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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, July 3, 2018, Vol. 21, No. 130
Headlines
A U S T R A L I A
CUDGEGONG LABOUR: Second Creditors' Meeting Set for July 10
GEMSBI PTY: Second Creditors' Meeting Scheduled for July 9
KIRLEY ROOFING: Second Creditors' Meeting Set for July 9
LINCHPIN CAPITAL: ASIC Seeks to Wind Up Investment Schemes
OPTIMUM LABOUR: Second Creditors' Meeting Set for July 9
PAYYOURBILLS PTY: First Creditors' Meeting Set for July 5
RED LEA: Second Creditors' Meeting Set for July 9
WALTON CONSTRUCTION: ASIC Disqualifies Ex-Director for 4 Years
C H I N A
SUNAC CHINA: Moody's Alters Outlook to Pos., Affirms B2 CFR
I N D I A
ASHIYANA CONSTRUCTION: CARE Assigns B+ Rating to INR2cr LT Loan
BHARGAVI AUTOMOBILES: CRISIL Moves B+ Rating to Not Cooperating
BINANI CEMENT: Supreme Court Transfers Insolvency Case to NCLAT
BITCORP PRIVATE: CRISIL Migrates B- Rating to Not Cooperating
DATTAR CERAMIC: ICRA Assigns B Rating to INR20.75cr Loan
EASTSTAR MANUFACTURING: CARE Moves B+ Rating to Not Cooperating
FLOURISH PAPER: ICRA Maintains B+ Rating in Not Cooperating
GAV AGRO: ICRA Maintains B Rating in Not Cooperating Category
GRD FOODS: CARE Migrates B Rating to Not Cooperating Category
HAVELI RESTAURANTS: CARE Migrates B+ Rating to Not Cooperating
IND SWIFT: ICRA Maintains D Rating in Not Cooperating Category
JAGDAMBA FIBRES: CARE Migrates B+ Rating to Not Cooperating
JOGINDER SINGH: CARE Migrates B+ Rating to Not Cooperating
K. MANIKANDAN: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
KP POLYOLEFIN: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
LAXMI BUILDERS: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan
MAA VAISHNO: ICRA Migrates B Rating to Not Cooperating Category
MAHALUXMI STEELS: CARE Migrates B Rating to Not Cooperating
MANIMAHESH HYDEL: ICRA Withdraws B+ Rating on INR10cr Loan
MANOHAR FOOD: CARE Moves B+ Rating to Not Cooperating Category
MAYFAIR RESORTS: CARE Migrates B+ Rating to Not Cooperating
MILAN INFRASTRUCTURES: CRISIL Moves D Rating to Not Cooperating
NAVBHARAT BUILDCON: ICRA Reaffirms B Rating on INR10.80cr Loan
NAVKAR BUILDCON: ICRA Maintains B- Rating in Not Cooperating
NECO HEAVY: ICRA Maintains B+ Rating in Not Cooperating Category
P.P. AUTOMOTIVE: CARE Migrates B+ Rating to Not Cooperating
RISHABH CONSTRUCTIONS: CARE Cuts Rating on INR101.60cr Loan to D
SABARI KRISHNA: ICRA Maintains B Rating in Not Cooperating
SAMARPAN LAMINATES: CRISIL Migrates B+ Rating to Not Cooperating
SANGAM STEELS: CARE Lowers Rating on INR7cr LT Loan to B-
SARASWATI PRINTERS: CARE Assigns B+ Rating to INR8cr LT Loan
SELVA STONE: CRISIL Moves B+ Rating to Not Cooperating Category
SOUTHERN GOLD: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
SRAVANTHI ENERGY: ICRA Moves D Rating to Not Cooperating Category
SURYA CONTAINERS: CARE Migrates D Rating to Not Cooperating
TIRUPATI BASMATI: CRISIL Migrates D Rating to Not Cooperating
URVI PLASTIC: ICRA Assigns B Rating to INR0.90cr LT Loan
VANYA DESIGNER: ICRA Lowers Rating on INR7.5cr Loan to B
M A L A Y S I A
GREEN PACKET: Proposes Capital Reduction to Cancel MYR455M Losses
N E W Z E A L A N D
CBL INSURANCE: Serious Fraud Office Launches Probe
P H I L I P P I N E S
PHILIPPINE TELEGRAPH: Appoints James Velasquez as New President
S I N G A P O R E
EMAS OFFSHORE: Baker Tech Calls Off Proposed Investment
PACIFIC RADIANCE: Posts US$12.8MM Net Loss in Q1 Ended March 31
TT INTERNATIONAL: Hearing of Wind Up Bid vs. Big Box Adjourned
X X X X X X X X
* BOND PRICING: For the Week June 25 to June 29, 2018
- - - - -
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A U S T R A L I A
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CUDGEGONG LABOUR: Second Creditors' Meeting Set for July 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Cudgegong
Labour Services Pty Ltd, formerly known as Gabi Duta Pty Limited,
has been set for July 10, 2018, at 10:00 a.m. at the offices of
Smith Hancock, Level 4, 88 Phillip Street, in Parramatta, 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 July 9, 2018, at 4:00 p.m.
Peter Hillig of Smith Hancock was appointed as administrator of
on, 2018.
GEMSBI PTY: Second Creditors' Meeting Scheduled for July 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Gemsbi Pty
Ltd, trading as Glockner Engineering and Mining Services (GEMS),
has been set for July 9, 2018, at 10:00 a.m. at the offices of
Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA.
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 July 8, 2018, at 4:00 p.m.
Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Gemsbi Pty on June 1, 2018.
KIRLEY ROOFING: Second Creditors' Meeting Set for July 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kirley
Roofing Pty Ltd has been set for July 9, 2018, at 11:00 a.m. at
the offices of JHK Legal, Level 9, 470 Collins Street, in
Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 6, 2018, at 4:00 p.m.
Liam Bailey of O'Brien Palmer was appointed as administrator of
on June 1, 2018.
LINCHPIN CAPITAL: ASIC Seeks to Wind Up Investment Schemes
----------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings in the Federal Court of Australia against
Linchpin Capital Group Ltd and Endeavour Securities (Australia)
Ltd.
Linchpin and Endeavour operate two managed investment schemes.
Both schemes are called "Investport Income Opportunity Fund".
Following an investigation, ASIC alleges that:
* Linchpin is operating the scheme without holding an
Australian Financial Services Licence as required by
the Corporations Act;
* Linchpin has used investor funds for its own purposes
without disclosing this use to investors;
* Endeavour has entered into related party transactions in
contravention of the Corporations Act;
* Endeavour has failed to properly disclose those related
party transactions to investors; and
* monies invested in the schemes managed by Linchpin and
Endeavour have been misapplied or misappropriated by
Linchpin and Endeavour.
ASIC is seeking orders to:
* restrain Linchpin and Endeavour from operating the schemes
and providing financial services;
* prevent Linchpin and Endeavour from dealing with assets or
investor funds;
* appoint receivers over the assets of Linchpin and Endeavour
to identify and secure scheme assets;
* wind-up Linchpin and Endeavour and the schemes; and
* obtain declarations that Linchpin and Endeavour have acted
in contravention of the Corporations Act.
The matter will be heard in the Federal Court in Brisbane on
July 24, 2018.
ASIC's investigation is continuing.
OPTIMUM LABOUR: Second Creditors' Meeting Set for July 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Optimum
Labour Services Pty Ltd has been set for July 9, 2018, at 11:00
a.m. at the offices of P A Lucas & Co Pty Ltd, Level 4, 232
Adelaide Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 6, 2018, at 4:30 p.m.
Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Optimum Labour on June 4, 2018.
PAYYOURBILLS PTY: First Creditors' Meeting Set for July 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
PayYourBills Pty Ltd will be held at the offices of Veritas
Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on July 5,
2018, at 11:00 a.m.
David Iannuzzi & Vincent Pirina of Veritas Advisory were
appointed as administrators of PayYourBills Pty on June 25, 2018.
RED LEA: Second Creditors' Meeting Set for July 9
-------------------------------------------------
A second meeting of creditors in the proceedings of:
- Red Lea Chickens Pty Ltd
- ORLC 92 Pty Ltd
- Red Lea Franchise Pty Ltd
- Red Lea Franchising Pty Ltd
- Red Lea Logistics Pty Ltd
- Red Lea Leasing Pty Ltd
- Red Lea Hatchery Pty Ltd
- Red Lea Feed Pty Ltd
- Red Lea Corrugation & Flexo Pty Ltd
- Red Lea Retail Holding Pty Ltd
has been set for July 9, 2018, at 11:30 a.m. at Rooty Hill RSL
Club, 55 Sherbrooke Street, in Rooty Hill, 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 July 6, 2018, at 4:30 p.m.
Barry Frederic Kogan, Jason Preston and Katherine Sozou of
McGrathNicol were appointed as administrators of Red Lea on
March 29, 2018.
WALTON CONSTRUCTION: ASIC Disqualifies Ex-Director for 4 Years
--------------------------------------------------------------
The Australian Securities and Investments Commission has
disqualified Mr. Craig Hall Walton of East Melbourne, Victoria,
from managing companies for four years as a result of his
involvement in two failed companies.
Mr. Walton was disqualified after liquidators were appointed to
Walton Construction Pty Ltd ACN 060 900 218 and Walton
Construction (QLD) Pty Ltd ACN 100 833 225.
ASIC found that Mr. Walton had:
* improperly used his corporate position to gain an advantage
for himself;
* failed to prevent the companies from trading while
potentially insolvent;
* failed to pay taxes; and
* failed to exercise his duties as a director with due care
and diligence.
In making its decision to disqualify Mr. Walton, ASIC relied on
supplementary reports that were lodged by liquidators of the
companies -- Michael McCann, Graham Killer and Andrew Hewitt of
Grant Thornton Australia. ASIC assisted the Liquidators to
prepare the supplementary reports by providing funding from the
Assetless Administration Fund.
The total amount of debts owed by the companies to creditors was
more than AUD78 million.
Mr. Walton's disqualification extends to June 26, 2022.
On July 29, 2014, the former liquidators of the companies --
Stirling Horne, Glenn Franklin and Jason Stone of the firm, PKF
Lawler (formerly Lawler Draper Dillon) -- were replaced by the
Liquidators following an application by ASIC to the Full Court of
the Federal Court of Australia. ASIC applied to have the former
liquidators replaced because it had concerns about the referral
relationship they had with the Mawson Group, who also had a
relationship with the Walton companies.
Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within
a seven-year period, the person was an officer of two or more
companies that were wound up and the liquidators lodge reports
with ASIC about each company's inability to pay its debts or
alleges misconduct.
ASIC also maintains a 'Banned and Disqualified Persons' register
that provides information about people who have been disqualified
from:
-- involvement in the management of a corporation;
-- auditing self-managed superannuation funds (SMSFs); or
-- practising in the financial services of credit industry.
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C H I N A
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SUNAC CHINA: Moody's Alters Outlook to Pos., Affirms B2 CFR
-----------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook for Sunac China Holdings Limited's B2 corporate family
rating and the B3 senior unsecured rating on its existing notes.
At the same time, Moody's has affirmed the company's ratings.
RATINGS RATIONALE
"The change in the ratings outlook to positive from stable
reflects Moody's's expectation that Sunac will likely achieve
debt deleveraging over the next 12-18 months," says Franco Leung,
a Moody's Senior Vice President.
Moody's expects Sunac's ability to reduce debt leverage will come
from its strong growth in contracted sales, even though the
regulatory measures on property prices and the tight controls on
credit are unlikely to be relaxed. The company is likely to
register contracted sales of RMB450 billion to RMB500 billion for
the full year of 2018.
Sunac has a track record of strong sales execution. It achieved
an 81% year-on-year increase in contracted sales to RMB146
billion for January to May 2018, after 141% and 121% year-on-year
increases in 2017 and 2016 respectively.
These high levels of growth will provide cash inflows to cover
construction expenses and reduce reliance on debt funding. At the
same time, the strong sales growth will support revenue growth
over the next 12 to 18 months.
In addition, Moody's expects that Sunac will reduce spending on
land and the growth in debt over the next 12-18 months.
Specifically, its cash payment on land/contracted sales will drop
below 20% in 2018 from an estimated annual average of 35%-40% in
2016-2017.
The company is also expected to accelerate its revenue
recognition. Accordingly, Moody's expects that Sunac's debt
leverage - as measured by revenue/adjusted debt (including
adjustments for its shares in joint ventures and associates) -
will trend towards 55%-70% over the next 12-18 months from around
35% in 2017.
The change in outlook to positive also factors in Moody's
expectation that Sunac will improve its profitability.
Specifically, Moody's expects its gross profit margin will
further improve to 22%-24% over the next 12-18 months from 20.7%
in 2017 as the company will recognize the better quality projects
that have been presold in the past 1-2 years.
Consequently, Moody's expects Sunac's adjusted EBIT/interest will
improve to 2.0x-2.30x over the next 12-18 months from around 1.6x
in 2017.
The positive outlook is also based on the expectation that the
company will control its investment in non-property businesses.
Sunac's B2 corporate family rating reflects the company's strong
sales execution, its leading brand and market position in tier 1
and tier 2 cities, as well as the good quality of its land bank.
The rating also considers the company's good liquidity profile,
driven by its rapid-asset-turnover business model.
However, the rating is constrained by the high debt leverage
associated with Sunac's rapid expansion plans and acquisitive
appetite. In addition, the adoption of a rapid-asset-turnover
business model has reduced the stability of its profitability and
interest coverage. But Moody's expects the company's credit
metrics to improve over the next 12-18 months.
Sunac's cash position is strong. At the end of 2017, its cash
balance of RMB96.7 billion covered 123% of its short-term debt.
Upward rating pressure could emerge if Sunac (1) demonstrates its
ability to exercise restraint in its non-core business
investments; (2) maintains its solid liquidity position; and (3)
improves its credit metrics, such that adjusted revenue/debt is
no less than 60% - 70% and adjusted EBIT/interest is above 2.0x -
- 2.5x on a sustained basis.
On the other hand, the ratings outlook could be revised to stable
if the company's performance and credit metrics are unlikely to
reach its rating upgrade conditions over the next 12 -- 18
months.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer with projects in China's main
economic regions.
At the end of 2017, the company's gross land bank totaled 141.73
million square meters, and its attributable land bank totaled
approximately 107.12 million square meters.
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I N D I A
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ASHIYANA CONSTRUCTION: CARE Assigns B+ Rating to INR2cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ashiyana Construction (AC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.00 CARE B+; Stable Assigned
Short-term
Facilities 7.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of AC are constrained
by its small scale of operations with low profitability margin,
working capital intensive nature of operations, partnership
nature of constitution, leveraged capital structure with
satisfactory debt coverage indicators and risk associated with
participating in tenders and intense competition in the industry.
The ratings, however, derive strength from long track record of
operations and experienced promoters and healthy order book
position.
The ability to maintain a healthy order book, achieve envisaged
revenue and profit margin, ability to execute orders within
stipulated time period and effective management of working
capital will be the key ratings sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Long track record of operation and experienced partners: AC is
into civil construction business since 1995 and thus has
established track record of operations of more than two decades.
