/raid1/www/Hosts/bankrupt/TCRAP_Public/180717.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, July 17, 2018, Vol. 21, No. 140
Headlines
A U S T R A L I A
ALLANS BILLY: Second Creditors' Meeting Set for July 23
CCS EQUIPMENT: Second Creditors' Meeting Set for July 24
DOMINOIDS PTY: Second Creditors' Meeting Set for July 26
PACILLO LOGISTICS: Second Creditors' Meeting Set for July 24
POSH PRINTING: First Creditors' Meeting Set for July 24
WAVY LEAF: First Creditors' Meeting Set for July 24
C H I N A
TANGXIAOSENG: Investor Loses Savings as P2P Lender Collapses
* CHINA: 63 P2P Lenders Report Liquidity Issues in June
I N D I A
AADITIYA ASWIN: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
ADVANCED MINING: CRISIL Maintains D Rating in Not Cooperating
ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
AMARPARKASH RICE: CRISIL Maintains D Rating in Not Cooperating
ARJUN ENTERPRISES: CRISIL Moves B+ Rating to Not Cooperating
ASHTAVINAYAK AUTO: CARE Moves D Rating to Not Cooperating
BALAJI RICE: CRISIL Maintains B Rating in Not Cooperating
BOMMIDALA PURNAIAH: CRISIL Reaffirms C Rating on INR24.2cr Loan
CHEEMA SPINTEX: ICRA Maintains D Rating in Not Cooperating
CMB SPINNING: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
DHANLAXMI TMT: CRISIL Maintains D Rating in Not Cooperating
DIVYARATNA AGROTECH: CARE Reaffirms D Rating on INR29.5cr Loan
EARTH HOME: CARE Reaffirms B+ Rating on INR5cr LT Loan
EXOTICA BAR: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
FARMACHEM LIFE: CRISIL Raises Rating on INR2.75cr Cash Loan to B+
FOUNTAIN IMPORTS: CARE Reaffirms D Rating on INR10cr Loan
GANESH RICE: CRISIL Maintains D Rating in Not Cooperating
GAYATRI PROJECTS: CARE Hikes Rating on INR2030.30cr Loan to BB-
GEORGE MATHEW: CRISIL Assigns B Rating to INR7.5cr Cash Loan
INDUS EDUCATIONAL: CRISIL Maintains B- Rating in Not Cooperating
JASMINE TOWELS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
KSS PETRON: JM Financial Moves NCLT to be Included as Creditor
LANSH ENGINEERING: CARE Cuts Rating on INR5cr LT Loan to B+
M. M. POLYMERS: CRISIL Maintains B+ Rating in Not Cooperating
MAGIKLE PHARMA: CRISIL Maintains B+ Rating in Not Cooperating
MARUTI INTERNATIONAL: CARE Assigns B+ Rating to INR5cr LT Loan
MATESHWARI CONSTRUCTION: CRISIL Keeps B+ Rating in Not Coop.
MGM EDIBLE: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
MOOKAMBIKA EDIBLES: CRISIL Assigns B Rating to INR3.5cr LT Loan
NILGIRI TEXTILES: Ind-Ra Maintains B+ Rating in Non-Cooperating
NIRJHARAA INDUSTRIES: Ind-Ra Moves BB- Rating to Non-Cooperating
OGENE SYSTEMS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
ONGOLE AROGYA: CARE Migrates D Rating to Not Cooperating Category
PANASIAN IMPEX: ICRA Reaffirms B+ Rating on INR5cr Loan
POSITIVE MICRON: ICRA Assigns 'B' Rating to INR13cr Term Loan
S.S. FRUITS: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
SADHANA SUITINGS: CARE Migrates B+ Rating to Not Cooperating
SALEEM STEELS: CRISIL Assigns B+ Rating to INR7cr Cash Loan
SATISH CHAND: ICRA Maintains B+ Rating in Not Cooperating
SATYAM PULSE: CRISIL Migrates B+ Rating to Not Cooperating
SHYAMALAN MODERN: CRISIL Assigns B+ Rating to INR14cr Cash Loan
SIVARAM YARNS: CRISIL Maintains D Rating in Not Cooperating
SUDARSHAN INFRA: ICRA Assigns 'B' Rating to INR5.85cr Loan
TATA MOTORS: Moody's Cuts CFR & Senior Instrument Ratings to Ba2
TECHNITHON TECHNOLOGIES: CARE Cuts Rating on INR7.99cr Loan to C
TRAVANCORE EARTH: CRISIL Assigns B Rating to INR4.35cr Loan
TRIMURTI FLOUR: CRISIL Maintains C Rating in Not Cooperating
UNITED INFRAVENTURES: CARE Moves D Rating to Not Cooperating
VARUNANI MARKETING: CRISIL Maintains B+ Rating in Not Cooperating
VIKAS KRISHI: ICRA Maintains B+ Rating in Not Cooperating
VISHAL DIAMONDS: Ind-Ra Maintains BB- Rating in Non-Cooperating
I N D O N E S I A
STEEL PIPE: Fitch Alters Outlook to Neg. & Affirms 'B' LT IDR
N E W Z E A L A N D
TOTO PIZZA: Auckland Pizza Place Goes Into Liquidation
P H I L I P P I N E S
WOMEN'S RURAL: PDIC Appointed as Receivers; Takes Over Rural Bank
S I N G A P O R E
DAPAI INTERNATIONAL: Reprimanded Over Listing Rule Breaches
X X X X X X X X
* BOND PRICING: For the Week July 9 to July 13, 2018
- - - - -
=================
A U S T R A L I A
=================
ALLANS BILLY: Second Creditors' Meeting Set for July 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Allans Billy Hyde Pty Ltd
- Gallin's Musicians Pro Shop Pty Ltd
- Australian Music Group (IP) Pty Ltd
- Australian Music Group (HR) Pty Ltd
- Brandiston Pty Ltd
- Benzen Pty Ltd
has been set for July 23, 2018, at 2:00 p.m. at the offices of
Ferrier Hodgson, Level 43, 600 Bourke 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 20, 2018, at 4:00 p.m.
John Lindholm and George Georges of Ferrier Hodgson were
appointed as administrators of Allans Billy on June 20, 2018.
CCS EQUIPMENT: Second Creditors' Meeting Set for July 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of CCS Equipment
Pty Ltd has been set for July 24, 2018, at 2:00 p.m. at the
offices of Hall Chadwick Chartered Accountants, Level 11, 77 St
Georges Terrace (Allendale Square), 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 23, 2018, at 5:00 p.m.
Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of CCS Equipment on June 19, 2018.
DOMINOIDS PTY: Second Creditors' Meeting Set for July 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Dominoids Pty
Ltd has been set for July 26, 2018, at 10:30 a.m. at the offices
of SM Solvency Accountants, Level 8/490 Upper Edward Street, in
Spring Hill, 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 25, 2018, at 4:30 p.m.
Brendan Nixon of SM Solvency was appointed as administrator of
Dominoids Pty on June 21, 2018.
PACILLO LOGISTICS: Second Creditors' Meeting Set for July 24
------------------------------------------------------------
A second meeting of creditors in the proceedings of Pacillo
Logistics Pty Ltd has been set for July 24, 2018, at 11:00 a.m.
at the offices of BRI Ferrier, Level 4, 12 Pirie Street, in
Adelaide, SA.
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 23, 2018, at 5:00 p.m.
Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Pacillo Logistics on June 19, 2018.
POSH PRINTING: First Creditors' Meeting Set for July 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Posh
Printing CBD Pty Ltd will be held at Suite 1, Level 15
9 Castlereagh Street, in Sydney, NSW, on July 24, 2018, at
11:00 a.m.
Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Posh Printing on July 12, 2018.
WAVY LEAF: First Creditors' Meeting Set for July 24
---------------------------------------------------
A first meeting of the creditors in the proceedings of Wavy Leaf
Pty Ltd, formerly trading as 'Shugg Consulting Group Pty Ltd',
will be held at the offices of BRI Ferrier, Level 4, 12 Pirie
Street, in Adelaide, SA, on July 24, 2018, at 10:00 a.m.
Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Wavy Leaf on July 12, 2018.
=========
C H I N A
=========
TANGXIAOSENG: Investor Loses Savings as P2P Lender Collapses
------------------------------------------------------------
South China Morning Post reports that Gao Bin lost his family's
life savings when Chinese online micro lending platform
Tangxiaoseng collapsed in June. SCMP relates that the 43-year-old
auditing director and his wife had invested CNY860,000 in the
peer-to-peer lender, only to discover on June 18 he could not
withdraw his investment. He later found out the company had been
placed under investigation two days ago for "illegally absorbing
public deposits," the report says.
Tangxiaoseng, which in theory matches investors with borrowers of
small loans, had said it had accumulated a transaction volume of
more than CNY80 billion (US$11.96 billion), SCMP discloses.
"I couldn't sleep for three straight days. It's a huge blow to my
entire family," the report quotes Gao, a resident of eastern
China's Suzhou city, as saying. He said he had planned to use the
funds to pay for his cancer stricken mother's treatment and
finance a down payment for a flat.
According to the report, the Shanghai police said on July 14 it
had detained Tangxiaoseng's legal representative, Tao Lei, for
issuing illegal wealth-management products and offering return
rates ranging from 5 to 15 per cent a year. A total of CNY38
billion in funds were involved in the fraud, the report notes.
* CHINA: 63 P2P Lenders Report Liquidity Issues in June
-------------------------------------------------------
South China Morning Post reports that hundreds of thousands of
small family investors across China have had their fingers burnt
over the past few months, which have seen a spate of P2P platform
collapses. The industry has of late come under intense pressure
because of tightened regulation and a liquidity crunch, the
report says.
A total of 63 P2P lenders reported issues with liquidity and
suspended fund withdrawal in June, up from just 10 in May, SCMP
discloses citing Wangdaizhijia, a data provider on China's online
lending business. Another 17 quit businesses voluntarily, and
together these 80 platforms owed CNY3 billion in outstanding
loans.
Although such lenders have been in decline since early 2016, when
regulators started clamping down on scams and risky behaviour,
the recent collapse suggests investors and platform operators
were not prepared for the impact, notes the report. Beijing
initiated a review of P2P lenders following the introduction of
tighter regulatory requirements in 2016, such as the appointment
of a custodian bank and full disclosure of the use of deposits.
"The crackdown turned out to be much more severe than expected,"
said Richard Zhu, an IT engineer at Zillion Fortune, a Shanghai-
based financial services company, says SCMP. "Companies' accounts
were frozen by the regulators for inquiries, and employees lost
jobs."
And platforms that failed to clear their review before the end of
June this year will be forced to liquidate, says the report.
Zheng Yang, director of the Shanghai Financial Service Office,
told the South China Morning Post this year the deadline would
probably be extended to maintain social order. "We want to give
some of the platforms time and the opportunity to make amends, so
that they can eventually meet the regulatory requirements," he
said. "Some of the efforts have proven to be successful."
Technically, a P2P lender is an information provider that matches
borrowers with lenders, the report says. But most players raise
money from depositors before lending it to corporate borrowers,
such as property developers, to chase high returns.
SCMP relates that the decline of P2P lenders also comes against
the backdrop of a tightened credit environment and monetary
policy in China, as the government tries to deleverage the
economy.
As borrowers fail to raise money because of monetary tightening,
they are unable to generate sufficient cash flows to repay P2P
lenders, the report states.
"The industry might enter a great recession," the report quotes
Zhang Guodong, secretary general of the Shenzhen Internet
Financial Association, an industry body formed by financial
technology companies, as saying. "Everyone is very nervous now."
According to SCMP, the number of operating P2P platforms fell to
1,836 in June from its zenith of 3,800 in 2015, based on
statistics from Wangdaizhijia. And this number may shrink further
- to under 200 in three years - because most existing lenders do
not meet regulatory requirements, SCMP discloses citing a report
issued by the China International Capital Corporation on July 13.
SCMP relates that Zhang said a liquidity crunch that spread from
the stock market and real economy forced some platforms with
shady practices to fold, which then led to investors rushing to
withdraw their money in a panic, resulting in fund shortages at
more platforms.
"The collapsed platforms were usually involved in practices such
as making up information of borrowers that did not exist, and
using the funds raised for their own businesses," Zhang, as cited
by SCMP, said.
Scams and illicit behaviour mushroomed in the sector, as P2P
lending platforms proliferated from 2011 to 2015, on the back of
their popularity among individuals and small businesses that
could not access credit at traditional banks, the report notes.
Ezubao, once the biggest player in China, was found in 2015 to be
a Ponzi scheme that scammed CNY100 billion from more than 1
million investors.
A Shanghai-based banking regulator, who spoke on condition of
anonymity, said operators involved in illegal activities will be
further investigated by law-enforcement authorities, so it could
take some time before depositors can get their money back, SCMP
adds.
=========
I N D I A
=========
AADITIYA ASWIN: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aaditiya Aswin
Paper Mills Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR59 mil. Fund-based limit maintained in non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR10 mil. Non-fund-based limit maintained in non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 4, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
The company is a Coimbatore-based writing and printing paper
manufacturer with an installed capacity of 40 tons per day.
