/raid1/www/Hosts/bankrupt/TCRAP_Public/170808.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, August 8, 2017, Vol. 20, No. 156
Headlines
A U S T R A L I A
ALFRED ANGELO: First Creditors' Meeting Set for Aug. 15
CARTERS TRANSPORT: First Creditors' Meeting Set for Aug. 15
CARZAPP PTY: First Creditors' Meeting Set for Aug. 15
DATAFIX CANBERRA: Second Creditors' Meeting Set for Aug. 14
HITECH HIPPO: First Creditors' Meeting Set for Aug. 15
NATIONAL GROUP: Second Creditors' Meeting Set for Aug. 16
QUEENSLAND NICKEL: Liquidators Apply to Freeze Palmer's Assets
WINTERSWYK PTY: First Creditors' Meeting Set for Aug. 15
C H I N A
CHINA HUIYUAN: Fitch Assigns B+ Long-Term Issuer Default Rating
CHINA LOGISTICS: Fitch Assigns B Rating to US$100MM Senior Notes
LVGEM (CHINA): Fitch Assigns LT Foreign-Currency IDR B+
YINGDE GASES: Moody's Confirms B3 CFR; Outlook Positive
I N D I A
BEST CHERAN: CRISIL Reaffirms 'B' Rating on INR26.1MM LT Loan
BLISS ENTERPRISES: CRISIL Reaffirms B Rating on INR3.5MM Loan
CORDOBA ENGINEERING: CRISIL Reaffirms B Rating on INR7MM Loan
EKSONS AGRO: CRISIL Assigns B+ Rating to INR6MM Cash Loan
ESSAR STEEL: NCLT Admits Insolvency Case
ESSEM ENTERPRISE: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
G. K. E. MEDICAL: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
INNOVATIVE TYRES: Ind-Ra Assigns BB+ LT Issuer Rating
JHARKHAND ROAD: Ind-Ra Withdraws WD Rating on INR3,730MM Loan
KAMADGIRI EXPORTS: CRISIL Reaffirms 'C' Rating on INR9.0MM Loan
KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
KOHINOOR GRAIN: CRISIL Reaffirms 'B' Rating on INR4.35MM Loan
LAXMI AROGYAM: CRISIL Reaffirms 'D' Rating on INR5.0MM LT Loan
MAHALAXMI COAL: CRISIL Reaffirms 'B' Rating on INR3MM Cash Loan
NEXTGEN TEXTILE: CRISIL Reaffirms B- Rating on INR10MM Term Loan
NITYAGOPAL RICE: CRISIL Reaffirms B Rating on INR2.5MM Cash Loan
NTS DAIRY: CRISIL Reaffirms 'D' Rating on INR7.0MM Term Loan
OM SHAKTHI: CRISIL Reaffirms 'D' Rating on INR5MM Loan
P. MOHAMMED: CRISIL Assigns B+ Rating to INR2.25MM Cash Loan
PARSVNATH HOTELS: Ind-Ra Affirms B- Issuer Rating, Outlook Stable
PRAKHHYAT INFRAPROJECTS: CRISIL Reaffirms D Rating on INR19M Loan
R B PATIL: CRISIL Reaffirms 'B' Rating on INR2.0MM Term Loan
ROSHAN FRUITS: CRISIL Cuts Rating on INR1.5MM Cash Loan to B+
SEMBCORP GAYATRI: Ind-Ra Withdraws WD Rating on INR61,396MM Loan
SHYAM JOTI: CRISIL Reaffirms 'B' Rating on INR6.33MM Term Loan
SRI LAKSHMI: CRISIL Lowers Rating on INR45MM Loan to 'D'
VINAYKUMAR & CO: CRISIL Reaffirms B+ Rating on INR11MM Loan
YKM ENTERTAINMENT: Ind-Ra Affirms 'D' Long-Term Issuer Rating
I N D O N E S I A
CHANDRA ASRI: Moody's Hikes CFR to Ba3; Outlook Stable
MASKAPAI REASURANSI: Fitch Affirms 'BB' International IFS Rating
* New Indonesian Land Regulation to Hit Developers' Profits
J A P A N
TOSHIBA CORP: To Cut Off Western Digital's Future Supply of Chips
TOSHIBA CORP: Auditor to Sign Off on Annual Results
X X X X X X X X
* BOND PRICING: For the Week July 31 to Aug. 4, 2017
- - - - -
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A U S T R A L I A
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ALFRED ANGELO: First Creditors' Meeting Set for Aug. 15
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A first meeting of the creditors in the proceedings of Alfred
Angelo (Australia) Pty Ltd will be held at Level 3, 1 Castlereagh
Street, in Sydney, NSW, on Aug. 15, 2017, at 10:00 a.m.
Katherine Elizabeth Barnet and Hugh Armenis of Bentleys Corporate
Recovery were appointed as administrators of Alfred Angelo on
Aug. 4, 2017.
CARTERS TRANSPORT: First Creditors' Meeting Set for Aug. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Carters
Transport Pty Ltd will be held at the offices of Deloitte
Financial Advisory Pty Ltd, Level 10, 550 Bourke Street, in
Melbourne, Victoria, on Aug. 15, 2017, at 11:00 a.m.
David Ian Mansfield and Shelley-Maree Brooks of Deloitte were
appointed as administrators of Deloitte Financial on Aug. 3,
2017.
CARZAPP PTY: First Creditors' Meeting Set for Aug. 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Carzapp
Pty Ltd will be held at Level 2, 151 Macquarie Street, in Sydney,
NSW, on Aug. 15, 2017, at 11:00 a.m.
Antony Resnick and David Solomons of de Vries Tayeh were
appointed as administrators of Carzapp Pty on Aug. 3, 2017.
DATAFIX CANBERRA: Second Creditors' Meeting Set for Aug. 14
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Datafix
Canberra ACT Pty Ltd has been set for Aug. 14, 2017, at
10:30 a.m., at the offices of Worrells Solvency & Forensic
Accountants, Level 2 AMP Building, 1 Hobart Place, in Canberra,
ACT.
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 Aug. 13, 2017, at 4:00 p.m.
Stephen John Hundy of Worrells Solvency was appointed as
administrator of Datafix Canberra on July 10, 2017.
HITECH HIPPO: First Creditors' Meeting Set for Aug. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hitech
Hippo Australia Limited will be held at the offices of PKF,
755 Hunter Street, in Newcastle, West NSW, on Aug. 15, 2017, at
11:00 a.m.
Simon Thorn of PKF was appointed as administrator of Hitech Hippo
on Aug. 3, 2017.
NATIONAL GROUP: Second Creditors' Meeting Set for Aug. 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of National
Group of Companies Pty Ltd has been set for Aug. 16, 2017, at
10:30 a.m., at Conference Room, Level 4, 16 St Georges Terrace,
in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 15, 2017, at 4:00 p.m.
David Allan Ingram and Cameron Shaw of Hall Chadwick were
appointed as administrators of National Group on July 21, 2017.
QUEENSLAND NICKEL: Liquidators Apply to Freeze Palmer's Assets
--------------------------------------------------------------
ABC News reports that liquidators have moved to freeze Clive
Palmer's assets as they seek to recover millions of dollars from
the 2016 collapse of Queensland Nickel with an application to the
Supreme Court in Brisbane.
Receivers are looking to recover AUD70 million from Mr. Palmer,
ABC says.
The Federal Government appointed PPB Advisory as special purpose
liquidators in May 2016 to try to regain money owed to the
Commonwealth, including more than AUD70 million in entitlements
for sacked workers in Townsville, ABC discloses.
ABC recalls that PPB Advisory last month lodged a claim with the
Queensland courts suing Mr. Palmer, his nephew Clive Mensink and
Mr. Palmer's companies including Queensland Nickel, as well as 19
other entities.
The ABC understands if the special purpose liquidators are unable
to recover money from Mr. Palmer and his corporate entities, it
would then seek to recover money from several other defendants.
However, Mr. Palmer said in a statement on Aug. 3 that the
liquidators had crossed the line by mixing professional
objectivity with political loyalty, ABC relates.
"The simple facts of the matter are that I am the full
beneficiary in Queensland Nickel Pty Ltd and its joint venture
companies QNI Resources Pty Ltd and QN Metals Pty Ltd," the
report quotes Mr. Palmer as saying. "Under the laws of this
country I was allowed to receive a dividend - during this period
the directors were entitled to distribute AUD156 million, however
I received nothing. That's because I chose to leave the funds
within the companies for the operating benefit and local
community of Townsville."
According to the report, Mr. Palmer said it was clear the Prime
Minister and his Cabinet were "pursuing a political witch hunt
against me".
He said it was on the public record that he provided solvency
guarantees in 2009 when he took over the refinery that "at that
time saved 3,000 jobs in the Townsville community," ABC relays.
"The company didn't pay me a dividend of which I was entitled
to," Mr. Palmer, as cited by ABC, said.
"But when the Federal Government was asked to guarantee AUD10
million at a difficult time in the nickel price cycle, the PM and
his Government chose instead to give an Indian company AUD1
billion to employ Indians and to fabricate the construction of a
company offshore.
"I think Australian enterprises are more important in the coming
weeks the truth on this matter will be clear."
About Queensland Nickel
Headquartered in Townsville, Australia, Queensland Nickel engages
in the production and marketing of nickel and cobalt. It owns
and operates the Palmer Nickel and Cobalt Refinery in Queensland,
Australia. It is owned by businessman and politician Clive
Palmer.
The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected. The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.
On January 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.
FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."
On April 22, 2016, the Companies' creditors voted for
liquidation.
FTI went from being administrators to liquidators at the second
creditors meeting in April.
WINTERSWYK PTY: First Creditors' Meeting Set for Aug. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Winterswyk
Pty Ltd will be held at the offices of Cor Cordis Chartered
Accountants, Level 29, 360 Collins Street, in Melbourne,
Victoria, on Aug. 15, 2017, at 11:00 a.m.
Glenn John Spooner and Daniel P Juratowitch Cor Cordis Chartered
Accountants were appointed as administrators of Winterswyk Pty on
Aug. 3, 2017.
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C H I N A
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CHINA HUIYUAN: Fitch Assigns B+ Long-Term Issuer Default Rating
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Fitch Ratings has assigned juice producer China Huiyuan Juice
Group Limited a Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'B+' with a Stable Outlook. Fitch has also assigned a
senior unsecured rating of 'B+' with a Recovery Rating of 'RR4'.
In addition, Fitch has assigned the proposed US-dollar senior
unsecured notes to be issued by Huiyuan Juice an expected rating
of 'B+(EXP)' with a Recovery Rating of 'RR4'. The proposed notes
are rated at the same level as Huiyuan Juice's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating on the proposed US dollar notes is
contingent upon the receipt of final documentation conforming to
information already received.
