 2016, the Companies' creditors voted for
liquidation.
FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.
TUNNELCORP PTY: First Creditors' Meeting Set for April 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tunnelcorp
Pty Ltd will be held at the offices of SV Partners, 138 Mary
Street, in Brisbane, Queensland, on April 24, 2018, at 11:00 a.m.
Matthew John Bookless of SV Partners was appointed as
administrator of Tunnelcorp Pty on April 12, 2018.
* Australian Home Loan Arrears to Increase Moderately
-----------------------------------------------------
Moody's Investors Service says Australian mortgage delinquencies
will increase moderately through 2018 on softer housing market
conditions, following a decline in home loan arrears over the
year to November 2017.
"The proportion of Australian residential mortgages that were
more than 30 days in arrears dropped to 1.45% in November 2017
from 1.52% in November 2016, but Moody's expect will rise this
year as the housing market softens," says Alena Chen, a Moody's
Vice President and Senior Analyst.
"Delinquencies declined in all states except New South Wales
(NSW). Despite an increase, delinquencies in NSW remained low
compared to most other states and territories," adds Chen.
Moody's conclusions are included in its just-released report
"RMBS -- Australia: Mortgage delinquency map -- Home loan arrears
will increase moderately on housing slowdown". This semi-annual
report provides a detailed analysis of the rate of residential
mortgage arrears at a national, regional and postcode level in
Australia.
Performance was weakest in resource sector-reliant states such as
Western Australia, the Northern Territory and Queensland.
Moody's report highlights that nine of the 10 regions with the
highest 30-plus delinquency rates were in either Western
Australia or Queensland and postcode 4680 (Barney Point) in
Queensland had the highest 30-plus delinquency rate in Australia
as of November 2017.
Conversely, eight of the ten regions with the lowest mortgage
delinquency rates in November 2017 were in NSW, and seven of
those were in Sydney. Similarly, ten of the 20 postcodes with the
lowest mortgage delinquencies in Australia were in Sydney, while
six were in Melbourne.
Looking ahead, softening housing market conditions, particularly
in the key states of NSW and Victoria, will drive delinquencies
moderately higher. Less favourable income dynamics and ongoing
volatility in the resources sector will also weigh on mortgage
performance.
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C H I N A
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ANTON OILFIELD: Moody's Hikes CFR to B2; Outlook Remains Positive
-----------------------------------------------------------------
Moody's Investors Service has upgraded Anton Oilfield Services
Group's corporate family and senior unsecured ratings to B2 from
B3.
The ratings outlook remains positive.
RATINGS RATIONALE
"The ratings upgrade and positive outlook reflect Moody's
expectation that the company's better-than-expected credit
profile will be sustained over the next 12-18 months, supported
by a favorable operating environment, an improved cost structure
and a more diversified customer mix," says Chenyi Lu, a Moody's
Vice President and Senior Credit Officer.
In March 2018, Moody's raised its medium-term price band for
crude oil to USD45-USD65 per barrel (bbl) from USD40-USD60/bbl.
These strengthened prices will drive increased capital spending
by upstream oil and gas companies, especially for natural gas
production activities in China.
Anton's financial leverage -- as measured by adjusted debt/EBITDA
-- improved significantly to 5.0x at the end of 2017 from 9.7x a
year earlier. Excluding the remaining bonds of USD71 million
(RMB462 million) that the company redeemed in January 2018, which
the company had pre-funded with a USD300 million new bond
issuance in December 2017, the company's adjusted debt/EBITDA was
4.3x at the end of 2017, which is better than Moody's
expectations of around 6.0x.
The improvement in Anton's financial leverage was mainly the
result of (1) improved profitability, driven by strong revenue
growth, especially from the Iraq and other overseas markets, and
an enhanced operating cost structure; and (2) a modest increase
in debt levels to support its working capital needs, offset by
increasing efforts spent in working capital cycle management.
Moody's expects Anton's adjusted debt/EBITDA will remain at 4.0x-
4.5x over the next two years, as higher earnings will be
partially offset by a modest debt increase. This level of
leverage is strong for its B2 rating.
"The upgrade and positive outlook also reflect the company's
growing capabilities and more established track record in
geographically diversified businesses, which partly mitigate its
exposure to oil price volatility and execution risks related to
its expansion in emerging markets," adds Lu, who is also Moody's
Lead Analyst for Anton.
Moody's expects the company's revenue to grow by 15.5% in 2018
and 10.8% in 2019, driven by (1) a recovery in its domestic
business, as Anton is well positioned to benefit from the strong
growth in China's natural gas sector over the next two years; and
(2) continued growth traction in its overseas markets, including
Iraq, Ethiopia, Pakistan and Kazakhstan. Anton reported solid
revenue growth of 36.2% year-on-year to RMB2.2 billion in 2017.
Anton's growing capabilities and more established operating track
record in its overseas businesses, reflected in its growing
customer base, integrated services offerings and strategic
partnerships with Chinese oil majors and major global oil
companies, will support continued new order growth and partially
mitigate the emerging market risks.
Anton's adjusted EBITDA margin significantly improved to 31.4% in
2017 from 16.7% in 2016, supported by a strengthened operating
cost structure and higher operational efficiency as businesses
rebounded.
Moody's expects Anton's adjusted EBITDA margin will decline
slightly to 29.5%-30.0% over the next two years, because intense
pricing competition will partially be mitigated by sustained cost
and expense control measures.
Anton's liquidity position has weakened following the cash
prepayment of RMB300 million in December 2017 to repurchase a 40%
equity interest in its Iraqi businesses from China Oil HBP
Science & Technology Co., Ltd. (HBP). At the end of 2017, Anton
had cash and cash equivalents of RMB1.13 billion and restricted
cash of RMB415 million. These liquidity sources and its expected
operating cash flows of around RMB200 million over the next 12
months are insufficient to cover its RMB1.48 billion of short-
term debt, RMB144 million of bills payable, and estimated RMB250
million of maintenance capital expenditure over the next 12
months.
However, this weak liquidity position is mitigated by Anton's
track record of short-term debt refinancing, especially during
the weak oil price environment in 2015 and 2016, and its strong
access to the capital markets.
Anton's B2 corporate family rating reflects the company's (1)
strong market position in the domestic oilfield services sector
in China (A1 stable); (2) integrated business model; (3) strong
technical capabilities in providing key signature services; and
(4) growing capabilities and strategic alliance in overseas
businesses
At the same time, Anton's rating is constrained by (1) its
exposure to oil price volatility and risks related to its
overseas expansion; (2) the company's small scale and high
customer concentration; and (3) its weak but improving operating
cash flow owing to high working capital needs, but partially
offset by increasing efforts spent in working capital cycle
management.
The positive rating outlook reflects Moody's expectations that
over the next 12-18 months, Anton's improved credit profile will
be sustained on the back of revenue growth and improved earnings.
The ratings could be upgraded if the company (1) achieves strong
growth in revenue and earnings and maintains a healthy backlog;
(2) reduces adjusted debt/EBITDA below 4.5x-5.0x on a sustained
basis; and (3) achieves strong improvement in its free cash flow
generation and maintains an adequate liquidity position.
The ratings outlook could return to stable if (1) Anton's order
book declines materially; (2) its financial leverage weakens,
such that adjusted debt/EBITDA exceeds 5.5x on a sustained basis,
due to from declining profitability or higher debt arising from
pressure on its working capital; or (3) its liquidity position
weakens.
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.
The company is a leading Chinese oilfield services provider, and
focuses on China's fast-growing natural gas sector. It offers
integrated oil/gas field services solutions covering various
phases of field development, including oil production operation
services, well completion technologies, and drilling
technologies, globally.
CIFI HOLDINGS: Moody's Assigns B1 New USD Sr. Unsec. Notes Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to CIFI Holdings (Group) Co. Ltd.'s (Ba3 positive)
proposed USD senior unsecured notes.
The company plans to use the bond proceeds to refinance existing
debt.
The rating outlook is positive.
RATINGS RATIONALE
"The proposed senior unsecured notes will extend CIFI's debt
maturity profile and will not have a material impact on its
credit metrics, as the proceeds will mainly be used to refinance
existing debt," says Stephanie Lau, a Moody's Vice President and
Senior Analyst.
Moody's expects CIFI's credit metrics will remain appropriate for
its Ba3 corporate family rating even if the proposed USD senior
unsecured notes are issued.
Furthermore, Moody's expects CIFI's credit metrics to improve on
the back of stronger revenue growth in the next 12-18 months,
supported by robust property contracted sales. Its total
contracted sales (including its share in joint ventures) in 2017
totaled RMB104 billion, representing 96.2% year-on-year growth.
Moody's expects that CIFI's EBIT/interest - including joint
venture contributions - will improve moderately to around 3.4x-
3.6x over the next 12-18 months from around 3.3x in 2017. And,
its debt leverage - as measured by revenue/adjusted debt and
including joint venture contributions - should improve to around
75%-80% over the next 12-18 months from 66% in 2017.
These projections reflect Moody's expectations that the company
will record stronger revenue growth, and stable margins of around
25%-27% over the next 12-18 months, while maintaining a prudent
expansion strategy.
CIFI's Ba3 corporate family rating reflects its property
development model focused on catering to housing demand from
upgraders in key tier 1 and tier 2 cities in China. Such a focus
helps the company achieve rapid turnover.
The rating also takes into account the company's good liquidity,
prudent land acquisition strategy, and growing diversification.
On the other hand, the rating also reflects its material exposure
to joint ventures, which lowers the transparency of its credit
metrics. However, such risk is mitigated by its strong liquidity
management and reputable joint venture partners.
CIFI's liquidity position is strong. In particular, the company
is managing well its debt maturity profile. Its cash on hand of
RMB29.8 billion is sufficient to cover its maturing debt of
RMB12.2 billion over the next 12-18 months, as well as committed
land premium payments over the same period. Its cash/short-term
debt registered 245% at the end of 2017.
The B1 rating of CIFI's senior unsecured debt is one notch lower
than its corporate family rating of Ba3, reflecting structural
subordination risks. This risk reflects the fact that the
majority of claims is at the operating subsidiaries, and has
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.
The positive outlook on CIFI's Ba3 corporate family rating and B1
senior unsecured rating reflects Moody's expectation that CIFI's
credit metrics will improve over the next 12-18 months, owing to
its strong sales execution and prudent land acquisition strategy.
CIFI's ratings could be upgraded if the company: (1) sustains
growth in sales and scale and achieves better geographic
diversification; and (2) improves its credit metrics, with
adjusted EBIT/interest above 3.5x-4.0x and revenue/adjusted debt
above 85%-90% on a sustained basis.
On the other hand, the ratings outlook could return to stable if
CIFI's performance and credit metrics fall below Moody's
expectations; in particular, if its: (1) adjusted EBIT/interest
falls below 3.0x; and/or (2) revenue/adjusted debt remains below
80%; and/or (3) liquidity weakens, with its cash holdings
slipping below 1.5x of short-term debt.
The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.
CIFI Holdings (Group) Co. Ltd. was incorporated in the Cayman
Islands in May 2011 and listed on the Hong Kong Stock Exchange in
November 2012.
CIFI develops residential and commercial properties mainly in the
Yangtze River Delta. It has also expanded to the Pan Bohai Rim,
the Central Western Region and South China region. At 31 December
2017, it maintained a total and attributable land bank of 26.1
million and 12.7 million square meters respectively. It also had
120 projects under development or held for future development, as
of the same date.
JINGRUI HOLDINGS: Moody's Hikes CFR to B2; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded Jingrui Holdings Limited's
corporate family rating to B2 from B3.
At the same time, Moody's has upgraded the senior unsecured
rating on the bonds issued by Jingrui to B3 from Caa1.
The outlook on all ratings is stable.
RATINGS RATIONALE
"The upgrade reflects Moody's expectation that Jingrui's improved
property sales execution and liquidity can be sustained over the
next 12-18 months, while its credit metrics will stay at levels
better than those of its B3-rated Chinese property peers," says
Cedric Lai, a Moody's Assistant Vice President and Analyst, who
is also the lead analyst for Jingrui.
