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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, October 10, 2017, Vol. 20, No. 201
Headlines
A U S T R A L I A
AUSTRADIA PTY: Second Creditors' Meeting Set for Oct. 18
BBY LTD: Liquidators, Rosewalls Near Insolvent Trading Settlement
HILTON TAXATION: Second Creditors' Meeting Set for Oct. 13
MJC FIRE: Second Creditors' Meeting Set for Oct. 13
MOTORSHADES PTY: First Creditors' Meeting Set for Oct. 17
PALMER PETROLEUM: Court Orders Mineralogy to Pay AUD22MM Bill
PREMIUM AFFORDABLE: First Creditors' Meeting Set for Oct. 13
I N D I A
ALVAS EDUCATION: ICRA Moves B+ Rating to Not Cooperating Category
APS POWERTECH: CRISIL Assigns B Rating to INR0.1MM Long Term Loan
ARYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR8MM Loan
BOLTON PETFORMS: CRISIL Reaffirms 'D' Rating on INR5.4MM Loan
CHAMUNDA ELECTRICALS: ICRA Withdraws B+ Rating on INR1cr Loan
DMB PAPER: CRISIL Reaffirms B+ Rating on INR13MM LT Loan
DURGA RICE: CRISIL Reaffirms B Rating on INR7MM Cash Loan
DYNAMIX CHAINS: CRISIL Reaffirms D Rating on INR35.15MM Loan
ESSMA TEXTILES: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
FENIX PROCESS: CRISIL Reaffirms 'D' Rating on INR8MM Bank Loan
GMR AERO: ICRA Reaffirms B+ Rating on INR27.50cr Cash Loan
GUJARAT ENTERPRISE: CRISIL Assigns B+ Rating to INR20MM Cash Loan
HEGDE CASHEWS: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
JAI BHAVANI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
KAMAL TEXTILE: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
KRISHNA NATURAL: ICRA Moves B+ Rating to Not Cooperating Category
MADHAVA HYTECH: ICRA Moves B+ Rating to Not Cooperating Category
MAHAVIR AGRO: CRISIL Reaffirms B+ Rating on INR3.85MM Term Loan
MANJEERA CONSTRUCTIONS: CRISIL Rates INR13.29MM Term Loan B-
MUKTAR INFRASTRUCTURE: CRISIL Ups Rating on INR30.15MM Loan to B-
NARAIN SINGH: CRISIL Reaffirms B- Rating on INR3.22MM Cash Loan
NEW AGE: CRISIL Reaffirms B+ Rating on INR5MM Overdraft
OM ENERGY: CRISIL Reaffirms B+ Rating on INR38.35MM Term Loan
PLATINUM MICRONS: CRISIL Assigns B+ Rating to INR5MM Term Loan
PUNJAB ALKALIES: CRISIL Reaffirms C Rating on INR74.90MM Loan
RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to 'B'
RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.7cr Loan
S.D. RICE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
SAHAJ SOLAR: ICRA Moves B+ Rating to Not Cooperating Category
SASAM INDUSTRIAL: CRISIL Assigns B- Rating to INR7.5MM Loan
SHRI JAYASHEEL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SPECTOMS ENGINEERING: CRISIL Reaffirms B+ Rating on INR2.05M Loan
SREE CHAITANYA: ICRA Lowers Rating on INR8cr LT Loan to 'D'
SRIJAGDAMBA CYLINDER: CRISIL Assigns B+ Rating to INR5.5MM Loan
SVS CONSTRUCTIONS: Ind-Ra Migrates B+ Rating to Non-Cooperating
TAXUS INFRASTRUCTURE: CRISIL Reaffirms C Rating on INR5MM Loan
TNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR43.5MM Loan
TULSIAN COAL: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
V CHITTI: CRISIL Assigns 'B' Rating to INR11.4MM Term Loan
VASAVI NIRMAAN: CRISIL Reaffirms B Rating on INR7.5MM LT Loan
VICKY ROADWAYS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
WILLIAM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR7MM Loan
YAMUNA MACHINE: ICRA Moves B+ Rating to Not Cooperating Category
J A P A N
TOSHIBA CORP: Bain Applies for China Antitrust OK on Chips Deal
N E W Z E A L A N D
CHALLENGE STEEL: Placed Into Voluntary Liquidation
P H I L I P P I N E S
WORLD PARTNERS: PDIC Sets Nov. 9 as Deadline for Filing Claims
S I N G A P O R E
SWIBER HOLDINGS: Seeks Extension of Judicial Management Period
UNIVERSAL ENERGY: Owes US$105 Million to 90 Creditors
ZETTA JET: Chapter 11 Trustee to Oversee Restructuring
X X X X X X X X
* BOND PRICING: For the Week Oct. 2 to Oct. 6, 2017
- - - - -
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A U S T R A L I A
=================
AUSTRADIA PTY: Second Creditors' Meeting Set for Oct. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Austradia Pty
Ltd, trading as Topshop/Topman, has been set for Oct. 18, 2017, at
10:30 a.m., at The Grace Hotel, 77 York Street, in Sydney, New
South Wales.
The purpose of the meeting are (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 Oct. 17, 2017, at 4:00 p.m.
Ryan Reginald Eagle, James Stewart and Jim Sarantinos of Ferrier
Hodgson were appointed as administrators of Austradia Pty on
May 24, 2017.
BBY LTD: Liquidators, Rosewalls Near Insolvent Trading Settlement
-----------------------------------------------------------------
The Australian Financial Review's Street Talk reports that
headway has been made on an insolvent trading settlement between
BBY Ltd.'s former high-profile directors and liquidators KPMG.
Sources said KPMG, flanked by law firm Ashurst Australia, was
closing in on a deal in the order of AUD9 million, Street Talk
relays.
According to Street Talk, BBY director and tennis legend Ken
Rosewall is proposing to pay the lion's share of the amount while
Glenn, his son and former BBY executive chairman, and fellow
director David Perkins will tip in nominal amounts.
But there are still several sticking points and mediation has been
in train since April. Sources close to the negotiations said a
global settlement could be reached in four to six weeks, the
report relays.
Glenn Rosewall is seeking to ensure the settlement limits any
liability he may face in jurisdictions outside Australia, given
BBY had operations in markets including the US, Street Talk
relates.
The mooted settlement is likely to raise the ire of BBY's long
list of creditors and 6,000 former clients, many of whom haven't
received any of their funds back, according to the report.
Street Talk relates that the estimated shortfall to clients,
before recovery costs, is $21 million, according to KPMG.
But in a liquidator's report distributed late last month, KPMG
said a prior settlement had fallen over earlier in the year.
"An in principle agreement was reached where the directors and the
insurer were prepared, subject to a number of conditions, to pay a
sum to settle all claims. It was proposed that a Heads of
Agreement document be signed shortly after the mediation
concluded. The agreement was drafted and circulated among the
parties however for various reasons, including meeting of
conditions, it has not been executed," the liquidator's report, as
cited by Street Talk, related.
KPMG believes BBY was insolvent as far back as 2011, the report
notes.
If a settlement isn't reached out of court, KPMG may proceed with
suing parties for claims such as insolvent trading and voidable
transactions, Street Talk notes.
The Australian Securities and Investments Commission is also
keeping close tabs on deliberations, Street Talk adds.
According to Street Talk, the regulator has an enforcement team
working on the matter, including examining the actions of senior
managers at the firm.
The regulator is assessing court proceedings under the
Corporations Act and also whether any criminal behaviour was
involved in the firm's 2015 demise, adds Street Talk.
About BBY Ltd
Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.
BBY Ltd is the main entity of the BBY group and is headquartered
in Sydney with offices in Adelaide, Auckland, Brisbane, Gold
Coast, London, Melbourne, New York, Perth and Wellington. The BBY
group consisted of 10 entities and included two other financial
services licensees: BBY Advisory Services Pty Ltd and SmarTrader
Limited.
On May 17, 2015, Stephen Vaughan and Ian Hall of KPMG were
appointed as joint and several voluntary administrators of the 10
BBY companies, including BBY, BBY Advisory Services Pty Ltd and
SmarTrader Limited.
On May 18, 2015, Steven Parbery and Brett Lord of PPB Advisory
were appointed receivers and managers of BBY and BBY Advisory
Services Pty Ltd, and trading by BBY on the ASX, Chi-X Australia
and SSX markets was also suspended.
On May 28, 2015, the Australian Securities & Investments
Commission (ASIC) suspended the Australian financial services
(AFS) licences held by BBY, BBY Advisory Services Pty Ltd, and
SmarTrader Limited.
On June 22, 2015, BBY Limited was placed in liquidation.
HILTON TAXATION: Second Creditors' Meeting Set for Oct. 13
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hilton
Taxation Services Pty Ltd has been set for Oct. 13, 2017, at 11:30
a.m., at St Andrews Business Centre, 2 St Andrews Street, in
Maitland, New South Wales.
The purpose of the meeting are (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 Oct. 12, 2017, at 4:00 p.m.
Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of Hilton Taxation on Sept. 7, 2017.
MJC FIRE: Second Creditors' Meeting Set for Oct. 13
---------------------------------------------------
A second meeting of creditors in the proceedings of MJC Fire
Protection Pty Ltd has been set for Oct. 13, 2017, at 11:00 a.m.,
at the offices of Cor Cordis Chartered Accountants, Level 29,
360 Collins Street, in Melbourne, Victoria.
The purpose of the meeting are (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 Oct. 12, 2017, at 5:00 p.m.
Sam Kaso and Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of MJC Fire on
Sept. 7, 2017.
MOTORSHADES PTY: First Creditors' Meeting Set for Oct. 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Motorshades Pty Ltd will be held at Level 11, 77 St George
Terrace, in Perth, WA, on Oct. 17, 2017, at 10:00 a.m.
Richard Albarran & Cameron Shaw of Hall Chadwick were appointed as
administrators of Motorshades Pty on Oct. 5, 2017.
PALMER PETROLEUM: Court Orders Mineralogy to Pay AUD22MM Bill
-------------------------------------------------------------
The Sydney Morning Herald reports that Clive Palmer's Mineralogy
has been ordered to pay a AUD22 million bill owed to a Singapore-
based exploration company.
BGP Geoexplorer carried out survey work in the Gulf of Papua for
Palmer Petroleum, which went into liquidation in July 2016, SMH
states.
According to the report, Mineralogy last month claimed in a
Brisbane Supreme Court trial it was not obliged to pay BGP
Geoexplorer the debt because it had breached its contract with
Palmer Petroleum relating to scope of the work.
Justice David Jackson on Oct. 9 dismissed the claim and ordered
Mr. Palmer's company to pay the US$17.6 million bill, the report
says.
Justice Jackson also rejected Mr. Palmer's lawyer's application to
stay the order for seven days, SMH notes.
Mr. Palmer was not in court for the judgment, the report adds.
PREMIUM AFFORDABLE: First Creditors' Meeting Set for Oct. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Premium
Affordable Living 1 Pty Ltd will be held at the offices of
Deloitte Financial Advisory Pty Ltd, 8 Brindabella Circuit,
Brindabella Business Park, in Canberra Airport, ACT, on Oct. 13,
2017, at 11:00 a.m.
Ezio Senatore of Deloitte was appointed as administrator of
Premium Affordable on Oct. 4, 2017.
=========
I N D I A
=========
ALVAS EDUCATION: ICRA Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings has moved the long term rating outstanding of
[ICRA]B+ to the INR200.00-crore long term facilities of Alvas
Education Foundation (AEF) to 'Issuer not cooperating' category.
The outlook on the long term rating is 'Stable'. The rating is now
denoted as '[ICRA]B+ (Stable) ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Term 200.00 [ICRA]B+ (Stable); ISSUER NOT
Loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating is based on no updated information on the company's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with Alvas Education Foundation, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Key rating drivers
Credit Strengths
* Long and established track record of the trust in education
sector: The trust was established in 1995 and offers variety of
courses and programmes through 17 institutes in various
disciplines like ayurveda, nursing, physiotherapy, naturopathy,
engineering, pre-university colleges, high school etc.
* Healthy increase in total number of students: Regular investment
by the trust in infrastructure and accreditations has helped in
regular increase in the new admissions, especially for the Pre
University and Degree College
* Diversified Revenues Stream: Diversified and stable revenue
stream as the trust operates seventeen institutes with courses in
the field of engineering, medical, nursing, and Pre University
courses.
Credit Weaknesses
* Significant debt-funded capital expenditure: Significant debt-
funded capital expenditure incurred towards expansion of
infrastructure facility which might exert pressure on the capital
structure and debt protection metrics. Increase in debt has
resulted in leveraged capital structure characterized by high
gearing and moderate debt protection metrics.
* High regulatory intensity of the educational sector: The
revenue of the trust continues to remain vulnerable on back of
tight regulatory structure in the higher education sector in
India. The trust's various institutes have to abide by the rules
framed by various regulatory bodies like All Indian Council of
Technical Education (AICTE), Rajiv Gandhi Institute of Health
Sciences (RGIHS), University Grants Commission (UGC), individual
universities and state governments.
* Risk of cash flow mismatch: Risk of cash flow mismatch during
the year with different fee collection frequency for each
institute and which may pose the risk of short-term liquidity
mismatches
Established in 1995, Alva's Educational Foundation (AEF) is an
education trust offering courses/programs in various disciplines.