Huiyuan Juice's ratings are supported by the company's strong
brand name and long operating history in China's juice market and
its efforts in expanding and diversifying its product range
internally and through acquisitions. The company's ratings are
constrained by its volatile top line performance, relatively
small business scale and high leverage. Fitch also views the
extended trade receivable days at end-2016 as a credit weakness.
KEY RATING DRIVERS
Leading Chinese Juice Producer: Fitch sees Huiyuan Juice's strong
brand, leading market position and integrated operations as its
key competitive advantages. Huiyuan Juice has produced and sold
juice products in China for more than 20 years, with a dominant
market share in 100% juice and juice nectar products in China
over the past 10 years. The company also has an integrated
business model that encompasses upstream and downstream juice
production, which allows for greater bargaining power and lower
seasonal volatility.
Domestic and International Expansion: In 2015, Huiyuan Juice
acquired 100% of Suntory (Shanghai) Foods Co., Ltd and 50% of
Suntory (Shanghai) Beverage Co., Ltd for CNY74.5 million. The
acquisition enabled Huiyuan Juice to take control of Suntory's
non-alcoholic beverage business in China. Huiyuan Juice also
agreed in 2017 to establish a joint venture company in Malaysia
with Yeo Hiap Seng Limited, which will expand its operations in
Malaysia and south-east Asia. Fitch believes the two deals will
help diversify Huiyuan Juice's business portfolio, although the
company will face execution risk, as both businesses are at early
stages of development.
Large Trade Receivables: Huiyuan Juice reported negative
operating cash flow in 2016, mainly due to a sharp rise in trade
receivables as the company offered longer payment terms to its
distributors to boost product sales. Trade debtor days was 194
days at end-2016, up from 109 days at end-2015. Fitch sees the
extended working capital cycle as a credit weakness. However, the
company has taken steps to collect the receivables since the
beginning of 2017, and management said that the trade receivable
amount has been reduced by end-June 2017.
Limited Capital Expenditure Requirements: The capacity
utilisation rates of Huiyuan Juice's production facilities have
been low for many years due to over-expansion in the past.
Huiyuan Juice has been disposing of some of its idle and
inefficient capacity, which raised around CNY173 million in 2014,
CNY1.01 billion in 2015 and CNY468 million in 2016. As a result,
Fitch does not expect major capital expenditure in the near
future. The company is also exploring international
opportunities, which may allow the company to relocate idle
production lines to overseas facilities.
High Leverage, Moderate Coverage: Huiyuan Juice posted moderately
strong FFO fixed charge coverage of 3.0x at end-2016, but its
leverage - measured by FFO-adjusted net leverage - was moderately
high at 4.8x. Fitch believes that the company would maintain the
current coverage ratio at around 3x for the next three years.
Fitch also expects the company's leverage to remain at around 5x,
driven by single-digit revenue growth, moderate margin and large
working capital needs.
DERIVATION SUMMARY
Huiyuan Juice's financial profile is weaker than that of
international food and beverage peers rated at 'BB' or above.
Within Fitch China consumer portfolio, eHi Car Services Limited
(eHi, BB-/Negative) is similar to Huiyuan Juice in size, but eHi
has lower leverage and stronger coverage than Huiyuan Juice.
The company's financial metrics are more in line with peers rated
in the 'B' category. Compared with Agri Business Holding Miratorg
LLC (B+/Stable), Huiyuan Juice has smaller EBITDA and higher
leverage, but the two companies share similar coverage ratios.
Miratorg's ratings is capped at the 'B' category due to its
corporate governance and the operating environment in Russia,
which explains its better than 'B+' rated peer financial metrics.
Compared with 'B' rated peers such as Premier Foods plc
(B/Negative) and Yasar Holding A.S. (B/Stable), Huiyuan Juice has
similar EBITDA size but stronger FFO margin and FFO fixed charge
coverage. Huiyuan Juice has similar EBITDA size and coverage
compared with Labeyrie Fine Foods SAS (Labeyrie, B-/Stable), but
Fitch believes Huiyuan Juice's strong market position in the
China juice market warrants a higher rating.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue growth to remain around 7% in 2017 and 2018.
- EBITDA margin to remain close to 16% in 2017 and 2018.
- Capital expenditure to reduce to CNY200 million per annum, as
the company has no major new capex plan.
- No common dividend payout; and no share repurchase.
Key Recovery Rating Assumptions:
- The recovery analysis assumes Huiyuan Juice would be
liquidated in a bankruptcy rather than continue as a going-
concern.
- Recovery analysis applied a haircut of 50% for CNY3.18 billion
of receivables, a 50% haircut for CNY1.22 billion of inventory
and a 50% haircut for all property, plant and equipment,
affiliates and minority interest and other assets, In Fitch's
view, Huiyuan Juice's account receivables are more difficult
to recover compared with those of other companies, and hence
assigns lower recovery rate on this.
- Pledged cash of CNY200 million against bank borrowings is
considered as available to creditors.
- 10% administrative claims are applied on the liquidation
value.
- Offshore secured debts and unsecured debts of Chinese
operating entities move ahead of offshore unsecured debt
holder in the distribution waterfall;
- Based on Fitch calculations of the adjusted liquidation value
after administrative claims, Fitch estimates the recovery rate
of the offshore senior unsecured debt to be 54%, The Recovery
Rating of Huiyuan Juice is capped at 'RR4', which reflects
average recoverability for offshore creditors in China.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Substantial increase in revenue
- FFO fixed charge coverage sustained above 5x (2016: 3.0x)
- FFO-adjusted net leverage sustained below 3x (2016: 4.8x)
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin sustained below 15% (2016:17.8%)
- FFO-adjusted net leverage sustained above 5x (2016:4.8x)
- Substantial decrease in revenue
- Deterioration in working capital flow, which will be evident \
from longer account receivable days
LIQUIDITY
Adequate Liquidity: Huiyuan Juice had CNY2.1 billion in
unrestricted cash and CNY220 million in available undrawn bank
facilities at end-2016. These are sufficient to meet its short-
term debt repayment obligation of CNY1.75 billion. However,
around 70% of Huiyuan Juice's debt will mature in 2018, and the
company is likely to refinance these debts with offshore bond
issuance and roll over of its existing bank facilities.
CHINA LOGISTICS: Fitch Assigns B Rating to US$100MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned China Logistics Property Holdings Co.,
Ltd's (CNLP; B/Stable) US$100 million 8% senior notes due 2020 a
final rating of 'B' and Recovery Rating of 'RR4'. The notes are
rated at the same level as CNLP's senior unsecured rating because
they constitute its direct and senior unsecured obligations. The
final rating is in line with the expected rating assigned on 25
July 2017.
CNLP's ratings are supported by the strong industry demand for
high-standard warehouses, the company's national geographic
coverage and its extensive network. CNLP will also benefit from
its advantage in China's Yangtze River Delta (YRD) region, being
one of the largest logistic-property owners in the area. However,
its ratings are constrained by its small scale, low interest
coverage of below 1.0x at 0.57x in 2016, and continuing funding
demand for capex. CNLP's reliance on debt for this expansion
indicates its limited financial flexibility, and is therefore a
further constraint on its rating.
KEY RATING DRIVERS
Growing Industry, Regional Imbalance: China's high-standard
warehouse industry is still underdeveloped. This presents
enormous potential, as this type of space accounted for only 2%-
3% of total warehouse supply of around 1 billion square metres
(sqm) at end-2015 - in sharp contrast to a penetration rate of
over 20% in the US. The industry has been growing rapidly over
the past decade, driven by compound annual growth rate (CAGR)
growth of over 40% in the e-commerce sector in 2011-2015. E-
commerce (including related third-party logistics, or 3PLs) is
likely to comprise 50% of the new warehouse demand in 2017,
according to CBRE research.
Nevertheless, the favourable industry outlook and higher
investment return have attracted so many new entrants that some
Tier 2 cities in China started to show signs of overcapacity in
2016, especially in western China such as Chengdu, Chongqing and
Wuhan. On the other hand, Fitch expects Tier 1 city rents to hold
firm and enjoy 3%-6% rent reversion due to limited land supply.
Fitch is likely to see rent divergence in different cities and
some weakness in the rental growth of lower-tier cities in 2017.
Strong Network Effect, YRD-Focused: CNLP is one of the top 10
high-standard warehouse owners in China, with more than 2 million
sqm of completed logistic properties. CNLP is relatively stronger
in the YRD, with 30%-40% completed gross floor area (GFA)
concentrated in Zhejiang and Jiangsu provinces - of which Suzhou
alone accounts for 20%-30%. JD.com is the largest customer and
contributed 31% of CNLP's total revenue in 2016; 34% of the GFA
completed is occupied by multi-location tenants. The market
competition will continue to be intense, although Fitch believes
that the industry will be increasingly dominated by large players
with strong networks and solid customer relationships.
Small Scale, Declining Occupancy Rate: CNLP had recurring EBITDA
of USD17 million in 2016, much smaller than the industry leader
Global Logistic Properties Limited's (BBB+/Stable) EBITDA USD772
million in the year ended March 2017. CNLP had a thin EBITDA
margin of only 40% in 2016, due mainly to its small scale. The
company is also facing a declining occupancy rate for its
completed and 'stabilised' logistic assets, which dropped to
86.6% in 2016 from 97.3% in 2014. Judging by the relatively low
occupancy rate of the 2016 new projects, Fitch expects the
occupancy rate for stabilised assets to further decline in 2017,
which will exert pressure on CNLP's EBITDA margin and pace of
expansion. CNLP defines 'stabilised projects' as those in
operation for more than 12 months or achieving a 90% occupancy
rate.
High Capex, Low Interest Coverage: CNLP's recurring EBITDA
interest coverage was only 0.57x in 2016 (excluding all IPO-
related expenses). Coverage may edge lower in 2017 because the
interest payment will more than double after CNLP replaces all
equity-like hybrid instruments with traditional debt funding,
even if EBITDA doubles in 2017. Fitch expects coverage to rise to
above 1x by end-2019 when more than 80% of CNLP's assets become
stabilised. However, any significant changes in market
demand/supply dynamics may delay the improvement in CNLP's
interest coverage.
Low Leverage: CNLP's LTV (net debt to investment property assets)
was low at 26% at end 2016. However, Fitch expects the leverage
headroom to be small as CNLP's unsecured assets/unsecured debt
coverage was only 1.1x and will continue to hover around 1x in
the next three years. CNLP had CNY1.5 billion in unpledged
investment property at end-2016, while unsecured offshore debt
amounted to CNY1.4 billion.