ADVANCED MINING: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Advanced Mining
Technologies Private Limited (AMT) for obtaining information
through letters and emails dated December 31, 2017 and May 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 32 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 101 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
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 AMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of AMT continues to be CRISIL D/CRISIL D Issuer not
cooperating'
AMT was established in 2005 by Mr. N Venkata Subba Rao along with
his friends and family members. The company provides coal mining
services, through the highwall mining technology. It is based in
Hyderabad, Telangana.
ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings of Alchemist Limited (AL) to
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 19.82 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Proposed Short Term 2 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 7.18 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AL for obtaining
information through a letter dated June 13th 2018 and June 17,
2018. 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 the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes information available on AL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last
available information, CRISIL has migrated the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries, ROC Foods
Limited (ROC; formerly known as Alchemist Foods Ltd), Alchemist
Infrastructures Pvt Ltd (AIPL), Alchemist Enterprise(S) Pte Ltd
(AESPL), and Alchemist Hospitality Group Ltd (AHGL). This is
because these subsidiaries, collectively referred to as the
Alchemist group, are wholly owned by AL, and all the companies
are under a common management.
AL was initially established as a private limited company in 1988
by Dr K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.
ROC, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.
AMARPARKASH RICE: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Amarparkash Rice
Exports Private Limited (AREPL) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 9.5 CRISIL D (ISSUER NOT COOPERATING)
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 AREPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on AREPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of AREPL continues to be 'CRISIL D Issuer not
cooperating'
Punjab-based AREPL, incorporated in 2013, is promoted by Mr
Rupinder Pal and Mr Narinder Kumar.
ARJUN ENTERPRISES: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arjun
Enterprises Private Limited to CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 3.75 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Arjun Enterprises
Private Limited (AEL, part of the HK group) for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 13, 2018 and June 17, 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 Arjun Enterprises Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Arjun Enterprises Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Arjun Enterprises Private Limited to CRISIL
B+/Stable Issuer not cooperating'.
For arriving the rating, CRISIL had earlier combined the business
and financial risk profiles of HK International (HKI) and AEL as
the companies were in the same line of business and had common
customers and suppliers. However, the management, has now merged
HKI and HK Industries (HK) with AEL and hence CRISIL has combined
the business and financial risk profiles of AEL, HKI and HK.
AEL and HKI were set up in 2008, by Mr Anil Anand and his family
members. The Delhi-based group trades in railway parts,
lubricants and hosiery goods. HK, set up in 2014, by Mr Anand as
a proprietorship firm, trades in copper and its allied products.
ASHTAVINAYAK AUTO: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Ashtavinayak Auto Private Limited (AAPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 13.75 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from AAPL to monitor the
rating(s) vide e-mail communications/letters dated May 2, 2018,
May 3, 2018 and June 6, 2018 and numerous phone calls. However,
despite CARE's repeated requests, Ashtavinayak Auto Private
Limited (AAPL) 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 AAPL'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 ratings take into account ongoing delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on May 05, 2017, the following were
the rating strengths and weaknesses.
(Updated for the information available from the banker)
Key rating weaknesses:
Delay in debt servicing: As per interaction with the banker,
there have been delays in debt servicing and the account has been
classified as NPA.
Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by
Mr. Lalit Kumar and his son, Mr. Puneet Kumar. The company is an
authorized dealer of Chevrolet cars in Mumbai having a showroom
located at Andheri and a service center at Oshiwara. AAPL is the
sole Chevrolet dealer for the region extending from Andheri
(West) to Borivali (West).
BALAJI RICE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Balaji Rice Mill
(BRM) for obtaining information through letters and emails dated
December 31, 2017 and May 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Key Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Open Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
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 BRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of BRM continues to be CRISIL B/Stable Issuer not
cooperating'
Set up in 1984 as a partnership firm, Balaji Rice Mill (BRM) is
engaged in the milling and processing of paddy into rice. The
firm is promoted by Mr. Jagannadha Raju, Mr. Rama Koti Raju, Mr.
Dharma Raju and Mr. Ramachandra Raju.
BOMMIDALA PURNAIAH: CRISIL Reaffirms C Rating on INR24.2cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Bommidala Purnaiah Holdings Private Limited (BPHL) at 'CRISIL
C'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 24.2 CRISIL C (Reaffirmed)
Proposed Long Term
Bank Loan Facility .77 CRISIL C (Reaffirmed)
Working Capital
Demand Loan 4.80 CRISIL C (Reaffirmed)
The rating continues to reflect BPHL's weak liquidity on account
of cash losses and large working capital requirement, which will
lead to insufficient cash accrual to meet debt obligation over
the medium term. Furthermore, bank limits remained highly
utilised. CRISIL believes liquidity will remain stretched over
the medium term. However, it benefits from its promoters'
extensive experience and financial support.
The rating also continues to reflect BPHL's weak financial risk
profile, with a marked by modest networth, high gearing, and
subdued debt protection metrics. The rating also factors in
susceptibility to volatility in tobacco prices and foreign
exchange rates, and exposure to intense competition and
regulatory risks in the tobacco industry. These weaknesses are
partially offset by benefits BPHL derives from the promoters'
extensive experience in the tobacco industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The financial risk
profile is below average, with a modest networth of INR7.88
crores, high total outside liabilities to tangible networth ratio
of 2.31 times estimated as on March 31, 2018 and weak debt
protection metrics.
* Large working capital requirement: Business is highly working
capital intensive, as reflected in gross current asset days of
211 estimated as on March 31, 2018, driven by substantial
inventory of 88 days and receivables of 47 days.
* Exposure to intense competition and regulatory risks in the
tobacco industry: The tobacco industry is fragmented, with
significant competition; as a result, bargaining power is
moderate, which restricts the profitability margins of players.
Strength
* Promoters' extensive experience in the tobacco industry
The promoters have experience of over two decades in the tobacco
industry. Before the split, BPHL was part of the Bommidala group,
which was one of the largest tobacco exporters in India and was
involved in tobacco trading since 1948.
Set up in 1996, BPHL is part of the Bommidala group, which has
diversified interests in packaging, rope manufacturing, and lease
financing.
BPHL trades in tobacco. Mr Bommidala Venkata Raja Srinivas is the
managing director of the company. It is based in Guntur, Andhra
Pradesh.
CHEEMA SPINTEX: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR63.70 crore bank facilities of
Cheema Spintex Limited continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/ [ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 48.70 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating continues to remain in the
'Issuer Not Cooperating' category
Short Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Based 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
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 1994, Cheema Spintex Limited was set up as a 100%
export-oriented unit by Mr. Harbhajan Singh Cheema and Mr.
Hardyal Singh Cheema, in association with Punjab State Industrial
Development Corporation (PSIDC). The company manufactures combed
and carded cotton yarn in counts ranging from 20s to 30s; and has
an installed capacity of 30,240 spindles. CSL exports its
products mainly to Hong Kong, Taiwan, Bangladesh, China, South
Korea, Singapore, Thailand, Malaysia, and Canada. In 2009-10, due
to erosion of 100% of its net worth, the company had filed an
application with the Board for Industrial and Financial
Reconstruction (BIFR) for declaration of the company as sick
under the Sick Industrial Companies Act (SICA).
CMB SPINNING: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained CMB Spinning
Mills' Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as
'IND B+ (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR140.8 mil. Long-term loan maintained in Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating;
-- INR25 mil. Fund-based limit maintained in Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating; and
-- INR17.3 mil. Non-fund-based limit maintained in Non-
Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2008, CMB Spinning Mills is a Tamil Nadu-based
partnership firm that manufactures different varieties of carded
yarn. It has an installed capacity of 22,176 spindles. Moreover,
the firm operates a 600kWh windmill for captive consumption.
DHANLAXMI TMT: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Dhanlaxmi TMT Bars
Private Limited (Dhanlaxmi: part of the Dhanlaxmi group) for
obtaining information through letters and emails dated December
31, 2017 and May 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING)
Cash Credit 24 CRISIL D (ISSUER NOT COOPERATING)
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 Dhanlaxmi, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on
Dhanlaxmi is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB Rating category or lower'.
Based on the last available information, the ratings on bank
facilities of Dhanlaxmi continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dhanlaxmi and Nilesh Steel and Alloys
Pvt Ltd (NSAPL). This is because, the two entities, together
referred to as the Dhanlaxmi group, are part of a value chain and
under a common management, and have significant sale/purchase
transactions and financial linkages with each other.
Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri,
manufactures thermo-mechanically treated (TMT) bars. In 2002, Mr.
Sanjay Mantri and Mr. Nilesh Chechani incorporated NSAPL, which
manufactures mild steel ingots/billets for consumption by
Dhanlaxmi. The group's manufacturing facility is located at Jalna
(Maharashtra).
DIVYARATNA AGROTECH: CARE Reaffirms D Rating on INR29.5cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Divyaratna Agrotech Private Limited (DAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 4.00 CARE D; ISSUER NOT COOPERATING;
Facilities Reaffirmed; Issuer not
cooperating; Based on best
available information
Short-term Bank 29.50 CARE D; ISSUER NOT COOPERATING;
Facilities Reaffirmed; Issuer not
cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from DAPL to monitor the
rating(s) vide e-mail communications/letters dated April 30,
2018, May 3, 2018, May 8, 2018 and numerous phone calls. However,
despite CARE's repeated requests, DAPL has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE's 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 Divyaratna Agrotech Private Limited'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 ratings take into account of ongoing delays in the debt
servicing.
Detailed description of the key rating drivers
At the time of last rating on March 17, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from banker):
Key rating weaknesses:
Ongoing delays in debt servicing: As per interaction with banker,
there have been ongoing delays in debt servicing and
account is classified as NPA.
Divyaratna Agrotech Private Limited (DAPL), incorporated in the
year 2000 was taken over in 2007 by Mr.Dilip Jindal and Mrs.
Rachana Jindal, directors of Desmo Exports Limited. DAPL is
engaged in the business of trading of industrial chemicals and
solvents. The company trades nearly 25 different varieties of
products which find its application in textile, food, dyes,
rubber, paint, ceramic, fertilizer, soap, printing ink,
petroleum, metallurgy, construction materials, pulp and paper
industry, photographic and adhesive industries. DAPL earns its
entire revenue from the domestic market. The major raw material
import consists of Citric Acid, Paraffin wax & Sodium sulphate
from countries such as China, Korea and Thailand. The warehouse
of the company is located in Bhiwandi, Maharashtra.
EARTH HOME: CARE Reaffirms B+ Rating on INR5cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Earth
Home (EH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.00 CARE B+; Reaffirmed; Issuer not
Facilities Cooperating
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from EH to monitor the rating
vide e-mail communications/letters dated April 18, 2018, May 3,
2018, May 8, 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 ratings on EH'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 takes into account moderate project funding and
execution risk, marketing risk with low booking status, cyclical
nature of the real estate industry, long track record of
operations and experienced promoters in the real estate industry,
locational advantage and partnership constitution.
Detailed description of the key rating drivers
At the time of last ratings in March 8, 2017, following were the
rating strengths and weaknesses:
Key rating weaknesses
Moderate project funding and execution risk: The total cost of
the project is INR25.47 crore and till February 29, 2016, the
total expenditure incurred was INR7.71 crore which was mainly
funded through customer advances and bank funds (to the extent of
INR6.71 crore) and balance through promoters infusion amounting
to INR1.00 crore. Nevertheless, for the balance project
(amounting to INR17.71 crore), the company is primarily dependent
on timely receipt of funds from customer advances.
Marketing risk with low booking status: EH has commenced the
bookings since March 2015 and booked only 126 flats out of the
total 379 flats to be sold; as on March 16, 2016. Furthermore, EH
has received customer advances amounting to INR5.53 crore as on
February 2016 and is expecting to commence the booking of the
balance flats post the completion of the significant part of the
construction of the project (Till February 2019).
Furthermore, as majority of the debt repayment is expected to be
done through the sale of flats, EH's ability to sell the balance
units at envisaged rates will be crucial. Cyclical nature of the
real estate industry: The capital intensive real estate sector is
highly cyclical. The demand outlook that had improved post
downturn has again turned negative with increased interest rates
and property prices. Lower sales and cautious lending at a higher
cost is leaving the highly leveraged players starved for funds.
Mumbai did not witness any significant launches during FY15
(refers to the period April 1 to March 31). Developers were not
encouraged by the proposed development norms as it will
significantly increase the cost of construction and make the
products unviable. The high interest rates and the liquidity
concerns have kept developers away from venturing into any new
projects.
Partnership constitution: EH being a partnership firm it exposed
to inherent risk of partners' capital being withdrawn at time of
personal contingency as also it has limited ability to raise
capital and poor succession planning may result in dissolution of
the firm. Due to the partnership constitution, it has restricted
access to external borrowing.
Key rating strengths
Long track record of operations and experienced promoters in the
real estate industry: The management of the firm is vested in the
hands of Mr Ghanshyam Yadav and Mr Jaydas Gowari. Mr Ghanshyam
Yadav has around 25 years of experience in the construction and
real estate sector and handles day to day operations of the
company. He is supported by Mr Jayadas Gowari, having two years
of experience in the construction industry and looking after day-
to-day operations and accounts department of the company.
Location advantage: The project is located in Washiwali, Raigad,
being close to Mumbai- Pune Highway and 2 km from Rasyani railway
station. Furthermore, the project is located in close proximity
of airport, banks, schools and hospitals.
