/raid1/www/Hosts/bankrupt/TCRAP_Public/170613.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, June 13, 2017, Vol. 20, No. 116
Headlines
A U S T R A L I A
AWT INTERNATIONAL: Second Creditors' Meeting Set for June 19
BREAD POCKET: First Creditors' Meeting Set for June 19
BY FELICI: Second Creditors' Meeting Set for June 20
DIGIMOB AUSTRALIA: Second Creditors' Meeting Set for June 20
INVESTMENT ADVISERS: ASIC Cancels AFS License
J & DC ASSOCIATES: First Creditors' Meeting Set for June 20
PATFAB PTY: First Creditors' Meeting Set for June 20
SEBEL FURNITURE: First Creditors' Meeting Set for June 20
TECH PROJECT: Placed Into Voluntary Administration
W D HALL: First Creditors' Meeting Set for June 20
C H I N A
CHINA EVERGRANDE: Fitch Assigns B- Rating to Proposed USD Notes
CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
CHINA EVERGRANDE: S&P Assigns 'B-' Rating to USD Proposed Notes
HILONG HOLDING: Moody's Assigns B1 CFR; Outlook Stable
POWERLONG: Shanghai Land Acquisition No Impact on Moody's B1 CFR
I N D I A
ANAND EDUCATION: CRISIL Assigns 'B' Rating to INR9.79MM LT Loan
ASHRULY ENGINEERING: CRISIL Reaffirms D Rating on INR3.75MM Loan
ATC CHEMICALS: CRISIL Cuts Rating on INR4MM Cash Loan to 'B'
B.BUCHA REDDY: CRISIL Reaffirms 'D' Rating on INR8MM Bank Loan
BAJRANG COTTON: CRISIL Lowers Rating on INR7MM Cash Loan to B
BHAVANI ENTERPRISES: CRISIL Ups Rating on INR0.75MM Loan to B-
BHAVANI SAW: CRISIL Raises Rating on INR0.75MM Loan to B-
DEVENDRAN PLASTIC: CRISIL Reaffirms 'B' Rating on INR10MM Loan
DR. SHAJIS: CRISIL Reaffirms 'D' Rating on INR13.58MM LT Loan
FATEHPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
GOVAAN STEELS: CRISIL Reaffirms 'D' Rating on INR20MM Loan
HIMALAY COLD: CRISIL Lowers Rating on INR6MM Overdraft to B-
IBEX ENGINEERING: CRISIL Cuts Rating on INR2MM Cash Loan to B
K.C. TIMBER: CRISIL Reaffirms 'B' Rating on INR8MM Loan
LODHA DEVELOPERS: Fitch Affirms B Long-Term IDR; Outlook Negative
MAHENJU TEXTILES: CRISIL Reaffirms B+ Rating on INR4.2MM Loan
MIDAS PETROCHEM: CRISIL Lowers Rating on INR15MM Cash Loan to B
MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
OM ESHA: CRISIL Reaffirms 'B' Rating on INR14.5MM LT Loan
PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR22.23MM Loan
RAJENDRAKUMAR & CO: Ind-Ra Migrates B+ Rating to Non-Cooperating
SAI MAHAAVIR: CRISIL Assigns 'B' Rating to INR20MM Term Loan
SHIV BUILD: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
SHREE KRISHNA: CRISIL Assigns B+ Rating to INR5MM Loan
SHREE TRIBHUVAN: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
SRI LAKSHMIKANTHA: CRISIL Cuts Rating on INR65.15MM LT Loan to D
STANZEN ENGINEERING: Ind-Ra Assigns 'D' Long-Term Issuer Rating
SWASTIK CERACON: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
TRANS TECH: CRISIL Reaffirms 'D' Rating on INR195MM Bank Loan
VAIBHAV COTTON: CRISIL Reaffirms B+ Rating on INR14MM Loan
VAISHNAOI INFRATECH: CRISIL Assigns B+ Rating to INR10MM Loan
VAISHNAOI RESORTS: CRISIL Assigns B+ Rating to INR10MM LT Loan
VALLABHANENI CONSTRUCTIONS: Ind-Ra Puts BB Non-cooperating Rating
VINKO AUTO: CRISIL Lowers Rating on INR2.90MM Cash Loan to 'B'
VNR HOMES: CRISIL Reaffirms B- Rating on INR8MM LT Loan
VRUNDAVAN CERAMIC: CRISIL Reaffirms 'D' Rating on INR9.75MM Loan
I N D O N E S I A
ENERGI MEGA: Moody's Withdraws B2 Corporate Family Rating
PAKUWON JATI: Fitch Revises Outlook to Positive; Affirms BB- IDR
J A P A N
TOSHIBA CORP: Western Digital Eyeing New Plan for Chip Unit
N E W Z E A L A N D
FIRST CREDIT: Fitch Publishes BB Long-Term Issuer Default Rating
MTF TORANA 2016: Fitch Affirms 'Bsf' Rating on Class F Notes
X X X X X X X X
* BOND PRICING: For the Week June 5 to June 9, 2017
- - - - -
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A U S T R A L I A
=================
AWT INTERNATIONAL: Second Creditors' Meeting Set for June 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of AWT
International Pty Ltd has been set for June 19, 2017, at
2:00 p.m. at the offices of McGrathNicol at Level 7, 175 Eagle
Street, Brisbane Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 18, 2017, at 5:00 p.m.
Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of AWT International on May 15,
2017.
BREAD POCKET: First Creditors' Meeting Set for June 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Bread
Pocket Pty Ltd will be held at JBC Corporate, Level 2, 41 Colin
Street, in West Perth, WA, on June 19, 2017, at 11:00 a.m.
Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Bread Pocket on
June 7, 2017.
BY FELICI: Second Creditors' Meeting Set for June 20
----------------------------------------------------
A second meeting of creditors in the proceedings of By Felici Pty
Ltd has been set for June 20, 2017, at 2:00 p.m. at the offices
of Heard Phillips Chartered Accountants, Level 12, 50 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 June 19, 2017, at 5:00 p.m.
Mark Lieberenz and Andrew Heard of Heard Phillips were appointed
as administrators of By Felici on May 15, 2017.
DIGIMOB AUSTRALIA: Second Creditors' Meeting Set for June 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Digimob
Australia Pty Ltd has been set for June 20, 2017, at 3:00 p.m. at
the offices of Heard Phillips Chartered Accountants, Level 12, 50
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 June 19, 2017, at 5:00 p.m.
Mark Lieberenz and Andrew Heard of Heard Phillips were appointed
as administrators of By Felici on May 15, 2017.
INVESTMENT ADVISERS: ASIC Cancels AFS License
---------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian financial services (AFS) licence of
Sydney based company Investment Advisers Alliance Pty Limited for
failing to lodge its financial statements and auditor's reports
for four consecutive years.
ASIC Deputy Chairman Peter Kell said, 'The annual lodgement of
financial statements and auditor's reports is an important part
of a licensee demonstrating it has adequate financial resources
to provide the services covered by its licence and to conduct the
business lawfully'.
'ASIC will act on failures to lodge financial statements,
resulting in the suspension or cancellation of the AFS licence',
Mr Kell said.
The cancellation of Investment Advisers Alliance Pty Limited's
AFS licence is part of ASIC's ongoing efforts to improve
standards across the financial services industry.
Background
Investment Advisers Alliance Pty Limited had held its AFS licence
since January 2013.
ASIC is empowered to suspend or cancel a licence if the licensee
has contravened its obligation to lodge its financial statements
and auditor's reports.
The annual lodgment of financial statements and an auditor's
report is an important part of an AFS licensee demonstrating it
has adequate financial resources to provide the services covered
by its licence and to conduct its business in compliance with the
Corporations Act 2001.
ASIC will continue to contact AFS licensees which have not lodged
audited financial statements and take appropriate action if they
fail to lodge these statements.
J & DC ASSOCIATES: First Creditors' Meeting Set for June 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of J & DC
Associates Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 1103, Level 11, 147 Pirie
Street, in Adelaide, SA, on June 20, 2017, at 10:30 a.m.
Nick Cooper and Dominic Cantone of Worrells Solvency were
appointed as administrators of J & DC Associates on June 7, 2017.
PATFAB PTY: First Creditors' Meeting Set for June 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of PatFab Pty
Ltd will be held at The Conference Room, Plaza Level, BGC Centre,
28 The Esplanade, in Perth, WA, on June 20, 2017, at 2:30 p.m.
Dino Travaglini and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of PatFab Pty on June 8, 2017.
SEBEL FURNITURE: First Creditors' Meeting Set for June 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sebel
Furniture Pty Ltd will be held at Western Suburbs League Club
(Wests Campbelltown), 10 Leumeah Road, in Leumeah, NSW, on
June 20, 2017, at 2:00 p.m.
Vaughan Neil Strawbridge and David John Frank Lombe of Deloitte
were appointed as administrators of Sebel Furniture on June 8,
2017.
TECH PROJECT: Placed Into Voluntary Administration
--------------------------------------------------
Michael Jenkin at CRN reports that Brisbane-based IT provider
Tech Project has entered voluntary administration after rapid
growth squeezed its cash flow.
Darren John Vardy and Jason Lloyd Porter of SV Partners were
appointed administrators on May 24, CRN discloses.
Mr. Vardy told CRN the administration was the result of the
company entering a restructuring phase, and that it would
continue to trade with "strong support from staff, suppliers and
customers".
"The company has grown significantly over the past four years
since its foundation, having a sizable client footprint in
Brisbane, Queensland as a managed services provider," the report
quotes Mr. Vardy as saying.
"The company's rapid growth has led to constrained liquidity and
as a result of creditor pressure, the company entered into
voluntary administration by resolution of its directors to
complete a restructure.
"It is envisaged that a deed of company arrangement (DOCA) will
be proposed. I am meeting with the directors, shareholders and
potential investors during the course of next week to explain and
discuss the administration and DOCA process so they can set about
with preparing a proposal."
CRN relates that the administrator said the sale of the business
was unlikely, but that it might become an option to maximise
creditor returns if a DOCA was not proposed.
Tech Project offers IT services focused on small to medium
businesses.
W D HALL: First Creditors' Meeting Set for June 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of W D Hall
Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Suite 4, Level 3, Bryant House, 26 Duporth
Avenue, in Maroochydore, Queensland, on June 20, 2017, at
11:00 a.m.
Paul Eric Nogueira of Worrells Solvency was appointed as
administrator of W D Hall on June 8, 2017.
=========
C H I N A
=========
CHINA EVERGRANDE: Fitch Assigns B- Rating to Proposed USD Notes
---------------------------------------------------------------
Fitch Ratings has assigned China Evergrande Group's (B+/Stable)
proposed US dollar senior notes due 2021, 2023 and 2025 'B-(EXP)'
expected ratings, with Recovery Rating of 'RR6'.
The proposed notes are rated at the same level as Evergrande's
senior unsecured rating because they constitute its direct and
senior unsecured obligations. The final rating is subject to the
receipt of final documentation conforming to information already
received.
Evergrande is offering to exchange its existing notes due 2018 to
2020 for part of the new notes. The main purpose of the debt-
exchange is to extend the company's debt maturity profile and
enhance liquidity. Evergrande had CNY364 billion of debt due
before 2018, as well as CNY198 billion in unrestricted cash and
CNY138 billion in available undrawn facilities at end-2016. Apart
from the debt exchange, the notes will also raise fresh funds for
refinancing and general corporate purposes.
KEY RATING DRIVERS
Debt Exchange, Extended Maturity: The proposed debt exchange will
modestly improve Evergrande's liquidity by reducing debt maturing
in the next 24 months. Under the proposal, USD2.8 billion of
existing unsecured notes will be exchanged for USD3.03 billion of
new debt. However, Evergrande's leverage is likely to remain high
at 50%-60% as Evergrande will need to fund construction of the
housing projects it has sold, which increased rapidly. This
continues to constrain the ratings on Evergrande. Furthermore,
the company's high interest expenses and high dividend payout
ratio keeps free cash flow negative, which prevents it from
deleveraging significantly.
Stronger Land Bank Profile: Evergrande has shifted its sales away
from lower-tier cities, reducing risks to sales and
profitability. The company's land bank has swung sharply to Tier
1 and 2 cities, with these two categories making up 74.7% of its
land bank by value and 57.9% by gross floor area at end-2016.
Contracted sales from Tier 1 and 2 cities accounted for 67.4% of
total sales in 2016, compared with 59% in 2015. Evergrande's
average selling price (ASP) is still rising and reached CNY10,269
per square metre (sq m) in May 2017 and CNY9,786 per sq m in the
first five months in 2017 from CNY8,355 in 2016.
Large Interest Burden: Evergrande's gross interest expense and
distributions to holders of perpetual capital instruments in 2016
totalled CNY42.3 billion, a jump from CNY25.4 billion in 2015.
Evergrande's gross interest expense exceeded capitalised interest
for the first time. Interest expenses as a proportion of
contracted sales improved to 11.3% from 12.5% in 2015, although
the improvement is much smaller if an adjustment for Evergrande's
cheaper funding cost in 2016 is included. Fitch believes that
Evergrande's high expenditure will continue to limit its
operating cash flow generation and limit its ability to
deleverage meaningfully.
Shareholder-Friendly Moves Pressure Credit: Evergrande has bought
back shares totalling HKD6.3 billion (CNY5.6 billion) since 29
March 2017, after its 2016 results announcement. Evergrande also
plans to make a dividend payment of 50% of profit of 2016 and
1H17, only after it successfully lists its onshore property
operation in China's A-share market, despite sustaining high
negative FCF before dividend. This puts creditors at a
disadvantage as the company is not building up a healthy buffer
to improve its financial flexibility.
Recovery Rating Remains at 'RR6': Evergrande's Recovery Rating
remains weak because of its debt-funded expansion and heavy
reliance on onshore debt that is senior to its US dollar senior
unsecured notes. Fitch recovery rating analysis does not take
into account the company's large cash balance of CNY198 billion
at end-2016, as Fitch ascribe no recovery value to it because it
may substantially be used to meet operational and financial
commitments. This approach is in line with Fitch's "Recovery
Ratings and Notching Criteria for Non-Financial Corporate
Issuers" criteria dated November 21, 2016, where Fitch general
assumption is that cash on the balance sheet is depleted during
or before a potential bankruptcy.
DERIVATION SUMMARY
Evergrande's business profile is more reflective of that of 'BB'
category peers as Evergrande has a diversified geographical and
product profile. This offsets its very aggressive financial
profile, which is comparable to that of companies in the weak 'B'
category.
Its peers, like Country Garden Holdings Co. Ltd. (BB+/Stable),
Greenland Holding Group Company Limited (BB+/Negative) and Sunac
China Holdings Limited (BB/Negative), are similarly aggressive in
expanding their scale and are among the 10 largest Chinese
homebuilders.
Country Garden's leverage of around 30% and churn rate of over
1.5x, is commensurate with a high 'BB' category profile and
explains the multiple notch rating gap between it and Evergrande.
Greenland's leverage is as high as Evergrande's but Greenland has
a large level of uncollected sales to mitigate its high leverage.
Greenland, as a state-owned enterprise, has a stronger position
in acquiring land at low costs, especially for new city districts
that local governments are keen to develop. This enhances
Greenland's business profile over that of Evergrande. Sunac's
leverage is low at between 40%-50% and it does not have high
payables risks, unlike Evergrande. Sunac's sales are also mostly
in major cities and is reflected by its higher ASP of CNY20,480
per sq m, more than double that of Evergrande.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- large homebuilders continue to win market share, which supports
Evergrande's aim to increase sales by 15% to 25% between 2017
and 2019
- ASP in 2017 to match the level in the first five months of 2017
and continue to climb at around 3%-5% thereafter, with higher-
tier cities making up a larger share of sales
- land acquisition volume to stay at 120% of the gross floor area
sold in the same year
- trade payables and receivables to grow in line with contracted
sales growth
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt/adjusted inventory sustained below 50% (59% in 2016)
- Contracted sales/gross debt sustained above 0.8x (0.57x in
2016)
- EBITDA margin sustained above 18% (16.5% in 2016)
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory sustained above 60%
- Total payables/gross inventory sustained above 0.45x (0.42x in
2016)
- Tighter liquidity position due to weaker access to financing
channels
LIQUIDITY
Large Liquidity Gives Flexibility: Evergrande has continued to
maintain a large cash balance totalling CNY304 billion, including
CNY106 billion of restricted cash, and CNY138 billion of
available undrawn but uncommitted facilities to meet its debt
servicing and operation needs. This was higher than CNY164
billion in total cash (CNY61 billion restricted) and CNY155
billion in facilities in 2015. The company also issued USD2.5
billion of senior notes in 1Q17 to refinance its existing debts.
CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to China Evergrande Group's (B2 stable) proposed USD
notes.
The rating outlook is stable.
The proceeds from the issuance will be used to refinance the
company's existing debt - including some of its outstanding USD
notes - and for general corporate purposes.
RATINGS RATIONALE
The B3 senior unsecured rating reflects Evergrande's B2 corporate
family rating (CFR) and a one-notch downward adjustment for legal
and structural subordination.
The B2 CFR primarily considers the company's strong market
position and sales execution, low-cost land bank, as well as its
nationwide coverage in China. However, these strengths are
counterbalanced by its high business risk and weak financial
metrics, given its debt-funded and fast growth business strategy.
"The proposed notes will unlikely reverse Evergrande's trend of
an improving debt leverage," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.
"And, the issuance will improve Evergrande's debt maturity
profile, because part of the proceeds will be used to refinance
its existing notes," adds Leung.
Moody's expects that the incremental debt from Evergrande's
proposed notes issuance will not be material relative to the
company's total reported debt of around RMB535 billion at end-
2016.
Moody's says that Evergrande's adjusted debt leverage - as
measured by revenue/adjusted debt - should improve to 55%-60%
over the next 12-18 months, from the weak 32% at the end of
December 2016.
The likely improvement in its debt leverage will come from a
combination of strong contracted sales, efficient cash
collections and slower debt growth.
Moody's notes the company's announcement that it had redeemed
RMB80.6 billion (71.3%) of all outstanding perpetual securities
in the first five months of 2017. It also plans to pay down all
of its remaining expensive perpetual securities by 30 June 2017.
Moody's treats these perpetual securities as debt-like
instruments.
The legal and structural subordination is based on Moody's
expectation that Evergrande's secured and subsidiary debt/total
assets will stay elevated at above 25%-30% over the next 1-2
years, given that onshore debt will remain a major source of
funding.
The stable outlook on Evergrande's corporate family and senior
unsecured ratings reflects its improved liquidity position, due
to its strong contracted sales and active debt maturity
management. The outlook also reflects Moody's expectation that
Evergrande will continue to improve its credit metrics.
Upward ratings pressure could emerge if the company: (1)
demonstrates more disciplined business growth; (2) reduces its
debt leverage, such that revenue/adjusted debt - including
perpetual securities - exceeds 60%; and (3) improves its adjusted
EBIT/interest to above 2.0x.
Downward ratings pressure could emerge if: (1) the company's
liquidity position weakens due to a deterioration in contracted
sales, or aggressive acquisitions of land and/or property
companies or projects; or (2) its debt leverage fails to improve,
such that revenue/adjusted debt - including perpetual securities
- falls below 35%-40%.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
China Evergrande Group is a major residential developer in China.
It adopts a standardized operating model. Founded in 1996 in
Guangzhou, the company has rapidly expanded its business across
China over the past few years.
At the end of 2016, its land bank totaled 229 million square
meters in gross floor area across 209 Chinese cities.
The company listed on the Hong Kong Stock Exchange in 2009.
CHINA EVERGRANDE: S&P Assigns 'B-' Rating to USD Proposed Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB+' long-term Greater China regional scale rating to the three
proposed issues of U.S. dollar senior unsecured notes due 2021,
2023, and 2025 by China-based property developer China Evergrande
Group (B/Stable/--; cnBB-/--). The rating is subject to S&P's
review of the final issuance documentation.
The issue rating is one notch below the long-term corporate
credit rating on Evergrande to reflect the structural
subordination.
Evergrande is offering the three new notes in exchange for these
four existing senior unsecured notes with face value of
US$3.2 billion in total:
-- US$1.5 billion 8.75% senior notes due October 2018;
-- US$300 million 8.00% senior notes due January 2019;
-- US$400 million 7.80% private placement senior notes due
January 2019; and
-- US$1.0 billion 12.00% senior notes due February 2020.
The accrued interest in the existing notes will also be
capitalized in the new notes. In addition, the company may issue
an additional amount for refinancing and general corporate
purposes.
In S&P's view, the offer is opportunistic and does not constitute
a distressed exchange because it gives investors an option to
exchange the existing notes into new notes with compensation in
the form of a price premium. This is supported by the company's
improving capital structure following the redemption of perpetual
securities, asset sales, and equity fund-raising ahead of the
listing of its largest subsidiary in the domestic "A-share"
market in China. The company is undertaking a number of
transactions that could further improve its financial standing,
including the listing of its subsidiary.
S&P believes the new issues, if finalized, will improve
Evergrande's debt maturity profile and lower its funding costs.
The share price and bond yields of the company's securities have
performed well in the past year amid market expectations of a
meaningful improvement in the company's cash flows and financial
position.
S&P expects Evergrande's leverage to remain elevated over the
next 12 months, underpinning S&P's 'B' corporate credit rating.
However, S&P expects the developer's leverage to moderately
improve to around 12x in 2017 from 14.8x in 2016. This is
because S&P anticipates its large capital expenditure for land
acquisitions and construction will be more than offset by strong
contracted sales and a recovery in margins.
The company had the highest contracted sales among China property
developers in 2016, totaling Chinese renminbi (RMB) 373 billion,
up 85% from 2015. Evergrande's contracted sales in the first
five months of 2017 grew by 66% compared with the same period
last year.
HILONG HOLDING: Moody's Assigns B1 CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Hilong Holding Limited.
Moody's has also assigned a B1 senior unsecured rating to
Hilong's proposed bond issuance.
The proceeds from the notes will be used for debt repayment,
working capital needs and general corporate purposes.
The ratings outlook is stable.
RATINGS RATIONALE
"The B1 ratings reflect Hilong's strong market positions in its
drill pipes and oil country tubular goods (OCTG) coating
materials and services businesses globally, based on its strong
product offerings, technological capabilities, and close and
long-term relationships with its major oil customers," says
Chenyi Lu, a Moody's Vice President and Senior Credit Officer.
Hilong's strong market positions are supported by its ability to
produce a wide range of drill pipes (American Petroleum Institute
(API) and non-API standards) for conventional and unconventional
oil reservoirs, and OCTG coating materials. It also has the
strong capability to develop new drill pipes and coating
technologies.
These strengths have helped Hilong win long-term contracts and
establish close business relationships with its major oil
customers, in turn, creating barriers to entry against
competitors.
"Hilong's ratings also reflect its product, service and
geographic diversifications, which lead to relatively resilient
business performance against its industry peers, and which could
partly offset the challenges of industry cyclicality and high
customer concentration," says Lu, who is also the Lead Analyst
for Hilong.
Hilong has production and sales bases in the major producing
basins of China. Furthermore, it has been rapidly expanding its
international business over the past few years.
Outside China, it has production facilities and/or service
centers in Canada, the US, Columbia, Ecuador, Nigeria, the United
Arab Emirates, Kazakhstan, Russia, Pakistan and Ethiopia.
Moody's expects the revenue contributions from its international
operations to grow gradually from 63% of total revenues in 2016
as the company continues to expand its operations overseas with
growing products and services offerings.
On the other hand, Hilong's ratings are constrained by the small
scale of its operations and volatility in its performance, owing
to the cyclical nature of the drill pipes and oilfield services
businesses, which are exposed to the volatility of global oil
prices.
Hilong also has a high level of customer concentration, with its
top-ten customers accounting for 41% of revenues in 2016. Its
weak bargaining power has resulted in a longer working capital
cycle and, in turn, higher working capital needs.
Nevertheless, Moody's believes this risk is manageable, as Hilong
has been actively managing its counterparty risk through customer
prepayments, bank issued letter of credits, and/or export
insurances for financially weak customers and new customers.
Moreover, most of Hilong's core customers are global oil majors
or are government-related entities with acceptable financial
strengths. Hilong has built close and long-term relationships
with these customers.