Recovery Rating of 'RR4': The Recovery Rating for CNLP's senior
unsecured notes is based on its end-2016 balance sheet. Fitch
applied a haircut of 50% on its net property, plant and equipment
(including investment properties) of CNY12.8 billion. The
adjusted liquidation value, after administrative claims, is
CNY5.8 billion and is first applied to CNY3.2 billion in onshore
debt, then to the CNY4.1 billion in offshore unsecured debt,
including a potential USD300 million of outstanding senior
unsecured notes, resulting in a 62% recovery rate, which
corresponds to a Recovery Rating of 'RR3'. However, CNLP's
Recovery Rating is capped at 'RR4' because debt of offshore
Chinese holding companies face structural issues as the onshore
operating companies do not provide upstream guarantees.
DERIVATION SUMMARY
CNLP's business profile is in line with the 'B+'/'BB-' category,
but the recurring EBITDA interest coverage of only 0.6x is more
in line with a 'B-' rating, which results in a final rating of
'B'. CNLP is still far away from 'BB-' rated peers such as Lai
Fung Holdings Limited (BB-/Stable), which has interest coverage
of 1.3x and better asset quality; and PT Pakuwon Jati Tbk (BB-
/Positive), which has an interest coverage of 2.5x, helped by its
quality malls but constrained by its small scale and exposure to
development property.
CNLP's financials are weaker than PT Kawasan Industri Jababeka
Tbk (KJIA, B+/Stable), whose recurring EBITDA is generated from
its long-term electricity sales and purchase agreements with
state-owned PT Perusahaan Listrik Negara (PLN, BBB-/Positive),
and the interest coverage hovers consistently above 1x with
temporary disruption due to power plant repair work. However,
CNLP is expanding faster than KIJA, driven by demand from China's
fast-growing e-commerce industry. Fitch expects CNLP's financial
profile to be closer to a 'B' rating in 2019-2020, depending on
market conditions and the ramp-up of progress in CNLP's new
projects. CNLP's weaker financial profile than other investment-
property owners is also due to the logistic property sector's
longer return period and CNLP's fast expansion.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Completed and stabilised assets-occupancy rate to edge down to
86% in 2017-2018 due to a lower occupancy rate for pre-
stabilised assets.
- Effective rent growth of 2% in 2017-2018.
- Total completed net leasable area of 2.6 million sqm and 3.5
million sqm in 2017-2018.
- EBITDA margin to improve to 49% in 2017 and 59% in 2018.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Stable occupancy rate for completed and stabilised assets
above 80%
- Recurring EBITDA/interest coverage sustained above 1.2x
- Net debt/recurring EBITDA sustained below 10x (2016: 27.8x)
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Recurring EBITDA/interest coverage fails to improve
significantly
- Inability to secure funding for expansion or deterioration in
liquidity
- Weakening of business profile that would be reflected in a
significant drop in occupancy rates or a sustained fall in
rentals
LIQUIDITY
Weak Liquidity: CNLP had about CNY2 billion in cash equivalents
as of end-2016 compared with CNY604 million of short-term debt.
Liquidity is bolstered by CNY3 billion of equity proceeds from
its IPO in June 2016. However, Fitch expects CNLP to rely on
capital market debt, further equity placements, or to sell land
to fund its CNY2 billion-3 billion capex per year over the next
three years.
LVGEM (CHINA): Fitch Assigns LT Foreign-Currency IDR B+
-------------------------------------------------------
Fitch Ratings has assigned China-based LVGEM (China) Real Estate
Investment Company Limited (LVGEM) a Long-Term Foreign-Currency
Issuer Default Rating of 'B+' with a Stable Outlook. Fitch has
also assigned LVGEM a senior unsecured rating of 'B+', with a
Recovery Rating of 'RR4'. Fitch has assigned LVGEM's proposed US
dollar senior notes, to be issued by its wholly owned subsidiary,
Gemstones International Limited, and guaranteed by LVGEM, a
'B+(EXP)' expected rating with a Recovery Rating of 'RR4'.
LVGEM's ratings are supported by its strong pipeline of property
development projects, which Fitch expects to significantly
increase the company's scale to above CNY5 billion and widen
EBITDA margin to more than 50% from 2017. The rating is also
supported by LVGEM's good-quality investment property (IP)
portfolio that generates recurring EBITDA to provide the company
a healthy debt service buffer. The rating is constrained by
LVGEM's small scale compared with other Chinese homebuilders
rated 'B+' by Fitch, and its rising leverage due to expansion in
the property development segment. Fitch expects LVGEM's net
debt/adjusted inventory to trend towards 45% from 41% at end-
2016.
The proposed notes are rated at the same level as LVGEM's senior
unsecured debt rating as they are directly guaranteed by the
company. The final rating is subject to the receipt of final
documentation conforming to information already received.
KEY RATING DRIVERS
Small Regional Player, Growing Sales: Fitch expects LVGEM's
contracted sales to steadily expand to CNY10 billion over 2017-
2018, from less than CNY4 billion before 2016. LVGEM, whose
inventory is mainly made up of completed development properties
in Shenzhen, had volatile contracted sales in 2014-2016, ranging
from CNY830 million in 2016 to CNY3.4 billion in 2015. However,
its Shenzhen projects LVGEM Hongwan Garden and Mangrove Bay No. 1
Phase 1 will start sales in 2017-2018, and will be followed by
the Liguang and Meijing urban redevelopment projects. LVGEM also
expects several project injections from controlling shareholder
Mr. Wong Hong King to help the company further raise contracted
sales.
Urban Redevelopment Focus; Asset Injections: LVGEM has developed
13 projects in Shenzhen as of end-2016, of which 10 involved
urban redevelopment. Fitch expects LVGEM to obtain more urban
redevelopment projects through asset injections in 2017-2019 from
Mr. Wong, who has secured about 12 million square metres (sqm) of
land, mainly in Shenzhen, Dongguan and Zhuhai (three major cities
in Guangdong province).
One of the projects is a large one in Shenzhen, which Fitch
expects will have about 4 million sqm of gross floor area (GFA)
and will be injected in 2018-2019. Fitch expects this Shenzhen
project to become LVGEM's flagship urban redevelopment project.
Quality Investment Properties: LVGEM's IP portfolio includes the
Shenzhen NEO complex that has office and retail components, and
three Zoll community retail centres, one of which opened earlier
this year. The Shenzhen NEO complex is located in the city's CBD
and is almost fully occupied. Rents that were up for renewal in
2016 were re-contracted at 15% more on average. The two older
Zoll centres had occupancy rates of about 90% and positive rental
reversion of more than 10% in 2016.
Recurring Income Coverage to Decline: Fitch expects LVGEM to
generate recurring cash inflow of CNY700 million in 2017 from
rentals from the Shenzhen NEO towers, hotel and carpark rentals,
and its property management business. Recurring EBITDA/interest
coverage was around 0.6x in 2014-2016 but Fitch expects the ratio
to gradually decline to 0.5x in 2017 and trend towards 0.3x by
end-2019 due to its expansion in the property development
segment.
High Margin, Moderate Leverage: Fitch expects the property
development segment to have gross profit margin of above 60% in
2017-2018 due to sales from the high-margin LVGEM Hongwan Garden
and Mangrove Bay No. 1 projects. This will support the company's
overall EBITDA margin at above 55%. LVGEM's gross profit margin
averaged 42% in 2014-2016, higher than the industry average of
around 20% due to its advantages in obtaining lower-cost urban
redevelopment projects. Its average cost of land was below 20% of
the average selling price for all its Shenzhen projects.
Fitch expects LVGEM's net debt/adjusted inventory of 41% in 2016
to rise in 2018-2019 but remain below the 45% threshold where
Fitch may consider negative rating action, mainly due to the
substantial construction cost and land cost cash outflow
associated with the large Shenzhen urban redevelopment project
before its presales start after 2021.
DERIVATION SUMMARY
LVGEM has a good-quality IP portfolio that includes the centrally
located Shenzhen NEO towers, which enjoyed near full occupancy
and double-digit positive rental reversion on renewal. Fitch
thinks that LVGEM's high-quality IP alone has a business profile
consistent with a 'BB' rating as it has rental EBITDA of more
than USD50 million and above USD1.5 billion of rental assets.
These metrics are comparable with Lai Fung Holdings Limited's
(BB-/Stable) USD60 million in recurring EBITDA and USD2 billion
in IP value. Its recurring EBITDA /gross interest cover was
around 0.6x in 2014-2016; higher than that of most Chinese
homebuilders, which rely on more-risky development properties
sales to service their debt. However, Fitch expects recurring
EBITDA/gross interest cover to deteriorate due to its expansion
in the property development segment.
LVGEM's small scale and volatile contracted sales constrain the
rating to the 'B' category. Its net debt/adjusted inventory of
41% in 2016 is lower than that of most 'B' rated peers, such as
Yida China Holdings Limited's (B/Positive) 46% and Hong Yang
Group Company Limited's (B/Stable) 53%, and hence in line with a
higher 'B+' financial profile.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- A large Shenzhen urban redevelopment project to be injected in
2018-2019, with LVGEM financing the consideration due to the
controlling shareholder mainly via equity issuance and
shareholder loans.
- LVGEM's contracted sales to reach CNY5 billion in 2017, and
CNY10 billion in 2018.
- Property development segment's gross profit margin to rise to
68% in 2017 and 65% in 2018, from 47% in 2016.
- Recurring EBITDA to increase to above CNY400 million in 2017-
2018 from CNY380 million in 2016.
Recovery rating assumptions
- The recovery analysis assumes LVGEM would be liquidated in a
bankruptcy because it is an asset trading company.
- Fitch has assumed a 10% administrative claim.
- The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and
distributed to creditors.
- Fitch applied a haircut of 20% on its adjusted inventory,
lower than the norm used for its peers, because of its higher-
than-industry profit margin, which implies its inventory is
valued higher than that of peers.
- Fitch applied a 50% haircut to its net property, plant and
equipment.
- Fitch also assumed LVGEM will be able to use 100% of the
CNY1.7 billion in restricted cash to pay debt.
- Based on Fitch calculations of the adjusted liquidation value,
after administrative claims, Fitch estimates the recovery rate
of the offshore senior unsecured debt to be 67%, which
corresponds to a Recovery Rating of 'RR3'. However, LVGEM's
Recovery Rating is capped at 'RR4' because debt of offshore
Chinese holding companies face structural issues as the
onshore operating companies do not provide upstream
guarantees.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Attributable contracted sales sustained above CNY20 billion
while net debt/adjusted inventory sustained below 35%
- Recurring EBITDA/cash interest sustained above 1.0x
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory sustained above 45%
- Failing to maintain a project pipeline (including controlling
shareholder's land bank) sufficient for two years of
development
LIQUIDITY
Satisfactory Liquidity: LVGEM's CNY4.7 billion in cash (including
restricted cash) at end-2016 is sufficient to cover CNY3.6
billion in short-term debt. LVGEM has CNY550 million in undrawn
credit facilities, as well as continued support from its
controlling shareholder via asset injections and shareholder
loans. Fitch believes that LVGEM has flexibility in its projects
to easily adjust the pace of development to alleviate its debt
interest burden. Fitch also expects LVGEM to be able to issue
more equity, based on its quality project pipeline, to support
its expansion.