Incorporated in 2012, Earth Home (EH) is into developing of real
estate properties. Currently, the company is executing a
residential-cum-commercial project named "Shree Sadguru Complex"
at Kamothe, Navi Mumbai, with total constructed area of 2.35 lakh
square feet (comprising of 2.24 lakh square ft residential and
balance commercial space). The above project is a township of one
complex comprising of 9 buildings with 15 wings of G+4 floors in
a phased manner. Further it has received Commencement Certificate
(CC) for all the floors. The project was started during March
2015 and is projected to be completed by March 2019. Further it
has commenced the bookings since March 2015.
EXOTICA BAR: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Exotica Bar and
Restaurant LLP (EBR) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR5 mil. Fund-based working capital limit assigned with IND
B+/Stable rating; and
-- INR59 mil. Term loan due on May 2025 assigned with IND
B+/Stable rating.
KEY RATING DRIVERS
The ratings reflect EBR's small scale of operations and weak
credit profile due to its presence in a highly fragmented and
intensely competitive food and beverage industry. Also, the
company has a short track record as it has started operations
only from December 2017. According to the FY18 provisional
financials, revenue was INR23 million, EBITDA margin was 20%, net
financial leverage (total adjusted net debt/operating EBITDA) was
18.1x and gross EBITDA interest coverage was 2.7x.
The ratings also reflect the working capital intensive nature of
the company's business, as reflected by EBR's 66.06% use of the
working capital limits on average over the 12 months ended May
2018.
The ratings are, however, supported by the locational advantage
of the entity's restaurant in one of the prominent malls in
Jharkhand.
RATING SENSITIVITIES
Positive: The stabilization of operations will lead to a positive
rating action.
Negative: Any deterioration in the liquidity will be negative for
the ratings.
COMPANY PROFILE
Incorporated in December 2016, EBR runs a bar-cum-restaurant in
Ranchi. The designated partners of the entity are Sanket
Sarawagi, Smarth Agarwal, and Rohit Agarwal.
FARMACHEM LIFE: CRISIL Raises Rating on INR2.75cr Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Farmachem Life Private Limited (FLPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed the short term rating at
'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Letter of Credit 6.00 CRISIL A4 (Reaffirmed)
Proposed Long Term .25 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating upgrade reflects improvement in FLPL's operating
performance in fiscal 2018 mirrored in strong scale up in
operation and marginally better operating profitability leading
to almost doubling of cash accruals. The revenues improved
significantly to INR88.46 crore in fiscal 2018 from INR57.7 crore
in fiscal 2017, while margins improved at over 1.8 per cent. The
company is likely to record moderate 10-15 percent annual revenue
growth while maintaining its operating margin at about 1.6-1.8
percent leading to stable cash accruals of about Rs.1.0 crore.
The ratings continue to reflect the company's below-average
financial risk profile because of small networth and weak capital
structure, and its improving yet average scale of operations in
the competitive bulk drugs trading business. These weaknesses are
partially offset by its promoters' extensive industry experience
and its established clientele.
Analytical Approach
Unsecured loan from promoters of INR1.72 crore as on March 31,
2018, has been treated as neither debt nor equity as these loans
bear nominal interest rate and are likely to remain in the
business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Networth was small at
INR1.72 crore and total outside liability to tangible networth
was high at 8.31 times as on March 31, 2018 (6.55 times a year
earlier). With continued large working capital debt, capital
structure is expected to remain weak over the medium term thus
constraining the financial risk profile.
* Improving yet modest scale of operations in the competitive
bulk drug trading business: The company's scale of operation
though improved, still remains modest reflected in revenue of
INR88.4 crore in fiscal 2018 (Rs 57.67 crore in fiscal 2017).
Intense competition constrains scalability and bargaining power
with customers and suppliers.
Strength
* Extensive experience of the promoters, and established
clientele: The promoters' experience of around three decades in
trading of bulk drugs has helped them establish strong
relationships with many customers.
Outlook: Stable
CRISIL believes FLPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if better than expected revenue growth and
profitability lead to higher cash accrual, or if equity infusion
results in a better capital structure. The outlook may be revised
to 'Negative' if lower cash accrual or stretch in working capital
cycle leads to deterioration in the financial risk profile,
especially liquidity.
FLPL, incorporated in 2008 in Mumbai, trades bulk drugs and
pharmaceutical intermediaries. Its operations are managed by Mr
Narendra Zota and his daughter, Ms Bhoomi Zota.
FOUNTAIN IMPORTS: CARE Reaffirms D Rating on INR10cr Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Fountain Imports Private Limited (FIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.00 CARE D; ISSUER NOT COOPERATING;
Facilities Reaffirmed; Issuer not
cooperating; Based on best
available information
Short-term Bank 5.00 CARE D; ISSUER NOT COOPERATING;
Facilities Reaffirmed; Issuer not
cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from FIPL to monitor the
rating(s) vide e- CARE has been seeking information from Fountain
Imports Private Limited (FIPL) to monitor the rating(s) vide e-
mail communications/ letters dated April 30, 2018, May 3, 2018,
May 8, 2018 and numerous phone calls. However, despite CARE's
repeated requests, FIPL has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines CARE's 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 FIPLs 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).
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing: As per the banker interaction, there
have been ongoing delays in debt servicing and the account has
turned NPA.
Incorporated in November 2011, Fountain Imports Private Limited
(FIPL) by Mr Bhawanji Jeram Mewawala. The company has commenced
operations from October 2012. FIPL is engaged in trading of dry
fruits and agricultural products (viz. coco, sugar and others).
FIPL is part of Fountain Group which was established in 1922 by
late Mr Bhawanji Jeram Mewawala after whom Mr Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company,
namely, Fountain Dry Fruit Store Limited.
GANESH RICE: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Ganesh Rice Mills
(Partnership) (GRM; part of the Josan group) for obtaining
information through letters and emails dated December 31, 2017
and May 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 5.16 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 6.34 CRISIL D (ISSUER NOT
COOPERATING)
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 GRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GRM continues to be CRISIL D Issuer not
cooperating'
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Josan Foods Pvt Ltd (JFPL) and GRM.
This is because these two entities, together referred to herein
as the Josan group, are in a similar line of business and have a
common management.
JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.
GRM, set up in 2010, mills rice. Currently, the firm is managed
by its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.
The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.
GAYATRI PROJECTS: CARE Hikes Rating on INR2030.30cr Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gayatri Projects Limited (GPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 2030.30 CARE BB-; Stable Revised
Facilities from CARE D
Long-term/Short- 4594.03 CARE BB-; Stable/CARE A4
Term Bank Revised from CARE D/CARE D
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the ratings of GPL take into account improvement
in the liquidity profile of the company with recovery of debtors
and equity infusion through Qualified Institutional Placement
(QIP) leading to regularization of debt servicing. The ratings
also factor in improvement in experienced promoter group with
established track record of the company, healthy and diversified
order book albeit presence of slow moving orders, stable industry
outlook and improved financial performance during FY18
(unaudited) (FY refers to the period April 1 to March 31)
although there has been marginal weakening of PBILDT margin in
FY18,. The ratings, however, continue to remain constrained by
the stretched operating cycle, leveraged capital structure high
group exposure with investments stuck in projects having high
gestation period and working capital intensive nature of
business. The ability of the company to further improve its
liquidity position and manage the working capital requirements
efficiently are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Improvement in liquidity profile: The company had faced liquidity
stretch in FY18 due to higher repayment obligation during the
year and stretched receivables witnessed during the year.
However, the company raised INR200 crore through Qualified
Institutional Placement (QIP) in the month of March 2018 which
along with recovery of pending debtors has resulted in
improvement in the liquidity profile and subsequent
regularization of debt servicing.
Improvement in financial performance in FY18: The gross billing
witnessed significant growth of about 35% in FY18 on account of
faster execution of projects in hand. The company also witnessed
improvement in PBILDT level by 27.22% in FY18. Further, on
account of lower tax outgo due to write back of excess tax
provided in earlier years, PAT level increased by about 2.7x
(from INR70.43 crore in FY17 to INR188.09 crore in FY18) which
also resulted in increase in PAT margin by 315 bps to 6.37%.
Experienced promoter group: GPL is a prominent infrastructure
construction company with over four decades of experience in
executing various infrastructure projects, especially road and
irrigation segment. GPL, an ISO 9001-2000 company, is engaged in
execution of major Civil Works including Concrete/Masonry Dams,
Earth Filling Dams, National Highways, Bridges, Canals,
Aqueducts, Ports, etc. It specializes in engineering, procurement
and construction (EPC) of road, irrigation and industrial
projects across India.
Healthy and diversified order book position: GPL has healthy and
diversified order book of INR12,445.74 crore (excluding the slow
moving orders) as on April 01, 2018 as against INR11,868.92 crore
as on June 30, 2017 which translates to 4.21x of gross billing of
FY18 providing medium to long term revenue visibility. The
current work orders of the company are spread across 16 states
with majority of orders pertaining to road and irrigation
segment. GPL has orders amounting to INR804.36 crore have not
moved since the last order book position as on June 20, 2017.
Stable industry outlook: The focus of the government on
infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.
Key Rating Weaknesses
Decline in PBILDT margin: PBILDT margin of GPL declined by 111
bps during FY18 (from 19.02% in FY17 to 17.91% in FY18)due to
increase in sub-contracting expenses as a percentage of cost of
sales to 19.65% in FY18 (as against 18.50% in FY17) coupled with
increase in cost of raw material (majorly steel, cement and
metal).
Leveraged capital structure albeit improvement: Capital structure
marked by overall gearing continues to remain leveraged though
improved as on March 31, 2018 to 2.60x as on March 31, 2018 as
compared to 3.93x as on March 31, 2017. Total debt/GCA also
remained high though improved from 25.51x in FY17 to 12.95x in
FY18 at the back of significant increase in Gross Cash Accruals
(GCA).
Elongated operating cycle: The company operates in working
capital intensive industry with elongated collection period.
Although the collection period of the company decreased to 141
days in FY18 as compared to 150 days in FY17; it continues to
remain on the higher side. However, as on June 12, 2018, the
company recovered around INR594 crore (about 53%) of total
outstanding debtors of INR1131.71 crore as on March 31, 2018. The
operating cycle also remained extended at about 81 days resulting
in high reliance on bank borrowings. The average working capital
utilization was almost full for 12 months ended May 2018.
High exposure to BOT projects having high gestation period: GPL
has high group exposure in the form of investments/advances to
group entities. Exposure in the form of investments remained high
though decreased to INR1016.89 crore as on March 31, 2018. (as
against INR1056.12 crore as on March 31, 2017). Majority of the
group exposure is towards power projects and BOT projects which
have a high gestation period and hence resulting in temporary
blockage of funds.
Gayatri Projects Limited (GPL) has been promoted by Dr T.
Subbarami Reddy, the promoter of Hyderabad based Gayatri group of
companies. GPL is a prominent infrastructure construction company
with over four decades of experience in executing various
infrastructure projects, especially in road and irrigation
segment. GPL, an ISO 9001-2000 company, is engaged in execution
of major Civil Works including Concrete/Masonry Dams, Earth
Filling Dams, National Highways, Bridges, Canals, Aqueducts,
Ports, etc. It specialises in engineering, procurement and
construction (EPC) of road, irrigation and industrial projects
across India.
GEORGE MATHEW: CRISIL Assigns B Rating to INR7.5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of George Mathew.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 2 CRISIL B/Stable (Assigned)
Bank Guarantee 0.5 CRISIL A4 (Assigned)
Cash Credit 7.5 CRISIL B/Stable (Assigned)
The rating reflects modest scale of operations, susceptibility to
intense competition from large players and limited geographical
diversity in revenue profile. These weakness are partially offset
by experience of promoters in the civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and susceptibility to intense
competition from large players: The firm is exposed to intense
competition in the civil construction industry which is highly
fragmented with the presence of large organized players and
several unorganized players. Civil construction of roads, water
and irrigation are highly competitive owing to its low entry
barriers.
* Limited Geographical diversity in revenue profile: The firm's
revenue profile has limited geographically diversity. The firm
executes its projects majorly in Kerela. This geographical
diversity exposes the firm to risk arising from slowdown in
project announcement in the particular regions of the firm's
operations.
Strengths
* Experience of promoters in the civil construction industry:
George Mathew benefits from the extensive experience of its
promoter in the civil construction industry. The firm is promoted
by Mr. George Mathew who has been associated with the civil
construction industry for more than 3 decade. The promoter has
established significant relationships with suppliers who are raw
material suppliers.
Outlook: Stable
CRISIL believes that George Mathew will benefit over the medium
term from the experience of its promoters in civil construction
industry. The outlook may be revised to 'Positive', if the firm
increases its scale of operations and operating profitability
significantly over the medium term in a sustainable fashion there
by leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the firm
undertakes any significant debt-funded capital expenditure or if
its revenues and operating profitability decline or if its
working capital cycle elongates or there are significant capital
with drawls leading to deterioration in its financial profile.
George Mathew is a proprietorship firm involved in civil
construction works like for irrigation facilities in Kerela. The
firm is being managed by Mr George Mathew.
INDUS EDUCATIONAL: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Indus Educational
and Charitable Trust (IECT) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 0.25 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 2.05 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 4.70 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
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 IECT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IECT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of IECT continues to be CRISIL B-/Stable Issuer not
cooperating'.
