/raid1/www/Hosts/bankrupt/TCRAP_Public/180515.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, May 15, 2018, Vol. 21, No. 095
Headlines
A U S T R A L I A
BLACKMANS LEATHER: First Creditors' Meeting Set for May 23
BRIERTY LIMITED: Liquidators Harden 'Insolvent Trading' View
HALF PRICE: Second Creditors' Meeting Scheduled for May 22
SHAYE YOUNG: First Creditors' Meeting Set for May 22
STRICTLY ORGANIC: First Creditors' Meeting Set for May 24
STUDIO HOMES: First Creditors' Meeting Slated for May 24
UNIVERSE INVESTMENTS: First Creditors' Meeting Set for May 22
VICTORIA STATION: Second Creditors' Meeting Set for May 21
B A N G L A D E S H
MERANTILE BANK: Moody's Assigns B1 Deposit Rating, Outlook Stable
I N D I A
ALPNA VISUAL: CRISIL Reaffirms B Rating on INR4.1MM Term Loan
BHANSALI ENGINEERING: Ind-Ra Withdraws 'BB+' LT Issuer Rating
BHARGAB ENGINEERING: CRISIL Hikes Rating on INR10MM Loan to B+
CANPLY INDIA: CRISIL Assigns B+ Rating to INR6MM Cash Loan
DHRUV OIL: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
ERA INFRA: NCLT Admits Union Bank of India's Insolvency Bid
G. SANKAR: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan
GAUTAM CEMENT: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
INDIAN FINANCE: CRISIL Assigns 'B' Rating to INR10MM LT Loan
ISHAN INTERNATIONAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
JAGDAMBA FIBRES: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
K. B. RICE: CRISIL Reaffirms B Rating on INR9MM Cash Loan
KALPAKA TRANSPORT: CRISIL Migrates B+ Rating to Not Cooperating
KAPIL ENTERPRISES: Ind-Ra Maintains B+ Rating in Non-Cooperating
KERALA TRANSPORT: CRISIL Moves B+ Rating to Not Cooperating
MAHAA LAKSHMI: CRISIL Assigns B- Rating to INR4.5MM LT Loan
MARUTHI CORPORATION: CRISIL Assigns B+ Rating to INR10MM Loan
MAYA SAHA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
MONNET ISPAT: CCI Approves JSW Steel-AION's Bid
PANNA AGROTECH: CRISIL Assigns B+ Rating to INR1.94MM Cash Loan
SAGAR INDUSTRIES: CRISIL Assigns B- Rating to INR14.5MM Cash Loan
SANGOTRA FASHIONS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
SHREE RADHE: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
SHRI BALAJI: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
SHRI SAGAR: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
SHRI SAGAR: Ind-Ra Corrects March 15, 2017 Rating Release
SHRI VARU: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
SIVAKAME TRADING: CRISIL Assigns B Rating to INR6MM Cash Loan
SK AGARWAL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SKS BLUE: CRISIL Assigns B Rating to INR3MM Long Term Loan
SRI PARAMESWARI: CRISIL Assigns D Rating to INR4.5MM Cash Loan
SRUSTI INFRADEVELOPERS: CRISIL Assigns 'B' Rating to INR20MM Loan
UNISHIRE URBANSCAPE: CRISIL Reaffirms D Rating on INR126MM Loan
UNITED PROVINCES: CRISIL Lowers Rating on INR118MM Loan to 'B'
VIRAJ CONSTRUCTION: Ind-Ra Migrates BB Rating to Non-Cooperating
VIVEK REALTY: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR6MM Loan
WIINTRACK EXPORTS: CRISIL Lowers Rating on INR8.5MM Loan to D
* INDIA: Bitter Court Wars Bog Down New Bankruptcy Law
N E W Z E A L A N D
MTF TORANA 2016: Fitch Affirms 'Bsf' Rating on Class F Notes
S O U T H K O R E A
GM KOREA: GM Can't Sell Stake in Unit Over Next 5 Years
* S. KOREA: 31 Conglomerates Under Tight Scrutiny for Heavy Debts
X X X X X X X X
* BOND PRICING: For the Week May 7 to May 11, 2018
- - - - -
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A U S T R A L I A
=================
BLACKMANS LEATHER: First Creditors' Meeting Set for May 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Blackmans
Leather Pty Ltd will be held at Collins Square, Tower 2, Level
25, 727 Collins Street, in Melbourne, Victoria, on May 23, 2018,
at 10:00 a.m.
Andrew Beck -- andrew@greyhouse.com.au -- and Ben Verney --
ben@greyhouse.com.au -- of Greyhouse Partners were appointed as
administrators of Blackmans Leather on May 11, 2018.
BRIERTY LIMITED: Liquidators Harden 'Insolvent Trading' View
------------------------------------------------------------
Peter Williams at The West Australian reports that liquidators
said a probe into Brierty Limited has strengthened their view
that the civil and mining contractor was trading while insolvent
four months before its AUD66 million collapse.
A report to creditors by KPMG said making insolvent trading
claims against Brierty's directors remained under consideration
but depended on further investigation, according to the West
Australian.
The West Australian relates that the contractor's directors
including chairman Dalton Gooding have rejected the claims and
vowed to defend themselves. Liquidator Matthew Woods said in the
update delivered on May 7 that a lot of correspondence reviewed
indicated Brierty did not have sufficient liquidity from May 2017
to meet creditor payments, the West Australian says.
Brierty's board called in administrators last September after
failing to recover from a roadworks project blowout the year
before, the report notes.
The West Australian relates that Mr. Woods said the project loss,
a material increase in overdue debts, difficulty procuring new
work and an inability to raise funds or negotiate deals with
secured creditors were the basis for the view of insolvent
trading.
The report says the liquidators were considering funding options
if creditors decided to commence proceedings against the
directors on allegations of trading while insolvent.
A media statement on behalf of the directors said they
"absolutely reject" some of the findings in the liquidators'
report, The West Australian relays.
"The board and management were acutely aware of their obligations
around insolvent trading," the statement, as cited by The West
Australian, said.
"The directors obtained solvency advice from an international law
firm in order to assist in providing comfort that the company was
not insolvent and outlined continuing measures to be applied in
assessing ongoing solvency. These measures were adopted and
regularly tested."
They said the report gave little, if any, weight to the fact
Brierty was actively lodging tenders for new mining and civil
contracts, The West Australian relates.
"The directors, as reasonable commercially experienced business
people, held the honest belief that the company would secure
additional contracts which would generate additional material
revenue. The directors will vigorously defend any actions
alleging insolvent trading."
According to The West Australian, the liquidators are also
investigating potentially voidable transaction, including AUD9.6
million in what may have been preferential payments to 23
creditors.
Inquiries continue into other claims, including loan repayments
to directors and bonuses paid to former executives Ray Bushnell
and Troy Buswell, adds The West Australian.
About Brierty
Brierty Limited provided civil and mining contracting, and land
development services to government and private industry in
Australia.
Matthew David Woods, Hayden Leigh White and Clint Peter Joseph of
KPMG were appointed as administrators of Brierty Limited on
Sept. 6, 2017.
At the second meeting of creditors of the Company, held on 7
February 2018, it was resolved that the Company be placed into
liquidation, in accordance with section 439C(c) of the
Corporations Act 2001. Accordingly, on that date, Matthew Woods,
Hayden White and Clint Joseph were appointed as joint and several
Liquidators of the Company.
HALF PRICE: Second Creditors' Meeting Scheduled for May 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Half Price
Enterprises Pty Ltd has been set for May 22, 2018, at 3:00 p.m.
at the offices of BRI Ferrier (NSW), Level 30, Australia Square,
264 George Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 21, 2018, at 4:00 p.m.
Peter Paul Krejci of BRI Ferrier was appointed as administrator
of Half Price on April 16, 2018.
SHAYE YOUNG: First Creditors' Meeting Set for May 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Shaye
Young Earthmoving Pty Ltd will be held at Level 40, 2 Park
Street, in Sydney, NSW, on May 22, 2018, at 11:00 a.m.
John Vouris and Richard Albarran of Hall Chadwick were appointed
as administrators of Shaye Young on May 10, 2018.
STRICTLY ORGANIC: First Creditors' Meeting Set for May 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Strictly
Organic Australia Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 1103, Level 11, 147 Pirie
Street, in Adelaide, SA, on May 24, 2018, at 12:00 p.m.
Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Strictly Organic on May 14, 2018.
STUDIO HOMES: First Creditors' Meeting Slated for May 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Studio
Homes Australia Pty Ltd, trading as Hospitality Partners Pty Ltd,
will be held at Level 27, 44 St George's Terrace, in Perth, WA,
on May 24, 2018, at 10:00 a.m.
Mathieu Tribut of GTS Advisory was appointed as administrator of
Studio Homes on May 14, 2018.
UNIVERSE INVESTMENTS: First Creditors' Meeting Set for May 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Universe
Investments Pty Ltd will be held at the offices of Jones Partners
Insolvency & Business Recovery, Level 13, 189 Kent Street, in
Sydney, NSW, on May 22, 2018, at 11:00 a.m.
Michael Gregory Jones of Jones Partners was appointed as
administrator of Universe Investments on May 10, 2018.
VICTORIA STATION: Second Creditors' Meeting Set for May 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of:
-- Victoria Station Corporation Pty Ltd;
-- Victoria Station Services Pty. Ltd.;
-- Michael Hartz Pty Ltd; and
-- Paul Hartz Pty Ltd
has been set for May 21, 2018, at 10:00 a.m. at the offices of
Adina Apartment Hotel - Waratah Room, 189 Queen Street, in
Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2018, at 5:00 p.m.
Michael Carrafa, Peter Gountzos and Richard J Cauchi of SV
Partners were appointed as administrators of Victoria Station on
May 2, 2017.
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B A N G L A D E S H
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MERANTILE BANK: Moody's Assigns B1 Deposit Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned B1 long-term foreign- and
local-currency deposit and issuer ratings to Mercantile Bank Ltd.
(MBL), a bank based in Bangladesh (Ba3 stable). Moody's has also
assigned short-term ratings of Not Prime (NP), baseline credit
assessment (BCA) of b2, adjusted BCA of b2, and counterparty risk
(CR) assessment of B1(cr)/NP(cr). The outlook is stable.
RATINGS RATIONALE
The B1 ratings are one notch higher than MBL's b2 BCA,
incorporating one notch of uplift due to Moody's assumption of a
moderate probability of public support from the Government of
Bangladesh.
The b2 BCA reflects MBL's modest solvency profile, good funding
profile, and modest liquidity position.
The bank's asset quality is modest, with a problem loans ratio of
3.7% and rescheduled loans ratio of 7.0% at the end of 2017.
These ratios are largely in line with those reported by private
sector banks in the country.
Moody's notes that MBL's asset quality ratios could be
understated because of the bank's rapid 32% loan growth in 2017,
a fast expansion rate relative to domestic peers. The credit risk
introduced by rapid credit growth is balanced somewhat by the
short-term nature of most loans originated in 2017, as those are
mainly related to trade finance.
Similar to domestic peers, MBL has a corporate banking focus in
loans, and is exposed to industries such as the ready garments
sectors. This industry in Bangladesh has been undergoing
restructuring and facility upgrades, and is of poor credit
quality according to Bangladesh Bank, the country's central bank.
MBL has a low loss absorbing buffer, with a tangible common
equity/adjusted risk weighted assets ratio (TCE/RWA) of 6.2% at
year-end 2017 on a pro-forma basis, including the proposed cash
dividends for 2017. This ratio is weak in Moody's opinion. The
bank's capital ratio declined in 2017 due to rapid RWA growth as
well as high cash dividends.
Moody's expects MBL's TCE ratio will increase moderately in 2018-
2019 due to a reduction in cash dividends and slower RWA growth,
as the bank is facing rising minimum capital ratios set by
Bangladesh Bank.
The central bank's Basel III roadmap requires that banks in
Bangladesh maintain a minimum Tier 1 ratio of 8.5% on 1 January
2020, inclusive of the capital conservation buffer, which is
higher than the 7.25% required for 2017. MBL's Tier 1 ratio stood
at 7.9% for 2017, a ratio that is lower than the fully-loaded
2019 capital requirement of 8.5%.
The bank is funded by deposits, but its loan to deposit ratio
(LDR) stood at a high 97% at the end of 2017. Somewhat mitigating
the risk from this high LDR, Moody's notes that the bank had a
very well matched maturity profile of assets and liabilities as
of the same date.