Its institutes are situated in Moodabidri, a town adjacent to
Mangalore, Karnataka. Currently, AEF operates 17 institutes
offering more than 30 courses in various disciplines like
ayurveda, nursing, physiotherapy, naturopathy, engineering, pre-
university colleges, high school etc. Many of the colleges are
resident type and the infrastructure facilities include an
auditorium, common canteens, sports facilities, libraries,
laboratories and hostels. The various courses offered by AEF are
affiliated to Mangalore University, Rajiv Gandhi University of
Heath and Science, Visveswaraya Technological University, PU Board
and Nursing Council of Karnataka.
APS POWERTECH: CRISIL Assigns B Rating to INR0.1MM Long Term Loan
-----------------------------------------------------------------
CRISIL Ratings has revoked the suspension on the ratings of APS
Powertech India Private Limited (APS) and assigned its 'CRISIL
B/Stable/CRISIL A4' ratings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Assigned;
Suspension Revoked)
Proposed Long Term
Bank Loan Facility 0.1 CRISIL B/Stable (Assigned;
Suspension Revoked)
CRISIL had suspended the ratings on August 20, 2015, on account of
non-cooperation by APIPL with CRISIL's efforts to undertake a
review of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its ratings.
The ratings reflect the modest scale of operations in the
intensely competitive transformers industry, the average financial
risk profile and working capital intensity. These weaknesses are
partially offset by extensive experience of promoters in the
transformers industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations, amidst intense competition: Scale
of operations remains modest, as reflected in revenue of INR16.28
crores for fiscal 2017. This is partly attributed to limited
reach, as the entire revenue comes from the Uttar Pradesh Power
Corporation Ltd (UPPCL). Moreover, the domestic transformers
industry is highly competitive in the lower voltage segment, and
driven by presence of several small regional players.
* Average financial risk profile: Financial risk profile is
average, with high gearing of 2.82 times and moderate debt
protection metrics, with interest coverage ratio at 1.5 times and
net cash accrual to total debt ratio at 0.04 time for fiscal 2017.
* Working capital-intensive operations: Gross current assets were
around 379 days as on March 31, 2017, driven by large receivables
of 295 days and inventory of about 52 days. However, working
capital management is partially supported by credit of 195 days
extended by suppliers. Bank limit utilisation has been high at 95%
over the 12 months through July 2017.
Strength
* Extensive experience of the promoters in the transformers
industry: The decade-long experience of the promoter, Mr Sumit
Mittal, in the transformer manufacturing industry, keen grasp over
industry dynamics, and healthy relationships with suppliers and
customers, will continue to support the business risk profile. The
company has a track record of timely execution of projects, and
there has been no instance of invocation of bank guarantee.
Outlook: Stable
CRISIL believes APS will continue to benefit from the extensive
experience of its promoters in the transformers industry, though
the high revenue dependence on UPPCL constrains the business risk
profile. The outlook may be revised to 'Positive' in case of a
significant and sustained improvement in revenue and
profitability, and working capital management, or if capital
infusion by the promoters, or higher-than-expected cash accrual,
strengthens the capital structure. The outlook may be revised to
'Negative' in case of significant deterioration in financial risk
profile, particularly liquidity, due to a substantial stretch in
the working capital cycle, or if a significant decline in turnover
or operating margin, leads to lower cash accrual.
Incorporated in 2005, APS manufactures and repairs distribution
transformers. The company manufactures transformers, ranging from
10-400 kva at its facilities in Lucknow. Daily operations are
managed by Mr. Sumit Mittal.
ARYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR8MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Arya
Construction for obtaining information through letters and emails
dated August 16, 2017 and September 11, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Overdraft 5 CRISIL A4 (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 Arya Construction. This
restricts CRISIL's ability to take a forward Arya Construction is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.
Arya, based in Wardha, Maharashtra, was set up in 1986 by Mr.
Vijaykumar Raju. The firm undertakes construction activities for
state and central governments.
BOLTON PETFORMS: CRISIL Reaffirms 'D' Rating on INR5.4MM Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Bolton
Petforms Private Limited (BPPL) continues to reflect the company's
delay in repaying its term due to stretched liquidity on account
of late commencement of its operations. This weakness is partially
offset by extensive experience of the promoter.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.4 CRISIL D (Reaffirmed)
Term Loan 3.0 CRISIL D (Reaffirmed)
On May 31, 2017, CRISIL had downgraded its rating on the long-term
bank facilities of BPPL to 'CRISIL D' from 'CRISIL B/Stable'.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in loan repayment: Low accrual and large working capital
debt resulted in stretched liquidity, resulting in delay in
meeting interest obligation on working capital demand loan by two
months.
Strengths
* Extensive experience of the promoter: The company is managed by
Mr. Vijaykumar, who started as a small manufacturer of packaged
drinking water in Villipuram (Tamil Nadu) district to bring out a
product called True Drops in 1998. The company is a part of the
Swashthik Group which is into manufacture of PET preforms, High
Density Polyethylene (HDPE) bottle caps, and PET single-stage
bottles (direct bottles).
BPPL, established in 2015 as a private limited company by Mr.
Vijaykumar, is setting up a polyethylene terephthalate (PET)
preform manufacturing facility in Chennai. The company started its
operations in November 2016.
CHAMUNDA ELECTRICALS: ICRA Withdraws B+ Rating on INR1cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR1.00 crore, long term fund based facility of Chamunda
Electricals (P) Limited. ICRA has also withdrawn the short term
rating of [ICRA]A4 assigned to the INR7.50 crore non-fund based
limits of CEPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash
Credit 1.00 [ICRA]B+; Withdrawn
Non Fund Based
Bank Guarantee 7.50 [ICRA]A4; Withdrawn
Rationale
The long-term and short-term ratings assigned to Chamunda
Electricals (P) Limited have been withdrawn at the request of the
company based on the no objection certificate provided by its
banker.
Incorporated in June 2013, Chamunda Electrical (P) Limited (CEPL)
is engaged 'Operation and Maintenance' services of GETCO from its
office located at Palanpur, Ahmedabad. CEPL is promoted by Mr.
Chirag Patel and his father Mr. Natvarlal Rathod. Mr. Patel is
engaged in the electrical contracting business since 1994 through
his partnership firm which was later converted to proprietorship
firm viz- Chamunda Construction Co. that carried out the business
of electrical contracting services for Gujarat Energy Transmission
Corporation Limited (GETCO). CEPL has been registered as Class 'A'
electrical contractor for the 'Operation and Maintenance' services
and 'B' class electrical contractor for the erection work wherein
it can carry out erection of line on H- Frame Structure & Tower.
DMB PAPER: CRISIL Reaffirms B+ Rating on INR13MM LT Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with DMB Paper
Mills Private Limited (DPMPL) for obtaining information through
letters and emails dated April 12, 2017 and July 12, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 7 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 13 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 DMB Paper Mills Private
Limited. This restricts CRISIL's ability to take a forward DMB
Paper Mills Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable/CRISIL A4'.
DPMPL was incorporated in June 2014 by Mr. Yakub Khan and his
associates by acquiring Delux Kraft Board Pvt Ltd, set up in 1997
in Gujarat. DPMPL manufactures kraft paper.
DURGA RICE: CRISIL Reaffirms B Rating on INR7MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Durga Rice
Mills (DRM) for obtaining information through letters and emails
dated May 31, 2017 and August 30, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term .5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 1.8 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 Durga Rice Mills. This
restricts CRISIL's ability to take a forward Durga Rice Mills is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B/Stable'.
DRM, set up in 1982 as a partnership firm by Mr. Lala Ram and his
family members, mills, processes, and sells basmati and non-
basmati rice and its by-products.
DYNAMIX CHAINS: CRISIL Reaffirms D Rating on INR35.15MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dynamix
Chains Manufacturing Private Limited for obtaining information
through letters and emails dated August 30, 2017 and September 8,
2017, among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Funded Interest
Term Loan 4.97 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Post Shipment Credit 9 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility 35.15 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 2.84 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Working Capital 15.89 CRISIL D (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 Dynamix Chains Manufacturing
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 Dynamix Chains Manufacturing
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.
Dynamix, established in October 2007, is promoted by Mr. Pramod
Goenka of Mumbai. It manufactures specialised chains and pendants,
which are exported to the US.
ESSMA TEXTILES: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Essma
Textiles Private Limited (ETPL) for obtaining information through
letters and emails dated July 31, 2017 and September 25, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.5 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 Essma Textiles Private Limited.
This restricts CRISIL's ability to take a forward Essma Textiles
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.
ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.
FENIX PROCESS: CRISIL Reaffirms 'D' Rating on INR8MM Bank Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Fenix Process Technologies Pvt Ltd (FPTPL) at 'CRISIL D/CRISIL
D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8 CRISIL D (Reaffirmed)
Cash Credit 6.5 CRISIL D (Reaffirmed)
Export Packing Credit 8 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.02 CRISIL D (Reaffirmed)
Term Loan 6.48 CRISIL D (Reaffirmed)
The ratings reflect delay in servicing term debt due to weak
liquidity, due to cash flow mismatch following stretched working
capital cycle.
Key Rating Drivers & Detailed Description
Weakness
* Delays in debt servicing: The company has delayed servicing
term debt obligation on account of cash flow mismatch.
Weakness
* Stretched working capital cycle: Gross current assets are
estimated at 442 days as on March 31, 2017, due to large inventory
days.
Strength
* Experience of promoter: Business risk profile is supported by
promoter's industry experience of over three decades.
Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr. M
V Rao. The company undertakes process engineering and
manufacturing, involving the provision of complete design,
engineering, and equipment solutions for distillation and other
mass-transfer operations.
GMR AERO: ICRA Reaffirms B+ Rating on INR27.50cr Cash Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR27.50 crore cash credit limits of GMR Aero Technic Limited.
The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 27.50 [ICRA]B+ (Stable); reaffirmed
Rationale
The rating continues to be constrained by the lower-than-expected
ramp up in the scale of operations, which has led to
underutilisation of the facility, high operating leverage and
consequently operating losses over the past few years, resulting
in negative net worth. The shortfall in debt servicing for FY2017
has been funded through equity infusion from the holding company-
GMR Hyderabad International Airport Limited (GHIAL, rated
[ICRA]AA(Stable)/A1+). In FY2017, GAT's European Aviation Safety
Agency (EASA) certification was temporarily suspended (from July
2016 to February 2017), largely due to documentation related non-
compliance. While the company continued to deliver domestic orders
based on Directorate General of Civil Aviation (DGCA) norms, the
order flow from international/leased aircrafts was adversely
affected during this period, resulting in lower-than-anticipated
revenues. ICRA notes that the company has taken necessary measures
to become EASA complaint and the suspension was removed from March
2017. During 5M FY2018, the company signed five new agreements
with four different airlines to conduct 51 checks. Given the high
debt repayments in FY2018, ICRA expects GAT to remain dependent on
the funding support from its sponsor in the near term for
operational losses and shortfall in debt servicing.
The rating, however, continues to draw comfort from GAT's well-
equipped maintenance, repair and operations (MRO) facilities in
Hyderabad with requisite approvals from DGCA and EASA. Also, GAT
has a strong parentage (as a part of GHIAL) with demonstrated
track record of timely fund infusion to fund operational losses
and support debt servicing obligation. ICRA also notes the high
entry barriers in the MRO industry as service providers need to
develop specific capabilities to cater to different types of
aircraft and need to acquire related regulatory approvals. ICRA
notes that GAT has confirmed order book for 51 checks from four
airline companies to be performed in FY2018. Also, it has entered
into General Terms Agreement (GTA) with AirAsia, Flynas and
TruJet, under which the flights will be inducted by service orders
issued by the airlines as when required. Further, the reduction in
lease rentals payable to GMR Hyderabad Aviation SEZ Limited
(GHASL) -- a Group company -- will aid profitability.
Going forward, the company's ability to ramp up operations by
securing new orders and achieve break-even would remain key
sensitivities. ICRA expects GAT to remain dependent on funding
support from its sponsors over the near term.
Key rating drivers
Credit strengths
* Strong parentage: The rating takes support from the strong
profile of the sponsor - GHIAL (rated [ICRA]AA(Stable)/A1+) with
demonstrated track record of timely fund infusion to fund
operational losses and support debt servicing obligation. In
FY2017, GHIAL infused INR61 crore of equity to fund operational
losses and shortfall in debt servicing.
* Facilities in line with international standards with requisite
approvals: GAT has a well-equipped international standard MRO
facility in Hyderabad with all the necessary approvals from
statutory authorities like DGCA and EASA.
* New agreements with clients: As of August 31, 2017, GAT entered
into new agreements for 51 checks from four different airlines
(IndiGo, Oman airways, Jet Airways and GoAir) to be performed in
FY2018. Also, it has entered into GTA with AirAsia, Flynas &
TruJet, under which the flights will be inducted by issuing the
service orders by airline as when required.
Credit challenges
* Weak performance in FY2017: In FY2017, the turnover was lower
than expected on account of temporary suspension in EASA
certification from July 2016 to February 2017, largely due to
documentation related non-compliance. This resulted in no new
orders during the same period and this suspension resulted in
lower-than-anticipated revenues.
* Deterioration of coverage and leverage indicators: Continued
operating losses have further deteriorated coverage and leverage
indicators in FY2017. The net worth has further eroded in FY2017
to negative INR388 crore from negative INR326 crore in FY2016 due
to net losses.
* GAT expected to remain dependent on sponsor: Given the high
debt obligation in FY2018, GAT is expected to remain dependent on
its sponsor. Therefore the ability of the company to service the
debt would critically hinge on timely support from the holding
company, GHIAL.