Moody's expects Jingrui will moderately grow its contracted sales
by 10%-15% to RMB20-21 billion in 2018, supported by its
established market position in its core Yangtze River Delta
market. Jingrui's contracted sales reached RMB18.4 billion in
2017, up 9.5% year-on-year from 2016.
In addition, Jingrui will generate most of its sales from Tier 1
and Tier 2 cities over the next 12-18 months, because around 75%-
80% of its land bank -- in terms of value -- were situated in
such higher-tier cities at the end of 2017. Jingrui has gradually
increased its contracted sales from Tier 1 and 2 cities, to about
72% in 2017 from around 69% in 2016 and 65% in 2015.
Jingrui's liquidity position is adequate, as reflected by its
cash balance of RMB9.5 billion as of December 2017, which can
cover around 2.0x of its short-term debt. Its cash on hand as at
end 2017 is adequate to repay current maturities and committed
land premiums.
Moody's expects Jingrui's revenue/adjusted debt will stabilize at
around 90%-95% over the next 12-18 months, down from 103% in
2017, and EBIT/interest will improve to 2.5x-2.6x over the same
period from 2.3x in 2017.
These projected metrics well position Jingrui at the B2 rating
level, and incorporate Moody's expectation that the company will
maintain its disciplined approach to land acquisitions and
financial management.
Jingrui's revenue is expected to grow 10%-15% to RMB16-18 billion
over the next 12-18 months, supported by moderate sales growth in
2017.
Moody's expects Jingrui's gross margin to further improve to 22%-
24% over the next 12-18 months, from 16.1% in 2017 from 4.1% in
2016. It achieved a robust improvement in its gross profit margin
in 2017, because of the higher average selling prices for
products delivered in 2017, in particular, from projects in the
Yangtze River Delta area, including cities such as Hangzhou and
Ningbo.
Jingrui's average selling price increased by 47% year-on-year to
RMB18,177 per square meter in 2017 which supports future margin
expansion.
The company also increased its land reserve from 3.0 million sqm
GFA in 2016 to 4.4 million sqm in 2017. Moody's expect Jingrui's
current land reserve will support about 3-4 years of operations.
This result has also reduced Moody's previous concerns over its
relative small land reserve.
Jingrui's B2 corporate family rating reflects its modest scale,
moderate financial profile and relatively low but improving
profitability. The rating also considers the company's track
record of developing properties in Shanghai and other cities in
the economically strong Yangtze River Delta.
Jingrui's B3 senior unsecured rating is one notch lower than its
CFR to reflect the risk of structural subordination.
This subordination risk reflects the fact that the majority of
Jingrui's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.
The stable outlook reflects Moody's expectation that Jingrui's
improved sales execution for properties in higher-tier cities in
China can be sustained, and will improve its credit metrics over
the next 12-18 months.
Upward rating pressure could develop if Jingrui substantially
grows its scale, while maintaining 1) sound credit metrics, with
adjusted revenue/debt above 95%-100% and EBIT/interest coverage
above 3.5x on a sustained basis; and 2) maintain adequate
liquidity position on a sustained basis.
Downward rating pressure could emerge if Jingrui's 1) liquidity
weakens, such that its cash/short-term debt ratio falls below
100%; 2) profit margins come under pressure, negatively affecting
interest coverage and financial flexibility, such that EBIT
interest coverage falls below 2.0x.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Jingrui Holdings Limited is a Shanghai-based property developer.
The company listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen
Xin Ge and Mr. Yan Hao.
It engages in property development, with a focus on residential
projects in the Yangtze River Delta and other second-tier cities
in China. At December 31, 2017, it operated across 17 cities in
China, including Shanghai, Tianjin and Chongqing, and cities in
Zhejiang and Jiangsu provinces.
TIMES CHINA: Moody's Hikes CFR to Ba3; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has upgraded Times China Holdings
Limited's corporate family rating (CFR) to Ba3 from B1.
At the same time, Moody's has upgraded the senior unsecured
rating on the bonds issued by Times China to B1 from B2.
The outlook on all ratings is stable.
RATINGS RATIONALE
"The upgrade reflects Moody's expectation that Times China will
continue to improve its credit metrics to levels consistent with
a Ba3 rating over the next 12-18 months," says Danny Chan, a
Moody's Analyst and also Moody's Lead Analyst for Times China.
Times China recorded a good performance in 2017, with its
revenues and gross profit up 43% and 52% year-on-year,
respectively. Its gross margins also improved to 28% in 2017 from
26% in 2016.
The company's presales grew 41.9% year-on-year to RMB 41.6
billion in 2017, with the average selling price for these
presales up 24.4% to RMB14,752 per square meter.
The company operates within the Greater Bay Area in Guangdong
Province, where favourable demand for residential properties
should support sustained growth in presales and revenues, as well
as stable gross margins.
Moody's expects the company's presales and revenues will grow by
26% and 31% respectively in 2018, and that the company will
maintain its gross margins of around 27%.
Accordingly, the company's credit metrics of revenue/adjusted
debt of 75% and EBIT/interest of 3.4x in 2018 will match those of
Ba3-rated property peers.
Moody's expects the company will be able to sustain the
improvement in its credit metrics, as (1) its land bank of 16.8
million square meters at the end of 2017 can support 3-5 years of
development; (2) it will keep annual spending on land at
acceptable levels relative to its annual presales; and (3) it
will invest in redevelopment projects and acquire existing
property projects from other developers/investors to lower debt
requirements.
Times China's Ba3 CFR reflects the company's growing operating
scale, established brand, and good track record of property
development in Guangdong Province. The rating also takes into
account the company's stable profit margins and strong liquidity
profile.
Supported by strong presales, the company's reported cash balance
of RMB17.2 billion at the end of 2017 well covered its debt of
RMB6.0 billion maturing over the next 12 months.
However, the company's Ba3 CFR is constrained by its (1)
geographic concentration in Guangdong Province; and (2) exposure
to the financing and execution risks associated with its fast
growth business strategy.
The senior unsecured rating on the proposed notes is one notch
lower than the company's CFR because of the risk of structural
and legal subordination.
This risk reflects Moody's expectation that the majority of
claims will be at the level of the operating subsidiaries, and
will have priority over claims at the holding company in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination,
reducing the expected recovery rate for claims at the holding
company.
The stable rating outlook reflects Moody's expectation that the
company will maintain growth in its presales, and disciplined
land acquisitions and debt management to achieve a financial
profile consistent with its Ba3 corporate family rating.
Upward rating pressure could emerge if Times China shows stable
growth in sales, an increased operating scale, and maintains a
strong liquidity position.
Financial ratios indicative of upward rating pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 90% and
adjusted EBIT/interest above 4.0x on a sustained basis.
On the other hand, downward rating pressure could emerge if Times
China shows decline in sales, aggressive land or project
acquisitions, increase in debt leverage or weakening in liquidity
position.
Metrics indicative of downward rating pressure include: (1)
cash/short-term debt below 1.0x, (2) EBIT/interest coverage below
2.5x, or (3) revenue/adjusted debt below 65% on a sustained
basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for mass-
market housing. At the end of December 2017, it had 79 property
projects across eight cities in Guangdong Province and Changsha
city in Hunan Province. Its land bank totaled around 16.8 million
square meters as of the same date.
YANZHOU COAL: Moody's Hikes CFR to Ba3; Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating of Yanzhou Coal Mining Company Limited.
Moody's has also upgraded to Ba3 from B1 the senior unsecured
debt rating on the bonds issued by Yancoal Int'l Resources
Development Co., Ltd and guaranteed by Yanzhou Coal.
The ratings outlook is stable.
RATINGS RATIONALE
"The upgrade reflects Moody's expectation that Yanzhou Coal's
improved credit metrics will be sustained over the next 12-18
months," says Gerwin Ho, a Moody's Vice President and Senior
Credit Officer, and also the International Lead Analyst for
Yanzhou Coal.
Yanzhou Coal recorded a good performance in 2017, with its
revenues and adjusted EBITDA up 58% and 93% year-on-year,
respectively. Its EBITDA margins also increased to 37.5% in 2017
from 30.8% in 2016.
These improvements stemmed from a 26.1% year-on-year increase in
the average selling price of the company's produced coal, while
its production volume also increased 28.2% year-on-year to 79.9
million tons.
Accordingly, Yanzhou Coal's adjusted debt/EBITDA and
EBIT/interest improved to 4.4x and 3.5x in 2017 from 7.2x and
1.8x in 2016.
"Moody's expects the Chinese government's supply-side reforms for
the coal industry will help stabilize domestic coal prices," says
Cindy Yang, a Moody's Assistant Vice President and Analyst, and
also the Local Market Analyst for Yanzhou Coal.
In addition, Moody's expects Yanzhou Coal's production volume
will increase to around 100 million tons in 2018 from 79.9
million tons in 2017 due to the full-year contribution from its
newly acquired Coal & Allied mines as well as production ramp-up
in its new mines, including Ordos, Haosheng and Moolarben Phase
II.
Accordingly, Moody's expects that the company will maintain its
improved credit metrics, with debt/EBITDA below 5.0x and
EBIT/interest around 3.0x. These levels support its standalone
credit profile.
Yanzhou Coal's Ba3 corporate family rating incorporates a two-
notch uplift from Moody's expectation of extraordinary financial
support from the Shandong Provincial Government through Yanzhou
Coal's parent Yankuang Group Corporation Limited in times of
financial distress.
Moody's support assumption considers (1) Yankuang Group's 100%
ownership by the Shandong Provincial Government; (2) Yanzhou
Coal's dominant position and strategic importance as the group's
flagship company and the continued support from the provincial
government for both Yanzhou Coal and Yankuang Group; (3) the
importance of Yanzhou Coal's mining assets to the Shandong
Province in terms of economic contributions and employment; (4)
Yankuang Group's 55.25% direct and indirect stake in Yanzhou Coal
as of December 31, 2017, and the control it has over its board of
directors and appointment of senior management; and (5) Yankuang
Group's track record of providing financial support to Yanzhou
Coal.
The Shandong Provincial Government's standalone ability to
provide support is based on its status as an upper-tier regional
and local government with national strategic importance.
These factors are counterbalanced by the primarily commercial
nature of Yanzhou Coal's operations, which results in a lower
likelihood of support from the government than for entities with
significant public policy mandates.
The company's standalone credit profile is underpinned by its (1)
diversified coal mining assets and good related infrastructure,
and (2) good-quality coal and low-cost mining operations in
Shandong Province.
These strengths are partly offset by (1) its moderately high debt
leverage following years of expansion and acquisitions; and (2)
execution and financial risks from its investments in the
financial sector.
The stable outlook incorporates Moody's expectation that over the
next 12-18 months (1) the company's credit metrics will be
maintained at levels appropriate for its current standalone
credit quality; (2) there will be no material change in its
overall business profile, its strategic importance to its parent
and the parent's ability to provide support; and (3) Yanzhou Coal
will not increase substantially its investments in the financial
sector.
Yanzhou Coal's ratings could be upgraded if the company shows
improvements and more stability in its financial profile, and
absent material changes in the parental support assessment.
Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA below 3.5x-4.0x and EBIT/interest above 3.5x
on a sustained basis.
The two-notch uplift for expected government support through
Yankuang Group is unlikely to be increased, given the primarily
commercial nature of Yanzhou Coal's operations.
Yanzhou Coal's ratings would be downgraded if there is a material
deterioration in its business or financial profile.
Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 5.5x and/or EBIT/interest below 2.0x.
The ratings could also be downgraded if Moody's expects a decline
in parental support due to a decline in the importance of Yanzhou
Coal to its parent, a material weakening of the parent's credit
quality, or reduced linkage with the Shandong Provincial
Government.
The principal methodology used in these ratings was Mining
Industry published in April 2018.