The bank's liquid assets at 18% of tangible banking assets are
modest, but of good quality in the Bangladesh context, with the
vast majority of liquid assets composed of cash, placements with
Bangladesh Bank, and investments in government securities.
Moody's assumes that there is a moderate probability of support
to MBL from the Government of Bangladesh. This assumption results
in a one-notch uplift of the bank's B1 ratings, from its b2 BCA.
COUNTERPARTY RISK ASSESSMENT
MBL's CR Assessment is positioned at B1(cr)/NP(cr). CR
assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessments
will be more likely preserved to limit contagion, minimize losses
and avoid disruption of critical functions.
What Could Change the Rating Up/Down
Moody's will consider upgrading the BCA if the bank materially
improves its TCE ratio and decreases the level of problem and
rescheduled loans. The BCA could also be upgraded if Moody's
raises the Macro Profile for Bangladesh, which currently stands
at a "Weak" level.
If the BCA of MBL is upgraded by one notch, Moody's may consider
upgrading the bank's deposits ratings.
Conversely, the BCA and ratings could be lowered if solvency and
liquidity metrics significantly deteriorate and/or if the Macro
Profile is lowered.
A summary of MBL's first-time ratings as assigned by Moody's is
as follows:
- B1 local and foreign currency long-term deposit ratings;
outlook stable
- B1 local and foreign currency long-term issuer ratings;
outlook stable
- b2 BCA and b2 adjusted BCA
- B1(cr)/NP(cr) long-term and short term counterparty risk
assessments
- NP local currency and foreign currency short-term deposit
ratings
- NP local currency and foreign currency short-term issuer
ratings
The principal methodology used in these ratings was Banks
published in April 2018.
Headquartered in Dhaka, Bangladesh, Mercantile Bank Ltd.'s
consolidated assets totaled BDT261 billion (approximately $3.2
billion) at December 31, 2017.
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I N D I A
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ALPNA VISUAL: CRISIL Reaffirms B Rating on INR4.1MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Alpna Visual Packaging Aids (AVPA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 1.5 CRISIL A4 (Reaffirmed)
Proposed Fund-
Based Bank Limits 0.4 CRISIL B/Stable (Reaffirmed)
Term Loan 4.1 CRISIL B/Stable (Reaffirmed)
The ratings continue to reflect AVPA's modest scale of
operations, large working capital requirement, and weak financial
risk profile. These weaknesses are partially offset by the
extensive experience of the proprietor and comfortable return on
capital employed (RoCE).
Analytical Approach
Unsecured loans from the proprietor of INR8.8 lakh as on
March 31, 2017 has been treated as debt.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Despite growth of 36% in operating
income to INR17 crores in fiscal 2018, scale of operations
remains modest. Also intense industry competition reduces the
firm's pricing power and affects its working capital management.
* Working capital-intensive operations: Working capital
requirements are high as reflected in its gross current assets of
180 days as on March 31, 2017, driven by high inventory and
debtor of 82 days and 84 days. Large working capital requirement
is partially offset by supplier credit (83 days as on March 31,
2017).
* Weak financial risk profile: Financial risk profile is marked
by modest net worth of INR2.57 crores and moderately high total
outside liabilities adjusted net worth (TOLANW) of 3.79 times as
on March 31, 2017 because of high dependence on bank borrowings
to fund working capital requirements. Further, interest coverage
was modest at 1.6 times in fiscal 2017 and net cash accrual to
adjusted debt ratio was negative due to capital withdrawals. It
is expected to remain weak over the medium term.
Strengths
* Extensive experience of the proprietor: Benefits from the
proprietor's significant experience in the engineering industry
and established relationships with customers and suppliers should
continue to aid the business risk profile.
* Robust RoCE: RoCE of the firm was 12% in fiscal 2017, on
account of moderate profitability. RoCE is expected to remain
above current levels over the medium term.
Outlook: Stable
CRISIL believes that AVPA will continue to benefit from the
extensive experience of its proprietor. The outlook may be
revised to 'Positive' if significant increase in revenue and
profitability leads to higher than anticipated cash accrual. The
outlook may be revised to 'Negative', if decline in profitability
or stretch in working capital cycle or any large debt-funded
capital expenditure weakens financial risk profile.
Established in 2002, Delhi-based AVPA is a proprietorship firm
managed by Mr Vijay Kumar Aggarwal. The firm is engaged in
manufacturing of packaged machines and supplying the same within
both the local and foreign geographies.
BHANSALI ENGINEERING: Ind-Ra Withdraws 'BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhansali
Engineering Polymers Limited's Long-Term Issuer Rating of 'IND
BB+ (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- The IND BB+ rating on the INR600 mil. Fund-based working
capital limit is withdrawn; and
-- The IND BB+ rating on the INR1,500 bil. Non-fund-based
working capital limit is withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings as the
instruments have been paid in full.
COMPANY PROFILE
Incorporated in 1986 in Mumbai, Bhansali Engineering Polymers
manufactures acrylonitrile butadiene styrene which is used to
manufacture plastic products.
BHARGAB ENGINEERING: CRISIL Hikes Rating on INR10MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bhargab Engineering Works (BEW) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Foreign Bill
Discounting 2 CRISIL B+/Stable (Reaffirmed)
Packing Credit 6 CRISIL A4 (Reaffirmed)
Term Loan 0.79 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term 1.21 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
The upgrade reflects improvement in business profile marked by
improvement in scale of operation. In fiscal 2018, the firm is
estimated to have clocked revenue of INR36 crore against INR24.36
crore in last year. Further profitability has also improved with
estimated operating margin of 11% driven by improved exports.
Overall profitability has also improved with estimated profit
after tax of INR68 lakh for fiscal 2018.
The ratings continue to reflect BEW's stretched working capital
cycle and modest scale of operation. The rating also takes into
consideration its exposure to fluctuation in raw material prices.
These weaknesses are partially offset by extensive experience of
the promoters in the tea blending and cleaning machinery
business, and the firm's established business relationships.
Key Rating Drivers & Detailed Description
Weakness
* Working capital-intensive operations: Gross current assets is
estimated to be around to 305 days as on March 31, 2018, from 415
days a year earlier. Inventory and receivables are estimated 250
days and 70 days, respectively, as on March 31, 2018. Large
inventory is due to slow conversion period of tea blending and
cleaning machinery.
* Susceptibility of margins to raw material price fluctuation:
BEW is highly susceptibility to losing on profit due to
fluctuation in raw material prices. BEW hold large value of
inventory of around INR20 crore which can impact profitability if
there is change in raw material prices.
Strength
* Experience of the promoters, and strong business relationships:
The promoters have been in the tea blending machine industry
since the 1970s. The firm supplies its products in the
international and domestic markets. The promoters helped
diversify supplies to 20 countries, including Sri Lanka, Vietnam,
Indonesia, and China, and have built steady relationships of 15-
20 years with most customers. Healthy relationships with
suppliers ensure favorable credit terms.
Outlook: Stable
CRISIL believes BEW will continue to benefit from its established
customer base and its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is sizeable
growth in revenue and improvement in profitability or in working
capital cycle, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if the financial risk
profile weakens due to decline in revenue or profitability, or
stretch in working capital cycle.
BEW was formed in 1954 by the late Mr Pranatosh Kumar Sen in
Kolkata. The firm is being managed as a partnership concern by
his sons Mr Sanjib Kumar Sen and Mr Aritra Ranjan Sen. It
manufactures tea blending and cleaning machinery at its
assembling unit in Howrah (West Bengal).
CANPLY INDIA: CRISIL Assigns B+ Rating to INR6MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the long
term bank facilities of Canply India Private Limited (CIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable (Assigned)
Foreign Letter
of Credit 1 CRISIL B+/Stable (Assigned)
The rating reflects the below-average financial risk profile
because of a small networth and leveraged capital structure,
modest scale of operations and working capital intensity in
operations. These rating strengths are partially offset by
extensive experience of the promoters in the trading business and
their funding support.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: The networth was low at INR1.49
crore while gearing and total outside liabilities to tangible
networth (TOLTNW) ratio was high at 3.78 times and 9.72 times
respectively as on March 31, 2017. The capital structure was
estimated to remain weak in fiscal 2018 as well.
* Working capital intensity in operations: Operations are highly
working capital-intensive, as reflected in gross current assets
of 289 days as on March 31, 2017 due to high inventory of 118
days and high debtors of 154 days as on March 31, 2017. These
large working capital requirements are funded by payables and
external debt.
* Modest scale of operation: With estimated revenue of around
INR25 crore in fiscal 2018, the scale remains modest. Operating
margin remains average at about 5.0-5.7%.
Strengths
* Promoter's extensive experience in plywood-industry: The
promoters have been in trading of plywood for over 20 years and
have developed understanding of the dynamics of the local market,
and established healthy relationship with suppliers and
customers. The extensive experience of promoter will help company
in bringing significant business linkage over and above the
financial support. Promoters have also extended unsecured loans
of INR1.76 crore as on March 31, 2017, which offers financial
flexibility.
Outlook: Stable
CRISIL believes that CIPL will benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case the company reports
higher revenue growth and maintains its profitability, leading to
better cash accruals and subsequent improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
in case the company's financial risk profile, particularly
capital structure and liquidity, weakens considerably due to
lower cash accruals or stretch in working capital cycle.
CIPL, incorporated in 2012, is engaged in trading of plywood. The
company is promoted by Mr M J Robert and Mrs Varna Simple Truman.
The company is based out of Bangalore, Karnataka.
DHRUV OIL: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhruv Oil &
Protein's (DOP) 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 are:
-- INR85 mil. Fund-based limits migrated to Non-Cooperating
Category with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR31.15 mil. Term loan due on December 2021 migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated on September 18, 2014, DOP refines mustard oil and
manufactures mustard oil cakes in Morena, Madhya Pradesh. DOP is
managed by six partners.
ERA INFRA: NCLT Admits Union Bank of India's Insolvency Bid
-----------------------------------------------------------
LiveMint.com reports that the National Company Law Tribunal
(NCLT) principal bench on May 8 admitted Union Bank of India's
(UBI's) plea seeking initiation of insolvency proceedings against
Era Infra Engineering Ltd for recovery of INR681.04 crore, along
with an overdue external commercial borrowing of $11.97 million.
The order on admission of the plea was reserved by a bench headed
by President Justice M.M. Kumar on April 25, the report says.
According to LiveMint.com, the admission kick-starts a time-bound
180-day insolvency resolution process, which can be extended by
an additional 90 days, for debt-ridden Era Infra. As a result,
management control would be taken away from promoters and be
vested with a resolution professional appointed by NCLT. In case
the "insolvency" is not resolved during this time period, firms
would go into liquidation, the report says.
Pursuant to the Insolvency and Bankruptcy Code, the resolution
professional would now announce the initiation of the corporate
insolvency resolution process and call for submission of claims,
LiveMint.com notes.
Earlier, Era Infra had objected to the initiation of insolvency
proceedings against it in the light of several pending company
petitions before the Delhi high court seeking "winding up" of the
corporate debtor.
Holding that there is no bar on NCLT to trigger an insolvency
resolution process on an application filed under Sections 7, 9
and 10 if a winding up petition is pending unless an official
liquidator has been appointed and a winding up order has been
passed, NCLT decided to resume hearing on Union Bank of India's
plea, LiveMint.com states.
About Era Infra
Era Infra Engineering Limited engages in the execution of
construction contracts involving engineering, procurement and
construction projects across a range of sectors, such as roads
and highways, power, railways, metro, aviation, industrial,
institutional and related segments. Its principal business
activities are to carry on the business of builders, civil
contractors, and sanitary engineers, architects, town planners
and to submit tenders for the aforesaid business; to layout,
develop, construct, build, erect, demolish, re-erect, repair,
remodel, execute or do any other work in connection with any
industrial complex/parks, flyovers, ports, airports, highways,
roads, railways, irrigation, dam and canals, among others, and to
act as manufacturer, trader, dealer, importer, exporter, buyer,
seller of all any type/kind of material used in the construction/
infrastructure industry, including setting up of ready mix plant
in India or abroad.
Eighteen winding-up petitions filed by various operational and
financial creditors against Era Infra Engineering are pending
before the Delhi High Court, Livemint.com reported. Union Bank of
India is not among them. Era Infra Engineering owes more than
INR10,000 crore to its creditors.