YINGDE GASES: Moody's Confirms B3 CFR; Outlook Positive
-------------------------------------------------------
Moody's Investors Service has confirmed Yingde Gases Group
Company Limited's (Yingde Gases) B3 corporate family rating.
At the same time, Moody's has confirmed the Caa1 backed senior
unsecured rating on the bonds issued by Yingde Gases Investment
Limited and guaranteed by Yingde Gases.
The ratings outlook is positive.
The rating action concludes the ratings review that Moody's
initiated on 5 May 2017.
RATINGS RATIONALE
"The confirmation of the ratings reflects Yingde Gases' reduced
risk of default following its change of ownership and management
control to PAG Asia II LP (PAG, unrated), as evidenced by its
recent repayment of RMB880 million in onshore medium-term notes
due July 2017," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.
Moody's points out that PAG Asia II LP is an investment
partnership managed by PAG Asia Capital Limited (unrated).
"The positive ratings outlook reflects Moody's expectation that
over the next 12-18 months, Yingde Gases will continue to improve
its liquidity and maturity profile, maintain revenue growth,
stable profitability and stable cash flow generation, and
demonstrates a focused corporate strategy and prudent financial
policy," adds Ho, who is also Moody's Lead Analyst for Yingde
Gases.
Moody's expects Yingde Gases' revenue to grow about 10%-11% year-
on-year over the next 12-18 months, after growing 6% year-on-year
in 2016 to RMB8.4 billion. This faster growth reflects a
stabilization in the operating conditions of Yingde Gases'
customers in the steel industry, and faster revenue growth in the
company's merchant gas business, resulting from its greater
strategic focus in this segment.
Moody's expects Yingde Gases' profitability - as measured by its
adjusted EBITDA margin - to stabilize at about 34.1%-34.2% over
the next 12-18 months versus 34.0% in 2016.
Leverage - as measured by adjusted debt/EBITDA - will likely
improve to about 3.1x over the same period from 3.8x in 2016.
This expectation is based on Moody's forecast of a rise in
adjusted EBITDA, reflecting revenue growth and stable EBITDA
margins, and a fall in adjusted debt, resulting from Moody's
expectation of positive free cash flow generation.
Moody's notes that Yingde Gases' corporate family rating is
constrained by the company's weak liquidity profile and
refinancing risk.
Despite Yingde Gases' weak liquidity profile, the company's level
of leverage, combined with its reduced risk of default, position
its fundamental credit profile at the single-B rating level.
Yingde Gases' B3 corporate family rating also reflects the
company's leading position in China's (A1 stable) independent on-
site gas supply market and recurring cash flow from long-term
contracts; with the benefits of its recurring cash flow offset by
its exposure to the country's weak steel industry.
The ratings could be upgraded if Yingde Gases:
(1) Successfully refinances its short-term borrowings, including
USD senior notes due April 2018, on satisfactory terms and
conditions, resulting in a substantial improvement in its
liquidity and maturity profile;
(2) Achieves revenue growth, as well as stable profitability and
stable cash flow generation; and
(3) Demonstrates a focused corporate strategy in relation to its
industrial gas business, and prudent financial policy under its
new ownership and management.
On the other hand, the ratings outlook could return to stable if
Yingde Gases: (1) fails to refinance its short-term borrowings to
improve its liquidity and maturity profile; (2) exhibits
weakening revenue growth, profitability and/or cash flow
generation; or (3) pursues an aggressive financial policy that
leads to a deterioration of its credit metrics.
The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB8.4 billion in revenue in 2016. At end-2016, it had a total of
70 gas production facilities in operation and another 13 under
development.
=========
I N D I A
=========
BEST CHERAN: CRISIL Reaffirms 'B' Rating on INR26.1MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Best Cheran
Spintex India Limited for obtaining information through letters
and emails dated April 6, 2017, and May 4, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line Overdraft
Facility 12 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility 26.1 CRISIL B/Stable (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 Best Cheran Spintex India
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 Best Cheran Spintex India
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 reaffirmed the rating at 'CRISIL
B/Stable'.
Based in Erode (Tamil Nadu), Best Cheran manufactures and exports
viscose and viscose-blended yarn.
BLISS ENTERPRISES: CRISIL Reaffirms B Rating on INR3.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Bliss Enterprises
(BE) for obtaining information through letters and emails dated
April 6, 2017, and May 4, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.4 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.0 CRISIL B/Stable (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 Bliss Enterprises. 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 Bliss Enterprises 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 reaffirmed the rating
at 'CRISIL B/Stable/CRISIL A4'.
BE was established as a proprietorship concern in 2002 by Mr.
Baldev Wani. The concern is engaged in trading of pumpsets and
valves, which have use in the oil and gas sector for firefighting
purposes. BE is an authorised dealer for pumpsets and valves of
Kirloskar Brothers Ltd (KBL; rated 'CRISIL AA-/Negative/CRISIL
A1+').
CORDOBA ENGINEERING: CRISIL Reaffirms B Rating on INR7MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Cordoba
Engineering Private Limited (CEPL) for obtaining information
through letters and emails dated April 12, 2017 and May 04, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 7.0 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Fund-Based 3.0 CRISIL B/Stable (Issuer Not
Bank Limits Cooperating; Rating
Reaffirmed)
Term Loan 0.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Working Capital 1.0 CRISIL B/Stable (Issuer Not
Demand 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 Cordoba 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 Cordoba 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 reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.
CEPL, incorporated in 1975, is based in Jamshedpur. The company
fabricates automobile-components and heavy equipment. Mr. Satish
Kumar Garg and his sons, Mr. Amit Garg and Mr. Sumit Garg, manage
its operations.
EKSONS AGRO: CRISIL Assigns B+ Rating to INR6MM Cash Loan
---------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of Eksons Agro Foods (EKSAF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable
Term Loan 4 CRISIL B+/Stable
The rating reflects EKSAF's average scale of operation with low
operating margin in the intensely competitive agricultural
commodity industry and average financial risk profile because of
moderate gearing. These weaknesses are partially offset by the
extensive experience of promoters and adequate debt protection
metrics.
Key Rating Drivers & Detailed Description
Weakness
* Improving yet average scale of operation and low operating
margin: Revenue-at INR100 crore in fiscal 2017'is expected to
remain average over the medium term at INR120-130 crore. Low
value-addition in the wheat processing cycle and stiff
competition constrain operating margin-at 3-5% in recent years.
* Moderate capital structure: The large working capital
requirement because of growing scale and debt funding of these
requirements, resulted in moderate capital structure. Gearing was
estimated at over 2 times as on March 31, 2017.
Strengths
* Extensive experience of partners: Benefits from the promoters'
three decades of experience, sound understanding of the
agricultural commodities business, and healthy relations with
suppliers and customers should continue to support business.
* Adequate debt protection metrics: The interest coverage of over
2 times for three fiscals through 2017 partly supports financial
risk profile.
Outlook: Stable
CRISIL believes EKSAF will benefit from the experience of its
partners in the agri-commodity industry. The outlook may be
revised to 'Positive' if increase in cash accrual and prudent
working capital management improves capital structure. The
outlook may be revised to 'Negative', if decline in operating
margin or stretch in working capital requirement or large debt-
funded capital expenditure weakens financial risk profile.
Formed in 2010, EKSAF is a partnership firm, based in Bengaluru
(Karnataka). The firm processes wheat into flour and maida at its
unit in Bengaluru.
In fiscal 2017, provisional profit after tax was INR18 lakh on
total sales of INR101.92 crore, as against INR7 lakh and INR69.34
crore, respectively, in fiscal 2016.
ESSAR STEEL: NCLT Admits Insolvency Case
----------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT), Ahmedabad, admitted Essar Steel's insolvency case on
Aug. 2. State Bank of India's suggested interim resolution
professional (IRP) Satish Kumar Gupta, of Alvarez and Marsal
India, has been appointed as IRP, ET says.
Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016. The SBI-led consortium of 22 creditors accounts
for 93% of this amount. Essar Steel owes $ 450.67 million to SCB
in debt.
Both petitions filed by State Bank of India (SBI) and Standard
Chartered Bank (SCB) for initiating insolvency proceeding under
Insolvency & Bankruptcy Code (IBC) against the steel major Essar
Steel Ltd have been admitted by NCLT on Aug. 2, according to ET.
In its application, SCB has suggested appointment of Dinkar
Venkatasubramanian, partner, transaction advisory services, at
consulting firm Ernst & Young as IRP. While SBI's application
suggested Satish Kumar Gupta of Alvarez and Marsal India to be
appointed as IRP, ET notes.
Earlier, Essar Steel had petitioned the Gujarat High court
against its inclusion in the list of 12 defaulters to be tried at
NCLT by the Reserve Bank of India (RBI) June's press release,
saying that its restructuring proposal was at an advanced stage
and that its financial & operational improvements since March
2016 have not been taken into account by RBI, the report recalls.
ET relates that on July 17, Gujarat HC turned down Essar Steel's
appeal, observing that the regulator and banks are empowered to
do so, giving a boost to the government's efforts to clean up the
country's bad-loan mess.
Last week, SBI & SCB fought tooth & nail, to convince the NCLT's
judge Bikki Raveendra Babu that its insolvency application should
be accepted against Essar Steel Ltd, ET recalls.
As per the industry observers, NCLT's order would have a national
implication on most of the other insolvency cases filed in
various NCLT across the country as well on the banking and
financial sector, adds ET.
Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.
ESSEM ENTERPRISE: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Essem Enterprise -
Kolkata (Essem) for obtaining information through letters and
emails dated April 12, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.43 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 8.00 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.57 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 Essem Enterprise - Kolkata.
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 Essem Enterprise - Kolkatais 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
reaffirmed the rating at 'CRISIL D/CRISIL D'.
Essem, a Kolkata based proprietorship firm is engaged in civil
construction business. Mr. Santanu Mukherjee is the proprietor of
the firm.
G. K. E. MEDICAL: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with G. K. E. Medical
Private Limited (GKE) for obtaining information through letters
and emails dated April 12, 2017, and May 04, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.5 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 G. K. E. Medical 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 G. K. E. Medical 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 reaffirmed the rating at 'CRISIL D'.