Yanzhou Coal Mining Company Limited listed on the Shanghai and
Hong Kong stock exchanges in 1998. As of December 31, 2017, it
was 55.25%-owned by Yankuang Group Corporation Limited, a state-
owned enterprise that is in turn wholly owned by the Shandong
Provincial Government.
As of December 31, 2017, Yanzhou Coal owned and operated various
coal mines across China and Australia, including in Shandong and
Shanxi provinces and the Inner Mongolia Autonomous Region in
China, as well as in the Australian states of Queensland, New
South Wales and Western Australia.
================
H O N G K O N G
================
NOBLE GROUP: Changes Debt Restructuring Deal; Wins Founder's Nod
----------------------------------------------------------------
Noble Group issued a press release on April 16 that the company
and the Ad Hoc Group agree to a simplified structure of debt
restructuring deal for shareholders:
Following further engagement between the Company and the Ad Hoc
Group, the Company is pleased to announce a simplified structure
providing all Shareholders with 15% in aggregate of the equity in
New Noble provided the resolutions to approve the Restructuring
are passed at the relevant Special General Meeting of
Shareholders. This simplified structure replaces the previous
proposal to provide Shareholders with 10% equity in New Noble
plus up to a further 7.5% on a pre-diluted basis through the
Option and Incentive Share Option (each as defined in the
Company's announcement dated March 14, 2018).
The Company has received an irrevocable undertaking from Noble
Holdings Limited (NHL), in respect of its entire holding, to
support the Restructuring on the revised terms. NHL currently
holds approximately 17.9% of the Company's issued shares.
It has been agreed that Mr. Richard Elman, the Company's founder,
will be appointed as an executive director to the board of New
Noble.
Mr. Richard Elman commented:
"Having founded Noble over 30 years ago, the last three years
have been particularly difficult for the Company and for me
personally. The revised structure granting Shareholders 15%
equity in New Noble has my full support. Under the circumstances,
I believe the allocation of 15% is fair to all shareholders and I
hope that others will vote in favour of the revised proposal as I
have agreed to. The amended restructuring plan will enable
management to rebuild our business around the core Asian trading
franchise that has demonstrated incredible resilience during this
most challenging period in our Company's history. I am confident
in our management team, they have shown great loyalty and resolve
in protecting our core businesses and I look forward to
supporting the re-build and growth of New Noble in any way I
can."
Mr. Paul Brough, Chairman of the Company commented:
"This important commitment from NHL, combined with our passing
the critical 75% creditor accession threshold on the RSA,
demonstrate that we are now firmly entering the last stage and
seeing material progress in the delivery of the Company's
restructuring. We welcome the endorsement of Richard Elman. As
the Company's founder, Richard's experience and knowledge make
his support uniquely important and, as a director, these
qualities will assist New Noble in the realisation of its
potential and, once again, delivering value to all our
stakeholders. We progress through this restructuring process with
growing confidence of a positive outcome for all stakeholders."
RSA Accession Update
Further to the Company's announcement dated April 12, 2018,
confirming RSA accessions had surpassed the 75% approval
threshold, the Company is pleased to announce that Senior
Creditors representing in aggregate over 83% of Existing Senior
Claims have acceded to the RSA. The RSA remains open for
accessions prior to the Scheme Record Date.
The Company remains confident that the number of creditors
acceding into the RSA will continue to rise in advance of the
Scheme Meetings.
The Company continues to engage in discussions with Shareholders
and the SGX on the Restructuring.
Senior Creditors who require further information are invited to
contact the Company's financial advisors and/or the information
agent:
Financial Advisors:
PJT Partners
Martin Gudgeon
Tel: +44 203 650 1100
Email: projectnewnoble@pjtpartners.com
Comprador
Anthony Steains
Tel: +852 3958 8510
Email: projectnewnoble@compradorltd.com
Moelis & Company
Bert Grisel
Tel: +852 3180 1000
Email: project_newnoble_ext@moelis.com
Information Agent:
Lucid Issuer Services Limited
Sunjeeve Patel
Tel: +44 207 704 0880
Email: projectnewnoble@lucid-is.com
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.
S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018. In addition, the company said it would not make
the
payments despite being given 30-day grace periods to meet both
obligations. The failure to make these payments will trigger
cross-defaults on the company's other obligations. We do not
expect Noble to meet any outstanding obligations as the company
preserves its assets during the restructuring process."
Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July. S&P will conduct
another review the company's credit profile after the
restructuring is complete.
=========
I N D I A
=========
ANSHUMAN TRADING: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anshuman Trading
Private Limited's (ATPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR50 mil. Proposed fund-based working capital limit migrated
to Non-Cooperating Category with Provisional IND B+ (ISSUER
NOT COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
rating; and
-- INR200 mil. Proposed non-fund-based limit migrated to Non-
Cooperating Category with Provisional IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in October 2013, Mumbai-based ATPL trades in
household electronic appliances.
AVICHAL MULTITRADE: Ind-Ra Migrates 'B' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Avichal
Multitrade Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:
-- INR50 mil. Proposed Fund-based working capital limit migrated
to Non-Cooperating Category with Provisional IND B (ISSUER
NOT COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
rating; and
-- INR150 mil. Proposed non-fund-based limit migrated to Non-
Cooperating Category with Provisional IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in March 2014, Avichal Multitrade is a Mumbai -based
trader of household electronic appliances.
B. P. CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating Cat.
----------------------------------------------------------------
ICRA Ratings said the ratings for the INR14.00 crore bank
facilities of M/S B. P. Construction continue to remain under
Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash 1.00 [ICRA]B+ (Stable) ISSUER NOT
Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund Based- 6.50 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Untied Limits 6.50 [ICRA]B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not
Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Established in 1987 as a proprietorship concern, M/s B.P.
Construction (BPC) was reconstituted as a partnership firm in
1998. BPC is involved in civil construction and electrification
for various Government departments in the state of Jharkhand. The
firm is registered as a Class-1A contractor with the Public Works
Department (PWD), Jharkhand and a Class 1 electrical contractor
with Vidyut Vibhag, Energy Department, Government of Jharkhand
for electrification work of up to 33 KV.
BAJAJ AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bajaj Agro
Industries (BAI) for obtaining information through letters and
emails dated October 16, 2017, March 7, 2018 and March 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 5.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Term Loan 2.51 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 Bajaj Agro Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Bajaj Agro Industries 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 Bajaj Agro Industries to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.
Kurud (Raipur) based, BAI is a proprietorship firm set up in
2011. It processes basmati rice and is promoted by Mr Naresh
Kumar Bajaj.
BHANDARI STEELS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhandari
Steels Limited (BSL) for obtaining information through letters
and emails dated February 23, 2018, March 8, 2018 and March 12,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Electronic Dealer 11 CRISIL B+/Stable (Issuer Not
Financing Scheme Cooperating; Rating Migrated)
(e-DFS)
Letter of Credit 5 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 1 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 Bhandari Steels Limited. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Bhandari Steels Limited 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 Bhandari Steels Limited to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.
BSL, part of the Bhandari group, is currently managed by Mr.
Jitendra Bhandari, belonging to the Chennai-based Bhandari
family. The company was established in 1999 by the late Mr.
Dinesh Bhandari. The company trades in various steel products
like CR SS coils, SS tubes, seamless tubes, angles, beams, SS
rods, and other wide range of steel products. The company's
registered office is located in Chennai (Tamil Nadu).
BHASIN INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhasin
Industries (BI) for obtaining information through letters and
emails dated January 31, 2018, March 9, 2018 and March 13, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Non-Fund Based 5 CRISIL B+/Stable (Issuer Not
Limit Cooperating; Rating Migrated)
Overdraft 2 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Proposed Non Fund 2 CRISIL A4 (Issuer Not
based limits Cooperating; Rating Migrated)
Proposed Term Loan 1 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 Bhasin Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Bhasin Industries 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 Bhasin Industries to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
BI is a partnership firm set up in 1965 by Mr Munish Bhasin and
Mrs Usha Kiran. The firm manufactures hosiery products. Its sales
are only to the Indian Armed Forces; the business is entirely
tender-based.
BNT INNOVATIONS: Ind-Ra Keeps 'D' Rating in Non-Cooperating Cat.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.N.T.
Innovations Private Limited's (BNT) 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 these ratings. The rating
will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:
-- INR80 mil. Fund-based limit (Long-term/Short-term) maintained
in Non-Cooperating Category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR20 mil. Non-fund-based limit (Short-term) maintained in
Non-Cooperating Category with IND D(ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1989, BNT is a Chennai-based company engaged in
the manufacturing and sale of knitted garments. The company
exports garments to the US and Europe.
CONCORD CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Concord
Construction (CC) for obtaining information through letters and
emails dated February 23, 2018, March 8, 2018 and March 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 39 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 10 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 Concord Construction. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Concord Construction 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 Concord Construction to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Set up in 1997, CC undertakes civil construction works in
Karnataka and Kerala. Mr Mahin Kallatra manages the operations.
DHANALAXMI COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhanalaxmi
Cotton Industries' (DLCI) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR80 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
/IND A4(ISSUER NOT COOPERATING) rating; and
-- INR17.85 mil. Term loan due on April 2020 migrated to Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
DLCI was established in 2013 by Mr. Yerra Harishankar and other
family members. DLCI is a partnership firm engaged in the ginning
and pressing of raw cotton and sale of cotton lint and cotton
seeds. It is based out of Parkal, Warangal District, Telangana.
ESS PEE: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating Cat.
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Ess Pee
Knit Wear'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 these ratings. The rating will
continue to appear as 'IND BB+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:
-- INR105 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND BB+ (ISSUER NOT
COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and
-- INR3.5 mil. Non-fund-based working capital limit maintained
in Non-Cooperating Category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
M/s Ess Pee Knit Wear is a partnership firm. It manufactures
readymade garments and exports them predominantly to Europe.
HERCULES AUTOMOBILES: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hercules
Automobiles International Private Limited's (HAIPL) Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:
-- INR280 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND B+ (ISSUER NOT
COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and
-- INR150 mil. Term loan due on December 2020 to March 2024
migrated to Non-Cooperating Category with IND B+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1999, HAIPL is an authorized dealer of Maruti
Suzuki India Limited at Alappuzha (Alleppey) and
Thiruvananthapuram in Kerala. It is engaged in the sale of new
cars, pre-owned cars (under True Value outlets), spare parts and
accessories, and servicing. It also operates a Maruti driving
school. The company has three showrooms, 21 retail outlets, nine
service centers, four True Value outlets and five simulated
Maruti driving schools.
HITKARI MULTIFILTERS: CRISIL Withdraws B+ Rating on INR7.5MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Hitkari Multifilters Limited, and subsequently withdrawn the
ratings at the firm's request and on receipt of no-objection
certificate from the bankers. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee .05 CRISIL A4 (Reaffirmed and
Withdrawal)
Cash Credit 7.50 CRISIL B+/Stable (Reaffirmed
and Withdrawal)
Letter of Credit 7.50 CRISIL A4 (Reaffirmed and
Withdrawal)
Proposed Long Term 3.87 CRISIL B+/Stable (Reaffirmed
Bank Loan Facility and Withdrawal)
Term Loan 0.08 CRISIL B+/Stable (Reaffirmed
and Withdrawal)
Hitkari was set up in 1971 by Mr Arun Hitkari and his family. The
company manufactures filter rods for cigarettes.
INDIABULLS REAL: Fitch Affirms & Then Withdraws B+ LT IDR
---------------------------------------------------------
Fitch Ratings has affirmed property developer Indiabulls Real
Estate Limited's (IBREL) Long-Term Foreign-Currency Issuer
Default Rating at 'B+' with a Stable Outlook. The agency has also
affirmed the rating on IBREL's Jersey-based subsidiary's -
Century Limited - USD175 million 10.25% senior notes due 2019 at
'B+ ' and Recovery Rating of 'RR4'. At the same time, the agency
has chosen to withdraw IBREL's ratings for commercial reasons,
and will no longer provide ratings or analytical coverage for the
company.