Era is one of the 12 bad loan accounts that have been directed by
the central bank to be referred under IBC, Livemint.com said.
G. SANKAR: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of G. Sankar Timber Depot (SGTD).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility .5 CRISIL B+/Stable
Cash Credit 2.0 CRISIL B+/Stable
Letter of Credit 3.5 CRISIL A4
The rating reflects modest scale of operations in highly
fragmented timber industry and working capital intensive nature
of operations. These rating weaknesses are partially offset by
the extensive experience of partners in timber industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in highly fragmented timber
industry: The scale of operations remains modest as reflected in
revenue of INR 5.67 crore for fiscal 2017. Furthermore, it
operates in a highly fragmented timber industry with low
bargaining power with customers.
* Working capital intensive operations: The firm's operations are
working capital intensive as indicated by a high estimated gross
current assets (GCA) day of sales of around 297 days as on
March 31, 2017. The high working capital intensity is primarily
on account of the firm's high inventory holding requirements and
high credit offered to its customers.
Strengths
* Extensive experience of the partners: The promoters have over
two decades experience in the timber industry which has helped
the firm establish healthy relationship with its key suppliers in
South East Asia and Africa.
Outlook: Stable
CRISIL believes SGTD will benefit from the extensive experience
of its partners in the timber trading industry. The outlook may
be revised to 'Positive' if operations scale-up and profitability
is stable, or efficient working capital management strengthens
financial risk profile. The outlook may be revised to 'Negative'
if decline in profitability or increase in working capital
requirement strengthens financial risk profile.
G. Sankar Timber Depot (SGTD) was set up in 2014 in Shencottai,
TamilNadu and is engaged in processing (i.e.cutting and sawing)
and trading of timber. The firm processes various types of wood
including teak wood, hard wood and Fine woods
GAUTAM CEMENT: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gautam Cement
Works' 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 B+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR13.3 mil. Long-term loans maintained in non-cooperating
category with IND B+ (ISSUER NOT COOPERATING) rating;
-- INR50.0 mil. Fund-based working capital limit maintained in
non-cooperating category with IND B+ (ISSUER NOT
COOPERATING) rating; and
-- INR60.0 mil. Non-fund-based working capital loan maintained
in non-cooperating category with IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Gautam Cement Works manufactures highly durable and heavy duty
pre-stressed concrete poles.
INDIAN FINANCE: CRISIL Assigns 'B' Rating to INR10MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Indian Finance Guaranty Ltd (IFGL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B/Stable
The rating reflects the company's short track record of
operations and exposure to risks inherent in the capital market
business. These weaknesses are partially offset by moderate
capitalisation.
Key Rating Drivers & Detailed Description
Weakness
* Short track record of operations: The promoters are first-time
entrepreneurs, though they have more than 10 years of experience
of working with leading capital market players such as India
Infoline, Religare, and India Bulls. The operations of the
company are yet to be profitable and has a small client base of
around 500 active clients. The company made a loss of INR22 lakhs
during the first half of fiscal 2018.
* Risks related to capital market operations: Volatility in
equity markets is driven by economic, political, and social
factors that guide investor sentiments. Turnover and volume in
the equity broking business move in tandem with market sentiment.
Global factors also influence the fortunes of the domestic
market. The Indian securities market has become increasingly
competitive with few entrenched players and entry of foreign
broking entities over the past few years.
Strengths
* Moderate capitalization: Capitalisation is moderate with
networth of INR3.1 crore and nil gearing as on March 31, 2017.
Promoters have infused about INR40 lakh in the current fiscal and
plan to infuse additional capital.
Outlook: Stable
CRISIL believes IFGL's scale of operations will remain modest and
regionally concentrated over the medium term. The outlook may be
revised to 'Positive' if there is significant improvement in
market position and earnings. The outlook may be revised to
'Negative' if the earnings decline substantially, constraining
the financial risk profile.
IFGL incorporated in 1992 was acquired last year, by current
promoters, Mr Rajnish Kumar Singh and his brother, Mr Abhishek
Kumar Singh, from Mr Sarthak Sardana and Mr Ashok Kumar Sardana.
The company is currently into equity broking, but recently
acquired Multi Commodity Exchange of India Ltd(MCX) licence and
plan to start commodity trading business. IFGL is also a
depositary participant with National Securities Depository
(India) Ltd for settlement of dematerialised shares.
ISHAN INTERNATIONAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ishan
International's (ISIN) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B+ (ISSUER NOT-COOPERATING)'. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. The rating is
based on publicly available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating action is:
-- INR347.50 mil. Fund-based limits (Long-term/Short-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects classification of ISIN as a non-performing
asset by the bank.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months
would be positive for the ratings.
COMPANY PROFILE
Incorporated in 1999 in Haryana, ISIN is a partnership firm
engaged in the business of rice milling. The total installed
capacity of its plant is 40MT of paddy/day. The firm uses paddy
as raw material and rice is the final product.
JAGDAMBA FIBRES: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jagdamba
Fibers Private Limited's (JFPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable.
The instrument-wise rating action is:
-- INR60 mil. Fund-based working capital limits downgraded with
IND B+/Stable rating.
KEY RATING DRIVERS
The downgrade reflects a decline in JFPL's revenue and operating
margin in FY17. The revenue declined to INR247.3 million in FY17
from INR263.5 million in FY16 due to lower realization prices,
and the operating EBITDA margin fell to 4.58% from 5.07% during
the period owing to high raw material costs. According to
provisional financials for FY18, the revenue was INR230 million.
The scale of operations continues to be small.
The ratings continue to reflect JFPL's tight liquidity profile,
indicated by an average working capital limit utilization of
94.00% for the 12 months ended March 2018.
The ratings are supported by an improvement in JFPL's credit
metrics, which are at a modest-to-weak level. In FY17, JFPL's
interest coverage was 1.50x (FY16: 1.35x) and net financial
leverage was 6.09x (6.47x). The improvement in the interest
coverage was primarily driven by a fall in the interest payments,
while the improvement in the net leverage was due to a decrease
in the debt.
The ratings continue to be supported by the directors' over 25
years of experience in the yarn manufacturing business.
RATING SENSITIVITIES
Negative: Any further decline in the scale of operations will be
negative for the ratings.
Positive: Any rise in the scale of operations and any further
improvement in the credit metrics will be positive for the
ratings.
COMPANY PROFILE
Established in 1987, JFPL manufactures textile yarn at its 3,000
metric tons per annum facility in Surat. Its operations are
managed by Mr. Sajjan Kumar Agarwal and Mr. Ved Prakash Goel.
K. B. RICE: CRISIL Reaffirms B Rating on INR9MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of K. B. Rice Mills (KBRM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B/Stable (Reaffirmed)
Rupee Term Loan 3 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect KBRM's large working capital
requirement and weak financial risk profile. These weaknesses are
partially offset by the experience of the partners in the rice
industry.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: Gross current assets are
estimated at 203 days as on March 31, 2018, owing to large
inventory of 180 days because of higher off-take during year-end.
Paddy is procured through mandis (commission agents) with credit
of 7-40 days, after which interest is levied at the rate of 1.5%.
Hence, firm generally stretch their creditors as reflected in 50
days as on March 31 2018; expected to remain at similar level
over the medium term. Its receivables are generally from domestic
customers (merchant exporters) who are with extended credit
period of 20-40 days; expected to remain at around 20 days over
the medium term. KBRM's working capital requirements will remain
large over the medium term.
* Weak financial risk profile: Total outside liabilities to
tangible networth ratio was high at 14.51 times as on March 31,
2017, owing to small networth of INR1.67 crore and large working
capital debt. It is estimated to be at around 15.6 times as on
March 31, 2018. Interest coverage and net cash accrual to total
debt ratios are average, estimated at 1.23 times and 0.02 times,
respectively, in fiscal 2018.
Strength
* Experience of partners: The partners have longstanding
experience of over two decades in the rice industry through their
group firms, J K Industries, and Zamindara Agro Traders
(commission agent). Benefits from their experience, strong
understanding of the local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business.
Outlook: Stable
CRISIL believes KBRM will continue to benefit over the medium
term from the experience of the partners. The outlook may be
revised to 'Positive' if financial risk profile strengthens
because of sizeable capital infusion or substantial increase in
scale of operations, profitability and cash accrual. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile weakens due to any large, debt-funded capital
expenditure, or steep decline in scale of operations,
profitability and cash accrual.
KBRM was set up in 2013 at Fazilka (Punjab) as a partnership
between Mr. Sarandeep Singh, Mr. Gurpreet Singh, Mr. Darshan Lal,
Mr. Pawan Kumar, Ms. Kulwant Kaur and Ms. Mona Rani. The firm
undertakes rice milling and shelling; it also processes basmati
rice and its by-products such as bran, phuk, and bardana, which
are sold in both, the overseas and domestic markets.
KALPAKA TRANSPORT: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Kalpaka Transport Co
Private Limited (KTCPL; part of KTC group) to 'CRISIL
B+/Stable/Issuer Not Cooperating'. However, the management
subsequently started sharing the requisite information, necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities
of KTCPL from 'CRISIL B+/Stable/Issuer not cooperating' to
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 9 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable Issuer
Not Cooperating')
The ratings continue to reflect the group's below-average
financial risk profile because of high gearing and weak debt
protection metrics, large working capital requirements and
susceptibility to intense competition in the road freight
transport industry. These rating weaknesses are partially offset
by established position in this industry and diversified customer
profile.
Analytical Approach
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTCPL and Kerala Transport Company
(KTC). This is because the two entities, together referred to as
the KTC group, are in the same line of business, under a common
management, and have significant operational linkages and
fungible cash flows between them.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: Networth has reduced to
INR4.35 crore as on March 31, 2018 due to capital withdrawals by
partners. Consequently, the total outside liabilities to tangible
networth was 8.37 times as on March 31, 2018. Interest coverage
ratio was weak 1.15 times and net cash accruals to total debt of
0.02 times in fiscal 2018.
* Large working capital requirements: KTC group's operations are
working capital intensive as reflected in its GCA, which has
historically remained high in the range of 130 to 150 days.
Moreover, because of administrative and logistical delays in
submission of bills, its receivables are delayed by another 10
days to 15 days, thereby extending the receivable collection
period to 100 days to 110 days. CRISIL expects KTC's operations
to remain working capital intensive over the medium term.
* Susceptibility to intense competition: The domestic road
freight transport is largely dominated by small players because
of low entry barriers on account of modest capital and technology
requirements and easy availability of finances for vehicles. This
restricts revenue growth and profitability.
Strength
* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the industry through other
principals and healthy relationships with diversified clientele
should support business. Their experience has helped identify
potential untapped market regions for improvement in scale and
gaining traction for operations.
Outlook: Stable
CRISIL believes the KTC group will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if significant
improvement in financial profile due to sizeable infusion, while
revenue growth and profitability is sustained and working capital
cycle improves. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorate, dye to decline
in revenue or profit margins, or substantial debt-funded capital
expenditure.
KTC was setup in 1958 by Mr. P V Chandran and family members. It
provides freight transportation services to players in the fast-
moving consumer goods, automobiles, paints, and tyres industries
all over India. In addition to the logistics business, the firm
also owns and operates two Indian Oil Corporation fuel bunks in
Calicut, Kerala and provides clearing and shipping services at
the Cochin Airport and the Cochin Port. Later in 1973, the
promoters had started KTCPL, which is also engaged in freight
transportation services.
KAPIL ENTERPRISES: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kapil
Enterprises Private Limited's (KEPL) Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR70 mil. Fund-based limits maintained in Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
NOT COOPERATING) rating; and
-- INR1.11 mil. Term loan maintained in Non-Cooperating Category
with IND B+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
KEPL is a rubber tire and agricultural engineering equipment
manufacturer. It has plants in Bhiwadi, Neemrana and Kosi, and a
sales office in New Delhi. KEPL manufactures rubber tires and a
wide variety of agricultural engineering equipment such as tail
wheels, leather goods, leather shoe, footwear, uppers, steel
rims, hubs, top link, chain links and axle pin. KEPL exports all
its products to the US.