The partner, Mr. Abdul Jabbar, is associated with the firm since
its inception and has more than two decades of experience in
civil construction industry. The day to day operations of the
firm is looked after by Mr. Abdul Jabbar with equal support from
other two partners and team of experienced professionals.
Healthy order book position: The firm has an unexecuted order
book position of INR50.15 crore (7.09x of TOI of FY17) as on
May 31, 2018 which is to be executed by Feb 2020. The revenue
visibility seems to be satisfactory in near to medium term as
revealed from its healthy order book position.
Key Rating Weaknesses
Small scale of operations with low profitability margin: The
scale of operations of the firm remained small marked by total
operating income of INR7.13 crore (INR11.83 crore in FY16) with a
PAT of INR0.27 crore (INR0.29 crore in FY16) in FY17. Further,
the firm has booked turnover of around INR9.00 crore during FY18.
Decline in turnover in FY17 over FY16 was mainly on account of
less amount work order executed during the period. Furthermore,
the total capital employed has also remained low at INR4.20 crore
as on March 31, 2017. The profitability margin of the firm
remained low marked by PBILDT margin of 8.51% (FY16: 5.63%) and
PAT margin of 3.72% (FY16: 2.48%) in FY17. The PBILDT margin of
the firm has improved in FY17 over FY16 due to better management
of cost of operations.
Working capital intensive nature of operations: The operations of
the firm remained working capital intensive marked by high
collection period. The firm mainly deals with government entities
and accordingly the average collection period was on the higher
side in the past years due to procedural delays by the government
authorities which exerts pressure on the liquidity of the firm.
Partnership nature of constitution: AC, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.
Leveraged capital structure with satisfactory debt coverage
indicators: The capital structure of the firm remained leveraged
marked by overall gearing ratio of 2.49x (FY16: 1.36x) as on
March 31, 2017. Moreover, the debt coverage indicators of the
firm also remained satisfactory marked by interest coverage of
2.28x (FY16: 2.27x) and total debt to CGA of 10.78x (FY16: 7.78x)
in FY17.
Risk associated with participating in tenders and intense
competition in the industry: The entity has to bid for the
contracts based on tenders opened by the various governments and
public sector units. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The
entity receives projects which majorly are of a short to medium
tenure (i.e. to be completed within maximum period of one to two
years). Furthermore, orders are generally tender driven floated
by government units indicating a risk of non-receipt of contract
in a competitive industry. The outlook of construction sector
appears challenging in view of slow execution of the existing
order book in view of hindrances related to land acquisition,
obtaining requisite clearances, labour shortage and liquidity
issues with the clients, etc. Additionally, the sector is plagued
with elongated working capital cycle leading to increase in debt
level of construction companies.
Established in April 1995, Ashiyana Constructions (AC) was
promoted by Mr. Abdul Jabbar and MD. Ali Asgar based out of
Ranchi. AC is a partnership firm and currently governed by three
partners; Mr. Abdul Jabbar, Mr. Zulfekar Ali and Mr. Saif Ul
Jabbar. Since its inception, the firm has been engaged in
execution of civil construction works in segment like
construction of buildings. AC is classified as 'Class A'
contractor by the PWD, Jharkhand Government which enables it to
participate in higher value contracts floated by various
government entities. AC secures work contracts through tender and
executes orders mainly for Jharkhand State Building Construction
Corporation Limited, Central Public Works Department, Rural
Development Special Division, and National Building Construction
Corporation. The firm has an order book position of INR50.15
crore (7.09x of TOI of FY17) as on May 31, 2018 which is to be
completed by February, 2020.
Mr. Abdul Jabbar, is associated with the firm since its inception
and has more than two decades of experience in civil construction
industry. The day to day operations of the firm is looked after
by Mr. Abdul Jabbar with equal support from other two partners
and team of experienced professionals.
BHARGAVI AUTOMOBILES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhargavi
Automobiles Private Limited (BAPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 33 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated April 20, 2018,
June 7, 2018 and June 11, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bhargavi Automobiles Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Bhargavi Automobiles Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Bhargavi Automobiles Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Incorporated in 1997, BAPL is the authorized dealer for Maruti
Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL A1+) in
Andhra Pradesh. The company is being promoted by Mr K Balarami
Reddy.
BINANI CEMENT: Supreme Court Transfers Insolvency Case to NCLAT
---------------------------------------------------------------
Livemint reports that the Supreme Court on July 2 directed the
National Company Law Appellate Tribunal (NCLAT) to adjudicate
upon all issues in Binani Cement insolvency case, including the
question of Ultratech Cement's eligibility under Section 29A as
well the legality of its bid, at the earliest.
In doing so, the apex court transferred the matter from the
National Company Law Tribunal's Kolkata bench, which was sent to
hear the issues on July 9, to the insolvency appellate authority
in New Delhi, Livemint relates.
"Let all points be finally decided by the Appellate Authority . .
. on merits after hearing both parties," a two-judge bench
comprising Justice Rohinton F. Nariman and Indu Malhotra said
while asking NCLAT to pronounce its verdict as soon as possible,
the report relays.
As directed by the Supreme Court earlier, the case would be heard
on a day to day by the NCLAT from July 10, Livemint notes.
According to Livemint, Dalmia Bharat-controlled Rajputana
Properties Pvt. Ltd had moved NCLAT in May against the May 2
order of the NCLT, which allowed the resolution professional and
committee of creditors (CoC) for Binani Cement to consider the
revised resolution plan submitted by UltraTech, while offering
Rajputana Properties an opportunity to revise its resolution plan
of INR6,930 crore.
UltraTech Cement's revised offer was at INR7,900 crore, against
its earlier bid of INR7,200 crore, the report relates.
On May 15, refusing to stall the insolvency process, NCLAT asked
the resolution professional to continue with the resolution
process by submitting the revised resolution plans for the
corporate debtor in a sealed cover before the CoC, along with his
opinion on questions pertaining to conformity with the Insolvency
and Bankruptcy Code, Livemint says.
About Binani Cement
Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.
On July 25, 207, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.
Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.
The company owes around INR6,500 crore to a consortium lenders.
BITCORP PRIVATE: CRISIL Migrates B- Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bitcorp
Private Limited (BPL) to 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.75 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Export Packing 7.00 CRISIL B-/Stable (ISSUER NOT
Credit COOPERATING; Rating Migrated)
Proposed Long Term .25 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BPL for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bitcorp Private Limited. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Bitcorp Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Bitcorp Private Limited to 'CRISIL B-/Stable Issuer
not cooperating'.
Incorporated in 1971, Guntur (Andhra Pradesh)-based BPL is
promoted by Mr R Hanumantha Rao. The company, processes tobacco
leaves. It commenced operations in 2014.
DATTAR CERAMIC: ICRA Assigns B Rating to INR20.75cr Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the
INR20.75-crore term loan facilities and the INR6.00-crore cash
credit facility of Dattar Ceramic Private Limited. ICRA has also
assigned the short-term rating of [ICRA]A4 to the INR1.00-crore
non-fund based bank facilities of DCPL. The outlook on the long-
term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 20.75 [ICRA]B (Stable); Assigned
Cash Credit 6.00 [ICRA]B (Stable); Assigned
Bank Guarantee 1.00 [ICRA]A4; Assigned
Rationale
The ratings remain constrained by the small-scale operations and
the risk associated with stabilisation of the plant as per the
expected operating parameters. Furthermore, the assigned ratings
also take into account the company's financial risk profile,
which is expected to remain weak in the near to medium term,
given the debt-funded nature of the project and the impending
debt repayments. The rating is also constrained by the intense
competition and the vulnerability of profitability to adverse
movements in key raw material prices.
The assigned ratings, however, favorably factor in the experience
of the key promoters in the ceramic industry and other
businesses, and the location advantage enjoyed by the company,
which ensures easy access to Morbi-based customers.
Outlook: Stable
ICRA believes that DCPL will benefit from the experience of its
promoters in the ceramic industry. The outlook may be revised to
Positive if timely stabilisation and scale-up of operations lead
to higher profitability and cash accruals during the initial
phase. The outlook may be revised to Negative if slower ramp-up
in sales and accrual, or sizeable working capital requirement
weakens the financial risk profile, especially liquidity.
Key rating drivers
Credit strengths
Experience of key promoters in ceramic industry and other
businesses: The key promoters, Mr. Afzalbhai Kaladiya, Mr. Mahmad
Rafik Kaladiya and Mr. Amin Kaladiya, have experience in the
ceramic industry through their association with other entities in
the same industry.
Favourable location of unit: The manufacturing facility of the
company is located in Halvad, Gujarat. The proximity to Morbi,
which is a ceramic industry hub, provides easy access to
prospective clients.
Credit challenges
Limited track record of operations: Being in a nascent stage,
with its operations commencing from January 2018, the company
remains exposed to risks associated with stabilisation and
successful scale up of operations as per the expected parameters.
Weak financial risk profile: The company's financial risk profile
is expected to remain weak in the near term given the debt-funded
nature of the project and the impending debt repayments, with an
estimated gearing of ~3.00 times and Total Debt/OPBDITA of 5.95
times in FY2019.
High competition: The competitive intensity of the industry
remains high because of low capital intensity and limited entry
barriers. The large number of players in the unorganised segment,
with most of them based in Gujarat, and operating with low-cost
structures creates a pressure on the pricing.
Profitability to remain susceptible to volatility in raw material
prices: Raw material price is a major component that determines
the cost competitiveness of the industry. The company can,
however, exercise little control over the prices of raw
materials. Thus, the margins are expected to remain exposed to
movement in raw material prices and its ability to pass on any
upward movement to its customers.
Incorporated in June 2016, DCPL manufactures potassium and sodium
feldspar powder, which is used as a raw material in ceramic tiles
and glass industry. The unit is located at Surendranagar,
Gujarat, and has an installed capacity of producing 1,50,000
metric ton of feldspar powder per annum. The company's operations
commenced from January 2018.
EASTSTAR MANUFACTURING: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Eaststar
Manufacturing Syndicate (EMS) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.50 CARE B+; Stable; Issuer not
Facilities cooperating; Based on best
Available information
Short term Bank 1.40 CARE A4; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from EMS to monitor the
rating(s) vide e-mail communications/ letters dated May 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Eaststar Manufacturing Syndicate's bank
facilities will now be denoted as CARE B+/ CARE A4; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of rating on June 3, 2016 the following were the
rating strengths and weaknesses.
Key Rating Weaknesses
Modest scale of operations with low net-worth base: Despite being
in operations for around one decade, the firm's scale of
operations has remained low marked by Total Operating Income
(TOI) of INR56.30 crore for FY15 and tangible net worth of
INR2.02 crore as on March 31, 2015.
Low profitability margins: The PBILDT margin and PAT margin of
the firm stood at 0.81% and 0.15% respectively in FY15.
Weak solvency position: The firm has a moderately leveraged
capital structure marked by overall gearing ratio of 2.53x as
on March 31, 2015. Furthermore, the debt coverage indicators of
the firm remained weak marked by interest coverage ratio of 1.31x
in FY15 and total debt to GCA of 43.00x for FY15.
Highly fragmented nature of industry characterized by competition
from other brands: The mobile phone segment is highly fragmented
with a large number of organized and unorganized players
operating in the market. The firm also faces competition from
low-priced products from China in the mobile handset and
accessories segment.
Rapid changes in technology leading to obsolescence risks: As the
major share of revenue is derived from distribution business of
mobile handsets, the mobile handsets and accessories segment is
characterized by rapid changes in technology keeping in line with
the changing customer preferences and requirements and continuous
innovation.
Key Rating Strengths
Experienced partners: Mr Rajesh Kumar Garg and Mr Ashwini Kumar
have experience of around three decades in the trading industry
whereas Mr Sanjay Kumar has experience of around two decades,
through their association with EMS, M/s Krishna Pharmaceuticals
and M/s Kulwant Rai Mohan Lal.
Moderate operating cycle: The average operating cycle of the firm
stood moderate at 28 days for FY15 (refers to the period April 1
to March 31). The average utilization of the working capital
limits stood at about 85% for the last 12 months period ended
August, 2015.
Established distribution network: The firm started its operations
in 2005 and has established the dealership network since its
inception. As on September, 2015, the firm has 160 dealers for
mobile handsets, 80 dealers of electronic goods and around 85
dealers of batteries in Punjab.
EMS was established as a partnership firm in April 2005 by Mr
Rajesh Kumar Garg, Mr Ashwini Kumar and Mr Sanjay Kumar as its
partners, sharing profit and loss equally. EMS is engaged in the
distribution of Samsung mobile phones & accessories, Samsung
electronic goods and Su-Kam batteries in Punjab. The firm
procures the mobile phones & accessories from Unicom India
Private Limited (rated 'CARE BBB+/CARE A2+'), while Samsung
electronics goods are procured from Unicom Electronics Private
Limited and Su-Kam batteries from North Urja Systems Private
Limited. The firm has two associate concerns, namely, M/s Krishna
Pharmaceuticals (KP) and M/s Kulwant Rai Mohan Lal (KML). KP is a
partnership firm engaged in distribution of drugs & medicines
since 2002, whereas KML is a partnership firm engaged in the
manufacturing of hosiery products since 1950.
FLOURISH PAPER: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR16.30 crore bank facilities of
Flourish Paper and Chemicals Limited (FPCL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Fund based- 1.30 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Short-term- 8.00 [ICRA]A4 ISSUER NOT
Non-Fund Based COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
FPCL was incorporated in 1995 and is engaged in manufacturing and
trading of chemicals used in paper industry. The company also
trades kraft papers as well as writing and printing paper. The
company has its manufacturing facility located in Derabassi,
Punjab.
GAV AGRO: ICRA Maintains B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the rating for the INR14.15 crore bank facilities of
GAV Agro Private Limited (GAPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 4.00 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Fund based- 10.15 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
Established in June 2013, GAPL commenced commercial milling in
February 2016. The manufacturing unit of the company is located
at Lucknow-Sultanpur road with a capacity of milling 8 tons of
paddy per day(TPH). The active promoters in GAPL are Mr. Pradeep
Kumar, Mr. Ajai Kumar Gupta and Mr. Om Prakash who have vast
experience in rice milling business.
GRD FOODS: CARE Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of GRD
Foods Private Limited (GFPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 14.89 CARE B; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GFPL to monitor the
rating(s) vide e-mail communications/letters dated May 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on GRD Foods Private Limited's bank facilities will
now be denoted as CARE B; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on March 20, 2017 the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
Small scale of operations with low PAT margin: The company's
scale of operations has remained low marked by TOI and GCA of
INR34.65 crore and INR0.81 crore, respectively, for FY16. The
company has moderate operating profitability margins as reflected
by PBILDT margins of 8.14% in FY16. The PAT margins, however,
remained below unity due to high interest and depreciation
expenses.
Highly leveraged capital structure: The capital structure of GFPL
stood leveraged marked by overall gearing ratio of 6.01
times as on March 31, 2016.
Weak debt coverage indicators: The debt coverage indicators stood
weak marked by interest coverage ratio stood of 1.43x in FY16 and
total debt to GCA of 29.10x for FY16.
Competitive nature of industry: The company gets competition from
established brands such as Verka in the organized sector and
independent milk vendors in the unorganized sector.