Established in 2006, IECT is managed by Mr. P B Reddy. The trust
runs a college ' Indus College of Engineering and Diploma Indus
School of Engineering ' in Bhubaneswar (Odisha).
JASMINE TOWELS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jasmine Towels
Private Limited (JTPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.
The instrument-wise rating action is:
-- INR190.0 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect JTPL's increasing albeit moderate scale of
operations. Revenue grew at a CAGR of around 17.0% over FY15-
FY18. According to provisional FY18 numbers, revenue improved
30.7% yoy to INR746 million on account of an increase in demand
from existing customers and depreciation of the Indian rupee
value against the US dollar.
The ratings are constrained by the company's volatile EBITDA
margins in the range of 9%-15.5% due to fluctuations in raw
material prices (cotton yarn) and foreign exchange movements. The
margins fell to 8.9% in FY18 (FY17: 10.9%; FY16: 12.1%) due to an
increase in variable cost.
The ratings also reflect JTPL's working capital intensive nature
of operations, leading to a working capital cycle. The working
capital cycle improved to 156 days in FY18 (FY17: 181 days) due
to a reduction in inventory days to 120 (180).
The ratings, however, are supported by JTPL's healthy credit
metrics due to moderate EBITDA and low debt. Interest coverage
(operating EBITDA/gross interest expense) improved to 7.4x in
FY18 (FY17: 6.6x) and net leverage (adjusted net debt/operating
EBITDAR) to 2.0x (2.5x), due to an increase in absolute EBITDA
INR66 million (INR62 million) and a decrease in total debt to
INR156 million (INR170 million). Although the credit metrics are
likely to deteriorate in the near term as the company has planned
a debt-funded capex for buying new machines, the ratios will
remain comfortable for the rating.
The ratings are also supported by JTPL's comfortable liquidity
position, as indicated by 54% use of the fund-based limits during
the 12 months ended May 2018, and the promoter's more than two
decades of experience in manufacturing terry towels and other
textile products.
RATING SENSITIVITIES
Positive: A substantial increase in the revenue and EBITDA margin
and an improvement in working capital cycle while maintaining the
credit metrics on a sustained basis could lead to a positive
rating action.
Negative: Any further deterioration in the EBITDA margins or an
increase in the working capital cycle, leading to deterioration
in the credit metrics could lead to a negative rating action.
COMPANY PROFILE
Incorporated in 1995, JTPL manufactures dish napkins, terry
towels, beach towels, and aprons. The company's promoter-director
is Mr. Nayan Thakker. JTPL is based in Madurai (Tamil Nadu).
KSS PETRON: JM Financial Moves NCLT to be Included as Creditor
--------------------------------------------------------------
Livemint reports that Mumbai-based JM Financial Asset
Reconstruction and banks including Axis Bank, IDBI Bank and YES
Bank have approached the Mumbai bench of the National Company Law
Tribunal (NCLT) to be included as financial creditors of KSS
Petron.
According to Livemint, the lenders are alleging that the
resolution professional (RP) of the company is not accepting
their claims since they had provided money against corporate
guarantee provided by KSS Petron.
"KSS Petron is a construction company and each project they
undertook, they had floated a special purpose vehicle (SPV) which
had raised the funds. While doing so, KSS Petron used to give a
corporate guarantee as collateral," argued Rohit Gupta who was
appearing for JM Financial ARC, Livemint relays. "Now, the RP is
not accepting the claims."
Livemint says Gupta further argued that the lenders are facing a
double-edged sword. "If we invoke the corporate guarantee, that
would not be possible because moratorium period is going on and
if we don't invoke the corporate guarantee, the RP will say that
we have not made any claim," he added.
KSS Petron's subsidiary had collectively borrowed around INR500
crore from the lenders where it had furnished the corporate
guarantees. Loan to KSS Petron was classified as a non-performing
asset, in 2015, the report notes.
After hearing arguments from the banks and JM Financial ARC,
Presiding Officer M.K. Shrawat posted the matter for further
hearing on August 2, according to Livemint.
"We have already filed our reply into the matter. The corporate
guarantees were not invoked at the time of submitting the claims
and hence we could not accept those guarantees," Mohan Lal
Sharma, the resolution professional of KSS Petron, told Livemint.
Earlier in May, the lenders to Essar Steel had asked
ArcelorMittal to clear the debt outstanding for two defaulting
companies - Uttam Galva and KSS Petron - in which it was a large
shareholder until recently, Livemint recalls.
Currently, ArcelorMittal India Pvt Ltd - which is vying for Essar
Steel and which once owned shares in loan defaulter Uttam Galva
as well as KSS Petron - has deposited INR7,000 crore in an escrow
account to qualify for the bidding, the report discloses. If
NCLAT declares ArcelorMittal eligible, the money in the escrow
account will go towards settling Uttam Galva's debt, Livemint
states.
Incorporated in July 2007, KSS Petron Pvt Ltd (KSSPPL) is a
wholly owned subsidiary of KSS Global BV Netherlands (KSS), one
of the largest engineering, procurement, and construction
companies in Kazakhstan. KSSPPL undertakes projects to lay
pipelines, and also executes turnkey projects.
LANSH ENGINEERING: CARE Cuts Rating on INR5cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lansh Engineering Private Limited (LEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.00 CARE B+; ISSUER NOT COOPERATING;
Facilities Revised from CARE BB; ISSUER NOT
COOPERATING; Based on best
Available information
Short-term Bank 4.50 CARE A4; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from LEPL to monitor the
rating(s) vide e-mail communications/letters dated April 30,
2018, May 2, 2018, June 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, LEPL has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines CARE's 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 Lansh Engineering Private 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 rating(s).
The ratings have been revised on account of decline in scale of
operations & profit margins, deterioration in capital structure &
debt coverage indicators and stretched liquidity position.
Detailed description of the key rating drivers
Decline in scale of operations & profit margins: LEPL's total
operating income (TOI) declined by 24.82% y-o-y from INR 26.91
crore in FY16 to INR 20.23 crore in FY17 and continued to remain
modest. However, despite improvement in PBILDT margin, PAT margin
has declined to 1.63% in FY17 from 2.82% in FY16 owing to higher
interest cost. Nevertheless LEPL's profitability margins continue
to remain moderate due to intense competition in the industry
given low entry barrier, and low bargaining power with the
reputed client base.
Deterioration in capital structure and debt coverage indicators:
LEPLs capital structure and debt coverage indicators deteriorated
and remained moderate owing to increase in debt level and
interest cost thereon. While capital structure stood moderately
leveraged and deb coverage indicators remained weak for FY17.
Stretched liquidity position: LEPL's liquidity position remained
stretched during FY17 led by elongation in working capital cycle
due to stretched receivable period and inventory period during
FY17 over FY16. The working capital cycle increased significantly
to 276 days in FY17 from 149 days in FY16.
Incorporated in 1996, Lansh Engineering Private Limited (LEPL) is
an ISO 9001:2008 certified company engaged in designing,
fabrication, installation and commissioning of process
equipment's for plants (such as heat exchangers, pressure
vessels, pressure reducing stations and storage tank) and fired
equipment's (like boilers and furnaces) that find application in
power, oil & gas, chemicals, engineering and pharmaceutical
industries. Moreover, LEPL is also operating into annual
maintenance of power & industrial boilers along with inspection
and consultancy of Indian Boiler Regulation (IBR)/Non-IBR boiler
installations.
M. M. POLYMERS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with M. M. Polymers
Private Limited (MMPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 6.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term .94 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
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 MMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of MMPL continues to be CRISIL B+/Stable Issuer not
cooperating'.
MMPL, established in 2010, manufactures of polyethylene
terephthalate (PET) preforms used in packaging of drinking water,
beverages, edible oils, food products, chemicals, and
pharmaceutical products. Its manufacturing facilities are located
in Raipur (Chhattisgarh) and Pune (Maharashtra). MMPL's day-to-
day operations are managed by its promoter-director Mr. Anil
Thourani.
MAGIKLE PHARMA: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Magikle Pharma
Private Limited (MPPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Overdraft 1.7 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 0.8 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
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 MPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of MPPL continues to be CRISIL B+/Stable Issuer not
cooperating'.
MPPL was established in 1999 by Delhi-based Nanda family. The
company manufactures and exports cosmetic products including
fruit and herbal creams, soaps, and perfumes. The company is
located at Haridwar (Uttarakhand) and managed by Mr. Saurabh
Nanda and his sister Ms. Suniti Soni.
MARUTI INTERNATIONAL: CARE Assigns B+ Rating to INR5cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Maruti
International (MI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Maruti
International is primarily constrained by the small and stagnant
scale of operations, low operating margin and foreign currency
risk. The rating is further constrained on account of its
presence in highly competitive industry coupled with constitution
of the entity being a proprietorship firm. The rating, however,
draws comfort from experienced management, moderate capital
structure and coverage indicators and moderate operating cycle.
Going forward; the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure will be the key rating sensitivities.
Detailed description of the key rating drivers
Key rating weakness
Small and stagnant scale of operations: The scale of operations
of the firm has broadly remained stagnant at INR14.00 crore for
past two financial years i.e. FY16-FY17 (FY refers to the period
April 1 to March 31). The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore during FY18; based on provisional results,
the firm has achieved a total operating income of INR12.26
crores. Further during 2MFY19 (April 1 to May 31) the firm has
achieved a total operating income of INR2.62 crores.
Low operating margin: The operating margin of the firm have
remained low due to low value addition and highly competitive
nature of industry. Considering the trading nature of activities
where value addition is inherently limited, the operating margin
of the company stood on the lower side. PBILDT margin of the firm
stood around 2.30% for the past two financial years i.e. FY16-
FY17. However low depreciation charges and interest cost resulted
in moderate net profitability of around 1.60% for the past two
financial years i.e. FY16-FY17.
Foreign currency risk: The firm is an import oriented unit and
its purchase is in the form of foreign currency. The traded goods
is completely procured from the foreign markets. With initial
cash outlay for purchase in foreign currency and significant
chunk of sales realization in domestic currency, the firm is
exposed to the fluctuation in exchange rates. Though, the risk is
partially mitigated by the fact that the firm is hedging its
imports payable through forward booking; however, still exposes
the firm to any sharp appreciation in the value of rupee against
dollar for the un-hedged exposure.
Highly competitive industry & low entry barriers: The trading of
dry fruits industry is highly fragmented with more than two-third
of the total number of players being unorganized. Due to low
entry barriers in the industry and low value added nature of
products, high competition is the inherent risk associated with
the industry.
Constitution of the entity being a proprietorship firm:
MI's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor capital at the
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external as credit
worthiness of proprietor would be the key factors affecting
credit decision for the lenders.
Key Rating Strengths
Experienced promoter: The firm is managed by Mrs. Meenu Goyal who
is a graduate by qualification has around two and half decade of
experience in the industry through his association with MI. Prior
to this she was engaged in similar line of business through
family run business.
Moderate capital structure and moderate coverage indicators: The
capital structure of the firm stood moderate as marked by overall
gearing ratio of 1.22x as on March 31, 2017 as against 1.85x as
on March 31, 2016. The improvement in overall gearing ratio is
mainly on account of repayment of unsecured loans and higher
capital base owing to accretion of profits to proprietor's
capital. Owing to lower total debt resulting in lower interest
cost the coverage indicators stood moderate as marked by interest
coverage ratio of 5.42x in FY17 and total debt to GCA of 4.45x
for FY17.
Moderate Operating Cycle: MI has moderate operating cycle for
FY17. The firm maintains adequate inventory of around one month
to meet the immediate demand of its customers. MI mostly gets its
payment on cash basis and also makes payment on cash basis to its
suppliers with a maximum credit period of 39 days in FY17 from
its suppliers. The working capital borrowings of the firm
remained 80% utilized for 12 months ending March 2018.
Maruti International (MI) was established in 2006 by Mrs. Meenu
Goyal. The firm is engaged in trading of dry fruits. The firm
mainly imports almonds and pistachio from the US, Australia, Iran
and Turkey. The firm mainly sells its products in Delhi and
nearby regions to wholesellers and traders.
MATESHWARI CONSTRUCTION: CRISIL Keeps B+ Rating in Not Coop.
------------------------------------------------------------
CRISIL has been consistently following up with Mateshwari
Construction (Mateshwari) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Short Term 1 CRISIL A4 (ISSUER NOT
Bank Loan Facility COOPERATING)
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 Mateshwari, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on
Mateshwari is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB Rating category or lower'.
Based on the last available information, the ratings on bank
facilities of Mateshwari continues to be CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.
Established in 2007 as a partnership firm, Mateshwari undertakes
civil construction works, mainly construction of roads, bridges,
and earthwork for government departments. The firm is promoted by
Bihar-based Mr. Vikash Singh and Mr. Dilip Kumar Singh, who have
over a decade's experience in the construction business.
MGM EDIBLE: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained MGM Edible
Oils Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR12.42 mil. Long-term loan maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) rating;
-- INR75 mil. Fund-based limit maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR130 mil. Non-fund-based limit maintained in Non-
Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
MGM Edible Oils supplies palmolein oil to wholesalers and
retailers.