GKE was set up as a partnership firm in 1986 and was
reconstituted as a private limited company in 2009. The company
distributes pharmaceutical formulations in the form of tablets,
syrups, and injectibles in Kolkata (primary revenue contributor)
and other districts of West Bengal.
INNOVATIVE TYRES: Ind-Ra Assigns BB+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Innovative Tyres
and Tubes Limited (ITTL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR50.0 mil. Term loans due on November 2021 assigned with
IND BB+/Stable rating;
-- INR180.0 mil. Fund-based facilities assigned with IND
BB+/Stable/IND A4+ rating; and
-- INR169.6 mil. Non-fund-based facilities assigned with IND A4+
rating.
KEY RATING DRIVERS
The ratings reflect ITTL's moderate credit profile. Revenue rose
to INR1,322 million in FY17 from INR1,236 million in FY16, driven
by an increase in orders from existing customers and the addition
of new customers. Its revenue stood at INR303 million in 1QFY18.
Meanwhile, in FY17, EBITDA interest coverage (operating
EBITDA/gross interest expense) was 3.3x (FY16: 2.1x) and net
leverage (total adjusted net debt/operating EBITDAR) was 2.9x
(3.6x). The improvement in credit metrics was due to a fall in
interest expenses to INR42 million in FY17 (FY16: INR52 million)
and a rise in operating EBITDA to INR140 million (INR130
million).
The ratings also reflect ITTL's moderate liquidity. The company's
average use of fund-based facilities was 86.9% during the 12
months ended June 2017. Net cash conversion cycle was elongated
at 110 days in FY17 (FY16: 50 days) owing to an increase in
inventory days.
The ratings factor in forex exchange movements risk, given
exports account for about 45% of revenue.
The ratings, however, are supported by increasing EBITDA margin
and significant promoter experience. EBITDA margin was 10.6% in
FY17 (FY16: 8.9%; FY15: 8.60%; FY14: 7.50%), driven by a
reduction in overheads. Ind-Ra expects the margin to remain in
the range of 9%-11% in the medium term on account of the
commoditised nature of raw material. The promoters have an
experience of over two decades in the tyre manufacturing
industry.
RATING SENSITIVITIES
Negative: A decline in revenue and profitability leading to
deterioration in overall credit metrics and/or liquidity will be
negative for the ratings.
Positive: Any substantial improvement in revenue and EBITDA
margin leading to an improvement in credit metrics on a sustained
basis will be positive for the ratings.
COMPANY PROFILE
Incorporated in 1995, Baroda-based ITTL manufactures automotive
and industrial tyres and tubes for two-, three- and four-
wheelers. It has two manufacturing plants in Halol, Gujarat, with
an annual capacity of 12,000 metric tons and a 79% capacity
utilisation. Its promoters are Mr. Mukesh Gunvantrai Desai and
Mr. Pradipkumar Ravichandra Kothari.
JHARKHAND ROAD: Ind-Ra Withdraws WD Rating on INR3,730MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Jharkhand Road Project Implementation Co Ltd-
Chaibasa-Kandra-Chowka's (JRPICL) bank facilities:
-- INR3,730 mil. Senior project bank loans withdrawn with WD
rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the bank loans' rating,
based on the receipt of no dues certificates from the lenders,
mentioning the project bank loans have been repaid in full and
there is no current outstanding against the facility. As informed
to the agency by the issuer, proceeds from a bond issuance were
utilised for the full repayment of the rated project bank loans.
This is consistent with the Securities and Exchange Board of
India's circular dated 31 March 2017 for credit rating agencies.
Last published rationale for JRPICL can be accessed here.
COMPANY PROFILE
JRPICL is a special-purpose vehicle incorporated by ITNL to
undertake a comprehensive road infrastructure improvement
programme in Jharkhand. JRPICL is implementing several road
projects under different concession agreements with the
government of Jharkhand on an annuity-based revenue model. The
total cost of INR4,957 million incurred in the project as of end-
June 2016 was financed by a senior bank loan of INR3,730 million,
an equity of INR590 million and a sponsor sub-debt of INR637
million.
KAMADGIRI EXPORTS: CRISIL Reaffirms 'C' Rating on INR9.0MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Kamadgiri Exports
Private Limited (KEPL) for obtaining information through letters
and emails dated April 12, 2017, and May 8, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 0.5 CRISIL C (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 9.0 CRISIL C (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 5.5 CRISIL C (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 Kamadgiri Exports 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 Kamadgiri Exports 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 reaffirmed the rating at 'CRISIL C'.
KEPL was incorporated in 2003, promoted by Mr. Sushil Kumar
Jalan. The company manufactures stainless steel flats and trades
in plastic (high-density and low-density poly ethylene) granules.
It commenced operations in February 2013. Its manufacturing
facility at Sonepat, Haryana, has a processing capacity of 5000
tonnes per month.
KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kashipur
Infrastructure and Freight Terminal Private Limited's (KIFTPL)
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The
instrument-wise rating actions are:
-- INR400 mil. Term loan due on March 2023 affirmed with IND
BB/Stable rating; and
-- INR50 mil. Working capital facilities affirmed with IND
BB/Stable/IND A4+ rating.
COMPANY PROFILE
KIFTPL is a joint venture (JV) between India Glycols Limited
(IGL; 'IND BBB'/Stable) and Apollo Logisolutions Limited (ALS).
It has been set up to operate an inland container depot (ICD) in
Kashipur, Uttarakhand.
IGL is a manufacturer of green technology-based bulk, specialty
and performance chemicals and natural gums, spirits, industrial
gases, sugar and nutraceuticals. Its product offerings include
glycols, ethoxylates, glycol ethers and acetates, and various
performance chemicals.
ALS, a 90% subsidiary of Apollo International Limited, provides
integrated logistics services through its global network. It
operates two container freight stations spread over 59 acres of
developed premises.
KEY RATING DRIVERS
The ratings reflect the commencement of the domestic and export-
import (EXIM) operations of the ICD from August 2016 and from
April 2017, respectively. The overall capacity utilisation in
FY17 remained lower than Ind-Ra's expectations, leading to the
breach of the negative trigger; however, it was primarily due to
a delay in approval from the Customs Department that deferred the
commencement of EXIM operations. Ind-Ra expects an improvement in
volume, based on the progress achieved in both domestic and EXIM
operations in 1QFY18 due to the ICD's increased focus on
marketing in the primary catchment area. Factors such as tariff,
service efficiency and door-to-door service will play an
important role in bringing more customers to KIFTPL's terminal;
however, the actual turnaround is yet to be seen.
The ratings, however, remain supported by continued support
extended by both IGL and ALS towards project funding, including
cost overruns and interest servicing. In addition, the JV
partners have significant operational and strategic linkages with
KIFTPL, as ALS has expertise in running operations on account of
its experience in running a similar line of business while IGL's
Kashipur plant provides warranted volumes. Both partners are
committed to providing additional equity support for increased
project cost and support for ongoing operations in the
shareholding proportion. Ind-Ra expects both partners to support
project operations until the project stabilises.
The total project cost increased by INR100 million-110 million to
about INR1,050 million from the INR944 million projected by
KIFTPL at FYE16. The increase was driven by a rise in land
pavement cost, interest during construction and other expenses,
including railway siding. However, KIFTPL did not undertake
additional borrowings to meet increased project cost, as it will
be funded by equity support from the partners.
Ind-Ra expects the standalone credit profile to remain weak in
FY18, though net leverage is likely to improve from FY19 after
the stabilisation of volumes due to high EBITDA margin and
assured revenue from IGL's volumes.
RATING SENSITIVITIES
Negative: Lower capacity utilisation and continued low debt
service coverage ratio, along with lower support by JV partners,
would be negative for the ratings.
Positive: A high utilisation level leading to a significant and
sustained improvement in net leverage would be positive for the
ratings.
KOHINOOR GRAIN: CRISIL Reaffirms 'B' Rating on INR4.35MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Kohinoor Grain
Processing Private Limited (KGPL) for obtaining information
through letters and emails dated April 10, 2017 and May 08, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.65 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Rupee Term Loan 4.35 CRISIL B/Stable (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 Kohinoor Grain Processing
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 Kohinoor Grain
Processing 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 reaffirmed the rating at
'CRISIL B/Stable'.
KGPL was incorporated in December 2012 by Mr. Azeem Panjwani and
Mr. Nandkumar Mahajan. It is setting up a flour mill unit in
Nagpur. The unit will process wheat into food articles such as
maida, wheat flour, suji, and rava. The company is a part of
Nanded (Maharashtra)-based Kohinoor group, which has longstanding
presence in edible oil and wheat products processing.
LAXMI AROGYAM: CRISIL Reaffirms 'D' Rating on INR5.0MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Laxmi Arogyam
Private Limited (LAPL) for obtaining information through letters
and emails dated April 12, 2017, and May 4, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 5.0 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 Laxmi Arogyam 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 Laxmi Arogyam Private Limitedis
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
reaffirmed the rating at 'CRISIL D'.
Incorporated in 2010, LAPL trades in chemicals and aluminum
scrap. The company is promoted by Mr. Arvind Tumbare and Mr.
Kishore Tumbare. It started commercial operations in 2014-15
(refers to financial year, April 1 to March 31).
MAHALAXMI COAL: CRISIL Reaffirms 'B' Rating on INR3MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Mahalaxmi Coal
Private Limited (MCPL) for obtaining information through letters
and emails dated April 10, 2017 and May 8, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 2 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Capital Term Loan 2.5 CRISIL B/Stable (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 Mahalaxmi Coal 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 Mahalaxmi Coal 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 reaffirmed the rating at 'CRISIL B/Stable'.
MCPL was incorporated in 1996 and commenced commercial operations
in 2002. The company manufactures welding electrodes, binding
wires, drawn wires, submerged arc welding wires, galvanised iron
wires, CO2 MIG wires, copper-coated mild steel wires, and other
such items. Its manufacturing facilities are in Nagpur,
Maharashtra.
NEXTGEN TEXTILE: CRISIL Reaffirms B- Rating on INR10MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Nextgen Textile
Park Private Limited (NTPPL) for obtaining information through
letters and emails dated April 13, 2017 and May 04, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 10 CRISIL B-/Stable (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 Nextgen Textile Park 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 Nextgen Textile Park 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 reaffirmed the rating at 'CRISIL B-/Stable'.
NTPPL, incorporated in March 2007, is a special purpose vehicle
promoted by Mr. Aloke Bhatnagar, Mr. B S Bhatnagar, and Mr.
Dinesh Gangadharan (nominee director) to set up a textile park
near Pali (Rajasthan). The company was set up under SITP,
supported by the Ministry of Textiles, the Government of India,
to set-up textile park infrastructure to house units of small
entrepreneurs. The project is expected to be fully operational
from April 2016.