Key Rating Strengths
Experienced promoters: Mr Bikramjeet Singh Sandhu and Mr Ajner
Singh Sandhu have gained experience of around three decades as
promoters of GFPL and Baksheesh Sandhu Chilling Centre (BSCC). Mr
Chamandeep Sandhu has gained an experience of one decade through
his association with GFPL and Sandhu trading Company (STC). Mr
Guntaj Sandhu and Mr Tarandeep Sandhu have gained an experience
of more than half a decade each through their association with
GFPL and BSCC (associate concern).
Established procurement and marketing network: GFPL meets 80% of
its raw material requirement directly from BSCC (associate
concern) and rest 20% from farmers situated in nearby villages
and from local contractors. The company has established marketing
network and customer base developed through group concerns i.e
BSCC (associate concern) and STC (associate concern). The same is
being used by the company for selling of GFPL's products.
Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged
in the manufacturing of dairy products like ghee, whole milk
powder (WMP), skimmed milk powder (SMP), dairy whitener, butter
etc. The operations of GFPL started in April, 2014. The company
has its milk processing unit in Kathua (Jammu and Kashmir) and
sells its products under the brand name 'GRD' to wholesalers and
institutional clients all over India. GFPL has an installed
capacity to process 10,000 litres per hour (LPD) of raw milk.
GFPL procures about 80% of the raw material directly from
Baksheesh Sandhu Milk Chilling Centre (BSCC, associate concern of
GFPL, established in 1945) and remaining from contractors who
have their own procurement and chilling facilities. GFPL has
another group concern viz. Sandhu Trading Company (STC;
established in 2005, which is engaged in trading of milk and milk
products.
HAVELI RESTAURANTS: CARE Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Haveli
Restaurants & Resorts Limited (HRRL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 28.27 CARE B+; Issuer not cooperating;
Facilities Based on best available
information
Short-term Bank 9.50 CARE A4; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from HRRL to monitor the
ratings vide e-mail communications/letters dated May 16, 2018,
May 18, 2018, May 22, 2018, May 28, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Haveli Restaurants &
Resorts Limited's bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.
The ratings assigned to the bank facilities of Haveli Restaurants
& Resorts Limited (HRRL) continue to be constrained by the
company's small scale of operations, weak overall solvency
position and highly competitive nature of industry. The ratings,
however, derive strength from the experienced promoters, revenue
diversification from multiple located properties and favorable
prospects for the food service industry in India.
Detailed description of the key rating drivers
At the time of last rating on May 3, 2017 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
Small scale of operations: Despite being operational for nearly
two decades, the scale of operations of Haveli Restaurants
& Resorts Limited (HRRL) has remained low reflected by a total
operating income of INR65.11 crore during FY17 (refers to
the period April 1 to March 31).
Weak solvency position: The overall gearing, though improved
slightly, remained leveraged at 3.42x as on March 31, 2017
(vis-a-vis 3.43x as on March 31, 2016). The debt coverage
indicators also remained weak marked by total debt to GCA of
9.70x, as on March 31, 2017 (10.81x as on March 31, 2016) and
interest coverage ratio of 1.96x in FY17.
Intense competition from the organised as-well-as unorganised
sector: The nature of hotels and restaurants industry is highly
fragmented with the presence of a number of unorganized players.
HRRL is exposed to intense competition from organised players as-
well-as unorganised players like Radisson, Pind Baluchi and small
dabhas located on the national highway alongside the Haveli
restaurants. Moreover, opening of fast-food and quick-service
segment restaurants such as McDonalds on the highways would
intensify the competition. However, HRRL has a different ambience
of its restaurants and generates revenue from banquet as well
which reduces competition from other restaurants to a certain
extent.
Key Rating Strengths
Experienced promoters and professionally qualified team: Mr
Satish Jain, Mr Ajit Parshad Jain and Mrs Bhavna Jain are the
directors of HRRL. Mr Satish Jain (aged 49 years) is the Managing
Director of the company and has been with the company since its
inception. He looks after the day-to-day operations of the HRRL.
Mr Arjit Parshad Jain (aged 55 years) and Mrs Bhavna Jain (aged
47 years), both have been with this entity for the past 10 years
and they look after the sales and finance function, respectively.
HRRL has a team of professionally qualified personnel who hold
prior experience in the hospitality industry.
Revenue diversification from multiple properties and favorable
location of restaurants: HRRL generates revenue from three
restaurants and four banquets. Out of which, two restaurants are
located in Jalandhar, Punjab and one in Murthal, Haryana. All
four banquets are located in Jalandhar. All restaurants operate
under the name "Haveli" and are based on modern dhaba concept and
the third restaurant namely "Rangla Punjab" is in the form of
heritage site where different aspects of Punjabi culture are
showcased, including cart rides, puppet shows and folk dance
performances. Moreover, banquets are used for wedding and other
family functions. These restaurants are located on the busiest
national highways which ensure probability of footfall and food
and beverages off take. Moreover, Jalandhar is a manufacturing
hub for many industries and is visited by Non Resident Indians
(NRI's).
Incorporated in 1997, HRRL was originally known as Asha Builders
Limited. The company is a closely held public limited company and
is promoted by Mr Satish Jain and other family members. HRRL is
in the hospitality business and is operating three restaurants
and four banquet halls. It operates under the brand name
"Haveli", which has been well recognized in Northern India for
nearly 17 years. Two of the restaurants and four of the banquets
are located at Jalandhar, Punjab, and remaining one restaurant is
situated at Murthal, Haryana. The restaurants and banquets have
an ambience of a modern dhaba representing Punjabi heritage. The
banquets are used for family functions and weddings.
IND SWIFT: ICRA Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR1,213.57 crore bank facilities
of Ind Swift Laboratories Limited (ISLL) continue to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 610.89 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
category
Fund-based- 303.41 [ICRA]D ISSUER NOT COOPERATING;
Working Capital Rating continues to remain under
Facilities 'Issuer Not Cooperating'
category
Non-fund Based- 265.00 [ICRA]D ISSUER NOT COOPERATING;
Working Capital Rating continues to remain under
Facilities 'Issuer Not Cooperating'
category
Unallocated 34.27 [ICRA]D ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
ISLL, part of the Ind-Swift Group based at Chandigarh, was
promoted in 1995 by Ind-Swift Limited in joint venture with the
Punjab State Industrial Development Corporation Limited (PSIDC).
ISLL went public in 1997 and subsequently in FY2003, PSIDC exited
from ISLL. ISLL is a medium sized manufacturer of Active
Pharmaceuticals Ingredients (APIs) and Advanced Intermediates
with presence mostly in domestic markets and certain semi-
regulated markets. The company develops, manufactures and
supplies bulk drugs to various domestic formulations companies
and leading generic players across semi-regulated markets (with
predominant presence in East European Markets).
JAGDAMBA FIBRES: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Jagdamba
Fibres Private Limited (JFPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE B+; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from JFPL to monitor the
ratings vide e-mail communications/letters dated April 3, 2018,
April 4, 2018, April 6, 2018, April 11, 2018, numerous phone
calls and final reminder letter dated April 20, 2018. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Jagdamba Fibres Private Limited's bank facilities and
instruments will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings take into account small scale of operations coupled
with thin profit margins, leveraged capital structure, modest
debt coverage indicators and moderate liquidity position in FY17
(refers to the period April 1 to March 31). Furthermore, the
ratings continue to remained constrained due to profitability
susceptibility to raw material price volatility, presence in a
fragmented and cyclical MMF industry along with low bargaining
power. The ratings, however, take comfort from the experienced
promoters having presence of more than two decades in the textile
industry and easy access to raw material as well as proximity to
customers due to presence in textile hub at Surat.
The ability of JFPL to increase it scale of operations,
profitability, improve capital structure & liquidity position are
the key rating sensitivities.
Detailed description of the key rating drivers
At the time of last rating on May 8, 2017 the following were the
rating strengths and weaknesses.
(Updated for the information available from Registrar of
Companies)
Key Rating Weaknesses
Financial risk profile marked by small scale of operations
coupled with thin profit margins, leveraged capital structure,
modest debt coverage indicators and moderate liquidity position
The scale of operation stood small as marked by total operating
income (TOI) of INR24.74 crore during FY17(A). Further
Profitability remained thin as marked by PBILDT margin and PAT
margin of 4.64% and 0.35% respectively during FY17(A). Capital
structure stood leveraged as marked by overall gearing ratio of
3.36x as on March 31, 2017owing to low networth base. The debt
coverage remained modest owing to thin profitability marked by
interest coverage stood at 1.58x during FY17 and total debt to
GCA ratio of 17.10x as on March 31, 2017. The liquidity position
remained moderate marked by current ratio stood at 1.45 times as
on March 31, 2017.
Profitability susceptible to raw material price volatility: The
primary raw material used in manmade textile processing is
polyester yarn. Polyester being the derivative of crude oil; the
prices of yarn fluctuate in close correlation to crude oil
prices. Furthermore, the price of other key inputs like sizing
chemicals is also liked to crude oil. These raw materials account
for around 84% of the total cost of sales; hence, any volatility
in the prices of these materials may impact the profitability of
JFPL.
Presence in a fragmented and cyclical MMF industry along with low
bargaining power: The fortune of the MMF industry depends upon
demand from industries like apparels, home textiles and technical
textiles, which are consumption-driven industries. The
consumption/investment cycle in the domestic market has a direct
impact on the performance of the MMF industry. The polyester yarn
industry dominates the overall MMF filament yarn industry.
Polyester fibre prices are expected to continue to decline
because of falling crude oil prices and oversupply of cotton and
cotton yarn. Moreover, the industry is very fragmented and
consequently suffers from high competitive intensity.
Furthermore, JFPL procures majority of its raw material
requirements from suppliers like Reliance Industries Limited and
Garden Silk Mills Limited. JFPL has low bargaining power against
its suppliers. Key Rating Strengths
Experienced promoters having presence of more than two decades in
the textile industry: JFPL is promoted by Mr. Ved Prakash Goel
and Mr. Sajjankumar Agrawal. Both the promoters have more than
two decades of experience in the textile industry. Easy access to
raw material as well as proximity to customers due to presence in
textile hub at Surat (Gujarat) JFPL's manufacturing facility is
located in Surat (Gujarat) which is one of the largest textile
hubs in India; known for its synthetic textile products. The
textile industry in Surat is engaged in yarn production, weaving,
processing as well as embroidery. JFPL's presence in one of the
major textile regions of India results in the benefit derived
from ease of access to both customers and suppliers.
Incorporated in May 1987, JagdambaFibres Private Limited (JFPL)
is a Surat-based company promoted by Mr Ved Prakash Goel and Mr
Sajjankumar Agrawal. The company is engaged in processing of
synthetic yarns (also known as man-made fiber (MMF)) as well as
trading of grey fabrics. Its product basket includes texturised
yarn, draw winder yarn, air texturised yarn, etc, which find end-
user application in sarees, dress materials and curtains &
drapes. JFPL's sole manufacturing facility is located at Surat
and has an installed capacity of 2700 metric tons per annum
(MTPA).
JOGINDER SINGH: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Joginder
Singh (JGS) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 2.00 CARE B+; Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 4.00 CARE A4; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from JGS to monitor the
rating(s) vide e-mail communications/letters dated May 28, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Joginder Singhs's bank facilities will now be
denoted as CARE B+/ CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of rating in October, 2015 the following were the
rating strengths and weaknesses:
Key rating Weaknesses
Small scale of operations with low net worth base: The firm's
scale of operations has remained low marked by TOI of INR5.89
crore for FY15 (Prov., FY refers to April 1 to March 31) and
tangible net worth of INR0.41crore as on March 31, 2015(Prov.).
Weak financial risk profile: The profitability margins of JGS
remained low reflected by PBILDT margin and PAT margin of 3.70%
and 1.57% in FY15(Prov.). The firm had leveraged capital
structure reflected by overall gearing ratio of 2.41x, as on
March 31, 2015(Prov.). The debt coverage indicators remained weak
marked by interest coverage ratio and total debt to GCA of 1.76x
and 10.42x for FY15 (Prov.) respectively.
Customer concentration risk: The firm has only one customer on
which it is wholly dependent for its business, thereby exposing
it to customer concentration risk. However, the firm has been
able to win tenders from FCI on a regular basis in the past.
Proprietorship nature of its constitution: JGS's constitution as
a proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.
Highly unorganized industry and intense competition: JGS operate
in a highly fragmented and unorganized sector with the presence
of numerous small and regional players. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.
Key Rating Strengths
Experienced proprietor: Mr. Joginder Singh has an experience of
around two and half decades as transport contactor and has long
term relationships with FCI through his association with JGS and
Garcha Transport union (business operations discontinued as of
now).
Comfortable operating cycle: The firm has comfortable operating
cycle of 14 days as on March 31, 2015. The average utilization of
its sanctioned working capital limits remained around 60% for
last 12 months period ended August, 2015.
M/s Joginder Singh (JGS) is a proprietorship firm established in
2008 by Mr. Joginder Singh (aged 65 years). The firm is engaged
in providing services as transport contractor to Food Corporation
of India (FCI) for the transportation of food grains from one
centre of FCI to another centre of FCI in different districts of
Himachal Pradesh and Punjab. The firm gets contract through
competitive bidding process (tender basis) and hires the truck
from the transport companies, for the movement of food grains.
K. MANIKANDAN: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
K. Manikandan (KM) at 'CRISIL B+/Stable/CRISIL A4'. The ratings
continue to reflect below-average financial risk profile, small
scale of operations with revenue volatility in intensely
competitive civil construction industry and large working capital
requirements. These weaknesses are partially offset by the
extensive industry experience of proprietor.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with revenue concentration risks
KM operates in the highly fragmented civil construction industry
with small scale as reflected in revenue of INR6.73 crore in
fiscal 2018. Geographical concentration in revenues and tender
based nature of business, has led to volatility in revenues in
past four fiscals.
* Below-average financial risk profile: Networth is small at
INR1.08 crore and total outside liabilities to tangible networth
high at 7.45 times as on March 31, 2018. Debt protection metrics
are weak marked by interest coverage of 1.74 times and net cash
accruals of 0.05 times in fiscal 2018. Financial risk profile is
estimated to remain below average over the medium term.
* Large working capital requirements: Operations have high
working capital intensity marked by gross current assets of 407
days due to high debtors of 310 days ad on March 31, 2018.
Requirement to provide earnest money, security deposit and bank
guarantees further augments the working capital requirements.
Strength
* Extensive experience of proprietor: Promoter's experience of
over two decades in the civil construction business, has helped
establish strong relationship with customers and suppliers.
Outstanding orders of about INR20 crores as on date to be
executed over 1-2 years, provides revenue visibility.
Outlook: Stable
CRISIL believes KM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if sustained increase in scale of operations and
profitability, improves the financial risk profile. The outlook
may be revised to 'Negative' if decline in revenue or
profitability, stretch in working capital cycle, or sizeable,
debt-funded capital expenditure weakens the financial risk
profile.
Established as a proprietorship concern by Mr K Manikandan in
1997, KM undertakes civil construction works, primarily
buildings, in Kerala.