KEY RATING DRIVERS
Disposals Help Lower Leverage: IBREL's leverage, measured by net
adjusted debt/adjusted inventory, had increased to 64% by 31
December 2017 after the company raised its stake in Indiabulls
Properties Investment Trust (IPIT) to 100%, from 55%, in the
third quarter of financial year ended-March 2018 (FY18). Leverage
was above 60% - the level where Fitch would consider negative
rating action - while Fitch estimate that it had fallen to 54% by
end-March 2018, as the company completed certain property
disposals with an intention to apply the proceeds for debt
reduction.
IBREL sold its 50% stake in entities holding the IPIT assets to
companies controlled by The Blackstone Group L.P. (A+/Stable) for
an enterprise value of INR95 billion. In addition, IBREL
completed the sale of its residential properties in Chennai for
about INR3 billion, in line with its earlier announced intent to
exit its Chennai commercial and residential property portfolio.
Fitch expects the company's leverage to remain at a level
commensurate with its current rating over the next two years, as
the planned disposal of remaining assets in Chennai will help
meet a portion of funding needs associated with the company's
plan to expand its investment-property portfolio.
Near-Complete Projects Mitigate Risks: IBREL's property
development projects with more than 50% of gross development
value had either started or were due to start handover of units
to buyers over the next four to five quarters as of end-2017.
Fitch believe this supports adequate cash flow visibility from
IBREL's property development business over the next two years and
helps mitigate the inherent cyclicality in the business.
Fitch expects significant collections from Blu, a luxury
residential project in central Mumbai, and Greens, a mass-market
project in Panvel, Navi Mumbai. The two projects had pending
collections net of remaining development costs of about INR30
billion at end-2017. Contracted sales in IBREL's luxury project
in London should remain healthy, benefiting from enhanced
positioning after the December 2017 announcement of a partnership
with a leading hotel operator.
Low-Risk Focus: Fitch believes IBREL's intention to focus on a
low-risk, asset-light approach to its property business will
support its credit profile. The company aims to take a joint
venture route in its property development business, rather than
acquiring land upfront, which requires significant capital outlay
and pressures leverage. In its property leasing business, IBREL
is selectively focusing on commercial assets in Mumbai and
Gurugram that are either nearly complete or stabilised. This
should help lower execution risk.
DERIVATION SUMMARY
IBREL's rating compares well against peers, Lodha Developers
Private Limited (B/Stable) and PT Alam Sutera Realty Tbk (ASRI,
B/Stable). Lodha has a larger operating scale and better sales
record over the previous few years, but this is partly offset by
IBREL's more stable investment-property portfolio. IBREL's
leverage is lower and its deleveraging profile is better than
Lodha's over the medium-term, which supports its higher rating.
IBREL has a stronger business risk profile than ASRI, given its
larger scale, more diversified projects and investment property
portfolio. This compensates for IBREL's higher leverage and
justifies IBREL's one-notch higher rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Presales of INR34 billion in FY19 and INR37 billion in FY20
- Cash collections of at least INR30 billion in each of FY19 and
FY20
Key Recovery Rating Assumptions:
- The recovery analysis assumes IBREL would be liquidated in a
bankruptcy rather than continue as a going-concern because it
is an asset-trading company
- To estimate liquidation value, Fitch take IBREL's residual
equity share in Indiabulls Properties (IPPL) and Indiabulls
Real Estate Company (IRECPL) after repaying debt. Fitch
believe the assets at IPPL and IRECPL would sufficiently cover
IBREL's debt without any further liability.
- Accounts receivable includes unbilled revenue, which stems
from the completion of property project construction
milestones.
Fitch assume a 75% advance rate against receivables and
unbilled revenue.
- Fitch assume a 100% advance rate against the book value of
IBREL's consolidated adjusted inventory, excluding IPPL and
IRECPL assets. Fitch estimate that the market value of IBREL's
inventory is at least 2.0x that of its book value, as IBREL
has posted a gross profit margin of around 50% over the
previous few years.
- All of IBREL's debt, apart from the USD47 million of
outstanding senior notes as of FYE17, is treated as prior-
ranking or secured debt.
- The above estimates result in a recovery of 91%-100% of
IBREL's secured and unsecured debt, corresponding to a 'RR1'
Recovery Rating for the senior notes after adjusting for
administrative claims. Nevertheless, Fitch has rated the
senior notes at 'B+' with a Recovery Ratings of 'RR4' because
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, India falls into 'Group D' of creditor friendliness.
Instrument ratings of issuers with assets in this group are
subject to a soft cap at the issuer's IDR.
RATING SENSITIVITIES
No longer relevant as the ratings have been withdrawn.
LIQUIDITY
Adequate Liquidity: IBREL has a cash balance and mutual fund
investments of INR9.1 billion as of end-2017, which is small
compared with the INR26.1 billion of debt maturities over the
next year. Nonetheless, liquidity remains adequate as the company
enjoys good refinancing ability in the domestic market due to its
position as one of India's leading developers and high-quality
properties. IBREL's liquidity profile is further supported by
proceeds of more than INR25 billion from investment property
disposals completed in March 2018.
Fitch expects the company's refinancing ability to strengthen
from its lower leverage since December 2017 as well as improving
free cash generation from projects that are due to be completed
in the near to medium term.
IPL PRODUCTS: ICRA Assigns B+ Rating to INR7cr Cash Credit
----------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR 7.00-crore cash-credit facility of IPL Products. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR 1.00-
crore fund based bank facility and INR 4.75-crore non-fund based
facility of IPL Products. The outlook on the long-term rating is
'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 7.00 [ICRA]B+(Stable); assigned
Fund-based 1.00 [ICRA]A4; assigned
Non-fund based 4.75 [ICRA]A4; assigned
Rationale
The assigned ratings consider the significant experience of the
promoter in the electrical industry for more than three decades.
The ratings factor in the presence of price-variation clause in
orders from the state power utility, which supports the margins
to an extent. The ratings, however, are constrained by the
slowdown in orders from Tamil Nadu Electricity Board (TNEB)
during the current fiscal, which has subsequently resulted in
decline in margins owing to execution of orders for other
entities at lower realisations. The ratings also factor in the
high customer-concentration risks with 41% of the revenues in
FY2017 derived from the state power utility as well as intense
competition in the
fragmented industry, which limit the firm's pricing flexibility
given its small scale of operations. The ratings are also
constrained by the risks of capital withdrawals associated with
the proprietorship firm. Going forward, the firm's ability
to improve its revenues and margins amid competition and
efficiently manage its working-capital cycle to generate
adequate and timely cash flows would be the key rating
sensitivities.
Outlook: Stable
The 'Stable' outlook reflects ICRA's expectation that IPL
Products will continue to benefit from the extensive experience
of its partners. The outlook may be revised to 'Positive' if
substantial and sustainable growth in revenue and profitability
and better working-capital management strengthen the financial
risk profile of the company. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or stretch in
the working-capital cycle, weakens liquidity.
Key rating drivers
Credit strengths
Significant experience of the promoter in the industry for more
than three decades: The promoter has over three decades of
experience in the transformers industry and is actively involved
in the firm's operations. IPL has a Group entity, SAP Industries
(rated [ICRA]B(Stable)/[ICRA]A4), which was established in 2001
as a partnership firm by Mr. A Shanmugavelayuthan and his friend,
Mr. G.V. Parthasarathy. The Group entity manufactures power
transformers, isolators and also undertakes fabrication work in
its premises at SIDCO Industrial Estate, Thirumudivakkam,
Chennai.
Favourable price-escalation clauses in the orders support
margins: The presence of price-variation clause in orders from
the state power utility links the sales realisation to variation
in raw-material costs, thus protecting the margins of the company
to some extent.
Credit weaknesses
Small scale of operations, slowdown in orders from TNEB: With
~INR21.9 crore of operating income in FY2017 and INR16.6 crore in
9M FY2018, the firm's scale of operations is small, which limits
its bargaining power and thus the pricing flexibility. The order
inflow from TNEB declined significantly during 9M FY2018 compared
to earlier years, resulting in orders worth INR 1.9 crore being
executed for TNEB during 9M FY2018 compared to INR 9.2 crore in
FY2017.
Consequently, the overall realisations also declined due to
execution of small-ticket orders, and impacted the operating
margin which declined from 6.6% in FY2017 to 3.1% in 9M FY2018.
High customer concentration with a major part of revenues derived
from the state-power utility: The firm's customer profile is
concentrated towards the TNEB with more than 40.9% of the total
revenue derived from a single customer, resulting in
vulnerability to variability in demand from a single customer, as
witnessed recently.
Risks of capital withdrawals associated with the proprietorship
nature of the firm: The firm is exposed to risks arising due to
proprietorship nature of IPL Products, such as withdrawal of
capital, limited ability to raise capital among others.
IPL Products was promoted by Mr. A Shanmugavelayuthan in 1974 as
a sole proprietorship concern. Initially started as M/s
International Piston Linear Products, the entity was involved in
the manufacturing of grey iron castings and gradually expanded
its product profile by adding electrical accessories such as
pillar boxes, isolator/air break switches and transformers,
catering mainly to the power industries. The firm has been
supplying to TNEB and private players in the Tamil Nadu region
for a long time. It has two manufacturing units, one at SIDCO
Industrial Estate for manufacturing isolators and the other at
Thirumudivakkam for manufacturing transformers.
IPL Products manufactures single and double-break variety of
isolators which range between 11 KV and 433 KV and transformers
ranging between 15 KV and 5000 KV. It caters mainly to the
domestic customers and also does merchant exports, albeit at a
very small scale. The major raw materials required for the
assembly process are copper, aluminium, insulators, and mild
steel, which are procured from domestic suppliers.
The company reported a net profit of INR 0.9 crore on an
operating income of INR21.9 crore in FY2017 compared to a net
profit of INR 1.0 crore on an operating income of INR 20.7 crore
in the previous year.
JAI JAGDAMBA: CRISIL Assigns 'B' Rating to INR4.95MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Jai Jagdamba Scrap Suppliers Limited (JJSS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4.95 CRISIL B/Stable (Assigned)
The rating reflects modest scale of operations coupled with
working capital intensive operations and weak liquidity. These
weaknesses are partially offset by promoter's extensive
experience in the industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operation: JJSS's scale is modest as evident by
the operating income of INR16.75 crores for the year ended
March 31, 2017. The modest scale is owing to the fact that the
company is into trading business which constrains its revenue
base and also company faces competition from various organised as
well as unorganised players. Moreover, the change in government
policy regarding steel import also impacts its business profile.
* Working capital intensive operations: The working capital
intensive operations have resulted in GCA days of 234 days as on
March 31, 2017. The GCA days are majorly driven by high debtor
days which at times are extended to over 6 months.
* High bank limit utilization: The working capital intensive
nature of operations has resulted in bank lines being highly
utilized at an average of 95-98% over the past 6-8 months. Also,
at times due to interest charges towards the end of the month,
the utilization exceeds the sanctioned limit, however the over
utilization is regularized within 1-2 working days. With
promoter's support in the form of unsecured loans coupled with
minimal repayment obligations liquidity is expected to remain
comfortable over the medium term.
Strengths
* Extensive experience of the promoter's: The Company was
promoted by Mr. Om Prakash and Mr. Mahesh Kumar and they have
been associated with the company since its incorporation. The
long standing experience of the promoters have enabled them to
build strong supplier and customer relations which will help in
improving the business risk profile over the medium term.
Outlook: Stable
CRISIL expects JJSS to maintain a stable business risk profile on
the back of extensive experience of its promoters. The outlook
may be revised to 'Positive' if the firm reports substantial
improvement in its scale in turn leading to improved
profitability and thereby increased cash accruals while managing
its working capital requirements efficiently. The outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates due to larger-than-expected debt funded capital
expenditure programme or if the revenues and profitability
decline leading to deterioration in liquidity and financial risk
profile.