Moody's expects Hilong's revenue to improve by 19.7% in 2017 and
16.6% in 2018 as upstream oil and gas companies will increase
their capital spending. Moreover, Moody's expects the oilfield
services and drilling market to be relatively stable over the
next 12-18 months, which in turn will improve demand for Hilong's
products and services.
Moody's forecasts the company's adjusted EBTIDA margin to stay
relatively stable at about 28% over the next two years as the
company continues to focus on expense- and cost-control measures
and growing product and service diversifications to mitigate
margin volatility.
Consequently, Moody's expects its adjusted debt/EBITDA to trend
towards 3.5x-4.0x over the next 12-18 months from 5.3x in 2016,
driven by an expected improvement in earnings from stronger
revenue growth; and stable to lower debt levels stemming from (1)
limited capital expenditure to support its operations; (2) better
working capital management; and (3) higher earnings.
These three factors together should result in positive free cash
flow for debt repayment. This level of leverage is in line with
its B1 rating.
Hilong's liquidity position is weak. At end-2016, the company had
cash and cash equivalents of RMB657 million and restricted cash
of RMB155 million. These liquidity sources and its expected
operating cash flows of around RMB350 million over the next 12
months are insufficient to cover its RMB1.43 billion of maturing
debt, bills payables of RMB96 million, and estimated maintenance
capital expenditure of RMB200 million over the next 12 months.
Nevertheless, Hilong's liquidity profile will improve after the
company completes its proposed bond issuance and uses the
proceeds to refinance its short-term debt.
Hilong's bond rating is not notched down for subordination, as
Moody's expects that its secured and subsidiary debt level will
remain below 15% of total assets over the next 1-2 years.
The stable outlook reflects Moody's expectations that Hilong will
maintain its strong market positions and cautiously expand its
product, service and geographic diversifications.
An upgrade in the near term is unlikely, given the company's
small scale. However, Moody's would consider upgrading the
ratings over the medium term if Hilong (1) shows steady revenue
growth, especially from its oilfield services and offshore
engineering businesses; (2) further expands its product, service
and geographic diversifications while maintaining its profit
margins; (3) improves its debt leverage, such that adjusted
debt/EBITDA falls below 3.5x-4.0x and adjusted EBITDA/interest
raises above 4.5x-5.0x on a sustained basis; and (4) strengthens
its liquidity position with its cash (including undrawn committed
facilities) to short-term debt above 1.0x on a sustained basis.
On the other hand, the ratings could come under downward pressure
if Hilong (1) shows weaker revenue growth, as a result of the low
and volatile oil prices and a decline in profit margins; (2)
increases pressure on its working capital, prompting it to raise
a good amount of debt; and (3) increase its debt leverage, such
that adjusted debt/EBITDA exceeds 5.5x, or adjusted
EBITDA/interest slips below 3.0x on a sustained basis.
A deterioration in Hilong's liquidity position -- with its cash
(including undrawn committed facilities)/short-term debt ratio
falling below 0.45x on a sustained basis, or evidence that the
company is unable to access bank funding -- will also affect the
ratings negatively.
The last rating action was on May 25, 2016 when Hilong's B1
corporate family rating with a negative outlook was withdrawn.
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: (1) oilfield
equipment manufacturing and services, (2) line pipe technology
and services, (3) oilfield services, and (4) offshore engineering
services.
The company listed on the Hong Kong Stock Exchange in 2011. Mr.
Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 58.6% equity interest at end-
2016.
POWERLONG: Shanghai Land Acquisition No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Powerlong Real Estate
Holdings Limited's acquisition of a development site in Shanghai
for RMB2.98 billion will not immediately affect its B1 corporate
family and B2 senior unsecured ratings, or the stable ratings
outlook.
On June 8, 2017, Powerlong announced that it had acquired an
integrated development site in Yangpu, Shanghai for RMB2.98
billion.
The site has a total gross floor area (GFA) of approximately
109,470 square meters (sqm) and will be used for commercial and
office purposes. Around 68% of the total GFA will be held for
investment and the remaining will be developed for sale.
"Powerlong's land purchase is in line with its strategy to
develop investment properties in Shanghai and carries low
execution risk, because it has a good track record in the city,"
says Anthony Lee, a Moody's Analyst.
The acquisition is in line with the company's strategy to ramp up
the recurring rental income from its investment property
portfolio in higher-tier cities such as Shanghai, Tianjin and
Hangzhou. It targets to expand its total number of malls to 50 by
the end of 2020 from 31 at end-2016. Of the 31 retail malls, six
are in Shanghai.
"Powerlong's spending on land plots so far in 2017 is within
Moody's expectations," adds Lee, who is also Moody's Lead Analyst
for Powerlong. "Moody's expect that Powerlong can fund its land
acquisitions with internal cash resources, such as cash holdings
and presales proceeds. Such spending will therefore not cause its
interest coverage or leverage to deteriorate."
The company has spent around RMB3.5 billion on land costs so far
this year. Moody's expects that Powerlong will continue to
exercise prudence in its land acquisitions, and maintain a
similar level of land acquisitions to contracted sales as the 40%
in 2016.
Powerlong's cash and deposit balances totaled RMB10.1 billion at
end-2016. And, in the four months between January and April 2017,
the company achieved a 47% year-on-year growth in contracted
sales to RMB5.5 billion or 28% of its 2017 target. Moody's points
out that the company's cash resources are sufficient to cover its
land acquisitions.
Moody's says that Powerlong's EBIT/interest and debt/book
capitalization should register around 3.0x and 55% in 2017
compared to 2.8x and 54% in 2016. Such levels would be comparable
with other B1-rated Chinese property peers.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in China (A1 stable).
At end-2016, its land bank for development totaled around 10.7
million sqm in GFA under development and for future development,
as well as 2.5 million sqm of malls in operation.
The company listed on the Hong Kong Exchange in October 2009. The
founding Hoi family held an aggregate 65.46% stake in Powerlong
at end-2016.
=========
I N D I A
=========
ANAND EDUCATION: CRISIL Assigns 'B' Rating to INR9.79MM LT Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Anand Education Society (AES), and has
assigned its 'CRISIL B/Stable' rating to the facilities. CRISIL
had, on April 7, 2015, suspended the ratings as AES had not
provided the necessary information for a rating review. The
society has now shared the requisite information, enabling CRISIL
to assign a rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 9.79 CRISIL B/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
Term Loan 0.21 CRISIL B/Stable (Assigned;
Suspension Revoked)
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with geographic concentration: The
scale of operations remains small, with income estimated at INR31
crore for fiscal 2017, due to geographic concentration as the
society only operates one school in Delhi.
* Susceptibility to adverse regulatory changes and exposure to
intense competition: The education sector is one of the highly
regulated sectors in India. The society has to comply with
specific operational and infrastructure norms laid down by
regulatory bodies.
* Cash flow mismatches: AES collects fees every quarter (cash
inflow) while it has monthly principal repayment and operating
expenses (cash outflow). This difference in cash inflow versus
outflow constrains liquidity.
Strengths
* Established regional position: Established in 1985, Lancer
Convent Senior Secondary School established regional visibility,
reflected in high occupancy of 96% with around 4,800 students.
* Low gearing: Gearing is low at 0.2 time as on March 31, 2017,
and the society does not plan to undertake any major, debt-funded
capital expenditure over the medium term. Hence, gearing should
remain stable over the medium term.
Outlook: Stable
CRISIL believes AES will maintain an established position in the
education sector over the medium term, driven by long track
record. The outlook may be revised to 'Positive' if increase in
income and profitability results in healthy cash generation.
Conversely, the outlook may be revised to 'Negative' if large,
debt-funded capital expenditure or decline in student strength,
thereby decreasing profitability, weakens financial risk profile
and liquidity.
AES was set up over 30 years ago. The society runs a higher
secondary school in New Delhi under the name of Lancer Convent
Senior Secondary School, which is affiliated to the Central Board
of Secondary Education.
Income over expense, on provisional basis was INR0.16 crore on
net income of INR30.63 crore in fiscal 2017, vis-a-vis INR1.27
crore and INR31.01 crore, respectively, in fiscal 2016.
ASHRULY ENGINEERING: CRISIL Reaffirms D Rating on INR3.75MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Ashruly
Engineering Private Limited (AEPL) for obtaining information
through letters and emails dated March 6, 2017, and March 22,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 3.75 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 2.50 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 2.80 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
'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 Ashruly Engineering Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ashruly Engineering Private
Limited is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/CRISIL
D.
Incorporated in 2007 in Pune, AEPL manufactures fabricated steel
and alloy components. It is promoted by Mr. Nandkumar Gaikwad and
his wife, Mrs. Nandini Gaikwad.
ATC CHEMICALS: CRISIL Cuts Rating on INR4MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with ATC Chemicals
India Private Limited (ATCIPL) for obtaining information through
letters and emails dated November 21, 2016, and December 22, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded
from 'CRISIL BB+/Stable')
Long Term Loan 1.52 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB+/Stable')
Proposed Long Term 0.48 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Downgraded from
'CRISIL BB+/Stable')
'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 ATC Chemicals India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for ATC Chemicals India Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable'.
Incorporated in 2004, ATCIPL manufactures leather chemicals. The
manufacturing facility is based in Pondicherry. The managing
director of the company is Mr. J B Gualino.
B.BUCHA REDDY: CRISIL Reaffirms 'D' Rating on INR8MM Bank Loan
--------------------------------------------------------------
CRISIL has been consistently following up with B.Bucha Reddy and
Co (BBRC) for obtaining information through letters and emails
dated April 4, 2016, and December 19, 2016 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Overdraft 5.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term .5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
'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 B.Bucha Reddy and Co. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for B.Bucha Reddy and Co is consistent
with 'Scenario1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
Lower'.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL D/ CRISIL D.
Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).
BAJRANG COTTON: CRISIL Lowers Rating on INR7MM Cash Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Bajrang Cotton
(BC) for obtaining information through letters and emails dated
November 24, 2016, and January 17, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 1.66 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Downgraded from
'CRISIL B+/Stable')
'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 Bajrang Cotton. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Bajrang Cotton is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the rating at
'CRISIL B/Stable'.
Set up in 2006, BC gins and presses cotton. The firm's plant is
in Amreli (Gujarat).
BHAVANI ENTERPRISES: CRISIL Ups Rating on INR0.75MM Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bhavani
Enterprises (BE; a part of the Bhavani group) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 19.25 CRISIL A4 (Upgraded from
'CRISIL D')
Overdraft 0.75 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects improvement in the group's liquidity owing
to faster recovery of receivables enabling timely servicing of
debt obligation. The group is expected to maintain its current
liquidity over the medium term, driven by improving working
capital requirement and need-based funding support from
promoters.
The ratings reflect the group's weak financial risk profile,
modest scale of operations and large working capital cycle.
However, it benefits from its promoters' extensive experience in
the timber trading business.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BE and Bhavani Saw Mills (BSM). This
is because the two entities, together referred to as the Bhavani
group, have common partners, are in the same business, and have
significant operational and financial linkages.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is high, estimated at 2.73 times as on
March 31, 2017, because of large credit availed from suppliers to
support working capital requirement. Further, debt protection
metrics are below average, with interest coverage estimated at
1.32 times for fiscal 2017 because of low profitability.
* Modest scale of operations: With operating income estimated at
INR90.08 crore for fiscal 2017, scale remains modest in the
highly fragmented and competitive timber trading industry.
* Large working capital requirement: The group has working
capital-intensive operations, marked by gross current assets
estimated at 181 days as on March 31, 2017, due to large
receivables of 115 days and moderate inventory of 31 days.
Operations may remain working capital intensive over the medium
term.
Strengths
* Promoters' experience: Longstanding presence in the timber
industry enabled the promoters to establish healthy relationship
with suppliers, which ensures high quality and timely supplies.
Outlook: Stable
CRISIL believes the Bhavani group will continue to benefit over
the medium term from the promoters' experience. The outlook may
be revised to 'Positive' if ramp-up in revenue and profitability
leads to higher-than-expected cash accrual of if working capital
cycle improves significantly. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens due to low cash accrual, large working capital
requirement or substantial capital withdrawal.
BSM, the flagship firm of the Bhavani group, was set up by Mr
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.
BE, established by Mr Vasant Patel (son of Mr Bhanji Patel) and
his family as a partnership firm in 1982, also trades in timber.
For fiscal 2016, BE reported net profit of INR0.61 crores on net
sales of INR80.9 crores against net profit of INR0.52 crores on
net sales of INR58.1 crores for fiscal 2015.
BHAVANI SAW: CRISIL Raises Rating on INR0.75MM Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bhavani
Saw Mill to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D.'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 19.25 CRISIL A4 (Upgraded from
'CRISIL D')
Overdraft 0.75 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects improvement in the group's liquidity owing
to faster recovery of receivables enabling timely servicing of
debt obligation. The group is expected to maintain its current
liquidity over the medium term, driven by improving working
capital requirement and need-based funding support from
promoters.
The ratings reflect the group's weak financial risk profile,
modest scale of operations and large working capital cycle.
However, it benefits from its promoters' extensive experience in
the timber trading business.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BSM and Bhavani Enterprises (BE). This
is because the two entities, together referred to as the Bhavani
group, have common partners, are in the same business, and have
significant operational and financial linkages.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is high, estimated at 2.73 times as on
March 31, 2017, because of large credit availed from suppliers to
support working capital requirement. Further, debt protection
metrics are below average, with interest coverage estimated at
1.32 times for fiscal 2017 because of low profitability.
* Modest scale of operations: With operating income estimated at
INR90.08 crore for fiscal 2017, scale remains modest in the
highly fragmented and competitive timber trading industry.
* Large working capital requirement: The group has working
capital-intensive operations, marked by gross current assets
estimated at 181 days as on March 31, 2017, due to large
receivables of 115 days and moderate inventory of 31 days.
Operations may remain working capital intensive over the medium
term.
Strengths
* Promoters' experience: Longstanding presence in the timber
industry enabled the promoters to establish healthy relationship
with suppliers, which ensures high quality and timely supplies.
Outlook: Stable
CRISIL believes the Bhavani group will continue to benefit over
the medium term from the promoters' experience. The outlook may
be revised to 'Positive' if ramp-up in revenue and profitability
leads to higher-than-expected cash accrual of if working capital
cycle improves significantly. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens due to low cash accrual, large working capital
requirement or substantial capital withdrawal.
BSM, the flagship firm of the Bhavani group, was set up by Mr
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.
BE, established by Mr Vasant Patel (son of Mr Bhanji Patel) and
his family as a partnership firm in 1982, also trades in timber.
For fiscal 2016, BSM reported net profit of INR0.5 crores on net
sales of INR71.1 crores against net profit of INR0.53 crores on
net sales of INR63.9 crores for fiscal 2015.
DEVENDRAN PLASTIC: CRISIL Reaffirms 'B' Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Devendran Plastic Private Limited (DPPL) at 'CRISL
B/Stable/CRISIL A4'. The ratings continue to reflect company's
subdued financial risk profile because of modest networth, weak
debt protection metrics, and high gearing. The ratings also
factor in susceptibility of the company's profitability to
volatility in raw material prices and to intense competition in
the packaging industry. These weaknesses are partially offset by
the promoter's extensive entrepreneurial experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable (Reaffirmed)
Letter of Credit 6.5 CRISIL A4 (Reaffirmed)
Letter of Credit
Bill Discounting 3.5 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4.1 CRISIL B/Stable (Reaffirmed)
Proposed Working
Capital Facility 0.29 CRISIL B/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Below Average Financial Risk Profile-DPPL's financial risk
profile is below average due to a highly leveraged capital
structure and subdued debt protection metrics. The gearing and
interest coverage is estimated at over 3 times and 1.3 times
respectively for fiscal 2017. DPPL's financial risk profile is
expected to remain below average over the medium term due to high
reliance on debt to fund working capital requirements.
* Susceptibility of profitability to volatility in raw material
prices and intense competition in packaging industry-The prices
of raw material such as paper, polymers, metal, wood, and glass
are highly volatile. As the packaging industry is fragmented,
small players such as DPPL can pass on only a portion of raw
material cost increases to end users. In addition to large
organised players who offer products at more competitive prices
because of economies of scale and access to advanced technology,
the market has numerous small players that cater to local, price-
sensitive customers.
Strengths
* Promoter's extensive entreprenuerial experience-The promoters
have extensive experience of over a decade in diverse business
interests in automobile spare parts trading, commodities trading
' coal trading, jatropha cultivation and trading of wind power.
Outlook: Stable
CRISIL believes DPPL will continue to benefit from the extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if higher sales and better operating
profitability are registered. The outlook may be revised to
'Negative' if low increase in turnover or sub-optimum capacity
utilisation weakens the financial risk profile.
DPPL was originally incorporated in 2011 as Dev Aakash Plast
India Pvt Ltd and got its present name in 2013. It manufactures
printed polyethylene film rolls at its facility in Sivakasi,
Tamil Nadu.
DPPL reported a profit after tax (PAT) of INR0.4 crore on an
operating income of INR31.4 crore for fiscal 2016 against a net
loss of INR2.2 crore on an operating income of INR21.5 crore for
fiscal 2015.
DR. SHAJIS: CRISIL Reaffirms 'D' Rating on INR13.58MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Dr. Shajis MRI and Medical Research Centre Private Limited at
'CRISIL D'. The ratings continue to reflect instances of delay by
DSMMRC in servicing its term debt; the delays have been caused by
DSMMRC's weak liquidity marked by insufficient cash accruals
vis-a-vis repayment obligations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 13.58 CRISIL D (Reaffirmed)
The ratings also reflect DSMMRC's below average financial risk
profile and its modest scale of operations with limited
geographical reach. These weaknesses are partially offset by the
extensive experience of its promoter in operating medical
diagnostic centers.
Key Rating Drivers & Detailed Description
Weakness
* Below Average Financial Risk Profile
DSMMRC has a below average financial risk profile as reflected in
its highly leveraged capital structure and weak debt protection
metrics. The company has a negative gearing as on March 31, 2017
due to negative net worth arising from accumulated losses. The
debt protection metrics are weak marked by an interest coverage
of 1.6 times and net cash accruals to total debt ratio of around
7 percent for fiscal 2016.
* Modest scale of operations and limited geographical reach
DSMMRC's scale of operations is modest, as reflected in its
revenues of INR180 million despite being in operations since
1996. This limits its ability to exploit benefits associated with
economies of scale. DSMMRC's twelve diagnostic centres are all
located in Kerala, exposing it to geographic concentration risks.
Moreover, the diagnostic services industry is marked by intense
competition from numerous players offering similar services
Strengths
* Promoters' extensive industry experience: DSMMRC was promoted
by Dr. P C Shaji, a radiologist, and his family in 1996. The
promoters started their first MRI centre at Kozhikode, Kerala in
1996. It was the first MRI centre in the Malabar region. Over the
years, they have set up twelve more diagnostic centres across
Kerala.
Set up in 1996, DSMMRC operates nine medical diagnostic centres
in Kerala. The centres offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerized radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses. The company's overall business
operations are managed by Dr. P C Shaji.
DSMMRC reported a net loss of INR2.8 crore on operating income of
INR18.5 crore for fiscal 2016 against a net loss of INR1.5 crore
on an operating income of INR17.8 crore for fiscal 2015.
FATEHPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fatehpur Nagar
Palika Parishad (FPNPP) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.
KEY RATING DRIVERS
Fatehpur City has inadequate civic infrastructure. It does not
have an underground sewerage system and sewage treatment plant.
At the same time, inadequate water supply, drainage network,
proper solid waste management and collection facilities constrain
the rating. The lack of these adequate basic civic services as
reflected by Service Level Benchmark reports calls for an
immediate attention. However, civic infrastructure is expected
to improve due to its selection under Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) scheme.
Urban civic services delivery is also hampered by the
multiplicity of authorities providing these services. Besides
FPNPP, the other state agencies such as Uttar Pradesh Jal Nigam,
Public Works Department are involved in the provision of civic
services. The transfer of some of the services from these
agencies to the council can speed up improvement in service
delivery.
Fatehpur jurisdiction is only 56.9sq km with a population of
193,193. Economic activities in the town are not buoyant and
taxes on average contributed 2.65% to the total revenue over
FY12-FY16. Along with tax revenues, FPNPP's revenue sources
comprise non-tax revenue, grants & contribution and other income.
The municipality's non-tax revenue mainly emanates from various
fees & charges and rental income from municipal properties, which
contributed 6.27% on an average to the total revenue income over
FY12-FY16.
FPNPP reported a moderate financial performance in FY16. Its
revenue receipts increased to INR336.57 million in FY16 from
INR171.08 million in FY12, at a CAGR of 18.43%. Also, its
revenue balance improved to INR177.72 million in FY16 from
INR107.14 million in FY12.
FPNPP has a high level of dependence on the state government. It
receives compensation in lieu of stamp duty and revenue grants
for development purposes. Revenue compensation and revenue
grants cumulatively contributed 89.81% to the total revenue
income during FY12-FY16.
RATING SENSITIVITIES
Negative: Significant delays in the execution of urban civic
service projects and deterioration in the financial performance
of FPNPP would be negative for rating.
Positive: A significant improvement in FPNPP's operating
performance, delivery of civic services and timely execution of
AMRUT projects would be positive for the rating.
CITY PROFILE
Fatehpur is a city and a municipal council in Fatehpur district
in the state of Uttar Pradesh. It is well connected with most of
the major Indian cities through railways and roadways. Fatehpur
is well known for its monuments and holy places.
GOVAAN STEELS: CRISIL Reaffirms 'D' Rating on INR20MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Govaan Steels
Private Limited (GSPL) for obtaining information through letters
and emails dated April 01, 2016, and March 07, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 15 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Cash 7.14 CRISIL D (Issuer Not
Credit Limit Cooperating; Rating
Reaffirmed)
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 Govaan Steels Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Govaan Steels Private Limited is
consistent with 'Scenario1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/ CRISIL D
Incorporated in June 2008, GSPL manufactures mild steel billets
and thermo-mechanically treated (TMT) bars. GSPL commenced
commercial operations in September 2010 and is based in
Coimbatore, Tamil Nadu.
HIMALAY COLD: CRISIL Lowers Rating on INR6MM Overdraft to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Himalay Cold Storage (HCS) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 6 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The rating downgrade reflects CRISIL belief that the firm's
financial risk profile is expected to be under pressure on
account of lower-than-expected accruals vs. its term debt
repayments over the medium term. The cash accruals in the range
of INR12-15 lakhs are expected to be tightly matched to the term
debt repayments of INR7.4 lakhs per annum over the medium term.
The bank lines utilization are also highly utilized with average
bank lines utilization for trailing 12 months ended as on March
2017 at around 95 per cent. The firm's financial flexibility is
also impacted on account of reduction in networth due to
partner's withdrawals. The improvement in cash accruals would be
key monitorable over the medium term.
The rating continues to ratings reflect the weak financial risk
profile marked by high gearing and low net worth along with
modest scale of operations and fragmented nature of the cold
storage industry. These rating weaknesses are partially offset by
the extensive experience of the company's promoter in the cold
storage business.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and fragmented nature of cold
storage industry: HCS's scale of operations is modest, indicated
by its expected operating income of INR1.82 Cr. in 2015-16. The
cold storage industry in India is marked by the presence of a
large number of small players with marginal capacities. The
presence of a large number of small players reduces the
bargaining power of all players in the industry. CRISIL believes
that the company's business risk profile will remain constrained
on account of modest scale of operations over near terms.
* Weak financial risk profile: Its financial risk profile
constrained by high gearing and weak debt protection metrics. Its
debt protection metrics are expected to be remain weak with
interest coverage of 1.2-2.0 times and net cash accrual to total
debt of 0.02-0.04 times over the medium term. The financial risk
profile is expected to continue to be weak over the medium term.
Strengths
* Extensive experience of partners in cold storage business: HCS
has been set-up by the Mr.ChandrakantPadhiyar and
Mr.VinaykumarPadhiyar, who have experience of more than a decade.
The partner' extensive industry experience has resulted in
established relationship with clients/farmers and suppliers.
CRISIL believes that HCS will continue to benefit over the medium
term from its partner's extensive industry experience.