KP POLYOLEFIN: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KP Polyolefin
Sacks Private Limited (KPPSPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR110.0 mil. Fund-based limits assigned with IND BB-/
Stable/IND A4+ rating;
-- INR10.0 mil. Non-fund-based limits assigned with IND A4+
rating; and
-- INR43.6 mil. Term loans due on December 2020 assigned with
IND BB-/Stable rating.
KEY RATING DRIVERS
The ratings reflect KPPSPL's small scale of operations as
indicated by revenue of INR620.1 million in FY18 (FY17: INR525.85
million). The growth in revenue was driven by increase in demand
and higher realizations. Ind-Ra expects the revenue to grow
further in the medium term on account of a steady order inflow
and the company's diversification into manufacturing of pond
liner in FY18. FY18 figures are provisional in nature and are
subject to change.
The ratings are also constrained by the company's volatile EBITDA
margin owing to fluctuations in raw material prices, driven by
crude oil prices. The EBITDA margin ranged between 5.5% and 9%
over FY15-FY18 (FY18: 8.7%, FY17: 6.9%).
The ratings also factor in KPPSPL's modest credit metrics and
liquidity position. Net financial leverage (adjusted net
debt/operating EBITDA) improved to 2.8x in FY18 (FY17: 4.46x) and
gross interest coverage (operating EBITDA/gross interest expense)
to 2.7x (0.93x) due to a reduction in total debt and the
consequent decline in interest cost. Its average maximum
utilization of the fund-based limits was 93% over the 12 months
ended April 2018 owing to high receivables.
The ratings are also constrained by KPPSPL's high customer
concentration risk as it sells a majority of its products to
Indian Potash Limited.
However, the ratings are supported by an assured off take from
KPPSPL's associate company and the locational advantage of the
plant leading to lower transportation costs.
The ratings also benefit from the founder's over a decade-long
experience in the packaging industry.
RATING SENSITIVITIES
Negative: A significant dip in the operating profitability
leading to deterioration in the credit metrics on a sustained
basis will be negative for the ratings.
Positive: An improvement in the top line, while
maintaining/improving the credit profile on a sustained basis
and/or a further improvement in the liquidity position will be
positive for the ratings.
COMPANY PROFILE
Incorporated in 2011, KPPSPL manufactures woven fabric, bags,
sacks and tarpaulin for cargo packaging. The company is promoted
by KPCL and Middle East Industrial Investment LLC. Its
manufacturing facility has an installed capacity of 7,200metric
tons per annum. KPPSPL sources it raw materials from Reliance
Industries Ltd ('IND AAA'/Stable), GAIL (India) Limited ('IND
AAA'/Stable) and others.
LAXMI BUILDERS: CRISIL Reaffirms B+ Rating on INR14cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facility of Laxmi Builders and Transport Co. (LBTC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect LBTC's modest scale and
geographically concentrated operations in the intensely
competitive construction materials trading business, and its
average financial risk profile. These weaknesses are partially
offset by its partners' extensive industry experience and
established relationships with suppliers and customers.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and geographically concentrated operations:
Despite being in business for two decades, scale remains modest
due to intense competition with turnover of INR110 crore
(estimated) in fiscal 2018, though it has increased at compounded
annual growth rate of around 24 percent over the three fiscals
ended 2018. Furthermore, the firm is exposed to cyclicality in
the real estate industry, and since all revenue accrues from
Uttar Pradesh, any slowdown in real estate development in the
state will affect the firm's profitability.
* Weak financial risk profile: The total outside liabilities to
adjusted net worth ratio was low, at 1.5 times (estimated), as on
March 31, 2018. Debt protection metrics are subdued, with low
interest coverage ratio of 1.2 times (estimated) in fiscal 2018,
and networth was modest at INR9.6 crore (estimated) as on
March 31, 2018, resulting in weak financial risk profile.
* Below average liquidity: Liquidity position is weak, as
reflected in the nearly full utilisation of working capital
limit, though supported by the absence of term debt and
comfortable current ratio of ~1.4 times as on March 31, 2018.
Strength
* Extensive experience of the partners: Benefits from the
partners' experience of two decades and established relationships
with customers and suppliers have enabled the revenue to increase
to around INR110 crore (estimated) in fiscal 2018 from INR57.5
crore in fiscal 2015 and is expected to support the business over
the medium term.
Outlook: Stable
CRISIL believes LBTC will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if increase in revenue and profitability leads to
larger-than-expected net cash accrual, or capital infusion
strengthens financial risk profile. The outlook may be revised to
'Negative' if increase in working capital requirement constrains
liquidity, or if any large, debt-funded capital expenditure
weakens capital structure.
Set up in 1997, Noida, Uttar Pradesh-based LBTC, a partnership
firm of Mr Vinod Goswami and Mr Vipul Giri, trades in
construction materials such as steel, cement, tiles, iron,
thermo-mechanically treated bars, blocks, electrical items, and
sanitary ware. It does business in Uttar Pradesh, mainly
Ghaziabad and Noida.
MAA VAISHNO: ICRA Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term and short term rating for the bank
facilities of Maa Vaishno Edibles Private Limited (MVEPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.00 [ICRA]B(Stable) ISSUER NOT
COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Term Loan 1.95 [ICRA]B(Stable) ISSUER NOT
COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Unallocated 1.27 [ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING;
Rating moved to the 'Issuer
Not Cooperating' category
ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.
MVEPL is involved in the business of milling and sorting of non-
basmati rice. The company was incorporated in FY2013. Its
installed capacity is 8 tons/hour and is located at Bhagaura
District Gorakhpur (U.P.). The company mainly exports to Nepal.
The company sells under its brand 'Siddhibhog'.
MAHALUXMI STEELS: CARE Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Mahaluxmi Steels (MLS) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 6.00 CARE B; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from MLS to monitor the
rating(s) vide e-mail communications/letters dated May 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Mahaluxmi Steel's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of rating in December 31, 2015 the following were the
rating strengths and weaknesses:
Key rating Weaknesses
Small scale of operations and low profitability margins: The
scale of operations has remained low marked by TOI of INR46.82
crore for FY15 (refers to the period April 1 to March31).
Furthermore, the profitability margins of MLS remained low
reflected by PBILDT margin and PAT margin of 2.78% and 0.47%
respectively in FY15.
Weak debt coverage indicators: Interest coverage ratio stood
moderate at 1.80x in FY15 however, the total debt to GCA ratio
stood weak at 11.69x for FY15.
Partnership nature of its constitution: MLS's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Exposure to raw material price volatility: The firm is exposed to
raw material price volatility due to volatility experienced in
the prices of iron, steel, etc. The prices are driven primarily
by the existing demand and supply conditions with strong linkage
to the global market. This results into risk of price
fluctuations on the inventory of raw materials which may impact
the profitability margins of the firm.
Highly competitive, fragmented and cyclical industry: The
spectrum of the iron & steel industry in which the company
operates is highly fragmented and competitive marked by the
presence of numerous players in northern India. Hence, the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.
Key Rating Strengths
Experienced promoters: Mr. Sanjay Gupta and Mr. Mukesh Gupta have
an experience of more than one decade in the rolling business of
iron and steel industry through their association with MLS.
Moderate capital structure: The firm had moderate capital
structure reflected by overall gearing ratio of 1.31x as on
March 31, 2015.
M/s Mahaluxmi Steels (MLS) was established in October 2004 as a
partnership concern. The current partners of the firm are Mr
Sanjay Gupta, Mr Mukesh Gupta and Mahaluxmi Mettcast Private
Limited (a group company) sharing profits and losses in the ratio
45: 45: 10. MSL is mainly engaged in the manufacturing and
trading of iron & steel ingots and industrial round of various
grades and sizes on order basis at its manufacturing facilities
situated in Ludhiana, Punjab having an installed capacity of
13,500 tonnes per annum, as on March 31, 2015. The major raw
material required for the manufacturing of ingots and industrial
rounds are iron and steel scrap which are procured domestically
from the traders located in Punjab, Haryana, Madhya Pradesh and
Uttar Pradesh. The firm sells its products i.e. ingots and
industrial rounds mainly in the states of North India including
Punjab, Delhi, Haryana Uttar Pradesh and Madhya Pradesh.
MANIMAHESH HYDEL: ICRA Withdraws B+ Rating on INR10cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+(Stable) for
the INR10.00-crore fund based limits of Manimahesh Hydel Power
Projects Cooperative Society (MHPP).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 10.00 [ICRA]B+(Stable); withdrawn
Rationale
The ratings assigned to MHPP have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.
MHPPCS has been promoted by Mr. S.P Dhall and his family members.
MHPPCS has a developed a 2 Mega Watt (MW) hydro power plant in
village Chamba Sadar, District Chamba, Himachal Pradesh. This is
a run-of-the-river project on Sal Nallah, a tributary of the Ravi
river. The project commenced operations in May 2013
MANOHAR FOOD: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Manohar
Food Industry (MFI) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.00 CARE B+; Issuer not cooperating;
Facilities Based on best available
information
Short term Bank 4.25 CARE A4; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from MFI to monitor the
rating(s) vide e-mail communications/letters dated May 25, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Manohar Food Industry's bank facilities will now
be denoted as CARE B+/ CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).
Detailed description of the key rating drivers
At the time of rating on July 28, 2015 the following were the
rating strengths and weaknesses
Key Rating Weaknesses
Small scale of operations: The firm's scale of operations has
remained low marked by TOI of INR12.45 crore for FY14.
Furthermore, the firm's GCA was relatively small at INR0.21 crore
for FY14.
Low profitability margins: The profitability margins of MFI
remained low reflected by PBILDT margin and PAT margin of
3.77% and 1.22% in FY14.
Weak debt coverage indicators: Interest coverage ratio stood
moderate at 2.16x in FY14 however, the total debt to GCA
stood high at 9.28x for FY14.
Working capital intensive nature of operations: The working
capital cycle stood at 92 days for FY14. The average
utilization of the working capital limits stood around 75% for
last 12 months period ended June 2015.
Partnership nature of its constitution: MFI's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The monsoon has a huge bearing on crop availability
which determines the prevailing paddy prices.
Since there is a long time lag between raw material procurement
and liquidation of inventory, the firm is exposed to the risk of
adverse price movement resulting in lower realization than
expected.
Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation.
Key Rating Strengths
Experienced partners: Mr. Ram Nath Sharma has total experience of
three decades in the business of processing of paddy. Mr.
Sidharth Sharma has an experience of around one decade in the
same business through his experience with MFI.
Comfortable capital structure: The firm had comfortable capital
structure reflected by overall gearing ratio of 0.91x as on
March 31, 2014.
MFI was established in the year 2006 as a proprietorship firm by
Mr Sidharth Sharma. Later, in November 2014, the firm was
converted into a partnership firm and is currently being managed
by Mr Ram Nath Sharma and Mr Sidharth Sharma sharing profit and
loss equally. The firm is engaged in the processing of paddy at
its manufacturing unit located at Karnal, Haryana, with total
installed capacity of 7,200 metric ton per annum (MTPA), as on
March 31, 2015. The firm procures paddy from the local grain
markets through dealers and agents mainly from the state of Jammu
& Kashmir, whereas it sells its products viz, both basmati and
non-basmati rice in the states of Jammu & Kashmir and Delhi
through a network of commission agents and traders.
MAYFAIR RESORTS: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Mayfair
Resorts (MFR) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 11.15 CARE B+; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from MFR to monitor the rating
vide e-mail communications/letters dated May 16, 2018, May 18,
2018, May 22, 2018, May 28, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Mayfair Resort's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings are constrained by susceptibility of margins to
highly competitive nature of industry and constitution of the
entity as a partnership firm. The ratings, however, derive
strength from the strategic location of the resort and experience
of the promoters.
Detailed description of the key rating drivers
At the time of last rating on May 3, 2017 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Susceptibility of margins to highly competitive nature of
industry: The banquet hall is located between the commercial
business districts of Ludhiana and Jalandhar and is surrounded by
several other budget hotels and banquets (including those of
established brands) which provide tough competition especially
considering the recent start of operations of MFR. With the
increasing supply, MFR's prospects would depend on its ability to
achieve its envisaged rentals and occupancy and distinguish
itself from other players in the market.
Constitution of the entity as a partnership firm: MFR's
constitution as a partnership firm leads to limited financial
flexibility and inherent risk of capital withdrawal at the time
of personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partner.
Key Rating Strengths
Experienced promoters: MFR was promoted by Mr S L Pabbi, Mr H L
Pabbi, Mr Anil Chodha and Mr Manoj Chodha. Mr S L Pabbi and Mr H
L Pabbi (both are NRIs and based in Amsterdam) are also involved
in garment and apparels manufacturing, while Mr Anil Chodha and
Mr Manoj Chodha have been running Cabbana Infrastructure Private
Limited (CIPL) which is engaged in the similar line of business.
Favorable location: The banquet hall of MFR is located in
Phagwara on NH1 between manufacturing industry of Jalandhar and
the textile industry of Ludhiana. With the bright long-term
prospects of hospitality industry in India, improvement in
investment cycle, revival in the global as well as Indian economy
and subsequent increase in disposable income of the individuals,
people are expected to spend on events like marriages, retirement
parties, birthdays, etc, which augurs well for the industry and
for upcoming properties including MFR.
Jalandhar-based (Punjab) MFR was constituted in August 2003 and
was running as a banquet hall. In August 2013, MFR stopped its
operations and went for complete demolition and renovation of its
existing facilities and operations commenced from July 2015. The
entity is currently operating as a banquet hall spread on a land
of 17 acres and building area of 30,000 square feet. The facility
is equipped with 8 rooms, a specialty restaurant, a big hall,
meeting room, etc.
MILAN INFRASTRUCTURES: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Milan
Infrastructures and Developers Private Limited to 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Milan
Infrastructures and Developers Private Limited (MIDPL) for
obtaining information through letters and emails dated April 24,
2018, May 18, 2018, June 06, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Milan Infrastructures and
Developers Private Limited. Which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Milan Infrastructures
and Developers Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Milan Infrastructures and Developers Private
Limited to 'CRISIL D Issuer not cooperating'.
MIDPL, set up in 2006, is engaged in development of various
residential and commercial projects, mainly in Ghaziabad (Uttar
Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit
Mahajan. At present, it is undertaking a residential-cum-
commercial project at Rajnagar extension, Ghaziabad.
NAVBHARAT BUILDCON: ICRA Reaffirms B Rating on INR10.80cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B) for the
INR14.55-crore fund-based and non-fund-based facilities of
Navbharat Buildcon Pvt Ltd (NBPL). The outlook on the long-term
rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 10.80 [ICRA]B (Stable); Reaffirmed
Non-fund Based 3.75 [ICRA]B (Stable); Reaffirmed
Rationale
The ratings reaffirmation favorably factors in the long track
record of the company's promoters in the construction,
maintenance and repair work for irrigation projects as well as
NBPL's improved order book position. The ratings continue to draw
comfort from the company's healthy operating margins and the low
dependence on debt resulting in satisfactory debt coverage
metrics.