Jai Jagdamba Scrap Suppliers Limited (JJSS) is a closely held
public limited company incorporated in 1983. The company is
involved in the trading of Mild Steel (MS) obtained from railway
scrap such as rail lines scrap, rolling scrap, rail bars scrap
etc.
KANCHAN GANGA: ICRA Reaffirms 'B' Rating on INR11.25cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B to
the INR 11.25-crore fund-based cash-credit facilities and INR0.75
crore unallocated limits of Kanchan Ganga Seed Company Private
Limited. The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Cash
Credit 11.25 [ICRA]B (Stable); reaffirmed
Unallocated Limits 0.75 [ICRA]B (Stable); reaffirmed
Rationale
The rating continues to be constrained by the small scale of
operations in a highly fragmented and competitive seeds
industry with both production and sales exposed to agro-climatic
and regulatory risk. The rating is further constrained by
weak financial profile characterised by stretched capital
structure, low profitability, weak coverage indicators, and
constrained liquidity position as reflected by high utilisation
of the working-capital limits. The rating also factors in the
high working-capital intensive nature of the business on account
of high inventory due to long production cycle.
The ratings, however favourably factors in more than three
decades of experience of the promoters in the seeds industry and
well-established relationships of the company with farmers,
dealers and distributors as evidenced by repeat business.
Further, the rating also takes into account KGSCPL's diversified
portfolio with over 30 commercial seed crops with more than 75
varieties sold in the market; however there is high dependence on
three crops - maize, jowar, and bajra, which accounted for 99% of
revenues for the company.
Outlook: Stable
ICRA believes that Kanchan Ganga Seed Company Private Limited
will continue to benefit from the extensive experience of its
promoters in the seed-processing industry. The outlook may be
revised to 'Positive' if substantial growth in revenue and
capital structure, and better working-capital management,
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if there is drastic de-growth in the operating
income or stretch in the working-capital cycle weakens liquidity.
Key rating drivers
Credit strengths
Significant experience of the promoter in the seed processing
industry: The promoters have more than thirty years of experience
in the seed manufacturing & processing industry resulting in
established relationship with customers and suppliers.
Established relationship with the customers: The customer base of
the company is well diversified with KGSCPL's presence in 14
different states in India, and mainly comprises of Government
agencies of states such as Himachal Pradesh, Bihar, Jammu &
Kashmir, Jharkhand, Uttar Pradesh along with many other dealers
and distributors. The company has established relationships with
the customers as reflected by repeat business from them.
Diversified product portfolio with over 30 commercial seed crops:
The company's product portfolio is diversified with over 30 crops
in its portfolio and more than 75 varieties sold in the market;
however, top three crops namely maize, jowar, bajra accounted for
majority of the revenues for the company over the past few years.
Credit weaknesses
Small scale of operations of the firm: The company's scale of
operations is small with revenues of INR 29.5 crore during
FY2017, which limits its financial flexibility.
Financial profile characterised by leveraged capital structure
and weak debt-coverage indicators: The financial profile of the
company remains weak with low profitability, high gearing,
constrained liquidity and weak coverage indicators.
The company's gearing remained high at 15.9 times as on March 31,
2017 on account of lower net worth due losses incurred in the
past. Coverage indicators continued to remain weak with interest
coverage at 1.4 times and TD/OPBDITA at 8.6 times for FY2017.
High exposure to agro-climatic risk: The seed's production, being
an agro-commodity, is exposed to agro-climatic risks and is
dependent on the area under cultivation, demand, and market
price; however the company's sales are diversified in three crops
which mitigates the risk to an extent.
High working-capital intensity resulting from high inventory,
which impacts liquidity: The working-capital intensity remains
high due to high inventory-holding requirements. This is mainly
because of the long production cycle and seasonality associated
with cultivation which requires the company to maintain stocks to
ensure sales throughout the year. This has constrained the
liquidity as reflected in high average utilisation (91%) of
sanctioned limits.
Intense competition in the industry: Seed-processing industry is
very competitive with presence of a large number of organised and
unorganised players, impacting the margins
Kanchan Ganga Seed Company Private Limited (KGSCPL) was
incorporated in the year 1984 by Mr. Jivan Thakur ,Mr. G.
Venkaiah and Dr. Vimal J Thakur, and is engaged in the production
and marketing of hybrid seeds and has a portfolio of over 30
hybrid seeds across maize, jowar, bajra, tomato and others. The
R&D facility for the company was started in the year 1986. The
company has a processing plant in Nizamabad district of Telangana
with a total capacity of 8 tons per hour and seed drying plant in
Karnataka with capacity of 100 tons per day.
In FY2017 audited financials, the company reported a net profit
of INR 0.5 crore on an operating income of INR 29.5 crore,
compared to a net profit of INR 0.7 crore on an operating income
of INR 34.1 crore in the previous year.
KANSARA FORGE: CRISIL Assigns B+ Rating to INR3MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Kansara Forge And Wires Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3 CRISIL B+/Stable (Assigned)
Cash Credit 2.5 CRISIL B+/Stable (Assigned)
Letter of Credit 2 CRISIL A4 (Assigned)
The ratings also reflect modest scale of operations and working
capital intensive operations. The above weaknesses are partially
offset by extensive experience of promoters and promoter and
group support.
Analytical Approach
CRISIL has treated the unsecured loans infused by the promoters
worth INR1.8 crores on March 31, 2017 as neither debt nor equity
as they are subordinated to bank debt and are expected to remain
in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: KFW reported operating income of
INR12.5 crore in fiscal 2017 against INR12 crore in fiscal 2016
and is expected report operating income of INR13.7 crore in the
current fiscal. Its operations are expected to remain at similar
level over the medium term.
* Working capital intensive operations: KFW reported gross
current asset (GCA) days of 146 as on March 31, 2017 against 194
days in the previous year. Operations are expected to remain
working capital intensive in the medium term.
Strengths
* Extensive experience of promoters: Promoters of KFW have more
than two decades in the industry. This helps in maintaining good
relations with all stakeholders across the supply chain.
* Promoter and group support: Promoters have extended support in
the form of unsecured loans and are expected to continue to do so
over the medium term.
Outlook: Stable
CRISIL believes that KFW will benefit over the medium term from
its promoters' extensive experience in the bearing industry. The
outlook may be revised to 'Positive' in case of higher-than
expected topline and margins, leading to improvement in financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability leading to low cash accruals or if its working
capital cycle lengthens, leading to weakening in its financial
risk profile, especially liquidity.
KFW started commercial operations in 2013 and is part of the
Kansara Engineers Pvt. Ltd. KFW is engaged in manufacturing of
steel drawn wires which are used for manufacturing rollers for
ball bearings.
KRISHNA STEEL: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishna
Steel Industries (KSI) for obtaining information through letters
and emails dated January 15, 2018, March 5, 2018, March 7, 2018
and March 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 4 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Short Term 3.5 CRISIL A4 (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 Krishna Steel Industries.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Krishna Steel Industries 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 Krishna Steel Industries to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Set up in 2009 in Karnal, Haryana, as a partnership firm by Mr.
Rakesh Bajaj and Mr. Harish Kumar Juneja, KSI manufactures
agricultural equipment (disc harrow).
LILLY FASHIONS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Lilly
Fashions Private Limited (LFPL) for obtaining information through
letters and emails dated December 14, 2017 and January 17, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill 1 CRISIL B+/Stable (Issuer Not
Discounting Cooperating; Rating Migrated)
Packing Credit 3.25 CRISIL A4 (Issuer Not
in Foreign Cooperating; Rating Migrated)
Currency
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 Lilly Fashions Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Lilly Fashions Private Limited 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 Lilly Fashions Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
LFPL, incorporated in 1986 by Mr Subhash Handa, manufactures and
exports readymade garments for women. Operations of the Gurgaon-
based company are managed by Mr Subhash, his wife, Ms Sudershan
Handa, and sons, Mr Sandeep Handa and Mr Sanjeev Handa.
LUCKNOW PRODUCERS: CRISIL Assigns B Rating to INR22MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term bank facilities of Lucknow Producers Co-Operative Milk
Union Limited (LPMUL) and assigned its 'CRISIL B/Stable' rating
to the bank facilities. CRISIL had suspended the rating on
April 7, 2015, as the society had not provided the information
required for a rating review. LPMUL has now shared the requisite
information enabling CRISIL to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 22 CRISIL B/Stable (Assigned:
Suspension Revoked)
The rating reflects the company's weak financial risk profile
because of losses, susceptibility to variation in prices of milk
and milk products, and geographical concentration in revenue.
These weaknesses are partially offset by established market
position, and the marketing, operational and financial support
received from Pradeshik Cooperative Dairy Federation (PCDF).
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: LPMUL's financial risk profile has
weakened due to continuous losses in the four fiscals through
2017. Intense industry competition, lower prices of milk
products, primarily skimmed milk powder (SMP), and limited
operating efficiency led to losses. Networth has eroded and
capital structure has deteriorated, while debt protection metrics
remained subdued due to losses and large debt.
* Susceptibility to variation in prices of milk products, and to
government regulations: LPMUL, like all dairy players, is
susceptible to changes in government regulations regarding milk
pricing and trade policies related to dairy products.
Furthermore, it faces the risk of failure in milk production
because of external factors such as cattle diseases and adverse
prices of milk products, such as SMP. Adverse prices affected its
profitability in the recent past.
Strength
* Established market position and support from PCDF: The society
has been operational since 1938. The state and central
governments have financially supported its operations. It has
been selling retail products under PCDF's Parag brand in Uttar
Pradesh and Delhi. It has a robust sourcing network which helps
manage operations efficiently. LPMUL is a member of PCDF, which
provides regular marketing, operational, and financial support.
The society also receives grants and loans to expand, upgrade,
and manage operations.
Outlook: Stable
CRISIL believes LPMUL will continue to benefit over the medium
term from its established regional market position. The outlook
may be revised to 'Positive' if a significant increase in revenue
and profitability, driven by ongoing capacity expansion, leads to
higher cash accrual. The outlook may be revised to 'Negative' if
continued losses, unanticipated, debt-funded capital expenditure,
or stretched working capital cycle further weakens financial risk
profile and liquidity.
LPMUL is a cooperative milk union set up in 1938 to ensure fair
payment to milk producers and regulate the supply of milk in
Uttar Pradesh. It works within the cooperative structure of PCDF.
It procures milk from over 1000 village dairy co-operative
societies in Lucknow, Hardoi, Lakhimpur, Sitapur, Raebareli, and
Unnao districts of Uttar Pradesh. Its processing unit is in
Lucknow and has capacity of 1.5 lakh litre per day.
MANCHUKONDA AGROTECH: Ind-Ra Assigns BB LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manchukonda
Agrotech Private Limited (MAPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR366.5 mil. Long term-loan due on March 2022 assigned with
IND BB/Stable rating; and
-- INR406.25 mil. Fund-based limits assigned with IND BB/
Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect MAPL's elongated working capital cycle, due
to a shift in its business model to manufacturing from trading.
Net cash conversion cycle increased to 171 days in FY17 (FY16: 27
days; FY15: negative 14 days), primarily on account of an
increase in inventory days to 162 days (32 days, 10 days). Ind-Ra
expects the net cash cycle to remain along similar lines as the
company holds stock for 150 days on an average.
The ratings also reflect MAPL's continued small scale of
operations and weak credit metrics. Revenue grew to INR718
million in FY17 (FY16: INR628 million), interest coverage
(operating EBITDA/gross interest expense) fell to 2.6x (5.6x) and
net financial leverage (adjusted net debt/operating EBITDA)
reduced to 6.1x (25.0x). The revenue growth was due to the
additional orders received from the longstanding customers. The
deterioration in interest coverage was due to an increase in
interest expenses during FY17 as the company had taken additional
debt during 4QFY16 while net financial leverage improved on
account of an increase in absolute EBITDA to INR102 million
(INR17 million). The company has achieved INR1,235.5 million in
revenue during April 2017 to February 2018.
The ratings are supported by MAPL's strong EBITDA margin of 14.2%
in FY17 (FY16: 2.8%, FY15: 2.2%) on account of business
diversification.