KERALA TRANSPORT: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Kerala Transport Company
(KTC; part of KTC group) to 'CRISIL B+/Stable/CRISIL A4/Issuer
Not Cooperating'. However, the management subsequently started
sharing the requisite information, necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on bank facilities of KTC from 'CRISIL
B+/Stable/CRISIL A4/Issuer not cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Migrated from
'CRISIL A4 Issuer Not
Cooperating')
Cash Credit 42 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable Issuer
Not Cooperating')
The ratings continue to reflect the group's below-average
financial risk profile because of high gearing and weak debt
protection metrics, large working capital requirements and
susceptibility to intense competition in the road freight
transport industry. These rating weaknesses are partially offset
by established position in this industry and diversified customer
profile.
Analytical Approach
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTC and Kalpaka Transport Company Pvt
Ltd (KTCPL). This is because the two entities, together referred
to as the KTC group, are in the same line of business, under a
common management, and have significant operational linkages and
fungible cash flows between them.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: Networth has reduced to
INR4.35 crore as on March 31, 2018 due to capital withdrawals by
partners. Consequently, the total outside liabilities to tangible
networth was 8.37 times as on March 31, 2018. Interest coverage
ratio was weak 1.15 times and net cash accruals to total debt of
0.02 times in fiscal 2018.
* Large working capital requirements: KTC group's operations are
working capital intensive as reflected in its gross current
assets (GCA) days, which has historically remained high in the
range of 130 to 150 days. Moreover, because of administrative
and logistical delays in submission of bills, its receivables are
delayed by another 10 days to 15 days, thereby extending the
receivable collection period to 100 days to 110 days. CRISIL
expects KTC's operations to remain working capital intensive over
the medium term.
* Susceptibility to intense competition: The domestic road
freight transport is largely dominated by small players because
of low entry barriers on account of modest capital and technology
requirements and easy availability of finances for vehicles. This
restricts revenue growth and profitability.
Strength:
* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the industry through other
principals and healthy relationships with diversified clientele
should support business. Their experience has helped identify
potential untapped market regions for improvement in scale and
gaining traction for operations.
Outlook: Stable
CRISIL believes the KTC group will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if significant
improvement in financial profile due to sizeable infusion, while
revenue growth and profitability is sustained and working capital
cycle improves. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorate, dye to decline
in revenue or profit margins, or substantial debt-funded capital
expenditure.
KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and
operates two Indian Oil Corporation fuel bunks in Calicut, Kerala
and provides clearing and shipping services at the Cochin Airport
and the Cochin Port.
MAHAA LAKSHMI: CRISIL Assigns B- Rating to INR4.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' to the long term bank
facility of Mahaa Lakshmi Cold Storage (MLCS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 4.5 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 1.5 CRISIL B-/Stable
The rating reflects modest scale and nascent stage of operations.
Rating also reflects a small net worth and weak capital
structure. These rating weaknesses are partially offset by
promoters' extensive experience in agriculture and farming.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and nascent stage of operations: MLCS commenced
operations in March 2018 and has a capacity for 1 lac bags of 45
kg each. Hence it is a small sized player in a highly competitive
cold storage segment. Moreover, the firm has limited track record
in the business.
* Small net worth and weak capital structure: The firm's project
is funded in a debt equity mix of 2.5:1 and hence the capital
structure is expected to be weak. Moreover, it is estimated to
have a modest net worth of INR2 crore as on March 31, 2018.
Strength
* Promoters' extensive experience in agriculture and farming
The partners have extensive experience in farming, cultivation
and other agricultural related business and have established
relation with farmers in the locality, thus benefiting the
business risk profile of MLCS.
Outlook: Stable
CRISIL believes that MLCS will continue to benefit over the
medium term from its promoter's entrepreneurial experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations and profitability increase significantly leading to
healthy cash accruals while reporting a moderate financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm faces delays in ramp up, adversely affecting its credit
risk profile, particularly liquidity or in case of substantial
deterioration in capital structure.
Established in June 2017, Mahaa Lakshmi Cold Storage (MLCS) runs
a cold storage unit in Narasaraopet, Andhra Pradesh. The unit
started commercial operations in March 2018. It provides services
of cold storage to farmers and traders in Narasaraopet Village
and surrounding area and is promoted by Mr. Mallikarjuna Rao and
8 other partners.
MARUTHI CORPORATION: CRISIL Assigns B+ Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of Maruthi Corporation Limited (MCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 10 CRISIL B+/Stable (Assigned)
The rating reflects the company's exposure to project
implementation risks primarily off-take and funding given the
initial stage of execution. The rating also factors in
susceptibility to cyclicality in the real estate sector. These
weaknesses are partially offset by the extensive experience of
MCL's promoters in the real estate industry.
Key Rating Drivers & Detailed Description
Weakness
* High project implementation risks: The project is in the
initial phase of execution with 20% of the total construction
cost incurred. Also with 20% bookings done, off-take and funding
risks are high. About 90% of the project is to be funded by
customer payments, hence slower bookings or delay in inflow of
advances may impact the project implementation and liquidity
severely.
* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical and marked by sharp
movements in prices and a highly fragmented market structure. The
overall uncertain economic climate and changing regulatory
environment exposes the firm to cyclicality in the sector.
Strength
* Extensive experience of promoters: The promoters have been in
the real estate industry for over two decades and have completed
several projects in Hyderabad, Telangana, leading to established
presence.
Outlook: Stable
CRISIL believes that MCL will benefit over the medium term from
its promoter's extensive industry experience, nonetheless its
credit risk profile remains exposed to lower offtake. The outlook
may be revised to 'Positive' if the company generates higher-
than-expected cash flows from operations, resulting from strong
improvement in project booking, accelerated execution of its
projects and improved cash inflows. Conversely, the outlook may
be revised to 'Negative' if MCL reports significantly lower-than-
expected cash flow from operations, either because of subdued
response to its project or lower-than-envisaged flow of advances,
leading to deterioration in its financial risk profile especially
liquidity.
MCL was established in 1994 as a private limited company by Dr.
K. Ram Reddy. The company is currently undertaking a residential
real estate project of construction of villas in Shadnagar,
Hyderabad. The company has recently started a new project of
affordable housing Shantinivas.
MAYA SAHA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maya Saha'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 BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR100 mil. Fund-based limits migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 15, 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 2004, Maya Saha is engaged in the distribution of
Indian-made foreign liquor in West Bengal.
MONNET ISPAT: CCI Approves JSW Steel-AION's Bid
-----------------------------------------------
MoneyControl.com reports that JSW Steel on May 12 said the
Competition Commission of India has approved the bid by a
consortium led by it to acquire Monnet Ispat and Energy Ltd
(MIEL) in an insolvency auction. The committee of creditors (CoC)
of Monnet Ispat and Energy, which is undergoing insolvency
proceedings, had on April 12 approved the resolution plan
submitted by the only bidder Sajjan Jindal's JSW Steel along with
AION Capital.
"The Competition Commission of India (CCI) . . . considered the
proposed combination and is of the opinion that there is no
appreciable adverse effect on competition," JSW Steel, as cited
by MoneyControl.com, said in a regulatory.
The resolution plan remains subject to the approval of the
National Company Law Tribunal (Mumbai bench), it added, the
report relays.
JSW Steel Limited and AION Investments Private II Limited (AION)
had submitted a bid for MIEL under the corporate insolvency
resolution process of the Insolvency and Bankruptcy Code 2016,
according to MoneyControl.com.
As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2018, BloombergQuint said Monnet Ispat & Energy Ltd.'s
committee of creditors on April 10 approved a resolution plan
submitted by a joint venture between AION Investments Pvt Ltd and
JSW Steel Ltd. The plan was approved by lenders with a 98.97
percent majority, Monnet Ispat said in an exchange filing. The
bid will now be placed before the National Company Law Tribunal
for final approval, before being implemented.
On Feb. 27, BloombergQuint had reported that the JSW-AION
consortium had made a INR3,700 crore offer for Monnet Ispat. Of
this, INR2,650 crore were to be used to repay lenders against
admitted claims worth INR10,000 crore. That would mean that the
financial creditors would take a 76 percent haircut on their
exposure.
About Monnet Ispat
Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.
Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).
PANNA AGROTECH: CRISIL Assigns B+ Rating to INR1.94MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Panna Agrotech Cold Storage Private
Limited (PACSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.94 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 1.06 CRISIL B+/Stable (Assigned)
The rating reflects PACSPL's modest scale of operations, below-
average financial risk profile, and susceptibility to regulatory
changes in the cold storage industry. These weaknesses are
partially offset by the experience of the promoters in the cold
storage and potato trading businesses.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability. Hence, revenue was modest at INR1.10 crore in
fiscal 2017 and is estimated at INR0.73 crore in fiscal 2018.
* Below-average financial risk profile: Networth was low at
INR1.22 crore as on March 31, 2017, while gearing was high at
around 12 times. Hence, financial risk profile may remain
constrained over the medium term despite comfortable debt
protection metrics; interest coverage and net cash accrual to
total debt ratios are estimated at 1.8 times and 0.09 times,
respectively, in fiscal 2018.
* Susceptibility to regulatory changes and intense competition:
There are nearly 200 cold storages in Bihar and the resulting
competition constrains bargaining power of players, which also
have to offer discounts to ensure healthy capacity utilisation.
Strength
* Experience of promoters: Benefits from the promoters'
experience of 7 years, their strong understanding of the local
market dynamics, and healthy relations with traders and farmers
should continue to support the business.
Outlook: Stable
CRISIL believes PACSPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if there is efficient management of farmers
financing, along with significant increase in scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if liquidity weakens due to delays in repayment by
farmers, lower-than-expected cash accrual, or any large, debt-
funded capital expenditure.
PACSPL, incorporated in 2009 at Purnia, Bihar, undertakes cold
storage of potatoes. Mr Kumar Balendu and Mr Ranvijay Prasad
Singh are the promoters.
SAGAR INDUSTRIES: CRISIL Assigns B- Rating to INR14.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the bank
facility Sagar Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 14.5 CRISIL B-/Stable
The ratings the modest scale of operations in a highly fragmented
industry, below average financial risk profile and large working
capital requirements. These weaknesses are partially offset by
extensive experience of the partners in the cotton-ginning
industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a highly fragmented industry: The
firm has been in business for more than 30 years, but the
turnover is modest at INR17-18 crore in fiscal 2018. This is
mainly on account of cotton ginning industry is largely
unorganised with various players having small capacities.
* Below-average financial risk profile: The gearing is moderate
estimated at 3 times as on March 31, 2018, and debt protections
metrics modest with interest coverage and net cash accrual to
total debt ratios at 1.3 times and 0.03 time, respectively, in
fiscal 2018.
* Large working capital requirements: The firm has large working
capital requirements as reflected in gross current assets of
around 300 days.
Strengths
* Extensive industry experience of the partners: Sagar is a
partnership firm of the Shah family, which has been in the
business of cotton ginning and pressing and cotton trading for
more than two decades. The extensive experience has led to strong
relationships with suppliers and customers.
Outlook: Stable
CRISIL believes Sagar will continue to benefit from the extensive
industry experience of its partners and established relationship
with customers. The outlook may be revised to 'Positive' in case
of a significant increase in cash accruals leading and
improvement in the working capital management. The outlook may be
revised to 'Negative', in case of deterioration in the financial
risk profile due to a stretched working capital cycle, or a
decline in revenue or profitability, or in case of any debt
funded capex.
Incorporated in 1994, Sagar is a partnership concern. The firm is
engaged into ginning and pressing of the raw cotton and crushing
of cotton seeds. The factory is situated in Surendranagar,
Gujarat.
SANGOTRA FASHIONS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sangotra
Fashions Private Limited's (SFPL) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR70 mil. Fund-based limits Maintained in 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 5, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Mumbai-based SFPL manufactures and exports readymade garments; it
was incorporated in 2010.
SHREE RADHE: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Radhe
Shyam Oil Mill's (SRSOM) 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 B (ISSUER NOT COOPERATING)' on
the agency's website.
The instrument-wise rating action is:
-- INR75 mil. Fund-based limits maintained in 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
March 30, 2016. 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, SRSOM is engaged in oil milling. The company
is located in Samana, Punjab.
SHRI BALAJI: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Balaji
Institute of Nursing Private Limited'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 B+ (ISSUER NOT COOPERATING)' on
the agency's website.
The instrument-wise rating action is:
-- INR73.5 mil. Term loan maintained at non-cooperating category
with IND B+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SBINPL was incorporated in 2013 and is managed by Mr. Anil Dubey
and Mr. Devendra Naik. It has set up a nursing college in Raipur,
Chhattisgarh.