Outlook: Stable
CRISIL believes that HCS will continue to benefit over the medium
term from its promoter's extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and improves its
profitability along with substantial capital infusion leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of stretch in its working capital
cycle, decline in profitability, or any large, debt-funded
capital expenditure which can impact the liquidity of the
company.
HCS is a partnership firm set up in 2007 by Padhiyar Family, The
firm is based at Deesa, Banaskantha (Gujarat).
Profit after tax (PAT) was INR11 lakhs on sales of INR1.82 Cr.,
in 2015-16, against a PAT of INR1 lakh on sales of INR1.67 Cr. in
2014-15.
IBEX ENGINEERING: CRISIL Cuts Rating on INR2MM Cash Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Ibex Engineering
Private Limited (Ibex) for obtaining information through letters
and emails dated November 11, 2016 and December 14, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB/Stable')
Export Packing 2.25 CRISIL A4 (Issuer Not
Credit Cooperating; Downgraded from
'CRISIL A4+')
Proposed Cash 1.50 CRISIL B (Issuer Not
Credit Limit Cooperating; Downgraded from
'CRISIL BB/Stable')
Term Loan 1.05 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB/Stable')
'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 Ibex Engineering Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ibex Engineering Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'.
Ibex, established in 1998, is involved in precision machining
activities for various industries. The company is promoted and
managed by Mr. G P Srikanth.
K.C. TIMBER: CRISIL Reaffirms 'B' Rating on INR8MM Loan
-------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of K.C. Timber Traders (KCTT) at 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Buyer`s Credit 8 CRISIL B/Stable (Reaffirmed)
Cash Credit 2 CRISIL B/Stable (Reaffirmed)
Net sales remained stagnant during fiscal 2017 on account of
slowdown in demand following demonetisation. However, the
business risk profile is likely to remain stable over the medium
term, supported by the extensive experience of the partners in
the timber-trading industry and an established customer
relationship. The operating margin was low at 2.3-2.6% in fiscals
2016 and 2017, due to no value addition in the trading business.
The margin is likely to remain at around a similar level over the
medium term.
Liquidity is adequate due to the absence of any term debt
repayment obligation, unsecured loans from the partners
(estimated at INR1.40 crore on March 31, 2017), and moderately
utilised bank limit at an average of 80% - 90%.
Analytical Approach
CRISIL has treated the unsecured loans from the partners as
neither debt nor equity in calculating the financial ratios.
That's because the interest rate on these is lower than that on
the bank debt and they are expected to remain in the business
over the medium term.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a highly fragmented industry:
Revenue is estimated at a modest INR16.75 crore for fiscal 2017.
Despite an expected increase in scale of operations, the firm
will remain a marginal player in the timber-trading business due
to the fragmented nature of the industry.
* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, estimated at 3.59 times as on
March 31, 2017, and debt protection metrics weak, with interest
coverage ratio at 1.60 times in fiscal 2017. The financial risk
profile is expected to remain weak over the medium term on
account of sizeable working capital debt and continued low
accretion to reserves.
* Working capital-intensive operations: Gross current assets
(GCAs) were sizeable, estimated at 228 days as on March 31, 2017,
driven by high receivables and inventory of 134 days and 85 days,
respectively. Operations are likely to remain working capital
intensive over the medium term as well, with GCAs expected at
around 200 days.
Strengths
* Extensive industry experience of the partners and their funding
support: The partners have an experience of over 25 years in the
timber-trading business. This has helped them gain a sound
understanding of market dynamics and establish relationships with
key suppliers in West Africa and Latin America and with
customers, which leads to repeat orders. They have also supported
the firm through unsecured loans.
Outlook: Stable
CRISIL believes KCTT will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of a significant increase in revenue and
cash accrual, and improvement in the capital structure. The
outlook may be revised to 'Negative' in case of lower-than-
anticipated cash accrual or larger-than-expected working capital
requirement, leading to pressure on the financial risk profile,
particularly liquidity.
KCTT, set up as a partnership firm by Mr Manish Bansal and Mr
Romesh Bansal in 1991, trades in timber logs primarily imported
from West Africa and Latin America. The firm has its head office
and three warehouses in New Delhi.
Profit after tax (PAT) and net sales were INR0.10 crore and
INR16.62 crore, respectively, in fiscal 2016, as against INR0.11
crore, and INR17.86 crore, respectively, in fiscal 2015.
LODHA DEVELOPERS: Fitch Affirms B Long-Term IDR; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based homebuilder Lodha
Developers Private Limited's (Lodha) Long-Term Issuer Default
Rating (IDR) at 'B', and maintained the Negative Outlook. The
agency has also affirmed Lodha's outstanding USD200 million
senior unsecured notes due in 2020 at 'B' and Recovery Rating of
'RR4'.
The outstanding US dollar notes are issued by Lodha's wholly
owned subsidiary Lodha Developers International Limited and
guaranteed by Lodha and certain subsidiaries. The notes are rated
at the same level as Lodha's IDR as they represent the company's
unconditional, unsecured and unsubordinated obligations.
The affirmation of Lodha's IDR reflects the company's healthy
presales and cash collections in the fiscal year to 31 March 2017
(FY17) in spite of weak domestic demand for real estate, and
Fitch estimates that the company is likely to continue to
maintain leverage (as measured by net adjusted debt/adjusted
inventory) below 80% over the next two years.
The Negative Outlook continues to reflect the near-term risks to
the company's credit profile, in particular refinancing risk
associated with sizeable maturities, including financing for its
London project, over the next 12 months. Although Lodha has
access to domestic funding sources, the company has not yet
communicated a detailed refinancing plan for its upcoming
maturities. This risk is coinciding with challenging operating
conditions and new regulations governing Indian homebuilders that
limit their ability to move cash across projects as freely as
before, all of which could complicate proactive refinancing
initiatives. A revision of the Outlook to Stable would be
contingent upon an improvement in Lodha's liquidity and a
lengthening of its debt maturity profile.
KEY RATING DRIVERS
Healthy Presales, Cash Collections: Lodha's presales improved to
INR69.2 billion in FY17, from INR64.3 billion in FY16, amid
weaker domestic demand for property, especially against the
backdrop of India's currency demonetisation on November 8 last
year. Surprisingly, demand for Lodha's projects were somewhat
less impacted in the December quarter compared with most of the
other large Indian homebuilders that Fitch tracks. Lodha's
presales bounced back strongly in February and March this year,
which Fitch attributes to the advanced stage of completion of
many of its large projects, as well as the view that the adverse
effects of demonetisation on large homebuilders appears to have
passed.
Strong sales in FY17 were also supported by the company's Palava
project, which benefits from the government's push on affordable
housing including the announcement of its infrastructure status,
and tax and interest-cost incentives to buyers.
Cash collections improved significantly to INR76.2 billion, from
INR60.7 billion over the same period, as more of Lodha's projects
are being completed. Fitch expects the company's presales to
remain broadly flat around INR70 billion in FY18 after factoring
in its project completion status, which should enable Lodha to
sell its inventory faster, and Fitch views that demand for Indian
property is likely to remain muted in the near term.
Regulatory Risks, UK Elections: Fitch believes that the
implementation of India's Real Estate Regulation Act of 2016
(RERA), which came into full effect on 1 May 2017, would restrict
property developers' ability to move cash freely out of
construction projects. Meanwhile, its London projects could face
weaker demand from any increased political uncertainties stemming
from the UK elections, as high-end property is more sensitive to
investor confidence than mass-market housing.
London Project Risks Evolving: Lodha needs to convert the short-
term project debt of around GBP225 million (INR20 billion) at its
prime residential Mayfair development in September 2017, and
secure construction financing to fund an estimated balance cost
of around GBP197 million. Its Mayfair development was formally
launched in May 2017 and to date GBP80 million has been sold.
Lodha expects to sell this project over a prolonged period in
order to potentially benefit from higher profit margins. Demand
for prime property in Mayfair has been less affected than other
prime areas in Central London since the Brexit vote last year,
and this may support Lodha's ability to secure construction
financing for this project.
Lodha was able to secure 30-month construction financing of
GBP290 million for its smaller residential project in London
earlier this year, with a bullet repayment of principal. Fitch
believes this would reduce the need for Lodha to continue to fund
its London projects using cash flows from its India business. The
company indicates that to date it has lent around INR17 billion
to its London projects in order to meet cost shortfalls. Lodha
launched sales of this project, which is the smaller of the two,
in April 2016, and has sold around GBP120 million to date.
DERIVATION SUMMARY
Lodha's 'B'/Negative rating compares well against peers
Indiabulls Real Estate Limited (IBREL, B+/Stable) and Xinyuan
Real Estate Co. Ltd. (B/Stable). Lodha has a stronger business
profile compared to IBREL with nearly twice the operating scale,
and a better track record of sales and execution over the last
three to four years. However Lodha's leverage is considerably
higher than IBREL, which drives its lower rating. Xinyuan is a
small regional developer in China that has weaker business risk
compared to Lodha. A key weakness for Xinyuan is its need to
constantly replenish its land bank amid rising land costs.
However Xinyuan's substantially lower leverage compared to Lodha
balances out these risks.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Presales of around INR70 billion and INR90 billion in FY18 and
FY19
- Cash collections of around INR75 billion-80 billion annually in
FY18-FY19
- Construction cost of around INR4.5 billion-5 billion in FY18
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Fitch may consider revising the Outlook to Stable if the
company is able to address its near-term domestic debt
maturities, and secure sustained financing for its London
project.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Limited progress towards addressing the significant contractual
maturities of domestic debt falling due in FY18
- Leverage (net adjusted debt/adjusted inventory) sustained above
80%, or annual cash collections/gross debt sustained below 0.5x
(FY17 Fitch estimate: 0.4x-0.5x)
- Inability to secure sustained financing for its London project
- Increasingly onerous terms from lenders on incremental
financing
raised
LIQUIDITY
Refinancing Risk: As of 31 March 2017, Lodha had more than INR16
billion of approved but undrawn credit facilities and estimated
readily available cash of around INR3 billion, compared to around
INR37 billion of contractual debt maturities in FY18. Lodha
indicates that it has already secured refinancing for around INR7
billion of these maturities, and indicates that it is currently
in discussions with lenders to refinance around half of the
balance INR30 billion. Lodha says that it has a further 3,000
acres of unencumbered land in its Palava project, which is valued
at around INR150 billion (over USD2 billion) based on land value,
as well as an estimated INR40 billion of completed inventory by
end-FY18, which the company can pledge to non-bank financial
institutions in order to secure contingent liquidity if required.
Fitch expects Lodha to continue to generate negative FCF in FY18,
for which Fitch believes the company will be able to secure
financing given its business risk profile as one of India's
leading homebuilders.
MAHENJU TEXTILES: CRISIL Reaffirms B+ Rating on INR4.2MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Mahenju Textiles Private Limited (MTPL) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4.2 CRISIL B+/Stable (Reaffirmed)
Term Loan 1.8 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect MTPL's small scale of operations
in the highly fragmented textile industry and working capital-
intensive operations. These weaknesses are mitigated by the
promoters' extensive experience and average financial risk
profile.
Key Rating Drivers & Detailed Description
Weaknesses
* MTPL's small scale of operations in the highly fragmented
textile industry
MTPL has small scale of operations, primarily due to intense
competition, as reflected in revenues of INR30 cr estimated in
2016-17. Operations are limited to Mumbai and nearby markets only
and revenues accrue from only domestic knitted garments segment.
Further, textile industry tends to be cyclical and any slowdown
in economy may exert pressure on company's topline and
profitability.
* Working capital-intensive operations
Gross current assets of 140-190 days over the four years ended
March 2016 reflect large working capital requirements mainly on
account of moderately high debtor and inventory levels. The
company provides a credit of 90 days and maintains inventory of
around 20 days and takes about 40 days to process yarn to final
fabric. Against this, it receives credit of only around 50 days
from its suppliers. CRISIL believes MTPL's operations will remain
working capital intensive over the medium term.
Strengths
* Extensive experience of promoters
Even before starting MTPL, Mr. Suresh Jain and Mr. Gajendra Singh
Rathore were engaged in the handloom textile business. Over the
years, promoters have established relationships with garment
manufacturers and distributors in Mumbai. CRISIL believes MTPL
will benefit from its promoters' extensive experience, their
understanding of the local market, and established relationships
with customers and suppliers over the medium term.
* Average financial risk profile
MTPL had comfortable capital structure as reflected in gearing of
1.3 times estimated as on March 31, 2017. Interest coverage and
net cash accruals to total debt (NCATD) ratios are estimated to
be around 2.1 times and 0.08 times for 2016-17 respectively. The
financial risk profile is however constrained by small networth
of INR4.9 cr estimated as on March 31, 2017 due to low accretion
to reserves on account of low profitability.
Outlook: Stable
CRISIL believes MTPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if scale of operations and profitability increase
significantly, or if sizeable equity infusion by promoters
improve liquidity and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if working capital cycle
stretches or if financial risk profile weakens due to escalation
in cost of proposed debt-funded capital expenditure.
MTPL, based out of Mumbai, incorporated in 1999, is promoted by
Mr. Suresh Jain and Mr. Gajendra Singh Rathore. The company knits
yarn used to manufacture fabric.
MTPL reported a profit after tax (PAT) of INR37 lakh on net sales
of INR30.5 cr for 2015-16, as against PAT of INR34 lakhs on net
sales of INR29.7 cr for 2014-15.
MIDAS PETROCHEM: CRISIL Lowers Rating on INR15MM Cash Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Midas Petrochem
Private Limited (MPPL) for obtaining information through letters
and emails dated November 21, 2016 and December 22, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB-/Stable')
'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 Midas Petrochem Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Midas Petrochem Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category.or Lower' Based on the last available
information, CRISIL has downgraded the rating to 'CRISIL
B/Stable".
MPPL, set up in 2012 in Mumbai, trades in poly vinyl chloride
(PVC) resins. Its promoters are Mr. Dipesh Janani and his father
Mr. Hasmukh Janani. The Janani family has been trading in PVC
resins since 2005 through two proprietorship concerns, Midas
Marketing Inc and Midas Petrochem Industries. Since 2013-14, the
promoters have been shifting their trading activities to MPPL and
currently all the trading activity is carried out under MPPL.
MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Muthu Silk House.(MSH). The ratings continue to
reflect the firm's small scale of operations in the intensely
competitive retail textile industry, and below-average financial
risk profile because of a modest net worth and a high total
outside liabilities to tangible net worth ratio and high working
capital requirements. These rating weaknesses are partially
offset by an established brand the extensive industry experience
of the promoters in the retail trading segment.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 0.5 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operation, geographic concentration and intense
competition in textile retail business
Though the firm has been in operations for more than five decades
in the same line of business, its revenues stood at INR23 crore
on a provisional basis for fiscal 2017. The firm has been able to
establish its brand in Puducherry; however, the firm has not
diversified into different states or regions and has been
operating in the same area for the past five decades.
* Below Average Financial Risk Profile
MSH's financial risk profile is below average marked by a
leveraged capital structure and modest debt protection metrics.
The gearing and interest coverage are estimated at around 3 times
and 1.35 percent for fiscal 2017. The financial risk profile is
expected to remain below average over the medium term due to high
reliance on debt to fund working capital requirements. The
operations are working capital intensive as reflected in the high
gross current assets days, which is estimated at around 206 days
as on March 31, 2017; primarily due to high inventory.
Strengths
* Reputed brand and promoters experience in the silk sarees
retail business in Puducherry:
MSH has an established presence in the retail textile business in
Puducherry for more than five decades. It is a well-known brand
among customers in and around Puducherry and has a showroom
located in the prime business area enabling higher footfalls.
Over the years, MSH has developed healthy relationships with
weavers and agents for procurement of different types of
garments, especially silk sarees.
Outlook: Stable
CRISIL believes that MSH will maintain its credit risk profile
over the medium term, on the back of its established presence in
the retail textile industry, and the promoter's experience in the
retail trading segment. The outlook may be revised to 'Positive'
if MSH registers a significant increase in its revenues and
profitability, thereby improving its financial risk profile; or
receives a significant capital infusion from the promoters,
thereby enhancing its capital structure. Conversely, the outlook
may be revised to 'Negative', if MSH reports a substantial
decline in its revenues and profitability, or an increase in its
working capital cycle, or undertakes significant debt-funded
capital expenditure programmes or if its partners draw
significant amount from the business, thus weakening its
financial risk profile.
MSH was set up as a partnership firm in Puducherry in 1960. The
firm trades in silk sarees, synthetic sarees, readymade garments,
and gents and kids wear. MSH operates a 9,000 square feet retail
outlet in Nehru Street, Puducherry. The firm's operations is
currently managed by Mr. P. Namassivayam
MSH reported a profit after tax (PAT) of INR0.3 crore on an
operating income of INR21.8 crore for fiscal 2016 against PAT of
INR0.4 crore on operating income of INR20.4 crore for fiscal
2015.
OM ESHA: CRISIL Reaffirms 'B' Rating on INR14.5MM LT Loan
---------------------------------------------------------
CRISIL has reaffirmed its rating at 'CRISIL B/Stable' on the long
term bank facilities of Om Esha Agro Products Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B/Stable (Reaffirmed)
Long Term Loan 14.5 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility .5 CRISIL B/Stable (Reaffirmed)
The rating reflects OEAPPL's modest scale on account of initial
stage of operations and working-capital-intensive operations.
These rating weaknesses are partially offset by OEAPPL's
promoter's extensive experience in the rice-milling industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations on account of initial stage of
operations
The company has started operations in January 2017 and has modest
scale of operation, as reflected by the revenue of INR 6.7 crore
estimated for fiscal 2017. Modest scale of operations restricts
the ability to negotiate with customers or suppliers since rice
milling business is highly fragmented with several small players
operating within the country.
* Large working capital requirements
The operations of the company is expected to be working capital
intensive on account of moderate debtors and high inventory days.
Strengths
* Promoter's extensive entrepreneurial experience
The company is promoted by Mr. Krishna Prasad, Mr. Nishant
Krishna and Mr. Nitin Krishna and, who have a long-standing
industry experience through their group concern, engaged in
manufacturing of paint. The company benefits from the promoters'
entrepreneurial experience. Established relationship with major
suppliers and customers further strengthen the market position.
Outlook: Stable
CRISIL believes that OEAPPL will maintain its moderate business
risk profile, backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company is able to significantly ramps up its operations and
profitability, leading to sizable cash accruals. Conversely, the
outlook may be revised to 'Negative' if its financial risk
profile, especially liquidity, weakens because of delay in
ramping up of operations, or if its working capital cycle
lengthens.
Incorporated in 2015, OEAPPL is engaged in processing of rice or
paddy into rice. The company has its manufacturing facility based
in Dhanarua, Bihar with installed capacity of processing non-
basmati rice of 200-250 tonne per day (TPD). The company started
commercial operation in January 2017.
PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR22.23MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Paramount Forge (PF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9.5 CRISIL B+/Stable (Reaffirmed)
Foreign Usance Bills
Purchase-Discounting 1.5 CRISIL B+/Stable (Reaffirmed)
Letter Of Guarantee 6.62 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 22.23 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect weak liquidity driven by large
working capital requirement and limited bargaining power with
customers. These rating weaknesses are partially offset by a
moderate financial risk profile because of adequate gearing and
moderate debt protection metrics, and extensive experience of
promoters in the steel industry.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirements
The firm has large working capital requirements as reflected in
its gross current assets estimated at around 173 days as on
March 31, 2017. The high GCA days are on account of its large
inventory holding and moderate receivable collection cycle.
CRISIL expects PF's operations to remain working capital
intensive over the medium term and any further elongation in the
same will a rating sensitivity factor.
* Limited bargaining power with customers
PF deals with large corporate customers in the oil and gas sector
such as Reliance Industries Limited ('CRISIL AAA/Stable/ CRISIL
A1+'), Larsen and Toubro Limited ('CRISIL AAA/FAAA/Stable/CRISIL
A1+') and others. It is largely dependent on the oil and gas
sector, from which it derives around 80 per cent of its revenues.
The firm has limited bargaining power with these large customers
in terms of pricing. CRISIL believes that PF will continue to
have low bargaining power with its customers and suppliers, and
hence its margins will remain constrained over the medium term.
Strengths
* Moderate financial risk profile marked by moderate gearing and
debt protection metrics
The financial risk profile is moderate marked by adequate gearing
of 0.91 time as on March 31, 2017 and moderate net worth of INR
14 cr. The firm has moderate debt protection metrics with ratios
of interest cover and NCATD at 2.54 times and 0.29 time
respectively for 2016-17. CRISIL believes that PF's financial
risk profile is expected to remain moderate over the medium term,
supported by its moderate capital structure and debt protection
metrics.
* Promoters' extensive industry experience
PF's promoters have experience of more than four decades in the
industry through Paramount, and through other companies before
setting up Paramount. The extensive experience has enabled the
promoters to establish strong relationships with suppliers and
customers. The firm operates in a niche segment of the industrial
(non-automotive) forging segment, manufacturing flanges catering
primarily to the oil and gas sector. CRISIL believes that PF will
maintain its market position in the flanges segment of the
industrial forging industry as well as expand its product mix,
over the medium term.
Outlook: Stable
CRISIL believes PF will continue to benefit over the medium term
from the extensive industry experience of its promoters and their
established relationship with customers. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations or profitability, or a better working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of weakening of the financial risk profile, particularly
liquidity, most likely because of a decline in revenue or
profitability, a stretched working capital cycle, or larger-than-
expected, debt-funded capital expenditure (capex).
PF was established in 1996 as a partnership firm by the members
of Hararwala and Bhagat family. The firm is engaged in
manufacturing and exports of carbon steel, stainless steel, and
alloy steel forged flanges used in pipe fittings catering to the
oil and gas and petrochemicals industry.
For fiscal 2016, PF's profit after tax (PAT) was INR1.04 crore on
net sales of INR63.82 crore, against a PAT of INR1.44 crore on
net sales of INR85.28 crore for fiscal 2015.
RAJENDRAKUMAR & CO: Ind-Ra Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajendrakumar &
Co's (RKC) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR25 mil. cash credit limits migrated to non-cooperating
category;
-- INR95 mil. Non-fund-based working capital limits migrated to
non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 6, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 1990, RKC is a partnership firm engaged in the
trading of hot rolled coils, GP coils and sheets and other steels
products.
SAI MAHAAVIR: CRISIL Assigns 'B' Rating to INR20MM Term Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable' to the long
term bank facility of Sai Mahaavir Developers (SMD).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 20 CRISIL B/Stable
The rating reflects susceptibility of SMD's exposure to
moderately high demand risk accentuated by cyclicality in the
real estate industry. These rating weaknesses are partially
offset by the partners' extensive experience in real estate
business.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to moderately high demand risk: The ongoing project is
exposed to moderately high demand risk due to modest sale
velocity.
* Exposure to risks and cyclicality inherent in Indian real
estate industry: SMD remains exposed to the inherent risks and
cyclicality associated with the Indian real estate industry
because of a highly fragmented market structure due to the
presence of a large number of regional players.
Strengths
* Extensive experience of partners: SMD benefits from the
extensive experience of its partners of over 25 years in real
estate industry. The partners have successfully completed
residential and commercial projects in Navi Mumbai.
Outlook: Stable
CRISIL believes SMD will sustain its business risk profile over
the medium term backed by the extensive industry experience of
its partners. The outlook may be revised to 'Positive' in case of
more-than-expected sales realization from ongoing projects,
leading to substantially large cash inflows. Conversely, the
outlook may be revised to 'Negative' if there are any delays in
the execution of the project or in the receipt of advances from
customers, or if SMD undertakes a large, debt-funded project,
impacting its financial risk profile.
Formed in 1988 as a partnership firm, SMD undertake real estate
projects in Navi Mumbai. The firm is a part of Mumbai based
Mahaavir group which is managed by Chhajer family. The group has
successfully completed residential and commercial projects in
Navi Mumbai.
For fiscal 2016, profit after tax was INR0.81 crore on net sales
of INR 4.45 crore as against INR1.27 crore and INR9.23 crore in
fiscal 2015.