MOOKAMBIKA EDIBLES: CRISIL Assigns B Rating to INR3.5cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Mookambika Edibles Private Limited (MEPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash
Credit Limit 2.5 CRISIL B/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 3.5 CRISIL B/Stable (Assigned)
The rating reflects the firm's exposure to risks related to
implementation of project and demand for the product. This
weakness is partially offset by its promoter's experience in the
edible oil industry.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation of project and
demand: MEPL is setting up a manufacturing facility in Kerala, at
an estimated cost of over INR6.1 Cr, expected to be funded
through term loan of INR3.5 crore and rest through promoters'
contribution. Successful implementation of the project and
ability to ramp up its operations will be key monitorable over
the medium term.
Strength
* Promoter's extensive experience: The founder promoter of the
company Mr. Jyothish Kumar, has experience in consumer products
(Beverages), Chemicals and import export trade of precious metals
and articles.
Outlook: Stable
CRISIL believes MEPL will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of timely implementation of the project and
stabilization of the same resulting in higher revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant cost or time overrun in
project, resulting in weakening of the financial risk profile.
Set up in 2009, MEPL is in the process of setting a an Integrated
Coconut Processing & Value addition Unit such as Copra Dryer,
Coconut Oil Extraction and Packing, virgin oil, other coconut
based value addition products at Palakkad District, Kerala.
NILGIRI TEXTILES: Ind-Ra Maintains B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nilgiri
Textiles Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based limit maintained in Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING)/IND A4
(ISSUER NOT COOPERATING) rating; and
-- INR9.6 mil. Non-fund-based limit maintained in Non-
Cooperating Category with INDA4 (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Nilgiri Textiles operates an 18,200-spindle/1,760mtpa cotton yarn
spinning unit and a 1.40MW wind mill in Mettupalayam, Tamil Nadu.
It manufactures carded cotton yarn in the count range of 40s.
NIRJHARAA INDUSTRIES: Ind-Ra Moves BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nirjharaa
Industries Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR38 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
/IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR33.13 mil. Term loans due on June 2022 migrated to Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Nirjharaa Industries manufactures high-density polyethylene pipes
and processes seeds in Hyderabad, Telangana.
OGENE SYSTEMS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ogene Systems
India Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR175.6 mil. Long-term loan (long-term) maintained in Non-
Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR250 mil. Fund-based limit (long-term/short-term)
maintained in Non-Cooperating Category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR150 mil. Non-fund-based limit (short-term) maintained in
Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Ogene Systems India is a Hyderabad-based active pharmaceutical
ingredients manufacturer.
ONGOLE AROGYA: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Ongole
Arogya Hospitals Private Limited (OAHPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 38.00 CARE D: ISSUER NOT COOPERATING;
Facilities Based of best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from OAHPL to monitor the
rating vide e-mail communications/letters dated April 27, 2018,
May 11, 2018 and May 17, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Ongole Arogya
Hospitals Private Limited's bank facilities will be denoted as
CARE D; Issuer not Cooperating; 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.
Detailed description of the key rating drivers
At the time of last rating on April 17, 2017 the following were
the rating strengths and weaknesses:
Key Rating Weakness
Delay in debt servicing: The company is into stretched liquidity
position which resulted in delays in servicing of debt
obligations owing to the company.
Key Rating Strengths
Qualified promoters and governing body consisting experienced &
resourceful doctors: The main promoter of OAHPL; Dr. M.
Anjaneyulu (Managing Director) is a qualified doctor (MBBS) and
has experience of 17 years in Ophthalmology. He has been
associated with several hospitals in the past; Cambell Hospital,
Y.S. Raja Reddy Hospital, L.V. Prasad Eye Hospital (Hyderabad),
Aravind Eye Hospital (Madurai), etc. Furthermore, he commenced 30
beds eye hospital in name of 'Aravind Eye Hospital' in Ongole in
the year 2000. The MD is member of Indian Medical Association,
All India Ophthalmic Society, Andhra Pradesh Ophthalmic Society,
Delhi Ophthalmic Society and AP Private Nursing Home
Associations.
OAHPL, incorporated as a Private Limited company in July 2012,
was promoted by Mr M. Anjaneyulu (Managing Director) and Ms Manne
Madhavi Latha (Director, W/o Managing Director). The Ongole-based
company has set up a 300-beded super multi-specialty hospital
named 'Arogya Hospitals' at Ongole in Prakasam district of Andhra
Pradesh (A.P.).
PANASIAN IMPEX: ICRA Reaffirms B+ Rating on INR5cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.00-crore untied limits of Panasian Impex Private
Limited. The outlook on the long-term rating is Stable. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR44.50-crore fund-based and non-fund based facilities of PIPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-
Unallocated 5.00 [ICRA]B+ (Stable); Reaffirmed
Short term-
Fund Based 40.00 [ICRA]A4; Reaffirmed
Short Term-
Non Fund Based 4.14 [ICRA]A4; Reaffirmed
Short Term-
Unallocated 0.36 [ICRA]A4; Reaffirmed
Rationale
The ratings reaffirmation takes into account the continuous weak
financial profile of the company, characterised by a low
operating profitability, though it had improved to an extent in
FY2018, with an aggressive capital structure and depressed level
of coverage indicators. The ratings also take into account the
vulnerability of PIPL's scale of operations as well as
profitability to adverse changes in Government policies towards
the export of cotton and the minimum support price (MSP), which
is revised from time to time. The ratings are also constrained by
low entry barriers in the highly fragmented cotton-trading
business, leading to intense competition and pressure on the
margins. ICRA also notes that the margins of PIPL remain
susceptible to fluctuation in cotton prices, which in turn is
subject to seasonality and crop harvest. The rating also factors
in its dependence on exports to Bangladesh, which accounted for
98% of the total export sales in FY2018.
The ratings, however, derive comfort from the extensive
experience of the promoters in the textile and cotton-trading
business, and favorable location of PIPL's plant, which provides
easy access to raw materials at a low landed cost.
Outlook: Stable
ICRA believes PIPL will continue to benefit from the extensive
experience of the promoters in the cotton-trading and ginning and
pressing business. The outlook may be revised to Positive if
substantial growth in revenue and profitability, and better
working-capital management strengthens the financial risk
profile. The outlook may be revised to Negative if cash accrual
is lower than expected, or if any major capital expenditure, or a
stretch in the working-capital cycle, weakens liquidity.
Key rating drivers
Credit strengths
Extensive experience of the promoters in the textile and cotton-
trading business: PIPL's promoters have extensive experience in
the textile and cotton-trading business. Since FY2016, the
company is carrying out ginning and pressing activities on a job-
work basis, which provides it with a wider scope of increasing
its revenues.
Strategic location of the plant in the cotton-producing belt of
Maharashtra: PIPL is a merchant exporter of raw cotton and is
also involved in ginning of raw cotton for making fully-pressed
cotton bales from its manufacturing facility at Malkapur, one of
the largest cotton-producing belts of Maharashtra. This ensures
easy availability of raw cotton and also reduces inward freight
cost.
Credit challenges
Weak financial profile characterised by low profitability and a
leveraged capital structure, leading to depressed coverage
indicators: The financial profile of the company remained weak,
as is evident from its low operating profit margin of 3.26% in
FY2018. This was primarily due to stiff competition, low value-
added operations and an increase in short-weight claims by the
clients during the year. Its net margin stood at 0.34% in FY2018
compared with 0.26% in FY2017. PIPL's capital structure
deteriorated further due to higher working capital borrowings
with a gearing of 5.53 times as on March 31, 2018, compared to
3.49 times as on March 31, 2017. Low profitability and high debt
level result in weak debt-protection metrics as reflected by an
interest coverage ratio of 1.28 times (0.83 times in FY2017),
NCA/ Total Debt of 2% (3% in FY2017) and Total Debt/OPBDITA of
12.07 times (17.61 times in FY2017) in FY2018.
Low entry barrier and highly fragmented industry amid stiff
competition limits margins: The company faces intense competition
from other small and unorganised players in the industry. This
limits PIPL's bargaining power with customers and suppliers, and
hence, exerts pressure on its margins.
Vulnerability of profitability and raw material procurement to
seasonality, crop harvest and Government regulations: Cotton is a
kharif crop with the harvest season beginning in October and
ending in March. The prices of cotton and the finished products
depend on the variation in the demand-supply gap, which is
subject to seasonality and crop harvest. Further, various
regulations governing the industry in the form of MSP and
restrictions on export of cotton may also lead to fluctuations in
prices, thus exposing the company's profitability to volatile raw
material prices.
High geographical-concentration risks with Bangladesh
contributing to a major part of the total export sales: In
FY2018, Bangladesh alone accounted for 98% of the exports sales,
which reflects its high geographical-concentration risks. PIPL
also sells fully-pressed cotton bales to various traders and
textile mills in the domestic market, though the contribution
from the same has remained nominal.
Established in 2008, PIPL is involved in the export of raw
cotton. PIPL has a ginning and pressing factory located in
Malkapur, Maharashtra and became operational in December, 2009.
The unit has an installed capacity of 42 double-roller gins and
an annual ginning and pressing capacity of 50,000 bales.
In FY2018, the company reported a profit after tax of INR0.39
crore (provisional) on an operating income (OI) of INR115.29
crore(provisional), against a profit after tax of INR0.27 crore
on an OI of INR103.48 crore in FY2017.
POSITIVE MICRON: ICRA Assigns 'B' Rating to INR13cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the
INR17.00-crore long-term fund-based facilities of Positive Micron
LLP. The outlook on the long-term rating is Stable. ICRA has also
assigned the short-term rating of [ICRA]A4 to PML's short-term
non-fund based bank guarantee of INR1.35-crore.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Term Loan 13.00 [ICRA]B (Stable); Assigned
Fund-based
Cash Credit 4.00 [ICRA]B (Stable); Assigned
Non-fund Based
Bank Guarantee 1.35 [ICRA]A4; Assigned
Rationale
The assigned ratings are constrained by the implementation and
execution risks associated with PML's greenfield feldspar powder
manufacture project at Morbi, Gujarat, given that only 25% of
project cost has been incurred as on end-April 2018. Thus,
augmenting the possibilities of cost and time overruns. The
ratings are further constrained by the firm's small envisaged-
scale operations; and the vulnerability of its profitability,
post-commissioning, to the cyclicality associated with the real
estate industry and to the adverse movements in key input
material prices. Further, the debt-funded project and the
impending debt repayments coupled with the gestation period
before stabilisation of operations are likely to keep the credit
profile constrained over the near term.
The ratings, however, favorably factor in the experience of the
key promoters in the ceramic industry and the location advantage
enjoyed by the firm, which ensures easy access to Morbi-based
customers.
Outlook: Stable
ICRA believes that PML will benefit from its promoter's
experience and the customer network of its associate concerns.
The outlook may be revised to Positive if timely project
execution and stabilisation of operations leads to higher cash
accrual during the initial phase. The outlook may be revised to
Negative if delayed execution or slower ramp-up in sales and
accrual, or sizeable working capital requirement, weakens the
financial risk profile, especially liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters in ceramic industry and trading
of various products: The key promoters, Mr. Dilip Jethaloja, Mr.
Chetanbhai Halvadiya, Mr. Rajesh Patel, Mr. Devji Aghara and
others, have extensive experience in trading and ceramic tiles
industry through their other entities engaged in the ceramic
tiles and other industries. Further, PML will also leverage on
the established clientele of its associate concerns engaged in
ceramic industry and trading of ceramic raw material.
Favourable location of unit: The manufacturing facility of the
firm is located in the ceramic industry hub of Morbi (Gujarat),
which enables easy access to prospective customers.
Credit challenges
Risks associated with timely project completion and successful
ramp up of operations: The project is at a nascent stage, with
25% completion as on April 2018 end, and is expected to be
complete by August 2018. Any delays in project completion or cost
over-runs or lower-than-expected ramp up of the operations could
keep the credit profile constrained over the near term.
Weak credit profile over near term: The entity's financial
profile is expected to remain stretched in the near to
medium term, given the debt -funded nature of the project,
gestation period before stabilisation of operations and the
impending debt repayments.
Intense competition in feldspar processing industry: The
competitive intensity of the feldspar processing industry is high
because of the low capital intensity and the limited entry
barriers. The presence of numerous 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 determining the
cost competitiveness of the industry. The firm has, however,
little control over the prices of its key raw material - feldspar
lumps. Thus, the margins are expected to remain exposed to the
movement in raw material prices and its ability to pass on any
upward movement to its customers.
Vulnerability of profitability and cash flows to cyclicality in
real-estate industry: The ceramic industry, which is the
major end user of PML's products, relies on the performance of
the real estate and the construction sector. Hence, the
profitability and cash flows of the company are susceptible to
cyclicality in the real estate and construction sectors.
Constituted in July 2017, Positive Micron LLP (PML) is a
greenfield project for manufacturing of feldspar powder, which is
one of the major raw materials used in the ceramic industry. The
firm's plant is located in Morbi, Gujarat, and has a
manufacturing capacity of 3,60,000 metric tonnes of feldspar
powder per annum. PML is expected to commence production from
August 2018.
The main promoters of entity are Mr. Pritesh Shirvi, Mr. Chetan
Halvadia, Mr. Dilip Jethaloja and their family members.