SHRI SAGAR: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Sagar Woven
Private Limited's (SSWPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR40 mil. (increased from INR35 mil.) Fund-based limits
affirmed with IND BB-/Stable rating; and
-- INR17.74 mil. (reduced from INR23.62 mil.) Term loan due on
January 2024 affirmed with IND BB-/Stable rating.
KEY RATING DRIVERS
The affirmation reflects SSWPL's short operational track record,
small scale of operations and modest EBITDA margin and credit
metrics. The company commenced commercial operations in October
2015. FY17 was the first full year of operations. Revenue surged
to INR178 million in FY17 (FY16: INR100 million) due to an
increase in demand for polypropylene bags. However, the EBITDA
margin contracted to 9.7% in FY17 (FY16: 10.6%) owing to
fluctuations in raw material prices.
Gross interest coverage (operating EBITDA/gross interest expense)
improved to 2.0x (FY16: 1.8x) and net financial leverage (total
adjusted net debt/operating EBITDAR) to 4.6x (5.6x) due to a rise
in absolute EBITDA and a decrease in total debt.
However, the ratings are supported by SSWPL's comfortable
liquidity position as reflected by 83.54% average use of its
working capital limits over the 12 months ended April 2018.
The ratings continue to be supported by SSWPL's promoters' over
two decades of experience in the manufacturing of woven sack.
RATING SENSITIVITIES
Negative: Deterioration in the overall credit profile and
liquidity position may lead to a negative rating action.
Positive: A substantial rise in revenue and an improvement in the
credit metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2010, SSWPL manufactures high-density
polyethylene fabrics and linear low-density polyethylene liner
bags. The company's manufacturing plant, located in Gandhinagar,
Gujarat, has an installed capacity of 2,550mtpa.
SHRI SAGAR: Ind-Ra Corrects March 15, 2017 Rating Release
---------------------------------------------------------
This announcement corrects the commentary published on March 15,
2017 to correctly state the year of commencement of operations of
Shri Sagar Woven Private Limited (SSWPL) as October 2015 instead
of October 2016. An amended version is as follows:
India Ratings and Research (Ind-Ra) has assigned Shri Sagar Woven
Private Limited (SSWPL) a 'Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.
Instrument-wise rating actions are:
-- INR35 mil. Fund-based limits assigned with IND BB-/Stable
rating; and
-- INR23.62 mil. Term loan due on August 23, 2020 assigned with
IND BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect SSWPL's short operational track record as it
started commercial operations in October 2015. During the first
six months from the commencement of operations, the company
reported revenue of INR101 million, EBITDA margin of 10.5%,
interest coverage (operating EBITDA/gross interest expense) of
1.76x and net leverage (total adjusted net debt/operating
EBITDAR) of 5.42x. As per 9MFY17 provisional results, SSWPL
reported revenue of INR151.18 million.
The ratings also factor in SSWPL's tight liquidity position as
reflected by 95% utilization of working capital facilities during
the 12 months ended January 2017.
However, the ratings draw comfort from the promoters' two decades
of experience in the woven sack manufacturing business.
RATING SENSITIVITIES
Negative: Deterioration in the overall credit profile, along with
liquidity from the present level may lead to a negative rating
action.
Positive: A substantial rise in revenue and improvement in the
credit profile will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2010, SSWPL is engaged in manufacturing of high-
density polyethylene fabrics and linear low-density polyethylene
liner bags. The company's manufacturing plant with an installed
capacity of 2,550mtpa is located in Gandhinagar, Gujarat.
SHRI VARU: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Varu
Polytex Private Limited's (SVP) 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:
-- INR115 mil. Term loan due on March 2024 migrated to Non-
Cooperating Category with IND B (ISSUER NOT COOPERATING)
rating; and
-- INR50 mil. Fund-based working capital limit 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
SVP was originally incorporated as R R Dal Mills Private Limited
on 11 February 1982. Subsequently, in September 2016, the name
was changed to SVP. The company is managed by Mr. Anmol Jain and
Mr. Ajit Jain. It is setting up a high-density polyethylene woven
sack manufacturing unit in Jeevnathpur, Industrial Area Ramnagar
(Uttar Pradesh) with an annual installed manufacturing capacity
of woven sacks of 5,400 tons.
SIVAKAME TRADING: CRISIL Assigns B Rating to INR6MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the Long Term
bank facilities of Sivakame Trading Company (STC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B/Stable
Cash Term Loan 1 CRISIL B/Stable
The rating reflects the small scale of operations, exposure to
intense competition and the below average financial risk profile.
These weaknesses are partially offset by extensive experience of
the promoters.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations and exposure to intense competition:
Intense competition in the agro-commodities industry has kept the
scale of operations small, as reflected in revenue of INR7.89
crore in fiscal 2017.
* Below-average financial risk profile: Financial risk profile is
marked by modest net worth and total outside liabilities to
tangible net worth ratio of INR0.22 crore and 3.44 times,
respectively, as on March 31, 2017. Debt protection metrics are
weak, with interest coverage and net cash accrual to total debt
ratios of 1.28 times and 4%, respectively, as on March 31, 2017.
Strength
* Extensive experience of the promoters: The three decade-long
experience of the promoter, Mr Govindaraja Perumal in the agro-
commodities industry will continue to benefit the business risk
profile.
Outlook: Stable
CRISIL believes STC will continue to benefit from the extensive
experience of its promoters in the agro-commodities business. The
outlook may be revised to 'Positive' if growth in revenue and
profitability strengthens the financial risk profile. The outlook
may be revised to Negative if any major, debt-funded capital
expenditure or stretch in the working capital cycle, weakens the
financial profile.
STC was set up as a partnership firm of Mr Govindaraja Perumal in
Virudhunagar, (Tamil Nadu) in 1986. The firm imports green peas
and pulses from countries such as the USA, Canada and Ukraine,
and is trades in these commodities in the wholesale segment.
SK AGARWAL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.K. Agarwal &
Co.'s (SKAC) 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 are:
-- INR745 mil. Fund-based limits migrated to Non-Cooperating
Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR50 mil. Proposed bank facilities migrated to Non-
Cooperating Category with Provisional IND BB (ISSUER NOT
COOPERATING) / Provisional IND A4+ (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
SKAC is a partnership firm engaged in the trading of steel
products such as mild steel plates, chequered plates, hot-rolled
sheets and coils, cold-rolled coils and structural steel
products. The firm is a distributor of JSW Steel Limited ('IND
AA-'/Stable) and Jindal Steel & Power Limited in north India.
SKS BLUE: CRISIL Assigns B Rating to INR3MM Long Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of SKS Blue Metal (SKS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 3 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 2 CRISIL B/Stable
The rating reflects the firm's exposure to risks related to
implementation of its project and demand. This weakness is
partially offset by its promoter's experience in the construction
industry.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation of project and
demand: SKS is setting up a manufacturing facility in Namakkal,
Tamil Nadu, at a cost of INR6.28 Cr, funded through term loan of
INR3 crore and promoters' contribution. SE proposes to commence
operations at its facility by May 2018. Successful implementation
of the project and ability to ramp up its operations will be key
monitorable over the medium term
Strength
* Promoter's extensive experience: SKS is promoted by Mr. K
Sekar, who have experience of over 10 years in the construction
industry.
Outlook: Stable
CRISIL believes SKS will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of timely implementation of the project and
stabilization of the same resulting in higher revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant cost or time overrun in
project, resulting in weakening of the financial risk profile.
Set up in December, 2017 as a proprietorship firm, SKS Blue
Metals (SKS) is involved in manufacturing of M-Sand and Blue
metal. The firm is based out of Namakkal, Tamil Nadu and is
promoted by Mr. K Sekar and Mr I Selvakumar. The firm is expected
to commence operations from end of May 2018.
SRI PARAMESWARI: CRISIL Assigns D Rating to INR4.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned 'CRISIL D/CRISIL D' ratings to the bank loan
facilities of Sri Parameswari Projects Private Limited (SPPPL)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 4.3 CRISIL D
Overdraft .4 CRISIL D
Cash Credit 4.5 CRISIL D
Long Term Loan .8 CRISIL D
The ratings reflect instances of delays by SPPPL in servicing its
debt. The delays have been caused by the weakening in the firm's
liquidity The Rating also factors in modest scale of operations.
These ratings weaknesses are partially offset by Promoter's
extensive experience.
Key Rating Drivers & Detailed Description
Weakness
* Delays in servicing debts: The ratings reflect instances of
delay by SPPPL in servicing its debt. There have been delays by
the firm in servicing its term loan repayment obligations.
* Modest scale of operations: SPPPL has modest scale of
operations. SPPPL has recorded operating income of INR23.2 Crore
for the fiscal 2017.
Strengths
* Promoter's extensive experience: The Company is promoted by Mr
Surapu Naidu who has vast experience in dealing with petrol bunks
and also has been associated with other automobile dealers. The
same has helped them set up a theatre and function hall and it is
under his able guidance that the Company has been growing in
topline.
About the Company
Incorporated in the Year 2003 SPPPL, is involved in multiple
business lines that include running a petroleum bunk, movie
theatre, automobile showroom and function hall. The Company is
promoted by Mr. K.Surapu Naidu.
SPPPL has recorded net losses of INR0.96 Cr on Operating Income
of INR19.38 Cr for the Fiscal 2017 vis-a-vis net losses of
INR0.33 Crore on Operating Income of INR21.32 Crore.
SRUSTI INFRADEVELOPERS: CRISIL Assigns 'B' Rating to INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank loan facilities of Srusti Infradevelopers (India) Private
Limited (SIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 20 CRISIL B/Stable
CRISIL's rating on bank facilities of SIPL reflects extensive
industry experience of the promoters in the residential real
estate development business and the strategic location of the
project. These strengths are partially offset by susceptibility
to risks related to the completion and sale ability of its
ongoing real estate residential projects in Kondapur and to
cyclicality in the real estate industry.
Key Rating Drivers & Detailed Description
Strengths
* Strategic location of the project: Current project is located
in Kondapur, Hyderabad. The site is situated in a mix of
residential and commercial areas and hence the design has
influence of the surroundings. CRISIL believes that strategic
location of the project will assuage the risk associated with
sale ability of the project up to some extent.
* Extensive industry experience of the promoters in the
residential real estate development business: The company is
promoted by Mr R. Shyam Sunder Rao, Mr G. Sharath Kumar Reddy, Mr
G. Jagpal Reddy, Mrs K. Vimala Devi, Mr G. Venkatesh Reddy, Mr J.
Rajasekhar Rao, Mrs J. Varalaxmi and Mrs G. Swapna. All the
directors have a wide experience to a minimum of 20 years in the
field of construction and infrastructure development. Mr. R.
Shyam Sunder Rao, Chairman and Mr G. Venkatesh Reddy, Managing
Director with their extensive knowledge in the fields of Real
Estate, Infrastructure, Construction and Marketing, and strong
ability to deliver projects on time. The team believes that
extensive experience of the promoters in the real estate industry
is going to benefit the company over the medium term.
Weakness
* Susceptibility to risks related to completion and sale ability
ongoing real estate residential project: SIPL remains exposed to
project implementation risks for its new project Srusti Symphony,
Kondapur as the project is still in construction stage. The
company has completed around 60% till Mar-2018. Construction
progress as per the schedule will remain critical for maintaining
regular cash flow and debt servicing.
* Exposure to risks relating to cyclicality in the industry: The
real estate sector in India is cyclical marked by volatile
prices, opaque transactions, and a highly fragmented market
structure. The execution of projects is affected by multiple
property laws and non-standardized government regulations across
states. The risk is compounded by aggressive timelines for
completion with shortage of manpower (project engineers and
skilled labor). With the increase in supply, and attractive
prices offered by various builders and constant regulatory
changes, the profitability of various real estate players is
expected to come under strain over the medium term.
Outlook: Stable
CRISIL believes SIPL will benefit over the medium term from the
promoters' extensive experience in the residential real estate
development segment and strategic location of the new project.
The outlook may be revised to 'Positive' if the company completes
its projects earlier than expected leading to substantial cash
flow. Conversely, the outlook may be revised to 'Negative' if
there is any delay in project completion, in the receipt of
advances from customers, or if SIPL undertakes a large, debt-
funded project.