NITYAGOPAL RICE: CRISIL Reaffirms B Rating on INR2.5MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Nityagopal Rice
Mill (NRM) for obtaining information through letters and emails
dated April 12, 2017, and May 4, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.2 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 2.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.05 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 4.25 CRISIL B/Stable (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 Nityagopal Rice Mill. 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 Nityagopal Rice Mill 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 reaffirmed the rating at
'CRISIL B/Stable/CRISIL A4'.
NRM, established in 2015, is setting up a 96-tonne-per-day non-
basmati rice mill at Burdwan in West Bengal. Its operations will
be managed by partners Mr. Tapan Dutta, Mr. Swapan Dutta, and Mr.
Janardhan Dutta.
NTS DAIRY: CRISIL Reaffirms 'D' Rating on INR7.0MM Term Loan
------------------------------------------------------------
CRISIL has been consistently following up with NTS Dairy and
Foods Private Limited (NTS) for obtaining information through
letters and emails dated April 10, 2017 and May 08, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 0.2 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 7.0 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 NTS Dairy and Foods 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 NTS Dairy and Foods 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 reaffirmed the rating at 'CRISIL D'.
Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T
Sonawane, NTS currently processes and distributes milk and milk
products. It has a milk processing capacity of 20,000 litres per
day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a
new unit at the same location for an additional milk processing
capacity of 50,000 lpd and a facility to manufacture value-added
products.
OM SHAKTHI: CRISIL Reaffirms 'D' Rating on INR5MM Loan
------------------------------------------------------
CRISIL has been consistently following up with OM Shakthi Exports
(OM) for obtaining information through letters and emails dated
April 10, 2017 and May 8, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 5 CRISIL D/Issuer Not
Cooperating (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 OM Shakthi Exports. 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 OM Shakthi Exports 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 reaffirmed the rating at
'CRISIL D'.
Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar
and Mr.Raghunath Babu. The firm is engaged in mining, processing
and exports of granite blocks, slabs and tiles.
P. MOHAMMED: CRISIL Assigns B+ Rating to INR2.25MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of P. Mohammed (PM). The ratings reflect the
firm's modest scale of operations in the highly fragmented
construction industry, limited scale of operations owing to
presence in a single state, working capital-intensive operations
and average financial risk profile. These ratings are partially
offset by the long-standing industry experience of its promoter.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan .25 CRISIL B+/Stable
Bank Guarantee 2.50 CRISIL A4
Cash Credit 2.25 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in a highly fragmented industry:
PM's scale of operations is modest, as reflected in its estimated
revenues of INR17.15 crore in fiscal 17. This is due to tender-
based nature of operations. This also results in volatility in
revenue profile and also makes the firm susceptible to volatility
in operating margins as the same vary across various tenders.
CRISIL believes that the modest scale of its operations will
continue to impinge on the credit profile of PM.
* Limited scalability owing to presence in a single state:
The firm undertakes all of its projects in Kerala, limiting the
scale of operations to new projects across a limited geography.
Also, it has presence only in the roads and bridges, with no
diversity by way of presence in other segments such as power,
irrigation, etc. Any events such as slowdown in the
infrastructure spending in Kerala or operational delays may
affect the flow of orders for the firm and thus impact its
revenue growth. Furthermore, the civil construction industry is
highly fragmented and marked by low entry barriers, due to which
PM faces intense competition from other players. This, coupled
with the tender-based process of obtaining projects from
government departments, significantly affects the firm's business
and financial risk profiles.
* Working capital-intensive nature of operations:
The construction industry is inherently working capital
intensive. PM's operations are working capital intensive on
account of various deposits the firm has to maintain with the
government agencies and blockage of funds as retention money and
margin money for bank guarantee. The firm has to keep an Earnest
Money Deposit (EMD) equivalent to 1 to 2 per cent of the contract
value at the time of the application for the tender. After a
tender is won, PWD gives a mobilization advance of 10%of the
contract value. The firm has to furnish a Bank Guarantee of an
amount equivalent to the advance. The bank guarantees also
require margin money of 15 per cent in the form of bank deposits.
CRISIL believes that PM's operations will become more working
capital-intensive over the medium term.
Strength
* Promoter's long standing experience in the civil construction
industry: Mr. Parayi Mohammed has about 15 to 20 years of
experience in the civil construction industry. The promoter's
extensive industry experience has helped PM to bag projects
frequently from PWD. PM currently has a healthy order book of
around INR 32 crores. The healthy order book provides the firm
with healthy revenue visibility over the medium term. CRISIL
believes that PM will continue to benefit over the medium term
from its promoter's extensive industry experience and its strong
revenue visibility.
Outlook: Stable
CRISIL expects PM to maintain an average business risk profile on
the back of its established presence in the civil construction
industry. The outlook may be revised to 'Positive' if the firm
reports substantial growth in its scale of operations and
profitability while improving its working capital cycle. The
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates due to lengthening of its operating cycle or
if the firm suffers a decline in its revenues or profitability.
PM is a sole proprietorship firm, based in Malappuram, Kerala,
which undertakes contracts for construction of roads and bridges,
wholly in Kerala.
PM made an estimated Profit after Tax (PAT) of INR1.49 crore on
estimated net sales of INR18.06 crores for 2016-17 as against
reported PAT of INR1.13 crores on reported net sales of INR13.86
crores for 2015-16.
PARSVNATH HOTELS: Ind-Ra Affirms B- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parsvnath Hotels
Limited's (PHL) Long-Term Issuer Rating at 'IND B-'. The Outlook
is Stable. The instrument-wise rating action is as follows:
-- INR116.25 mil. (reduced from INR122.43 mil.) Term loan due on
March 2022 affirmed with IND B-/Stable rating.
KEY RATING DRIVERS
The ratings are constrained by the continued delays in the
commencement of commercial operations at PHL's hotel in Shirdi
and related cost overruns due to the delays in the completion of
interior work because of a shortage of funds. It aims to complete
the hotel by March 2018, supported by the additional funds of
about INR100 million from promoters. The hotel was initially
scheduled to start commercial operations from September 2014. The
company has since revised the date of commencement of commercial
operations to 31 July 2015 and further to March 2018.
According to the revised estimates shared by the management, the
cost of project has increased to INR334.3 million from INR295.06
million, which the company has planned to fund through a mix of
debt and equity in the ratio of 0.6:1. As of March 2017, the
promoters have already infused capital of INR121.1 million into
PHL as share capital and unsecured loans, and INR126 million came
in as a term loan from a bank.
The ratings, however, are supported by PHL's strong track record
of receiving tangible financial support from its parent Parsvnath
Developers Limited (PDL) through interest-free unsecured loans.
This has helped the company in servicing its debt on time. Since
inception of PHL, PDL has infused about INR71.30 million through
unsecured loans.
RATING SENSITIVITIES
Negative: Further delays in project completion leading to further
cost and time overruns and/or tightening of liquidity would be
negative for the ratings.
Positive: Timely completion of the hotel project with no further
cost overruns along with stabilisation of operations could result
in a positive rating action.
COMPANY PROFILE
Incorporated in November 2007, PHL is implementing a three-star
hotel in Shirdi, Maharashtra. The company is a 100% subsidiary of
PDL. The hotel once completed has been proposed to be promoted by
ITC Welcome group under its 'Fortune Hotels' brand and would
comprise 52 room keys with facilities such as a conference room,
a restaurant, and a travel desk.
PRAKHHYAT INFRAPROJECTS: CRISIL Reaffirms D Rating on INR19M Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Prakhhyat
Infraprojects Private Limited (PIPL) for obtaining information
through letters and emails dated April 10, 2017 and May 8, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line Overdraft
Facility 5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility 3 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 19 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 Prakhhyat Infraprojects
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 Prakhhyat
Infraprojects 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 reaffirmed the rating at
'CRISIL D'.
PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain,
Mr. Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah, and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company develops
commercial real estate and is implementing a commercial project,
K Square, comprising warehouses and industrial buildings near
Bhiwandi (Maharashtra). Its registered office is in Mumbai.
R B PATIL: CRISIL Reaffirms 'B' Rating on INR2.0MM Term Loan
------------------------------------------------------------
CRISIL has been consistently following up with R B Patil
Infrastructure Private Limited (RBIPL) for obtaining information
through letters and emails dated April 10, 2017 and May 08, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.5 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 1.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Rupee 2.0 CRISIL B/Stable (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 R B Patil Infrastructure
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 R B Patil
Infrastructure 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 reaffirmed the rating at
'CRISIL B/Stable/CRISIL A4'.
Incorporated in 2006 and promoted by Mr. Bhaidas Patil, RBIPL is
based at Amalner in the Jalgaon district of Maharashtra. It
undertakes civil construction contracts primarily for
construction of roads and buildings in Maharashtra and is
registered as a Class-1 contractor with the Public Works
Department of Maharashtra state.
ROSHAN FRUITS: CRISIL Cuts Rating on INR1.5MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has been consistently following up with Roshan Fruits
India Private Limited (RFIPL) for obtaining information through
letters and emails dated March 6, 2017 and March 22, 2017, among
others, apart from telephonic communication. The issuer, however,
remains non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.5 CRISIL B+/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 1.5 CRISIL A4 (Issuer Not
Cooperating; Downgraded from
'CRISIL A4+')
Packing Credit 6.0 CRISIL A4 (Issuer Not
Cooperating; Downgraded from
'CRISIL A4+')
Term Loan 4.0 CRISIL B+/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB-/Stable')
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 these are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RFIPL. 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
RFIPL 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/CRISIL A4'.
Set up in 2004, RFIPL manufactures and sells pulp and
concentrates of fruits such as mango, guava, and tomato. The
company is based out of Krishnagiri (Tamil Nadu) and is promoted
by Mr. Athar Ali and his family.
SEMBCORP GAYATRI: Ind-Ra Withdraws WD Rating on INR61,396MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn rating on
Sembcorp Gayatri Power Limited's (SGPL) bank facility as follows:
-- INR61,396 mil. Rupee term loan (RTL) due on December 31, 2028
withdrawn with WD rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain this rating as it has
received no dues certificates from the lenders. The RTL has been
fully prepaid using a new rupee term loan and the subordinated
masala bonds subscribed by Sembcorp Utilities Pte Limited, the
parent. The details on the reduction in senior debt can be found
here.
The rating withdrawal is consistent with the Securities and
Exchange Board of India's circular dated 31 March 2017 for credit
rating agencies.
COMPANY PROFILE
SGPL, a special purpose vehicle, is implementing a 1,320MW
(2X660MW) coal-fired thermal power plant near the port city of
Krishnapatnam, Andhra Pradesh. The plant is being designed to run
on 70% domestic coal and 30% imported coal. The project cost
assessed by lenders is INR97.5 billion, wherein the funding
resources are INR30 billion new RTL, INR40 billion masala bonds
and INR27.5 billion equity. Another INR2.4 billion has been
infused in SGPL through masala bonds to meet the additional capex
and transaction expenses, and INR2.1 billion will be infused in a
phased manner to meet the capex requirement.