The ratings are also supported by the company's promoters' over
30 years of experience in the trading and processing of rice and
MAPL's comfortable liquidity with average utilization of the
fund-based working capital facilities being 84.91% for the 12
months ended February 2018.
RATING SENSITIVITIES
Positive: A substantial improvement in the top line, operating
profitability and thus credit metrics and an improvement in the
working capital cycle, all on a sustained basis, could be
positive for the ratings.
Negative: Any decline in the operating profitability leading to
deterioration in the credit metrics or stress in the working
capital cycle could be negative for the ratings.
COMPANY PROFILE
MAPL was incorporated in 2009 in Miryalaguda, Telangana. The
company was solely involved in the trading of rice till FY16.
From FY17, it has started processing rice to produce raw rice,
steam rice and par boiled rice. The company has an installed
capacity of 36 tons/hour. The company has also installed a 5MW
co-generation power plant mainly for captive consumption.
MANIPAL ENERGY: CRISIL Withdraws B Rating on INR5MM Overdraft
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Manipal
Energy and Infratech Limited (MEIL) for obtaining information
through letters and emails dated January 24, 2017 and February
14, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 5 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 MEIL. This restricts CRISIL's
ability to take a forward MEIL 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, the rating on bank facilities of MEIL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of MEIL
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.
MEIL was incorporated in 2011, promoted by Mr. T.Gautam Pai. The
company undertakes projects involving erection, installation,
commissioning, and maintenance of power lines, trading in
fabricated electrical components, and executing infrastructure
projects in Karnataka.
MGG INFRA: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with MGG Infra
Projects Private Limited (MIPPL) for obtaining information
through letters and emails dated December 6, 2017, March 8, 2018
and March 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 4 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 MGG Infra Projects Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on MGG Infra Projects Private Limited 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 MGG Infra Projects Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Incorporated in 2012, by the Goyal family of Ajmer, MIPPL
undertakes road construction projects in Rajasthan. The company
is a Class AA civil contractor in Rajasthan. Operations are
managed by Mr Suresh Goyal.
MINTECH GLOBAL: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mintech Global
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR25 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
/IND A4 (ISSUER NOT COOPERATING) rating;
-- INR220 mil. Term loan due on August 2023 migrated to Non-
Cooperating Category with IND B+(ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in February 2014, Mintech Global is a Telangana-
based manufacturer of ready mortar dry mix, autoclaved aerated
concrete blocks and fly ash/solid/hallow bricks.
MISHRA POLYPACKS: Ind-Ra Migrates BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mishra Polypacks
Private Limited's (MPPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions is:
-- INR150 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING)
/IND A4+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in September 1994, MPPL is engaged in trading of
high-density polyethylene, polypropylene bags, gunny bags, and
iron and steel products in Hyderabad, Telangana.
MODERN AGRO-TECH: ICRA Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings said the ratings for the INR 10.00 crore bank
facilities of Modern Agro-Tech Industries continue to remain
under 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Term 3.55 [ICRA]B (Stable) ISSUER NOT
Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund Based-Cash 2.50 [ICRA]B (Stable) ISSUER NOT
Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund Based- 0.50 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Untied Limits 3.45 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Established in August 2010 as a partnership firm, Modern Agro-
Tech Industries (MATI) has a rice milling unit with an annual
milling capacity of 28,600 MT of paddy. The manufacturing
facility of the firm is situated in Cooch Behar, West Bengal.
Commercial production at the unit commenced in September, 2015.
The firm is being managed by four partners -Mr. Sukumar Saha, Ms.
Shilpa Saha, Mr. Sunil Kr Jain and Ms. Navita Jain, on an equal
profit-sharing basis.
MYSORE PAPER: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with The Mysore
Paper Mills Limited (MPM) for obtaining information through
letters and emails dated Dec. 4, 2017, and Feb. 28, 2018, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 45 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit 55 CRISIL D (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 MPM. 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
MPM is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information' with CRISIL BB category
or lower. As per the bankers' feedback, the company's account
classification continues to reflect irregularities and
outstanding dues on bank obligations. Therefore on account of
continued over dues, inadequate information and lack of co-
operation by the company, CRISIL has migrated the ratings on the
bank facilities to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a
controlling stake in November 1977, held 64.7% of equity shares
as on September 30, 2016; the remainder was held by financial
institutions and the general public.
MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati
in the Shimoga district of Karnataka.
PANDAV AGRO: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Pandav Agro Food Processing (PAFP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.5 CRISIL B/Stable (Assigned)
Term Loan 7.1 CRISIL B/Stable (Assigned)
The rating reflects the firm's initial stage of operations, and
exposure to risk associated with ongoing flour mill project and
to volatility in raw material prices and change in government
policies. These weaknesses are partially offset by the extensive
experience of its promoters and their funding support.
Key Rating Drivers & Detailed Description
Weaknesses:
* Start-up phase: The firm is setting up a 45,000 tonne per annum
wheat processing unit in Hoshangabad, Madhya Pradesh, which is
expected to start commercial operations from July 2018. Scale of
business is likely to be small due to initial stage, while
capacity utilisation is expected at 35% for the first year.
* Exposure to volatility in raw material prices: Raw material
will be procured from local mandis. Any shortage in wheat
production because of adverse weather conditions can severely
affect availability and prices. Moreover, profitability is
susceptible to government policies on wheat such as statutory
minimum price, quota allocation by the Food Corporation of India,
and control over exports.
* Susceptibility to project-related risk: Timely project
implementation, stabilisation of operations, and commensurate
ramp up of sales will remain critical to growth in revenue and
profitability and will hence be monitored closely.
Strengths:
* Extensive experience of promoters: The firm's promoters have
been in the wheat processing segment for around a decade through
group companies, which will help support PAFP's operations.
Outlook: Stable
CRISIL believes PAFP will benefit over the medium term from the
extensive experience and funding support of its promoters. The
outlook may be revised to 'Positive' if substantial cash flow
lead to timely completion of project and healthy cash accrual.
The outlook may be revised to 'Negative' if time and cost
overruns in ongoing project, or low revenue and profitability
exert pressure on liquidity and weaken debt-servicing ability.
Set up in 2016 as a partnership firm by Mr Shyamsunder Kabra and
his family, PAFP is setting up a unit to mill wheat flour (atta),
maida, suji and bran. Production is expected to begin from July
2018 onwards.
PUDUKKOTTAI MUNICIPALITY: Ind-Ra Withdraws 'BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pudukkottai
Municipality's Long-Term Issuer Rating of 'IND BB+'. The Outlook
was Stable.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the
issuer rating was assigned under AMRUT (Atal Mission for
Rejuvenation and Urban Transformation) programme and no specific
debt is issued against the rating.
COMPANY PROFILE
Pudukkottai is the administrative headquarters of Pudukkottai
District in the state of Tamil Nadu. It is situated about 395km
south-west of the state capital Chennai. The State Industries
Promotion Corporation of Tamil Nadu was established in 1980 with
the complex area of 421.10 acres, which is the main contributor
to employment in the area, other than agricultural activities.
Pudukkottai Municipality is responsible for the provisioning and
governance of civic services in the Pudukkottai city.
RELIXIR PHARMA: CRISIL Assigns B Rating to INR14.5MM LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Relixir Pharmaceuticals Private
Limited (RPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.0 CRISIL B/Stable
Long Term Loan 14.5 CRISIL B/Stable
The ratings reflect risks related to RPPL's ongoing project of
setting up a bulk drug unit and its exposure to inherent risks in
the pharmaceutical industry. These weaknesses are partially
offset by the extensive industry experience of promoters.
Key Rating Drivers & Detailed Description
Weakness:
* Risks related to ongoing project of setting up a bulk drug
unit: RPPL currently is setting up a bulk drug unit at a cost of
INR22.66 crore which is funded through equity and debt in 1.92:1
ratio. Hence, the firm is exposed to risks related to the ongoing
project.
* Inherent risks in the pharmaceutical industry: The domestic
formulations market is fragmented with organized and unorganized
players. In addition, competition could intensify in the long run
due to aggressive pricing strategies followed by mid-sized
companies. Also, players in this industry are required to adhere
to strict norms by regulatory bodies. Thus, the business risk
profile of RPPL is susceptible to inherent risks of
pharmaceutical industry.
Strengths:
* Extensive industry experience of promoters: The organization is
established by Mr D R Anil Kumar, Ms. Vinutha Mandala and Mr.
Nischal Yachamaneni who has extensive experience in the pharma
industry. They have worked with a pharma major in various
departments like production, business development and research &
development. They had a team of experienced post graduates &
doctorates with extensive experience in the industry.
Outlook: Stable
CRISIL believes that RPPL would benefit from its promoters'
extensive industry experience. The outlook would be revised to
positive if the company commences operations as planned and ramps
up substantially resulting in healthy revenues and profitability
while maintaining its capital structure at moderate levels.
Conversely the outlook would be revised to negative if the
expected improvement in revenue profile and capital structure is
not achieved owing to delays in commencement of project, or if
the company's financial risk profile, particularly liquidity,
deteriorates owing to higher working capital intensity.
Incorporated in 2011, RPPL, a Hyderabad based pharmaceutical
company, is currently setting up a manufacturing unit for generic
drugs spread across therapeutic segments. The company is expected
to commence operations in Dec 2018.
RESONANCE PAPER: CRISIL Reaffirms B+ Rating on INR5.2MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Resonance Paper Mill Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 7 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.8 CRISIL B+/Stable (Reaffirmed)
Term Loan 5.2 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect its below average risk profile
and modest scale of operations and exposure to intense
competition and volatility in raw material prices. These
weaknesses are partially offset by the extensive industry
experience of RPMPL's and their funding support.
Key Rating Drivers & Detailed Description
Weakness
* Below average financial risk profile: Financial risk profile
remains below average with modest networth of INR6.64 cr, and
high gearing at 1.96 times as on March 31, 2017. Average debt
protection metrics with interest coverage of 2.1 times and NCATD
at 0.1 times for fiscal 2017.
* Modest scale of operations: reflected in sales of INR46.6 cr in
fiscal 2017. Over the medium term, the scale shall remain modest,
despite growth, given the small size of plant.
* Exposure to intense competition in domestic kraft paper
industry, and vulnerability of operating margin to volatility in
raw material prices: The paper mill industry is fragmented, and
RPMPL is exposed to intense competition from domestic and
international players. The availability and prices of recycled
paper has been volatile which makes the company's operating
margin vulnerable.
Strengths:
* Extensive industry experience of the promoters and their
funding support: The promoters, have more than 10 years of
experience in the paper and packaging industry through the group
firm. This has resulted in a strong relationship with customers
and suppliers. Moreover, the promoters have extended funding
support and are expected to continue to do so over the medium
term if required.
Outlook: Stable
CRISIL believes that RPMPL will continue to benefit over the
medium term from its partners' extensive industry experience and
their funding support. The outlook may be revised to 'Positive'
if the company significantly scales up operations with sustained
profitability and its financial risk profile improves either due
to substantial capital infusion or sustained cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens because of a stretch in
its working capital cycle.
Incorporated in 2015, RPMPL engaged in manufacturing of high
quality kraft paper unit at Morbi (Gujarat). The company is
promoted by Mr. Pravinbhai Bachubhai Mundadiya, Mr. Shaileshbhai
Hirjibhai Mundadiya and Mr. Suresh Ramgopal Agarwal.