MAS GMR was established as a 50% joint venture (JV) between GHIAL
and Malaysian Aerospace Engineering Sdn. Bhd (MAE). The JV has
developed a INR309-crore airframe MRO facility at GHASL, which
started commercial operations in November 2011. Subsequently, MAE
exited the JV in September 2014 and GHIAL acquired its stake.
Thereafter, the JV was renamed GMR Aero Space Engineering Limited
(GAE).
GAE has since restructured its operations to take advantage of the
tax benefits for SEZs. It has been designated as the co-developer
of the Aviation SEZ, and GMR Aero Technic Limited (GAT) has been
incorporated as a 100% subsidiary of GAE to conduct the actual
business of an MRO. Thus, most of the equipment/infrastructure has
been retained by GAE, which collects a lease rental from GAT (that
runs the MRO business). The term loans of INR230 crore remain on
GAE's books -- this loan is now to be serviced from the lease
rentals from GAT. The arrangement between GAE and GAT is purely
internal with cash flow from the MRO business of GAT being used to
service the loan of GAE. Please note that the entities have been
considered as one for the purpose of analysis.
GUJARAT ENTERPRISE: CRISIL Assigns B+ Rating to INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its rating of 'CRISIL B+/Stable' to
the long-term bank facility of Gujarat Enterprise - Mumbai (GEM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B+/Stable
The rating reflects promoters' susceptibility of GEM's exposure to
moderate demand risk and cyclicality in the real estate industry.
These rating weakness are partially offset by extensive industry
experience in real estate industry and low implementation and
funding risk.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to moderate demand risk: The ongoing project is
exposed to moderate demand risk on account of limited sales
velocity.
* Exposure to risks and cyclicality inherent in Indian real estate
industry: GEM remains exposed to the inherent risks and
cyclicality associated with the Indian real estate industry
because of a highly fragmented market structure due to the
presence of a large number of regional players.
Strengths
* Extensive experience of promoter: GEM benefits from the
extensive experience of promoters of over 2 decades in real estate
industry.
* Low implementation and funding risk: Around 90% of the project
is completed and funding closure has been achieved as well.
Outlook: Stable
CRISIL believes GEM will sustain its business risk profile over
the medium term backed by the extensive industry experience of its
partners. The outlook may be revised to 'Positive' if robust
response to projects and healthy advance collection from customers
leads to high cash flow. The outlook may be revised to 'Negative'
if low cash inflows, because of subdued response to projects, and
consequently, small flow of advances, weakens liquidity.
Established in 2000, GEM undertakes real estate projects and sale
of plots in Mumbai region. Currently, firm has one ongoing project
'Samriddhi'.
HEGDE CASHEWS: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hegde
Cashews (HC) for obtaining information through letters and emails
dated August 21, 2017 and September 8, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 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 Hegde Cashews. This restricts
CRISIL's ability to take a forward Hegde Cashews is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.
Set up in 2012 as a proprietorship firm, HC is engaged in the
processing of raw cashew nuts and sale of cashew kernels. Based
out of Nanchar in Karnataka, HC is promoted by Mr.Pratap Hegde.
JAI BHAVANI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Bhavani
Furnishing Pvt Ltd's Long Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR80 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB-(ISSUER NOT COOPERATING)
rating; and
-- INR40 mil. Proposed fund-based working capital limits
migrated to non-cooperating category with Provisional
IND BB-(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2011, Jai Bhavani Furnishing manufactures and
trades furnishing fabrics. Its packaging and storing unit is
located in Bhiwandi, Mumbai.
KAMAL TEXTILE: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamal Textile
Industries (KTI) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable. The instrument-wise rating actions are:
-- INR56.92 mil. Term loans due on March 2023 assigned with IND
B/Stable rating;
-- IN20.0 mil. Fund-based working capital assigned with IND
B/Stable/IND A4 rating; and
-- INR4.0 mil. Non-fund-based working capital assigned with IND
A4 rating.
KEY RATING DRIVERS
The ratings reflect KTI's lack of operational track record,
considering it commenced commercial operations in August 2017
after the completion of a weaving unit for manufacturing grey
fabrics. The facility involved a cost of INR89.15 million (64%
funded by a term loan and 36% funded by the promoters).
KTI's booked INR1.5 million in revenue for August 2017. KTI has
not yet started utilising its working capital limits.
The ratings, however, are supported by KTI's promoters' extensive
experience of three decades in the textile industry. The ratings
are also supported by the firm receiving incentives, such as
electricity subsidy and reimbursement of VAT paid, from the
government of Gujarat.
RATING SENSITIVITIES
Negative: Failure to scale up operations leading to a stress on
liquidity will be negative for the ratings.
Positive: Stabilisation of operations leading to strong revenue
generation and profitability will lead to a positive rating
action.
COMPANY PROFILE
Formed in September 2015, KTI manufactures grey fabrics through
the weaving process. Its 8,000-metre-per-day production site is in
Ahmedabad, Gujarat. The facility is likely to utilise 80% of the
total installed capacity in the first year of operations.
The partners of the firm are Mr Kamal Kishore Kothari, Mr Nirmal
Kothari, Mr Abhey Kothari, Ms Pooja Jain and Mr Dheeraj Kothari.
KRISHNA NATURAL: ICRA Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the ratings for the INR9.95 crore bank facilities
of Krishna Natural Fibre Private Limited (KNFPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 8.90 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
Category
Term Loan 1.05 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating action is based on limited information on the entity's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.
As part of its process and in accordance with its rating agreement
with GME, ICRA has been trying to seek information from the entity
so as to monitor its performance and had also sent repeated
reminders to the company for payment of surveillance fee that
became overdue, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
Key rating drivers
Credit strengths
* Established experience of the promoters in the cotton ginning
business: The company is promoted by Mr. Nathalal Jani and Mr.
Bipin Patel who have established experience in the cotton
industry.
* Location advantage: KNFPL is located in the Kadi region of
Gujarat, an area with number of cotton ginning and cotton seed
crushing units. The company benefits from its location due to
availability of quality raw cotton and Gujarat being the largest
market for cotton seed oil consumption in India.
Credit weaknesses
* Weak financial risk profile: KNFPL has weak financial profile
characterised by low profitability, leveraged capital structure
and weak coverage indicators.
* Competition and regulatory risks: The cotton ginning industry
is highly fragmented with the presence of numerous players
operating within Gujarat leading to intense competitive intensity.
The industry is also exposed to regulatory risks with the
government imposing MSP for purchase of raw cotton during over
supply in the market and restricting export of cotton bales in
order to support the domestic cotton textile industry.
* Margins remain exposed to adverse fluctuations in cotton prices:
The profitability remains vulnerable to fluctuations in the prices
of raw cotton on account of seasonality and harvest of cotton
crop.
Incorporated in October 1999, Krishna Natural Fibre Private
Limited (KNFPL) is engaged in the business of ginning and pressing
of raw cotton. The manufacturing facility of the company is
situated at Kadi in Mehsana district of Gujarat. The facility is
equipped with twenty-four ginning machines and one pressing
machine with total installed capacity to manufacture ~250 cotton
bales per day.
MADHAVA HYTECH: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR19.00 crore bank facilities
of Madhava Hytech Infrastructures (India) Private Limited (MHIIPL)
to the 'Issuer Not Cooperating' category. The rating is now
denoted as: "[ICRA]B(Stable)/[ICRA]A4/ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash 4.00 [ICRA]B(Stable) ISSUER NOT
Credit COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Non Fund-based- 10.00 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Unallocated Limits 5.00 [ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING;
Rating moved to the 'Issuer
Not Cooperating' category
Rationale
The rating is based on no updated information on the entity's
performance since the time it was last rated in May, 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.
As part of its process and in accordance with its rating agreement
with MHIIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Key rating drivers
Credit strengths
* Longstanding experience of promoters: The promoters of the firm
have an established track record in construction industry having
executed multiple projects for various government departments in
Karnataka, Andhra Pradesh, Telangana, North-eastern states, etc.
Credit weaknesses
* Tight liquidity position of the company: The liquidity position
of the company was stretched during FY2016 with full utilization
of working capital limits due to high receivables from various
government departments
* High project and customer concentration risk: The company has
derived majority of its revenues from Bruhat Bengaluru Mahanagara
Palike (BBMP) alone between FY2012 and FY2016 owing to which the
customer concentration risk is high. Further, the company only had
two work orders on hand as on February 2016 leading to high
project concentration risk.
* Small scale of operations: The company's scale of operations in
the construction industry are small with revenues of INR22.89
crore in FY2016.
Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family
members. The company is involved in the construction of oads,
bridges, and railway tracks in states like Andhra Pradesh,
Karnataka, Tamil Nadu, and North-eastern states. MHIIPL was
incorporated post the demerger of Madhava Hytech Engineers Pvt.
Ltd. (MHEPL) with effect from April 1, 2009. MHEPL was
incorporated by Mr. Madhava Rao (father of Mr. K. Pradeep Kumar).
He has over 30 years of experience in the construction industry.
As per the court decision on demerger, MHIPL and MHEPL would
continue to retain the registrations and credentials of MHEPL.
MAHAVIR AGRO: CRISIL Reaffirms B+ Rating on INR3.85MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mahavir
Agro Foods - Karnal (MAF) for obtaining information through
letters and emails dated July 13, 2017 and August 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 3.85 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 Mahavir Agro Foods - Karnal.
This restricts CRISIL's ability to take a forward Mahavir Agro
Foods - Karnal is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.
Established as a partnership firm in 2013 by Mr. Mukesh Kumar, Mr.
Deepak Kumar, and Mr. Chirag Kumar, MAF processes parboiled and
raw rice at its unit in Karnal that has installed paddy milling
capacity of 4 tonne per hour.
MANJEERA CONSTRUCTIONS: CRISIL Rates INR13.29MM Term Loan B-
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Manjeera Constructions Limited
(MCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Term Loan 13.29 CRISIL B-/Stable
Bank Guarantee 14.71 CRISIL A4
Cash Credit 12.00 CRISIL B-/Stable
The ratings reflect MCL's geographic concentration in real estate
projects. The ratings also factor in the susceptibility to
cyclicality inherent in the Indian real estate sector. These
weaknesses are partially offset by the extensive experience of
promoters in the real estate market.
Key Rating Drivers & Detailed Description
Weaknesses
* Geographic concentration in real estate projects: Most projects
implemented by MCL have been in Hyderabad, Vijayawada, and its
surrounding suburbs, exposing the company to area-specific
downturns in the real estate industry.
* Susceptibility to cyclicality inherent in the industry: The
real estate sector in India is cyclical because of sharp movements
in prices and a highly fragmented market structure. With increase
in supply, attractive prices offered by various builders, and
constant regulatory changes, profitability of real estate players
will likely come under pressure over the medium term.
Strength
* Promoters' extensive experience: The promoters have around
three decades of experience in the residential and commercial real
estate industry. Mr. G Yoganand, one of the key promoters, has a
successful track record of over three decades in timely completion
of projects in Telangana and Andhra Pradesh.
Outlook: Stable
CRISIL believes MCL will continue to benefit from the promoters'
extensive experience. The outlook may be revised to 'Positive' if
financial flexibility and cash flow adequacies are strengthened by
sizeable revenue or customer advances from the balance portion of
its completed as well as ongoing projects. Conversely, the outlook
may be revised to 'Negative' if liquidity is stretched by
significantly low sales or weakening of financial risk profile due
to substantial contracting of debt and/or time and cost overruns
in the execution of its new projects.
MCL is part of the Hyderabad-based Manjeera Group of companies,
incorporated in March 1987. MCL undertakes construction and
development of residential and commercial projects in Andhra
Pradesh and Telangana region.
MUKTAR INFRASTRUCTURE: CRISIL Ups Rating on INR30.15MM Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Muktar Infrastructure India Private Limited (MIIPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 4.4 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 9.62 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 30.15 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of term debt by MIIPL
over the past six months, supported by improved liquidity. The
rating upgrade also factors in expectation that cash accrual will
increase steadily, and comfortably to cover maturing debt over the
medium term.
The ratings continue to reflect modest scale and working capital
intensity in operations and exposure to project risk. These
weaknesses are partially offset by the promoters' extensive
experience and funding support.
Analytical Approach
Unsecured loans of INR36.35 crore received from the promoters have
been treated as 75% equity and 25% debt since the loans are
interest free, subordinated to bank debt, and will remain in the
business over the medium term.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Despite being in business for more
than two decades, scale of operations remains modest with revenue
of INR13.50 crores in fiscal 2017.
* Working capital intensive: The operations are working capital
intensive, with sizeable gross current assets, inventory and
debtors of 329, 262, and 104 days, respectively, as on March 31,
2017.
* Exposure to project risk: Estimated capex to increase
production capacity and new stream of income are expected to be
funded partly by debt and partly by equity from the promoters. The
company remains exposed to risks related to timely completion of
capex within budgeted cost, and subsequent ramp up of operations.
Strength
* Promoters experience and their funding support: Benefits from
the promoters' experience of over two decades and their financial
support are expected to continue.
* Above-average financial risk profile: Moderate adjusted
networth and low gearing and total outside liabilities to tangible
networth ratios of INR27.90 crore, 0.61 time, and 0.88 time,
respectively, support financial risk profile as on
March 31, 2017.