Incorporated in 2010 by Mr R. Shyam Sunder Rao, Mr G. Sharath
Kumar Reddy, Mr G. Jagpal Reddy, Mrs R. Vimala Devi, Mr G.
Venkatesh Reddy, Mr J. Rajasekhar Rao, Mrs J. Varalaxmi and Mrs
G. Swapna, Srusti Infradevelopers (India) Private Limited (SIPL)
is involved in developing real estate projects. The company is
based out of Kondapur, Hyderabad Telangana.
UNISHIRE URBANSCAPE: CRISIL Reaffirms D Rating on INR126MM Loan
---------------------------------------------------------------
CRISIL's rating on the INR126 crore non-convertible debentures
(NCDs) of Unishire Urbanscape Pvt Ltd (UUPL; part of the Unishire
Urbanscape group) continues to reflect delay in paying principal
and interest component of NCDs due to weak liquidity.
Furthermore, project is stalled due lack to regulatory approvals.
However, UUPL's promoters have extensive experience in real
estate development.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Non Convertible
Debentures-LT 126.00 CRISIL D (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Delays in debt servicing: The company has delayed servicing
principal and interest instalments on the NCDs due to weak
liquidity. Business risk profile has weakened significantly
following lower sales and customer advances. Furthermore, the
company's project is stalled due to lack of regulatory approvals.
Strength
* Experience of promoters: Presence of around 25 years in the
real estate industry has enabled the promoters to establish
contacts with land owners and build a large portfolio of
projects. Promoters are currently executing 11 residential
projects with developable area of 3.1 million square feet (sq
ft).
Incorporated in February 2011, UUPL develops real estate in
Bengaluru and is a part of the Unishire group.
UNITED PROVINCES: CRISIL Lowers Rating on INR118MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank
facilities of The United Provinces Sugar Co. Limited (TUPSCL) to
'CRISIL B/Stable' from 'CRISIL B+/Stable', while reaffirming its
rating on the short term bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.2 CRISIL A4 (Reaffirmed)
Cash Credit 118.0 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Import Letter of
Credit Limit .35 CRISIL A4 (Reaffirmed)
Proposed Long Term 47.87 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
Term Loan 48.91 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The downgrade reflects expectations that the company's business
profile will remain under stress owing to expectations of decline
in sugar prices leading to pressure on revenue growth and
profitability. While recovery rates have been improving and the
trend is expected to continue, significant gap between sugarcane
and sugar prices, which are set by the government, will put
pressure on the company's profitability and sales. This will lead
to a stretched liquidity position as company's cash accruals may
remain tightly matched to maturing repayment obligations.
The ratings continue to reflect TUPSCL's below average financial
risk profile marked by a negative networth and modest debt
protection metrics and exposure to risks related to the regulated
nature of the sugar industry. These weaknesses are partially
offset by the extensive experience of the promoters in the sugar
industry.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: TUPSCL's financial risk
profile is weak on account of its negative net worth as on
March 31, 2017 and its modest debt protection metrics (interest
cover at 1.6 times in fiscal 2017). Financial profile is
expected to remain below average as the net worth will take some
time to turn positive, and with expected pressure on revenue and
profitability, debt protection metrics may also remain modest.
* Exposure to risks related to the regulated nature of the sugar
industry: The sugar manufacturing industry is highly regulated
and is also exposed to risks related to seasonality in sugarcane
production. These factors can impact the scale of operations and
margins.
Strengths
* Extensive experience of the promoters in the sugar industry:
The promoters have been engaged in the sugar industry for over
four decades. This has helped the company is successfully
overcoming various economic cycles and efficiently handling the
risks related to the highly regulated sugar industry.
Outlook: Stable
CRISIL believes TUPSCL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if there is a substantial and sustained
increase in revenue, while the profit margins improve, or
considerable improvement in the capital structure on the back of
sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profit margins, or
significant deterioration in the capital structure caused most
likely because of larger-than-expected debt-funded capital
expenditure or a stretched working capital cycle.
TUPSCL, incorporated in 1924, is promoted and managed by Mr.
Arvind Kanoria. The company manufactures sugar and has an
installed capacity of 6000 tonne crushed per day in Kushingar
district of Uttar Pradesh.
VIRAJ CONSTRUCTION: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Viraj
Construction Pvt Ltd.'s (VCPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR615 mil. Term loan due on September 2019 migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating;
-- INR238 mil. Fund-based limit migrated to Non-Cooperating
Category with IND BB (ISSUER NOT COOPERATING) rating;
-- INR82 mil. Fund-based limit migrated to Non-Cooperating
Category with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR67.5 mil. Non-fund-based limit migrated to Non-Cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 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 2005 by R.K Agarwal, VCPL is engaged in execution
of residential (BBD Green City and BBD Green City Integrated
Township), and commercial (BBD Times Square) projects.
VIVEK REALTY: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vivek Realty &
Resorts Private Limited's (VRRPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR143.5 mil. (reduced from INR155 mil.) Long-term loan due
on October 2021 affirmed with IND BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect VRRPL's delays in project completion, due to
a slowdown in construction activity because of changes in
government regulations. The revised completion date is May 2018
compared to the original completion date of March 2018. Further,
only 54 flats have been booked till March 2018 (March 2017: 36)
in the ongoing project and VRRPL booked advances of INR94.69
million (FY17: INR45.77 million). Also, it so far has recovered
only 26% of the total project cost (FY17:13%). The ratings
further factor in the company's lack of experience in executing
residential projects.
The ratings, however, are supported by the project's locational
advantage. It is located on NH-6, Kharagpur and has proximity to
all the basic amenities.
RATING SENSITIVITIES
Negative: Further delays or cost overruns in the project would
lead to a negative rating action.
Positive: Timely execution of the project within the projected
cost outlay would be positive for the ratings.
COMPANY PROFILE
RRPL was incorporated in July 2008 for the development of a
residential project 'New Cosmocity' in Kharagpur, West Bengal.
Mr. Narinder Kumar Batra, Mr. Vivek Batra, Mr. Gurudev Singh and
Mrs. Harjinder Kaur are the directors of the company. The company
has a registered office in Bhubaneshwar.
VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR6MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of VSSN Rajalabanda (Rajalabanda Society) 'CRISIL B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B-/Stable (Reaffirmed)
The rating continues to reflect the society's weak asset quality,
weak capitalisation and small scale of operations with
geographical concentration. The asset quality will remain weak
on account of low collection efficiency. The capitalisation
remain weak on account of low networth and high gearing. The
scale of operation is small with AUM of INR 9.66 crore as on
September 30, 2017 and remains concentrated in 6 villages in
Raichur district of Karnataka. These weaknesses are partially
offset by funding support received from the sponsor bank, State
Bank of India.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak asset quality: Asset quality of the society is weak on
account of low collection efficiency. The borrowers are marginal
farmers whose ability to repay is purely dependent on good
harvest; repayment ability is significantly impacted in case of
poor harvest. Though the society has collateral in the form of
agricultural land, disposing the land to recover the dues is
procedural and highly challenging.
* Weak capitalization: On account of its inherent limitations in
raising equity and lower accruals, the society's capitalisation
remains weak. It had a low networth at INR0.98 crore with high
gearing at 8.2 times as on March 31, 2017. Also with the weak
asset quality, any loss due to non-recovery of bad assets will
put significant pressure on its capitalisation.
* Small scale of operations with geographic concentration: The
society has been in operations for over three decades, but its
loan portfolio was small at INR9.66 crore as on Septmber 30,
2017. The society lends only to farmers from 6 villages in
Raichur district of Karnataka, therefore the business growth is
dependent on the number of farmers and agricultural activities in
these villages.
Strengths
* Funding support from State Bank of India: The society has been
associated with State Bank of India (earlier, with State Bank of
Hyderabad) since inception. It has received constant funding
support for its lending requirement. The bank, through
Rajalabanda society, extends financial support for the economic
uplift of poor farmers by lending at a very low rate of interest.
As on March 31, 2017 company has borrowing of INR8.0 crore from
SBI at low interest rate of 5.5%.
Outlook: Stable
CRISIL believes that the State Bank of India being a sponsor bank
will continue to support Rajalbanda Society over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in collections, capitalisation, and scale of
operations. The outlook may be revised to 'Negative' if asset
quality deteriorates significantly, further weakening earnings
and capitalization.
Rajalabanda Society is a primary agricultural society established
on October 27, 1976, sponsored by State Bank of India (earlier
sponsored by State Bank of Hyderabad) since its inception. It is
registered with the Registrar of Cooperative Societies,
Karnataka. The society operates in six villages in the Raichur
district. It extends crop loans to its members. As on September
30, 2017, it had a loan portfolio of INR9.66 crore.
WIINTRACK EXPORTS: CRISIL Lowers Rating on INR8.5MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Wiintrack Exports (WE) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 2.5 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Packing Credit 8.5 CRISIL D (Downgraded from
'CRISIL A4+')
The downgrade reflects the company's delays in servicing debt
because of stretched liquidity.
Financial risk profile remains weak, while operations continue to
be modest in scale and working capital intensive. However,
benefits from the partners' extensive experience and established
relationships with customers, continue to support the business.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The financial risk
profile is below average, with low networth and high gearing
estimated at INR5.8 crore and 2.2 times, respectively, as on
March 31, 2018. The debt protection metrics are subdued: interest
coverage and net cash accrual to total debt ratios were 2.02
times and 0.06 time, respectively, in fiscal 2018.
* Modest scale and working capital intensity in operations:
WE has modest scale of operations with estimated revenues of
INR40 crore in fiscal 2018. Operations are also working-capital-
intensive, with gross current assets of around 150 days as on
March 31, 2018, driven by inventory of around 120 days that the
firm maintains on account of seasonal availability of raw
material.
Strengths
* Extensive experience of partners and their healthy
relationships with customers: The partners have been in the
industry for over three decades. Healthy relations of over 10
years with key customers, and strong product profile and ability
to meet customers' stringent delivery deadlines continue to
result in repeat orders.
WE, set up in 2002 as a partnership concern, manufactures and
exports readymade garments, primarily ladies and kids wear. The
firm is based in Tiruppur. Mr K Velusamy and his family members
are the partners.
* INDIA: Bitter Court Wars Bog Down New Bankruptcy Law
------------------------------------------------------
Swansy Afonso and Upmanyu Trivedi at Bloomberg News report
India's new bankruptcy law is being bogged down by bitter court
room disputes that include the likes of ArcelorMittal and the
Tata Group -- jeopardizing the law's promise of time-bound
resolution in a country famous for its sluggish legal system.
Bloomberg says none of the 12 large debtor companies that the
central bank forced into bankruptcy court in June have been sold
yet. According to Bloomberg, the National Company Law Tribunal or
NCLT, in charge of the process, has extended a 270-day deadline
enshrined in the law for Bhushan Power & Steel Ltd. and Essar
Steel India Ltd. by excluding the days under litigation. Others
may follow as the courts are inundated with appeals from
founders, administrators, lenders and bidders.
The report relates that the successful resolution of about $210
billion in stressed loans is crucial to Prime Minister Narendra
Modi efforts to clean-up the balance sheets of state-run banks,
which hold nearly 90 percent of impaired assets. The first 12
large cases are being closely watched to gauge whether India can
hasten the pace of bad-loan recovery, which the World Bank puts
at 4.3 years, ranking the nation at 103 for resolving insolvency,
the report states.
"Discretionary extensions run the risk of setting a dangerous
precedent, driving a hole through the very integrity of the
code," Bloomberg quotes Ran Chakrabarti, a New Delhi-based
finance lawyer and partner at IndusLaw, as saying. Should the
courts water down the 270-day period, "we're back to square one,
and any hope of a swift liquidation process and an efficient
recycling of capital -- the very point of any insolvency law --
will go out of the window."
In what was seen as an initial success for the law, Electrosteel
Steels Ltd. was awarded to billionaire Anil Agarwal's Vedanta
Ltd., Bloomberg says. The hurrah was short-lived as the process
has now been stalled by a court order following an appeal by a
rival bidder.
Bloomberg notes that the company tribunal has repeatedly
postponed a verdict on a bid for Monnet Ispat & Power Ltd. by JSW
Steel Ltd. and Apollo Global Management LLC-backed Aion Capital
Partners. Tata Steel Ltd. is waiting on final approval for its
purchase of Bhushan Steel Ltd., even as it appeals an order
allowing a late bid by Liberty House Group for Bhushan Power.