SAHASTRAA EXPORTS: ICRA Lowers Rating INR7.50cr Loan to B+
----------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the
INR7.50 crore1fund-based bank limit of Sahastraa Exports Private
Limited from [ICRA]BB- to [ICRA]B+. ICRA has also reaffirmed the
short-term rating assigned to the INR15.00 crore non-fund based
bank limits of the company at [ICRA]A4. The outlook assigned on
the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limit 7.50 [ICRA]B+(Stable); Revised
from [ICRA]BB-(Stable)
Non-Fund based
Limit 15.00 [ICRA]A4; Reaffirmed
Non-Fund based
Limit (15.00) [ICRA]A4; Reaffirmed
Rationale
The revision of the long-term rating takes into consideration the
continuous increase in receivables leading to a stretched
liquidity position. The ratings are also constrained by SEPL's
modest scale of operations and thin profitability owing to the
trading nature of operations. The competitive and fragmented
nature of industry with low entry barriers also exerts pressure
on the margins and results in limited bargaining power with both
suppliers and customers. The ratings also take into account its
high reliance on letter of credit (LC) backed creditors for
funding its working capital requirements, which has resulted in a
high TOL/TNW of 3.27 times as on March 31, 2017. The ratings also
take into consideration its exposure to the volatility in the
prices of the traded chemicals even though the risk is mitigated
to an extent because of limited inventory holding by the company.
However, the ratings take comfort from the rich experience of the
promoters in the chemical trading industry and SEPL's low revenue
concentration risk due to its diversified product portfolio and
its varied customer base.
Outlook: Stable ICRA believes SEPL will continue to benefit from
the extensive experience of its promoters in the chemical trading
industry. The outlook may be revised to 'Positive' if the company
reports an improvement in its liquidity position and substantial
growth in scale of operations and profitability on a consistent
basis, which would strengthen the financial risk profile. The
outlook may be revised to 'Negative', if there is further de-
growth in the company's revenue, and any stretch in working
capital cycle or high borrowings weakening the capital structure
of the company.
Key rating drivers
Credit strengths
* Extensive experience of the management in chemical trading
industry: SEPL's director, Mr. Suhhail Agarwaal has been
associated with the chemical industry for over a decade. Over the
years, the company has established strong ties with its
customers, entailing repeat orders. The customer base has
remained diversified over the years.
* Diversified product portfolio reduces the demand risks
associated with single product or industry: The company has a
wide product portfolio of 70-80 products, which find wide
applications in diverse industries such as pharmaceuticals, dyes
and dyestuffs, paints and resins etc. The product profile
includes solvents, pharmaceutical intermediates, dye
intermediates, paints, thinners and coating chemicals,
lubricants. The wide product portfolio enables SEPL to alter its
sales mix as per the demand indicators and thereby reduces the
dependence on a single product or industry.
Credit challenges
* Consistently high debtors along with increase in debtors
outstanding for more than 180 days as on November 30, 2017: The
company's receivables position has remained consistently high
with the debtor days increasing to 124 days in FY2017 from 101
days in FY2015, which has affected its liquidity position. The
debtors outstanding for more than 180 days as on November 30,
2017 has been significantly high at INR13.91 crore, up from
INR4.77 crore as on March 31, 2017.
* Modest scale of operations and moderate profitability due to
trading nature of the business; margins vulnerable to price
fluctuation of traded goods: Even though there was a growth of
10% in its operating income (OI), the scale of operations of the
company is modest with the OI at INR139.60 crore in FY2017.
SEPL's profit margins have remained low because of the absence of
value addition due to the trading nature of business. The prices
of the products traded by SEPL generally follow the international
prices of crude oil, which have remained volatile in the past.
Thus, the company remains exposed to commodity price fluctuation
risks, which have adversely affected its profitability in the
past. However, due to back-to-back orders and limited raw
material holding, the risk is mitigated to an extent.
* Reliance on LC-backed creditors for funding its working capital
requirements resulting in high TOL/TNW: The company depends on LC
facility for procuring chemicals from the overseas suppliers as
well as from a few domestic suppliers. The reliance on creditors
for working capital funding has resulted in a high TOL/TNW of
3.27 times as on March 31, 2017, increased from 2.59 times as on
March 31, 2016.
* Stiff competition due to the fragmented nature of industry and
low entry barriers: The domestic market consists of several
trading firms involved in the similar business operations as
SEPL, making the industry fragmented and competitive. In
addition, since this business model does not require any
manufacturing setup or technical expertise, the entry barrier is
low. Hence, the company's profitability has remained moderate on
account of the intense competition, which have led to limited
pricing power.
Incorporated in 2000, Sahastraa Exports Private Limited trades
primarily in chemicals and caters to the domestic market. SEPL
trades in 70 to 80 chemicals, which find applications in diverse
industries such as chemical manufacturing, cosmetics,
pharmaceuticals, dyes and dyestuffs, plywood, paints and resins.
SEPL has its registered office in Mumbai and has a rented
warehousing facility in Bhiwandi (Thane district, Maharashtra).
The company routes its pan-India sales through its seven branch
offices in Bhiwadi (Rajasthan), Delhi, Ghaziabad (Uttar Pradesh),
Hyderabad (Telangana), Kandla (Gujarat), Ludhiana (Punjab) and
Yamuna Nagar (Haryana).
SEPL recorded a profit after tax of INR0.45 crore on an OI of
INR139.60 crore for the year ending on March 31, 2017. It
recorded a profit after tax of INR0.21 crore on an OI of INR91.31
crore for the eight-month period ending November 30, 2017
(provisional numbers).
SRI JAYAJOTHI: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Jayajothi
and Company Limited (SJCL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR1,140.5 bil. Term loan due on March 2022 assigned with
IND BB+/Stable rating;
-- INR377.5 mil. Fund-based limits assigned with IND BB+/
Stable/IND A4+ rating; and
-- INR63.5 mil. Non-fund-based limits assigned with IND A4+
rating.
KEY RATING DRIVERS
The ratings reflect SJCL's modest operating profitability and
weak credit metrics owing to intense competition in the cotton
yarn industry. During FY17, the margins declined to 8.8% (FY16:
12.7%) on account of an increase in raw material prices.
Consequently, gross interest coverage (operating EBITDA/gross
interest expense) deteriorated to 1.8x in FY17 (FY16: 2.0x) and
net EBITDA leverage (total adjusted net debt/operating EBITDA) to
3.8x (3.5x).
As per 11MFY18 unaudited result, the company recorded EBITDA
margin of 12.7%, gross interest coverage of 2.9x and net leverage
of 2.8x. Ind-Ra expects the margin to have improved in FY18 on
account of stable cotton prices and reduction in power and fuel
expenses. SJCL also utilized power generated from its newly
installed windmill of 4.5MW capacity. The agency believes the
credit metrics are likely to have improved in FY18 on the back of
increase in revenue, expected improvement in operating
profitability, scheduled debt repayments and absence of
significant debt-funded capex.
However, the ratings are supported by the company's large scale
of operations as indicated by revenue of INR4,180 million
(INR3,789 million). The increase in revenue was driven by an
increase in sales volume and realizations. SJCL booked revenue of
INR3,944 million as of February 2018. As of March 2018, it had an
order book of INR350 million for cotton yarn and INR120 million
for fabrics, to be executed by April 2018 and FYE19,
respectively.
The ratings also benefit from SJCL's comfortable liquidity
position as reflected by 75.5% average maximum utilization of its
fund-based limits during the 12 months ended March 2018. Cash
flow from operations was positive over FY15- FY17 (FY17: INR463
million, FY16: INR430 million, FY15: INR125 million) and adequate
to meet loan repayment obligations of INR164 million and INR272.3
million in FY18 and FY19, respectively. Ind-Ra expects cash flow
from operations to remain positive in the medium term, mainly on
account of the likely rise in the EBITDA margin.
The ratings are also supported by the directors' more than three
decades of experience in the yarn manufacturing industry.
RATING SENSITIVITIES
Positive: An improvement in revenue as expected, along with
maintenance of operating profitability at FY18 levels, leading to
net leverage reducing below 2.5x on a sustained basis would lead
to a positive rating action.
Negative: Any decline in the revenue and profitability margin or
any planned debt-led capex leading to deterioration in the net
leverage would result in a negative rating action.
COMPANY PROFILE
Incorporated in April 1981, SJCL manufactures cotton yarn. The
company's manufacturing facility, located in Rajapalayam, Tamil
Nadu, has a total installed capacity of 1,40,000 spindles, along
with 3,400 rotors and 11 weaving looms.
SRIVENKATESHWAR TRADEX: CRISIL Withdraws B Rating on INR10MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Srivenkateshwar
Tradex Private Limited (STPL) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating; Rating Withdrawal)
Letter of Credit 30 CRISIL A4 (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 STPL. This restricts CRISIL's
ability to take a forward STPL 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, the rating on bank facilities of STPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of STPL
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.
Incorporated in 2010, STPL is based in Delhi and owned by the
Solanki family. It is managed by director Mr. Rahul Solanki, and
trades in rice, teak wood logs, and metal scrap.
TECHNO TRAK: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Techno Trak
Engineers' (TTE) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR1.8 mil. Term loan due on April 2018 migrated to Non-
Cooperating Category with IND B+(ISSUER NOT COOPERATING)
rating;
-- INR50 mil. Fund-based working capital limitsmigrated to
Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
rating; and
-- INR12.5 mil.Non-fund-based working capital limits migrated
to Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Formed in in 1986, TTE is a Maharashtra-based partnership concern
that manufactures couplings and pup joints, which are majorly
used in the petroleum industry.
TRINA NRE: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Trina NRE
Transportation Limited (Trina) for obtaining information through
letters and emails dated January 29, 2018, March 5, 2018,
March 7, 2018 and March 12, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.80 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Bill Purchase 1.25 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit/
Overdraft facility 2.00 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit 1.50 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Packing Credit 3.00 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Term Loan 6.00 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 Trina NRE Transportation
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Trina NRE Transportation Limited 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 Trina NRE Transportation Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Established in 1992 as an export-oriented unit for manufacturing
precision custom gears for the marine, offshore, locomotive,
mining, wind energy, transportation, and construction industries,
Trina, currently manufactures locomotive traction gears and
pinions for railroads. It derives the bulk of its operating
revenue from exports.
UNDAVALLI CONSTRUCTIONS: Ind-Ra Assigns BB+ Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Undavalli
Constructions Private Limited (UCPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
action is:
-- INR900 mil. Proposed term loans* assigned with Provisional
IND BB+/Stable rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by UCPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect a high finance risk faced by UCPL, as the
company is yet to receive a sanction for an INR900 million term
loan for its under-construction residential project, SriValli
Pravas. As informed by the management, UCPL has submitted its
proposal for the term loan to the bank. The project cost is
estimated at about INR3,575.5 million, the majority of which will
be funded through customer advances (INR2,383 million; about 67%
of project cost). UCPL expects the promoters to infuse their
contribution of about INR292.5 million in FY19. According to the
management, INR200 million of the promoter contribution has
already been infused.
The ratings also reflect a high execution risk, considering 5% of
the project was completed as on March 31, 2018. According to Ind-
Ra, timely sanction of the term loan and receipt of customer
advances will be critical for timely project execution. UCPL's
application for RERA certification with Andhra Pradesh Real
Estate Regulatory Authority is still under verification.
The ratings, however, are supported by the project's favorable
location, which is likely to benefit the off take of the project.
As informed by the management, about 22% of the total available
flats have been booked since the project launch in July 2017. The
project is located opposite Nagarjuna University on the Guntur
Vijayawada Highway in Andhra Pradesh. Moreover, the project is in
proximity to Amaravati, the new capital of Andhra Pradesh (4km
away) and other cities such as Vijaywada (8km away) and Guntur
(13km away). Ind-Ra expects the naming of Amaravati as the new
capital of Andhra Pradesh to boost real estate requirements in
and around places such as Amaravati, Vijayawada and Guntur.
In February 2018, UCPL signed a memorandum of understanding with
the Andhra Pradesh Capital Region Development Authority for the
development of Andhra Pradesh capital region in the area of
housing development.
The ratings are also supported by the promoters' extensive
experience of over two decades in the real estate sector. The
promoters have so far constructed over 400,000 square feet of
space. Moreover, UCPL faces a low regulatory risk, as the project
has obtained construction permission, layout plan approval,
environment clearance and airport no-objection certificate.
RATING SENSITIVITIES
Negative: Lower-than-expected bookings, slow realization of
customer advances and/or significant time or cost overruns could
result in a downgrade.