SHYAM JOTI: CRISIL Reaffirms 'B' Rating on INR6.33MM Term Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Shyam Joti Rice
Mill Private Limited (SRMPL) for obtaining information through
letters and emails dated April 12, 2017, and May 04, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.7 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 4.26 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.01 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 6.33 CRISIL B/Stable (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 Shyam Joti Rice Mill 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 Shyam Joti Rice Mill 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 reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.
Incorporated in 2013, SRMPL, mills non-basmati parboiled rice.
Its manufacturing facility is at Uttar Dinjapur in West Bengal.
SRMPL's day-to-day operations are looked after by, Mr. Shyamkamal
Kundu and Mr. Sanjoy Kumar Kundu, Mr. Sapna Kundu, and Mr. Suman
Kundu.
SRI LAKSHMI: CRISIL Lowers Rating on INR45MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Lakshmi Saraswathi Cotspin Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 0.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Foreign Documentary 45.0 CRISIL D (Downgraded from
Bills Purchase 'CRISIL A4+')
Packing Credit 14.0 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Long Term 0.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
The downgrade reflects instances of delay in servicing term debt.
The delays were on account of weak liquidity, driven by stretched
debtors.
The ratings reflect a weak financial risk profile because of
average debt protection metrics and stretched liquidity. The
company, however, benefits from the extensive experience of the
promoters in the yarn industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing term loan due to weak liquidity : stretch
in debtors led to the packing credit limit remaining overdue for
over 30 days. High bank limit utilisation also constrains
financial flexibility.
* Weak financial risk profile: The networth was modest at around
INR12 crore and the total outside liabilities to tangible
networth ratio at around 1.8 times, as on March 31, 2016. Debt
protection metrics were average, with net cash accrual to total
debt ratio of around 2% and interest coverage ratio of 1.5 times,
in fiscal 2016. Liquidity is stretched as reflected in the highly
utilised bank line at 120% over the 12 months through March 2017.
Strength
* Extensive industry experience of the promoters: The promoter
family has been in the yarn business for the past seven decades
and the third generation of the family is presently managing
operations. The experience has helped to develop an excellent
relationship with suppliers and customers.
SLSCPL, established in 2001 and based in Chennai, trades in
specialty yarns. The firm procures its yarn stock domestically
from yarn spinning mills in South India. It derives around 80% of
its revenue from exports and the rest from domestic sales to
weaving and knitting players in South India.
SLSCPL booked Net Profit of INR38.09 lakhs on revenues on
INR114.45 crores for fiscal 2016 against INR75.19 lakhs on
revenues of INR 127.55 cr in fiscal 2015
VINAYKUMAR & CO: CRISIL Reaffirms B+ Rating on INR11MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Vinaykumar & Co. (VKC;
part of the Vinaykumar group) continues to reflect the group's
weak financial risk profile due to high gearing, subdued revenue
and low operating margins due to low value addition in agro-
processing chain, working capital intensive operations and
susceptibility of its profitability to volatility in agro-
commodity prices. The rating weaknesses are partially offset from
the extensive experience of its promoters in the agro-commodity
industry and geographical diversification in revenue.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4 CRISIL A4 (Reaffirmed)
Export Packing Credit 1 CRISIL B+/Stable (Reaffirmed)
Bill Discounting 11 CRISIL B+/Stable (Reaffirmed)
Foreign Bill
Discounting 10 CRISIL B+/Stable (Reaffirmed)
In March 2017, CRISIL had downgraded its ratings on the bank
facilities of VKC to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.
The downgrade reflected weakening of the financial risk profile.
The gearing increased to above 12 times in as on March 31, 2016,
from around 7.7 times as on March 31, 2015. The debt protection
metrics were also low with the interest coverage ratio at 1.24
times and net cash accrual to total debt ratio at 0.03 time, in
fiscal 2016. Revenue realisation reduced because of a fall in
agricultural (agro) commodity prices; profitability is
susceptible to volatility in agro-commodity prices.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VKC and Dhairya International (DI).
That's because these entities, together referred to as the
Vinaykumar group (VKG), have a common management, are in similar
lines of business and have financial linkages.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and exposure to intense competition:
Revenue was Rs182.84 crore in fiscal 2016, a decline from
Rs239.73 crore in the previous fiscal. That's because of lower
agro-commodity prices, high fragmentation in the business, and
substantial competition from small-scale, unorganised players
catering to local demands.
* Low operating margin: Due to lower value addition in the agro-
processing chain and exposure to intense competition among
various industry players, the operating margin has remained low
(2.3% in fiscal 2016).
* Weak financial risk profile
The gearing has been increasing while the debt protection has
remained weak over the past few fiscals.
* Working capital-intensive operations
Gross current assets were at 141 days, led by inventory of 75
days and receivables of 51 days, as on March 31, 2016. The
operations are expected to remain working capital intensive over
the medium term.
Strengths
* Extensive industry experience of the promoters: The promoters
have been associated with the agro-commodity industry for over
two decades.
* Geographic diversification in revenue: Revenue is
geographically diversified in the export market. While VKC
exports mainly to Korea, South Korea, China, and Europe, DI
focuses on exports to the Middle East nations.
Outlook: Stable
CRISIL believes the Vinaykumar group will continue to benefit
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected topline growth resulting in better net cash accrual,
along with improvement in working capital management. The outlook
may be revised to 'Negative' if liquidity is constrained because
of low cash accrual, large working capital requirement, or
substantial, debt-funded capital expenditure.
VKC was established in 1992 as a proprietorship concern by Mr.
Prahladbhai Patel. It processes various types of sesame seeds at
its facility at Unjha, Gujarat. It exports these products as well
as other agro commodities like cumin and black cumin (kalonji)
seeds.
DI was setup in 2009, as a proprietorship concern by Mr. Vinay
Kumar Patel (son of Mr. Prahladbhai Patel). This firm too
processes and exports sesame seeds and spices such as cumin and
fenugreek seeds.
VKC's profit after tax (PAT) was INR0.21 crore on operating
income of INR84.12 crore in fiscal 2016, against PAT of INR0.34
crore on operating income of INR99.90 crore in fiscal 2015.
YKM ENTERTAINMENT: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed YKM
Entertainment & Hotels Private Limited's (YEHPL) Long-Term Issuer
Rating at 'IND D'. The instrument-wise rating actions are:
-- INR1,360 mil. Term loans (long-term) due on December 2023
affirmed with IND D rating; and
-- INR27 mil. Non-fund-based working capital limits (short-term)
affirmed with IND D rating.
KEY RATING DRIVERS
The affirmation reflects continued delays in debt servicing by
YEHPL during the 12 months ended July 2017 owing to cost and time
overruns due to a change in project scope to construct a five-
star hotel against the original plan of four-star hotel, leading
to stretched cash flows.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.
COMPANY PROFILE
Incorporated in 2009, YEHPL is constructing a five-star hotel in
Tirupati, comprising 215 rooms of different categories, an
international convention centre, a health spa and an open
marriage garden.
=================
I N D O N E S I A
=================
CHANDRA ASRI: Moody's Hikes CFR to Ba3; Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Chandra Asri Petrochemical Tbk (P.T.) to Ba3 from
B1.
The outlook on the ratings is stable.
RATINGS RATIONALE
"The upgrade of Chandra Asri's CFR to Ba3 reflects the large and
sustainable improvement in its margins, cash flow generation,
financial leverage and liquidity profile since the completion of
its cracker expansion project in late 2015," says Brian Grieser,
a Moody's Vice President and Senior Credit Officer.
The cracker expansion project added significant ethylene and
propylene capacity in 2016. Moody's expects the improved
operating leverage from this capacity and other ongoing projects
to result in more resilient margins and cash flow generation
during downturns in the petrochemical cycle.
Moody's says that product spreads should tighten over the next
two years, given the likely growth in global petrochemical
capacity. Nevertheless, the spread between Chandra Asri's key
olefin and polyolefin products and its naphtha feedstock should
remain at levels such that the company can maintain EBITDA
margins of around 20% over the next 12-24 months, down from 28%
for the 12-month period ended March 31, 2017.
"The Ba3 rating reflects the improvement in Chandra Asri's
balance sheet, particularly its increased cash balances and lower
debt levels, which when combined with substantially improved
EBITDA generation, have lowered leverage to below 1.0x," added
Grieser.
Chandra Asri has announced several large capital expenditure
projects - including a butadiene plant expansion, a polypropylene
plant debottlenecking, a naphtha cracker furnace revamp, a new
polyethelene plant, a new MTBE and Butene-1 plant and a
feasibility study into constructing a second naphtha cracker --
which could result in capital spending of roughly $1 billion over
the next three years.
A second naphtha cracker would aim to add 1,000,000 tons of
ethylene capacity and various downstream derivatives products.
While still in the planning stages, this plan could cost between
$4 and $5 billion and add significant execution risk over the
next five years. The key terms and ownership structure of this
potential project have yet to be determined.
Moody's expects any financial investment decision made on this
project by Chandra Asri to be prudently financed and include
strong joint venture partners to reduce its exposure.
Moody's also expects that Chandra Asri will maintain a strong
liquidity profile and conservative financial policies, despite
its heavy capital spending plans.
The company's cash balance of $278 million at March 31, 2017, the
proceeds from its recently announced rights offering and cash
flow from operations should fully fund its capital spending plans
and dividends over the next three years.
The stable rating outlook reflects Moody's expectation that
Chandra Asri's operating performance and cash flow generation
will stay strong over the next 12-18 months. Capital spending
will likely ramp up over the next two years, as the company
executes its expansion projects, which will be largely funded by
cash and cash flow from operations.
The company's rating could be upgraded if its planned capacity
expansion is executed on time and within budget, and free cash
flow generation remains positive through the cycle. Chandra Asri
will have to maintain a debt/EBITDA below 2.0x, with EBITDA
margins of around 25%-30% on an ongoing basis for Moody's to
consider upgrading its rating, given the inherent cyclicality of
the petrochemical industry.
The company's rating could be downgraded, if: (1) its credit
metrics deteriorate such that leverage is likely to be maintained
at 3.0x over an extended period; or (2) its liquidity
deteriorates, such that its cash balance falls below $100
million; or (3) the company initiates large incremental debt-
funded expansion projects.
The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.