SHIV BUILD: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Build India
Pvt Ltd's (SBIPL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's
website. Instrument-wise rating actions are:
-- INR50 mil. fund-based working capital limits migrated to
non-cooperating category; and
-- INR150 mil. Non-fund-based working capital limits migrated
to non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SBIPL is a civil contractor engaged in the construction of road
projects since 1992. The company was converted into a private
limited entity from a partnership firm in 2009. SBIPL is
registered as AA (on a scale of AA-E) contractor from the Road &
Building Department, Government of Gujarat. The company is
managed by Siddharthsinh Nirmalsinh Gohil.
SHREE KRISHNA: CRISIL Assigns B+ Rating to INR5MM Loan
------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Shree Krishna Bhagavan Prasad (SKBP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Mortgage Loan Facility 5 CRISIL B+/Stable
The rating continues to reflect the small scale of operations in
a fragmented and competitive industry and exposure to risks
arising from high customer concentration. These weaknesses are
partially offset by the extensive experience of its proprietor in
the fit-out industry and above-average financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* High customer concentration risks:
Revenue concentration is high as the firm deals with only one
customer'Pramuk Infracom LLP (Bengaluru). Revenue is estimated at
INR30 lakh for fiscal 2017 since there was no orders from its
counterparty.
* Small scale of operations:
SKBP operates in a highly volatile fit-out industry and has
remained a small player, with net sales of INR6 crore registered
for fiscal 2016. Outstanding orders worth INR25 crore as on March
31, 2017, to be executed over the next 24 months, provide revenue
visibility over the medium term.
Strengths
* Average financial risk profile: Financial risk profile is
average as reflected in networth of INR7 crore and comfortable
gearing of 0.33 time estimated as on March 31, 2017. Debt
protection metrics are healthy as reflected in interest coverage
of 1.4 times and net cash accrual to total debt ratio at 0.02
time, respectively.
* Extensive experience of proprietor:
The proprietor's three-decade long experience in the industry has
enabled the firm to diversify its product portfolio'finishing
fit-outs including flooring, cladding, HVAC, plumbing, furniture,
electrical and network fittings, wooden work, painting,
polishing, and lamination. SKBP has established strong
relationships with labour contractors through tie-ups for order
execution, resulting in timely and satisfactory supply of labour.
Outlook: Stable
CRISIL believes SKBP will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if increase in topline leads to substantial net
cash accrual and working capital management is efficient. The
outlook may be revised to 'Negative' if decline in revenue and
profitability, or large debt-funded capex, or stretch in working
capital cycle weakens financial risk profile.
Nirmitee Constructions was set up in 1996, by Karnataka-based Mr
Shree Krishna Bhagvan Prasad as a proprietorship company. The
company provides finishing services to real estate builders for
commercial as well as residential premises. Mr Prasad manages the
operations.
For fiscal 2017, profit after tax was INR0.02 crore on an
operating income of INR0.30 crore as against INR0.82 crore and
INR5.95 crore the previous year.
SHREE TRIBHUVAN: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Tribhuvan
Ispat Private Limited's Long-Term Issuer Rating to 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:
-- INR100 mil. Fund-based working capital limit migrated to
non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Shree Tribhuvan Ispat manufactures mild steel ingots at its
25000mtpa steel mill in Bazpur, Uttarakhand. The company is
promoted by Mr.Anand Agarwal and Mr. Vibhor Mittal.
SRI LAKSHMIKANTHA: CRISIL Cuts Rating on INR65.15MM LT Loan to D
----------------------------------------------------------------
CRISIL has been consistently following up with Sri Lakshmikantha
Spinners Limited (SLSL) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 47.85 CRISIL D (Issuer Not
Cooperating; Downgraded from
'CRISIL B-/Stable')
Long Term Loan 65.15 CRISIL D (Issuer Not
Cooperating; Downgraded from
'CRISIL B-/Stable')
'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 Sri Lakshmikantha Spinners
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sri Lakshmikantha Spinners
Limitedis consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with Crisil B Rating
category.or Lower' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D'.
Established in 2004 and based in Hyderabad (Telangana), SLSL
manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy
Reddy and his family, the day-to-day operations are managed by
Mr. Reddy's son, Mr. Chinnarappagari Rameswara Reddy.
STANZEN ENGINEERING: Ind-Ra Assigns 'D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Stanzen
Engineering Private Limited (SEPL) a Long-Term Issuer Rating of
'IND D'. The instrument-wise rating actions are:
-- INR15.5 mil. Term loans (Long term) assigned with 'IND D'
rating; and
-- INR50.0 mil. Fund-based facilities (Long term) assigned with
'IND D' rating
KEY RATING DRIVERS
The ratings reflect SEPL's delays in servicing its term loans
over the six months ended April 2017, due to stretched liquidity.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least last three
consecutive months could result in a positive rating action.
COMPANY PROFILE
Established in 2010, SEPL manufactures auto components. The
company also undertakes job work of stamping wherein it embosses
logos on auto components.
SWASTIK CERACON: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swastik Ceracon
Limited's (SCL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR121 mil. Term loans migrated to non-cooperating category;
-- INR500 mil. Fund-based working capital limits migrated to
non-cooperating category; and
-- INR141.5 mil. Non-fund-based working capital limits migrated
to non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 21, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Ahmedabad-based SCL manufactures vitrified floor tiles, ceramic
floor tiles and ceramic wall tiles under the brand name Swastik.
TRANS TECH: CRISIL Reaffirms 'D' Rating on INR195MM Bank Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Trans Tech Turnkey
Private Limited (TTTPL) for obtaining information through letters
and emails dated March 06, 2017, and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of credit 195 CRISIL D (Issuer Not
& Bank Guarantee Cooperating; Rating
Reaffirmed)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Proposed Short Term 10 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
'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 Trans Tech Turnkey Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Trans Tech Turnkey Private
Limited is consistent with 'Scenario1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or Lower'.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/ CRISIL
D.
Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply,
and installation services, mainly to pharmaceutical and chemical
companies.
VAIBHAV COTTON: CRISIL Reaffirms B+ Rating on INR14MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Vaibhav Cotton Corporation (VCC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 14 CRISIL B+/Stable (Reaffirmed)
The rating reflects a modest scale of operations and
susceptibility to volatility in cotton prices and to changes in
government regulations The rating also factors in a below-average
financial risk profile because of a modest networth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the partners in the cotton ginning industry and an established
relationship with suppliers and customers.
Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to volatility in cotton prices and to changes in
government regulations
With estimated revenue of INR126.8 crore for fiscal 2017, the
scale of operations remains moderate and is susceptible to
volatility in cotton prices and changes in government
regulations.
* Below-average financial risk profile: The networth is estimated
at a modest INR5.2 crore and the gearing at a high 3.2 times as
on March 31, 2017. Debt protection metrics are estimated to be
weak, with interest coverage and net cash accrual to total debt
ratios at around 1.4 times and 3%, respectively, for fiscal 2017.
Strength
* Extensive industry experience of the partners and an
established customer relationship: The partners have been
operating in the cotton industry for over three decades; this has
enabled them to establish a strong relationship with customers
and suppliers.
Outlook: Stable
CRISIL believes VCC will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if there is a significant increase in the scale of
operations, along with improvement in profitability margins and
the capital structure. The outlook may be revised to 'Negative'
in case of a significant decline in revenue or profitability, or
deterioration in the capital structure on account of high working
capital requirement or large, debt-funded capital expenditure.
VCC was established in 1997 as a partnership firm by Mr Shiva
Mukka Kumar, Mr Mukka Narayana, and Mr Mukka Rajalaxmaiah. The
firm gins cotton, and processes cotton seed to produce cotton oil
and cakes. It is based in Karimnagar, Telangana.
For fiscal 2016 profit after tax (PAT) was INR0.32 crore on net
sales of INR143.3 crore, against PAT of INR0.25 crore on net
sales of INR88.2 crore for fiscal 2015.
VAISHNAOI INFRATECH: CRISIL Assigns B+ Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vaishnaoi Infratech And Developers Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The rating reflects VIDPL's modest scale of operations in a
highly competitive segment and geographical concentration in
revenue profile. These rating weaknesses are partially offset by
the promoters' extensive experience in the real estate segment
and prudent funding policy for its ongoing project.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations
VIDPL is a small player in a highly unorganised segment dominated
by large developers and relatively smaller sized developers.
Being a small player with limited track record restricts VIDPL's
pricing power in the market.
* Geographical concentration in revenue profile
VIDPL is also exposed to geographical concentration risk with its
operations limited to Telangana, particularly the Hyderabad
region. The geographical concentration of its operations exposes
the company to factors governing regional demand and regulations.
Strengths
* Promoters' extensive experience in the construction sector
VIDPL is promoted by Mr Y Prasad who has close to 20 years'
experience in the construction and real estate segment while he
also has diverse entrepreneurial experience of 30 years.
* Prudent funding policy for the ongoing project
The management intends to fund the ongoing project primarily
through customer advances and promoters' funds. Any significant
debt contraction for the project would remain a key rating
sensitivity factor.
Outlook: Stable
CRISIL believes that VIDPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if VIDPL generates more-
than-expected cash flows, aided by earlier-than-expected
completion of its ongoing project and increase in the number of
projects while maintaining its prudent funding policy.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the project, or lower than- expected
bookings resulting in deterioration of financial risk profile.
VIDPL was incorporated in 2006. It is promoted by Mr. Y Ravi
Prasad. The firm currently develops a residential project in
Kompally, Hyderabad. The company also undertakes civil
construction projects.
Net profit was INR5.4 lakh on revenues of INR2.35 crore for
fiscal 2016 against net profit of INR0.32 lakh for revenues of
INR63 lakh in fiscal 2015.
VAISHNAOI RESORTS: CRISIL Assigns B+ Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vaishnaoi Resorts And Motels (India)
Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The rating reflects group's below-average financial risk profile
because of small net worth and below average debt protection
metrics and risks associated with its ongoing project of setting
up a 4 star resort in Coorg, Karnataka. These strengths are
partially offset by the Vaishnaoi group's established presence in
the region supported by the extensive industry experience of
promoter. The rating also factors in the moderate occupancy rates
and stable tariff ensuring steady revenues from its existing
hotel.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vaishnaoi Resorts and Vaishnaoi Hotels
India Pvt. Ltd. (Vaishnaoi Hotels). This is because these
companies, together referred to as the Vaishnaoi group, are in
the same business and have common promoters.
Key Rating Drivers & Detailed Description
Weakness
* Below average financial risk profile
Net worth is estimated at INR10.2 crore., as on March 31 2017.
Estimated net cash accruals to total debt and interest coverage
ration stand at 14% and 1.9 times respectively for the Fiscal
2017.
* Risks associated with ongoing project of setting up a resort in
Coorg
The group is currently setting up a resort therefore the company
is exposed to the risk associated with delay in completion of the
project and hence cost overrun and stability of the operations
afterwards.
Strengths
* Established presence in the region supported by extensive
industry experience of the promoter
The promoter, Mr. Y Ravi Prasad has extensive experience in
diverse fields including hospitality, manufacturing, construction
and automobile dealership. Over the years he established strong
relationships with customers and suppliers aiding steady revenues
and profitability in its existing hotel.
* Moderate occupancy rate and stable tariff: The existing hotel
operates at an average occupancy rate (OR) of 80% supported by
its strategic location attracting business travelers and the
group's tie-ups with different corporates and online hotel
aggregators.
Outlook: Stable
CRISIL believes that the Vaishnaoi group will continue to benefit
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the group's ongoing project
stabilizes sooner than expected resulting in large revenues and
cash accruals coupled with an increase in financial risk profile.
The outlook may be revised to 'Negative' if the revenue is
significantly lower than expected on account of a decline in OR
or average room rent (ARR) adversely impacting cash accrual, or
if the group faces significant cost and time overrun in its
ongoing project adversely impacting its credit risk profile. The
outlook may also be revised to negative in case of delays in
timely fund support from promoter to meet shortfalls.
Vaishnaoi Resorts, incorporated in 2007 is currently setting up a
4-star resort in Coorg, Karnataka and is expected to commence
full operations in September 2019.
Vaishanoi Hotels was set up by Mr. Y Ravi Prasad and Mr. A
Krishna Reddy, in December 2006. It owns and operates a 3-star
hotel at Kachiguda in Hyderabad.
VALLABHANENI CONSTRUCTIONS: Ind-Ra Puts BB Non-cooperating Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vallabhaneni
Constructions Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital limits migrated to
non-cooperating category;
-- INR260 mil. non-fund-based working capital limits migrated
to non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 3, 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 was incorporated in December 2008 and took over the
founder's proprietorship concern, Vallabhaneni Venkateswara Rao
in June 2009. It undertakes civil and infrastructure
construction, primarily in the roads and bridges segments. The
company is registered as a 'Special' class contractor with the
Andhra Pradesh Roads & Buildings Department.
VINKO AUTO: CRISIL Lowers Rating on INR2.90MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Vinko Auto
Industries Limited (VAIL) for obtaining information through
letters and emails dated November 30, 2016, and January 17, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.40 CRISIL A4 (Issuer Not
Cooperating; Downgraded from
'CRISIL A4+')
Cash Credit 2.90 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB/Stable')
Letter of Credit 5.50 CRISIL A4 (Issuer Not
Cooperating; Downgraded from
'CRISIL A4+')
Packing Credit 5.00 CRISIL A4 (Issuer Not
Cooperating; Downgraded from
'CRISIL A4+')
Proposed Long Term 1.99 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Downgraded from
'CRISIL BB/Stable')
Term Loan 1.11 CRISIL B/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB/Stable')
'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 Vinko Auto Industries Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Vinko Auto Industries Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable/CRISIL A4'.
VAIL was originally established in 1965 as a partnership firm,
Vinko Auto Industries, by Mr. M L Gupta and his brother Mr. M R
Gupta. The firm was reconstituted as a private limited company in
1977 and then as a public limited company with the current name
in 1992. VAIL has a facility at Jalandhar (Punjab) with capacity
of 2000 tonnes per annum for manufacturing V-belts, fan belts,
cogged belts, and hoses that are used in the automotive,
industrial, and agricultural machinery segments.
VNR HOMES: CRISIL Reaffirms B- Rating on INR8MM LT Loan
-------------------------------------------------------
CRISIL has been consistently following up with VNR Homes Private
Limited (VHPL) for obtaining information through letters and
emails dated February 7, 2017 and March 6, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 0.84 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 8.00 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Proposed Working 6.16 CRISIL B-/Stable (Issuer Not
Capital Facility Cooperating; Rating
Reaffirmed)
'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 VNR Homes Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for VNR Homes Private Limited is consistent
with 'Scenario1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
Lower'.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B-/Stable.
VHPL is a Chennai-based real estate development company. Managing
director Mr. V N Raghupathy oversees its operations.
VRUNDAVAN CERAMIC: CRISIL Reaffirms 'D' Rating on INR9.75MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Vrundavan Ceramic
Private Limited (VCPL) for obtaining information through letters
and emails dated January 31, 2017, and February 24, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.25 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 9.75 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Funded Interest 3.30 CRISIL D (Issuer Not
Term Loan Cooperating; Rating
Reaffirmed)
Proposed Long Term .70 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Working Capital 9.00 CRISIL D (Issuer Not
Term Loan Cooperating; Rating
Reaffirmed)
'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 Vrundavan Ceramic Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Vrundavan Ceramic Private
Limited is consistent with 'Scenario1' outlined in the 'Framework
for Assessing Consistency of Information with Crisil B Rating
category or Lower'.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/ CRISIL D.
VCPL, incorporated in Morbi (Gujarat) as a limited company in
2000, was promoted by Mr. O T Patel. It was reconstituted as a
private limited company in 2003. VCPL manufactures floor and wall
tiles that are sold under the Vrundavan and Spaniso brands.
Gangotri is a partnership firm engaged in the same line of
business.
=================
I N D O N E S I A
=================
ENERGI MEGA: Moody's Withdraws B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Energi Mega Persada Tbk (P.T.) (EMP) due to
insufficient information.
RATINGS RATIONALE
Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating. Please refer to the Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its website, www.moodys.com.
EMP is an independent oil & gas exploration and production
company in Indonesia. As of September 30, 2016, EMP had estimated
proved reserves of 87 million barrels of oil equivalent.
PAKUWON JATI: Fitch Revises Outlook to Positive; Affirms BB- IDR
----------------------------------------------------------------
Fitch Ratings has revised PT Pakuwon Jati Tbk's (Pakuwon) Outlook
to Positive from Stable. The Long-Term Foreign-Currency Issuer
Default Rating (IDR), the foreign-currency senior unsecured
rating and the rating on the USD250 million senior unsecured
notes due in 2024 have been affirmed at 'BB-'. The notes are
issued by Pakuwon Prima Pte Ltd and guaranteed by Pakuwon and
some of its subsidiaries.
The Outlook revision reflects Fitch's expectations that the scale
and asset granularity of Indonesia-based Pakuwon's investment
property (IP) portfolio will improve to levels commensurate with
a higher rating over the next one to two years as the company
continues to ramp up its portfolio. Fitch expects Pakuwon to
continue to manage its development property business
conservatively, and also views its development property risk as
manageable, so long as the company maintains positive cash flow
from operations (CFO).
KEY RATING DRIVERS
Solid Investment Property Portfolio: Pakuwon's ratings reflect
its strong IP portfolio, which is driven mainly by its mall
operations and generated around 75% of its total recurring
revenue in 2016. Pakuwon's malls have around 94% occupancy rates,
weighted by net leasable area, and have lease expiry profiles of
around five years on average. Fitch expects Pakuwon's recurring
EBITDA/net interest coverage ratio to remain above 2.5x, and
recurring EBITDA to comfortably cover loan amortisation and
dividend payment in 2017-2019.
Pakuwon operates mainly superblocks that consist of a retail
mall, office towers, a hotel and often high-quality residential
developments. This significantly increases the value and appeal
of each individual property within the superblock. However, given
the interlinked-nature of the assets, Fitch measures Pakuwon's
asset concentration on a superblock basis, rather than on an
individual-asset basis. Nevertheless, the company's solid track
record in developing high quality IPs, reflected in its sustained
strong occupancy and robust recurring EBITDA growth, has led
Fitch to relax the asset-concentration threshold required for a
higher rating to 70% from 60%. Furthermore, Fitch also adjusts
the measure for Pakuwon's interest coverage by using net
interest, as Fitch expects the company to maintain a healthy cash
balance and therefore generate healthy interest income to partly
offset its interest costs.
Improving Property Demand: Fitch expects Pakuwon to book property
presales of around IDR2.5 trillion in 2017, supported by
improving macro-economic fundamentals and more positive sentiment
domestically on the back of a reasonably successful tax amnesty
program. Nevertheless, there may be short-term risks to demand,
especially on higher-end properties, as the recent introduction
of the financial transparency regulation, which gives the tax and
financial authorities access to the banking information of
Indonesian citizens, may lead consumers to defer spending on big-
ticket items. Pakuwon's 1Q17 presales rose 10% yoy to IDR654
billion, about 28% of Fitch's 2017 forecast.
Conservatively Managed Development Risk: Fitch views that
Pakuwon's smaller development property scale relative to its
peers is compensated by its ability to generate positive CFO on a
sustained basis. Fitch believes this is because the company
mostly funds its development property business through customer
advances, and its strategy is to use recurring EBITDA to cover
interest payments, loan amortisation and dividends. Pakuwon's
focus on developing brownfield projects, whereby its current
development pipeline is mostly situated in and around its
existing projects, also helps the company to de-risk its
development cash flows and reduce working capital needs.
Conservative Financial Policy and Leverage: Pakuwon has
maintained a conservative financial profile and has a track
record of low leverage over the last four to five years. In 2013-
2016, Pakuwon has managed to keep its leverage (adjusted net
debt/adjusted inventory ratio) below the negative trigger of 35%
and maintained its net debt/EBITDA ratio at around 1x. Fitch
forecasts Pakuwon's leverage to remain around 24% in 2017 (2016:
26%) and to decline to 11% by 2019 in line with Fitch
expectations that property demand is likely to improve.
Manageable US Dollar Exposure: Pakuwon uses call-spread options
to hedge the foreign currency risk on its US dollar notes,
covering Indonesian rupiah depreciation between 13,500-16,500 per
US dollar across the full notional principal of its bonds. Even
without the benefits of the hedge, Fitch estimates that if the
rupiah depreciates further to 15,000 per dollar, Pakuwon's
recurring EBITDA net interest cover will still remain above 2x.
DERIVATION SUMMARY
Pakuwon's rating compares strongly against other 'BB-' property
developers, such as PT Bumi Serpong Damai Tbk (BSD; BB-/Stable),
PT Agung Podomoro Land Tbk (APLN; BB-/Stable) and Lai Fung
Holdings Limited (LF; BB-/Stable). Relative to BSD, Fitch
believes that Pakuwon's smaller development property portfolio
and higher IP asset concentration is counterbalanced by its
strong CFO generation, larger investment property scale, higher
recurring EBITDA net interest cover, and the stronger quality of
its IP assets. Fitch expects Pakuwon's IP concentration to drop
materially by 2019 and its leverage to remain lower than BSD's.
Pakuwon and APLN have similar development property scales.
Although Pakuwon's development properties are more geographically
concentrated than APLN's, the risks are mitigated by Pakuwon's
strong CFO generation. Pakuwon also has a larger investment
property scale, stronger recurring EBITDA net interest cover, and
better asset quality than APLN. Compared to LF, Pakuwon's
recurring EBITDA and property development scale are considerably
larger, with recurring EBITDA net interest cover ratio well above
LF's. Pakuwon's larger and growing recurring EBITDA scale,
improving asset granularity, strong CFO generation, and low
leverage justifies the Positive Outlook on its rating, even after
accounting for the higher country-risk inherent in Indonesia
compared to China.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Presales of around IDR2.5 trillion in 2017 and around IDR3
trillion in 2018.
- Recurring EBITDA margin of above 50% in 2017 and 2018.
- Construction capex of around IDR1.7 trillion-1.8 trillion in
2017 and 2018
- Land acquisition capex of IDR250 billion in 2017 and IDR200
billion in 2018
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to an Upgrade
- Sustained generation of positive CFO
- Growth in Pakuwon's investment property portfolio such that its
recurring EBITDA improves to above USD120 million (2017F:
USD107 million)
- Recurring EBITDA/net interest expense sustained above 3x
(2017F: 2.5x)
- Improving asset granularity, as indicated by its three largest
superblock assets generating less than 70% of recurring revenue
(2017F: 77%)
The Outlook may be revised back to Stable if the company fails to
meet the positive rating triggers.
LIQUIDITY
As of December 2016, Pakuwon had cash balances of IDR2.4 trillion
and committed unused facilities of around IDR1.5 trillion, which
are adequate to cover short-term debt maturities of IDR770
billion, construction capex of IDR1.7 trillion and discretionary
land acquisition capex of IDR250 billion in 2017. In early 2017,
Pakuwon also issued a USD250 million bond, which was used to
refinance its USD200 million bond. This issuance has extended the
maturity profile of the company's debt, and allows for more
flexibility in managing cash flows.
=========
J A P A N
=========
TOSHIBA CORP: Western Digital Eyeing New Plan for Chip Unit
-----------------------------------------------------------
The Japan Times reports that Western Digital Corp. is considering
proposing a plan to acquire Toshiba Corp.'s flash memory unit for
more than JPY2 trillion, informed sources have said.
According to the report, Western Digital has offered to buy
Toshiba Memory for JPY1.6 trillion, far lower than the roughly
JPY2 trillion the struggling parent aims to raise through its
sale.
But the U.S. firm, Toshiba's memory business partner, has been at
odds with the struggling Japanese electronics giant over the chip
unit's sale. The sources, however, said that Western Digital is
now examining an option of providing Toshiba with funds through
purchases of corporate bonds and joining the Japan-U.S. team of
bidders to raise the acquisition price.
Such a plan would likely ease concerns by Toshiba of prolonged
screenings by anti-monopoly authorities, the sources, as cited by
the Japan times, added.
The report notes that Toshiba is hurrying to sell a majority
stake in the unit to raise at least JPY2 trillion to eliminate
its negative net worth by next March in a bid to avoid a
delisting from the Tokyo Stock Exchange.
The Japan Times says the firm is weighing the proposal with
another bid of over JPY2 trillion by U.S. chip-maker Broadcom
Ltd., whose business has little overlap with Toshiba's chip unit
and is seen as being clear of anti-monopoly issues.