ArcelorMittal and a VTB Capital-backed consortium are in court
over Essar Steel, the report says.
Beyond the 12, the fight for Binani Cement Ltd. is also emerging
as a test case, with a consortium backed by Bain Capital Credit
slugging it out with billionaire Kumar Mangalam Birla's UltraTech
Cement Ltd, Bloomberg notes. While the former had the winning bid
under the bankruptcy process, Birla's company made a late
counteroffer and then signed an agreement with Binani's founders
to buy the asset. The matter has been taken to an appellate
tribunal and the nation's supreme court before being referred
back to the lenders' committee.
"If in nine months you can't get a resolution done then you've
failed the law," Bloomberg quotes Shardul S. Shroff, executive
chairman of law firm Shardul Amarchand Mangaldas & Co., which
represents one of the Binani suitors, as saying. "The battle for
victory is not the end game for resolution plan, reviving the
company is. Therefore, tribunal should avoid getting caught up by
challenges and attempts by losing bidders to somehow or the other
get back into the game."
====================
N E W Z E A L A N D
====================
MTF TORANA 2016: Fitch Affirms 'Bsf' Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings on six tranches each from
both MTF Torana Trust 2016 and MTF Sierra Trust 2017. The
transactions are securitisations backed by New Zealand automotive
loan receivables originated by Motor Trade Finance Ltd (MTF). The
notes were issued by Trustees Executors Limited in its capacity
as trustee of the respective trusts.
KEY RATING DRIVERS
Credit Enhancement: The affirmations reflect that the current
level of credit enhancement (CE) is sufficient to support the
ratings at their current levels and it has not changed since
closing, as both transactions are still within their respective
revolving periods. Fitch expects CE to start increasing and
providing additional support once the revolving periods cease in
September 2018 (for MTF Torana Trust 2016) and in September 2019
(for MTF Sierra Trust 2017) when the transactions commence
sequential paydown during the amortisation period.
Asset Performance: Gross defaults are marginally higher than
Fitch's expectations set at closing while net losses and
recoveries are better than Fitch's expectations set at closing
for both trusts. The increased gross defaults are driven by
recent regulatory changes to the New Zealand Responsible Lending
Code (RLC), which effectively extends the arrears cure period and
ultimately increases the number of loans that enter 90+ days
arrears and are classified as defaulted. As at the April 2018
payment date, both trusts had 30+ days arrears below Fitch's 4Q17
Dinkum ABS Index of 1.5%. Recoveries have been better than
Fitch's expectations and as at the last payment date were
approximately 80% for MTF Torana Trust 2016 and approximately 60%
for MTF Sierra Trust 2017. Net losses are below Fitch's base
cases to date and excess spread has covered any losses incurred.
Stable Macroeconomic Conditions: The rating Outlooks are stable
as future performance is supported by New Zealand's currently
strong and benign macroeconomic environment, underpinned by a
strong governance and policy framework and prudential fiscal
management, among others, as detailed in the most recent
sovereign rating action and Fitch's expectation that these
conditions will persist. Fitch expects the asset pool to perform
in a similar manner to the historic data assessed.
Revolving Period: During the revolving period, parameters are in
place to manage concentrations in the portfolios such as high-
risk loans, contract size, geographic distribution, single-dealer
and franchisee concentration, maximum obligor exposure and
restrictions on non-standard motor vehicles. The current
portfolios are within stressed pool parameters modelled at
closing. Additionally, there has been no breach to any stop-
origination triggers since closing, which include a breach of the
abovementioned pool parameters and yield support levels along
with, but not limited to, performance-based arrears, loss and
charge-off stop origination triggers.
RATING SENSITIVITIES
The prospect of a downgrade to any of the outstanding rated notes
is considered remote at present given the expected performance of
the transactions, the level of subordination available for each
class of notes for their respective ratings and strong excess
spread available to the trusts.
Further unanticipated increases in the frequency of defaults and
loss severity on defaulted receivables could produce loss levels
higher than Fitch's base case, which is likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Fitch has evaluated the sensitivity of the ratings to
increased gross default levels and decreased recovery rates over
the life of the transaction based on the most stressed portfolio
modelled.
The full list of rating actions are:
MTF Torana Trust 2016
NZD194.0 million Class A notes (ISIN NZTTMTFAT013) affirmed at
'AAAsf'; Outlook Stable
NZD7.3 million Class B notes (ISIN NZTTMTFAT021) affirmed at
'AAsf'; Outlook Stable
NZD6.4 million Class C notes (ISIN NZTTMTFAT039) affirmed at
'Asf'; Outlook Stable
NZD2.9 million Class D notes (ISIN NZTTMTFAT047) affirmed at
'BBBsf'; Outlook Stable
NZD2.8 million Class E notes (ISIN NZTTMTFAT054) affirmed at
'BBsf'; Outlook Stable
NZD1.3 million Class F notes affirmed at 'Bsf'; Outlook Stable
MTF Sierra Trust 2017
NZD194.0 million Class A notes (ISIN NZSTMTFAT015) affirmed at
'AAAsf'; Outlook Stable
NZD7.3 million Class B notes (ISIN NZSTMTFAT023) affirmed at
'AAsf'; Outlook Stable
NZD6.4 million Class C notes (ISIN NZSTMTFAT031) affirmed at
'Asf'; Outlook Stable
NZD2.9 million Class D notes (ISIN NZSTMTFAT049) affirmed at
'BBBsf'; Outlook Stable
NZD2.8 million Class E notes (ISIN NZSTMTFAT056) affirmed at
'BBsf'; Outlook Stable
NZD1.3 million Class F notes affirmed at 'B+sf'; Outlook Stable
====================
S O U T H K O R E A
====================
GM KOREA: GM Can't Sell Stake in Unit Over Next 5 Years
-------------------------------------------------------
Reuters reports that General Motors can't sell any of its 77
percent stake in its troubled South Korean unit over the next
five years and has to keep its holding at over 35 percent between
2023 and 2028, South Korea said on May 10, unveiling details of a
new deal with the U.S. automaker.
The restriction on the stake sale in GM Korea was one of tools
that will prevent GM from leaving the South Korean market, the
nation's Finance Minister, Kim Dong-yeon, told a press
conference, Reuters relays.
Reuters notes that the Detroit car maker and state-run Korea
Development Bank (KDB) have agreed on $7.15 billion of
investments, including a $2.8 billion debt-for-equity swap for
existing loans GM Korea owed to its parent, to rescue the unit.
GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.
* S. KOREA: 31 Conglomerates Under Tight Scrutiny for Heavy Debts
-----------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial regulator
said May 14 it has placed 31 highly-indebted conglomerates under
closer watch for debt reductions in order to prevent unexpected
defaults.
According to Yonhap, the Financial Supervisory Service (FSS) said
the conglomerates that owe more than KRW1.5 trillion (US$1.4
billion) to local banks have been designated heavy corporate
debtors this year. This compares with 36 such firms last year.
The FSS unveils a list of major highly indebted large firms in
May every year, Yonhap says.
Sungdong Shipbuilding & Marine Engineering, E-Land, Halla and two
others were dropped from the list as they sold off affiliates and
paid off debts amid restructuring, Yonhap discloses.
Yonhap says the outstanding amount of the 31 firms' combined
loans totaled KRW240.6 trillion as of the end of 2017, down 11.2
percent from KRW282.3 trillion a year earlier.
The FSS said it will closely scrutinize the firms' financial
health until the end of May and monitor their restructuring
efforts throughout the year, adds Yonhap.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 7 to May 11, 2018
--------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
BOART LONGYEAR MANAGEME 1.50 12/31/22 USD 50.00
DBCT FINANCE PTY LTD 2.28 06/09/26 AUD 74.17
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
LAKES OIL NL 10.00 05/31/18 AUD 7.25
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34
QUINTIS LTD 8.75 08/01/23 USD 70.13
QUINTIS LTD 8.75 08/01/23 USD 70.13
QUINTIS LTD 8.75 08/01/23 USD 70.13
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.31
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.14
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 40.43
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.51
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 41.00
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.11
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.22
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.36
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.52
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.65
ANSHAN HI-TECH INDUSTRY 8.50 12/20/20 CNY 62.75
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.97
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.98
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 40.48
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.52
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.07
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 59.75
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.07
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.35
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.22
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.30
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.20
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.49
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.58
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 61.42
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.38
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.51
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.27
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.23
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 60.97
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.14
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.48
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.79
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.96
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.12
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.15
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.37
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.73
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.78
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.70
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.00
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.32
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.26
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.54
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.67
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.80
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 49.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.84
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.53
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.49
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.50
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.28
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.81
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 40.40
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.15
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.92
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.65
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.76
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.32
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.46
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.35
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.71
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.22
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.60
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.70
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.34
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.40
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.00
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.58
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.09
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.82
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 73.04
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.33
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.83
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.50
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.69
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 39.92
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.16
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.42
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.10
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.29
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.19
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.34
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.37
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.85
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.35
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.36
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 63.75
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.41
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.46
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.46
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.28
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.05
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.12
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.39
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.18
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.62
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.11
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.46
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.51
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.07
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 26.00
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.20
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.30
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.42
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.95
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 61.26
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.41
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.80
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.28
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.35
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.66
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.76
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.20
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.69
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.10
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.22
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 73.17
CHINA RAILWAY CORP 3.40 10/27/46 CNY 74.11
CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 67.22
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.81
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.46
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.60
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.73
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.63
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.24
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.67
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.79
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.80
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.59
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.55
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.65
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.52
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.92
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.58
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 62.25
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.40
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.57
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.70
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.26
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.32
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 24.99
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.63
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.27
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.77
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.63
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.66
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.09
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.10
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.56
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.70
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 61.05
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.41
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 40.47
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.44
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.45
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.20
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.23
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.86
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 41.00
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.71
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 82.45
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.41
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 60.99
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 61.33
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.22
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.30
CHONGQING THREE GORGES 6.40 01/23/19 CNY 24.80
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.15
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.28
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.39
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 60.75
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.06
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.54
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.42
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.54
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 41.00
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 40.00
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.39
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.44
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.62
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.16
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.51
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.48
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.55
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.86
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 60.00
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.36
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.41
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 40.59
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.95
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 62.04
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.13
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.49
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.60
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.56
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.16
DALIAN LVTAI INVESTMENT 7.00 08/08/21 CNY 66.04
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 89.00
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 41.05
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.00
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.36
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.81
DANDONG CITY DEVELOPMEN 8.00 12/21/18 CNY 40.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.15
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.70
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.93
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.99
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 40.37
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.26
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.50
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.88
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.18
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.33
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.18
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.26
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.88
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.45
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.51
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 40.82
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.08
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.66
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 60.00
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.90
DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 34.90
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.77
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.37
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.08
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.74
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.95
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.09
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 81.50
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.57
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 62.02
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.57
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.70
FUJIAN LONGYAN CITY CON 7.45 03/04/21 CNY 61.62
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.46
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.48
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.22
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.00
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.17
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.75
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 40.55
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 41.00
FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 61.68
FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 61.82
FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 62.06
FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 62.07
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.58
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.90
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.13
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.22
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.38
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 69.78
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.17
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.16
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.26
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.04
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.15
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.49
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.65
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.63
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.81
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.42
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.47
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.35
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.70
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.06
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.10
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.30
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.56
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.90
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 41.08
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.98
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 62.13
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.53
GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 71.96
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.04
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.05
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 50.05
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.16
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.19
GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.41
GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.61
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 40.17
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 61.60
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.62
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21
HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.23
HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.83
HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 50.68
HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 51.04
HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.12
HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.80
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.59
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 61.09
HAILAR DISTRICT URBAN I 6.20 05/14/20 CNY 60.11
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 20.83
HAIMEN COMMUNICATION IN 8.00 03/18/21 CNY 62.84
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.58
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.60
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.30
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.42
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 39.60
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.14
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.85
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.08
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.16
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.79
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 42.00
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 62.02
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 39.80
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.33
HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.45
HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.58
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.72
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.48
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.52
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.90
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.96
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.22
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.41
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.44
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.72
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.09
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 63.49
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.38
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.42
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.50
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.42
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.85
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.25
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.37
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.67
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.84
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.50
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.65
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 40.61
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 41.94
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.16
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.22
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.52
HEFEI CONSTRUCTION INVE 6.60 08/28/18 CNY 40.00
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.86
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.97
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.50
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.42
HEFEI NEW & HIGH TECHNO 6.90 03/12/20 CNY 71.26
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 40.45
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.17
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 41.03
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 70.00
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.75
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.65
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.47
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.50
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.36
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.55
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.31
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.60
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.57
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.25
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.64
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.75
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.55
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.36
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 41.06
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.30
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.44
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.42
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.91
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.18
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.34
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.08
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.40
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 61.00
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.54
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.65
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.80
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.84
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 63.50
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 62.12
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 63.08
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.58
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.11
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.52
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.61
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.52
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.58
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.17
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.21
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.23
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.49
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.42
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 80.00
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 85.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.74
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.12
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.19
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.63
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.45
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 62.27
INNER MONGLIA SHENG MU 4.48 12/28/20 CNY 55.00
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.43
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.50
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.55
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.02
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.27
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.37
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.79
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.40
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.46
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.71
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.28
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 38.06
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 40.31
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 61.36
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.87
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.32
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 59.91
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 70.84
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.04
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.66
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.72
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 40.47
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.48
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.56
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.48
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.60
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.66
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.39
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.40
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.51
JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.01
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.65
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 61.62
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.93
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.90
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.36
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.52
JIAXING CITY NANHU NEW 7.45 02/26/21 CNY 61.37
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.18
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.20
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.56
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.96
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.12
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.35
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.55
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 70.24
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 50.50
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 51.06
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.58
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 39.80
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.62
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 59.89
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.42
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.00
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.07
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.73
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.77
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 70.80
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 71.06
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 61.76
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 40.49
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.41
JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 70.50
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.74
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.54
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.18
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.22
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.25
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.59
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.49
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 62.12
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 85.00
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.19
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.51
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.52
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.29
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.72
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 61.33
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.21
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.29
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 59.55
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 61.69
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.92
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 41.16
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.00
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.63
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.89
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 61.70
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 80.00
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.21
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.25
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.00
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.02
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.39
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.44
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.25
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.00
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.48
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.93
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 62.17
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.35
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.45
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.58
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.76
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 39.90
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 45.44
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 46.91
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 40.53
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.00
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 40.47
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.12
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.50
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.27
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 60.36
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 62.00
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.40
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.73
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 59.80
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 60.25
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.99
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.04