Outlook: Stable
CRISIL believes MIIPL will continue to benefit over the medium
term from its promoters' extensive experience and their funding
support. The outlook may be revised to 'Positive' if significant
growth in revenue and stable profitability lead to higher cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low cash accrual, or time or cost overruns in the ongoing capex
result in pressure on liquidity.
Incorporated in 2012, by Mr. Shaikh Muktar, the company
manufactures ready-mix concrete and pavers and blocks. MIPL is
part of the Goa-based SMG, which has interests in mining,
infrastructure, construction, engineering, logistics, hospitality,
and shipping services. MIPL is also constructing a hotel in Goa.
NARAIN SINGH: CRISIL Reaffirms B- Rating on INR3.22MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Narain
Singh Bundela and Co. (NSBC) for obtaining information through
letters and emails dated July 10, 2017 and September 6, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 3.22 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 0.10 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 Narain Singh Bundela and Co..
This restricts CRISIL's ability to take a forward Narain Singh
Bundela and Co. is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable/CRISIL A4'.
Established in 1988, NSBC is a proprietorship firm based in Jhansi
(Uttar Pradesh). The firm undertakes civil construction works for
the railways and for irrigation departments; it constructs canals,
and minor bridges and ancillary works for railway lines.
NEW AGE: CRISIL Reaffirms B+ Rating on INR5MM Overdraft
-------------------------------------------------------
CRISIL Ratings has been consistently following up with New Age
Hotels and Resorts Limited (NAHRL) for obtaining information
through letters and emails dated July 10, 2017 and August 17, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 4.2 CRISIL B+/Stable (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 New Age Hotels and Resorts
Limited. This restricts CRISIL's ability to take a forward New Age
Hotels and Resorts Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable'.
Set up in 1995 by Mr. Manmohan Singh Chawla, NAHRL operates four
hotels, one each in Nainital, Haridwar, Chamba and Mahipalpur, New
Delhi.
OM ENERGY: CRISIL Reaffirms B+ Rating on INR38.35MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of OM Energy
Generation Pvt Ltd (OEGPL) continues to reflect OEGPL's exposure
to risks related to implementation of its ongoing project for
setting up a hydropower project. This rating weakness is partially
offset by the extensive experience of OEGPL's top management in
setting up hydropower projects and presence of a long term power
purchase agreement (PPA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 1.65 CRISIL B+/Stable (Reaffirmed)
Rupee Term Loan 38.35 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Risks related to implementation of its ongoing project for
setting up of hydropower project: OEGPL's hydropower project is
exposed to moderate project implementation risk, accentuated by
the fact that civil construction is going on, with work on
excavation completed; the risk is mitigated by the fact that the
company has obtained all the necessary approvals.
Strengths
* Extensive experience of OEGPL's top management in setting up
hydropower projects and long term PPA with its customer: OEGPL's
top management has extensive experience in executing hydropower
projects. The director Mr. Dilip Dua (who is also the managing
director of Krishna Hydro Projects Pvt Ltd [KHPPL]) has extensive
experience in setting up projects of similar kind. Further, the
company has entered into a 10 year long PPA with its customer
resulting in assured off-take of power generated.
Outlook: Stable
CRISIL believes that OEGPL will continue to benefit over the
medium term from the favorable demand prospects for power
especially renewable energy. The outlook may be revised to
'Positive' if the company stabilises its operations earlier than
expected and within the budgeted cost, resulting in large cash
accruals, and hence, a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if OEGPL registers
significant time or cost overrun in its project, resulting in
delay in commencement of operations, and as a result, low cash
accruals and weakening of its financial risk profile.
OEGPL, part of the OPG group, was incorporated in 2010 to execute
a 7-megawatt hydropower project in Chamba (Himachal Pradesh). The
company is promoted by Mr. Ravi Gupta and his family. Its day-to-
day operations are managed by its director Mr. Dalip Dua. OEGPL is
expected to commence commercial operations from December 2018.
PLATINUM MICRONS: CRISIL Assigns B+ Rating to INR5MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Platinum Microns LLP (PML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5 CRISIL B+/Stable
The rating reflects exposure to project implementation-related
risks and to timely stabilisation and commensurate ramp-up in
sales during the initial phase of operations. The rating also
factors in expectation of an average financial risk profile
because of the debt-funded project. These rating weaknesses are
partly offset by the extensive experience of the partners in the
ceramics and related raw material manufacturing business.
Analytical Approach
For arriving at the rating, CRISIL has treated unsecured loans
extended by the partners as neither debt nor equity. That's
because these loans carry no interest and are likely to remain in
the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The networth is small and the
capital structure leveraged. The gearing is expected to remain
high at 1.1-1.2 times over the medium term, but should improve
with a build-up in networth and gradual repayment of term loans.
Debt protection metrics are expected to remain average.
* Exposure to project-related risks: Commercial operations are
likely to commence from December 2017. Timely implementation of
the proposed project, stabilisation of operations, and
commensurate ramp-up of sales will remain critical to achieve
growth in revenue and profitability, and hence, will be monitored
closely.
Strength
* Extensive business experience of partners: The partners have
been associated with reputed entities such as Delta Ceramic and
Saicon Tiles Pvt Ltd. There are 16 partners and most of them have
significant business experience through various other entities.
Outlook: Stable
CRISIL believes PML will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if timely implementation and stabilisation of the
project leads to anticipated revenue, profitability, and cash
accrual during the initial phase of operations. The outlook may be
revised to 'Negative' if delay in implementation or stabilisation
of the project leads to lower revenue and cash accrual, or a
stretch in the working capital cycle weakens the financial risk
profile, especially liquidity.
Established in 2017, PML is a limited liability partnership (LLP)
firm which is setting up a project for manufacturing feldspar, a
raw material used in the ceramics industry as residual in
vitrified flooring tiles. Its proposed production capacity will be
of 120,000 tonne per annum. Operations are expected to begin by
December 2017. The manufacturing facility is at Morbi, Gujarat.
PUNJAB ALKALIES: CRISIL Reaffirms C Rating on INR74.90MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL A4' rating to the short-
term bank facility of Punjab Alkalies and Chemicals Limited
(PACL), and reaffirmed the long-term rating at 'CRISIL C'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.5 CRISIL A4 (Reassigned)
Bill Discounting .95 CRISIL C (Reaffirmed)
Cash Credit 9.00 CRISIL C (Reaffirmed)
Proposed Long Term
Bank Loan Facility 74.90 CRISIL C (Reaffirmed)
The ratings continue to reflect PACL's weak financial risk profile
because of negative networth, and susceptibility to changes in
government regulations, and to intense competition from importers
and other players in the domestic market. These weaknesses are
partially offset by established and diversified clientele and end-
user industry base.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Networth was negative due to net
losses incurred in the four years through fiscal 2017. Debt
protection metrics are also adversely affected by negative
accretion to reserves.
* Susceptibility to changes in government regulation, and to
intense competition: The company has to compete with other
established players who have backward integrated operations, and
also with Chinese players in the global market.
Strength
* Established and diversified customer and end-user industry base:
PACL has been manufacturing caustic soda and chlorine for over
four decades, leading to healthy supplier and customer
relationship. Products find application in diverse end-user
industries such as paper, soaps and detergents, textile, and
pharmaceuticals, which mitigates risk of slowdown in any
particular segment.
Incorporated in 1975 PACL manufactures caustic soda and chlorine
at its plant in Ropar district, Punjab. The company is listed on
the Bombay Stock Exchange with 33.5% stake owned by Punjab State
Industrial Development Corporation Ltd.
RAJASTHAN TUBE: ICRA Lowers Rating on INR20cr Loan to 'B'
---------------------------------------------------------
ICRA has revised its long-term rating on the INR20.00-crore fund-
based facilities of Rajasthan Tube Manufacturing Company Limited
to[ICRA]B from [ICRA]B+. ICRA has reaffirmed its short-term rating
at [ICRA]A4 for the INR12.25-crore non-fund based facilities of
RTL. The outlook on the rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 20.00 [ICRA]B(Stable); revised from
[ICRA]B+
Non-fund based 12.25 [ICRA]A4; reaffirmed
Rationale
ICRA's rating action factors in the decline in operating income in
FY2017, which coupled with deterioration in operating margins, has
resulted in losses at net level. The operating profit margin
deteriorated due to raw material price fluctuation, which the
company was unable to pass on to its end customers. Moreover, the
debt coverage indicators such as Interest Coverage and
Debt/OPBDITA have also shown a decline. ICRA also takes note that
the company reported losses at net level in Q1FY 2018.
ICRA's ratings continue to factor in the intense competition from
numerous organised and unorganised players, exacerbated by cheaper
imports from the Chinese markets. Moreover, the company's
financial profile continues to remain weak with high gearing, weak
coverage indicators and moderate net worth position. The ratings,
however, favorably take into account the long standing experience
of the promoters in the ERW pipe industry and the company's
distribution network across various states.
Going forward, the ability of the company to improve its scale of
operations as well as bring about a sustained improvement in
profitability, while maintaining a healthy capital structure and
an optimal working capital will be the key rating sensitivity.
Key rating drivers
Credit strength
* Long track record of promoters in ERW pipe industry: The
company has been manufacturing ERW pipe for more than two decades,
helping it to forge strong relationship with several customers and
suppliers. Incorporated in 1985, Rajasthan Tube Manufacturing
Company Limited (RTL) is a public limited company. The main
products of the company include ERW steel pipes, which range
between 15 MM and 250 MM. Its installed capacity is 45000 MTPA.
The day-to-day operations of the company are managed by Mr. Harish
Jain
* Wide distribution network: The client base of RTMCL includes
dealers in different states. The company has eleven dealers across
five states -- five dealers in Rajasthan and two each in M.P,
Haryana and U.P. Apart from these states, the company has also
ventured into tender-based business for government organisations
such as Public Health Department, Rajasthan etc.
Credit weaknesses
* Losses in FY2017 and Q1FY2018: The company has reported losses
in FY2017 and Q12018 due to raw material price fluctuation, which
it was unable to pass on to its end customers.
* Fragmented industry structure: High degree of fragmentation due
to the presence of numerous unorganised players has led to high
competition, which limits the pricing power of the companies,
thereby affecting their margins.
* Exposure to inherent cyclicality in steel business: The
company's profitability remains vulnerable to the inherent
cyclicality in the steel industry. Steel consumption is directly
related to the overall economic growth of developing countries and
is particularly sensitive to the performance of the automotive,
construction, durable equipment and other industrial product
industries.
RTL was incorporated in 1985 and became a public limited company
in 1995. The main products of the company include ERW (Electric
resistance welding) steel pipes, with size ranging from 15 mm to
250 mm. The company's manufacturing facility is located at Jaipur
(Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per
Annum (MTPA). The pipes manufactured by the company have varied
applications in water, gas and sewage pipes, structural purposes,
idlers / conveyors, water wells (casing pipes) etc.
In FY2017, RTL reported net loss of INR1.27 crore on an operating
income (OI) of INR73.85 crore, compared with a net profit of
INR0.23 crore on an OI of INR80.84 crore in the previous year.
RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.7cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR1.50-crore cash credit and the INR4.70-crore e-DFS
facilities of Reliance Industrial Consortium Limited. ICRA has
also reaffirmed the long-term rating of [ICRA]B- assigned to the
INR4.30-crore unallocated limits of RICL. The outlook on the long-
term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 1.50 [ICRA]B- (Stable); Reaffirmed
Fund-based e-DFS 4.70 [ICRA]B- (Stable); Reaffirmed
Unallocated Limits 4.30 [ICRA]B- (Stable); Reaffirmed
Rationale
The reaffirmation of the rating takes into account the relatively
small scale of RICL's operations and inherently low margins of the
company on account of industry dynamics and commission structure
decided by the principal. Its weak financial profile is reflected
by low cash accruals, an aggressive capital structure and subdued
level of coverage indicators. The rating also considers RICL's
exposure to the cyclical nature of the Indian passenger-vehicle
industry and the competition faced from other automobile dealers
in the region. It also has high geographical-concentration risk as
its presence is limited to West Bengal only. The liquidity
position of the company has remained stretched in view of high
utilisation of working-capital limits, which also restricts its
financial flexibility.
The rating, however, derives comfort from the long experience of
the promoters in the automobile-dealership business and RICL's
established market position as the sole authorised dealer of Tata
Motors Limited (TML) in Siliguri and Malda, and one of the two
dealers in Behrampore, West Bengal. Moreover, the company has a
diversified revenue stream through the sale of vehicles, spare
parts/ accessories and service income.
In ICRA's opinion, the company's ability to scale up operations
while improving its capital structure, coverage indicators and
profitability, and manage its working-capital requirements
efficiently would remain key rating sensitivities, going forward.
Key rating drivers
Credit strengths
* Long experience of the promoters: The company is promoted by
the Kolkata-based Himatsingka family, who has long experience in
the automotive-dealership business.
* Established position as an authorised dealer of TML: The
company is an authorised dealer of TML since 2005. It is a sole
dealer of TML in Siliguri and Malda, and one of the two dealers in
Behrampore, which establishes RICL's market position.
Credit weaknesses
* Relatively small scale of operations: The company's scale of
operations continued to remain relatively small, notwithstanding
the growth witnessed in the top-line from INR25.44 crore in FY2016
to INR32.08 crore in FY2017 (P), depicting an increase of ~26%.