Toshiba's plan to sell the stake in the unit was cast into doubt
when Western Digital voiced its opposition to any sale to a third
party, according to the Japan Times.
The standoff escalated when the U.S. data storage company filed
to block the sale with the International Court of Arbitration,
the report states.
The report says the latest offer is seen as a concession by
Western Digital to let the U.S. firm participate in the deal
while allowing Toshiba to sell the unit in time to avoid
delisting.
Taiwan's Hon Hai Precision Industry Co. and South Korea's SK
Hynix Inc. have also tendered bids for the chip unit, but are
apparently not under serious consideration due to concerns within
the Japanese government of a technology drain, the Japan Times
adds.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on Toshiba Corp. two notches to
'CCC-' from 'CCC+' and lowered the senior unsecured debt rating
three notches to 'CCC-' from 'B-'. Both ratings remain on
CreditWatch with negative implications. Also, S&P is keeping its
'C' short-term corporate credit and commercial paper program
ratings on the company on CreditWatch negative. The long- and
short-term ratings on Toshiba have remained on CreditWatch with
negative implications since December 2016, when S&P also lowered
the long-term ratings because of the likelihood that the company
might recognize massive losses in its U.S. nuclear power
business; S&P kept them on CreditWatch negative when it lowered
the long- and short-term ratings in January 2017.
====================
N E W Z E A L A N D
====================
FIRST CREDIT: Fitch Publishes BB Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has published New Zealand-based First Credit
Union's Long-Term Issuer Default Rating (IDR) of 'BB' with a
Stable Outlook and Viability Rating of 'bb'.
KEY RATING DRIVERS
IDRS AND VIABILITY RATING
First Credit Union's IDRs and Viability Rating reflect a higher
risk appetite relative to most other deposit taking institutions
in New Zealand; this is likely to increase asset quality
volatility through a cycle. The credit union's risk appetite
partly reflects its customer base, which represents a part of the
economy that is less adequately serviced by the country's banks.
The credit union's rating also reflect its modest profitability
stemming from a high operating cost base that limits its capacity
to absorb higher losses from weaker asset quality. Conversely,
First Credit Union reports strong capital ratios relative to
peers and high liquid asset holdings.
First Credit Union's higher risk appetite is manifested via
geographic concentration and its loan portfolio split; about half
of all loans at end-June 2016 (FYE16) were consumer loans, with
the remainder being residential mortgages. Residential mortgages
with a loan/value ratio above 80% made up about a third of all
mortgages, a high proportion compared with New Zealand's banks
and building societies. This loan split contributed to weaker
asset quality relative to several peers; impaired loans were 2.8%
of gross loans at FYE16.
First Credit Union has low profitability relative to the nature
of its business, limiting its ability to absorb higher loan
losses and generate capital. This is partially due to its
mutuality - where owners are also customers - with benefits
returned to members through loan and deposit pricing. Limited
economies of scale and a focus on customer service also weakened
its operational efficiency relative to larger peers.
Planned changes to First Credit Union's IT provider and the
manufacturer of some products pose operational risks. Poor
implementation that impairs customer service may negatively
affect its franchise. However, successful implementation,
including the establishment of a wholly owned insurance
subsidiary, could support improved product offerings and
profitability in the longer term.
Fitch expects First Credit Union to maintain its capital and
liquidity positions, which can offset some of these risks. Its
capital ratios, both risk- and unrisk-weighted, have consistently
been toward the top-end of those reported by domestic peers,
although the absolute capital base is small. Cash and bank
deposits made up over 40% of total assets at FYE16, with nearly
70% at call or maturing within three months.
SUPPORT RATING AND SUPPORT RATING FLOOR
First Credit Union's Support Rating and Support Rating Floor
reflect Fitch's view that support from authorities cannot be
relied upon in the event of need. The existence of a bank
resolution scheme, which allows the imposition of losses on
depositors and senior debt holders to recapitalise a failed
institution, indicates a low propensity for the sovereign to
support financial institutions, despite the scheme not applying
to First Credit Union.
RATING SENSITIVITIES
IDRS AND VIABILITY RATING
First Credit Union's IDRs and Viability Rating are sensitive to a
change in the credit union's risk appetite and earnings. Ratings
may be upgraded if there is a sustained improvement in risk
appetite, possibly through lower-risk underwriting or a stronger
risk control framework, while maintaining strong capital ratios
and high liquidity. Positive rating action may also occur if
earnings become more commensurate with the level of risk assumed
by First Credit Union.
Alternatively, ratings are likely to face downward pressure if
there is a weakening in First Credit Union's risk appetite,
possibly due to a deterioration in underwriting standards that
increases the risk of significant deterioration or greater
volatility in key financial metrics.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor are sensitive to
changes in assumptions around the propensity or ability of the
New Zealand authorities to provide timely support to First Credit
Union. The existence of a bank resolution framework means Fitch
is unlikely to upgrade these ratings.
The rating actions are:
First Credit Union
Long-Term IDR published at 'BB'; Outlook Stable
Short-Term IDR published at 'B'
Viability Rating published at 'bb'
Support Rating published at '5'
Support Rating Floor published at 'No Floor'
MTF TORANA 2016: Fitch Affirms 'Bsf' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has upgraded five tranches and affirmed one tranche
of MTF Valiant Trust 2014 notes and affirmed six tranches of MTF
Torana Trust 2016. The transactions are securitisations backed by
New Zealand automotive loan receivables originated by Motor Trade
Finance Ltd (MTF). The notes were issued by Trustees Executors
Limited in its capacity as trustee of the respective trusts.
KEY RATING DRIVERS
The upgrades of the five classes of MTF Valiant Trust 2014
reflect the rapid deleveraging of the transaction since the end
of the revolving period in July 2016, and the strong levels of
excess spread since closing. The affirmations reflect Fitch's
view that the available credit enhancement is sufficient to
support the notes' current ratings and the agency's expectations
of New Zealand's economic conditions. Credit quality and
performance of the underlying receivables also remain within
Fitch's expectations. Total net losses have been below Fitch's
base-cases to date and excess spread has been more than
sufficient to cover any losses incurred.
At April 30, 2017, MTF Valiant Trust 2014 had 30+ days arrears at
1.1%, higher than MTF Torana Trust 2016's 0.8%, but below Fitch's
4Q16 Dinkum ABS Index for Australia of 1.4%. Net losses related
to 90+ days arrears amounted to 0.1% of total assets for both
transactions - below Fitch's modelled expectations. Strong excess
spread since closing, has covered all realised losses.
MTF Torana Trust 2016 has a two-year revolving period that ends
in September 2018, unless stop-origination triggers are met.
Fitch is of the view that the risks associated with the revolving
period are commensurate with the ratings because there are pool
parameters to manage portfolio concentrations, along with, but
not limited to, performance-based arrears, loss and charge-off
and stop-origination triggers.
RATING SENSITIVITIES
The prospect of downgrades is considered remote at present given
the expected performance of transactions, the level of
subordination available for each class of notes for their
respective ratings and strong spread available to the trusts.
Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes.
Full list of rating action with balances as at end-April 2017
reports:
MTF Valiant Trust 2014
NZD51.5 million Class A notes affirmed at 'AAAsf'; Outlook Stable
NZD6.7 million Class B notes upgraded to 'AAAsf' from 'AAsf';
Outlook Stable
NZD5.8 million Class C notes upgraded to 'AA-sf' from 'Asf';
Outlook Stable
NZD2.7 million Class D notes upgraded to 'Asf' from 'BBBsf';
Outlook Stable
NZD2.5 million Class E notes upgraded to 'BBBsf' from 'BBsf';
Outlook Stable
NZD1.2 million Class F notes upgraded to 'BBB-sf' from 'Bsf';
Outlook Stable
MTF Torana Trust 2016
NZD194.04 million Class A notes affirmed at 'AAAsf'; Outlook
Stable
NZD7.33 million Class B notes affirmed at 'AAsf'; Outlook Stable
NZD6.42 million Class C notes affirmed at 'Asf'; Outlook Stable
NZD2.93 million Class D notes affirmed at 'BBBsf'; Outlook Stable
NZD2.75 million Class E notes affirmed at 'BBsf'; Outlook Stable
NZD1.32 million Class F notes affirmed at 'Bsf'; Outlook Stable
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 5 to June 9, 2017
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50
ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50
BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00
BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00
BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00
BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00
CML GROUP LTD 1.05 01/29/20 AUD 9.00
HILLGROVE RESOURCES LTD 2.10 12/20/19 AUD 6.00
KEYBRIDGE CAPITAL LTD 0.73 07/31/20 AUD 7.00
LAKES OIL NL 7.50 05/31/18 AUD 10.00
MIDWEST VANADIUM PTY LTD 1.72 02/15/18 USD 11.50
MIDWEST VANADIUM PTY LTD 2.15 02/15/18 USD 11.50
PALADIN ENERGY LTD 73.63 03/31/20 USD 7.00
RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14
RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14
TREASURY CORP OF VICTORIA 69.22 11/12/30 AUD 0.50
CHINA
-----
AKESU XINCHENG ASSET INVESTM 50.79 10/10/18 CNY 7.50
ALXA LEAGUE INFRASTRUCTURE C 60.38 03/14/20 CNY 6.40
ANHUI PROVINCE WANBEI COAL-E 74.89 02/26/19 CNY 6.80
ANKANG DEVELOPMENT & INVESTM 61.96 03/06/20 CNY 6.35
ANQING URBAN CONSTRUCTION IN 58.00 12/31/19 CNY 6.76
ANQING URBAN CONSTRUCTION IN 61.05 12/31/19 CNY 6.76
ANSHAN CITY CONSTRUCTION INV 41.44 03/05/19 CNY 8.25
ANSHAN CITY CONSTRUCTION INV 60.48 04/25/20 CNY 6.39
ANSHAN CITY CONSTRUCTION INV 81.67 04/25/20 CNY 6.39
ANSHUN STATE-RUN ASSETS MANA 61.05 01/10/20 CNY 6.98
ANSHUN STATE-RUN ASSETS MANA 61.12 01/10/20 CNY 6.98
ANYANG INVESTMENT GROUP CO L 41.17 04/17/19 CNY 8.00
BAICHENG ZHONGXING URBAN INF 60.33 12/18/19 CNY 7.00
BAISHAN URBAN CONSTRUCTION I 60.17 07/31/19 CNY 7.00
BAODING NATIONAL HI-TECH IND 61.47 12/24/19 CNY 7.33
BAOJI INVESTMENT GROUP CO LT 50.99 12/26/18 CNY 7.14
BAOJI INVESTMENT GROUP CO LT 51.61 12/26/18 CNY 7.14
BAOSHAN STATE-OWNED ASSET OP 61.01 12/10/19 CNY 7.30
BAOSHAN STATE-OWNED ASSET OP 61.60 12/10/19 CNY 7.30
BAOTOU STATE OWNED ASSET MAN 61.04 09/17/19 CNY 7.03
BAYAN ZHUOER HETAO WATER AFF 74.61 03/31/22 CNY 8.54
BAYANNUR URBAN DEVELOPMENT I 60.51 03/15/20 CNY 6.40
BAYANNUR URBAN DEVELOPMENT I 61.20 03/15/20 CNY 6.40
BAYINGUOLENG INNER MONGOLIA 50.81 09/10/18 CNY 7.48
BEIJING CAPITAL DEVELOPMENT 60.46 05/29/19 CNY 5.95
BEIJING CHAOYANG STATE-OWNED 60.02 03/27/20 CNY 5.25
BEIJING CHAOYANG STATE-OWNED 74.40 03/27/20 CNY 5.25
BEIJING CONSTRUCTION ENGINEE 59.30 07/05/19 CNY 5.95
BEIJING CONSTRUCTION ENGINEE 60.52 07/05/19 CNY 5.95
BEIJING ECONOMIC TECHNOLOGIC 40.12 03/06/18 CNY 5.29
BEIJING GUCAI GROUP CO LTD 72.26 12/15/18 CNY 8.28
BEIJING XINGZHAN STATE OWNED 61.05 08/31/19 CNY 6.48
BENGBU URBAN INVESTMENT HOLD 30.01 08/10/17 CNY 5.78
BIJIE XINTAI INVESTMENT CO L 61.04 08/20/19 CNY 7.15
BINZHOU BINCHENG DISTRICT EC 60.63 07/05/19 CNY 6.50
BINZHOU BINCHENG DISTRICT EC 61.00 07/05/19 CNY 6.50
C&D REAL ESTATE CO LTD 60.79 04/03/20 CNY 6.15
CANGZHOU CONSTRUCTION & INVE 61.11 01/23/20 CNY 6.72
CHANGDE CITY CONSTRUCTION AN 61.25 02/25/20 CNY 6.50
CHANGDE CITY CONSTRUCTION AN 61.70 02/25/20 CNY 6.50
CHANGDE ECONOMIC DEVELOPMENT 61.18 09/12/19 CNY 7.19
CHANGDE ECONOMIC DEVELOPMENT 61.36 09/12/19 CNY 7.19
CHANGSHA CITY CONSTRUCTION I 40.98 04/24/19 CNY 6.95
CHANGSHA CITY CONSTRUCTION I 55.60 04/24/19 CNY 6.95
CHANGSHA COUNTY XINGCHENG CO 41.66 04/06/19 CNY 8.35
CHANGSHA ECONOMIC & TECHNICA 74.10 04/13/22 CNY 8.45
CHANGSHA PILOT INVESTMENT HO 57.00 12/10/19 CNY 6.70
CHANGSHA PILOT INVESTMENT HO 61.33 12/10/19 CNY 6.70
CHANGSHU BINJIANG URBAN CONS 40.71 04/27/19 CNY 6.85
CHANGSHU CITY OPERATION INVE 39.51 01/16/19 CNY 8.00
CHANGSHU CITY OPERATION INVE 41.12 01/16/19 CNY 8.00
CHANGSHU DEVELOPMENT INVESTM 60.66 04/19/20 CNY 5.80
CHANGXING URBAN CONSTRUCTION 57.50 11/30/19 CNY 6.80
CHANGXING URBAN CONSTRUCTION 61.21 11/30/19 CNY 6.80
CHANGYI ECONOMIC AND DEVELOP 71.80 10/30/20 CNY 7.35
CHANGZHI CITY CONSTRUCTION I 60.62 02/26/20 CNY 6.46
CHANGZHOU HI-TECH GROUP CO L 60.58 03/21/20 CNY 6.18
CHANGZHOU HI-TECH GROUP CO L 61.75 03/21/20 CNY 6.18
CHANGZHOU JINTAN DISTRICT CO 41.44 03/14/19 CNY 8.30
CHANGZHOU JINTAN DISTRICT CO 60.55 04/26/20 CNY 6.38
CHANGZHOU JINTAN DISTRICT CO 60.86 04/26/20 CNY 6.38
CHANGZHOU WUJIN CITY CONSTRU 50.26 06/08/18 CNY 6.22
CHAOHU URBAN TOWN CONSTRUCTI 60.88 12/24/19 CNY 7.00
CHAOYANG CONSTRUCTION INVEST 59.70 05/25/19 CNY 7.30
CHAOYANG CONSTRUCTION INVEST 61.27 05/25/19 CNY 7.30
CHENGDU CITY DEVELOPMENT AND 61.38 01/14/20 CNY 6.18
CHENGDU CITY DEVELOPMENT AND 61.43 01/14/20 CNY 6.18
CHENGDU ECONOMIC&TECHNOLOGIC 50.35 07/17/18 CNY 6.50
CHENGDU ECONOMIC&TECHNOLOGIC 50.36 07/17/18 CNY 6.50
CHENGDU ECONOMIC&TECHNOLOGIC 60.70 07/17/19 CNY 6.55
CHENGDU ECONOMIC&TECHNOLOGIC 60.85 07/17/19 CNY 6.55
CHENGDU HI-TECH INVESTMENT G 60.68 11/20/19 CNY 6.28
CHENGDU HI-TECH INVESTMENT G 60.96 11/20/19 CNY 6.28
CHENGDU XINCHENG XICHENG REA 40.80 03/19/19 CNY 8.35
CHENGDU XINCHENG XICHENG REA 41.21 03/19/19 CNY 8.35
CHENGDU XINDU XIANGCHENG CON 72.26 12/13/18 CNY 8.60
CHENGDU XINGCHENG INVESTMENT 61.00 01/28/20 CNY 6.17
CHENGDU XINGCHENG INVESTMENT 61.31 01/28/20 CNY 6.17
CHENGDU XINGJIN URBAN CONSTR 61.36 11/27/19 CNY 7.30
CHENGDU XINGJIN URBAN CONSTR 61.38 11/27/19 CNY 7.30
CHENZHOU URBAN CONSTRUCTION 61.20 09/13/19 CNY 7.34
CHIFENG CITY CONSTRUCTION IN 50.00 05/18/17 CNY 6.18
CHIFENG CITY HONGSHAN INFRAS 60.55 07/25/19 CNY 7.20
CHINA CITY CONSTRUCTION HOLD 31.63 12/17/17 CNY 5.55
CHINA CITY CONSTRUCTION HOLD 31.63 07/14/20 CNY 4.93
CHINA GOVERNMENT BOND 72.01 12/15/33 CNY 1.64
CHIZHOU CITY MANAGEMENT INVE 61.90 10/17/19 CNY 7.17
CHONGQING BEIFEI INDUSTRY CO 61.81 12/25/19 CNY 7.13
CHONGQING CHANGSHOU DEVELOPM 61.18 09/25/19 CNY 7.45
CHONGQING CHANGSHOU DEVELOPM 61.59 09/25/19 CNY 7.45
CHONGQING DAZU DISTRICT STAT 61.18 04/26/20 CNY 6.75
CHONGQING DAZU DISTRICT STAT 61.42 04/26/20 CNY 6.75
CHONGQING FULING DISTRICT TH 72.50 03/23/19 CNY 8.40
CHONGQING FULING DISTRICT TH 72.51 03/23/19 CNY 8.40
CHONGQING FULING STATE-OWNED 61.27 01/21/20 CNY 6.39
CHONGQING HECHUAN RURAL AGRI 25.00 04/10/18 CNY 8.28
CHONGQING HECHUAN RURAL AGRI 25.61 04/10/18 CNY 8.28
CHONGQING HECHUAN URBAN CONS 40.32 01/06/18 CNY 6.95