The ratings, however, remain constrained by the company's modest
execution progress which has kept its scale of operations small
and its order book concentrated. Further, high execution
commitments, risks to growth alongside the long recovery period
for security deposits, NBPL's funding requirements remain
substantial. Thus, NBPL's working capital position remains
stretched owing to stretched receivable position which has
consequently led to high creditor days.
Going forward, NBPL's ability to execute its current order book
in a timely manner, improve its scale and sustain debt coverage
metrics will be the key rating sensitivities. Further, the
company's ability to get timely enhancement in the non-fund based
limits and also improve its working capital position will be a
key rating sensitivities.
Outlook: Stable
ICRA believes that NBPL will benefit from its comfortable order
book position in the near term. The outlook may be revised to
Positive in case the company achieves healthy execution and
improves its liquidity position. The outlook may be revised to
Negative in case of weak execution or approval-related delays in
the orders leading to delay in the billing and in turn further
deterioration in the scale. Negative outlook on the rating could
also emerge in case of any adverse development in the working
capital movement.
Key rating drivers
Credit strengths
Long track record in industry: The company has more than three
decades of track record of operations in construction,
maintenance and repair work for the irrigation sector with focus
on executing orders for various water resource divisions in
Rajasthan and Madhya Pradesh.
Healthy revenue visibility for medium term: The rating reflects
the company's healthy order book position of INR86 crore as on
May 30, 2018. NBPL has received big ticket orders in FY2018 and
Q1 FY2019 amounting to INR69.8 crore, which provides good revenue
visibility for the medium term. However, this entails high
execution commitments.
Comfortable gearing levels and debt coverage indicators: Since a
large part of the order book billing is towards raw material and
labour work, NBPL's dependence on debt remains modest, resulting
in healthy debt coverage metrics characterised by low leverage
and healthy interest coverage. The company has been able to post
high margins owing to high margin solar and wind power income
booked per annum apart from construction work.
Credit challenges
Modest scale of operations: The company has been involved in the
construction business since the last three decades. Nonetheless,
the company has a modest scale of operations. The low ramp up in
the construction order book and slow-moving projects resulted in
slow execution and lower billing in the past. This all led to a
modest scale of operation of INR18 crore in FY2018.
NBPL's existing order book remains concentrated to a few orders:
NBPL's current order book remains concentrated to a few orders,
which exposes it to high client-concentration risk. ICRA also
takes into account the high execution commitments of NBPL, given
the build-up of its order book position with the top-three orders
in nascent stages. Further, ICRA notes that the possibility of
approval-related delays in the orders is common in this sector,
which can lead to a delay in the billing.
Long receivable realisation period: While the company's running
bills are received within 90-100 days, the final bills and
security deposits tend to pile up (more than 59% of the debtors
are stuck in security deposits as on March 31, 2018). Though ICRA
notes that the overall debtor days as on March 31, 2018 improved
to 140 days vis-a-vis 218 days in the previous year on account
releasing of some security deposits of older projects. The
working capital remains supported by high creditor days.
Nevertheless, in the absence of large fund-based and non-fund
based limits, the company's liquidity position remains stretched.
However, the limits utilisation remains low on account of the
unavailable drawing power on account of high margin money and low
debtor cover period.
Dependence on enhancements in non-fund based limits: Given the
healthy pace of order bidding, NBPL's bank guarantee requirements
remain substantial, in turn resulting in full utilisation of non-
fund based limit. In order to support the growing scale of the
order book, the company's ability to timely enhance its non-fund
based limits and ensure timely availability of mobilisation
advances will be crucial.
NBPL was established as a partnership firm in 1974. Later it was
reconstituted into a private limited company and registered in
1996. The company is involved in irrigation construction work for
dams and barrages, canals and tanks. Apart from the irrigation,
the company has also installed a wind turbine generator of 1.25-
megawatt capacity in Jaisalmer and a solar plant of 1.00-megawatt
capacity in Churu, Rajasthan. The company is promoted by Mr. Mool
Chand Lohadia and Mr. Ashok Kumar Lohadia, who have an experience
of nearly four decades in the civil construction sector.
On a provisional basis, the company reported a net profit of
INR0.7 crore on an operating income (OI) of INR18.0 crore in
FY2018 compared with a net profit of INR0.6 crore on an OI of
INR13.9 crore in the previous year.
NAVKAR BUILDCON: ICRA Maintains B- Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR15.0 crore bank facilities of
Navkar Buildcon continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B-
(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 15.00 [ICRA]B- (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating
continues to remain in the
'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis of limited information
on the issuers' performance. Accordingly, the lenders, investors
and other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Incorporated in 2011, Navkar Buildcon (NB) is a partnership firm
engaged in development of a residential cum commercial real
estate project - Navkar Plaza in Ratnagiri, Maharashtra. The firm
is a joint venture between the Ratnagiri based Padmavatee Group
and Panvel based Neel Group. The Padmavatee Group, being managed
Mr. Mahendra Jain and his two sons, Mr. Abhay Jain and Mr. Pravin
Jain. The Neel Group, being managed by Mr. Vilas Kothari was
formed in 1985 as LPG cylinder distributors in Panvel and then
the Group diversified into the real estate sector.
NECO HEAVY: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating for the INR17.50 crore bank facilities of
Neco Heavy Engineering and Castings Limited (NHECL) continues to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 12.50 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating
continues to remain in the
'Issuer Not Cooperating'
category
Non-Fund based- 5.00 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating
continues to remain in the
'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis of limited information
on the issuers' performance. Accordingly, the lenders, investors
and other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
NHECL was established in 1987, as Neco Castings Limited (NCL),
manufacturing variety of grey and ductile castings. During
FY2009, the name was changed to Neco Heavy Engineering and
Castings Limited as the company ventured into fabrication
business, catering to various engineering industries. Ashutosh
Castings Limited, a group company was merged with NHECL
with effect from April 2006. The company has accounted for the
amalgamation during the FY2008.
NHECL caters to the needs of diverse industries including
integrated steel plants, mini steel plants, engineering and
material handling. The company has an installed melting capacity
of 20,500 Tonnes per annum (TPA) and has facilities to
undertake machining activities for a maximum of 25 Tonne, single
piece.
P.P. AUTOMOTIVE: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of P.P.
Automotive Private Limited (PPAPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8 CARE B+; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from PPAPL to monitor the
rating vide e-mail communications/letters dated May 16, 2018,
May 18, 2018, May 22, 2018, May 28, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on P.P. Automotive Private
Limited's bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating is constrained by company's weak financial risk
profile and working capital intensive nature of operations. The
rating, however, derives strength from established track record
of operations, long association with Mahindra & Mahindra Limited
(MML) and the fact that the company is the sole distributor of
MML in most locations.
Detailed description of the key rating drivers
At the time of last rating on May 3, 2017 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).
Key Rating Weaknesses
Weak Financial risk profile: On account of trading nature of
operations, the profitability margins for the company have
remained at a low level, with the PBILDT margins of -1.43% and
PAT margins of 0.29% (non-operating income of INR4.13 crore) in
FY17. The solvency position has remained weak marked by long-term
debt-to-equity ratio and overall gearing of 2.72x and 3.88x,
respectively, as on March 31, 2017.
Working capital intensive nature of operation: The average
utilization of the working capital limits, for the 12 months
ended February 2016, remained at a high level of about 80%. The
operating cycle of the company elongated from around 52 days as
on March 31, 2016, to around 54 days as on March 31, 2017.
Key Rating Strengths
Long track record of operations with experienced promoters:
PPAPL, promoted by Mr Prem Lal Bhamba and Mr Aashish Bhamba, is
an authorized dealer of Mahindra & Mahindra Limited (rated 'CARE
AAA; Stable/CARE A1+'). Mr Prem Lal Bhamba has two decades of
experience in the auto dealership business.
Sole distributor of vehicles in most locations: PPAPL is the sole
authorized dealer in all the locations where it has a presence
viz. Karnal, Panipat, Sonepat, Gohana, Kundli and Assandh,
Haryana. Being a sole authorized dealer gives PPAPL higher client
base and larger demand catering opportunity.
P.P. Automotive Private Limited (PPAPL) was set up in 2004 as a
partnership firm named P.P. Automotive by Mr Prem Lal Bhamba and
Mr Rajesh Bhamba, in Karnal. It was reconstituted as a private
limited company in 2009 by the name of PPAPL. The company has an
exclusive dealership business of Passenger Vehicles and
Commercial Vehicles for Mahindra & Mahindra Ltd in its six
showrooms in Haryana. The company also offers servicing of
vehicles and sale of spare parts and lubricants. PPAPL is a part
of the P.P group, which has others firms viz. Nirmal Motors
(engaged in the auto dealership business of Hero Motocorp Ltd.)
and P.P. Autotek Pvt Ltd (engaged in the auto dealership business
of Volkswagen).
RISHABH CONSTRUCTIONS: CARE Cuts Rating on INR101.60cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rishabh Constructions Private Limited (RCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 13.03 CARE D; Issuer not cooperating;
Facilities Revised from CARE BB-; Stable
on the basis of best available
information
Short-term Bank 2.50 CARE D; Issuer not cooperating;
Facilities Revised from CARE A4 on the
basis of best available
information
Long term/Short 101.60 CARE D/CARE D; Issuer not
term Bank cooperating; Revised from
Facilities CARE BB-; Stable/CARE A4 on
the basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RCPL to monitor the
rating(s) vide e-mail communications/letters dated December 7,
2017, December 21, 2017, January 17, 2018, February 19, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, RCPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The ratings on RCPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in the rating of RCPL takes into account ongoing
delays in debt servicing due to stressed liquidity position on
account of delay in realization of payment from government
departments. Further, as per telephonic interaction with banker,
there are ongoing delays in interest servicing by RCPL.
Detailed description of the key rating drivers
Key Rating Weaknesses
Irregularity in debt servicing: The banker of the RCPL has
verbally confirmed delays in debt servicing by the company due
to stressed liquidity position due to delay in realisation of
payment from government departments.
Jaipur-based (Rajasthan) Rishabh Constructions Pvt. Ltd. (RCPL),
incorporated in November 1984 and promoted by Mr Mahendra Kumar
Sethi and Mr Madan Lal Sethi. RCPL is engaged in execution of
civil construction contract works with major focus on
construction of buildings, refurbishment/modification of
buildings, hospitals, sophisticated & complex laboratories, water
supply & sewage disposal and electrical engineering works. It
also has a wind mill in Jaisalmer with a total installed capacity
of 1.25 Mega Watt (MW).
SABARI KRISHNA: ICRA Maintains B Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR20.25 crore bank facilities of
Sabari Krishna Enterprises continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Non Fund Based 2.25 [ICRA]A4 ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Unallocated Limits 14.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
The rating is based on no updated information on the entity's
performance since the time it was last rated in March 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.
As part of its process and in accordance with its rating
agreement with Sabari Krishna Enterprises, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.
Sabari Krishna Enterprises (SKE) is a Hyderabad based
construction firm engaged in execution of civil & electrical
contract works for Indian Railways. The company is currently
executing projects on electrification and maintenance of new and
existing railway lines for southern division of Indian Railways.
SAMARPAN LAMINATES: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Samarpan
Laminates (SL) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1.59 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan .41 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 7, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Samarpan Laminates. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Samarpan Laminates is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Samarpan Laminates to 'CRISIL B+/Stable Issuer not
cooperating'.
Set upin 2006, SL is a partnership firm promoted by Mr Bhagvan K
Zalaria and his son Mr. Amrut BZalaria. The firm manufactures two
types of decorative laminates: Finoble and FineTouch, used in
furniture and home interiors.
SANGAM STEELS: CARE Lowers Rating on INR7cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sangam Steels (SS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.00 CARE B-; Issuer not cooperating;
Facilities Rating revised from CARE B
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Sangam Steels to monitor
the rating(s) vide e-mail communications/letters dated May 28,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requiste information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Sangam Steels's bank facilities will now be
denoted as CARE B-; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of rating in February 2016, the following were the
rating strengths and weaknesses:
Key rating Weaknesses
Declining scale of operations: The operating income of the firm
has declined consistently in the FY13-15 period and stood
at INR75.04 crore in FY15 (refers to the period April 1 to
March 31).
Low profitability margins: The firm's profitability margins have
remained low with the PBILDT and PAT margins of 2.18% and 0.16%
respectively in FY15.
Leveraged capital structure: The capital structure of the firm
remained highly leveraged marked by long term debt to equity
ratio and overall gearing ratio of 1.06x and 5.17x as on March
31, 2015.
Weak debt coverage indicators: The debt coverage indicators
remained weak with total debt to GCA at 84.68x for FY15.
Working capital intensive nature of operations: The working
capital cycle stood at 58 days for FY15. The average utilization
of the working capital limits stood around 80%.
Proprietorship nature of its constitution: SS's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.
Cyclicality inherent in the steel industry: The performance of
steel industry is linked to the fortune of sectors like
infrastructure, real estate and automobiles, which, in turn, are
dependent on the macro-economic condition, thereby making steel
trading activity highly dependent on the growth of economy.
Key Rating Strengths
Experienced proprietor and established track record of
operations: The proprietor has an experience of nearly 25 years
in the industry. Furthermore, over 3 decades of operations of the
firm has facilitated the establishment of long term relationships
with its clientele leading to repeat orders.
Association with reputed suppliers: Sangam Steels is an
authorized dealer of of JSW Steel Limited since 1999 for hot
rolled sheets and, rounds etc. The firm also deals with trading
of products like wires, coils and rods for the Steel Authority of
India since 2010. Sangam Steels procures ~90% of its traded from
JSW Steel Limited and SAIL.
Sangam Steels (SS) was established in 1983 by Mr Sandeep Gupta as
a proprietorship firm. The firm is an authorized dealer of JSW
Steel Limited, since 1999, and is engaged in the distribution of
steel products (HR Sheets, rounds, etc), for the company. The
firm is also engaged in the distribution of steel products like
wires, coils rods, bars etc. for Steel Authority of India Limited
(SAIL), with whom it is associated since 2010. These products,
primarily sold in the Punjab region, find application in bicycle
parts, automobiles components, etc.
SARASWATI PRINTERS: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Saraswati Printers (SRP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.00 CARE B+; Stable Assigned
Detailed Rational and key rating drivers
The rating assigned to the bank facility of SRP is primarily
constrained by small scale of operations with low net worth base,
leveraged capital structure and weak coverage indicators. The
rating is further constrained by working capital intensive nature
of operations, and highly competitive and fragmented industry.
The rating, however, draws comfort from the experienced promoters
and moderate profitability margins.
Going forward, ability of the company to profitably increase its
scale of operations while managing its raw material price
volatility risk and simultaneously registering improvement in
capital structure and working capital management shall be
the key rating sensitivity.
Key description and key rating drivers
Key rating weakness
Small though growing scale of operations with low net worth base:
The scale of operations stood small marked by total operating
income and gross cash accruals of INR29.20 crore and INR0.87
crore respectively during FY17 (FY refer to April 1 to March 31;
based on provisional results). Furthermore, the capital base was
relatively small at INR5.57 crore as on March 31, 2017. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits.