* Intense competition among dealers, and commission structure
regulated by OEM: The operating profit margin of auto dealers,
including RICL, is inherently low due to the nature of the
industry, which is characterised by intense competition among
dealers in a high-volume, low-margin business. Besides, they are
regulated by the OEM to a large extent, wherein the commission
structure is decided by the principal, which also restricts the
margin.
* Weak financial profile characterised by low cash accruals, an
aggressive capital structure and subdued level of coverage
indicators: Historically, the cash accruals of the company have
remained low, given the small scale of operations. The capital
structure remained aggressive as depicted by a gearing of 8.99
times as on March 31, 2017. High debt level, coupled with low
profitability kept the debt-coverage indicators depressed.
* Stretched liquidity position: The company has to maintain
sufficient inventory of different variants of vehicles to meet
customer demands, which results in high working-capital
requirements. This in turn, has stretched its liquidity position
and resulted in high utilisation of its working-capital limits as
reflected by an average utilisation of ~86% in the last six
months, which also restricts its financial flexibility.
* High geographical-concentration risk: The company has three 3-S
facilities located in West Bengal only, thus limiting the
geographical presence.
* Exposed to the cyclicality of the industry: The company remains
exposed to the inherent cyclicality of the Indian passenger
vehicle industry.
Incorporated in 1985, Reliance Industrial Consortium Limited
(RICL) is an authorised dealer of Tata Motors Limited (TML) since
2005. The company sells and services vehicles along with spare
parts and accessories. RICL has three 3-S facilities (sales-
services-spares), located in Malda, Siliguri and Behrampore in
West Bengal. The company is promoted by the Kolkata-based
Himatsingka family, who has long experience in the automotive-
dealership industry.
In FY2017, on a provisional basis, the company reported a net
profit of INR0.23 crore on an operating income of INR32.08 crore
compared to a net loss of INR0.11 crore on an operating income of
INR25.44 crore in the previous year.
S.D. RICE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with S. D. Rice
Mill (SDRM) for obtaining information through letters and emails
dated July 31, 2017 and September 1, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Term Loan .22 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan .18 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 S. D. Rice Mill. This restricts
CRISIL's ability to take a forward S. D. Rice Mill is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.
SDRM, a proprietorship of Mr. Raj Kumar based in Kaithal
(Haryana), mills and processes paddy into rice and has installed
capacity of 5 tonne per hour.
SAHAJ SOLAR: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for INR7.00 crore bank facilities of
Sahaj Solar Private Limited to the 'Issuer non-co-operating
category'. The rating is now denoted as [ICRA]B+(Stable)/A4;
Issuer not co-operating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 0.50 [ICRA]B+ (Stable) ISSUER NOT
CO-OPERATING Rating moved to
the 'Issuer Not Cooperating'
category'
Corp SME liquid 1.40 [ICRA]B+ (Stable) ISSUER NOT
Plus Scheme CO-OPERATING Rating moved to
(CSLPS) the 'Issuer Not Cooperating'
category'
Term Loan 1.45 [ICRA]B+ (Stable) ISSUER NOT
CO-OPERATING Rating moved to
the 'Issuer Not Cooperating'
category'
Vehicle Loan 0.06 [ICRA]B+ (Stable) ISSUER NOT
CO-OPERATING Rating moved to
the 'Issuer Not Cooperating'
category'
Bank Guarantee 2.30 [ICRA]A4 ISSUER NOT CO-
OPERATING Rating moved to
the 'Issuer Not Cooperating'
category'
Unallocated Limits 1.29 [ICRA]B+ (Stable)/A4 ISSUER
NOT CO-OPERATING
Rationale
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SRPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating is now denoted as: "[ICRA]BB- (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited or no updated information on the
company's performance since the time it was last rated.
Key rating drivers
Credit Strength
* Technical tie ups: The company has technical arrangement with
Austrian based "KPV Solar" for design and consultation regarding
assembly and supply of solar modules to solar farm developers
Credit Concerns
* Weak financial risk profile: The financial risk profile of the
company is characterized by low profitability, stretched capital
structure and weak return indicators
* Vulnerability of profitability to the fluctuations in the raw
material prices: The main raw material for the company for the
manufacturing of the PV modules are solar cells forming about 50%-
55% of the total raw material costs. Consequently, the company's
contribution levels remain exposed to movement in the same.
* High competition in solar space: The company faces intense
competitive pressure both from established domestic manufacturers
as well as overseas manufacturers based in China, USA, Taiwan and
Malaysia. Large number of organized/ unorganized players
indicating high level of competition may lead to difficulties in
getting new contracts and may pressurize margins
Sahaj Solar Private Limited (SSPL) was incorporated in the year
2007 by the Surat based promoters-Mr. Sandip and Mr. Rajani
Radadiya, with initial operations involving R&D activity for
developing solar PV modules, following which the company commenced
commercial operations in the year 2011. The aforementioned
promoters sold their entire stake equity holding in the company to
the Ahmedabad based promoter-Mr. Pramit Brahmbhatt. The new
promoters took over the company in November 2014 along with the
brand, licenses, product approvals (including MNRE approvals for
solar panels, ISO 9001:2008 certifications, TUV Saar, IEC 61215,
IEC 61730-1 and IEC 61730-2) and started commercial production
from January 2015 onwards.
Following change in ownership, the company shifted its
manufacturing facility from Surat to Changodar near Ahmedabad and
currently has semi-automated is capable of manufacturing solar
modules totaling to ~25MW per annum. SSPL manufactures solar
modules ranging between 5W to 300W. The company has also
diversified in solar water pumps in the current fiscal year FY
2016. The current product profile of the company consists of solar
PV panels, solar home lighting systems, solar street lights,
rooftop Industrial systems, solar water pump, solar power pack and
trading of solar cells.
SASAM INDUSTRIAL: CRISIL Assigns B- Rating to INR7.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of SaSam Industrial Enterprises Limited (SIEL) and
has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on December 28, 2016,
as SIEL had not provided information required for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 7.5 CRISIL B-/Stable (Assigned;
Suspension Revoked)
Overdraft 1.5 CRISIL A4 (Assigned;
Suspension Revoked)
The ratings reflect the company's stretched liquidity due to
investments in unrelated activity, inadequate cash accrual to meet
large debt obligation, small and stagnant scale of operations, and
large working capital requirement. These weaknesses are partially
offset by its promoter's extensive experience in the printing
industry.
Key Rating Drivers & Detailed Description
Weakness
* Investments in unrelated activity: While the company is in the
business of publishing and printing, it utilises funds largely for
investment in equity and real estate. As on March 31, 2017, SIEL
invested Rs 7.1 crore in equity shares and Rs 3.3 crore in real
estate. Investment in non-current assets will remain a key rating
sensitivity factor over the medium term.
* Small and stagnant scale of operations: With revenue of Rs 46.5
crore in fiscal 2017, SIEL is a small player in the printing
industry, which is highly fragmented. Moreover, intense
competition led to stagnant revenue over the three fiscals through
2017. CRISIL believes SIEL's scale of operations will remain small
over the medium term.
* Large working capital requirement: Gross current assets were at
177 days as on March 31, 2017, driven by inventory of 91 days and
receivables of 74 days. Inventory is large as the company procures
paper in bulk from domestic dealers to cater to demand from school
and colleges. The sizeable receivables are on account of long
payment cycle of 3-4 months from NCERT and realisation of 2 months
from private players. CRISIL believes SIEL's operations will
remain working capital intensive over the medium term.
Strength
* Promoter's extensive experience in the printing industry:
SIEL's promoter has experience of more than a decade in the
printing industry, which has helped establish relationships with
customers. The company's key customers comprise government
authorities such as NCERT, and private publishers and schools. The
promoter's experience has also helped build a strong network of
suppliers. SIEL will benefit from its promoter's extensive
industry experience.
Outlook: Stable
CRISIL believes SIEL's financial risk profile will remain
constrained on account of its weak liquidity. The outlook may be
revised to 'Positive' if the company generates significant revenue
leading to sizeable cash accrual to meet debt obligation, or if
investments are liquidated to retire a significant portion of
long-term debt, thereby easing pressure n liquidity. The outlook
may be revised to 'Negative' if SIEL reports low profitability or
undertakes large, debt-funded capital expenditure, or if its
working capital requirement increases significantly, weakening
financial risk profile.
Incorporated in 1992 in Delhi, SIEL began operations in 2000. It
designs, prints, and binds books, brochures, and other reading
materials. The company is promoted and managed by Mr Amit Kaka.
The company does work for private publishers and jobwork for
NCERT.
SHRI JAYASHEEL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Jayasheel N
Shetty's (JNS) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR45 million Fund-based facilities migrated to non-
cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
A4+(ISSUER NOT COOPERATING) rating;
-- INR50 million Non-fund-based facilities migrated to non-
cooperating category with IND A4+(ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
JNS was established in 2006 as a proprietorship firm. The firm is
engaged in civil construction works of roads, bridges, canal
works, barrage works and lift irrigation works. The entity only
undertakes government projects on a tender basis. It gets raw
materials from local suppliers. The firm has also been operating a
bar and a restaurant in Karnataka since 1992. This business
contributes about one-fifth to overall revenue.
SPECTOMS ENGINEERING: CRISIL Reaffirms B+ Rating on INR2.05M Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Spectoms
Engineering Private Limited (SEPL) for obtaining information
through letters and emails dated August 7, 2017 and September 11,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4.65 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Bill Purchase 0.20 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 1.60 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 2.00 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 2.05 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan .50 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 Spectoms Engineering Private
Limited. This restricts CRISIL's ability to take a forward
Spectoms Engineering Private Limited is consistent with 'Scenario
2' outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable/CRISIL A4'.
Incorporated in 1974, SEPL is owned and managed by the Shah family
of Vadodara. The company is primarily a turnkey supplier of feed
milling solutions. It also manufactures marine equipment.
SREE CHAITANYA: ICRA Lowers Rating on INR8cr LT Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B- for
the INR8.00-crore bank lines of Sree Chaitanya Corporation Private
Limited. ICRA has moved the rating to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 8.00 [ICRA]D; ISSUER NOT
Unallocated COOPERATING; Ratings
Limits downgraded from [ICRA]B-
and moved to the 'Issuer
Not Cooperating' category
Rationale
The rating downgrade follows the delays in debt servicing by SCCPL
to the lender(s) and the account turning a non performing asset
(NPA), as confirmed by them to ICRA.
ICRA has limited information on the entity's performance since the
time it was last rated in March, 2016. As part of its process and
in accordance with its rating agreement with SCCPL, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information. The lenders, investors and other market participants
may exercise appropriate caution while using this rating, given
that it is based on limited updated information on the company's
performance since the time it was last rated.
Key rating drivers
Credit strengths
* Significant experience of the promoters in the coal trading
business: The promoters have more than a decade of experience in
coal trading; resulting in established relationship with major
customers in the industry
Credit weaknesses
* Delays in debt servicing: The rating is constrained by delays
in debt servicing in both interest and principal to its lender(s)
and the account has already turned NPA.
* Low profitability owing to trading nature of business: The
company is into trading of coal and other commodities, and with
intense competition from unorganised players and trading nature of
business the profitability of the company remained low.
Setup in 2011 as a proprietorship concern, M/s. Chaitanya
Industries was later converted to private limited company during
FY 15. SCCPL was promoted by Mr. R.Kanaka Rao for trading of iron
ore fines. Subsequently, several other commodities like coal,
rice, maize, granite blocks were added to the portfolio. SCCPL
purchases coal from local importers and supplies to traders who
deal with end customers across pharma and sponge iron units based
out of Visakhapatnam.
SRIJAGDAMBA CYLINDER: CRISIL Assigns B+ Rating to INR5.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Srijagdamba Cylinder Gases
Private Limited (SCG).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 4 CRISIL B+/Stable
Secured Overdraft
Facility 5.5 CRISIL B+/Stable
Bank Guarantee 2 CRISIL A4
Proposed Fund-Based
Bank Limits 0.5 CRISIL B+/Stable
The ratings reflect the extensive experience of the company's
promoters in manufacturing liquefied petroleum gas (LPG)
cylinders. The strength is partially offset by exposure to risks
related to stabilisation of operations, and susceptibility to
risks inherent in tender-based business.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to stabilisation of operations: SCG
faces risks related to stabilisation of operations given its
nascent stage of operations and exposure to intense competition.
* Susceptibility to risks inherent in tender-based business: SCG
manufactures LPG cylinders for oil marketing companies Indian Oil
Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL),
and Hindustan Petroleum Corporation Ltd (HPCL), which account for
almost 90% of revenue. The company gets orders through the
tendering process and operates in a highly fragmented industry.
Intense competition and the tender-based business limit bargaining
power, impacting profitability.
Strength
* Extensive industry experience of the promoters: The promoters'
experience of over three decades in manufacturing and distributing
LPG cylinders will help the company establish relationships with
customers and suppliers, thus supporting business risk profile.
Outlook: Stable
CRISIL believes SCG will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if a
significant improvement in revenue, profitability, and working
capital cycle results in higher-than-expected cash accrual. The
outlook may be revised to 'Negative' if low cash accrual,
substantial working capital requirement, or large, debt-funded
capital expenditure weakens financial risk profile.
Incorporated in 2013, SCG manufactures domestic LPG cylinders for
IOCL, BPCL, and HPCL. The company is promoted by Mr Sanjay Murarka
and Mr Shankar Kedia. Commercial operations started in March 2017.