CHONGQING HONGRONG CAPITAL O 61.50 10/16/19 CNY 7.20
CHONGQING HONGRONG CAPITAL O 61.76 10/16/19 CNY 7.20
CHONGQING JIANGJIN HUAXIN AS 40.44 01/06/18 CNY 6.95
CHONGQING JIANGJIN HUAXIN AS 61.17 09/21/19 CNY 7.46
CHONGQING JIANGJIN HUAXIN AS 61.79 09/21/19 CNY 7.46
CHONGQING JINYUN ASSET MANAG 60.61 06/18/19 CNY 6.75
CHONGQING JINYUN ASSET MANAG 60.67 06/18/19 CNY 6.75
CHONGQING LAND PROPERTIES CO 41.27 04/25/19 CNY 7.35
CHONGQING LAND PROPERTIES CO 41.31 04/25/19 CNY 7.35
CHONGQING MAIRUI CITY INVEST 60.70 08/17/19 CNY 6.82
CHONGQING NAN'AN URBAN CONST 39.90 12/24/17 CNY 6.29
CHONGQING NAN'AN URBAN CONST 41.32 04/09/19 CNY 8.20
CHONGQING NANCHUAN DISTRICT 61.18 09/06/19 CNY 7.35
CHONGQING NANCHUAN DISTRICT 61.40 09/06/19 CNY 7.35
CHONGQING NANFA URBAN CONSTR 60.73 04/27/20 CNY 6.43
CHONGQING NANFA URBAN CONSTR 61.11 04/27/20 CNY 6.43
CHONGQING QIANJIANG CITY CON 72.59 03/23/19 CNY 8.40
CHONGQING QIANJIANG CITY CON 72.60 03/23/19 CNY 8.40
CHONGQING QIJIANG EAST NEW T 60.08 01/29/20 CNY 6.75
CHONGQING QIJIANG EAST NEW T 60.25 01/29/20 CNY 6.75
CHONGQING SHUANGQIAO ECONOMI 61.07 04/26/20 CNY 6.75
CHONGQING SHUANGQIAO ECONOMI 61.28 04/26/20 CNY 6.75
CHONGQING THREE GORGES INDUS 50.63 01/23/19 CNY 6.40
CHONGQING WANSHENG ECO TECH 60.36 04/17/20 CNY 6.39
CHONGQING XINGRONG HOLDING G 41.10 04/19/19 CNY 8.35
CHONGQING XINGRONG HOLDING G 41.63 04/19/19 CNY 8.35
CHONGQING XIYONG MICRO-ELECT 61.01 07/25/19 CNY 6.76
CHONGQING YONGCHUAN HUITONG 40.79 03/14/18 CNY 7.49
CHONGQING YONGCHUAN HUITONG 61.71 10/16/19 CNY 7.33
CHONGQING YUFU ASSET MANAGEM 61.42 09/04/19 CNY 6.50
CHONGQING YULONG ASSET MANAG 61.04 05/31/19 CNY 6.87
CHONGQING YUXING CONSTRUCTIO 40.41 12/08/17 CNY 7.29
CHONGQING YUXING CONSTRUCTIO 57.00 12/10/19 CNY 7.30
CHONGQING YUXING CONSTRUCTIO 61.58 12/10/19 CNY 7.30
CHUXIONG AUTONOMOUS DEVELOPM 50.20 10/18/17 CNY 6.08
CHUXIONG AUTONOMOUS DEVELOPM 60.40 03/29/20 CNY 6.60
CHUZHOU CITY CONSTRUCTION IN 61.07 11/23/19 CNY 6.81
CHUZHOU CITY CONSTRUCTION IN 61.30 11/23/19 CNY 6.81
CHUZHOU TONGCHUANG CONSTRUCT 56.30 01/09/20 CNY 7.05
CHUZHOU TONGCHUANG CONSTRUCT 61.33 01/09/20 CNY 7.05
CIXI STATE OWNED ASSET INVES 60.94 09/20/19 CNY 6.60
CIXI STATE OWNED ASSET INVES 61.13 09/20/19 CNY 6.60
DALI ECONOMIC DEVELOPMENT IN 41.73 04/24/19 CNY 8.80
DALIAN CHANGXING ISLAND DEVE 60.16 01/25/20 CNY 6.60
DALIAN CHANGXING ISLAND DEVE 64.00 01/25/20 CNY 6.60
DALIAN DETA INVESTMENT CO LT 60.84 11/15/19 CNY 6.50
DALIAN LVSHUN CONSTRUCTION D 60.81 07/02/19 CNY 6.78
DALIAN RONGQIANG INVESTMENT 71.82 03/30/19 CNY 8.60
DANDONG CITY DEVELOPMENT CON 39.81 09/06/17 CNY 5.84
DANDONG CITY DEVELOPMENT CON 70.02 12/21/18 CNY 6.63
DANYANG INVESTMENT GROUP CO 41.93 03/06/19 CNY 8.10
DAQING GAOXIN STATE-OWNED AS 57.00 12/05/19 CNY 6.88
DAQING GAOXIN STATE-OWNED AS 61.27 12/05/19 CNY 6.88
DAQING URBAN CONSTRUCTION IN 60.85 10/23/19 CNY 6.55
DAQING URBAN CONSTRUCTION IN 61.05 10/23/19 CNY 6.55
DASHIQIAO URBAN CONSTRUCTION 60.26 02/21/20 CNY 6.58
DASHIQIAO URBAN CONSTRUCTION 60.51 02/21/20 CNY 6.58
DATONG ECONOMIC CONSTRUCTION 40.02 06/01/17 CNY 6.50
DAXING ANLING FORESTRY GROUP 33.00 10/23/19 CNY 7.08
DAXING ANLING FORESTRY GROUP 60.96 10/23/19 CNY 7.08
DAZHOU INVESTMENT CO LTD 59.00 12/25/19 CNY 6.99
DAZHOU INVESTMENT CO LTD 60.75 12/25/19 CNY 6.99
DEYANG CITY CONSTRUCTION INV 60.95 12/26/19 CNY 6.99
DEYANG CITY CONSTRUCTION INV 61.93 12/26/19 CNY 6.99
DEZHOU DEDA URBAN CONSTRUCTI 61.36 10/18/19 CNY 7.14
DONGBEI SPECIAL STEEL GROUP 40.00 04/12/18 CNY 5.63
DONGBEI SPECIAL STEEL GROUP 40.00 01/15/18 CNY 6.10
DONGBEI SPECIAL STEEL GROUP 40.00 03/27/16 CNY 6.50
DONGBEI SPECIAL STEEL GROUP 40.00 07/17/17 CNY 7.40
DONGBEI SPECIAL STEEL GROUP 40.00 09/24/16 CNY 6.30
DONGBEI SPECIAL STEEL GROUP 40.00 05/05/16 CNY 5.88
DONGBEI SPECIAL STEEL GROUP 40.00 09/06/16 CNY 8.30
DONGBEI SPECIAL STEEL GROUP 40.00 07/10/16 CNY 7.00
DONGBEI SPECIAL STEEL GROUP 40.00 06/06/16 CNY 8.20
DONGTAI COMMUNICATION INVEST 50.36 07/05/18 CNY 7.39
DONGTAI UBAN CONSTRUCTION AN 58.00 12/26/19 CNY 7.10
DONGTAI UBAN CONSTRUCTION AN 61.45 12/26/19 CNY 7.10
DRILL RIGS HOLDINGS INC 29.00 10/01/17 USD 6.50
DRILL RIGS HOLDINGS INC 30.00 10/01/17 USD 6.50
ENSHI URBAN CONSTRUCTION INV 60.98 10/22/19 CNY 7.55
ERDOS DONGSHENG CITY DEVELOP 24.95 02/28/18 CNY 8.40
ERDOS DONGSHENG CITY DEVELOP 25.03 02/28/18 CNY 8.40
EZHOU CITY CONSTRUCTION INVE 60.86 06/19/19 CNY 7.08
FEICHENG CITY ASSETS MANAGEM 50.54 08/14/18 CNY 7.10
FENGHUA CITY INVESTMENT CO L 61.18 09/24/19 CNY 7.45
FENGHUA CITY INVESTMENT CO L 61.60 09/24/19 CNY 7.45
FUJIAN LONGYAN CITY CONSTRUC 61.17 08/14/19 CNY 7.45
FUJIAN NANPING HIGHWAY CO LT 60.72 01/28/20 CNY 6.69
FUJIAN NANPING HIGHWAY CO LT 61.29 01/28/20 CNY 6.69
FUJIAN NANPING HIGHWAY CO LT 71.96 10/26/18 CNY 7.90
FUQING CITY STATE-OWNED ASSE 72.02 03/01/21 CNY 6.66
FUSHUN URBAN INVESTMENT & DE 70.11 05/11/18 CNY 5.95
FUSHUN URBAN INVESTMENT & DE 73.67 03/22/22 CNY 8.53
FUSHUN URBAN INVESTMENT & DE 74.63 03/22/22 CNY 8.53
FUXIN INFRASTRUCTURE CONSTRU 61.63 10/10/19 CNY 7.55
FUXIN INFRASTRUCTURE CONSTRU 63.00 10/10/19 CNY 7.55
FUZHOU INVESTMENT DEVELOPMEN 61.51 01/16/20 CNY 6.78
FUZHOU URBAN AND RURAL CONST 50.00 09/25/18 CNY 6.35
FUZHOU URBAN AND RURAL CONST 50.51 09/25/18 CNY 6.35
GANSU PROVINCIAL HIGHWAY AVI 70.84 11/16/18 CNY 6.75
GANSU PROVINCIAL HIGHWAY AVI 71.27 09/19/18 CNY 7.20
GANZHOU CITY DEVELOPMENT & I 50.20 07/10/18 CNY 6.40
GANZHOU CITY DEVELOPMENT & I 50.40 07/10/18 CNY 6.40
GANZHOU DEVELOPMENT ZONE CON 50.53 12/26/18 CNY 6.70
GANZHOU DEVELOPMENT ZONE CON 50.61 12/26/18 CNY 6.70
GAOMI STATE-OWNED ASSETS MAN 50.42 11/15/18 CNY 6.75
GAOMI STATE-OWNED ASSETS MAN 50.65 11/15/18 CNY 6.75
GAOMI STATE-OWNED ASSETS MAN 61.12 11/15/19 CNY 6.70
GAOMI STATE-OWNED ASSETS MAN 61.15 11/15/19 CNY 6.70
GONGYI STATE OWNED ASSETS IN 60.13 01/18/20 CNY 6.70
GONGYI STATE OWNED ASSETS IN 60.52 01/18/20 CNY 6.70
GUANG ZHOU PANYU COMMUNICATI 50.54 04/12/19 CNY 6.30
GUANG ZHOU PANYU COMMUNICATI 50.56 04/12/19 CNY 6.30
GUANGAN INVESTMENT HOLDING G 40.10 04/25/19 CNY 8.18
GUANGAN INVESTMENT HOLDING G 41.29 04/25/19 CNY 8.18
GUANGXI BAISE DEVELOPMENT & 60.39 07/04/19 CNY 6.50
GUANGXI BAISE DEVELOPMENT & 60.42 07/04/19 CNY 6.50
GUANGXI LAIBIN URBAN CONSTRU 72.77 03/14/19 CNY 8.36
GUANGYUAN INVESTMENT HOLDING 60.91 11/26/19 CNY 7.25
GUILIN ECONOMIC CONSTRUCTION 25.32 05/09/18 CNY 6.90
GUILIN ECONOMIC CONSTRUCTION 50.00 05/09/18 CNY 6.90
GUIYANG ECO&TECH DEVELOPMENT 41.63 03/27/19 CNY 8.42
GUIYANG JINYANG CONSTRUCTION 46.90 10/24/18 CNY 6.70
GUIYANG JINYANG CONSTRUCTION 50.53 10/24/18 CNY 6.70
GUIYANG PUBLIC RESIDENTIAL C 61.02 11/06/19 CNY 6.70
GUIYANG URBAN DEVELOPMENT & 60.19 02/28/20 CNY 6.20
GUOAO INVESTMENT DEVELOPMENT 44.80 10/29/18 CNY 6.89
GUOAO INVESTMENT DEVELOPMENT 50.41 10/29/18 CNY 6.89
HAIAN COUNTY CITY CONSTRUCTI 25.43 03/28/18 CNY 8.35
HAIAN COUNTY CITY CONSTRUCTI 25.53 03/28/18 CNY 8.35
HAICHENG URBAN INVESTMENT & 71.05 11/07/18 CNY 8.39
HAICHENG URBAN INVESTMENT & 72.06 11/07/18 CNY 8.39
HAILAR URBAN INFRASTRUCTURE 60.38 05/14/20 CNY 6.20
HAIMEN CITY DEVELOPMENT INVE 41.25 03/20/19 CNY 8.35
HAINING STATE-OWNED ASSETS M 60.98 03/06/20 CNY 6.08
HAINING STATE-OWNED ASSETS M 71.39 09/20/18 CNY 7.80
HAINING STATE-OWNED ASSETS M 71.44 09/20/18 CNY 7.80
HANDAN CITY CONSTRUCTION & I 56.00 12/24/19 CNY 7.05
HANDAN CITY CONSTRUCTION & I 61.41 12/24/19 CNY 7.05
HANGZHOU CANAL COMPREHENSIVE 60.52 04/02/20 CNY 6.00
HANGZHOU CANAL COMPREHENSIVE 60.80 04/02/20 CNY 6.00
HANGZHOU HIGH-TECH INDUSTRIA 60.67 01/28/20 CNY 6.45
HANGZHOU HIGH-TECH INDUSTRIA 61.03 01/28/20 CNY 6.45
HANGZHOU MUNICIPAL CONSTRUCT 25.21 04/25/18 CNY 5.90
HANGZHOU MUNICIPAL CONSTRUCT 25.23 04/25/18 CNY 5.90
HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70
HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70
HANGZHOU YUHANG CITY CONSTRU 40.05 03/29/19 CNY 7.55
HANGZHOU YUHANG CITY CONSTRU 41.01 03/29/19 CNY 7.55
HANGZHOU YUHANG INNOVATION I 60.91 03/18/20 CNY 6.50
HANGZHOU YUHANG INNOVATION I 82.80 03/18/20 CNY 6.50
HANZHONG CITY CONSTRUCTION I 40.50 03/14/18 CNY 7.48
HARBIN HELI INVESTMENT HOLDI 71.06 09/26/18 CNY 7.48
HARBIN HELI INVESTMENT HOLDI 71.17 09/26/18 CNY 7.48
HARBIN WATER INVESTMENT CO L 60.73 05/06/20 CNY 5.70
HEBEI SHUNDE INVESTMENT GROU 61.18 12/05/19 CNY 6.98
HEBEI SHUNDE INVESTMENT GROU 61.19 12/05/19 CNY 6.98
HEFEI CONSTRUCTION INVESTMEN 70.67 08/28/18 CNY 5.23
HEFEI GAOXIN DEVELOPMENT & I 72.06 03/22/19 CNY 7.98
HEFEI GAOXIN DEVELOPMENT & I 72.38 03/22/19 CNY 7.98
HEFEI HAIHENG INVESTMENT HOL 61.39 06/12/19 CNY 7.30
HEFEI INDUSTRIAL INVESTMENT 60.77 03/20/20 CNY 6.30
HEFEI INDUSTRIAL INVESTMENT 81.75 03/20/20 CNY 6.30
HEFEI TAOHUA INDUSTRIAL PARK 41.71 03/27/19 CNY 8.79
HEFEI XINCHENG STATE-OWNED A 41.10 04/23/19 CNY 7.88
HEGANG KAIYUAN CITY INVESTME 61.03 07/19/19 CNY 6.50
HEIHE CITY CONSTRUCTION INVE 72.58 03/23/19 CNY 8.48
HENAN JIYUAN CITY CONSTRUCTI 61.73 09/25/19 CNY 7.50
HENGYANG CITY CONSTRUCTION I 61.37 08/13/19 CNY 7.06
HEYUAN CITY URBAN DEVELOPMEN 60.28 03/19/20 CNY 6.55
HEYUAN CITY URBAN DEVELOPMEN 81.85 03/19/20 CNY 6.55
HONGHEZHOU ROAD DEVELOPMENT 60.50 05/06/20 CNY 6.27
HUAIAN CITY URBAN ASSET OPER 57.00 12/26/19 CNY 6.87
HUAIAN CITY URBAN ASSET OPER 61.68 12/26/19 CNY 6.87
HUAIAN CITY WATER ASSET MANA 41.43 03/08/19 CNY 8.25
HUAI'AN DEVELOPMENT HOLDING 60.99 09/06/19 CNY 7.20
HUAI'AN DEVELOPMENT HOLDING 61.29 09/06/19 CNY 7.20
HUAIAN QINGHE NEW AREA INVES 60.44 01/24/20 CNY 6.68
HUAIAN QINGHE NEW AREA INVES 60.89 01/24/20 CNY 6.68
HUAIBEI CITY CONSTRUCTION IN 50.69 12/17/18 CNY 6.68
HUAIHUA CITY CONSTRUCTION IN 25.13 03/22/18 CNY 8.00
HUAIHUA CITY CONSTRUCTION IN 25.51 03/22/18 CNY 8.00
HUANGGANG CITY CONSTRUCTION 57.00 10/19/19 CNY 7.10
HUANGGANG CITY CONSTRUCTION 61.52 10/19/19 CNY 7.10
HUANGSHI URBAN CONSTRUCTION 61.14 10/25/19 CNY 6.96
HUIAN STATE ASSETS INVESTMEN 61.14 10/15/19 CNY 7.50
HULUDAO INVESTMENT GROUP CO 61.00 03/01/19 CNY 8.47
HULUDAO INVESTMENT GROUP CO 61.94 03/01/19 CNY 8.47
HUNAN CHANGDE DEYUAN INVESTM 50.68 10/18/18 CNY 7.18
HUNAN CHENGLINGJI HARBOR NEW 50.86 10/15/18 CNY 7.70
HUNAN CHENGLINGJI HARBOR NEW 50.90 10/15/18 CNY 7.70
HUNAN ZHAOSHAN ECONOMIC CONS 50.39 12/12/18 CNY 7.00
HUNAN ZHAOSHAN ECONOMIC CONS 50.85 12/12/18 CNY 7.00
HUZHOU NANXUN STATE-OWNED AS 41.41 03/31/19 CNY 8.15
HUZHOU URBAN INVESTMENT DEVE 40.44 12/21/17 CNY 7.02
HUZHOU URBAN INVESTMENT DEVE 61.07 12/14/19 CNY 6.70
HUZHOU WUXING NANTAIHU CONST 40.58 02/17/18 CNY 7.71
INNER MONGOLIA HIGH-TECH HOL 60.72 09/25/19 CNY 7.20
INNER MONGOLIA ZHUNGEER STAT 50.30 05/10/18 CNY 6.94
INNER MONGOLIA ZHUNGEER STAT 50.68 05/10/18 CNY 6.94
JIAMUSI NEW ERA INFRASTRUCTU 41.40 03/22/19 CNY 8.25
JIAN CITY CONSTRUCTION INVES 39.81 04/20/19 CNY 7.80
JIAN CITY CONSTRUCTION INVES 41.17 04/20/19 CNY 7.80
JIANAN INVESTMENT HOLDING GR 61.61 09/04/19 CNY 7.68
JIANGDONG HOLDING GROUP CO L 40.83 03/27/19 CNY 6.90
JIANGDU XINYUAN INDUSTRIAL I 41.34 03/23/19 CNY 8.10
JIANGMEN CITY BINJIANG CONST 61.18 02/28/20 CNY 6.60
JIANGSU DAFENG HARBOR HOLDIN 50.21 11/15/17 CNY 7.98
JIANGSU HANRUI INVESTMENT HO 40.70 03/01/19 CNY 8.16
JIANGSU HANRUI INVESTMENT HO 41.09 03/01/19 CNY 8.16
JIANGSU HUAJING ASSETS MANAG 25.05 09/28/17 CNY 5.68
JIANGSU JINGUAN INVESTMENT D 50.45 01/28/19 CNY 6.40
JIANGSU JINGUAN INVESTMENT D 50.60 01/28/19 CNY 6.40
JIANGSU JURONG FUDI BIO-TECH 73.54 04/26/19 CNY 8.70
JIANGSU LIANYUN DEVELOPMENT 60.13 06/19/19 CNY 6.10
JIANGSU LIANYUN DEVELOPMENT 60.38 06/19/19 CNY 6.10
JIANGSU NANJING PUKOU ECONOM 60.90 10/08/19 CNY 7.10
JIANGSU NANJING PUKOU ECONOM 60.93 10/08/19 CNY 7.10
JIANGSU NEWHEADLINE DEVELOPM 71.44 08/27/20 CNY 7.00
JIANGSU NEWHEADLINE DEVELOPM 71.86 08/27/20 CNY 7.00
JIANGSU SUHAI INVESTMENT GRO 60.98 11/07/19 CNY 7.20
JIANGSU TAICANG PORT DEVELOP 41.37 05/16/19 CNY 7.66
JIANGSU WUZHONG ECONOMIC TEC 71.60 12/16/18 CNY 8.05
JIANGSU WUZHONG ECONOMIC TEC 73.42 12/16/18 CNY 8.05
JIANGSU XISHAN ECONOMIC DEVE 61.09 11/01/19 CNY 6.99
JIANGSU XISHAN ECONOMIC DEVE 71.00 11/01/19 CNY 6.99
JIANGSU ZHANGJIAGANG ECONOMI 61.48 11/16/19 CNY 6.98
JIANGXI HEJI INVESTMENT CO L 61.66 09/04/19 CNY 8.00
JIANGXI HEJI INVESTMENT CO L 61.92 09/04/19 CNY 8.00
JIANGYAN STATE OWNED ASSET I 61.17 12/03/19 CNY 6.85
JIANGYIN CITY CONSTRUCTION & 61.40 06/11/19 CNY 7.20
JIANGYIN GAOXIN DISTRICT INV 51.99 04/25/18 CNY 7.31
JIANGYIN GAOXIN DISTRICT INV 61.50 02/27/20 CNY 6.60
JIANHU URBAN CONSTRUCTION IN 60.72 02/22/20 CNY 6.50
JIANHU URBAN CONSTRUCTION IN 61.16 02/22/20 CNY 6.50
JIASHAN STATE-OWNED ASSET IN 61.03 06/06/19 CNY 6.80
JIAXING CULTURE FAMOUS CITY 41.57 03/08/19 CNY 8.16
JIAXING ECONOMIC&TECHNOLOGY 60.81 06/14/19 CNY 6.78
JIAXING ECONOMIC&TECHNOLOGY 61.29 06/14/19 CNY 6.78
JILIN CITY CONSTRUCTION HOLD 60.72 02/26/20 CNY 6.34
JILIN CITY CONSTRUCTION HOLD 61.01 02/26/20 CNY 6.34
JINAN CITY CONSTRUCTION INVE 25.42 03/26/18 CNY 6.98
JINAN CITY CONSTRUCTION INVE 25.46 03/26/18 CNY 6.98
JINAN XIAOQINGHE DEVELOPMENT 61.16 09/05/19 CNY 7.15
JINAN XIAOQINGHE DEVELOPMENT 61.23 09/05/19 CNY 7.15
JINGDEZHEN STATE-OWNED ASSET 50.84 03/23/18 CNY 7.48
JINGJIANG BINJIANG XINCHENG 50.46 10/23/18 CNY 6.80
JINGJIANG BINJIANG XINCHENG 50.63 10/23/18 CNY 6.80
JINGZHOU URBAN CONSTRUCTION 41.47 04/24/19 CNY 7.98
JINING CITY CONSTRUCTION INV 41.41 12/31/18 CNY 8.30
JINING CITY YANZHOU DISTRICT 25.37 12/28/17 CNY 8.50
JINING HI-TECH TOWN CONSTRUC 60.96 01/28/20 CNY 6.60
JINING HI-TECH TOWN CONSTRUC 61.15 01/28/20 CNY 6.60
JINING WATER SUPPLY GROUP CO 61.98 01/22/20 CNY 7.18
JINJIANG URBAN CONSTRUCTION 60.98 04/26/20 CNY 6.35
JINSHAN STATE-OWNED ASSET OP 61.21 11/27/19 CNY 6.65
JINZHONG CITY PUBLIC INFRAST 58.00 03/18/20 CNY 6.50
JINZHONG CITY PUBLIC INFRAST 61.18 03/18/20 CNY 6.50
JINZHOU CITY INVESTMENT CONS 60.66 06/13/19 CNY 7.08
JINZHOU CITY INVESTMENT CONS 60.73 06/13/19 CNY 7.08
JISHOU HUATAI STATE OWNED AS 61.27 12/12/19 CNY 7.37
JIUJIANG CITY CONSTRUCTION I 40.21 02/23/19 CNY 8.49
JIUJIANG CITY CONSTRUCTION I 41.47 02/23/19 CNY 8.49
JIUJIANG FUHE CONSTRUCTION I 50.23 03/19/19 CNY 6.10
JIUJIANG FUHE CONSTRUCTION I 50.25 03/19/19 CNY 6.10
JIUJIANG STATE-OWNED ASSETS 61.07 03/07/20 CNY 6.68
JIXI STATE OWN ASSET MANAGEM 60.80 11/08/19 CNY 7.18
JIXI STATE OWN ASSET MANAGEM 60.91 11/08/19 CNY 7.18
KAIFENG DEVELOPMENT INVESTME 60.69 07/11/19 CNY 6.47
KARAMAY URBAN CONSTRUCTION I 61.29 09/04/19 CNY 7.15
KARAMAY URBAN CONSTRUCTION I 61.37 09/04/19 CNY 7.15
KASHI URBAN CONSTRUCTION INV 61.22 11/27/19 CNY 7.18
KUNMING CITY CONSTRUCTION IN 25.40 04/13/18 CNY 7.60
KUNMING CITY CONSTRUCTION IN 25.48 04/13/18 CNY 7.60
KUNMING DIANCHI INVESTMENT C 61.41 02/01/20 CNY 6.50
KUNMING INDUSTRIAL DEVELOPME 60.47 10/23/19 CNY 6.46
KUNMING INDUSTRIAL DEVELOPME 60.87 10/23/19 CNY 6.46
KUNMING WUHUA DISTRICT STATE 25.60 03/15/18 CNY 8.60
KUNSHAN ENTREPRENEUR HOLDING 60.55 11/07/19 CNY 6.28
KUNSHAN ENTREPRENEUR HOLDING 60.63 11/07/19 CNY 6.28
KUNSHAN HUAQIAO INTERNATIONA 41.13 12/30/18 CNY 7.98
LAIWU CITY ECONOMIC DEVELOPM 30.37 03/01/18 CNY 6.50
LANZHOU CITY DEVELOPMENT INV 68.68 12/15/18 CNY 8.20
LANZHOU CITY DEVELOPMENT INV 69.50 12/15/18 CNY 8.20
LEQING CITY STATE OWNED INVE 60.51 06/29/19 CNY 6.50
LESHAN STATE-OWNED ASSET INV 40.38 03/18/18 CNY 6.99
LESHAN STATE-OWNED ASSET INV 40.63 03/18/18 CNY 6.99
LIAONING YAODU DEVELOPMENT C 59.93 12/12/19 CNY 7.35
LIAOYANG CITY ASSETS OPERATI 59.22 11/13/19 CNY 7.10
LIAOYANG CITY ASSETS OPERATI 60.91 11/13/19 CNY 7.10
LIAOYANG CITY ASSETS OPERATI 65.57 06/13/18 CNY 6.88