S.S. FRUITS: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained S.S. Fruits
International Private Limited's Long-Term Issuer rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR80 mil. Fund-based limit maintained in non-cooperating
Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR170 mil. Non-fund-based limit maintained in non-
cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
The company is a wholesaler and retailer of agricultural
commodities, based out of Mettupalayam near Coimbatore in Tamil
Nadu.
SADHANA SUITINGS: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sadhana
Suitings Private Limited (SSPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 8.25 CARE B+; ISSUER NOT COOPERATING;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SSPL to monitor the
ratings vide e-mail communications/letters dated May 16, 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, SSPL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Sadhana Suitings 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).
The rating assigned to the bank facilities of Sadhana Suitings
Private Limited (SSPL) is continue to remain constrained on
account of its modest scale of operations in a highly competitive
and fragmented textile industry, leveraged solvency position ,
moderate liquidity position and vulnerability of margins to
fluctuation in the raw material prices. The rating, however,
favorably takes into account experienced management with synergic
benefit from group concern, moderate profitability margins and
its location advantage by virtue of being situated in the textile
cluster of Bhilwara. The ability of the company to stabilize its
operations with achievement of envisaged TOI and profitability
are the key rating sensitivities.
Detailed description of the key rating drivers
At the time of last rating on March 29, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies)
Key rating weaknesses
Modest scale of operations: During FY17, TOI of the company
increased significantly over FY16 but remain small and stood at
INR13.32 crore.
Leveraged capital structure: The solvency position of the company
stood weak with overall gearing of 3.62 times as on March 31,
2017 and total debt to GCA of 3.24 times as on March 31, 2017
Moderate liquidity position: The liquidity position stood
moderate with operating cycle of 78 days in FY17 with current
ratio of 1.39 times as on March 31, 2017.
Presence in a highly competitive and fragmented textile industry
and vulnerability of margins to fluctuation in raw material
prices: SSPL has presence in the textile industry which is highly
fragmented and competitive with the presence of numerous
independent small scale enterprises owing to low entry barriers
leading to high level of competition. Smaller companies are more
vulnerable to intense competition and have limited pricing
flexibility, which constrains their profitability as compared to
larger companies who have better efficiencies and pricing power
considering their scale of operations.
The main raw material of the company is polyester and cotton yarn
which it procures from Bhilwara. The prices of yarn are in
fluctuating trend and hence, the profitability of the company is
vulnerable to any adverse movement in the raw material prices.
Key rating strengths
Experienced management with synergic benefit from group concern:
Mr Anil Kumar Chorida, director, has more than two decades of
experience in the textile industry. He looks after overall
affairs of the company and is assisted by other directors. The
promoters have also promoted Sadhana which is engaged in the same
line of business.
Location advantage by virtue of being situated in the textile
cluster of Bhilwara: The main raw material of the company is
polyester and cotton yarn. The company is located at Bhilwara
which is one of the largest textile clusters in India and
majority of these industries are engaged in the manufacturing of
synthetic yarn accounting for nearly 40% of India's total
synthetic yarn production and nearly 50% of India's total
polyester fabrics and suiting production. SSPL's presence in the
textile manufacturing region results in benefit derived from
cheap and easy availability of raw material, processing of grey
fabrics at cheaper cost and low transportation and storage cost.
Moderate profitability margins: The PBILDT and PAT margin
remained moderate at 17.29% and 2.27% respectively in FY17.
Bhilwara (Rajasthan) based Sadhana Suitings Private Limited
(SSPL) was incorporated in 2014 by Mr Anil Kumar Chordia and Mr
Sunil Kumar Chordia along with their family members. SSPL was
formed with a purpose to establish a unit for manufacturing of
synthetics grey fabrics at Bhilwara. The company has completed
its project in September 2015 and started commercial production
from October 2015. It has incurred total cost of INR9.90 crore
towards the project which was financed through share capital of
INR2.05 crore including share premium, term loan of INR6.75 crore
and remaining through unsecured loans. It has installed capacity
of 3 Lakh Meter Per Month (LMPM) having 24 airjet looms as on
December 31, 2015. In FY15, the company has got finished fabrics
on job work basis from other processing house and sold in the
market.
SALEEM STEELS: CRISIL Assigns B+ Rating to INR7cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Saleem Steels (SS).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Assigned)
The rating reflects SS's average financial risk profile,
susceptibility to fluctuations in steel prices and downturn in
end-user industry, and exposure to risk of geographical
concentration. These weaknesses are partially offset by the
experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Average financial risk profile: Networth was modest at INR3.8
crore as on March 31, 2018, with high total outside liabilities
to tangible networth ratio of 2.4 times. Interest coverage ratio
has been 1.5 times in fiscal 2018 due to large working capital
debt. The metrics should improve over the medium term, with
improving networth.
* Susceptibility to fluctuations in steel prices and downturn in
end-user industry: Revenue and profitability have strong linkages
to the overall economic growth and demand in the construction and
real estate sectors. Fluctuations in steel prices and downturn in
end-user industry should continue to restrict growth.
* Exposure to risk of geographical concentration: The firm is
exposed to risk of geographic concentration as it generates its
entire revenue from Kerala. Any change in demand or location-
specific force majeure event will adversely impact the business.
Strength
* Experience of promoter: Benefits from the promoters' experience
of over four decades, their strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business. Hence, revenue
grew to about INR35 crore in fiscal 2018 from INR21 crore in
fiscal 2015.
Outlook: Stable
CRISIL believes SS will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if there is substantial increase in revenue,
profitability, and cash accrual. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretched working capital cycle weakens financial risk profile
and liquidity.
SS was set up at Kollam (Kerala) by Mr Saleem Abdul Rahman and
his son. The firm trades in iron and steel products.
SATISH CHAND: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
Satish Chand Rajesh Kumar Private Limited 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
---------- ----------- -------
Long Term Fund 1.00 [ICRA]B+ (Stable); ISSUER NOT
Based-Cash COOPERATING; Rating continues
Credit to remain in the 'Issuer Not
Cooperating' category
Short Term-Non 8.00 [ICRA]A4; ISSUER NOT
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
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 1985 as a private limited company, Satish Chand
Rajesh Kumar Private Limited executes civil engineering and
infrastructure works, including construction of buildings,
community halls, residential blocks, hospital blocks, and
schools; builds streets, drainages, footpaths; and undertakes
day-to-day maintenance. The company also undertakes electrical
and water supply installation related work while executing the
contracts. The company is registered as a Class-I contractor with
the Department of Social Welfare and is eligible to bid for
tenders upto INR20 crore.
SATYAM PULSE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
Due to inadequate information and in line with SEBI guidelines,
CRISIL had migrated its rating on the long-term bank facilities
of Satyam Pulse Mill (Satyam) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the company's management has started
sharing information necessary for a comprehensive review of the
rating. Consequently, CRISIL is migrating the rating from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable;
ISSUER NOT COOPERATING')
Term Loan 0.93 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable;
ISSUER NOT COOPERATING')
The rating reflects declining sales and modest operating margin,
and below-average financial risk profile. These weaknesses are
partially offset by the partners' extensive experience in the
pulses trading business.
Key Rating Drivers & Detailed Description
Weaknesses
* Declining sales and modest margin, owing to trading nature of
operations: Sales declined to INR23.16 crore in fiscal 2018 from
INR33.43 crore the previous year. Profitability was modest at
3.8% is fiscal 2018, and will, likely, remain susceptible to
volatility in the prices of agricultural commodities.
* Below-average financial risk profile: Networth was small at
INR1.95 crore, and gearing relatively high at 2.88 times as on
March 31, 2018.
Strength
* Partners' extensive experience in the pulses trading business:
Patel family's experience of more than three decades, and strong
market reputation should continue to support business risk
profile.
Outlook: Stable
CRISIL believes Satyam will continue to benefit from its
partners' extensive experience. The outlook may be revised to
'Positive' if significant improvement in capital structure,
profitability, and accrual, or efficient working capital
management strengthens key credit metrics. The outlook may be
revised to 'Negative' if stretch in working capital cycle, or
material withdrawal of funds by the partners weakens key credit
metrics.
Established in 1991 as a partnership by Patel family, Satyam
trades and processes pulses and agricultural goods, including
peas, maize, green gram, pigeon pea, and wheat. The installed
capacity is 30 tonne per day; actual utilisation, however, varies
as per demand.
SHYAMALAN MODERN: CRISIL Assigns B+ Rating to INR14cr Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
Shyamalan Modern Rice Industries (SMRI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan .4 CRISIL B+/Stable (Assigned)
Cash Credit 14.0 CRISIL B+/Stable (Assigned)
Letter of Credit .6 CRISIL A4 (Assigned)
The rating reflect the firm's modest scale and average financial
risk profile marked by leveraged capital structure and average
debt protection metrics. These weaknesses are partially offset by
the extensive experience of its proprietor in the rice milling
business.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in highly fragmented and competitive
rice milling industry: SMRI's scale of operations continues to
remain modest at Rs.52 cr in fiscal 2018. CRISIL believes that
SMRI will remain a small player in the industry over the medium
term, and will be able to scale up operations only gradually
because of the intense competition in the industry.
* Average financial risk profile: The financial risk profile is
average, as reflected in small net worth of 6.3 crores and
gearing of 2.8 times as on March 31, 2018. Debt protection
metrics were average with interest of 1.5 times and NCATD of 3%.
Strengths
* Extensive experience of proprietor: Presence of more than two
decades in the grain trading and milling segment has enabled the
proprietor and his family to understand local market dynamics and
establish healthy relationship with customers and suppliers.
Outlook: Stable
CRISIL believes SMRI will continue to benefit from proprietor's
extensive experience. The outlook may be revised to 'Positive' in
case of a substantial improvement in revenue and profitability,
and better financial risk profile. The outlook may be revised to
'Negative' if lower-than-expected accrual, stretch in working
capital cycle, or any large, debt-funded capital expenditure
further weakens financial risk profile.
Set up in Salem, as a proprietorship concern by Mr S.
Tamilselvan, SMRI mills and processes paddy into rice, rice bran,
and broken rice. It also trades in paddy for a commission.
SIVARAM YARNS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Sivaram Yarns
Private Limited (SYPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 15.5 CRISIL D (ISSUER NOT
COOPERATING)
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 SYPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SYPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of SYPL continues to be CRISIL D Issuer not
cooperating'
SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his
family members. The company manufactures cotton yarn, and its
spinning unit is located in East Godavari district (Andhra
Pradesh).
SUDARSHAN INFRA: ICRA Assigns 'B' Rating to INR5.85cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR5.85
crore fund based limits of Sudarshan Infra Projects Private
Limited (SIPPL). ICRA has also assigned a long term rating of
[ICRA]B and a short term rating of [ICRA]A4 to the INR0.60 crore
unallocated bank line limits of the company. The outlook on the
long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 5.85 [ICRA]B (Stable); assigned
Long Term/Short
Term-Unallocated 0.60 [ICRA]B (Stable)/[ICRA]A4;
assigned
Rationale
The assigned ratings are constrained by limited experience of
promoters in the convention center business; small scale of
operations with revenues of INR3.90 crore for FY2018 and weak
financial profile of the company characterised by gearing of
12.50 times as on March 31, 2018, interest coverage ratio of 2.18
times and total Debt/OPBDITA of 4.45 times in FY2018. However,
the ratings positively factor in attractive location of the
facility being located on National Highway 16, in close proximity
to the IT hub and residential townships in Madhurawada; and tie-
ups with vendors for event management and catering like Taj
Hotel, Hotel Dolphin which are likely to support bookings. Going
forward, ability of the company to improve revenues and
profitability while timely completion of the capex within
estimated costs will remain the key rating sensitives.
Outlook: Stable
The stable outlook reflects ICRA expectation that SIPPL's
favorable location to support the occupancy levels and thereby
revenues. The outlook may be revised to 'Positive' if there is a
track record of sustained revenue and profit growth. The outlook
may be revised to 'Negative' if there is a drop in occupancy
level or a higher than expected capital expenditure is incurred,
or the liquidity weakens.
Key rating drivers
Credit strengths
Location advantage with adequate parking facility: The convention
center is located on National Highway 16 and is in close
proximity to the IT hub and residential townships of Madhurawada
providing easy accessibility to the facility. The location also
ensures accessibility for guests from all parts of the city
standing within a 5 km radius of the city.
Large floor size and ample parking availability to support
bookings: The facility is ground+1 storied building and has three
banquet halls, 8 rooms, parking facility for 350 four wheeler
vehicles, five buses and 20 two wheeler vehicles. In addition,
the facility also has a large banquet lawn. The space makes it
easier for holding conference, marriage receptions, exhibitions,
and corporate events for a gathering of 50 to 2000 guests.
Credit challenges
Limited track record in convention center business: The promoters
have experience of more than 30 years in civil construction
industry and retailing but have limited experience in running
convention centers. The convention center started its commercial
operation in August 2016 and FY2018 is the first year of full
operation.
Small scale of operations: Given FY2018 is the first year of full
operation for the company, scale of operation has been lower with
operating income of INR3.90 crore in FY2018.
Weak financial profile: The financial profile of the company is
weak characterised gearing of 12.50 times as on March 31, 2018,
interest coverage ratio of 2.18 times and total Debt/OPBDITA of
4.45 times in FY2018.