Chandra Asri Petrochemical Tbk (P.T.) is an integrated
petrochemical company operating the only naphtha cracker in
Indonesia. The company has a production capacity of 860 thousand
tonnes per annum (ktpa) for ethylene, 470 ktpa for propylene, 400
ktpa for py-gas, 315 ktpa for mixed C4, 336 ktpa, and 480 ktpa
for polypropylene. Chandra Asri also has an annual styrene
monomer production capacity of 340 ktpa and the capacity to
produce 100 ktpa of butadiene.
CAP was established in January 2011 through the merger of PT
Chandra Asri and PT Tri Polyta Indonesia Tbk. CAP is owned by PT
Barito Pacific Tbk (65.2%), the Siam Cement Group, through its
subsidiary, SCG Chemicals Co., Ltd. (one of the largest
integrated petrochemical companies in Thailand) (30.57%) and the
remaining shares are held by public investors (4.22%). CAP is
listed on the Jakarta Stock Exchange.
MASKAPAI REASURANSI: Fitch Affirms 'BB' International IFS Rating
----------------------------------------------------------------
Fitch Ratings Indonesia has upgraded PT Maskapai Reasuransi
Indonesia's (Marein) National Insurer Financial Strength (IFS)
Rating to 'AA-(idn)' from 'A+(idn)'. Fitch Ratings has also
affirmed the company's international IFS Rating of 'BB'. The
Outlooks are Stable.
'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types. The risk of ceased or interrupted payments differs only
slightly from the country's highest rated obligations or issuers.
KEY RATING DRIVERS
The upgrade of the National IFS Rating follows Marein's
diversification into the non-life reinsurance business, which is
evident in its stronger non-life reinsurance market franchise.
Marein's non-life reinsurance market share by gross written
premium (GWP) increased to 5% at end-2016 from 4% a year earlier.
The company's capitalisation and operating performance are also
strong relative to domestic peers. Fitch has affirmed the
international IFS Rating as Marein's scale remains small relative
to domestic and international peers.
Marein is one of the biggest life reinsurer companies in
Indonesia. However, Fitch views the company's business profile as
weak in comparison with regional reinsurance peers. Marein's
average market share of 35% by life reinsurance GWP over 2014-
2016 was the second-highest among domestic life reinsurance
companies. However in terms of the total reinsurance industry's
GWP, Marein's share is small at 11% as of end-2016.
The management has committed to focus on creating a sound bottom-
line performance as opposed to mere top-line growth through
prudent underwriting. Around 64% of the company's GWP was derived
from the life reinsurance business at end-2016. Fitch believes
that Marein could benefit from further growth in its non-life
business, which would reduce its reliance on the life segment and
strengthen its overall market position in the Indonesian
reinsurance market.
Fitch views Marein's capitalisation as strong, with regulatory
risk-based capitalisation (RBC) ratio of 272% at end-June 2017
(end-2016: 242%, 2015: 296%), well above the minimum regulatory
requirement of 120%. The company has maintained strong
capitalisation, supported by ongoing surplus growth. In the near
term, the company also expects to raise its capital through a
rights issue.
Fitch views Marein's financial performance as strong with its
three-year average gross premium growth at around 22%. The
company's combined ratio improved to 97% as of end-2016 from 100%
a year earlier, underpinned by its selective underwriting
practices, premium growth and manageable claims. The company aims
to enhance the stability of its underwriting businesses.
The company's investment portfolio has remained conservative with
cash equivalents and fixed-income instruments accounting for
around 65% of its invested assets at end-2016. Marein's exposure
to risky assets such as equity securities is also manageable
relative to its capitalisation and Fitch does not expect its
investment mix to deviate significantly in the near term.
The Stable Outlook reflects Fitch's expectation that Marein will
continue to maintain sufficient capital buffers and prudent
underwriting practices to support its operations and business
expansion.
RATING SENSITIVITIES
Key triggers for a rating downgrade include:
- Weakening capitalisation with the local statutory ratio below
200% on a sustained basis
- Material deterioration in market franchise
- Significant deterioration in operating performance with a
combined ratio consistently higher than 100%
A rating upgrade is unlikely in the near term because of Marein's
small business scale.
* New Indonesian Land Regulation to Hit Developers' Profits
-----------------------------------------------------------
Fitch Ratings says that the government of Indonesia's plan to
introduce a price ceiling on industrial land may have an impact
on the profitability of property companies with significant
exposure to industrial estate developments, such as PT Kawasan
Industri Jababeka Tbk (KIJA; B+/Stable) and PT Modernland Realty
Tbk (Modernland; B/Stable). These developers may also be subject
to short-term demand risks, as consumers may delay their
purchases pending greater clarity on the regulation.
The Ministry of Industry announced a plan in July 2017 to set a
price ceiling for industrial land, intended to maintain price
stability and enhance the attractiveness of industrial land for
SMEs. The proposed price cap is planned to be based off the
acquisition price, and may factor in the infrastructure
development costs. The cap may also be different for industrial
land developed by state-owned enterprises (SOEs) and those areas
developed by private developers.
Fitch believes the proposed regulation may affect overall
profitability, as the price cap may constrain developers' profit
margins. Companies may be able to manoeuvre around this by
conducting intra-group sales to heighten the land-acquisition
price at the expense of higher tax payments, but this is subject
to the actual clauses within the regulation. Fitch also feels
there may be risks to demand in the short term, pertaining to the
consumers' wait-and-see attitude in light of this regulation;
consumers may decide to take advantage by postponing their
industrial land purchases.
Nevertheless, the strong investment inflow and rising consumer
confidence that Indonesia has seen over the past 12 months may
support demand for industrial land in the short to medium term;
total foreign and domestic investments' inflow grew by 13% yoy to
a record-high of IDR337 trillion in 1H17, and the consumer
confidence index has grown by 6% since the beginning of the year
- compared with 2.5% throughout 2016. Furthermore, Fitch believes
that KIJA's and Modernland's material exposure to residential
property sales provides a significant diversification benefit to
their cash flows, thus presenting buffers to the risk of thinner
profit margins.
=========
J A P A N
=========
TOSHIBA CORP: To Cut Off Western Digital's Future Supply of Chips
-----------------------------------------------------------------
Ian King at Bloomberg News reports that Toshiba Corp. took
another stab at its U.S. joint venture partner, Western Digital
Corp., saying it has no rights to new chip production that's
vital to the future of both companies.
According to Bloomberg, the latest escalation of the fight
between the two centers on a new factory called Fab 6. Bloomberg
relates that Toshiba said it will build the plant without any
participation from its U.S. partner, thereby cutting off Western
Digital from chips made with the factory's new technology.
Western Digital inherited its stake in the joint venture when it
bought SanDisk Corp.
"Toshiba is dismayed by Western Digital's pattern of exaggerating
SanDisk's rights under the relevant agreements," the Tokyo-based
company said Aug. 4 in a statement. "Despite claims to the
contrary, Western Digital does not now possess any legal 'rights'
to participate in this phase of investment, which is an important
investment in the next generation of flash memory."
Western Digital soon countered with a statement of its own,
saying Toshiba's position is wrong and affirming its rights,
Bloomberg relays.
"The terms of the agreements and our related legal rights are
clear, and we remain confident that we will receive our share of
any capacity from Fab 6," Bloomberg quotes Western Digital as
saying. "We are continuing our constructive dialogue with Toshiba
on this and other matters."
According to Bloomberg, the two companies are locked in a legal
fight over Toshiba's plan to sell its share of the joint venture
to make up for multibillion-dollar losses in its nuclear power
operations.
Western Digital argues that it has a say in the sale, as well as
right of first refusal. Further legal wrangling could delay the
sale to a group of preferred bidders, putting Toshiba at risk of
being delisted, Bloomberg says.
Bloomberg notes that aspects of the dispute have spilled over
into court. Western Digital said a judge in San Francisco on
Aug. 4 agreed to change a temporary restraining order --
prohibiting Toshiba from blocking Western Digital employees
access to shared databases and other joint-venture facilities --
into a preliminary injunction. The order also requires Toshiba to
continue to supply materials and sample wafers to Western Digital
in the U.S.
Western Digital needs to retain access to output from new Toshiba
factories as improvements in manufacturing technology are one of
the key determinants of success in the memory chip industry,
Bloomberg says. Newer plants and equipment typically produce
better semiconductors more cheaply.
Toshiba said the talks haven't proved fruitful, the report notes.
"Toshiba provided an investment proposal to SanDisk earlier this
year," the company, as cited by Bloomberg, said. "Despite
numerous meetings and negotiations, including at the CEO to CEO
level, Toshiba's proposal was not accepted on the timetable set
out in the agreements."
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
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications. 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 a 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 and when S&P lowered the long-term
ratings in March 2017.
The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business. S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.
TOSHIBA CORP: Auditor to Sign Off on Annual Results
---------------------------------------------------
Reuters reports that Toshiba Corp may gain a partial endorsement
from its auditor for its annual financial results after
disagreements over accounting for the much of the year, Japanese
media reported -- a step that would lessen, but not remove, the
risk of a delisting.
For Toshiba, which was demoted to the second section of the Tokyo
bourse this month, a loss of its status as a listed company would
further complicate its ability to raise money, particularly for
the investment-intensive chip business that it is trying to sell,
according to Reuters.
Reuters notes that since taking over as Toshiba's auditor in
June last year, PricewaterhouseCoopers Aarata (PwC) has yet to
endorse the firm's financial results which have suffered numerous
delays.
In particular, PwC has queried whether Toshiba should have
recognized multi-billion dollar losses at U.S. nuclear arm
Westinghouse earlier than last December, sources familiar with
the matter have said, Reuters relays.
According to Reuters, Jiji news agency said, without citing
sources, PwC is now looking at issuing an "opinion with
qualifications" -- given where only minor problems exist -- by a
bourse-imposed deadline on Thursday (August 10), but it could
also still issue an "adverse opinion."
Toshiba has entered discussions with the auditor, seeking to gain
an opinion with qualifications, Jiji, as cited Reuters, added.
Reuters relates that the Nikkan Kogyo business daily reported
that PwC could also issue a stronger "opinion without
qualifications," which is given where no problems are found in a
company's accounts.
Neither report stated the reasoning behind a possible endorsement
from PwC, Reuters adds.
A writedown at Westinghouse and other liabilities linked to the
nuclear unit have pushed Toshiba into negative shareholders'
equity of $5.2 billion, triggering its demotion to the second
section of the bourse and forcing it to put its $18 billion chip
unit up for sale, Reuters says.
Reuters relates that an auditor endorsement may remove one less
headache for Toshiba has it seeks to close the memory chip unit
deal that has stalled due to disagreements between members of the
main bidding groups. Toshiba will, however, still be
automatically delisted if it ends the current year with negative
shareholders' equity.
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
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications. 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 a 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 and when S&P lowered the long-term
ratings in March 2017.
The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business. S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 31 to Aug. 4, 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
-------
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 ***