LIAOYUAN STATE-OWNED ASSETS 41.00 03/13/19 CNY 8.17
LIAOYUAN STATE-OWNED ASSETS 41.44 03/13/19 CNY 8.17
LIJIANG GUCHENG MANAGEMENT C 60.97 07/26/19 CNY 6.68
LINAN CITY CONSTRUCTION DEVE 25.48 03/09/18 CNY 8.15
LINAN CITY CONSTRUCTION DEVE 25.50 03/09/18 CNY 8.15
LINCANG STATE-OWNED ASSET OP 60.64 04/11/20 CNY 6.58
LINHAI CITY INFRASTRUCTURE I 60.14 03/21/20 CNY 6.30
LINHAI CITY INFRASTRUCTURE I 60.50 03/21/20 CNY 6.30
LINYI CITY ASSET MANAGEMENT 60.95 12/12/19 CNY 6.68
LINYI ECONOMIC DEVELOPMENT C 62.16 09/24/19 CNY 8.26
LINYI INVESTMENT DEVELOPMENT 25.59 03/27/18 CNY 8.10
LIUPANSHUI DEVELOPMENT INVES 55.00 12/03/19 CNY 6.97
LIUPANSHUI DEVELOPMENT INVES 61.08 12/03/19 CNY 6.97
LIUZHOU DONGCHENG INVESTMENT 41.26 02/15/19 CNY 8.30
LIUZHOU INVESTMENT HOLDING G 60.81 08/15/19 CNY 6.98
LIYANG CITY CONSTRUCTION DEV 60.62 03/08/20 CNY 6.20
LIYANG CITY CONSTRUCTION DEV 68.17 11/08/18 CNY 8.20
LONGHAI STATE-OWNED ASSET IN 40.62 12/02/17 CNY 8.25
LOUDI CITY CONSTRUCTION INVE 50.61 10/19/18 CNY 7.28
LOUDI CITY CONSTRUCTION INVE 50.84 10/19/18 CNY 7.28
LUOHE CITY CONSTRUCTION INVE 61.33 10/30/19 CNY 6.99
LUOYANG CITY DEVELOPMENT INV 58.00 12/31/19 CNY 6.89
LUOYANG CITY DEVELOPMENT INV 61.69 12/31/19 CNY 6.89
MAANSHAN ECONOMIC TECHNOLOGY 60.64 12/20/19 CNY 7.10
MIANYANG INVESTMENT HOLDING 71.58 03/26/19 CNY 7.70
MIANYANG INVESTMENT HOLDING 71.60 03/26/19 CNY 7.70
MIANYANG SCIENCE TECHNOLOGY 39.68 05/15/19 CNY 7.16
MIANYANG SCIENCE TECHNOLOGY 40.82 05/15/19 CNY 7.16
MIANYANG SCIENCE TECHNOLOGY 52.76 07/22/18 CNY 6.30
MINXIXINGHANG STATE-OWNED IN 50.43 03/26/19 CNY 6.20
MINXIXINGHANG STATE-OWNED IN 50.46 03/26/19 CNY 6.20
MUDANJIANG STATE-OWNED ASSET 60.65 08/30/19 CNY 7.08
MUDANJIANG STATE-OWNED ASSET 60.81 08/30/19 CNY 7.08
NANAN CITY TRADE INDUSTRY & 41.45 04/25/19 CNY 8.50
NANCHANG CITY CONSTRUCTION I 61.35 02/20/20 CNY 6.19
NANCHANG ECONOMY TECHNOLOGY 61.34 01/09/20 CNY 6.88
NANCHANG MUNICIPAL PUBLIC IN 60.52 02/25/20 CNY 5.88
NANCHONG DEVELOPMENT INVESTM 61.01 01/28/20 CNY 6.69
NANCHONG ECONOMIC DEVELOPMEN 41.67 04/26/19 CNY 8.16
NANJING JIANGNING SCIENCE PA 41.02 04/28/19 CNY 7.29
NANJING NEW&HIGH TECHNOLOGY 60.76 09/07/19 CNY 6.94
NANJING NEW&HIGH TECHNOLOGY 61.01 09/07/19 CNY 6.94
NANJING STATE OWNED ASSETS I 60.17 03/06/20 CNY 5.40
NANJING STATE OWNED ASSETS I 81.85 03/06/20 CNY 5.40
NANJING URBAN CONSTRUCTION I 50.52 11/26/18 CNY 5.68
NANJING URBAN CONSTRUCTION I 50.96 11/26/18 CNY 5.68
NANJING XINGANG DEVELOPMENT 54.00 01/08/20 CNY 6.80
NANJING XINGANG DEVELOPMENT 61.60 01/08/20 CNY 6.80
NANTONG CITY GANGZHA DISTRIC 61.43 01/09/20 CNY 7.15
NANTONG CITY GANGZHA DISTRIC 61.76 01/09/20 CNY 7.15
NANTONG CITY TONGZHOU DISTRI 60.76 05/28/19 CNY 6.80
NANTONG CITY TONGZHOU DISTRI 61.30 05/28/19 CNY 6.80
NEIJIANG INVESTMENT HOLDING 50.38 07/19/18 CNY 7.00
NEIJIANG INVESTMENT HOLDING 50.50 07/19/18 CNY 7.00
NEIMENGGU XINLINGOL XINGFU T 41.22 02/25/18 CNY 7.62
NINGBO CITY YINZHOU CITY CON 61.36 03/18/20 CNY 6.50
NINGBO EASTERN NEW TOWN DEVE 60.68 01/21/20 CNY 6.45
NINGBO URBAN CONSTRUCTION IN 25.39 03/01/18 CNY 7.39
NINGBO URBAN CONSTRUCTION IN 25.47 03/01/18 CNY 7.39
NINGBO ZHENHAI HAIJIANG INVE 50.78 11/28/18 CNY 6.65
NINGDE CITY STATE-OWNED PROP 9.92 10/21/17 CNY 6.25
NONGGONGSHANG REAL ESTATE GR 40.22 10/11/17 CNY 6.29
PANJIN CONSTRUCTION INVESTME 60.00 05/17/19 CNY 7.50
PANJIN CONSTRUCTION INVESTME 60.83 03/01/18 CNY 7.42
PANJIN CONSTRUCTION INVESTME 60.88 05/17/19 CNY 7.50
PANJIN PETROLEUM HIGH TECHNO 60.98 01/10/20 CNY 6.95
PANJIN PETROLEUM HIGH TECHNO 61.14 01/10/20 CNY 6.95
PEIXIAN STATE-OWNED ASSETS M 61.33 12/06/19 CNY 7.20
PENGLAI CITY PENGLAIGE TOURI 70.93 01/30/21 CNY 6.80
PENGLAI CITY PENGLAIGE TOURI 71.59 01/30/21 CNY 6.80
PINGDINGSHAN CITY DEVELOPMEN 41.13 05/08/19 CNY 7.86
PINGDINGSHAN CITY DEVELOPMEN 41.27 05/08/19 CNY 7.86
PINGHU CITY DEVELOPMENT INVE 61.03 09/18/19 CNY 7.20
PINGTAN COMPOSITE EXPERIMENT 60.82 03/15/20 CNY 6.58
PINGTAN COMPOSITE EXPERIMENT 61.20 03/15/20 CNY 6.58
PINGXIANG URBAN CONSTRUCTION 60.77 12/10/19 CNY 6.89
PINGXIANG URBAN CONSTRUCTION 60.91 12/10/19 CNY 6.89
PIZHOU RUNCHENG ASSET OPERAT 61.72 09/25/19 CNY 7.55
PUER CITY STATE OWNED ASSET 60.80 06/20/19 CNY 7.38
PUTIAN STATE-OWNED ASSETS IN 41.23 03/21/19 CNY 8.10
PUTIAN STATE-OWNED ASSETS IN 41.56 03/21/19 CNY 8.10
PUYANG INVESTMENT GROUP CO 60.85 10/29/19 CNY 6.98
QIANAN XINGYUAN WATER INDUST 50.26 07/11/18 CNY 6.45
QIANDONG NANZHOU DEVELOPMENT 41.45 04/27/19 CNY 8.80
QIANDONGNANZHOU KAIHONG ASSE 61.27 10/30/19 CNY 7.80
QIANXI NANZHOU HONGSHENG CAP 60.80 11/22/19 CNY 6.99
QINGDAO CITY CONSTRUCTION IN 40.78 02/16/19 CNY 6.89
QINGDAO CITY CONSTRUCTION IN 40.84 02/16/19 CNY 6.89
QINGDAO HUATONG STATE-OWNED 41.17 04/18/19 CNY 7.30
QINGDAO HUATONG STATE-OWNED 62.05 04/18/19 CNY 7.30
QINGDAO JIAOZHOU CITY DEVELO 61.08 01/25/20 CNY 6.59
QINGZHOU HONGYUAN PUBLIC ASS 30.28 05/22/19 CNY 6.50
QINGZHOU HONGYUAN PUBLIC ASS 50.58 10/19/18 CNY 7.25
QINGZHOU HONGYUAN PUBLIC ASS 50.83 10/19/18 CNY 7.25
QINGZHOU HONGYUAN PUBLIC ASS 61.12 10/19/19 CNY 7.35
QINGZHOU HONGYUAN PUBLIC ASS 61.26 10/19/19 CNY 7.35
QINHUANGDAO DEVELOPMENT ZONE 61.50 10/17/19 CNY 7.46
QINHUANGDAO DEVELOPMENT ZONE 62.15 10/17/19 CNY 7.46
QITAIHE CITY CONSTRUCTION IN 60.42 10/18/19 CNY 7.30
QITAIHE CITY CONSTRUCTION IN 60.63 10/18/19 CNY 7.30
QUANZHOU QUANGANG PETROCHEMI 41.23 04/16/19 CNY 8.40
QUANZHOU QUANGANG PETROCHEMI 41.62 04/16/19 CNY 8.40
QUANZHOU TAISHANG INVESTMENT 61.86 12/10/19 CNY 7.08
QUANZHOU URBAN CONSTRUCTION 61.27 01/11/20 CNY 6.48
QUANZHOU URBAN CONSTRUCTION 62.60 01/11/20 CNY 6.48
QUJING DEVELOPMENT INVESTMEN 61.11 09/06/19 CNY 7.25
QUJING DEVELOPMENT INVESTMEN 61.12 09/06/19 CNY 7.25
RONGCHENG ECONOMIC DEVELOPME 60.00 03/18/20 CNY 6.45
RONGCHENG ECONOMIC DEVELOPME 60.92 03/18/20 CNY 6.45
RUDONG COUNTY DONGTAI SOCIAL 50.59 01/31/18 CNY 7.10
RUDONG COUNTY DONGTAI SOCIAL 61.14 09/24/19 CNY 7.45
RUDONG COUNTY DONGTAI SOCIAL 62.00 09/24/19 CNY 7.45
RUGAO COMMUNICATIONS CONSTRU 51.74 01/26/19 CNY 8.51
RUGAO COMMUNICATIONS CONSTRU 60.99 02/01/20 CNY 6.70
RUIAN STATE OWNED ASSET INVE 55.00 11/26/19 CNY 6.93
RUIAN STATE OWNED ASSET INVE 61.20 11/26/19 CNY 6.93
SANMENXIA CITY FINANCIAL INV 60.81 01/29/20 CNY 6.68
SANMENXIA CITY FINANCIAL INV 61.03 01/29/20 CNY 6.68
SANMING CITY CONSTRUCTION IN 60.93 03/05/20 CNY 6.40
SANMING CITY CONSTRUCTION IN 61.05 03/05/20 CNY 6.40
SANMING STATE-OWNED ASSET IN 61.38 12/05/19 CNY 6.92
SANMING STATE-OWNED ASSET IN 70.87 06/14/18 CNY 6.99
SHANDONG TAIFENG HOLDING GRO 58.28 03/12/20 CNY 5.80
SHANDONG TAIFENG HOLDING GRO 58.30 03/12/20 CNY 5.80
SHANGHAI BUND GROUP DEVELOPM 60.78 04/24/20 CNY 6.35
SHANGHAI BUND GROUP DEVELOPM 61.03 04/24/20 CNY 6.35
SHANGHAI CHENGTOU CORP 59.73 07/30/19 CNY 4.63
SHANGHAI FENGXIAN NANQIAO NE 61.12 03/05/20 CNY 6.25
SHANGHAI JIADING INDUSTRIAL 50.79 10/10/18 CNY 6.71
SHANGHAI JINSHAN URBAN CONST 61.20 12/21/19 CNY 6.60
SHANGHAI LUJIAZUI DEVELOPMEN 71.50 03/11/19 CNY 5.98
SHANGHAI LUJIAZUI DEVELOPMEN 71.78 02/25/19 CNY 5.79
SHANGHAI LUJIAZUI DEVELOPMEN 72.00 03/11/19 CNY 5.98
SHANGHAI MINHANG URBAN CONST 60.90 10/23/19 CNY 6.48
SHANGHAI MINHANG URBAN CONST 60.97 10/23/19 CNY 6.48
SHANGHAI REAL ESTATE GROUP C 40.00 05/17/17 CNY 6.12
SHANGHAI SONGJIANG TOWN CONS 50.48 08/15/18 CNY 6.28
SHANGHAI URBAN CONSTRUCTION 60.18 11/30/19 CNY 5.25
SHANGQIU DEVELOPMENT INVESTM 61.30 01/15/20 CNY 6.60
SHANGRAO CITY CONSTRUCTION I 61.44 09/10/19 CNY 7.30
SHANGYU COMMUNICATIONS INVES 61.23 09/11/19 CNY 6.70
SHANTOU CITY CONSTRUCTION DE 74.28 03/23/22 CNY 8.57
SHAOGUAN JINYE DEVELOPMENT C 60.91 10/18/19 CNY 7.30
SHAOGUAN JINYE DEVELOPMENT C 61.73 10/18/19 CNY 7.30
SHAOXING CHENGBEI XINCHENG C 50.25 06/11/18 CNY 6.21
SHAOXING CHENGZHONGCUN REFOR 60.54 01/24/20 CNY 6.50
SHAOXING CHENGZHONGCUN REFOR 62.20 01/24/20 CNY 6.50
SHAOXING HI-TECH INDUSTRIAL 50.84 12/05/18 CNY 6.75
SHAOXING KEQIAO DISTRICT CEN 50.44 02/26/19 CNY 6.30
SHAOXING PAOJIANG INDUSTRIAL 61.18 10/31/19 CNY 6.90
SHAOXING URBAN CONSTRUCTION 61.18 11/09/19 CNY 6.40
SHAOYANG CITY CONSTRUCTION I 49.50 09/11/18 CNY 7.40
SHAOYANG CITY CONSTRUCTION I 50.59 09/11/18 CNY 7.40
SHENYANG HEPING DISTRICT STA 55.00 11/13/19 CNY 6.85
SHENYANG HEPING DISTRICT STA 60.63 11/13/19 CNY 6.85
SHENYANG MACHINE TOOL CO LTD 42.63 03/27/18 CNY 6.50
SHENYANG MACHINE TOOL CO LTD 48.92 04/09/20 CNY 6.50
SHENZHEN LONGGANG DISTRICT I 50.46 03/27/19 CNY 6.18
SHENZHEN LONGGANG DISTRICT I 51.19 03/27/19 CNY 6.18
SHIJIAZHUANG REAL ESTATE GRO 80.57 05/15/20 CNY 5.65
SHISHI STATE OWNED INVESTMEN 61.36 09/13/19 CNY 7.40
SHIYAN CITY INFRASTRUCTURE C 41.29 04/20/19 CNY 7.98
SHOUGUANG JINCAI STATE-OWNED 61.06 10/23/19 CNY 6.70
SHOUGUANG JINCAI STATE-OWNED 61.23 10/23/19 CNY 6.70
SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.40
SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.48
SHUANGLIU SHINE CHINE CONSTR 72.73 03/16/19 CNY 8.48
SHUANGYASHAN DADI CITY CONST 60.41 12/25/19 CNY 6.55
SHUYANG JINGYUAN ASSET OPERA 57.00 12/03/19 CNY 6.50
SHUYANG JINGYUAN ASSET OPERA 60.67 12/03/19 CNY 6.50
SICHUAN COAL INDUSTRY GROUP 45.00 05/15/17 CNY 5.94
SICHUAN COAL INDUSTRY GROUP 45.00 12/25/16 CNY 7.45
SICHUAN COAL INDUSTRY GROUP 45.00 09/27/17 CNY 7.80
SICHUAN COAL INDUSTRY GROUP 45.00 01/09/18 CNY 7.70
SICHUAN DEVELOPMENT HOLDING 29.98 11/10/17 CNY 5.40
SONGYUAN URBAN DEVELOPMENT C 60.96 08/29/19 CNY 7.30
STAR LAKE BIOSCIENCE CO INC 68.21 07/07/17 CNY 5.80
SUIFENHE HAIRONG URBAN CONST 59.43 04/28/20 CNY 6.60
SUINING DEVELOPMENT INVESTME 61.27 04/25/20 CNY 6.62
SUINING DEVELOPMENT INVESTME 61.37 04/25/20 CNY 6.62
SUIZHOU DEVELOPMENT INVESTME 61.43 08/22/19 CNY 7.50
SUQIAN ECONOMIC DEVELOPMENT 39.30 03/26/19 CNY 7.50
SUQIAN ECONOMIC DEVELOPMENT 40.89 03/26/19 CNY 7.50
SUQIAN WATER GROUP CO 60.95 12/04/19 CNY 6.55
SUZHOU CITY CONSTRUCTION INV 40.93 03/12/19 CNY 7.45
SUZHOU CITY CONSTRUCTION INV 60.79 04/17/20 CNY 6.40
SUZHOU CITY CONSTRUCTION INV 61.19 04/17/20 CNY 6.40
SUZHOU FENHU INVESTMENT GROU 50.21 10/22/17 CNY 7.00
SUZHOU INDUSTRIAL PARK TRIRU 60.40 05/30/19 CNY 5.79
SUZHOU TECH CITY DEVELOPMENT 50.72 11/01/18 CNY 7.32
SUZHOU URBAN CONSTRUCTION IN 60.75 10/25/19 CNY 5.79
SUZHOU URBAN CONSTRUCTION IN 61.45 10/25/19 CNY 5.79
SUZHOU WUJIANG COMMUNICATION 69.00 10/31/20 CNY 6.80
SUZHOU WUJIANG COMMUNICATION 71.34 10/31/20 CNY 6.80
SUZHOU WUJIANG EASTERN STATE 72.24 12/05/18 CNY 8.05
SUZHOU WUJIANG EASTERN STATE 72.86 12/05/18 CNY 8.05
SUZHOU XIANGCHENG URBAN CONS 60.76 09/03/19 CNY 6.95
SUZHOU XIANGCHENG URBAN CONS 61.54 09/03/19 CNY 6.95
TAIAN CITY TAISHAN INVESTMEN 61.61 01/25/20 CNY 6.76
TAICANG ASSET MANAGEMENT INV 71.93 12/31/18 CNY 8.25
TAICANG ASSET MANAGEMENT INV 72.36 12/31/18 CNY 8.25
TAICANG HENGTONG INVESTMENT 61.58 10/30/19 CNY 7.45
TAICANG URBAN CONSTRUCTION I 59.00 01/11/20 CNY 6.75
TAICANG URBAN CONSTRUCTION I 61.45 01/11/20 CNY 6.75
TAIXING ZHONGXING STATE-OWNE 25.54 03/27/18 CNY 8.29
TAIYUAN HIGH-SPEED RAILWAY I 71.82 10/30/20 CNY 6.50
TAIYUAN LONGCHENG DEVELOPMEN 60.00 09/25/19 CNY 6.50
TAIYUAN LONGCHENG DEVELOPMEN 60.71 09/25/19 CNY 6.50
TAIZHOU CITY HUANGYAN DISTRI 50.73 12/17/18 CNY 6.85
TAIZHOU CITY HUANGYAN DISTRI 50.79 12/17/18 CNY 6.85
TAIZHOU HAILING ASSETS MANAG 41.70 03/21/19 CNY 8.52
TAIZHOU JIAOJIANG STATE OWNE 72.25 09/13/20 CNY 7.46
TAIZHOU TRAFFIC INDUSTRY GRO 60.42 03/11/20 CNY 6.15
TAIZHOU TRAFFIC INDUSTRY GRO 60.68 03/11/20 CNY 6.15
TAIZHOU XINTAI GROUP CO LTD 50.39 08/14/18 CNY 6.85
TAIZHOU XINTAI GROUP CO LTD 50.55 08/14/18 CNY 6.85
TANGSHAN NANHU ECO CITY DEVE 61.16 10/16/19 CNY 7.08
TIANJIN BINHAI NEW AREA CONS 39.97 03/13/18 CNY 5.00
TIANJIN BINHAI NEW AREA CONS 59.85 03/13/20 CNY 5.19
TIANJIN DONGFANG CAIXIN INVE 71.85 11/23/18 CNY 7.99
TIANJIN ECO-CITY INVESTMENT 61.03 08/14/19 CNY 6.76
TIANJIN ECONOMIC TECHNOLOGY 56.00 12/03/19 CNY 6.20
TIANJIN ECONOMIC TECHNOLOGY 61.02 12/03/19 CNY 6.20
TIANJIN ECONOMIC TECHNOLOGY 74.00 12/03/22 CNY 6.50
TIANJIN HANBIN INVESTMENT GR 41.53 03/22/19 CNY 8.39
TIANJIN HI-TECH INDUSTRY PAR 41.00 03/27/19 CNY 7.80
TIANJIN HI-TECH INDUSTRY PAR 41.08 03/27/19 CNY 7.80
TIANJIN JINNAN CITY CONSTRUC 60.68 06/18/19 CNY 6.95
TIANJIN JINNAN CITY CONSTRUC 61.50 06/18/19 CNY 6.95
TIANJIN TEDA CONSTRUCTION GR 60.88 04/27/20 CNY 6.89
TIELING PUBLIC ASSETS INVEST 50.35 05/29/18 CNY 7.34
TIELING PUBLIC ASSETS INVEST 50.50 05/29/18 CNY 7.34
TIGER FOREST & PAPER GROUP C 59.79 06/14/17 CNY 5.38
TONGCHUAN DEVELOPMENT INVEST 60.71 07/17/19 CNY 7.50
TONGLIAO TIANCHENG URBAN CON 61.50 09/24/19 CNY 7.75
TONGLIAO URBAN INVESTMENT GR 40.01 09/01/17 CNY 5.98
TONGLIAO URBAN INVESTMENT GR 60.58 04/09/20 CNY 6.64
TONGLIAO URBAN INVESTMENT GR 60.61 04/09/20 CNY 6.64
TONGLING CONSTRUCTION INVEST 74.30 04/28/22 CNY 8.20
TONGREN FANJINGSHAN INVESTME 60.62 08/02/19 CNY 6.89
ULANQAB CITY JI NING DISTRIC 58.01 03/19/20 CNY 6.88
ULANQAB CITY JI NING DISTRIC 59.50 03/19/20 CNY 6.88
URUMQI CITY CONSTRUCTION & I 60.82 07/09/19 CNY 6.35
URUMQI ECO&TECH DEVELOPMENT 51.73 01/10/19 CNY 8.58
URUMQI HIGH-TECH INVESTMENT 60.11 03/05/20 CNY 6.18
URUMQI STATE-OWNED ASSET MAN 25.18 04/28/18 CNY 6.48
URUMQI STATE-OWNED ASSET MAN 25.20 04/28/18 CNY 6.48
WAFANGDIAN STATE-OWNED ASSET 41.52 04/19/19 CNY 8.55
WEIFANG BINHAI INVESTMENT DE 70.39 04/16/21 CNY 6.16
WEIFANG DONGXIN CONSTRUCTION 60.99 11/20/19 CNY 6.88
WEIFANG DONGXIN CONSTRUCTION 61.29 11/20/19 CNY 6.88
WEIHAI WENDENG URBAN PROPERT 60.40 03/06/20 CNY 6.38
WEIHAI WENDENG URBAN PROPERT 60.91 03/06/20 CNY 6.38
WEINAN CITY INVESTMENT GROUP 60.81 01/15/20 CNY 6.69
WEINAN CITY INVESTMENT GROUP 60.95 01/15/20 CNY 6.69
WENLING CITY STATE OWNED ASS 60.99 09/18/19 CNY 7.18
WENLING CITY STATE OWNED ASS 61.00 09/18/19 CNY 7.18
WENZHOU ANJUFANG CITY DEVELO 40.96 04/24/19 CNY 7.65
WENZHOU ECONOMIC-TECHNOLOGIC 61.11 01/15/20 CNY 6.49
WENZHOU ECONOMIC-TECHNOLOGIC 61.19 01/15/20 CNY 6.49
WUHAI CITY CONSTRUCTION INVE 40.70 03/31/19 CNY 8.20
WUHAI CITY CONSTRUCTION INVE 41.37 03/31/19 CNY 8.20
WUHAN METRO GROUP CO LTD 60.53 02/04/20 CNY 5.70
WUHAN METRO GROUP CO LTD 60.55 02/04/20 CNY 5.70
WUHAN REAL ESTATE GROUP 49.50 03/22/19 CNY 5.90
WUHAN REAL ESTATE GROUP 50.41 03/22/19 CNY 5.90
WUHAN URBAN CONSTRUCTION INV 60.19 03/08/20 CNY 5.60
WUHU CONSTRUCTION INVESTMENT 70.87 03/26/19 CNY 6.84
WUHU ECONOMIC TECHNOLOGY DEV 50.37 06/08/18 CNY 6.70
WUHU XINMA INVESTMENT CO LTD 60.78 11/14/19 CNY 7.18
WUHU XINMA INVESTMENT CO LTD 61.02 11/14/19 CNY 7.18
WUJIANG ECONOMIC TECHNOLOGY 61.18 12/27/19 CNY 6.88
WUXI CONSTRUCTION AND DEVELO 61.00 09/17/19 CNY 6.60
WUXI CONSTRUCTION AND DEVELO 61.06 09/17/19 CNY 6.60
WUXI HUISHAN ECONOMIC DEVELO 50.15 04/22/19 CNY 6.03
WUXI TAIHU INTERNATIONAL TEC 60.00 09/17/19 CNY 7.60
WUXI TAIHU INTERNATIONAL TEC 61.28 09/17/19 CNY 7.60
WUXI XIDONG NEW TOWN CONSTRU 60.69 01/28/20 CNY 6.65
WUXI XIDONG NEW TOWN CONSTRU 61.23 01/28/20 CNY 6.65
WUXI XIDONG TECHNOLOGY INVES 70.33 10/26/18 CNY 5.98
WUXI XIDONG TECHNOLOGY INVES 70.65 10/26/18 CNY 5.98
WUZHOU DONGTAI STATE-OWNED A 61.15 09/03/19 CNY 7.40
XIAMEN XINGLIN CONSTRUCTION 60.79 02/22/20 CNY 6.60
XIAMEN XINGLIN CONSTRUCTION 81.80 02/22/20 CNY 6.60
XI'AN AEROSPACE BASE INVESTM 61.28 11/08/19 CNY 6.96
XIAN CHANBAHE DEVELOPMENT CO 60.81 08/03/19 CNY 6.89
XI'AN HI-TECH HOLDING CO LTD 50.34 02/26/19 CNY 5.70
XI'AN HI-TECH HOLDING CO LTD 50.36 02/26/19 CNY 5.70
XI'AN URBAN INDEMNIFICATORY 71.79 04/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 71.85 03/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 72.02 03/18/19 CNY 7.31