Though, the risk is partially mitigated by the fact that the
scale of operation is growing continuously. For the period FY15-
FY17, SRP's total operating income grew from INR21.45 crore to
INR29.20 crore reflecting a compounded annual growth rate (CAGR)
of 16.67% owing to increase in quantity sold to existing
customers coupled with addition of new customers. The firm has
achieved total operating income of INR34.64 crore in FY18 (period
refers to April 1 to March 31; based on provisional results).
Leveraged capital structure and weak coverage Indicators: The
capital structure of the firm as marked by overall gearing
stood leveraged as on past three balance sheet date owing to debt
funded capex undertaken in past coupled with high reliance on
external borrowings to meet working capital requirement. The
overall gearing stood at 1.91x as on March 31, 2017 as against
1.64x as on March 31, 2016. The deterioration in the capital
structure was on account of increase in debt owing to addition of
working capital term loan and infusion of funds by the promoters
in the form of unsecured loans. Owing to high debt level, the
coverage indicators of the firm marked by interest coverage and
total debt to GCA stood weak at 1.57x and 12.16x respectively for
FY17 as against 1.65x and 10.28x respectively for FY16.
Working capital intensive nature of operations: SRP allows
extended credit period of around 4-5 months to its customers
on account of intense competition prevailing in the market.
Further, the inventory holding stood around 131 days as the
firm maintains wide product portfolio of different varieties and
sizes and has to maintain adequate stock of raw material.
Further, the average creditors' period stood at 3-4 months. The
average utilization working capital limits stood almost
fully utilized over the past 12 months ended April 2018.
Highly competitive and fragmented industry: SRP operates in a
highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. The industry is
characterized by low entry barriers due to low technological
inputs and easy availability of standardized machinery for the
production. Since the firm's client base consists of established
players, SRP's pricing power is restricted with limited ability
to pass on any increase in input cost due to intense competition.
Key rating strengths
Experienced promoters: The firm is currently being managed by Mr.
Vikas Narang with his wife, Mrs. Geeta Narang. Mr Vikas Narang
and Mrs. Geeta Narang are graduates by qualification. They both
holds experience of more than two decades in printing industry
through their association with this entity. Further, SRP has been
operating in this business for more than two decades, which has
aided in establishing healthy relationship with both customers
and suppliers.
Moderate profitability margins: The profitability margins of SRP
marked by PBILDT margin and PAT margin stood moderate at around
~8% and ~2% respectively for past three financial years i.e.
FY15-FY17.
Delhi-based Saraswati Printers (SRP) is a partnership firm
established in 1996. It is currently being managed by Mr. Vikas
Narang and Mrs. Geeta Narang. The firm is engaged in designing,
processing, printing, binding, fabrication of packaging
materials. It undertakes printing of catalogues, danglers,
broachers etc.
SELVA STONE: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Selva Stone
Export Limited (SSEL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Import Payment 5.88 CRISIL A4 (ISSUER NOT
Deferred Credit COOPERATING; Rating Migrated)
Long Term Loan 2.20 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Packing Credit in 6.00 CRISIL A4 (ISSUER NOT
Foreign Currency COOPERATING; Rating Migrated)
Proposed Long Term 1.17 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SSEL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Selva Stone Export Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Selva Stone Export Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Selva Stone Export Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Set up in 2012, SSEL is involved in the manufacturing of granite
stones and slabs. The company is promoted by Mr. G. Selvaraj
along with his son, Mr. S.Mohan and his brother-in-law, Mr.
Saravanan. The company has its manufacturing unit in Krishnagiri,
Tamil Nadu.
SOUTHERN GOLD: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Southern Gold
Private Limited's (SGPL) 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:
-- INR137.5 mil. Term loan due on October 2022 to February 2024
migrated to non-cooperating category with IND BB- (ISSUER
NOT COOPERATING) rating; and
-- INR700 mil. Fund-based working capital limits migrated to
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 25, 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 2010, SGPL is involved in the wholesale and
retail sale of gold bullion and gold ornaments in domestic and
overseas markets.
SRAVANTHI ENERGY: ICRA Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Sravanthi Energy Private Limited (SEPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 633.75 [ICRA]D ISSUER NOT COOPERATING;
Rating moved to the 'Issuer Not
Cooperating' category
Non-Fund Based 50.00 [ICRA]D ISSUER NOT COOPERATING;
Rating moved to the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
SEPL is developing a 2*225 MW gas based power project in two
phases (Phase-I and Phase-II) at Udham Singh Nagar district In
Uttarakhand state of India. Land has been fully acquired and all
clearances are in place. The total project cost is to be funded
in a debt equity ratio of 3:1. The combined cycle for Phase-I of
the project was completed in Mar 2012.
SURYA CONTAINERS: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Surya
Containers Private Limited (SCPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.82 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Short-term Bank 6.00 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SCPL to monitor the
ratings vide e-mail communications/letters dated April 3, 2018,
April 4, 2018, April 6, 2018, April 11, 2018, numerous phone
calls and final reminder dated April 20, 2018. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Surya Containers Private Limited's bank facilities and
instruments will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings. The rating takes into account delays in
debt repayment owing to weak liquidity position.
Detailed description of the key rating drivers
Delay in debt servicing: There has been ongoing delay in its debt
servicing due to weak liquidity position.
Incorporated in the year 1993, SCPL was promoted by Mr.
Banwarilal Chaudhary and family members. It is engaged in
manufacturing and supplying of Industrial Drums and Barrels (Mild
steel) with an installed capacity of 3,00,000 units of drums and
2,50,000 units of barrels per annum as on March 31, 2016 at its
plant located at Gandhinagar, Gujarat. SCPL manufactures drums
and with storage capacity of 10 Liters to 235 Liters which are
used in storing chemicals, pesticide, food, oils, bulk drugs,
pharmaceuticals and other high value products.
TIRUPATI BASMATI: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tirupati
Basmati Exports Private Limited (TBEPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 43.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Export Packing
Credit 52.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Bill
Purchase 17.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Exchange
Forward 5.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Standby Line of
Credit 10.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 8.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with TBEPL for
obtaining information through letters and emails dated April 24,
2018, May 18, 2018, June 6, 2018 and June 11, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tirupati Basmati Exports
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Tirupati Basmati Exports
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Tirupati Basmati Exports Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Incorporated in 2009, TBEPL is a Karnal, Haryana based company
engaged in milling, processing, and sorting of PUSA 1121 basmati
rice. The company's operations are being looked after by Mr.
Lalit Kumar and his two brothers, Mr. Vijendra Kumar and Mr.
Ravinder Kumar.
URVI PLASTIC: ICRA Assigns B Rating to INR0.90cr LT Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B for the
INR0.90-crore fund-based cash credit (sub-limit of LC) facility
of Urvi Plastic Industries. ICRA has assigned the short-term
rating of [ICRA]A4 to the INR5.40-crore non-fund-based letter of
credit facility of the firm. ICRA has also assigned the long-term
rating of [ICRA]B and short-term rating of [ICRA]A4 to the
INR4.60-crore unallocated limit of UPI. The outlook on the long-
term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- (0.90) [ICRA]B(Stable); Assigned
based Cash Credit
(Interchangeable-
Sublimit of LC)
Short-term Non- 5.40 [ICRA]A4; Assigned
fund-based Letter
of Credit
Long-term/Short- 4.60 [ICRA]B(Stable)/[ICRA]A4;
term Unallocated Assigned
Rationale
The assigned ratings favorably factor in the extensive experience
of the proprietor and an operating track record of the firm
spanning close to 35 years in the trading business of engineering
plastic products. ICRA also notes UPI's established relationships
with its customers and suppliers. However, the ratings are
constrained by the firm's weak financial profile characterised by
small scale of operations, low profit margins and modest
capitalisation and debt coverage indicators. The ratings also
remain constrained by the high working capital intensity of
firm's operations due to elongated receivables, vulnerability of
its profitability to volatility in foreign exchange rates and
prices of traded goods, and exposure to high competition in the
trading business. The ratings further take into account the
proprietorship nature of the firm, which exposes it to the risk
of capital withdrawals.
Outlook: Stable
ICRA expects UPI to continue to benefit from the extensive
experience of its proprietor and established relationships with
its customer and suppliers. The outlook may be revised to
Positive if healthy growth in revenues and profitability, and
improvement in working capital cycle through faster collection of
receivables strengthens the financial risk profile. The outlook
may be revised to Negative in case of lower than expected cash
accruals, or deterioration in the working capital cycle impacts
the firm's liquidity.
Key rating drivers
Credit strengths
Extensive experience of the proprietor in the trading of
engineering plastic products: UPI was incorporated in 1984 for
the trading of engineering plastic products by Mr. Sameer Mehta,
who has an extensive experience of nearly 35 years in this field.
UPI's product portfolio consists of Poly Methyl Methacrylate
(PMMA), Polyacetal (POM), Polycarbonate (PC), Styrene
Acrylonitrile Resin (SAN), Acrylonitrile Butadiene Styrene (ABS),
Ethylene Vinyl Acetate (EVA), Polyamide resin (PA6/PA66), and
transparent ABS (Toray), etc.
Established relationship with customers and suppliers: UPI has
developed healthy relationships with various customers in the
domestic market and suppliers across international markets over
the last 35 years. Its key clientele includes Mumbai-based Nirmal
Plastic Industries (NPI), which is a manufacturer and exporter of
plastic engineering goods, and Pune-based Pacoline Industries
Private Limited (PIPL), which is a manufacturer of mirror
assemblies, interior light reflectors, warning triangles,
steering wheels and other plastic components for the automotive
industry. Its key suppliers include Singapore-based Inabata
Singapore (PTE) Ltd. (ISL), a wholesaler and distributer of
plastic materials like synthetic resins, chemicals and electronic
materials, and the South Korean firm, Lotte Advanced Material Co.
Ltd. (LAMCL), a manufacturer of engineering plastic products like
ABS and PC.
Credit challenges
Weak financial profile characterised by small scale of
operations, low profit margins, modest capitalisation and debt
coverage indicators: UPI's scale of operations remains small and
revenues have remained in the range of ~Rs. 16-20 crore in the
last four fiscals. UPI's operating profit margins have remained
low in the range of 3-4% in the last four fiscals because of the
low value-added nature of trading business. The net profit
margins have also remained moderate at around 1-1.50% for the
last four fiscals, given the low operating margins. The gearing
of the firm stood high at 5.15 times as on March 31, 2017, while
the debt coverage indicators remained weak with interest coverage
of 2.18 times, NCA/Total debt of 3%, TOL/TNW of 5.68% and total
debt/OPBDITA of 9.88 times.
High working capital intensity of operations due to elongated
receivables: The working capital intensity of the firm has been
increasing from FY2015 and remained high at 40% in FY2017 due to
elongated receivables. The firm offers a credit period of 90-120
days to its clients while its purchases are made on documents
against acceptance basis or against 90 days letter of credit. The
receivable days had increased to 139 days as on March 31, 2017
(P.Y3.-101 days) due to high sales in last quarter of the
financial year. The debtor concentration also remained high with
a single customer accounting for 64% of total outstanding
receivables as on March 31, 2017. As on March 31, 2018, the
debtors increased to INR8.84 crore from INR7.35 crore as on
March 31, 2017. Nonetheless, there have not been any instances of
significant bad debts in the past.
Vulnerability of profitability to fluctuations in foreign
exchange rates and prices of traded goods: Imports account for
60-70% of the firm's total purchases, which exposes its
profitability to any adverse movements in the foreign exchange
rates. There is no cushion available in the form of export sales
and nor does the firm follow any definite hedging policy, which
enhances the forex risk further. The profitability also remains
vulnerable to any unfavorable movements in prices of traded
goods, though the same is mitigated to an extent by passing on
the price increase onto its customers.
3 P.Y.: Previous year
Intense competition, given the low complexity of work involved:
The trading industry is highly fragmented with a large number of
organised and well-established players as well as unorganised
players in the market due to the low complexity of the work
involved. This intensive competitive pressure affects the pricing
flexibility of the firm to an extent.
Risk of capital withdrawal associated with a proprietorship firm:
ICRA notes that UPI is a proprietorship concern and any
significant withdrawals from the capital account may impact its
net worth and hence the capital structure.
Established in 1984, UPI is engaged in trading of engineering
plastic products. UPI is proprietorship firm of Mr. Sameer Mehta,
who has an extensive experience of close to 35 years in the
trading business. The firm trades engineering plastic products
like Poly Methyl Methacrylate (PMMA), Polyacetal (POM),
Polycarbonate (PC), Styrene Acrylonitrile Resin (SAN),
Acrylonitrile Butadiene Styrene (ABS), Ethylene Vinyl Acetate
(EVA), Polyamide resin (PA6/PA66), and transparent ABS (Toray),
etc. These products find applications in automobiles, costume
jewellery, LED bulbs, electrical modular switches, and plastic
goggle frames, etc.
In FY2017, UPI reported a net profit of INR0.35 crore on an OI of
INR19.67 crore, as compared to a net profit of INR0.19 crore on
an OI of INR16.54 crore in the previous year.
VANYA DESIGNER: ICRA Lowers Rating on INR7.5cr Loan to B
--------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
for the INR7.50-crore working capital limits of Vanya Designer.
The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 7.50 [ICRA]B(Stable); Revised from
[ICRA]B+(Stable)
Rationale
The rating revision follows the significant decline in scale of
operations and partner's capital withdrawal in FY2018, which led
to a highly leveraged capital structure and modest coverage
indicators. The rating is further constrained by the intense
competition prevailing in the apparel industry in Surat (Gujarat)
due to the presence of many organised and unorganised players.
The rating continues to be restricted by the working capital-
intensive operations.
The rating, however, favorably considers the long-standing
experience of the partners in the apparel industry; its
diversified product portfolio; and the locational advantage in
terms of material procurement and outsourcing to downstream
processing units by virtue of being situated in Surat.
Outlook: Stable
ICRA believes VD will continue to benefit from the extensive
experience of its promoters and the location advantage of being
situated in Surat. The outlook may be revised to Positive if
substantial growth in revenue and profitability and better
working capital management strengthen the financial risk profile.
The outlook may be revised to Negative if revenues and cash
accrual are lower than expected or if further advances extended
to associates concerns or further stretch in the working capital
cycle weakens liquidity.
Key rating drivers
Credit strengths
Longstanding experience of partners: The firm is promoted and
managed by Mr. Rajesh Kedia and Mr. Jitesh Chhajed, who have more
than a decade of experience in the garment manufacturing
business. This experience of the promoter has helped the firm to
gain competitive advantage in terms of procurement and product
marketing.
Locational advantage due to proximity to raw material sources and
processing units: The firm procures grey fabric from local
suppliers and outsources key manufacturing activities such as
pre-treatments, dyeing, printing and embroidery work to various
textile processing mills. Surat, being a major textile belt of
Gujarat, provides easy access to quality raw materials and
downward processing units.
Credit Challenges
Decline in scale of operations in FY2018 following GST
implementation: The firm's operating income declined by 39% to
INR18.9 crore in FY2018 as implementation of Goods and Service
Tax (GST) led to subdued demand, followed by a strike in the
Surat textile market protesting the GST rates.