SVS CONSTRUCTIONS: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SVS
Constructions' (SVS) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR35 mil. Fund-based facilities migrated to non-cooperating
category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 8, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SVS Constructions, set up in 2004, is engaged in civil
construction (earth work) for road and irrigation projects. It is
a sub-contractor for Gayathri Projects Limited.
TAXUS INFRASTRUCTURE: CRISIL Reaffirms C Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL C/CRISIL A4' ratings to
the bank facilities of Taxus Infrastructure and Power Projects Pvt
Ltd (TIPPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL C (Reaffirmed)
Letter Of Guarantee 15 CRISIL A4 (Reaffirmed)
The ratings continue to reflect company's weak financial risk
profile driven by constrained financial flexibility due to
cashflow mismatches and its large working capital requirement.
These weaknesses are partially offset by revenue visibility from
its long-term Power Purchase Agreement (PPA) with Gujarat Urja
Vikas Nigam Ltd (GUVNL).
Key Rating Drivers & Detailed Description
Weakness
* Constrained financial flexibility: There is a mismatch in net
cash accruals against maturing term debt obligations, additionally
the bank limits of the company remain fully utilized reflecting
stretched liquidity profile of the company.
* Large working capital requirement: With gross current assets of
206 days as on March 31, 2017 the operations are working capital
intensive, marked by sizable receivables of more than 90 days and
moderate inventory of 29 days as on March 31, 2017.
Strength
* Stable revenue profile, with 25-year PPAs with GUVNL: TIPPPL's
5 megawatt (MW) solar project was commissioned in April 2013, at
Gujarat. It has entered into a 25-year PPA with Gujarat Urja Vikas
Nigam Ltd. Long-term PPAs provide revenue visibility over the
medium term.
TIPPPL, established in 2009, executes turnkey projects for
automatic power factor control panels and trades in electrical
equipment. In 2011-12 (refers to financial year, April 1 to
March 31), it started setting up a 5-megawatt solar power plant in
Gujarat, which became operational in April 2013.
TNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR43.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of TNR Constructions India Private Limited (TNR) at
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 43.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's below-average
financial risk profile, completion and demand risks associated
with ongoing project, high geographical concentration in revenue
profile, and susceptibility to risks and cyclicality inherent in
the real estate industry. These weaknesses are partially offset by
established regional presence backed by promoter's extensive
experience, and progress in project implementation.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: Networth was small at
INR8 crore and gearing high at 9.8 times, as on March 31, 2017.
TNR received funding of INR38 crore from promoter till March 2017.
Debt protection metrics were muted, with interest coverage and net
cash accrual to total debt ratios of 1.7 times and 0.03 time,
respectively, for fiscal 2017. With repayment of term loan availed
of for ongoing project likely to begin from October 2017,
liquidity is expected to remain constrained.
* Completion and demand risks associated with ongoing project:
While project has advanced significantly, remaining construction
is to be funded largely by customer advances, which exposes the
company to demand and completion risks.
* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector is cyclical and affected
by volatile prices and a highly fragmented market structure
because of the presence of many regional players.
Strengths
* Established regional presence backed by promoter's experience:
The promoter has been in the real estate business for around two
decades. Also, the company is a part of the TNR group that has
strong presence in the civil construction industry.
* Progress in project implementation: Of the total construction
cost (INR110 crore) of current project, TNR Sulakhana, in
Hyderabad, about 80% has been incurred till August 2017.
Outlook: Stable
CRISIL believes TNR will continue to benefit over the medium term
from its established regional presence. The outlook may be revised
to 'Positive' if significant and timely receipt of customer
advances for upcoming projects lead to better-than-expected cash
inflow and liquidity. The outlook may be revised to 'Negative' if
liquidity deteriorates because of lower-than-expected customer
advances or significant cost overrun in ongoing and upcoming
projects.
Set up in 2011 by Mr. T Narsimha Rao, TNR undertakes residential
real estate development in Hyderabad.
For fiscal 2017, provisional profit after tax (PAT) was INR1.5
crore on sales of INR18.4 crore; PAT was INR2.1 crore on sales of
INR25.1 crore in the previous fiscal.
TULSIAN COAL: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tulsian
Coal Syndicate (TCS) for obtaining information through letters and
emails dated August 21, 2017 and September 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 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 Tulsian Coal Syndicate. This
restricts CRISIL's ability to take a forward Tulsian Coal
Syndicate is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.
Setup in 1992, TCS undertakes trading of coal. TCS is managed by
Mr. Subhash Chand Tulsian and has its registered office at
Chandauli (Uttar Pradesh). The firm supplies coal to manufacturers
of cement, sugar, sponge iron and brick in Chandauli.
V CHITTI: CRISIL Assigns 'B' Rating to INR11.4MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of V Chitti Babu (VCB).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 11.4 CRISIL B/Stable
The rating reflects a modest scale of operations in the intensely
competitive hospitality sector. These weakness have been partially
offset by the extensive entrepreneurial experience of proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in the intensely competitive hospitality sector:
VCB is expected to face intense competition due to the large
number of convention centres present in the vicinity. Its
convention centre is situated 18 minutes away from Bengaluru city
Revenue is likely to be at INR9.74 crore for fiscal 2018. Although
facilities provided are expected to be superior, intense
competition will limit pricing power. Small scale coupled with
intense competition will likely continue to constrain the business
risk profile.
Strengths
* Proprietor's extensive entrepreneurial experience: Mr. V Chitti
Babu has been in real estate construction for over two decades,
the promoter (as proprietorship) is a partner in M/S Sapthagiri
Builders and Developers and also a partner in Kumar Polytheen
Industries. His extensive experience should mitigate the
completion risk associated with the project.
Outlook: Stable
CRISIL believes VCB will benefit over the medium term from
favourable location of the convention centre. The outlook may be
revised to 'Positive' if the project is completed within
stipulated timelines and ramps up operations earlier than
expected. The outlook may be revised to 'Negative' in case of any
cost or time overrun or if the ramp up in operations is not as
expected. Furthermore, the timely servicing of debt will remain a
key rating sensitivity factor.
Established in 2014 as a proprietorship firm by Mr V Chitti Babu,
VCB is currently setting up a convention centre in Girinagar,
Bengaluru, for functions such as marriage ceremonies, social
functions, and corporate events.
For fiscal 2016, profit after tax (PAT) was INR0.05 crore on net
sales of INR2.41 crore. PAT was INR0.93 crore on net sales of
INR4.32 crore for fiscal 2015.
VASAVI NIRMAAN: CRISIL Reaffirms B Rating on INR7.5MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vasavi
Nirmaan Private Limited (Vasavi Nirmaan) for obtaining information
through letters and emails dated July 18, 2017 and August 17, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 7.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term .5 CRISIL B/Stable (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 Vasavi Nirmaan Private Limited.
This restricts CRISIL's ability to take a forward Vasavi Nirmaan
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.
Vasavi Nirmaan was set up in 2013, by Mr. Yarram Vijay Kumar, Mr.
S Rajamouli, Mr. P Venkateshwaralu, and Mr. Raju Aggarwal. The
company is a real estate developer, and is currently developing:
one residential project, two commercial projects, and one
residential-cum-commercial project ' in Hyderabad.
VICKY ROADWAYS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vicky
Roadways (VR) for obtaining information through letters and emails
dated August 30, 2017 and September 8, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 8 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 Vicky Roadways. This restricts
CRISIL's ability to take a forward Vicky Roadways is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information and hence CRISIL has reaffirmed the
rating at 'CRISIL B+/Stable/CRISIL A4'.
VR is a partnership firm established in 2007 by Mr. Rajkumar
Arora, Mr. Pankaj Arora, and Mr. Vipin Arora. It provides
logistics services across India. The partners have been in the
cargo logistics segment through proprietorship concerns since
1990s.
WILLIAM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR7MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with William
Industries Private Limited (WIPL) for obtaining information
through letters and emails dated August 22, 2017 and
September 11, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
CRISIL gave these ratings:
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee .4 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 7.0 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 2.6 CRISIL B/Stable (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 William Industries Private
Limited. This restricts CRISIL's ability to take a forward William
Industries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable/CRISIL A4'.
Incorporated in 1958, WIPL, promoted by Vivek Juneja and Mr. Manoj
Juneja manufactures cotton and nylon socks for men, women, and
kids under the Anchor brand.
YAMUNA MACHINE: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR13.41 crore bank facilities
of Yamuna Machine Works Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as: [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, fund 6.50 [ICRA]B+(Stable) ISSUER NOT
based limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Long-term loans 2.41 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Short- term fund 3.00 [ICRA]A4 ISSUER NOT
based limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Short-term, Non- 1.50 [ICRA]A4 ISSUER NOT
fund based limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating action is based on no updated information on the
entity's performance since the time it was last rated in March
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.
As part of its process and in accordance with its rating agreement
with YMWL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Key rating drivers
Credit strengths
* Established experience of promoters in the field of
manufacturing textile processing machineries: Incorporated in
1990 the company has been into the business of manufacturing and
installation of textile processing machineries. The promoters have
an experience of more than three decades in this line of business
which has helped the firm in establishing its position.
* Well diversified product profile: The company initially started
with manufacturing of Hot Air Stenter machines only and
subsequently expanded its product portfolio. This has supported in
the growth of the business since its inception. At present, the
product range includes a wide variety of textile processing
machineries such as hot air stenter, hydraulic jigger, coating
head, singeing machine, drying range, washing range and others.
Credit weaknesses
* Financial profile characterized by low profit levels and
leveraged capital structure: The operating profit margins (OPM)
in FY2016, has declined to 5.09% from 7.46% in FY2015 on account
of increase in raw material prices. Net profit margin remained
subdued and declined to 0.14% in FY2016 on account of high
financial and depreciation charges. Total debt as on March 31,
2016 has increased to INR16.11 crore, as against a total debt of
INR12.90 crore following increase in working capital borrowings as
well as long term loans. Capital structure of the company
continues to remain leveraged with a gearing of 2.78 times as on
March 31, 2016.
* Margins remain exposed to fluctuations foreign exchange rate in
the absence of any hedging mechanism: YMWL is into imports as
well as exports. The company's margins remain exposed to the
fluctuations in the foreign exchange rates. However, natural hedge
existing in the form of imports mitigates the foreign exchange
fluctuation risk to an extent. However, in the absence of any
formal hedging mechanism, the company's margins remain exposed to
the fluctuations in the exchange rates.
* Stiff competition from the organized and unorganized players in
the domestic market as well as imports of second hand machineries
by textile players affects the bargaining power of the company:
YMWL also faces stiff competition with the presence of players in
the organized as well as organized sector. Also, the import of
second hand machineries by textile units poses a threat to
business opportunities in the domestic market.
* Demand risk arising from the dependence on the business cycles
of the textile industry: The company solely manufactures textile
processing machineries, which exposes it to the cyclicality
inherent in the textile industry. Any slowdown in demand in the
textile industry is likely to affect the business growth of YMWL.
Yamuna Machine Works Limited was established in the year 1990 as a
private limited company and later changed its status to a limited
company in 2012. The company was promoted by Mr. Madhubhai
Mangukia and others. Since its inception, the company has been
carrying on the business of manufacturing and installation of
textile processing machineries. YMWL is an ISO 9001:2008 certified
company. The company has its registered office in Kandivili
(Mumbai) and a manufacturing unit in G.I.D.C. Vapi, (Gujarat).
In FY2016, the company reported a net profit of INR0.11 crore on
an operating income of INR75.14 crore, as compared to a net profit
of INR0.10 crore on an operating income of INR50.56 crore in the
previous year.
=========
J A P A N
=========
TOSHIBA CORP: Bain Applies for China Antitrust OK on Chips Deal
---------------------------------------------------------------
Reuters reports that the Bain Capital-led consortium that bought
Toshiba Corp.'s chip unit for $18 billion last week has filed for
antitrust approval in China, a source familiar with the matter
said, but it may have to wait nine months or more for a green
light.
Reuters relates that Toshiba is keen to complete the sale by the
end of its fiscal year in March: it hopes to use the proceeds to
plug a gaping balance sheet hole left by its now bankrupt U.S.
nuclear subsidiary, and save itself from a potential delisting.
With the clock ticking, the request for antitrust approval was
filed the day after the deal was signed, the source said, Reuters
relays.
But several sources familiar with the matter said the strategic
nature of the semiconductor industry for China and political
issues - including tense relations with South Korea, and the
presence of SK Hynix in the consortium - could delay China's
already lengthy regulatory process, according to Reuters.
The sources could not be named as they were not authorized to
speak to the media, Reuters notes.
China's relationship with South Korea has soured over South
Korea's decision to install a U.S. anti-missile defense system
which China deems as a risk to its own national security, says
Reuters.
According to Reuters, the consortium had anticipated issues around
SK Hynix, though largely around antitrust clearance. As part of
the deal, SK Hynix can access only limited information and is not
allowed to own more than 15 percent of voting rights for 10 years.
Yet China, where both Toshiba and SK Hynix have factories, often
takes a broad view of antitrust decisions and industry sources and
analysts said Beijing was expected to take a close look at a deal
which involves the world's second-biggest producer of NAND chips.
It could push for a concession, divestment or investment. An
outright rejection, threatening the deal, is seen as unlikely.
"Geopolitics probably will be a factor in the process. If you can
convince them it's good for China, it could be easier," said one
of the sources, Reuters relays.
Reuters relates that the sources confirmed China could normally
take 6-9 months to approve a deal, but said the Bain-led
consortium was still confident it could secure a timely antitrust
approval.