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.41
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.65
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.89
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.40
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 59.88
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 41.30
LIUPANSHUI DEVELOPMENT 7.50 02/19/21 CNY 61.57
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 71.14
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.45
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.28
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.31
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.37
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.75
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.38
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.45
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.19
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.37
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.15
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.20
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.83
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.52
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.78
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 62.08
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.21
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.59
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.61
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.68
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.49
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.59
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.43
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.14
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.00
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.01
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.43
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 40.61
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.53
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.44
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.46
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.52
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.59
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 40.59
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 40.42
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.50
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.55
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.40
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.42
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.80
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.88
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.51
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.70
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 24.98
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.12
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.21
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.05
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.52
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.73
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.07
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.74
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.78
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.26
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.31
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.08
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.09
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.11
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.05
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.06
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 70.10
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.37
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.38
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.06
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.12
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.04
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.21
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.60
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 62.06
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.69
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.31
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.55
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.96
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.29
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.41
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.47
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 60.85
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.09
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.60
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.93
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.49
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 60.40
PINGXIANG HUIFENG INVES 7.06 10/11/20 CNY 61.21
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.80
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.68
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.70
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.29
PULANDIAN CITY CONSTRUC 8.48 12/12/18 CNY 56.17
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.60
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.70
PULANDIAN CITY CONSTRUC 7.74 04/21/21 CNY 82.40
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 20.52
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.50
PUTIAN URBAN CONSTRUCTI 7.59 02/26/21 CNY 61.98
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.88
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 62.14
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.76
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.42
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 40.40
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 40.60
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.92
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.50
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 71.60
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.20
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.97
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.32
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.55
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.27
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.66
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 76.00
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.59
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.06
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.53
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.93
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.90
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.03
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.01
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.26
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.52
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.73
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 40.14
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.40
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.51
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.46
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.78
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.98
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 40.50
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.62
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.72
QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 61.65
QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 62.49
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.50
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.97
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.39
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.48
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.26
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.63
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.48
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.75
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 61.00
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.69
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.51
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.55
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.81
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.83
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 39.94
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.57
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.10
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.34
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.40
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.47
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.15
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 40.79
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 60.91
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 69.83
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.91
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.27
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.38
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 66.18
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.43
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.53
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.80
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.89
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.90
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.38
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.11
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.17
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.51
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 74.96
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.24
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.26
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.32
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 70.18
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.44
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.56
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.21
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.46
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.80
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.11
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.03
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.48
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.54
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.83
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.88
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.42
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.67
SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 58.99
SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 60.80
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.10
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.23
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.30
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.60
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 24.98
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.00
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.16
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.43
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.06
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.24
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.50
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.30
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.38
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.46
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.22
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.30
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.69
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.38
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.14
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.18
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.07
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 40.51
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.64
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.63
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 61.12
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.35
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.58
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.94
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.63
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.97
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 41.12
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 71.13
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.08
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.20
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.21
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.24
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 60.36
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 31.41
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 59.41
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.32
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.37
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 82.33
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.31
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.40
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.83
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 62.53
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.38
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.30
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.52
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.39
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.39
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.41
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.56
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.08
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.28
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.21
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.29
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.04
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.67
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.73
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.45
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.58
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.57
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.74
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.65
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.70
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.71
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.78
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.94
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.12
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.70
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.63
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.73
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.14
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.50
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 56.04
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.25
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.54
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.11
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.19
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 61.64
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.07
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.50
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 39.96
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.25
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.39
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.88
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.10
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.38
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.05
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.06
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.82
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.21
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.96
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.89
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 61.60
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 39.80
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.67
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.66
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.14
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.27
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.29
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.32
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.41
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.07
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.08
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 69.04
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 20.46
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.29
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.47
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.26
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 81.14
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.31
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.79
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 81.00
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.86
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 63.16
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 61.36
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 60.91
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.67
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.75
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.20
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.40
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 24.90
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.05
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.10
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.31
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.64
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.92
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 73.24
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.33
TONGREN TOURISM INVESTM 8.00 02/20/21 CNY 61.51
TONGREN TOURISM INVESTM 8.00 02/20/21 CNY 62.58
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 59.50
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 60.29
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.54
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.87
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.72
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 39.00
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.25
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.44
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.60
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 39.93
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.10
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 75.14
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 24.98
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.34
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 40.52
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 59.90
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.18
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.51
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.88
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 70.11
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 61.00
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 62.05
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.37
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.46
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 40.42
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 40.33
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 40.46
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.39
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.64
WENSHAN URBAN CONSTRUCT 8.10 02/27/21 CNY 62.19
WENSHAN URBAN CONSTRUCT 8.10 02/27/21 CNY 82.00
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 40.35
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.46
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.54
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.82
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.37
WUHAN CAIDIAN URBAN CON 7.24 05/28/21 CNY 36.06
WUHAN CHEDU GROUP CO LT 7.18 02/27/21 CNY 61.34
WUHAN CHEDU GROUP CO LT 7.18 02/27/21 CNY 61.81
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.58
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.36
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.20
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.09
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 50.00
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.01
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.05
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.07
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 70.69
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 71.21
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 60.75
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.23
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.68
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.63
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 61.58
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 62.53
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.42
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.50
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 50.21
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 59.55
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.85
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.68
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.68
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.21
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.28
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.21
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.45
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.02
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.04
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.50
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.28
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 40.54
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.41
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.18
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 51.03
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.55
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.76
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.87
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.45
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.48
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.43
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.43
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.83
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.52
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 60.69
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.81
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.86
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.12
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.20
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.68
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.69
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.77
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 62.52
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.52
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 61.36
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 95.00
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.11
XINING CITY INVESTMENT 7.70 04/27/19 CNY 40.51
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 59.95
XINJIANG FUYUN COUNTY S 8.67 03/05/20 CNY 51.35
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.98
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.04
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.30
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.44
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 59.70
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 60.24
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.31
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.16
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.23
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 40.61
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.08
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.32
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 74.50
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 74.87
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.03
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.55
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.91
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.97
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.01
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.96
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.24
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 40.53
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.71
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.53
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.06
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.13
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.00
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.90
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 40.20
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.62
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 60.59
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.03
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.82
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.92
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 80.60
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.17
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.27
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.44
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.40
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.58
YANCHENG SOUTH DISTRICT 8.19 12/16/18 CNY 40.68
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.89
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 61.16
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.66
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 62.57
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.28
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.10
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.27
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.42
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.27
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.05
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.60
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.65
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.50
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.60
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.71
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.50
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.80
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.16
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.45
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.06
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.15
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.40
YINING CITY STATE OWNED 8.90 01/23/21 CNY 63.28
YINING CITY STATE OWNED 8.90 01/23/21 CNY 90.00
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.32
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.36
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.51
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.52
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.20
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.27
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 40.46
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.61
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.38
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.43
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 61.82
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 59.50
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.53
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.61
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.08
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.22
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.20
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.50
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.82
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 62.15
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 62.17
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.36
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.51
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.58
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.96
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.04
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.48
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.70
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 40.40
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.08
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.58
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 61.27
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.70
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.60
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.79
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.42
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.41
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.65
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 40.00
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.22
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.34
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.24
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.44
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 60.93
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 62.06
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 67.00
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.16
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.01
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 62.40
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 40.01
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.00
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.10
ZHONGWEI CITY CONSTRUCT 8.20 03/26/21 CNY 62.19
ZHONGWEI CITY CONSTRUCT 8.20 03/26/21 CNY 82.11
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.67
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 56.22
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.00
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.02
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.35
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.42
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.03
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.12
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.93
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.62
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.86
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.99
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 40.66
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 40.66
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.31
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.30
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.31
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.57
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.69
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 24.03
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.10
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.61
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 40.32
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 39.97
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 25.16
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.10
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.33
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 24.99
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 25.02
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 40.00
ZOUPING COUNTY STATE-OW 7.30 02/24/21 CNY 61.73
ZOUPING COUNTY STATE-OW 7.30 02/24/21 CNY 62.05
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 50.03
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 20.90
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 20.92
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 55.60
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 40.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 41.00
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 69.88
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.74
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 51.97
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.88
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.59
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 74.48
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 26.03
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 61.41
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 60.00
JAPAN
-----
TAKATA CORP 0.58 03/26/21 JPY 5.13
TAKATA CORP 0.85 03/06/19 JPY 5.13
TAKATA CORP 1.02 12/15/17 JPY 8.75
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 73.98
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 62.03
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.15
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 70.32
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 71.28
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 72.42
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 72.69
KOREA TREASURY BOND 1.50 09/10/66 KRW 69.79
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 36.38
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 66.41
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 68.92
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 69.67
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 70.01
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 70.27
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 70.55
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 71.29
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 71.51
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 71.73
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 71.79
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 72.55
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 72.97
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 73.20
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 73.44
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 74.22
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 74.34
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 74.49
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 74.64
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 74.72
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 74.95
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 75.00
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.04
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.42
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.11
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.76
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.43
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.62
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.42
I-BHD 3.00 10/09/19 MYR 0.36
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.11
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 67.45
PUC BHD 4.00 02/15/19 MYR 0.20
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.10
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.80
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 57.15
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 58.52
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.85
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 62.57
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.96
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 65.36
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 66.78
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 69.68
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 71.54
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 73.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 74.44
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 74.89
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.68
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.55
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.95
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.01
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 46.88
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 46.88
AUSGROUP LTD 8.45 10/20/18 SGD 60.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 49.72
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.36
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.80
BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 25.89
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.11
EZION HOLDINGS LTD 4.88 06/11/21 SGD 14.84
EZION HOLDINGS LTD 4.70 05/22/19 SGD 14.88
EZION HOLDINGS LTD 4.60 08/20/18 SGD 14.88
EZION HOLDINGS LTD 5.10 03/13/20 SGD 14.88
EZION HOLDINGS LTD 4.85 01/23/19 SGD 14.88
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 6.05
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 69.13
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 36.70
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 42.96
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 2.56
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 69.62
DEBT AND ASSET TRADING 1.00 10/10/25 USD 71.75
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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 ***