Adverse capital structure and high working capital intensity: The
total debt of the firm increased to INR11.1 crore as on FY2018-
end from INR9.5 crore as on FY2017-end on account of higher
working capital intensity as reflected by NWC/ OI of 66% as on
FY2018-end against 38% as on FY2017-end. The firm had high
inventory holding as on FY2018-end mainly on account of sales
return of pre-GST stock by customers as well as subdued demand.
Intense competition: The textile industry is characterised by
intense competition across value chain due to high fragmentation
and low entry barriers. VD faces competition from numerous
organised and unorganised players, thereby limiting its pricing
power.
Risk inherent in partnership firm: In FY2018, the partners
withdrew INR1.77 crore due to which the net worth declined to
INR2.07 crore as the firm's liquidity profile experienced a
stretch.
Vanya Designer was established in June 2012 by Mr. Rajesh Kedia
and Mr. Jitesh Chhajed. It manufactures sarees, salwar suits and
lehangas. Initially VD started with manufacturing of sarees and
subsequently expanded its product portfolio to include salwar
suit and lehangas. In FY2018, it added kurtis into its product
portfolio. VD sales its products under a single brand name "Heart
& Soul". VD outsources the key activities such as pre-treatments,
dyeing-printing and embroidery work to various textile processing
mills. The remaining activities such as cutting and packaging are
performed in house. The company operates from Surat, Gujarat.
===============
M A L A Y S I A
===============
GREEN PACKET: Proposes Capital Reduction to Cancel MYR455M Losses
-----------------------------------------------------------------
The Sun Daily reports that Green Packet Bhd proposes to undertake
a capital reduction exercise to eliminate the entire accumulated
losses via the cancellation of its issued share capital, in line
with the group's turnaround plan.
According to Sun Daily, the group said in a bourse filing that
the capital reduction exercise is to reduce its issued share
capital by an amount equivalent to the entire accumulated losses
of MYR455.51 million as at December 31, 2017.
The Sun Daily relates that the proposed capital reduction will
allow Green Packet to rationalise its financial position and to
enable it to pay dividends out of its retained earnings in the
future when it returns to profitability.
In addition, the group will also implement a share grant scheme
of up to 15% of its total number of issued shares to reward and
retain the executive directors and employees, the report notes.
Green Packet Berhad researches, develops, manufactures, markets,
and distributes wireless networking and telecommunication
products, networking solutions, and other technology products and
services in Malaysia and internationally.
====================
N E W Z E A L A N D
====================
CBL INSURANCE: Serious Fraud Office Launches Probe
--------------------------------------------------
The Serious Fraud Office and Reserve Bank of New Zealand are each
investigating matters relating to CBL Insurance and associated
entities.
The Reserve Bank is co-operating with the Serious Fraud Office
investigation.
The Reserve Bank is also co-operating with the Financial Markets
Authority's investigation relating to issues of market conduct
and disclosure by CBL Corporation.
"No further comment on these investigations will be made at this
time," SFO said.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The New Zealand Herald said the High Court has
ordered CBL Insurance be placed into interim liquidation on an
application by the Reserve Bank as the insurer's prudential
supervisor.
In the High Court in Auckland on Feb. 23, Justice Patricia
Courtney ordered the appointment of McGrathNicol's Kare Johnstone
and Andrew Grenfell as interim liquidators of CBL Insurance, the
Herald discloses. The application was made without notice and
determined on Feb. 23, the judgment said.
CBL Insurance Limited provides building and construction related
credit and financial surety insurance, bonding, and reinsurance
products. CBL Insurance is a subsidiary of NZX-listed CBL
Corporation.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE TELEGRAPH: Appoints James Velasquez as New President
---------------------------------------------------------------
Business World Online reports that Philippine Telegraph and
Telephone Corp. (PT&T) has formalized the election and
appointment of James G. Velasquez as the company's new president
and chief executive officer, replacing Benjamin M. Bitanga.
According to the report, PT&T said in a disclosure to the stock
exchange that its board of directors elected and appointed Mr.
Velasquez in a special meeting held on June 28. His new position
will be effective starting July 2.
"Please be informed that in a special meeting of the Board of
Directors held today, June 28, 2018, Mr. James G. Velasquez was
elected and appointed as the President and Chief Executive
Officer of Philippine Telegraph and Telephone Corporation
("PT&T") effective 02 July 2018," it said.
It noted that Mr. Velasquez was a member of the telcommunications
company's board of directors since March 1 this year, Business
World relates. PT&T then said that Mr. Velasquez is set to
replace Mr. Bitanga after the latter stepped down from his
position.
Prior to his stint as a board member of PT&T, Mr. Velasquez was a
senior executive for IBM Global Technology Services, Asia
Pacific. He was also the president and country general manager of
IBM Philippines for six years, the report discloses.
PT&T was established in 1962 and was once considered a rival of
PLDT. It took a hit during the 1997 Asian Financial Crisis and
sought corporate rehabilitation a decade later.
Makati City-based Philippine Telegraph & Telephone Corp. --
http://www.ptt.com.ph-- operates as a telecommunications company
in the Philippines. It has three segments: Local Exchange
Carrier, Business Convergence, and Retail Distribution Network.
The Local Exchange Carrier segment offers basic telephone
services and long distance (incoming and outgoing domestic and
international calls). The Business Convergence segment provides
broadband/Internet-based services and traditional bandwidth
services. The broadband/Internet-based services include frame
relay, asynchronous transfer mode, Internet protocol-virtual
private network, digital subscriber lines, and wireless gigabit
=================
S I N G A P O R E
=================
EMAS OFFSHORE: Baker Tech Calls Off Proposed Investment
-------------------------------------------------------
Kenneth Lim at Business Times reports that Baker Technology has
canceled plans to invest in Emas Offshore, throwing a spanner in
the works of the target's plans to emerge from restructuring.
According to the report, Baker Tech announced on July 2 during
the Singapore Exchange's lunch break that its wholly owned
subsidiary, BT Investment, terminated a term sheet with Emas on
July 2 and will no longer proceed with the planned investment.
BT Investment had entered into the term sheet in December 2017
with a number of co-investors to make a potential US$50 million
of equity injection into Emas, the report recalls.
In June this year, Emas had sought a four-month extension from
the Singapore High Court to give it more time to negotiate the
terms of the potential investment after Baker Tech said that it
was no longer willing to pursue the original restructuring
proposal, according to BT.
Emas had said at the time that other potential investors had
expressed an interest in its business operations and platform, BT
adds.
Trading of Emas shares on the SGX has been suspended since March
last year, the report notes.
Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services
to customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division,
and Offshore Production Services division.
Emas Offshore reported a net loss of US$705.7 million for the
year ended Aug. 31, 2017, compared with US$535.2 million in 2016.
The group's total assets amounted to US$466.5 million as at
Aug. 31, 2017, down from US$1.09 billion as at Aug. 31, 2016.
However, liabilities increased by 8 per cent to US$1.13 billion
as at Aug. 31, 2017, due mainly to recognition of payable due to
former subsidiary Lewek Champion Shipping which is in compulsory
liquidation and increase in provision for onerous contracts.
PACIFIC RADIANCE: Posts US$12.8MM Net Loss in Q1 Ended March 31
---------------------------------------------------------------
Pacific Radiance Ltd. has reported net loss of US$12.8 million,
for the first quarter ended March 31, 2018, compared with US$14.8
million net loss for the year-ago period.
The Group recorded a first-quarter revenue of US$11.8 million. On
a quarter-on-quarter basis, the 16% decline in revenue was mainly
attributed to lower revenue for its Subsea Services business and
lower contribution from its Shipyard segment. The decline,
however, was cushioned by higher revenue contribution from its
Offshore Support Services business which helped narrow gross loss
by 53% to US$3.3 million for the Group.
Revenue for the full year ended December 31, 2017 (FY2017) came
to US$67.7 million, marginally lower by 2.5% compared to previous
year, while gross loss narrowed by 41% to US$18.8 million from
improved performance from its Subsea Services and Shipyard
businesses. The Group registered a net loss of US$343.2 million
which included impairment charges of US$272.1 million. Excluding
the impact of impairment provisions, the Group posted net loss of
approximately US$71.1 million which is comparable to the previous
year's US$69.4 million. General and administrative expenses
decreased by 21% to US$16.6 million in FY2017 as part of the
Group's continuing cost rationalisation exercise.
Mr Pang Yoke Min, Executive Chairman of Pacific Radiance said:
"Operating fundamentals of the global OSV sector are slowly
improving and the worst is likely behind us. Tender activity is
picking up gradually and it is likely that a significant number
of laid-up OSVs will not return to the market. However, OSV
charter rates are expected to continue to reflect the sector's
tonnage oversupply situation in the near term. Barring any
unexpected geopolitical developments or a decline in oil prices
that could derail the sector recovery, we are cautiously
optimistic that the sector will find its balance in the medium
term."
Commenting on the Group's 1Q2018 and FY2017 results, Mr Pang
added, "We continue to see good traction with our cost-control
measures that include right-sizing of fleet and crew, suspension
of bonus payouts, wage freeze for staff, wage reduction for
senior management, and cutting other general and administrative
expenses. We have also taken painful impairment provision in
4Q2017 alongside our efforts to restructure the balance sheet."
"The Group is now in full swing with its restructuring exercise
and is actively engaging all its stakeholder groups for their
support. Once the restructuring is completed, we will see
significant deleveraging of the Group's balance sheet and
injection of new equity. We believe that these steps we are
taking will allow the Group to sustain its operations under
current market conditions and to position itself for the eventual
recovery of the offshore marine sector," added Mr Pang.
About Pacific Radiance
Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three
divisions: Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.
As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2018, the board of directors of Pacific Radiance Ltd. and
together with its subsidiaries, intends to pursue restructuring
by way of schemes of arrangement to be proposed between the
relevant entities of the Group and its creditors under section
210(1) of the Companies Act (Cap.50).
In order to preserve the proposed restructuring and investment,
Pacific Crest Pte Ltd ("PCPL"), a wholly-owned subsidiary of the
Company, has on May 16, 2018 made applications to the Court to
seek interim protection against legal proceedings that will
regress the Group's ongoing discussions with the various
stakeholders.
The Application seeks, inter alia, orders that (a) no appointment
shall be made of a receiver or manager over any property or
undertaking of PCPL (b) except with the leave of Court, (i) no
legal proceedings may be commenced or continued against PCPL,
(ii) no execution, distress or other legal process against any
property of PCPL shall be commenced, continued or levied, (iii)
no steps to enforce any security over any property of PCPL or to
repossess any goods held by PCPL under any chattels leasing
agreement, hire-purchase agreement or retention of title
agreement shall be taken or continued and (iv) no right of re-
entry or forfeiture under any lease in respect of any premises
occupied by PCPL may be enforced (collectively the relief sought
in (a) and (b), the "Moratorium") for a period of six (6) months
from the date of the grant of the Application or until further
order.
TT INTERNATIONAL: Hearing of Wind Up Bid vs. Big Box Adjourned
--------------------------------------------------------------
Lee Meixian at The Strait Times reports that struggling
mainboard-listed consumer electronics retailer TT International
on June 29 said the hearing of the winding up application by SCB
Building Construction against the company's 51-per-cent-owned
subsidiary, Big Box Pte Ltd (BBPL), has been adjourned.
It was previously fixed to be heard on June 29, 2018, the report
says.
BBPL owns the Big Box, the landmark eight-storey warehouse retail
mall in Jurong East Regional Centre which was put up for sale in
May by receivers and managers, according to the Strait Times.
"The company will continue to keep all its stakeholders updated
on any material development, including the date for the hearing
of the adjourned BBPL winding up application, on a timely basis
once available," TT International said, the report relays.
Ms. Angela Ee Meng Yen and Mr. Aaron Loh Cheng Lee have been
appointed as the receivers, The Strait Times disclosed citing a
Sept. 27, 2017, letter issued by Ernst & Young Solutions, which
is acting for OCBC as security trustee for the lenders under the
Big Box facility.
About TT International
Based in Singapore, TT International Limited trades, imports,
exports, distributes, wholesales, and retails electrical and
electronics products, general consumer goods, and sports goods.
The Company also owns and operates warehouse facilities and
provides third party warehousing and logistics services.
TT International is being restructured under a scheme of
arrangement since April 2010.