Besides China, the deal would also need antitrust clearance from
authorities elsewhere, including Japan, the European Union and the
United States, Reuters notes.
A delay would not automatically mean a delisting for Toshiba -
Japan-based sources said it would have to turn to stopgap measures
to plug the gap, including a capital injection, Reuters states.
"The banks would support Toshiba as long as they are confident
that Toshiba would eventually get the money from the chip unit
sale," Reuters quotes a second source as saying.
A spokeswoman for Bain declined to comment, the report notes. Bain
is due to hold a press conference in Tokyo on Oct. 6, says
Reuters.
Contacted by Reuters, Toshiba said it intends to close the deal by
the end of March, after receiving regulatory approvals.
About Toshiba Corp
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
Oct. 6, 2017, S&P Global Ratings said that it has affirmed its
'CCC-' long-term corporate credit and 'C' short-term corporate
credit and commercial paper program ratings on Japan-based capital
goods and diversified electronics company Toshiba Corp. S&P also
removed the ratings from CreditWatch. The outlook is negative.
S&P said, "At the same time, we raised the senior unsecured rating
one notch to 'CCC-' from 'CC' following completion of our review
of the rating. The review follows our publication of our revised
issue rating criteria, "Reflecting Subordination Risk In Corporate
Issue Ratings" on Sept. 21, 2017, after which we placed the rating
"under criteria observation" (UCO). With our criteria review
complete, we are removing the UCO designation from the rating. We
also removed the senior unsecured rating from CreditWatch with
negative implications following our affirmation of the long-term
corporate credit rating and resolution of the CreditWatch.
====================
N E W Z E A L A N D
====================
CHALLENGE STEEL: Placed Into Voluntary Liquidation
--------------------------------------------------
Stuff.co.nz reports that Christchurch-based Challenge Steel has
been placed into voluntary liquidation one year after it was
launched by businessman Bert Govan.
Mr. Govan has held meetings with liquidator BDO and the clients
and creditors understood to be owed several million dollars,
apologising for the failure, Stuff relates.
Other Challenge Steel directors - Tony Sewell, Geoffrey Cranko and
Annie Govan - resigned two weeks ago, leaving 75 per cent
shareholder Govan and 25 per cent owner and chief executive Suresh
Nagaiya on the board, according to the report.
Challenge Steel's cheaper, fabricated steel, imported from China,
had been used in major projects and there were no quality
problems, Southbase chief executive Quin Henderson said, Stuff
relates.
Mr. Henderson said the steel had been certified in China and again
when it arrived in New Zealand, Stuff adds.
According to Stuff, sources said Challenge Steel's problems may
have arisen from penalty payments after incorrect steel was
imported for some bracing elements in the Novotel hotel at
Christchurch International Airport, developed by Fletcher
Construction.
Stuff relates that Mr. Govan said the decision to place Challenge
Steel into voluntary liquidation was extremely difficult and one
of the hardest decisions he had needed to make.
"The understanding of the suppliers and customers that has been
shown since Monday has been humbling and appreciated," the report
quotes Mr. Govan as saying.
"We have other business and community interests and the
understanding in those organisations has also been very much
appreciated. It was important to us that we told staff and as
many people as possible as we wanted to front up and to also
personally apologise for this being the only responsible path
forward."
Stuff adds that Mr. Govan said Challenge Steel was a "small
company with potentially a big future".
"It has felt like a David and Goliath battle at times trying to
break into the highly competitive construction sector.
"There will be debate and discussion about the reasons for the
liquation but today is not the day."
He said he would be disappointed if the company's liquidation
spelled the end of greater competition in the supply chain for New
Zealand's construction and infrastructure industries, adds Stuff.
"We want to say how sorry we are for this situation," Mr. Govan,
as cited by Stuff, said.
The company entered the market in 2016 promising to reduce prices
in the construction sector.
=====================
P H I L I P P I N E S
=====================
WORLD PARTNERS: PDIC Sets Nov. 9 as Deadline for Filing Claims
--------------------------------------------------------------
Creditors of the closed World Partners Bank (A Thrift Bank), Inc.
have until November 9, 2017 only to file their claims against the
bank's assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed World Partners Bank and include
depositors with uninsured deposits that exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed World Partners Bank, announced that
creditors of the closed bank may file their claims personally at
the PDIC Public Assistance Center located at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Creditors
also have the option to file their claims through mail addressed
to the PDIC Public Assistance Department, 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample
Claim Form against the assets of the closed bank may be downloaded
from the PDIC website, www.pdic.gov.ph. The Corporation also
reiterated that creditors should transact only with authorized
PDIC personnel.
In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.
In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
World Partners Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on August 11, 2017 and as the
designated Receiver, PDIC was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank's
Head Office is located at 74 A. Mabini St., Brgy. Poblacion, San
Pedro City, Laguna. Its four branches are located in Meycauayan
and Sta. Maria in Bulacan, San Pablo City in Laguna, and Tanauan
City in Batangas.
All requests and inquiries relating to the closed World Partners
Bank should be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino St., Makati City, or through telephone numbers (02)
841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM,
except holidays.
=================
S I N G A P O R E
=================
SWIBER HOLDINGS: Seeks Extension of Judicial Management Period
--------------------------------------------------------------
International Business Times reports that Swiber Holdings said its
creditors have requested for an extension of judicial management
period to October 31, 2018.
The judicial managers have also filed applications for an
extension until March 31, 2018 to send creditors a statement of
proposals and summon a creditors' meeting, the company said in a
statement on Oct. 2, IBT relays.
According to IBT, Swiber Holdings embarked on a court-led
restructuring of its debt last year as the energy support sector
struggles from three years of weak oil prices.
The report relates that the liquidation filing came after a nearly
90 percent plunge in share prices from mid-2014 levels that
reduced the oil and gas firm's market value to just
SGD50 million. The trading in Swiber's stock has been suspended
since then.
However, Swiber reversed the application for winding up and
requested for placing itself under judicial management, the report
says.
Swiber Holdings' said in August that the creditors had commenced
the voluntary liquidation of its unit Swiber Engineering.
The debt-laden firm also defaulted on its coupon payment due on
August 2, the report notes.
About Swiber
Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.
Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.
Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.
UNIVERSAL ENERGY: Owes US$105 Million to 90 Creditors
-----------------------------------------------------
Lesley Bankes-Hughes at The Bunkerspot reports that Universal
Energy (UE) owes 90 companies a total of US$105 million.
At the end of August, Universal Energy (UE), which had been in
third position on the Maritime and Port Authority of Singapore's
(MPA) list of accredited suppliers in terms of volumes delivered,
was stripped of its supply and craft operator licences, the report
says. According to the Bunkerspot, MPA said the company had been
caught delivering bunkers that were 'severely aerated' and had
also been engaged in stoppages during bunker deliveries.
Universal Energy held a creditors meeting at liquidator firm RSM
Chio Lim (RCL)'s office on October 2, the report said.
Bunkerspot has obtained a list of UE's alleged creditors, and, in
short, the company is believed to owe 90 creditors an estimated
total of US$104.5 million (not including taxes).
RCL staff confirmed to Bunkerspot that the three-page list forms
part of material, which UE sent out to creditors to support its
liquidation announcement in The Straits Times last week, and to
call for a creditor's meeting at RCL's office.
Universal Energy was a Singapore-based bunker supplier and harbour
craft operator. The company entered into liquidation on September
8 as a result of a creditors' voluntary winding up operation,
Bunkerspot notes.
ZETTA JET: Chapter 11 Trustee to Oversee Restructuring
------------------------------------------------------
Zetta Jet Pts. Ltd., a global leader in private international,
business and luxury air travel, on Sept. 29, 2017, disclosed that
the U.S. Bankruptcy Court for the Central District of California
approved the U.S. Trustee's and its joint request to appoint a
Chapter 11 trustee. The Company took this action to ensure a
unified direction in the Company's restructuring efforts amidst
continued shareholder disputes. The U.S. Trustee's Office is
expected to appoint the Chapter 11 trustee shortly.
"We believe that having an independent and impartial trustee in
place to oversee the business as well as the company's Chapter 11
restructuring protects the interests of all of our stakeholders,
and is the best course to ensure the smooth operation of our
business throughout the proceedings," said Zetta Jet President and
CEO Michael Maher.
The Company also announced that to facilitate normal business
operations, it has received Court permission to pay a select group
of critical vendors in the ordinary course of business for pre-
petition debts owed.
"The Court's approval of our critical vendor motion is another
positive step in our efforts to restructure our debt while
continuing to provide safe, reliable and luxurious service to our
customers. We also appreciate the ongoing partnership of our
customers and suppliers, and thank our employees for their
continued dedication," Maher concluded.
The Company also said a recent emergency injunction ordered by a
Singapore Court to stop the Chapter 11 proceedings was null and
void given that a Singapore Court has no jurisdiction in U.S.
federal bankruptcy court.
About Zetta Jet
Headquartered in Singapore, Zetta Jet claims to be the world's
first truly personalized private airline. Zetta Jet promises to
deliver the ultimate in bespoke luxury experiences to a discerning
clientele with its unique experience that combines the dedicated
Asian service philosophy with the flexibility and 'can-do' spirit
of the U.S., adorned with the glamour of Europe's enduring chic on
its Bombardier fleet with ultra-long range intercontinental
capabilities across the Pacific Rim.
Zetta Jet is a FAA-certificated air carrier and the first only
part 135 operator authorized to conduct Polar flights, enabling
Zetta Jet to optimize routes without limitation. The Company has
offices both in Los Angeles and Singapore, and a network of sales
and support offices in New York, London, San Jose, Harbin and
Singapore.
Burbank, California-based Zetta Jet USA, Inc., and its Singapore-
based parent, Zetta Jet Pte. Ltd, filed voluntary bankruptcy
petitions under Chapter 11 of the U.S. Bankruptcy Code in Los
Angeles (Bankr. C.D. Cal. Case No. 17-21386 and 17-21387) on Sept.
15, 2017.
Zetta Jet PTE and Zetta Jet USA each estimated assets and debt of
$50 million to $100 million.