Positive: Fast bookings, along with timely realization of
customer advances and timely project execution without additional
debt, could result in an upgrade.
COMPANY PROFILE
Incorporated in 2016, UCPL is headed by Mr. Ramu Undavalli and
Mr. Indra Rao Undavalli. UCPL is constructing SriValli Pravas, a
1.3-million-square-foot residential project, on the Guntur
Vijayawada Highway opposite Nagarjuna University in Andhra
Pradesh.
VARDHMAN WIRES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vardhman Wires &
Cables' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
B+(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating action is:
-- INR28.95 mil. Fund-based facilities migrated to Non-
Cooperating Category with IND B+(ISSUER NOT COOPERATING)
/IND A4(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2009, Vardhman Wires & Cables is engaged in the
trading of cables and conductors, mainly polyvinyl chloride
cables, aerial bunched cable, flame retardant low smoke cable,
aluminum alloy conductor and aluminum conductor steel reinforced.
VELANKANNI TOWN: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Velankanni Town
Panchayat's Long-Term Issuer Rating of 'IND BB'. The Outlook was
Stable.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the
issuer rating was assigned under AMRUT (Atal Mission for
Rejuvenation and Urban Transformation) programme and no specific
debt is issued against the rating. Ind-Ra will no longer provide
ratings or analytical coverage for Velankanni Town Panchayat.
COMPANY PROFILE
Velankanni Town Panchayat is a special-grade town panchayat in
Nagapattinam District. It is situated on the seashore of the Bay
of Bengal and is 350km far from Chennai.
=================
I N D O N E S I A
=================
BANK PAN INDONESIA: Fitch Affirms BB LT IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating
(IDR) of Indonesia-based PT Bank Central Asia Tbk (BCA) to 'BBB',
from 'BBB-' due to a corresponding upgrade of the bank's
Viability Rating to 'bbb' from 'bbb-'. Fitch has also maintained
PT Bank Danamon Indonesia Tbk (Danamon)'s IDRs and Support Rating
on Rating Watch Positive (RWP) and affirmed the IDRs of P.T. Bank
Pan Indonesia Tbk (Panin). All other international ratings for
the three banks have been affirmed. The Outlooks on BCA and Panin
are Stable.
At the same time, Fitch Ratings Indonesia has affirmed the
National Long- and Short-Term Ratings on BCA and its subsidiary,
PT BCA Finance (BCAF). The RWP on Danamon's National Long-Term
Rating has been maintained and its National Short-Term Rating has
been affirmed. The Outlooks on BCA and BCAF are Stable. A full
list of rating actions is provided at the end of this commentary.
'AAA(idn)' Long-Term National Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.
'AA(idn)' Long-Term National Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country. The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.
'F1(idn)' Short-Term National Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.
KEY RATING DRIVERS
IDRs, VIABILITY RATINGS AND NATIONAL RATINGS
BCA's IDRs, Viability Rating and National Ratings reflects the
bank's leading and entrenched industry position, strong (and in
some cases improving) credit fundamentals that remain underpinned
by its low-risk transactional banking business model and
management focus. Fitch expect these fundamentals to remain
favourable relative to domestic peers and comparable with higher-
rated banks in other emerging markets. BCA's performance
continues to benefit from high margins thanks to its large low-
cost current and savings deposits (CASA) base, which accounted
for 76% of total deposits at end-2017.
BCA's profitability and asset quality, as reflected in its return
on assets (ROA) of 3.2% and non-performing loan (NPL) ratio of
1.4%, respectively, remain superior to local peers and more
stable even in softer economic times. BCA's Fitch Core Capital
(FCC) ratio has improved significantly since 2015 and was at
22.5% at end-2017, one of the highest among peers, supported by
strong internal capital generation. The resilience and
strengthening of these financial aspects contributed to the
rating upgrade, as did the improved operating environment, with
BCA likely to be a primary beneficiary of any further improvement
in conditions in Indonesia's banking system.
Danamon's IDRs and National Ratings are based on its standalone
credit profile. The RWP reflects the likelihood that Danamon's
ratings may benefit from extraordinary support from its 19.9%
shareholder, Mitsubishi UFJ Financial Group, Inc. (MUFG,
A/Stable/a), if MUFG successfully increases its shareholding to
40%; the next stage in its plan to acquire a majority stake in
Danamon. Danamon's ratings are likely to be higher than its
standalone-driven ratings when including extraordinary support
from MUFG.
Danamon's Viability Rating reflects its satisfactory company
profile, including a solid consumer finance franchise, strong
(and improved) capitalisation, improving profitability and
moderate asset quality and funding profiles. Danamon benefits
from ordinary support from its ultimate shareholder, Temasek
Holdings Private Limited, which Fitch expect to remain available
until it disposes of its stake in Danamon to MUFG. Fitch expect
support from MUFG during the transition, although it is unlikely
to be required. Fitch believe Danamon's weak funding profile,
highlighted by its reliance on high-cost non-CASA deposits and
above-peer loan/deposit ratio, is counterbalanced by its strong
capital profile, with a FCC ratio of 22.4% at end-2017 and
satisfactory profitability; its ROA of 2.2% was higher than the
2.0% industry average. The bank's risk appetite is greater than
higher-rated peers, which contributes to its moderate asset
quality; its NPL ratio of 2.7% at end-2017 was broadly in line
with the 2.6% industry average.
Panin's IDRs and Viability Rating reflect its moderate funding
profile and modest earnings, which are lower than those of
higher-rated Indonesian banks, although this is counterbalanced
by improved capital (FCC ratio was 21.6% at end-2017) and
manageable asset quality (NPL ratio of 2.8%, in line with the
industry average). Fitch assessment also captures the bank's
domestic franchise as a family-controlled mid-sized bank. Panin's
weaker funding profile compared with larger peers is reflected in
its lower proportion of lower-cost CASA deposits (end-2017: 35%,
industry: 56%) while its modest profitability is highlighted in
below industry average ROA of 1.0%.
SUPPORT RATINGS AND SUPPORT RATING FLOORS
The Support Ratings and Support Rating Floors for BCA, Danamon
and Panin reflect Fitch's view of a moderate probability of
extraordinary state support being made available, if needed.
Fitch believes the three banks are systemically important to
Indonesia, as BCA, Danamon and Panin are the third-, eighth- and
seventh-largest banks in Indonesia by assets, respectively. BCA's
higher Support Rating Floor reflects Fitch's view of its higher
systemic importance as the country's transactional banking
leader, with a much higher market share of industry assets (end-
2017: 10.2%) relative to Danamon and Panin (between 2.0%-3.0%).
SUBSIDIARY RATING
BCAF's National Ratings reflect Fitch's expectation of a strong
probability of support from its parent in times of need. Fitch
see BCAF as a core subsidiary supporting BCA's business expansion
in Indonesia's consumer financing market. BCAF's important role
in managing BCA's entire portfolio of car loans makes it integral
to BCA's consumer business chain. The car loan portfolio
constituted a significant 37% of BCA's consumer loans at end-
2017. BCA's support is manifested in the common brand name it
shares with BCAF, the provision of funding and operational
alignment, such as utilisation of BCA's branch network. Business
referrals from BCA also remain significant, at around 40% of
BCAF's new financing in 2017.
ISSUE RATINGS
BCAF's senior bonds are rated at the same level as its National
Long- and Short-Term Ratings in accordance with Fitch criteria.
RATING SENSITIVITIES
IDRs, VIABILITY RATINGS AND NATIONAL RATINGS
BCA's ratings are sensitive to changes in its operating
environment and the bank's ability and strategy to manage it -
especially if it were to weaken. Deeper and less volatile
financial markets, sustained economic improvement or a higher
sovereign rating could trigger an upgrade of BCA's Viability
Rating, and in turn, its IDR, if its financial profile was
strengthened. However, an upgrade would only be possible in the
event of the sovereign rating being upgraded, which Fitch
believes is not probable in the short-term - given that
Indonesia's sovereign rating was upgraded to 'BBB' with a Stable
Outlook in December 2017. BCA's ratings would also be sensitive
to a considerable change in its business model, including greater
risk appetite. However, Fitch do not believe this prospect to be
likely in the near-term because of management's prudent approach,
especially with regards to asset quality, core capitalisation and
liquidity.
Fitch will resolve the RWP on Danamon's ratings when MUFG
completes its acquisition of 40% of Danamon's shares, which Fitch
expect to occur by end-3Q18. Fitch will upgrade Danamon's ratings
if Fitch conclude that its ratings can be based on potential
extraordinary support from MUFG. This is likely to result in a
two-notch upgrade of Danamon's Long-Term IDR to 'BBB', with
further upside constrained by Indonesia's Country Ceiling of
'BBB'. It would also result in a one-notch upgrade of both its
Short-Term IDR and National Long-Term Rating. There is no rating
upside for the bank's National Short-Term Rating, as it is
already at the highest point on the scale.
Danamon's Viability Rating may be downgraded in the event of
deterioration in the company's profile and significant weakening
of its capitalisation, asset quality and profitability - most
likely to be a result of a sharply deteriorating operating
environment or higher risk appetite. Rating upside for Danamon
may result from a significant improvement in its franchise,
leading to better funding and liquidity metrics, while
maintaining sound capitalisation similar to that of higher-rated
peers. This could potentially arise from more material and
tangible benefits stemming from MUFG's increased ownership and
involvement in the bank. However, Fitch sees the likelihood of
movement on the bank's Viability Rating to be unlikely in the
short term.
For Panin, rapid and above-peer loan expansion, which could
negatively affect its capital and funding position in a difficult
economy, may result in a downgrade of its Viability Rating.
However, as Panin's IDR is at the same level as its Support
Rating Floor, the IDR would not be affected by a downgrade of its
Viability Rating unless considerations underpinning its Support
Rating Floor also weaken. Sustained improvement in Panin's
ability to generate capital and profitability would be positive
for its Viability Rating.
SUPPORT RATINGS AND SUPPORT RATING FLOORS
A change in Fitch's view of the government's ability and
willingness to provide extraordinary support would affect the
banks' Support Ratings and Support Rating Floors. Fitch will
continue to review the potential effect on the Support Ratings
and Support Rating Floors as further clarity on the impact on
systemic banks from the Financial System Crisis Prevention and
Mitigation Law and supporting regulations to the law emerges.
MUFG's acquisition of a 40% stake in Danamon is likely to lead to
an upgrade of Danamon's Support Rating to '2' and a withdrawal of
its Support Rating Floor, as Fitch would see MUFG, rather than
the Indonesian sovereign, as the primary source of extraordinary
support for the bank, if required.
Fitch is likely to affirm Danamon's ratings if MUFG does not
acquire a 40% shareholding in the bank.
SUBSIDIARY RATING
Any significant dilution in BCA's ownership or perceived
weakening of support for its subsidiary would exert downward
pressure on BCAF's ratings, including the possibility of multi-
notch downgrades. However, Fitch sees this prospect as remote,
given BCAF's core role in BCA's consumer business strategy. There
is no rating upside, as the rating is already at the highest
point on the scale.
ISSUE RATINGS
Any changes in BCAF's National Long- and Short-Term Ratings would
affect its issue ratings.
FULL LIST OF RATING ACTIONS
BCA:
Long-Term IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(idn)'
Viability Rating upgraded to 'bbb' from 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Danamon:
Long-Term IDR of 'BB+' maintained on RWP
Short-Term IDR of 'B' maintained on RWP
National Long-Term Rating of 'AA+(idn)' maintained on RWP
National Short-Term Rating affirmed at 'F1+(idn)'
Viability Rating affirmed at 'bb+'
Support Rating of '3' maintained on RWP
Support Rating Floor affirmed at 'BB'
Panin:
Long-Term IDR affirmed at 'BB'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
BCAF:
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(idn)'
Rupiah senior debt rating affirmed at 'AAA(idn)' and 'F1+(idn)'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 9 to April 13, 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
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G STEEL PCL 3.00 10/04/15 USD 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
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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,
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 ***