Trading in the company's securities was voluntarily suspended on
Aug. 4, 2017, the Strait Times says.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 25 to June 29, 2018
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.10
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.10
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.96
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.10
QUINTIS LTD 8.75 08/01/23 USD 71.00
QUINTIS LTD 8.75 08/01/23 USD 71.00
QUINTIS LTD 8.75 08/01/23 USD 71.00
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.25
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.07
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 40.27
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.04
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.21
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.22
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.38
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.72
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.41
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.69
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.08
ANNING DEVELOPMENT INVE 7.43 05/12/21 CNY 60.97
ANNING DEVELOPMENT INVE 7.43 05/12/21 CNY 62.60
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.08
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.40
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.52
ANSHAN HI-TECH INDUSTRY 8.39 04/25/21 CNY 61.64
ANSHAN HI-TECH INDUSTRY 8.39 04/25/21 CNY 62.30
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.02
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.23
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.21
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.34
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 39.98
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 59.68
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.05
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.00
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.10
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.30
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.83
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 62.30
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 37.50
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.31
BAOSHAN STATE-OWNED ASS 7.79 05/28/21 CNY 61.66
BAOSHAN STATE-OWNED ASS 7.79 05/28/21 CNY 80.34
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.36
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 59.00
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.89
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.51
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.94
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 59.50
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.17
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.24
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.07
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.21
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.53
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.60
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.65
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.91
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.05
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.00
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.41
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.61
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.41
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.91
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.89
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.37
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.00
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.10
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.62
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.21
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.30
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.38
BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.15
BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.48
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.76
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 62.08
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 62.38
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 51.16
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.09
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.92
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.93
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.17
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.22
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.41
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.69
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.55
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.56
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.42
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.54
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.21
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.69
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.12
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.20
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 59.93
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.40
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.29
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.47
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.52
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.76
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.90
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 65.27
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.24
CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 62.04
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.23
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.25
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.34
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.16
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.19
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.00
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.24
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.80
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.52
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.53
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.17
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.51
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.37
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.77
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.24
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.06
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.51
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.27
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.28
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.36
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.11
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 24.98
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.30
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.56
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.78
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.00
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.47
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.00
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.06
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.15
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.37
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 56.00
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.43
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 60.70
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.10
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.62
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.80
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.31
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.40
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.51
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.30
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.44
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.71
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.10
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.85
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.20
CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.55
CHENZHOU DEVELOPMENT IN 7.29 04/16/21 CNY 61.66
CHENZHOU DEVELOPMENT IN 7.29 04/16/21 CNY 62.24
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 59.96
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.15
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 34.67
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.15
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.37
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.43
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.69
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.53
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.20
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.25
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.67
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.71
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.62
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.23
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.54
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.70
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.71
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.95
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.48
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.09
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.33
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.12
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.45
CHONGQING GARDENING IND 8.45 06/03/21 CNY 61.66
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.72
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.77
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.18
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.59
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.05
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.46
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.20
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.34
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.13
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.51
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.56
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.04
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.48
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 61.04
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.07
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.31
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.45
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.23
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.25
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.05
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.32
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.71
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.81
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.66
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 60.19
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.25
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.22
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.36
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 61.09
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.09
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.32
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.08
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.86
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 60.61
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 60.86
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.22
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.34
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.44
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 41.00
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.08
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.14
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.57
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 59.70
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.81
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.40
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.28
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.32
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.35
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.39
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.65
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.44
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.46
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.44
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.87
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.11
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.32
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.35
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.50
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.51
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.55
DALIAN PULANDIAN CONSTR 7.74 04/21/21 CNY 51.31
DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.75
DALIAN PULANDIAN CONSTR 7.60 11/19/20 CNY 61.70
DALIAN PULANDIAN CONSTR 7.60 11/19/20 CNY 61.71
DALIAN PULANDIAN CONSTR 7.74 04/21/21 CNY 61.76
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 51.49
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 60.42
DALIAN PUWAN ENGINEERIN 4.50 02/01/23 CNY 71.48
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 80.00
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.81
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.56
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.86
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.03
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 81.66
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.18
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.30
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.35
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.50
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 59.00
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.95
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 40.14
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.99
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.30
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.75
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 61.05
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 60.64
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.79
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.60
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.61
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.37
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.37
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.39
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.45
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.49
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.58
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.05
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.40
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 60.65
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.29
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.85
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.36
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.56
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 81.07
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.15
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.40
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.98
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.66
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.08
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.48
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.49
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.81
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.62
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.77
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.79
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.46
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.37
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 41.11
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.31
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.42
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 56.28
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.33
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.40
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.94
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.09
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.17
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.24
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 69.99
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.33
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 24.98
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.73
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.92
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.19
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.32
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.51
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.55
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.07
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.26
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.38
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.46
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.30
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.00
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.09
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 20.27
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.02
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.12
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.70
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.93
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 62.01
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.59
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.21
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.61
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.11
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.44
GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 73.18
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 50.02
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.07
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.15
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 39.60
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 62.58
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.96
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.12
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.13
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.39
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.68
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.23
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 65.00
HAILAR DISTRICT URBAN I 6.20 05/14/20 CNY 40.40
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 20.98
HAIMEN COMMUNICATION IN 8.00 03/18/21 CNY 62.89
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.73
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.02
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.41
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.25
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.26
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.35
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.84
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.85
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.08
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.18
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.65
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.88
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 39.88
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.34
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.77
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.82
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.37
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.51
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.08
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 60.89
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.55
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.41
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.00
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.45
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 60.00
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.93
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.68
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.48
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.79
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.22
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.32
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.38
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.18
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.25
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 61.06
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 61.24
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 61.97
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 62.73
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.47
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.49
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.55
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.30
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.45
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.63
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.78
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.59
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.17
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.28
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.35
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.41
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.29
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.75
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.12
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.69
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 69.65
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 70.35
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.80
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.59
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.45
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.45
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.09
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.41
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.10
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.36
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.10
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.24
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.36
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 37.00
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.09
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 69.70
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.61
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.46
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.28
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.31
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.11
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.87
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.21
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.44
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.14
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.33
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.10
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 58.20
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.99
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.39
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.55
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.64
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.71
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.66
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 63.50
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.93
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.65
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.37
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.27
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.82
HUBEI YIHUA CHEMICAL IN 6.00 03/26/20 CNY 69.51
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.56
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.56
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.28
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.30
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.04
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.05
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.16
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.81
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.36
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.77
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.99
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.20
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.49
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.20
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 60.50
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 62.16
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.46
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.71
INNER MONGLIA SHENG MU 4.75 06/01/21 CNY 57.00
INNER MONGLIA SHENG MU 4.48 12/28/20 CNY 67.00
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.29
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.32
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.21
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.36
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.22
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.91
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.08
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.76
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.45
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.21
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.74
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.22
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.84
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.92
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.21
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.50
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 61.15
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.51
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.66
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.78
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.24
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.62
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 60.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 24.85
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.49
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.65
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.59
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.14
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.98
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.97
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.56
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.71
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.30
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.97
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.34
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.33
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.28
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.51
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.55
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.55
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.27
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.39
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.68
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.95
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.40
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.53
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.30
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.38
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 60.90
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.33
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 58.80
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 62.42
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.25
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.30
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.41
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.61
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.27
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.43
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.15
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.43
JIAXING CITY NANHU NEW 7.45 02/26/21 CNY 61.83
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.13
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.45
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.11
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.11
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.36
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.82
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 70.29
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 50.92
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.80
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.98
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.00
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.52
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.20
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.24
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 59.85
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 62.18
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 24.98
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.81
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 61.06
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 71.06
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 61.52
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.32
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.23
JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 55.36
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.35
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.52
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.36
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.50
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.38
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.12
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.13
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.01
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.35
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.90
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.44
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.64
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.84
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.36
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.39
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.90
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.93
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.00
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.43
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.29
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.16
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 59.52
KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 61.47
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.76
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.86
KARAMAY URBAN CONSTRUCT 7.15 04/22/21 CNY 61.43
KARAMAY URBAN CONSTRUCT 7.15 04/22/21 CNY 63.80
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.30
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.47
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.50
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 61.25
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.01
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.05
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.58
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.67
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.78
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.20
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.38
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.16
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.82
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.24
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.33
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.53
LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 61.18
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.17
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.35
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.64
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 34.97
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.12
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.62
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.22
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.02
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.49
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.79
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.27
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.30
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.54
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.80
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.43
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 62.00
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.93
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.56
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.26
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.83
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.84
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 69.56
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.38
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.08
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.17
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.23
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.71
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.17
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.18
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.10
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.13
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.73
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.27
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.10
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.44
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.51
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 62.22
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.45
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.34
MAOMIN CITY TRANSPORTAT 6.90 05/28/21 CNY 61.50
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.37
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.92
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 58.26
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.45
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.45
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.83
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.58
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.17
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.49
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.14
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.00
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.76
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.25
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.12
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.82
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.57
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.21
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.24
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.22
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.38
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.41
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.30
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.53
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 40.31
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.22
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.98
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 62.32
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.43
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.47
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.23
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.28
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.32
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.08
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.17
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.00
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.11
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.00
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.65
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.56
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.84
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.44
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.51
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.97
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.08
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.53
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.06
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 24.94
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.03
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.61
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.81
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.28
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.29
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 39.97
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 39.92
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.04
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.05
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.16
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.11
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.60
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.48
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.64
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 63.15
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.33
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.09
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.30
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.16
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.42
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.23
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.40
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.40
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.57
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 39.95
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.22
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.65
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.54
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.34
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 41.08
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 36.13
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.55
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.49
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.87
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.24
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 20.34
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 20.35
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.72
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.82
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.23
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.24
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.03
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.23
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 40.13
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.59
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.34
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.75
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 71.87
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 62.01
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 62.29
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.66
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.25
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.23
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 72.25
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 76.00
QINGDAO HAIDONG INVESTM 7.75 05/30/21 CNY 61.23
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 60.71
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.28
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.55
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.95
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.89
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 72.42
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 57.08
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.69
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.40
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.79
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.08
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.01
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.48
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.62
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.88
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.32
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.39
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.45
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.84
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.62
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 61.03
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.00
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.54
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.94
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.35
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.33
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.40
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.53
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 62.24
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.42
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.90
RASTAR GROUP 6.30 11/25/20 CNY 75.00
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.49
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 63.20
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.08
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.25
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 39.70
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.14
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.43
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.03
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.53
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.35
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.39
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.81
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 61.00
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.58
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.38
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.47
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.47
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.72
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 65.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 39.94
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.52
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.27
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.01
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.02
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 60.05
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 59.92
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.85
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.03
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 30.48
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.80
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 50.00
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 66.48
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.19
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.24
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.04
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 82.00
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.97
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.70
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.25
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.52
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.51
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.53
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.20
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.34
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 74.97
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.15
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.22
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.44
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.63
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.15
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.20
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.50
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.06
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.16
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.05
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.19
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.79
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.48
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.83
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.15
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.00
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.50
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.50
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.34
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.55
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.00
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.29
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.55
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.99
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.00
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.12
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.16
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.68
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.75
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.27
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.89
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.30
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.42
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.11
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 57.50
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.05
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.83
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.14
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 69.90
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.60
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.19
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.43
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.84
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.59
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.99
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.50
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.90
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 75.00
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.71
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.79
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.02
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.04
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.21
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.22
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.06
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.21
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.69
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFR 8.10 04/25/21 CNY 61.49
SIPING SITONG CITY INFR 8.10 04/25/21 CNY 62.50
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.75
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 38.70
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.28
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.07
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.35
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 62.22
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.26
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.38
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 60.99
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.43
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.83
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 62.25
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.60
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.96
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.39
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.41
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.19
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.23
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.25
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.80
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.29
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 19.00
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.13
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.09
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.21
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.34
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.17
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.49
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.54
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.48
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 60.74
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.88
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.45
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.30
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.64
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.57
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.57
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.16
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.69
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.40
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.63
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.60
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.74
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.19
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.48
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.85
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.25
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.41
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.24
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.85
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.02
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.16
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.05
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.36
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.10
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.11
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.66
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.26
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.28
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.15
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.25
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.58
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.08
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.21
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.04
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.05
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.58
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.28
TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 62.69
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.73
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.74
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.25
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.27
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.07
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.85
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.43
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.03
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.13
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.14
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.26
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.35
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.27
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.28
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.25
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.84
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 20.55
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.18
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.24
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.24
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.04
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.22
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.65
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.73
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.71
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.89
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 45.05
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 59.84
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.87
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.71
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.46
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.47
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.37
TONG CHUAN DEVELOPMENT 7.50 07/17/19 CNY 40.31
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 40.21
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 40.33
TONGLIAO URBAN INVESTME 7.29 05/26/21 CNY 60.89
TONGLIAO URBAN INVESTME 7.29 05/26/21 CNY 61.08
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.47
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.53
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 62.62
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.35
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.12
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.30
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.30
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.57
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.26
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.39
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.45
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.09
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.10
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.89
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 61.23
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.55
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.62
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.51
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 59.94
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.23
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.04
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 62.27
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.30
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 63.22
WEIFANG DONGFANG STATE- 7.78 03/24/21 CNY 63.22
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.31
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 61.19
WEIHAI LINGANG STATE-OW 6.87 05/19/21 CNY 60.89
WEIHAI LINGANG STATE-OW 6.87 05/19/21 CNY 60.97
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 40.86
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 41.10
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 40.46
WENDENG GOLDEN BEACH IN 6.99 05/15/21 CNY 61.67
WENDENG GOLDEN BEACH IN 6.99 05/15/21 CNY 62.03
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.28
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.48
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.25
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.00
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.34
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 59.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.87
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 19.50
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.34
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 56.90
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.43
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.30
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.69
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.98
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.39
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.50
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.05
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.12
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 24.97
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 72.21
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.58
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.11
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.69
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.49
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.84
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.31
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.66
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.56
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 61.62
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.85
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 62.53
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.28
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41
WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.10
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.62
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 62.00
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.45
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.57
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.36
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.31
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.48
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.38
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.54
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.60
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.13
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.19
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.45
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.33
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.15
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 51.03
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.46
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.65
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.71
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 61.94
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.20
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.36
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.18
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.30
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.70
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.80
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 39.80
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.15
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 60.06
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.71
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.45
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.58
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.63
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.94
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.01
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.20
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.63
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.76
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 62.15
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.39
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.01
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 61.00
XINGAN LEAGUE URBAN DEV 8.20 03/06/21 CNY 95.00
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.23
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.38
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 39.89
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.71
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.62
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.03
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.95
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.88
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.43
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.16
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.36
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.96
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.89
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.10
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.02
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 40.51
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.21
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.25
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.08
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.45
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.81
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.84
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.01
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.92
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.01
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.48
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.56
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.37
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.15
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.72
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.72
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.33
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.89
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.42
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 39.94
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.27
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.61
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 61.99
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.29
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.28
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.61
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.24
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.40
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.53
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.60
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.34
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.55
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.24
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.10
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.10
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.30
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.31
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.34
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.46
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.60
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.83
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.89
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.29
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.03
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.89
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.05
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.98
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 60.60
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.37
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 73.90
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.24
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.36
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.01
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.10
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.41
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.75
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 61.89
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 82.50
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.12
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 40.17
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 40.36
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 40.58
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.98
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.28
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.44
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.28
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 61.88
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.00
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.46
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.46
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.16
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.10
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.28
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.45
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.32
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 81.80
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 50.92
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 61.99
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.96
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.99
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.07
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.27
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.49
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.76
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.05
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.20
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.80
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.00
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.42
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.64
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.51
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.08
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.41
ZHANJIANG ECO TECH DEVE 8.00 04/21/21 CNY 61.55
ZHANJIANG ECO TECH DEVE 8.00 04/21/21 CNY 61.63
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.98
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.58
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.31
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 61.52
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.44
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 62.13
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.38
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.52
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.91
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.89
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.29
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.13
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.52
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.14
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.85
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 38.80
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.31
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.13
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 62.14
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.91
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.00
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.06
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.13
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.82
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 56.17
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.23
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.47
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.50
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.08
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 61.02
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.06
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.37
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.46
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 62.18
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 60.30
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.33
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.10
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.13
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.34
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.45
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.46
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.94
ZIGONG GAOXIN STATE-OWN 6.30 03/13/20 CNY 40.17
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 40.01
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 25.02
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.10
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 61.14
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.94
ZUNYI STATE-OWNED ASSET 6.95 05/28/21 CNY 60.68
ZUNYI STATE-OWNED ASSET 6.95 05/28/21 CNY 61.69
MTR CORP LTD 2.88 07/27/46 USD 74.62
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.68
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 50.02
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.30
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.30
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.30
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.30
3I INFOTECH LTD 2.50 03/31/25 USD 13.54
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.71
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 71.22
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00
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
REI AGRO LTD 5.50 11/13/14 USD 0.31
REI AGRO LTD 5.50 11/13/14 USD 0.31
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 58.93
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.97
JAPAN
-----
TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 5.13
TAKATA CORP 0.85 03/06/19 JPY 5.13
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 74.49
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 63.71
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 48.82
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 70.86
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 71.79
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 72.92
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.19
KOREA TREASURY BOND 1.50 09/10/66 KRW 69.03
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 37.71
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.21
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.39
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.43
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.19
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 70.53
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 70.79
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.08
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 71.81
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.03
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.25
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.31
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.05
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.52
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 73.76
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.00
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 74.76
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 74.96
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 75.03
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 75.89
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.06
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.26
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.62
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.12
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.28
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.39
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.78
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.97
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.37
I-BHD 3.00 10/09/19 MYR 0.35
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 68.16
PUC BHD 4.00 02/15/19 MYR 0.15
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 56.59
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 57.85
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.16
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.48
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.25
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 64.68
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.18
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 67.69
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 70.72
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.45
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 73.96
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.20
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.91
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.05
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.43
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
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 72.38
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 74.11
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 50.01
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.92
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.92
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.28
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.33
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00
BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 25.00
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13
EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.74
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 50.00
HYFLUX LTD 4.25 09/07/18 SGD 65.08
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 66.73
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 36.83
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 47.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 2.74
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
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.16
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 68.51
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.73
*********
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 ***