Levene, Neale, Bender, Yoo & Brill L.L.P, serves as counsel to the
Debtors.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 2 to Oct. 6, 2017
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.18
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.18
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.51
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.76
LAKES OIL NL 10.00 05/31/18 AUD 4.01
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.96
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 1.05
PALADIN ENERGY LTD 6.00 09/30/17 USD 45.00
PALADIN ENERGY LTD 7.00 03/31/20 USD 45.00
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 68.92
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.44
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 61.00
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 60.98
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.23
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.68
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.25
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.60
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 41.08
ANSHAN CITY CONSTRUCTIO 6.39 04/25/20 CNY 60.71
ANSHAN CITY CONSTRUCTIO 6.39 04/25/20 CNY 60.91
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.00
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.05
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 41.03
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 60.49
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.26
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.72
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 80.00
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 61.11
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 50.59
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 50.61
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.63
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 61.07
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 41.07
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.29
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 25.52
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.68
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 61.42
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.47
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.09
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.43
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.40
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.44
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 39.95
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 51.11
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 78.00
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 61.21
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 61.31
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 71.67
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.91
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.50
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.83
BEIJING TIANLUTONG TECH 8.50 10/23/17 CNY #####
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.61
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.67
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 61.25
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 61.30
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.85
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 39.95
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 40.58
BINZHOU URBAN CONSTRUCT 6.15 07/12/20 CNY 60.92
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 61.71
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 62.11
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 60.99
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.18
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.43
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.61
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 41.08
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 41.08
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.34
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.47
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 61.51
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 61.99
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.89
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.90
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.32
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.05
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.17
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.31
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.60
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.68
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.98
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.63
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 60.64
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 60.98
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.25
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.50
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.60
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.68
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 60.84
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 61.25
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.08
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.47
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 61.10
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.00
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.15
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.03
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.04
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.96
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 60.95
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.20
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.22
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.69
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.77
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 60.69
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 40.94
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 71.59
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 59.51
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 60.96
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.00
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.37
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 41.16
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 41.27
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.78
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 80.60
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.73
CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 45.50
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.50
CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 69.61
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 71.05
CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 77.51
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.10
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.90
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 61.22
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.99
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 41.23
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.93
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.94
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 61.15
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.94
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.97
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 71.84
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 71.85
CHONGQING FULING STATE- 6.39 01/21/20 CNY 60.52
CHONGQING FULING STATE- 6.39 01/21/20 CNY 61.56
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.67
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.74
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.30
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.18
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 60.85
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.18
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.83
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.99
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.12
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 41.02
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 41.18
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.00
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.53
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.82
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.91
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 61.44
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.78
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 40.03
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 40.94
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.86
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 41.05
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.27
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 61.11
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 71.85
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 72.02
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 60.27
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.85
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 61.16
CHONGQING THREE GORGES 6.40 01/23/19 CNY 49.80
CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.33
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 61.10
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 41.14
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 41.35
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.72
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.38
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.00
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.28
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 40.01
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.84
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.81
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.13
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.23
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.25
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.00
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 59.81
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 60.98
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.08
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 61.27
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.76
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.93
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 41.28
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.20
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 61.20
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 60.81
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.00
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.53
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 71.17
DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 70.20
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 40.90
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.05
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 60.88
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 60.70
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.71
DAWA COUNTY CITY CONSTR 7.25 09/17/20 CNY 61.42
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 60.76
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 60.76
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.09
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.09
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.19
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 61.43
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.26
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.24
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 26.00
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 61.38
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 25.04
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.81
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.41
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.95
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 41.21
FORESEA LIFE INSURANCE 6.25 09/30/25 CNY 69.48
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.18
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.97
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 41.13
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 60.82
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 60.99
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 71.17
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 71.67
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.04
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 74.09
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 74.91
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 41.28
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.00
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 60.52
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.25
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.25
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.00
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.81
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 70.49
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.22
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.40
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.44
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.53
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.30
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.57
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 60.80
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 60.92
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.30
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.59
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 49.82
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.45
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 41.10
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.43
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.57
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 71.89
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.15
GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 73.16
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.20
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.31
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 41.13
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.40
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.48
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 60.86
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 60.92
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 60.15
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.41
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.42
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.26
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 71.33
HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 60.00
HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 60.71
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 40.87
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.06
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.97
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 41.06
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 60.07
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 60.38
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 62.51
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 82.42
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.41
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 60.30
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 60.84
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 60.56
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 60.85
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.05
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.19
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 50.30
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 50.52
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.82
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 41.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 61.22
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 61.45
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 39.70
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.42
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.74
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.82
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.56
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.63
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.52
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.18
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.27
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.98
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 71.54
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 71.98
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.27
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.97
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 60.88
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 41.26
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 40.98
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.39
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 71.94
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 71.18
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 41.68
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 41.08
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.65
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.80
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 60.70
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 60.92
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 59.30
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.79
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 61.22
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.12
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.89
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 41.14
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.71
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.94
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.00
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.34
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.23
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.27
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 60.96
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.00
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.19
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 50.49
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 50.50
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 50.50
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 50.62
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.47
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.70
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 40.97
HUZHOU URBAN INVESTMENT 7.02 12/21/17 CNY 40.12
HUZHOU URBAN INVESTMENT 6.70 12/14/19 CNY 61.14
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.31
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.91
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.41
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 40.74
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 41.04
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 41.36
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.62
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 59.87
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 60.80
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 61.79
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 61.87
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 40.50
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 60.50
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.61
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 71.89
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.42
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 40.86
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 56.01
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 56.60
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.03
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 41.01
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 71.21
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 71.36
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.02
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 71.00
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 61.28
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 41.18
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 41.26
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 60.40
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.08
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.85
JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.65
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 61.17
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.69
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.87
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.93
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 41.09
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.56
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.73
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.78
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.99
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 71.15
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 71.35
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 24.82
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.25
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 41.13
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.43
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 61.32
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 61.58
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.29
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 72.49
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 41.13
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 40.94
JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.14
JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 70.70
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 60.88
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 60.96
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 61.28
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 61.11
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 60.97
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.53
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.69
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.00
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.54
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 41.14
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 49.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.12
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 60.39
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 61.30
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 60.96
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.07
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.61
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.93
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.96
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.18
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.79
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.80
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.20
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.29
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.00
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 60.70
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 60.75
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.30
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.50
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 59.95
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 60.70
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 40.77
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 30.10
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 68.27
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.20
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.65
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.19
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.29
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.53
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.25
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 60.95
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.52
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 42.00
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.53
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 61.05
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 60.71
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 60.73
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 60.82
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.80
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 61.44
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 60.40
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 61.16
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 41.61
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.35
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 59.98
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.42
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 60.37
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.60
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 40.94
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.96
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.44
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.60
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 67.79
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.16
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.22
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.35
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.56
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.09
LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 61.23
LUOYANG HIGH NEW TECH I 6.50 05/30/20 CNY 60.54
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 61.37
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.15
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 61.27
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 61.32
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 61.93
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.46
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.85
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 35.62
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.93
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.42
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.53
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.64
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.66
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 41.23
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.00
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.04
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.66
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.85
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 60.98
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 60.50
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 60.82
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 61.30
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 61.13
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 41.08
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.50
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.90
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 40.88
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 41.04
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.20
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.50
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.24
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 60.70
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.45
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.00
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.47
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.30
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.40
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.61
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.66
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.18
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.65
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.21
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.38
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.34
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 61.19
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 60.00
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.26
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.46
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.45
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.98
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.00
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.80
PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 60.40
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 60.78
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 60.85
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 61.20
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 70.71
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 72.06
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 41.09
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 41.14
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 40.22
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 40.96
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 62.38
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.10
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 60.37
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 60.37
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 41.32
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.64
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.94
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.09
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.04
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.22
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 41.00
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 60.87
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.05
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.39
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 60.76
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.56
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.67
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 40.76
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 40.96
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 61.29
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.25
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 50.52
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.06
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.19
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.20
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 60.93
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.01
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 61.89
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 81.50
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 59.84
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 40.89
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 40.90
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 60.36
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 60.55
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.14
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 41.00
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 41.06
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.46
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 60.24
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 60.80
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.86
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 41.08
RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.23
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 51.20
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 60.82
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.28
SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.04
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 60.51
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 60.93
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.47
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 61.24
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 59.07
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.90
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 61.03
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 40.01
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 60.02
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 61.03
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.24
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.32
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 60.60
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.05
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.75
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.75
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 70.80
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.30
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 60.97
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.20
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.88
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 51.02
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.81
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.31
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 60.19
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.82
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 51.09
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.16
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.59
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 60.62
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.80
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.86
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 40.84
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 74.54
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 74.64
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.21
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.00
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.18
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.12
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.00
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.10
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.26
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.76
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 60.99
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.32
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.93
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.47
SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.03
SHENYANG MACHINE TOOL C 6.50 03/27/18 CNY 62.76
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.75
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 61.00
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.31
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.47
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.48
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 41.06
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.00
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 41.11
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 60.92
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 60.94
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 71.97
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 72.05
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 72.50
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 72.80
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 58.50
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 60.62
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 60.65
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 60.68
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 61.43
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 29.96
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.80
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 60.16
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.93
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 61.03
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 41.06
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 40.83
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.30
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.82
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 40.76
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.47
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.88
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.02
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.03
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.28
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 50.51
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 60.69
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 60.93
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 70.70
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 72.02
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 71.56
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.05
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.56
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 41.02
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 60.52
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 61.31
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 71.29
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 71.79
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 61.23
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.02
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.52
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.24
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 71.48
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 41.00
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 60.02
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.43
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.58
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 62.18
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.09
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 57.44
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 59.99
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.78
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.25
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 60.11
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.03
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.03
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.04
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 60.01
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 71.38
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.70
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.56
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.78
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 60.67
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 60.80
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 41.12
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 40.76
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.00
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.67
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.75
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 61.58
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.11
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.21
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.27
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 40.00
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 41.21
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.88
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.97
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 61.85
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 61.89
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 74.47
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 74.57
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.71
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 60.58
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 60.92
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.81
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 51.70
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 59.79
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.84
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 51.19
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 60.58
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 61.00
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 25.00
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 25.12
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 45.67
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 41.28
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.44
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 71.16
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 60.94
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.04
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 60.50
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 60.77
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 60.91
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.17
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 41.16
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.20
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 40.78
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 60.00
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 60.93
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.02
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.70
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 61.29
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 50.05
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 50.36
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 60.36
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.00
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.19
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 72.73
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.00
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.72
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 60.80
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 61.48
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.78
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.91
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 50.54
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 41.34
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.34
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.53
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 70.40
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 41.18
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 60.92
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 61.06
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 60.91
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.86
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.21
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.60
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 71.45
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 71.52
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 71.58
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 71.62
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.82
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.98
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.00
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.17
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 41.03
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 61.46
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 40.83
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.00
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.15
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.50
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 60.50
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 60.62
XIANYANG MUNICIPAL CONS 7.90 12/09/17 CNY 40.10
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 41.13
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.74
XINING CITY INVESTMENT 7.70 04/27/19 CNY 40.99
XINING CITY INVESTMENT 7.70 04/27/19 CNY 41.10
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 60.14
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.79
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.19
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.16
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.73
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 40.12
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 60.61
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.44
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.77
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 60.70
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.10
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.55
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.67
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 25.44
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 40.94
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 61.13
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 61.44
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 40.77
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 41.09
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.34
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 61.52
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 61.72
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 40.71
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 61.24
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 61.04
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.16
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 61.58
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 82.00
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 50.26
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 59.98
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.70
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 41.00
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.71
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.68
YANTAI URBAN CONSTRUCTI 5.99 03/14/20 CNY 60.26
YANTAI URBAN CONSTRUCTI 5.99 03/14/20 CNY 60.91
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.22
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 60.94
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 61.16
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 60.80
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 61.18
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 40.49
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.74
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.76
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 50.34
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 50.39
YINGKOU CITY CONSTRUCTI 7.98 04/18/20 CNY 57.46
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 60.78
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 60.94
YINGKOU ECO & TECH DEVE 6.17 04/08/20 CNY 59.22
YINGKOU ECO & TECH DEVE 6.17 04/08/20 CNY 59.81
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.75
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.69
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.08
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 60.88
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.47
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 41.10
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 60.00
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.15
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 60.48
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 61.00
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 50.53
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 61.04
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 61.25
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 60.85
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 60.94
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 61.69
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.56
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.98
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 30.00
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 60.00
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 61.28
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 60.75
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.45
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 61.27
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 61.10
ZHEJIANG GUOXING INVEST 8.15 03/09/18 CNY 25.24
ZHEJIANG GUOXING INVEST 8.15 03/09/18 CNY 25.30
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 60.81
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.06
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.14
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 40.33
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 60.68
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.81
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 62.00
ZHENGZHOU CITY CONSTRUC 6.37 12/03/19 CNY 60.61
ZHENGZHOU DEVELOPMENT I 6.45 09/24/20 CNY 61.38
ZHENGZHOU DEVELOPMENT I 6.45 09/24/20 CNY 61.61
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.57
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 61.08
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 59.62
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 60.53
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 40.63
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 41.91
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.21
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.34
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 57.20
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 71.65
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.09
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.16
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.68
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 61.00
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.08
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.25
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.30
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.50
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 61.80
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 61.84
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.40
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.48
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 61.19
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 61.06
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.87
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 41.25
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 41.35
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 60.79
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 60.88
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 24.15
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 41.06
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 61.20
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 60.82
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 40.39
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 50.63
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 20.07
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.13
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.43
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 40.34
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 50.55
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 41.11
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 55.70
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 56.99
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.23
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 67.63
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 52.15
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 52.36
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.58
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.61
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.61
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.61
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.00
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.02
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.20
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.37
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.55
GTL INFRASTRUCTURE LTD 5.53 11/09/17 USD 60.00
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 20.63
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 48.50
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 59.15
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 13.00
AVANSTRATE INC 5.55 10/31/17 JPY 18.25
EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 73.30
JAPAN EXPRESSWAY HOLDIN 0.30 06/30/56 JPY 73.99
JAPAN FINANCE ORGANIZAT 0.49 07/28/56 JPY 74.49
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.75
TAKATA CORP 0.58 03/26/21 JPY 7.00
TAKATA CORP 0.85 03/06/19 JPY 7.00
TAKATA CORP 1.02 12/15/17 JPY 8.38
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 72.59
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 57.02
HYUNDAI CAPITAL SERVICE 2.55 09/28/22 KRW 3.49
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 43.60
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 69.00
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 69.92
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 71.08
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 71.35
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 74.39
KOREA SOUTH-EAST POWER 4.38 12/07/42 KRW 57.68
KOREA SOUTH-EAST POWER 4.44 12/07/42 KRW 58.22
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 38.35
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 33.15
OKC SECURITIZATION SPEC 3.00 02/17/42 KRW 51.98
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SHINHAN BANK CO LTD 4.20 08/07/32 KRW 71.90
SHINHAN BANK CO LTD 4.00 08/29/32 KRW 72.71
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 69.32
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 69.43
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 69.96
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 70.17
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 70.39
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 70.44
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 71.21
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 71.62
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 71.84
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 72.06
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 72.80
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 72.93
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 73.07
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 73.19
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 73.30
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 73.38
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 73.59
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 74.38
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 74.38
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 74.41
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 74.54
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 74.54
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 74.76
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 74.76
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.36
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 72.44
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.15
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.82
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.45
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.46
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 71.40
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.97
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.38
I-BHD 3.00 10/09/19 MYR 0.41
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.15
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 65.90
PUC BHD 4.00 02/15/19 MYR 0.09
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.17
SEE HUP CONSOLIDATED BH 4.60 12/22/17 MYR 0.12
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.14
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.40
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 55.73
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 57.01
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 59.77
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 61.16
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 62.55
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.01
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 66.98
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.81
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.48
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.19
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 73.03
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.96
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 74.81
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.11
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.31
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.00
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.48
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.00
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 48.88
ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 69.38
AUSGROUP LTD 7.95 10/20/18 SGD 50.13
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.73
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.05
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.17
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.23
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.64
BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 23.80
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.29
EZION HOLDINGS LTD 4.60 08/20/18 SGD 32.25
EZION HOLDINGS LTD 4.70 05/22/19 SGD 32.25
EZION HOLDINGS LTD 5.10 03/13/20 SGD 32.25
EZION HOLDINGS LTD 4.85 01/23/19 SGD 32.25
EZION HOLDINGS LTD 4.88 06/11/21 SGD 35.30
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.97
GOLIATH OFFSHORE HOLDIN 12.00 06/11/18 USD 1.02
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 55.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 9.75
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.12
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.12
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.63
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 13.75
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 2.69
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 69.02
DEBT AND ASSET TRADING 1.00 10/10/25 USD 69.63
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 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 ***