Highly competitive industry: The hospitality industry is highly
competitive with presence of other hotels, convention centers and
banquet halls in proximity.
SIPPL, constituted in 1981 as a Private Limited company, started
its commercial operations in August 2016. The company operates a
convention center named "Vizag Conventions" in Rushikonda,
Vishakhapatnam, Andhra Pradesh. The convention center is spread
across total land area of 5 acres and has a built up area of
30000 square feet.
TATA MOTORS: Moody's Cuts CFR & Senior Instrument Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating (CFR) for Tata Motors Limited (TML).
At the same time, Moody's has downgraded the company's senior
unsecured instrument ratings to Ba2 from Ba1.
The rating outlook is stable.
RATINGS RATIONALE
"The downgrade to Ba2 reflects our expectation of continued
weakness in TML's consolidated credit metrics over the next two
years, led by its wholly owned subsidiary Jaguar Land Rover
Automotive Plc (JLR, Ba2 stable)," says Kaustubh Chaubal, a
Moody's Vice President and Senior Credit Officer.
Although JLR accounted for 48% of TML's group unit sales in the
fiscal year ending March 2018 (fiscal 2018), it generated 78% and
76% respectively of the TML's reported consolidated revenues and
EBITDA for the automotive business. Given this large
contribution, weakening credit metrics at JLR have a direct and
immediate impact on TML's consolidated results.
Notwithstanding the improvements in TML's Indian automotive
business, it continues to operate at a higher leverage, with an
estimated reported debt/EBITDA of 4.8x as of March 31, 2018. As
such, the improvements are not sufficient to compensate for JLR's
weakening metrics.
TML's consolidated adjusted debt/EBITDA rose to an estimated 3.8x
as of March 2018 from 3.0x a year ago and is likely to remain
elevated over the 12-18 months. At the same time, large capital
and product development expenditure at JLR of GBP4.5 billion
annually will keep free cash flows negative. Moreover, Moody's
also expects that rising commodity prices and a challenging
operating environment for JLR will keep TML's EBITA margins below
3%.
Meanwhile TML's ex-JLR operations, in particular the India
business, will continue to improve, on the back of favorable
industry dynamics, the company's upcoming product launches and
focus on cost rationalization measures.
Moody's expects India's commercial vehicle (CV) industry to grow
by mid-teen percentages over the next 12-18 months. TML is the
market leader in this segment -- commanding a solid 45% of the
market -- and will likely continue to introduce new products,
sustaining its recent track of above-industry-average growth
rates, thus modestly strengthening its overall market share.
TML's share of the passenger vehicle (PV) market also increased
to an estimated 6.5% Q4 fiscal 2018 from 4.9% in Q1 fiscal 2018,
but TML's low capacity utilization levels and cash burn in PVs
are a drag and thus a rating concern.
Moody's expects the Indian PV market to grow at high-single digit
percentages over the next 12-18 months, and for TML to further
grow its market share through new product launches and efforts to
improve its customer service and engagement.
TML's ratings continue to incorporate a one-notch uplift from its
parent Tata Sons Ltd., reflecting Moody's expectation of
extraordinary support from Tata Sons, should the need arise.
OUTLOOK
The stable outlook reflects JLR's relative strength and Moody's
expectation that although capital spending and product
development requirements will remain high over the next two
years, TML's sizeable consolidated cash balances, strong
operating cash flow and long-dated debt maturity profile will
allow the company time for its free cash flow to return to
positive.
The stable outlook also reflects TML's leadership position in CVs
in India, in turn underpinning strong growth prospects for its
ex-JLR operations.
WHAT COULD CHANGE THE RATING DOWN
Any pressure on JLR's Ba2 ratings will have an immediate impact
on TML's ratings.
Downward rating pressure could also emerge if TML's ex-JLR
businesses are unable to sustain their performance because of
weak market conditions, input cost pressure, disappointing new
products or a significant decline in its market share, resulting
in lower revenue and declining earnings and cash flow.
Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA exceeding 5.0x and a significant weakening
in EBITA margins from their current levels.
WHAT COULD CHANGE THE RATING UP
Given JLR's large contribution to TML's consolidated earnings and
cash flow, JLR's ratings would need to be upgraded for any upward
pressure on TML's ratings.
In addition, TML's ex-JLR businesses would need to show growth
with improving profitability. For example, through a
strengthening of its already solid market leading position in
commercial vehicles and an increased share in the passenger
vehicle market, such that it regains its #3 position.
Consolidated metrics for a higher rating include adjusted
debt/EBITDA below 4.0x and a reduction in its negative free cash
flows. A structural improvement in profitability with EBITA
margins sustained at levels of at least 4% would also be key for
a higher rating.
The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.
Tata Motors Limited (TML), incorporated in 1945, is the largest
manufacturer of commercial vehicles and a leading manufacturer of
passenger vehicles in India. Its products include light, medium,
and heavy-duty commercial vehicles such as trucks, pick-ups and
buses, utility vehicles and passenger cars.
TML's acquisition of JLR in June 2008 has diversified the group's
profile through JLR's presence in key markets such as the UK,
Europe, the US, China, Russia, Brazil, and a diversified product
range that now includes the addition of JLR's luxury cars and
vehicles.
TML is listed on the Bombay Stock Exchange, the National Stock
Exchange of India and the New York Stock Exchange. It was 36.4%
owned by the Tata group entities as of June 30, 2018.
TECHNITHON TECHNOLOGIES: CARE Cuts Rating on INR7.99cr Loan to C
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Technithon Technologies Private Limited (TTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.99 CARE C; Revised from CARE B;
Facilities ISSUER NOT COOPERATING; Based
on best available information
Short-term Bank 5.00 CARE A4; ISSUER NOT COOPERATING;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from TTPL to monitor the
rating(s) vide email communications/letters dated April 30, 2018,
May 2, 2018, June 14, 2018 and numerous phone calls. However,
despite CARE's repeated requests, TTPL has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE's 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 Technithon Technologies Private Limited's bank
facilities will now be denoted as CARE C/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).
The ratings have been revised on account of significant decline
in scale of operations & profit margins, deterioration in
debt coverage indicators and stretched liquidity position.
Detailed description of the key rating drivers
Significant decline in scale of operations & profit margins: The
scale of operations declined significantly with total operating
income (TOI) stood at INR2.68 crore in FY17 from INR 7.36 crore
in FY16. With decline in TOI, PBILDT margin has also declined
significantly to 1.27% in FY17 from 27.00% in FY16. Furthermore,
PAT margin has largely supported by nonoperating income.
Significant deterioration in debt coverage indicators: Despite
improvement in the capital structure on account of reduced total
debt level owing to repayment of unsecured loans; debt coverage
indicators deteriorated significantly with interest coverage
ratio deteriorated well below unity level at 0.05x in FY17.
However, led by non-operating income, total debt to gross cash
accruals improved in FY17.
Stretched liquidity position: The operating cycle has elongated
significantly to 1076 days in FY17 from 402 days in FY16 owing to
elongation in collection and inventory period at 416 days and 985
days in FY17 respectively (vis-a-vis 175 days and 512 days in
FY16) led to stretched liquidity position.
Technithon Technologies Pvt. Ltd. (TTPL) (Erstwhile Chemithon
Engineers Pvt. Ltd.), incorporated in 1989 (as a joint venture
promoted by Mr. Sanjay Trivedi and Chemithon Enterprise Inc, USA)
and currently Mr. Sanjay Trivedi and his family holds entire
stake in the company. TTPL is in business of manufacturing
sulfonation process equipment, flue gas conditioning system (FGC)
and customized process equipment for various process industries.
It also provides consulting services for process engineering and
operation and maintenance services for FGC system.
TRAVANCORE EARTH: CRISIL Assigns B Rating to INR4.35cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Travancore Earth Moving Company (TEMC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund-
Based Bank Limits 4.35 CRISIL B/Stable (Assigned)
Bank Guarantee 1.65 CRISIL A4 (Assigned)
Cash Credit 4.00 CRISIL B/Stable (Assigned)
The rating reflects working capital-intensive operations and
average financial risk profile. These weaknesses are partially
offset by extensive experience of the promoters in the road,
Civil Works industry and their funding support.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: Operations are expected to
be highly working capital-intensive on account of high inventory
and receivable days.
* Average financial risk profile: The networth was moderate at
INR8 crore while gearing was at 0.79 times estimated as on
March 31, 2018. Moderately high debt levels and moderate
profitability have resulted in modest debt protection metrics as
the company has reported interest coverage and net cash accruals
to total debt ratio of 1.4 times and 0.05 times as estimated
respectively for fiscal 2018.
Strengths
* Promoter's extensive experience in industry: The promoters have
been in the civil works industry for decade and have developed
deep understanding of the dynamics of the local market. The
extensive experience of promoter will help company in bringing
significant business linkage over and above the financial
support.
Outlook: Stable
CRISIL believes that Travancore Earth Moving Company (TEMC) will
benefit from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive'
in case the company reports higher revenue growth while maintain
its profitability, leading to better cash accruals. Conversely,
the outlook may be revised to 'Negative' in case the company's
financial risk profile, particularly capital structure and
liquidity, weakens considerably due to lower than expected sales
or lower profitably leading to lower cash accruals or stretch in
working capital cycle leading to weaken its liquidity.
TEML was incorporated in 2008 and is promoted Mr. Joseph. The
company is engaged in Road construction and civil works through
contract by PWD in the state of Kerala.
TRIMURTI FLOUR: CRISIL Maintains C Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Trimurti Flour
Mill Private Limited (TFMPL) for obtaining information through
letters and emails dated December 31, 2017 and May 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit-
Book Debt 1.5 CRISIL C (ISSUER NOT COOPERATING)
Cash Credit-
Stock 4.5 CRISIL C (ISSUER NOT COOPERATING)
Term Loan 3.0 CRISIL C (ISSUER NOT COOPERATING)
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 TFMPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on TFMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of TFMPL continues to be CRISIL C Issuer not
cooperating'
Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at
its facility in Patna. The day-to-day operations of the company
are managed by Mr. Abhishek Sinha
UNITED INFRAVENTURES: CARE Moves D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of United
Infraventures Limited (UIL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.05 CARE D; ISSUER NOT COOPERATING;
Facilities Based on no information
Available
Short-term Bank 1.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on no information
Available
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from UIL to monitor the
rating(s) vide e-mail communications/letters dated April 30,
2018, May 2, 2018, June 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, UIL has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines CARE's 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 United Infraventures Limited'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 ratings take into account ongoing delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 7, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from banker):
Key rating weaknesses:
Ongoing delays in debt servicing: As per banker interaction,
there have been ongoing delays in debt servicing and account has
been classified as NPA.
United Infraventures Limited (UIL) was incorporated on August 18,
2012 to take over the business of United Construction Company
(UCC) which is, since 1963, engaged in civil construction works
mainly involved in sewage pipeline laying & repairs, repairs of
structures, road construction & repairs etc. The company carters
to Municipal Corporation of Greater Mumbai (MCGM), with major
operations in Mumbai, Maharashtra. UIL secures all its contracts
through its strong relationships with its clients and has been
consistently receiving repeat orders from them. The company is
registered as Class AA (AA to D) civil contractor with MCGM.
VARUNANI MARKETING: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL has been consistently following up with Varunani Marketing
Private Limited (VMPL) for obtaining information through letters
and emails dated December 31, 2017 and May 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
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 VMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.
Based on the last available information, the rating on bank
facilities of VMPL continues to be CRISIL B+/Stable Issuer not
cooperating'
Incorporated in 2007, VMPL was set up by Mr. T K Maheshwar Singh,
Mr. Chandra Reddy, Mr. Shankar Rao, and Mr. S Navin Rao. The
company undertakes manufacturing and sale of IMFL. Company
manufacturing facility is based out of Vijaywada,(Andhra
Pradesh).
VIKAS KRISHI: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
Vikas Krishi Seva Kendra continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 6.00 [ICRA]B+ (Stable); ISSUER NOT
Based-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 best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
Vikas Krishi Seva Kendra is a proprietorship firm engaged in the
trading of seeds, fertilizers, pesticides, oil paints and colour
etc. In seeds the firm trades in BT Cotton Seeds (T-1 and T-2
variety), hybrid Maize, Jowar, Wheat etc. In fertilizers, the
firm trades in UREA, Superphosphates, DAG etc. The firm also
deals in the pesticides and has dealership of Asian Paints.
VISHAL DIAMONDS: Ind-Ra Maintains BB- Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vishal
Diamonds' Long-Term Issuer rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR200 mil. Fund-based limit maintained in non-cooperating
category with IND B+ (ISSUER NOT COOPERATING)/IND A4
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Vishal Diamonds was set up in 1998 as a partnership firm. It
trades in polished diamonds and manufactures diamond-studded gold
jewelry.
=================
I N D O N E S I A
=================
STEEL PIPE: Fitch Alters Outlook to Neg. & Affirms 'B' LT IDR
-------------------------------------------------------------
Fitch Ratings has revised its Outlook on Indonesia-based PT Steel
Pipe Industry of Indonesia Tbk (Spindo) to Negative, from Stable,
on high leverage. At the same time, Fitch has affirmed Spindo's
Long-Term Foreign-Currency Issuer Default Rating at 'B'. In
addition, Fitch Ratings Indonesia has downgraded Spindo's
National Long-Term Rating to 'BBB+(idn)', from 'A-(idn)'. The
Outlook is Negative.