XI'AN URBAN INDEMNIFICATORY 72.10 04/18/19 CNY 7.31
XIANGTAN CITY CONSTRUCTIVE G 40.01 03/16/19 CNY 8.00
XIANGTAN CITY CONSTRUCTIVE G 41.42 03/16/19 CNY 8.00
XIANGTAN HI-TECH GROUP CO LT 61.22 01/15/20 CNY 6.90
XIANGTAN HI-TECH GROUP CO LT 61.48 01/15/20 CNY 6.90
XIANGTAN JIUHUA ECONOMIC CON 61.30 08/29/19 CNY 7.43
XIANGYANG CITY CONSTRUCTION 41.25 01/12/19 CNY 8.12
XIANGYANG CITY CONSTRUCTION 41.42 01/12/19 CNY 8.12
XIANNING CITY CONSTRUCTION I 50.79 08/31/18 CNY 7.50
XIANNING CITY CONSTRUCTION I 51.29 08/31/18 CNY 7.50
XIAOGAN URBAN CONSTRUCTION I 41.27 03/26/19 CNY 8.12
XINGHUA URBAN CONSTRUCTION I 50.70 10/23/18 CNY 7.25
XINGHUA URBAN CONSTRUCTION I 50.95 10/23/18 CNY 7.25
XINING CITY INVESTMENT & MAN 41.19 04/27/19 CNY 7.70
XINJIANG SHIHEZI DEVELOPMENT 49.30 08/29/18 CNY 7.50
XINJIANG UYGUR AR HAMI ZONE 50.40 07/17/18 CNY 6.25
XINXIANG INVESTMENT GROUP CO 40.31 01/18/18 CNY 6.80
XINXIANG INVESTMENT GROUP CO 60.15 04/15/20 CNY 5.85
XINYANG HUAXIN INVESTMENT GR 60.80 06/14/19 CNY 6.95
XINYU CITY CONSTRUCTION INVE 59.00 12/13/19 CNY 7.08
XINYU CITY CONSTRUCTION INVE 61.25 12/13/19 CNY 7.08
XINZHOU CITY ASSET MANAGEMEN 50.81 08/08/18 CNY 7.39
XUCHANG GENERAL INVESTMENT C 41.59 04/27/19 CNY 7.78
XUZHOU ECONOMIC TECHNOLOGY D 41.23 03/07/19 CNY 8.20
XUZHOU ECONOMIC TECHNOLOGY D 41.50 03/07/19 CNY 8.20
XUZHOU XINSHENG CONSTRUCTION 25.72 05/08/18 CNY 7.48
YAAN STATE-OWNED ASSET OPERA 60.78 07/04/19 CNY 7.39
YANCHENG CITY DAFENG DISTRIC 57.00 12/13/19 CNY 7.08
YANCHENG CITY DAFENG DISTRIC 61.07 12/13/19 CNY 7.08
YANCHENG ORIENTAL INVESTMENT 50.02 06/08/17 CNY 5.75
YANCHENG ORIENTAL INVESTMENT 50.30 06/08/17 CNY 5.75
YANCHENG ORIENTAL INVESTMENT 60.88 10/26/19 CNY 6.99
YANCHENG SOUTH DISTRICT DEVE 58.71 10/26/19 CNY 6.93
YANCHENG SOUTH DISTRICT DEVE 61.25 10/26/19 CNY 6.93
YANGZHONG URBAN CONSTRUCTION 50.51 03/26/18 CNY 7.10
YANGZHOU HANJIANG URBAN CONS 60.59 03/12/20 CNY 6.20
YANGZHOU HANJIANG URBAN CONS 60.74 03/12/20 CNY 6.20
YANGZHOU URBAN CONSTRUCTION 60.66 07/26/19 CNY 6.30
YANTAI DEVELOPMENT ZONE STAT 60.40 04/10/20 CNY 5.70
YANTAI URBAN CONSTRUCTION DE 60.00 03/14/20 CNY 5.99
YANTAI URBAN CONSTRUCTION DE 60.70 03/14/20 CNY 5.99
YIBIN STATE-OWNED ASSET OPER 70.45 05/23/18 CNY 5.80
YICHANG MUNICIPAL FINANCE EC 61.23 10/16/19 CNY 7.12
YICHANG MUNICIPAL FINANCE EC 61.38 10/16/19 CNY 7.12
YICHANG URBAN CONSTRUCTION I 59.00 11/08/19 CNY 6.85
YICHANG URBAN CONSTRUCTION I 61.45 11/08/19 CNY 6.85
YICHANG URBAN CONSTRUCTION I 69.61 11/17/19 CNY 8.13
YICHUN CITY CONSTRUCTION INV 60.46 07/24/19 CNY 7.35
YIJINHUOLUOQI HONGTAI CITY C 61.75 03/19/19 CNY 8.35
YIJINHUOLUOQI HONGTAI CITY C 61.76 03/19/19 CNY 8.35
YILI STATE-OWNED ASSET INVES 48.00 11/19/18 CNY 6.70
YILI STATE-OWNED ASSET INVES 50.46 11/19/18 CNY 6.70
YINGKOU CITY CONSTRUCTION IN 58.01 04/18/20 CNY 7.98
YINGKOU COASTAL DEVELOPMENT 58.00 11/16/19 CNY 7.08
YINGKOU COASTAL DEVELOPMENT 60.42 11/16/19 CNY 7.08
YINGKOU ECO & TECH DEVELOPME 59.33 04/08/20 CNY 6.17
YIXING CITY DEVELOPMENT INVE 60.83 10/10/19 CNY 6.90
YIXING CITY DEVELOPMENT INVE 60.92 10/10/19 CNY 6.90
YIYANG CITY CONSTRUCTION INV 61.15 08/24/19 CNY 7.36
YIYANG GAOXIN TECHNOLOGY IND 61.09 03/13/20 CNY 6.70
YIYANG GAOXIN TECHNOLOGY IND 61.23 03/13/20 CNY 6.70
YIZHENG CITY CONSTRUCTION DE 58.50 06/14/19 CNY 7.78
YIZHENG CITY CONSTRUCTION DE 61.27 06/14/19 CNY 7.78
YUHUAN COUNTY COMMUNICATIONS 60.93 10/12/19 CNY 7.15
YULIN CITY INVESTMENT OPERAT 50.70 12/04/18 CNY 6.81
YULIN URBAN CONSTRUCTION INV 61.18 11/26/19 CNY 6.88
YUNCHENG URBAN CONSTRUCTION 61.48 10/15/19 CNY 7.48
YUNNAN PROVINCIAL INVESTMENT 39.96 08/24/17 CNY 5.25
YUNNAN PROVINCIAL INVESTMENT 40.11 08/24/17 CNY 5.25
YUYAO ECONOMIC DEVELOPMENT D 60.98 03/04/20 CNY 6.75
YUYAO WATER RESOURCE INVESTM 61.11 10/16/19 CNY 7.20
ZHANGJIAGANG JINCHENG INVEST 30.19 01/06/18 CNY 6.23
ZHANGJIAGANG MUNICIPAL PUBLI 60.90 11/27/19 CNY 6.43
ZHANGJIAJIE ECONOMIC DEVELOP 61.26 10/18/19 CNY 7.40
ZHANGJIAKOU CONSTRUCTION DEV 60.60 10/26/19 CNY 7.00
ZHANGJIAKOU TONGTAI HOLDING 70.51 07/05/18 CNY 6.90
ZHANGZHOU CITY CONSTRUCTION 61.12 03/26/20 CNY 6.60
ZHAOYUAN STATE-OWNED ASSET O 61.00 12/31/19 CNY 6.64
ZHEJIANG HUZHOU HUANTAIHU GR 61.46 11/28/19 CNY 6.70
ZHEJIANG JIASHAN ECONOMIC DE 58.00 12/03/19 CNY 7.05
ZHEJIANG JIASHAN ECONOMIC DE 61.77 12/03/19 CNY 7.05
ZHEJIANG PROVINCE DEQING COU 40.51 04/12/18 CNY 6.90
ZHEJIANG PROVINCE DEQING COU 61.01 02/22/20 CNY 6.40
ZHEJIANG PROVINCE XINCHANG C 60.93 04/24/20 CNY 6.60
ZHEJIANG PROVINCE XINCHANG C 62.03 04/24/20 CNY 6.60
ZHENGZHOU CITY CONSTRUCTION 61.15 12/03/19 CNY 6.37
ZHENJIANG CULTURE AND TOURIS 60.11 01/30/20 CNY 6.60
ZHENJIANG TRANSPORTATION IND 40.85 05/08/19 CNY 7.29
ZHENJIANG TRANSPORTATION IND 61.00 05/08/19 CNY 7.29
ZHONGSHAN TRANSPORTATION DEV 50.44 08/28/18 CNY 6.65
ZHONGSHAN TRANSPORTATION DEV 51.20 08/28/18 CNY 6.65
ZHOUSHAN DINGHAI STATE-OWNED 71.88 08/31/20 CNY 7.25
ZHOUSHAN DINGHAI STATE-OWNED 72.35 08/31/20 CNY 7.25
ZHUCHENG ECONOMIC DEVELOPMEN 20.24 04/26/18 CNY 6.40
ZHUCHENG ECONOMIC DEVELOPMEN 30.53 08/25/18 CNY 7.50
ZHUCHENG ECONOMIC DEVELOPMEN 37.50 04/26/18 CNY 6.40
ZHUCHENG ECONOMIC DEVELOPMEN 59.00 11/29/19 CNY 6.80
ZHUCHENG ECONOMIC DEVELOPMEN 61.37 11/29/19 CNY 6.80
ZHUHAI HUAFA GROUP CO LTD 25.35 02/16/18 CNY 8.43
ZHUHAI HUAFA GROUP CO LTD 25.49 02/16/18 CNY 8.43
ZHUHAI HUAFA GROUP CO LTD 70.36 06/05/19 CNY 5.50
ZHUJI CITY CONSTRUCTION INVE 56.00 12/19/19 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 61.50 12/19/19 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 70.00 07/05/18 CNY 6.92
ZHUJI CITY CONSTRUCTION INVE 70.73 07/05/18 CNY 6.92
ZHUMADIAN INVESTMENT CO LTD 61.02 11/26/19 CNY 6.95
ZHUZHOU GECKOR GROUP CO LTD 61.32 09/10/19 CNY 7.50
ZHUZHOU GECKOR GROUP CO LTD 61.33 09/10/19 CNY 7.50
ZHUZHOU GECKOR GROUP CO LTD 71.44 08/18/18 CNY 7.82
ZHUZHOU YUNLONG DEVELOPMENT 60.90 11/19/19 CNY 6.78
ZHUZHOU YUNLONG DEVELOPMENT 61.13 11/19/19 CNY 6.78
ZIBO CITY PROPERTY CO LTD 23.93 04/27/19 CNY 5.45
ZIBO CITY PROPERTY CO LTD 61.11 08/22/19 CNY 6.83
ZIGONG GAOXIN INVESTMENT CO 60.81 03/13/20 CNY 6.30
ZIGONG STATE-OWNED ASSETS MA 70.64 06/17/18 CNY 6.86
ZIYANG CITY CONSTRUCTION INV 50.80 01/09/19 CNY 7.58
ZOUCHENG CITY ASSET OPERATIO 20.18 01/12/18 CNY 7.02
ZOUCHENG CITY ASSET OPERATIO 50.30 03/12/19 CNY 6.18
ZOUCHENG CITY ASSET OPERATIO 50.72 03/12/19 CNY 6.18
ZOUPING COUNTY STATE-OWNED A 40.18 04/27/18 CNY 6.98
ZOUPING COUNTY STATE-OWNED A 40.41 04/27/18 CNY 6.98
ZUNYI CITY HUICHUAN DISTRICT 50.74 04/24/19 CNY 6.75
ZUNYI INVESTMENT GROUP LTD C 41.68 03/13/19 CNY 8.53
ZUNYI ROAD & BRIDGE ENGINEER 72.95 08/17/20 CNY 7.15
ZUNYI STATE-OWNED ASSET INVE 60.97 12/26/19 CNY 6.98
HONG KONG
---------
CHINA CITY CONSTRUCTION INTE 70.63 07/03/17 CNY 5.35
INDONESIA
---------
BERAU COAL ENERGY TBK PT 38.54 03/13/17 USD 7.25
BERAU COAL ENERGY TBK PT 48.54 03/13/17 USD 7.25
DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00
DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00
INDIA
-----
3I INFOTECH LTD 14.63 03/31/25 USD 2.50
BLUE DART EXPRESS LTD 10.09 11/20/17 INR 9.30
BLUE DART EXPRESS LTD 10.26 11/20/18 INR 9.40
BLUE DART EXPRESS LTD 10.41 11/20/19 INR 9.50
GTL INFRASTRUCTURE LTD 40.13 11/09/17 USD 5.53
JAIPRAKASH ASSOCIATES LTD 41.38 09/08/17 USD 5.75
JAIPRAKASH POWER VENTURES LT 10.00 02/13/49 USD 7.00
JCT LTD 27.00 04/08/11 USD 2.50
PRAKASH INDUSTRIES LTD 21.00 04/30/15 USD 5.25
PYRAMID SAIMIRA THEATRE LTD 1.00 07/04/12 USD 1.75
REI AGRO LTD 1.52 11/13/14 USD 5.50
REI AGRO LTD 1.52 11/13/14 USD 5.50
SVOGL OIL GAS & ENERGY LTD 1.46 08/17/15 USD 5.00
JAPAN
-----
AVANSTRATE INC 29.75 10/31/17 JPY 5.55
AVANSTRATE INC 37.00 10/31/17 JPY 5.55
FUKUSHIMA BANK LTD/THE 74.37 12/05/23 JPY 1.19
MICRON MEMORY JAPAN INC 13.75 12/07/12 JPY 2.29
MICRON MEMORY JAPAN INC 13.75 11/29/12 JPY 2.10
MICRON MEMORY JAPAN INC 13.75 03/22/12 JPY 2.03
TAKATA CORP 38.13 03/26/21 JPY 0.58
TAKATA CORP 45.00 03/06/19 JPY 0.85
TAKATA CORP 49.75 12/15/17 JPY 1.02
KOREA
-----
2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00
2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00
2016 KIBO 1ST SECURITIZATION 31.59 09/13/18 KRW 5.00
CHEJU REGIONAL DEVELOPMENT B 25.26 07/25/18 KRW 3.00
DAEWOO SHIPBUILDING & MARINE 25.34 04/21/19 KRW 3.79
DAEWOO SHIPBUILDING & MARINE 51.24 11/29/17 KRW 3.50
DAEWOO SHIPBUILDING & MARINE 51.29 03/19/18 KRW 3.28
DAEWOO SHIPBUILDING & MARINE 59.77 07/23/17 KRW 3.73
DONGBU METAL CO LTD 73.74 04/16/20 KRW 5.75
DOOSAN CAPITAL SECURITIZATIO 52.93 04/22/19 KRW
20.00
HYUNDAI MERCHANT MARINE CO L 49.50 07/07/21 KRW 1.00
HYUNDAI MERCHANT MARINE CO L 52.00 04/07/21 KRW 1.00
JT CAPITAL FIRST ASSET SECUR 74.31 07/24/45 KRW 3.75
KIBO ABS SPECIALTY CO LTD 30.07 02/25/19 KRW 5.00
KIBO ABS SPECIALTY CO LTD 34.14 12/25/17 KRW 5.00
KIBO ABS SPECIALTY CO LTD 34.66 03/29/18 KRW 5.00
KIBO ABS SPECIALTY CO LTD 39.41 08/22/17 KRW
10.00
KOREA SOUTH-EAST POWER CO LT 55.71 12/07/42 KRW 4.38
KOREA SOUTH-EAST POWER CO LT 56.16 12/07/42 KRW 4.44
KOREA TREASURY BOND 73.16 09/10/66 KRW 1.50
LSMTRON DONGBANGSEONGJANG SE 35.17 11/22/17 KRW 4.53
MERITZ CAPITAL CO LTD 36.42 04/28/46 KRW 5.66
MERITZ CAPITAL CO LTD 37.24 09/29/46 KRW 5.44
OKC SECURITIZATION SPECIALTY 30.53 01/03/20 KRW
10.00
OKC SECURITIZATION SPECIALTY 52.40 02/17/42 KRW 3.00
SAMPYO CEMENT CO LTD 70.00 06/26/15 KRW 7.30
SAMPYO CEMENT CO LTD 70.00 04/12/15 KRW 7.30
SAMPYO CEMENT CO LTD 70.00 07/20/14 KRW 7.50
SAMPYO CEMENT CO LTD 70.00 09/10/14 KRW 7.50
SAMPYO CEMENT CO LTD 70.00 04/20/14 KRW 7.50
SHINHAN BANK 73.38 12/08/31 KRW 3.83
SHINHAN BANK 73.38 12/08/31 KRW 3.83
SINBO SECURITIZATION SPECIAL 18.59 10/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 26.29 07/28/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 27.81 02/25/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 27.93 01/28/20 KRW 5.00
SINBO SECURITIZATION SPECIAL 28.14 12/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 28.87 06/24/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.08 09/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.50 08/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.79 07/29/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 29.85 03/13/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 30.15 06/25/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.08 07/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.44 06/25/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 32.76 05/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.16 12/23/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 47.74 07/24/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00
SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00
U-BEST SECURITIZATION SPECIA 36.87 11/16/17 KRW 5.50
WOONGJIN ENERGY CO LTD 63.69 12/19/19 KRW 3.00
WOORI BANK 342.58 12/12/44 KRW 5.21
SRI LANKA
---------
SRI LANKA GOVERNMENT BONDS 63.64 03/01/26 LKR 5.35
SRI LANKA GOVERNMENT BONDS 69.30 01/01/32 LKR 8.00
SRI LANKA GOVERNMENT BONDS 70.15 12/01/24 LKR 6.00
SRI LANKA GOVERNMENT BONDS 70.70 06/01/43 LKR 9.00
SRI LANKA GOVERNMENT BONDS 74.39 11/01/33 LKR 9.00
SRI LANKA GOVERNMENT BONDS 74.90 06/01/33 LKR 9.00
MALAYSIA
--------
ADVANCE SYNERGY BHD 0.10 01/26/18 MYR 2.00
BARAKAH OFFSHORE PETROLEUM B 0.63 10/24/18 MYR 3.50
BERJAYA CORP BHD 0.36 05/29/26 MYR 2.00
BERJAYA CORP BHD 0.48 04/22/22 MYR 5.00
BRIGHT FOCUS BHD 74.09 01/22/31 MYR 2.50
ELK-DESA RESOURCES BHD 0.98 04/14/22 MYR 3.25
HIAP TECK VENTURE BHD 0.31 06/27/21 MYR 5.00
I-BHD 0.45 10/09/19 MYR 2.50
IRE-TEX CORP BHD 0.03 06/10/19 MYR 1.00
LAND & GENERAL BHD 0.18 09/24/18 MYR 1.00
MALTON BHD 1.51 06/30/18 MYR 6.00
PUC FOUNDER MSC BHD 0.09 02/15/19 MYR 4.00
REDTONE INTERNATIONAL BHD 0.19 03/04/20 MYR 2.75
SAM ENGINEERING & EQUIPMENT 3.10 09/25/17 MYR 4.00
SEE HUP CONSOLIDATED BHD 0.13 12/22/17 MYR 4.60
SENAI-DESARU EXPRESSWAY BHD 54.92 06/30/31 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 56.27 12/31/30 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 57.65 06/28/30 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 58.97 12/31/29 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 60.30 06/29/29 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 61.61 12/29/28 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 62.94 06/30/28 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 64.21 12/31/27 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 65.48 06/30/27 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 66.79 12/31/26 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 68.10 06/30/26 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 69.45 12/31/25 MYR 1.35
SENAI-DESARU EXPRESSWAY BHD 69.54 06/30/25 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 71.03 12/31/24 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 71.07 12/31/38 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 72.50 12/30/39 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 72.59 06/28/24 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 73.54 12/31/40 MYR 0.50
SENAI-DESARU EXPRESSWAY BHD 74.17 12/29/23 MYR 1.15
SENAI-DESARU EXPRESSWAY BHD 74.44 12/31/41 MYR 0.50
SOUTHERN STEEL BHD 1.53 01/24/20 MYR 5.00
THONG GUAN INDUSTRIES BHD 4.31 10/10/19 MYR 5.00
UNIMECH GROUP BHD 1.10 09/18/18 MYR 5.00
VIZIONE HOLDINGS BHD 0.07 08/08/21 MYR 3.00
YTL LAND & DEVELOPMENT BHD 0.47 10/31/21 MYR 3.00
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD
13.50
BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD
13.50
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 45.00 10/01/21 SGD 5.85
ASL MARINE HOLDINGS LTD 70.00 03/28/20 SGD 5.50
AUSGROUP LTD 66.25 10/20/18 SGD 7.95
BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50
BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50
BERAU CAPITAL RESOURCES PTE 48.55 07/08/15 USD 12.50
BERAU CAPITAL RESOURCES PTE 48.63 07/08/15 USD 12.50
BLD INVESTMENTS PTE LTD 4.63 03/23/15 USD 8.63
BUMI CAPITAL PTE LTD 55.38 11/10/16 USD 12.00
BUMI CAPITAL PTE LTD 55.50 11/10/16 USD 12.00
BUMI INVESTMENT PTE LTD 55.00 10/06/17 USD 10.75
BUMI INVESTMENT PTE LTD 56.38 10/06/17 USD 10.75
ENERCOAL RESOURCES PTE LTD 45.25 04/07/18 USD 9.25
EZION HOLDINGS LTD 47.33 06/11/21 SGD 4.88
EZION HOLDINGS LTD 59.97 03/13/20 SGD 5.10
EZION HOLDINGS LTD 65.06 05/22/19 SGD 4.70
EZION HOLDINGS LTD 70.34 01/23/19 SGD 4.85
EZRA HOLDINGS LTD 4.01 04/24/18 SGD 4.88
INDO INFRASTRUCTURE GROUP PT 1.00 07/30/10 USD 2.00
ORO NEGRO DRILLING PTE LTD 62.14 01/24/19 USD 7.50
OSA GOLIATH PTE LTD 0.72 10/09/18 USD 12.00
PACIFIC RADIANCE LTD 25.13 08/29/18 SGD 4.30
RICKMERS MARITIME 24.25 05/15/17 SGD 8.45
SWIBER CAPITAL PTE LTD 4.61 10/30/17 SGD 6.25
SWIBER CAPITAL PTE LTD 4.62 08/02/18 SGD 6.50
SWIBER HOLDINGS LTD 5.00 10/10/16 SGD 5.55
SWIBER HOLDINGS LTD 8.99 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 10.75 04/18/17 SGD 7.13
TRIKOMSEL PTE LTD 18.00 05/10/16 SGD 5.25
TRIKOMSEL PTE LTD 18.00 06/05/17 SGD 7.88
THAILAND
--------
BANK OF THAILAND BOND 1.65 07/20/18 THB 1.55
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 37.75 09/17/03 USD 4.75
VIETNAM
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DEBT AND ASSET TRADING CORP 59.50 10/10/25 USD 1.00
DEBT AND ASSET TRADING CORP 60.25 10/10/25 USD 1.00
*********
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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.
Copyright 2017. 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 or Joseph Cardillo at 856-381-8268.
*** End of Transmission ***