The rating action follows weak 2017 sales volume and EBITDA that
saw total adjusted net debt/operating EBITDAR leverage sustained
at around 5.5x, a level above Fitch's expectations and negative
rating action guidelines. The downgrade of Spindo's National
Long-Term Rating reflects the company's weakening credit profile,
which is consistent with 'BBB(idn)' category ratings. Spindo's
ratings are supported by its position as Indonesia's leading
steel-pipe manufacturer. However, the ratings are constrained by
the company's small scale relative to global steel-product
manufacturers and lack of vertical integration. An inability to
deleverage could hamper Spindo's ability to refinance its debt,
weakening its liquidity position. Fitch expects Spindo to reduce
leverage to below 4.0x within the next two years, after factoring
in volume recovery in 1Q18, but the Negative Outlook reflects
that raw material price volatility remains a key risk.
'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However,
changes in circumstances or economic conditions are more likely
to affect the capacity for timely repayment than is the case for
financial commitments denoted by a higher rated category.
KEY RATING DRIVERS
Weak 2017, Risks to Recovery: Fitch expects mid-teen sales volume
growth and a slight margin improvement in 2018, but continually
high raw material prices and US dollar appreciation could hamper
a sustained recovery in Spindo's sales volume, which rebounded by
24% yoy in 1Q18 off a weak base. EBITDA per tonne held steady
from 2017 levels. Fitch's demand outlook is supported by Fitch's
expectation for steady GDP growth and the government's focus on
infrastructure projects ahead of the 2019 elections.
Spindo's EBITDA dropped by 18% in 2017, after sales volume fell
by 11% and EBITDA per tonne of sales by 8% in US dollar terms,
mainly due to higher input steel prices, with international hot-
rolled coil prices jumping by more than 30%. Several customers,
especially those involved in infrastructure projects, deferred
purchases due to budgetary constraints. Spindo also faced import-
related issues for coils in 1H17, which cut sales for these
products by 60%.
Strong Domestic Position; Small Globally: Spindo is small
compared with global peers, although its domestic scale allows it
to manufacture a wide range of products with better cost
efficiency than local competitors. This partly offsets its lack
of vertical integration and control over raw material prices;
mainly for steel coils. In addition, regulations provide some
protection against pressure from imports, as domestic
manufacturers receive priority for government projects and there
are minimum local-content requirements for sectors such as oil
and gas; this supports demand for locally produced steel pipes.
Improving Inventory Levels: Fitch expects inventory days to
continue falling at a gradual pace into 2019-2020, albeit after a
small increase in 2018 from the 1Q18 level of 225 days caused by
moderating steel prices. Spindo significantly reduced its
inventory to 284 days in 2017, from 350 days in 2016, and
shortened its working-capital cycle by around 100 days. This was
achieved by a focus on selling inventory and reducing the share
of imports in raw material purchases to around 70% in 2017, from
around 75% in 2016. The company aims to further decrease the
share of imports in raw material purchases in 2018.
Moderation in Capex: Spindo does not plan to increase its
production capacity and is looking to incur mainly maintenance-
related capex over the next two to three years due to its
significant unutilised capacity. The company also plans to incur
some capex to build warehouses to increase direct customer sales.
Capex of around IDR200 billion in 2017 was higher than Fitch's
expectations, despite falling meaningfully from an average of
around IDR350 billion per year over 2013-1016, which poses some
risk to Fitch's forecast. High pre-2017 capex was related to
capacity growth and increased Spindo's leverage during the
period.
Deleveraging Likely, but Risks Remain: Fitch expects Spindo's
leverage to moderate to below 5.0x by 2018 and to below 4.0x in
2019 and for Spindo to have positive free cash flow in 2019. This
is based on better EBITDA growth driven by higher sales volume
and better margins, a sustained shortening of Spindo's working-
capital cycle and the absence of further large capacity expansion
investments. However, steel price volatility, which could dampen
demand and impede further improvement in inventory levels, is a
key risk to Fitch's forecasts.
DERIVATION SUMMARY
Global Fitch-rated integrated steel producers enjoy a better
business profile than Spindo on account of larger scale, more
product diversity and a higher degree of vertical integration,
resulting in most of them being rated in the higher 'BB'
category.
Fitch rates two Brazilian steel companies in the 'B' category;
Companhia Siderurgica Nacional (CSN) (B-/Rating Watch Negative)
and Usinas Siderurgicas de Minas Gerais S.A. (Usiminas)
(B+/Positive). CSN's lower rating reflects a stressed financial
profile, despite a significantly larger scale and integrated
steelmaking operations. Its leverage is much higher than that of
Spindo, at around 7.0x in 2017. CSN also faces elevated
refinancing risk due to a high share of debt due in the short to
medium term. Usiminas's better rating reflects its larger scale
and lower leverage. Usiminas is Brazil's leading flat-steel
producer and Fitch expects its leverage to remain at around 2.0x
over the next two years.
Spindo's National Long-Term Rating can be compared with that of
PT Berlina Tbk (A-(idn)/Stable) and PT Sulfindo Adiusaha
(BBB(idn)/Stable). Berlina's rating reflects its position as
Indonesia's second-largest plastic packaging maker as well as
stable margins and cash flow due to cost pass-through clauses in
its contracts with customers. The company's leverage is also
estimated to remain more than 1.0x lower than that of Spindo.
Spindo's one-notch downgrade reflects the difference in the two
entities' business and financial risk profiles. Sulfindo is an
integrated chlor-alkali producer and its rating reflects well-
integrated operations and a strong domestic market position.
Sulfindo's scale in EBITDA terms and Fitch's expectation for
leverage are similar to that of Spindo, but Sulfindo's more-
volatile margin and cash flow resulted in a debt restructuring.
Therefore, Spindo is rated one notch higher.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total sales volume to jump by 15% in 2018 due to base effect,
to increase by 5%-6% annually from 2019.
- EBITDA/tonne of sales margin of IDR1.5 million (USD109) in
2018, IDR1.6 million in 2019 and IDR1.7 million in 2020
(2017: IDR1.4 million)
- Annual capex of around IDR150 billion over 2018-2020
- Net working capital days of 265 in 2018, falling to 245 days
in 2019 and 230 days by 2020.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Adjusted net debt/EBITDAR not on track to be below 4.0x by
2019. Fitch has tightened leverage sensitivity for negative
rating action from 4.5x earlier to bring Fitch's assessment
of Spindo in line with peers.
- Weakening liquidity position or if operating EBITDA/interest
expense falls below 2.0x for a sustained period.
- Conversion margin below USD100/tonne for a sustained period.
- Lengthening of working capital cycle
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.
LIQUIDITY
Liquidity Risk, but Manageable: Spindo had cash of IDR170 billion
as of end-2017, compared with total debt of around IDR2.6
trillion. All debt was secured and comprised of IDR1.7 trillion
of working capital loans and around IDR880 billion of long-term
debt. Around IDR100 billion of term debt is due in 2018 and Fitch
believes Spindo may need to refinance to address its maturities
in light of Fitch's expectation for negative free cash flow
during the year. However, the company's ability to refinance is
supported by a probable improvement in leverage and cash flow
within the next two years and its longstanding relationship with
several banks.
====================
N E W Z E A L A N D
====================
TOTO PIZZA: Auckland Pizza Place Goes Into Liquidation
------------------------------------------------------
Stuff.co.nz reports that a popular pizza place in Auckland owes
more than NZ$1.36 million to its employees, Inland Revenue and
other creditors.
Famous for its metre-long pizzas, Toto Pizza was put into
liquidation on July 6, Stuff says.
Stuff, citing the liquidator's first report, discloses that
creditors are claiming about NZ$1,368,000 with Toto owing
NZ$48,000 in wages and holiday pay to its employees.
It also owes Inland Revenue NZ$420,000 in GST, PAYE, tax
penalties and interest, as well as other creditors NZ$900,000 in
trade and loans, the first report showed.
Jeff Meltzer -- jeff@meltzermason.co.nz -- and Mike Lamacraft --
mike@meltzermason.co.nz -- from Meltzer Mason, were appointed as
the liquidators of Toto Pizza, Stuff notes.
Stuff relates that in the liquidator's first report, Meltzer and
Lamacraft were "advised that a sale of business was in process
prior to liquidation".
"This potential transaction will be reviewed by the liquidators
to establish the current position and how to proceed," the first
report wrote, says Stuff. "The liquidators will examine the
company's available books and records and conduct a brief review
of the company's affairs."
Toto Pizza has been operating in Auckland for more than 21 years
and has a store in Auckland's CBD and one in Manukau.
=====================
P H I L I P P I N E S
=====================
WOMEN'S RURAL: PDIC Appointed as Receivers; Takes Over Rural Bank
-----------------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Women's Rural Bank, Inc. from doing business in the
Philippines. Under Resolution No. 1122.A dated July 12, 2018, the
MB directed the Philippine Deposit Insurance Corporation (PDIC)
as Receiver to proceed with the takeover and liquidation of the
bank. PDIC took over the bank on July 13, 2018.
Women's Rural Bank is a two-unit rural bank with Head Office
located at 29-A, Carandang St., Barangay C (Pob.)., Rosario,
Batangas. Its lone branch is located in Brgy. Bihis, Santa
Teresita, Batangas.
Latest available records show that as of March 31, 2018, Women's
Rural Bank had 4,300 deposit accounts with total deposit
liabilities of PhP82.1 million. Total insured deposits amounted
to PhP81.7 million equivalent to 99.5% of total deposits.
PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PhP500,000.00. Individual depositors with valid deposit accounts
with balances of PhP100,000.00 and below shall be eligible for
early payment and need not file deposit insurance claims,
provided they have no outstanding obligations with Women's Rural
Bank or have not acted as co-makers of these obligations. These
individual depositors must ensure that they have complete and
updated addresses with the bank. They may update their addresses
until July 20, 2018 using the Mailing Address Update Forms to be
distributed by PDIC representatives at the bank premises.
For business entities and all other depositors who are required
to file claims for deposit insurance, the schedule for filing of
claims will be announced as soon as possible through posters in
the bank premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account.
PDIC also reminded borrowers to continue paying their loan
obligations with the closed Women's Rural Bank and to transact
only with designated PDIC representatives at the bank premises.
Depositors and borrowers may communicate with PDIC Public
Assistance personnel stationed at the bank premises or call the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631
or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those
outside Metro Manila. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account at www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
DAPAI INTERNATIONAL: Reprimanded Over Listing Rule Breaches
-----------------------------------------------------------
Annabeth Leow at The Business Times reports that Singapore
Exchange Regulation (SGX Regco) has reprimanded suspended
backpack maker Dapai International Holdings Co along with three
of its present and past officers for breaches of the listing
rules.
According to the report, Singapore-listed companies are advised
to consult the market regulator before appointing Dapai executive
chairman Chen Xizhong, former chief executive Chen Yong and
former chief financial officer (CFO) Lawrence Lam Pong Sui as
directors or management.
The Business Times relates that SGX RegCo made its decision based
on findings from separate independent probes by BDO LLP and
Kordamentha into transactions by the Dapai Group in China. It
said that the company had made non-factual, false and misleading
statements about the supposed opening of 500 retail outlets in
China, as well as payments to certain distributors and
contractors involved, the report relays.
The company's statements in its 2009 and 2010 annual reports -
about how its internal controls systems were adequate for Dapai's
needs in its business environment - were also found to be non-
factual, false and misleading, while the board's confirmations
were false and misleading, said SGX RegCo, The Business Times
relays.
SGX RegCo asserted that Dapai "had no procedure in place to keep
track on how and when the 500 retail outlets were started," the
report says.
"There was also no proper centralised documentation in place, the
journal entries on payment to distributors and contractors were
brief and poor controls were prevalent for the opening of the 500
retail outlets," it also said. BDO had noted that Dapai failed to
retain accounting records that it should have kept for 15 years,
under Chinese law.
SGX RegCo added that no further action on internal controls was
taken, even though both the internal auditor and Terence Ng Kiat
Peen - who was CFO from June 2011 to May 2017 - had highlighted
the issue at two audit committee meetings in 2012, the report
relays.
According to The Business Times, SGX RegCo said it was of the
view that the three executives, who were held responsible for the
payment and reporting of the transactions relating to the opening
of the outlets, "failed to demonstrate the character and
integrity expected of directors and management of listed
issuers".
Mr. Lam did not ensure that Dapai had a robust and effective
system of internal controls addressing financial, operational and
compliance risks, and made significant payments for the 500
outlets without supporting documents and without verifying the
existence of those outlets, said SGX RegCo.
It also said that both Mr. Chens "have failed to act in the
interest of shareholders as a whole by failing to safeguard the
interest of the company and shareholders", and none of the three
men responded to the show-cause letters issued in relation to
their breaches of listing rules, the report relates.
SGX RegCo added that it "has referred the case to the relevant
authorities".
Dapai faces delisting, and trading has been suspended by the
exchange since August 2017, The Business Times notes.
Dapai International Holdings Co Ltd. develops, manufactures, and
sell backpacks and luggage. The Company's products are sold
through retailers in many parts of China.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 9 to July 13, 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 ***